Incorporated as a private limited company in Oct.'90, Shimoga Technologies Ltd, previously known as Shimoga Forge took over the assets and liabilities of a proprietory concern, Sahyadri Forge, in Apr.'92 which was engaged in the manufacture and sale of steel forgings. The company became a public limited company in May'92. SFL is engaged in the manufacture and marketing of steel forgings with an installed capacity of 450 tpa, with its manufacturing unit located at KSSIDC Industrial Estate, Shimoga, Karnataka. SFL was promoted by chairman and managing director S Suresh, a qualified metallurgist and specialist in forging technology.
It came out with a public issue of 31 lac equity shares at par, aggregating Rs 3.10 cr in Jan.'93. The proceeds of the issue were utilised to part-finance a Rs 4.32-cr project to expand the steel forging capacity from 500 tpa to 1890 tpa, which was completed 1997. The company manufactures steel forgings through the hot-forging technology using drop forge hammers and mechanical presses.
The major buyers of STL's products include Widia India, BHEL, Himu Accessories, Indicarb, SAK Industries, Elgi Auto Engineering, Automotive Levers, Lube Airfilters, etc. STL caters to the automobile, agriculture, mining, power transmission and general engineering industries.
The company has entered into the software business in 2000-01 and the software division has developed a Banking Software "Conch Bank" meant for Co-operative sectors and societies.
The company has become a Sick company as the networth and their accumulated losses exceeded the paid up share capital.