Durlax Top Surface Limited IPO Message Board (Page 3)

Applied 4 retail applications...expecting atleast 3 allotments

Applied 4 retail applications

Applied 3 retail

0/3

Applied 45 lots application, please join, if possible... Thanks

ICICI bank unblocked money of United Just now.... Please guide in which IPO to be apply GEM or Durlax.... Thanks

Both are good but GEM is better then Durlax.

Go for GEM. @Palka

ICICI Bank unblocked money of UNITED Cotfab?

Mine is also blocked. This was an account in which I got 1 lot, but the balance funds have still not been released.

Should have unblocked around 1 PM, as UPI is unblocked and some ASBA as well. If something is not messed up i assume before 2:30 PM it can @Palka @colcol

P 63 B
S2 116000 😜🔥

How is GMP here better than GEM enviro? looks fishy.

Still Very Less Of Allotment

K

First choice is GEM.... Waiting for Unblock from ICICI Bank for United

Which one are you guys going for durlax or GEM ?? 🙄

Expected Subscription 100 times?

Will the fund from this be available to apply mediacamen IPO on 25th June

​@AbhishekB With UPI, it will be mostly available. With ASBA it depends on each bank, but, most will unblock in time..

​@Basuvr Sorry I thought EnNutrica BSE SME, since people are confused about using 21st funds on 24th.

​@AbhishekB Ignore previous msg, for 25th closing it will be available.

​@KGSKIPO Are you applying in this IPO?

Yes, Few lots only

Applied 15 lots application. Please Join, if possible

​@KGSKIPO Are you applying in this?

GMP online is 40/- but my broker is not doing .... Any significant sauda in grey market?

S2 @80k with mine 😜
sold and applied 3 retail

S2 1L now 🧐🤨🫤

S2 @ 63000

72k

Unpredictable LM + New MM

Incomplete RHP

Page 167 of RHP says restated financial statement (RFS) are available through page RFS 1 to RFS 33. However there are no such pages in the RHP and company has not provided RFS. Surprising NSE has approved such RHP and uploaded on its website. Wonder what kind of due diligence and compliance NSE is doing.

Company is in business of manufacturing Acrylic UV & modified solid surface material which is used in office / show room furniture, kitchen counters & cabinets etc.
Till 22-23 company had installed capacity of 120,000 sheets per annum which increased to 240,000 sheets per annum in 23-24 without any major investment in plant & machinery. The net block of Tangible Assets in Property Plant & Equipment increased from Rs 19.34 Cr in 22-23 to Rs 20.33 cr in 23-24. It seems company was working in single shift till 22-23 and increased it to 2 shifts per day from 23-24.
Capacity utilisation was 89% in 22-23 (assumed single shift /day) and 72% in 23-24 (assumed 2 shift / day). Increase in production is +ve sign for product acceptance, business prospects, future growth.
Material cost as % of sales was 82% in 23-24, reduced from 85% in 22-23. Need to see if this reduction is sustainable.
Receivables have increased almost 100%. It seems company had to provide liberate credit to its sales channel to boost sales, which is reflected in jump in receivables.
Top 10 customers make up 78% of sales while top 10 suppliers provide 86% of goods / services indicating high customer / vendor concentration.
For machinery / raw material imported under EPCG and Advanced License scheme, the company has total export obligation of Rs 39.5 cr. It’s exports for the last 3 years are cumulatively Rs 7 – 8 cr. Company has applied for extension of the export obligation time period and is yet to receive a response from government.
Company did a private placement in Jan-Apr ’23 @ Rs 30 per share and in Jun-24, after a gap of 18 months, the IPO is priced @ Rs 68 per share.
Based on working capital projections, FY25E sales are Rs 121 cr, a 30% jump of 23-24. It assumes that receivable days will be reduced from 121 to 91.
IPO expenses are budgeted at Rs 5 cr, not sure if this are to be fully met out of fresh issue or whether some portion will be recovered from OFS.
Review of Tangible Assets, Receivables, Other expenses, Other Current Assets etc is not possible due to incomplete RHP. Short term loans & advances and other current assets have jumped from Rs 1.2 cr to Rs 3.2 cr. Without details unable to understand why a working capital needing company is giving higher amount of loans and advances to others.
Company has secured loans from Mumbai District Co-Op Bank (Rs 30.4 cr), PNB (Rs 11 cr) and M&M financial services (Rs 2.6 cr). Unsecured loans are from promoters (Rs 13.9 cr) and 8 other entities (Rs 3.8 cr). Rate of interest not disclosed. From related party transactions, it appears loans from promoters are interest free.
Objects of the issue are financing working capital needs and general corporate purpose. Not sure if it results in repaying of promoters unsecured loans.
Litigation involving company is an interesting read. Company did not pay against order machinery for which vendor won an arbitration award. Company has now settled the matter for US$ 70,000 for which the company needs to make payment. Company has 12 pending Income Tax and Delhi Trade Tax matters aggregating Rs 70 lacs. These matters pertain to FY 2010-11 to 2017-18.

thanks for detail analysis

S2 @40000 😉😒

Sub2 35000 🤨