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Sumeet Industries to invest Rs 1.25 bn for expansion
13
Oct '08
Sumeet Industries Ltd is going to set up fully imported one C.P. Plant (Continuous Poly Condensation Plant) of 100000 Tons per annum capacity under technical guidance of M/s. Huitong Chemical Engineering Technique Co. Limited, China and 10 another lines of Polyester POY / FDY Spinning Plant with annual installed capacity of 48300 Tons per annum as expansion cum backward integration project with total cost of Rs. 125.00 crores.

Under this project POY / FDY will be produced directly from MEG and PTA which will reduce cost substantially and will also be very much competitive and the company will be in a position to compete in the market in its price strategy with its peer group.

Apart from its cost advantages, company can ensure good consistent quality of POY produced on CP Lines because product will be much better than existing product. The Company is also in the process of setting up another 6 MW captive power plant nearby its existing unit for its proposed project.

Part of the imported machineries has been arrived at the factory site and L/C. for other plant & machineries has been opened and in the process of shipment. The civil work at the new project site is going on with full swing and the commercial production will be commenced around in March,2009.

Exports:
The company has been exploring all the possibilities for exporting its products. At present company is exporting Polyester & Menthol products to South Africa, Bangladesh, Egypt, Nepal, Saudi Arabia, China & Singapore etc. The company has exported Polyester Yarn of Rs. 220.60 Lacs and Menthol Products of Rs. 1291.65 Lacs during the financial year under review consisting around 12% of total sales made by the company.

Operations:
During the financial year 2007-08, the company has produced 14555.06 Tons of Polyester /Polypropylene Multifilament Yarn achieving 113% capacity utilization and dispatched 14656.90 Tons of P.P. / Poly yarns. The Company has manufactured 4122.261 Lacs Mtrs of Polyester Fabrics achieving 117% capacity utilization and dispatched 3985.237 Lacs Mtrs of Polyester Fabrics. The company has also produced 255.344 Tons of Menthol Products.

Income from operation of the company has increased by 15% and net profit after tax has increased by 9.11% in comparison to last year.

Being to part finance the proposed project by internal accruals management has decided to plough back the profit in to business and hence no dividend is recommended by the Board.

Sumeet Industries Ltd

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