mankap

I do not know if Sino is fraud or not , but I will not buy it for the following reasons It has been FCF -ve for for 2010 and 2009 It has burned cash around 800m in 2010 and around 250m in 2009 It has funded the cash burn by issuance in debt in 2010 and equity in 2009. These are alarming signs for me not from fraud prespective but because they are burning cash year after year.They have huge capex which is funded by issuance of additional debt and equity.

I like Ebix.It has 12% FCF yield.It has shown consistent track record of growth.It has been growing>60% for last 3-4 years.High %age of its revenue is recurring.