Opening Date
19 Jul 2024
Closing Date
1 Aug 2024
Yield
Upto 10.40%
Tenure
Upto 60 Months
Ongoing IPO
Opening Date
19 Jul 2024
Closing Date
1 Aug 2024
Time to close
Yield
Upto 10.40%
Tenure
Upto 60 Months
| Issue Size (Including Green Shoe Option) | 75 | ||
| Face Value | 1000 | ||
| Coupon | Upto 10.40% | ||
| Minimum Number of Bonds | 10 | ||
| Lot Size (Multiplier) | 1 | ||
| Allotment Date (Tentative) | 6 Aug 2024 | ||
| Listing Date (Tentative) | 8 Aug 2024 | ||
| Exchange Bid Time (24 Hours) | 10:00 to 17:00 | ||
Documents attached
*Allotment on first come first serve basis
Series | I | II | III | IV | V | VI |
Nature Of NCDs | Secured Redeemable Non-Convertible Debentures | |||||
Who Can Apply | Everyone | |||||
Tenure | 24 Months | 24 Months | 36 Months | 36 Months | 60 Months | 60 Months |
Frequency of Interest payment | YEARLY | CUMULATIVE | YEARLY | CUMULATIVE | MONTHLY | YEARLY |
Best Coupon Rate (% p.a.) for: | ||||||
Category 1 | 10 % | -N.A.- | 10.20 % | -N.A.- | 9.94 % | 10.40 % |
Category 2 | 10 % | -N.A.- | 10.20 % | -N.A.- | 9.94 % | 10.40 % |
Category 3 | 10 % | -N.A.- | 10.20 % | -N.A.- | 9.94 % | 10.40 % |
Category 4 | 10 % | -N.A.- | 10.20 % | -N.A.- | 9.94 % | 10.40 % |
Effective Yield (% p.a.) for: | ||||||
Category 1 | 10 % | 10 % | 10.20 % | 10.20 % | 10.40 % | 10.40 % |
Category 2 | 10 % | 10 % | 10.20 % | 10.20 % | 10.40 % | 10.40 % |
Category 3 | 10 % | 10 % | 10.20 % | 10.20 % | 10.40 % | 10.40 % |
Category 4 | 10 % | 10 % | 10.20 % | 10.20 % | 10.40 % | 10.40 % |
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BondsIndia is an online platform for fixed-income securities such as IPOs, bonds, 54EC bonds, and fixed deposits. With a cumulative pedigree of 50+ years in the bond market, we aim to democratize the market for common investors by stationing detailed insights, expert advice, and keeping a close watch on the market sentiment. BondsIndia brings up-to-date information when IPOs go live, fixed deposits with higher interests, and bonds with competitive price before anyone else.
BondsIndia ditches the traditional ways of investing by offering a Technology based platform for investors that ensures instant online settlements and reduces counter-party risks. Choose BondsIndia for its sleek interface, fail-safe communication and step-by-step guide to ensure a well-placed bid. You can apply for Edelweiss Financial Services Limited IPO on BondsIndia's website.
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Application process on BondsIndia platform is simple and seamless.
Reach out to on info@bondsindia.com for more questions. Thank you for tuning in with BondsIndia.
Incorporated in 1960, SML commenced operations in 1970 with a West German technology-based sulphur processing plant in Navi Mumbai, Maharashtra. It manufactures agrochemicals, including formulations of fungicides, insecticides, herbicides, and plant growth regulators as well as fertilisers and growth nutrients. In fiscal 2008, SML diversified into fertilisers with the launch of Fertis, a sulphur based fertiliser in WDG form. Total WDG capacity is 45,000 tonne per annum TPA of fertilisers and 15,000 TPA of pesticides. The company is managed by Mr Deepak Shah and Mr Suketu Doshi, and their family members.
Strong financial risk profile
Financial risk profile continues to be healthy with strong networth of Rs 962 crore as on March 31, 2023 Rs 842 crore a year earlier and is expected to improve with steady accretion to reserve. TOL TNW, which was 0.30 time as on March 31, 2023, is expected to sustain at similar comfortable levels over the medium term. SML also has a near debt free balance sheet. Financial risk profile is further backed by the conservative financial policy. SML is expected to generate sufficient cash accruals of Rs 150 160 crore per annum next fiscal onwards, which would be sufficient to cover its capex and working capital requirements. Hence company is expected to sustain a nearly debt free balance sheet over the medium term.
Established market position, supported by strong R&D capability
Strong R&D capability has helped develop a healthy product mix and transform the company from a standalone sulphur based chemical player to a diversified manufacturer of pesticides, plant growth regulators and fertilisers. SML was the first to develop a sulphur based water dispersible granule WDG in India and holds many patents and four original registrations for Cosavet DF, Topgun DF, Pearl and Flosul for sale in India. It also has several registrations for different WDGs and suspension concentrates for the overseas market. Furthermore, its market position in India benefits from a large distribution network.
Diversified revenue profile
Domestic sales are estimated to have accounted for 58% of revenue, and export for the remaining during the first nine months of fiscal 2024. The company has pan India presence and caters to the requirement of different crop varieties. It exports to nearly 80 countries, but a large share of the revenue comes from LATAM. Revenue diversity also benefits from the companys wide product offerings and large number of registrations. As Indian soil is largely deficient in sulphur, SML started manufacturing sulphur based fertilisers in fiscal 2008. This segment contributes 19% to revenue and has augmented the product portfolio further.
Working capital intensive operations
Operations are working capital intensive, as reflected in gross current assets GCAs estimated at 165 170 days as on March 31, 2024 215 days a year earlier. Inventory remains large due to the companys bulkbuying strategy and wide product portfolio. Credit of 80 100 days is offered to customers, leading to extended receivables cycle. Although the company is able to negotiate favourable payment terms with suppliers, working capital requirement remains large. However, incremental working capital requirement is largely met through cash accrual.
Exposure to inherent risks of erratic monsoon and regulatory changes
The agricultural input segment in India depends on monsoon and farm income. The fortunes of the agricultural input sector are linked to the timing and distribution of rainfall during a year. Agrochemical manufacturers are also affected by changes in regulatory requirements, such as export and import policies, registration policies and product and environment safety requirements in India and overseas. Furthermore, any ban on key products could severely impinge on the business of agro input players.
Exposure to volatility in key raw material prices
Companys margins are exposed to volatility in underlying raw material prices, which are linked to crude oil prices. Further, a significant portion of its raw material requirement is met from China and supply chain disruptions from there has also impacted the company in the past. However, company has been making efforts to broad base their suppliers and reduce its China dependence. Impact of volatility in raw material prices on overall operating margin will remain a key monitorable.
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