Suumaya Corporation Ltd. recommends increase in its authorised Capital from Rs 12 crore to Rs 25 crore during Annual General Meeting (AGM)

Mumbai (Maharashtra) [India], September 29 (ANI/Hunk Golden and Media): Suumaya Corporation Ltd., formerly known as Rangoli Trade-comm Limited, has recommended increase in its authorised Capital from Rs 12 crore to Rs 25 crore in its recently held Annual General Meeting (AGM).
Cementing its position further as the emerging supply chain enterprise, the company has posted total revenues of Rs 2,341 crore during the first quarter of the financial year FY2021-22. Besides, the company's vitals - EBIDTA and PAT - stood at Rs 85 crore and Rs 63 crore respectively in the Q1 of the FY21-22.
For its shareholders, the company has also proposed 2:1 bonus issue in its AGM on Tuesday. Announcing the bonus, Ushik Gala, Chairman & Managing Director of Suumaya Corporation Ltd, said: "We are extremely delighted to announce bonus issue in the ratio of 2:1. The bonus issue is just a token of appreciation to our shareholders who have remained our pillar in our growth cycle. Since listing of equity shares in the month of March 2021, the company has regis-tered strong all-round performance. Hence, we decided to suitably reward our shareholders.
A BSE-SME listed company, Suumaya Corporation Ltd is riding high by delivering distinctive val-ue for MSME and SME companies across India. The firm has outdone its previous year's per-formance and has registered robust all-round growth on all parameters - Revenues, Margins and Profitability - despite the challenging economic environment in the wake of Covid-19 pan-demic globally.
Reflecting on the economic scenario post the Covid second wave, Gala said: "Global and Indian Economy is witnessing strong traction post the second wave. Economic activities across the sectors are picking up at rapid pace and that has led to substantial surge in demand of all major commodities. Commodity prices have surged substantially during the current financial year and we have been able to capitalize on the same effectively. We are optimistic of sustain-ing our growth momentum during the year. Reinforcing our position as supply chain enterprise, we are helping our customers moderate their costs and enhance margins thereby strengthen-ing their competitiveness."
The Indian supply chain costs account for 14% of the GDP, compared to a global average of 8%, validating the immediate need and immense opportunity available for growth in the sector in the country. Suumaya Corporation intends to cash in on this opportunity. The company plans to expand its operations globally, implement advanced digitisation in its processes, venture into more products and expand its presence across downstream industries.
"We are focusing on procuring products at the right price and time, identifying customers through market research and providing logistical and financial support. Suumaya helps custom-ers find downstream consumers, helping them create a market place for their finished products," shared Gala.
He further added: "Suumaya aims at enabling MSMEs and SMEs achieve a focused growth strategy and offer simple solutions for complex supply chain. We want to help companies meet emerging demand by providing their requirements and ensuring on-time delivery and establish-ing an end-to-end supply chain across the world."
With the vision to be a niche player offering unique B2B solutions across product categories through innovative distribution platforms ensuring substantial value to its customers, the com-pany helps customers moderate their costs and enhance margins and thereby strengthening their competitiveness.
Sumit Pal Singh, Co-Founder and Non-Executive Director, said: "The country can become a super power economy and the manufacturers can produce world-class products if they have access to timely and cost effective raw materials. At Suumaya, our mission is to provide cost-effective raw material to each and every manufacturer under one roof so that India can achieve the vision of Atmanirbhar Bharat."
"Based on business analysis and demand and supply forecasts, Suumaya procures raw materials in bulk from importers and local suppliers. The procedure in the procurement of raw materials starts with the identification of buyers of these raw material products, providing logistics ser-vices to deliver products to customer doorsteps, providing financial assistance and finding buy-ers of these products delivered to customers - a complete market place," explained Mr Singh.
"We ensure timely delivery to the MSMEs and SMEs, helping them grow their business. These parties get the benefit of cutting in on shipping costs and freight costs, inflation, storage costs and ease in availability of components. Suumaya believes in establishing trustworthy, satisfac-tory and sustainable relationships with customers in the longterm by providing end-to-end so-lutions," he added.
Suumaya Corporation Ltd has differentiated itself as a supply chain enterprise on account of its strategic broad-basing, empowering it to capitalize on opportunities: diverse vendors, different regions - domestic and global - procurement flexibility (importers, high seas purchase and direct imports) and different downstream buyers (traders and to address the complexities of multi-modal dispatch and just-in-time delivery.
Link to the AGM recording


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