Temptation Foods Ltd Liquidated Company Summary

Temptation Foods Ltd Liquidated Summary

Temptation Foods Ltd is a major player and one of the largest organized sector enterprises in the Indian food processing industry. The company is engaged in the processing and Individually Quick Freezing (IQF) of fruits and vegetables using the latest technology and processes. They process a variety of vegetables and fruits for the Indian markets and also export the same to several of the biggest brands in USA, UK, Europe and the Middle East.The company processes Fruit and Vegetable at 6 plants, namely Sonepat, Karnal, Rudrapur, Kashipur (2 plants) in North India and Jejuri in West India. These plants have a combined annual capacity to process, pack and Individually Quick Freeze (IQF) over 60,000 tonnes of Vegetables and Fruits. They procure Fresh Fruits and Vegetables primarily from the Terai region in North India and the Agriculture Produce Market Committee (APMC) of Mumbai and Pune. The company offer vegetables and fruits under the brand name Everfresh, Delika and Karen Anand. Their products include frozen Fruits & Vegetables, FMCG food products like Conserves, Jams, Marmalade, Sauces, Mayonnaise, Salad dressings, Honey and Marine Products.Temptation Foods Ltd was incorporated in the year 1991. Initially, the company products are marketed under the brand name Delika. During the year 1992-93, the company implemented a state-of-the-art, hi-tech food processing 100% EOU project using Individual Quick Freezing (IQF) technology for deep freezing of fruits and vegetables, with an installed capacity of 4,000 tonnes. In May 1993, the company started commercial production of mango pulp, slices as well as dices. During the year 1995-96, the management of the company was changed and vested with MPL and their associates with effect from May 11, 1996.During the year 2005-06, the promoter company, Venture Business Advisers Pvt Ltd purchased 300,000 equity shares from IFCI Ventures Funds Ltd. Thus, the company became a subsidiary of Venture Business Advisers Pvt Ltd.During the year 2006-07, the company signed an MoU for 100% acquisition of Karens Gourmet Kitchen Pvt Ltd, a company dealing in premium range of processed food products, such as Conserves, Mayonnaise, Sauces etc. Also, they started trials of innovative products such as Jamun juice.During the year 2007-08, introduced new products like Green Chholiya and Shredded Coconut in the market. They entered into an MoU with Aptsource Software Pvt Ltd and their present shareholders for taking a majority stake in that company. Also, they entered into a Business Purchase Agreement with Marine Foods Company based in South India.In November 7, 2007, company acquired the Food Processing Business, comprising, inter alia, of the Everfresh brand and the factory situated at Sonepat, Haryana on slump sale basis, from Chambal Fertilisers and Chemicals Ltd. Also, they the Foods Processing Business, inter alia, of the Karen Anand brand acquired on slump sale basis, from Karens Gourmet Kitchen Pvt Ltd with effect from January 1, 2008. During the year 2008-09, the company incorporated Temptation Foods International Ltd, a company limited by shares, in the British Virgin Islands. They started a mango pulp canning operations at a leased plant at Madanapalli.The company is in the process of acquiring a few other well known brands along with their business in the Food Processing space. They are also palnning to enter the markets for edible oil, rice and ready-to-eat segments.