https://nsearchives.nseindia.com/corporate/PULZ_14102024155402_IntimationofRecorddatesigned.pdf
The record date for 1:1 bonus is 25th Oct, 2024
- While I looked in to the Video I realised that the company has some really good products in portfolio , I also realised that the MD who is speaking in the video is a son of renowned scientist and got interested in the company.
- I liked the concept that they are getting precision equipments manufactured in Europe and doing labour intensive work in India where the cost is low.
- While I started exploring more , I see that the company is not really sharing much of information publicly , considering the fact that this is a small company ,this is acceptable to some extent but even the Annual reports doesn’t speak much .
- When I checked the filings I saw that the statutory auditor has resigned recently . When I saw the auditors fee in the Annual report -24, Consolidated Financial Notes I see that in FY23 they have paid 80L INR to the auditors and this year it has come down to under 2L INR , which was fishy . When I looked at the Annual report -23 I realised that they have only paid under 2L INR even in FY23 and what is written in FY24 is a typo !!!
- When I looked in to the Related party transactions in FY23 and FY24 , I see that more than 25 % if the sales has happened to one company R&S Electronics Systems India Private Limited which is privately held by the promotors , which is kind of not ethical for me and I felt they are doing injustice to minority share holders , they could sell to R&S Electronics Systems India Private Limited at low price and then sell it to end customers via R&S Electronics Systems India Private Limited at high price and keep the profits to majority share holders.
- When I looked in to the Balance sheet of 42Cr I see that 30% is inventory ! which is kind of high but considering that this is a debt free company and also very small this is ok , they have been doing this all the time so acceptable.
- When I look in the rest of the items in the balance sheet , they have around 9Cr in cash and cash equivalents , I see that they are not managing funds effecitnelty. For short term they could have invested in MFs , for long terms they could have invested in Equities and openly spoken about this to minority share holders , if they don’t know what to do then they could have at least distributed dividends.
- They have around 6.5 Crores given as loans and they are not explaining why this was given or to whom this was given , I was not comfortable with this .
In conclusion I decided to not to go ahead with this investment.
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