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Sarveshwar Foods Ltd.

BSE: 535054 Sector: Agri and agri inputs
NSE: SARVESHWAR ISIN Code: INE324X01018
BSE 05:30 | 01 Jan Sarveshwar Foods Ltd
NSE 00:00 | 22 Feb 27.45 0.60
(2.23%)
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26.65

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Sarveshwar Foods Ltd. (SARVESHWAR) - Company History

Sarveshwar Foods Limited was originally incorporated as a private limited company in the name of Sarveshwar Overseas Private Limited on August 3 2004. Fresh Certificate of Incorporation dated April 13 2010 was issued to the Company pursuant to change of name of the Company to Sarveshwar Organic Foods Private Limited. Subsequently fresh Certificate of Incorporation consequent upon change of name on conversion to Public Limited Company dated June 29 2010. Further the name of the Company was changed to Sarveshwar Foods Limited on June 29 2015.The Company in the year 2010 acquired the business and assets excluding land and building due to Article 370 of the Indian Constitution which grants special autonomous status to the state of Jammu and Kashmir of M/s. Nimbark Rice Mills proprietorship firm of Ms. Radha Rani Gupta. The firm was valued at book value to an aggregate of Rs. 4.46 million. As regards to use of Land and Building the Company has been granted a right to use the Land and Building for a period of five (5) years which was valued at Rs. 2.10 million post which the Company was required to pay monthly rent for use of the same. The Company is now paying a monthly rent of Rs. 0.25 million to Ms. Radha Rani Gupta for useage of the Land and Building which is currently being used as a warehousing facility.Further in the year 2013 the company acquired the assets and liabilities of M/s. Sarveshwar Overseas sole Proprietorship firm of the Promoter Mr. Rohit Gupta for an aggregate amount of Rs. 165.23 million at book value. The Company issued Equity Shares worth Rs. 90.00 million and the balance amount of Rs. 75.23 million was treated as unsecured loan provided by Mr. Rohit Gupta to the Company. Later in the year 2015 pursuant to a Takeover Agreement dated April 28 2015 the Subsidiary Sarveshwar Overseas Limited acquired the assets and liabilities of M/s. Sarveshwar Overseas Mills Partnership Firm as a going concern by way of issue of Equity Shares of the Company being consideration other than cash.The Company is primarily engaged in the business of processing and marketing of branded and un-branded basmati and non-basmati rice in the domestic and international markets. The Operations of the company are based out of the Jammu Region in the State of Jammu and Kashmir. The State of Jammu and Kashmir is divided into three (3) regions. Jammu Region consisting of ten (10) districts namely Jammu Doda Kathua Ramban Reasi Kishtwar Poonch Rajouri Udhampur and Samba. Kashmir Valley consisting of ten (10) districts namely Anantnag Bandipora Baramulla Budgam Ganderbal Kulgam Kupwara Pulwama Shopian and Srinagar. The third region is the Leh-Ladakh region towards the north-east areas of the state which are not affected by militancy. While the regions that have been historically affected by militancy are the areas in the Kashmir Valley region of the State however the other areas of the State like the Jammu and the Leh-Ladakh region have been largely peaceful except for a few stray incidences which have not affected their peace and law & order. Further the geographical distance between Jammu and Kashmir Valley is more than 270 kms.