Shiv Texchem Ltd. IPO

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The Kerala High Court has ruled that elected local body representatives must take oath strictly in the manner prescribed under law, declaring invalid the oaths of several BJP councillors in the Thiruvananthapuram Corporation who invoked names other than ‘God’ or went beyond a solemn affirmation.

Justice P V Kunhikrishnan, delivering the judgment, observed that both the Kerala Municipality Act and the Kerala Panchayat Raj Act clearly require elected members to take their oath either ‘in the name of God’ or through a ‘solemn affirmation.’ Any deviation from this format, the court said, is not legally permissible.

The Court also declared an oath taken by Congress member Sunil Chuvattupadam of the Vadakkencherry Grama Panchayath as invalid on finding that he took the oath by also invoking the name of the late Congress leader Oomen Chandy. He had sworn his oath by stating, ‘By God's blessing in the name of Oommen Chandy.’

The case arose after 20 councillors of the Thiruvananthapuram Corporation took oath in the names of various Hindu deities, Bharathamba, Bharata Mata, Gurudeva and martyrs associated with their political movement.

The court emphasised that an oath of office is not merely a ceremonial act but a formal commitment by elected representatives to uphold the Constitution, respect the rule of law and faithfully discharge their duties to the public. Consequently, the process must be carried out exactly as specified by statute.

The court directed authorities to facilitate a fresh oath-taking ceremony for the affected councillors and the panchayat member within four weeks. It also ruled that no penalties should be imposed on them, noting that they appeared to have acted under a bona fide belief that their chosen wording was legally permissible.

Crazy Snacks 

• Crazy Snacks is coming out with an initial public offering (IPO) of 74,94,000 shares in a price band of Rs 39-42 per equity share. 
• The issue will open on June 25, 2026 and will close on June 30, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 3.90 times of its face value on the lower side and 4.20 times on the higher side.
• Book running lead manager to the issue is Inventure Merchant Banker Services. 
• Compliance officer for the issue is Rohit Shrivastava.

Profile of the company 

The company offers a wide range of bakery products to meet the everyday needs of Indian consumers. Its portfolio includes bread, buns, cakes, and rusks. It focusses on providing affordable, high-quality options that cater to different tastes, making its products a reliable choice for households. Its rusks, produced under both Crazy Snacks and Crazy Bakery Udyog, are a key part of its range, offering a convenient snack for customers. The company’s subsidiary, Crazy Bakery Udyog specialises in a variety of snacks, including namkeen, chips, popcorn, and potato sticks. With a strong presence in North India, it ensures its products are widely available to meet the snacking needs of customers. 

The company offers its products under three brands: Crazy, Bity, and Baked Gold. Under Crazy, it offers affordable products in all categories, providing everyday snacks and bakery items at affordable prices that provide value for money. Bity focuses on premium cakes, breads, and buns, offering higher-quality products for customers who want something better. Baked Gold specialises in premium cookies and rusks, providing a more refined selection for those looking for a richer experience. Each brand is designed to serve different customer preferences while maintaining good quality. The company primarily operates in Uttar Pradesh and Bihar. Its two manufacturing facilities are strategically located to serve customers effectively across these regions. 

Proceed is being used for: 

• Funding capital expenditure requirements towards purchase of machinery, equipments and infrastructure enhancement in existing manufacturing facility
• Repayment and/or pre-payment, in part or full, of certain borrowings availed by the company
• General Corporate Purposes

Industry overview 

India is the fifth largest economy in the world and expected to be the fastest-growing economy among major G20 countries, with GDP growth estimated to be around 8% in FY24. The food processing sector has become a key contributor to India's economy over the past few years, thanks to progressive policy measures by the Ministry of Food Processing Industries (MoFPI). The sector has performed exceptionally well with an impressive average annual growth rate of 7.3% from 2015 to 2022. It has significantly contributed to Gross Domestic Product (GDP), employment, and investment, accounting for 10.54% of gross value added (GVA) in Manufacturing and 11.57% in Agriculture sector in 2020-21. India's diverse agro-climatic conditions allow for abundant production of cereals, pulses, fruits, and vegetables, making it a leading producer of various foods. India was a global leader in milk production contributing around 25% to global milk production, in 2022-23.

The country ranked second in vegetables and fruits and egg production and fifth in meat production, respectively, in 2022-23. Additionally, India is the largest producer of spices in the world, with 11.26 million tonnes of major spices produced in 2022-23, as per the third advanced estimate by spices board of India. The food processing industry in India is still in its early stages, contributing less than 10% to the total food output. A strong food processing industry is essential for nation to tackle food and nutritional security issues. Processed food offers convenience, extended shelf life, easy transport to remote areas, and improved accessibility, serving as a valuable source of nourishment. Additionally, it offers farmers increased opportunities for better price realization and expanded selling prospects.

Pros and strengths

Quality control: The company uses modern technology and strict quality control to ensure its products are consistent and of the highest quality. Its advanced equipment helps it maintain high standards and enhances production efficiency. It integrates the latest technologies to improve precision and reliability at every stage of production. To further ensure quality, it adheres to industry regulations, including the ISO 22000:2018 certification for food safety management, the FSSAI license for compliance with food safety standards, and the Legal Metrology registration to ensure accurate packaging and labelling. 

Innovative recipes and flavours: The company consistently refining recipes to craft distinctive and appealing flavours in the snacks and bakery segment. By closely monitoring market trends and understanding consumer preferences, the company delivers products that align with the dynamic tastes of its audience. Each creation is designed to stand out, offering flavours that delight a wide range of preferences. Its focus remains on developing offerings that keeps up with evolving customer demands, ensuring its presence stays strong in the competitive FMCG sector. Through this, it continually reinforces its reputation for originality and excellence. 

In-House packaging and distribution: Owning a packaging machine and dedicated vehicles for product distribution within Uttar Pradesh gives the company a clear operational advantage. Its in-house packaging ensures consistent quality, minimises errors, and allows it to create tailored packaging that reflects its brand identity. This approach simplifies production processes, improves inventory management, and helps it stay adaptable to changing packaging trends. Its vehicles add to this efficiency by ensuring prompt and reliable deliveries, giving it full control over its distribution network. These strategic investments enable it to respond quickly to market needs, maintain high standards, and strengthen its position as a trusted provider of quality products. 

Risks and concerns

Key revenue dependence on limited number of customers:  A significant portion of the company’s revenue is derived from a limited number of customers and repeat orders. For the Fiscal Years 2025, 2024 and 2023, its top 10 customers contributed around 7.06%, 10.74% and 16.20% of its total revenue, respectively. Any failure to retain these customers and/or negotiate and execute arrangements with such customers on terms that are commercially viable, could adversely affect its business, financial condition and results of operations. The company’s reliance on a select group of customers may also constrain its ability to negotiate its arrangements, which may have an impact on its profit margins and financial performance.

Geographic concentration: The majority of the company’s product sales is concentrated in the regions namely, Uttar Pradesh and Bihar. For the period ended for December 31, 2025 and for Fiscal 2025, 2024 and 2023 its revenue from sale of products in Uttar Pradesh and Bihar accounted for 99.90%, 99.16%, 97.47%, and 96.32% of its revenue from operations, respectively, Therefore, any adverse developments affecting its operations in these regions could have an adverse impact on its business, financial condition, results of operations and cash flows. Due to the geographic concentration of the sale of its products in Uttar Pradesh and Bihar, its operations are susceptible to local and regional factors, such as economic and weather conditions, natural disasters, demographic changes, and other unforeseen events and circumstances. 

Products are semi-perishable in nature: The company manufactures a wide range of bakery and snack products, including bread, buns, rusk, namkeens and snacks. These products are semi-perishable in nature, with an average shelf life ranging from Fifteen to Ninety days. Due to the semi-perishable nature of its products, any inaccuracies in demand forecasting could lead to excess inventory and, subsequently, product wastage. This wastage may adversely affect its business, financial condition, results of operations, cash flows, and reputation. 

Outlook 

Crazy Snacks is engaged in the production of bakery items and a diverse range of snacks, including namkeens, chips, popcorn, and potato sticks. The company offers products under three brands: Crazy (affordable snacks and bakery items), Bity (premium cakes, breads, and buns), and Baked Gold (premium cookies and rusks), catering to varied customer preferences. The company operates primarily in Uttar Pradesh and Bihar. Its extensive distribution network consisting of 999 distributors helps it in covering urban and rural areas of North India extensively. Additionally, its extensive distribution network, supported by a fleet of 35 vehicles, enables timely and reliable delivery of its snacks and bakery products to meet growing consumer demand. It is led by a qualified and experienced individual Promoter and a senior management team, who have the expertise and vision to manage and grow its business. On the concern side, the company is measured against high quality standards and stringent performance requirements by its customers. Any failure to meet these standards or requirements could result in the cancellation of current and future orders, product recalls or liquidated damages. Such events could significantly harm its reputation, business operations, financial condition, and cash flows. 

The company is coming out with a maiden IPO of 74,94,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 39-42 per equity share. The aggregate size of the offer is around Rs 29.23 crore to Rs 31.47 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for fiscal year 2025 was Rs 11,138.21 lakh as against Rs 12,759.32 lakh for Fiscal year 2024, a decrease of 12.71%. Profit after tax for the Fiscal 2025 was at Rs 633.31 lakh against profit after tax of Rs 531.56 lakh in fiscal 2024, an increase of 19.14%. 

The company plans to expand its offerings by introducing new product line to meet changing customer needs. By understanding market trends, it aims to introduce health focussed products that could match evolving demands of the customers who want both good taste and healthy products. Its existing distribution network could support a smooth launch, and it plans to use marketing strategies to create interest in the new range. Partnering with trusted collaborators is expected to help it reach more customers and support growth. This step reflects its intention to adapt to market changes and explore opportunities for the future.