SEBI finds about 85% of Seacoast Shipping sales were fabricated
Seacoast Shipping Services Ltd · Shipping and logistics
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
End-use tracing of funds
Would have followed rights issue money to its recipients.
Can mislead when: Kubr sees only the company's own accounts. Once money reaches a third party's bank, Kubr can flag the payee but cannot see the next hop without that party's consent.
Operating-metric verification
Would have tested reported freight volumes against real vessel and client activity.
Can mislead when: Contract staff do not appear in EPFO. Vahan access needs licensed APIs. Some businesses have no physical trace.
Document authenticity / direct pull
Would have verified asset titles directly with registries.
Can mislead when: The company can refuse consent, and a refusal is itself a flag. Some banks and co-op banks are not on AA yet.
Where Kubr services would have helped
Financial diligence
Offered in India- C5 Would have verified asset titles directly with registries.
- C10 Would have tested reported freight volumes against real vessel and client activity.
Valuation context
Offered in India- Peer multiples and the exit-multiple bridge would have shown how much of the story relied on valuation holding.
Proceeds tracer
Offered in India- C6 Would have followed rights issue money to its recipients.
- C10 Would have tested reported freight volumes against real vessel and client activity.
Model check
Offered in India- C10 Would have tested reported freight volumes against real vessel and client activity.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.