Committed Cargo Care Limited IPO Message Board (Page 8)

Any GMP or subject to rate?

FedEx LM very dengerous. Lots money in Kundan too much

With no issues in hand at present, this one is expected to have bumper subscriptions. Valuations looks okay. The only issue is the inconsistent track record of the LM..
But still would take a chance..

If we go through the RHP of this IPO:
1. There is a fall of revenue by 11% but PAT has increased by about 73%. Primary reason being other expenses reduced by 66.66% and direct expenses reduced by 20%.
2. The company is in highly competitive sector and has tough competition.
3.The track record of lead manager is mixed with average return of 16% in last 5 IPOs with 2 listing on negative.
4. Some incomes like AAI Charges income has gone down substantially.
5. 10% cutomers are generating 50% consistent over 3 years which can be a bad/good thing for the company.
6. In comparison to its peers, the price offered looks okay and considerable
7. Other financial indicators like Net worth, Revenue, borrowings etc in previous years have remain almost consistent.

Make your own decision considering risk factors associated.

I don’t find any valid reason for applying. Hence I am not applying. Otherwise, I may be enlightened with valid reasons for applying so that I may reconsider. Thank you.

I am SKIPPING.

Good for cardio

@nausikhiya.. SSingh sahab is right..one side decreasing revenue & profit.. Other side bad Lead manager..
But if you want to take chance.. You can..
Suno sabki.. Karo man ki 🌻

LM/MM with patchy track record, Neomile is the IPO advisor to the company
Company provides integrated logistics services such as cargo management solutions, order management, international freight management, customs and cross-border movement, heavy and over-dimensional cargo movement etc. Highly competitive and fragmented industry.
YoY 16.5% drop in sales, 66% jump in EBITDA and 72% jump in PBT
The YoY drop in sales is deceptive as a major part of sales, Freight Income + Import Duty Income + AAI charge income + Courier charges income is pass through i.e. similar numbers appear in both income and expense. For 22-23 it was Rs 97.70 cr in income and Rs 92.91 cr in expense. The difference is because company is passing on freight expense with 10% markup to its customers (Rs 40.95 cr vs Rs 36.29 cr). YoY the agency charges income is almost flat at Rs 10.6 cr.
YoY direct operating expense down from 88% to 85.6% of sales, while other expense down from Rs 6.08 cr to Rs 2.78 cr.
Decent cash flow for last 3 years, PBT of last 3 years is Rs 14.55 cr while CFOB4T is Rs 13.48 cr
YoY receivables at same level in absolute terms even though sales have dropped 16.5%, DSO has moved up from 57 days to 67 days and is projected to go up to 75 days
Issue related expense, Rs 3.54 cr, are 14.2% of issue size of Rs 24.95 cr.
Based on projections, 23-24 expected sales to be Rs 180 cr, almost 50% jump from 22-23 sales.
Listed peers Total Transport has PE of 16.5 while Tiger Logistics has PE of 18.9
Of the total receivables of Rs 22.2 cr as on 31-Mar-23, Rs 1.47 cr is 6mth – 1 yr old, Rs 2.63 cr is 1 yr – 3 yr old and Rs 3.93 cr is more than 3 year old. This is after Rs 3.46 cr bad debt write off in 21-22.
YoY other expenses have dropped largely due to one off bad debt write off in 21-22. Repairs & Maintenance have increased from Rs 41 lacs to Rs 52 lacs while contractual expense have increased from Rs 11 lacs to Rs 20 lacs
YoY employee expense increased by 8.7%. Company had 169 employees as on 31-Aug-23. EPFO data shows PF of 161 employees was deposited for Aug-23 and for 156 employees for Aug-22.      
Despite lower sales on YoY basis, the TDS receivable has increased from Rs 2.69 cr in 21-22 to Rs 3.46 cr in 22-23.
Company has a group company Nedlloyd Logistics which is in same line of business, where company directors are interested and there is no non-compete agreement between the two of them.
Top 10 customers make up 47% of sales while top 10 suppliers make up 27% of purchases.
Borrowings of the company are negligible at Rs 14 lacs as on 24-sep-23.
Company has civil proceedings involving amount of Rs 66 lacs and tax proceedings involving amount of Rs 18.1 cr in litigations.
Company has invested Rs 1 cr is Yes Bank Alternate Alpha + Fund which has high risk profile and the fund invests in equity related financial derivative instruments. The Funds Class A1 shares havechi given annual return of 8.73% as on 31-aug-23.

Lm is lead manager
Mm is Market Maker

​@Sanchit Jain 

Prospectus page 46

New IPO size is not divisible with market lot who will fraction lot

If one goes through the past record of LM, a very interesting fact emerges. I have observed that Fedex has performed well when IPO size was upto Rs.15 cr. However, it has failed miserably in IPO size above Rs.20 cr. Since size of this IPOis also around Rs.25 cr, it involves high risk going by the pas record of Fedex. It is only an observation and not any prediction please.

Very nice observation

moksh was of 10 crore , very poorly managed

​@newgen consultancy  No new SME IPOs coming this month?

Last month also 2 SME from same gali no 6/7 mahipal pur

Revenue Flat ( -1)
PAT Downtrend (-1)
Utilisation of proceeds (+1)
DD review (+1)
PE (+1)
LM performance (-1)
Result = ZERO

​@PKRAJ (-1) / (+1) are positive and negative points and not necessarily weights. My zero and your 50-50 shows same intent.

Perception

​@Crow @Jetha Lal @newgen consultancy Respected sir, aap plz ho ske to hr IPO me apni precious ray de, hum logo ko guidance mil jata he. Thnks in advance

For this LM Big No from my side

Agree 100%

Hem

Polymatech Electronics Limited files DRHP with SEBI

Results not updated. Looks fishy very less Net Profit. Avoid

Moxsh & Yason wala hi operator he Mumbai ka

keep in mind so avoid avoid avoid avoid

Moxsh and Yasons wala LM hai. Please see your risk appetite before applying. Mere liye to Fedex naam hi kafi hai. Is naam se bhi ab darr lagta hai 🥺

Price 77 tentative
Lot: 2000 tentative

1 lot: 1600 share