Integra Engineering India Ltd

Integra Engineering India Limited (formerly known Schlafhorst Engineering India Ltd), was established on June 3, 1981. The Company commenced its operations in 1987. Since then, it expanded its operations adding products as well as manufacturing facilities. Spread over 26 acres and two locations, the current set up offers a unique blend of products to its core sectors in transport and power. The products in transport primarily cater to Indian Railways, both in Railway signaling control and rolling stock. The Company is offering a variety of engineering solutions. The Company offers value added solutions such as mechanical components with wiring solutions. Its manufacturing units are located at Baroda and Halol (Panchmahal district), both in Gujarat. In addition to that, the Company manufactures standard industrial enclosures for various segments such as telecommunication, power and IT sector. On the one side, it has skill in sheet metal fabrication work as well as machining and surface treatment. On the other side, it is supplying various Research Design Standards Organization (RDSO) approved electromechanical products such as Metal to Metal relays, Metal to Carbon Relays, Fuse Automatic Change Over System (FACS) and LED signals to Indian Railways. The company has a collaboration with Schlafhorst, Germany, which is a subsidiary of the Switzerlandbased Saurer group. Schlafhorst increased its equity stake in Padmatex Engineering to 55.52% and renamed it Schlafhorst Engineering. The increase in collaborators stake is a part of Saurers global strategy to create a wider base for manufacturing plants in the rapidly growing Asian markets. Mafatlal Industries holds an 11% equity stake in the company.SEL, which manufactures automatic winding machines for the textile industry, has been facing stiff competition from international manufacturers. Textile manufacturers have been opting for imports of secondhand automatic winding machines which work out to be cheaper. Moreover, there is a flood of automatic winding machines from Japanese manufacturers. Gujarat Textronics is the subsidiary of SEL. The company has introduced a new model Autoconer 238 which has received a good market response.Due to the reduction in the consumption of textiles the Vadodara factory closed from 01.05.1999, after implementing VRS and transferring the remaining employees to Halol. Also during the year 1999, the company has been declared as a Sick company by the BIFR and ICICI its operating agency proposes to submit a revival plan shortly.Assuming that the institutions will support the company and the Government of Gujarat would grant Vadodara property zone change from industrial to commercial/residential, a revival proposal has been submitted to ICICI in Jul.00 to enable them to finally prepare a rehabilitation scheme and submitting it to BIFR.In 2006, the Company sold its Vadodara Plant for Rs. 165.2 Million as per guidelines specified in the Revival Scheme, which was approved by the BIFR. During the year 2012, the Honble High Court, Gujarat had vide its Order dated March 23, 2012 sanctioned the Composite Scheme of Arrangement for Amalgamation of Integra India Group Company Limited (IIGCL) into Integra Engineering India Limited (IEIL) with Appointed date, 01 January, 2011, which became effective on 11th June, 2012. Consequently, the business Undertakings of erstwhile IIGCL was termed as UnitII of the Company upon the said Scheme becoming effective.During the year 2012, the Company made substantial investments in new machinery and in upgrading technology and revamping the existing production facilities. It introduced the version of Draw Frame Machine (PADAMATEX 720AL) during the end of 2012. Gorba Integra Systems Private Limited (GISPL), a Joint Venture Company of Integra India Group Company Limited and Gorba AG, Switzerland, which held 50% stake in Integra India Group Company Limited, amalgamated with the Company and pursuant to the amalgamation of Integra India Group Company Limited with Integra Engineering India Limited, GISPL became JV Company of the Company in year 2013. During the year 2013, the Company settled the pending dispute with its JV Partner Gorba AG, Switzerland out of court. As part of the settlement, the 50% shareholding of Gorba AG was taken over by INTEGRA Holding, Switzerland and a settlement amount of Rs 20,050 was received by Company.