http://multibaggersindia.blogspot.com/2011/02/puneet-resins-part-2.html
Amit Arora seems to have done lot of work. His blog is an excellent resource for investors.
Puneet Resins - Part 2
After a bit more legwork and probe on rubber industry my erstwhile belief that hot companies are privately held or concealed inside families gained more strength. While the tyre based rubber industry is dominated by less than 10 players, non-tyre rubber industry is fragmented amongst 100s of unorganised players.
Some people are satisfied with their lives and the majority unsatisfied all their lives, promoters are people hence they too fall in those categories. Its somewhat myopic really on their part to hide their fortune, penny wise pound foolish one could say, to not participate in shareholder friendly activity since doing so in short run would result in dividend outgo, hiring a few PR personnel, paying income taxes, sharing a small part of their growing fortune, something they ethically ought to do (since they were the ones who came with a begging bowl to capital market as opposed to partnering with like minded entrepreneurs) but over long run would help them build giant organisations, given that they also possess business acumen to back it up.
After a little more probing I discovered that Rishiroop Group are actually rolling in dough. Swimming in the proverbial ocean of dollar bills like uncle Scrooge. They have the most extensive distribution network in non-tyre industry.
Half a dozen group companies are listed onhttp://rishiroop.com/group.asp?Qrystr=group
The one company you want to own in group and can’t own is Rishichem. Their principals are crme de la crme of the world for Rishiroop’s distrubution channel of non-tyre based rubber products. Dow Corning, Dupont, ExxonMobil, you name it…
http://rishichem.com/principals/principals.asp
Anyhow, I feel that ( reserve the right to be wrong ) there may be a change of heart on their part and more business may be done through listed entities like Puneet Resins Ltd. and Rishiroop Rubber Ltd. Their son Aditya Kapoor, who completed his education in Europe and the US has joined business and has been recently appointed as an MD for Puneet Resins. I am not lame and gullible enough to fall for the fact that merely studying in a western country teaches you good corporate governance principles or makes you a better person. His father, Arvind Kapoor too completed B.Tech from IIT and M.Tech from the US, has run the business, all the while listed companies were in losses (at least for retail investors and IT department !) while the children completed education from the most exotic schools in Switzerland !
Lets keep them on radar.
_Gujarat Reclaim and Rubber Products Ltd_and_Balakrishna Industries Ltd_look excellent, solid, mighty in rubber for long term players.