Ahmedabad (Gujarat) [India], September 20: Sellwin Traders Ltd and
Secorbit FZCO, UAE, have signed an MoU for a $2 million project to develop a
blockchain-based tokenisation platform. The platform will enable the
tokenisation of equities, bonds, and real-world assets, focusing on
scalability, security, and seamless integration with existing financial and
blockchain ecosystems. Sellwin Traders Ltd shall develop a comprehensive
blockchain-based tokenisation platform over the next 24 months, an order which
Secorbit FZCO received.
The Board of Directors of the company is scheduled to meet
on September 25, 2024, to consider issuing bonus shares and approving a stock
split, subject to shareholder and regulatory approval. The board will also
review a business proposal focused on potential synergies and forward
integration to meet evolving customer needs.
The company has also entered into a Memorandum of
Understanding with SDF Productions Pvt Ltd, an agri-export company specializing
in spices, pulses, pulp, rice, tea, fruits, and vegetables. Sellwin expects
revenue in excess of Rs. 30 crores from the business arrangement with a healthy
margin of 35-40%. Under the MoU, Sellwin Traders Ltd will supply agro products
to SDF Productions Pvt Ltd, which will then distribute these products to both
Indian and international markets based on purchase orders. Sellwin will provide
financial support to SDF Productions for procurement from Indian suppliers.
Recently, SDF Productions secured several orders for mango pulp, including a
USD 259,500 order from Ninety Nine Foodstuff Trading L.L.C, two orders
totalling USD 130,200 from Shing Exim General Trading L.L.C, and additional
orders from The Springs Foodstuffs Trading Co L.L.C.
Highlights:-
- The
company expects over Rs. 30 crore in revenue from its business arrangement
with SDF Production for the supply of Agro products, with healthy margins
of 35-40%.
- SDF
Production received multiple export orders for mango pulp for over USD
400,000.
- On
July 19, 2024, the Sellwin Board approved acquiring a 51% stake in SDF
Productions Pvt. Ltd
- In
April 2024, Sellwin agreed to acquire a 66.67% stake in Patel & Patel
E-Commerce and Services Pvt Ltd. Sellwin’s investment will fund Patel
Container’s new Rs. 45 crore logistics container facility in Bhavnagar,
Gujarat.
- On
7 June, 2024 approved the appointment of Mr. Rajendra Naik as the CEO of
the company. Subsequently on 17 August, Mr. Pruthvikumar Prajapati is
appointed as the CFO of the company.
- For
Q1FY25, Revenue reported 66% growth to Rs. 16.6 crore, Net Profit up 104%
to Rs. 70 lakh.
- Completed
a preferential issue allotting 3.17 crore warrants at Rs. 12.95 crore,
raising Rs. 41.15 crore
On July 19, 2024, the Sellwin Board approved acquiring a 51%
stake in SDF Productions Pvt. Ltd. This strategic investment aims to expand
Sellwin Traders Ltd’s business through market growth, supply chain integration,
and revenue enhancement. SDF, operating in Dubai since 2002, recently expanded
to New Mumbai. The company exports local produce, including oranges, turmeric,
and jaggery, to Iran and the Middle East, with plans to enter Europe, the UK,
and CIS markets, focusing on high-curcumin turmeric.
In April 2024, the company signed a share purchase agreement
to acquire a 66.67% stake in Patel & Patel E-Commerce And Services Pvt Ltd.
Patel Container signed an MoU at the Vibrant Gujarat Global Summit 2024 to
invest Rs. 45 crore in a logistics container manufacturing facility in
Bhavnagar, Gujarat. The facility, expected to begin operations in 2025, will
create 100 jobs and benefit from Bhavnagar’s strategic location near major
ports and trade routes. Investment by Sellwin Traders will be utilized to support
the establishment of a new manufacturing facility for logistic containers in
Bhavnagar District, Gujarat.
The company also plans to invest Rs. 200 million in Shah
Metacorp Ltd (BSE & NSE) over the next two years as part of its long-term
growth strategy. The investment will support Shah Metacorp’s expansion, boost
production capacity, enhance R&D, and explore new markets. Shah Metacorp’s
strong operations, innovative products, and sustainable practices make it a
compelling investment opportunity.
Board of Directors of the Company at its meeting held on 7th June,
2024 approved the appointment of Mr. Rajendra Naik as the Chief Executive
Officer of the Company. Subsequently in the meeting held on 17th August,
Mr. Pruthvikumar Prajapati is appointed as the Chief Financial Officer of the
company.
Consolidated Financial Highlights (Rs. Lakh)
|
Particulars |
Q1
FY25 |
Q1
FY24 |
Growth
Y-o-Y % |
FY
24 |
FY
23 |
Growth
Y-o-Y % |
|
Total
Income |
1663.64 |
1002.87 |
65.9% |
6173.0 |
3960.3 |
55.9% |
|
Net
Profit |
70.01 |
34.32 |
104.0% |
96.2 |
0.83 |
11485.5% |
For Q1FY25 ended June 2024, the company reported 65.9%
growth in revenue from operations to Rs. 16.63 crore as compared to Rs. 10.02
crore in the quarter ended June 2023. Net Profit of the company during the June
2024 quarter reported a rise of 104% to Rs. 70 lakh as against Rs. 34 lakh in
the quarter ended June 2023. During FY24, the company has turned around its
business operations and reported 56% growth in total income to Rs. 61.7 crore
as compared to Rs. 39.60 crore in FY23.
In the previous quarter, the Company completed a
preferential issue, allotting 3,17,80,000 convertible warrants at Rs. 12.95
each, raising Rs. 41.15 crore from non-promoter investors. On May 17, 2024, the
Board approved the conversion of 1,20,60,000 warrants into equity shares at Rs.
12.95. Following this, the Company’s paid-up equity share capital increased to
Rs. 20.26 crore, comprising 2,02,60,000 shares of Rs. 10 each.
BOX – $2 million project cost will be paid by
Secorbit to Sellwin Traders Ltd as follows:
- 20%
($400,000) after Phase 1 (Research & Feasibility Study)
- 30%
($600,000) after Phase 2 (Platform Architecture & Design)
- 30%
($600,000) after Phase 3 (Core Platform Development)
- 10%
($200,000) after Phase 4 (Testing & Compliance Audits)
- 10%
($200,000) upon successful launch and handover (Phase 5)
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