ADF FOODS LIMITED

Incorporated on August 27, 1990 ADF Foods Limited (Formerly known as American Dry Fruits Limited) went public in October, 1991. The company was promoted by Hariram Mewawala, Ramesh Thakkar and Kishore Thakkar. Mewawala has over 60 years of business experience and was instrumental in setting up American Dry Fruits Stores, a government-recognised export house. The Company changed its name to 'ADF Foods Limited' from December, 1999. Presently, Company is engaged in the manufacture and selling of food products like pickles, chutneys, ready to eat items, paste and sauces, frozen foods, spices etc. Within the country, the company markets pickles and masalas under the brand name Mother's Recipe. The export performance of the company in the ethnic Indian food line is a major contributor to its turnover. It markets its products through American Dry Fruit Stores under the Camel, Aeroplane and Ashoka brands. ADFS has established marketing and sales network over two decades in the US, UK, Germany, west Asia, Singapore, east Asia and Australia. In 1995-96, the company successfully completed the expansion and modernisation of its existing facilites at Nadiad, Gujarat and Nashik, Maharashtra, to manufacture spices and masalas. During the year, the company's Nadiad factory has been awarded the prestigious ISO 9002 certification by BVQI, UK. The company has tied up with a new company in Sep.'97 for distribution of its products in the ethnic market as well as for introduction of select products in the mainstream market in UK. During 1999-2000, the company has launched its 'MOTHER'S RECIPE' brand of South Indian Pickles in U.S. which was well received and intends to introduce in U.K. and Canada as well. Another premium brand namely 'CLASSIC ASHOKA' was introduced in U.K. & U.S. markets, product range covers authentic regional pickles, cooking pastes, chutneys and ready meals. To launch the forzen foods in UK the company has incorporated a subsidiary company in UK in 2002-03. The company is planning to set up a factory in Gujarat as a part of its expansion plans. During financial year 2003-04 the Company set up an E.O.U. Division at Nadiad for manufacturing of frozen food products and the production in the said Division commenced from 21st April, 2004. Frozen snacks such as Samosas, spring rolls, kachori, Potato Wada, Dhokla were launched in the countries like USA, UK, Canada & Middle East. Moreover new variants were added in Ready to Eat Curries in retort packs during 2005. It established a new undertaking under EOU scheme for manufacturing of Pickles, Chutneys, Cooking Paste, Sauces and Retort ready to eat at its Nasik Plant in 2004-05. The Company incorporated a Wholly Owned subsidiary viz. ADF Foods USA Ltd.' in the U.S.A. on January 18, 2005. During 2006-07, the amalgamation of Lustre Investment Private Limited (LIPL') with the Company was implemented and made effective from 10th October, 2007. On amalgamation becoming effective, Power Brands (Foods) Private Limited (PBF') became a 99% subsidiary of the Company. The Company set up new production line for frozen parathas, naan and snacks at Nadiad factory and has enhanced its production capacity by setting up a new line for pickle, chutney and ready-to-eat products at Nashik factory in 2007. Company expanded its Chutney and Pickle line at the Nadiad factory by importing machinery from UK, upgraded the effl uent treatment plant and renovated ready-to-eat plant in 2008-09. It further expanded its distribution in Gujarat and Madhya Pradesh in addition to its existing presence in Mumbai and Pune in 2011-12, again expanded its distribution network in Uttar Pradesh, Delhi and Bangalore in addition to its existing presence in Mumbai, Pune, Gujarat and Madhya Pradesh in 2012-13. The Company's acquired business of Elena's Food Specialties in 2013. It introduced four new burritos under the brand PJ's Organics. The Company has also introduced a unique range of protein based Ethnic Indian foods such as Kathi Rolls and Indian style Pizzas called NAANZZA under its brand ADF SOUL' in 2014-15. The new manufacturing plant at Nadiad became fully functional in 2015. During the year 2018-19, it launched various new products like baked snacks, a range of flavoured milk drinks called 'Badamazaa' and a range of pastes under Ashoka and Camel brands. In 2019-20, it launched new products underAshoka brand like FrozenChutneys, Bullet Naan (Masala Naan), Tandoori Lachha Naan, Veg Spring Rolls, Cheese Samosa, Vegetable Samosa, Malaysian style Plain Paratha and extended its current product line of Dipping Sauces with a new variant called Chatpata Achari Dipping Sauce under the ambient range. In addition, the Company initiated a Capex of Rs 20 crore for expansion of premium product capacities in both the facilities, setting up an Effluent Treatment Plant (ETP) with zero liquid discharge at Nasik facility and installation of solar panels in both the facilities for captive consumption. A large part of Capex has been committed with enhanced product capacities and automation of Chutney and Pickle lines. ETP with zero liquid discharge was commissioned at Nasik plant. The Solar power project in Nasik had gone on stream and started generating power and the excess units exported back to the MSEB grid. In 2021-22, the Company commenced operations from leased warehouse in the New Jersey, USA which serves as a distribution Center for it, to ensure uninterrupted product supply. It established a step-down subsidiary named Vibrant Foods New Jersey LLC, which acts as a distribution entity. It formed an Indian Subsidiary named Telluric Foods Limited of carrying out e-commerce or any other new age business in food sector effective on May 17, 2022. Further, the Company formed another Indian Wholly Owned Subsidiary on 8th July, 2022 named Telluric Foods (India) Limited for providing back end support for e-commerce activities related to food business. On 30th September, 2022, Telluric Foods Limited was converted into step down Wholly Owned Subsidiary of the Company. In FY 2024, Company launched 37 new products across various categories including frozen desserts, snacks, Indian flat breads, gravies, chutneys, canned sweets, Indo-Chinese sauces under the Ashoka brand. During FY 2024-25, Company commissioned a new cold storage facility at Nadiad Plant. The Company acquired remaining 30% stake in Vibrant Foods New Jersey LLC, thereby attaining full ownership in FY 2025. The Company has also undertaken brownfield activities at Nasik Plant which significantly enhanced the production of Ready to eat category.