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Friday, November 09, 2007

Gokul Refoils to raise 150 cr through IPO

Gokul Refoils and Solvent, a Gujarat based company, engaged in the business of solvent extraction, refining of Edible oils and Vanaspati manufacturing, proposes to tap the capital market with an initial public offer (IPO) of Rs 150 crore.

The objects of this issue are to set up a new 1500 TPD Soyabean processing plant near Gandhidham, expansion of its existing edible oil refinery at Surat, investment in its wholly owned Singapore subsidiary, funding part of its long term working capital, brand building activities, investment in increasing warehousing capacities and continuous Capex for existing units, general corporate purposes and public issue expenses.

The group's interest also includes power generation, commodity trading in the domestic and international markets. The company markets its products under the brand name "Gokul" in the states of Gujarat , Maharashtra, Rajasthan, Madhya Pradesh and Punjab.

Gokul Refoils has setup a Solvent Extraction plant and an oil refinery at Sidhpur, Gujarat, a refinery of 800 TPD and Vanaspati plant of 100 TPD at Gandhidham, four environment friendly wind mills of 1.25 MW each in Kutch for captive power consumption and a 100 TPD operational
refinery in Surat. It has also set up a co-generation power plant of 500 KWH at its Gandhidham unit. At present the company has 680 TPD of seed processing, 600 TPD of Solvent Extraction, 1200 TPD of refining and 200 TPD of Vanaspati manufacturing.

Gokul Refoils consolidated total income for the financial period ended July 31, 2007, March 31, 2007, 2006 and 2005 was Rs 657.91 crore, Rs 1566.90 crore, Rs 1255.76 crore and Rs 907.15 crore, respectively, and profit after tax for the said period was Rs 20.70 crore, Rs 25.42 crore, Rs 12.34 crore and Rs 20.05 crore respectively. Company's sales have grown at a CAGR of 39.22% over the last 5 financial years and its PAT has increased at a CAGR of 39.15% over the last 5 financial years.

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