8k Miles Software Ltd, Cloud Computing


(Krishnaraj) #788

A year back would be sometime around September 2017, but he had sold the biggest chunk in May 2017 (well before that). Disclosing after the sale is not quite meaningful (you can as well know it within a few days in the filings). And how do you know what he is saying is true? Selling 120 crores worth of stock of which 37cr is lent and a large chunk goes into somewhere else, means that a far smaller portion went into the Trust, if at all. Typically it makes sense to set up a Public Trust (where beneficiaries are the public at large) only if you get an exemption, and it usually takes more than a year to get an 80G exemption, and for a corpus of say greater than 10 cr, it will take much longer. So you generally apply for the exemption and only over a period of time infuse capital. And, very very few people, in my experience, load it with capital that you cannot take out easily later.

In any case I don’t attend analyst meets so that that was sold as fact was not known to me.

Why not? I will be happy to learn. As for DHFL, there would have been which is why it gets closed out soon. As long as there are market makers, these gaps get closed out. In this case there is no one to close this, which is surprising.

Finally, just so I am reassured, can I assume that you are not directly or indirectly connected / commercially interested in 8K Miles, other than as an investor? A LinkedIn profile would really help. Mine is here


(KunalKothari) #789

How can one sell in BSE when there are no visible buyers (and practically no buyers otherwise either)?


(Krishnaraj) #790

Yes, you are right, I did not think through that!! At best 3000 odd shares if you wait and were at the top of the queue.


(Funda_Buffett) #791

What he did with the money after the stake sale is beyond me or you or anyone’s understanding. Just like we buy and sell shares … he did the same ! We can’t control such things ! I guess you’ll agree to me on this ! I told you what he had stated publicly. Just like you even I have many doubts which I wish to clear … but it doesn’t look like a completely fraud company with cooked books & that is something I am thumping my base on.
And yes I am an investor in this company just like many others. Other than that I have no other relation or interest in/with the company.


(Shyam) #792

@Funda_Buffett

Appreciate your strong conviction on 8k miles, which could turn out to be the best possible bet for you!

I would really like to know from your point of view, what could be the things that is of concern or needs to be checked at 8k-miles?


(udayp) #793

There is one review which says salary was late! You can’t generalize by picking one out of 26. Overall, CEO has 72% approval which is so much better than many IT companies.

I spoke with two mid-level tech employees and they are very happy with their salaries and job. They are not plugged into investing and are not even aware of the Dstreet turmoil. In their offices, work is as usual. And the two are pretty good in AI. I come from AI background and was not expecting the level of expertise they have.

They have 500 head count with 200 in India and 300 in US. USD 100 million revenue with 500 head headcount means 200K USD per person which is very realistic and actually the norm in this kind of industry. They are not doing anything spectacular here except for the growth both organically and inorganically.


(Gaurav Agarwal) #794

How recently did you talk to them? Which office? Can they connect you with someone one level-up and you could get some understanding about company’s revenue and margins?

Thanks


(tarunmahajan) #795

yes i also connected with some ppl . Their response was also same. There are some obvious corporate governance issue , which have been highlighted by fellow members. Lets see if they answer those in AGM. I am disappointed by how they have handled things in past. May be i am emotionally attached and may lose all my money invested in it but I still think it is good company somehow :stuck_out_tongue:


(tarunmahajan) #797

In AGM one of their agenda is to raise money. Have anybody thought in this context, they are artificially trying to suppress price so that they can issue equity to themselves/friends at low price. Just came to my mind. Even then they are not minority shareholder friendly but can we discuss in this context.


(utsav_garg) #798

actually not just one review mentioned about salary NOT on time issue, but 5 6 reviews out of 26. That’s a lot!

In fact few positive reviews seemed to be fake one as well, which mentioned pros as salary on time… I mean I don’t understand, salary on time is a basic thing and not a luxury item to be mentioned in the pros unless you want to counter some other views in the public which mentions the otherwise.


#799

Its not just one review, it many reviews mentioned that their salary is not PAID on TIME !!

So, I am not saying you to believe me or Glassdoor and if you ppls in company personally then its good, I just share what I see in public domain and ppls specially ppls who are interested in job with come company look at glassdoor (at me ) and I find these comments on Glassdoor more and less reality, as Nobody who is working with company will write such things, like salary not paid time or few things about their CTO… anyway its your money.

Disclaimer: Not invested in 8K miles, so no more post on 8K miles from me :slight_smile:


(ganapathi4) #800

so if it is negative review, it is genuine, if positive fake review is it ?


(Silmaril) #801

I think the focal point right now is the alledged fraud, the company performance and capability dont matter. Even if they come out of this, gaining back trust will take years.

Lets hope there are no more skeletons in the closet.


(utsav_garg) #802

you did not understand the context or maybe I was not clear enough!

company paying you on time is not something luxurious enough to be mentioned as pros, especially in IT field… as it is a basic expected thing. Go to accenture page, capgemini page, or any small company such as Zensar page etc, you would hardly find people mentioning salary on time as pros. Understand that this is a very basic thing which is expected. Its not like an onsite opportunity or good yearly hikes which are usually mentioned as pros in IT company .

However, bad infrastructure, salary not on time are huge negatives and are not at all expected, hence they are highlighted in cons …

That’s what I intended to say.


(ganapathi4) #803

OK, I sold my holdings on monday itself bro, at almost 14K loss out of total investment itself just 26K.
But one of my friend works in USA for this company. his salary given at the moment is 86K per annum USD. which is more than what infosys pays usually. After that only I bought this share just a couple of months back. Forced to sell at loss.
Not sure what is going on in this company. SEBI should at least involve at basic level otherwise why do we need regulator.


(Silmaril) #804

You cant cant compare with Accenture and Capgemini, not even Zensar. Majority of micro caps, do not give salary on time, they just dont focus/spend on the support functions so much cause they cant afford to.


(Silmaril) #805

What continues to surprise me is that if the fraud was alledged 5 months ago why was no action taken. Suresh was ceo till 25/9 a full 5 month till after the allegation got formally reported.


(Altruist) #806

I beg to differ. This is a company that has been operating for over 10 years, so it is to be expected that they have basic processes in place. Besides, operating in an ultra-competitive space (there is a lot of demand for cloud-proficient talent), they definitely need to pay salaries and bonuses on time to preserve top talent.


(ganapathi4) #807

You guys better vote down in upcoming AGM, it is already open for voting if am not wrong.
I don’t have any holding here any more, so you guys can do it.
Just pray to god that they won’t cancel AGM now :slight_smile:


(Funda_Buffett) #808

Inter-corporate transactions are my biggest worry ! And how much they will generate cash flow once they are done with acquisitions and also the synergies of the acquisitions have taken place.