Vidhi Specialty Food Ingredients Limited has informed the Exchange about Investor Presentation
Date: February12, 2022
To,
Vidhi Specialty Food Ingredients Limited. Office: E/27 /28/29, Commerce Centre, 78, Tardeo Road, Mumbai - 400034, India. Tel:+ 91 22 6140 6666 Fax: +91 22 23521980 Factory: 59/B & 68, M.l.D.C. Dhatav, Roha Dist : Raigad, Maharashtra - 402116,lndia. E-mail : mitesh.manek@vidhifoodcolour.com Web: www.vidhifoodcolour.com CIN: L24110MH1994PLC076156
The Manager, Department of Corporate Services (DCS-Listing) BSE Limited PhirozeJeejeebhoy Towers, Dalal Street, Mumbai- 400001 Scrip Code: 531717
The Manager, Listing Compliance National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051 Symbol: VIDHIING
Dear Sir(s),
Ref.: Company Code: BSE - 531717, NSE Symbol: VIDHIING Sub:Investor Presentation on the Un-audited Financial Results for the quarterended December 31, 2021
In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, our Company has announced its Un-audited Financial Results (Standalone and Consolidated) for the third quarterand nine months ended December 31, 2021, on February 10, 2022.
Enclosed herewith is the Investor Presentationon the Un-audited Financial Results for the third quarter and nine months ended December 31, 2021.
Kindly take the same on your record and display on your website.
Thanking you,
Bipfn M. Manek Managing Director DIN: 00416441
Place: Mumbai
Encl.: As above.
COlLOURS You Can Trust For Your Food
Vidhi Specialty Food Ingredients Limited COLOURS You Can Trust For Your Food
Investor Presentation – February 2022
Safe Harbor
by Vidhi Specialty Food Ingredients Limited
This presentation and the accompanying slides (the “Presentation”), which have been prepared [Formerly known as 'Vidhi Dyestuffs Manufacturing Limited] (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world- wide, competition, the company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness
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2
Financial Performance
3
Q3 & 9M Performance Highlights
Q3 FY22 (Y-o-Y)
9M FY22 (Y-o-Y)
Revenue 161 Crs
103%
Revenue 392 Crs
133%
EBITDA 25 Crs
PAT 17 Crs
62%
EBITDA 65 Crs
62%
PAT 45 Crs
83%
81%
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Update on Capacity Expansion
Phase I Dahej SEZ
360 MT
Phase II Roha MIDC
350 MT
Capex work progressing well, to be commissioned as per timeline
4
Q3 & 9MFY22 Consolidated Key Highlights
Revenue (Rs. in Crs)
EBIDTA (Rs. in Crs)
PAT (Rs. in Crs)
+133%
392.1
+83%
65.4
+81%
44.8
103%
79.3
161.0
168.6
61%
35.7
62%
24.7
25.1
15.6
17.0
10.5
Q3FY21
Q3FY22
9MFY21
9MFY22
Q3FY21
Q3FY22
9MFY21
9MFY22
Q3FY21
Q3FY22
9MFY21
9MFY22
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5
Q3 & 9M FY22 Consolidated Profit & Loss Statement
Particulars (Rs in Crs) - Consolidated
Q3 FY22
Q3 FY21
Y-o-Y
Q2 FY22
Revenue from Operations
160.96
79.28
103.0%
127.6
Gross Profit Cost of Materials Consumed
GP %
Employee Benefits Expense
EBITDA Other Expenses
EBITDA %
Other Income
EBIT Depreciation and Amortisation Expense
EBIT %
Finance Costs
PBT
Profit for the year Total Tax Expense
PAT %
40.1 120.81
24.9%
2.37
25.1 12.64
26.8 52.44
33.9%
2.16
15.6 9.13
15.6%
19.6%
0.02
24.3 0.83
0.00
14.9 0.70
15.1%
18.7%
1.50
22.84
16.97 5.87
10.5%
0.60
14.25
10.48 3.78
13.2%
49.5%
61.6%
62.0%
34.9 92.7
27.4%
2.4
21.4 11.1
16.8%
0.2
20.8 0.8
16.3%
0.7
20.0
14.41 5.6
11.3%
Q-o-Q
26.1%
15.0%
17.5%
17.2%
17.8%
Total Comprehensive Income Other Comprehensive Income
17.0 0.00
10.4 -0.07
63.0%
14.4 0.0
17.8%
EPS
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9MFY22
9MFY21
Y-o-Y
392.05
287.09
105.0
26.8%
7.10
32.48
65.4
168.61
104.70
63.9
37.9%
5.37
22.88
35.7
132.5%
64.2%
83.4%
16.7%
21.1%
0.40
2.30
63.5
1.02
2.13
34.5
16.2%
20.5%
2.73
1.15
15.98 60.76
44.78
11.4%
0.01
44.8
8.97
8.69 33.39
24.70
14.7%
-0.17
24.5
81.3%
82.6%
6
Consolidated Operating Performance
Revenue from Operations (Rs. in Crs)
EBIDTA (Rs. in Crs)
+8.4%
192.6
212.6
228.4
224.6
392.1
266.4
+16.0%
46.1
50.4
52.5
65.4
29.0
31.5
FY17
FY18
FY19
FY20
FY21
9MFY22
FY17
FY18
FY19
FY20
FY21
9MFY22
Profit before Tax (Rs. in Crs)
Profit after Tax (Rs. in Crs)
+20.4%
40.8
45.2
49.6
60.8
+25.6%
33.9
36.6
29.1
44.8
23.6
24.5
14.7
15.7
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FY17
FY18
FY19
FY20
FY21
9MFY22
FY17
FY18
FY19
FY20
FY21
9MFY22
7
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Consolidated Historical Profit & Loss Statement
Particulars (Rs in Crs)
9MFY22
Mar-21
Mar-20
Mar-19
Mar-18
Mar-17
CAGR (FY17 – FY21)
224.6
228.4
212.6
192.6
8.4%
Revenue from Operations
Gross Profit Cost of Materials Consumed
GP %
Employee Benefits Expense
EBITDA Other Expenses
EBITDA %
Other Income
EBIT Depreciation and Amortisation Expense
PBT Finance Costs
Profit for the year Total Tax Expense
PAT %
EPS
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392.05
287.09
105.0
26.8%
7.10
32.48
65.4
16.7%
0.40
2.30
63.5
2.73
60.76 15.98
44.78
11.4%
266.4
172.9
93.6
35.1%
7.8
52.5 33.3
91.2 133.5
40.6%
7.3
50.4 33.4
83.0 145.3
36.4%
6.7
46.1 30.2
67.6 144.9
31.8%
5.3
31.5 30.8
58.9 133.7
30.6%
4.2
29.0 25.8
19.7%
22.5%
20.2%
14.8%
15.0%
1.6
51.2 2.9
49.6 1.6
0.6
48.1 3.0
45.2 2.9
0.6
44.3 2.4
40.8 3.4
36.6 13.0
13.7%
33.9 11.3
15.1%
29.1 11.8
12.7%
0.4
29.4 2.5
24.5 4.9
15.7 8.8
7.4%
0.8
27.5 2.3
23.6 3.9
14.7 8.9
7.6%
12.3%
16.0%
25.6%
7.33
6.79
5.82
3.15
2.93
8
Sustainable Return Ratios
Cash flow from Operations
Rs. In Crs
Borrowings and Cash & Cash Equivalents Rs. In Crs
33.2
27.7
22.1
11.2
-8.9
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
61.2
Cash & Cash Equivalents Borrowings
42.1
42.2
32.3
30.0
18.5
14.9
10.6
5.3
8.2
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
ROCE (%)
ROE (%)
Net Debt to Equity (x)
30.9% 29.9%
26.7%
24.7%
21.6%
28.8%
26.4%
22.7%
22.2%
20.4%
0.8
0.4
0.2
0.1
0.1
Mar-17 Mar-18 Mar-19
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Mar-20
Mar-21
*Annualised basis
Mar-17
Mar-18
Mar-19
Mar-20 Mar-21
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
9
You Can Trust For Your Food
Company Overview
10
All About Food Colours
Why Food Colours???
Food colours are ingredients that are added to food or beverage to enhance its appearance
Colours when added to food products imparts very bright and tempting effect
Improves the appearance of the product for consumption
Consistency in the product appearance to influence the consumer to buy a product through visual perception
Enhance the visual appeal of a dish and introduce decorative colours to other foods
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Colour of the food can influence the perceived flavor
11
Huge Industry Potential with Limited Players
Food Colour Industry Growth
USD Bn
+6% CAGR
5.1
3.7
l a i t n e t o P y r t s u d n I
FY17
FY23E
Huge Growth Opportunities:
Every year incremental demand of ~Rs. 1,500 to Rs, 1,700 crores is expected to generate globally for Food colours
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Source: Industry Reports
food & beverages, bakery & confectionery, dairy Upsurge in demand for food colors from various end-use industries, products, meat & poultry, and seafood including
value Colour is a key component to
and consumer acceptance towards foods and beverages.
enhance the ultimate appetizing
Synthetic food colours have been increasingly used than natural food colours
by food manufacturers to attain certain properties such as low cost, improved appearance, high colour intensity, more colour stability, and uniformity.
improved characteristics Technological advancements and growing R&D activities
for
demand upsurge from the emerging markets Food colour market across the globe has been on a rise with more and is expected to be
higher than projected 6% CAGR due to higher disposable income
12
About Vidhi Specialty Food Ingredients
An Institution in Edible Colour Technology
2nd
Largest food colour manufacturer in Asia
80
6 Supplying to
Countries
across
continents
3,500 MT
Existing Capacity of over +
p.a.
~8,500 MT
p.a. under expansion
Over 200
active customers
Diversified End User Industry
Food & Beverages
Cosmetics
Confectionaries & Bakery
Personal Care Products
Pet Foods
Pharmaceuticals
Home Care Products
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13
Legacy of over 2 Decades
Vidhi Dyestuffs Mfg. Ltd. incorporated with production capacity of 30 MT / Month
Increased Production Capacities to 90 MT / Month
Brownfield expansion with capacities increased to 250 MT / Month
Capacity expansion plans up to ~900 MT / Month with 2 Greenfield Expansions
1994
2005
2015
2022- 2023
2000
2011
2019
Increased Production Capacities to 55 MT / Month
New Factory Commissioned enhancing total production capacity to 150 MT / Month
Enhanced capacities to 325 MT / Month & Completed product development of D&C Dyes, Lakes & solvent dyes
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14
Synthetic Food Colours
r e t a W y r a m i r P
d o o F e l b u l o S
s r u o l o C
•
•
r e t a W
f o s d n e l B
d o o F
e l b u l o S
s • r u o l o C
•
•
•
d o o F e k a L
s r u o l o C
Primary Food Water Soluble Colours are water soluble, and impart coloring to any product when dissolved
Are in accordance with the E.C. & JECFA Regulations & Approved for human consumption by WHO
Obtained from mixing different primary colors with one another
Resultant colors are unique in color property and provide a different feel to products
Used where colouring is to be imparted by coating, these are basically Food Grade Pigments
Lake Colours are bright, consistent, and useful in confectioneries, industries like pharmaceuticals, food containers etc.
snack cosmetics,
inks, plastic,
food,
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Synthetic Water Soluble Colours
FD&C Certified Water Soluble & Lakes
Aluminum Lakes
D&C Colours
Blends
Others
Full range of 14 water soluble colours available in Microfine Powder, Fine Plating Grade Powder & Granular Forms
Full range of U.S. FDA Certified Colours in Microfine Powder, Fine Plating Grade Powder & Granular Forms & Lakes
Full range Of Aluminum Lakes used in Surface Coatings, Capsules, Dry Snacks Food Packaging Material etc.,
Range of Certified D&C Dyes & Lakes For Drug & Cosmetic Applications
We can develop and match any shade as per the customers specifications
Co-blended Lakes & Granules
15
Wide Product Range
Water Soluble Colours
Lakes
FD&C Certified Water Soluble Colours
FD&C Certified Lakes
Tartrazine
Allura Red
Lake Tartrazine
Lake Allura Red
FD&C Yellow 5
Lake FD&C Yellow 5
Quinoline Yellow
Patent Blue V
Lake Quinoline Yellow
Lake Indigo Carmine
Sunset Yellow
Indigo Carmine
Lake Sunset Yellow
Lake Brilliant Blue
Carmoisine
Brilliant Blue
Lake Carmoisine
Lake Chocolate Brown HT
Amaranth
Chocolate Brown HT
Lake Amaranth
Lake Green S
Ponceau 4R
Green S
Lake Ponceau 4R
Lake Black PN
FD&C Red 3
FD&C Yellow 6
FD&C Red 40
FD&C Blue 2
Lake FD&C Yellow 6
Lake FD&C Red 40
Lake FD&C Blue 2
Erythrosine
Black PN
Lake Erythrosine
-
FD&C Blue 1
Lake FD&C Blue 1
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Existing Manufacturing facilities
• •
•
•
• • •
•
Our Manufacturing facilities have been audited and found satisfactory by the U.S. FDA Our present and operational manufacturing facilities are spread over an area of 1,76,000 square feet, located in Dhatav Village of Raigad District in the state of Maharashtra Plot No 59/B :
3 Dedicated Sections To Manufacture Azo Colours & Lakes : (AZO I, AZO II & AZO III) Dedicated Erythrosine Manufacturing Plant Dedicated Brilliant Blue Manufacturing
Plant Plot No 68 :
2 Dedicated Sections To Manufacture Azo Colours & Lakes : (AZO IV, AZO V)
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Long runway for growth
Metric Tons per Month
Capacity Expansion
~720
~1,000
3x
Planned Capacity Expansion in 1 year
325
250
150
90
30
55
1995
2000
2005
2011
2015
2019
2022/23e
2023e
Demand Supply Gap
To address the
through capacity expansion
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Pursuing Capacity Expansions
Phase I
In Dahej Sez, Gujarat
360 MT Capacity to be installed
EC clearance received
Civil construction commenced
Expected timeline: FY22
Capex ~Rs. 30 crs, to be funded largely from internal accruals
Phase II
Arjun Foods, a wholly-owned subsidiary of Vidhi in Roha MIDC, 200 meters away from the current manufacturing site bring operational synergies
350 MT Capacity to be installed for manufacturing of new high margin products
Terms of reference from MPCB have been received
Expected timeline: FY23
Capex ~Rs. 30 crs, to be funded largely from internal accruals
18
Diversified End-user Market
e• g a • r e v • e B • & d • o o • F
Processed Foods
Soft/Health Drink
Ice Creams
Sherbets
Jam’s & Jellies
Juices
Chocolaté Fillings
& • y r • e y n r e o • k i t a c B e • f n o • C
Candies
Toffies
Pastries
Soufflés
s l a c • i t u e • c a m r • a h P
Syrups
Tablets
Capsules
t e k r a m e h c i n d e t a l u g e r y l h g i H
t e k r a m r e s u - d n e d e i f i s r e v i d h t i
w
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•
s c • i t e m • s o C •
e• r a C • l a n • o s r e • P
• e r a • C e m • o H •
Lip Gloss
Nail Varnish
Mascara
Eye Shadow
Shampoos
Body wash
Hair gel
Shaving Gels
Dish Washers
Floor Cleaners
Disinfectants
Sanitizers
Pet food & Cattle Feed
•
•
•
Dog food
Cat food
Cattle/Poultry Feed
19
Marquee Customers across Industries
Cosmetics
Confectionaries & Bakery
Personal/ Home Care
Food & Beverage
Customer & Industry Diversity
Britannia
Unilever
Procter & Gamble
Nestle
Kraft
Coca-Cola
Cipla
Parle G
Mars
Pfizer
Sanofi
Cadila
Rasna
Pepsi
Kerry
ITC
Mondelez
Mala’s
Pharmaceuticals
Pet food, Cattle & Poultry feed
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and many more MNC’s across the globe
20
Global Footprint
Continent Wise Sales
Country Wise Sales (Q3FY22)
11%
23%
3%
4%
FY21
5%
4%
23%
Q3 FY22
20%
50%
16%
52%
AFRICA AMERCIAS
AUSTRALASIA EUROPE
MIDDLE EAST
2% 2%
2% 2%
2% 2% 2% 3% 3%
3%
4%
4%
5%
5%
6%
28%
16%
USA
Mexico
Italy
Spain
Brazil
China
Indonesia
MALTA
Egypt
Argentina
Philippines
Germany
TURKEY
Vietnam
Australia
Iran
AFGHANISTAN
Rest of the World
Diversified Geographical Presence
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Exporting to more than 80 countries across 5 continents meeting all the specific regulatory requirements for each country and continent
Continuous addition of new customers and increasing wallet share in existing customers enhancing the growth for the years to come
Top 10 countries contribute to ~76% of the revenues & Top 10 customers contribute ~58% of the revenues as on Q3FY22
21
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Stringent Regulatory Approvals
Synthetic Water Soluble Colours
European Commission & JECFA Approved
Aluminum Lakes
European Commission & JECFA Approved
FD&C Colours
U. S. FDA Approved
FD&C Lakes
U. S. FDA Approved
D&C Colours
U. S. FDA Approved
Blends
European Commission, JECFA & U. S. FDA Approved
Co-Blended Lakes &Co-Blended Granules
European Commission, JECFA & U. S. FDA Approved
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22
Certifications & Regulatory Approvals
1st Company
in the field of manufacturing synthetic food colours
in India to be awarded with ISO 9002 in the year of 2000
ISO 9001:2015, ISO 22000:2005
certified company (HACCP)
The Management Of Food Hazard Analysis the manufacture of synthetic food colours & lakes
FSSC 22000
system for
GFSI
compliant Vidhi is a
GMP accredited company and hence
and also have
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23
Technology and R&D strength
Raw Material testing
In-Process
Manufacturing processes Stringent checks and processes established at each stage from
Finished Goods
to
to delivery of
desired products
to
to ensure
The Bureau of Indian Fully equipped & functional laboratory Standards accredited by
forms the core of Quality
Control Department
R & D facility
with a team of Dedicated PHD’s & qualified chemists, constantly development working on process engineering of of new products existing products and on
product portfolio and offerings
to enhance the
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Qualified Technical Team
End User Approach
Stringent Testing
Collaborative working with regulatory bodies
•
•
•
Transcendental combination of highly experienced and dynamic force of qualified chemists dedicated towards partnering the efforts of our discerning customers in developing superior colour solutions for their products
•
Technical team works closely with the end user, right from the stage of envisioning the product to commercial production and after sales support.
Stringent procedures and fail-safe methods of testing are adopted, right from the stage of sampling of all raw materials, in process checks at various stages of the reactions and thorough testing of all finished products
Sharing of information & working hand in hand with the regulatory bodies like US FDA & EC for new product developments & standards to be implemented across the globe for food colour industry
24
Growth Drivers
Increasing Global Presence
Penetrating the untapped markets & increasing in the wallet share of existing customers
5
Maximum Utilization of Capacity
1
Maximize the capacity utilizations post planned expansion with multiple customers on board
Customer Satisfaction
Superior customer experience through consistent delivery of quality products
4
Automated Manufacturing Processes/ Backward Integration
2
Increase automation to bring operating leverage from existing & new facilities to enhance margins along with backward integration
3 Diversify into High Margin Products
Continuous R & D to develop highly specialized niche products to enhance revenues & margins
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25
High Entry Barriers
Technical Know-how
•
Technical know-how with years continuous of experience for development of new products & colours
Long Customer Approval
High Entry Barriers for New Competition
•
•
Customer approval takes as long as ~10 years. Average single product approval cycle for customers is between 4-5 years for the first set of orders internal End specifications which are often more stringent than the regulations to which they adhere to
users
have
•
•
•
•
•
Highly Regulated Markets
Operate in a highly regulated markets with multiple regulatory approvals required Undertaken various approvals backed by an appropriate lab testing facility and among the very few USFDA approved manufacturers of food grade colours in India
Quality Control Process
quality
control Follow stringent norms on batch wise before delivery to the customer With strong controls and processes in place, able to deliver quality products to customers High cost of change in vendor due to stringent norms & approval cycle enhances customer stickiness
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26
Key Differentiators
Products
Large Product Variants
Diversified Usages
Diversified customers
Long standing relationships with Large MNC as a customers
Customer & Geography Expansion
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Renowned name in Food Colour Industry
Regulatory
Financial Strength
Un-leveraged Balance sheet
Revenue Visibility
Better Profitability
Highly Regulated Market
Consistency is a Key
Long Customer Approval Cycle
R&D & Product Development
27
Experienced Board of Directors
Mr. Bipin M. Manek
Mr. Mihir B. Manek
Mr. Vijay K. Atre
Mrs. Pravina B. Manek
Mrs. Vidhi H. Parekh
Chairman & Managing Director
Joint Managing Director
Non-Executive Director
Non-Executive Director
Wholetime Director
Mr. Niren D. Desai
Mr. Prafulchandra A. Shah
Mr. Rahul C. Berde
Mr. Ashit K. Doshi
Mrs. Jyoti S. Modi
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
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Strong Management Team
Mr. Bipin M. Manek
Chairman & Managing Director
Mr. Mihir B. Manek
Joint Managing Director
Rich & Diversified experience of over 35 years in the field food colour manufacturing. Acknowledged as a thought leader in food color transforming the Company from a small manufacturing company to the Asia’s 2nd largest food color manufacturing Company.
Associated with the company for more than 15 years with expertise in procurement of imported raw materials and distribution. Played a significant role in leading multiple initiatives to accelerate production and sales
Mr. Mitesh Manek
Chief Financial Officer
Mr. Vijay K. Atre
Non-Executive Director
Postgraduate with 17 years of experience in finance & administration. Also, looks after the sales & distribution to various geographies
Masters Degree in Science from University of Mumbai with food colors experience of 42 years manufacturing. Associated with the company since inception
in the field of
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29
Thank You
Company :
Investor Relations Advisors :
Vidhi Specialty Food Ingredients Limited
Orient Capital
CIN: L24110MH1994PLC076156
Mr. Mitesh Manek - CFO
mitesh.manek@vidhifoodcolour.com
www.vidhifoodcolour.com
(a division of Link Group)
Mr. Faraz Ahmed : +91 9619705150 faraz.ahmed@linkintime.co.in
Mr. Rajesh Agrawal : +91 9967491495 rajesh.agrawal@linkintime.co.in
30