VST Tillers Tractors Limited; BSE Code : 531266; NSE code VSTTILLERS; CMP 19 jan 2012 = 446/- (approx)

-------------------------------------------------------The company's main product lines are tiller, tractors, engines and some similar farm equipment

Bull case ----------------Established for approx 4 decades Resonable presence / brand name in tillers collaboration with Mitubish resonable PE (at current levels)

Bear Case ----------------- By the management's own admission, tillers are heavily dependant on Govt. Subs idy and getting hit by chinese competition - In the case of tractors, they have a very regional presence and NOT amoung the top players [Mahindra, TAFE, Escorts, ...] - Svere price increase since 2009 ... NOT much correction during the 2011 - 2012 mid cap correction period - Very low volumes conclusion ------------------ worth watching now - NOT very cheap as of date