Toyota Innova (can grow up to be a Mercedes)

Tata Sumo (can grow up to be a Toyota Innova and beyond)

Maruti 800 (can become a Mercedes or end up in the junkyard)

RBN: Reliance Broadcast Network, great CEO Tarun Khatiyal. Unable to get traction from venture with CBS. Could swing either way cos the company can benefit enormously from digitization; however, if CEO fails to replicate his success in other channels he worked with in the past, then it could be a disaster of a good jockey riding a bad horse. Titan Industries, volume business Godrej Properties. Excellent Geometric software. Sketchy of gold jewellery and benefiting management, good debt track record of launching brands, greatly by entering diamond and position for a real estate firm, but still not able to pack a punch childrens watches and youth but could have problems with when it comes to delivering good brand fasttrack. disposing off huge inventory numbers. Has disappointed for after building it quite a while despite excellent Godrej management Supreme Industries: Low cost Amara Raja Batteries. Good Pipavav Defence: Management plastics producer with a whole management, tie up with US determined to scale, huge host of products and many company, huge opportunity. If opportunity in ship building, varieties of plastic for both able to fight off competition especially warships. Long branded and unbranded from smaller players, establish gestation of orders, huge markets. Plastics peneteration existing brands, and continues to interest cycles, and constant lowest in India. Huge expand in new markets, then need for funds makes it a opportunity, great management, could become a Mercedes bankers darling not sure if it decent financials. definitely can reward shareholders the same way. Madras Cements. Took a ton of Ajanta Pharma managed to Bharat forge: Management debt to expand capacity and become a successful midcap focusing on defense sector and become self-sufficient in power. pharma company from a reduced dependency on auto Acute power crisis in Tamil Nadu mediocre small company. sector. Largest forgings did not affect company and it Management okay, ability to company in the world and part has greatly paid back debt. scale is intact, but rich present of Kalyani group known for Lowest cost producer of a valuation is a concern. Market is diverting cashflow and building commodity with new market too optimistic of possibilities, but huge debt, but opportunity opening up in Sri Lanka. not sure. present, so small position better.

Lupin. Company benefitting from targeting niche molecules that are not easy to copy and entering high-entry barrier markets like Japan. Proved mettle already. Still continues to have huge opportunity and excellent management.

Bannari Amman Sugar. Well run company with diversification into co-generation of power from waste and ethanol. Good track record of acquiring sick firms and turning them around. Sugar which is main product is tightly controlled by government limiting opportunity

Hawkins Cookers. Successfully competed with Indian and foreign companies by diversifying product offerings catering to the ever=aspiring Indian middle class. Indian companies can build brands too!! Karur Vysya Bank a successful south Indian bank with increased number of branches each year and very low-cost operator of a commodity business. Regular rights and bonus offerings plus a rich dividend offering makes it a bank to hold, hold, and hold and reinvest dividends.

VGuard excellent brand building ability, good management, good scalability, divesting of wonderla. Not sure if momentum of growth in consumer products can be sustained due to stiff competition. VIP Industries: Strong presence and successful tackling of foreign competitors in branded luggage segment. Management focused on all tiers of the market and of course entering new markets. Purchased international brand Carlton and shipped manufacturing to India. Shifted manufacturing of Indian products to Bangladesh for tax holiday purposes and reduced dependence on increasingly costly China for soft luggage products. Management periodically delivers dumb numbers and misreads market conditions. VA Tech Wabag. Good aggressive management but needs to be seen if they deliver consistent numbers in the face of strong competition from foreign players in industrial wastewater treatment market for India. Opportunity is huge, scalability and competitive ability needs to be seen.

JSW steel: Shady management, horrible balance sheet, but good at acquiring small companies and turning around. Must learn to walk the talk and reduce debt along with improving resources for suppl y of coke and ore McNally Bharat Engg: Good company with strong presence in material handling sector. Specializing in niche areas of infrastructure like ports and benefiting from government opening up the port sector. One of the few Indian companies to qualify for large orders from power plants due to ability to implement such project. Like any infra company, it has got a shitload of debt on its books and has constantly not walked the talk with respect to turnover. Falling margins and fragile order book can be offset with huge opportunity and presence in niche areas of infra sector. Ashiana Housing: Good company with strong focus on housing for retirement homes and upmarket gated communities and scaling up rapidly in metro cities targeting senior population and also yuppie couples with urge to splurge. Great balance sheet for a real estate company indicates at a competent management, but need to watch for a little more consistency. Zodiac clothing. Not a very strong company but owns shares of Shoppers Stop which could be up for sale in case of foreign retailers wanting to take over. At current market rates, a price of about 60 crores is certain for the shares. Too many Ifs and

Crisil is a great company with rich valuation but facing lot of competition from other rating agencies in India right now. Game plan of management is to be ready for a ratings boom when Indian debt market opens up and during the meanwhile, try to scale up business analytics and company research offerings. Purchased a string of companies to build analytics presence and muscle. Rallis India. Successfully diversified itself from a pesticide company to a seeds and agrochemicals company. Besides, it has lucrative real estate and stakes in private firms like Advinus and Metahelix. No debt and long-term prospects

Carborundum Universal. Good company, great management, limited future growth opportunities at present, need to watch if abrasives market explodes in India.

set to improve with new plant opening in tax-free zone of Dahej in Gujarat. Huge opportunity due to low Indian agricultural yields. Kajaria Ceramics. Quietly but swiftly established itself as Indias number one ceramics player in both vitrified and nonvitrified tiles. Improved margin using cheaper natural gas instead of propane for vitrification. Scaled up operations with sensible acquisitions. A good play to encash on the rising aspirations of the emerging Indian middle class. Apollo Hospitals. Excellently run company and future play on medical tourism explosion. Stiff competition from other hospitals in Thailand and South East Asia can be a party pooper. Scale and cheaper cost of quality worldclass healthcare compared to western countries is a big advantage that this company enjoys. Valuations always rich for this stock.

Buts spoil the picture because no moves have yet been made to flirt with Shoppers Stop by any keen foreigners. Sterling Holiday Resorts: Good CEO who has returned back to the company, great room inventory that is worth conservatively around 350 crores provides comfort factor in valuations, timeshare needs to catch up in India. Indians not big on travel to timeshare resorts yet due to shady gimmicks in the past. Needs good marketing, time, and money to scale up. Still a work in progress with new resorts being bought and older ones being refurbished. Capital guzzling, no mileage yet. Spicejet: Extremely risky bet being in airlines industry. Could pull off a surprise when it comes to scaling up. Has okay customer service reputation and is benefiting from Kingfisher Airlines troubles.

Shilpa Medicure. Small cap company with excellent management and strong business model with focus on specialty oncology drugs and contract manufacturing.