(Formerly Markobenz Ventures Limited / Evergreen Textiles Limited) **Newtrac Foods & Beverages Limited** (the "Company") is an Indian listed entity currently undergoing a comprehensive strategic transformation. Following a change in promoter control in **June 2023**, the company has pivoted from its legacy textile manufacturing roots to become a specialized **B2B trading entity** focused on **organic agricultural commodities**, food products, and industrial chemicals. --- ### Strategic Pivot & Corporate Evolution The company has implemented a series of structural changes to align its corporate identity with its new operational focus in the agro-commodity sector. * **Management Takeover:** In **June 2023**, **Chirag Kanaiyalal Shah** and **Nirupama Khandke** acquired a **74.01%** stake via an Open Offer, initiating a total overhaul of the business model. * **Rebranding Timeline:** * **December 2023:** Renamed from **Evergreen Textiles Limited** to **Markobenz Ventures Limited**. * **March 2025:** Approved name change to **Newtrac Foods & Beverages Limited**. * **Leadership:** Operations are led by Promoter **Nirupama Khandke**, leveraging **25 years** of expertise in agri-commodities and collateral management. **Mr. Bhavin Yogesh Shukla** serves as Managing Director (tenure until **July 2029**). * **Infrastructure Shift:** The company relocated its registered office to **Chakala, Andheri East, Mumbai** in **2025**. It currently operates an **asset-light model** with **no immovable properties**, focusing capital on trade liquidity rather than fixed assets. --- ### Core Business Model: The "Bill to Ship" Mechanism The company utilizes a highly scalable, **asset-light trading model** designed to minimize overhead and inventory risk. * **Operational Flow:** Under the **"Bill to Ship"** mechanism, orders from customers are dispatched directly by vendors to the consignee’s location. This allows the company to facilitate large-scale trades without maintaining physical warehouses or owning plant and machinery. * **Market Focus:** Concentrated physical presence in **Mumbai spice markets** to leverage direct relationships with regional merchants and wholesalers. * **Distribution Network:** A nationwide network of dealers and field workers targeting both **rural and urban** markets across India. * **Agtech Integration:** Implementation of **Farm Management Systems** and **Data Analytics** to enhance supply chain transparency and efficiency. --- ### Diversified Product Portfolio & Market Segments The company operates across three primary verticals, with a heavy emphasis on certified organic products. #### 1. Organic Agro-Commodities & Spices Specializing in **Certified Organic** cultivation and minimal processing to maintain natural aromatic properties. * **Key Pulses:** Chana Dal, Toovar Dal, and various lentils. * **Core Spices:** Organic Jeera (Cumin), Organic Fennel Seed, Turmeric (Curcuma longa), and Ginger. * **Value-Added Exports:** Spice Oils, Oleoresins, Curry Powder/Paste, and Mint Products. * **Other Commodities:** Cotton, Cardamom, Coriander, Celery, Fenugreek, and Tamarind. #### 2. Chemical and Industrial Segment Authorized to manufacture, refine, and trade a wide spectrum of chemicals: * **Pharma & Healthcare:** Laboratory chemicals and pharmaceutical intermediates. * **Agriculture:** Pesticides, insecticides, and fertilizers. * **Industrial Minerals:** Calcite, **Feldspar**, **Dolomite**, **Gypsum**, **Quartz**, and Silicon. * **Manufacturing Inputs:** Chemicals for glass, ceramics, rubber, and paints. #### 3. Integrated Services * **Collateral Management:** Providing storage and transporting services for agro and industrial goods. * **Intermediary Services:** Acting as a franchiser, consultant, and stockist. * **Dairy Segment:** Initiated a project with **M/s. Holkar Somnath Milk and Agro Products Private Limited**, including potential equity acquisition to manage operations. --- ### Financial Performance & Order Pipeline Following the resumption of active business in **FY 2023-24**, the company has secured significant high-value contracts. | Metric / Event | Details | | :--- | :--- | | **Major Orders (June 2024)** | Secured purchase orders worth **Rs. 20 Crore** for Chana and Toovar Dal. | | **Key Clients** | **Anumati Trading Pvt Ltd** (~Rs. 15 Cr) and **Skytone Foods Pvt Ltd** (~Rs. 5 Cr). | | **Trade Receivables** | **Rs. 8.67 Crores** (as of March 31, 2024). | | **Maharashtra Market Entry** | Formalized arrangements valued at **Rs. 15 Crore** to diversify revenue. | --- ### Capital Structure & Fundraising History The company has aggressively expanded its capital base to support its pivot and manage liquidity. | Metric | FY 2024-25 (Projected/Current) | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Authorised Share Capital** | **Rs. 75,00,00,000** | **Rs. 20,00,00,000** | **Rs. 5,00,00,000** | | **Paid-up Equity Capital** | **Rs. 19,20,00,000** | **Rs. 4,80,00,000** | **Rs. 4,80,00,000** | | **Total Number of Shares** | **1,92,00,000** | **48,00,000** | **48,00,000** | **Key Capital Actions:** * **Rights Issue (May 2024):** Allotted **1,44,00,000 shares** at **Rs. 10** each (Ratio **3:1**), raising **Rs. 15 Crore**. * **Debt-to-Equity Conversion:** The Board approved converting outstanding loans up to **Rs. 50 Crore** (expandable to **Rs. 100 Crore**) into equity to deleverage the balance sheet. * **Working Capital Optimization:** Targeted reduction of creditor days from **153.44** to **72.24** and debtor days from **109.51** to **99.47**. --- ### Risk Factors & Material Uncertainties Investors should note several critical risks associated with the company’s transition and market position. #### Operational & Governance Risks * **Leadership Instability:** The **CEO, Mr. Vishal Kelkar**, was terminated in **July 2025** following the failure of the **Holkar Project** to meet contractual terms. * **Limited Track Record:** The company was inactive for a significant period; its experience in the agro-trading segment is relatively recent. * **Auditor Resignation:** A statutory auditor resigned during **FY 2024-25**, though no specific objections were cited. * **Concentration Risk:** High dependence on a limited number of suppliers and customers, primarily within the **Mumbai/Maharashtra** region. #### Financial & Regulatory Risks * **Liquidity Warning:** Auditors have noted **material uncertainty** regarding the company's ability to meet liabilities due within **one year** (as of June 2025). * **Stock Surveillance:** Shares are currently under **Enhanced Surveillance Measures (ESM) Stage II**, restricting trading to periodic call auctions with a **+/- 2% price band**. * **Contingent Liabilities:** Disputed **Excise Duty** and penalties totaling approximately **Rs. 1.65 Crore** dating back to **1987–2000**. * **Physical Shareholding:** As of late 2023, **86.71%** of public shares were in **physical form**, complicating liquidity and transfers until dematerialized. #### Market Risks * **Commodity Volatility:** Exposure to price fluctuations in pulses and spices and climatic impacts on crop yields. * **Seasonality:** The business is classified as **moderately seasonal**, aligned with Indian harvest cycles.