Mardia Samyoung Capillary Tubes Company Ltd Company Summary

Mardia Samyoung Capillary Tubes Company Ltd Summary

Mardia Samyoung Capillary Tubes Company Limited, a Joint Venture between Mardia Group Companies i.e Mardia Extrusions & Mardia Tubes and Samyoung Jung Kwan Company of South Korea was incorporated in October, 1992. Initially, the Company engaged in manufacture of capillary and thin-walled pipes and tubes made from brass, stainless steel, copper and other copper alloys. The foreign collaborator holds 25% stake in the Company. At present, the Company is engaged in the business of manufacture of non-ferrous metals.The foreign collaborator Samyoung, S.Korea has agreed to buy 6000 tpa of the finished products of the company apart from providing financial and technical collaboration. The companys manufacturing facility with an installed capacity of 1800 tpa is located in Silvassa. The company has tapped the capital market with an public issue in Feb. 1994 to finance setting up of this Silvasa manufacturing facility.The small-diameter tubes manufactured by the company, are required for manufacturing ball pens and refills, internal antennae and articles, radiators, heat exchangers, fluorescent tubes, video cassette rollers and other components used in the electronic and automobile industries. They are also used for refrigeration and air-conditioning.The Company was referred to BIFR during the year 1999 and ICICI was appointed as Operating Agency. The OA has appointed M/s Vikas Consultants to conduct complete Techno-Economic Feasibility study and the report has been duly submitted to ICICI and the comments thereon is still awaited(as on March 31, 2002).During year 1999, the Companys Net Worth has been fully eroded and the Company had been refered to BIFR, and the Board had appointed ICICI as the operating agency.The Techno-Economic Feasibility study was conducted by M/s Vikas Consultants which is not yet completed.The Company disposed off the land and building of Silvassa Unit II in 2012-13. In order to improve the shareholders value and to augment the strength and achieve the synergy among the group companies, which are all registered with BIFR, the Board of Directors, with the approval of the required authorities, had submitted a rehabilitation scheme to BIFR, including the possible turnaround of the group companies together by way of merger and provide liquidity to the shareholders at large. Through the Scheme of Amalgamation, Mardia Tubes Ltd and Mardia Extrusions Ltd merged with the Company in 2015. In 2018-19, the Company had altered the Object Clause with approval of the Members of the Company at the 26th Annual General Meeting so as to include the business of Art Dealership in its current object.