Maximus International Ltd IPO
IPO Details
- Open Date 17-Mar-17
- Close Date 22-Mar-17
- Lot Size 6000
- IPO Size ₹ 3.77 Cr
- IPO Price Range ₹ 25
- Min Investment ₹ 150000
- Listing Exchange -
- Basis of Allotment TBA
- Refunds TBA
- Credit to Demat Account TBA
- Listing Date TBA
IPO Synopsis
IPO Synopsis
Maximus International has filed its preliminary papers with SEBI to raise funds via an initial public offer. The offer comprises of an issue of equity shares worth Rs. 2,700 lakhs with face value of Rs. 10.
The company is promoted by Optimus Finance Limited.
Aryaman Financial Services Limited is the sole book lead manager for the issue.
Objective of the Issue
The net proceeds of the Issue will be utilised towards:
1. funding working capital requirements
2. general corporate purposes
About Maximus International Ltd
Maximus International Limited, incorporated on December 22, 2015 in Ahmedabad, is a manufacturer, importer and exporter of lubricants, different types of base oils and other petro-chemical products used mainly in industries such as automotive, metal working, refrigeration, electrical, and paint.
The company has also started trading in plastic additives used for master batches. The trading business model does not require to take physical delivery of the goods imported and exported by the firm. The firm imports on the basis of customer specific requirement and the same is transported directly from the supplier to the customer. This model requires minimum regulatory clearances, saves considerable resources due to less compliance with various regulators, reduces the time of delivery to customers giving advantage to negotiate better prices with them and save on the inventory costs and related overheads
On a standalone basis, it is primarily a merchant exporter and sourcing company. The consolidated manufacturing capacity for lubricants and specialty oils/chemicals is 18,000 KL p.a.
The company has two wholly owned subsidiaries namely:
(1) Maximus Global FZE (Sharjah, UAE)
(2) MX Africa Limited (Nairobi, Kenya)
These have production facilities, engaged in manufacturing of lubricants, various base oils and chemical products through the two-step down subsidiaries namely:
(1) Maximus Lubricants LLC, a subsidiary of Maximus Global FZE (Sharjah, UAE)
(2) Quantum Lubricants (E.A.) Limited, a subsidiary of MX Africa Limited (Nairobi, Kenya).
Maximus International Ltd Financial Status
Financials
Particulars (in Rs. Crores) |
FY21 |
FY20 |
FY19 |
Revenue |
52.47 |
30.74 |
57.25 |
EBITDA |
6.37 |
4.25 |
3.99 |
PAT |
3.53 |
2.71 |
1.87 |
EPS (basic in Rs.) |
2.48 |
1.99 |
1.48 |
ROE |
14.68% |
12.95% |
11.34% |
Particulars (in Rs. Crores) |
FY21 |
FY20 |
FY19 |
Total Assets |
46.36 |
42.52 |
22.39 |
Share Capital |
12.57 |
12.57 |
12.57 |
Total Borrowings |
6.47 |
5.06 |
1.44 |
Particulars (in Rs. Crores) |
FY21 |
FY20 |
FY19 |
Net cash generated from / (used in) operating activities |
34.77 |
-47.72 |
15.35 |
Net cash from / (used in) investing activities |
-21.80 |
-26.97 |
-8.69 |
Net cash flow from / (used in) financing activities |
-12.50 |
73.84 |
-5.66 |
Net increase (decrease) in cash and cash equivalents |
0.46 |
-0.85 |
1.00 |
Peer Comparison
Name of the company |
Basic EPS |
NAV Rs. per share |
PE |
RoNW % |
Maximus International Limited |
2.48 |
16.87 |
NA |
14.68% |
Gulf Oil Lubricants India Limited |
39.86 |
172.81 |
16.29 |
23.01% |
Tide Water Oil (India) Limited |
415.8 |
2,113.64 |
7.52 |
19.19% |
Petronet LNG Limited |
19.59 |
78.71 |
11.14 |
24.89% |
Confidence Petroleum India Limited |
1.74 |
18.78 |
36.09 |
9.28% |
Castrol India Limited |
5.89 |
14.3 |
23.48 |
41.22% |
Savita Oil Technologies Limited |
159.16 |
775.69 |
9.3 |
20.51% |
The key points are-
IPO Key Points
-
Strengths
1. Wide range of products in lubricants
2. Well established client relationship
3. Existing International Trade Relations
4. Entry Barriers in region of the trade
5. Robust Supply Chain and Quality Verified Products
-
Risks
1. There are outstanding litigation proceedings filed by the company and promoter
2. Relies on a limited number of customers for a portion of revenue from operations
3. Any slowdown or shutdown in manufacturing operations, or under-utilization at its existing manufacturing facility for the various products
4. Any change in the buying pattern of customers in East African region, Middle East and few areas in Southeast Asia, their nation’s policy and business framework could affect major revenues
5. Have not entered into any long-term agreements with suppliers for procuring the raw materials and neither with customers.
6. Registered Office and manufacturing facility are not owned by the company
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Contact Details of Maximus International Ltd IPO
Contact Information
504A OZone Vadi-Wadi,
Dr Vikram Sarabhai Marg,
Vadodara, Gujarat 390003
Maximus International Ltd IPO Lead Manager
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