Rating agency, CARE, on Friday has assigned 'SME Fundamental Grade 4 /5’ to the proposed SME initial public offer (IPO) of Momai Apparels Limited(‘Momai’ / ‘the Company’), indicating "Very Good fundamentals ".
Momai, a subsidiary of Ashapura Intimates Fashion Limited (“AIFL”), is engaged in the business of manufacturing of intimate garments such as loungewear, bridal night wear, honeymoon sets, bathrobes, night wear, sportswear, leggings, camisole etc.
Momai proposes to come out with an IPO of approximately INR 41 crores at NSE Emerge through book building route. The proceeds raised through IPO are to be utilized for acquisition of land for new manufacturing facility, long term working capital requirements, general corporate purpose and issue expenses.
Momai IPO is the biggest IPO filed on Indian SME Exchanges so far. Pantomath Capital Advisors (P) Ltd is the Book Running Lead Manager to the IPO.
Momai is an ISO 9000:2008 certified company, and has also received SME Rating of CARE SME 1. CARE SME 1 indicates that the level of creditworthiness of an SME, adjudged in relation to other SMEs is the Highest for Momai.
Disclaimer
Momai Apparels Limited is proposing, subject to market conditions and other considerations, an initial public offer of its equity shares and has filed a draft red herring prospectus ("DRHP") with SME platform of NSE ("NSE"). The DRHP is available on NSE Website at www.nseindia.com as well as on the websites of the Book Running Lead Manager at www.pantomathgroup.com. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section titled "Risk factors" of the draft red herring prospectus.
Disclaimer from CARE:
CARE ’s SME Fundamental grading is an assessment which is drawn heavily from the information provided by the company as well as the information obtained from the various sources believed by CARE to be accurate and reliable. However, CARE does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. CARE’s SME Fundamental grading does not take cognizance of the price of the security and it is not a recommendation to buy, sell or hold shares/securities. It is also not a comment on the offer price or the listed price of the scrip. It does not imply that CARE performs an Audit function of Forensic exercise to detect fraud. It is also not a forecast of the future market performance and the earning prospects of the company, also it does not indicate compliance/violation of the various statutory requirements. CARE Shall not be liable for any losses incurred by users from any use of the SME Fundamental Grading. 
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