Jiwanram Sheoduttrai Industries Ltd (JSIL) is engaged in the manufacturing and export of Industrial Safety Gloves and Garments that provide customised solutions in the field of industrial safety. Types of protective garments include fire retardant, high visibility, water repellent, UV protection, oil and soil repellent, anti-bacterial, anti-peeling, etc. JSIL also produces other garments like hospital and hotel industry garments, along with other casual wear. The company was incorporated in 1997 and owns manufacturing facilities at Baruipur, Nandankanan and Falta SEZ West Bengal.
Nearly 60% of JSIL’s revenue came from exports in FY 2023. This percentage has been decreasing from over 82% in 2021 due to the consistent increase in domestic revenue, which nearly doubled in 2022-23. Their export destinations include North America, South America, Europe, Oceania, and Asia, with a special focus on the USA. Therefore, JSIL is a company which has opportunities for growth in both domestic and foreign markets.
The global industrial protective clothing market size was valued at USD 18.93 billion in 2021 and is expected to expand at a CAGR of 6.9% from 2022 to 2030. Therefore, in the coming years, companies with a global presence in this segment, like JSIL, will have ample opportunities for growth.
Jiwanram Sheoduttrai Industries Ltd IPO Details
Jiwanram Sheoduttrai Industries Ltd IPO Date
Retail investors can bid for the Jiwanram Sheoduttrai Industries IPO that will be open between Friday, September 8, 2023, and Tuesday, September 12, 2023. The IPO will be listed on the NSE SME exchange on Thursday, September 21, 2023.
Jiwanram Sheoduttrai Industries Ltd IPO Price Band
Jiwanram Sheoduttrai Industries is a fixed price IPO with a price ₹23 per share.
Jiwanram Sheoduttrai Industries Ltd IPO Lot Size
The Jiwanram Sheoduttrai Industries Ltd IPO has a lot size of 6,000 shares. Therefore, the minimum investment will be around ₹1,38,000.
Jiwanram Sheoduttrai Industries Ltd IPO Objectives
The net proceeds of the Fresh Issue are proposed to be utilised in the following manner:
- ₹9 crore will be used out of the fresh capital to meet working capital requirements.
- ₹2 crore will be used for the repayment or prepayment of an unsecured loan.
- The remaining amount will be used for general corporate purposes and offer-related expenses.
Peer Details
The companies considered by Jiwanram Sheoduttrai Industries as its peers include:
- Neo Safety Products Private Limited
- Industrial Safety Products Private Limited
- Utkal Industrial & Safety Products Private Limited
- Sure Safety (India) Limited
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Contact Details of Jiwanram Sheoduttrai Industries Ltd
Registered office: 30D Jawaharlal Nehru Road, 2nd Floor, Kolkata- 700016
Phone: +91 33 4016 9500
E-mail: investor@jiwan.co.in
Jiwanram Sheoduttrai Industries Ltd Company Financials
| Financial year | Total Income | Total Expense |
|---|---|---|
| Total Income | 45.98 | 34.15 |
| Profit After Tax (PAT) | 4.02 | 1.49 |
| Current Ratio | 2.79 | 2.78 |
| Return on Capital Employed | 7.29 | 3.97 |
| Debt Service Coverage Ratio | 2.76 | 1.47 |
Know before investing
Strengths
4JSIL has over two decades of experience in the field of industrial safety garments and has built a strong international brand in the same period.
Over the past 3 years, JSIL has improved its revenues, profitability, capital efficiency as well as solvency. Therefore, it is now financially ready to expand its operations without straining on its resources.
The company has cracked the foreign markets and is also growing fast in the domestic market as well.
It can tap into the market of global companies entering the Indian market that have strict protective gear requirements. This is because of the pre-existing brand that JSIL has been able to develop in international markets.
Risks
4In FY 2023, their top 5 suppliers covered 63% of their total raw material supply. This may create the risk of excess concentration and dependence on a handful of suppliers and expose the company’s operations to potential disruption.
All of their manufacturing facilities are located only in West Bengal. Therefore, any major changes in the economy and regulations in the state can impact the entire manufacturing operations of the company.
In FY 2023, their top 5 customers covered nearly 64% of their sales revenue. This may create dependence on a few customers and expose the company to potential disruptions in their sales.
Their business is highly dependent on working capital. They have contingent liabilities worth ₹7 crore that may be demanded to pay up. This may put a major dent in their cash flow.
