Annual Report: 2024
Empire Spices & Foods Ltd. 30th Annual Report 2023-24 Summary:
Company Overview: Empire Spices and Foods Ltd. is a public limited company (CIN: U15100MH1994PLC080772), incorporated on September 2, 1994, engaged in manufacturing and trading spices and food products. The company's vision is to be "The Company" providing convenience and taste enhancement for enjoyable and palatable food. Their mission is to grow together and delight their customers, employees, shareholders, suppliers, and well-wishers by developing value for money products. The company values organizational structure and culture that promote employee involvement, open communication, teamwork, and professionalism.
Key Financial Highlights: The company has earned revenue of ₹29,528.29 lakhs during the year, which has decreased by about 0.856% compared to the previous year's revenue. They earned a profit of ₹1,759.43 lakhs, which increased by about 1.02% compared to the previous year. While there was a marginal revenue decrease due to competition and climatic conditions, the company maintained profitability through cost control. The directors recommend a dividend of ₹1.50 per share. The board proposes transferring ₹25,00,000 to the General Reserve.
Annual General Meeting (AGM): The 30th AGM will be held on Monday, September 30, 2024, at 12:30 PM via video conferencing (VC). Ordinary business includes adopting financial statements for the year ended March 31, 2024, declaring a dividend of ₹1.50 per equity share, appointing C.V. Chitale & Co. as statutory auditors for five years until the AGM of 2029, and reappointing Anand Hemant Rathi and Dnyaneshwar Murlidhar Bachhav as directors. Special business includes approving a power to borrow funds not exceeding ₹100 Crores and approving the sale of a manufacturing unit situated at Walunj, Aurangabad.
Board of Directors: The board consists of Hemant Motilal Rathi (Chairman), Umesh Laxminarayan Rathi (Managing Director), Anand Hemant Rathi (Director), CA Sharad Deepchand Bedmutha (Non-Executive Director), Dnyaneshwar Murlidhar Bachhav (Director), Avinash Dattatreya Joshi (Independent Director), and Vilas Vishnu Shinde (Independent Director). Anand Hemant Rathi and Dnyaneshwar Murlidhar Bachhav are retiring and eligible for re-appointment.
Corporate Social Responsibility (CSR): The company is required to spend at least ₹37,92,814 on CSR activities and has spent ₹67,76,000 during the year. The composition of the CSR committee includes Avinash Joshi (Chairman), Vilas Shinde, and CA Sharad Bedmutha as members. CSR activities included contributions to PM CARES Fund, Shree Panchvati Education Society, EK Koshish NGO, Bharat Vikas Parishad, Kamal Vishnu Jog Pratishthan, Vivekanand Rock Memorial and The Blind Welfare Organisation.
Auditor's Report: The independent auditor's report expresses an opinion that the financial statements give a true and fair view. Key points from the report include: no pending litigations impacting the company's financial position, no long-term contracts with material foreseeable losses, and no delays in transferring amounts to the Investor Education and Protection Fund except for a minor amount due to a 61-day delay. The report also notes the Company has employed accounting software with audit trail features.
Risk Management & Other Disclosures: The company is involved in grinding and processing spices, manufacturing papad, sauces, pickles & chutney, and is subject to the usual risks for this sector. The company has implemented an anti-sexual harassment policy as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013. No complaints were received or disposed of during the year.
Financial Performance Details (Year Ended March 31, 2024):
Notes to Financial Statements:
This summary captures all the major sections, pivotal concepts, critical data points, and major findings presented in the document, ensuring no omissions of significance.
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