Coral Hub (Fomerly vishal information)

A small bpo company it now has an e commerce (sale of books online ) and digitalization of books as its main business
There have been many grand announcemenst about change in business operations
The company has also WITHIN A SPAN OF 2 YEARS SPLIT ITS SHARES THEN CONSOLIDATED THEM
04/02/2011 Consolidation of Shares
25/09/2009 Dividend 0.12
07/08/2009 BONUS 1:2
06/03/2009 Stock Split from Rs. 10/- to Re. 1/-

Source bse website
Now that’s a record I haven’t seen
The balance sheet is unusual too as of 2009 it had cash and bank balances of 160 crores ( most of it ipo proceeds)
Within a year ie march 2010 it had just 16 corres as cash balances …… where did the rest go? Well it seems to have gone into loans and advances which jumped from 30 crores to 190 crores
So who did it lend the 130 crores to ? well it gave “advances “ to 4 subsidiaries of 146 crores who are they and what do they do ? ……… not much information is given in the website
Heres the standalone balance sheet

Heres the consolidated balance sheet

Basically heres what happened 146 crores of ipo money were given as “advances” to 4 subsidiaries
3-4 years from now DO NOT BE VERY SURPRISED IF THE ADVANCES TO THE SUBSIDIARIES ARE “WRITTEN OFF”