Suich Industries Ltd Company Summary

Suich Industries Ltd Summary

Suich Industries Limited was originally incorporated as a private limited company with the name Delhi Fone N Batteries Private Limited on July 17, 2008. Subsequently, with a view of having a shorter name in order to boost exports in the International markets, the name of the Company, pursuant to a special resolution passed by the shareholders of the Company at the Extra-Ordinary General Meeting held on October 11, 2012, was changed to Suich India Private Limited on 15 October 2012. Further, in order to increase the range of activities and to carry out business on a large scale it was decided to change the name and pursuant to a special resolution passed by the shareholders of the Company at the Extra-Ordinary General Meeting held on December 06, 2012, the name of the Company was changed to Suich Industries Private Limited on December 12, 2012. Thereafter, the shareholders of the Company have vide special resolution passed at the extra-ordinary general meeting held on February 06, 2018, approved the conversion of the Company from private limited company to a public limited company on February 21, 2018 and the name of the Company was changed to Suich Industries Limited.Sanchit Allagh and Gunnit Singh Allagh are the Promoters of the Company. Sanchit Allagh and Gunnit Singh Allagh were the initial subscribers to the Memorandum of Association of the Company.The Promoters, Gunnit Singh Allagh and Sanchit Allagh started the business as a wholesale trading and distribution concern for mobile and mobile accessories in New Delhi, India. After gaining experience and foreseeing the opportunity in Indian mobile market, promoters incorporated the Company in 2008 initially for manufacturing of mobile phone batteries and mobile phone chargers. To reap the benefits of tax incentives, the Company strategically purchased a land and set up a manufacturing facility at State Infrastructure and Industrial Development Corporation of Uttarakhand Limited (SIIDCUL) in Haridwar, Uttarakhand spread over an area of 7,500 sq. meters. The Company through its subsidiary as well as individually, imports the parts and equipment from China to assemble them in their manufacturing facility situated at Haridwar. Expanding its product portfolio, Company launched its first mobile power bank in 2012. Further, leveraging their experience in the industry, Company started manufacturing newer variants of Power banks 7,500 mAH and 10,000 mAH and launched feature mobile phones in 2014. Subsequently, to become a consumer electronics based Company, it launched Light Emitting Diode (LED) TV sets in 2016.The Company assembles and markets these products under its own brand name, Suich. The Company has since its inception focussed on selling the products to Northern India specifically catering to rural areas and Tier-2 and Tier-3 cities where feature mobile phones and mobile phone accessories are easily marketable. The Company has strived to keep itself asset-light and accordingly the company sells its entire products directly to their wide distributors network avoiding the need of setting up own retail outlets. Recently, the Company has also ventured into exports of its products.The Company is also engaged in trading activity, where it purchases finished products from other manufacturers and sells it to the distributors as per the demand. Decision of trading activity is taken by management considering various business factors such as the financial feasibility of meeting the orders through in-house manufacturing or trading the items. The promoters have an adequate experience in the line of business undertaken by the company and look after strategic as well as day to day business operations. With a sound experience backed by educational qualifications, it is the vision and dedication of the Promoters which has paved the growth path of the Company. The Promoters believe in the ideology of continuous improvement and development.The Company aims to keep the costs of its products low and provide affordable products to price sensitive market while adhering to the strict quality checks. It has set up a wholly owned subsidiary, Blue Wave Trading H.K. Ltd, with a view to procure the raw materials for the Company. As the company procures its raw materials majorly from China, a local set-up aids it for better price negotiation from quality material suppliers. The company strives to establish long term relationships with their distributors to ensure uninterrupted supply of products at a reasonable credit terms.The Company has been focussing in expanding its products and its variants to the product portfolio and accordingly has set-up a Research & Development Centre (R&D) which not only strives for innovation and development in the product but also aims at training the employees on continuous basis for error-free manufacturing activities.