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Bhakti Gems and Jewellery Ltd IPO (Bhakti Gems and Jewellery IPO) Detail

May 17, 2017 - May 22, 2017

Incorporated in 2010, Bhakti Gems and Jewellery Ltd (BGJ) is the manufacturer, wholesaler and supplier of gold jewellery and has its headquartered at Ahmedabad, Gujarat. Company mainly focuses on traditional Indian jewellery.

Company's product range includes handmade gold jewellery studded with precious and semi precious stones such as diamond, ruby, cubic zirconia (cz) etc. The jewelleries are designed by it and manufactured on job work basis at Ahmedabad, Rajkot and Mumbai. BGJ is a customer-centric Company; with a prime focus on attain the utmost client satisfaction by offering them quality assured products. Company's major customers includes Kalyan Jewellers India Ltd, Soni Dwarksdas Virchand, Ghanshyam Jewellers etc.

Company Promoters:

The promoters of the company are:

1. Akshay S. Mehta
2. Varshaben A. Mehta

Objects of the Issue:

The object of the issue are to:

1. Funding working capital requirements of the Company;
2. Issue Expenses.

Issue Detail:

  »»  Issue Open: May 17, 2017 - May 22, 2017
  »»  Issue Type: Fixed Price Issue IPO
  »»  Issue Size: 1,962,000 Equity Shares of Rs 10 aggregating up to Rs 3.92 Cr
  »»  Face Value: Rs 10 Per Equity Share
  »»  Issue Price: Rs 20 Per Equity Share
  »»  Market Lot: 6000 Shares
  »»  Minimum Order Quantity: 6000 Shares
  »»  Listing At: BSE SME

Bhakti Gems and Jewellery IPO Reviews:

  1. Bhakti Gems and Jewellery Ltd IPO review by Dilip Davda

Issue Subscription Detail / Current Bidding Status

Number of Bids Received
As on Date & TimeTotal
Shares Offered / Reserved
Day 1 - May 17, 2017 17:00 IST1656000
Day 2 - May 18, 2017 17:00 IST2598000
Day 3 - May 19, 2017 17:00 IST3072000
Day 4 - May 22, 2017 17:00 IST5244000

Bhakti Gems and Jewellery IPO Prospectus

Bhakti Gems and Jewellery IPO Rating

71
3.3
Rating:Rated 3.3 stars

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Bhakti Gems and Jewellery IPO News Alerts

  1. Monday, May 22, 2017 12:00:00 AM
    Bhakti Gems and Jewellery Ltd IPO - Close
  2. Wednesday, May 17, 2017 12:00:00 AM
    Bhakti Gems and Jewellery Ltd IPO - Open

Company Contact Information

Bhakti Gems and Jewellery Ltd
209, Shree Balaji Paragon,
B/S Rock Regency Hotel,
Opp Axis Bank, C. G Road, Ahmedabad
Phone: +91 7926421701
Fax: +91 7926421701
Email: compliancebhakti@gmail.com
Website: http://www.bhaktijewellery.com

Bhakti Gems and Jewellery IPO Registrar

Skyline Financial Services Private Ltd   »  Report
   D-153A, 1st Floor,
   Okhla Industrial Area, Phase-I,
   New Delhi -110020

Phone: +91 11 2681
Fax: +91 11 30857562
Email: grievances@skylinerta.com
Website: http://admin@skylinerta.com

Bhakti Gems and Jewellery IPO Lead Manager(s)

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Bhakti Gems and Jewellery IPO Review / Comments

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25. Prabhakaran Kuppusamy  May 23, 2017 2:33:44 PM IST I Like It. | Report Abuse Reply
Final subscription for Bhakti is 1.9755 times.
BSE website wrongly says as 2.67.
Usually for all BSE-SME IPOs, the bids on Cut-off price is summed up twice by them.
Here is an example (by comparing the figures of KMS Medisurgi Ltd).
As per BSE website (at http://www.bseindia.com/markets/publicIssues/DisplayIPO.aspx?id=1317&type=FPO&idtype=2&status=H&IPONo=3385&startdt=4/12/2017), total bids are 2524k (1900k bids at 30INR + 624k bids at cut-off).
Now Look at BOA at http://cmlinks.com/pub/ba/bashow.asp?code=69481 which clearly says that total bids received are 1900k bids (which clearly suggests that cut-off bids are counted twice).
You can do the same thing for other BSE SME IPOs too (RMC Switchgears, Chemcrux Enterprises Ltd, Meera Industries, etc.,)
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24. Prabhakaran Kuppusamy  May 22, 2017 2:23:05 PM IST I Like It. | Report Abuse Reply
Bhakti got subscribed 1.599 times so far (at 5/22/2017 2:10:57 PM). I don''t think it''s going to exceed 2x subscription.
Last month Pure Giftcarat got subscribed (finally) 1.459 times.
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24.1. Dharmil.Shah  May 22, 2017 4:31:26 PM IST I Like It. | Report Abuse
Till now the total Subscription is above 2.5 times as per BSE Bid Details
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23. SGJS  May 20, 2017 12:28:45 PM IST I Like It. | Report Abuse Reply
what eagleye has to say about Bhakti Gems
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22. Prabhakaran Kuppusamy  May 19, 2017 11:49:54 AM IST I Like It. | Report Abuse Reply
MY WILD UNTRUE/IMAGINATION:
My wild guess is that, Sometimes (some companies) add some of the operating expenses only at the end of the year (example arrears payment or incentive to employees, etc.,).
Maybe, Bhakti is also doing something similar (just to justify the pricing - based on current fiscal numbers).
Example, out of 49 lakh net-profit so far (in 11 months), 48 lakh might be the arrears or incentive to it''s employees.
Therefore, it''s net-profit for whole year might again become 1 lakh at the end of this fiscal (once these operating expenses were deducted).
If we know any employees from Bhakti, we can get clear picture.
For now, I will wait for another fiscal (or atleast till final figures for current fiscal) numbers to be published.
Anyway, I feel that Vadivarhe Speciality Chemicals Limited is worth looking at.
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21. Dharmil.Shah  May 16, 2017 12:43:24 PM IST I Like It. 2 | Report Abuse Reply
The Following points attract me to invest in the IPO of BHAKTI GEMS AND JEWELLERY LIMITED.

1. Better quality : The Company strives to create works of art that are true to nature, maintain the aesthetic value and follow strict procedures to ensure high quality standards.

2. High customer satisfaction : The Company provide customized solution to their customers keeping in mind their precise requirements. It has client base like Kalyan Jewellers and Joyallukas Jewellers.

3. Experience of promoters : The promoters have an experience of more than 20 years in this business.

4. Timeless designs : The Company has a in house designing facility which produces works of art quite often. We pride ourselves on our designing capabilities.

5. Issue Price : issue Price of share is very very low compared to its book value and P/E ratio.
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21.1. Futurze Avenue  May 16, 2017 1:55:24 PM IST I Like It. | Report Abuse
Is Dharmil Shah from Rajkot?
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21.2. TOPS  May 18, 2017 7:01:50 PM IST I Like It. | Report Abuse
Dheamil shah

You are talking everything & anything of Bhakti except financials of 10 mths ending 31/01/2017 which is eye opener
INVESTOR ARE MORE WORRIED ABOUT FIGURES OF 2016_2017

Pl through some light on that if you can , how management see future of the will this sustain in future because previou 4 years NP IS STAGNANT @ only 1 lakh

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20. Prabhakaran Kuppusamy  May 18, 2017 12:37:49 PM IST I Like It. | Report Abuse Reply
Hi Dharmil.Shah,
1. Being an insider of the company (:-P) you must be knowing that even though Bhakti is manufacturer, wholesaler and supplier of gold jewelry, they are only selling designs to Kalyan Jewellers and Joyalukkas.
It is never directly written in RHP that they manufacture jewel for these big names.
It''s another way of deceiving investors.
2. Can you say why cash-flow is negative? Doesn''t it mean that neither the company nor its promoters are trusting the future growth of the company?
3. Eventhough sales for last 5 years remains same (5% here and there), how come the net-profit rose by 50 times (or 5000%) within 11 months of this fiscal? Just read the transcript of MD of Shilpi Cable Technologies (at http://www.moneycontrol.com/news/business/companies/the-stock-which-fell-74-in-one-month-heres-what-management-has-to-say-2280783.html) you''ll know what I mean.
Can''t you feel that something is fishy?
None of the checks are showing the signs of investment in this IPO (except its book-value which is very attractive).
So its 3 negatives VERSUS 1 positive.
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20.1. TOPS  May 18, 2017 5:09:32 PM IST I Like It. | Report Abuse
Prabhakaran

Your analysis is quite right figures for fy 2016_2017 are something hard to believe

WHAT SEBI IS DOING TO PROTECT SMALL INVESTOR
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19. Prabhakaran Kuppusamy  May 13, 2017 7:51:44 PM IST I Like It. 1 | Report Abuse Reply
Current fiscal numbers are looking cooked up.
Sudden increase in bottomline and net increased from 0.01 to 0.49 crore.
Even though there are no listed peers, Pure Giftcarat Ltd can be taken into account (which is the only SME closer to this).
Based on PE, Bhakti is fine - but it''s price/book ratio looks expensive. D/E is almost 1.
So I won''t be a buyer just based on one fiscal''s net or sales.
Would wait to see another fiscal numbers before investing here.
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19.2. Prabhakaran Kuppusamy  May 18, 2017 11:10:19 AM IST I Like It. 1 | Report Abuse
This share could be another "Shilpi cables".
Because there is no justification about how the profit grew suddenly from 1 lakh to 49 lakh.
Another thing about client-base, please check whether they are selling design (only) to Kalyan Jewellers and Joyalukkas or they are selling Gems and Jewels to them.
Instead of misleadingly naming this company as "Bhakti Gems and Jewellery Ltd" they should have named as "Bhakti Gems and Jewellery Designers Ltd".
I guess there is lot of difference between a Jewellery dealer and designer (I''m a novice in Jewel - so please help me here).
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19.3. Dharmil.Shah  May 18, 2017 11:36:12 AM IST I Like It. | Report Abuse
Dear Sir @Prabhakaran kuppusamy It Seen From the prospectous they are Manufacuture jewellery for the Kalyan Jewellers and Joylalukas and they also wholesaler and Supplier of gold jewellery
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18. anishkumarAN  May 18, 2017 11:21:34 AM IST I Like It. 1 | Report Abuse Reply
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18.1. Dharmil.Shah  May 18, 2017 11:25:52 AM IST I Like It. | Report Abuse
@anishkumarAN correct
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17. LatestNews  May 16, 2017 6:14:32 PM IST I Like It. 1 | Report Abuse Reply
Very surprising to see smart investment.in promoting this one. Meera was another one promoted by them. Something fishy? Guiness has never been a rewarding experience. Nor has been a jewellery listing. How cannot it not have a peer? Radhika jeweltech?I would advise to stay away.can look.at performance after listing as I believe it won''t fly off the shelves on listing.
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16. Cs Dhaval Patel  May 12, 2017 12:57:51 PM IST I Like It. 3 | Report Abuse Reply
It Is A heaven place for investor and its gona multibagger stock at present. The issue price is very low. short term target would be 28-30. MUST BUY AT this price......
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16.7. Prabhakaran Kuppusamy  May 14, 2017 12:19:13 AM IST I Like It. 1 | Report Abuse
Hi Dhaval,
Is it multi-bagger or multi-beggar? :-P
Please correct the typo in your post. :-D
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16.8. Dharmil.Shah  May 16, 2017 12:33:35 PM IST I Like It. 1 | Report Abuse
I think it may not be Multi-bagger or Multi-beggar. There is firmst Gems and gold Jewellery business company going to list on SME platform. so no peer comparision is available. and I think P/E of 25 is good for this industry. Book value is Rs. 14 and company is cuming up with ipo @ price of Rs. 20.

I think one should invest in stock for better return.
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15. PearlRohit  May 13, 2017 2:46:20 PM IST I Like It. | Report Abuse Reply
TURNOVER IS VERY VERY LAW
NET PROFIT IS VERY VERY VERY LAW
MERCHANT BANKER - PREVIOUS SME IPO TRADE RECORD VERY BAD
AVOID THIS SME IPO
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15.1. Dharmil.Shah  May 16, 2017 12:20:19 PM IST I Like It. | Report Abuse
The One Should always look at the current Financials results while investing in Market. And i think if investors will stay invested in stock then it will be benefited to shareholders and company as well.
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14. sundervan  May 13, 2017 11:27:52 AM IST I Like It. | Report Abuse Reply
IPO Is Worth For invest for the long term As It has A low P/e Ratio And its A good investment opportunity
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14.1. Dharmil.Shah  May 16, 2017 12:17:34 PM IST I Like It. | Report Abuse
The company is issuing shares at very low price compared to its book value. if we stay invested for long term then it will definitely give double return.
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13. CA M&co.Jodhpur  May 15, 2017 8:54:00 PM IST I Like It. | Report Abuse Reply
Listing summary of Meera ind.SME
Issue price-36
Closing price -36.05
High -37.00
Low -33.00
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12. Hiren K.  May 14, 2017 9:59:33 AM IST I Like It. | Report Abuse Reply
Yug Decor SME IPO coming up at 18th May.
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11. Prabhakaran Kuppusamy  May 14, 2017 12:38:57 AM IST I Like It. 2 | Report Abuse Reply
The other SME IPO (Yug Décor Ltd) is also disappointing (than Bhakti).
Asking PE is 71 compared to its peers trading at PE of 20 and 30.
Also the DE ratio is 2.1.
This SME too is a cliche "Yet another SME IPO from Gujarat".
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10. Prabhakaran Kuppusamy  May 14, 2017 12:30:03 AM IST I Like It. | Report Abuse Reply
Try to see this video (review of this SME IPO).
It has few more points (and people always prefer watching than reading).
https://www.youtube.com/watch?v=OCDC-tJuPF4
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9. Prabhakaran Kuppusamy  May 13, 2017 8:05:33 PM IST I Like It. | Report Abuse Reply
Yet another Gujarat based SME IPO!!! Hmm.
Can someone give me a count of SMEs from Gujarat? I''m sure that the numbers will be twice than all others collectively.
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8. Prabhakaran Kuppusamy  May 13, 2017 7:58:21 PM IST I Like It. 2 | Report Abuse Reply
It''s such a sham that these companies are coming for IPO and laughing on our face.
Don''t be deceived that it will become multi-bagger; it is multi-beggar IPO.
Stay away.
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7. Prabhakaran Kuppusamy  May 13, 2017 7:54:19 PM IST I Like It. | Report Abuse Reply
Cash flow too is negative (PFB). So, this is never good sign to invest.
Cash flow analysis (Rs.in Crs.)
Year end            Mar 16       Mar 15       Mar 14       Mar 13       Mar 12
NOPAT       0.02       0.02       -       -       -
Operating cash flow       -0.83       -1.32       -0.26       -0.42       0.26
Free cash flow       -0.80       -1.32       -0.22       -0.42       0.27
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6. Prabhakaran Kuppusamy  May 13, 2017 7:52:59 PM IST I Like It. | Report Abuse Reply
Key financials (Rs.in Crs.)
Year end            Mar 16       Mar 15       Mar 14       Mar 13       Mar 12
Net sales       19.30       18.40       11.22       9.12       6.61
Operating profit       0.05       0.05       0.08       0.09       0.06
Net profit       0.01       0.01       -       -       -
Equity cap pd       0.56       0.25       0.25       0.25       0.25

Key operating ratios:
Year end            Mar 16       Mar 15       Mar 14       Mar 13       Mar 12
EPS(Rs)       0.19       0.60       0.06       0.14       0.12
Book value(Rs)       50.09       49.76       48.87       48.81       48.67
CEPS(Rs)       0.18       0.40       -       -       -
NPM(%)       0.05       0.05       -       -       -
OPM(%)       0.26       0.27       0.71       0.99       0.91
ROCE(%)       1.02       1.49       3.81       5.25       3.60
ROE(%)       0.49       0.81       -       -       -
Debt/equity       0.93       1.19       0.50       0.25       0.14
Interest cover       2.00       2.00       1.00       1.00       1.00
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