Genesis IBRC India Ltd Company Summary

Genesis IBRC India Ltd Summary

Genesis IBRC India Ltd was formerly incorporated as Fine Plast Polymers Ltd in October, 1992. Thereafter, the name of the Company was changed from Fine Plast Polymers Ltd to SSK Lifestyles Ltd in October, 2014 and further was changed from SSK Lifestyles Ltd to Genesis IBRC India Ltd in January, 2018. Promoted by P M Rao, P Janardhana Rao, P Rama Rao and their Associates, the Company came out with a public issue in Dec.93 to part-finance the setting up of its plant in Pamur, Andhra Pradesh. The plant has an installed capacity of 432 tpa for rigid PVC pipes and 778 tpa for PVC fittings. The company manufactures rigid PVC pipes and fittings like tees, elbows, adopters, reducers, end caps, etc. The pipes are used in agriculture and agro-based activities like sprinkler irrigation systems, process piping, oil and gas and shipping industries.In 1994, the company signed an MoU with the Andhra Pradesh Industrial and Technical Consultancy Organisation to market its pipes and also to arrange for lucrative joint ventures in the Gulf.During 1996-97, the company has installed capacity of its PVC Pipe Fittings capactiy from 1338 MTS to 1858 MTS, for which IDBI has sanctioned a Term Loan of Rs 3.60 crores.In the year under review i.e. 1999-2000, due working capital problems the performance of the company was unsatisfactory and is taking all steps to improve its performance.In 2014-15, the Company diversified its business operations by venturing into trading in lifestyle products. The name of Company was changed to SSK Lifestyles Limited with effect from 29 October 2014.During the year 2017-18, the Company acquired 100% shareholding of Genesis I.B.R.C. Private Limited and accordingly, the said Company became the wholly owned subsidiary of the Company with effect from 24th June 2017. Similarly, M/s. Genesis I.B.R.C. Private Limited the wholly owned subsidiary of the Company acquired Genesis Biosciences IBRC a partnership firm engaged in manufacturing and marketing of pro-biotic products for aquaculture and fisheries. During the year 2018-19, Company sold its investment held in wholly owned subsidiary company i.e., Genesis IBRC Private Limited on 14th November, 2018.