First off, your knowledge/research about the company needs to be saluted. I do feel small, considering how vast and deep your research goes. I don’t think I would have gone as far as 2005 AR.
The concerns raised by you are there for real, but they don’t look so terrible, prima facie, but then again, such issues of non payment of interest does raise concerns about the company’s intention. And one can be clear about the true picture, in this regard, only if close to the management, else it is a matter of one’s perception.
You are correct on the fact that there is no business connection b/w Supreme and PML, and no cross holdings(atleast not in PML and Taparia tools), just family of 4 brothers into diff business, and only that Famy care was a part of PML, that was later sold to Mylan in Nov 2015. (now need to dig into this aspect too as to who got all the sale proceeds)
And as for 2008 AR, the companies are definitely related to PML, (TMPL a.k.a Taparia Magnetics ltd, SCSL a.k.a Sarla Credt and Securities ltd. all headed by Jaiprakash Taparia). I am not able to see anything wrong in that. Although their old history from inception till it came under the provision of sick industrial company in 1989, has been a challenging/messy journey of losses/rights issues and what not. Its only from the last year that numbers are looking pretty impressive.
About the Borivali plant sale, and 15% being owned by the Company, why idoes the auditors(?) report say that the Company did not have “any” immovable property except 15% share? Means it never had the whole plant? I am confused.
Really grateful for your time and efforts to point out the concerns.
Thanks.