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)
If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.
