Shrenik Limited IPO Message Board (Page 2)

Any Buyer with Subject to allotment?

What is the price?

This IPO is not shown in SBI ASBA list. How to apply?

Good growth in sales and net-profit.
Other than that, there are lot of negatives around (like Cash-flow, DE ratio above 3 - debt of 93 crore, ROE and ROCE at PAR, Raw material cost is becoming higher).
There are lot of paper (trading) companies available in SME/mainline, it''s better to look at those.
Kushal at PE of 23, TNPL at 8, JK paper at 9.
Instead of going for these big players, I wont go for risky Shrenik issued at PE multiple of 19.
So, its a clear AVOID (issue size is also on higher side - I wonder how much it will be subscribed; I don''t think it will ever be subscribed half)

How do you compare this with JK paper sir. This is complete different business.

None of the companies will do exactly same business as that of its peers in the industry.
You cannot take those minor differences while analyzing.
JK paper could be a producer, distributor and trader of paper - whereas Shrenik is just a trader/distributor of paper.
Main business of both the companies are same.
I agree that JK paper (is in mainline NSE/BSE) with market-cap 75 times that of Shrenik - because of which they shouldnt be compared.
Whatever, this is clear avoid.
http://www.moneycontrol.com/india/stockpricequote/paper/jkpaper/JKP01

Bid Details for SHRENIK as on 06-Jul-2017 17:00:00 IST
Sr. No      Category      No of shares bid for
1      Qualified Institutional Buyers(QIBs)      1,47,000
1(a)      Foreign Institutional Investors(FIIs)      0
1(b)      Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)      0
1(c)      Mutual funds      0
1(d)      Others      1,47,000
2      Non Institutional Investors      45,39,000
2(a)      Corporates      2,88,000
2(b)      Individuals(Other than RIIs)      42,51,000
2(c)      others      0
3      Retail Individual Investors(RIIs)      8,13,000
3(a)      Cut Off      0
3(b)      Price bids      8,13,000
Total      54,99,00
Total Subscribed : 1.02 Times

On First Day good response

How much response???

What was the subject 2 rate ..primoum

Dear Prabhakar
Awaiting Ur confirmation

Chittorgarh Team, Issue size is 21.60 cr and not 2.16 Cr....Change in Issue Details....Thanx

Dear Prabhakar,
Your view on this IPO .i.e suggest for apply or avoid ?

Key operating ratios

Year end      Mar 17      Mar 16      Mar 15      Mar 14      Mar 13
EPS(Rs)      2.79      1.96      1.72      1.52      0.49
Book value(Rs)      18.55      15.75      13.48      11.19      10.16
CEPS(Rs)      3.01      2.15      2.13      1.67      0.20
NPM(%)      0.98      0.89      0.43      0.45      0.18
OPM(%)      3.32      3.39      3.70      4.16      3.67
ROCE(%)      13.35      14.04      14.79      16.14      12.64
ROE(%)      16.29      18.54      15.41      14.99      4.92
Debt/equity      3.04      3.88      7.75      7.49      6.70
Interest cover      1.84      1.71      1.21      1.19      1.10

Cash flow analysis (Rs.in Crs.)
Year end      Mar 17      Mar 16      Mar 15      Mar 14      Mar 13
NOPAT      9.19      7.06      6.38      5.89      1.10
Operating cash flow      -19.09      -7.45      5.96      -7.26      -41.26
Free cash flow      -18.23      -6.21      6.31      -6.82      -39.71

Key financials (Rs.in Crs.)
Year end      Mar 17      Mar 16      Mar 15      Mar 14      Mar 13
Net sales      427.65      329.23      265.72      213.09      54.21
Operating profit      14.21      11.17      9.67      8.87      1.99
Net profit      4.19      2.94      1.03      0.96      0.10
Equity cap pd      15.00      15.00      6.00      6.00      6.00

Half Yearly
Year      201703      201603      Var(%)
Type      Full Year      Full Year
Sales Turnover      427.65      329.23      29.89
Other Income      0.43      0.24      79.17
Total Income      428.08      329.47      29.93
Total Expenditure      413.87      318.30      30.03
Operating Profit      14.21      11.17      27.22
Interest      7.56      6.35      19.06
Gross Profit      6.65      4.82      37.97
Depreciation      0.32      0.29      10.34
Tax      2.18      1.56      39.74
Reported PAT      4.19      2.94      42.52
Dividend (%)      0.00      0.00      N.A.

P & L Account (Rs.in Crs.)

Year      Mar 17      Mar 16      Mar 15      Mar 14      Mar 13(4)
Sales Turnover      427.65      329.23      265.72      213.09      54.21
Other Income      0.43      0.24      0.14      0.19      0.04
Stock Adjustments      19.89      26.76      -7.35      7.45      6.05
Total Income      447.97      356.23      258.51      220.73      60.30
Raw Materials      426.71      339.47      244.69      207.92      56.96
Excise Duty      0.00      0.00      0.00      0.00      0.00
Power & Fuel Cost      0.00      0.00      0.00      0.00      0.00
Other Manufacturing Expenses      0.00      0.00      0.00      0.00      0.00
Employee Cost      0.95      0.85      0.78      0.68      0.10
Selling and Administration Expenses      0.00      0.00      0.00      0.00      0.00
Miscellaneous Expenses      6.10      4.72      3.37      3.25      1.25
Less: Preoperative Expenditure Capitalised      0.00      0.00      0.00      0.00      0.00
Profit before Interest, Depreciation & Tax      14.21      11.17      9.67      8.87      1.99
Interest & Financial Charges      7.56      6.35      7.90      7.35      1.80
Profit before Depreciation & Tax      6.65      4.82      1.77      1.52      0.19
Depreciation      0.32      0.29      0.25      0.09      0.02
Profit Before Tax      6.33      4.53      1.52      1.43      0.18
Tax      2.14      1.59      0.49      0.47      0.08
Profit After Tax      4.19      2.94      1.03      0.96      0.10
Adjustment below Net Profit      0.00      0.00      0.00      0.00      0.00
P & L Balance brought forward      5.03      2.09      0.71      0.10      0.00
Appropriations      0.00      0.00      -0.35      0.35      0.00
P & L Bal. carried down      9.22      5.03      2.09      0.71      0.10
Equity Dividend      0.00      0.00      -0.35      0.30      0.00
Preference Dividend      0.00      0.00      0.00      0.00      0.00
Corporate Dividend Tax      0.00      0.00      0.00      0.05      0.00
Equity Dividend (%)      0.00      0.00      0.00      5.00      0.00
Earning Per Share (Rs.)      2.79      1.96      1.72      1.52      0.49
Book Value      18.55      15.75      13.48      11.19      10.16
Extraordinary Items      0.00      0.00      -0.11      0.00      0.00

Balance Sheet (Rs.in Crs.)

Year      Mar 17      Mar 16      Mar 15      Mar 14      Mar 13
Share Capital      15.00      15.00      6.00      6.00      6.00
Reserves & Surplus      12.82      8.63      2.09      0.71      0.10
Total Shareholders Funds      27.82      23.63      8.09      6.71      6.10
Secured Loans      53.19      39.49      44.82      30.21      26.90
Unsecured Loans      39.89      24.10      14.83      24.88      14.00
Total Debt      93.08      63.59      59.65      55.09      40.90
Total Liabilities      120.90      87.22      67.74      61.80      47.00
Gross Block      3.69      3.53      2.34      1.65      1.55
Less: Accum. Depreciation      0.79      0.58      0.35      0.11      0.02
Net Block      2.90      2.95      1.99      1.54      1.53
Capital Work in Progress      0.59      0.00      0.00      0.00      0.00
Investments      0.52      0.52      0.52      0.52      0.52
Inventories      76.45      56.57      29.81      37.16      29.71
Sundry Debtors      48.64      48.20      41.94      30.35      16.42
Cash and Bank Balance      1.77      2.95      3.31      1.01      1.64
Loans and Advances      13.76      2.23      2.67      2.18      1.37
Current Liabilities      23.70      26.08      12.43      10.36      4.12
Provisions      0.04      0.11      0.07      0.61      0.08
Net Current Assets      116.88      83.76      65.23      59.73      44.94
Miscellaneous Expenses not w/o      0.00      0.00      0.00      0.00      0.00
Total Assets      120.89      87.23      67.74      61.79      46.99
Contingent Liabilities      0.00      0.00      0.00      0.00      0.00

Capital History
Year      Equity Capital       Remarks
201603      15        Rights Issue
201601      12        Rights Issue
201512      10        Rights Issue
201510      8        Rights Issue
201212      6        Subscriber to MOA

@ Moderator please change to size of the IPO from 2.16 crore to 21.6 crore.