About the Company:
Empyrean Cashews Limited commenced operations in 2014 and sells cashews under the brand name “Krishival Cashews”.
Company is engaged in processing raw cashew nuts into finished cashew kernels in different flavours, with a presence in more than 26 tier II and tier III towns and cities.
Company primarily cater to the domestic market with a network of more than thirty (30) distributors across India.
Company procure majority of raw materials by way of import from certain African and Asian countries and also from the Konkan region of India.
In addition to processing raw cashews we are also engaged in the business of organic manure which is prepared by using by-products like husk and other biodegradable material left after processing of the raw cashews.
Based on the audited restated financials for FY 2021, 93% of the revenue is derived from sale of cashews whilst remaining 7% is derived from sale of organic manure.
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 products are supplied to different channels which include distributors, supermarkets, retailers as well as wholesalers. Also, the products are sold over the counter to tourists and localites who visit company’s packaging unit.
Procurement of Raw materials:
In FY 2021, the Company procured around 70% of its raw material requirements from the 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 the total the import of raw material (71%) during the FY 2021 was done from Benin. Modi Co. Sarl, a sole proprietorship of one of the Promoters Nana Prakash Mhaske which is established in Benin, for ease of procurement of raw materials for the Company.
Capacity and Capacity Utilization:
- Aparna Morale Bangar (Designation: Managing Director and Chairperson)
- Nana Prakash Mhaske (Designation: Executive Director and Chief Executive Officer)
Objectives of the Issue:
Offer for Sale: (Rs.19.41 cr)
- To meet the Working Capital Requirements.
- General Corporate Purposes.
- To meet the Issue Expenses.
Peer Group Comparison:
There are no comparable peer which is listed in India and which are engaged in the same line and comparable to the scale of operation of the Company, hence comparison with industry peers are not applicable.
Financials of the Company:
|(in Crores)||FY 19||FY 20||FY 21||31st Oct 21|
|Issue Opens on||21st March 2022|
|Issue Closes on:.||23rd March 2022|
|Minimum Lot||3000 Shares|
|Issue Size||Rs.19.41 cr|
|Market Cap||Rs.73.24 cr|
|Listing at||NSE SME|
|Equity Shares Offered (Fresh)||52,47,000|
|Equity Shares Prior to the Issue||1,45,48,141|
|Equity Shares after the Issue||1,97,95,141|
|Finalization of Basis of Allotment||on or Before 28th March 2022|
|Initiation of Refunds||on or Before 30th March 2022|
|Credit of Equity Shares:||on or Before 30th March 2022|
|Listing Date:||on or Before 31st March 2022|
IPO Valuation Parameters:
|Earnings Per Share (EPS)||Price To Earnings ratio (PE)||Return on Net Worth (RoNW)||Net Asset Value (NAV)|
|Company Contact Info:|
|Empyrean cashews Ltd
1309, Lodha Supremus Powai,
Saki Vihar Road, opposite MTNL office,
Powai Mumbai – 400072,
Tel No.:+91 8779558264;
|IPO Registrar Info:|
|Purva Sharegistry (India) Private Limited
9, Shiv Shakti Industrial Estate,
J.R. Boricha Marg, Lower Parel (East),
Mumbai – 400 011.
Tel: + 91 22 23012518/8261
|Lead Manager to the Issue:|
|Systematix Corporate Services Limited
The Capital, A-Wing, No. 603-606 6th Floor,
Plot No. C-70, G-Block Bandra-Kurla Complex,
Bandra (East) Mumbai -400 051
Tel: +91 22 6704 8000;