Mismanagement of money?

I was looking at the list of companies trading at a market cap below the money they raised during their IPOs in the last five years provided in previous two articles, and found one of them, named Precision Pipes and Profiles, interesting. The company till March 2007 had investments of only INR 0.72 Crore, on their balance sheet which subsequently increased to INR 56.86 Crore at the end of March 2008 and declined to 21.24 Crore in March 2009. This made me curious and led me to read their annual reports of FY2008 and FY2009. I found that the company heavily invested in equity mutual fund schemes during April 2007 - March 2008. Some of the schemes were liquid, FMP schemes and were sold off during April 2008 - March 2009 but equity schemes still remained in the investments and that too at a very steep decline in NAVs.

Scheme	Units 2008	Value 2008	Units 2009	Value 2009	Value Today
Birla Special Situation Fund	9388753	80413731	9388753	48314523	86977407
Birla Sunlife Industries Fund	90113	3173975	90113	1647271	2706093
Fidelity Equity Fund	26715	429822	26715	289834	784111
HDFC Infrastructure Fund	2000000	18708000	2000000	10364000	21782000
JM Basic Fund	53860	1071603	198320	1238506	3572139
Kotak 30	61285	1918655
LICMF Equity Fund	44540	393953	44540	253927	1092031
LICMF Infrastructure Fund	5400000	50079600	5400000	30493800	49680000
Reliance Growth Fund	73730	3735910	69457	2041755	3661495
Reliance Natural Resources Fund	2962962	28511111
Tata Infrastructure Fund	203307	4586314	151163	1935036	4875006
AIG World Gold Fund			1955990	17545232	24404887

The value today for the investments mentioned in the annual report of 2009 stands at
INR 199535169 which is still below the actual invested amount of INR 205188460. The company clearly mismanaged money. At the end of March 2009 itself, the market value of schemes was 45% lower than the invested amount. Thanks to rise in stock market over the last 10 months, the market value of this schemes today is just 2.8% lower than the invested amount. But we don't know if the company has already sold them or not. Let's wait for the next annual report.