SAI SILKS (KALAMANDIR) L Share price

History and Major Events Company's business was started as a Partnership Firm under the name and style of "Sai Silks" on August 10 2005 with Mr. Chalavadi Naga Kanaka Durga Prasad and Mrs. Chalavadi Jhansi Rani as Partners. Further on April 1 2006 Mr. A Kalyan Srinivas and Mr. A. Subash Chandra Mohan were admitted as partners. Later on March 4 2008 another three new partners Ms. Annam Suchitra Ms. Annam Sowjanya and Mr. Annam Venkata Rajesh were admitted into partnership and also the name of the Partnership firm was changed to "Sai Silks (Kalamandir)". Our Partnership Firm was converted into a Private Limited Company under Part IX of the Companies Act 1956. The Certificate of Incorporation was obtained on July 3 2008 under the name and style of Sai Silks (Kalamandir) Private Limited from the Registrar of Companies Andhra Pradesh. Our Private Limited Company was subsequently converted into a Public Limited Company and the fresh certificate of incorporation consequent upon change of name on conversion to public limited company was obtained on May 21 2009 from the Registrar of Companies Andhra Pradesh and the name of our company was changed to its present name Sai Silks (Kalamandir) Limited. We are mainly in the business of retailing of sarees under the brand name of "KALAMANDIR " "MANDIR"& "VARAMAHALAKSHMI ". We started as a retailer of sarees in Hyderabad in August 2005 on a very modest scale with a Retail Outlet of3213 square feet. We rented a retail space in Ameerpet in Hyderabad and sold traditional sarees like SilkSarees Handloom Sarees Synthetic Sarees etc. As on the date we operate 15 retail outlets and these outlets arecumulatively spread over in 129035 square feet.The company is presently engaged in offering of the following products to all the segments: 1- Sarees 2- Women?s dress materials and readymades 3- Men?s wear 4- Kid?s wear 5- Gold Jewellery Our retail outlets cater to the entire range of sarees in the price range of ` 300 to `350000.With evolution of retail industry in India and change in consumer aspirations we diversified our portfolio of offerings to include other retail goods like Women dress materials & readymades Kids wear and Men?s wear. Currently we sell different varieties of sarees for different occasions and ready-made apparels for women men and kids in our retail outlets. In order to expand our products range we also undertook display and sale of gold and silver ornaments in our outlets under franchise and shop in shop model. Accordingly a franchisee arrangement was entered on April 1 2008 with Tanmai Jewellers Private Limited for retail outlets at Hyderabad. Our Company had also entered into shop in shop arrangement with Sai Swarnamandir Jewellers Private Limited on April 1 2009 for a period of 9 years for display and sale of their gold and silver jewellery in our retail outlets located at Jayanagar Marathahalli and Malleshwaram Bengaluru.. Presently we are displaying and selling their gold and silver jewellery in our retail outlets located at Jayanagar and Malleshwaram Bengaluru only. Wind Farm Power Activity Our Company has forayed into the business of generation of electricity through non-conventional energy sources by setting up a Wind Power Project having a capacity of 2 MW at Kondamedapally Kurnool District Andhra Pradesh at a project cost of ` 1120 lakhs. Our Board of Directors in their meeting held on August 5 2010 resolved in-principle to enter into the business of generation of electricity and passed enabling resolution in this regard. Our promoters have their core competence in the retail business where they have an established track record of accomplishment of more than 7 years. In order to diversify the existing business our Company entered into the business of power generation through non-conventional energy sources. It was also decided to obtain the basic approvals from the concerned authorities and departments before approaching the members of our Company for their consent. Since the proposed line of business was relatively new to our Company as well as to its promoters it was decided to avail the guidance and services of a reputed EPC Contractor in the field of power particularly renewable energy. In this regard our Company engaged Shriram EPC Ltd. Chennai as EPC Contractor to set up the business on our behalf on a turnkey basis. It was proposed to set up a 2 MW Wind Farm Project on turnkey basis at Kondamedapally Kurnool district Andhra Pradesh. In this context our Company placed purchase / work orders with Shriram EPC Ltd on August 11 2010 in terms of which Shriram EPC Ltd. was inter alia required to supply 8 WEGs of 250 KW each DP Structure and Internal Lines undertake Erection Commissioning and Testing of WEGs and carry out civil work electrical work and infrastructure for the site and liasioning with all governmental agencies for obtaining the approvals to complete the project. Shriram EPC Ltd. had in December 2009 obtained allotment of Wind Farm Power project to be set up at Kondamedapally Kurnool District Andhra Pradesh from Non-Conventional Energy Development Corporation of Andhra Pradesh Limited (NEDCAP) Nodal Agency of Andhra Pradesh Government with a permissible limit to develop upto 4 MW capacity wind power project. In August 2010 our Company approached NEDCAP for transfer of 2 MW load out of the aforesaid 4 MW Wind Farm Power Project sanctioned to Shriram EPC Ltd. NEDCAP has accorded its permission for the said transfers in favour of our Company vide its letter no. NEDCAP/WE/4694/2010 dated August 16 2010. Consequently our Company entered into an agreement with NEDCAP on August 17 2010 for setting up the said Wind Power Project at Kondamedapally Kurnool District Andhra Pradesh and entered into a Power Purchase Agreement on March 31 2011 ("PPA") with Central Power Distribution Company Limited of Andhra Pradesh (DISCOM). In order to make financial arrangements for the said Wind Power project our Company approached State Bank of India which sanctioned a term loan of ` 7.84 Crores vide its letter dated September 2 2010. Since the proposed line of activity i.e. wind power generation was not germane to the existing line of business our company resolved to make suitable amendments to the Memorandum of Association and commence the business. In this regard an Extraordinary General Meeting of the Members was convened and duly held on February 17 2011 for amending the Memorandum of Association and enabling our Company to commence and carry on the business of generation of electricity and a special resolution approving the amendment was passed in the said EGM. The same was filed with the Registrar of Companies Andhra Pradesh (?ROC?) for giving effect to the alteration of the Object Clause. ROC has since confirmed the alteration of Object Clause vide certificate dated March 28 2011 issued u/s 18 (1) of the Companies Act 1956. Shriram EPC Ltd. has completed the implementation of 2MW e Wind Power Project. 1 MW was commissioned on March 31 2011 and remaining 1MW was commissioned on July 16 2011 but the Commercial Operation Date has been considered as March 31 2011 by the DISCOM as per Article 1 clause 1.4 of the PPA. The power generated is not meant for captive consumption and is sold to Andhra Pradesh Central Power Distribution Company Limited (APCPDCL) as per Power Purchase Agreement (PPA) dated March 31 2011. As per the PPA out of the 2 MW capacity 0.01 MW is permitted for auxiliary consumption and 1.99 MW for export to network for sale to DISCOM at the rate of ` 3.50 per unit for a period of 10 years from the commercial operation date. The tariff payable beyond 10th year of operation will be as determined by Andhra Pradesh Electricity Regulatory Commission (APERC). The revenue generated from wind power generation for the period ended October 31 2012 is ` 47.57 Lakhs. Major Events of our Company 2005 - Started as a Partnership Firm on August 10 2005 under the name and style of "Sai Silks" with Mr. Chalavadi Naga Kanaka Durga Prasad and Mrs. Chalavadi Jhansi Rani as partners.2006 - Mr. A Kalyan Srinivas and Mr. A. Subash Chandra Mohan were admitted as partners Started the Second Retail Outlet in Dilsukhnagar Hyderabad 2007 - Started the Third Retail Outlet in Kukatpally Hyderabad. Additonal three more partners Ms. Annam Suchitra Ms. Annam Sowjanya and Mr. Annam Venkata Rajesh were admitted to partnership2008 - Converted the existing Partnership Firm into a Private Limited Company on July 3 2008 under Part IX of the Companies Act 1956 under the name and style of Sai Silks (Kalamandir) Private Limited. Started the Fourth Retail Outlet in Jaya Nagar Bengaluru. Started the Fifth Retail Outlet in Malleswaram Bengaluru. Started the Sixth Retail Outlet in Guntur. Started the Seventh Retail Outlet in Marathahalli Bengaluru. Started the Eighth Retail Outlet in M.G. Road Bengaluru.2009 - Our Private Limited Company was converted into a Public Limited Company and received fresh Certificate of Incorporation upon change of name on conversion to public limited company on May 21 2009. Started the Ninth Retail Outlet in Chickpet Bengaluru.2010 - Started the Tenth Retail Outlet in Patny Secunderabad. Started the Eleventh Retail Outlet in Vijayawada.2011 - Started the Twelfth Retail Outlet in Banjara Hills Hyderabad. Started the Thirteenth Retail Outlet in Chickpet Bengaluru.2012 - Started the Fourteenth Retail Outlet in Kanchipuram Tamilnadu. Started the Fifteenth Retail Outlet in Hanumakonda Warangal District Andhra Pradesh Awards & Recognitions 2012 - Retailer of the year for Excellence in Traditional Fashion & Lifestyle Retailing by Asia Retail Congress Master Brand for Brand ?KALAMANDIR? by CMO Council & CMO Asia