https://x.com/Manojeet_Das/status/1930668432334393503?t=HULiinvlhvbUTX5bahgQgA&s=19 Hi everyone, In my April 16th tweet, I shared my thoughts and concerns about #baluforge — including the unusually high Fixed Asset Turnover Ratio (which is a well known fact among investors). Something didn’t sit right. We even emailed the company, but received no satisfactory response. Instead, our queries were mostly avoided. That experience prompted us to dig deeper, particularly into their UAE subsidiary, SAFA Otomotiv (safaotomotiv.ae). What we found raised even more serious concerns: 1. Only the auditor’s stamp appears on the P&L and Balance Sheet — no signatures from any company officials. A governance red flag? 2. Fixed asset turnover of the subsidiary stands at 33x — surprisingly, it was only incorporated in 2021. 3. The auditor's address on the website differs from that in the financial report of the subsidiary. 4. Possible overlapping/double-counting of revenues of SAFA Otomotiv (AR 23 and AR 24). 5. The leadership background of the UAE subsidiary raises more questions than answers. We posted on our blog regarding the same - prudentparrot.com/balu-forge-irr… These findings were deeply unsatisfactory to us. And as we always strive to be accountable, we wanted to share everything openly with fellow investors. As a result, we’ve decided to fully exit our position in Balu Forge. We’ve been fortunate to ride this from ₹800 Cr to ~₹9,700 Cr market cap — an emotional rollercoaster, no doubt. We acknowledge that we should’ve done better due diligence from the start — and we sincerely apologise for that🙏 . At our entry level, it was more of an opportunity than a risk, but now the risk outweighs the opportunity. But as things stand, it is what it is — and we’re grateful we didn’t end up burning our hands in the process. We’ve been transparent since Day 1 — and we’ve laid out all the facts as we see them. Please, do your own due diligence and make an independent decision. That’s all I've to say. Peace ✌️