Silkflex Polymers (India) Limited is engaged in the trading of textile printing inks and water-based wood coating polymer products from the Malaysian brand "Silkflex," produced by Silkflex Polymers SDN BHD ("Silkflex Malaysia"). Silkflex Malaysia is a garment printing ink manufacturer. The company operates a manufacturing facility in Malaysia and distributes its products worldwide through authorized agents. The countries where Silkflex Malaysia supplies its products include India, Thailand, Turkey, Russia, Sri Lanka, Bangladesh, and Indonesia. As of the date of the prospectus, Silkflex has the right to sell the products of Silkflex Malaysia and use the Silkflex brand name in India. Silkflex offers a range of products, including 108 textile printing ink products and 51 wood coating polymer products. The company sells its products in five Indian states including Gujarat, West Bengal, Tamil Nadu, Punjab, and Rajasthan.;

Founded in

2016

MD/CEO

Mr. Tushar Lalit Kumar Sanghavi

Parent organisation

Silkflex Polymers (India) Ltd

Silkflex Financials

Revenue

Total Assets

Profit

All values are in ₹ Cr

Strengths & Risks

Strengths

Risks

The company entered into an agreement with Silkflex Malaysia on October 1, 2016, for the distribution and sale of its water-based textile printing inks. Additionally, Silkflex secured an agreement with Silkflex Malaysia on October 1, 2019, to distribute and sell its wood coating polymer products. These agreements also grant Silkflex the rights to use the Silkflex brand name in India.

Silkflex products are certified to ZDHC Confidence Level 3 (Zero Discharge of Hazardous Chemicals).

Silkflex products are manufactured in the plants of Silkflex Polymers Sdn. Bhd., Malaysia. The company has the right to distribute and sell in India.

Silkflex products are accredited with Eco-Passport certificate issued by Oeko-Tex® and GOTS-version 7.0 (Global Organic Textile Standard) certificate

The company reported a consistent rise in revenue from operations with Rs. 20.75 cr in FY 2021, Rs. 27.82 cr in FY 2022 and Rs. 34.21 cr in FY 2023. It reported Profit after tax of Rs. 0.61 cr, Rs. 0.92 cr and Rs. 1.08 cr in FY 2021, 2022 and 2023 respectively.

Silkflex's Promoter and Directors are facing certain criminal litigations. Apart from this, the company faces several pending litigations, and an unfavorable outcome in any of these cases could negatively impact its business, reputation, and operational results. Any adverse outcome of these litigations could harm the company's reputation, potentially affecting its business, operations, and financial condition.

The company’s business operations rely significantly on the continuous and timely supply of products from Silkflex Polymers Sdn. Bhd. ("Silkflex Malaysia"). It accounted for 74.86%, 96.04%, 97.81%, and 96.48% of the company's total purchases for the period ended December 31, 2023, and the financial years ended March 31, 2023, 2022, and 2021, respectively. If this supply is disrupted, it could severely impact the company’s performance and profitability.

The company's top ten customers contribute a significant portion of its operating revenue. Its top 10 customers made for 82%, 83% and 80% of the total revenue from operations in FY 2021, 2022 and 2023 respectively. If one or more of these customers decide to source their requirements elsewhere, the company's business, financial condition, and operational results could be negatively impacted.

The company's inventories and trade receivables constitute a significant portion of its current assets. If these are not managed properly, it could negatively affect the company's sales, profitability, cash flow, and liquidity.

The company derives a significant portion of its sales from operations in specific geographic regions, particularly West Bengal, Tamil Nadu, Punjab, and Gujarat.

Application details

For Silkflex IPO, eligible investors can apply as Regular.

Apply as	Price band	Apply range	Lot size
Regular	₹52 - ₹52	₹2 - ₹5 Lakhs	2000
High Networth Individual	₹52 - ₹52	₹2 - ₹5 Lakhs	2000

Frequently Asked Questions

Home>IPO>Silkflex Polymers (India) Ltd

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