Empire Spices and Foods Limited Unlisted Shares

Annual Report: 2023

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Year: 2023

Annual Report Summary

Empire Spices & Foods Ltd. 29th Annual Report 2022-23 Summary:

Company Overview: Empire Spices & Foods Ltd. aims to be 'The Company' to provide convenience and taste enhancement for making food enjoyable and palatable. Its mission is to grow together and delight its customers, employees, shareholders, suppliers, and well-wishers by developing value-for-money products. The company values employee involvement, open communication, teamwork and professionalism in every aspect of work.

Key Financial Highlights (Year Ended March 31, 2023):

Total Sales and other income: ₹29,783.51 lakhs (20.20% increase from previous year)
Profit before Tax: ₹1,741.72 lakhs (decreased by approximately 10.81% compared to the previous year)
Profit after Tax: ₹1,368.55 lakhs
Dividend: Recommended ₹1.50 per share.
Transfer to General Reserve: ₹25,00,000/-

Ordinary Business at the Annual General Meeting (AGM):

Adoption of Financial Statements: Adoption of audited financial statements for the year ended March 31, 2023.
Declaration of Dividend: Declaration of dividend on equity shares for the financial year ended March 31, 2023, at the rate of ₹1.50 per equity share of ₹10 each.
Reappointment of Shri. Hemant Motilal Rathi, Director Retiring by Rotation.
Reappointment of CA Sharad Deepchand Bedmutha, Director Retiring by Rotation.

Company Performance and Operations:

Turnover increased due to higher sales prices; however, profit decreased due to increased raw material costs.
Planning to start production at a new factory in Malegaon and launch new products; R&D work is in progress.
Effects of COVID-19 pandemic were minimal and the company operated at a normal pace during the financial year.
Transferred ₹12,240/- of unclaimed dividend to IEPF for the year 2014-2015.
No change in share capital or nature of business.
No material changes or commitments affecting the financial position between the end of the financial year and the report date.
The Board met four times during the financial year.

Board of Directors and Committees:

The Board consists of Executive, Non-Executive, and Independent Directors.
Hemant Motilal Rathi and CA Sharad Deepchand Bedmutha are retiring and eligible for reappointment.
Nomination and Remuneration Committee and Audit Committee were formed as per Companies Act provisions. Each committee met twice during the year.
CSR committee was constituted as per Section 135 of the Companies Act, 2013. It met twice during the year and it includes Avinash Joshi, Vilas Shinde and CA Sharad Bedmutha.
The Company has spent ₹34,50,000/- towards CSR activities.

Other Key Points:

The company is compliant with Secretarial Standards issued by the Institute of Company Secretaries of India.
Expenses in foreign exchange were ₹3,65,668/-, and earnings were ₹. NIL.
The Company does not have any subsidiary, joint venture, or associated company.
Implemented risk management policies.
Has an anti-sexual harassment policy in compliance with the Sexual Harassment of Women at Workplace Act, 2013. No complaints were received or disposed of during the year.
Secretarial Audit Report (by CS Milind Gujar) states compliance with applicable statutory provisions.
The company has provided a loan as per Note 12 of Notes to Balance Sheet. The Company has made Non-current investments as mentioned in Note 11 of Notes to Balance Sheet.
All related party transactions were entered by the Company in the ordinary course of business and were on an arm's length basis.

Auditor's Report:

C.V. Chitale & Co., Chartered Accountants, are the Statutory Auditors.
No qualifications, reservations, or adverse remarks were made by the Auditors.
The financial statements give a true and fair view of the company's state of affairs as of March 31, 2023.
There was a delay of 50 days in transferring amounts to the Investor Education and Protection Fund in one instance, where the due date was September 28, 2022 and the amount involved was Rs.12,240/- in case of dividend.
Internal financial controls with reference to the financial statements were operating effectively as at March 31, 2023.

Shareholding Pattern:

Promoters hold approximately 80.08% of the company's shares.
Public shareholding is around 19.92%.

Financial Ratios: The statement of Ratio Analysis provides a comparison between the current year (FY 2022-23) and the previous year (FY 2021-22) for key financial metrics. Ratios such as the Current Ratio, Debt Equity Ratio, Debt Service Coverage Ratio, Return on Equity Ratio, Inventory Turnover Ratio, Trade Receivables Turnover Ratio, Trade Payables Turnover Ratio, Net Capital Turnover Ratio, Net Profit Ratio, and Return on Capital Employed are analyzed. Significant variances between the two years are explained with contributing factors, providing insights into the company's financial performance and stability.

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