Command Polymers Limited IPO

Apply 0
Avoid 0

i. Command Polymers is in the business of Marketing and Manufacturing Polymer based products primarily Polythene LF Tube, Tarpoulin sheets, Polyester Fabrics and other polymers. Their products have a wide variety of applications in several industries such as Industrial packaging industries, Food industry etc.

ii. Their manufacturing facility is located at Mouza Malancha, P.S Bhangar, District 24 Parganas (South), West Bengal and is well equipped with the required facilities including machinery, and other handling equipment to facilitate a smooth manufacturing process and easy logistics. The company endeavor to maintain safety in their premises by adhering to key safety norms, established through the internal health and safety manual, accompanied by regular safety meetings.

iii. Company product details are as follows:

i. Polythene LF Tube
ii. Tarpoulin Sheet

Competitive Strengths

i. Experienced management Team
ii. Existing relationship with suppliers
iii. Quality Assurance
iv. Smooth flow of operations

 

Objects of the Command Polymers Limited IPO:

The company proposes to utilize the Net Proceeds from Issue towards funding the following objects: i. Funding Working capital requirements; ii. Repayment of Loans; iii. General Corporate Purpose
DRHP of Command Polymers Limited IPO

Command Polymers Limited IPO Details:

Open Date: Mar 17 2023
Close Date: Mar 21 2023
Total Shares: 2,532,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price Issue IPO
Issue Size: 7.09 Cr.
Lot Size: 4000 Shares
Issue Price: ₹ 28 Per Equity Share
Listing At: BSE SME
Listing Date: Mar 29 2023

Promoters And Management:

i. Vishnu Kumar Agarwal, aged 46 Years is the Chairman and Managing Director of the company. He has been spearheading the company’s leadership since 2011. He is a Commerce graduate from Rajasthan University. He has over 2 decades of varied businesses experience including over 11 years in the Polymers Industry. ii. Guddi Gupta, aged 46 Years is the Executive Director of the company. She has been looking after administration part of the company since August 2022. She has completed her bachelor’s degree in Arts from University of Rajasthan and has over 2 decade of varied business experience. iii. Purshotam Agrawal, aged 53 Years is the Non-Executive Director of the company. He has been on the Board since January 31, 2022. He holds a bachelor’s degree of Commerce (B.Com.) from University of Rajasthan. He has more than 2 decades of varied business experience

Financials of Command Polymers Limited IPO:

Particulars ( In Lakhs ) 9MFY23 2022 2021 2020
Revenue from Operations 1444 1947 1634 1089
Other Income 15 1 2 0.45
Total Revenue 1460 1948 1636 1089
Cost of Material Consumed 1092 1167 1213 643
Purchases of Stock-in-Trade 0 427 653 386
Changes in Inventories 232 150 -365 -43
Employee Benefits Expense 12 18 15 14
Other Expenses 25 43 25 22
EBITDA 96 141 93 65
Depreciation & Amortisation 29 36 32 28
Finance Cost 34 69 33 25
EBIT 67 104 60 37
OPM (%) 6.63% 7.25% 5.73% 6.04%
PBT 32 35 27 12
Taxes 16 5 7 2
PAT 16 30 19 9
NPM (%) 1.11% 1.54% 1.20% 0.87%
No.of Shares 93 93 93 93
EPS 0.17 0.32 0.21 0.10
P/E 162.46 87.45 133.68 278.41

Comparison With Peers:

Name of the Company Revenue (Cr) Profit (Cr) P/E EPS CMP Mcap (Cr)
Command Polymers Limited 19 0.21 121.85 0.23 28 26
G M Polyplast Limited 87 4.96 34.5 3.67 107 144

Recommendation on Command Polymers Limited IPO:

Review and Recommendation of Command Polymers Limited by IZ team is 3/10 1. The company is engaged in the business of Marketing and Manufacturing Polymer based products primarily Polythene LF Tube, Tarpoulin sheets, Polyester Fabrics and other polymers. Their products have a wide variety of applications in several industries such as Industrial packaging industries, Food industry etc. 2. Their manufacturing facility is located at Mouza Malancha, P.S Bhangar, District 24 Parganas (South), West Bengal. 3. The revenue has increased from 10 Crores to 20 Crores. The EBITDA margins have also increased from 6.15% in Fy20 to 7.24% in Fy22. 4.  PAT has increased from 9 lac in FY20 to 30 lac in Fy22. 5.  Cash flow from operations is negative in Fy21 and Fy22. 6. IPO is priced at P/E of 121x which is very high.

Lead Manager of Command Polymers Limited IPO:

  1. Aryaman Financial Services Limited

Registrar of Command Polymers Limited IPO:

  1. Kfin Technology Private Limited

Company Address:

Command Polymers Limited Mouza Malancha, J.L.No.87, P.O. Narayanpur, P.S Bhangar, District 24 Parganas (South) -743502 Phone: +91 98365 52178 Email: info@commandpolymers.com Website: http://www.commandpolymers.com/

Discussion on Command Polymers Limited IPO:

Leave a Reply