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×

empire spices and foods Limited

360.00
-4.00 %
Scrip Name
EMPIRE SPICES
ISIN No.
INE041101010
PAN No.
AAACE1056D
Face Value
10
No. of Outstanding Shares
4,840,630
Market Capitalization
174.26 Crore

EMPIRE SPICES & FOODS LIMITED UNLISTED SHARE


ABOUT EMPIRE SPICES & FOODS LIMITED


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 is was the first step towards their renowned brand of spices – Ram Bandhu Masale.


They started distributing their products to other cities of Maharashtra and in 1994, a public limited company was established and was 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, Pickle, Papad, 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, 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

E-MAIL ID: contact@esfl.co.in

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 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.


EMPIRE SPICES & FOODS LIMITED UNLISTED SHARE DETAILS


Total Available Shares:

48,40,630

Face Value:

Rs. 10 Per Equity Share

ISIN:

INE041101010

Pan No.

AAACE1056D

Lot Size:

100

Last Traded Price

Rs. 300

Market Cap:

Rs. 145.22 Crore


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 export 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.


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., 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.





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