In the curiosity to dig in depth with related to certain issues, I have called Mr Sampath, Company secretary and Compliance officer of Kernex and asked some of my queries
Posting the summary here
Whats the progress of TCAS test runs and when do you expect the orders to start?
A) Everything is as per track and will be completed by the end of this month and we expect the tendering process to start from next month.
Any guidance on the total value of orders for TCAS in FY17-18 & FY 18-19?
A) For FY 17-18 its 250 Cr as per the railways pink book, cant comment on FY 18-19
How will the tendering process work?
A) Its through bidding process and the contract will be awarded to all three players but the contract pricing will be based on the lowest bid submitted of all 3
As per you AR, Due to lapses in compliance issues, your script in placed in trade to trade segment in NSE & BSE, When can we expect this to be sorted out?
A) We are actively looking into this issue and tried to comply with all requirements, however there is a small fine levied by NSE, which is pending. We have appointed an outside consultant and look forward to resolve this issue at the earliest
As per your disclosure in AR, you have an arbitration amount worth ~348cr against konkan railways, when do you expect to resolve this?
A) Its correct, the proceedings are going on and we are expecting to settle this soon (didnt commit the exact timeline), we are supposed to have met konkan in july but it got postponed, we are confident to settle for at least 10%-20% of the amount (~34cr - 70cr)
You have passed a resolution to sell the land bank , not less than its book value, whats the status on it and what is the value of it on books?
A) Its on progress and the book value is ~32cr
At current Mcap of 50cr, the story looks interesting
Disclosure: Not invested but actively tracking