Annual Report: 2021
Empire Spices & Foods Ltd. 27th Annual Report 2020-2021 Summary:
Vision, Mission, and Value Statement: Empire Spices & Foods Ltd. aims to be the go-to company for convenient and flavorful food enhancements. Their mission is to achieve mutual growth and satisfaction for customers, employees, shareholders, suppliers, and well-wishers through value-for-money products. They prioritize employee involvement, open communication, teamwork, and professionalism.
Products: Empire Spices & Foods offers a range of products, including "Ram Bandhu" brand papads, pickles, and Hing, as well as "Temptin" brand sauces, chutneys, and pastes. The company emphasizes the quality and taste of its products.
Company & Shareholder Information: The Chairman is Mr. Hemant M. Rathi, and the Managing Director is Mr. Umesh L. Rathi. The Company’s registered office is in Mumbai, and its corporate office is in Nashik. The Annual General Meeting (AGM) was held on Wednesday, 29th September 2021, via virtual meet. Registered shareholders requiring assistance should contact contact@esfl.co.in.
Financial Highlights: The report includes sales, net worth, fixed assets, and gross profit figures for the financial years 2016-17 to 2020-21, presented graphically.
Notice to the Members: The notice announces the Twenty Seventh Annual General Meeting and outlines the business to be transacted, including adopting the financial statement for the year ended March 31, 2021, declaring a dividend, and appointing/re-appointing directors, specifically Shri. Anand Hemant Rathi and Shri. Dnyaneshwar Murlidhar Bachhav. It also covers the re-appointment of Mr. Avinash Joshi and Mr. Vilas Shinde as Independent Directors. The AGM would be conducted through video conferencing (VC) / other Audio Visual Means (OAVM).
Notes on the AGM and Voting: The book closure for the final dividend was from September 18, 2021, to September 29, 2021. The company requested shareholders to convert their physical shares to DEMAT form and provided the ISIN No. as INE041101010. Due to the COVID-19 pandemic, physical attendance was not required, and the AGM would be held via VC/OAVM. Shareholders were encouraged to join using laptops/iPads and needed to use a camera and good internet speed.
Director's Report: The Directors present the Twenty Seventh Annual Report covering the business and operation of the Company for the financial year ended 31st March, 2021.
Financial Performance (Summary): The company's revenue increased by 31% to ₹23,983.38 lakhs. Profit before tax increased by 94% to ₹1,994.61 lakhs. The Directors recommend a dividend of ₹1.50 per share. The Board proposes to transfer ₹25,00,000/- to the General Reserve.
Board Matters: The Board met 4 times in the financial year. Mr. Vilas Shinde & Mr. Avinash Joshi are the Independent Directors of the Company. The Nomination and Remuneration Committee and the Audit Committee met twice during the year.
Director's Responsibility Statement: The directors confirmed that applicable accounting standards have been followed, proper care has been taken for maintaining accounting records, the annual accounts have been prepared on a going concern basis, internal financial controls are adequate and operating effectively, and proper systems are in place to ensure compliance with applicable laws.
CSR Initiatives: The Company is required to spend 2% of its average net profit of previous 3 years on CSR activities and has spent ₹6,58,000/- on these activities during the year.
Other Key Points: M/s. C.V. Chitale & Co., Chartered Accountants, were appointed as Statutory Auditor for 5 years. The Company has implemented certain risk mechanism policies. The Company has an anti-sexual harassment policy and an Internal Complaint Committee.
Form No. MGT 9: Extract of Annual Return (key points)
Independent Auditor's Report: The financial statements provide a true and fair view of the Company's financial position as of March 31, 2021. The audit was conducted according to the standards on auditing specified under section 143 (10) of the Companies Act, 2013. The company has adequate internal financial controls system in place and the operating effectiveness of such controls.
Annexure A to the Independent Auditor's Report: The Company maintains proper records of fixed assets, and physical verification is performed regularly.
Financial Statements (Balance Sheet and Profit & Loss): The document includes the balance sheet, statement of profit and loss, and cash flow statement as of March 31, 2021, with comparative figures for the previous year. Notes to the financial statements provide additional details on various items.
Notes Forming Part of Financial Statements: Include information about Accounting Policies and Corporate Information, significant accounting policies, details of share capital, reserves and surplus, long term borrowings, deferred tax liabilities, short term borrowings, trade payables, other current liabilities, provisions, property, plant and equipment, investments, inventories, trade receivables, cash and cash equivalents, revenue from operations, employee benefit expenses, finance costs, segment reporting and related party disclosures. A dividend of Rs.1.5 per share for the year ended 31st March, 2021 has been recommended.
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