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Sunora Foods Inc. Due Diligence Report Symbol: SNF.V Price: $0.12 Common Shares: 42,254,332 Insider Holdings: 32 million (75.7%, CEO owns 30 million alone) website: sunora.com Most Recent Financial Results (Ending September 30th 2015) Assets Cash: $2,752,139 Accounts Receivable: $1,163,447 Inventory: $486,377 Prepaid Expenses: $4,501 Deferred Tax: $150,062 Total Assets: $4,556,526 Liabilities Accounts Payable: $819,939 Income Tax: $120,165 Total Liabilities: $940,104 Quarterly Earnings Summary: 2014 Total - $189,073 2015 Q1 - $189,073 2015 Q2 - $110,940 2015 Q3 - $198,771 Revenue After 9 Months Sales - $8,452,570 Gross Margin - $945,250 Total Costs - $211,985 Income Before Tax - $733,265 Net Income - $549,949 or $0.013c EPS MD&A Highlights Sunora is a Calgary-based trader and supplier of canola, soybean, corn, olive and other food oils. Currently, the Company is a relatively modestly-sized player participating in an international business populated by some of the largest companies in the world. It has successfully maintained a niche position that has been achieved by building strong relationships with its suppliers and customers through a history of reliable and responsive service. While the Company regularly cooperates with many of these companies, it also occasionally competes with companies that have far greater resources. Sunora had sales in line with expectations for the nine month period ended September 30, 2015. Sales were negatively impacted by a decline in oil related commodity prices of over thirty percent and bulk oil sales declined in the third quarter. The $549,949 of net income and comprehensive income in the nine months ended September 30, 2015 was due to better gross margins attributable to a continuing higher percentage of packaged oil sales versus bulk oil sales. Profitability also benefitted from the positive impact of the foreign exchange gains. The foreign exchange gain or loss arises primarily as a result of inventory purchases and sales, to the extent that they are denominated in US currency. Sunora's cash balances increased $967,992 in the nine months ended September 30, 2015. This increase since December 31, 2014 resulted primarily from higher income for the nine month period, the reduction of inventory, and a decrease in accounts receivable affect slightly by a decrease in accounts payable and accrued liabilities during that period. Sunora’s cash balance increased during the nine months ended September 30, 2015 primarily due to an increase in net income, a decrease in inventory and decrease in receivables offset partly by decrease accounts payable and accrued liabilities during that period Sunora maintains strong relationships with a number of strategically located customers internationally and in North America. These relationships continue to drive demand for food oil products from Canada, with Sunora well positioned to meet existing and additional demand. Management has focused on increasing visibility in emerging markets, with a specific focus on international economies including Asia, and has met this increased demand with Canadian manufactured food oil products. Sunora operations can be impacted by geopolitical situations that may restrict delivery, but this has not significantly hindered operations to date. As the middle class in these emerging economies demands higher quality and healthier foods, Sunora is well positioned to meet additional demand. The financial position of the Company is strong relative to its financial requirements and commitments. Management has maintained a conservative approach to day-to-day operations, monitoring the timing of its inventory turnover closely to ensure it can meet its obligations to suppliers within their credit facilities. Collections from customers are stringently managed such that substantially all receivables at September 30, 2015 were less than 60 days old. Sunora's Current Ratio (Current Assets divided by Current Liabilities) target as set by management is 2.0:1. Including its cash balance of $2,752,138 at September 30, 2015, Sunora's Current Ratio at September 30, 2015 was 4.7:1. The Company has continued to have a strong working capital position. Additionally, the Company has neither debt nor any financial obligations other than to fund its operations. | ||||||||||||||
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