BSE: 544135 | NSE: MUKKA | Consumer Food | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Mukka Proteins Ltd is a below average quality company.
The key valuation ratios of Mukka Proteins Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Mukka Proteins Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|
| ROCE % ⓘ | 14.4% | 10.1% | 2.9% | 10.8% | 17.2% | - |
| Value Creation Index ⓘ | 0.0 | -0.3 | -0.8 | -0.2 | 0.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | ||||||
| Sales ⓘ | 407 | 546 | 536 | 693 | 1,066 | 1,066 |
| Sales YoY Gr. | - | 34% | -1.7% | 29.2% | 53.9% | - |
| Adj EPS ⓘ | 0.7 | 0.5 | 0 | 0.8 | 1.9 | 1.3 |
| YoY Gr. | - | -31.9% | -95.7% | 3850% | 134.2% | - |
| BVPS (₹) ⓘ | 2.1 | 2.6 | 2.9 | 3.7 | 5.5 | 11.8 |
| Adj Net Profit ⓘ | 15.1 | 10.3 | 0.4 | 17.5 | 40.8 | 39 |
| Cash Flow from Ops. ⓘ | -21.6 | -24.1 | -2.3 | -15.3 | -47 | - |
| Debt/CF from Ops. ⓘ | -3.8 | -4.7 | -54.1 | -10.5 | -5 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 25% | 53.9% | ||||
| Adj EPS ⓘ | NA | NA | 57.9% | 134.2% | ||||
| BVPSⓘ | NA | NA | 28.3% | 47.9% | ||||
| Share Price | - | - | - | - | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 33.4 | 20 | 0.6 | 24.1 | 40 | 15.1 |
| Op. Profit Mgn % ⓘ | 6.1 | 3.7 | 1.3 | 4.7 | 6.7 | 3.9 |
| Net Profit Mgn % ⓘ | 3.7 | 1.9 | 0.1 | 2.5 | 3.8 | 3.7 |
| Debt to Equity ⓘ | 1.8 | 1.9 | 2 | 2 | 1.9 | - |
| Working Cap Days ⓘ | 0 | 116 | 146 | 125 | 112 | 0 |
| Cash Conv. Cycle ⓘ | 0 | 40 | 58 | 54 | 55 | 0 |
Sales growth is growing at healthy rate in last 3 years 25.02%
Net Profit is growing at healthy rate in last 3 years 57.89%
Debt to equity has declined versus last 3 years average to 1.91
Sales growth is good in last 4 quarters at 16.22%
Return on Equity has declined versus last 3 years average to 15.10%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 1.3 | 1.5 |
| TTM Sales (₹ Cr.) | 1,066 | 1,177 |
| BVPS (₹.) ⓘ | 11.8 | 12.7 |
| Reserves (₹ Cr.) ⓘ | 325 | 352 |
| P/BV ⓘ | 3.12 | 2.89 |
| PE ⓘ | 28.03 | 25.07 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 32.50 / 44.00 |
| All Time Low / High (₹) | 32.50 / 44.00 |
| Market Cap (₹ Cr.) | 1,105 |
| Equity (₹ Cr.) | 30 |
| Face Value (₹) | 1 |
| Industry PE ⓘ | 65.6 |
| Pledged * | 0.00 | 0.00 |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|
| Sales | 407 | 546 | 536 | 693 | 1,066 |
| Operating Expenses ⓘ | 383 | 526 | 529 | 660 | 1,001 |
| Manufacturing Costs | 9 | 8 | 6 | 23 | 34 |
| Material Costs | 348 | 482 | 481 | 583 | 875 |
| Employee Cost | 5 | 7 | 10 | 13 | 17 |
| Other Costs ⓘ | 21 | 29 | 32 | 41 | 74 |
| Operating Profit ⓘ | 25 | 20 | 7 | 33 | 66 |
| Operating Profit Margin (%) | 6.1% | 3.7% | 1.3% | 4.7% | 6.2% |
| Other Income ⓘ | 3 | 8 | 9 | 8 | 9 |
| Interest ⓘ | 4 | 7 | 7 | 8 | 15 |
| Depreciation ⓘ | 2 | 3 | 3 | 4 | 4 |
| Exceptional Items ⓘ | -1 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 21 | 19 | 6 | 28 | 55 |
| Tax ⓘ | 5 | 6 | 1 | 8 | 16 |
| Profit After Tax | 15 | 13 | 5 | 20 | 39 |
| PAT Margin (%) | 3.8% | 2.4% | 0.9% | 2.9% | 3.7% |
| Adjusted EPS (₹) | 0.7 | 0.6 | 0.2 | 0.9 | 1.8 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 45 | 58 | 63 | 82 | 122 | |||||
| Share Capital ⓘ | 6 | 6 | 6 | 22 | 22 | |||||
| Reserves ⓘ | 40 | 52 | 57 | 60 | 100 | |||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | |||||
| Debt | 81 | 109 | 122 | 157 | 233 | |||||
| Long Term Debt | 14 | 10 | 7 | 3 | 0 | |||||
| Short Term Debt | 66 | 99 | 115 | 154 | 232 | |||||
| Trade Payables | 56 | 77 | 78 | 70 | 118 | |||||
| Others Liabilities ⓘ | 14 | 14 | 26 | 20 | 28 | |||||
| Total Liabilities ⓘ | 197 | 257 | 288 | 329 | 500 | |||||
Fixed Assets | ||||||||||
| Gross Block | 51 | 56 | 63 | 67 | 73 | |||||
| Accumulated Depreciation | 9 | 12 | 15 | 19 | 22 | |||||
| Net Fixed Assetsⓘ | 42 | 44 | 48 | 48 | 51 | |||||
| CWIP ⓘ | 0 | 1 | 0 | 0 | 0 | |||||
| Investmentsⓘ | 11 | 8 | 12 | 21 | 24 | |||||
| Inventories | 89 | 90 | 142 | 141 | 208 | |||||
| Trade Receivables | 25 | 54 | 26 | 53 | 108 | |||||
| Cash Equivalents | 1 | 1 | 2 | 8 | 23 | |||||
| Others Assetsⓘ | 29 | 58 | 59 | 58 | 86 | |||||
| Total Assets ⓘ | 197 | 257 | 288 | 329 | 500 | |||||
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -22 | -24 | -2 | -15 | -47 |
| PBT ⓘ | 21 | 19 | 6 | 28 | 55 |
| Adjustment ⓘ | 5 | 3 | 4 | 5 | 8 |
| Changes in Working Capital ⓘ | -42 | -41 | -8 | -46 | -101 |
| Tax Paid ⓘ | -5 | -6 | -4 | -2 | -9 |
| Cash Flow From Investing Activity ⓘ | -19 | 2 | -5 | -7 | 1 |
| Capex | -13 | -6 | -5 | -2 | -3 |
| Net Investments | -8 | 3 | -6 | -10 | -3 |
| Others ⓘ | 2 | 4 | 5 | 5 | 7 |
| Cash Flow From Financing Activityⓘ | 31 | 23 | 8 | 27 | 61 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 9 | -5 | -3 | -4 | -3 |
| Interest Paid ⓘ | -4 | -5 | -6 | -7 | -10 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 27 | 32 | 17 | 38 | 74 |
| Net Cash Flow ⓘ | -10 | 0 | 0 | 5 | 15 |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 34.02 | 24.97 | 7.66 | 27.31 | 38.66 | |||||
| ROCE (%) | 19.71 | 17.19 | 7.26 | 16.92 | 23.54 | |||||
| Asset Turnover Ratio | 2.07 | 2.4 | 1.97 | 2.24 | 2.57 | |||||
| PAT to CFO Conversion(x) | -1.47 | -1.85 | -0.4 | -0.75 | -1.21 | Working Capital Days | ||||
| Receivable Days | 22 | 27 | 28 | 21 | 28 | |||||
| Inventory Days | 80 | 60 | 79 | 74 | 60 | |||||
| Payable Days | 59 | 50 | 59 | 46 | 39 | |||||
Mukka Proteins Limited was originally formed as a partnership firm constituted under the Indian Partnership Act, 1932 on March 21, 2003 under the name ‘Mukka Sea Foods Industries’ pursuant to a deed of partnership dated March 13, 2003 and was re-constituted on July 14,2004 and June 18, 2010. ‘Mukka Sea Foods Industries’ was thereafter converted from a partnership firm to a private limited company under Part IX of the Companies Act, 1956, as ‘Mukka Sea Food Industries Private Limited’ and a certificate of incorporation was issued by the Registrar of Companies, Karnataka on November 04, 2010. Subsequently, the Company was converted to a public limited company, pursuant to a special resolution passed by the shareholders of the company at the extraordinary general meeting held on November 09, 2019 and the name of the company was changed to ‘Mukka Sea Food Industries Limited’ and a fresh certificate of incorporation consequent upon conversion to a public limited company dated December 02, 2019 was issued to the company by the Registrar of Companies, Bangalore. Thereafter, the name of the company was changed to ‘Mukka Proteins Limited’ pursuant to a special resolution passed by the shareholders of the company at the extraordinary general meeting held on July 23, 2021 and a fresh certificate of incorporation dated August 06, 2021 was issued by the Registrar of Companies, Bangalore.
The company manufactures and supplies fish meal, fish oil and fish soluble paste which is an essential ingredient in the manufacturing of aqua feed (for fish and shrimp), poultry feed (for broiler and layer) and pet food (dog and cat food). Further, fish oil also finds its application in pharmaceutical products (additionally, Omega-3 pills and related products derived from fish oil are gaining importance as high nutrient and healthy dietary supplements), soap manufacturing, leather tanneries & paint industries. It sells its products domestically and also exports them to over 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan and Vietnam.
With, many decades of successful track record of its Promoters in the Fish Protein industry, the company is one of the pioneers of the industry. It is also amongst the first few companies to have introduced the steam dried process in India for manufacturing of fish meal. Its Promoter Directors, namely Kalandan Mohammed Haris, Kalandan Mohammad Arif and Kalandan Mohammed Althaf are actively involved in the business and amongst themselves have, in-depth knowledge and vast experience in the marine sector, Fish Protein, aqua feed and alternative protein industry. Its Promoter Directors share various functional responsibilities amongst themselves for effective management and are well supported by qualified and experienced professionals.
Business area of the company
The company is engaged in the business of manufacturing of Fish Protein (i.e. fish meal, fish oil and fish soluble paste) and Insect Protein (i.e. insect meal and insect oil), which is an essential ingredient in the manufacturing of aqua feed (for fish and shrimp), poultry feed (for broiler and layer) and pet food (dog and cat food).
Products of the company
Awards and accreditations
History and milestones
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
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Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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