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Beat The Street Profile picture
@BeatTheStreet10
Jun 7 • 7 tweets • 4 min read Twitter logo Read on Twitter
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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
Jun 8
IEX 🔻 8.47%!🤯

Power Ministry has directed CERC to undertake the process of market coupling in a timely manner.

BIG Negative for IEX - this will potentially take away IEX’s moat of being the most dependable platform price discovery.
#IEX Image
Market Coupling means a uniform market clearing price for buyers and sellers in all exchanges operating in an area.
Market coupling is the process where the collected orders from all the power exchanges are aggregated together and then matched to discover a uniform market clearing price.
Read 4 tweets
Beat The Street Profile picture
Apr 14
EXPOSED - SEBI DROP THE HAMMER ON BRIGHTCOM ⚠️

BEAT THE STREET EXPOSED MULTIPLE REDFLAGS, CG ISSUES LONG AGO

SEBI HAS EXPOSED MORE DARKER SIDE OF BCG - Misleading disclosures, profits, shareholding patterns, CG issues

Thread 🧵

#brightcom #brightcomgroup #bcg #sebi #redflag
Preface SEBI order covers
1. Misleading Promoter SHP
2. Undisclosed & Non - audited subsidiaries FS
3. DAUM Settlement
4. Misleading Disclosures
5. Statutory Auditor & Indep Director - inelligible
6. Accounting irregularities

This order is one of the best, give it a read
1. Misleading Promoter Shareholding - comparing promoter shareholding disclosed to the exchanges & available with RTA, Sebi found promoters inflated shareholding by 10% to 29% since 2016🧐😯 (see table below), we wrote this about in our previous thread Image
Read 30 tweets
Beat The Street Profile picture
Mar 10
How to read and analyze Order Book ? A quick thread 🧵

Dont get fared away by fancy statement Current Order book is X times of TTM revenue

#investing #curatedread #StockMarket
Most of stakeholders get flown away with big order intake or order book size which is XX times of TTM revenue. This is ❌️ approach

Always see the timelines of revenue realization of order book which will give you clear picture of potential future annual revenue from order book
Here is one example

Data Patterns which is having order book of INR 880 crores will be realized & executed in next two years thereby generating revenue of INR 440 crores which is in-line with current TTM revenue of INR 449 crores.
Read 5 tweets
Beat The Street Profile picture
Feb 10
#EKIEnergy
#Redflag

The latest Q3 Results of EKI Energy has uncovered a dark truth : non-compliance with IndAS 115, Revenue Recognition.
Auditor Walker Chandiok (Grant Thornton) today issued a qualified report.
Is this just the tip of the iceberg?

Like & share for max reach!
Reported Figures for 9M-
Revenue - 1384 Cr
PBT - 347 Cr
PAT - 260 Cr

As per Auditor -
Revenue - 1194 Cr (-14%)
PBT - 237 Cr (-32%)
PAT - 177 Cr (-32%)

Generally company also have Concall post results,this time there is no mention of concall.
Dark clouds of doubt now loom over the previous auditor D.N. Jhamb, who issued unqualified report in Sep-22, and resigned on 8-Dec-22 citing reasons of pre-occupation.

Now the bigger question is whether revenue recognised in earlier years are as per IndAS requirements or not?
Read 10 tweets
Beat The Street Profile picture
Feb 10
How related Mauritius based entities have played significant role in Adani Enterprises FPO?

Sebi is investigating relationships b/w Adani and two Mauritius-based firms

PS : These entities were not previously reported by Hindenburg

A thread🧵

#AdaniFPO #AdaniEnterprises
As per WSJ, 7 Mauritius companies collectively would have held 19.43% of the offering,

Let’s delve deeper into each of these entities and their connection
Here are 4 entities & their % of subscription to anchor book
1. Great International Tusker Fund (2.47%)
2. Ayushmat Ltd (2.32%)
3. Elm Park Fund (5.67%)
4. Aviator Global Investment Fund (1.25%)
Read 12 tweets
Beat The Street Profile picture
Jan 30
Hindenburg Reply on Adani’s Response - before CFO Media Interview!

“In terms of substance, Adani’s ‘413 page’ response only included about 30 pages focused on issues related to our report.”

#adani #AdaniGroup #hindenburg #ADANIENT #AdaniEnterprises #Hindenburg
The remainder of the response consisted of 330 pages of court records, along with 53 pages of high-level financials, general information, and details on irrelevant corporate initiatives, such as how it encourages female entrepreneurship and the production of safe vegetables.
Adani Failed To Specifically Answer 62 of Our 88 Questions

Of The Questions It Did Answer, The Group Largely Confirmed Or Attempted to Sidestep Our Findings
Read 9 tweets

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