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  "documentTitle": "SMART Global Holdings, Inc. (SGH)",
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  "notes": "The slide uses official financial statement excerpts to support a thesis of a small, low-margin operation.",
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      "text": "An apparent low-margin business, Inforce generated annual net income of only 5.1 million Rupees, or $71,000.",
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      "text": "Our contacts in India were able to source financial statements for Inforce India from the Indian MCA (Ministry of Corporate Affairs). As shown below, these present a small operation with annual revenues of only 61 million Rupees, or ~$860,000:",
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      "text": "Profit (loss) for the period... 51,22,729... 37,41,198",
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      "text": "INFORCE COMPUTING (INDIA) PRIVATE LIMITED... Revenue from operations... 6,10,52,885... 5,80,30,669",
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