Year

200906 200909 200912 201003 201006 201009 201012 201103 201106 201109
Type
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr
Sales Turnover
24.29
31.94
21.15
18.79
48.50
61.26
51.32
46.67 113.03 124.69
Other Income
0.13
1.09
0.07
1.93
0.81
0.85
2.07
0.19
0.81
2.09
Total Income
24.42
33.03
21.22
20.72
49.31
62.11
53.39
46.86 113.84 126.78
Total Exp
23.65
29.54
21.79
20.78
47.21
57.71
50.32
44.04 104.04 104.68
Operating Profit
0.77
3.49
-0.57
-0.06
2.10
4.40
3.07
2.82
9.80
22.10
Interest
0.90
0.81
0.69
0.73
0.84
1.32
1.11
1.14
1.08
1.17
Gross Profit
-0.13
2.68
-1.26
-0.79
1.26
3.08
1.96
1.68
8.72
20.93
Depreciation
0.70
0.70
0.66
0.73
0.70
0.78
0.69
0.72
0.92
0.92
Tax
-0.51
0.99
-0.54
-1.00
1.24
0.04
0.04
0.37
2.39
5.83
Reported PAT
-0.32
0.99
-1.38
-0.52
-0.68
2.26
1.23
0.59
5.41
14.18
OPM %
NP %
Website

3.17
-1.32

10.93
3.10

-2.70
-6.52

-0.32
-2.77

4.33
-1.40

7.18
3.69

5.98
2.40

6.04
1.26

8.67
4.79

17.72
11.37

201112 201203 201206 201109 201212 201303 201306

3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr
77.18
71.25 159.47 190.83 139.30 158.43 175.00
0.24
0.23
0.37
1.57
0.30
0.35
77.42
71.48 159.84 192.40 139.60 158.78 175.00
69.07
63.27 145.90 175.45 131.03 144.20
8.35
8.21
13.94
16.95
8.57
14.58 13.13
0.48
0.35
0.42
0.99
1.10
1.28
0.50
7.87
7.86
13.52
15.96
7.47
13.30 12.63
0.85
0.88
1.20
1.13
1.26
1.40
1.50
2.30
2.27
4.60
3.71
1.47
4.17
3.00
4.72
3.18
7.72
11.12
4.74
6.62
8.13
10.82
6.12

11.52
4.46

8.74
4.84

8.88
5.83

6.15
3.40

9.20
4.18

7.50
4.64

Year
200103
200203
200303
200403
200503
200603
200703
200803
Type
Full Year Full Year Full Year Full Year Full Year Full Year Full Year Full Year
Sales Turnover
104.19
132.40
135.21
239.77
170.64
165.20
121.89
102.83
Other Income
1.03
0.47
0.33
1.17
0.74
6.34
0.35
3.94
Total Income
105.22
132.87
135.54
240.94
171.38
171.54
122.24
106.77
Total Expenditure
84.48
116.19
124.57
220.82
152.27
158.42
113.34
96.58
Operating Profit
20.74
16.68
10.97
20.12
19.11
13.12
8.90
10.19
Interest
1.92
2.29
3.34
1.67
1.87
2.61
3.26
5.00
Gross Profit
18.82
14.39
7.63
18.45
17.24
10.51
5.64
5.19
Depreciation
1.48
1.93
2.30
2.73
2.94
3.59
4.12
3.88
Tax
3.90
3.08
1.71
4.92
5.44
3.91
0.49
0.43
Reported PAT
13.44
9.38
3.62
10.80
8.86
3.01
1.03
0.88
EPS
PE
Exp Price

20.55
8.00
164.40

14.34
8.00
114.74

5.54
8.00
44.28

16.51
8.00
132.11

13.55
8.00
108.38

4.60
8.00
36.82

1.57
8.00
12.60

1.35
8.00
10.76

OPM %
NP %

19.91
12.90

12.60
7.08

8.11
2.68

8.39
4.50

11.20
5.19

7.94
1.82

7.30
0.85

9.91
0.86

Dividend (Amt)
Payout %

2.29
17.04

2.29
24.41

0.98
27.07

1.64
15.19

1.64
18.51

0.98
32.56

0.98
95.15

0.65
73.86

Inventory
Invent % of turn
Debtors
Debt % of turn

18.02
17
9.04
9

24.33
18
9.97
8

23.73
18
9.51
7

25.08
10
11.11
5

37.58
22
17.52
10

21.05
13
18.46
11

36.01
30
15.50
13

26.70
26
13.54
13

23.89

13.23

22.58

16.87

7.95

3.82

5.71

27.08

2.12

77.33

-28.83

-3.19

-26.22

-15.64

CMP (10-Aug-07)

M Cap:
BV:
TTM PE:
ROCE:
YOY Growth

131.66
113
4.5
36.75

Total Export of Vannamaei Shrimp From India

Growth

200903
201003
201103
201203
201303
201303
Full Year Full Year Full Year Full Year Full Year Full Year
750.00
72.51
96.16
199.62
393.41
648.04
0.41
3.22
3.94
3.35
2.58
72.92
99.38
203.56
396.76
650.62
750.00
76.31
-3.39

95.75
3.63

191.18
12.38

348.01
48.75

597.00
53.62

3.85
-7.24
3.89
-2.54
-8.59

3.13
0.50
2.78
-1.08
-1.20

4.39
7.99
2.88
1.69
3.42

4.07
44.68
4.00
11.96
28.06

-10.74
8.00
-85.90

-1.50
8.00
-12.00

4.28
8.00
34.20

40.00
-4.68
-11.85

5 Yr CAGR

26.41%

3.37
50.25
4.98
13.96
30.20

60.00
3.50
56.50
5.00
15.00
36.50

Best Worst
30.00 20.00

30.90
8.00
247.22

33.26
8.00
266.08

40.20
8.00
321.59

33.04 22.03
10.00
6.00
330.40 132.16

35.00

100.00

100.00

145.00

145.00 145.00

3.77
-1.25

6.20
1.71

12.39
7.13

8.27
4.66

8.00
4.87

0.00
0.00

0.00
0.00

0.80
23.39

5.90
21.03

5.90
19.54

20.38
28
15.42
21

27.27
28
8.93
9

39.05
20
23.01
12

42.15
11
15.51
4

97.16
15
39.72
6

-6.82

0.85

7.71

31.08

27.31

-29.49

32.62

107.59

97.08

64.72

12407 189125 225854

24.864 19.421

68.22
9
63.51
8

15.73

40.51%

93.66%

11 Yr CAGR

12.84%

8.08%

6.92%

2001

2002

2003

2004

2005

2006

6.54

6.54

6.54

6.54

6.54

6.54

32.71

37.5

40.41

49.68

57.24

63.97

39.25

44.04

46.95

56.22

63.78

70.51

Total Debt

13.16

17.7

18.59

20.8

32.08

49.4

Total Cap Employed

52.41

61.74

65.54

77.02

95.86

119.91

Share Capital
Reserves & Surplus

2007

2008

2009

2010

2011

2012

2013

6.54

6.54

9.08

9.08

64.49

64.61

61.96

60.76

63.25

87.49

110.78

71.03

71.15

69.96

68.76

71.25

96.57

119.86

54.25

39.36

36.72

31.73

51.89

47.4

58.22

125.28

110.51

106.68

100.49

123.14

143.97

178.08

Segment Revenue
Shrimp Feed
Shrimp Processing
Segment Result
Shrimp Feed
Shrimp Processing

2005

2006

2007
64.01
55.30

2008
52.24
48.28

2009
37.84
32.59

2010
52.75
41.33

1.15
0.04

-3.81
4.65

-4.79
0.35

-3.35
1.33

Margins
Shrimp Feed
Shrimp Processing
Qtys
Production
Shrimp Feed
Shrimp Processing

15929
964

0.432
6.091

2011
133.08
72.93

2012
271.49
119.76

4.44
0.40

25.37
14.89

25.76 45.32139
18.97 34.17257
PBT
79.49396 23.84819 55.64577 PAT

3.34
0.55

9.34
12.43

5.13
13.19

8%
12%

37131
1450

62819
1966

105824
2713

125000
5000

0.432178
6.091556

2013 2014E
501.87 566.5174
143.77 284.7714

61.28389 EPS

0.47425 0.453214
5.2993 5.695428

Estimation

FY 2009
Because of the measures
initiated, it is expected that the turnover of the
company will increase to 25000 MT of feed sales
& 1200 MT of shrimp exports in the year
2010-11 and with farmers adapting to Vannamei
culture the feed sales are expected to grow at 15%
per annum up to 2014-1 5 and processed shrimp
sales are expected to grow at 10% per annum.
Company expects to breakeven in the year
2010-11 and there after earn a return of 12% on
the capital invested in shrimp feed and processed
shrimp export divisions.
From interaction with CS on March 11
Sort of commodity business now
30% growth should come
Competitors - Thailand co is no1, they are no 2, then Godrej Agrovet then Waterbase
From interaction with CS on Oct, 11
targetting 50-70% growth. So Q1 is the best qtr and may not repeat
The merger will add 11 lac shares
the co being merged has 10,000 MT capacity in guj
the margins may come back to 5-6% in longer run

From interaction with CS on Apr, 12

The industry is doing well on volumes side and no prob from China and not much from Europe also
They are into cultured shrimps and 60% of it is exported to US
The co expects major prob from the raw material side. Soya prices have increased from 25 to 35 in 2 mon
So margins may be under pressure.but still 7-9% seems possible
The co's guj plant is doing well and 70% capacity utilization is there

h from Europe also

sed from 25 to 35 in 2 months and ppl are expecting 45

FY13 FY12 FY11 FY10 FY9

FY8

Expenditure
Raw Materials

496.97

278.91

178.24

80.51

Power & Fuel Cost

19.06

10.81

6.99

Employee Cost

21.62

15.82

6.74

Other Manufacturing Expenses

13.76

5.22

Selling and Admin Expenses

37.08

8.5

33.07

1.14

Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

52.73

76.56

3.71

3.56

5.37

4.89

5.03

2.91

2.01

0.78

0.91

12.65

6.87

6.08

9.19

1.05

2.09

2.16

596.99

343.83

208.67

99.52

69.57

97.41

% as of Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised

83.25 81.12 85.42 80.90 75.79 78.60

3.19 3.14 3.35 3.73 4.31 3.65
3.62 4.60 3.23 5.40 7.03 5.16
2.30 1.52 1.39 2.02 1.12 0.93
6.21 0.00 6.06 6.90 8.74 9.43
1.42 9.62 0.55 1.06 3.00 2.22
0.00 0.00 0.00 0.00 0.00 0.00

% as of Sale
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised

76.38 70.30 87.56 81.01 72.31 71.71

2.93 2.72 3.43 3.73 4.11 3.33
3.32 3.99 3.31 5.40 6.71 4.71
2.11 1.32 1.43 2.02 1.07 0.85
5.70 0.00 6.21 6.91 8.34 8.61
1.31 8.34 0.56 1.06 2.87 2.02
0.00 0.00 0.00 0.00 0.00 0.00