Author Topic: AVN -- Avanceon Limited  (Read 33108 times)

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Offline chotashakeel

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Re: AVN -- Avanceon Limited
« Reply #19 on: November 21, 2013, 06:16:30 PM »
hahaha larai hogai yahan to... its all wain family man... just see the shareholding structure....
Recent Investor scare for the Cement Sector regarding power price hike and break up of carter:

http://inefficiencies.blogspot.com/2013/10/price-fixing-and-power-price-shocks-all.html

Pakinvestorsguide

Re: AVN -- Avanceon Limited
« Reply #19 on: November 21, 2013, 06:16:30 PM »

Online MZ

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Re: AVN -- Avanceon Limited
« Reply #20 on: November 25, 2013, 11:25:45 PM »
Automation leading the way for Avanceon Limited



Event

Avanceon Limited (AVN) intends to issue 25.17mn shares, which constitutes 25% of the post IPO paid up capital. The book building will be conducted on 27-28 November 2013 at a floor price of PKR14 per share. Leading the automation industry AVN has strong clientele under its belt not only in Pakistan but also in the Middle East region. With ~80% of the local revenue hedged against the dollar, competitive outsourcing model (IX) providing cost advantage and diverse product/services, AVN is likely to unlock value from this IPO. At a floor price of PKR14, CY13E PE and PB stands at 3x and 0.8x respectively.

Impact

Competitive service portfolio: AVN offers three competitive service portfolios: Core, Specialized (energy efficiency) and After Market Sale (AMS). Core business is the flagship product of AVN, this entails automation and process control solutions and system integration. Core business comprises of ~70% of the total local revenue. Secondly, Specialized product includes: Energy dashboard, iWater, iBoiler etc. Lastly, AMS provides complete lifecycle support services including technical support, maintenance management, control system oversight and remote diagnostic services to maximize plant performance, support efficiency and technology effectiveness.

Cost efficient IX model: AVN has successfully developed a unique business model, which is called International Execution (IX) model, for transactions outside Pakistan. The model uses certified and highly trained resources in Pakistan to carry out international projects providing immense cost savings. Through implementation AVN is expected to sustain a decrease of 25% in revenues without adjusting number of engineers. Till HY13 total cost savings amounted to USD0.589mn

Global diversification to further lead the way: AVN has successfully established itself as a credible automation company in South Asia and Middle East, with its offices in Lahore, Pakistan and Dubai, UAE they have
been able to cover the region. Revenue generated from operations in UAE constitutes of ~35% of the total the revenue and the company plans to increase the share in the pie to ~50%. Moreover, AVN also plans to use the funds raised from IPO to expand operations in KSA and Qatar for business development and infrastructure costs further strengthening the foothold in the region.

Financials also look healthy: AVN financial snapshot looks attractive as nil gearing ratio gives room for leverage in case of further expansion is needed. The company’s ~80% of the local revenue has been hedged against dollar providing a cushion against PKR depreciation. Moreover, AVN enjoys tax advantage as its effective tax rate has remained in the range of 10-15% on the back of tax exemption on services provided.

Outlook: With qualified and experienced resources, AVN has secured key projects not only in Pakistan but also in Middle East. In addition to this, rising need of automation in power, especially due to rising energy costs, FMCG and oil sector will likely derive the demand for AVN’s services. However, key constraints remain in terms of higher
dependence on human and technological resources coupled with external threats such as forward integration by
EPC contractors and regulatory framework.

Action & Recommendation
With ~80% of the local revenue hedged against the dollar, competitive outsourcing model (IX) providing cost
advantage and diverse product/services, AVN is likely to unlock value from this IPO. At a floor price of PKR14,
CY13E PE and PB stands at 3x and 0.8x respectively.

FS Research

Online MZ

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Re: AVN -- Avanceon Limited
« Reply #21 on: November 25, 2013, 11:35:13 PM »
Avanceon Limited listing announced

About ‘Offer for Sale”

Avanceon Limited (AVN), an engineering solutions company catering to the manufacturing sectors by providing innovative technology solutions has announced intentions of going public with the initiation of listing procedures at the Karachi and Lahore stock exchanges. A total of 25.166mn Ordinary Shares are to be issued which is 25% of the total Post-IPO paid up capital at Face Value of PKR 10/share. The listing process will comprise of two stages, the first stage will begin with the issuance of 18.875mn Ordinary Shares (75% of total) at the floor price of PKR 14/share including premium of PKR 4/share during the fundamental Book Building process which is set for 27-28 Nov’13. The second stage will be the Initial Public Offering (IPO) where the remaining 6.292mn shares (25%) will be offered to the general public with premium at a price that will be determined through the book building process.

About the Company:

Currently the company holds the position of being the only firm in Pakistan providing unique skill and expertise in the field of automation, process control and system integration solutions while providing technical services in the same area of focus.  Besides operations in Pakistan, the company holds multinational status with offices in the UAE and the USA; recently it has also expanded its operations by establishing offices in Saudi Arabia, Kuwait and Qatar. In addition, AVN has two wholly owned subsidiary companies under its belt, namely, Avanceon Free Zone Establishment (AFZE) based in UAE and Engro Innovative Inc. (EI) based in the US.  The Company was originally called Innovative Automation and Engineering Limited  (IAEL) which was created in 1989 in Pakistan by Mr. Bakhtiar Wain. The company was later rebranded as Avanceon Limited (AVN) after Engro Corporation acquired 62.67%

shareholdings of IAEL and 70% shareholdings of Advanced Automation Associates  (AAA, USA) in 2007 and merged the two companies’ core operations. In March 2013,  Engro Corporation resolved to divest its shareholdings in the Company to existing shareholder and company founder, Mr. Bakhtiar Wain.

Performance Summary:

As seen in the company’s financials there has been extensive improvement in performance in CY12 with PAT recorded at PKR 520mn (EPS: PKR 12.73) for the year against a loss of PKR 17mn (LPS: PKR 0.43). Remarkable improvement is on the account of 119% YoY increase in Sales at PKR 1099mn in CY12 against PKR 501mn last year along with a significant reduction in finance costs, down by 72% YoY. Further assistance is provided by considerable dividend income from its wholly owned subsidiary company, Avanceon FZE (Middle East), amounting to PKR 168mn.

Performance in the 1HCY13 has also been promising with Net Sales recorded at PKR 526mn which is already more than CY13. However, final earnings for the term have been low at PKR 89mn. Finance costs have again been maintained at low levels and we can expect improvement in the 2HCY13 assuming dividend from subsidiary companies is strong.

 Pearl Research

Offline SBM

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Re: AVN -- Avanceon Limited
« Reply #22 on: November 26, 2013, 01:37:25 PM »
Avanceon Ltd (AVN) is scheduled to be listed on the country’s stock exchanges through an IPO. The company offers four broad categories of services ranging from, 1) Automation services to manufacturing concerns, 2) Energy Management Solutions (EMS) to cut-down energy related costs, 3) After Market Solutions (AMS) that largely comprise of maintenance and technical support and 4) Specialized solutions that are tailor made for each clients requirement.

Investment Perspective
At the floor value of PKR14/share the stock clocks in a PER of 3.35x against the KSE-100 current PE multiple of 7.5x.  Due to the cash intensive nature of the current expansion drive, we do not expect the company to initiate a dividend in the near future. Successful implementation of new projects can potentially bolster the PE multiple of the company, bringing it in-line with the market and will pave way for stock price appreciation. We recommend a SUBSCRIBE of the issue within a range of PKR14-16/share

hmfs
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Offline khayyam

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Re: AVN -- Avanceon Limited
« Reply #23 on: November 27, 2013, 11:18:54 AM »
AKD Daily

Avanceon: Technology play to hit the market

Automation services provider Avanceon Ltd intends to issue 25.16mn shares at a floor price of PkR14/share to raise funds for business development projects in the UAE, where 75% of these shares will be offered via book building. With a history of 24 years and presence in Pakistan, UAE and North America, Avanceon has built a strong clientele spanning a host of industries globally. After successive losses, the company witnessed a phenomenal financial turnaround in CY12 as a result of sizable revenue growth from UAE operations, de-leveraging and cost optimization ala the International Execution (IX) model. Going forward, management expects a 5-year revenue and earnings CAGR of 21% and 13%, respectively, driven primarily by prospective infrastructure projects in the UAE. At a floor price of PkR14/share, Avanceon implies attractive valuations - CY13F P/E of 2.9x, P/B of 0.8x and D/Y of 14%.

The transaction: Avanceon Ltd intends to issue 25.16mn ordinary shares, 75% of which will be offered via Book Building (Nov 27'13 - Nov 28'13) at a floor price of PkR14/share while the remaining will be offered to the general public at the strike price determined through book building. Funds raised through the transaction will primarily be utilized for business development projects in the UAE.

The company: With a market footprint in Pakistan, UAE and North America, Avanceon has been a prominent provider of automation, control systems integration, energy management solutions and support services for the last two decades. Core services of the company spans across a wide range of industries including oil & gas, FMCGs, power and cement (local as well as international) while After Market Services (AMS) allow for stable recurring income. Notably, Avanceon's International Execution (IX) model offers a cost competitive approach for cross-border projects, whereby the company leverages local resources while enjoying international pricing.                .

Financial turnaround: Avanceon posted consolidated NPAT of PkR763mn (EPS: PkR7.6) in CY12 after successive losses, where de-leveraging and cost optimization viz the IX model along with a 67%YoY growth in revenue to PkR2.1bn and gains from a one-off loan settlement led to the phenomenal turnaround. Going forward, management estimates revenue to grow at a 5-year CAGR of 21% with increased focus on the UAE market. In this regard, major prospective projects include infrastructure ventures in Qatar and Dubai while contract backlogs and gains from PkR devaluation (majority of the projects are billed in US$) are expected to further augment revenues. Moreover a de-leveraged balance sheet and tax concessions (CY13F-CY18 average projected effective tax rate: 8%) results in a 5-year earnings CAGR of 13% for the company, according to management estimates. In 1HCY13, Avanceon posted NPAT of PkR210mn (EPS: PkR2.09) while management expects CY13 earnings at PkR474mn (EPS: PkR4.71), which implies a CY13F P/E of 2.9x at a floor price of PkR14/share.              .

Investment Perspective: While Avanceon's business model shows promise given the company's competitive advantage and a hedge against PkR devaluation, we highlight that much of the growth in revenue is projected from prospective infrastructure projects in Qatar (FIFA World Cup 2022) and Dubai (Expo 2020), which are still in the pipeline. That said, with a CY13F P/E of 2.9x, P/B of 0.8x and D/Y of 14% at a floor price of PkR14/share, valuations seem compelling.

Offline SBM

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Re: AVN -- Avanceon Limited
« Reply #24 on: November 29, 2013, 11:19:35 AM »
http://www.kse.com.pk/notices-updates/detail2.php?0.9447586941532791&id=4&nid=049088


book building part fully subscribed at floor price of 14
I hate waking up.

Offline SBM

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Re: AVN -- Avanceon Limited
« Reply #25 on: November 29, 2013, 11:29:15 AM »
Avanceon appears strong and confident

November 29, 2013 BR Research0 CommentsE-mailPrintPDF
Going public is the theme now at the local bourse, with Avanceon Limited being the latest entrant. Avanceon is the leading automation and process control provider in Pakistan, having a proud clientele of almost all blue chip manufacturing concerns in the country. What was a one-man business 24 years ago has now grown into a sizeable firm with operations spread across the border in the Middle East and USA.

The shares on offer through book building were expectedly over-subscribed, as Rs14/share was widely considered a justified premium over par value, given the strong fundamentals and the exciting growth prospects. The strike price was not determined when the article was penned down, but company officials believe it to close to the offer price.

The purpose for the offering is believed to be the company’s expanding footprints in the UAE, where it plans to establish a permanent station, with full time employees, to cater for the outstanding opportunities on offer. Although there is more than what meets the eye, as the company CEO, Bakhtiar Wain told BR Research in a soon-to-be-published interview that employee stock option scheme was also a major driver behind going public, which should offer better value to the shareholders.

Avanceon boasts of very clean accounts, termed as the “cleanest” in the local corporate market by the CEO himself. At present, foreign business accounts for 60 percent of Avanceon’s revenue stream, giving it a major cost advantage, as the engineering and automation is done locally, while foreign clients are billed in their respective currencies.

Avanceon expects to double the international business over next five years, as it enjoys good repute and opportunities are limitless. More interestingly, the company also expects the local market to continue growing rapidly, especially expecting business from energy and food and beverages sectors.

While, the offer price may seem too low on earnings multiples, the CEO explained, the purpose is to get listed and become a familiar name, instead of fetching more money. Moreover, Avanceon’s is a zero debt balance sheet and the company is confident to run on completely equity-based financing for as long as it wishes. Strong cash flows enables the company to finance its working capital requirements internally, evident by nearly Rs350 million cash, on which Avanceon currently sits on.

For those worrying how the employee stock option scheme may hamper the profitability going forward, the CEO told BR Research that this has already been expensed in the last quarter’s accounts. Avanceon’s most precious asset is its human resource, and it is available in abundance and quality locally, which helps Avanceon keep up with demands of meeting more business coming its way.

From what it appears one can expect the IPO to attract subscription in good numbers. It will be interesting to see how a newbie, confident of good returns from local business, performs in the stock market when its shares hit the float.


____________________________________________________________________________________________

 :laugh:
fuzhool batein
agar itnay achay accounts thay aur itnay achay prospects tu bookbuilding 14 par nahi close hoti
I hate waking up.

Offline Daftari

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Re: AVN -- Avanceon Limited
« Reply #26 on: November 29, 2013, 03:35:34 PM »
SBM What is your take? Is it worth the investment? I dont know but earnings seems lucrative, I dont know how chor the managemnet is, but whats your call?
RABB, sun le tu sariyan hun aaftaan utha le,
Lagda ni dil meinu wapas bulale..

Online MZ

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Re: AVN -- Avanceon Limited
« Reply #27 on: December 06, 2013, 05:48:22 PM »
'Avanceon plans to double its revenue in next five years,' CEO, Avanceon Limited

BR Research: Take us through Avanceon's journey so far and the products and services on offer!

Bakhtiar Wain: Our core business is industrial and factory automation. Most project work generally revolves around core automation which is why the company came into existence. However, to follow up with the project work, we came up with aftermarket support solutions, to ensure continuous engagement with the client and sustain the increased process efficiencies that automation projects achieve.

It not only offers us a continuous revenue stream, but also helps our clients to maintain the system to an optimal level. As well as we offer process and energy optimisation, packaged as a guaranteed financial payback. Our core automation initiative is further subdivided into application-based solutions and large system sales

BRR: What is your client portfolio in terms of blue chip presence?

BW: We have an outstanding client portfolio. If you pick any of the top 30 listed firms at the Karachi Stock Exchange, engaged in any sort of industrial and manufacturing activity, you will find them on our list. And most of them have been our clients for the past six to seven years, which speaks of our credibility and quality of service delivery.

BRR: Which sector contributes most to your revenue stream on a consistent basis?

BW: The top most are oil & gas and food & beverages in Pakistan. Chemicals and sugar industries also contribute significantly to our top line and so do distilleries.

Over seventy percent of the revenue is generated from our well-established international business as overtime our major contributor has gradually shifted from local to foreign, owing to expansion in Middle East. The upcoming IPO is meant to expand our operations in four countries within the Middle East with our Dubai office as the Regional Centre.

BRR: What are your tangible targets for the expanded international business and the business in Pakistan?

BW: Our plan is to double international sales in the next five years. Moreover, we also see outstanding potential for our business in Pakistan. We have grown a lot in Pakistan. From Rs100 million company seven years back, we are now a billion rupee firm just in terms Pakistan based revenue. With oil and gas sector coming alive, we foresee tremendous business opportunities within Pakistan. Our model is pegged to successful companies and whenever such companies incur capital expenditure, our business will expand.

I am confident that the Pakistan business will grow at a healthy 15-20 percent in the coming four to five years. We also see opportunities in refineries, power and IPP sectors; if the sentiment changes and investment kicks in, believe, we can double our business very quickly.

BRR: What is your position in the local and foreign markets in terms of competition?

BW: We are market leaders by some distance. At the backend, whatever engineering work is done, we do it in Pakistan. So the business, wherever it expands, entails increased activity in Pakistan.

BRR: The automation industry is largely dependent on human resource. What your HR practices are in terms of maintaining standards and quality?

BW: Undoubtedly, human resource is the most focussed area in our company. We hire the best people and provide every opportunity of training and growth to young talent. One major reason for IPO is the stock options being distributed among key employees through the stock option scheme.

Ours is most specialised field so we ensure that our people deliver to the highest international standards to justify the premium that we charge our clients.

BRR: How does your product pricing compare to your competitors both locally and internationally?

BW: We compete with the best in terms of pricing in the international market. We do have the advantage of conducting our business from Pakistan. The price does matter in our business, but, eventually, it is the value proposition that is the most important determinant. Technical superiority is, in effect, the most important aspect in this business, and we compete pretty well on this front.

BRR: How do you see the human resource availability and capability in Pakistan?

BW: We have the capacity to do that as we have outstanding human resource in Pakistan. Finding quality human resource has never been a problem for us. Ours is a high fixed cost business, not a capital intensive one with salaries being the biggest cost centre. We keep projecting our business revenue streams, and induct new resource periodically.

Our core team of 35-40 people are all subject matter experts, with outstanding skill set, and we have been able to retain them for a good period now.

BRR: There is a view in the market that Avanceon has charged too little premium of just Rs4/share, in a time when the confidence is high in the market. What are your views on this?

BW: Technology companies, unfortunately, do not have a good history in this country, which is one factor. Our accounts are very clean; probably the cleanest in the industry. Even then, you don't find good multiples in this industry.

We are a zero debt company without any draw down even for working capital. We have very healthy cash flows and further equity is only to ensure our march towards expansion without any debt. It is very dangerous for a technology company to have a large debt on its books.

The share value is not the objective today as we have ample cash available. The core objective is employee stock option plan, which is the most critical component of our future business plan which we can't wait. We have committed to our people who have worked hard in the years gone by; note that the new shareholders are not paying for this, as we have already booked it in our books.

We are giving these shares at Re1 per share, with the only caveat that they will have to be with the company for another five years. This is a perpetual scheme and we plan to offer an additional 5 million shares to our employees over the next five years.

Online MZ

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Re: AVN -- Avanceon Limited
« Reply #28 on: December 31, 2013, 03:48:11 PM »

 
The Bell
 
Avanceon – Unique business on offer
An engineering solutions provider
Avanceon is primarily involved in providing automation, control systems integration, energy management solutions and support services. It has been in the automation business since 1989 and has grown to become Pakistan’s premier automation service providing company, catering to various industrial conglomerates and blue chip companies including Nestle, Aramco, Engro, and OGDC etc.
Increasing visibility – the key rationale for IPO
The company highlights that its rationale for going public is that: i) It would enhance company’s visibility in the international market and allow it to augment its existing client base ii) It will unlock value of Employee Stock Options (5mn shares at a strike price of PKR1/share) and thus enable AVN to retain its existing human resource and iii) The cyclical industry in which AVN operates warrants minimum use of debt financing.
‘IX’ Model – Linchpin for Avanceon
AVN’s International Execution (IX) model allows the company to execute a significant portion of its offshore projects from Pakistan, thereby enabling it to take advantage of lower labor costs.
Attractive valuations; recommend subscribe
Management estimates suggest CY13/14 EPS of 4.7/7.1. The stock seems attractive at the offer price of PKR14/share, at which CY13E/14E PER comes to 3.0/2.0x.
Key Risks
Despite stellar earnings growth potential, we highlight some key risks including 1) Employee turnover and 2) volatile earnings stream.

elixir

Offline Koolfire

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Failure Is Only a Temporary Change in Direction To Set You Straight For Your Next Success...Only Those Who Dare To Fail Greatly Can Ever Achieve Greatly...

Offline Koolfire

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Re: AVN -- Avanceon Limited
« Reply #30 on: January 03, 2014, 08:10:02 AM »
Initial Public offering (IPO) - Avanceon Limited

The Transaction

The Company aims to raise funds for its expansion plan and for the requisite CAPEX. Additionally, listing on Stock Exchange will unlock the value of Employee Stock Options allowing the Company to better manage its human resources.

The Company will be issuing 6,291,500 Ordinary shares to the General Public. The General Public offering will be held during the following dates:

Tuesday, 7th January 2014 to Wednesday 8th January, 2014
(Both days inclusive)

Please find enclosed final Prospectus for your perusal.

About the Company

Avanceon Limited is a leading provider of automation, control systems integration, proprietary energy management solutions and support services. It has a strong market footprint through its offices in Dubai - UAE (covering Middle East), Lahore - Pakistan (covering South Asia) and Pennsylvania - United States of America (covering North America). AVN is also amongst the select group of ‘certified members’ of Control System Integrators Association (‘CSIA’) and is also listed on Control Engineering Magazine's System Integrator Hall of Fame.

AVN has been into the automation business for the last 24 years and has over this time evolved to become a 360 degree solution provider for automation, energy management and service & maintenance. The Company has been servicing clients over two decades. It has completed several projects for major blue chip companies enabling it to earn strong credentials, move up the learning curve and develop a diverse client base. Going forward, it intends to capitalize on its core strengths to further penetrate the Middle East market by setting up offices in Qatar and Kingdom of Saudi Arabia (KSA).

We believe you would find the highlights of this issue intriguing enough to consider for an investment.

AKD
Failure Is Only a Temporary Change in Direction To Set You Straight For Your Next Success...Only Those Who Dare To Fail Greatly Can Ever Achieve Greatly...

Offline aaghumro

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Re: AVN -- Avanceon Limited
« Reply #31 on: January 03, 2014, 09:41:43 AM »
Double Shah as per BMA report TB 28.

Offline Farrukh Muqeem

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Re: AVN -- Avanceon Limited
« Reply #32 on: January 03, 2014, 09:54:50 AM »
Double Shah as per BMA report TB 28.

Time frame please

Offline mustafaazhar

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Re: AVN -- Avanceon Limited
« Reply #33 on: January 23, 2014, 12:09:54 PM »
ipo oversubscribed by 1.25 times.

Offline msypk

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Re: AVN -- Avanceon Limited
« Reply #34 on: January 31, 2014, 12:29:04 AM »
heard every one has got it

Online 007

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Re: AVN -- Avanceon Limited
« Reply #35 on: January 31, 2014, 12:37:35 AM »
aik doo cap bus

Offline Valueestimator

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Re: AVN -- Avanceon Limited
« Reply #36 on: January 31, 2014, 08:31:23 AM »
when its trading will start
MLCF, FECTC, KTML, FASM, JDMT, REWM, BCML, NMFL, QUICE, OTSU

Offline Smart boy

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Re: AVN -- Avanceon Limited
« Reply #37 on: February 03, 2014, 12:35:19 PM »
Share credit kab tak hona ka chance hai????? Trading start hona ka koi chance?

Offline engrusama

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Re: AVN -- Avanceon Limited
« Reply #38 on: February 07, 2014, 06:57:35 PM »
« Last Edit: February 08, 2014, 08:21:06 PM by M&M »