For decades, the global economic stage was largely dominated by a handful of developed nations, often referred to as "the West" or the G7. However, a seismic shift has been underway, driven by the emergence of powerful economies from the Global South. At the heart of this transformation is the BRICS bloc, a group of nations that has grown in influence and is now actively challenging the long-standing status quo. Understanding the dynamic between BRICS vs West is no longer just a matter of geopolitics—it's a critical factor for investors navigating the complexities of the modern financial world.
The term BRIC was coined by Goldman Sachs economist Jim O'Neill in 2001, highlighting the potential of Brazil, Russia, India, and China to become major economic forces. South Africa joined in 2010, and more recently, the bloc has expanded to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. This expansion is a clear signal of the group's growing ambition and appeal.The BRICS alliance isn't a formal organization like the European Union. Instead, it's a loose coalition of countries that coordinate on economic, financial, and political issues. Their primary goal is to create a more multipolar world, where the interests and perspectives of emerging economies are better represented in global institutions like the World Bank and the International Monetary Fund (IMF), which they believe are overly dominated by Western powers.
By 2024, the expanded BRICS group's collective GDP (based on Purchasing Power Parity) had already surpassed that of the G7, a powerful statement of its rising economic might. With a combined population of nearly half the world's inhabitants and vast natural resources, BRICS nations have a significant and growing influence on global trade and supply chains.
The competition between BRICS and the West is playing out across several key fronts: The Battle for Economic Influence and Multilateralism.
Historically, international finance has been shaped by institutions like the World Bank and the IMF, where Western nations hold considerable sway. In response, BRICS has established the New Development Bank (NDB), a multilateral lending institution aimed at funding infrastructure and sustainable development projects in member and other developing countries. This provides an alternative source of financing, bypassing the conditionalities sometimes attached to loans from Western-led institutions.
For India, this is a significant development. As a founding member, India plays a key role in the NDB, which can help secure funding for critical infrastructure projects, potentially boosting domestic growth and employment. This also reduces India's financial dependence on Western institutions, allowing for greater autonomy in policymaking.
The Push for De-Dollarization
The US dollar has been the world's reserve currency for decades, giving the United States immense economic power, including the ability to impose sanctions. BRICS nations, particularly Russia and China, have been vocal about reducing their reliance on the dollar. They are actively promoting trade in local currencies, a move that could insulate them from geopolitical pressure and currency fluctuations.
For Indian businesses and investors, this trend towards de-dollarization has several implications. While the US dollar remains crucial for international trade, an increase in local currency trade with BRICS partners could reduce currency conversion costs and risks for Indian exporters and importers. This could also lead to a more stable Indian Rupee in the long run. The Reserve Bank of India (RBI) is a key player in navigating this shift, ensuring a stable and secure financial environment.
Shifting Trade and Supply Chains 🔗
The relationship between BRICS and the West is not simply adversarial; it is complex and often symbiotic. Many Western companies have deep ties with BRICS nations, especially China and India, for both manufacturing and consumer markets. However, geopolitical tensions have led to discussions around "friend-shoring" and diversifying supply chains.
India, with its vast manufacturing capabilities and skilled workforce, is in a prime position to benefit from these shifts. The Indian government's "Make in India" initiative aligns perfectly with this trend, attracting foreign investment and positioning India as a key global manufacturing hub. Indian investors should look for opportunities in sectors that benefit from this increased domestic and international manufacturing focus, such as capital goods, logistics, and technology.
India's Balancing Act: A Strategic Position 🇮🇳India's role in the BRICS vs West dynamic is particularly unique. As a founding member of BRICS, India has been a strong advocate for a multipolar world and the interests of the Global South. However, India also maintains robust diplomatic, economic, and strategic ties with Western powers, including the United States, Europe, and Japan.
This strategic autonomy allows India to engage with all sides, leveraging its relationships to secure the best outcomes for its national interests. The Indian government is committed to strengthening its economic partnerships with BRICS members while also fostering trade and investment with Western nations. This balancing act is a testament to India's growing stature as a global power.Investment Implications for the Indian Market 📈The geopolitical landscape directly impacts financial markets. Here's how Indian investors can navigate this new reality:
JSW Infrastructure Limited provides maritime-related services including cargo handling, storage solutions and logistics services. The company develop and operates ports and port terminals under Port Concessions. JSW Infrastructure Limited is part of the JSW Group. JSW Infrastructure is the 2nd largest commercial port operator in the country in terms of cargo handling capacity in Fiscal 2022.
Chairman and Non-Executive Director of the Company. He is the vice chairman of the World Steel Association and is also on the board of directors of JSW Energy Limited. He has over 36 years of experience in the manufacturing and steel industry.
Vice Chairman and Independent Director of the Company. He joined Jindal Iron & Steel Company Limited in 1992 as general manager – finance. He has over 21 years of experience in the financial services sector.
Joint Managing Director and Chief Executive Officer. He has previously been associated with Jindal Strips Limited, Jindal Iron & Steel Company Limited and Jindal Vijaynagar Steel Limited. He has over 30 years of experience in the areas of marketing, import (raw materials), corporate strategy and infrastructure.
Whole Time Director and Chief Financial Officer of the Company.He has over 21 years of experience in management and finance. He has been associated with our Company since January 15, 2015 as senior vice president – finance and commercial.
Non-Executive Director of the Company. He has over 28 years of experience in the financial services sector and the steel industry. He was previously associated with JSW Holdings Limited as joint managing director and chief executive officer.
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As a division of the JSW Group, JSW Infrastructure offers logistical, cargo handling, and other maritime-related services. The second-largest commercial port operator in India, the corporation has the fastest rate of growth in the infrastructure associated with ports.
The business's financial performance is quite strong, and both its sales and net worth are increasing. The ratio of debt to equity is 0.54, which is quite favorable. The issue size is about 2800 crore, and the IPO is full of fresh issues. last but not least, coming to the IPO valuation the issue is priced at a P/E valuation of about 28x, and EV/EBITDA is 15.17 which looks reasonable.
We will therefore subscribe to this IPO for listing benefits and for long terms due to valuation and current market sentiments.
The information contained herein are strictly confidential and are meant solely for the information of the recipient and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written permission of Swastika Investmart Ltd. (“SIL”). The contents of this document are for information purpose only. This document is not an investment advice and must not alone be taken as the basis for an investment decision. Before taking any decision to invest, the recipient of this document must read carefully the Red Herring Prospectus (“RHP”) issued to know the details of IPO and various risks and uncertainties associated with the investment in the IPO of the Company. All recipients of this document must before acting on the given information/details, make their own investigation and apply independent judgment based on their specific investment objectives and financial position. They can also seek appropriate professional advice from their own legal and tax consultants, advisors, etc. to understand the risks and investment considerations arising from such investment. The investor should possess appropriate resources to analyze such investment and the suitability of such investment to such investor’s particular circumstances before making any decisions on the investment. The Investor shall be solely responsible for any action taken based on this document. SIL shall not be liable for any direct or indirect losses arising from the use of the information contained in this document and accept no responsibility for statements made otherwise issued or any other source of information received by the investor and the investor would be doing so at his/her/its own risk. The information contained in this document should not be construed as forecast or promise or guarantee or assurance of any kind. The investors are not being offered any assurance or guaranteed or fixed returns on their investments. The users of this document must bear in mind that past performances if any, are not indicative of future results. The actual returns on investment may be materially different than the past. Investments in Securities market products and instruments including in the IPO of the Company are highly risky and they are generally not an appropriate avenue for someone with limited resources/ limited investment and low risk tolerance. Such Investments are subject to market risks including, without limitation, price, volatility and liquidity and capital risks. Therefore, the users of this document must carefully consider all the information given in the RHP including the risks factors before making any investment in the Equity Shares of the Company.
Swastika Investmart Ltd or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither Swastika Investmart Ltd nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Swastika Investment Ltd may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report.
CORPORATE & ADMINISTRATIVE OFFICE - 48, Jaora Compound, M.Y.H. Road, Indore - 452 001 | Phone 0731 - 6644000
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Swastika Investmart Limited, SEBI Reg. No. : NSE/BSE/MSEI: INZ000192732 Merchant Banking: INM000012102 Investment Adviser: INA000009843 MCX/NCDEX: INZ000072532 CDSL/NSDL: IN-DP-115-2015 RBI Reg. No.: B-03-00174 IRDA Reg. No.: 713.
Updater Services Limited is an integrated business services platform in India offering integrated facilities management (“IFM”) services and business support services (“BSS”) to its customers, with a pan-India presence.
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Promoter, Chairman and Managing Director of the Company. He is one of the founding directors of the Company and has been on the board since its incorporation. In the Company, he focuses primarily on corporate governance, organizational development, capital allocation and strategic growth of the Company. He has approximately 30 years of experience.
Director of business operations of the Company. He has been associated with the Company since October 3, 2016. In the Company, he handles the pan India business operations.
Chief Financial Officer of the Company. He has been associated with the Company since December 11, 2019. He handles finance & accounts and compliances of the Company. He holds a bachelor’s degree in commerce from University of Madras. He is an associate member of the Institute of Chartered Accountants in India.
Company Secretary of the Company. He has been associated with the Company since March 6, 2023. In the Company, he is responsible for secretarial compliances. He holds a bachelor degree in commerce from the University of Madras. He is an associate member of the Institute of Chartered Accountants of India and an associate member of the Institute of Company Secretaries in India.
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Updater Services Ltd. (UDS) is a leading business services platform that offers a diverse range of services to customers (B2B) across diverse sectors. The company has a pan-India presence and a large workforce.
The financial performance of the company has been mixed, with growing revenue but declining profit. The company faces certain regulatory and operational risks due to the nature of its business. It is also exposed to service-related claims and losses.
Lastly, the issue is priced at a P/E of 44.3x, which is significantly higher than its listed peers. Thus, considering all the factors, we will avoid this IPO.
The information contained herein are strictly confidential and are meant solely for the information of the recipient and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written permission of Swastika Investmart Ltd. (“SIL”). The contents of this document are for information purpose only. This document is not an investment advice and must not alone be taken as the basis for an investment decision. Before taking any decision to invest, the recipient of this document must read carefully the Red Herring Prospectus (“RHP”) issued to know the details of IPO and various risks and uncertainties associated with the investment in the IPO of the Company. All recipients of this document must before acting on the given information/details, make their own investigation and apply independent judgment based on their specific investment objectives and financial position. They can also seek appropriate professional advice from their own legal and tax consultants, advisors, etc. to understand the risks and investment considerations arising from such investment. The investor should possess appropriate resources to analyze such investment and the suitability of such investment to such investor’s particular circumstances before making any decisions on the investment. The Investor shall be solely responsible for any action taken based on this document. SIL shall not be liable for any direct or indirect losses arising from the use of the information contained in this document and accept no responsibility for statements made otherwise issued or any other source of information received by the investor and the investor would be doing so at his/her/its own risk. The information contained in this document should not be construed as forecast or promise or guarantee or assurance of any kind. The investors are not being offered any assurance or guaranteed or fixed returns on their investments. The users of this document must bear in mind that past performances if any, are not indicative of future results. The actual returns on investment may be materially different than the past. Investments in Securities market products and instruments including in the IPO of the Company are highly risky and they are generally not an appropriate avenue for someone with limited resources/ limited investment and low risk tolerance. Such Investments are subject to market risks including, without limitation, price, volatility and liquidity and capital risks. Therefore, the users of this document must carefully consider all the information given in the RHP including the risks factors before making any investment in the Equity Shares of the Company.
Swastika Investmart Ltd or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither Swastika Investmart Ltd nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Swastika Investment Ltd may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report.
CORPORATE & ADMINISTRATIVE OFFICE - 48, Jaora Compound, M.Y.H. Road, Indore - 452 001 | Phone 0731 - 6644000
Compliance Officer: Ms. Sheetal Duraphe Email: compliance@swastika.co.in Phone: (0731) 6644 241
Swastika Investmart Limited, SEBI Reg. No. : NSE/BSE/MSEI: INZ000192732 Merchant Banking: INM000012102 Investment Adviser: INA000009843 MCX/NCDEX: INZ000072532 CDSL/NSDL: IN-DP-115-2015 RBI Reg. No.: B-03-00174 IRDA Reg. No.: 713.
फेड बैठक के बाद सोने की कीमते सप्ताह के निचले स्तरों पर आ गई, हालांकि कीमतों में गिरावट सीमित रही जबकि चांदी में 2 प्रतिशत की तेज़ी के बाद भाव 73600 रुपये प्रति किलो पर पहुंच गए। पिछले सप्ताह की बैठक में फेडरल रिजर्व ने तब तक दरें बढ़ाने के संकेत दिए है जब तक कि मुद्रास्फीति अपने वार्षिक लक्ष्य 2 प्रतिशत पर वापस नहीं आ जाती। जिसके कारण एमसीएक्स में सोना 0.20 की साप्ताहिक गिरावट के बाद 58800 रुपये प्रति दस ग्राम के स्तरों पर कारोबार करता दिखा। मौद्रिक नीति पर फेड के कड़े रुख के कारण स्पॉट गोल्ड 1950 डॉलर के महत्वपूर्ण स्तरों को पार नहीं कर पाया है जबकि यह महत्वपूर्ण सपोर्ट 1900 डॉलर के ऊपर बना हुआ है। बेंचमार्क अमेरिकी 10-वर्षीय ट्रेज़री यील्ड 4.5 प्रतिशत के शिखर पर पहुंचने के बाद सोने में दबाव बढ़ गया है, जो 2007 के बाद से सबसे अधिक है, और यह बांड बाजार में भारी बिकवाली को दर्शा रहा है। इस बीच, डॉलर इंडेक्स छह महीने के उच्चतम स्तर पर पहुंच गया, जिससे अन्य मुद्राओं के धारकों द्वारा डॉलर में कारोबार करने वाली वस्तुओं की खरीदारी सीमित कर दी है। पिछले सप्ताह फेड की नीति बैठक में सितंबर के लिए दरों को अपरिवर्तित छोड़ने के बावजूद, फेड द्वारा इस साल के अंत तक ब्याज दरों में एक और 0.25 प्रतिशत वृद्धि का अनुमान लगाया है। ब्याज दरों में बढ़ोतरी रोकने के बाद भी उच्च दरें लम्बी अवधि तक बने रहने के संकेत दिए है, जिससे सोने की कीमतों में दबाव बना रह सकता है जब तक की उच्च ब्याज़ दरों के कारण आर्थिक मंदी हावी नहीं हो जाती है।
इस सप्ताह कीमती धातुओं के भाव सिमित दायरे में रहने की सम्भावना है। एमसीएक्स अक्टूबर वायदा सोने में सपोर्ट 58000 रुपये पर है और रेजिस्टेंस 59500 रुपये पर है। दिसंबर वायदा चांदी में सपोर्ट 71000 रुपये पर है और रेजिस्टेंस 75000 रुपये पर है।
Manoj Vaibhav Gems 'N' Jewellers Limited is a hyperlocal jewelry retail chain with a presence in the micro markets of Andhra Pradesh and Telangana with 13 showrooms (inclusive of two franchisee showrooms) across 8 towns and 2 cities. It has dedicated branded showrooms and has a strong rural market focus and a dedicated urban focus.
Chairperson and Managing Director of the Company. She has 23 years of experience in jewellery industry, having been associated with the Company since 2001. Her knowledge of jewellery industry has contributed to the growth of the Company.
Currently, she looks after the overall operations and gives strategic directions furthering the growth of the Company.
Whole-time Director and CFO of the Company. She has been involved in the areas of marketing, operations and product development of the Company.
Currently, she is involved in managing the finances of the Company.
Chief Operating Officer of the Company and is responsible for the operations of the Company. He joined the Company on April 01, 2022. He has an overall experience of approximately 9 years. Prior to joining the Company. he worked as an Assistant Manager-Business Development in Vijay Engifab Private Limited.
General Manager – Marketing of the Company. General Manager –Marketing of the company. He has an overall experience of approximately 37 years. Prior to joining this Company, he has worked with Cipla Limited and Rexcel Pharmaceuticals Limited.
Company Secretary and the Compliance Officer of the Company. He has been associated with the Company since 2014. His primary responsibility is to look after the overall secretarial matters of the Company. He has an overall experience of approximately 13 years.
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Vaibhav Jewellers is a South Indian-based jewelry retail chain. It has a focus on rural and urban markets, with 13 stores currently. It is also planning to expand with eight new stores. The company offers diverse product designs. and it has reported consistent financial performance.
However, this business is subject to price fluctuations for raw materials and requires high working capital as well.
Secondly, it operates in a very competitive market.
The issue is coming at a P/E valuation of 43.69x which seems fully priced. So considering all these factors and current market sentiments, we will avoid this IPO. One may consider other listed peers for better opportunities.
The information contained herein are strictly confidential and are meant solely for the information of the recipient and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written permission of Swastika Investmart Ltd. (“SIL”). The contents of this document are for information purpose only. This document is not an investment advice and must not alone be taken as the basis for an investment decision. Before taking any decision to invest, the recipient of this document must read carefully the Red Herring Prospectus (“RHP”) issued to know the details of IPO and various risks and uncertainties associated with the investment in the IPO of the Company. All recipients of this document must before acting on the given information/details, make their own investigation and apply independent judgment based on their specific investment objectives and financial position. They can also seek appropriate professional advice from their own legal and tax consultants, advisors, etc. to understand the risks and investment considerations arising from such investment. The investor should possess appropriate resources to analyze such investment and the suitability of such investment to such investor’s particular circumstances before making any decisions on the investment. The Investor shall be solely responsible for any action taken based on this document. SIL shall not be liable for any direct or indirect losses arising from the use of the information contained in this document and accept no responsibility for statements made otherwise issued or any other source of information received by the investor and the investor would be doing so at his/her/its own risk. The information contained in this document should not be construed as forecast or promise or guarantee or assurance of any kind. The investors are not being offered any assurance or guaranteed or fixed returns on their investments. The users of this document must bear in mind that past performances if any, are not indicative of future results. The actual returns on investment may be materially different than the past. Investments in Securities market products and instruments including in the IPO of the Company are highly risky and they are generally not an appropriate avenue for someone with limited resources/ limited investment and low risk tolerance. Such Investments are subject to market risks including, without limitation, price, volatility and liquidity and capital risks. Therefore, the users of this document must carefully consider all the information given in the RHP including the risks factors before making any investment in the Equity Shares of the Company.
Swastika Investmart Ltd or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither Swastika Investmart Ltd nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Swastika Investment Ltd may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report.
CORPORATE & ADMINISTRATIVE OFFICE - 48, Jaora Compound, M.Y.H. Road, Indore - 452 001 | Phone 0731 - 6644000
Compliance Officer: Ms. Sheetal Duraphe Email: compliance@swastika.co.inPhone: (0731) 6644 241
Swastika Investmart Limited, SEBI Reg. No. : NSE/BSE/MSEI: INZ000192732 Merchant Banking: INM000012102 Investment Adviser: INA000009843 MCX/NCDEX: INZ000072532 CDSL/NSDL: IN-DP-115-2015 RBI Reg. No.: B-03-00174 IRDA Reg. No.: 713.
Signatureglobal (India) Limited largest real estate development company in the National Capital Region of Delhi (“DelhiNCR”) in affordable and lower mid-segment housing. It has strategically focused on the Affordable Housing (“AH”) segment (below ₹ 4 million price category) and the Middle Income Housing (“MH”) segment (between ₹ 4 million to ₹2.5 million private-category) through GoI and state government policies.
Chairman and Whole time Director of the Company. He has over eight years of experience in real estate industry. He has been appointed as a director on the Board of the Company since November 2, 2017.
Vice Chairman and Whole-time Director of the Company. He has an experience of over seven years in the real estate sector. He has been appointed as a director on the Board of the Company since February 15, 2022.
Managing Direct of the Company. He is a fellow member of the Institute of Chartered Accountants of India. He has over nine years of experience in the real estate industry. He has been appointed as a director on the Board of the Company since November 5, 2015.
Company Secretary and Compliance Officer of the Company. He joined the Company on May 2, 2022.He has been admitted as a fellow at the Institute of Company Secretaries of India since November 13, 2011.
Chief Financial Officer of the Company. He joined the Company on October 17, 2016. He holds a bachelor’s degree in commerce (honors) from the University of Delhi. He has been admitted as an associate member of the institute of chartered accountants of India.
Chief Executive Officer of the Company. He joined the Company on February 1, 2020. He holds a bachelor’s degree in commerce from the University of Delhi and has passed the final examination conducted by the institute of chartered accountants of India.
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Signature Global is the largest real estate player in Delhi, NCR, operating in affordable and lower-mid-segment housing. It is a well-known brand with a strong distribution network. The company also has large projects on hand.
But it has been a loss-making business for the last few years. Secondly, its major business is focused on a limited region. Changing government policies may also impact its business adversely.
As it has been at a loss, we cannot define its P/E valuation; however, its discounted revenue multiple is 3.48x, which is lower than the industry average. However, due to its current financial condition and other risk factors, we will avoid this IPO.
The information contained herein are strictly confidential and are meant solely for the information of the recipient and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written permission of Swastika Investmart Ltd. (“SIL”). The contents of this document are for information purpose only. This document is not an investment advice and must not alone be taken as the basis for an investment decision. Before taking any decision to invest, the recipient of this document must read carefully the Red Herring Prospectus (“RHP”) issued to know the details of IPO and various risks and uncertainties associated with the investment in the IPO of the Company. All recipients of this document must before acting on the given information/details, make their own investigation and apply independent judgment based on their specific investment objectives and financial position. They can also seek appropriate professional advice from their own legal and tax consultants, advisors, etc. to understand the risks and investment considerations arising from such investment. The investor should possess appropriate resources to analyze such investment and the suitability of such investment to such investor’s particular circumstances before making any decisions on the investment. The Investor shall be solely responsible for any action taken based on this document. SIL shall not be liable for any direct or indirect losses arising from the use of the information contained in this document and accept no responsibility for statements made otherwise issued or any other source of information received by the investor and the investor would be doing so at his/her/its own risk. The information contained in this document should not be construed as forecast or promise or guarantee or assurance of any kind. The investors are not being offered any assurance or guaranteed or fixed returns on their investments. The users of this document must bear in mind that past performances if any, are not indicative of future results. The actual returns on investment may be materially different than the past. Investments in Securities market products and instruments including in the IPO of the Company are highly risky and they are generally not an appropriate avenue for someone with limited resources/ limited investment and low risk tolerance. Such Investments are subject to market risks including, without limitation, price, volatility and liquidity and capital risks. Therefore, the users of this document must carefully consider all the information given in the RHP including the risks factors before making any investment in the Equity Shares of the Company.
Swastika Investmart Ltd or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither Swastika Investmart Ltd nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Swastika Investment Ltd may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report.
CORPORATE & ADMINISTRATIVE OFFICE - 48, Jaora Compound, M.Y.H. Road, Indore - 452 001 | Phone 0731 - 6644000
Compliance Officer: Ms. Sheetal Duraphe Email: compliance@swastika.co.inPhone: (0731) 6644 241
Swastika Investmart Limited, SEBI Reg. No. : NSE/BSE/MSEI: INZ000192732 Merchant Banking: INM000012102 Investment Adviser: INA000009843 MCX/NCDEX: INZ000072532 CDSL/NSDL: IN-DP-115-2015 RBI Reg. No.: B-03-00174 IRDA Reg. No.: 713.
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Sai Silks (Kalamandir) Limited is amongst the top retailers of ethnic apparel, particularly sarees, in south India. Through its four store formats, i.e., Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall as well as through e-commerce channels. It offers its products to various segments of the market including premium ethnic fashion, ethnic fashion for middle income, and value-fashion, with a variety of products across different price points, thereby catering to customers across all market segments.
OBJECTS OF THE ISSUE
Chairman & Independent Director of the Company. He has been a Director of the Company since February 18, 2022. He is a fellow member of the Institute of Chartered Accountants of India. He has approximately four decades of experience in finance sector. He is a partner at M. Anandam & Co., Chartered Accountants since 1981.
Managing Director of the Company. He is also one of the Promoters of the Company and has been associated with the Company since its incorporation. He has more than 16 years of experience in the retail sector and is responsible for the overall management, finance, internal controls and security systems of the Company.
Chief Financial Officer of the Company. He has been associated with the Company since March 1, 2022. He has been associated with the Company since March 1, 2022. He holds a bachelor’s degree in commerce from Osmania University. He is also a fellow member of the Institute of Cost Accountant of India. He has over 35 years of experience in Corporate Finance.
Company Secretary and Compliance Officer of the Company. He has been associated with the Company since November 5, 2018. He is also an associate member of the Institute of Company Secretaries of India. He has approximately 8 years of experience in secretarial work.
COMPANY PROFILE
COMPETITIVE STRENGTHS
FINANCIALS (RESTATED CONSOLIDATED)
SSKL is the leading ethnic apparel retailer in the southern region of the country, with a network of 54 stores. The company has a strong presence in the offline and online markets with a track record of consistent growth and profitability. It is also strategizing to expand its footprint with a plan to set up 25 new stores.
However, concerns related to high competition, dependency on third-party vendors, regional concentration, and high cost are also there.
The issue is coming at a P/E valuation of around 27.3x, which seems fairly priced. Thus, after checking all the factors, this IPO could be considered for listing gain and long-term holding.
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