[jmathew]

Key Factors Influencing Earnings Industry: Niches like finance, insurance, and real estate command higher CPMs (e.g., $30+).General entertainment or gaming tends to have lower CPMs.Geography: Audiences in developed markets (e.g., the US, UK) yield higher CPMs than those in developing regions.Ad Format:Video Ads: Higher CPMs (e.g., $10 to $30) due to better engagement.Banner Ads: Lower CPMs (e.g., $1 to $5).Native Ads: Mid-to-high CPMs ($5-$20).Audience Demographics: High-income, niche audiences (e.g., professionals, tech enthusiasts) generate better CPMs.Publisher Revenue (RPM)While CPM reflects what advertisers pay, publishers or app developers typically earn 50% to 70% of the CPM after platform fees. For example:If the CPM is $10, the publisher might earn $5 to $7 per 1,000 impressions

[jmathew]

The Trade Desk (TTD) typically uses a cost-per-mille (CPM) pricing model for advertisers, which means they pay for every 1,000 impressions. The average CPM on The Trade Desk varies based on factors like ad type, format, and targeting. Generally:Display ads have a CPM as low as $2.50. Video ads, especially mobile and in-app, are significantly more expensive, averaging around $9 to $11 per CPM Improvado Semrush The platform also incorporates a hybrid pricing model, blending CPM with a percentage of media spend (POM), where the most cost-effective option is automatically applied. This helps optimize costs, especially for campaigns with varying audience sizes or impression volumes Tunnl These rates provide flexibility for advertisers depending on their budget and desired reach

[jmathew]

Based on my research and understanding, I believe that SRK/OMS may have taken steps to obscure the actual revenue for Q3 and Q4. Additionally, they seem to have some kind of deal with 44 Ventures. However, the past is the past, and I hope SRK can recover and make a comeback. Ultimately, what we want is fair appreciation for our investments.

[jmathew]

Warren Buffett: How To Analyze a BALANCE SHEET

Attachments:

1. 

   Warren-Buffett-How-To-Analyze-a-BALANCE-SHEET-Brightcomgroup.pdf
   

[Logan]

It was a good initiative to start sharing the weekly updates but the latest update that they’ll be answering our queries starting this week is a greater initiative.

Let’s hope that the revocation of trading suspension happens on time and also they start resolving all the outstanding issues at the earliest.

Mr.Raghu and Mr.Kallol deserve credit for taking up the roles at the right time and for steadying the ship. SKR also deserves credit because it looks like it’s him who is doing all this.

[Logan]

Recently the company is showing proactiveness which was missing all these years. There were signs of improvement here and there but whenever those improvements were happening, one or other thing would overshadow and put the company under pressure. For ex, the company was improving a lot from 2021 (after the bad debt was closed) but the FA news overshadowed all that and they had to concentrate more on that and less on communications. Anything the company shared, most were not that interested in that and they were mostly asking about the FA (obviously that was very important). After the first SCN also there was a lot of improvement but the SCN2 put everything in a state of uncertainty.

I hope that there won’t be any events that would overshadow the progress happening. If any such thing happens then that will set the company back again and rebuilding that will take years.

It’s very good to see that they clarified about the BSE circular immediately and another good thing is that the new CS has signed that document.

[Logan]

BCG’s and the board’s many actions are the best examples of making simple things complicated.

What is the need for a joint auditor? That too when they won’t even share all the subsidiaries results with the auditor? Earlier they were sharing everything but after Daum case happened they stopped sharing and even though the subsidiaries are audited, SKR doesn’t want to share much with even the auditors and he wants to keep many things secret. The reason he gave for this was that he doesn’t want the competitors to know how the company is run. Maybe that’s why he kept his friends as auditors for years. No one can support this. All the companies also don’t want to share their secrets but they share everything with the auditors. If SKR/board is worried about the quality of the auditors then they should appoint a top 4 auditors to do the consolidating audit.

I know in the journey to become big companies many people will use short cuts to make sure that they don’t lose control over the company but in BCG’s case SKR has taken it to a stage where it looks silly and embarrassing.

He had the support of most investors which he should’ve used for good things but I don’t know when he will wake up and make the board also wake up. We are tired of seeing these silly things happening and getting repeated. Audit is full ready but the auditor resigned at the last minute etc looks so silly and pre planned. Board scheduled a meeting weeks before the date but that will be cancelled at the last minute because something came up. This looks like how small children give reasons for not completing homework on time. I’ve supported him many times for other things but I can never support him or the company for these things.

If he wanted total control then why did he come to public markets? He could’ve kept the company private and spared us all these emotional rollercoasters and tensions.

We have to wait till Sunday midnight to know why they want to appoint a joint auditor. You can be 200% sure that they will use fancy words to describe themselves and say how transparent they are and how this step (appointing joint auditors) is important. Of course the auditor might resign later but still the board will say that it’s good for the company (SKR said this when Murali & Co resigned as auditors) and spin everything as a positive.

[Investor_2022]

Loganji,
What is your view on clarification given by company on joint auditor?

[Logan]

@Investor_2022, on the surface it looks good but I’m still not sure why another auditor is required now. Maybe the current auditors are taking more time and they need to finish it ASAP.

My comments are about the overall developments and scenarios. Today also an independent director resigned. Last month 2 of them resigned right after the AGM. If these keep happening then it shows that no one’s taking things seriously and they can leave anytime.

We need serious, long term oriented directors on the board who take everything seriously.

[Investor_2022]

Logan ji,
Thank you for your reply.
Hope to have a glorious time again in 2025 (as we did see in 2021).

[Saach]

@Logan, Dear I think that SKR is in the process of building his solid team of his trustworthy Directions who could stand with him during hard time of transformation of his initial dreams into world level solid organization and dynasty. My understanding for this genius is totally different right from the day one, I started to invest in his “Vibrant company” (Greeting cards). Currently, he is working behind the scenes, in my opinion, and will definitely succeed, it may take longer time, but surely. Warmest regards (purely my personal views).

[Investor_2022]

Audited result of the year 2023-24 is out.
AGM is scheduled on 7th February 2025.
https://www.bseindia.com/corporates/anndet_new.aspx?newsid=792d11ce-5914-450b-913f-732b6654640a

[Logan]

@Saach, sorry for the (very) late reply.

I totally get your point about SKR’s plan and all shareholders have given him enough freedom and look what he did with that freedom. Had there been proper checks by the board, the company wouldn’t have been in this situation. SKR is a type of person who needs absolute control so he had appointed (with all due respect to them) mostly dummy directors, except people like Mr.Raghunath, Mr.Ram Sharma and Mr.Peshwa. Few of the previous and current directors are maybe good in their fields but I don’t think they add much value to the company. SKR has built/kept the parent company in a way that it’ll only be a holding company and all the decisions are taken at the subsidiary level (mostly by OMS/44 Ventures people) and the parent company’s board and management (except SKR) are just there for appearances or to facilitate the operations of the subsidiaries. I think the salaries of the CFO and executive directors are very low and I’m guessing that’s because these people are not working on day to day operations of the parent company but they’re just there for managing it which doesn’t require much effort.

This approach of holding company concept and having control is not a bad thing when we look at the operations side of things, in this fast changing tech (and adtech) world, it’s important to have control and strong leadership but that should be shown in other things also (like compliance, adhering to rules/regulations etc). No one checked what SKR did or didn’t say anything so he did the things which brought the company to be in this situation. The company’s stocks are suspended for trading, everyone makes fun of the company or they won’t take the company seriously and it’ll be very difficult to earn back the trust of all the shareholders who have trusted the company and SKR through thick and thin.

SKR and the management people don’t want to share sensitive information about the operations of the company and I’m totally fine with it but the problem is they did/do it with compliance related stuff also – like not sharing the audited results of subsidiaries for years (they shared for sometime but removed them later), proper details of PW allotment and how the money was used, not being transparent about the SHP, about acquisitions (they talk as if acquisitions are complete but backtrack later and not share proper details, at first they hype about the acquisitions but later when they change plans they don’t give proper reasons which looks suspicious). All these don’t bring much confidence or show that they’re serious about anything.

It seems like directors are (were) appointed for specific tasks (mostly to adhere to all the rules, regulations and for compliance) but they’ve to make sure that they hire people for the long term so that there’s stability and continuity at the company and also to instill confidence among shareholders and show that the board members are in it for the long term. If they wanted help only for compliance stuff then they could’ve hired consultants instead of board members.

And the character of SKR/management is that sometimes they share almost everything but in other periods they act complete opposite and not share basic stuff also which is very annoying. They shared so many updates regarding compliance etc but still there’s no news about December quarter SHP. It’s always the same – either they’ll be too active or too lazy/careless. When they finally share the details it’ll be too late but they’ll act as if they did a very great job (when it was only a basic thing to do) and pat their backs and write fancy things about transparency, commitment etc.

But in all these difficult situations, one good thing is that SKR showed that he takes responsibilities and doesn’t quit and and seems to have plans even if he doesn’t get back his previous roles in the company. With all things considered, I support SEBI in BCG’s PW topic. SKR and friends might have paid the money through different routes or whatever but the way it was planned, handled and the troubles it has caused clearly shows that SKR didn’t perform his duties as a chairman and he let everyone down (shareholders, employees, fellow board members etc). Like mentioned before, sometimes I feel that SKR should be removed considering the stress and pain he has caused shareholders from the past 2-3 years but when I think about other things, mainly the future of BCG, I don’t want SEBI/SAT to remove him and they should give him big penalty and let him be the CEO again. They can bring an order where the chairman should be a different person and both chairman and CEO shouldn’t be the same person. They can make Mr.Raghunath the chairman and though he is SKR’s friend, he’ll not let SKR do whatever he wants because SEBI and SAT will have eyes on the company/board. I’m not a qualified person to talk about this so it’s better to leave it to the honorable judge at the SAT to decide what to do with SKR. My only wish is that they should give judgement keeping the interests of all the shareholders in mind.

[Saach]

@LOGAN, wonderful and amazing efforts to analyze the situation. My highest regards for your understanding my message! I totally agree with you. Warmest regards.

[Logan]

Like I said in the previous post, there’ll share everything for some period but suddenly become silent later and not share anything and that’s what happening now. It’s either share too much or it’s share nothing. Why should they tell us that they’ll share the SHP within time if they can’t do it? Why mislead everyone? Where’s the accountability?

The main thing which they lack is accountability. Being accountable leads to being consistent and being consistent builds trust which in turn increases confidence. It’s no wonder that no one trusts BCG.

We’re not asking them to share secrets or something extra and all we’re asking is for them to share the basic stuff like the SHP details and update on the progress happening on revocation of trading suspension.

It’s not the time to share something funny but I can’t help but say this – They will eventually share the SHP and when they do it, they’ll tell us what a great achievement that is and how that step (sharing basic info) shows how committed and transparent they are.

SKR’s friends dumped all their shares as soon as their lock-in period ended but he has brought a situation where shareholders can’t even sell their shares which they bought with their hard earned money. He won’t understand the stress and pain he has caused. On paper they’ll say how sad they are to see the difficulty faced by the shareholders but in reality it looks like they are least bothered. Thankfully I’m not in a situation where I have to sell my shares but I can imagine how hard it is for someone who wants to. Stock market is not predictable and anything can happen anytime and stocks will in upper or lower circuits etc but all that is for when things are not in your control but the company had full control and till last day they were saying that they’ll not let the trading suspension happen but it happened and later they said they’ll not let permanent suspension or the current suspension state (I don’t know the technical term) happen but that also happened.

It’s simple, with no accountability, these things will continue to happen.

[Logan]

It’s good that they shared the weekly update yesterday. In that they’ve mentioned that the last weekly update was not shared because of the sensitive nature of the ongoing revocation process. I totally understand that as we don’t want them to share something if it means it’ll hinder the progress made.

My humble request/suggestion for them is to make sure that they don’t commit to something and miss it later (like saying SHP will be shared within deadline or telling us that revocation will happen within time etc). It’s better to inform shareholders in advance that the updates will be shared based on the progress made or considering how sensitive something is instead of staying silent as silence leads to unnecessary speculation. Like yesterday’s update, they can tell us in advance that a particular update will not be shared regularly and will be shared only if progress is made. That way everyone can understand the situation and leads to less speculation.

I don’t want them to share weekly business updates also because I don’t want them to share sensitive information related to the business/operations. I want them to be 100% transparent when it comes to compliance/reporting/following rules and regulations part but when it comes to business/operations they don’t need to share everything and share things which are mandatory (as mandated by SEBI/authorities).

One example is they should share the audited results of all the subsidiaries as that is related to compliance but they don’t have to share any sensitive business/operations information if that is not mandatory.

[itachi]

I am surprised this group is still active #nostalgia

[Saach]

Dear @Logan, after having seen the last notification from BCG reg. confirmation of declaring the Q3 results on 14-02-2025, I do not think, this time, SKR will repeat anymore any mistake(s) to ruin his all efforts/dream to wash his old wrong steps which degraded him to that level. As usual, I repeat my disclosure that this is a purely personal comment. Warmest regards.

[vstvm]

Dear All
Please find the SEBI final order with respect to the SCN-1 issued during Apr’2023.
Kindly request the fellow boarders to review and provide your inputs.
Total fine imposed is Rs.34/- crores.
When do you think that the relisting of the share would happen.
Thank you.

Attachments:

1. 

   58bb9193-f668-4f80-a14e-dde4a2febbd6.pdf
   

[Logan]

@Saach, like I mentioned in the past, whenever there’s progress and improvements happening one or other thing will come and disrupt everything and set the company back. Sometimes it’ll be external and sometimes internal (mostly because of SKR).

In 2020/21, just when we were about to see progress, the Axis Bank case at NCLT happened then in 2022 the forensic audit news came, in 2023 there were 2 SCNs, the first was good which forced the company to improve a lot but the second was almost like a death blow. Now we have the final order for the 1st SCN.

The order doesn’t look too bad for the company (I’m not trying to spin anything positively) as SEBI has banned the company from accessing the capital/security markets for only one year but it’s bad for the promoters, especially for SKR who is responsible for all this. He can’t be associated with BCG (or other companies) for 5 years.

If he and VK didn’t lie to us and the market about their shareholding then SEBI wouldn’t have banned them for 5 years (the orders would’ve been similar to what it’s for the other two people) and maybe at the SAT they could’ve appealed and settled by paying only the penalty but the self destructive nature of the promoters has brought them to this situation and because of them we are also suffering.

Only God knows what the penalty will be and how many years SEBI will ban SKR for observations in SCN2. Obviously they’ll appeal these orders but I still don’t understand why SKR didn’t appeal immediately so that he could’ve stayed till the SAT gave an order. He’d have at least got relief for some days/months. I’m not supporting him but my question is if he was going to appeal anyway why didn’t he do when the order came? Like mentioned above, we are suffering because of his actions.

I don’t know for how long this drama will continue and when we will see good days. I hope that the current management will continue concentrating on the business and make sure that the company not only survives but grows more and becomes one of the established players in the sector. As shareholders, we should get ready for some difficult situations as the road ahead is not clear and full of uncertainties.

[Author]

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