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Tuesday, November 13, 2012


SEL Manufacturing Company and Lokyata School of Hindu Philosophy
Carvaka, also frequently transliterated as Charvaka, and also known as lokayata, is a thoroughly materialist and atheist school of thought with ancient roots in India. It appears to have died out sometime after 1000. However, it seems our promoters of SEL Manufacturing Company Ltd have suddenly woken up to this philosophy. 
Cārvāka is a system of Indian philosophy that assumes various forms of philosophical skepticism and religious indifference. Etymologically, both words Cārvāka and Lokāyata imply popularity in Sanskrit.
Cārvāka is classified as a heterodox Hindu (Nāstika) system. It is characterized as a materialistic and atheistic school of thought. While this branch of Indian philosophy is today not considered to be part of the six orthodox schools of Hindu philosophy, some describe it as an atheistic or materialistic philosophical movement within Hinduism.
Cārvāka emerged as an alternative to the orthodox Hindu pro-Vedic Āstika schools, as well as a philosophical predecessor to subsequent or contemporaneous nāstika philosophies such as Ājīvika, Jainism and Buddhism (the latter two later spinning off into what may be described today as separate religions) in the classical period of Indian philosophy. As opposed to other schools, the first principle of Cārvāka philosophy was the rejection of inference as a means to establish metaphysical truths.
The most well-known verse attributed to Brihaspati enunciated a principle that is ironically used by the opponents as a handle to beat them with:

Yavajjivet sukham jivet |
Rinam kritvaa ghritam pibet ||
Bhasmibhutasya dehasya |
Punaraagamanam kutah ||

[As long as you live happily, take a loan and drink ghee. After a body is reduced to ashes where will it come back from?]

SO TAKE LOAN AND EAT GHEE...........!!
THE Q2FY13 RESULTS OF SEL MANUFACTURING CO. LTD: The Great INDIAN LOOT CONTINUES:
The Mega Indian Loot by SEL Manufacturing Company Continues, unabated as is evident from Q2FY13 results; while the Regulator looks on without any action: The auditors certify a probably cooked up account as authentic: What a combination? Let us observe some of the Highlights:

(i) The employee benefit expenses shoots up from Rs.13.81 Cr in Q2FY12 to Rs.39.80 Cr in Q2FY13---almost three fold increase in one year; while the shareholders were made to suck their thumbs in anticipation of any dividend or bonus shares or rights issue (this is also a way to raise capital instead of dubious GDR/ADR issues).

(ii) The Depreciation and Amortization expenses shoots up from Rs.23.07 Cr in Q2FY12 to Rs.40.86 Cr----nearly double in one year; God knows why, as there is nothing mentioned in the notes of an "Authentic Result Spread-Sheet".

(iii) The other expenses shoots up from Rs.50.95 Cr in Q2FY12 to Rs.88.12 Cr in Q2FY13---a jump of more than 50% in one year; especially at a time, when austerity measure are strictly enforced by many companies to save on the cost part, following the continuance of high interest rates.

(iv) The total expenses shoots up from Rs.480.79 Cr in Q2FY12 to Rs.854.94 Cr in Q2FY13---almost double when compared on Q-o-Q basis. Use the formula of Carvok (The Lokayata School of Hindu Philosophy), "Take Loan and Eat Ghee/Butter".

(v) The finance cost shoots up from Rs.34.82 Cr in Q2FY12 to Rs.86.40 Cr in Q2FY13----the company continues to beg for funds from the market, in their attempts to create long term assets for the promoters. These assets will be sold when the promoters desired to get money and the proceeds pocketed by them, eg. the infamous Essar Group.
There is enough, asset in the form of holdings in listed and unlisted entities (apart from other assets), which could have been sold to generate cash for the new ventures. But company's vision is to anyhow LOOT the shareholders; as they go for repeated fund raising (GDR issues) and increase the equity capital. The freshly issued shares could be bought from the "Illegal" profits from the company's accounting jugglery, in "benami" accounts and shown as GDR and then sell those shares in the open market to poor retail investors. Many companies earlier probably, used this ploy, eg, Jupiter Bio Science, Avon Corporation Ltd, etc. CLICK HERE.

(vi) The tax expenses shoots up from Rs.14.58 Cr to Rs.18.79 Cr in Q2FY13. Meanwhile, the equity capital shoots up from Rs.99.35 Cr to Rs.331.35 Cr---more than 3 times in just one year. BRAVO!!

THE COMPANY NEITHER BOTHERS TO COME TO MEDIA CHANNELS TO EXPLAIN THEIR POSITIONS NOR DO THEY REPLY TO E-MAILS SENT TO THEM.

MOREOVER A COMPANY WHICH SPEAKS OF BECOMING A GLOBAL LEADER HAS ONLY ONE PHONE NUMBER IN THEIR WEBSITE FOR ANY SORT COMMUNICATION.

This essentially, means, "We promoters give a damn to the interest of shareholders; the company has been created for our own benefits. We will LOOT it or RAPE it, how does it matter to you, bloody minority shareholders?"

What can be done? Any Suggestion?

Source: On Carvaka:
(i) Fact Index 
(ii) Wikipedia