Mish Designs Limited IPO

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1. Product Offering: MISH offers a range of women’s fashion products, including Dresses, Gowns, Tops, Co-Ords, T-shirts, Trousers, and Palazzos. Their product line is designed to cater to the diverse tastes of their customers, providing a wide selection of trending designs.

2. Branding: The brand “MISH” represents contemporary and affordable fashion wear for women. Their business mantra, “DRESSES THAT MAKE YOU STAND OUT,” reflects their vision and commitment to providing unique and stylish clothing.

3. Global Digital Presence: MISH has a strong digital presence and has successfully sold over 2.5 lakh (250,000) products through various E-Commerce platforms. They have established relationships with prominent E-Commerce players such as Myntra, Nykaa Fashion, Ajio, Tata Cliq, and Namshi. This allows them to reach a global customer base.

4. Product Fabrication: MISH is involved in the process of fabricating fabric into garments under the brand name “MISH” and “CURVES BY MISH” in India. They also export their products to the UAE under the brand name “ZOEY.”

5. In-House Design Team: The company’s expertise lies in understanding the specific requirements of their customers. They have an in-house design team at their manufacturing unit and a team of over 54 employees. This team is responsible for designing, procuring fabrics, selecting color combinations, manufacturing garments, and making samples live to stay in tune with customer preferences and trends.

6. Quality Control: MISH places a strong emphasis on quality control. They have a dedicated team that supervises the entire manufacturing process, from the selection of interlinings to the dispatch of goods to ensure product quality and customer satisfaction.

7. Asset-Light Model: The company is asset-light in terms of plant, property, and equipment. This approach allows them to achieve a high return on capital employed and optimize various costs, including rental, administration, maintenance, and employee costs. They do not operate retail stores or showrooms, relying on E-Commerce platforms for sales.

8. Ownership and History: The brand “MISH” is the result of the passion and vision of its founders, Mr. Kaushal Goenka and Mr. Sajan Bhartia. They incorporated the company as “MISH Designs Private Limited” in 2017, and it was subsequently converted into a public company, “MISH Designs Limited,” in 2023.

9. Sales Channels: The company focuses on generating sales through E-commerce platforms of major players such as Myntra and their own website, “mishindia.com.” This multichannel approach allows them to reach a wide customer base.

10. Revenue Generation: As of March 31, 2023, MISH generates revenue from both online platforms and offline modes. The specific breakdown of revenue sources may vary but would typically include sales from E-Commerce platforms, their website, and potentially other retail channels.

Objects of the Mish Designs Limited IPO:

The company proposes to utilize the Net Proceeds from the issue towards funding the following objects. 1. Funding Working capital requirements; 2. To fund branding and marketing initiatives; 3. General Corporate Purpose

Mish Designs Limited IPO Details:

Open Date: Oct 31 2023
Close Date: Nov 02 2023
Total Shares: 800,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price Issue IPO
Issue Size: 9.76 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 122 Per Equity Share
Listing At: BSE SME
Listing Date: Nov 10 2023

Promoters And Management:

i. Kaushal Goenka, aged 41 years is the one of the founding promoters of the Company. He has been part of the Board since inception and is currently designated as Chairperson and Managing Director of the Company. As per the Affidavit provided by the promoter he has completed his Bachelor of commerce from Mumbai University in the year 2003. He has more than 20 years experience in the fashion and design industry. He was associated with Pitambari Fabrics Private Limited as Senior Designer from the year 2000 to 2005. He is the founding promoter and is currently designated as director in Estila Group. He is currently responsible for the overall working of the Company and is instrumental in making strategic decisions and has been guiding force behind the growth of the Company ii. Sajan Bhartia, aged 52 years, is the one of the founding promoters of the Company. He has been part of the Board since inception and is currently designated as Whole Time Director and Chief Financial Officer of the Company. He has completed his Graduation from Banaras Hindu University in the year 1992. He has over 3 decades of varied businesses experience including over 24 years in the cotton and fabrics industries. He has been an integral part of the company and responsible for formulating various strategies and providing guidance for its implementation in the Company. He is instrumental in devising and implementing the overall strategy and growth of the Company and in maintaining cordial relations. As a Whole Time Director of the Company, he is responsible for providing his expertise for growth and expansion of the Company iii. Anita Bhartia, aged 49 years, is the Non-Executive Director of the Company. She has obtained her degree in Bachelor of Arts from Bombay University in the year 1995. She has been part of the Board since May 02, 2023. She has over three decades of experience in Design and Fashion Industry. She has been integral part of the company and responsible for formulating various strategies and providing guidance for its implementation in the Company. Presently, she provides her intermittent guidance to the Company with respect to the business development activities in the Company.

Financials of Mish Designs Limited IPO:

Particulars ( In Lakhs )
2021
2022
2023
3M-FY24
Revenue from Operations 419 730 1,110 226
Other Income 0.3 1 2 1
Total Revenue 419 731 1,112 227
Cost of Material Consumed 219 457 619 116
Change in Inventories -14 -88 -131 -11
Employee benefits expenses 61 89 61 14
Other Expenses 139 238 436 82
EBITDA 14 35 126 26
Depreciation & Amortisation 7 10 11 2
Finance Cost 4 17 36 9
EBIT 6 26 115 25
OPM (%) 3.28% 4.84% 11.37% 11.60%
PBT 2 9 79 15
Tax 2 3 18 4
PAT 0.3 5 61 11
NPM (%) 0.07% 0.73% 5.46% 4.99%
No.of Shares 28 28 28 28
EPS 0.01 0.19 2.16 0.40

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Mish Designs Limited 11 0.61 2.16 56.2 122 34
Aditya Birla Fashion and Retail Limited 12,418 -59 -0.38 N/A 214 20,285
Go Fashion (India) Limited 665 83 15.33 79.7 1,249 6,745
Kewal Kiran Clothing Limited 779 119 19.36 32.6 754 4,646
* All the data is as per FY23.

Recommendation on Mish Designs Limited IPO:

Review and Recommendation of MISH Design SME IPO by IZ team is 4/10 Read Review Here

Lead Manager of Mish Designs Limited IPO:

  1. Aryaman Financial Services Limited

Registrar of Mish Designs Limited IPO:

  1. Kfin Technology Private Limited

Company Address:

Mish Designs Limited Gala No. 4, Gulati Industries Hattibaug Love Lane Mazgaon, Mumbai City, Mumbai, 400010 Phone: +91 22- 23719478 Email: info@mishindia.com Websitehttps://mishindia.com/

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