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Nourishing by Nature HERITAGE FOODS LIMITED 28Th Annual Report 2019-20

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Nourishing by Nature HERITAGE FOODS LIMITED 28Th Annual Report 2019-20 Nourishing by Nature HERITAGE FOODS LIMITED 28th Annual Report 2019-20 www.kalajyothi.com Heritage Foods Limited CIN: L15209TG1992PLC014332 #6-3-541/C, Panjagutta, Hyderabad - 500 082, Telangana Tel: 040-23391221/2 | Fax: 040-23318090 E-mail: [email protected] | Website: www.heritagefoods.in Title_Heritage AR 2019-20_Kala3T.indd 1 30-07-2020 14:37:14 Contents Key Numbers defining Company Overview FY2020 Understanding Heritage Foods Limited 02 Our Journey from B2B to B2C 04 Our Expanding Presence 05 Message from the Chairperson 06 13.77 Lakh 11.47 Lakh liters per day liters per day Message from Vice-Chairperson & Managing Director 08 Milk procured Milk sold In Conversation with the Executive Director 10 Board of Directors 12 Financial Review 14 Our 10-Year Financial Highlights 15 We nourish… 26.70 Lakh 3 Lakh By Supplying Quality and Nurturing Products 16 liters per day We nourish… Farmers touched By Creating Goodness for all Generations 18 Processing capacity We nourish… By Improving Socio-Economic Livelihood 20 Farmer Spotlight 22 We nourish… Through Convenient and Innovative Channels 24 15 Lakh 1.5 Lakh We nourish… By Creating an Effective Supply Chain 26 Households served General trade Our Strategic Roadmap 28 retailers It’s Far More Than a Game 30 Helping Farmers Improve Cattle Productivity 32 Being People Positive 34 Corporate Information 36 12,610 942 Procurement Exclusive franchise Statutory Reports representatives parlours Notice to Shareholders 37 Director’s Report 48 Management Discussion and Analysis 102 Corporate Governance 115 Financial Statements Standalone Financials 142 Consolidated Financials 196 To get this report online and for any other information, log on to www.heritagefoods.in Title_Heritage AR 2019-20_Kala3T.indd 2 30-07-2020 14:37:14 Nourishing by Nature Our purpose is to ‘Nourish by Nature’. Further substance is added We win with nutrition, through a healthy supply to our purpose ‘nourish by of fresh and pure milk that is rich in both taste nature’ by placing greater and the essential elements of nourishment. emphasis on sustainable We value the real nourishment of milk for farming practices, thereby our consumers. By retaining its freshness, reducing carbon footprint purity, nutrition and by procuring it directly and safeguarding the from milk farmers, we create goodness for all planet’s well-being. We generations. contribute to the larger Nourishment is also passed on through tastier Sustainable Development and healthier food choices, high-quality and Goals and create long- sustainably produced foods, in line with term value for all our evolving tastes. stakeholders. The milk supplied by us is healthy, with a high nutritive value. We also organise cattle healthcare and ensure the well-being of farmed animals. When the cattle are in perfect health, the consumers benefit even more. 28th Annual Report 2019-20 I 1 Haritage_AR_Inner Colour Pages_kala2T.indd 1 30-07-2020 16:51:35 Understanding Heritage Foods Limited We are one of the… Our objective is to… Our capabilities include… Leading and fastest-growing private Distinguish Heritage Foods as a leading State-of-the-art milk processing sector Indian dairy companies, serving dairy company that caters to changing facilities; R&D infrastructure with 15 lakh households. consumer tastes and trends. technologically-advanced equipment and testing laboratories; stringent With a key focus on product We are guided by a… quality control; and dedicated and innovation… 28-year legacy and domain expertise in experienced team. We have developed a strong portfolio of the dairy business through: milk and value-added products including We procured 13.77 lakh liters of • procurement of milk from 3 lakh curd, ice cream, frozen dessert, paneer, milk per day from milk farmers. dairy farmers butter milk, flavoured milk, lassi, A2 milk Our 16 modern milk processing units and milk powders under the Heritage • distribution of processed milk and have a processing capacity of 26.70 lakh brand. milk products to households in liters per day, and packaging capacity of 11 states 17 lakh liters per day. Our vision is… • our strong portfolio of products Delighting every home with fresh and and brands healthy products and empowering the farmers. We have established… A reputation for fusing the vision of dairy cooperatives with corporate Product contribution to portfolio efficiency. Fat - 5.48% Others - 2.09% Value-added products - 26.96% Milk - 65.47% 2 I Heritage Foods Limited Haritage_AR_Inner Colour Pages_kala2T.indd 2 30-07-2020 16:51:35 Company Overview Statutory Reports Financial Statements From Grass to Glass – The Milk Value Chain Milk Procurement Heritage Control Centre Materials Management Digitally-automated procurement This digitally-enabled operation There is a digitally-enabled approval systems are in place to inform creates SMS alerts on milk stock, process from Purchase Requisition the Procurement & Inputs team tanker monitoring, procurement to Purchase Order release. Processes about quality and quantity, tanker representative feedback, weekly status are also in place for physical invoice acknowledgments, and vendor reports and other related activities. submission tracking and communication payments. Automated mail alerts of capex material status. are created on procurement-related operational matters. Operations Sales & Distribution Consumers The entire logistics chain is IT-enabled sales automation sends Pure and high-quality milk and milk technologically-enabled to facilitate periodic analysis of sales and inventory products are supplied to more than online monitoring. Digitally- to channel partners through SMS alerts. 15 lakh consumers through innovative enabled operations handle dispatch channels such as general trade retailers, (through GPS), product shelf life and franchise partners, exclusive parlours, merchandising. distribution centres and e-commerce platforms. 28th Annual Report 2019-20 I 3 Haritage_AR_Inner Colour Pages_kala2T.indd 3 30-07-2020 16:51:36 Our Journey From B2B to B2C We started our journey of building a strong company in 1992. Today, after almost three decades, we are one of the leading private sector dairy companies in India, delivering high-quality products to the consumers using new-age marketing initiatives and platforms, and making them available through innovative and convenient channels. 2019-20 Won India Food Safety Summit Award Won India Dairy Award 2018 Launched Alpenvie Ice-cream range Won India Food Safety Summit Award by Confederation 2017 of Indian Industry Revamped the Heritage brand in our Silver Jubilee Year Launched Polypropylene (PP) flavoured milk Established Heritage Nutrivet Limited, a subsidiary for cattle-feed 2016 Received Golden Peacock Award for Excellence in Commissioned the first wind power plant Corporate Governance Received the Golden Peacock Award in Corporate Governance Received Board approval regarding demerger of retail undertaking 2014 Entered into India’s prestigious list of ET Top 500 Companies 2013 Set up first solar energy plant Awarded 1:1 bonus equity shares to shareholders 2007-08 VP & MD, Mrs. N. Bhuvaneswari named among the 50 Most Powerful Business Women in India by Fortune India Launched value-added products like curd, lassi, buttermilk, paneer, flavoured milk and frozen dessert First exclusive franchisee parlour launched Started Agri division 2006 Started Retail division – Heritage Fresh Stores 2002 Buyback of shares 1994 Initial Public Offering which was over-subscribed 54 times 1993 Commenced commercial production on April 26, 1993 1992 Incorporation of the Company on June 5, 1992 4 I Heritage Foods Limited Haritage_AR_Inner Colour Pages_kala2T.indd 4 30-07-2020 16:51:36 Company Overview Statutory Reports Financial Statements Our Expanding Presence We deepened our penetration across our existing markets. We are also developing a robust sales and distribution network by opening up new avenues and exploring new geographies. Andhra Pradesh Telangana Karnataka Tamil Nadu Kerala Maharashtra Odisha NCR Delhi Haryana Uttarakhand Sales Rajasthan Procurement Uttar Pradesh Map not to scale. For illustrative purposes only. Winning Awards Awarded the ‘Best Customer Service Provider of the Year’ for the transformation brought about in the way India Food Safety Summit Awards 2019 consumers are served by the Company. Won the 2nd Award for ‘Technology Innovator of the Year’ for technology advancements in seamless integration of milk procurement from farmers and delivering fresh and nutritious milk to consumers. 28th Annual Report 2019-20 I 5 Haritage_AR_Inner Colour Pages_kala2T.indd 5 30-07-2020 16:51:36 Message from the Chairperson Dear Shareholders, We are pleased to present to you our 28th Annual Report at the conclusion of another busy year. I am happy to state that throughout our history, despite changing market dynamics, we have remained true to our philosophy and vision of delighting every home with fresh and healthy products and empowering the farming community through our ‘relationship farming’ model. With this, we have evolved into one of the leading players in the Indian dairy industry. Today, we are a premier provider of pure and fresh milk and value-added products. Now let me give you a brief on the global and domestic dairy industry and impending growth drivers, before reflecting upon what the future holds in store for us. Global dairy segment The changing lifestyle of consumers is driving the demand for new, innovative, healthy, and on-the-go dairy options. Convenience, time, and goodness
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