The Initial Public Offerings(IPO) for the week are-
Scarnose International Limited-
Scarnose International Limited was established in 2011, as a private limited company with the objective of trading commodities. It is presently engaged in the trading of a diverse range of raw cotton, cotton bales, and yarn. Presently the company has started manufacturing readymade garments through different job workers. The garment is made using printed fabric and solid dyed fabrics and is supplied with extensive value addition involving embroidery, hand embroidery, and hand work that includes beads, sequences, latest trends, fashion, and lifestyle.
The company procures cotton bales from different ginners where they provide cotton in the form of bales. The cotton bales are processed by the factory and the final product is sold out as yarn. The clients are ginners and cotton factories mostly located in Maharashtra. During the financial year, 2021-22 the company started manufacturing readymade ladies wear Kurtis, and salwar suits, on job work basis and supplied to local vendors. The company has an in-house team for designing and also hires a designing team on a case-to-case basis and provides finished goods as desired by clients. The domestic brand of the company is named ‘Scarnose’.
The promoters of the company are Mr. Vimalkumar Mishrilal Shah and Mr. Hitesh Loonia. The objects of the issue are to meet working capital requirements and make repayment of unsecured loans. The company believes that the listing will enhance the company’s corporate image, and brand name and make future financing easier in case of expansion and diversification.
The company had revenues of Rs 12.04 crore with a net profit of 2.81 lakh (Year ended March 31, 2020), revenues of Rs. 32.55 crore with a profit of Rs. 22.5 lakh (Year ended March 31, 2021) and revenue of Rs. 95.93 crore with a net profit of Rs. 25.62 lakh (Year ended March 31, 2022).
Goel Food Products Limited-
Goel food products limited was incorporated in 1996 initially as a snacks and sweets manufacturing company. In this business, they dealt with various event management companies to whom they provided incremental services. The promoters saw an opening in the catering and event planning industry and in the year 2009 the company opened its 1st banquet hall in Ultadanga, Kolkata. From one location, the company has expanded to four locations in Kolkata and has 8 banquet halls, 2 Indian sweets and snacks shops, one hotel, and one guest house. It provides services such as organizing events like marriage, ring ceremonies, birthday parties, anniversary parties, kitty parties, corporate events, and kirtans. It also generates rental income from its guest house and hotels.
The company operates and manages the banquet and Indian snacks and sweet shops business under the name “Bika” in Kolkata. It has a successful track record of over a decade in the event and catering along with a two-decade track record in the Indian snacks industry that has enabled it to develop an effective business model with strict control over processes, that includes the procurement of raw materials, manufacturing, operations, and inventory management.
The promoters of the company are Mr. Dinesh Goyal and Hilltop Healthcare Centre limited. The net proceeds from the issue would be utilized to meet the working capital requirements and general corporate purposes. The company intends to strengthen its capital base and also enhance its corporate image and brand name.
The company had revenues of Rs 13.26 crore with a net profit of 1.48 crore (Year ended March 31, 2019), revenues of Rs. 15.48 crore with a profit of Rs. 63 lakhs (Year ended March 31, 2020) and revenue of Rs. 7.13 crore with a loss of Rs. 0.76 lakh (Year ended March 31, 2021).