Table of content
TBI Corn Introduction:
Company is promoted by Mr. Yogesh Laxman Rajhans and was earlier known as “The Best India”. The Best India was incorporated in the year 2000, and over the years, it has established its goodwill in the Corn industry. Afterwards our Partnership firm converted into Limited company and the name of the firm was also change to TBI Corn Limited.
TBI Corn Ltd. is a leading Indian manufacturer of corn grits and related products, established in 1999. Here’s a quick breakdown:
Industry: Corn milling (food products and beverages)
Products: Fat-free corn grits, corn meals, flakes, stone-free broken maize, corn flour (all GMO-free and with no chemical additives or preservatives)
Manufacturing Capacity: 150 Tons per day
Market Reach: Domestic market across India, exports to UAE, Oman, Jordan, South Africa, and Vietnam
Understanding the Company’s Foundation of TBI Corn:
History & Milestones:
Company was originally formed and registered as a Partnership Firm under the Partnership Act, 1932 (“Partnership Act”) in the name and style of “M/s The Best India”, pursuant to a deed of partnership dated 24th February, 2000. Thereafter ” M/s The Best India” was converted from Partnership Firm to a Limited Company under Part I (Chapter XXI) of the Companies Act, 2013 in the name of “TBI Corn Limited” and received a certificate of incorporation dated 22nd June, 2022 issued by the Registrar of Companies, Pune
- Inception in 1999, focusing on yeast processing
- Register the firm under The Partnership Act, 1932
- Transition to manufacturing yeast and yeast powder in 2000-2004
- Entry into corn bran and corn powder production in 2004
- Expansion into maize and poultry industries from 2005-2010
- Diversification into broken maize supply in 2011-2012
- Introduction of Maka Poha (Raw Corn Flakes) in 2013-2014
- Establishment of a fully automated, ISO 22000:2018 compliant food processing unit in 2015-2016.
Strategy
- Establishing Strong Relationships:
- Resilience Against Commodity Price Fluctuations:
Directors & Promoters of TBI Corn:
| Name of Directors | Designation |
| Mr. Yogesh Laxman Rajhans | Chairman and Managing Director |
| Mr. Ninad Anand Yedurkar | Whole-Time Director and Chief Financial Officer |
| Mrs. Asha Laxman Rajhans | Non-Executive Director |
| Mr. Sanjay Ashokrao Kadam | Independent Director |
| Mr. Atul Babasaheb Patil | Independent Director |
| Mr. Chandrakant ShivajiMali | Independent Director |
<script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-6076748530055008" crossorigin="anonymous"></script><ins class="adsbygoogle" style="display:block; text-align:center;" data-ad-layout="in-article" data-ad-format="fluid" data-ad-client="ca-pub-6076748530055008" data-ad-slot="2862381062"></ins><script> (adsbygoogle = window.adsbygoogle || []).push({});</script>Market Landscape & Competitive Edge of TBI Corn:
Industry Outlook & Trends
The corn grit industry plays a significant role in the global food market, providing a versatile and essential ingredient used in various food products. Corn grits, also known as cornmeal or polenta, are coarsely ground corn kernels used as a primary ingredient in traditional dishes, snacks, and processed food products. This market analysis aims to provide an overview of the corn grit industry, including its key players, market size, trends, growth drivers, challenges, and future prospects.
Maize is a cereal grain, also known as corn that is rich in antioxidants like phenols and phytosterols. It is one of the leaders in terms of the production of cereal crops. Most of the maize produced in the world is used for feed and other purposes; only a small amount is used by people for consumption. It can be consumed only after processing into different food items such as popcorn, flour, tortillas, cornflakes, corn germ oil, etc. Maize products are also used in supplementary nutritional programs to feed malnourished children and improve their health.
The growing meat industry is creating demand for more cereals, especially maize and soybean, as both are highly nutritious in terms of protein used for feeding livestock. It is very importantly used in the production of ethanol. The gaining importance of biofuel usage is encouraging the growth of the maize market.
Corn is the primary US feed grain, accounting for more than 95% of the total feed grain production and use. It is cultivated on nearly 190 million hectares in about 165 countries with wide diversity and management practices. It accounts for 39% of global grain production, primarily used for livestock and feed purposes. It is also widely used for industrial purposes, including ethanol production. While the number of field farms for corn has declined in recent years, the acreage per corn farm has increased.
Market Size & Share
The Maize Market size is expected to grow from USD 139.42 billion in 2023 to USD 161.70 billion by 2028, at a CAGR of 3.01% during the forecast period (2023-2028).
Products & Services of TBI Corn:
| Product Name | Product Description |
| Corn Grits | Corn Grits are degerminated Yellow Corn, grounded to a coarse meal (flour free) confirming to particle size specification with no chemical additives or preservatives. The corn grits we produce are free from extraneous matter, sand particles, stones or other foreign matter. The Corn Meal is widely used as a main ingredient of extruded snacks. |
| Corn Bran | Cattle feed made from corn is a vital livestock nutrition source, providing essential nutrients for growth, weight gain, and milk production. It’s highly valued for its nutritional efficiency and is a staple in cattle diets for optimal health and productivity. |
| Broken Maize | Broken maize consists of damaged or fractured corn kernels. It’s repurposed for uses like livestock feed or processing into various food products, offering an economical solution for utilizing imperfect corn. |
| Processed Indian Yellow Maize | Processed maize is corn that has been transformed for consumption and use in various food and industrial products, including cornmeal, cornflour, and numerous food items. It’s a versatile and essential ingredient in the global food industry. |
| Corn Flour | Corn flour, also known as maize flour, is a fine powder made from dried corn kernels. It’s versatile and widely used in baking, cooking, and various cuisines for its unique texture and flavour. |
| Corn Flakes | Corn flakes are a popular breakfast cereal made from toasted flakes of corn. They are known for their crispy texture and mild, slightly sweet flavour. Typically served with milk, yogurt, or as an ingredient in snack mixes, corn flakes have become a breakfast staple enjoyed by people of all ages. |
| Corn Germ | The corn germ is a nutrient-rich part of the corn kernel, containing essential fats, vitamins, and minerals. It’s often removed during processing to extend shelf life in corn-based products but can also be used for its nutritional value in various applications. |
Usage TBI Corn products:
- Traditional Dishes: Corn grits are used in numerous traditional dishes across different cuisines. Breakfast Cereals: Corn grits serve as a primary ingredient in breakfast cereals, providing a wholesome and filling start to the day. They can be cooked and served as hot cereal or used in the production of ready-to-eat cereals like corn flakes.
- Snack Foods: Corn grits are utilized in the production of snack foods, offering a crunchy and flavourful texture. Examples include corn chips, corn puffs, and extruded corn-based snacks.
- Baked Goods: Corn grits are incorporated into baked goods to enhance flavor and texture. They are used in recipes for cornbread, corn muffins, cornmeal cookies, and pie crusts.
- Thickening Agent: Due to their ability to absorb moisture and thicken liquids, corn grits are employed as a thickening agent in soups, stews, and gravies.
- Industrial Food Processing: Corn grits are widely utilized in the food processing industry to manufacture a range of products. These include pasta, snack bars, baby food, batters and coatings, and processed meat products.
- Gluten-Free and Non-GMO Products: Corn grits are a popular ingredient in gluten-free and non-GMO food products, providing an alternative to wheat-based ingredients. They are used in the production of gluten-free bread, pancakes, and other gluten-free baked goods.
- Animal Feed: Broken maize is a vital component of animal feed formulations, providing essential energy, protein, and nutrients for livestock and poultry.
- Food Products: Broken maize is used as an ingredient in various food products, such as breakfast cereals, corn-based snacks, baking mixes, and tortilla chips. It can also be ground into maize flour or meal for the production of maize-based foods like porridge, bread, and tortillas.
- Industrial Applications: Broken maize is utilized in the production of starch, syrups, ethanol, and other industrial products derived from maize. It is a key raw material in industries such as biofuels, fermentation, and starch derivatives
Operational Strength of TBI Corn
Business Verticals & Segments
PRODUCT WISE REVENUE BREAKUP
(Amount in Lakhs)
| S.No. | Particulars | For the period 01.04.2023 to 30.09.2023 | For the period 22.06.2022 to 31.03.2023 | For the period 01.04.2022 to 21.06.2022 | |||
| % | Amount | % | Amount | % | Amount | ||
| 1. | Corn Grits | 29.17 | 2,052.11 | 32.13 | 3,710.01 | 17.96 | 428.03 |
| 2. | Corn Bran | 23.47 | 1,651.07 | 25.62 | 2,959.02 | 19.44 | 463.13 |
| 3. | Broken Maize | 14.47 | 1,018.19 | 13.89 | 1,604.06 | 18.47 | 440.05 |
| 4 | Processed Indian Yellow Maize | 14.37 | 1,011.01 | 12.47 | 1,440.01 | 24.01 | 572.04 |
| 5. | Corn Flour | 4.94 | 347.5 | 3.95 | 456.03 | 6.57 | 156.59 |
| 6. | Corn Flakes | 6.97 | 490.15 | 6.96 | 804.18 | 4.15 | 98.89 |
| 7. | Corn Germ | 3.23 | 227.03 | 2.37 | 273.15 | 2.17 | 51.74 |
| 8. | Others | 3.37 | 237.11 | 2.61 | 301.06 | 7.24 | 172.49 |
| Total | 100.00 | 7,034.17 | 100.00 | 11,547.52 | 100.00 | 2,382.96 | |
GEOGRAPHICAL REVENUE BREAKUP
(Amount in Lakhs)
| Particulars | For the period 01.04.2023 to 30.09.2023 | For the period 22.06.2022 to 31.03.2023 | For the period 01.04.2022 to 21.06.2022 |
| Exports Revenue | 998.17 | 3,082.23 | 683.03 |
| Indigence Revenue | 6,036.00 | 8,465.29 | 1,699.93 |
| Total Revenue | 7,034.17 | 11,547.52 | 2,382.96 |
GEOGRAPHICAL REVENUE BREAKUP–COUNTRY WISE
(Amount in Lakhs)
| S.No. | Name of the Countries | For the period 01.04.2023 to 30.09.2023 | For the period 22.06.2022 to 31.03.2023 | For the period0 01.04.2022 to 21.06.2022 | |||
| % | Amount | % | Amount | % | Amount | ||
| 1. | Dubai | 80.86 | 807.12 | 55.54 | 1,712.00 | 25.48 | 174.04 |
| 2. | Oman | 9.13 | 91.12 | 8.95 | 276.00 | 0.02 | 0.15 |
| 3. | Jordan | 4.31 | 43.05 | 1.50 | 46.13 | 0.06 | 0.42 |
| 4 | South Africa | 0.79 | 7.86 | 0.88 | 27.00 | 0.14 | 0.98 |
| 5. | Vietnam | 0.20 | 2.01 | 25.18 | 776.02 | 44.78 | 305.84 |
| 6. | Malaysia | 4.71 | 47.01 | 4.67 | 144.05 | 29.27 | 199.92 |
| 7. | Yemen | – | – | 1.85 | 57.00 | 0.01 | 0.05 |
| 8. | Brunei | – | – | 0.29 | 9.02 | 0.09 | 0.61 |
| 9. | Saudi Arabia | – | – | 0.13 | 4.02 | 0.08 | 0.53 |
| 10. | Qatar | – | – | 0.42 | 12.87 | 0.05 | 0.35 |
| 11. | Bahrain | – | – | 0.26 | 8.01 | 0.02 | 0.14 |
| 12. | Tanzania | – | – | 0.33 | 10.11 | – | – |
| Total | 100.00 | 998.17 | 100.00 | 3082.23 | 100.00 | 683.03 | |
GEOGRAPHICAL REVENUE BREAKUP–STATE WISE
(Amount in Lakhs)
| S.No. | Name of the States | For the period 01.04.2023 to 30.09.2023 | For the period 22.06.2022 to 31.03.2023 | For the period 01.04.2022 to21.06.2022 | |||
| % | Amount | % | Amount | % | Amount | ||
| 1. | Gujarat | 13.45 | 812.00 | 15.85 | 1,342.04 | 27.50 | 459.18 |
| 2. | Telangana | 0.17 | 10.00 | 1.89 | 160.00 | 1.20 | 20.00 |
| 3. | Delhi | 0.03 | 2.00 | – | – | – | – |
| 4. | Maharashtra | 70.99 | 4,285.00 | 70.25 | 5,947.02 | 48.14 | 803.98 |
| 5. | Tamandu | 6.53 | 394.00 | 1.64 | 139.08 | 4.43 | 73.92 |
| 6. | Rajasthan | 0.25 | 15.00 | 0.25 | 21.29 | 1.90 | 31.71 |
| 7. | Karnataka | 6.01 | 363.00 | 7.14 | 604.55 | 12.72 | 212.45 |
| 8. | Assam | 1.42 | 86.00 | – | – | – | – |
| 9. | Madhya Pradesh | 1.06 | 64.00 | 2.42 | 205.08 | 1.19 | 19.92 |
| 10. | Andhra Pradesh | 0.08 | 5.00 | 0.51 | 43.20 | – | – |
| 11. | Uttar Pradesh | – | – | – | – | – | – |
| 12. | Bihar | – | – | – | – | – | – |
| 13. | Kerala | – | – | 0.04 | 3.03 | 2.92 | 48.77 |
| 14. | Uttarakhand | – | – | – | – | – | – |
| 15. | West Bengal | – | – | – | – | – | – |
| 16 | Haryana | – | – | – | – | – | – |
| Total | 100.00 | 6,036.00 | 100.00 | 8,465.29 | 100.00 | 1,669.93 | |
Facilities of TBI Corn:
| Registered Office and Factory Unit1 | Plot no. A5/3 & A5/4, MIDC, Tal- Miraj, Dist- Sangli, Maharashtra,India – 416410. |
| Factory Unit2 | Plot no. D-59/1, MIDC, Tal- Miraj, Dist- Sangli, Maharashtra, India –416410. |
| Factory Unit3 | Plot no. A-5/6, A-5/7 & A-5/8, MIDC, Tal- Miraj, Dist- Sangli,Maharashtra, India – 416410. |
| Factory Unit4 | Plot no. A-5/11, MIDC, Tal- Miraj, Dist- Sangli, Maharashtra, India –416410. |
| Factory Unit5 | Plot no. A-15, MIDC, Tal- Miraj, Dist- Sangli, Maharashtra, India –416410. |
CAPACITY AND CAPACITY UTILIZATION
| Particulars | Capacity | FY 2021(Actual) | FY 2022(Actual) | FY 2023(Actual) | FY 2024(Est.) | FY 2025(Est.) |
| Plant andMachineries(1),(2) &(3) | Installed (PerAnnum) | 43,000 MT | 54,000 MT | 54,000 MT | 54,000 MT | 97,000 MT |
| Utilized (PerAnnum) | 32,500 MT | 42,500 MT | 48,000 MT | 51,000 MT | 93,000 MT | |
| % ofUtilization | 75.50 | 78.70 | 88.90 | 94.40 | 95.80 |
Strengths & Weaknesses (SWOT Analysis) of TBI Corn
STRENGTH
- Strong demand surpasses production capacity for our products;
- Abundant supply of raw materials exceeds production capacity;
- Over 25 years of industry expertise, building from the ground up;
- Headquarters located in Sangli, a prominent maize market in India;
- Surrounding regions in Maharashtra and Karnataka are known for high-quality corn;
- Team possesses a deep knowledge of corn price fluctuations;
- Strong customer relationships built on cost-saving information sharing;
- Consistently increasing trend in export sales;
- Reputation for optimal balance between rates and quality.
WEAKNESS
- Existing facility lacks automation, relying heavily on manual processes;
- Absence of dedicated R&D facilities and research culture;
- Missed opportunities to enhance by-products for increased market value;
- Limited funds prevent capitalizing on cash discounts and bulk purchasing advantages;
- Underutilized the potential of corn bran by selling at lower rates for cattle feed.
OPPORTUNITIES
- Adoption of automation offers benefits like waste reduction and cost savings;
- Attraction of quality-conscious clients including multinational companies (MNCs) and international markets;
- Exploration of Ethanol production for enhanced by- product value and additional revenue streams;
- Emphasis on value addition to by-products through ventures like Maize Oil and Maize Cake for various markets;
- Significant opportunity in cost reduction by relocating
- closer to corn production and client locations/shipping ports across India.
THREATS
- Primary threat involves labour issues impacting production efficiency and increasing costs;
- Vulnerability to manual labour reliance exposes TBI to potential drops in production effectiveness;
- Agricultural nature of corn exposes the company to natural calamities and abrupt climate shifts.
Qualitative Factors
- Enduring Values of the company & Management Team
- Integrity
- Customer Focus
- Innovation
- Teamwork
- Respect for Individuals
- Accountability
- Strong Statutory compliance policies.
Challenges & Risks
- business is substantially dependent on our key customers from whom we derive a significant portion of revenues. The loss of any significant clients may have a material and adverse effect on our business and results of operations.
- Company is dependent on few States. Loss of any of this large States may affect our business operations.
- Company is dependent on few numbers of suppliers for purchase of product. Loss of any of this large Suppliers may affect our business operations
- Will continue to be controlled by our Promoters and certain related entities after the completion of the Issue.
- There are no long-term supply agreements with our vendors/suppliers. Our Business may be adversely affected if there is any disruption in the trading material supply or due to non-availability of trading material.
- business is dependent on our continuing relationships with our clients, with whom we have not entered into long term arrangements.
- dependent on third party transportation providers for delivery of trading goods and materials to us from our suppliers and delivery of trading goods and materials to our clients. Any failure on part of such service providers to meet their obligations could have a material adverse effect on our business, financial condition and results of operation.
- participate and operate in competitive markets with low barriers to entry which may increase competition and have a material adverse effect on our business, financial condition and results of operations.
- The average cost of acquisition of Equity shares in our Company by our Promoters is lower than the Issue price.
| S.No. | Name of Promoters | No.of Equity Shares Acquired during last one Year | Average Price*(in ₹ per equity share) |
| 1. | Mr. Yogesh Laxman Rajhans | 99,00,469 | 5.99 |
The maize industry in India faces several challenges. One of the primary concerns is the fluctuation in prices due to factors like supply-demand dynamics, weather conditions, and international market trends. Pests and diseases, including stem borers and fungal infections, can also affect maize production. Additionally, lack of proper storage and infrastructure facilities pose challenges for farmers, leading to post-harvest losses.
Financial Health of TBI Corn
Key ratios
(Rs. In Lakhs)
| Key Financial Performance | For the period 01.04.2023 to 30.09.2023 | For the period 22.06.2022 to 31.03.2023 | For the period 01.04.2022 to 21.06.2022 |
| Revenue from Operations | 7,034.17 | 11,547.52 | 2,382.96 |
| Growth in Revenue from Operations | 0.99% | 61.53% | na |
| EBITDA | 1,110.25 | 1,137.32 | 113.45 |
| EBITDA Margin | 15.78% | 9.85% | 4.76% |
| PAT | 666.75 | 637.16 | 48.93 |
| PAT Margin | 9.48% | 5.52% | 2.05% |
Balance sheet
(Rs. in Lakhs)
| Particulars | As At | |||
| 30th September, 2023 | 31st March, 2023 | 21st June, 2023 | ||
| I. | EQUITY AND LIABILITIES | |||
| 1. | SHARE HOLDERS’ FUNDS | |||
| a. | Share Capital | 1,337.76 | 0.56 | |
| b. | Partner’s Current Capital | – | – | 999.76 |
| b. | Reserves & Surplus | 2,627.05 | 1,677.49 | |
| Total Share holders’ funds | 3,964.81 | 1,678.05 | 999.76 | |
| 2. | LIABILITY | |||
| NON-CURRENT LIABILITIES | ||||
| a. | Long Term Borrowing | 1,834.54 | 1,397.97 | 882.27 |
| b. | Deferred Tax liabilities (Net) | 15.84 | 16.28 | |
| c. | Other Non-Current Liabilities | – | – | |
| d. | Long Term Provisions | – | – | |
| Total Non-Current Liabilities | 1,850.38 | 1,414.25 | 882.27 | |
| CURRENT LIABILITIES | ||||
| a. | Short Term Borrowings | 3,306.19 | 2,640.86 | 1431.72 |
| b. | Trade Payables | |||
| i. | Total outstanding dues of microenterprises and small enterprises | – | – | |
| ii. | Total outstanding dues of creditors other than micro enterprises and small enterprises | 537.38 | 1,734.33 | 1117.79 |
| c. | Other Current Liabilities | 8.69 | 9.83 | 8.21 |
| d. | Short Term Provisions | 295.95 | 224.66 | 20.30 |
| Total Current Liabilities | 4,148.21 | 4,609.69 | 2578.02 | |
| TOTAL | 9,963.40 | 7,701.99 | 4460.05 | |
| II. | ASSETS | |||
| NON-CURRENT ASSETS | ||||
| a. | Property, Plant and Equipment & Intangible Assets | |||
| i. | Property Plant & Equipment | 765.27 | 689.62 | 680.36 |
| ii. | Intangible Assets | – | – | |
| iii. | Capital Work in Progress | – | – | |
| iv. | Intangible Assets underDevelopment | – | – | |
| b. | Non-Current Investments | 1.78 | – | |
| c. | Deferred Tax Assets (Net) | – | – | |
| d. | Long- Term Loans and Advances | – | – | |
| e. | Other Non-Current Assets | – | – | |
| Total Non-Current Assets | 767.04 | 689.62 | 680.36 | |
| CURRENT ASSETS | ||||
| a. | Current Investments | – | – | |
| b. | Inventories | 4,988.12 | 4,648.57 | 2757.72 |
| c. | Trade Receivables | 2,078.02 | 2,106.14 | 889.40 |
| d. | Cash and cash equivalents | 1,640.64 | 29.88 | 28.27 |
| e. | Short Term Loans and Advances | 335.14 | 111.51 | 81.87 |
| f. | Other Current Assets | 154.42 | 116.27 | 22.44 |
| Total Current Assets | 9,196.35 | 7,012.37 | 3779.70 | |
| TOTAL | 9,963.40 | 7,701.99 | 4460.05 | |
Profit & Loss
(Rs in Lakhs)
| Particulars | For the period | |||
| 30th September, 2023 | 22.06.2022 to 31.03.2023 | 01.04.2022 to 21.06.2022 | ||
| I. | Revenue from Operations | 7,034.17 | 11,547.52 | 2382.96 |
| II. | Other Income | 86.11 | 89.58 | 22.56 |
| III. | Total Revenue(I+II) | 7,120.28 | 11,637.10 | 2405.53 |
| IV. | Expenses | |||
| Cost of Material Consumed | 4,496.33 | 9,820.51 | 2008.68 | |
| Changes in inventories | 973.52 | (364.92) | (18.04) | |
| Employee Benefits Expenses | 25.34 | 40.60 | 25.16 | |
| Finance Costs | 180.83 | 226.42 | 33.88 | |
| Depreciation and amortization expense | 38.84 | 47.75 | 13.84 | |
| Other Expenses | 514.84 | 1,003.60 | 276.29 | |
| Total Expenses | 6,229.70 | 10,773.95 | 2339.80 | |
| V. | Profit Before Tax(III-IV) | 890.58 | 863.15 | 65.73 |
| Less: Exceptional Item | – | – | ||
| Less: Extraordinary Items | – | – | ||
| Profit after Exceptional and Extraordinary Item | 890.58 | 863.15 | 65.73 | |
| VI. | Tax Expense | |||
| Current Tax | 224.27 | 209.70 | 16.80 | |
| Deferred tax (Liabilities)/Assets | (0.44) | 16.28 | – | |
| Total Tax Expenses | 223.83 | 225.98 | 16.80 | |
| VII. | Profit(Loss) for the period(V-VI) | 666.75 | 637.16 | 48.93 |
| Weighted Avg No. of shares | 18,88,196 | 5,606 | 5,606 | |
| Earning per equity share | ||||
| Basic EPS | 35.31 | 11,365.72 | 872.81 | |
| Diluted EPS | 35.31 | 11,365.72 | 872.81 | |
Cash flow statement
| Particulars | For the period 01.04.2023 to 30.09.2023 | For the period 22.06.2022 to 31.03.2023 | For the period 01.04.2022 to 21.06.2022 |
| Net Cash from Operating Activities | (329.54) | (498.20) | 5.29 |
| Net Cash from Investing Activities | (114.49) | (57.02) | (0.36) |
| Net Cash from Financing Activities | 2054.79 | 556.83 | 15.31 |
Capitalisation statement
(₹ In Lakhs)
| Particulars | Pre Issue |
| Borrowings | |
| Short term debt (A) | 3,306.19 |
| Long Term Debt (B) | 1,834.54 |
| Total debts(C=A+B) | 5,140.73 |
| Shareholders ’funds | |
| Equity share capital | 1,337.76 |
| Reserve and surplus – as restated | 2,627.05 |
| Total shareholders ’funds | 3,964.81 |
| Long term debt/shareholders’ funds | 0.46 |
| Total debt/shareholders ’funds | 1.30 |
Future Potential & Investor Insights of TBI Corn:
IPO Details:
TBI Corn Ltd IPO Details
| Detail | Information |
|---|---|
| Issue Size | ₹44.94 Crore |
| Issue Type | Fresh Issue |
| Price Band | ₹90 – ₹94 per share |
| Lot Size | 1200 Shares |
| Minimum Investment | ₹1,08,000 (at base price) – ₹1,12,800 (at cap price) |
| Bidding Dates | May 31, 2024 – June 4, 2024 |
| Allotment Date (Expected) | June 5, 2024 |
| Listing Date (Tentative) | June 7, 2024 |
| Listing Exchange | NSE SME |
Why need funds to TBI Corn
| Particulars | Amount (₹ in Lakhs) |
| To Meet Incremental Working Capital Requirements. | |
| Expansion of Existing Unit | 1,680.00 |
| General Corporate Purpose | |
| Public Issue Related Expenses | |
| Total |
TBI Corn Limited (TBICL) engages in the dry milling of corn, procuring raw corn/maize from farmers, APMCs, or traders to produce corn-based products such as corn grit, corn flakes, corn flour, corn germs, broken maize, processed maize, and corn bran. The company operates from its plants in MIDC Miraj (Dist. Sangli).
Considering the current constraints and future expectations, TBICL plans to expand its production capacity and upgrade existing machinery. The main driver for this initiative is the growing dry milling industry, propelled by changing food consumption patterns and the increasing global population. Dry milled corn products find extensive use in the extruded snacks industry, aligning with the rising demand for convenience and ready-to-eat food products.
Furthermore, there is a pressing need for TBICL to shift focus from domestic demand and urgently cater to the requirements of international clients. The total capital expenditure for this expansion project is estimated at ₹1,680.00 Lakhs.
Optional Sections
Shareholding Pattern:
| S.No. | Name of shareholders | Pre issue | Post issue |
| As a % of Issued Capital | As a % of Issued Capital | ||
| Promoter | |||
| 1. | Yogesh laxman Rajhans | 74.01 | 53.88 |
| Total– A | 74.01 | 53.88 | |
| Promoters ’Group | |||
| 1. | Asha Laxman Rajhans | 0.49 | 0.35 |
| 2. | Avanti Laxman Rajhans | 0.49 | 0.35 |
| 3. | Sushma Laxman Rajhans | 0.49 | 0.35 |
| 4. | Yogesh Laxman Rajhans HUF | 1.18 | 0.86 |
| Total-B | 2.64 | 1.91 | |
| Total Promoters and Promoters’ Group(A+B) | 76.65 | 55.78 | |
| Public | |||
| 1. | Public | 23.35 | 17.00 |
| Total-C | 23.35 | 17.00 | |
| 1. | Initial Public Offer – Public | – | 27.21 |
| Total-D | – | 27.21 | |
| Total Public(C+D) | 23.35 | 44.21 | |
| Grand Total(A+B+C+D) | 100.00 | 100.00 | |
Shareholders holding 1.00% or more than 1.00%
| S.No. | Name of shareholders | %of Paid up Capital# |
| 1. | Yogesh Laxman Rajhans | 74.00 |
| 2. | Ashish Kacholia | 5.73 |
| 3. | Comercinate Enterprises Private Limited | 4.35 |
| 4. | Yogesh Laxman Rajhans HUF | 1.18 |
| 5. | Manav Vijaykumar | 1.00 |
| Total | 86.26 | |
Litigation involved of TBI Corn
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