Mishtann Foods Ltd Company Summary

Mishtann Foods Ltd Summary

Incorporated in 1981, HICS Cements Ltd (HCL) did not make any progress for the next 10 years, as it could not get any term loan. In 1991, it decided to set up a cement unit of 40 tpd which was delayed due to non-availability of power. It was expected to start in Oct.95. HCL is setting up two plants in Gujarat with individual capacities of 200 tpd and 260 tpd. The Rs 10.82-cr project was mainly funded by a public issue in Sep.95.One advantage for HCL is its own leasehold mine at Rajkot. So, limestone is easily available and the proximity of the mine and the plant will reduce transportation cost. The new facilities are expected to start commercial production by Feb.96. HCL plans to export 25% of its output. The Company has changed its name from Hics Cements Limited to Mishtann Foods Limited on 19 February 2015,after obtaining approval from members of the company through postal ballot procedure. Also the company has changed its main object from manufacturing of cements to trading and processing of food items.The company is engaged in manufacturing of rice,wheat and other agricultural products. Mishtann Foods is a diversified agribusiness and foods company with a dominant portfolio of basmati rice. The Company owns leading brands such of Mishtann- Jasper, Emerald, Ecstasy, Pristino Basmati Rice.The company has obtained approval of shareholders at their Extra Ordinary General Meeting held on 15 April 2017 for Consolidation of face value of Shares of Re 1/- each into Rs. 10/- each , Consolidation of existing equity shares from every TEN equity share of Rs.1/- each into ONE equityshare of Rs.10/- each w.e.f. 15 April 2017.During the FY2018,the company has allotted 21003000 equity shares of Rs 10 each at par to promoters and non-promoters on preferential basis.During the FY2019,the company has allotted 1898090 equity shares of Rs 10 each at par to promoters and non-promoters on preferential basis. The Company has received approval of its Shareholders in the Annual General Meeting held on 27 September 2018,to split the face value of equity share from Rs.10 to Re.1 and accordingly the stock split was done.Mishtann Shoppee India Private Limited (formerly known as Mishtann Agro Private Limited) ceased to be subsidiary Company of Mishtann Foods Limited w.e.f. 14 May 2018.The Company has listed its Equity Shares on BSE Limited and Metropolitan Stock Exchange of India Limited.During FY 2020-21 due to Covid-19 pandemic situation other business sectors like hotel, Restaurant, Grocery Malls were also affected,Which lead to falls in Market demand of Companys product.