Suyog Gurbaxani Funicular Ropeways Limited IPO

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i. Incorporated in 2010, the company is engaged infrastructure development & constructions company engaged in building & operating the Funicular Ropeways Systems. They are an infrastructure development and constructions company engaged in building & operating the Funicular Ropeways Systems. The Company is currently involved in an Infrastructural Development project through a Build, Operate and Transfer mode (“BOT”) wherein, they have completed the construction of a Funicular Ropeway System project (also known as Incline Ropeways) at Saptashrungi Gad Temple situated at Vani, Nashik, Maharashtra. Saptashrungi Gad Temple is a popular destination for devotees where people come from all over India for taking the blessings of Goddess and this temple experiences a large number of visitors throughout the years and also experiences some of the peak seasons at the time of Navratri festivals which happens two times in a year. The project is spread over in an area of 10 acres, which houses the funicular ropeway system, a shopping mall, a parking facility and a hotel facility

ii. The Saptashrungi Project primarily has a Funicular Ropeway System consisting of 2 Air Conditioner funicular vehicles / coaches which can carry 60 passengers/ devotees at a time. The Shopping complex, forming a part of the project, provides the facility of more than 50 shops providing various buying avenues to the visitors including food shops. The parking facility built in the vicinity of the funicular ropeway, has a capacity of more than 150 vehicles including four wheelers and two wheelers. Lastly, we also have constructed a hotel which houses 28 guest rooms & dormitories, a multi cuisine restaurant and a coffee shop.

iii. The company employs 205 people, including Key Managerial Personnel, Executive Directors, employees in head office, and employees at our Saptashrungi Gad temple project. They also hire casual and temporary contract labor from time to time.

Competitive Strengths
i. Integrated in-house execution capabilities
ii. Ability of obtain funding for Projects
iii. Cordial Client Relations
iv. Management Expertise

Objects of the Suyog Gurbaxani Funicular Ropeways Limited IPO:

The Offer comprises a Fresh Issue 6.75 Crores by the Company and an Offer for Sale 22.75 Crores. The objectives of the Offer are to raise funds for (a) Repayment of loans (b) Funding expenditure for General Corporate Purposes
DRHP of Suyog Gurbaxani Funicular Ropeways Limited IPO
RHP of Suyog Gurbaxani Funicular Ropeways Limited IPO

Suyog Gurbaxani Funicular Ropeways Limited IPO Details:

Open Date: Nov 01 2021
Close Date: Nov 08 2021
Total Shares: 6,555,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Issue
Issue Size: 29.50 Cr.
Lot Size: 3000 Shares
Issue Price: ₹ 45 Per Equity Share
Listing At: BSE SME
Listing Date: Nov 16 2021

Promoters And Management:

i. Mr. Rajkumar Gurxbaxani, aged 62 years is the Whole Time Director of the Company. He is one of the founding members and promoters of the Company. He has obtained a Bachelor's degree in Commerce from Nagpur University. He has more than three-decade of experience in the field of construction of roads and bridges. He is the guiding force behind all the decisions making and is responsible for the entire business operations of the Company ii. Mr. Omprakash Gurbaxai, aged 57 years, is the Non-Executive Director of the Company. He is also one of the founding members and promoters of the Company. He has completed a Bachelor’s degree in Commerce from Nagpur University. He has more than three-decade of experience in the construction field. He is also a partner in M/s D. C. Gurbaxani, which is a registered class-I contractor with PWD, Maharashtra. He also worked with various government authorities for business purposes and successfully completed various projects across Maharashtra iii. Mr. Shivshankar Lature, aged 50 years, is the Non-Executive Director of the Company. He is also one of the founding members and promoter of the Company. He has obtained a B.E. Civil degree from Dr. Babasaheb Ambedkar Marathwada University. He has a business experience of more than two decades. He has in-depth knowledge and acumen of the Telecom Infrastructure Industry involves handling the overall business affairs of the Company including devising business marketing strategies, project management consultancy, business development, etc.

Financials of Suyog Gurbaxani Funicular Ropeways Limited IPO:

Particulars (in Lakhs) March 31, 2021 March 31, 2020 March 31, 2019
Revenue from Operations 447 1,319 790
Changes in Inventories -5.2 6.15 -64.45
Employee Benefits Expenses 166 258 115
Other Expenses 202 379 406
Operating Profit Margin 83 674 332
OPM % 18.62% 51% 42%
Other Income 0.37 0.28 -
Finance Cost 206 193 188
Depreciation and Amortisation 670 670 492
Profit for the year -793 -188 -348

Recommendation on Suyog Gurbaxani Funicular Ropeways Limited IPO:

Review and Recommendation of Suyog Gurbaxani Funicular Ropeways IPO by InvestorZone is 2/10 1. The company's revenue has declined in 2021 in due to COVID-19. 2. The company in the last 3 years is in loss. 3. SME coming up with an OFS is a joke.

Lead Manager of Suyog Gurbaxani Funicular Ropeways Limited IPO:

  1. Aryaman Financial Services Limited

Registrar of Suyog Gurbaxani Funicular Ropeways Limited IPO:

  1. Kfin Technology Private Limited

Company Address:

Suyog Gurbaxani Funicular Ropeways Limited 18, Suyog Industrial Estate, 1st Floor, LBS Marg, Vikhroli West, Mumbai – 400 083 Phone: +91 – 22 – 2579 5516 Email: investor@sgfrl.com Website: http://sgfrl.com/

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