Vera Synthetic Ltd

Vera Synthetic

About the Company:

Vera Synthetic Ltd (Incorporated in 2000) is engaged in manufacturing of Fishing Nets, PP Yarns, PP/HDPE Ropes, PP Twines and Niwar.

Company manufactures and markets the products under their flagship brand “Sujlon”.Company’s products are primarily used in fishing sector and other allied use thereon.

Company’s manufacturing facility is divided into two units namely Division I and Division II (both situated in the same premises at Mamsa, Gujarat).

At present, they cater majorly to domestic markets.They have dealers, traders and distributors spread across different regions of the Country.

Currently they sell their products either directly to traders/fishermen or through the distribution network in Gujarat, Maharashtra, Kerala, Karnataka, Andhra Pradesh, Punjab, Tamil Nadu, Haryana, Uttar Pradesh, Delhi, Rajasthan, etc.

Company aims to expand their customer base by reaching out to new states and increasing the sales in existing states. Company has also recently ventured into export markets.

Company Manufactures the Following Products:

  • PP YARN.
  • PP/HDPE Twine.
  • NIWAR. (Niwar is a bunch of strong fabric woven as a flat strip of varying width and yarn.)


Product Wise Revenue Breakup: (in Lakhs)

product revenue


Projected Capacity Utilization:

capacity utilization

Note: Installed capacity is proposed to be increased by installing New Machineries.


Management Team:

  1. Mr. Sunil Makwana (Designation: Managing Director)
  2. Mr. Nagin Makwana (Designation: Whole Time Director)
  3. Mr.Devjibhai Makwana (Designation: Executive Director)


Promoters Average Acquisition Cost:

Name of the Promoter No. of Shares held Average Acquisition Cost (in Rs.)
Sunil Makwana 8,00,036 2.19
Nagin Makwana 7,93,964 0.44


Promoters Stake Pre & Post Issue:

Shareholder Name Pre Issue Stake (%) Post Issue Stake(%)
Sunil Makwana 22.22% 16.21%
Nagin Makwana 22.05% 16.09%
Promoter Group Entities           36.28%             26.46%
Total 80.56% 58.76%


Objectives of the Issue:

  • Funding the working capital requirements of the Company.
  • General corporate purposes.


Financials of the Company:

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17 30th Sept 17
Revenue  22.02 19.75  24.49  21.95   18.44  9.72
Net Profit  0.18  0.33  0.047 0.27   0.34  (-1.03)


Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
Vera Synthetic Limited 10 0.96 41.67 7.15% 13.37
Garware- Wall Ropes Ltd 10 38.05 24.75 18.54% 205.29

Note: Although there is huge difference in the Scale of operations between these two companies, We have provided the above figures just for the sake of Comparison.


IPO Details:

Details Info
Issue Opens on 28th March 2018
Issue Closes on:. 4th April 2018
Issue Price Rs.40
Face Value Rs.10
Minimum Lot 3000
Minimum Investment Rs.1,20,000
Issue Constitutes 27.05%
Issue Size Rs.5.34 cr
Market Cap Rs.19.74 cr
Listing at NSE SME
Total Equity Shares Offered (Fresh) 13,35,000
Equity Shares Prior to the Issue 36,00,000
Equity Shares after the Issue 49,35,000


Important Dates:

Finalization of Basis of Allotment on or Before 9th April 2018
Initiation of Refunds  on or Before 10th April 2018
Credit of Equity Shares:  on or Before 11th April 2018
Listing Date:  on or Before 12th April 2018


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
0.96 41.67 7.15% 13.37


Check IPO Allotment Status:

Link InTime Website (Click on the below Link)


Company Contact Info:
Vera Synthetic Limited
Office No.UL-27, Pattani Plaza,
Devubag, Dairy Road Bhavnagar
Gujarat – 364002, India
Tel: 0278-2525434
Fax: 0278-2883029


IPO Registrar Info:
C-101, 247 Park, L.B.S. Marg, Vikhroli (West),
Mumbai- 400 083 India
Tel: 022-49186200
Fax: 022-49186195


Lead Manager to the Issue:
406-408, Keshava Premises, Behind Family Court,
Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India
Tel: +91-22 61946700
Investor Grievance Id: