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Nitiraj Engineers Ltd

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Nitiraj Engineers Ltd

Nitiraj Engineers Ltd

Issue Details: 

Issue Open: Feb 20, 2017 – Mar 1, 2017

Issue Type: Fixed Price Issue IPO

Issue Size: 2200800 Equity Shares of Rs 10 aggregating up to Rs 22.01 Crs

Face Value: Rs 10 Per Equity Share

Issue Price: Rs. 100 Per Equity Share

Market Lot: 1200 Shares

Minimum Order Quantity: 1200 Shares

Listing At: NSE SME

 

Consolidated Financials and Valuations for FY16 (Amt in Rs Crs unless specified)


Equity Capital

Net worth
Long Term Debt
Total
Sales
PAT
BV
(Rs)

EPS (Rs)

P/E

ROE

P/BV

Promoter’s
Stake
6 33 57 5.5 55 9.17 10.9 16 1.8 90
  • Virtually Debt Free

Consolidated Financials and Valuations for H1 FY17


Equity Capital

Net worth

Total
Sales
PAT
BV
(Rs)

EPS (Rs)

P/E

ROE

P/BV

Promoter’s
Stake
6 38 32 4.5 63 7.52 13.3 12 1.6 90

 

Overview:

  • Nitiraj Engineers Ltd does the manufacturing of Electronic Weighing scales and Systems and Digital fare meters in India.
  • The entire production is done under the company own brand name, which is
  • Company also offers jewelry, tabletop, price computing, piece counting, platform, hanging, industrial weighing, baby weighing, person weighing, adult weighing, body mass index, and kitchen scales; and special application indicators, currency counting machines, and taxi/rickshaw fare meters.
  • Company supplies entire its product under the brand name of PHOENIXin India and internationally.
  • The Company has Large marketing, service and dealer network, with 13 branch offices and 400+ dealers across India with more than 1 million customers.
  • The Company faces competition from several Indian manufacturers like Devishree Mudran Pvt. Ltd. (Dolphin), Apple Weighinfra Limited, Precision Electronics Instrument Co. (Gold Tech), Sansui Electronics Pvt. Ltd. etc. The major factors which affect competition in our business are product quality, pricing and client servicing. Internationally, competition comes from low-cost products, which are manufactured in China and quality products, which are manufactured in Germany, Italy, Japan etc.
  • The products are manufactured at our manufacturing unit located at Parwanoo, Himachal Pradesh. They also have manufacturing facility at Silvassa, UT which is not under active use currently.

Objectives of IPO:

  • Development of new products.
  • Setting up manufacturing Unit for the existing and new range of products.
  • Expansion of Marketing Network and Brand building.
  • General Corporate Purposes.
  • Issue Expenses.

IPO expenses details:

  • Development of new products. 5 Crs
  • Setting up manufacturing Unit for the existing and new range of products.   5 Crs
  • Expansion of Marketing Network and Brand building. 5 Crs
  • General Corporate Purposes. 5 Crs
  • Issue Expenses. 1 Cr

Products :

  • Industrial range – These include weighing machine systems required by large industrial establishments having requirement of weighing heavy or voluminous material. The offering in this segment also includes electronic weigh bridges.
  • Commercial range – It forms the Company‘s major business. These are utilised mainly by business units in retail sector ranging from small shopkeepers to big departmental stores. The product offerings include currency counting machine with variety of feature like counterfeit currency detection, sorting, totalling etc. which offer huge utility value for commercial establishments.
  • Jewellery range – Machines made specifically for jewellery sector offering high weighing accuracy to check weights of precious metals. Besides jewellers, these machines find application amongst banks and other financial institutions offering gold loans.
  • Healthcare range – These include baby weighing machines, Body Mass Index (BMI) machines and adult weighing scales etc. These machines find their utility in public places like malls, healthcare centres, gymnasiums etc.
  • Household range – These include machines like personal weighing scale and kitchen scales and are useful for various purposes in households.
  • Automobile range – Our offerings in this range includes electronic fare meters for auto rickshaws and taxis. The electronic fare meter is relatively newer product offering and we are in the process of its standardization for large scale commercial production.

Nitiraj Engineers Ltdd is already supplying machines to various state governments under CGMS program. These machines have advanced technology support in form of data collection, plotting, MIS and dissemination. With the help of technology the task of record keeping, plotting, data management and reporting can be handled by the weighing machine systems itself. This provides the field staff and supervisory staff to focus on actual action points to achieve objectives of CGMS and ICDS rather than spending time on data management. The Company expects the demand of this segment to sustain and grow in the coming years

 

Dealer Network:

Area / Place No of Dealers
Andhra Pradesh 58
Bihar 7
Chandigarh 1
Chattisgarh 18
Delhi 3
Goa 2
Gujarat 9
Haryana 4
Himachal Pradesh 5
Jammu & Kashmir 8
Jharkhand 12
Karnatka 30
Kerala 9
Madhya Pradesh 60
Maharashtra 85
Manipur 1
Nepal 1
North East 10
Odisha 32
Puducherry 1
Punjab 23
Tamil Nadu 11
Uttar Pradesh 18
Uttarakhand 2
West Bengal 25
Total 435

 

Management :

Mr. Rajesh Nath Bhatwal is the only Promoter of the Company

Consolidated Financial Trends (In Rs.Crs) :

Particulars FY16 FY15 FY14 FY13 FY12
Equity Paid Up 6 1 1 1 1
Networth 33 28 24 20 19
Total Debt 7 2 0.2 1 3
Net Sales 57 44 41 29 29
Other Income 0.1 0.4 0.2 0.09 0.07
PAT 5.5 4.2 3.9 1.2 2.8
Book Value (Rs) 55 280 240 200 190
EPS (Rs) 9.17 42 39 12 28

 

Debt is Short term Debt only as it has no Long term Debt.

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