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Review By Dilip Davda on June 23, 2017
Ace Integrated Solutions Ltd (AISL) is a India's leading Recruitment & Examination Services Management Company, bringing together the Domain Expertise and innovative skills required for the successful execution of the project every time with highest level of security and customer satisfaction. AISL has over 16000 Sq. Ft. area which is well equipped with the Equipment and machinery required for the execution and production of all the deliverables involved in any of the Recruitment and Examination Project. Its divisions namely 'Amety Offset Printers' etc. are completely mapped with the requirements of the execution of the voluminous turnkey projects (Single / Multiple location across India).
The company also offers a range of services namely, On-Line & off line Application Form designing, Barcoding, Collection, Data Capturing & Processing, Designing Printing and Dispatch of Admit Cards, Arrangement of test venues, Designing & printing of OMR answer sheets with security features, Setting, Designing and printing of question booklet as per the required Difficulty Levels and Topics (Technical & Non-Technical), consultancy, Facility Management, Data Base Management Services etc. Over the years, it has successfully implemented large turnkey assignments for various PSUs/State/Central Customers. Top three clients of the company for FY 16 were TCS, CMC and Delhi Metro.
To part finance its working capital and general corpus fund needs, the company is coming out with a maiden IPO of 1800000 equity share of Rs. 10 each at a fixed price of Rs. 40 per share to mobilize Rs. 7.20 crore. Issue opens for subscription on 29.06.17 and will close on 05.07.17. Minimum application is to be made for 3000 shares and in multiples, thereon, thereafter. Post allotment, shares will be listed on NSE SME Emerge. Issue is lead managed by D & A Financial Services (P) Ltd and Bigshare Services Pvt Ltd is the registrar to the issue. Its entire equity is issued at par so far and has also issued bonus shares in the ratio of 24 for 1 in Sept. 2015, 9 for 1 in Feb. 2016 and 1 for 1 in Aug. 2016. Post issue its current paid up equity capital of Rs. 5.00 crore will stand enhanced to Rs. 6.80 crore.
On performance front, the company has posted turnover/net profit of Rs. 14.75 cr. / Rs. 1.19 cr. (FY14), Rs. 15.24 cr./ Rs. 1.06 cr. (FY15) and Rs. 21.06 cr. / Rs. 1.47 cr. (FY16). For the first nine months of the current fiscal ended on 31.12.16 it has earned net profit of Rs. 0.79 crore on a turnover of Rs. 15.35 crore. Thus it has inconsistency in bottom lines despite growing top line. If we annualize latest earnings and attribute it on fully diluted equity post IPO, then asking price is at a P/E of 25 plus. Its average RoNW for last three fiscals is at 28.95%. Offer price is at a P/BV of 3.27. It has no listed peer to compare with. Based on above parameters, issue is fully priced.
On merchant banker's front, this is the 1srh mandate from its stable and has no track record.
Conclusion: Investors may consider moderate investment for long term.
Review By Dilip Davda on June 23, 2017
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detail fundamental and financial analysis of companies coming up with IPO helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
The initial public offer (IPO) of Ace Integrated Solutions Ltd offers an early investment opportunity in Ace Integrated Solutions Ltd. A stock market investor can buy Ace Integrated Solutions IPO shares by applying in IPO before Ace Integrated Solutions Ltd shares get listed at the stock exchanges. An investor could invest in Ace Integrated Solutions IPO for short term listing gain or a long term.
Read the Ace Integrated Solutions IPO recommendations by the leading analyst and leading stock brokers.
Ace Integrated Solutions IPO offers an opportunity to buy IPO shares before they get listed at the stock exchanges. Read the Ace Integrated Solutions IPO Notes, Analysis and Recommendations by leading stock brokerage firms and experts in the above answer.
Our recommendation for Ace Integrated Solutions IPO is to subscribe.
As per the analysis by our lead analyst Mr. Dilip Davda, we suggest you to subscribe to the Ace Integrated Solutions IPO.
The Ace Integrated Solutions IPO allotment status will be available on or around [.]. The allotted shares will be credited in demat account by [.]. Visit Ace Integrated Solutions IPO allotment status to check.
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