Sharat Industries Ltd Company Summary

Sharat Industries Ltd Summary

Sharat Industries Ltd.,(Formerly known as Sharat Seafoods Limited)was incorporated on 7 May 90 and became public in 1992. It was promoted by S Prasad Reddy, Smt S Devaku and Top Fortune International, Singapore.In initial years, the Company cultured and processed Black Tiger shrimp before eventually producing Scampi shrimp. At a time when the aquaculture industry was at an all time low, owing to the failure of black tiger and scampi culture, the Company gave a new lease of life to the industry by introducing Vannamei breeding and culture in the country.Engaged in acquaculture, the companys products are processed prawn, quality hatched seed and feed. Processed shrimps are marketed as individually quick frozen shrimps, cooked individually quick frozen shrimps and contact frozen shrimps.The company has a collaboration and a buy-back agreement with High Won Fishery Development Corporation, Singapore.The civil works for the Processing Plant are complete and the necessary machinery has been imported during the year. The commissioning of the Processing Plant was delayed due to adverse conditions of the Aqua industry. The equipment for the Feed Mill has been completed. Company has taken several steps to prevent the virus effecting to crop such as cholorinating the water before being pumped into the ponds, which giving good results and also expected a good yield in the future.Company has become a sick industrial company, therefore directors have refered to BIFR to determine the measures for rehabilitation of the Company but was rejected by the same and hence, for the current year 1999-2000 due to the accumulated lossess the company is making a fresh reference to BIFR.IFCI has been appointed as the operating agency by the Board.