Saroja Pharma Industries India Limited IPO Message Board (Page 2)

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Beginning of New IPO Era
T+3

Here
T = Closing Day
T+1 = Basis Of allotment
T+2 = Share Credit to demat
T+3 = Listing Day

Taking risk here. I have applied. Hope we dont see -ve listing.

Not allotted here.
Congratulations to all who got allotment.

Saroja Pharma Industries IPO,
1 Retail app (ASBA)

Not allotted

Retail _ 3

Giving it a miss..

​@Noorul @lokes @newgen consultancy @MRavichandran @KING VINOD Sir your view in this?

Skipped as well.. No HNI, better to avoid.

Skipped….!!!

It seems clearly -15% candidate

Hence proved

Groww, finvasia and angel

All three broken allow to sell sme ipo

Please confirm me

None of them.allow... go with only zerodha upstox

LM with mixed bag track record
Company appears to be in commoditized trading business with material cost being 90% of sales and flat topline s and PBT margin of 3% of sales for last 2 fiscals.
Patchy cash flow with good numbers for 22-23 and poor numbers for earlier 2 fiscals
Employee expense for 22-23 is Rs 136 lacs and for 23-24, 2 promoter directors will get salary of Rs 54 lacs per annum around 40% of 22-23 employee cost
Company has 13 employees on rolls as on 31-Mar-23 whereas it does not seem have registered with EPFO
Out of total assets of Rs 21 cr, inventory and receivables are Rs 15 cr while another 4 cr are tangible assets and capital work in progress. Outh of this Rs 4 cr tangible assets, Rs 2 cr is for land at Sinnar, Nashik while Rs 1.78 cr is capital work in progress and Rs 21 lacs is for vehicles. Next highest value tangible asset is mobile phones @ Rs 4.26 lacs.
Term loans from banks are in the range of 7.5% to 9.25%
Unsecured car loan from director is at 10.10%
Unsecured loan from various banks / NBFC are @ 13.50% to 17.75%
Non current assets include gold chains for Rs 14 lacs
Other current assets include GST debit balance of Rs 54.71 lacs. Not sure if this is due to higher input credits getting accumulated while sales are at lower rates leading to unutilized GST balances
YoY export sales have decreased from Rs 12 cr to Rs 4.71 cr while export expenses are Rs 10.4 lacs against NIL previous year.
Commission paid in 21-22 was Rs 1.47 cr and in 22-23 it has dropped to Rs 12.29 lacs, reason unknown.
Project cost of new manufacturing facility is estimated @ Rs 23 cr of which around Rs 11 cr will come from borrowings. Existing long term and short term borrowings are Rs 11 cr of which approx. Rs 2 cr will be paid off. So total borrowings will be Rs 20 cr on 22-23 EBITDA of Rs 2.8 cr.

avoid,,,,,,,,,,,,,,,,,,,,,,

@Raju Hiralal Chavda

it was avoided by DD sir,but we seen result on live screen,,,

​@lucky boy  @newgen consultancy  I have 3 retail lot funding for sme, so which one should i choose, cps shapers or Basilic fly ? Is there any chance of discount listing in cps shapers ?

It seems that the company is not a manufacturer but only trader, hence thin margin of only 2%. It proposes to establish manufacturing facility.

Bad decision taken to clash with C P S Shapers & Basilic Fly Studio.
Trying to divert the focus.

Listing @ -30%