Tapi Fruit Processing Ltd - Stock Valuation and Financial Performance

The company’s history and lineage traces back to Ghanshyambhai Laljibhai Lukhi, who savored the flavor of tooty fruity, a candy that is made out of raw papaya to start his business under the name of “Tapi Food Products” a sole proprietorship firm, in the year 1999. The company was incorporated as “Tapi Fruit Processing Private Limited” under the provisions of the Companies Act, 2013 on July 11, 2018, with one of its main objectives being to acquire the running business of the proprietorship concern, Tapi Food Products. Pursuant to the incorporation of the Company, the entire business of the proprietorship was transferred to the Company with effect from July 11, 2018. Subsequently, the Company was converted into a Public Limited Company pursuant to Special Resolution passed by the shareholders at the Extraordinary General Meeting dated July 04, 2022 and the name of the Company was changed to Tapi Fruit Processing to reflect the legal status of the Company pursuant to conversion, a fresh certificate of incorporation granted by the Registrar of Companies, Ahmedabad dated July 15, 2022.

The company name TAPI has derive from its initial T-Towards, A-Agro, P-Products and I–Innovation and holy river name Tapi of Surat city. It has started with core objective of fruit and vegetable processing with clear mission to generate employment of 1000 people and 1 million metric tonnes fruit and vegetable procession by 2030. It is India’s first fruit processing industry having commercial application of renewable solar energy since 2007 and promoting large number of rural empowerment.

The company has over the years leveraged its understanding of its target markets and consumer segments, product innovation capabilities, extensive distribution network, strategically located manufacturing facilities, and have focused its marketing and promotional activities to strengthen its product brands and establish its brands across India. The company manufactures its nutraceutical range of products under the private labeling arrangement and contract manufacturing arrangements with its customers. All its products are manufactured in-house at its manufacturing facilities located in Pipodara village, Distt. Surat, Gujarat, which enables it to have an effective control over the manufacturing process and to ensure consistent quality of its products. Its manufacturing facility is strategically located in proximity to its source of raw materials, which minimises freight and logistics related time and expenses. Its manufacturing facility is generally equipped with modern and semi-automated production processes, with specialized custom-made manufacturing equipment obtained from national and international suppliers.

Business area of the company

Tapi Fruit Processing is a Manufacturer of Jelly Based Fruit Products such as Candied, Crystallised and Glazed Fruits, Fruit Bar, Fruit Jellies, Fruit Jam & Fruit Leathers, Chutney & Sauces, Beverages, Fruit crush, Fruit Syrups and Nutraceutical products such as vitamin Gummies.

Products of the company:

The company’s diversified product portfolio includes:

• Candied, Crystallised and Glazed Fruit and Vegetable Products (Candied Fruit): These products are made out of 100% fruits and vegetables cooked in sugar syrup. The company’s products under this category includes tooty fruity, karonda cherry, amla candy. It sells these products under its brand “Tapi”, “MumMum” and “Boleto”.
• Fruit Bar, Jellies, Fruit Jam & Fruit Leathers (Fruit Jellies): A product made out of natural fruit pulps dried and shaped in to roll form or bar forms. Its products under this category includes mango fruit rolls, tamarind bars etc. These are fruit jellies made from sugar, glucose, pectin along with fruit pulps added with flavours and colors. Its products under this category includes jelly balls, fruit bears, fruit jelly pops, Jams, fruit katli and jelly cubes. Fruit Jam made from sugar, glucose, pectin along with fruit pulps added with flavours and colors.
• Chutney & Sauces: In this category it sells Ketchup made from tomato paste under its brand “Tapi”.
• Beverages: Under this category the company’s product includes fruit crush and fruit syrups. The company recently reintroduced its fruit syrups under its new packaging, with added fruit content.
• Nutraceutical Products: The company manufacture herbal base nutraceutical products as gummies, fortified with minerals as a functional food. These products are available as multi vitamin gummies, etc.

Major Events:

• 1999:  The company’s Promoter Ghansyambhai Lukhi started business in the form of Sole Proprietorship Firm under the name of “Tapi Food Products”.
• 2004: Tapi Food Products has established present factory under KVIC’S REGP Scheme, and launched “MUM - MUM” brand Tutty Fruity Rs.1 Sachet first time in India.
• 2006: Installed Solar Steam Generating System for food processing with 10 parabolic Scheffler dishes and launched new products Syrups & Mix Jelly Cubes.
• 2010: Launched Depositor Jelly Candy bar “Boleto” brand.
• 2012: Received Certificate of Appreciation from Food & Bev 2012 (India’s Foremost Food & Beverage Show) in April 2012.
• 2012: Received “Dr. Shirin Gadhia Sustainability Award” to Tapi Food Products, Sole Proprietorship firm for introducing Solar in Food Processing Industry by Eco Center ICNEER (International Center for Networking Ecology Education Reintergration).
• 2012: Participate in smart events for Agri, Dairy and Livestock Fest, Chhattisgarh in December 2012.
• 2015: Participate in Vend Expo 2015 (National Vendor Development Program Cum Expo) in December 2015.
• 2016: Participate in Asia’s Biggest Food and Hospitality Exhibition organised by Foodmech Asia.
• 2017: Received Outstanding Contribution during the 7th Exhibition issued by Foodmech Asia.
• 2018: Incorporated as a private limited company under the name of “Tapi Fruit Processing Private Limited' with one of its object to acquire the business of Sole Proprietorship Firm.
• 2019: Participation in Food & Agri Surat Inter Exhibition issued by The Southern Gujarat Chamber of Commerce & Industry.
• 2022: Conversion of Private Limited Company to Public Limited Company.