Does anyone know the client list of the company? Because I couldn’t find it on their website.
I also couldn’t find any clientele list for this. However, I did find some risks (from the time of IPO filing):
- Company and its Promoters, has in past defaulted in payment of income tax and has certain outstanding income tax demands. Lot of Income Tax Defaults in the past does not augur well for the company.
- They are raising ~16 Cr from IPO to fund a manufacturing unit. Total cost of Project is ~40 Cr. Out of this ~31 Cr will be for purchasing machinery, and out of that ~20 Cr of Machinery will be purchased from their Related Party. This is risk in the business because we do not know whether the deal is happening at Arm Length price basis or not.
- The high valuation demands close scrutiny, especially in terms of the company’s ability to meet growth expectations. Also, investors should consider the ownership structure, as RNG Finlease Private Limited holds a majority share of 71.58%.
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RNG Finlease can be considered as holding company only. It is a company of relative of Shaileshbhai Makadia and Amitkumar who are other promoters, main decision regarding company is taken by both of them.
In past due to some financial issues they had to sell stake to RNG Finlease which is situated in Morbi, Gujarat. These issues were before the company was listed.
Know all this due to past business relations with some promoters
regarding tax defaults, yes in past in other companies of promoter group also (unlisted) there are problems
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Jimmybhai
ive came to know about the promoter group when coal gasifiers (Radhe coal gasifier) business around morbi and places were blooming.
I see this “hi green” technology as an extension to their gasification/pyrolysis know how. I presume their cost of production would be competitive.
1.Are they also into business of doing EPC of "carbon black plant ?
2.What is your feeling about standard of governance at the group ?
No idea aboit the first question as I was involved with group upto 2011-12 only. One of my relative was director in Radhe group, Rajkot
Std of governance as far as I think/know is they can do some odd/wrong things but won’t let share price down due to that. Minor govt governance issues are always there in SMEs , we can’t expect TCS/HDFC lvl of governance from them. Minor hiccups can’t be excluded here but no dark clouds as per me
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Can anyone explain what is this latest investment of ₹5Cr in Shantol Recycling Private Limited by company is all about
