I am unable to understand the following transaction involving Pravin Herlekar. I request the forum members to explain it.
http://www.bseindia.com/xml-data/corpfiling/AttachLive/bb938d16-565b-49e7-ade2-84a95c052b87.pdf
(The file size is 12.4 MB. It contains 3 scanned pages).
It seems some of the encumbered shares have been forfeited . Also Pravin Herlekar has acquired 3.6 % of the shares from the seller.
I am not able to find the july-sep 2017 quarter result of omkar speciality chemicals anywhere. Can any one please help.
Not yet announced Q2 , Earlier they have informed exchange that they would announce on Dec14,2017, but they have adjourned the meeting
Can any listed firm defer result announcement. Is it allowed under SEBI rules.
Got a response from the CS stating that the company is planning to conduct a board meeting on the 5th of February for results of both the quarters.
Another one bites the dust…all cockroaches seem to have suddenly come out.
http://www.bseindia.com/xml-data/corpfiling/AttachLive/95511b16-abc6-4377-93fc-d779b6734a42.pdf
Rgds
RR
Disc: not invested
They have also submitted Dec quarter result.
http://www.bseindia.com/xml-data/corpfiling/AttachLive/7c4a6245-1555-44f8-a6f8-4c9e41df1eb7.pdf
It seems promoter did not release sept quarter result seeing the loss. I want to believe that he might have created a plan to resolve this issue in last 3 months.
can anybody suggest how much will be worth of Omkar’s all the patents. I am not ready sell omkar in loss. Since tomorrow it is evident most of investors will try to sell.
Disc : Invested.
As mentioned by @rajput_delhi… coakroaches / can of worms, whatever, has come out with eventual losses to retail investors…
My 2 cents
- Sales has dropped from 82 Cr in Qtr Dec 2016 to 52 Cr in Sept Qtr 2017 (when they did not disclose the results), and then to 22 Cr in Qtr Dec 2017. Either the company products are getting outdated (less likely) or they are losing customers (more likely) and facing severe working capital problems (very highly likely). Had the sales been flat or growing as mentioned in Concalls and the bottm line would have been negative due to exceptional items, write-offs, I would have still given benefit of doubt
- “Changes in inventory” has large positive figures (it means they are building up inventory but to no avail?). More on that below too…
- Finance cost is still stubborn
- In Sept Qtr, they take a write-off for 52Cr for “R&D efforts which will not fructify” – a big red flag, especially given the way they did not report Sept results. And was this hidden on purpose and then disclosed only because now INDAS fair valuation methodology says so? (I am no accounting expert here, but appears so from note 7 to accounts). 52 Cr in my opinion would have not been spent in 1 Qtr alone. Still why was R&D being progressed, or is this the case of siphoning off money?
- Their Sept 2017 balance sheet shows negative networth – is this the case for BIFR / restructuring candidate now compared to going concern earlier? As buffett says “turnaround seldom turn”
- Borrowing of 190 Cr and trade payables of 150 Cr shows that company is severely crunched
- NOW THE MOST IMPORTANT PART: Auditors report gives a QUALIFIED opinion.
- Company has negative 71 Cr net worth and yet the going concern assumption is made. In my opinion it is only a matter of time that this assumption will fall apart. (and who will subscribe to the rights now, I do not know)
- Inventory of 34 Cr was damaged and sold for 3 Cr. Company has filed compensation claim on suppliers, absent which loss of 30 Cr has NOT YET BEEN PROVIDED. Come on, the company expects to get the claim? I will NOT give the benefit of doubt to the company. Hence, the stated net worth is overstated and it should be negative 100 Cr (on a conservative basis)
Not disclosing Sept results on time was a red flag which I conveniently ignored. Valorem Advisors (the IR consultant) has not been renewed and they are no longer holding their IR account – 2nd red flag I ignored. And now the auditor’s qualified opinion (which I cannot ignore)
@nkgambhir and other senior members who track closely, please give your opinion. Also, is there a way wherein we can raise a complain / red flag to SEBI regarding non-disclosure of results in stipulated time and non-disclosure of material events (write-off / negative networth) in time? If so, please let me know and I will request everyone to raise their voice to SEBI
Exited at a loss – I paid a heavy price to market to teach me some valuable lessons. I would advice to stay away from the counter BUT AGAIN, I AM NOT A CERTIFIED FINANICAL ADVISER
(invested in LASA since de-merger, exited Omkar at a loss)
and you think Lasa will be any different.
Both come from same stable
Well, that I do not know. But what is your opinion? And you have any red flags to share, please highlight.
LASA also I will be tracking closely qtr-on-qr
One area to probe could be that they knew they will blow up Omkar and they ve lenders to pay. So, they wanted to save something for themselves and hence they created totally two different companies and showing family disagreements as reason.
Above is more like conspiracy theory but I am just trying to stitch what happened in last 1 year and current outcome
Disc : was not comfortable , hence , never invested but always tracked as a part of academic case study
Promoter Group is same.
Team was same till few months back.
Lasa will also disappoint
I know this forum has no place for MMB style discussion. But saw this message: Shareholders should requisition a EGM for forensic audit and prosecute the key management and all those directors who are part of the fraud
Is this possible and how? and does it yield results? Any expert views or any CS, pls let me know.
You missed one important point the Other Equity balance of 62 Cr. as on 31.3.2017 has also become a negative balance of Rs. 86 cr. as on 30.09.2017 though the half-yearly loss is 44 cr. This means another write off directly of Rs.62 Cr to Other equity balance for which o explanation is there.( This may be because of write off of fixed assets other than 52 cr. as FA has also declined to 80 cr,
This all I think happened as the new auditor didn’t compromise and insisted on true & fair disclosure. This gives the impression that the last auditor was hand in gloves with the promoter in cheating the investor, bankers & authorities.
This put a big question mark on Lasa .
Discl : Sold my position today.
I am sure this would make for an very interesting case study, This is special to me (in a bad way of course) as it seems to be my first DUD in my short investing journey.
I am amazed at the volume action though, if i am not wrong around 15% of equity was traded which is a big number IMHO.
Disc: Avg holding price ~ 75 and not ready to book loss 
Lasa CFO resigned on 31st Jan. No reason was given. Ominious sign.
Can anybody give some view or red flags for LASA? Im planning to exit as I believe OSCL will keep selling lasa and there wont be meaningful upside unless some institutional investors enter. Views invited on Lasa.
I have found it odd that this thread was always on top for discussion where a few members kept posting everyday back in June last year. I even mentioned the same in this post
Now the skeletons seem to be tumbling out of the closet one by one. Its always better to be wary about anything everyone seems to be talking about. Those always come across as “seeded” conversations.
Absolutely agree on this. With all due respect it is naive to think that Lasa would be any different.
Used to hold it at one point in the past, but was lucky to exit post demerger with good profits.
Investors need to think that would have Pravin Herlekar kept Omkar speciality with himself despite knowing that it is going down the drains and would he have given Lasa to Omkar Herlekar (with whom he has some dispute as I read here) despite knowing that Lasa is better off??? Common sense would say otherwise, right! If this is the case then but obvious it is nothing but the same management (and just segregated on paper for their own benefit) and one can’t expect them to be any different.