Oceanaa Biotek - an ocean of opportunity?

(vikas sinha) #41

The columnist is bit OTT but correct in some ways, nobody takes Taxes lightly.
To quote the article:
“we should not treat the private sector as if it were a den of thieves”

Do your due diligence, sure, but be objective about it.
The audit report would not be a secret, the board would have been aware of contents.
If meeting was prolonged, it is not related to this matter, especially with such a close knit board, basically family. If it was, then good, they took the pains to debate it.
They could have paid and cleaned their public sins, in less money than it takes to hold their AGM. Apparently, disclosure is not always appreciated, mostly we end up shooting the messenger. :sweat_smile:
Like the twitter guy, blaming the auditors! I cannot describe myself adequately, while maintaining the decorum of the VP forum. :roll_eyes:

IMHO, to be exact, there are bad thieves and good thieves. Nothing is black and white.

(vikas sinha) #42

Board meeting postponed, likely due to happenings in Chennai/TN.
rescheduled to Tuesday, 14th August


(vikas sinha) #43

Q1 results:

PAT / Margins Better than previous year. Sales 17% up.
PAT 78% down QoQ.
Shrimp industry is slowing down this year. Not bad for a bad year.

(vikas sinha) #44

Biggest Red-Flag is why would a giant Oceanaa group start a separate micro entity like OBIL?
On one hand it is good to know the pedigree of Oceanaa, but quite puzzling.

The group website “home”-page falls silent around 2009, “milestones” disappear after 2013.
“media” shows that one group company doing fruits and vegetable processing is bankrupt, since 2017.

Old story of Shrimp industry turning to White shrimp from Tiger shrimp, Oceanaa/OBIL top-guy A. Joseb Raj, is man with “business plan that could show the way” (using software for traceabilty which may explain his IT company, Object Frontier Software Pvt Ltd) from Disease, bad seed quality, not tested.

This top-guy has some youtube videos of producing somethings (I do not know Tamil, shows that another company has activities, Oceanaa AJR Cine Arts Pvt Ltd.) and silent LinkedIn profile(s).
The group company has some 25 employees though on LinkedIn:

Overall, other than the puzzle about a giant group spawning a small shrimp like OBIL, the group plant site images are good. The top-guy (and well-educated relations) seem ambitious and qualified, with good plans, talking quality, seeds, hatching, integrated operations (seed, feed, guide, test, buy-back with insurance), traceabilty, testing since ages ago. Hopefully are able to execute them profitably as well.

This is a play on shrimp, India has cost advantages still. Best days are definitely behind us, but some good times may still be around. Somewhat increasing input costs are definitely here to stay, margins will be tough. Growth and Profits will depend on good execution.

(vikas sinha) #45

Maybe they are trying to create an inheritance for the next generation, since the entire promoter holding of 40% is held by two people only. Hopefully they are not flushing them down the toilet!


(vikas sinha) #46

They do seem to have some deep expertise!