Marco Cables & Conductors Limited IPO Message Board (Page 4)

Big avoid..
See the highly subscribed ipo like chavda...market is not good.. retailers stay away..can see after listing

CHAVDA is good buy for medium term.

Big Avoid Dont subscribe any ipo with less then 30% Premium see Chavda 40% Premium vanished

LM interactive, Registrar Bigshare

Marco Cables
Jodhpur Beawar Raipur
GMP
₹9/= 10/=
Subject to
₹20000/= - ₹22000/=

Aluminium and Copper cable manufacturing company with registered office in Ulhasnagar and factory in Sinnar, Nashik.
3 of the 5 directors in Board are family members and while they seem to have practical hands on experience, they do not have any technical qualification related to this industry. 1 independent director Mr Ajay Vijay Singh holds no valid experience of the industry while another independent director is a CA based out of Surat. The 5 factory based KMP, listed in prospectus, have been with the company for over 30 years.
Numerous compliance and regulatory filing delays by the company in the past, refer page 36 of prospectus
81% business from government
Company disclosed it had 79 employees as on 15-July-23. As per EPFO, it deposited PF of 79 employees for May-23 and for 83 employees for May-22. EPFO does not have details of any PF deposit after May-23.
23-24 turnover of Rs 130 cr based on working capital projections. 21-22 and 22-23 turnover was around Rs 56 cr. 22-23 saw softening of metal prices which could be a reason for improvement in profits. If metal prices go up in future, company might have pressure on profit as most of the government contracts would be fixed price contracts.
Top 5 customers 75% of sales, top 5 suppliers 60% of supplies
Capacity utilisation ranges from 22% to 40% and has dropped compared to previous years.
Commoditized business, material cost is 80% of sales.
Inventory + receivables are equal to 1 year sales, highly working capital intensive business.
Poor cash flow, 22-23 positive cash from operations possible only due to delaying vendor payments
Orders in hand of approx. Rs 178 cr from various state government t&d companies
Out of receivables of Rs 28.5 cr, Rs 4 cr is outstanding for more than 6 months
22-23 includes sale of property for Rs 65 lacs, will be a one off item, sale consideration yet to be received by company
YoY discount & difference jumped from Rs 17 lacs to Rs 46 lacs. Interest on TDS of Rs 13 lacs for 22-23, previous year – NIL
Rs 5.85 cr unsecured loan from NBFC @ 14% to 17%. IPO proceeds not to be used for prepaying any of these loans. Rs 3.05 unsecured interest free loan from directors.
Out of a small IPO of Rs 18 cr, Rs 9 cr is OFS. If promoters are cashing out despite bright future prediction then shareholders need to decide for themselves
Unit No. 19 & 21 (Shop No. 100), Ground floor, Opp. Sarvanand Hospital, Barrack No. 1984, Ulhasnagar (admeasuring 4,500 sq.ft.) including vacant plot of 3600 sq. ft. This is the description of property valued at Rs 8.6 cr given as security against loan from Canara Bank. Put the address in google maps and decide for yourself whether it is worth Rs 8.6 cr.

Thank you from bottom of our hearts. I said us as many of us believe the same, I hope. It is not very easy to understand everything in RHP, also sometimes we lose interest. The way you summarizes almost every IPO, it gives a very good analysis to decide which ipo one wants to apply.
Please continue your good work.
I can only wish to God that you get even my share of allotment, sometimes. :)

Excellent Review. Thanks..

100%avoid candidate ..better options available... retailers be careful and stay away.

T-3 ?

@lokes,
Are u subscribing here? Should we subscribe only depending on Sherni?
Thanks bro

i have applied here some retail applications after selling in grey and also applied 1 open hni application....ya mostly it wont list in discount due to strong LM here....company is looking average, despite some negative points like more debts/government orders dependency/not much growth in revenue and hopefully it will do well after doing capital expenditure using ipo money (other than ofs) , promoter holding will be good even after ofs....

My recent experience with Shreni was spectacular with Meson. So, me too going on with this ipo, but limited due to rationing of funds

If bigshare released money by 27th September than its my preferred choice otherwise will go FF with Hi green as need funds for JSW...

Hi-green funds will be release on 28th as per current schedule.

Giving a try for Shreni..

​@PKRAJ @newgen consultancy @abc xyz Your valuable views needed for this ipo. Markets are slightly correcting, therefore we expect your valuable views. We cannot keep blindly subscribing to all sme ipos hereafter. We have to be very choosy

Many readers including me are eagerly waiting for the kind views on this SME IPO from you all and also from other learned members of the forum. Please consider extending your helping hand.Thank you n all the best to all of you.

Avoid..risky..can see after listing

In recent listings, LM Shreni gave a spectacular listing for Meson valves. Even a quarter premium would be more than enough for Marco. Even though LM is same, both companies cannot be compared. Just speaking about listing gains

If RR Kabel sees decent listing premium, this will see atleast 100x subscription.

If the stock valuations of REC/PFC have to be believed then companies like this one have to do well...it will purely boil down to execution capabilities and management quality!

Keep minting!

💎Marco _ Cables💎

LM - Shreni
Fundamentals - Goods
Looks promising in this IPOs flood

Product is made by USA (Ulhasnagar Sindhi Association) 🤪🤪🤪

@ Advantage

lagta hain aap bhi ulhasnagar jante ho.

USA

mumbai base company.
ulhasnagar is place where you can get many products at cheap price.
but not quality product.
i am totally aware about that location,went many times in this place