About EMPIRE SPICES & FOODS LIMITED Unlisted Shares
EMPIRE SPICES & FOODS LIMITED started its journey from a small shop in Nashik, Maharashtra. The quality and taste of the spice blends produced by the company became popular in a very less time. To fulfill the growing demand, a dedicated manufacturing unit was established. This was the first step towards their renowned brand of spices – Ram Bandhu Masale. They started distributing their products to other cities in Maharashtra and in 1994, a public limited company was established and named Empire Spices & Foods Limited. The company has gradually developed a wide assortment of products. The product portfolio of Empire Spices & Foods limited includes Ground spices, Blended spices, Signature products, pickles, papads, Sauces & kinds of pasta, Hing, Snacks, and gifting. At present, the company’s brand portfolio includes Ram Bandhu, Tempting, RBM, Zaiqa, and Spice One. The company’s products are available at around half a million retail shops in 8 states of India. The company also exports its products to Singapore, Germany, the USA, the UK, UAE, and many more.
INCORPORATION DETAILS
|
CIN |
U15100MH1994PLC080772 |
|
Registration Date |
02 September 1994 |
|
Category/Sub-category of the Company |
Company Limited by Shares |
|
Address of the Registered office and contact details |
OFF-305, WING A, DAMJI SHAMJI SQUARE, LAXMI NAGAR, GHATKOPAR (EAST), NEAR KANARA ENGINEERING, MUMBAI – 400 075 CONTACT NUMBER: 022 - 25006007 |
|
Name, Address, and Contact Details of Registrar and Transfer Agent, if any |
FREEDOM REGISTRY LIMITED PLOT NO. 101/102, M.I.D.C, 19TH STREET, SATPUR, NASHIK-422 007. TEL. NO. 0253-2354032 |
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
|
Name and Description of main products/services |
NIC Code of the product/service |
% to the total turnover of the Company |
|
Grinding and processing of spices |
10795 |
45.99% |
|
Manufacture of papads, papad atta, and similar food products |
10796 |
22.14% |
|
Manufacture of sauces |
10305 |
8.00% |
|
Manufacture of Pickles, chutneys, etc. |
10306 |
23.05% |
|
Trading of Goods |
46909 |
0.77% |
BOARD OF DIRECTORS
Mr. Hemant M. Rathi (Chairman)
Mr. Umesh L. Rathi (Managing Director)
Mr. Sharad D. Bedmutha (Director)
Mr. Anand H. Rathi (Director)
Mr. Dnyaneshwar M. Bachhav (Director)
Mr. Avinash D. Joshi (Independent Director)
Mr. Vilas V. Shinde (Independent Director)
PARTICULARS OF SUBSIDIARY AND ASSOCIATE COMPANIES
EMPIRE SPICES & FOODS LIMITED does not have any subsidiary or associate company.
SHAREHOLDING PATTERN
Shareholding of Promoter.
|
Shareholder’s Name |
2020 |
2021 |
% Shareholding |
Change YoY |
|
HEMANT DKTILAL RATHI |
811070 |
511070 |
10.56% |
-36.99% |
|
UMESH LAXMINARAYAN RATHI |
558920 |
308920 |
6.38% |
-44.73% |
|
ANAND HEMANT RATHI |
398750 |
247750 |
5.12% |
-37.87% |
|
APARNA RATHI |
577955 |
677955 |
14.01% |
17.30% |
|
SHANTA LAXMIINARAYAN RATHI |
223890 |
273890 |
5.66% |
22.33% |
|
KANTA HEMANT RATHI |
553965 |
703965 |
14.54% |
27.08% |
Shareholding of Top Shareholders other than Promoters
|
Shareholder’s Name |
% Of Shareholding |
No. of shares |
|
3A Financial Service LTD |
0.36% |
17200 |
|
Sanjay Dattatraya Panse |
0.21% |
10000 |
|
Agarwal Renu Omprakash |
0.21% |
10000 |
|
Agarwal Renu Bhajanlal |
0.21% |
10000 |
|
Bhadamkar Joyti Shantanu |
0.21% |
10000 |
INDUSTRY OUTLOOK
India is known as the home of spices. Indian spices are in very high demand at the global level because of their texture, exquisite aroma, medicinal value, and taste. India is the largest domestic market for spices in the world. India is the world’s largest producer, consumer, and exporter of spices. Out of 109 varieties of spices listed by the International organization for Standardization (ISO), around 75 are produced in India.
India’s spices market grew at a CAGR of 15% from 2015 to 2020. This growth can mainly be attributed to authentic cuisines, innovative flavors, and ethnic tastes in food and snacks. The Indian packaged and blended spices market is projected to grow at a CAGR of more than 8% in the coming years.
In FY 2020, India exported spices worth US$ 3.62 billion, witnessing a growth of 10% year on year basis. Spices exported from April 2020 to February 2021 was US$ 3.55 billion and in the month of February 2021, it was US$ 348.32 million.
KEY FINANCIALS OF EMPIRE SPICES & FOODS LIMITED (In Rs. Lakhs)
|
Particulars |
2021 |
2020 |
2019 |
2018 |
|
Revenue from Operations |
23,959.95 |
18,227.38 |
17,299.52 |
16,475.60 |
|
Other Income |
23.43 |
34.16 |
50.69 |
72.46 |
|
Total Revenue |
23,989.38 |
18,261.54 |
17,350.21 |
16,548.06 |
|
change % |
31.37% |
5.25% |
4.85% |
|
|
EBITDA |
2460.79 |
1728.20 |
1469.04 |
1022.57 |
|
Change % |
42.39% |
17.64% |
43.66% |
|
|
EBITDA Margin |
10.26% |
9.46% |
8.47% |
6.18% |
|
DEP |
419.36 |
346.94 |
242.03 |
152.66 |
|
FINANCE COST |
288.39 |
425.57 |
200.30 |
76.00 |
|
Profit Before Extraordinary Item |
1,994.65 |
1,076.56 |
1,013.84 |
797.85 |
|
Extraordinary Item |
0.02 |
48.17 |
-76.86 |
0.00 |
|
PBT |
1,994.63 |
1,028.39 |
1,090.73 |
797.83 |
|
Tax Expense I Current Taxes |
438.79 |
179.75 |
235.10 |
269.22 |
|
Earlier year Tax |
0.47 |
0.99 |
0.00 |
0.00 |
|
MAT credit |
39.90 |
-10.94 |
-29.43 |
|
|
Deferred tax |
201.22 |
82.65 |
93.45 |
3.92 |
|
Total Tax Expense |
680.38 |
252.45 |
299.12 |
273.14 |
|
PAT |
1,314.25 |
775.94 |
791.61 |
524.69 |
|
Change % |
69% |
-2% |
51% |
|
|
Profit Margin |
5.48% |
4.25% |
4.56% |
3.17% |
|
No of Shares |
48,40,630 |
48,40,630 |
48,40,630 |
48,40,630 |
|
EPS(in Rs.) |
27.15 |
16.03 |
17.43 |
22.41 |
BALANCE SHEET OF EMPIRE SPICES & FOODS LIMITED (In Rs. Lakhs)
|
Particulars |
2021 |
2020 |
|
ASSETS |
|
|
|
NON CURRENT ASSETS |
|
|
|
Tangible Assets |
6,894.70 |
5,831.88 |
|
Intangible assets |
72.58 |
77.19 |
|
Capital work in progress |
0.00 |
494.03 |
|
Non current investment |
0.65 |
1.51 |
|
Long Term Loans and advances |
153.24 |
288.21 |
|
TOTAL NON-CURRENT ASSETS |
7,121.17 |
6,692.82 |
|
CURRENT ASSETS |
|
|
|
Inventories |
2,739.97 |
3,536.14 |
|
Trade receivables |
428.06 |
334.86 |
|
Cash and cash equivalent |
376.36 |
64.08 |
|
Short term loans and Advances |
258.08 |
118.31 |
|
Other current assets |
206.96 |
192.05 |
|
TOTAL CURRENT ASSETS |
4,009.43 |
4,245.44 |
|
TOTAL ASSETS |
11,130.60 |
10,938.26 |
|
EQUITY AND LIABILITIES |
|
|
|
EQUITY |
|
|
|
Equity Share Capital |
484.06 |
484.06 |
|
Reserves and Surplus |
5,068.86 |
3,827.22 |
|
TOTAL EQUITY |
5,552.92 |
4,311.28 |
|
LIABILITIES |
|
|
|
NON CURRENT LIABILITIES |
|
|
|
Long Term Borrowings |
1,463.33 |
2,029.24 |
|
Deferred Tax Liabilities |
491.99 |
290.77 |
|
TOTAL NON-CURRENT LIABILITIES |
1,955.32 |
2,320.01 |
|
CURRENT LIABILITIES |
|
|
|
Borrowings |
633.30 |
1,317.68 |
|
Trade payables |
1,833.11 |
1,977.77 |
|
Other current liabilities (net) |
1,151.33 |
1,011.16 |
|
Short term provisions |
4.62 |
0.36 |
|
TOTAL CURRENT LIABILITIES |
3,622.36 |
4,306.97 |
|
TOTAL LIABILITIES |
5,577.68 |
6,626.98 |
|
TOTAL EQUITY AND LIABILITIES |
11,130.60 |
10,938.26 |
RATIO ANALYSIS
|
Particulars |
2021 |
2020 |
|
ROE |
23.67% |
18.00% |
|
Capital Employed (In Rs. lakhs) |
7,508.24 |
6,631.29 |
|
ROCE |
27.19% |
20.83% |
|
ROA |
11.81% |
7.09% |
|
Debt to Equity |
1.00 |
1.54 |
|
Current Ratio |
1.11 |
0.99 |
|
Dividend Yield Ratio |
0.4% |
NA |
|
EPS (In Rs.) |
27.15 |
16.03 |
|
Book Value Per Share (In Rs.) |
114.71 |
89.06 |
|
P/B Multiple |
3.27 |
NA |
|
P/E Multiple |
13.81 |
NA |
PERFORMANCE OF THE COMPANY
Revenue from Operations of the company has been steadily increasing over the last couple of years, In FY 2021 revenue significantly grew by 31.37% from Rs. 18261.54 lakhs in FY 2020 to Rs23989.38 lakhs in FY 2021.
EBITDA of the company increased by 42.39% from Rs. 1728.20 lakhs in FY 2020 to Rs. 2460.79 lakhs in FY 2021. EBITDA margins have increased from 17.64% in FY 2020 to 42.39% in FY 2021.
The finance cost to the company significantly decreased from Rs. 425.58 lakhs in FY 2020 to Rs. 288.39 lakhs in FY 2021.
Profit after tax of the company decreased by 1.98% to Rs. 775.94 lakhs in FY 2020 but in FY 2021 it has seen a significant increase of 69% to Rs. 1314.25 lakhs.
ROE and ROCE have both increased during the year and are 23.67% and 27.19% respectively.
The current ratio of the company as of 31st March 2021 was 1.11. This states that the working capital of the company is managed properly.
The total book value of the company as of 31st March 2020 was Rs. 5552.92 lakhs, which translates to a book value of Rs. 114.71 per equity share.
Empire Spices & Foods Limited has consistently given dividends. For FY 2021, dividend of Rs. 1.5 per equity share was given.
