PRUDENTIAL SUGAR CORPORATION LIMITED SHARE
ABOUT PRUDENTIAL SUGAR CORPORATION LIMITED
PRUDENTIAL SUGAR CORPORATION LIMITED is engaged in the business of manufacture of sugar and allied products. It has a capacity of manufacturing 2500 Tons of Cane per Day. The company set up its first modern integrated sugar plant in 1994 to manufacture white crystal sugar. The plant of the company is located in Nindra, Andhra Pradesh. The company’s plant also has a facility to power co-generation.
The company also manufactures alcohol through molasses fermentation. The ethanol products include rectified spirit, industrial alcohol, extra neutral alcohol, anhydrous alcohol.
The equity shares of the company were listed on the Bombay Stock Exchange and National Stock Exchange. But now the trading in the shares of the company has been suspended.
INCORPORATION DETAILS
CIN | L15432TG1990PLC032731 |
Registration Date | 03 December 1990 |
Category/Sub-category of the Company | Company Limited by Shares |
Address of the Registered office and contact details | “Akash Ganga” Plot No.144, 4th Floor Srinagar Colony, Hyderabad - 500 073. |
Name, Address and Contact Details of Registrar and Transfer Agent, if any | R&D Infotech (P) Ltd. 1st Floor, 7A, Beltala Road (Naresh Mitra Sarani) Kolkata - 700 026. |
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Name and Description of main products/services | NIC Code of the product/service | % to total turnover of the Company |
Sugar | 17011 | 100% |
BOARD OF DIRECTORS
Mr. Vinod Baid (Chairman)
Mr. Kishore Jhunjunwala (Independent Director)
Mr. K. Subba Rao (Whole Time Director)
Ms. Sadhana Bhansali (Independent Director)
Mr. Y. Ravinder Reddy (Independent Director)
PARTICULARS OF SUBSIDIARY COMPANIES
Name of the Company | % of shares held |
Prudential Ammana Sugars Limited | 99.99% |
PRUDENTIAL SUGAR CORPORATION LIMITED SHARES DETAILS
Total Available Shares: | 3,57,52,000 |
Face Value: | Rs. 10 Per Equity Share |
ISIN: | INE024D01016 |
PAN No. | AAACP4338D |
Lot Size: | 500 Shares |
Last Traded Price | Rs. 13 |
Market Cap: | Rs. 46.48 Crore |
SHAREHOLDING PATTERN
(As on 31-03-2021)
SHAREHOLDER’S NAME | NO. OF SHARES | % OF TOTAL SHARES OF THE COMPANY |
Promoters Shareholding | 2,11,02,599 | 59.02% |
Public Shareholding | 1,46,49,401 | 40.98% |
Total | 3,57,52,000 | 100.00% |
INDUSTRY OUTLOOK
From the last two years, India has become the world’s largest producer of sugar, as Brazil has diverted more of its production to produce ethanol. Therefore, Indian Sugar producers are getting better prices for their products. The sugar sector follows a sugar season cycle from October to September of next year.
According to the Indian Sugar Mills Association (ISMA), around 502 sugar mills have started their operations from 1st October 2020 to 28th February 2021. They altogether produced 23.37 million tonnes of sugar as of 28th February 2021. From October 2020 to mid-February 2021, sugar production in India increased by 22.9% to 20.9 million tonnes on account of 74% and 26.9% production growth in Maharashtra and Karnataka, respectively, backed by increased sugarcane area, better yields among others. Sugar output in India is expected to increase by 11.7% to 32 million tonnes during the Sugar Year 2020-21 (October 2020 -September 2021) on account of higher production in Maharashtra and Karnataka.
Cabinet Committee on Economic Affairs (CCEA), on 16 December 2020, approved assistance of about Rs. 3,500 crore towards sugar export for the sugar season 2020-21 to curtail the sugar glut situation in India and to reduce the quantum of sugarcane arrears owed by the sugar industry. For Sugar Year 2021, India is likely to export 5.50 million tonnes of sugar. In fact, within just two months, companies have already exported 4.80 million tonnes of sugar.
The sugar prices in the domestic market are unlikely to witness any major improvement due to huge carry-over stocks of about 10.6 million tonnes and an expected 10.2% growth in production to 32 million tonnes in the current sugar year 2020-21. Thus the prices are expected to remain largely range-bound only backed by an MSP of Rs.31 per kg. Domestic prices are unlikely to increase unless sugar MSP is hiked by the government.
The global sugar market to exhibit stable growth during 2020-2025. Over the next ten years, global sugar production is projected to expand by 14%, from 178 Mt in the base period (September 2016 to October 2019) to 207 Mt in 2028, with 85% of the projected increase originating in developing countries.
PROFIT & LOSS STATEMENT OF PRUDENTIAL SUGAR CORPORATION LIMITED (In Rs. Lakhs)
PARTICULARS | 3 quarters of FY 2021 | 2020 | 2019 | 2018 |
Revenue from Operations | 0 | 0 | 0 | 3,052.62 |
EBITDA | -96.16 | -264.18 | -318.22 | -2,535.90 |
Finance Cost | 52.85 | 0.02 | 0.11 | 0.64 |
Depreciation | 0 | 1.7 | 2.09 | 0 |
Other Income | 374.43 | 563.1 | 668.71 | 5,090.41 |
Profit before tax and exceptional items | 225.42 | 297.2 | 348.28 | 2,553.87 |
Exceptional items | 0 | 0 | 0 | 2,847.28 |
Total Tax | 56.36 | 80.91 | 90.55 | 26.48 |
Profit After Tax (PAT) | 169.06 | 216.28 | 257.73 | 5,374.67 |
EPS | 0.51 | 0.65 | 0.78 | 16.21 |
BALANCE SHEET OF PRUDENTIAL SUGAR CORPORATION LIMITED (In Rs. Lakhs)
PARTICULARS | 31st March 2020 | 31st March 2019 |
ASSETS | ||
NON CURRENT ASSETS | ||
Tangible assets | 263.21 | 264.91 |
Non-current investments | 55.28 | 55.28 |
Other Non-current assets | 801.71 | 877.47 |
Deferred tax assets (net) | 1,525.94 | 1,525.94 |
TOTAL NON CURRENT ASSETS | 2,646.14 | 2,723.60 |
CURRENT ASSETS | ||
Cash and Cash equivalents | 1.68 | 31.11 |
Short-term loans and advances | 9,934.47 | 9,436.42 |
TOTAL CURRENT ASSETS | 9,936.15 | 9,467.53 |
TOTAL ASSETS | 12,582.29 | 12,191.13 |
EQUITY AND LIABILITIES | ||
EQUITY | ||
Equity share capital | 3,720.70 | 3,720.70 |
Other equity | 5,392.22 | 5,175.94 |
TOTAL EQUITY | 9,112.92 | 8,896.64 |
LIABILITIES | ||
NON CURRENT LIABILITIES | ||
Long-term borrowings | 11.27 | 11.27 |
Other Long term liabilities | 607.82 | 608.43 |
TOTAL NON CURRENT LIABILITIES | 619.09 | 619.70 |
CURRENT LIABILITIES | ||
Other current liabilities | 2,652.28 | 2,557.71 |
Provisions | 197.99 | 117.08 |
TOTAL CURRENT LIABILITIES | 2,850.27 | 2,674.79 |
TOTAL LIABILITIES | 3,469.36 | 3,294.49 |
TOTAL EQUITY AND LIABILITIES | 12,582.29 | 12,191.13 |
DIVIDEND
PARTICULARS | 2020 | 2019 | 2018 |
Dividend (In Rs.) (final + interim) | Nil | Nil | Nil |
PERFORMANCE OF THE COMPANY
The company is not earning anything from its core operations from FY 2019 to FY 2020. For two years, the company is only earning ‘Other Income’ mainly through Interest Income. But other income covers all the expenses company incurs. There are no operational expenses; the main expenses which the company incurs are Employee expenses, legal and professional fees, Business promotion, and Travelling and Conveyance expenses.
The main and only income source of the company for the last two years has been Interest income. For that purpose, the company has to give short-term loans worth Rs. 9,934.47 lakhs as of 31st March 2020.
Net Profit of the company has decreased by 16.08% from Rs. 257.73 lakh in FY 2019 to Rs. 216.28 lakh in FY 2020.In the first three quarters of FY 2021, the company earned a net profit of Rs. 169.06 lakhs.
The company is almost debt-free.
The company has not given any dividends for the past three years.
The book value of the company as of 31st March 2020 was Rs. 25.48.
The company has land assets of book value worth Rs. 243 lakhs.
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