Featured for second year in a row in Outlook Business for Stock Pick of 2016

 

Hey ! Check My Pick for 2016 in  the Special Edition of Outlook Business for December 2015 that features Stock Pickers & their One Pick for 2016 ~ it’s on the stands now and  is free online on the above link

Last Year in December 2014 I had been featured as One of the 10 and my pick Shemaroo for 2015 at Rs 159 had surged 102% to Rs 321+ and currently as  of December 18,2015  a year later yet quotes strong up 70% at Rs 270 .Here’s that blast from the past  link  ~ this in a year  2015 where the Sensex & Nifty are about to close the year down 7%

😆 This must have given confidence and conviction to the Outlook Business Editors to invite me yet again for the second year in a row & I accepted

For my Pick for 2016 in this Special Edition,I’ve gone with Astec LifeSciences @ Rs 238….it’s now a Godrej Group Company with a Market Cap of just over Rs 450 crs

Quoted by Economic Times for my US $ One Billion Valuation of Fertliser Business of Tata Chemicals

Economic Times has quoted me extensively in today’s edition for my US $ One Billion Valuation for the Fertiliser Business of Tata Chemicals  in their headline story  on Tata Chemicals mulling to sell their Fertliser Business

Well Done SEBI in 2015 for the Sabero Organics Insider Trading in 2011 !

On May 31,2011,while the Iron was yet Hot, I had blogged extensively giving vivid details of the Blatant Insider Trading in Sabero Organics before the announcement that it was being acquired at Rs 160…The Price was just Rs 58 ! in mid May 2011 and flew in the second fortnight of May 2011 just prior to the the Takeover announcement

Coromandel International this morning ?..BSE and SEBI need to quickly investigate and Leading Newspapers need to quickly highlight

Tuesday, May 31st, 2011

Well Done SEBI in 2015 for the Sabero Organics Insider Trading in 2011 !

Finally SEBI nailed A Vellayan,the Chairman of Coromandel International (CI)  and others for their role in the blatant Insider Trading in Sabero Organics (SO) in  May 2011 before  CI announced they were acquiring SO at a price three times more than what it was quoted prior to aggressive buying before making the announcement…Here is their Order

It’s an Eight Page SEBI Order by Whole time Director Prashant Saran of SEBI

A Vellayan,Chairman of CI and EID Parry of the Murugappa Group has been accused too with Saran stating that unpublished price sensitive information (UPSI) must have been communicated by Mr Vellayan to his distant relative and accused A.R. Murugappan who is the father in law of accused V Karuppiah who in turn was a friend of chief accused Gopalkrishnan C who was funded Rs One Crore to buy Sabero Organic Shares by A R Murugappan

Group Spokesman said that in keeping with family values and tradition, A Vellayan has stepped aside as the Chairman of the Murugappa Group till this matter is resolved  and he will contest the SEBI Order.The Group states that SEBI’s observation in linking A Vellayan to the two who actually did the Insider Trades  is based on suspicion and is a far-fetched tenuous conjecture and the interim order does not prove the link conclusively

A few threads I have picked from SEBI’s Order  and my views on them  :

  • SEBI has been reactive in this case….they needed to be proactive when this blatant game was being played out in May 2011 or immediately thereafter rather than await someone to lodge a formal complaint……what happens in many insider trading cases where no one complaints to SEBI ! ? The Order begins like this:

 1. SEBI on receipt of certain complaints alleging therein that the unpublished price sensitive information (hereinafter referred to as ‘UPSI’) pertaining to the acquisition of the shares of one Sabero Organic Gujarat Limited (hereinafter referred to as ‘Sabero’) by Coromandel International Limited (hereinafter referred to as ‘Coromandel’) was leaked to certain persons, who were acting in concert with the management of Sabero/ Coromandel, initiated a preliminary examination into the matter. Later, a detailed investigation was conducted by SEBI for the period of May 15, 2011 to June 15, 2011.

read more

Super ! 23 Participants with 40 Stock Selections for 2015 in the TAP GAP Poser

Super ! 23 Participants with 40 Stock Selections for 2015 in the TAP GAP Poser

TAP GAP Poser End 2014 ~Which Indian Company Will Be A Big Share Price Winner In 2015?
December 15th, 2014

I shall shortly pick a gauravblog hamper Winner or maybe two where I see maximum gain potential in 2015 from the following

Participant wise

Sr No

Participant

Recommendation

Date of Recommendation

Price in Rs when recommended

1

Sumit Khanna

Subros

15.12.2014

67.85

PTC India Financial Services Ltd

17.12.2014

56.4

2

Jigam Gandhi

Wendt India

15.12.2014

2000

3

Sandeep Gahandule

Nathbiogene

16.12.2014

130.55

Prima Plastic

17.12.2014

56

JM Financial

18.12.2014

47.6

4

Bhaskar

IPCA Labs

16.12.2014

723.55

5

Nitin

Ajanta Pharma

16.12.2014

2528.65

Atul Auto

16.12.2014

601

6

Anand

Raj Rayon

17.12.2014

0.66

Jubilant Life Sciences

30.12.2014

119.95

7

Prasad

Nbcc

18.12.2014

792.05

Capital First

30.12.2014

353.4

TV Today

30.12.2014

215.2

8

Rohit

 Adani Enterprises

20.12.2014

452.05

9

Prasad Shetty

Multibase

21.12.2014

227.9

10

Kushal Shah

MCX

22.12.2014

838.95

Jet Airways

22.12.2014

389.7

11

Rajan

Motherson Sumi Systems

22.12.2014

440.2

12

Hemant

NETWORK 18

22.12.2014

66

Intellect Design

22.12.2014

75.6

Pipavav Defence

22.12.2014

39.75

13

Raj

Odyssey Technologies

22.12.2014

33.65

14

Shiva

Granules India

23.12.2014

777

Mayur Uniquoters

23.12.2014

415.4

SpiceJet

23.12.2014

19.3

15

Abhay Tewari

Suzlon Energy

23.12.2014

13.45

16

Pushkar Prasad

Freshtrop Fruits

24.12.2014

115.9

17

Dhiren

Tata Sponge

26.12.2014

680

18

N Sri

Deccan Gold Mine

28.12.2014

42.95

19

Sameer

Spicejet

30.12.2014

17.95

Deccan Gold Mine

30.12.2014

44

Muthoot Capital Services

30.12.2014

207.15

20

Shahzad V

Engineers India Ltd

31.12.2014

229.75

AkzoNobel

31.12.2014

1384.1

Aries Agro

31.12.2014

117.4

21

Kiran

Vidhi Dyestuffs

31.12.2014

17.16

22

Vishal Kejriwal

CCL Products

1.1.2015

170.95

Oriental Carbon Chemical Ltd

1.1.2015

361.55

Hinduja Global Solutions Ltd

1.1.2015

631.75

23

Rudra Tandan

Ram Ratna Wires

2.1.2015

48

Foseco

2.1.2015

1227.55

Alphabetical Scripwise

Sr No. Scrip Recommended for 2015 Price in Rs when recommended Participant
1 Adani Enterprise 452.05 Rohit
2 Ajanta Pharma 2528.65 Nitin
3 Akzo Nobel 1384.1 Shahzad V
4 Aries Agro 117.4 Shahzad V
5 Atul Auto 601 Nitin
6 CCL Products 170.95 Vishal Kejriwal
7 Capital First 353.4 Prasad
8 Deccan Gold 42.95 N Sri
9 Deccan Gold 44 Sameer
10 Engineers Ind 229.75 Shahzad V
11 Foseco India 1227.55 Rudra Tandan
12 Freshtrop Fruit 115.9 Pushkar Prasad
13 Granules India 777 Shiva
14 Hinduja Global 631.75 Vishal Kejriwal
15 Intellect Design Arena 75.6 Hemant
16 Ipca Labs 723.55 Bhaskar
17 JM Financial 47.6 Sandeep Gahandule
18 Jet Airways 389.7 Kushal Shah
19 Jubilant Life 119.95 Anand
20 MCX India 838.95 Kushal Shah
21 Mayur Uniquoter 415.4 Shiva
22 Motherson Sumi 440.2 Rajan
23 Multibase India 227.9 Prasad Shetty
24 Muthoot Cap 207.15 Sameer
25 NBCC 792.05 Prasad
26 Nath Bio-Genes 130.55 Sandeep Gahandule
27 Network 18 66 Hemant
28 Odyssey Technologies 33.65 Raj
29 Oriental Carbon 361.55 Vishal Kejriwal
30 PTC India Financial Services 56.4 Sumit Khanna
31 Pipavav Defence 39.75 Hemant
32 Prima Plastics 56 Sandeep Gahandule
33 Raj Rayon Ind 0.66 Anand
34 Ram Ratna Wires 48 Rudra Tandan
35 SpiceJet 17.95 Sameer
36 SpiceJet 19.3 Shiva
37 Subros 67.85 Sumit Khanna
38 Suzlon Energy 13.45 Abhay Tewari
39 TV TodayNetwork 215.2 Prasad
40 Tata Sponge 680 Dhiren
41 Vidhi Dyestuffs 17.16 Kiran
42 Wendt 2000 Jigam Gandhi

Note :

  1. Sandeep Gahandule who just won the hamper for Alphageo’s spectacular 720% run in 2014 has contributed three selections for 2015 this time too
  2. Anand,who ran neck to neck with Sandeep till November 2014,when his low priced Rs 7 YBrant  was up against Alphageo has yet again given one really low priced selection Raj Rayon of just 66 paise !
  3. Deccan Gold & Spicejet occur twice as they constitute selections from two different participants
  4. Prices at which Recommended have either been provided by the Participant when making the Reco and reflect the current market price at the time or where they have not stated the price,the last price when they made the reco has been sourced from the BSE & NSE
  5. Most have not given targets for 2015 Selections but the four selections that have been given targets and all are  over 100% + except one,are as follows : Freshtop Fruits Rs 250,PTC India Financial Services Rs 90,Subros Rs 150 and Tata Sponge Rs 1500+
  6. Adani Group finds representation but none from the Ambani Groups ~ perhaps realisation that Reliance Ind has been a losing 5 year Investment thus far and ADAG Companies have struggled
  7. Tata Sponge is the lone entry from the Tata Group.
  8. Media and Aviation have two each in Network 18 and TV Today and Jet Airways & Spicejet respectively
  9. Pharma & Auto Ancilliaries & NBFCs &  IT  & Speciality & Commodity Chemical Sectors are well represented
  10. Can see a few potential turnaround selections as well as a few that have already run up huge in 2014
  11. Tea & Coffee Beverages & Renewable Energy & Defence are represented but none from direct Power,Telecom or Real Estate or Retail
  12. No Bank & no Oil & Gas Major  & No visible Large Cap ! but Three Selections are also traded in the Derivatives Segment,namely,Adani Enterprise,Engineers India & Motherson Sumi

Going to be an interesting few days filtering all the above

Monsanto to pay US $ 93 m for poisoning US Town Nitro with dioxin a chemical byproduct of the toxic Herbicide Agent Orange

Monsanto to pay US $ 93 m for poisoning US Town Nitro with dioxin a chemical byproduct of the  toxic Herbicide Agent Orange 

Residents of this West Virginia Town have a right to file individual suits against Monsanto if medical tests show they suffered physical harm due to dioxin exposure.

Monsanto is under seige too for using Glyphosate…. another deadly toxin used in Monsanto herbicides such as RoundUp

India needs to be aware of these developments as Monsanto is very active in India and this giant biotech company is right up there in genetically modified production of crops….Bt Cotton and Brinjal for instance……and there is a raging debate in India to go ahead full fledge on this

Monsanto India is a listed company at Rs 2000 with a Market Cap over Rs 3400 crs…FY 14 saw Sales of Rs 582 crs and Profit of Rs 123 crs with an EPS of Rs 71…Equity is low at Rs 17.26 crs (FV Rs 10) with two Monsanto Companies holding an aggregate of 72.14% of the Equity ….Reserves are Rs 327 crs and Book Value is Rs 200….PE works out to 28 and PBV to 10….It’s a Zero Debt Company and paid 30% Final Dividend and a 120% Interim Dividend

Monsanto Controversial Chronology is briefly documented here

Two Interesting Names come up on the Board of Directors of Monsanto India:

R C Khanna ~ As on June 30,2014 held 389976 Equity Shares  or 2.26% Equity Stake => worth Rs 80 crs today

He is the Non-Executive Director. ~A Cost & Chartered Accountant from England & Wales ~he retired as the Senior Partner of M/s. A.F. Ferguson & Co., Chartered Accountants, in 1989 (Merged into Deloitte ). He joined the Board of MIL in 1975.

Pradeep Poddar

He is the Non-Executive Independent Director ~ A Chemical Engineer from UDCT, Mumbai and an MBA from IIM, Ahmedabad ~  served as part of the top-management at Glaxo, Heinz and the Tata Group. He is presently the Managing Director of Mount Everest Mineral Water Limited, a Tata Enterprise and is leading the Tatas’ foray into water and functional beverages globally. He represents the Tatas’ interest on the Boards of Nourishco, the Joint Venture Company with Pepsico and the Rising Beverage Company (Activate Beverages) in USA. He is also a trustee on the Board of United Way, Mumbai. He joined the MIL Board in January 2006.

There were 15770 Shareholders at June 30,2014 including the Two Promoter Monsanto Holding Companies

Wonder why the controversial Monsanto remains Listed and thus more in the Public Eye !

read more

Jubilant Industries @ Rs 290 reaches target set in March 2011 last year…up 70% + from Rs 171 when recommended strongly last year in March…while Sensex drops 5%…Bottom Up for Alphas…Pointless to concentrate Mind and Money Resources on Indices

Being saying this for a while now….Bottom Up as Top Down may not produce strong returns in the short term….this is being indicated even now….be Stock Specific,rather than bet on Indices…keep a longer term perspective…You begin with Rs One Lakh and whore it technically or fundamentally on the bourses every single day,churning trades in and out to end the year struggling to preserve the Capital itself ! …your Broker’s mighty pleased…not you !….The Other Option is to risk a specific stock for portfolio selection and give it time to flower so that you get a nice alpha  return on your principal over time…. 

In March 2011,a year ago,I had strongly recommended JUBILANT INDUSTRIES @ Rs 171 as a SS Scriptech Stock Select with a target of Rs 250 to Rs 300 in the ensuing 12 months…..It touched Rs 300 last month and is now @ Rs 290….appreciating 70% in  a year and meeting target set…in the same period the Sensex has lost a 1000 points or over 5% end to end reacting from 18200 then to 17200 now

The Idea of this Blog is not to Boast on this Selection,but emphasize the Other Option of being Stock Specific and giving it time to flower….going Bottom Up to seek Alphas…and not focussing your resources of both,Mind and Money on Indices  

Reproducing the Recommendation Template below…why I liked Jubilant Industries @ 171 in March 2011 

 
 
A SCRIPTECH SPARKLE SS 2 STOCK SELECT
 
JUBILANT INDUSTRIES at Rs 171
 
AN AGRO CHEMICALS  STOCK AT HALF IT’S BOOK VALUE,LESS THAN 4 PE AND ZERO DEBT CURRENTLY 
 
NETWORTH    : RS 291 CRS
 MARKET CAP : RS 137 CRS
 
TARGET RANGE  =>Rs 250-Rs 300 INSIDE 12 MONTHS
 
SENSEX : @ 18200     NIFTY : @ 5450
 
 
LIMITED DOWNSIDE …VERY GOOD UPSIDE OF 40% TO 70% IN A YEAR 
 
 
 

TARGET RANGE OF RS 250-Rs 300 MAY BE BE ACHIEVED IN THE NEXT FEW MONTHS !

Jubilant Industries Ltd (JIL) looks good at Rs 171… it’s a SS 2 Stock Selection….It’s been listed on BSE and NSE for a month now registering a High of Rs 300 and a Low of Rs 100 on the day of listing itself on February 14,2011

There are four straight catalysts that may push JIL towards the target range inside the next few months

  • Recently the Agri Products(single super phosphate and agro chemicals for crop protection) ,Performance Polymer(Food Polymer-Solid PVA…VP latex and SBR Latex….consumer and application polymer products) and IMFL  Divisions got demerged from Jubilant Life Sciences Ltd (JLSL) into JIL….JIL listed last month…Not many are aware of this new listing..they soon will be….the demerger share ratio was 1:20…every shareholder of JLSL,and there were 25285 of them,got 1 share of JIL of FV Rs 10 for every 20 shares of JLSL of FV Rs 1 held by them  
  • JIL has no debt currently although it has an enabling resolution to borrow upto Rs 500 crs
  • JIL had a networth of Rs 275 crs,excluding defered tax, at September 30,2010 It grew to Rs 282 crs at December 31,2010 and is likely to cross Rs 290 crs at March 31,2011….Equity is Rs 8.01 crs of FV Rs 10 while Reserves are expected to cross Rs 280 crs this month end…this should result in a Book Value of @ Rs 362…giving a Price/BV of just 0.47…in other words JIL is available at half it’s book value 
  • JIL has recorded a net of Rs 27.59 crs for the nine months at December 31,2010….It should close the year at a net of over Rs 35 crs…that’s an EPS of @ Rs 45…and that’s a PE of below 4 !
JUBILANT GROUP PEDIGREE
 
JIL forms part of the Bhartia Group of Jubilant Companies….Jubilant Life Sciences (earlier Jubilant Organosys and even earlier Vam Organics) and Jubilant Foodworks are the prominent companies from  68 Companies in the Group…Shyam and Hari Bhartia are the Promoters…..Last year they created huge wealth for shareholders of Jubilant Foodworks..the Domino’s Pizza Franchise in India…in January 2010 Jubilant Foodworks came out with an IPO in the Rs 135-Rs 145 book building range and issue was oversubscribed over 31 times (51 times by QIBs and under 4 times by Retail Investors)…On February 8,2011 it listed at Rs 200… nearly 40% over IPO issued price of Rs 145….thirteen months later it is Rs 545 !….275% over issue price !
 
JIL DIVISIONS
 
Agricultural Products Division

There are four products segments here

  • Crop Nutrition……Fertilizers that increase crop yeild and quality…Primary Product is ‘Ramban’ Single Super Phosphate
  • Plant Growth Regulators…help in plant growth and balance maturity by curtailing unwanted vegetative growth…Primary Product is Vam-C
  • Crop Protection…these are Pesticides,Insecticides,hebicides and Fungicides…right from Seed Sowing Stage to Harvesting…JIL currently does not manufacture these but only trades in them
  • Industrial Chemicals…these are Sulphuric Acid (Captive use in the SSP manufacturing process and also commercially sold to other Soap,Detergent,Fertilizer,Sugar Refiners,Colours,Dyes,Paper and Aluminium Units)  and Sodium Silico Fluoride sold to Glass Units
          Plant Locations
  • Gajraula in Uttar Pradesh…..SSP Production (Powder & Granulated Forms) 165000 MTPA…Sulphuric Acid 68640 MTPA
  • Kapasan in Rajasthan….SSP Production (Powder & Granulated Forms) 264000 MTPA….Sodium Silico Fluoride 1440 MTPA
Performance Polymer Division 
 
Here too there are four product segments
  • Consumer Products….these are marketed under the brand of ‘Jivanjor’ and  cosntitute wood adhesives(premium,middle,economy),wood finishes,footwear adhesives and epoxy sealants (for sealing leakages in sanitaryware and water pipes)…Epoxy Sealants are not manufactured by JIL but only traded
  • Food Products…Solid Poly Vinyl Acetate (SPVA) is a synthetic food polymer made for use in the manufacturing of the gum base used for making chewing gum and bubble gum…Synthetic Polymers ,of which SPVA is only one type,form the main gum base constituent  in  90% of all gum base manufacturing activity worldwide…JIL markets it’s SPVA under the brand name ‘Vamipol’ to chewing gum base manufacturers globally
  • Latex…Three kinds of Latex are manufactured…Vinyl Pyridine,Styrene Butadiene Rubber or SBR and Nitrile Butadiene Rubber or NBR…the first two are used for dipping of tyre cord and conveyor belt fabric by tire manufacturers who have in house dipping facilities and also by tyre cord fabric dippers…in addition they are also used to manufacture SBR Tyre Carcasses,V-Belts and Conveyor Belts…NBRs are used in automotive gasket binding operations…JIL even exports Latex to countries in Asia,Europe and Latin America 
  • Application Polymer Products…These are high quality polymer products developed for application in lamination,flexible and general packaging and pressure sensitive adhesives….Poly Vinyl Acetate (PVA) Emulsions and Poly Utrethane (PU) adhesives are the two product categories…PVA finds application in pressure sensitive adhesives(tapes and labels),laminated adhesives(bonding film to paper/paper boards such as  books,calendars,posters and greeting cards) and packaging adhesives(side pasting in cartons and corrugation)…PU adhesives Re used to produce flexible packaging laminates used to making pouches to package products like edible oils,coffee,shampoo and detergents…these products are sold through channel partners and to original equipment manufacturers in India and even in Germany and Dubai
          Plant Locations

  • Gajraula in Uttar Pradesh…..Wood Adhesives 16000 MTPA…Food Polymer Products 10000 MTPA….Application Polymer Products 3600 MTPA
  • Sahibabad….Footwear Adhesives 2800 Kilo litres per annum
  • Samlaya near Vadodra in Gujarat…All three kinds of Latex 14000 MTPA + research and developement laboratory for testing all kinds of latex and recognised by the Department of Science and technology,Government of India
IMFL Division

JIL has been bottling IMFL products on a contractual basis for various established brands engaged in liquor business in India. Capacity is 100,000 cases per month for IMFL. with technological capacity to handle all sizes of bottles, with a configuration of five automatic/semi-automatic lines. All lines are equipped with the required Vats (used for blending alcohol) for storage of extra neutral alcohol and labeling machines which provides flexibility for bottling various sizes of IMFL. JIL also has a fully equipped, state of the art laboratory to support the bottling plant. The bottling plant is located at Nira, which is about 70 kms from Pune in Maharashtra

 FINANCIALS AND BASIC VALUATIONS : A  SYNOPSIS

A Synopsis of JIL’s Projected results as at March 31,2011 and for the actuals for the nine months at December 31,2010 actuals  are presented below…Agri Products and Performance Polymer Divisions comprise nearly all of the sales in near equal proportion….However Agri Products enjoy a 13% operating margin against 9% reported by Performance Polymers Division…and of the Total Capital Employed of Rs 290 crs at December end 2010,46 % has been applied in the Agri Products Division while 39% has been applied in the Performance Polymers Division 

 

 

Jubilant Industries @ Rs 171

 

Financials & Basic Valuations

 

(In Rs crs unless otherwise stated)

 

 

Head

 

March 31,2011

Full Year Projected

 

December 31,2010

Nine Months 

Net Sales

575
446

Profit After Tax

36

28

 

    

 

Equity ( FV Rs 10)

8.01
8.01

Reserves (exc Deferred Tax)

282
274

 

 

 

Net Worth

290
282

 

 

 

Market Cap

137

 

 

 

 

EPS in Rs

45

 

Book Value in Rs

362
 

 

 

 

P/E Multiple

3.8

 

P/B Multiple

0.47

 

 

 

 

Promoters Stake in Equity

47.51 %

 

FII/DII/Public Holding (on listing on Feb 14,2011)

18.54/13.59/20.36 %

 

SOME RISK FACTORS

  • Promoters, Directors and Group Companies are involved in a number of legal
    proceedings that, if determined against them  could adversely impact JIL’s business and financial condition
  • JIL derives a significant portion of revenue from a few customers, and a loss of one or more customers or a reduction in their demand for JIL products would adversely affect JIL business,financial condition and results of operations
  • Low entry barriers may result in new smaller players entering the market and putting pressure on margins in the application polymer business which may have an adverse effect on JIL business
  • JIL is governed by the Fertilizer Control Order, 1985 which requires it to obtain a certificate of registration, which is valid for a period of three years from the date of issue, for it to be able to sell,offer for sale or carry on the business of selling of fertilizer at any place as a wholesale dealer or retail dealer. Further, certain of their products are required to conform to the standards as notified by the Central Government/State Government in the Official Gazette

Increased usage of radial tyres in India, which use significantly lower amounts of vinyl-pyridine latex when compared to bias ply tyres, will lead to a reduction in demand of vinyl-pyridine latex thereby adversely affecting JIL business, financial condition and results of operations 

The demand for vinyl-pyridine latex used in the manufacture of tyres is directly linked to the performance of the automobile industry. Any reduction in demand for automobiles may lead to a consequent reduction in demand for tyres and vinyl-pyridine latex thereby adversely affecting JIL business, financial condition and results of operations.

Emergence of new technologies like „Hot Melts‟ and their increased use, if any, in the future will reduce usage of poly vinyl acetate based PSA‟s which may have an adverse effect on JIL business

The availability of vinyl-pyridine monomer, a key raw material in vinyl-pyridine latex manufacturing,is linked to the availability of beta-picoline. Any interruption in the continued supply of beta-picoline would affect the availability of vinyl-pyridine monomer and thus adversely affect JIL business,financial condition and results of operations. 

read more