Prospect Commodities Ltd

Prospect Commodities Ltd was originally incorporated as Prospect Commodities Private Limited vide Certificate of Incorporation dated January 06, 2022. Subsequently, Company converted into a Public Limited Company and name of Company was changed to Prospect Commodities Limited issued by the Registrar of Companies, Ahmedabad on January 03, 2023. In year 2006, the Company Promoter, Vimal Mishra had started his career in the logistic service industry. In the said job, he got the experience of attending to enquiries and implementing marketing and sales strategies to meet set targets for international business and providing total logistic solutions to direct shipper as well as to CHAs (Custom House Agent). He handled cross trade international business in his service tenure where he also acted as a Project Manager position.In 2014, the Company was in logistic business only. In 2015, the Promoter with his wife started their Partnership Firm named M/s Fortune Exports to get into the international trade of Agro Products and from the period 2015 to 2017, the Partnership Firm was mainly in trading of pulses viz Mung.In 2017, the Partnership Firm started importing the Cashew Husk from Vietnam and selling the same to various units of tanning industry in India only. From 2018 to 2020, the Partnership Firm was in trading of Fruits like Banana, Dragon Fruit, Water Mallon Musk Mallon etc. Dry Fruits like Walnuts Cashew. In year 2021, the Partnership Firm had started the cashew processing plant of 150 ton per annum nearby Ahmedabad. The growth of the firm was almost 107% in F.Y. 2021. By looking forward to the demand for product growth of the firm, Promoter had enhanced production capacity of the cashew processing plant from 150 tonnes per annum to 600 tons per annum. The Partners of the Firm decided to do business in corporate structure and formed the Company Viz. Prospect Commodities Private Limited. The Promoters of the Company were running the partnership firm. The Company had taken over the running business of Partnership Firm with all assets and liabilities from 1st April, 2022 by entering into Memorandum of understanding dated March 29, 2022, for which a consideration by issue of 24,00,000 Equity shares of the Company for acquiring the business was paid at a price of Rs. 10 per share. The Company is in the business of trading and processing of cashew nuts and allied products into B2B Market. Presently,it is selling the Cashew to the wholesalers in the state of Gujarat only, which are packed in tin of 10 KG. The Company instead of importing the RCN (Raw Cashew Nut) from other countries has started buying the RCN from Gujarat who are importing from other countries and also from Kolam, Tuticorin and Manglore.The Company is planning to raise capital from Public by issuing 7.48 crore Equity Shares through Fresh Issue.