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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Adam investment - IPO

Adam investment - IPO

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1Adam investment - IPO Empty Adam investment - IPO Tue May 13, 2014 5:17 pm

janakatk

janakatk
Senior Equity Analytic
Senior Equity Analytic
I got a promoting mail from a broker today, only thing AI has don to date is making OGL to profitable for 1 quarter.

But I see that their all subsidiaries are new or expecting to do new business.

50% of the IPO proceeds (Rs.200mn) will be invested in Network Communications (Pvt) Ltd which is for BPO
25% of the IPO proceeds (Rs.100mn) will be invested on Adam Apparels to upgrade and increase the number of computerized industrial sewing machines in the existing factories to increase the production capacity
12.5% (Rs.50mn) of the IPO proceeds will be invested in Adam Metals to upgrade the manufacturing facilities and infrastructure and for refurbishments and expansions of the existing machinery, factory and the retail outlet.
The balance 12.5% (Rs.50mn) of IPO proceeds will be invested in other lucrative investments in high growth sectors after proper due diligence. Accordingly it is planned to expand the business of Adam Air-Conditions (Pvt) Ltd which has already started its operations and to launch Adam Automobile (Pvt) Ltd which is planned to start its operations in 2014.

Is it a good IPO ?

2Adam investment - IPO Empty Re: Adam investment - IPO Tue May 13, 2014 11:27 pm

Top Trader


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Yes yes, its an wonderful and super IPO

3Adam investment - IPO Empty Re: Adam investment - IPO Fri May 16, 2014 4:09 pm

thilini


Stock Analytic
Stock Analytic
Following is an email i got. Sound impressive.


As you already know Adam Investments LTD is opening it's IPO for subscription on the 19th of May 2014. I have prepared a small summary below of Adam Investments success with OGL. I wanted to share this with you as it provides key insight into what Adam Investments can achieve and has details important to our upcoming offer which are not reflected in our IPO prospectus as they took place post 31st December.

Adam Investments Ltd after a thorough 12 month planning which included liaising with buyers, bankers and other stakeholders, took board control of orient garments plc through a hostile take over on the 8th of January.

When adam investments took over the operation the state of affair of the company is highlighted as below.

1) 29 productions lines available.
2) 2 buyers exporting to only 1 market (high risk situation)
3) All factories in dilapidated state and all international compliances were not being meet by the factories.
4)company in dire financial situation.
All bank facilities frozen.
USD 3m in NPL loans
Rs. 67m in EPF / ETF arrears.
Gratuity backlog of Rs. 14m
Salary backlog of Rs. 12m
5)companies production efficiencies had also declined due to the availability of professional management.
Man to machine ratio 1 : 3.5
Idle machines in the factories = 300
High rates of quality failures and rejected orders.
6) 9 months loss of Rs. 445m

Thanks to spending nearly 12 monthly in planing Adam Investments Ltd had a detailed plan covering all areas for immediate implementation as soon as control was acquired on the 8th of January. After 3 months of successful Adam Investment Management the below results were achieved.

1) Increased production capacity to 57 lines
2) over 10 buyers exporting to 3 markets.
3) we spent Rs. 15m refurbishing all our factories and today they all meet international manufacturing standards and have been certified by next, Tesco and Tommy Hilfiger.
4)Financial position stabilised.
All bank facilities are operating within limits.
Non performing loans at all banks zeroed.
EPF/ETF arrears brought down to 25m whit an arrangement with department to settle balance in instalments.
All present EPF/ ETF payments (4th quarter) are paid in full.
All other statutory payments have been settled in full.
5) using the experience and expertise of our own Apperral industry we quickly put in systems and procedures in place to improve the operation, reduce wastage, reduce cost and increase production.
Present man to machine ratio 1:1.9
All 57 production lines are fully booked till end august. (No idile machines) No failures or rejections.
6) We have implemented several CSR programmes in the local communities surrounding each factory to promote worker recruitment and worker retention which are problems faced by all garment factories today.
7) finally this has all translated to the loss making trend being stopped and in the 1st quarter under Adam Investments management the company achieved a quarterly profit of Rs. 115m

A few additional points to note.

1) this all happened post 31st December and is therefore not reflected in the prospectus of the company.

2) now that Adam Investments LTD has board control of orient garments plc, it is considered a subsidiary and therefore financial consolidation will take place as per the IFRS standard.

3) accordingly the huge asset value of orient garment (land, building and machinery) which today stands at approximately Rs. 16/- per share will be consolidated with Adam investments LTD.

Also the enhanced earnings of orient garments plc in the last quarter will be consolidated.

Finally as you are aware the share price of OGL has shot up to near 15/- per share which is a 100% increase over Adam Investments LTD purchase consideration which stands at an average of Rs. 7.39/- per share. This too has not been reflected in the prospectus and will be reflected in the future accounts to be published by adam investments ltd.

4) from Adam Investments surveys we have found that Orient Garments PLC has infrastructure to accommodate a further 1500 machines in the present factories with no infrastructure changes at all. Therefore there is great scope for growth in the immediate future.

We at Adam Investments believe that our company has huge potential not only in the Apperral manufacturing sector but in the other sectors it is involved in as well. We believe that our offer is at a deep discount for investors specially when taking into consideration the above points.

thank you for the opportunity given to us to share our success and we sincerely thank you for all the hard work you are putting in to get the Adam Investment IPO over subscribed.

Warm regards.


Adam Investment Ltd
www.ainv.lk

4Adam investment - IPO Empty Re: Adam investment - IPO Fri May 16, 2014 4:15 pm

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@thilini wrote:Following is an email i got. Sound impressive.


More impressive if they send some pics of Mrs Adam. She is the best asst of the company and promoting her is the best way to pump the IPO.

5Adam investment - IPO Empty Re: Adam investment - IPO Fri May 16, 2014 4:15 pm

dhanurrox


Vice President - Equity Analytics
Vice President - Equity Analytics
This is not the time for IPO's.

6Adam investment - IPO Empty Re: Adam investment - IPO Fri May 16, 2014 4:17 pm

dhanurrox


Vice President - Equity Analytics
Vice President - Equity Analytics
@Jiggysaurus wrote:
@thilini wrote:Following is an email i got. Sound impressive.


More impressive if they send some pics of Mrs Adam. She is the best asst of the company and promoting her is the best way to pump the IPO.
Nice one. Very Happy 

7Adam investment - IPO Empty Re: Adam investment - IPO Fri May 16, 2014 4:59 pm

yellow knife


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
it seems they will be impressed to see that IPO subscriptions...and the letter impress the writer of it...

8Adam investment - IPO Empty Re: Adam investment - IPO Tue May 20, 2014 12:02 pm

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@yellow knife wrote:it seems they will be impressed to see that IPO subscriptions...and the letter impress the writer of it...

How the impressive pumping by Mrs Adam? (http://www.cse.lk/cmt/upload_cse_announcements/8091400565040_.pdf)

She will need to take tuition from Mrs Rishan and Mrs Baloney and learn better pumping methods.

9Adam investment - IPO Empty Re: Adam investment - IPO Tue May 20, 2014 12:05 pm

dhanurrox


Vice President - Equity Analytics
Vice President - Equity Analytics
only 211 applications,new record? Very Happy 

10Adam investment - IPO Empty Re: Adam investment - IPO Tue May 20, 2014 12:16 pm

yellow knife


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Record will be highlighted soon in media... Sad Sad 

11Adam investment - IPO Empty Re: Adam investment - IPO Wed May 21, 2014 12:09 pm

Meman


Manager - Equity Analytics
Manager - Equity Analytics
Coming colors not good http://www.cse.lk/cmt/upload_cse_announcements/9381400650303_.pdf

How long will this IPO be open?

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