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Monday, August 25, 2008

Austral coke new twist

Recently the IPO of Austral coke happened.The company is yet to list but checkout something which may just change your perception about these company.

Fraudulent Misstatements in the Prospectus of Austral Coke & Prolects Limited:-

Gujarat NRE Coke wishes to condemn in the strongest words the manner in which Austral Coke and Projects Limited, whose public issue opened on August 7th 2008 has used half truths and downright lies in its prospectus and other public documents.Austral has not only made a series of mis-statements in its prospectus fraudulently, but has also dragged in the Gujarat NRE Coke name as a “peer” seeking to cash in on our reputation and goodwill in the industry and the investing fraternity.

1.Austral has claimed a current production capacity of 3.75 lakh TPA — this statement is completely baseless considering the fact that the very basis on which the company’s projections are made is wrong and misleading.The company has only two chimneys which can give it a produce of 60,000 — 70,000 tons of coke which cannot justify the claimed figures by any stretch of engineering excellence.Gujarat NRE Coke, the largest independent producer has 20 chimneys with a current capacity of 6.82 lakh tpa in Gujarat.Austral has claimed in the prospectus that it has four chimneys which are completed and installed whereas the fact is that it has only two chimneys while two others are under construction. Media personnel are requested to kindly visit their plant at Lunva, Taluka Bhachau, Gujarat and see this blatant lie with their own eyes to verify this fraud.Even the website of Austral in their corporate video as well as the corporate presentation shows only two chimneys while the other two “stubs” are in various stages of construction.Even with 4 chimneys, Austral’s production can only reach about 1.20 lakh tons to 1.40 lakh tons per annum leaving a huge gap between the actual truth and the fraudulent claims.The actual production figures have not been disclosed by Austral in its prospectus to cover up the “window dressing”.The actual production figures have not been disclosed by Austral in its prospectus to cover up the “window dressing”.The financial comparison by Austral with Gujarat NRE Coke, which is based on such engineered and doctored data is made with the twin intent to cheat and defraud investors on the one hand and defame Gujarat NRE Coke on the other.

2.The promoters of Austral have claimed that they were the original promoters of Gujarat NRE Coke,conveniently forgetting to mention that they were forcefully “expelled” in 1997 from Gujarat NRE Coke Limited by the shareholders because of fraudulent practice including defalcation of shareholder monies.Several cases against Mr. Ratanlal Tamakuwala and Mr Risbi Raj Agarwal are still pending in the Calcutta High Court for investigation and recovery of public investor funds defalcated by them.

Conclusion:I am in no mood to comment though I must admit in my entire life till date I havent applied for any IPOS whatsoever.Now that gujarat nre has said all these I leave the answer or conclusion of austral coke to you readers.


Regards,
Arun
I can be reached at:arunanalyst@rediffmail.com

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