|The Company was incorporated on 1st August, 1988 as a Private Limited Company and was converted into Public Limited Company on 1st February, 1992. The main objects of the Company are fully set out in its Memorandum of Association as also detailed later in this Prospectus. It has been promoted to set up a plant for the manufacture of Polypropylene Multifilament Yarn, with an installed capacity of 2,000 tonnes per annum, in technical collaboration with M/s. Neumunstersche Maschienen Und Anlagenbau GmbH (NEUMAG) Germany.
NEUMAG are one of the pioneers of PP Yarn technology and leading suppliers of plant and machinery for various man-made fibres throughout the world.
The Company has been promoted by Mr. Shankar Lal Somani, Mr Mahesh Kumar Somani and Mr Raj Kumar Somani, who have over a decade's experience in synthetic textile industry through promoting and managing three modern synthetic cloth process houses with a total capacity of 30 million metres per annum, a synthetic yarn texturising unit with a capacity of 470 tonnes per annum (Denier 84) and a synthetic yarn twsiting unit with a capacity of 184 tonnes per annum. They are all Commerce Graduates and have widely travelled overseas and attended Trade Fairs of textile machinery at home and overseas.
-Sumeet Industries has given the Bonus in the Ratio of 1:2
-The Company has issued Bonus Shares in the Ratio of 1:10.
-The company has issued rights in the ratio of 1:1at a premium of Rs 5/- per share.
- The Continuous Poly Condensation (CP) Plant of 1,00,000 TPA have been commissioned successfully and production of Pet Chips has been started.
- The Company has received export order for Polyester Chips of Rs. 20.00 Crores from Egypt..
- The "POLYESTER FILAMENT YARN (POY/FDY) PLANT" (Direct spinning unit through PTA and MEG route) has been commissioned successfully and production has been started. By implementation of this Project the total capacity of the Company's POY and FDY production will be increased from 12000 TPA to 56000 TPA.
- By implementation of this Project the total capacity of the Company's POY and FDY production will be increased from 12000 TPA to 56000 TPA.
- The QIP committee has approved the issue and allocation of 1,82,94,578 nos. of Equity Shares of Rs. 10 each, to the 6 Qualified Institutional Buyers ("QIBs") at an Issue Price of Rs. 30.25 per Equity Share (including Rs. 20.25 towards share premium).
- The "POLYESTER FILAMENT YARN (POY/FDY) PLANT" (Direct spinning unit through PTA and MEG route) and another 8.6 MW Gas based Genset Captive Power Plant has been commissioned successfully.
- The company has secured order worth Rs 50 crore from Tamilnadu Government via The Tamilnadu Handloom Weaversâ Co-operative Society Limited.
- The Company amalgamated with group companies M/s. Somani Overseas Ltd., M/s. Sitaram Prints Pvt. Ltd. and Mahesh Texturisers Pvt. Ltd.
- The Company made Joint Venture agreement with M/s. Vishvas Infrastructure Ltd (Formerly known as Mefcom Agro Industries Ltd) for acquisition and development of land of 200 acres in District Bhuj, Gujarat.
- The appointment of Smt. Gangadevi Shankarlal Somani, as an Additional Director (Non-Executive) of the Company.
- 3 (Three) nos. of Texturising Machines has been successfully commissioned and commercial production now started.
-Modified FDY line for manufacturing of Bright FDY and Color FDY yarns.
-Commissioned 25 nos. of TFO machines for plying & twisting for manufacturing Carpet Yarns.