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Beat The Street Profile picture
@BeatTheStreet10
Jun 7, 2023 • 7 tweets • 4 min read • Read on X
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Milestone Furniture - Auditor mil nahi raha h so as Financial data bhi nahi mil raha h

Co running without MD CEO CS

They intimated about the CEO resignation on 25th May-23 who actually resigned on 12th May-23

Promoter stake 0%

#Redflag ImageImageImageImage
The same auditor on 26th May-23 signed the financials of Mangalam Organics - bseindia.com/xml-data/corpf… Image
Zero Revenue of the co #milestonefurniture Image
As per DRHP Promoter's daughter forms part of Promoter Group

As per BSE SDD data - its non-Promoter

How its possible when there in reclassification

Also this Sudam Enterprises includes promoter as the director ImageImageImage
Near to Zero Cash flows Image
Company has no CFO also. Already CS, MD, CEO resigned Image
No detailed shareholding pattern of Public shareholders disclosed for June-18 Image

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More from @BeatTheStreet10

Beat The Street Profile picture
Jul 9
How Vedanta is running a Ponzi scheme?

- parasite holding company?
- on the brink of insolvency?
- financial zombie?

After going through the 87-page report, here is the 🧵thread on what @viceroyresearch found.

#Vedanta #redflag #corporategovernance #SEBI #HindustanZinc #VEDL #ViceroyResearchImage
Fundamental Problem - Why it's a Ponzi Scheme for VEDL Shareholders

To service its own debt burden, VRL is systematically draining VEDL, forcing the operating company to take on ever-increasing leverage and deplete its cash reserves. This looting erodes the fundamental value of VEDL, which constitutes the primary collateral for VRL's own creditors.

VRL forces VEDL to declare disproportionately large dividends, which are funded not by free cash flow but by taking on more debt and draining its balance sheet

VEDL has incurred a $5.6b free cash flow shortfall against dividends paid in the last 3 years..Image
Image
This arrangement has pushed the entire group to the brink of insolvency, propped up only by a continuous cycle of new debt, accounting tricks, and the deferral of massive, undisclosed liabilities.

Major allegations/red flags:

Bait and Switch Funding Model - Raise fresh capital to service debt in the name of new projects like Semiconductor

Irreconcilable Interest Expenses

Inflated asset values of non-operating subsidiaries exceed the value of debt

CAPEX Fraud - Expenses across operating subsidiaries are systematically capitalized, artificially inflating profits and asset values. This is a material misrepresentation.

Off-Balance Sheet Items – Billions of dollars of disputed expenses are kept off-balance sheet and undisclosed in financial reports.

Governance failures across management and auditors, including inappropriate auditor choicesImage
Read 25 tweets
Beat The Street Profile picture
May 13
Raymond Lifestyle: Governance Crisis?

6 Month
60% lost🔻
But What Happened?

Listed at ₹3000, now trading at a deep discount,
yet no buying interest.

A Thread 🧵
Like and Share for Max Reach
#CorporateGovernance #redflagImage
Learning: "Not every special situation is worth looking."

I request you to read all tweets to understand the full story of value destruction and how we can learn from the same.Image
The story began with big restructuring at Raymond Ltd. In FY23, they sold their FMCG business to Godrej Consumer for ₹2825 Crs, mainly to cut debt. Net debt significantly reduced.

This sale was supposed to leave a net surplus of ~₹1500 Crs on the balance sheet for growth capital after clearing debt.

Sounds good, right?Image
Read 23 tweets
Beat The Street Profile picture
Apr 15
Gensol Engineering - A Saga of Fraud and Fund Diversion

SEBI bars promoters over fund diversions and multiple corporate governance issues

A thread on What went wrong? ⛳️⛳️💸💸💸

#Gensol #Redflag #CorporateGovernance #SEBI Image
Like always, @BeatTheStreet10 highlighted multiple red flags and CG issues in this company much before the market realised

Compilation of those finding is here
Let's start with what SEBI found : Gensol actually submitted false documents about debt servicing to Credit Rating agencies concerning two lenders (IREDA and PFC).

No such letters were issued, says SEBI Image
Image
Read 19 tweets
Beat The Street Profile picture
Mar 7
Gensol Engineering: Compilation of Red Flags and Corporate Governance Issues

A thread

#Gensol #gensolengineering #forensic #redlfag Image
Suddenly changed lease accounting policies to inflate profits



Though no clear explanation is provided in the conference call
Two CFO resignations in 6 months raises the question of overall governance and accounting

Mar-25
Oct-24 Image
Image
Read 9 tweets
Beat The Street Profile picture
Jan 22
Musings on Market Correction

Interesting charts, data points and investing perspective

A data-backed thread 🧵
Favourite: There is always a reason to sell

Whenever such events occur, we feel it is a time to invest through mutual funds (Why not equity? Because you don't need to worry about ab konsa stock/ sector chalega) Image
Despite several intermittent crises, Indian Equities have gone up over the long run mirroring earnings growth Image
Read 20 tweets
Beat The Street Profile picture
Dec 23, 2024
Bharat Gold Developers: SEBI suspended trading after complaints received from retail investors and seeing social media post

That's the power of retail investors and social media

A thread 🧵

#redflag #forensic #corproategovernance #fraud Image
Share price rose 10x in last 1 year

The company changed the industry/ sector it operates in multiple times

Promoter holding is almost zero due to two large preferential issues
The company made juicy announcements with biggies to give comfortable exits to preferential investors

But later found these announcements were baseless Image
Image
Image
Read 9 tweets

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