Best wealth is made when a nano or small cap turns into a midcap due to it quality growth.My check list comprises as told earlier in the thread
1) 90% bet on ethical preferably first gen technocrat promoter with execution track record n who wont shortchange his minority share holder.
2) Go through old ARs & see if the promoter has executed what he promised ie is he walking the talk
3) Do scuttlebutt to ascertain promoter & business quality thru his customers,competition,employees n ex employees,distributors,his community members & residents of his native palce have to say abt him n company.
4) Good ROCE
5) Good Opp size which gives good cagr
6) Some USP or Moat
7) Low mktcap vs opp size
8) High promoter stake
9) Low or zero debt
10) Invest for 3-4 year POV as best returns come in 3rd to 4th year of investment.
11) Patience which is the single most imp criteria to hold the scrips
12) Closely monitor the co & sector & be prepared to exit if facts change or some doubts on ethical behaviour occurs