Sumeet Industries Ltd Share Price

History of Sumeet Industries Ltd

Sumeet Industries Limited, formerly known as Sumeet Synthetics Limited was incorporated on 1 Aug.'88 as a private limited company and was converted into a public limited company on 1 Feb.'92. The Company is the Manufacturer and Exporter of Polyester Chips, Polyester Filament Yarn (POY & FDY) and Polypropylene Multifilament Yarn. Its plant, in the Surat district of Gujarat, has an installed capacity to manufacture 2000 tpa of Polypropylene Multi-Filament Yarn in technical collaboration with Neumunstersche Maschinen Und Anlagenbau (Neumag), Germany. The expansion programme which was taken up in 95-96 to increase the installed capacity at a cost of around Rs.6 Crore was completed fully. During 1996-97, the company increased its installed capacity of Twisted yarn by 300 TPA. During 1997 ...-98, the company has increased installed capacity of Polypropylene POY by 1000 TPA, it is also concentrating on export marketing. During 1998-99, company has increased the installed capacity of Twisted yarn by 1200 TPA & Polypropylene POY by 540 TPA. M/s Somani Industries (Nepal) Pvt Ltd has been established as subsidiary company in the year 2000-2001. The company has expanded the installed capacity of Texturised Yarn during the financial year 2003-04 by 600 Tonnes and with this expansion,the total capacity has risen to 3300 Tonnes. The company has installed a power plant and has been started generating power.The 2.50 MW coal based power plant has been installed with investment of Rs.5.60 crores. During the year 2009-10, the Company commissioned 100000 TPA Continuous Polymerization ( C.P. ) Plant and 23500 TPA of POY Plant and 21000 TPA of FDY Spinning Plant. It commissioned 6 MW Gas based Genset Captive Power Plant as Expansion cum Backward Integration Project costing Rs 145 Cr., thereby enhancing capacity of captive power generation by 8.5 MW at the company's plant at Karanj, Surat. In FY 2011-12, it commissioned Polyester Filament Yarn (POY & FDY), a direct spinning unit through MEG and PTA, thereby total capacity of the Spinning Plant was increased from 53000 TPA to 100000 TPA. It also commissioned 8.6 MW Gas based Genset Power Plant, thereby enhancing the total capacity of captive power generation to 17 MW. And resulting to this, the Company began the commercial production in May, 2012. During the year 2011-12, Company made equity offering to Qualified Institutional Buyers (QIBs) and allotted 1,82,94,578 Nos. of Equity shares of Face Value of Rs. 10/- each at a price of Rs. 30.25 (including premium of Rs.20.25 per equity share) to part finance its Rs. 150 Crores expansion project for enhancing its spinning capacity. In 2012-13, it commissioned Wastage Recycling Plant with 5400 TPA capacity, which commenced commercial production in June, 2013. It also set up 66 KV Sub- stations at its plant and taking supply of power from DGVCL. In 2013-14, it increased spinning capacity of FDY production by upgrading old eight end winders by replacing them with twelve end high speed winders and thereby total capacity of the FDY production was increased from 40600 TPA to 51450 TPA. It also set up 66 KV Sub-station at its plant and taking supply of power from DGVCL. The Company incorporated a wholly owned subsidiary company, 'Sumeet Global Pte Ltd.' in Singapore in the year 2014. The Company commissioned 4 new Texturising Machines with total capacity of 7200 TPA in 2014. The Hon'ble National Company Law Tribunal, (NCLT'), had vide its order dated December 20, 2022 admitted the application for the initiation of the corporate insolvency resolution process (CIRP) against the Company in terms of the Insolvency and Bankruptcy Code, 2016 read with the rules and regulations framed thereunder, as amended from time to time . Mr. Kuresh Hatim Khambati had been appointed as an Interim Resolution Professional. The company has been taken over by ' Eagle Group ' , a competent management vide Hon'ble NCLT order dated 16.07.2024.