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L T Foods Ltd

BSE Code : 532783 | NSE Symbol : DAAWAT | ISIN:INE818H01020| SECTOR: - |

NSE BSE
 
SMC up arrow

26.50

0.05 (0.19%) Volume 280564

25-Feb-2020 EOD

Prev. Close

26.45

Open Price

26.75

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

26.50(4416)

 

Today’s High/Low 26.90 - 26.90

52 wk High/Low 41.60 - 17.90

Key Stats

MARKET CAP (RS CR) 845.99
P/E 10.71
BOOK VALUE (RS) 27.2692797
DIV (%) 15
MARKET LOT 1
EPS (TTM) 2.47
PRICE/BOOK 0.969955946434478
DIV YIELD.(%) 0.57
FACE VALUE (RS) 1
DELIVERABLES (%) 43.81
4

News & Announcements

13-Feb-2020

Board of LT Foods recommends Interim Dividend

13-Feb-2020

L T Foods Ltd - Announcement under Regulation 30 (LODR)-Newspaper Publication

13-Feb-2020

L T Foods Ltd - Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements

13-Feb-2020

L T Foods Ltd - LT Foods Limited - Updates

13-Feb-2020

Board of LT Foods recommends Interim Dividend

08-Feb-2020

LT Foods to hold board meeting

22-Jan-2020

LT Foods schedules board meeting

08-Jan-2020

LT Foods JV launches Kari Kari' a premium rice snack for Indian market

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
ADF Foods Ltd 519183 ADFFOODS
Agro Dutch Industries Ltd 519281 AGRODUTCH
Amajin Agro Exports 531708
Ambuja Flour Mills Ltd 519142
Ampro Products Ltd 519345
Amrit Corp Ltd 507525
Amrut Industries Ltd (Wound-up) 500011 AMRUTIND
Anjani Foods Ltd 511153
Anmol Dairy Ltd (Merged) 519510
ANS Industries Ltd 531406
Apis India Ltd 506166
Aravali Industries Ltd 521339 ARAVALIIND
Asian Lakto Industries Ltd 531285
Asian Vegpro Industries Ltd 530413
Asiatic Food (Exports) Ltd 531133
Avanti Feeds Ltd 512573 AVANTIFEED
AVI Export (India) Ltd (Wound-up) 531379
Baba Agro Food Ltd 535007 BABAFOOD
Bagrrys India Ltd 40328
Balaji Foods & Feeds Ltd (Merged) 519291 BALAJIFOOD
Bambino Agro Industries Ltd 519295
Bambino Food Industries Ltd (Merged) 530137
Bharatpur Nutritional Products Ltd 519393
Bilati (Orissa) Ltd 531906
Blue Heavens Agro Industries Ltd 40427
Cepham Milk Specialities Ltd 524810 CEPHAMILK
Chamanlal Setia Exports Ltd 530307
Chordia Food Products Ltd 519475
Chothani Foods Ltd 540681
Classic Mushrooms Ltd 532136
Coduras Exports Ltd (Wound-up) 530849
Concert Spices & Exports Ltd 523568
Confro Agros Ltd 519554
Cremica Agro Foods Ltd 40181
Cryptogen Agro Industries Ltd 531656
Dangee Dums Ltd 535104 DANGEE
Deccan Health Care Ltd 542248
DFM Foods Ltd 519588 DFMFOODS
Dharnendra Industries Ltd 519134 DHARNENIND
Doon Valley Rice Ltd 531226 DOONVALLEY
Eastern Overseas Ltd 519391 EASTOVERSE
Eco Friendly Food Processing Park Ltd 534839
Energy Products (I) Ltd 531620
Esteem Bio Organic Food Processing Ltd 534927
Estel Agrotech Ltd 532087
Euro India Fresh Foods Ltd 538412 EIFFL
Farmax India Ltd 590094 FARMAXIND
Fine Agromation Ltd 40317
Flex Foods Ltd 523672
Florence Agro Developers Ltd 40426
Foods & Inns Ltd 507552
Fortune Foods Ltd 519187
Freshtrop Fruits Ltd 530077
Genomics Biotech Ltd 524011
Global Foods Ltd 519498
Goa Fruit Specialities Ltd 531477
Godrej Agrovet Ltd 540743 GODREJAGRO
Goga Foods Ltd 40481
Goldcoin Health Foods Ltd 538542
Golden Proteins Ltd 519025
Great Western Industrial Ltd 531504
GRM Overseas Ltd 531449
Gujarat Aqua Industries Ltd 519347
Gujarat Dehyd Foods Ltd 526135
Has Lifestyle Ltd 780014
Hatsun Agro Product Ltd 531531 HATSUN
Heritage Foods Ltd 519552 HERITGFOOD
Herman Milkfoods Ltd 519428
Himalaya Food International Ltd 526899
Himalayan Vegefruit Ltd 40263
Himgiri Foods Ltd 519244
Hind Industries Ltd 526307 HINDIND
Hindustan Foods Ltd 519126 HNDFDS
IB Infotech Enterprises Ltd 519463
Inceptum Enterprises Ltd 538541
Indage Restaurants & Leisure Ltd 532264
Indian Food Fermentations Ltd 519365
Indiana Dairy Specialities Ltd (Wound-up) 519329 INDAIRYSPE
Indo Biotech Foods Ltd 519222 INDBIOFOOD
Indo Britain Agro Farms Ltd 530911
Indo Dutch Protiens Ltd 519576
Indo French Biotech Enterprises Ltd 519538 INDOFREBIO
Indusmin Foods Ltd 531128
Industrial Progressive (India) Ltd 526021
Jagdamba Foods Ltd 519578
Jasmina Industries Ltd 519271
Jhandewalas Foods Ltd 540850
K J International Ltd 519548 KJINTL
Kanaiya Foods(I) Ltd 519540
Kartikeya Agro Products Ltd 519435
Kesar Greenfield International Ltd 531967
KMG Milk Food Ltd 519415
Kohinoor Foods Ltd 512559 KOHINOOR
Kore Foods Ltd 500458 PHILCORP
Kothari Fermentation & Biochem Ltd 507474
Kovilpatti Lakshmi Roller Flour Mills Ltd 507598 KLRF
KRBL Ltd 530813 KRBL
KSE Ltd 519421 KSE
Kutch Salt & Allied Industries Ltd 506540
Kwality Ltd 531882 KWALITY
Lakshmi Energy & Foods Ltd 519570 LAKSHMIEFL
Lilac Exports Ltd 519608
Lotte India Corporation Ltd 590004 LOTTEINDIA
Lotus Chocolate Company Ltd 523475
Madhur Industries Ltd 519279 MADHURFOOD
Mahaan Foods Ltd 519612
Mahavira Foods Ltd 519433
Manpasand Beverages Ltd 539207 MANPASAND
Mansarovar Bottling Company Ltd (Merged) 519094
Maxworth Orchards (India) Ltd 500272 MARUTIORGN
Maxworth Orchards International Ltd (Wound-up) 531296
Megastar Foods Ltd 541352
Mehar Dairy Industries Ltd 519379 THAPARMILK
Milk Partners India Ltd 519335
Milk Specialities Ltd 519403
Milkfood Ltd 507621
Mishtann Foods Ltd 539594
Modern Dairies Ltd 519287
Mount Everest Mineral Water Ltd 531096
N P Chewing Gums Ltd 519081
Nakoda Group of Industries Ltd 541418
Narmada Agrobase Ltd 535072 NARMADA
Natura Hue Chem Ltd 531834
Natural Expo Agro Industries Ltd 530671
Naturite Agro Products Ltd 538926
NHC Foods Ltd 517554
Nijjer Agro Foods Ltd 519168
Nikumbh Dairy Products Ltd 519264
Nimbus Foods Industries Ltd 531598
Oceanic Foods Ltd 540405
Orient Vegetexpo Ltd 519564
Oswal Agro Furane Ltd 500316 OSWALAGFUR
Ovobel Foods Ltd 530741
Parag Milk Foods Ltd 539889 PARAGMILK
Pioneer Cashew Industries Ltd 531264
Prabhat Dairy Ltd 539351 PRABHAT
Prataap Snacks Ltd 540724 DIAMONDYD
R T Exports Ltd 512565
Raghuvansh Agrofarms Ltd 538921
Rajhans Foods Ltd 531193
Ravalgaon Sugar Farm Ltd 507300 RAVALSUGAR
RCL Foods Ltd 530923
RCL Retail Ltd 534708
Ready Foods Ltd 519250 READYFOOD
Regent Agro Products Ltd 531848
REI Agro Ltd 532106 REIAGROLTD
Reil Products Ltd (Liquidated) 519524 REILPROD
Rishabh Agro Industries Ltd 519277
Rishabh Food Products Ltd 519179
Riverdale Foods Ltd 530157
RMI Foods Ltd 519375
Saboo Sodium Chloro Ltd 530461
Sahas Agro Ltd 519526
Salstar Foods & Beverages Ltd 519075
Sampre Nutritions Ltd 530617
Sanwaria Consumer Ltd 519260 SANWARIA
Saptarishi Agro Industries Ltd 519238
Sarveshwar Foods Ltd 535054 SARVESHWAR
Sathe Biscuit & Chocolate Co Ltd 507650
Shah Foods Ltd 519031
Shanti Overseas (India) Ltd 538443 SHANTI
Sheetal Cool Products Ltd 540757
Shiva Egg Products Ltd (Wound-up) 530995
Shri Vardhman Overseas Ltd 512610
Siddhivinayak Dairy & Food Products Ltd 531231
Sita Shree Food Products Ltd 532961 SITASHREE
SKM Egg Products Export (India) Ltd 532143 SKMEGGPROD
Soni Soya Products Ltd 535069 SONISOYA
South Asian Mushroom Ltd 531948
Sparkle Foods Ltd 531313
Spectrum Foods Ltd 531982
Sri Skandan Industries Ltd 531604
Sugam Agro-Tech Ltd 531405
Sunil Agro Foods Ltd 530953
Super Bakers (India) Ltd 530735
Supplementary Foods (India) Ltd 519236
SYP Agro Foods Ltd 519313
Tanvi Foods (India) Ltd 540332
Tarai Foods Ltd 519285
Tasty Bite Eatables Ltd 519091 TASTYBITE
Tasty Dairy Specialities Ltd 540955
Temptation Foods Ltd 519228
Thapar Foods Ltd 519162
Trans Agro Tech Ltd 530527
Trans Techno Foods Ltd 519496
Transglobe Foods Ltd 519367
Tricom Fruit Products Ltd 531716
Tropical Orchards & Aqua Products Ltd 40250
UFM Industries Ltd 531610
Umang Dairies Ltd 500231 UMANGDAIRY
Unified Agro Industries Ltd 519582
Unique Organics Ltd 530997
Universal Vita Alimentare Ltd 519204
Usher Agro Ltd 532765 USHERAGRO
Vadilal Dairy International Ltd 519451
Vadilal Industries Ltd 519156 VADILALIND
Varun Beverages Ltd 540180 VBL
Vidiani Agrotech Industries Ltd 526453 VIDANIAGRO
Vikas Wsp Ltd 519307 VIKASWSP
Vinsari Fruitech Ltd 532020
Vintage Foods & Industries Ltd 531940
Virat Crane Industries Ltd 519457
Vishal Agritech India Ltd 531596
Vishal Lakto (India) Ltd 519252
Vishnupriya Agro Industries Ltd 512002
Vital Foods Ltd 523501
Western Foods Ltd 519558
Western Fruit & Vegetable Ltd 519321
Winfarm Agro Industries Ltd 519381
Zydus Wellness Ltd 531335 ZYDUSWELL

Share Holding

Category No. of shares Percentage
Total Foreign 17199077 5.38
Total Institutions 20827037 6.51
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 10665852 3.34
Total Promoters 179660589 56.17
Total Public & others 91492225 28.60
Total 319844780 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About L T Foods Ltd

LT Foods Ltd is an India-based company. The company is engaged in the manufacture and sale of rice under the brand DAAWAT. They also manufacture and market parboiled rice. Their product is marketed in more than 50 countries. The company's brand portfolio includes DAAWAT Traditional Basmati Rice, DAAWAT Biryani Basmati Rice, DAAWAT Pulav Basmati Rice, DAAWAT Super Basmati Rice and DAAWAT Rozana. Their product portfolio also includes brown rice, white rice, steamed rice, parboiled rice and organic rice. Their product range includes Select, Gold Basmati Rice, Super, Chef's Secretz, Rozana, Devaaya Basmati Rice, Brown Rice, and Heritage. LT Foods Ltd was incorporated on October 16, 1990 as a private limited company with the name LT Overseas Pvt Ltd. In the year 1993, the company started their operations using certain processing facilities of Lal Chand Tirath Ram Rice Mills (LCTRRM), an associate concern, on lease. In the year 1993, they got their registration as manufacturer exporter from APEDA. In May 3, 1994, the company was converted into a public limited company and the name was changed to LT Overseas Ltd. During the year 1994-95, the company filed the draft prospectus with SEBI and Stock Exchanges in Mumbai, Delhi, Jaipur and Ahmedabad. The object of the issue was to part finance the expansion programme for setting up a milling plant with a capacity of 2 MTPH. They received the observation letter from SEBI but they did not take the matter forward on account of the then prevailing poor conditions in the capital markets. In the year 1995, the company set up milling capacity (paddy to rice) of 4 MTPH, at Sonepat. During the year 1995-96, the company registered the brand 'DAAWAT' in United States of America. During the year 1997-98, they received 'APEDA Export award' for outstanding contribution to promotion of agricultural and processed food products during the year 1996-97. In March 26, 1999, they took over the business of Lal Chand Tirath Ram Rice Mills having milling capacity of 6 MTPH, thus increasing the total milling capacity to 10 MTPH. During the year 1999-2000, the company was recognized as Star Trading House by Government of India. They launched the brand 'DAAWAT' in Mauritius, Saudi Arabia and New Zealand. They started setting up a new manufacturing facility at Bahalgarh, Haryana and in December 2000, they commenced commercial production. During the next two years, they launched the brand 'DAAWAT' in Australia and Canada. During the year 2002-03, the company increased the capacity in Bahalgarh unit from 4 TPH to 10 TPH, making the total capacity to 16 MTPH. During the year 2003-04, they received Award from APEDA for export promotion and quality development of Basmati Rice. During the year 2004-05, the company increased the capacity in Bahalgarh unit from 10 TPH to 12 TPH, making the total capacity to 18 MTPH. Also, they received India Star Award from Indian Institute of Packaging during the year. During the year 2006-07, the company increased the total production capacity from 18 MTPH to 27 MTPH. Also, they inaugurated the Silos Complex during the year. During the year 2007-08, the company set up a state of the art plant at Mandideep, Bhopal (MP). The production capacity of the company's main plant at Bahalgarh was increased from 27 MTPH to 33 MTPH. With this addition, the total capacity increased to 50.50 MTPH. Also, they started Sales Depot operation in Chennai, to provide better services to our esteem customers of Tamil Nadu state. During the year, the company invested in LT Infotech (P) Ltd which is in to the business of telecommunication and which has entered in to a joint venture with Cordia International. In December 2007, the company's wholly owned subsidiary LTO North America Inc acquired Kusha Inc, a largest distribution company in U.S. with the brand name 'ROYAL'. With this acquisition, the company increased their market share in the US market from 7% to 52%. During the year 2008-09, the company incorporated LT Agri Services Pvt Ltd as a Wholly Owned Subsidiary of Daawat Foods Ltd. In September 25, 2008, the name of the company was changed from LT Overseas Ltd to LT Foods Ltd to match the vision of the company of becoming a Leading Global Food Company. The company was conferred with APEDA Export Award in this year for the performance pertaining to year 2007-08. Also, Daawat Foods Ltd, a wholly owned subsidiary company received Export Excellence award for their excellence in operations and export by State of Madhya Pradesh in their first full year of operations. During the year 2009-10, the company bagged the 'Wheat Silos Project' on Build-Own-Operate (BOO) basis for a period of 30 years from Punjab State Grains Procurement Corporation Ltd, Government of Punjab for storage and handling of 50,000 MT of wheat. The company's flagship brand, 'Daawat' increased its presence across the length and breadth of the country. The company, together with their subsidiary companies, is embarking on new food products like Fast Cooking Brown Rice, Rice Cakes, Rice Chips and several rice based snacks. The company is also exploring other segments in the food industry in addition to contemplating line extensions in order to pursue sustainable growth.

L T Foods Ltd Chairman Speech

We are building a sustainable business and contributing to a healthier future for all

Dear Shareowners,

The year gone by began on a promising note for the world economy, but a3er a few months the momentum began to peter out. The deceleration was the result of several factors such as rising crude prices, US-China trade stando3, disruptions in the German auto sector, tariff warfare among major nations, threats of protectionism, along with greater policy ambiguity.

Although the country's GDP growth declined to 6.8% in FY2018-19 from 7.2% in FY2017-18, the overall economic outlook is largely positive. The economy now is in a state of formalisation and consolidation with strong transitional undercurrents, which are acting as a force multiplier.

The country's economy is primarily steered by its predominantly young and aspiring population, greater affinity towards brands and premiumisation, faster urbanisation and infrastructure creation and above all enhanced ease of doing business. These trends augur well for our business. It is also pertinent to mention in this context that the rapid rollout of contemporary retail format stores and stronger marketing efforts by companies have facilitated the growth of basmati rice consumption in the domestic market. The outlook for the domestic basmati rice consumption is favourable, supported by demand improvement from the international market and potential upside from branded demand/premiumisation in domestic markets.

To give you a perspective, basmati rice exports from India reached `32,000 crore during FY2018-19. As one of India's leading basmati rice exporters, we are confident that the future roadmap continues to hold out considerable optimism. Against this general positive backdrop, let us now try to evaluate our performance for FY2018-19 and try to identify our growth pivots, which will drive our organisation to the next level of value creation.

Sustainable growth in India

It is gratifying to report another year of encouraging performance. Revenue grew by 7% to 33,915 crore in FY2018-19 from 33,650 crore in FY2017-18. Our leading brands such as Daawat, Heritage, Rozana, Devaaya, etc. in India as well as Royal, Gold Seal Indus Valley, 817 Elephant globally contributed to this growth. We delivered an EBITDA of 3421 crore in FY2018-19 as against 3414 crore in FY2017-18. Additionally, our profit a3er tax stood at 3137 crore in FY2018-19 as against 3144 crore in FY2017-18. Our revenue from basmati exports stood at 32,103 crore in FY2018-19 as compared to 31,896 crore in FY2017-18, up by 11%. We further strengthened our presence across India as well as in international markets by continuously investing in brands that accounted for greater market share across categories.

The overall demand for basmati rice continues to be high and we are well positioned to capitalise on this growth opportunity. Our branded business in India recorded sales of 3947 crore in FY2018-19 as compared to 3892 crore in FY2017-18 owing to improved realisations from branded products. Moreover, our consumer pack business reported a growth of 8% to 31,941 crore in FY2018-19 as compared to 31,794 crore in FY2017-18.

We firmly believe in the idea of keeping pace with changing consumer needs and preferences. Therefore, in addition to growing the basmati rice business over the years, we have leveraged our brand to foray into the segment of value-added products (VAP). Our offerings comprise specialty rice across di3erence price points, as well as organic food, saut sauces, rice-based snacks and rice-based convenience products. We successfully launched premium rice-based snacks brand ‘Kari Kari' for the Indian market with JV partner, Kameda Seika. We are setting up a unit in Haryana and expect commercial production of Kari Kari offerings to start during FY2019-20. We are going to launch Daawat Saut Sauces to offer greater convenience to consumers by ensuring its availability across all important towns in India in addition to major e-commerce platforms a3er successful test launch for one year in selected geographies.

Accelerating global endeavours

Our capabilities in the US and the EU improved as a result of greater market penetration. We are solidifying our presence in other regions across the Middle East and Africa through organic and inorganic routes. Our overall international business touched 32,103 crore in FY2018-19 as against 31,896 crore in FY2017-18. North America has been one of the strongest international markets for us, where the brand ‘Royal' contributes significantly to overall branded revenues and takes up 45%+ of the US market. Further, the acquisition of the 817 Elephant brand has enabled us to achieve leadership position in Canada. During the year under review, Daawat gained leadership position in Israel and Reunion Island, among others.

We have introduced a range of new, organic ready-to-heat (RTH) products for the overseas market with a facility in the US. The new RTH foods facility in Houston, US, manufactures 2-minute retort rice in order to fortify our footprint in the high potential market. Our processing and packaging facility in Europe is scaling up and will serve rising demand across the continent. In Europe, we grew our ethnic business and added new supermarket customers for our private label. We launched new avatar of Daawat in the UK and Europe across all price segments with enhanced focus on the catering and consumer channels. All our brands are performing well across geographies and we will make greater efforts to nurture them and leverage their potential and distribution globally.

Growth avenues

Our subsidiary Nature Bio Foods Ltd. (NBFL) has secured equity funding from Rabobank's India Agri Business Fund II with a proposed investment of `140 crore. NBFL received the first tranche of `60 crore in FY2018-19. The second tranche is expected to come in FY2019-20.

Continued support from India Agri Business Fund reflects strong confidence in the management's strategic growth outlook. These capabilities created in the backend under the global organic food ingredients business are likely to support our growth operations across the world.

Research collaborations

We are focused on the next level of innovation. We signed a memorandum of understanding (MoU) with Wageningen Food & Biobased Research (WFBR), Netherlands, to promote co-operation in the field of research and education. Our collaboration will help accelerate the progress of research, education and training in various research disciplines to strengthen the best practices followed by us at farm level for procurement of paddy and improve compliance with MRL standards in line with global requirements. With our wide customer base both in India and international markets, we will benefit from the exchange of innovative technologies that will aid in better alignment with global food/produce standards. The agreement will also enable us and WFBR to encourage and establish exchange of collaborative scientific research.

Team counts

We believe our success is the outcome of the efficiency of our people and it is their expertise, experience and enthusiasm that drive us. With a congenial work culture, a focus on learning and development—that help our people sharpen their skills with focused training initiatives—and a proven reward and recognition programme, we nurture our people and help them grow in the organisation.

Caring for community

We believe in sustainable co-existence with communities around us, with focus on enhancing their quality of life. LT Foods Limited CSR policy and Fair Farming Foundation (supported with fair trade and social development fund, along with CSR Fund) represent our twin social engagement programmes, which help us address the requirements of communities in our vicinity. We continue to develop rural infrastructure and improve the quality of education in rural schools.

Future perfect

We have rolled out a five-year roadmap with an eye on the future. Our objective is to be a preferred brand for our consumers across geographies. We would also like to remain category leaders in key markets and continue to outperform industry growth. We are keeping consistent focus on building scale, enhancing procurement efficiencies, improving manufacturing yield and improving operating efficiencies along with solidifying our brands across geographies. Going forward, our market leadership will be clearly driven by higher margins and profitability. With your help and support, we will continue to strengthen our business with a broader sustainability agenda and contribute to a healthier future for all.

Warm regards
Vijay Kumar Arora Ashwani Kumar Arora
Chairman Chief Executive Officer &
Managing Director

   

L T Foods Ltd Company History

LT Foods Ltd is an India-based company. The company is engaged in the manufacture and sale of rice under the brand DAAWAT. They also manufacture and market parboiled rice. Their product is marketed in more than 50 countries. The company's brand portfolio includes DAAWAT Traditional Basmati Rice, DAAWAT Biryani Basmati Rice, DAAWAT Pulav Basmati Rice, DAAWAT Super Basmati Rice and DAAWAT Rozana. Their product portfolio also includes brown rice, white rice, steamed rice, parboiled rice and organic rice. Their product range includes Select, Gold Basmati Rice, Super, Chef's Secretz, Rozana, Devaaya Basmati Rice, Brown Rice, and Heritage. LT Foods Ltd was incorporated on October 16, 1990 as a private limited company with the name LT Overseas Pvt Ltd. In the year 1993, the company started their operations using certain processing facilities of Lal Chand Tirath Ram Rice Mills (LCTRRM), an associate concern, on lease. In the year 1993, they got their registration as manufacturer exporter from APEDA. In May 3, 1994, the company was converted into a public limited company and the name was changed to LT Overseas Ltd. During the year 1994-95, the company filed the draft prospectus with SEBI and Stock Exchanges in Mumbai, Delhi, Jaipur and Ahmedabad. The object of the issue was to part finance the expansion programme for setting up a milling plant with a capacity of 2 MTPH. They received the observation letter from SEBI but they did not take the matter forward on account of the then prevailing poor conditions in the capital markets. In the year 1995, the company set up milling capacity (paddy to rice) of 4 MTPH, at Sonepat. During the year 1995-96, the company registered the brand 'DAAWAT' in United States of America. During the year 1997-98, they received 'APEDA Export award' for outstanding contribution to promotion of agricultural and processed food products during the year 1996-97. In March 26, 1999, they took over the business of Lal Chand Tirath Ram Rice Mills having milling capacity of 6 MTPH, thus increasing the total milling capacity to 10 MTPH. During the year 1999-2000, the company was recognized as Star Trading House by Government of India. They launched the brand 'DAAWAT' in Mauritius, Saudi Arabia and New Zealand. They started setting up a new manufacturing facility at Bahalgarh, Haryana and in December 2000, they commenced commercial production. During the next two years, they launched the brand 'DAAWAT' in Australia and Canada. During the year 2002-03, the company increased the capacity in Bahalgarh unit from 4 TPH to 10 TPH, making the total capacity to 16 MTPH. During the year 2003-04, they received Award from APEDA for export promotion and quality development of Basmati Rice. During the year 2004-05, the company increased the capacity in Bahalgarh unit from 10 TPH to 12 TPH, making the total capacity to 18 MTPH. Also, they received India Star Award from Indian Institute of Packaging during the year. During the year 2006-07, the company increased the total production capacity from 18 MTPH to 27 MTPH. Also, they inaugurated the Silos Complex during the year. During the year 2007-08, the company set up a state of the art plant at Mandideep, Bhopal (MP). The production capacity of the company's main plant at Bahalgarh was increased from 27 MTPH to 33 MTPH. With this addition, the total capacity increased to 50.50 MTPH. Also, they started Sales Depot operation in Chennai, to provide better services to our esteem customers of Tamil Nadu state. During the year, the company invested in LT Infotech (P) Ltd which is in to the business of telecommunication and which has entered in to a joint venture with Cordia International. In December 2007, the company's wholly owned subsidiary LTO North America Inc acquired Kusha Inc, a largest distribution company in U.S. with the brand name 'ROYAL'. With this acquisition, the company increased their market share in the US market from 7% to 52%. During the year 2008-09, the company incorporated LT Agri Services Pvt Ltd as a Wholly Owned Subsidiary of Daawat Foods Ltd. In September 25, 2008, the name of the company was changed from LT Overseas Ltd to LT Foods Ltd to match the vision of the company of becoming a Leading Global Food Company. The company was conferred with APEDA Export Award in this year for the performance pertaining to year 2007-08. Also, Daawat Foods Ltd, a wholly owned subsidiary company received Export Excellence award for their excellence in operations and export by State of Madhya Pradesh in their first full year of operations. During the year 2009-10, the company bagged the 'Wheat Silos Project' on Build-Own-Operate (BOO) basis for a period of 30 years from Punjab State Grains Procurement Corporation Ltd, Government of Punjab for storage and handling of 50,000 MT of wheat. The company's flagship brand, 'Daawat' increased its presence across the length and breadth of the country. The company, together with their subsidiary companies, is embarking on new food products like Fast Cooking Brown Rice, Rice Cakes, Rice Chips and several rice based snacks. The company is also exploring other segments in the food industry in addition to contemplating line extensions in order to pursue sustainable growth.

L T Foods Ltd Directors Reports

To,

The Members,

Your Directors take pleasure in presenting their 29th Annual Report on the business and operations of the Company and the accounts for the financial year ended March 31, 2019.

1. FINANCIAL PERFORMANCE OF THE COMPANY (STANDALONE)
( ` In lakhs)
Financial Year Financial Year
Particulars
(2018-19) (2017-18)
Gross Income 221,009.09 215,665.84
Profit Before Interest and Depreciation 18,302.79 15,697.02
Finance Charges 7,644.44 8,529.51
Gross Profit 41,137.28 39,967.55
Provision for Depreciation 2,336.18 1,810.23
Net Profit Before Tax 8,322.17 5,357.28
Net Profit A_er Tax 5,448.54 4,195.54
Balance of Profit brought forward 29,917.83 26,328.58
Balance available for Appropriation 34,820.38 29,917.82
Proposed Dividend on Equity Shares 479.76 400.12
Tax on proposed Dividend 98.62 81.45
Transfer to General Reserve Nil Nil
Surplus carried to Balance Sheet 34,820.38 29,917.82

2. COMPANY'S WORKING DURING THE YEAR

On standalone basis, our total revenue stood at ` 2210 crore higher by 2.5% year-on-year. The gross profit stood at ` 411 crore. Profit after tax stood at ` 54 crore as compared to ` 42 crore in FY 2017-18, representing a growth of 30% year-on-year. This led to resultant EPS of ` 1.70 per share by 14%. EPS is based on fully diluted basis adjusted for the stock split from ` 10 per share to ` 1 per share.

Our consolidated revenue stood at ` 3,915 crore higher by 7% year-on-year driven by higher contribution of branded sales. The gross profit stood at 976 crore. EBITDA stood at 421 crore, an increase of 2% on year-on-year basis translating to EBITDA margin to 10.8% as compared to 11.3% in the last year.

Our consolidated profit before tax during the year stood at

` 214 crore. Profit after tax stood at ` 137 crore as compared to ` 144 crore in financial year 2019. This led to resultant improvement in EPS to ` 3.96 per share. EPS is based on fully diluted basis adjusted for stock split from ` 10 per share to ` 1 per share. Moving on geographical revenue and realisation breakup branded India sales stood at ` 947 crore up by 6% year-on-year while the average realisation during the year increased to ` 53 per kg resulting in an increase of 3%. International branded sales came in at ` 1371 crore a growth of 11% while the average realisation increased to ` 103 per kg higher by 8%.

Our organic business, stood at ` 372 crore, up by 3% contributing 9.5% to the overall revenue.

The focus has been on strengthening the consumer business both in India and theInternational market, which is depicted in the overall growth of our consumer business that is 8%.

Our Branded business has grown by 9% in value terms on year-on-year basis in FY 2018-19, that was primarily driven by an increase of 6% in India and 11% in International branded business.

The contribution of branded business to overall basmati rice volumes increased from 69% to 70% in financial year 2018-2019 driven by consistent brand investments, strengthening the supply chain, adopting channel wise strategy to strengthen out footprint in all the channels, be it the general trade, modern trade or wholesale or online business.

Our credit rating has also been reaffirmend by CRISIL to A-with Positive outlook for the financial year 2018-19.

3. CHANGE IN THE NATURE OF BUSINESS, IF ANY-

During the year under review, there were no major changes in the business.

4. DIVIDEND

The Board of Directors recommended ` 0.15 per share dividend for FY 2018-19 and decided to retain the remaining earnings.

5. RESERVES

Out of the amount available for appropriation, the Company's Directors proposed to transfer no sum to the General Reserve and retain ` 29,917.82 lakhs in the profit and loss account.

6. SHARE CAPITAL

The paid up equity share capital of the Company as on March 31, 2019 was ` 3,198 lakhs. There has been no change is share capital during the year 2018-19.

7. DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTMENT AND RESIGNATION DURING THE YEAR

During FY 2018-19, there were no recorded appointment or resignation of Director or Key Managerial Personnel.

8. PARTICULARS OF EMPLOYEES AND EMPLOYEE REMUNERATION

Pursuant to the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016, The information required is as follows:

Managerial Remuneration:
1. Ratio of remuneration of each director to median remuneration of employees
Vijay Kumar Arora 1:33
Ashwani Kumar Arora 1:33
Surinder Kumar Arora NA
2. Percentage increase in remuneration of each director and KMPs
Vijay Kumar Arora 10%
Surinder Kumar Arora Nil
Ashwani Kumar Arora 10%
Monika Chawla Jaggia Nil
3. Percentage increase in the median remuneration of employees NA
4. Number of permanent employees 897
5. Average percentile increase in salary of employees, other than managerial personnel, comparison with percentile increase in managerial remuneration and justification
Managerial Increase Nil
Non-managerial increase 6%
6. Affirmation that the remuneration is as per the remuneration Yes
policy of the Company

As per rule 5(3) of Companies (Appointment and Remuneration) Rules, 2014, the employees who draw salary exceeding the limits of `1.02 Crore is as follows:

Name Designation Remuneration Nature of employment Qualification Experience Age Last employment % of shares held
(in crore)
Vijay Kumar Arora Managing Director 2.11 Permanent B.Sc. 43 61 NA 6.66
Ashwani Kumar Arora Managing Director 2.11 Permanent B.Com 31 52 NA 6.66

9. BOARD MEETINGS

During the year, six Board meetings were held, the dates on which these meeting were held are May 24, 2018, August 13, 2018, August 31, 2018, November 14, 2018, February 05, 2019 and March 06, 2019. The details of the same is given in the Corporate Governance Report. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013.

10. PERFORMANCE EVALUATION

In pursuance of Section 178 of the Companies Act, 2013 read with Regulation 4(2), 17(10) and 19(4), read with Schedule II Part D of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015 and Secretarial Standards-I, the Nomination and Remuneration Committee has framed the performance evaluation process of Independent Directors, Executive Directors and the Board as a whole as well as functioning of its Audit, Nomination and Remuneration Committee, CSR Committee, Governance Committee Stakeholders and Relationship Committee, etc. has been carried out during FY 2018-19.

The Independent Directors of the Company met separately on February 05, 2019 without the presence of Non-independent Directors and inter-alia reviewed the performance of the members of the Management, Non-independent Directors, and the Board as a whole. Additionally, the performance of the Chairman of the Company and the functioning of the Committees were evaluated taking into consideration the views of the Executive and the Non-executive Directors.

In compliance with the provisions of SEBI Listing Regulations, the Board of Directors also carried out evaluation of every Independent Director's performance during the year. The Board members submitted to the Nomination and Remuneration Committee, their response on a scale of 1 to 5 (Performance needs improvement to Excellent), for evaluating the entire Board, and respective Committees including Chairman of the Board.

The Nomination and Remuneration Committee also carried out evaluation of every Director's performance. The Board has duly completed with the evaluation process.

It was further acknowledged that every individual member and Committee of the Board has contributed to the best of their potential to the growth of the organisation.

11. STATEMENT OF DECLARATION BY AN INDEPENDENT DIRECTOR(S) AND RE- APPOINTMENT

All the Independent Directors have given their independency declaration as provided in sub-section (6) of Section 149 of the Companies Act, 2013.

12. REMUNERATION POLICY

The Company has framed the Remuneration policy in compliance with Section 178 of the Companies Act, 2013, read along with the applicable rules and Regulation 19 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015. The Remuneration policy of the Company is in compliance with Section 178 (4) of the Companies Act, 2013. The Remuneration policy can be referred to at weblink http:// www.ltgroup.in/pdf/LT-Foods-Remuneration-Policy.pdf

The salient features of the Remuneration policy are as follows:

• To formulate a criteria for determining qualifications, positive attributes and independence of a Director

• To recommend to the Board, the appointment,

Remuneration payable and removal of Senior Management

• To carry out evaluation of Director's performance and recommend to the Board appointment/removal based on his/her performance.

• To advise the Board on (i) policy relating to remuneration for Directors, Key Managerial Personnel and Senior Management and (ii) Executive Directors' remuneration and incentive

• To make recommendations to the Board concerning any matters relating to the continuation in office of any Director at any time including the suspension or termination of service of an Executive Director as an employee of the Company, subject to the provision of the law and their service contract

• To ensure that level and composition of remuneration is reasonable and sufficient, relationship of remuneration to performance is clear and meets appropriate performance benchmarks

• To devise a policy on Board diversity

• To develop a succession plan for the Board with segregated succession readiness of the management council and executive.

13. DETAILS OF SUBSIDIARY/JOINT VENTURES/ ASSOCIATE COMPANIES

Pursuant to sub-section (3) of Section 129 of the Act, the document containing salient features of the financial statement of Company's subsidiaries, associate or joint venture is given as Annexure-V [Performance and financial position of each of the subsidiaries, associates and joint venture companies included in the consolidated financial statement].

During the year, the Company generated a revenue of ` 3915 crore at group level. Its subsidiaries played a major role in contributing to the overall revenue. LT Foods, Americas (formerly known as Kusha Inc, the fellow subsidiary of the Company, contributed ~35% to the overall revenue. . The organic arm NBFL, a wholly owned subsidiary contributed ~9% to the group revenue.

Additionally, the annual accounts and related documents of the subsidiary company will be kept open for inspection at the registered and the corporate office of the Company. The Company will also make available copy thereof, upon specific request by any member of the Company interested in obtaining the same. Besides, pursuant to Accounting Standard AS-21 issued by the Institute of Chartered Accountants of India, Consolidated Financial Statements presented by the Company in this Annual Report include the financial information of its subsidiary.

Name of the Companies, which became or ceased to become Subsidiaries/Joint Ventures/Associates Companies during the year.

During the year, the Company's subsidiary Nature Bio Foods Limited incorporated a wholly owned subsidiary Ecopure Specialties Limited. The Company has written off its investment made in Joint venture Company Genoa Rice Mills Private Limited. Raghuvesh Power Projects Limited and Nature Bio Foods Inc ceased to be fellow subsidiary due to their strike off/winding up during the year. Raghuvesh Foods

& Infrastructure Limited, a wholly owned subsidiary of the company has applied to ROC for striking off under Section- 248 and the same was under process of striking off.

14. AUDITORS

M/s. Walker Chandiok & Co. LLP, Chartered Accountants were appointed as Statutory Auditors of the Company at the Annual General Meeting held on September 18, 2015, for a term of five consecutive years. As per the provisions of Section 139 of the Companies Act, 2013, the appointment of Auditors is required to be ratified by members at every Annual General Meeting.

However, in accordance with the Companies Amendment Act, 2017, enforced on May 7, 2018 by the Ministry of Corporate Affairs, the appointment of Statutory Auditors is not required to be ratified at every Annual General Meeting.

The Auditor has confirmed that they are not disqualified under any provisions of Section 141(3) of Companies Act, 2013 and also their engagement with the Company is within the prescribed limits under Section 141 (3)(g) of Companies Act, 2013.

15. AUDITORS' REPORT

The Auditors' Report does not contain any qualification. Notes to Accounts and Auditors remarks in their report are self-explanatory and do not call for any further comments.

There were no instances of fraud reported by the Statutory Auditors under Section-143(12) of the Companies Act, 2013, read with rules framed thereunder, either to the Company or the Central Government.

16. AUDIT COMMITTEE

In pursuance of Section 177 of the Companies Act, 2013, read with Regulation 18 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has constituted the Audit Committee and the details with respect to the composition of the Audit Committee of the Company is given in its Corporate Governance Report.

17. SECRETARIAL AUDIT REPORT

In terms of Section 204 of the Act and rules made there under, M/s. D Dixit & Associates, practicing Company Secretary has been appointed as Secretarial Auditors of the Company. The report of the Secretarial Auditors is enclosed as Annexure IV with this report. The point-wise comments are enumerated as follows.

Reply to the observations in the Secretarial Audit

(i) Delay in filing forms- Due to oversight, the Company has delayed in filing some of the forms within prescribed time frame of the Companies Act, 2013. The applicable additional fees has been paid to Ministry of Corporate Affairs

(ii) CSR spent - The Company has not spent the entire amount on CSR. It will spend the entire amount in the coming years in compliance with Section-135 of the Companies Act, 2013

(iii) Gratuity payment to ex- employees- The Company has duly paid gratuity to ex-employees of the Company.

18. INTERNAL AUDIT AND CONTROLS

In terms of compliance of Section 138 of the Companies Act, 2013, read with the Companies (Accounts) rules, 2014, the Company continues to engage Pro Advisory India LLP as its Internal Auditors. During the year, the Company continued to implement their suggestions and recommendations to improve the control environment. Their scope of work includes review of processes for safeguarding the assets of the Company, operational efficiency, effectiveness of systems and processes, statutory compliances, and assessing the internal control strengths in all areas. Internal Auditors' findings are discussed with the process owners and suitable corrective actions are taken as per the directions of the Audit Committee on an ongoing basis to improve efficiency of operations.

19. VIGIL MECHANISM

In pursuant to the provisions of Section 177(9) and (10) of the Companies Act, 2013, a Vigil Mechanism for Directors and employees to report genuine concerns has been established. The Vigil Mechanism policy can be found at www.ltgroup.in, under investors/policy documents/Vigil Mechanism Policy on the website of the Company. In terms of amendment in regulation 9A(6) of the SEBI (Prohibition of Insider Trading) Regulations, 2015, there is a mandate of a listed Company to have a whistle-blower policy and make employees aware of such a policy to enable them to report instances of leak of unpublished price sensitive information. The company already has a whistle blower policy in place, which has been formulated in accordance with the Listing agreement. The presence of this policy has been communicated to the employees through an internal circular, so as to apprise them of their right to report any instance of leak or suspected leak of UPSI.

20. RISK MANAGEMENT POLICY

The Company has in place comprehensive risk assessment and minimisation procedures, which are reviewed by the top management at regular intervals.

21. EXTRACT OF ANNUAL RETURN

Pursuant to the requirements of Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of the annual return in MGT 9 has been made a part of this Annual Report as Anneure I. The annual return can also be found at www.ltgroup.in, under investors updates http://ltgroup.in/pdf/Annual%20Return-2019.pdf on the website of the Company

22. Material changes and commitments, if any, affecting the financial position of the Company which have occurred during the period, beginning with end year of the Company to which the financial statements relate and the date of the Report

There has been no material changes in the business, which may affect financial position of the Company.

23. Details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and the Company's operations in future

The Company has not received any significant or material orders passed by any regulatory authority, court or tribunal which shall impact the going concern status and the Company's operations in future.

24. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL

FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

According to Section-134 (5) (e) of the Companies Act, 2013, the term Internal Financial Control (IFC) means the policies and procedures adopted by the Company for ensuring orderly and efficient conduct of its business including adherence to the Company's policies, the safeguarding of its assets, prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information.

The Company has a well-placed internal financial control system, which ensures that all assets are safeguarded and protected, and that the transactions are authorised, recorded and reported correctly. The Company's internal financial control system also comprises due compliances with Company's policies and Standard Operating Procedures (SOPs) and audit and compliance by Internal Audit team, Pro Legal Advisory, India, LLP.

25. DEPOSITS

The Company has neither accepted nor renewed any deposits falling under Chapter V of the Companies Act, 2013.

26. COST RECORD

The Central Government has not specified maintenance of cost record under section 148(1) of the Companies Act, 2013 with respect to our Company's product.

27. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company has not granted any loans falling within the preview of Section 186 of the Companies Act, 2013, however the details of Investments made and security or guarantee given are as follows : Details of investments:

Date of investment Name of the Company Amount – (` In lakhs) Purpose for which the proceeds from investment is proposed to be utilised by the recipient Date of Board/ Management Committee resolution Date of special resolution Expected rate of return
1 28.03.2019 Daawat Foods Limited 2,000.00 Business Purpose 06.03.2019 N.A. N.A.
2 18.10.2018 Daawat Kameda India Private Limited 2,234.79 Business Purpose 09.10.2018 N.A. N.A.

 

Details of Guarantee/Security Provided:
Details of recipient Amount Purpose for which the security/guarantee is proposed to be utilised by the recipient
(` In lakhs)
1 Daawat Foods Limited 21,938.48 Working capital loan
2 Nature Bio Foods Limited 8,746.91 -do-
3 Raghunath Agro Industries Private Limited 5,038.18 -do-
4 LT Foods Europe BV 13,442.52 Working capital loan

28. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The particulars of every contract or arrangements entered into by the Company, with related parties referred to in sub-section (1) of Section 188 of the Companies Act, 2013, are disclosed in Form No. AOC-2. With reference to Section 134(3) (h) of Companies Act, 2013, all contracts and arrangements with related parties entered into by the Company, under Section 188(1) during the financial year are in ordinary course of business and on arms length basis.

29. CORPORATE GOVERNANCE CERTIFICATE

The Report on Corporate Governance as stipulated under Regulation 34(3), read with Para C of Schedule V of the Listing Regulations, is presented in a separate section forming part of this Annual Report.

A certificate from the practicing Company Secretary (CS), Debasis Dixit, regarding compliance with the conditions of corporate governance as stipulated in Regulation 27 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, is annexed to the Report.

30. MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report, prepared in accordance with the Regulation 34(2)(e) of Listing Regulations, forms part of this Annual Report for the year ended March 31, 2019.

31. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013.

In order to prevent sexual harassment of women at workplace, the implementation of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 has been notified on December 09, 2013. Under the said Act, every Company is required to set up an Internal Complaints Committee to look into the complaints relating to sexual harassment at workplace of any women employee.

The Company has adopted a policy for prevention of sexual harassment of women at workplace and has set up Committee for implementation of the said policy. During the year, the Company has received one compliant which was duly resolved and the report on the same was filed with District office/ Chairperson, District Complaints Cell Committee, Vikas Sadan, Gurugram.

32. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are as follows:

A. Conservation of Energy

The Company continued to place major emphasis on energy conservation and the measures taken during the previous year were continued. The efficiency of energy utilisation is being monitored in every quarter in order to achieve effective conservation of energy.

LT Foods has taken several initiatives towards this direction and have been working both towards energy conservation and new technology absorption.

Energy Conservation

1. Reduction of line losses – With effective power factor control methods, we were able to reduce line losses by a significant amount

2. Efficiency improvement of motors – We were able to reduce failure rates of motors, thereby bringing down power consumption which gets increased due to repair. Also some inefficient motors were declared obsolete and replaced

3. All street/tower lights were replaced with LED lights to reduce energy consumption, alongside optimising lights

4. Modification in some compressed air lines done which led to improved efficiency of compressors

Technology Absorption

1. All new lightning and some AC provided through timers to minimise energy consumption

2. Process automation was upgraded at Sella Plant to provide better quality as well as productivity

3. New, state-of-the-art warehouse has been set up at Bahalgarh with hi-tech solutions for seamless operations and digital proficiencies

Power and fuel consumption (Bahalgarh plant)

(` In lakhs)
Particulars March 31, 2019 March 31, 2018
ELECTRICITY
Through Purchases
Units 21,232,165 16,482,612
Total Amount (`) 1,746.77 1,318.30
Rate/Unit(` ) 8.23 8.00
Through Diesel Generator
Units generated 610,449 630,733
TOTAL AMOUNT 132.98 109.94
Cost/Unit (`) 21.78 17.43
Power and fuel consumption (Varpal plant) (` In lakhs)
Particulars March 31, 2019 March 31, 2018
ELECTRICITY
Through Purchases
Units 4,520,910 4,825,700
Total Amount (`) 307.23 332.33
Rate/Unit (`) 6.80 6.89
Through Diesel Generator
Units generated 73,000 73,400
TOTAL AMOUNT 18.47 12.52
Cost/Unit (`) 25.30 17.06

(b) Technology, Absorption, Adaption and Innovation

Technology is changing day by day. Over the years, the Company has taken significant steps in adoption of new technologies, thus improving overall efficiency of plants. Similar steps were taken in the year under review as well by replacing the lower capacity machines with the new, higher capacity machines. Some such machines include the color sorters which is one of the critical machines involved in the rice processing industry. Some of the old, lower capacity colour sorters, were replaced with new, upgraded and high capacity machines resulting in reduction of rejection percentage, improvement in final output and increasing overall efficiency.

The Company has realised and agrees that continuous improvement can be achieved only if the employees involved in the process directly or indirectly are highly trained on modern techniques and are aware of global standards. One such step taken by the Company in that direction is to start the Manufacturing Excellence and Improvement Programme. The key highlights of this improvement drive were – 5S, Maintenance Improvement Techniques, Reliability Matrix, MTTR & MTBF etc. and so on, which are highly beneficial and globally accepted programmes for process improvement.

(c) Foreign exchange earnings and outgo

During the year, the total foreign exchange spend was ` 2,270.56 lakhs and the total foreign exchange earned was ` 88,776.79 lakhs.

(` In lakhs)
Particulars March 31, 2019 March 31, 2018
Value of Imports on CIF basis
Capital Goods 608.24 852.19
Stores and Spares 174.92 37.00
Other Food Items - -
Other 8.01 -
Total 791.17 889.19
Expenditure in
Foreign Currency
Legal Fees 142.83 177.60
Interest and other charges to bank 766.22 807.78
Steamer Freight 1,131.41 901.17
Sales Promotion 76.29 113.89
Commission on Export Sales 34.05 26.21
Others 119.75 662.16
Total 2,270.56 2,688.80
Earnings in Foreign Currency
FOB Value of Exports
Rice 88,776.79 86,409.73
Total 88,776.79 86,409.73

33. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The disclosures as per Rule 9 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 related to CSR activities is detailed in Annexure II.

34. HUMAN RESOURCES

The Company treats its 'human resources' as one of its most important assets.

The Company continuously invests in attraction, retention and development of talent. A number of programmes that provide focused people attention are currently underway. The Company's thrust is on the promotion of talent internally through job rotation and job enlargement. The Company also maintains healthy, cordial and harmonious industrial relations at all levels. The enthusiasm of employees have enabled the Company to maintain its leadership position in the industry.

35. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section-134(3)(C) of the Companies Act, 2013, based on the representations received from the operating management and after due inquiry, the Directors confirm that:

(a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures

(b) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period

(c) The Directors have taken proper and sufficient care of the maintenance of adequate accounting records, in accordance with the provisions of this Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities

(d) The Directors have prepared the annual accounts on a going concern basis

(e) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and operating effectively

(f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

36. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to Sections 124 and 125 of the Companies Act, 2013, the dividend which remains unpaid/unclaimed for a period of seven years from the date of transfer to unpaid dividend account is required to be transferred to the Investor Education and Protection Fund (IEPF) established by the Central Government. Accordingly, the Company transferred unclaimed dividend of ` 194,740/- for FY 2010-11 to Investor Education and Protection Fund and such unclaimed dividend cannot be claimed by the Investors from the Company. However, Investors can claim the unpaid dividend from appropriate authority in accordance with the Investor Education and Protection Fund Authority (Accounting, audit, transfer and refund) Rules, 2016.

Pursuant to the provisions of Section 124(6) of the Companies Act, 2013, read with Rule 6 of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, (as amended from time to time) the Company in the previous year 2018-19 has transferred 41,680 equity shares, which belongs to the shareholders whose dividend was not paid or claimed for seven consecutive years or more, to the demat account of IEPF Authority.

Additionally, the amount of dividend unclaimed/unpaid for FY 2011-12 to 2017-18 lies in the respective unpaid dividend account and can be claimed from the Company's Registrar and Transfer Agent i.e. Big Share Services Private Limited, before the due date for transfer of the same in IEPF account.

Pursuant to the provisions of the Investor Education Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, the Company uploaded the details of unpaid and unclaimed amounts lying with the Company, as on September 24, 2018, with the Ministry of Corporate Affairs.

37. LISTING WITH STOCK EXCHANGES

The Company confirms that it paid the Annual Listing fees for FY 2018-19 to NSE and BSE where the Company's shares are listed.

38. COMPLIANCE WITH SECRETARIAL STANDARDS

The Company duly followed the applicable secretarial standards, SS-1 and SS-2 relating to meeting of the Board of Directors and General Meeting, respectively.

39. ACKNOWLEDGEMENTS

The Company's Directors place on record their gratitude to all Stakeholders for their assistance, cooperation and encouragement. The Directors also wish to place on record their sincere thanks to all stakeholders for their outstanding performance.

For and on behalf of the Board of Directors
Sd/-
Vijay Kumar Arora
Place: Gurugram Chairman & Managing Director
Date: August 08, 2019 DIN:00012203

 

ANNEXURE INDEX
Annexure Content
I. Annual Return Extracts in MGT 9
II. Report on Corporate Social Responsibility
III. AOC 2 – Related Party Transactions disclosure
IV. MR-3 Secretarial Audit Report
V. Details of subsidiaries and Joint Venture in AOC-1

   

L T Foods Ltd Company Background

Vijay Kumar AroraVijay Kumar Arora
Incorporation Year1990
Registered OfficeUnit No 134 1st Fl Rectangle-1,Saket District Centre
New Delhi,New Delhi-110017
Telephone91-011-26857099,Managing Director
Fax91-011-26859344
Company SecretaryMonika Chawla Jaggia
AuditorWalker Chandiok & Co LLP
Face Value1
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarBig Share Services Pvt Ltd
E-2/3 Saki Vihar Rd ,Ansa Indl Estate ,Saki Naka Andheri-E,Mumbai - 400 072

L T Foods Ltd Company Management

Director NameDirector DesignationYear
Vijay Kumar Arora Chairman & Managing Director 2018
Ashwani Kumar Arora Joint Managing Director & CFO 2018
Surinder Kumar Arora Joint Managing Director 2018
Pramod Bhagat Independent Director 2018
Monika Chawla Jaggia Company Secretary 2018
Radha Singh Independent Director 2018
Rajesh Kumar Srivastava Nominee 2018
Suparas Bhandari Independent Director 2018
Gokul Patnaik Independent Director 2018

L T Foods Ltd Listing Information

Listing Information
BSE_FMCG
BSESMALLCA
BSEALLCAP

L T Foods Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
RiceMT0002121.8976
OthersNA00045.0865
Other Traded GoodsNA00022.3388
Other Operating IncomeNA0006.7079
SalesNA0000
UnspecifiedNA0000
Metal ScrapMT0000
Exchange FluctuationNA0000
Beans-MothMT0000
GramMT0000
WheatMT0000
Rice-TradedNA0000
PaddyMT0000
Paddy HuskMT0000
Paddy MillingTPH0000
Paddy Milling (Leased)TPH0000
Soyabean OilMT0000
Corn-YellowMT0000
Almonds.MT0000
Rice BranMT0000
Ferro MetalMT0000
AdjustmentNA000-3.4753

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