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STUDDS Accessories Limited Unlisted Shares

Studds Accessories Limited is the world’s largest manufacturer of two-wheeler helmets. It is catering diverse needs of its customers through its two flagship brands STUDDS & SMK HELMETS. It is the only company (in India) to be certified by the European Safety Agency. The company has its presence in 39 countries across the world. If you want to buy studds accessories limited unlisted shares then read through to get detailed information about the company and its shares.

The company has also diversified its offering into two-wheeler lifestyle accessories such as two-wheeler luggage, gloves, helmet security guards, rain suits and eyewear as well It has a market share of more than 25 % in India.

The 100 crore fundraising before the Studds IPO will help the maker of SMK helmets establish a benchmark valuation for the initial public offering
STUDDS Accessories Ltd (SAL), incorporated in 1983, is the largest manufacturer of two-wheeler helmets in the world in terms of volume of two-wheeler helmets sold in 2018.
Range of products that include two-wheeler lifestyle accessories such as two-wheeler luggage boxes, gloves, helmet, security guards, rain suits and eyewear. Studds Accessories Ltd. was incorporated on 3rd February 1983. The company has a reach in more than 30 countries (Europe, North America, Asia, Latin America, Central America, and Africa) across the globe. It operates through 363 active dealers in India.

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STUDDS Accessories Limited Unlisted Shares

Studds Accessories Limited is the world’s largest manufacturer of two-wheeler helmets. It is catering diverse needs of its customers through its two flagship brands STUDDS & SMK HELMETS. It is the only company (in India) to be certified by the European Safety Agency. The company has its presence in 39 countries across the world. If you want to buy studds accessories limited unlisted shares then read through to get detailed information about the company and its shares.

The company has also diversified its offering into two-wheeler lifestyle accessories such as two-wheeler luggage, gloves, helmet security guards, rain suits and eyewear as well It has a market share of more than 25 % in India.

The 100 crore fundraising before the Studds IPO will help the maker of SMK helmets establish a benchmark valuation for the initial public offering
STUDDS Accessories Ltd (SAL), incorporated in 1983, is the largest manufacturer of two-wheeler helmets in the world in terms of volume of two-wheeler helmets sold in 2018.
Range of products that include two-wheeler lifestyle accessories such as two-wheeler luggage boxes, gloves, helmet, security guards, rain suits and eyewear. Studds Accessories Ltd. was incorporated on 3rd February 1983. The company has a reach in more than 30 countries (Europe, North America, Asia, Latin America, Central America, and Africa) across the globe. It operates through 363 active dealers in India.

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Management

MD & CEO:   Madhu Bhushan Khurana
CFO:              Manish Mehta

Management

MD & CEO:   Madhu Bhushan Khurana
CFO:              Manish Mehta

Shareholding Pattern of Studds Accessories Limited :

Particulars %
Mr. Madhu Bhushan Khurana 55.36
Mr. Sidhartha Bhushan Khurana 14.30
Ms. Chand Khurana 8.38
Mr. Sanjay Leekha 3.02
Others 18.94

Products of Studds Accessories:

Full face helmet, Flip-up Full face helmet, Flip Off Full face helmet, Off-Road Full face helmet, open face helmet, Sporting Helmet, Goggles, Gloves, Mobike Side Luggage, Mobike Top Luggage, Rain Wear, Spare Visor.

Key Sensitives

  • Moderate scale of operations and exposure to intense competition: Presence of a large unorganized segment and competition from established brands such as Steel bird and Vega have led to pricing pressure and a moderate scale (Rs 321 crore for fiscal 2018). Intense competition will continue to restrict scale over the medium term.
  • Demand risk from a new project: Due to sizeable Capex for capacity enhancement, the company would be exposed to demand risk for the increased production, however, the same is likely to be mitigated on the back of new tie-ups with companies and other local distributors.
  • SAL will continue to benefit over the medium term from its established brand. The outlook may be revised to ‘Positive’ in case of more than expected ramp-up in operations while maintaining operating profitability and liquidity; and if working capital management is prudent. The outlook may be revised to ‘Negative’ if financial risk profile, especially liquidity, weakens on account of decline in revenue or profitability, larger-than-expected, debt-funded capital expenditure, or sizeable dividend payouts or unrelated investments.

Financial Parameters :

Particulars( In Crs) 2019 2018
Revenue(in Cr) 397.25 341.78
PBT (in Cr) 67.16 51.48
PAT(in Cr) 41.17 32.88
EPS (₹) 20.92 16.71
Book Value 80.3 1086
Face Value 5 10
Parameters 2012 2013 2014 2015 2016 2017 2018 2019
Return on Equity (%) 32.94 29.1 27.95 29.41 47.24 31.56 31.98 26
Operating Profit Margin (%) 11.61 10.39 9.97 11.29 16.29 14.92 15.97 16.41
Net Profit Margin (%) 6.46 5.32 5 5.75 9.5 8.71 10.04 10.36
Debt to Equity 0.3 0.35 0.24 0.14 0.02 0.03 0.01 0.247
Working Capital Days 0 30 26 21 19 22 25 29
Cash Conversion Cycle 0 -30 -35 -37 -31 -25 -19 NA

Shareholding Pattern of Studds Accessories Limited :

Particulars %
Mr. Madhu Bhushan Khurana 55.36
Mr. Sidhartha Bhushan Khurana 14.30
Ms. Chand Khurana 8.38
Mr. Sanjay Leekha 3.02
Others 18.94

Products of Studds Accessories:

Full face helmet, Flip-up Full face helmet, Flip Off Full face helmet, Off-Road Full face helmet, open face helmet, Sporting Helmet, Goggles, Gloves, Mobike Side Luggage, Mobike Top Luggage, Rain Wear, Spare Visor.

Key Sensitives

  • Moderate scale of operations and exposure to intense competition: Presence of a large unorganized segment and competition from established brands such as Steel bird and Vega have led to pricing pressure and a moderate scale (Rs 321 crore for fiscal 2018). Intense competition will continue to restrict scale over the medium term.
  • Demand risk from a new project: Due to sizeable Capex for capacity enhancement, the company would be exposed to demand risk for the increased production, however, the same is likely to be mitigated on the back of new tie-ups with companies and other local distributors.
  • SAL will continue to benefit over the medium term from its established brand. The outlook may be revised to ‘Positive’ in case of more than expected ramp-up in operations while maintaining operating profitability and liquidity; and if working capital management is prudent. The outlook may be revised to ‘Negative’ if financial risk profile, especially liquidity, weakens on account of decline in revenue or profitability, larger-than-expected, debt-funded capital expenditure, or sizeable dividend payouts or unrelated investments.

Financial Parameters :

Particulars( In Crs) 2019 2018
Revenue(in Cr) 397.25 341.78
PBT (in Cr) 67.16 51.48
PAT(in Cr) 41.17 32.88
EPS (₹) 20.92 16.71
Book Value 80.3 1086
Face Value 5 10
Parameters 2012 2013 2014 2015 2016 2017 2018 2019
Return on Equity (%) 32.94 29.1 27.95 29.41 47.24 31.56 31.98 26
Operating Profit Margin (%) 11.61 10.39 9.97 11.29 16.29 14.92 15.97 16.41
Net Profit Margin (%) 6.46 5.32 5 5.75 9.5 8.71 10.04 10.36
Debt to Equity 0.3 0.35 0.24 0.14 0.02 0.03 0.01 0.247
Working Capital Days 0 30 26 21 19 22 25 29
Cash Conversion Cycle 0 -30 -35 -37 -31 -25 -19 NA

Financial Highlights :

  • ₹40 million Revenue from Operation in FY19
  • 44 times Asset Turnover Ratio in FY19
  • Debt to Equity Ratio is 0.47% for year 2018-19
  • PAT Margin is 10.36 % for year 2018-19
  • PAT increased by 25.21% as compared to last year
  • Return On Equity is 26.06 % for year 2018-19
  • 10% Net sales CAGR growth over the last five years
  • 11% EBIDTA CAGR growth over the last five years
  • Dividend declared is 60 %
  • Average Net Profit of the Company for last three financial years ₹51 Crore
  • The helmet industry is expected to grow at a CAGR of 17% till 2022.

Financial Highlights :

  • ₹40 million Revenue from Operation in FY19
  • 44 times Asset Turnover Ratio in FY19
  • Debt to Equity Ratio is 0.47% for year 2018-19
  • PAT Margin is 10.36 % for year 2018-19
  • PAT increased by 25.21% as compared to last year
  • Return On Equity is 26.06 % for year 2018-19
  • 10% Net sales CAGR growth over the last five years
  • 11% EBIDTA CAGR growth over the last five years
  • Dividend declared is 60 %
  • Average Net Profit of the Company for last three financial years ₹51 Crore
  • The helmet industry is expected to grow at a CAGR of 17% till 2022.

Financials of Studds Accessories Limited Unlisted Shares:

Assets and Liabilities (all figures in Million)

Year Asset Liabilities Net Worth Book Value Debt Debt/Equity RONW
FY16 1,234.28 598.93 635.35 581 24.3 0.04 39%
FY17 1,416.99 546.74 870.25 796 24.75 0.03 27%
FY18 2,228.33 1,041.45 1,186.88 1086 3.51 0 28%
FY19 3,022.81 1,442.91 1,579.90 80.30 390 0.247 26%

Profit n Loss Key Parameters (all figures in Million)

Year Revenue PAT EBITDA Margins Profit Margins Outstanding Shares EPS
FY16 2,930.26 245.59 13.40% 8.0% 1.093 12.48
FY17 3,111.33 236.01 11.90% 8.0% 1.093 11.99
FY18 3,417.89 328.81 16.80% 10.0% 1.093 16.71
FY19 3,972.53 404.86 18.53% 10.2% 19.676 20.58

Financials of Studds Accessories Limited Unlisted Shares:

Assets and Liabilities (all figures in Million)

Year Asset Liabilities Net Worth Book Value Debt Debt/Equity RONW
FY16 1,234.28 598.93 635.35 581 24.3 0.04 39%
FY17 1,416.99 546.74 870.25 796 24.75 0.03 27%
FY18 2,228.33 1,041.45 1,186.88 1086 3.51 0 28%
FY19 3,022.81 1,442.91 1,579.90 80.30 390 0.247 26%

Profit n Loss Key Parameters (all figures in Million)

Year Revenue PAT EBITDA Margins Profit Margins Outstanding Shares EPS
FY16 2,930.26 245.59 13.40% 8.0% 1.093 12.48
FY17 3,111.33 236.01 11.90% 8.0% 1.093 11.99
FY18 3,417.89 328.81 16.80% 10.0% 1.093 16.71
FY19 3,972.53 404.86 18.53% 10.2% 19.676 20.58

Industry – Manufacturing
Sector– Helmet manufacturing company
Grading – CRISIL BBB+/Stable
Authorized share capital – Rs. 250,000,000
Paid up capital – Rs. 98,383,504
Corporate identification number– (CIN) U25208HR1983PLC015135
Headquarter– Faridabad, Haryana
Md– Mr. Sidhartha Khurana
Directors– Madhu Bhushan Khurana, Shanker , Dev Choudhry, Sidhartha Bhushan Khurana, Pallavi Saluja, Pankaj Duhan
Founded– February 03, 1983
Products– Helmets, Motorcycle Accessories,
Website– www.studds.com

Industry – Manufacturing
Sector– Helmet manufacturing company
Grading – CRISIL BBB+/Stable
Authorized share capital – Rs. 250,000,000
Paid up capital – Rs. 98,383,504
Corporate identification number– (CIN) U25208HR1983PLC015135
Headquarter– Faridabad, Haryana
Md– Mr. Sidhartha Khurana
Directors– Madhu Bhushan Khurana, Shanker , Dev Choudhry, Sidhartha Bhushan Khurana, Pallavi Saluja, Pankaj Duhan
Founded– February 03, 1983
Products– Helmets, Motorcycle Accessories,
Website– www.studds.com

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