Smiths & Founders (India) Ltd Company Summary

Smiths & Founders (India) Ltd Summary

Smiths & Founders (India) Limited was originally established as a small enterprise in year 1982. It was further reconstituted as Shimoga Forge Limited in October, 1990, which changed to Shimoga Technologies Limited on January 3, 2002 and upon the merger process, the Company was later changed to Smiths & Founders (India) Limited on 27 March, 2014. The Company was established with an objective of manufacturing forgings and machined components used in automobile, agriculture, mining, material handling, power transmission, hydraulic and general engineering industries. The Company is engaged in the business of ferrous forgings. It was promoted by Shailaja Suresh, a qualified metallurgist and specialist in forging technology. The erstwhile company, Shimoga Forge Limited took over the assets and liabilities of a proprietary 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 May92.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 STLs 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 became a Sick company as the net worth and their accumulated losses exceeded the paid up share capital.The Company sold its unit at Chikkaballapura, in 2009. During the year 2013-14, the Rehabilitation Scheme of Company was approved by the Hon. Board for Industrial and Financial Reconstruction (BIFR) on 20th February, 2014, which envisaged merger of erstwhile Smiths & Founders (India) Limited with the Company effective from 1 April, 2012.