Accounting Jugglery

The very basis of buying and selling stocks is reported financial data. We assume these numbers are credible but can we trust the promoters of Indian companies, especially of small- and mid-cap ones, to report honestly? And if they don’t, can we trust the auditors, who are our only line of defence, against crooked managements, asks Debashis Basu

The cornerstone of stock markets is corporate...

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  • Dealing with Crisis

    DuPont is a large US chemicals company. Its paint covers 30% of US automobiles. It produces paint barely 48 hours before it is sprayed on cars. Since the lead time is so short, auto companies share their production schedule with paint companies. One day in late 2008, just before the whirlwind of credit crisis hit the world, suddenly there were no production schedules. The automakers simply...

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  • Value in Parts (Hidden Gems - 12 Mar 09)

    VBC Industries has valuable subsidiaries. If the debt and equity markets start to fund projects more easily, the stock could rise. VBC Industries can produce 10,000 tonnes per annum but the ferro-chrome industry is in the doldrums. The value lies in its subsidiaries. It has an equity base of Rs45.18 crore and a book value of Rs22.50 which does not reflect the following investments:
    Stake in...

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