Accuracy Shipping Limited IPO

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Accuracy Shipping Limited IPO

(i) Incorporated in 2008, our Company, “Accuracy Shipping Limited” is a third party logistics solutions provider. We offer customized and end-to-end logistics solutions and services including transportation and distribution, freight forwarding, clearing and forwarding service, custom house clearancewarehousing and value added services to our clients. We are also engaged in handling of project cargo, which is a specialized activity requiring detailed planning and technical expertise. The comprehensive project handling service includes designing and execution of customized solutions tailored to meet specific customer requirements for the transport of high value specialized equipment from one location to another using multiple modes of transport.

(ii) We operate our business through a PAN India network consisting of a registered office at Gandhidham5 branch offices and over 1,300 clients as at January 31, 2018. In addition to using hired fleets, we also have a fleet of more than 150 vehicles to meet our inland transportation requirements. Our strength of fleets is one of our biggest advantage for our business operations. We also have a network of various business partners providing us vehicles, warehouses and other assets and services for our business. At present we are offering our services through our business partners in over more than 35 countries mainly from South Africa, Egypt, Turkey, Italy, Colombo, etc.

(iii) In goods transportation business, we serve a number of customers in the FMCG industry as well as in general commodities such as marble & granites, fabric, paper, yarn, tiles, pipes, sanitary products, agricultural products, etc.

Accuracy Shipping Limited IPO Stock Quote & Charts

65.50

+0.77%

  • Open: 65.50
  • High - Low: 65.50 - 65.50
  • Previous Close: 65.00
  • Total Traded Volume: 1600
  • Updated On: 11-Dec-2018

Objects of the Accuracy Shipping Limited IPO:

Objective of

Accuracy Shipping Limited IPO

are: 1. Part Payment/Payment of Certain Secured Borrowing Availed by our Company. 2. Purchase of Good Transportation Vehicle. 3. Funding of Working Capital Requirement of the Company. 4. General Corporate Purposes.

Accuracy Shipping Limited IPO Details:

Open Date: Jun 11 2018
Close Date: Jun 14 2018
Total Shares: 4257600
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price Issue IPO
Issue Size: 35.76 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 81-84 Per Equity Share
Listing At: NSE Emerge
Listing Date: Jun 22 2018

Promoters And Management:

Promoters of Accuracy Shipping Limited Company are: Mr. Vinay Tripathi Mrs. Rama Tripathi

Capital Structure:

(i) Authorized Share Capital 2,00,00,000 shares at FV@10) 20 Cr
(ii) Issued, Subscribed,& Paid-up Share Capital Before Issue (1,07,98,400 Shares at FV@10) 10.798 Cr
(iii) Present Issue (  42,57,600 Shares at FV@10) 4.247 Cr
(iv) Reservation for Market Maker  ( 2,17,600  Shares at FV@10) 21.7 Lacs
(v) Net Issue to Public (42,57,600 -2,17,600)=  40,40,000 Shares) 4.040 Cr
(vi) QIB & HNI quota[*]
(vii) Retail Quota -[*]
(viii) Paid Up Share Capital after the issue 15.045 Cr
NOTE:The Company has issued shares by way of Private Placement (Pre IPO Placement) of 6,78,400 Equity Shares of face value of Rs. 10/- fully paid up at Issue price of Rs 84/- on May 28, 2018 as per the details given below:
Name of the allottees No. of shares
1. M/s Pantomath Fund Managers LLP 3,56,800
2. Pantomath Sabrimala AIF Pantomath Sabrimala SME Growth Fund Series I 1,79,200
3. Vantage equity fund  1,20,000
4. Shanker sadhuram jagwani 5,605
5. Ravi shanker jagwani 6000
6. Hiren vijay sukhwani 2400
7. Vishal nayankumar modhia 1200
8. Amardeep thacker 1600
9. Anand vaghela 595
10. Anand sashikant barmeda 1600
11. Paresh ramjibhai pithadiya 3400
Average cost of Acquisition of promoters
Sr.no Name of the Promoter No. of shares Average cost of acquisition
1 Vinay Tripathi 55,27,000 10
2 Rama Tripathi 37,92,000 6.41

Financials of Accuracy Shipping Limited IPO:

1. Assets and Liabilities Key Parameters
Year Asset(Lacs) Liabilities(Lacs) Net Worth(Lacs) Book Value D/E RONW Receiveable days
FY13 520.31 385.75 134.56 14 2.9 20% 24
FY14 1,299.16 1103 196.16 21 5.6 31% 34
FY15 2,783.54 2556.12 227.42 24 11.2 14% 29
FY16 4,394.03 3855.35 538.68 18 7.2 20% 34
FY17 5,825.34 4490.73 1,334.61 15 3.4 15% 46
9MFY18 8,836.72 6708.25 2,128.47 21 3.2 32% 37
Post Issue 4145.77 28 1.6
2. Profit n Loss Key Parameters
    PAT(lacs) Revenue(lacs) EBITDA Margins
     26.83 3,064.89 2.70%
     61.61 9,738.73 1.69%
     31.6 16,165.61 2.04%
    106.86 17,078.99 4.63%
    195.93 20,129.20 5.58%
    681.87 26,653.12 7%
3. Cash Flow Statement(all figures in Lacs)
Particulars FY17 FY16 FY15 FY14 FY13
(i) Net Cash Generated from Operation 173.31 746.44 580.62 -115.28 136.88
(ii) Net Cash Generated from Investment -417.91 -1,805.28 -871.88 -139.19 -178.03
(iii) Net Cash Generated from Financing Activity 289.13 1,061.65 295.04 260.81 48.13
(iv) Total[ (i)+(ii)+(iii) ] 44.53 2.81 3.78 6.34 6.98
Key Notes: 1. The Revenue is growing at CAGR of 60.10% from FY13 to FY17. 2. The PAT is growing at CAGR of 64% from FY13 to FY17. 3. The EPS post issue would be 6.03. 4. P/E(post issue)= 14( reasonably priced) 5. P/B(post issue)= 3 6. Current Ratio(ideally>1.5)= 1.35( 9MFY18) 7. Mcap/Sales(ideally <2)=  .47( the company is available at cheap discount). 8. The Company EBITDA Margins has improved significantly in last 5 years which is big positive for the company.

Comparison With Peers:

Name of the Company FV Mcap(cr) EPS P/E RONW Mcap/sales
Accuracy Shipping Limited 10 126 6.03 14 32.00% 0.47
Tiger Logistics India Limited 10 197 10.77 17.34 21.00% 0.6
Allcargo Logistics Limited 2 2797 -2.21 NA NA 8.5
Sical Logistics Limited 10 1080 5.15 38.61 8.97% 1

Recommendation on Accuracy Shipping Limited IPO:

Review and Recommendation of

Accuracy Shipping Limited IPO

from our side is: Rating: 6/10. 1-5: Fair 5-7: Good 7-10: Excellent

Lead Manager of Accuracy Shipping Limited IPO:

  1. Pantomath Capital Advisors Private Limited

Registrar of Accuracy Shipping Limited IPO:

  1. Link Intime India Private Limited

Company Address:

Accuracy Shipping Limited Plot No 11, Survey No 42, Indian Oil Pump Road, Gandhidham - 370201, Phone No. +91 2836 258251/2 Website: www.asplindia.org

Bid Details of Accuracy Shipping Limited IPO as on
14-Jun-2018 17:00:00 IST

Category No.of shares offered No. of shares bid
829,600 801,600
606,000 1,412,800
1,414,000 2,048,000
1,190,400 1,190,400
217,600 217,600
4,257,600 5,670,400
QIBs Subscription 0.97X
HNI Subscription 2.33X
Retail Subscription 1.45X
Total Subscription 1.50X

Discussion on Accuracy Shipping Limited IPO:

    The company has a list of marquee clients such as Kajaria, Provogue, Symphony, Johnson, Pidilite, Borosil, R bK Marbles etc.

    Apply in this IPO. The Company is available at reasonable valuation.

    The company has issued shares to Pantomath, Pantomath AIF fund, and Vantage Funds in pre ipo placement at price of 84.