SMJ International (SMJF) Registration Filing summary

Company overview and business model

• Operates as a premier flooring specialist with over 35 years of experience, distributing carpet tiles, broadloom carpets, and vinyl tiles under its proprietary brand in Singapore and 20+ countries, mainly in Asia.

• Maintains a robust distribution network of 260+ dealers, importers, and installation companies, serving commercial and institutional clients such as offices, banks, hospitals, and hotels.

• Differentiates through comprehensive inventory, rapid order fulfillment, and a real-time inventory management system, enabling next-day delivery for in-stock items.

• Focuses on eco-friendly, certified products to support sustainable building practices and government initiatives in Asia.

Financial performance and metrics

• FY2025 revenue was S$16.8 million, up 1.5% from S$16.6 million in FY2024; net income declined to S$1.0 million from S$1.8 million, mainly due to lower gross margins on export sales.

• Gross profit margin decreased from 38.0% in FY2024 to 36.1% in FY2025, reflecting a higher proportion of lower-margin export sales.

• As of March 31, 2025, total assets were S$19.2 million, with S$7.5 million in current assets and S$11.5 million in total liabilities.

• Net cash from operating activities in FY2025 was S$82,875, with S$2.1 million generated from investing activities and S$3.8 million used in financing activities.

Use of proceeds and capital allocation

• Net proceeds of approximately US$9.4 million (or US$10.9 million if the over-allotment is exercised) are expected, based on an assumed IPO price of US$4.50 per share.

• 35% of proceeds will fund inventory stocking, 30% for strategic acquisitions and investments, 20% for expanding sales/distribution networks, and 15% for general corporate purposes and working capital.