Jiwanram Sheoduttrai Industries Limited IPO Message Board (Page 3)

https://ipo.cameoindia.com/

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0/3 Retail

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https://ipo.cameoindia.com/

GMP 12

​@Noorul Sir, have you applied here?

​@Noorul Thanks Sir 🙏

@noorul LM of auro not Cosmic... MM is of cosmic FYI

Applied 7 retail applications

@lokes what's your take on infollion research

No excitement in this ipo.

Not Able to apply through ICICI DIRECT!! Any update ?

BEWARE !!! BEWARE !!! I worked with this company for long 15 years. This company has been demerged from their brothers stake. There are three brothers, Vimal Prakash, Kamal Prakash and Youngest Alok Prakash. This company has been segregated and handed over to Mr.Alok Prakash after family disputes. They have workwear garment factory and leather goods, like leather bags, gloves etc manufacturing factory. Their main bank in Canara bank, overseas branch Park street Kolkata.
Now, (1) The at registered office, there is no employee. (2) CFO has no accounting background. She is the wife of promoter. (3) Promoter is taking money in cash from vendors out of purchases of raw materials like leather and cloth (3) The inventory in the books are rubbish (4) One of the director named Amitava is the old junior employee. (5) They have never paid statutory dues like PF & GST in time (6) Lots of bank defaults (7) Promoter from a long time siphoning money from company (8) Work in a competitive market (9) All promises are non sense (10) They have paid huge money in cash to all group companies and relatives so get out of this company at the earliest and never subscribe .........................

All experts pls share your view on this ipo apply or not?

Only lucky will get... As already 100x

Try your luck

Not being shown in Axis Bank IPO Page.

Skipping this…

@ipobazaar @B.M.SURANA @Eagleye @KAPPO Please suggest sir should I apply or not ?

issue expenses are high big avoid...next agarwal
kolkatta owner....

only makes gloves... bogus pat to get high value ipo...

kehlo India..
nothing great in lm

bhav lisitng ...sell n apply

​@Ascension Sahi pakde h

​@MVP Company promoter would have refused to pay for 1st message as per deal :)

chor kolkatta prmoter

Issue expenses are 16% of IPO
Comparatively small issue with low price makes it easier to manage listing
LM with track record of only 1 prior IPO which listed in discount
Company has 2 main product lines, gloves and industrial work wear.
Poor cash flow for last 3 years mainly due to paying off other liabilities worth Rs 15 cr.
Cumulative PBT of last 3 years is Rs 9.1 cr where as CFOB4T is negative Rs 9 cr
22-23 fiscal had forex gain of Rs 3.35 cr. Whether this will be a recurring feature or not is debatable.
Total forex gain across last 3 fiscals is Rs 5.3 cr out of PBT of Rs 9.1 cr. It also shows that management is not hedging its forex exposures and is expecting continuous INR devaluation
Material cost as % of sales has gone up from 60% to 67%
Export as % of sales has dropped from 83% 2 years back to 59%. While absolute value of export sales has remained constant, domestic sales have jumped 3x in last 3 years.
Capacity utilization remained at 44% in 20-21 and 21-22 but jumped to 62% in 22-23, mainly due to volume increase in gloves segment.
On sales of Rs 42 cr, receivables are Rs 43 cr. This implies a extremely working capital intensive commoditized business.
Company intends to use IPO proceeds to fund working capital and repay loans
Company has disclosed it has 157 employees. As per EPFO company deposited PF for 10 employees in July-23 and 10 employees in July-22. Employee benefit expenses as % of sales has dropped from 9.8% of sales from 20-21 to 6.2% in 22-23, mainly due to increase in sales.
YoY, reliance on top 5 customers has increased from 41% to 64%. Top suppliers provide 63% of material which is flat YoY. Overall high concentration among suppliers and customers.
YoY revenue has jumped 25% while fabrication and packing charges has dropped 12%, professional & consultancy charges have dropped 33%, rates and taxes have jumped 5X, custom duty & import clearing charges have dropped 38%, inspection and testing charges have dropped 76%.
Out of receivables of Rs 43 cr, Rs 32.56 cr is outstanding for more than 1 year and Rs 30 cr is outstanding for more than 3 years.
Out of total borrowings of Rs 52 cr, Rs 25 cr is from related parties.

anyone checked out the borrowings part? is it a matter of concern when compared to revenue and PAT? experts pls reply. tq

Borrowings are more than revenue which is definitely a matter of concern. Since the size of IPO is only Rs.17 cr, a meagre amount of Rs.2 cr is proposed to be repaid out of total borrowings of Rs.52 cr, which is not going to make any difference. But in fact, this fact is also not going to make any difference because people are going to apply on the basis of GMP only😀

looked interesting however was disappointed post reading RHP.
- Company manufactures industrial gloves and garments. Technical textile is promising space.
- Company has three manufacturing units however production mainly happens in 1 unit. other 2 units are mostly idle. very poor capital decisions in the past.
- Revenue increased from 14 crore to 45 crore in FY 23. increase is largely on account of exports that too in EU. last 1 year even established players have not been able to increase EU exports. How come Jiwanram did? more perplexing is consistently high receivables. Receivable days is ~ 1 year.
- Financial seems not just window dressed but completely cooked. no consistency in EBIDTA margin, WC etc.
NWC days is 564. not possible to have profitable business with such high WC days.
- ~ 15% issue proceeds is to be used for listing expenses.

will avoid this or sell and apply.

Jiwanram Sheoduttrai Ind GMP ~ 13 @ 10:05PM # 09 Sep

fake rate of vino

Market cap on IPO issue price?