Dear Sir, one company which has **1)300 cr mkt cap and CMP Rs.

300 **2)Zero Debt and ROE of 40% **3)Avg. of Last 3 year operating cash flow is around 90cr (Operating cash flow almost same as PAT) **4)HYF12 PAT of 120cr **5)Dividend paid for FY12 till now Rs.17, FY11 Rs.14, FY10 Rs.11, FY09 Rs.9 **6)Buyback at max Rs.400 (around 10%) **7)belongs to Arvind Mafatlal Group in India. **8)one of the largest players in carbon credits(is this RISK factored in for such low valuation?) **9)This explains CC payment for next 10 years: http://www.indianstocksnews.com/2009/07/small-cap-stock-to-buy-navin-fluorine.html ******************* (doing some naive calculation)Assuming 200cr PAT for FY12, at 4 interest cover they can take 500cr(50cr interest) debt. So there difference of 66.67% between maket cap of 300cr and debt raising capability 500cr. ********************** Whats ur views on Navin fluro??? Is it value buy OR value trap(with no current PAT sustainbilty over next few years)?????