Krishival Foods Ltd Share Price

History of Krishival Foods Ltd

Krishival Foods Limited, formerly known as Empyrean Cashews Private Limited was incorporated on 21 March 2014. Subsequently, this Company converted from a Private Company to a Public Company and consequently the name was changed to Empyrean Cashews Limited' dated November 22, 2021 and further, the Company name got changed from Empyrean Cashews Limited to Krishival Foods Limited on January 20, 2023 issued by RoC, Mumbai, Maharashtra. The Company is engaged in processing raw cashew nuts into finished cashew kernels with different grades and flavours along with organic manure. It markets products under brand name of 'Krishival Cashews' supplied to consumers in more than 26 tier II & tier III towns spread across India from Gorakhpur (Uttar Pradesh) to Mysore/Mysuru (Karnataka) and from Jod ...hpur (Rajasthan) to Patna (Bihar). The Company is also engaged in selling organic manure which is prepared by using byproducts like husk and other biodegradable material collected from leftovers of raw cashews processing. The Company primarily caters to domestic market with a presence of more than 30 distributors spread across India. The Company procures majority of raw materials by mode of import from certain African and Asian countries and from Konkan region of India. The Company is engaged in manufacturing quality cashew nuts, red chilli cashew dry fruits, black pepper cashew nuts, split cashew nuts and flavored cashew nuts. The products are processed under hygienic condition following the specific food grade standards recommended by the industry. Apart from this, reliability in commerce dealings, assure of making products available to customers as per their demands and that too within given time frame providing cost effective solutions enables Company to become the preferred choice of customers. The Company has built an advanced infrastructural unit where all of occupational activities are carried out in a hassle-free manner. As it is spread over a wide area of land, the Company has partitioned appropriately into numerous departments to carry out occupational operations smoothly such as manufacturing, quality testing, packing, R&D, logistic and warehousing. Today, this Company is appreciated among valued clients due to good quality products, like premium packaging, capability in meeting huge market demands, easy payment modes, ontime delivery, customized products, stringent quality checks, sound infrastructure and machines and competent team. The Company's product portfolio include different flavours of cashews such as salted, pepper, chilli and assorted all offered in different grades and packaging formats. The grades of cashew kernels are based on size of cashew nuts. The Company has following grades available in 100 grams, 250 grams, 500 grams as well as 10 kilograms packings: (a) Premium grades such as W180, W210, P210, W240 and P240 (b). Other grades include W320, P320, W400, SSW, DW, RW, KW, JJH, JH, JK, LWP, SP, SWP, BB as well as flavoured cashew. These products are processed under hygienic condition following the specific food grade standards recommended by the industry. They are supplied to different channels like distributors, supermarkets, retailers as well as wholesalers. Also, they are sold over the counter to tourists and localites who visit their packaging unit. The raw cashew nut is the main raw material required for its products. This is sourced from Konkan and adjacent area of Maharashtra. The raw materials and finished products are subject to price fluctuations due to seasonality, weather, demand in local and international markets and other factors. Its subsidiary, Siddhivinayak Cashew Industries Private Limited has been offered a plot of land admeasuring 20,000 sq. mtrs on leasehold basis from MIDC Halkarni Industrial Area, Kolhapur Dist., Maharashtra, provided that execution of lease agreement and allotment of the plot is still pending. The requirement of power for operations, like power for heating of boiler and operating machinery/equipment, is sourced from MSEB. It avail total sanctioned load of approximately 223 kilo watts. It has 1 standby generator set for use during emergency situation to have uninterrupted power supply to its processing unit. Moreover, the Company supplies organic manure which is a derived from husk and other biodegradable material left after processing of raw cashews. The organic manure is used in agriculture to improve soil fertility and enhance crop productivity. This organic manure is purchased by local farmers at the processing unit itself. Being strategically located, the Company get easy access to labours having experience in cashew industry as well as in procuring local raw material supplies resulting in reduced cost of transport, thereby giving a competitive advantage. The Company plant has good connectivity to roads, which facilitates easy transportation of raw material and finished goods. The processing unit, packaging unit and warehouse are located within a periphery of 5 to ten 10 kilometres which reduces time taken for raw material from warehouse to processing unit and from there to packaging unit. In 2014, the Company established processing of Factory Unit-1 situated at Village Halkarni, in Kolhapur, Maharashtra. In 2016, the Company established processing of Factory Unit-2 packaging in Village Shinoli, Kolhapur, Maharashtra. In FY 2021, the Company procured around 70% of its raw material requirements from international markets such as Benin, Indonesia as well as Guinea-Bissau whereas balance was procured from the domestic market especially from the Konkan region. Majority of total import of raw material (71%) during the same year was done from Benin. Modi Co. Sarl, a sole proprietorship of one of its Promoters Nana Prakash Mhaske, established in Benin, for ease of procurement of raw materials for Company. In 2022, Empyrean acquired 99.94% of equity share capital of its subsidiary, Siddhivinayak Cashew Industries Private Limited, which became a Subsidiary of Company effective from 08 January 2022. In March, 2022, the Company raised money from public through Initial Public Offering aggregating to Rs 19.41 Crore by issuing upto 52,47,000 Fresh Issue Equity Shares. The Company had been accredited with 'ISO 9001:2015' Certification for Quality Management System for Processing and Sales of Dry fruits and 'ISO 22000:2018' Certification for Food Safety Management System. The Company adheres to quality standards as prescribed by customers to get repetitive orders from buyers. The Company conduct quality control checks before accepting or booking any consignment of raw material since it has a direct impact on the quality of finished products. The Company does regular quality control of product from FSSAI notified National Accreditation Board for Testing and Calibration Laboratories (NABL).