Fomento Resorts - Cidade De Goa - Go Goa Gone!


(Bheeshma Sanghani, PhD) #21

An interesting about this writeup ( much of it has been sourced from VP itself) is that the preference share dividend & related party transactions part was added as an after thought right at the end.

How can anyone miss this in the primary analysis. It jumps out at you at one glance of the AR!

Best
Bheeshma


(Amit Jain) #22

I understand the above line…
So I took the revenue from operations numbers, (instead of Cash Flow) then there was no cook up visible… the numbers look good.

I wonder, if there is a person or a course I could do which would teach to study Annual Reports


(priyankbhatt87) #23

As per annual report of 2014-15, Aarvali resort was expected to open/operational in mid 2016. Any idea why there is such a delay in execution? 32 room resort is under construction since 2.5 years.

Thanks,
Priyank.


(Akbar Khan) #24

The construction work is completed. New capacities could be operational in 15 to 18 months as per Chairman’s speech at the AGM.


(Bheeshma Sanghani, PhD) #25


(MBMAKHIJA) #26

Thanks Mr. Akbar Khan.
Since you attended the AGM,were the Suresh Jayantilal Ajmera Group holding 20% shares present at the meet. I feel this group and Promoter Group are having business relations.
Civil Works of the new Hotels may be done by Ajmera. My E-mails sent to Company has remained unanswered.
After OFS, company came out with Postal Ballot for delisting the company. Also available Demat shares are approximately 2 Lakhs plus holdings of Ajmera family 32, 68,500 shares.

Kindly update your views on same.


(Akbar Khan) #27

No… I do not think there was anyone from Ajmera group.
Also I do not have information of who got the civil contract.
The Chairman said the promoters were willing to delist if the shareholders desired.

Disclosure: Nominal holding only for purpose of attending AGM.


(MBMAKHIJA) #28

Dear Sir,

Thanks.
Fomento complied with SEBI guidelines of 25 percent public holdings by OFS
during end May 2013.
Suresh Jayantilal Ajmera family of Matunga, Mumbai subscribed entire lot of
32, 68,500 shares offered (20.43%) @ 150.00.
Thereafter Fomento came out with delisting resolution thereafter and this
group assented the resolution. Due to changes in rules announced by SEBI
for the delisting the company withdrew the resolution.
Now they are carrying out expansion by building 2 new properties and
promoters have funded through Preference Shares and ICDs of about 173
Crores and have spent around 200 Crores till September 2017.
Liquidity is concerned, since out of the remaining 5% public holdings, many
Shareholders are yet to Demat their shares. In fact I noticed many have
also Rematerialized their holdings. May be Ajmera is their proxy holdings.
I feel since you are from Google, you can make a visit to the Hotel and
find out who is doing the Civil Works since Ajmera are into realty business.

Thanks
Mahesh Makhija


(Akbar Khan) #29

The construction of properties is already completed. That was what was mentioned at the AGM.


(Hardik) #30

Agreement with Indian Hotels to operate it’s new and existing hotels.