Akash Portfolio

Dear Akash,

Your views on the other Borosil co. : Borosil Renewable…lot in news after the govt focus in green energy…are you tracking it…

Borosil Renewable is currently enjoying tailwind of supply chain disruption and import duty on solar glass from China and Malaysia. The demand for solar glass will increase as more focus increases into renewable energy. Company is expanding capacity for the same. It is currently the market leader with high margin selling at higher valuation.

Government focus on domestic production will lead to increased competition from domestic companies. The panel producers can start backward integrating leading to more competition. Such scenario can lead to margin erosion and de rating in short term period. In long term this won’t matter as demand is secular.


I can’t buy these companies due to lack of expertise and requirement of market timing. Borosil brand for consumer durables is easy for me to understand.

I took a small position (3%) in Swiss Military Consumer Goods recently. The company is a subsidiary of Swiss Military Pvt Ltd. Earlier it was called Network Limited. It will leverage the Swiss Military brand to sell Men’s innerwear and Consumer durables. Some other business of RFID E-seal for security is there, I am not interested in that.

The data from previous years is not comparable as the company has undergone promoter change and change in the business. After a strong rally due to promoter change, the company is now in consolidation phase at present. I will add further if there is improvement in the balance sheet and cash flows. Currently the reserves and cash flow is negative. Few quarters of monitoring will give a clear picture…


Dear Akash, Could you post your thesis on Swiss Military Consumer goods, so that we can do further research from there. Many thanks


I came to know about this few week back. Did a little search found, there are two sites

and another one is

So, Are they only into innerwear or consumer durables?

What about lifestyle product, are they planning to add them in near future ?

Gone through this video showing MD Anuj everything which is under Lifestyle products


This company site is the first one. They are into both innerware and consumer durables. The site is not fully developed at present. Some of the pages are showing coming soon.

Swiss military Pvt Ltd is the one selling luxury items.

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I checked the website and looks like the listed company covers two main businesses - Inner wear and domestic appliances.

Watches, bags etc. Is through private company?

Any idea on which businesses would come under the listed company in due course?

Also I see in your post above that there was a change in promoters…can you provide a brief on this history that why this change happened, who were past and present promoters and was Swiss military earlier doing business in India through someone else and now doing directly? If yes, then there maybe a conflict with PVT Ltd company and how do you see that?

Thanks for introducing an interesting company to study


Short note on Swiss Military Consumer Goods


Network Ltd business was dealing in securities till 2019. The company and its management was taken over in September 2020 by Anushi Retail LLP, Swiss Military Lifestyle Products Private Limited, Mr. Anuj Sawhney and Mrs. Ashita Sawhney, through an open offer. The name of the company was changed to Swiss Military Consumer Goods and the management was changed.


It’s in B2C segment having three business at present:

Men’s Innerwear

The different sub-categories of men’s innerwear include vests, briefs / boxers and sleepwear. The Company is seeking to mark its presence in the premium segment under the renowned brand “Swiss Military.

Home Appliances (Brown Goods)

The major products constituting the brown goods market are Mixers, Grinders, Irons, Microwave-Ovens, Rice Cookers, Pop-up Toasters, Induction Stove, Fans,Heaters, Kettles etc.

Focus will be on price competency and other product features such as Design, Safety, IOT etc.

RFID Technology E-Seal

Radio Frequency Identification (RFID) is used to trace and track the goods in logistics. Its use will increase as container tracking becomes commonplace.


ROE % NPM Ann % Asset Turnover Debt / Eq CFO to PAT % Debtor days Inventory Days
24.71 4.61 3.6 0.41 -807.69 47.61 34.27
  1. Net profit margin is low and turnover is high compared to peers in the innerware industry.
  2. Cash flow is negative at present due to high receivables and inventory.
  3. Reserves are negative -3cr at present.
  4. Equity base expanded due to rights issue in Nov 2021.
  5. Borrowing has increased recently.


  1. Promoter Swiss Military Pvt Ltd sells luxury goods under the same brand name. The business segments are separate and not overlapping at present.
  2. Previous promoter is still holding 8.33% of the company and their exit can bring a fall in price in the medium term.
  3. Balance sheet has negative reserves.
  4. Cash flow is negative at present.
  5. Short history of operations and the management is unproven.
  6. Unrelated diversification by buying AAA Shenyang Container Seal Pvt. Ltd. from joint venture partners Promoshirt SM Private Limited (promoter controlled company) and Hongkong Shining Fortune Trading Co. Limited, Hongkong for the purpose of producing RFID E-seals.


Pvt company is promoter which is selling luxury goods.

Further plans of expansion of portfolio is not mentioned in the annual report.

Mr. Aman Sawhney was the manager and director of Network Ltd and now Anuj Sawhney is the manager and promoter of the new company. They may be related.

This is the main reason I have avoided MNC companies till now. Although the pvt ltd company is the promoter in this company, the business line is different so conflict chances are low. I have taken a small position and will buy further when these things get clear.


I bought Studds Accessories from an unlisted marketplace (3% of portfolio).

Studds Accessories is the leading manufacturer company of the two wheeler helmets industry in the world by volume. It has two major brands in the name of Studds and SMK. Studds is an affordable price range product and SMK is a premium brand. It is expanding into other verticals like motorcycle accessories, bicycle helmets, face shields and face masks.

Financials (2021):
Sales growth 5yr: 10.5% CAGR
Profit growth 5yr: 24.7% CAGR
Return on Equity: 25%
Net Margin: 15.4%
Debt / Equity: 0.1
Debtors / Sales (Days): 20
Inventory / Sales (Days): 22

1.Competition from global brands and local unorganized players.
2. Limited manufacturing units.
3. Liquidity issue in unlisted space.

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Can you pls share which is this unlisted market place and the process to buy from there?

If I am not wrong I read earlier this year that studds intend to apply for IPO soon…so the liquidity risk you mentioned maybe temporary…


There are many sites dealing in unlisted shares. I used this one as the rates are better here. Other sites are:

First register with mail id. For trading, you will have to provide details and documents just like a broker. They will verify after which you can start trading.
Once you select a company to invest, place the order. They will check for availability and requirements, then open the order window where you can pay via UPI or net banking ( my UPI didn’t work). After getting the payment they will transfer the shares in the demat account next day.

Some companies require Right of first refusal (ROFR) like NSE (Check Planify). The process is quite complicated in them so better avoid them.

Some companies are available in NSDL only. So I can’t invest in them.

There is a lockin period of 6months after IPO listing. But you can sell them in unlisted market to interested buyers. Selling process requires delivery instruction slip (DIS). Taxation on profit is different in unlisted shares.


What is the general thesis for purchasing unlisted shares? Unable to find a specific business in the listed space? Or even such businesses are available, the capital needed to buy them is more compared to buying in unlisted space? Or these are unknown to the market, so this is a way to purchase a good business early while it is budding? And would all these companies get listed in the near future or is there a possibility that they will shut shop for any reason and the purchased shares will lose their value?

I am 100% new to this space, so the questions, and I am a little enthused.

Thank you doc :slightly_smiling_face:


Buy good companies. Many companies don’t require much capital and the promoters avoid hassle of documentation by remaining unlisted.
Exchanges offers liquidity for trading, if you have good companies in your portfolio, you can find buyers even if the exchanges are closed.

Many listed companies go bust all the time. Companies going bust will lead to loss even in listed space. If the trading is halted in them by exchange, investors can try selling them in unlisted space.

Some companies have high intrinsic value and are trading at very low price. Due to absence of seller at the listed price, trading don’t occur at the exchange. They are traded at higher price in unlisted space eg. Elcid investment.

Companies issue ESOP and shares to employees If they want a good price and early exit, they sell them in unlisted market. Mostly shares are available of these companies going for IPO.

Some companies were listed in exchanges which went bust. No trading occur in them. Their shares are available in unlisted market eg. Mohan Meakin producer of Old Monk was listed in Calcutta stock exchange.

Even if there is no IPO, you will benefit by the growth of the company and will receive the dividends. And again if you have to exit, there will always be buyers for good companies in unlisted space.


Sounds like I need some more experience to have another look at this kind of investment. It sure does look like a lucrative avenue, provided if one understands the nitty gritty of unlisted place. And it looks risky to me, if the availability of information and details are less compared to the listed space (if indeed true). Also, the chance of finding regional companies also exists.

Thank you doc.

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To avoid conflict of interest, the promoter Company Swiss Military Lifestyle Products Pvt. Ltd., (who is already in the business oflifestyle products under the brand “Swiss Military” in India except for the categories given to company), have decided to discontinue their existing business activities in relation to brand “Swiss Military” in India and same will be integrated with the business activities of the Company.


Great news.
Unfortunately I invested only 3% of portfolio in it and now can’t add due to restrictions on buying and upper circuit in the script.

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Does this news mean that swiss military watches & other luxury items would now also come under the listed entity? If yes, how much this transfer of business will cost the listed entity?

By “restriction in buying” you mean upper circuits where one cannot buy?

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Yes, looks like that. This is from the above filing.
'All rights of brand “Swiss Military” for the Indian operations, earlier tied up with promoter entity (except existing/pending agreement/arrangement by promoter company and its associates) shall be tied up with the company and fo: giving effect to the same, an addendum to the agreement dated 12th November 2020 has been executed as on 04th June 2022 between the company, promoter company i.e. Swiss Military Lifestyle Products Pvt. Ltd. and brand owner i.e. Promoshirt SM S.A., Switzerland.
Accordingly, now onwards all the present and future business operations of the brand “SWISS MILITARY” in India shall be carried by the Company for all the product categories including but not limited to Home Appliances, Men’s Innerwear, Garments, Bags, Luggage and Travel Gear, Travel Accessories, Electronics and other accessories. ’

Henceforth, Company will have two websites fore-commerce businesses:

  1. www.swissmilitaryshop.com
  2. www.swissmilitaryindia.com

Not mentioned. Most likely nothing as the promoters are shifting all business into one entity for better governance. Further clarification is required.

The stock is in GSM list so Zerodha is telling me to activate TOTP like Google authenticator to buy. Its too complicated for me. What will happen if I loose my mobile? I can get locked out of my trading account.

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For TOTP, Google Authenticator or Authy can be used. Both apps can be run on multiple devices so that if one is lost, you can use the other.

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Swiss Military is still in upper circuit, no point in activating TOPP now.
I will try to accumulate when rights issue comes.