Ceeta Industries Ltd Company Summary

Ceeta Industries Ltd Summary

Ceeta Industries Ltd was incorporated in 1984 by the Poddar Group, with the setup of a 2500 tpa High Density Polyethylene (HDPE) woven sacks in 1986 with a capital outlay of Rs.419 lacs. Subsequently, in 1991 the Group put up a project to manufacture Crimped / Air Texturised Synthetic Yarn at Udaipur (Rajasthan) with an investment of Rs. 11.4 Crores, funded by a public issue. The meteoric growth of the Ceeta Group continued when in 1994, the Company put up a 100% export oriented unit (EOU) to manufacture granite products, at Tumakuru with an investment of Rs. 18 Crores and expanded their Udaipur Plant. Due to extreme competition, the Group decided to sell their HDPE Unit as a going concern. In 1999, it closed their Synthetic Yarn Unit in Udaipur since it was no longer viable for the synthetic yarn unit.Then, the Company was referred to BIFR due to their accumulated losses. The decision of declaring the company as Sick Company was in the hands of BIFR. After the Order received from AAIFR, the Company got into a One-Time-Settlement with ICICI Bank Ltd for restructuring the loans and a Rehabilitation Scheme was submitted to BIFR by the Company.During the period 2006, the Company restructured its capital by reducing the Face Value of Equity Shares from Rs. 10 to Re. 1 and by issuing additional 72,00,000 equity shares of Re. 1 each to promoters in terms of the Rehabilitation Scheme, which became effective as on 31st March 2006. Later on, during the year 2015, the Group implemented a project for the manufacture of 6500 PSC Poles per month at Kasia Plant, in Kushinagar (UP) to cater to the requirement of North Bihar Power Distribution Company Limited (NBPDCL). This was scaled up to a unit in Ramgarh which catered 1 lacs poles unit to Jharkhand Bijli Vitran Nigam Limited (JBVNL) till 2020. Both projects were closed upon completion of contracted supply.In 2018, the Ceeta Group decided to shut down the Granite Unit due to deteriorating margins and cut throat competition. Ceeta survived and thrived through challenging business environments by identifying profitable business opportunities, running them profitably and exiting them if returns in the industry became too low to sustain. At present, the Company is a manufacturer of potato chips and other namkeen snacks. It has its own brand called SKITOS. During the year 2022-23, the Company got into FMCG line for manufacturing of packaged food products, i.e., different varieties and flavor of ready to eat snacks. It is also engaged in the job work of the same business line. Prior to this, the Company was engaged in business of essential oil apart from the trading in granite products, investment and other activities. The Companys main business is manufacturing of food products at its unit in Tumakuru, Karnataka.