Shervani Industrial Syndicate Limited

Incorporated in 1948, Shervani Industrial Syndicate Ltd is in the business of Real Estate and Biscuit manufacturing on job work basis. SISL was engaged in manufacturing of Geep brand Torches & Drycell Batteries. It diversified its activities in the area of Real Estate. Company's maiden real estate project was Sterling Apartments at Prayagraj. Company is developing its own land at Shervani Nagar, Prayagraj. The project is named Shervani Legacy which is a residential gated colony by the Prayagraj Development Authority with fullly developed infrastructure facilities and having residential plots, commercial area, Group Housing and School. Shervani Legacy campus is having ~50% open area comprising Parks, playground, pond for rain water harvesting and wide road with pathways. Company is also planning to construct a multispecialty Hospital within the Campus of Shervani Legacy. Currently, Prayagraj Development Authority has approved plan for a new Group Housing project within Shervani Legacy at Prayagraj. M/s Farco Foods Private Limited, a wholly owned subsidiary of company, is engaged in manufacturing of biscuits on job work basis for M/s Surya Foods and Agro Limited for their Priya Gold brand. In FY23, company did a production of ~ 6016 MT of biscuits. Sale of Plot & Flat ~77%, Sale of Product (Job Charges) ~18%, Sale of Livestock ~1%, Other Income ~4% The financials of the company is zig-zag, RoNW is 17.2% and at CMP its looks fully priced. Buyback price is lower than current market price. So we give AVOID rating to this buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal