EQUILATERAL ENTERPRISES L Share price

Surya Industrial Corporation Ltd was originallyincorporated in the name of Upayan Exports (P) Ltd. on13.12.1988 under the Companies Act 1956. Subsequently thecompany was converted into Public Limited Company on 1stNovember 1994 and therafter its name was changed to SuryaIndustrial Corp. Ltd on 24th November 199 vide ROC KanpurCertificate No.20-10285/1043 dtd. 24.11.94. The company haschanged ifs name to Surya Industrial Corporation Ltd. asits wholly owned subsidiary''s product viz. tyres brandname "Sury" has been relatively established and and hasalso been registered. Further as the company is setting upa unit to manufacture tyres and as these tyres are alsoproposed to be marketed under the "Surya" brand name itwas thought logical to change the name of the company toSurya Industrial Corporation Ltd.The company is engaged in the manufacture of electricallaminations and toroidal cores which are used inelectrical transformer and panels commenced commercialoperations from March 1990 (Unit 1). In 1993 another unitidentifiable as Unit II commenced production. Themachines of unit I were transferred to SICL''s unit calledBharat Vidduit Unit in January 1995. The company has beenan industrial supplier to reputed transformers and panelsmanufacturers in North India like Electra (Jaipur) Ltd.Uptron Powertronics Ltd. Model Transformers (P) Ltd. etc.The company took over M/S Bharat Vidduit a group firmengaged in the manufacture of electrical laminations at B-9Industrial Estate Partapur. Meerut since 1981 at a totalconsideration of Rs.23.01 lacs vide sale agreementdt.12.09.94. M/s. Bharat Vidduit is also engaged in themanufacture of electrical laminations for electricaltransformer and panels. The company purchased the unitowned by Sh.Vikas Jain (one of the main promoters) and Smt.Jaya Jain partners in the firm to take the benefit ofeconomies of scale and synergise the operations in both theunits and remove clash of interests between the units. Thesets of Bharat Vidduit have not been revalued before thetakeover. However a premium of Rs.9 lacs (totalconsideration paid less net a sets as per Audited BalanceSheet dtd. 31.8.1994) was paid as good will to the partnersof the firm.SICL (previously called UEPL) earned a profit after tax ofRs.1.54 lacs. Rs.1.85 lacs Rs.2.11 lacs Rs.7.52 lacs forthe years 1990-91. 1991-92 1992-93 1993-94 (15 months)respectively. SICL''s profit from Unit II and Bharat VidduitUnit for the period ended 31.03.1995(9 months) was Rs. 2.80lacs.