S(
UpcomingSMETextiles & Apparel · Apparel Manufacturing & Export
Supreme (India) Impex Limited
SIIL
★★☆☆☆2/5
🔗 Official WebsitePrice Band: —
Min. Investment: 120000
Issue Size: 78.72
About the Company
What does this company do?
Supreme (India) Impex Limited is engaged in manufacturing and exporting of apparel products including schiffli embroidered garments, women & girls apparel, and other textile products. The company operates manufacturing facilities in Surat, Gujarat and exports products to international markets.
IPO Details
Issue parameters, key dates and structure.
Total Issue Size
78.72
Fresh Issue
78.72
1312000
Proceeds go to company
Reservation Structure
Market Maker Reservation
5.49
72000
72,000 shares @ Rs 60 = Rs 43.20 lacs
Products & Brands
Key offerings and brand portfolio of the company.
Schiffli Embroidered Garments: Embroidered apparel products manufactured using schiffli machines
Financial Performance
P&L, Balance Sheet and Cash Flow — all figures in ₹ Crores.
| Particulars (₹ Cr) | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | H1 FY2015 |
|---|---|---|---|---|---|---|
| Revenue from Operations | 13926.26 | 17639.22 | 20535.53 | 27857.43 | 34175.73 | 18545.48 |
| Other Income | 11.14 | 1.94 | 78.46 | 162.21 | 22.75 | 324.52 |
| EBITDA | 406.97 | 568.04 | 664.50 | 864.04 | 887.70 | 710.13 |
| EBITDA Margin | 2.9% | 3.2% | 3.2% | 3.1% | 2.6% | 3.8% |
| Depreciation & Amortisation | 71.74 | 80.18 | 75.91 | 77.98 | 70.80 | 129.62 |
| EBIT | 335.23 | 487.86 | 588.59 | 786.06 | 816.90 | 580.51 |
| Finance Costs (Interest) | 474.49 | 618.14 | 902.90 | 1200.04 | 1341.55 | 886.96 |
| PBT (Profit Before Tax) | 263.43 | 410.72 | 515.68 | 589.16 | 745.10 | 432.27 |
| PAT Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
All figures in ₹ Crores (INR). Data sourced from DRHP/RHP.
Key Financial Ratios
Valuation and profitability metrics at the IPO price.
EPS — Basic (₹)
—
FY2010
EPS — Diluted (₹)
—
FY2010
P/E Ratio
—
At upper band
RoNW (%)
—
FY2010
NAV per Share (₹)
—
Pre-issue
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
Established 20-year track record in apparel manufacturing and exports
Schiffli embroidery and textile manufacturing capabilities
Located in Gujarat's textile hub with infrastructure access
International customer base with overseas market presence
SEZ approval for new manufacturing facility in Surat Apparel Park
⚠️Weaknesses
Negative operating cash flows for 5 consecutive years
High working capital requirements with elevated debtor days
Unregistered brands and logos without IP protection
Limited manufacturing capacity running at full utilization
High leverage with Debt/Equity of 3.75x
Loss of early corporate records due to fire incident
🚀Opportunities
Capacity expansion through new SEZ manufacturing facility
Entry into new apparel product categories and markets
Geographic expansion beyond current customer base
Supply chain consolidation in global apparel sourcing
Brand development and IP protection registration
🔥Threats
Exchange rate fluctuations affecting export profitability
Intense competition in global apparel manufacturing
Contingent export obligations under EPCG License
Dependent on credit facilities for working capital
Potential downgrades in credit rating affecting borrowing costs
Risk of property title issues at Kohinoor Market locations
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
Established export-focused business with 20-year operating history in apparel manufacturing
✓
Manufacturing capabilities including schiffli embroidery machines and yarn processing operations
✓
Access to SEZ benefits through approved manufacturing unit at Surat Apparel Park
✓
Diversified customer base with exposure to international markets and stable order flow
✓
Located in Gujarat's textile hub with proximity to key supply chain and logistics infrastructure
Promoters & Shareholding
Pre & post-IPO shareholding pattern. Click a promoter card to learn more.
Promoters
Shareholding Pattern
PrePost
Key Risks
Material risk factors to consider before applying.
⚠
First IPO - no formal market for shares, high valuation multiple at 6x face value
⚠
Sustained negative operating cash flows over past 5 years, working capital intensive business
⚠
Limited manufacturing capacity constraints - machines running at installed capacity
⚠
Unregistered brands/logos lacking statutory protection, intellectual property vulnerabilities
⚠
Exposure to exchange rate fluctuations given significant export operations
⚠
Properties at Kohinoor Market registered in directors' names despite company payment
⚠
Contingent liability of Rs 427.49 lacs for pending export obligations under EPCG License
⚠
Fire incident resulted in loss of statutory records from incorporation till March 2006
◆ Neutral
Should You Apply?
Supreme (India) Impex Limited is a 20-year-old apparel manufacturer and exporter focused on schiffli embroidered garments and women's apparel. The company achieved revenue CAGR of 24.5% from FY2010-FY2014 (Rs 34.2 Cr in FY2014) with approved SEZ facility for capacity expansion. However, the IPO presents significant risks: sustained negative operating cash flows over 5 years, extremely high working capital intensity with Debt/Equity of 3.75x, unregistered IP/brands, machines running at full capacity, and first-time listing at 6x face value with no prior market reference. While the apparel export business model offers growth potential, the overleveraged balance sheet, negative cash generation, and structural working capital challenges make this a cautious investment at the proposed valuation. Suitable only for risk-aware investors believing in management's capacity expansion plans.
⚠️ This is not investment advice. CheckIPO provides information for educational purposes only. Always consult a SEBI-registered financial advisor before investing.
Lead Managers & Registrar
Institutions managing the issue and handling allotment.
Book Running Lead Managers (1)
PANTOMATH CAPITAL ADVISORS
Registrar to the Issue
📋
BIGSHARE SERVICES PRIVATE LIMITED
Registrar to the Issue
Company Details
Registered information and contact details.
Company Name
Supreme (India) Impex Limited
CIN
U51100GJ1995PLC026968
Registered Office
Plot No.823/2, Road No.8, GIDC, Sachin, Surat-394230, Gujarat, India
Contact Person
Deepika Karnani
Phone
+91 261 2399355
Website
www.supremeexports.com