Parag Milk Foods Ltd

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• Parag Milk Foods Ltd (PMFL), founded in 1992, is one of leading dairy FMCG companies in India. The company manufactures a diverse range of products like cheese, ghee, fresh milk, whey proteins, paneer, curd, yoghurt, milk powder and dairy based beverages. The Company enjoys a strong reputation and brand recall across several geographies through its exports across UAE, Singapore, Oman, Kuwait, Mauritius, New Zealand, Australia, Congo, Seychelles, Iraq, USA, Hong Kong, Philippines, , Sri Lanka, UAE and Bangladesh. The Company also supplies farm-to-home premium fresh milk from Bhagyalaxmi Dairy Farms, which it markets and sells in Mumbai, Pune, Surat, and Delhi-NCR region. As on March 31, 2019, the Company has one wholly owned subsidiary called Bhagyalaxmi Dairy Farms Pvt Ltd (BDFPL), which is located at Manchar, Pune The Company was incorporated as Parag Milk & Milk Products Private Limited on December 29, 1992 with the registrar of companies at Mumbai with the registered office at Pune as a private limited company under the Companies Act, 1956. The name of the Company was changed to Parag Milk Foods Private Limited and a fresh certificate of incorporation consequent upon change of name was granted by the RoC on April 11, 2008. The Company was converted into a public limited company pursuant to approval of the shareholders at an extraordinary general meeting held on May 16, 2015 and consequently, the name of the Company was changed to Parag Milk Foods Limited and a fresh certificate of incorporation consequent upon conversion to a public limited company was granted to the Company by the RoC on July 7, 2015. Parag Milk Foods Ltd started commercial production in 1992 and commissioned the Manchar, Pune plant for production in 1998 under the Gowardhan Brand. The company launched Bhagyalaxmi Dairy Farms in 2005 and started operations at the Palamaner Plant in 2010. The company launched milk under `Pride of Cows` Brand in 2011. The company has being launching various products in milk and cheese in subsequent years. Parag Milk Foods raised Rs 300 crore from through fresh issue of 136.99 million equity shares in an initial public offer in May 2016. During the financial year ended 31 March 2017, the company expanded its cheese slice range with flavours like Piri Piri, chutney cheese, Kachha Aam, Schezwan and Acchari and other product categories like Pre-mix with Go Easy Shake and relaunched dairy whitener under Milk Rich brand name. During the year, the company company expanded distribution of fresh milk in upcountry Tamil Nadu market. During the financial year ended 31 March 2018, the company introduced fresh dahi to strengthen its presence in north region. With this launch, the company has expanded its geographical reach and entered into Rs 1500 crore curd market of Delhi. The company also launched Mishti Doi which is nutritionally rich in protein. This is a traditional Bengali dessert. The company believes that the addition of Mishti Doi to its product portfolio will further build up the Gowardhan Dahi category. The company also launched Gowardhan Paneer as a fresh paneer category with a shelf life of 75 days and is made from 100 % cows` milk. It is a rich source of proteins and vitamins. This is the only product which has used ESL technology. To strengthen the presence in north, the company acquired the manufacturing unit of Danone Foods and Beverages India Pvt Ltd., the local entity of French dairy firm Danone SA. The acquisition will strengthen the company`s distribution of fresh category products like milk, dahi, paneer, yogurt in the Northern and Eastern regions of India, which is largely dominated by buffalo milk consumption. This move will give the company an edge to understand the consumer preferences in northern India. The plant is spread across 5,500 square meters on the outskirts of Delhi NCR. Its current milk processing capacity is 0.75 LLPD (lakh litre per day) along with curd processing capacity of 15 tonne.