SME Weekly Bulletin - August, 04 2024 to August, 11 2024 (PART - II)
★ News / Events / Announcements
Sunday, 11 August 2024
22. Akanksha Power and Infrastructure Ltd. is in exploratory discussions to expand its PQS segment by partnering with an MNC to acquire a product line and its associated technology. The non-binding MOU is subject to board approvals in the coming weeks.
#AKANKSHA
Saturday, 10 August 2024
23. Jeena Sikho Lifecare Limited has been empanelled with the Telecom Regulatory Authority of India (TRAI) to offer Ayurvedic treatments under the CGHS scheme. The services will be available to both in-patient (IPD) and out-patient (OPD) departments, benefiting TRAI employees and their dependents.
#JSLL
24. V.L. Infraprojects Ltd has received two adjudication orders from the Registrar of Companies, Gujarat, imposing penalties amounting to ₹60 lakh for non-compliance with Section 42 of the Companies Act, 2013, during its equity share allotments in 2016 and 2017. The company disclosed that it is currently appealing the orders.
#VLINFRA
25. Cadsys (India) Ltd announced the cessation of a major project valued at $8 million per year following persistent delays from the customer, impacting project timelines. The company has initiated legal proceedings to recover outstanding dues and is reallocating resources to other promising projects within its portfolio.
#CADSYS
26. Khazanchi Jewellers Ltd reported a 232% year-on-year increase in Profit After Tax (PAT) for Q1 FY25, reaching ₹9.21 crore, as stated in a press release. The company also saw its total income rise by 103.88% to ₹381.19 crore. The results reflect Khazanchi Jewellers' continued operational efficiency and strategic market expansion.
#KHAZANCHI
27. Madhusudan Masala Ltd has been awarded the ZED Gold Certificate by the Ministry of MSME, Government of India, under the “MSME Sustainable (ZED) Certification” Scheme.
#MADHUSUDAN
28. Atmastco Defence Systems Pvt. Ltd, a wholly-owned subsidiary of Atmastco Ltd, is on track to complete the construction of its new factory by October 15, 2024. The installation of machinery is scheduled to be completed by the end of October, with trial production expected to start shortly thereafter.
#ATMASTCO
Friday, 9 August 2024
29. Shubhlaxmi Jewel Art Ltd has submitted a petition to the National Company Law Tribunal (NCLT) in Ahmedabad under Section 66 of the Companies Act, 2013. The petition seeks approval for a reduction in share capital following complications that arose from the conversion of 18,00,000 warrants into equity shares. Initially, the company issued 23,00,000 convertible warrants, of which 18,00,000 were converted into equity shares. However, this conversion triggered an open offer requirement under SEBI’s SAST Regulations, which the company could not fulfill. As a result, the company decided to withdraw the listing approval for these shares and is now seeking NCLT’s intervention to address the issue, including the cancellation of Form PAS-3.
#SHUBHLAXMI
30. Cian Healthcare Ltd's bank accounts have been downgraded to NPA status by Bank of Baroda and SIDBI, with an overdue amount totaling ₹180 lakh. Union Bank of India has classified its account as SMA2, leading to the freezing of all current accounts for debit transactions.
#CHCL
31. Associated Coaters Ltd's board approved the purchase of a powder coating and manufacturing plant from Metatech, Faridabad, with a capacity of 150-200 kgs per hour. The machinery will be installed in Kolkata.
#ASSOCIATED
32. Jeena Sikho Lifecare Ltd has received NABH certifications for its facilities in Ambala Cantt, Andheri West, Bangalore, Meerut, Kanpur, Sikar, Sonipat, and Thane West. The certifications validate services such as Panchakarma, Ras Shastra Evam Bhaishajya Kalpana, Yoga, Naturopathy, and Kaumarabhritya, with validity extending to 2027.
#JSLL
33. Grill Splendour Services Ltd has opened a new store in Borivali (West), Mumbai, increasing its total store count to 24.
#BIRDYS
34. Magson Retail and Distribution Ltd has launched a new venture, "Nasta Bazar," in Shela, Ahmedabad, increasing its total store count to 31 across 11 cities in 4 states. The new outlet will be operational from August 9, 2024.
#MAGSON
35. SMVD Poly Pack Ltd has received a GST demand notice of ₹47,53,952.22 for the financial year 2019-20, alleging short payment of tax and excess availment of ITC. The company is preparing to litigate against this demand.
#SMVD
36. Inspire Films Ltd has launched Freshh Mint, a YouTube channel aimed at young adults, with the premiere of the web series "Aukaat Se Zyaada." The channel will offer a mix of long-form and short-form content, targeting the dynamic youth audience of India.
#INSPIRE
37. Addictive Learning Technology Ltd reported that fifteen LawSikho learners passed the SEBI Grade A Phase 1 (Legal Officer) Examination, 2024, while three learners successfully cleared the Oriental Insurance Company Ltd (Legal) Prelims Examination.
#LAWSIKHO
38. Clinitech Laboratory Ltd has opened a new branch in Ulhasnagar, Maharashtra, to provide a range of diagnostic services, including clinical pathology, serology, biochemistry, and hematology tests.
#CTLLAB
39. Slone Infosystems Ltd issued a press statement announcing that it has secured two significant orders totaling ₹14.09 Cr for the supply of 5,000 Lenovo V14 laptops. The orders are expected to be fulfilled within 2-3 days.
#SLONE
Thursday, 8 August 2024
40. Ramdevbaba Solvent Ltd reported a fire incident at its Mahadula, Nagpur factory on August 7, 2024, due to a short circuit. The fire was quickly controlled with no injuries, and the company is assessing the loss. Operations will resume shortly, with adequate insurance coverage in place.
#RBS
41. Master Components Ltd placed a ₹1,30,40,000 purchase order with Master Moulds Private Limited for injection moulds. This order supports their upcoming projects and business expansion, with delivery expected by November 2024.
#MASTER
42. Virtuoso Optoelectronics Ltd reported a 27.2% YoY revenue growth to ₹196.12 crores in Q1FY25. The company incorporated a new subsidiary, Virtuoso Polymers, and is set to launch a commercial refrigeration line. New manufacturing capacities and product lines are expected to drive significant growth and operational expansion.
- Revenue Growth : 27.2% YoY increase, achieving ₹196.12 crores in Q1FY25 compared to ₹154.21 crores in Q1FY24.
- Volume Growth : 21% YoY in IDU business and 109% YoY in ODU business.
- Subsidiary Formation : Incorporated Virtuoso Polymers Private Limited on July 29, 2024, for component business growth.
- New Plant : Opened a plant in Chennai for manufacturing AC components, operated by Virtuoso Polymers.
- New Product Line : Introducing commercial refrigeration for B2B2B and B2B2C markets. Deep freezer plant operational by end of Q3FY25 with initial capacity of 1.5 lakh units, expanding to 4 lakh units by FY26.
- Export Opportunities : Increasing in both air conditioning and commercial refrigeration businesses.
- In-house Components : Adding EPS components, BLDC motor electronic components, and brass components.
- Manufacturing Capacities :
- Indoor Units (IDUs): 800,000 units
- Outdoor Units (ODUs): 400,000 units
- Water Dispensers: 150,000 units per annum
- Lighting Products: 60,000,000 units
- Cross Flow Fans: 600,000 units
- Commercial Refrigeration: 150,000 units (FY25), 400,000 units (FY26)
- Future Plans : Targeting annual revenue growth of 35-40% in FY25, operational commercial refrigeration plant by end of Q3FY25, and improving net margin and value addition through backward integration.
#VOEPL
43. Wise Travel India Ltd's board approved rupee BG facilities totaling ₹11,72,83,895 from ICICI Bank and an auto loan facility up to ₹20 crores.
#WTICAB
44. Chatha Foods Ltd has entered the sweet and savoury snack market with its new Empanadas, already supplying Chocolate Empanadas to a major QSR client and planning further expansion in product range and capacity.
#CHATHA
Wednesday, 7 August 2024
45. SAR Televenture Ltd released a press note announcing the 100% acquisition of Fusionnet Web Services Pvt. Ltd. and Parametrique Electronic Solutions Pvt. Ltd. The deal, structured as a 100% share swap, involves issuing 99,65,000 equity shares to Fusionnet shareholders. Post-acquisition, Fusionnet will become a wholly-owned subsidiary, and Parametrique a wholly-owned step-down subsidiary of SAR.
Key Details:
The deal, structured as a 100% share swap, involves issuing 99,65,000 equity shares to Fusionnet shareholders. Post-acquisition, Fusionnet will become a wholly-owned subsidiary, and Parametrique a wholly-owned step-down subsidiary of SAR.
Fusionnet Web Services Pvt. Ltd.:
- Retail Customer Base: 75,438 (as of July 2024)
- Enterprise Base (Leased Line): 567 (as of March 2024)
- Key Revenue Drivers: Internet Lease Lines, Broadband, Hotspot services, and value-added services like firewall solutions and cloud services.
Parametrique Electronic Solutions Pvt. Ltd.:
- Specialization: Integrated network solutions using FTTH (Fiber to the Home) technology with GPON (Gigabit Passive Optical Network)
- Home Passes Base: 160,261
Key Financial Highlights (as on 31.03.2024):
- Fusionnet Sales: ₹432.87 million
- Fusionnet EBDITA: ₹84.21 million
- Fusionnet PAT: ₹60.17 million
- Parametrique Sales: ₹151.40 million
- Parametrique EBDITA: ₹51.98 million
- Parametrique PAT: ₹8.32 million
Rationale for Acquisition:
- Forward integration and leveraging combined capabilities
- SAR will have both IP-1 License and ISP license
- Enhanced market share and competitive positioning
- Immediate access to existing customer base and additional cash flows
#SARTELE
46. Mangalam Worldwide Ltd reported a significant financial performance for Q1 FY25 with a 143.28% increase in net profit, reaching ₹6.01 crore. The total income rose by 13.88% to ₹230.21 crore, while EBITDA increased by 78.50% to ₹12.88 crore. The company's EBITDA margin improved by 203 basis points to 5.60%, and net profit margin increased by 139 basis points to 2.61%. Earnings per share for the quarter stood at ₹2.45, up from ₹1.01 in Q1 FY24.The company plans to enhance production capabilities and expand market reach, focusing on stainless steel, flat bars, and round bars. Additionally, it aims to increase its finished goods capacity from 60% to 90% through significant capital expenditure. Mangalam Worldwide is also expanding its geographic distribution in southern India to better serve customers and tap into new markets.Mangalam Worldwide received a long-term credit rating of 'BBB ' and a short-term rating of 'A2' from Acuité Ratings & Research for its bank facilities.
#MWL
47. RBM Infracon Ltd released a press release regarding successfully secured four consecutive orders between July 27, 2024, and August 6, 2024, totaling over ₹4.5 crore. The contracts include:
1. Yara Fertilisers India Pvt. Ltd.: ₹59,00,000 contract for Borewell Piping, to be completed by November 30, 2024.
2. Larsen & Toubro Ltd.: ₹1,47,50,538.08 contract for area grading and levelling services, including cleaning, vegetation clearing, disposal, earth filling, excavation, and transportation.
3. Kalpataru Projects International Ltd.: ₹1,46,55,871.40 contract for cleaning, grubbing, infrastructure work, and embankment fill with suitable soil.
4. Paushak Ltd.: ₹93,22,000 contract for Repair & Maintenance Services.
#RBMINFRA
48. Spectrum Talent Management Ltd has entered into an MoU with Kerala Development and Innovation Strategic Council (K-DISC) and the Confederation of Indian Industry (CII) to provide job placement services. The MoU includes services under the Recruit Train & Deploy (RTD) model and the Non-RTD model.
#SPECTSTM
49. Suyog Gurbaxani Funicular Ropeways Ltd received a 'CRISIL BBB/Stable' rating for its long-term bank facilities totaling ₹35 crore from CRISIL Ratings. The rating covers overdraft and term loan facilities from Axis Bank and Axis Finance.
#SGFRL
50. Jhandewalas Foods Ltd. held an All India Business Meet on 04 August 2024, bringing together key stakeholders to discuss product innovations, market expansion, and sales strategies. The event, aimed at strengthening the distribution network, received positive feedback from attendees.
#JFL
51. V-Marc India Ltd's credit ratings for bank loan facilities, amounting to ₹226.74 crore, have been reviewed by Infomerics Ratings. The long-term rating stands at IVR BBB with Developing Implications, and the short-term rating is IVR A3 with Developing Implications.
#VMARCIND
52. Richa Info Systems Ltd has established a 100% subsidiary, Richa Info Systems L.L.C-FZ, in Dubai for IT-related business. The subsidiary has a share capital of AED 100,000 and aims to enhance the company's presence in the IT sector.
#RICHA
53. Kizi Apparels Ltd has partnered with Myntra, India's leading fashion e-commerce platform, to expand its brand presence. This strategic move will leverage Myntra's online platform to reach a broader audience, enhancing Kizi Apparels' visibility and customer base across the country.
#KIZI
54. Megatherm Induction Ltd reported a healthy order book of ₹393 crores, with new orders worth ₹102 crores between April and July 2024. The company is set to launch a Hybrid converter for the foundry market at InterFoundry 2024 in Coimbatore and is progressing with its CAPEX projects, including a new transformer factory expected to be operational by Q4 FY25. New orders from the UK and Singareni Collieries Company Limited have been secured, and the company plans significant expansions in domestic and global markets.
#MEGATHERM
55. Maitreya Medicare Ltd received a ₹1,29,800 penalty from NSE for not submitting the standalone balance sheet for FY 2023-24. The company has taken corrective actions and filed a waiver application.
#MAITREYA
56. Vishnuinfr has commenced an Operations and Maintenance contract for a sand washing plant from Sri Mahalakshmi Rhyno Robust Sands Private Ltd. The CDE Asia Double Wash Technology plant has a capacity of 80 TPH – 100 TPH and an annual production capacity of 3,50,000 MT, located in Koosthanapalli Village, Hosur Taluk, Krishngairi district.
#VISHNUINFR
Tuesday, 6 August 2024
57. Dev Labtech Venture Ltd received the Certificate of Registration for the trademark "DLV Jewelry" under class 14 and class 35 from the Trade Marks Registry, Government of India on August 06, 2024, covering jewelry products and services.
#DEVLAB
58. Aztec Fluids and Machinery Ltd received a refund order of ₹1,85,19,957 from the Office of the Principal Commissioner of Customs under Section 27 of the Custom Act, 1962.
#AZTEC
59. On Door Concepts Ltd announced that NSB BPO Solutions Ltd, a promoter group company, has withdrawn its Draft Red Herring Prospectus (DRHP) filed with NSE's SME EMERGE platform. The company plans to reassess its fund-raising and capital structure and refile the offer document after necessary updates and amendments.
#ONDOOR
60. Aimtron Electronics Ltd received a show cause notice from the Commissionerate of Taxes, Gujarat, for ₹27,217, with no material impact on the company's financials or operations.
#AIMTRON
61. Pune E-Stock Broking Ltd has received SEBI approval for Research Analyst registration, with the registration number INH000018197, effective from 5th August 2024.
#PESB
62. BEW Engineering Ltd confirmed that it currently has no exposure to Bangladesh, with no pending orders or receivables from the country.
#BEWLTD
63. Oriana Power Ltd announced plans to construct a Gigawatt scale factory for producing alkaline electrolyzers and BOP modules in India. The factory will be commissioned in two phases, with the first 500 MW phase operational by 2026. This initiative is in collaboration with Splitwaters, a US-based provider of electrolysis technology. The company aims to produce green hydrogen and e-fuels at lower costs and is also developing projects in the UK and Europe.
#ORIANA
Monday, 5 August 2024
64. V-Marc India Ltd. has acquired 8,200 sq. meters of land near its existing project in Village Kaliar, Tehsil Roorkee, Haridwar, Uttarakhand, to support the company's expansion and upcoming new projects.
#VMARCIND
65. Abhishek Integrations Ltd. has leased new premises on August 5, 2024 at Siddhi Industrial Park, Ahmedabad, to expand its business activities in manufacturing electrical products.
#AILIMITED
66. Silkflex Polymers (India) Ltd. held a meeting with customers at Pelabuhan Klang, Malaysia, on July 4, 2024 to discuss various products, including textile printing ink and wood coating polymers, as well as recent business developments. The meeting included a factory visit to Silkflex Polymers Sdn. Bhd. in Malaysia.
#SILKFLEX
67. Marvel Decor Ltd. has recently relocated its sales and marketing office from Jamnagar to Mumbai to improve connectivity and talent acquisition. They opened their first Experience Center in Andheri West, Mumbai, and launched a Vision, Mission, and 10x growth goal for 2030 in Jamnagar and Dubai. The company hired 15 new members to enhance sales and strategic capabilities. Marvel has been awarded significant projects, including the New Parliament House, AIIMS Rajkot, and the Parliament House of Kenya.
#MDL
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