Sarveshwar Foods Ltd

Issue overview

• Right issue of equity shares; no undersubscription.
• Total issue size disclosed; net proceeds available after expenses.
• Objects: funding working capital, general corporate purpose, issue-related expenses.

Utilisation of proceeds

• Utilisation aligned with Offer Document; no material deviations.
• Utilised in quarter ended Jun 30, 2026: 1.94 cr for working capital.
• Utilised 7.47 cr for General Corporate Purpose.
• Utilised 0.79 cr for issue expenses.
• Unutilised funds as of Jun 30, 2026: 10.20 cr.
• Board approved extension to utilise unutilised proceeds in FY2026-27.
• GCP funds used for purchase of rice and packing material.
• Funds moved from monitoring to current accounts causing some co-mingling.

Governance and compliance

• Listing approvals obtained from BSE and NSE.
• All statutory approvals related to the objects obtained.
• Auditor certificate dated Aug 5, 2026; no deviations reported.
• Board approved extension for utilization timeline; no material deviations noted.
• Co-mingling of funds between monitoring and current accounts noted.

General Corporate Purpose (GCP)

• GCP utilised for purchase of rice and packing material (7.47 cr).
• Board approval for GCP allocation not explicitly documented.

Issue Overview

• Type of issue: rights issue; securities: equity shares.
• Issue size and net proceeds reported; no deviation from offer document.
• Main objects: funding working capital, general corporate purposes, and issue-related expenses.
• Allotment occurred; proceeds earmarked for the stated objectives.
• Net proceeds available for utilisation stated in the report.

Utilisation of Proceeds

• Utilisation aligned with disclosure; no material deviations.
• Funding Working Capital: fully utilised by period end; some usage during the period.
• General Corporate Purpose: allocated; substantial portion utilised; remaining unutilised portion reported.
• Issue Related Expenses: allocated; portion utilised; remaining unutilised.
• Unutilised proceeds at period end: nil; extension approved to utilise remaining funds in next period.
• Funds moved from public to monitoring accounts; co-mingling noted; relied on CA certificate.

Governance and Compliance

• Statutory approvals: listing approvals obtained from stock exchanges.
• Board actions: extension of utilization timeline approved; no adverse governance actions reported.
• Monitoring agency notes: relied on LOF, CA certificate, and bank statements; no audit by MA.
• Observations: no conflicts of interest reported; no material events impacting viability.

General Corporate Purpose (GCP)

• GCP use: amount allocated for general corporate purposes used for rice-related purchases and packing material.
• Board approval for GCP allocation not explicitly stated in the monitoring report.

Demat/remat status

• Regulation not applicable; entire holding is in demat form.
• No dematerialisation/rematerialisation requests were received during the period.

Board outcome

• 📍 Board approved audited financial results for Q4 and FY ended 31 March 2026.
• 📍 Statutory auditors issued unmodified opinions on standalone and consolidated audited results.
• 🗓️ Board meeting started at 6:00 PM and concluded at 9:30 PM.

Audit report

• 📊 Auditors said the standalone results give a true and fair view under Ind AS.
• 📊 Auditors said the consolidated results give a true and fair view under Ind AS.
• 📊 Consolidated results include Sarveshwar Overseas, Himalayan Bio Organic Foods, Natural Global Foods DMCC, Green Point PTE, and Himalayan Ancient Foods.

Business model

• 🗒️ Sarveshwar Foods operates through food and rice-related businesses.
• 🗒️ The group includes domestic and overseas subsidiaries across food trading and processing.