Asbestos sheet companies
Printed From: The Equity Desk
Category: Investment Ideas - Creating winning portfolios!
Forum Name: Sector talk
Forum Discription: Discussion on sectors with regard to specific matters. We will be discussing the various sectors of the economy and how they would perform. Basically a top down approach.
URL: http://www.theequitydesk.com/forum/forum_posts.asp?TID=2870
Printed Date: 05/Apr/2025 at 3:51pm
Topic: Asbestos sheet companies
Posted By: hit2710
Subject: Asbestos sheet companies
Date Posted: 12/Jul/2010 at 2:30pm
|
Some homework I did on asbestos sheet companies.
Added some visaka inds besides sahyadri.
SAHYADRI INDS MARKET CAP 130 CR CMP 140 fy 10 mcp to sales 0.44
Visaka inds market cap 284 cr cmp 180 market cap to sales 0.44
Hyd inds market cap 550 crores mcap to sales 0.72 cmp 739 ------------- Stockmarket is a weird place. For every person who buys a stock there is a person who sells it and both think they are very smart. |
Replies:
Posted By: joslinjose9
Date Posted: 12/Jul/2010 at 7:18pm
|
hi hit,
in a recent interview in cnbc ramesh damani said he is very bullish on asbestos companies and he owned hydrebad industries,visaka industries and he bets more on everest industries. ------------- fear of lord is the beginning of wisdom |
Posted By: hit2710
Date Posted: 12/Jul/2010 at 7:51pm
I feel the whole sector as a whole probably is in for a re-rating. If they can manage good results for a couple of quarters, things can improve on valuation front. ------------- Stockmarket is a weird place. For every person who buys a stock there is a person who sells it and both think they are very smart. |
Posted By: Shadofax
Date Posted: 13/Jul/2010 at 12:34pm
|
Hello Hit,
I want to better understand this asbestos business. Where is it exactly used? Any idea where I can understand this sector better? Also can we say that this business is a consumer driven business? Also suppose if we want to do a basket buying in this sector ... top 4 companies. Which one do you think we should bet on? (in order of priority) Thanks, Dhruvesh P.S: Hit its really amazing the way you digout these stocks. Is it again from the Edel screener ------------- $ |
Posted By: hit2710
Date Posted: 13/Jul/2010 at 1:20pm
|
Hi dhruvesh,
The main consumers for asbestos sheets would be rural lower and middle income group people who cannot afford pukka houses. With benefits of buoyant economy percolating to the rural sector, it is likely to be the new sector that drives demand and hence the focus on this sector. In order of preference, I would go for sahyadri, visaka and hyderabad inds. I own the first two. Sahyadri because for a small company it is available at great valuation of 5-6 PE and ROE of 34 to boast of. I am playing for the growth to continue and a rerating of the sector to around 7-8 PE. ------------- Stockmarket is a weird place. For every person who buys a stock there is a person who sells it and both think they are very smart. |
Posted By: Vivek Sukhani
Date Posted: 13/Jul/2010 at 2:09pm
|
Also, not to forget, falling cement prices can be a big boost to these companies, although thats an industry-wide phenomenon and not connected with any particular company.
I have just one company of them in my portfolio. And the reason I would just stick to Hyderabad Industries, is that they are into other products as well besides corrugated fibre cement sheets. ------------- Jai Guru!!! |
Posted By: Monkey
Date Posted: 13/Jul/2010 at 2:30pm
|
I understand that Asbestose is hazardous for health. Use of Asbestose is banned in Western countries. Many companies faced serious problems of survival in Western countries due to Asbestose related law suits.
Even though this might not be the case currently in India, how about possibility of ban on Asbestose? & then associated issues with these companies?
|
Posted By: karn
Date Posted: 13/Jul/2010 at 2:32pm
Absolutely right sir. Use of the same is banned in all MNC and many of private project undertakings. ------------- “Invert, always invert.” |
Posted By: hit2710
Date Posted: 13/Jul/2010 at 3:22pm
I had read the director's report of both sahyadri and visaka and both mention the threat of anti asbestos lobby "Availability of adequate power, exchange rate fluctuations, increase in input cost such as cost of power, transport, and raw material , inadequate monsoon, additional entries, increasing capacities and the malafide campaign against Asbestos Products are the concern to the industry as a whole." The above is from director's statement of sahyadri. Funnily, they describe the thread from malafide campaign. ------------- Stockmarket is a weird place. For every person who buys a stock there is a person who sells it and both think they are very smart. |
Posted By: karn
Date Posted: 13/Jul/2010 at 4:19pm
|
Asbestos kills Europeans, Australians and Japanese but not Indians
%20 - http://www.toxicslink.org/qdocs/Asbestos.pdf ------------- “Invert, always invert.” |
Posted By: Bhupan
Date Posted: 13/Jul/2010 at 4:39pm
|
Well it's India Karn .. so we have world's dangerous ship breaking in Alang , Nuclear waste thrown in coastal area .. Aren't we dumping yards for the west ( and waste ) ?? |
Posted By: vinvestor2010
Date Posted: 13/Jul/2010 at 6:09pm
Very valid point karnji, 3rd world country does not mean kuch bhi chalega.If you want to invest do it but like with tobacco stocks, there is always a risk |
Posted By: vinvestor2010
Date Posted: 13/Jul/2010 at 6:12pm
|
However Bhupanji is right, in India 3 tata motors cars caught fire but no problem
In US a few Toyota cars have break problems millions of cars recalled |
Posted By: hit2710
Date Posted: 13/Jul/2010 at 7:10pm
I think these fears are reflected in the valuations of these companies. Just as mentioned above in tobacco stocks, fears till date have been ungrounded in India and tobacco companies continue to make merry with healthy cash flows. One has to consider risk reward and think about investing. ------------- Stockmarket is a weird place. For every person who buys a stock there is a person who sells it and both think they are very smart. |
Posted By: Vivek Sukhani
Date Posted: 13/Jul/2010 at 7:22pm
Kaun rokega???? Sugar causes obesity and causes diabetes and other lots of associated ailments, so shall we ban the use of sugar? Consuming alcohol is bad for society, has these countries named in the report imposed a ban on them???
Dont confuse ethics with business...and dont mix them up too much. Its the job of the Law to decide to when the business is breaching the accepted level, not us. Intervene when you can provide the alternative solution, otherwise you end up creating a bigger mess.
Now, surely we cannot afford to put the coming generation to risk...surely we cant. So, develop a road-map....like phasing out of gasoline guzzling vehicles and replacing them with those which follow high emission standards. Dont ban, but give a period for a phase-out during which you can implement your plan.
Understand the constraints.....You are talking about risk in tobacco companies.....read ITC's Annual Report. The health hazard is posed more by products of unorganised sector. Moreover, they dont pay excise duties and other levies. How to curb that menace....is the society ready for that kind of action?
Now think about who uses asbestor sheets, mainly the rural households. Can everyone migrate from mud-roofed/tiled roof house directly to a pucca house. No.....but wont they like to have a better protection than what the mud-roofed/tiled roof house offers...they would. Would he/she listen to this argument of asbestos being a cause of cancer and decide against using it.....he wont.
As an investor, I wont like my company to be producing something which puts the lives of people at risk....but then, why the heck shall I beleive anyone which comes out with a study showing the health hazards of asbestos sheet production. There are studies which can be shown to support the counter-argument.
------------- Jai Guru!!! |
Posted By: bihisello
Date Posted: 13/Jul/2010 at 7:25pm
Not always good to blame the West. We are also bad. Recently, radioactive material from Delhi University was sold as bhangaar. Adulteration of foods and making of fake medicine is also done by us only. |
Posted By: hit2710
Date Posted: 13/Jul/2010 at 7:37pm
|
A lot of NGOs have taken up the business of raking in money by raising various causes. Maybe some have got hold of the asbestos sheet industry and trying to milk the issue. As Vivek pointed out unless and until a viable and economical alternative is available, we need to view the concerns with a pinch of salt.
Just look at pan masala. I personally have seen a lot of oral cancer patients and there is a direct proven link between consumption of pan masala and oral cancer. Still does it stop the people from consuming the product? And even bigger issue is does it make the govt ban the product? Govt is interested in collecting taxes from the producers rather than protecting lives of people consuming it. For asbestos, there is far less evidence of causing cancer than pan masala. Basically I think this is a sector for a fixed amount of returns after which one needs to review the investment made, whether it makes sense to hold on or to move on to other greener pastures. ------------- Stockmarket is a weird place. For every person who buys a stock there is a person who sells it and both think they are very smart. |
Posted By: Shadofax
Date Posted: 13/Jul/2010 at 10:25am
I agree with Hit(jee)  and Vivekjee,
We all agree that there is a threat to asbestos industry. Now our task is to bet on the odds. The odd are high that it wont be banned in India for a few years atleast. (We have hardly seen things being banned in India. and that to things for the rural consumption) If at all it is being banned a study would be ordered by the Indian government and before that there should be some signals of it in the local media .. I mean some propoganda by anti asbestos lobby. So I think we move back to discussing companies and periodically update about this threat. --- @Vivek and Hit: Recently in the newspapers I read that for the quarter rural consumption growth was higher than that of urban. This was more from the FMCG view. But do you think that this can/is an indicator of higher demand for these companies? ------------- $ |
Posted By: Vivek Sukhani
Date Posted: 13/Jul/2010 at 10:36am
|
Well, rural housing is both a challenge as well as an opportunity, depending upon how you look at it.
As far as this news is concerned, it should ideally be beneficial for fibre cement sheet consumption. A person's first aim would be a better house before he plunges big on FMCG items. But it surely depends upon how much money he has got. If the rise in income is marginal, then FMCG companies will be more beneficial....but if its substantial, then these manufacturers will make a hay. ------------- Jai Guru!!! |
Posted By: Monkey
Date Posted: 14/Jul/2010 at 12:12pm
|
As part of my professional work, I have been dealing since years with applications involving sour gases with high percentage of toxic substances like H2S in it. I am basically hard wired to think about safety and hazards involved and do the best for its containment & mitigation of risk.
It is difficult for me to separate my general approach towards work and life with that for investment. Many times I think that if those engineers & technicians working in Union Carbide's Bhopal plant would have taken stand against poor maintenance practises followed (instead of buckling under pressure and, adopting "chalta hai" type of approach), we would have prevented the worst industrial disaster.
Unless citizens are careful about hazards, no improvement will happen. It is good for shareholders if there is no ban on Asbestose in this country. However, if this is the approach, I am afraid we will end up being dump yard and manufacturer of all hazardous things in the world.
I am all for socially responsible living & that includes investment. I believe that if a bar is not acceptable to my next door then that would not be acceptable for me to anyone else's next door as well.
I understand the logic for investing in Asbestose companies, But for me, this goes beyond just an investment. It crosses path with my way of life.
Please note that I have nothing against anyone investing in these companies. I have just taken this opportunity to express my views. My apologies if anyone feels offended.
|
Posted By: bihisello
Date Posted: 14/Jul/2010 at 12:20pm
Very well said. One can see our attitude even in the clean-up phase. Pathetic. |
Posted By: karn
Date Posted: 14/Jul/2010 at 12:22pm
   ------------- “Invert, always invert.” |
Posted By: go4sheel
Date Posted: 14/Jul/2010 at 1:06pm
|
These companies are good for long term investment,
But if you see they do not have sustained earnings YOY basis. Compare last 5 years earnings. They generally have average NP margin of around 5%, some of these companies are having NP margin around 9% in FY10 so they might have lower NP margin in FY11, who knows... Also recent Management interview of Hyderabad Industries said they see 8 to 10% growth this year directly linked to the GDP growth. Whereas, Everest Industries Management said they are seeing 30-40% growth this year due to their steel fabrication business. |
Posted By: kulman
Date Posted: 14/Jul/2010 at 2:15pm
Nicely articulated by Monkey.
Hmmm...situation in Goa is a bit different. |
Posted By: vinvestor2010
Date Posted: 14/Jul/2010 at 4:48pm
|
What are the substitutes for asbestos??
Monkeyji very well said. Now let us invert the problem. Given that asbestos is harmful for health but companies are attractively priced maybe some users may feel it is good buy. Now I assume that Indian government is sensible so in 3-5 years we may have certain safeguards for asbestos just like for vehicle emissions and for cigarettes. At such a time what product is the best substitute for asbestos, i.e. what is the replacement material being used in foreign countries for asbestos, and which are the attractively priced Indian companies for it . While it may be a bit of twist to it, maybe it is a good idea to keep one eye on the horizon. I will google for it and update if I find anything interesting. Note:-Just to add, a lot of companies even multinationals engage in what is politely called regulatory arbitrage. For example Coke was fined many years ago for pssting ads on sensitive rocks in Himalayas, it is again getting fined for incorrectly using water in Palakkad Kerala. So I assume that as India develops, these instances will become less hopefully and where not, there may be lots of Amrikan style lawsuits coming and we should be ready for them if we invest in such listed companies(there may be opportunities also). |
Posted By: hit2710
Date Posted: 14/Jul/2010 at 6:35pm
I think at best these companies are trading buys and I expect them to return a fix percentage return after which I intend to book out. I dont see these as long term buys because of these very fears of some or other regulatory problems arising. Till then make hay while the sun shines.  ------------- Stockmarket is a weird place. For every person who buys a stock there is a person who sells it and both think they are very smart. |
Posted By: Khan
Date Posted: 14/Jul/2010 at 6:58pm
Corrugated Steel or Fibre glass sheets are alternatives to Asbestos sheets.
------------- If you do what you've always done, you'll get what you've always gotten |
Posted By: Vivek Sukhani
Date Posted: 14/Jul/2010 at 8:28pm
But I am against going against any company because X or Y or Z comes up with a study showing that its products are harmful for human use/consumption. Its the task of the adjudicating authority to decide that, not ours. And surely we can be judgemental, but that judgement should have a scientific basis.
Tell me, wont it be cruel to deny people a basic shetler above their head in the name of a study that the use of asbestos sheet causes cancer in one among hundred or whatever.
And its wrong in my opinion to compare Chernobyl or Bhopal with what we are talking about here. No one is saying anything about adhering to process safety norms. Adhere to the best in the world, no one's complaining. No one is saying that Asbestos sheet manufacturing companies are producing stuff in such a reckless manner which will kill 25000 in their sleep in one night. We are not talking about disasters, but about perils. And perils have to be first proven, before setting the price for it. ------------- Jai Guru!!! |
Posted By: Monkey
Date Posted: 14/Jul/2010 at 9:40pm
|
Vivekji, I take your point that hazard due to Asbestos is not comparable to what happened in Coming to Asbestos, I am not qualified to make a judgment. But I know for sure that my employer was almost driven to bankruptcy due to Asbestos related claims and I lost quite a few annual bonuses attributed to big write-offs company had taken for settling Asbestos claims. In the process, I understand that many options were explored, including that of challenging validity of whole claim that Asbestos is harmful for humans. But, it did not fly as I think it is proven beyond any doubts. That is the reason it has become banned substance in all developed countries. This type of ban does not happen just because of one study did by someone. Because, if that is the case, entire validity of conclusion will be challenged by parties affected adversely due to that. Even if we give benefit of doubt, my preference will be not to take chances. I would be wary of using Asbestos in my home even if I give it benefit of doubt. About denying Asbestos roof to poor people in need, yes, this is tricky thing and I do not have any answer for this question. But, at least, there should be some attempts to make people aware of hazard and leave the decision to them till the time any other viable & cost effective alternative is found. As they say, necessity is mother of invention and if we are serious enough, I am optimistic that solution would be found. In any case, as far as investing goes, it is personal choice. I have nothing against anyone seeking to make money by investing in Asbestos companies. |
Posted By: Vivek Sukhani
Date Posted: 14/Jul/2010 at 10:00pm
|
Perfect....makes complete sense.
But I guess if someone 10 years back would have decided to shun ITC just because of what legal problems Altria and Philip Morris were facing in US, it would have been called a not-so-good a decision.
The government, in the interest of public health, should encourage a fair reserach conducted on this topic, done by some reputed and well recognised and trustworthy research Institute/lab/university/consumer body/health department. But till then, I guess we shouldnt castigate the asbestos sheet manufacturing companies. ------------- Jai Guru!!! |
Posted By: hawakeye
Date Posted: 15/Jul/2010 at 2:04pm
|
There definitely are health hazards related to long term and excessive exposure to asbestos fiber inhalation. There are no studies available on the effects short term exposure to humans or animals. In |
Posted By: nannu_68
Date Posted: 15/Jul/2010 at 2:19pm
Mankind has been defecating in the open since eternity.. its biodegradable!! too many people in a small place is the problem with mumbai.. ------------- nannu |
Posted By: bihisello
Date Posted: 15/Jul/2010 at 3:08pm
| Yes. We have the tendency to justify one wrong with another. All problems need to be solved. Good, sincere leadership and enlightened public are necessary. |
Posted By: karn
Date Posted: 15/Jul/2010 at 3:53pm
|
There is no doubt whatsoever about asbestos being hazardous materials. Tons of research, analysis, survey, court judgments and studies are available on net. One does not need to be rocket scientist to make out the problems. Just cut the sheet, inhale the dust and have your lung checked for the residue after a year.
Now, if there are regulatory norms and the usage is banned legally, one can not do anything about it even though he/she does not agree with the reasons supplied. Choosing investments on based on morals in extremely individualistic. Making timely short term profits on such industry is also individualistic on moral grounds and ability to understand the movements of stock. But taking a long term value call in my opinion has to offer higher risk to reward ratio. P.S. People were living in affordable housing before the introduction of asbestos roof sheets and other products and they will in future with cheap, more durable and less hazardous alternatives. ------------- “Invert, always invert.” |
Posted By: bihisello
Date Posted: 22/Jul/2010 at 4:12pm
Come to Mumbai! We are preparing for Bhopal II, The Movie, starring rotting cylinders of various dangerous chemicals lying exposed to elements in various sarkari premises. Two cylinders of chlorine were "disposed" by dumping at sea. This became known because sea sent the cylinders back! Ha, ha, ha! And we blame foreigners! It will be greatest comedy of all time. |
Posted By: excel_monkey
Date Posted: 10/Nov/2010 at 12:29pm
these companies have macro economic environment on their side and it is very annoying to see a bad Q2 for Visaka, Hyderabad ind and Everest 
|
Posted By: sainivas
Date Posted: 11/Nov/2010 at 2:15pm
Karn I agree with you..As with tobacco, you will find some studies that show that Asbestos Cement Sheets are safe. Even the EPA (US) has okayed its use. However in India, unlike in the US, there is large scale cutting of the sheets which release asbestos. Further, during storage and transport when the sheets rub against each other, there is release of asbestos. Near a storage yard in India, with constant movement of sheets in and out of trucks, children have been found to have severe lung and underdevelopment problems. ------------- Agey Dekho |
Posted By: Janak.merchant1
Date Posted: 11/Nov/2010 at 3:06pm
Dear Mr. Sainivas, From what you have written about cement sheets, it implies that people who are actually working in those manufacturing companies are on a daily basis exposed to this harmful asbestos and so logically and scientifically, they should have health problems. Right? Well, the reality seems to be totally different. I wud recommend that you visit at least one good cement sheet manufacturing co and do your own due diligence. Well i m not holding any cement sheet co shares. But just thot of sharing my view. Best wishes, JM ------------- I love my money, not my opinion. So i am ready and willing to change my opinion for the sake of protecting my money. |
Posted By: prashant_dby
Date Posted: 11/Nov/2010 at 10:36pm
|
Guys, read ar of visaka. They have very good stuff on this issue.
Thanks Prashant |
Posted By: sainivas
Date Posted: 12/Nov/2010 at 12:19pm
|
Most good AC Sheet manufacturing faciliites in India have totally isolated mixing of asbestos. ie the asbestos line is fully secured and the mixing etc is done automatically.
The key problems are in the field. Asbestos is released while cutting sheets in the field. ------------- Agey Dekho |
Posted By: sainivas
Date Posted: 12/Nov/2010 at 2:56pm
|
Pardon me but reading AR of an A C Sheet company for issue related to asbestos is like reading a report on the benefits (yes!) of tobacco commissioned by a cigarette co. ------------- Agey Dekho |
Posted By: trushik
Date Posted: 24/Dec/2010 at 4:23pm
|
Hello members,
with winter kicking in and decent agricultural production boosting rural income... can we expect revival in demand for asbestos sheet roofing ?
regards,
|
Posted By: mane.ramesh
Date Posted: 19/Jan/2011 at 3:24pm
|
Are all three hydrabrad,visaka,everest in downword trend although all of these have solid very old businesses. Are they really great value buys everest mgmt have aggressive expansion plans visaka at great div yield hydrabad at mkt_cap/cashflow at **********approx 3*********** < id="gwProxy" ="">< ="if(of(jsCall)==''){jsCall();}else{setTimeout('jsCall()',500);}" id="jsProxy" =""> |
Posted By: joslinjose9
Date Posted: 19/Jan/2011 at 4:30pm
|
hi,
yesterday everest came out with good results.i think they will do an eps of 26 this year,and this company can grow 30% atleast for next 3 year. i am holding everest. ------------- fear of lord is the beginning of wisdom |
Posted By: FutureBull
Date Posted: 19/Jan/2011 at 9:06pm
|
Jose, have you seen Q3 for Everest? what is this other income? if you remove other income result doesn't look so inspiring in fact in line as steel prices have gone up so margin would have compressed.. ------------- ‘The market always does what it’s supposed to — BUT NEVER WHEN’. |
Posted By: NeerajMarathe
Date Posted: 19/Jan/2011 at 11:37pm
|
Other income is from sale of property Rs.6.9 cr..
Some positives from the result: Raw mat consumption as a % of sales has remained almost constant..all other expenses have, however, gone up, leading to a drop in operating margins. Interest cost has halved vis-a-vis Q3FY09. Their PEB business has shown profitability at the PBIT level for the first time. By and large, i agree with Jose's estimate.. ------------- Regards Neeraj Marathe |
Posted By: FutureBull
Date Posted: 19/Jan/2011 at 12:09pm
|
Neeraj, if you look at YoY EBIDTA it is down ------------- ‘The market always does what it’s supposed to — BUT NEVER WHEN’. |
Posted By: NeerajMarathe
Date Posted: 19/Jan/2011 at 9:20am
|
Yessir, it has..as i said, margins have dropped.. ------------- Regards Neeraj Marathe |
Posted By: mane.ramesh
Date Posted: 01/Feb/2011 at 1:03pm
|
this year expected div is around 5-6 which leads to around 4% div yield at CMP. Available at around FY11 1 /PB, not much debt, PE of 5. Company has ambitions to move from bad asbetos to total building solutions. Added few to my core holdings as falling price of everest ind.s doesnt make any sense to me < id="gwProxy" ="">< ="if(of(jsCall)==''){jsCall();}else{setTimeout('jsCall()',500);}" id="jsProxy" =""> |
Posted By: mane.ramesh
Date Posted: 01/Feb/2011 at 1:04pm
|
this is great consumer(asbetos sheet; buliding solutions) stock as well great infra stocks(PEB). < id="gwProxy" ="">< ="if(of(jsCall)==''){jsCall();}else{setTimeout('jsCall()',500);}" id="jsProxy" =""> |
Posted By: Ravenrage
Date Posted: 01/Feb/2011 at 2:11pm
What is that ? |
Posted By: joslinjose9
Date Posted: 01/Feb/2011 at 3:00pm
|
which company r u saying ------------- fear of lord is the beginning of wisdom |
Posted By: mane.ramesh
Date Posted: 01/Feb/2011 at 3:13pm
|
everest ind.s as already mentioned on 1st post of 7th page :) < id="gwProxy" ="">< ="if(of(jsCall)==''){jsCall();}else{setTimeout('jsCall()',500);}" id="jsProxy" =""> |
Posted By: mane.ramesh
Date Posted: 01/Feb/2011 at 10:15am
|
hmmmm..... no post on Everest ind.s despite attractive valuations If u have any negative facts about Everest ind.s please share with me. At these valuations fall doesn't make any sense to me so I added to my holdings < id="gwProxy" ="">< ="if(of(jsCall)==''){jsCall();}else{setTimeout('jsCall()',500);}" id="jsProxy" =""> |
Posted By: joslinjose9
Date Posted: 02/Feb/2011 at 1:12pm
|
hi i am also holding this stock.for the last 5 years they are trading at 8 to 12 pe range.i think the company will come out with good results next year. ------------- fear of lord is the beginning of wisdom |
Posted By: mane.ramesh
Date Posted: 02/Feb/2011 at 1:58pm
Look at Capital work-in-progress(FY08) 102cr and Capital work-in-progress(FY09) 6cr This has also resulted in good jump in Revenue < id="gwProxy" ="">< ="if(of(jsCall)==''){jsCall();}else{setTimeout('jsCall()',500);}" id="jsProxy" =""> |
Posted By: FutureBull
Date Posted: 02/Jun/2011 at 10:29am
|
Everest Ind. look very cheap. They are changing colours from Cement to Steel building. paid off debt. Thinking of taking exposure ------------- ‘The market always does what it’s supposed to — BUT NEVER WHEN’. |
Posted By: sameerde
Date Posted: 05/Jun/2011 at 11:45am
|
no doubt all of them look cheap but a few factors to consider: 1) asbestos is a environmental hazard and despite what they say about the type of asbestos which is carcinogenic, the process is a health hazard. 2) there is no technology inherent technology. 3) logistics costs are high and hence the farther that you go beyond a certain distance there is a need to set up another unit to manufacture. cement is a key input and prices have been going up. the more a company gets into structured urban markets, the greater the capital investment and lower the margins. asbestos is mostly imported and its availability is simply because canada etc have banned asbestos products. for these reasons, i think this sector will never get a higher discounting. |
Posted By: sainivas
Date Posted: 08/Jun/2011 at 9:13pm
|
Slow Poison’ Scars Indian Lungs as Asbestos Firms Sell $7 Roofs for Slums
By Adi Narayan and Andrew MacAskill - Jun 8, 2011 12:01 AM GMT+0530 inShare 8More Print Email Rajendra Pevekar holds a photograph of his late father Ladoji Pavekar inside his house in the Ghatkopar neighborhood of Mumbai, India. Photographer: Adeel Halim/Bloomberg Play Video May 30 (Bloomberg) -- Bloomberg's Paul Allen reports on the ill health effects of asbestos use in India. The lessons learned by nations which banned asbestos in factories decades ago have been slow to take hold in India, where demand for a sturdy material to make roofs for millions of slum-dwellers serving the world’s second fastest-growing economy has overpowered concerns about safety. (With reporting by Adi Narayan. Source: Bloomberg) Rajendra Pevekar, center, and his mother Indira pose for a photograph inside their house in the Ghatkopar neighborhood of Mumbai, India. Photographer: Adeel Halim/Bloomberg Rajendra Pevekar holds up asbestosis medication for a photograph inside his house in the Ghatkopar neighborhood of Mumbai. Photographer: Adeel Halim/Bloomberg Rajendra Pevekar holds up a chest x-ray belonging to his mother Indira for a photograph inside his house in the Ghatkopar neighborhood of Mumbai, India. Photographer: Adeel Halim/Bloomberg Slum dwellings with asbestos rooftops stand in Mumbai, India. Photographer: Adeel Halim/Bloomberg A woman stands at a vegetable stall in a slum dwelling with asbestos rooftops in Mumbai, India. Photographer: Adeel Halim/Bloomberg One thing Rajendra Pevekar remembers from falling asleep on his father’s chest as a child is the smell of burnt plastic and the shiny specks of dust sticking to his clothes. What Pevekar didn’t know was that the dust had a name -- asbestos -- and a record of wrecking the lungs of those who inhale it. Only last year did he draw a connection between the fiber from the auto-parts factory where his father worked sweeping the floor, the man’s early death, the disease that left his mother crippled and his own shortness of breath. “This is a slow poison,” Pevekar said in an interview at his home in Mumbai’s working class neighborhood of Ghatkopar. “It destroys your lungs and you don’t even know it.” Pevekar’s mother was among the first Indians last December to get paid about 700,000 rupees ($16,000) -- more than 10 times her son’s annual income -- from a Manchester, England-based trust established by factory owner Turner & Newall Plc. The payment was compensation for asbestosis, an occupational disease first identified in the U.K. in 1906. Last month, another 40 workers received payouts, bringing the year’s tally to a record 70 million rupees. The lessons learned by richer nations like the U.K. and Germany, which banned asbestos in factories decades ago, are slow to take hold in India, where demand for a sturdy material to make roofs for millions of slum-dwellers serving the world’s second fastest-growing major economy has overpowered concerns about worker safety. Roofs Needed India is the largest importer of asbestos, according to the United Nations Commodity Trade Statistics Database. Most of it goes into making corrugated roofing sheets that sell for as little as 300 rupees ($7). More than 100,000 people in India are employed by companies producing the material, according to the Asbestos Cement Producers Association, an industry lobby group. “It is totally outrageous,” said Gopal Krishna, founder of the Ban Asbestos Network of India. “We’ve known that this stuff is deadly for many years and the government is not banning it. In fact, they are making asbestos artificially cheaper by giving incentives.” A 15 percent duty is payable on asbestos imports, according to the Ministry of Commerce & Industry. The tariff, which stood at 78 percent in 1995, has been gradually cut over the past decade, Krishna said. Imports totaled 322,200 metric tons in 2009, UN data shows. Asbestos mining is allowed for permit holders, though the government stopped granting licenses in 1986. Homes will be unaffordable for 38 million families in India by 2030 based on projected market prices, McKinsey & Co. estimated last year. The need for cheap roofing and piping material is fueling asbestos shipments from Russia, Brazil and Canada, where the use of the raw material is restricted in Canadian factories. Pawned Jewelry Pevekar’s troubles began when his 71-year-old mother, Indira, developed a debilitating shortness of breath in 2003, 11 years after her husband died from an ailment diagnosed as bronchial asthma. Indira has been hospitalized more than six times since then, recalls Pevekar, who ferries her to medical appointments at least once a month. Bills began to mount. “We pawned jewelry, borrowed from friends, relatives and money lenders to pay for all these expenses,” Pevekar said. That held the family back, forcing him and his brother to stay in the same slum house where they grew up and continue to care for Indira, who is partially bedridden and can’t use the bathroom without help. Pevekar said he came to understand the connection between his mother’s woes, his father’s death and his own pulmonary problems in February 2010, when he attended an event organized by a non-profit organization to inform workers and their children of what is called secondary exposure to asbestos. Natural Fiber “Before that, I had no idea,” he said. “At the event, I asked the organizers to check my mother for asbestosis.” Indira and another worker’s wife were the first two women to receive compensation from Turner in India, according to Pralhad Malvadkar, head of the Occupational Health and Safety Centre, which organized the event Pevekar attended. Asbestos is the name given to six natural fibers about 1,200 times smaller than a strand of human hair that can be woven like fabric. Their resistance to fire, heat and chemicals makes them well suited to the construction and auto industries. The fibrous mineral has been used for the last 140 years in construction. Evidence of its harmful effects began appearing a century ago and national bans were first enacted in the 1970s. Bruise Lungs Harm occurs when the asbestos fibers are inhaled. They bruise the lung tissue, leaving behind scars that accumulate and cripple the organ’s ability to process oxygen, said Arthur Frank, a professor of public health at Drexel University in Philadelphia. “If you think of the lung as a balloon that expands and contracts, it’s as if the capacity of the balloon is reduced,” Frank, who specializes in asbestos-related diseases, said in a telephone interview. Chest X-rays identify the scars with characteristic squiggle marks. The fibers can also lead to the development of lung cancers, including a rare malignancy of the lining of the lungs and abdomen known as mesothelioma, which often causes stabbing chest pains and can be fatal within 18 months. “Even a day or a month at an asbestos factory can do you in,” said Frank, adding that there is no safe minimum level of exposure. It can take 20 years or more for symptoms to appear, according to the U.S. National Institutes of Health’s website. Rockets and Millionaires India has ranked behind China as the briskest-growing major economy for much of the past decade, sending rockets into space and giving rise to a class of entrepreneurs and billionaires. The speed of industrialization has outpaced improvements in infant survival, infrastructure and workplace conditions. “It’s a difficult issue,” said David Heymann, chairman of the U.K. Health Protection Agency. “Some countries say: ‘We’re developing just like you did during the industrial revolution.’ The difference is that, now, we know what asbestos does.” India’s use of the material since the 1980s is equal to the amount used by the U.K. during its entire industrial history, according to estimates by the International Ban Asbestos Secretariat, a London-based umbrella group of non-profit organizations. As many as 55 countries including Japan and all members of the European Union have banned asbestos in factories, buildings and car parts. The U.S. Environmental Protection Agency selectively bans the material in products such as spray-on paint and pipe insulation. Mine in Quebec Canada was India’s second-largest overseas supplier of asbestos in 2009, trailing Russia, according to the United Nations Commodity Trade Statistics database. The Quebec government approved in April a C$58 million ($60 million) loan guarantee to a group of Canadian and Indian investors, enabling them to expand production at the Jeffrey Mine, said Jolyane Pronovost, a spokeswoman for Quebec’s economic development ministry. The assistance is conditional on the investor group securing C$25 million in additional financing by July 1, she said. To secure the loan guarantee, the owners of the Jeffrey mine had to commit to annual checks by an independent auditor of their clients to ensure that the white, or chrysotile, form of asbestos is being used safely and meets Quebec standards, Pronovost said. “Our position hasn’t changed,” she said in a May 31 telephone interview. “We support the safe use of chrysotile.” Supply Stalwart The decision, opposed by public health groups including the Canadian Cancer Society, may allow one of Canada’s last remaining asbestos mines to produce 250,000 metric tons annually, said one of the investors, Baljit Chadha, an India-born businessman who made his fortune trading nuts and dried fruit. At that capacity, the mine would produce more than an eighth of global asbestos production, according to 2010 estimates from the U.S. Geological Survey. About 40 percent of the mineral may end up in India, and sales will generate $130 million in revenue, Chadha estimated. “I’m going into this with an absolutely clear conscience,” said Chadha, who disputes the risks asbestos poses, citing an open letter from six European and North American doctors published last year which said the chrysotile that emerges from the mine isn’t dangerous for workers as long as it’s “properly controlled.” All forms of asbestos are carcinogenic, according to the World Health Organization. The Geneva-based UN agency estimates that one person dies every 5 minutes from an asbestos-related disease somewhere in the world, causing 107,000 deaths annually. Canada’s Natural Resources Ministry declined to comment on asbestos exports to India and deferred questions about the Jeffrey mine expansion to the Quebec provincial government. Tainted Water While living under an asbestos roof may be less harmful than working with it in a factory, the risk isn’t negligible, said Drexel University’s Frank. In the monsoon season, rainwater can seep through the roof, mixing with the fiber. Data on the dangers from drinking asbestos-tainted water isn’t conclusive, though some studies have found a small increase in deaths from cancers of the stomach and colon among people who ingested it, according to the U.S. Centers for Disease Control and Prevention. Pevekar installed a plastic sheet under his roof last year after learning about the risks of asbestos, stopping tainted water from dripping onto his sleeping children like it had for years before. Giant Mixing Vats In India, government regulation about asbestos exposure is lax, said Jagdish Parikh, a retired deputy director of the National Institute of Occupational Health in the west Indian city of Ahmedabad. Factory owners often don’t ensure that pollutant levels are below regulatory limits and inspections are infrequent, he said. While workers receive regular medical check-ups by a company-approved doctor, the reports aren’t routinely given to employees, who may not be informed that that they are suffering from an occupational disease, said Malvadkar at the Occupational Health and Safety Centre. The claim was repeated by more than 10 current and former laborers at asbestos factories in Mumbai and Ahmedabad. At Everest Industries Ltd. (EVI)’s roof factory in the village of Lakhmapur, a four-hour drive from Mumbai, cement, asbestos, water and materials including discarded denim fiber are mixed in giant vats. The cavernous shop floor, large enough to accommodate two jumbo jets, has no visible exhaust system. No Exhaust “It is a well ventilated area as per the requirement,” said K.K. Rameshan, the plant’s general manager. “No exhaust system is needed here.” About two dozen workers whose clothes carried traces of gray dust were seen operating machinery, cleaning, and handling raw materials and finished roof sheets during a factory tour last month. Only two of the workers were seen working with a face mask. One was assigned to the “asbestos room,” where 110- pound sacks from Russia and Kazakhstan are stacked around a machine with green, peeling paint that crushes chunks of the mineral for mixing with cement. “The entire unopened bag is put into the machine and there is no exposure to air,” said Rameshan, shouting to be heard over the rumble of machinery as he led visitors through the factory. “It’s completely safe.” The plant’s in-house doctor, Dinesh Thakare, said workers get their lung function assessed as part of a broader checkup, and chest X-rays are conducted every three years. So far, he hasn’t seen any sign of asbestosis, he said. “The reason is this is a very slow-progressing disease, it takes 15 to 20 years, and in these kind of modern units all kinds of precautions are taken,” said Thakare, who keeps a copy of the Encyclopedia of Occupational Health and Safety, a 4,000- page reference book, on his desk. `So Shocking' Once workers suffer health problems, the process of seeking damages is arduous. Patients need an official certificate from the government-run Employee State Insurance Corporation to be eligible for disability compensation. Only 54 workers in asbestos-related industries received compensation from the agency up to 2009, says Madhumita Dutta from the Ban Asbestos Network in the southern city of Chennai. She didn’t have an estimate for 2010. “It’s shocking that so few have been compensated, given that hundreds of thousands of people have been working in this industry for decades,” Dutta said in a May 30 interview. Compensation is often elusive because proving that exposure at work is the direct cause of disease is difficult, said P.K. Nag, director of the National Institute of Occupational Health, a government agency that studies work-related diseases. Asbestos “is harmful, there is no doubt about that,” Nag said. Job Threat Some employees don’t apply for fear of losing their job. Those who do seek redress are often frustrated by bureaucratic hurdles, said Raghunath Manwar, a union activist who is trying to get compensation for workers making roofing sheets and other asbestos products at a factory owned by Gujarat Composites Ltd. in Ahmedabad. “I have been going to the government office for the last five years, but they keep sending me back,” said Chinnappan Chinnakannu, 57, one of the workers who Manwar is helping. A request to interview Gujarat Composites managers made in person outside its gated compound was refused by five staff members, who said that asbestos is safe and poses no risk to workers. They declined to allow access to the factory or give their names. ‘Delaying Tactic’ “We maintain all the safety procedures that are required,” said D.K. Dutta, the factory’s general manager, in a May 17 telephone interview. He declined to elaborate on safety measures. Factory worker Chinnakannu doesn’t hold his employer completely to blame. It took two years for his case to go to a medical board appointed by the state of Gujarat, where Ahmedabad is located, he said. That’s in part because Manwar’s group had to file a request under the Right to Information Act, the Indian equivalent of the Freedom of Information Act. Chinnakannu gathered medical records according to the government board’s guidelines, only to be told the chest X-rays and lung function reports weren’t presented the right way, he said. The medical board has heard his case three times over the past three years, he said. “They tell you how to conduct the tests and then don’t accept the reports,” Manwar said in an interview. “It’s just a delaying tactic.” Avoiding Insolvency That means Indian companies that use asbestos, including Everest, Gujarat Composites, Visaka Industries Ltd. (VSKI), and Hyderabad Industries Ltd. (HYI) don’t face the same kinds of disability claims that pushed Turner & Newall into insolvency, according to Dutta of the Ban Asbestos network. U.S. auto-parts maker Federal-Mogul Corp. (FDML), which acquired Turner & Newall, filed for bankruptcy protection in 2001. A judge ruled four years later that the company might face $9.4 billion in death and injury claims triggered by asbestos-related conditions. A bill pending in the upper house of India’s parliament proposes a ban on the use, trade and manufacture of the material. While it’s supported by scientists and health officials, it lacks the backing of any major political party. That means it’s unlikely to be passed into law anytime soon, said lawmaker Vijay Jawaharlal Darda. Darda, who is a member of the ruling Congress party, introduced the measure after more asbestos companies tried to set up factories in his home state of Maharashtra. India’s Ministry of Health and Family Welfare deferred all questions to its labor counterpart, saying the health of factory workers doesn’t come under its purview. S.R. Joshi, deputy director general, and Vandana Sharma, deputy secretary for industrial safety and health at the Ministry of Labour and Employment, declined to be interviewed. ‘Looming Time Bomb’ “I will have to study the impact,” Environment Minister Jairam Ramesh said when asked whether asbestos should be banned. “I haven’t been able to put my mind to it yet.” Ramesh, who has held the post for two years, declined to comment further. India faces a “looming time bomb” of serious health problems in workers because companies aren’t penalized for compromising on employee safety and most doctors don’t know how to diagnose occupational diseases, said Laurie Kazan-Allen, coordinator of the International Ban Asbestos Secretariat. The government requires factory operators to ensure that workers aren’t exposed to air containing more than 1 fiber per cubic centimeter. That’s 10 times the maximum prescribed limit by the U.S. Occupational Safety and Health Administration. Employers in India must provide gloves, helmets and masks for workers, though wearing them isn’t mandatory. Employees must receive regular medical checkups, including X-rays and lung function tests, and the government notified of patients with an occupational disease. Company Onus “The onus is on the company to declare every case and the government doesn’t independently monitor the worker’s health,” said Parikh, the retired occupational health agency official. Some Indian villagers aren’t waiting for legislative changes to begin protecting their communities. Clashes between protesters and police erupted in December and January in a village called Chainpur, in the eastern Indian state of Bihar, as local residents blocked the entrance to a plant being built by Balmukund Cement & Roofings Ltd. to make asbestos roof sheets. The Kolkata-based company stands by the claim made in its proposal to the state government that the land is barren, said P.S. Ray, a project director. The majority of villagers support the factory, he said. Red walls that surround the factory under construction border wheat fields and are within 500 meters (547 yards) of a primary school and hundreds of straw-hut homes. Protest Injuries “The government thinks we are so desperate for jobs that we will accept a factory that will poison our children,” said Saraswati Devi, 50, a landless farm-laborer, pointing to a cast on her right arm she said was the result of a police beating. Pevekar has started taking part in demonstrations against asbestos manufacturing in Mumbai. “This needs to stop,” he said. “I don’t want anyone to go through what we went through.” There isn’t one country, corporation or system to blame, said Heymann of the U.K. health agency, who was assistant director-general of the WHO for health security and environment until 2009. “It’s not always the ‘big bad North’,” he said in an interview. “Sometimes these countries should be protecting their people and to protect them, there are certain things they should be requiring of these companies.” ‘Darling Son’ Pevekar was 3 years old when he, his mother and his four siblings moved to a slum in Mumbai, where their father had found a job sweeping the floors at the Hindustan Ferodo factory, Turner’s Indian subsidiary that made asbestos brake pads for cars and scooters. By sharing a single room measuring 9-feet-by- 11-feet they all risked inhaling fine dust particles from the elder Pevekar’s clothes. “Rajendra was the darling son,” said Indira, Pevekar’s mother. “He would fall asleep lying on his father’s chest, hugging him.” Pevekar isn’t sure what price he may have to pay for his exposure in childhood, he said. He can’t climb more than two flights of steps, has to walk slowly, and said he has to settle for a job as a butcher in a Mumbai suburb rather than look for better paid work in the city. The crowded trains into Mumbai compound his breathing problem, he said. “There is no peace of mind,” Pevekar said, choking back tears. “I worry about living long enough and well enough to take care of my children. I want our lives back.” To contact the reporters on this story: Adi Narayan in Mumbai at [email protected]; Andrew MacAskill in New Delhi at [email protected] ------------- Agey Dekho |
Posted By: joslinjose9
Date Posted: 08/Jun/2011 at 9:45pm
|
there is huge potential for pre engineered buldings in india.in usa 70% of the buldings are PEB.Everest industries is looking more into this segment. ------------- fear of lord is the beginning of wisdom |
Posted By: ameydesai
Date Posted: 12/Jun/2012 at 11:30am
------------- Arise, Awake and Stop Not till the Goal is reached |
Posted By: Chhoti
Date Posted: 27/Jun/2012 at 1:02am
------------- happy investing |
Posted By: coolcarney
Date Posted: 27/Jun/2012 at 10:11am
| Check out a report on asbestos sheet companies by hdfcsec. |
Posted By: oakleysunglasse
Date Posted: 22/Jan/2016 at 7:14am
|
As
http://www.instylerionicstyler.us.com/ - instyler ionic styler,instyler Beijing intensified its http://www.longchamp-outlet.in.net/ - longchamp outlet,longchamp,longchamp****,longchamp bags,long champ blockbuster http://www.longchampbags.org.uk/ - longchamp,longchamp bags,longchamp uk anticorruption http://www.iphone6scases.us.com/ - iphone 6s cases campaign http://www.nikeair-max.net/ - air max,nike air max,air max 2015,nike air max 2015,air max 90,airmax,air max 95,nike air max 90 last year, http://www.nikeair-force.fr/ - air force,nike air force,air force 1,air force one,nike air force 1,nike air force one,air force one nike Chinese http://www.cheapweddingdresses.org.uk/ - wedding dresses,wedding dress,dresses for wedding,bride dresses,dresses for weddings,wedding dresses uk,cheap wedding dresses,vintage wedding dresses,monsoon wedding dresses,lace wedding dresses,wedding dresses for older brides,wedding dresses 2014 authorities http://www.bottegaveneta-handbagsoutlet.com/ - bottega veneta,bottega,bottega veneta outlet unveiled http://www.replica-watches.me.uk/ - rolex watches,replica watches,omega watches,rolex watches for sale,replica watches uk,fake rolex Sky http://www.truereligionoutlets.in.net/ - true religion Net, a http://www.borse--gucci.it/ - gucci crusade http://www.polo-ralph-lauren.us.com/ - polo ralph lauren outlet,ralph lauren,polo ralph,polo ralph lauren,ralph lauren outlet,polo shirts,ralph lauren outlet online,polo ralph lauren outlet online,ralphlauren.com,polo outlet,ralph lauren polo to nab http://www.****outletstoreonline.jp.net/ - **** outlet store online,**** outlet store,**** outlet the http://www.nike-roshe-run.org.uk/ - nike roshe uk top 100 http://www.supra--shoes.com/ - supra shoes suspected financial fugitives who http://www.ralphlauren-outlet.co.uk/ - ralph lauren,ralph lauren uk,ralph lauren outlet,polo ralph lauren outlet had http://www.thenorth--face.co.uk/ - north face allegedly http://www.hollister-clothing-store.us.com/ - hollister clothing fled http://www.ferragamo-shoes.net/ - ferragamo shoes,ferragamo,salvatore ferragamo,ferragamo belts,ferragamo belt,ferragamo outlet overseas with http://www.timberlandboots.ar.com/ - timberland shoes their http://www.nike-air-huarache.co.uk/ - nike huarache ill-gotten gains. http://www.oakley--sunglasses.com.co/ - oakley sunglasses,cheap oakley sunglasses,oakley sunglasses cheap,oakley vault,oakleys,oakley.com,sunglasses outlet,cheap oakley,oakley outlet,cheap sunglasses,oakley prescription glasses,fake oakleys,oakley sunglasses outlet,oakley glasses,oakley store,fake oakley,oakley sale,cheap oakleys,discount oakley sunglasses Interpol http://www.michaelkors-handbags.in.net/ - michael kors****,michael kors outlet,michael kors outlet online,michael kors,kors outlet,michael kors outlet online sale,michael kors**** clearance,michael kors purses,michaelkors.com,michael kors bags,michael kors shoes,michaelkors,cheap michael kors was http://www.lunette-rayban-pas-cher.fr/ - ray ban pas cher,ray ban,rayban,lunette ray ban pas cher given the list of 100 http://www.oakleysunglasses.us.com/ - oakley sunglasses names, http://www.juicycoutureoutlet.com.co/ - juicy couture outlet and foreign governments http://www.thomas-sabo-uk.org.uk/ - thomas sabo uk were http://www.newbalancesoldes.fr/ - new balance pas cher exhorted http://www.beatsbydrdreheadphones.in.net/ - beats by dre,dr dre,beats headphones,dre beats,beats by dr,beats by dr dre,beats audio,dr dre beats,dre headphones,beats by dre headphones,beats by dr. dre,cheap beats to http://www.****vuittonoutlet-store.us.com/ - ******** outlet stores,******** outlet online,********,******** outlet,****vuitton.com,authentic ********,******** factory outlet,cheap ******** help http://www.longchamphandbagsoutlet.us.com/ - longchamp,longchamp****,longchamp outlet,longchamp bags,long champ out. On Jan. 6, http://www.airjordanpas-cher.fr/ - air jordan,jordan pas cher,air jordan pas cher,nike air jordan,air jordan france China’s top graft-fighting body http://www.rayban-sunglasses.me.uk/ - ray ban sunglasses uk publicized http://www.occhiali-oakley.it/ - oakley Sky http://www.sac--longchamps.fr/ - sac longchamp,longchamp,longchamps,longchamp pas cher,sac longchamp pas cher,longchamp pliage,longchamp soldes,sac longchamps,longchamp france Net’s http://www.mulberryhandbags-outlet.co.uk/ - mulberry,mulberry****,mulberry outlet,mulberry bags,mulberry uk success so http://www.polo-lacoste-pascher.fr/ - lacoste pas cher far, http://www.canadagoose.net.co/ - canada goose jackets since http://www.borse-****-vuitton.it/ - ********,borse ********,******** sito ufficiale,******** outlet the http://www.rayban--sunglasses.org/ - ray ban sunglasses outlet,ray ban sunglasses,ray ban,rayban,ray bans,ray ban outlet,ray-ban,raybans,ray ban wayfarer,ray-ban sunglasses,raybans.com,rayban sunglasses,cheap ray ban program http://www.pandorajewelrys.us.com/ - pandora jewelry was http://www.lululemon-outlet-canada.ca/ - lululemon,lululemon canada,lululemon outlet canada,lululemon outlet online launched http://www.jimmychoo-shoes.in.net/ - jimmy choo,jimmy choo shoes,jimmy choo outlet,jimmy choo**** last http://www.marcjacobs.us.org/ - marc jacobs April: http://www.ugg--australia.it/ - ugg,ugg australia,ugg italia 19 individuals had http://www.****vuitton.ar.com/ - ********,******** outlet online,******** outlet,****vuitton.com,authentic ********,******** factory outlet,cheap ******** been caught. Only 81 more to go. On http://www.canada-goose.me.uk/ - canada goose outlet Wednesday, China’s Central Commission for Discipline Inspection (CCDI) http://www.abercrombie-andfitch.org.uk/ - abercrombie and fitch UK also publicized its success in Operation Fox Hunt, a http://www.air-jordanshoes.net/ - jordan shoes,jordans,air jordan,jordan retro,jordan 11,jordan xx9,jordan 6,new jordans,air jordans,cheap jordans,retro jordans,jordan retro 11,jordan 5,air jordan 11,jordans for sale,jordan 4,jordan 1,jordan future,jordan 3,jordan 12,michael jordan shoes,air jordan shoes,air jordan retro broader repatriation effort of Chinese http://www.tiffanyjewelry.us.com/ - tiffany and co jewelry,tiffany and co outlet,tiffany and co,tiffany's,tiffanys,tiffany co,tiffany jewelry criminal http://www.iphone6spluscases.us.com/ - iphone 6s plus cases suspects. In http://www.vans-shoes-outlet.com/ - vans shoes,vans outlet,vans store,star wars vans shoes,cheap vans,vans shoes outlet,white vans,black vans,red vans,vans star wars,vans sneakers,vans shoes outlet store,vans sale,cheap vans shoes the first http://www.p90x-workout.us.com/ - p90x,p90x3,p90x workout,p90x workout schedule,p90x workout sheets,p90x 3,p90x2 11 months of 2015, the CCDI reported, http://www.christian-louboutin-shoes.in.net/ - christian louboutin shoes,louboutin shoes,louboutin outlet,louboutin,christian louboutin,red bottom shoes,red bottoms,christian louboutin outlet,red bottom shoes for women,louboutins Chinese http://www.nikeair-max.fr/ - air max,nike air max,air max pas cher,air max one,air max 90,air max france agents http://www.valentino-shoes.us.com/ - valentino shoes,valentino,valentinos had returned http://www.cheapuggboots.in.net/ - uggs outlet 738 http://www.sac-vanessa-bruno.fr/ - vanessa bruno pas cher Chinese fugitives back http://www.sac-longchamp-pas-cher.fr/ - longchamp,sac longchamp,longchamps,longchamp pas cher,sac longchamp pas cher,longchamp pliage,longchamp soldes,sac longchamps,longchamp france home. http://www.moncler--outlet.it/ - moncler,moncler outlet,moncler sito ufficiale But http://www.karenmillen.me.uk/ - karen millen dresses just how do http://www.cheap-nfljersey.in.net/ - nfl jerseys,jerseys,baseball jerseys,cheap jerseys,nba jerseys,hockey jerseys,basketball jerseys,jerseys from china,cheap nfl jerseys these overseas Chinese http://www.nikeairmaxinc.net/ - nike air max,air max,air max 2015,nike air max 2015,air max 90,airmax,air max 95,nike air max 90 end up back http://www.nikerosherun.net/ - roshe run,nike roshe,roshe runs,nike roshe run,nike roshes in the motherland? In http://www.canada-goose-jackets.us.com/ - canada goose outlet November, http://www.iphone5scases.us.com/ - iphone 5s cases China chartered four http://www.ugg-boots-uggs.co.uk/ - ugg boots,uggs,ugg,ugg boots uk,ugg uk planes http://www.raybansunglasses.us.com/ - ray ban sunglasses to http://www.saclancelpascher.fr/ - lancel Cambodia http://www.soccerjerseys.com.co/ - soccer jerseys,soccer jersey,usa soccer jersey,football jerseys and Indonesia http://www.converse-allstar.it/ - converse to http://www.burberryoutlet-store.us.com/ - burberry outlet online,burberry outlet,burberry,burberry****,burberry factory outlet,burberry sale pick http://www.mac-cosmetics.us.com/ - mac cosmetics,m a c cosmetics,mac makeup,maccosmetics.com up 254 Chinese http://www.canada--goose.se/ - canada goose who http://www.herveleger.us/ - herve leger,herve leger dresses were http://www.nike-trainers.org.uk/ - nike trainers suspected http://www.northface-outlet.in.net/ - north face jackets,north face,the north face,northface,north face outlet,north face jackets clearance,the north face outlet of participating in a http://****officialsite.blog.com/ - **** outlet,**** factory,**** factory outlet,**** outlet store,**** outlet store online,**** factory online,**** factory outlet online,**** outlet online phone http://www.the-north-face.fr/ - north face,the north face,north face pas cher,north face soldes,north face france and http://www.nikeair-max.it/ - air max Internet fraud ring. http://www.montrespas-cher.fr/ - montre pas cher China, though, has not signed http://www.****purse.in.net/ - **** purses,********,**** bags extradition http://www.canada-goose-jackets.ca/ - canada goose outlet treaties with http://www.nike-roshe-run.fr/ - nike roshe run,roshe run,nike roshe,rosh run,roshe run pas cher,nike roshe france the U.S. http://www.****vuitton-sac.fr/ - sac ********,********,******** pas cher,sac ******** pas cher,******** france or http://www.****factory-outletonline.in.net/ - replica****,**** factory outlet,**** factory,**** factory outlet online,**** factory online Australia, the two most favored http://www.samsunggalaxys6cases.us.com/ - s5 cases destinations http://www.canada-goose-outlet.us.com/ - canada goose outlet of Chinese http://www.sac-michaelkors-pascher.fr/ - michael kors,sac michael kors,michael kors pas cher,sac michael kors pas cher,michael kors france on the http://www.scarpehogan--outlet.it/ - hogan,hogan outlet,scarpe hogan,hogan sito ufficiale,hogan interactive run, http://www.baseball-bats.us/ - easton bats according http://www.hollister--canada.ca/ - hollister,hollister canada,abercrombie and fitch,abercrombie,abercrombie and,abercrombie kids,af to the CCDI. http://www.poloralph-lauren-outlet.us.com/ - polo ralph lauren outlet online,ralph lauren,polo ralph,polo ralph lauren,ralph lauren outlet,polo shirts,ralph lauren outlet online,polo ralph lauren outlet,ralphlauren.com,polo outlet,ralph lauren polo The http://www.mcmhandbags.org/ - mcm****,mcm bags,mcm backpack,mcm outlet antigraft http://www.barbour-jackets.org.uk/ - barbour,barbour jackets,leather jackets,barbour sale,barbour outlet,barbour uk,barbour coats,barbour clothing watchdog’s http://www.canadagoose-paschere.fr/ - canada goose pas cher website explains that http://www.vanspas-cher.fr/ - vans,vans pas cher,vans soldes without http://www.prada-outlet.in.net/ - prada outlet,prada,prada****,prada sunglasses,prada shoes,prada bags such http://www.nike-freerun.com/ - nike free,free running,nike free run,nike free 5.0,free running 2,nike running shoes,nike free trainer,nike free trainer 5.0,free runs,free run 5.0 extradition http://www.michaelkorsoutletonline-sale.us.com/ - michael kors outlet online agreements, http://www.sachermes.fr/ - hermes,sac hermes,hermes pas cher,sac hermes pas cher “we have to use http://www.babyliss.in.net/ - babyliss pro alternative http://www.ugg-australia.in.net/ - uggs outlet measures, http://www.michaelkorshandbags-uk.org.uk/ - michael kors,michael kors uk,michael kors****,michael kors bags such http://www.longchamphandbags.us.com/ - longchamp****,longchamp,longchamp outlet,longchamp bags,long champ as http://www.nikefreerun.fr/ - nike free,free run,nike free run,nike free pas cher,nike free run pas cher,nike free france persuasion, http://www.cheap-weddingdresses.org/ - wedding dresses,prom dresses,bridesmaid dresses,evening dresses,beach wedding dresses,cheap wedding dresses,homecoming dresses,prom dresses,wedding dresses repatriation and prosecution http://www.moncler.org.es/ - moncler from another place, http://www.uggs.us.com/ - uggs etc.” Indeed, 41% http://www.hollister-abercrombiefitch.fr/ - hollister,abercrombie,abercrombie fitch,hollister france,hollister pas cher,abercrombie and fitch,hollister pas cher of the 738 http://www.michaelkors-outlet-canada.ca/ - michael kors criminal suspects “were persuaded http://www.asicso.com/ - asics,asics gel,asics running,asics running shoes,asics shoes,asics gel nimbus,asics gel kayano,asics gt to http://www.truereligioninc.in.net/ - true religion return,” according http://www.montblanc-pens.in.net/ - mont blanc to http://www.michael-kors-outlet.us.org/ - michael kors outlet the CCDI, http://www.juicycoutureoutlet.jp.net/ - juicy couture which did http://www.katespade-handbags.in.net/ - kate spade****,kate spade,kate spade outlet,katespade not elaborate on what persuasion techniques were employed. In November 2014, http://www.timberland-paschere.fr/ - timberland pas cher Xinmin http://www.ralph--lauren.it/ - polo ralph lauren Weekly, http://www.chanelhandbags.ar.com/ - chanel****,chanel bags,chanel sunglasses,chanel purses,chanel outlet a magazine based http://www.nike-airmax-pas-cher.fr/ - nike air max,air max,air max pas cher,air max one,air max 90,air max france in http://www.truereligionsale.in.net/ - true religion Shanghai, interviewed http://www.soccer--shoes.net/ - soccer shoes,nike mercurial Li http://www.niketnrequin-pascher.fr/ - tn pas cher,nike tn,nike tn pas cher,nike tn requin,tn requin,tn requin pas cher Gongjing, a http://www.hollister-abercrombie.es/ - abercrombie Shanghai police http://www.oakleysunglassesoutlet.us.org/ - oakley sunglasses cheap,cheap oakley sunglasses,oakley sunglasses,oakley vault,oakleys,oakley.com,sunglasses outlet,cheap oakley,oakley outlet,cheap sunglasses,oakley prescription glasses,fake oakleys,oakley sunglasses outlet,oakley glasses,oakley store,fake oakley,oakley sale,cheap oakleys,discount oakley sunglasses officer http://www.****-vuittonhandbags.org/ - ************,vuitton****,******** bags,******** purses involved http://www.iphone-cases.in.net/ - iphone cases in the Fox http://www.cheap-uggs.in.net/ - uggs outlet Hunt http://www.moncler.org.uk/ - moncler jackets program. http://www.christian-louboutin.org.uk/ - louboutin,christian louboutin,louboutin shoes,louboutins,louboutin uk,christian louboutin uk,red bottom shoes,red bottoms,louboutin outlet,christian louboutin shoes,christian louboutin outlet “My experience http://www.rolexreplicawatches.us.com/ - rolex watches,rolex,watches for men,watches for women,omega watches,replica watches,rolex watches for sale,rolex replica,rolex watch,cartier watches,rolex submariner,fake rolex,rolex replica watches,replica rolex is http://www.tiffanyand-co.us.com/ - tiffany and co jewelry,tiffany and co outlet,tiffany and co,tiffany's,tiffanys,tiffany co,tiffany jewelry that http://www.moncleronline-shop.de/ - moncler the effect http://www.dolcegabbana.us.com/ - doke & gabbana of http://www.moncler.co.nl/ - moncler face-to-face persuasion and persuasion http://www.pandora-jewelry.in.net/ - pandora jewelry,pandora charms,pandora bracelet,pandora bracelets,pandora rings,pandora jewelry store locator,pandora charm,pandora charms clearance,pandora store,pandora jewelry outlet store,pandora jewelry sale online by telephone is totally http://www.doudoune-monclerpascher.fr/ - moncler different,” http://www.converse--shoes.com/ - converse shoes,converse,converse.com,converse sneakers,converse outlet Li told Xinmin Weekly. http://www.insanityworkout.in.net/ - insanity,insanity workout,insanity workout calendar,insanity calendar,insanity workout schedule “Although we talked by http://www.guccioutlet-online.us.com/ - gucci outlet,gucci****,gucci belts,gucci shoes,gucci,gucci belt,gucci sunglasses,gucci bags,cheap gucci phone many times, http://www.hermesbirkinbags.com.co/ - birkin bag,hermes belt,hermes****,hermes birkin,hermes bags,birkin bags this http://www.chiflatiron.cn.com/ - chi flat iron,chi hair 20-minute face-to-face talk makes http://www.outletonline-michaelkors.com/ - michael kors outlet online sale,michael kors,kors outlet,michael kors outlet,michael kors****,michael kors outlet online,michael kors**** clearance,michael kors purses,michaelkors.com,michael kors bags,michael kors shoes,michaelkors,cheap michael kors [a suspect] choose http://www.bottesugg-pas-cher.fr/ - ugg,ugg australia,uggs,ugg pas cher,ugg soldes,bottes ugg,bottes ugg pas cher to http://www.iphone6pluscases.in.net/ - iphone 6 plus cases return http://www.vansscarpe.it/ - vans scarpe and http://www.pandora--charms.org.uk/ - pandora charms,pandora uk,pandora bracelet,pandora rings,pandora,pandora sale,pandora bracelets,pandora jewellery,pandora ring,pandora charm,pandora earrings,pandora jewelry,pandora necklace,pandora charms uk confess.” http://www.monclerjackets.us.org/ - moncler outlet Li http://www.****vuitton-outlet-online.org/ - ******** outlet online,********,******** outlet,****vuitton.com,authentic ********,******** factory outlet,cheap ******** also told Xinmin that he had once made a http://www.michael-korsoutlet.in.net/ - michael kors outlet,michael kors outlet online,michael kors,kors outlet,michael kors****,michael kors outlet online sale,michael kors**** clearance,michael kors purses,michaelkors.com,michael kors bags,michael kors shoes,michaelkors,cheap michael kors video of http://www.abercrombiehollister.it/ - hollister a http://www.michaelkors-outlet-store.us.com/ - michael kors outlet store,michael kors outlet,michael kors outlet online,michael kors,kors outlet,michael kors****,michael kors outlet online sale,michael kors**** clearance,michael kors purses,michaelkors.com,michael kors bags,michael kors shoes,michaelkors,cheap michael kors female http://www.michaelkors-outlet.ca/ - michael kors canada suspect’s http://www.burberry-outlet.us.com/ - burberry outlet online,burberry,burberry outlet,burberry****,burberry factory outlet,burberry sale case http://www.pandora--charms.in.net/ - pandora jewelry,pandora charms,pandora bracelet,pandora bracelets,pandora rings,pandora jewelry store locator,pandora charm,pandora charms clearance,pandora store,pandora jewelry outlet store,pandora jewelry sale online and http://www.ugg-pas-cher.fr/ - ugg pas cher mailed http://www.swarovski-uk.uk/ - swarovski uk it http://www.celine-handbags.org/ - celine****,celine bag,celine bags to other http://www.reebok-outlet.in.net/ - reebok outlet,reebok,reebok skyscape,reebok shoes suspects’ family members. “It’s very effective,” he http://www.nike-airmax.nl/ - air max was quoted http://www.lunette-oakley-pascher.fr/ - oakley pas cher,oakley,oakley soldes,lunette oakley pas cher,oakley france as saying. “A http://www.raybansunglasses.ar.com/ - ray ban sunglasses,ray ban sunglasses outlet,ray ban,rayban,ray bans,ray ban outlet,ray-ban,raybans,ray ban wayfarer,ray-ban sunglasses,raybans.com,rayban sunglasses,cheap ray ban suspect http://www.uggs--canada.ca/ - ugg,uggs,uggs canada is like http://www.prada-handbags.in.net/ - prada****,prada,prada sunglasses,prada shoes,prada outlet,prada bags a kite. Although http://www.nikeblazerpaschere.fr/ - nike blazer he is in a foreign country, his http://www.****-vuitton-handbags.co.uk/ - ********,******** bags,************,******** uk line is http://www.christianlouboutin-outlet.in.net/ - louboutin outlet,louboutin,christian louboutin,red bottom shoes,louboutin shoes,red bottoms,christian louboutin shoes,christian louboutin outlet,red bottom shoes for women,louboutins in China http://www.iphone6cases.us.com/ - iphone 6 cases and http://www.true-religion-jeans.in.net/ - true religion we can http://www.nike-freerun.co.uk/ - nike free run find http://www.canadagooses.co.nl/ - canada goose him http://www.newbalance-shoes.in.net/ - new balance shoes,new balance,balance shoes,new balance outlet,new balance store,new balance store locator,new balance shoes for women,joe's new balance outlet,newbalance,newbalance.com,new balance walking shoes through his relatives.” A book written by a http://www.uggs-outletboots.in.net/ - ugg australia,ugg slippers,uggs boots,uggs outlet,ugg boots,ugg,uggs,ugg boots clearance,uggs on sale Fox Hunt agent last year http://www.****vuitton-canada.ca/ - ********,******** canada,******** outlet,******** outlet online described http://www.michaelkors-outlet-online.us.org/ - michael kors outlet online,michael kors,kors outlet,michael kors outlet,michael kors****,michael kors outlet online sale,michael kors**** clearance,michael kors purses,michaelkors.com,michael kors bags,michael kors shoes,michaelkors,cheap michael kors a “scrappy, http://www.hollisteruk.uk/ - hollister uk full http://www.the-northfaceoutlet.us.com/ - north face outlet,north face,the north face,northface,north face jackets,north face jackets clearance,the north face outlet of http://www.michaelkorsoutlets-online.us.com/ - michael kors outlet,michael kors,kors outlet,michael kors****,michael kors outlet online,michael kors outlet online sale,michael kors**** clearance,michael kors purses,michaelkors.com,michael kors bags,michael kors shoes,michaelkors,cheap michael kors passion” special-operations unit that braved everything from Ebola and http://www.replica--watches.com/ - equatorial heat to http://www.****-vuitton-pas-cher.fr/ - ********,sac ********,******** pas cher,sac ******** pas cher,******** france capture http://www.nike--airmax.co.uk/ - nike air max wayward http://www.****outlet.jp.net/ - **** outlet,**** factory outlet,**** outlet store,**** factory,**** outlet store online,**** factory online,**** factory outlet online,**** outlet online Chinese. http://www.christian--louboutin.it/ - louboutin In Beijing’s Mirror Evening http://www.swarovski-jewelry.in.net/ - swarovski jewelry News, http://www.sac-burberry-pascher.fr/ - burberry pas cher another agent breathlessly http://www.rayban--occhiali.it/ - ray ban recounted how http://www.****vuitton-outlets.org/ - ******** outlet,******** outlet online,********,****vuitton.com,authentic ********,******** factory outlet,cheap ******** he induced http://www.lululemonoutlets.in.net/ - lululemon outlet,lululemon,yoga pants,lulu lemon,lulu.com,lululemon.com Yang http://www.ghd-hair-straighteners.org.uk/ - ghd,ghd hair,ghd hair straighteners,ghd straighteners Huaiyuan, one http://www.linksoflondon.me.uk/ - links of london uk of http://www.toryburch-outletonline.in.net/ - tory burch outlet,tory burch,tory burch****,tory burch shoes,tory burch sale,toryburch,tory burch sandals,toryburch.com,tory burch flip flops the Sky http://www.giuseppe-zanotti.in.net/ - giuseppe zanotti Net http://www.redbottoms.in.net/ - louboutin,christian louboutin,red bottom shoes,louboutin shoes,red bottoms,louboutin outlet,christian louboutin shoes,christian louboutin outlet,red bottom shoes for women,louboutins 100, to http://www.uggs-outlet.in.net/ - uggs return to China from North http://www.abercrombieand-fitch.us.com/ - abercrombie and fitch,abercrombie and,abercrombie,abercrombie kids,abercrombie fitch,abercrombie.com America, http://www.moncleroutlet.com.co/ - moncler jackets in part http://www.ipadcases.us.com/ - ipad cases by putting http://www.sac-guesspascher.fr/ - sac guess,guess pas cher,guess,guess collection,sac a main guess the http://www.nikeairmaxinc.co.uk/ - nike air max businessman http://www.toms--shoes.net/ - toms outlet in touch http://www.poloralphlauren-pascher.fr/ - ralph lauren,polo ralph lauren,ralph lauren pas cher,polo ralph lauren pas cher,ralph lauren france with http://www.oakleysunglasses.com.co/ - cheap oakley sunglasses his elderly father who, http://www.louboutin-pas-chere.fr/ - louboutin,chaussure louboutin,louboutin pas cher,chaussures louboutin,chaussure louboutin pas cher,louboutin france over the http://www.nikeoutlet.us/ - nike shoes,nike outlet,nike factory,nike store,nike factory outlet,nike outlet store,cheap nike shoes,nike sneakers phone, tearfully told his son http://www.oakleysunglasses.ar.com/ - oakley sunglasses,oakley vault,oakley sunglasses cheap,oakleys,oakley.com,sunglasses outlet,cheap oakley,cheap oakley sunglasses,oakley outlet,cheap sunglasses,oakley prescription glasses,fake oakleys,oakley sunglasses outlet,oakley glasses,oakley store,fake oakley,oakley sale,cheap oakleys,discount oakley sunglasses to http://www.converse-pas-cher.fr/ - converse pas cher come http://www.katespadeoutlets.cc/ - kate spade outlet,kate spade,katespade,kate spade**** home. He http://www.barbour.us.org/ - barbour did. sffdsfsdgdfg |