Smiths & Founders (India) Ltd

Incorporated as a private limited company in Oct.90, Shimoga Technologies Ltd, previously known as Shimoga Forge took over the assets and liabilities of a proprietory 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. SFL is engaged in the manufacture and marketing of steel forgings with an installed capacity of 450 tpa, with its manufacturing unit located at KSSIDC Industrial Estate, Shimoga, Karnataka. SFL was promoted by chairman and managing director S Suresh, a qualified metallurgist and specialist in forging technology. 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 partfinance a Rs 4.32cr project to expand the steel forging capacity from 500 tpa to 1890 tpa, which was completed 1997. The company manufactures steel forgings through the hotforging 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 200001 and the software division has developed a Banking Software Conch Bank meant for Cooperative sectors and societies.The company has become a Sick company as the networth and their accumulated losses exceeded the paid up share capital.The Company sold its unit at Chikkaballapura, in 2009. During the year 201314, 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 (transferor Company) with the Company effective from the appointed date i.e., 01 April, 2012 and resultant to merger, the name of Company was changed from Shimoga Technologies Limited to Smiths Founders (India) Limited effective from 27 March, 2014.