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Tubeknit Fashions' capex IPO on Feb 21
17 Feb '07
3 min read
It has the ability to provide end to end solutions from design to delivery supported by global sourcing capabilities to enable it to constantly deliver on time and maintain high level of client satisfaction. Its top five customers have consistently increased their business requirement.
The Company has a track record of consistent growth. The Turnover of the company has grown at a CAGR of 23.40% over the period from 1999 to 2004. For the year ended 31st March, 2006, it posted a Turnover of Rs.155.83 crores and Net Profit of Rs.8.93 crores. For the nine months period ended 31st December, 2006, it posted a Turnover of Rs.101.17 crores and Net Profit of Rs.6.24 crores.
The Company has now embarked on an expansion plan which includes setting up of a cotton yarn spinning mill of 20400 spindles and additional facilities for garment dyeing, printing, cutting, stitching and embroidery. It also proposes to invest Rs.10 crores in a 50:50 joint venture with a partner from Switzerland. This joint venture would manufacture garments primarily for exports. In addition, it proposes to invest in developing and enhancing recognition of its brand in the domestic market.
The spinning unit is expected to commence commercial production in August 2008 while the other expansions would be completed by 1st June, 2007. Post expansion, the capacity of the company would increase from 38000 pieces per day to 78000 pieces per day. The projects are being financed by term loans from banks aggregating Rs.40 crores and the proposed IPO. The Equity Shares of the Company are proposed to be listed on BSE and NSE. Systematix Corporate Services Ltd. and Religare Securities Ltd are the Book Running Lead Managers to the Issue.
The Company has a track record of consistent growth. The Turnover of the company has grown at a CAGR of 23.40% over the period from 1999 to 2004. For the year ended 31st March, 2006, it posted a Turnover of Rs.155.83 crores and Net Profit of Rs.8.93 crores. For the nine months period ended 31st December, 2006, it posted a Turnover of Rs.101.17 crores and Net Profit of Rs.6.24 crores.
The Company has now embarked on an expansion plan which includes setting up of a cotton yarn spinning mill of 20400 spindles and additional facilities for garment dyeing, printing, cutting, stitching and embroidery. It also proposes to invest Rs.10 crores in a 50:50 joint venture with a partner from Switzerland. This joint venture would manufacture garments primarily for exports. In addition, it proposes to invest in developing and enhancing recognition of its brand in the domestic market.
The spinning unit is expected to commence commercial production in August 2008 while the other expansions would be completed by 1st June, 2007. Post expansion, the capacity of the company would increase from 38000 pieces per day to 78000 pieces per day. The projects are being financed by term loans from banks aggregating Rs.40 crores and the proposed IPO. The Equity Shares of the Company are proposed to be listed on BSE and NSE. Systematix Corporate Services Ltd. and Religare Securities Ltd are the Book Running Lead Managers to the Issue.
Tubeknit Fashions Limited, India
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