Post by Sanyam mittal on Oct 7, 2015 19:57:04 GMT 5.5
ESAB India Ltd. was incorporated on 10th November, 1987 and commenced its operations in July 1988 with the acquisition of Peico Electronics and Electricals Ltd., now known as Philips India Limited. ESAB India is a leading supplier of welding and cutting products and has its manufacturing facilities located in various states of India. It has got ISO certifications for four of its principal manufacturing facilities located at Kolkata, Chennai and Nagpur. It has variety of products which include welding consumables, reclamation consumables, arc equipments, industrial gas equipments, cutting machines and welding automation. They are now an integral part of industries like Shipbuilding, Petrochemical, Construction, Transport, Offshore, Energy and Repair and Maintenance.
The company has undergone some significant changes in the last one year. First, Mr Rohit Gambhir became the new Managing Director of the Company with effect from 1st November, 2014. Second, this March, the company changed its financial year from calendar year basis to April to March pattern in order to comply with the requirements of Section 2(41) of the Companies Act, 2013. Third, following a review of manufacturing capacities of the Company's consumable Plant locations, the Board of Directors took the decision to discontinue operations of the Consumables Plant at Khardah, Kolkata. As a result, there was an exceptional expenditure of Rs. 11.63 crores arising out of Impairment loss on fixed assets and one time settlement made to contractors at Khardah Plant. This effected into a negative PAT of Rs. 4.57 crores for the March, 2015 quarter.
The company has undergone some significant changes in the last one year. First, Mr Rohit Gambhir became the new Managing Director of the Company with effect from 1st November, 2014. Second, this March, the company changed its financial year from calendar year basis to April to March pattern in order to comply with the requirements of Section 2(41) of the Companies Act, 2013. Third, following a review of manufacturing capacities of the Company's consumable Plant locations, the Board of Directors took the decision to discontinue operations of the Consumables Plant at Khardah, Kolkata. As a result, there was an exceptional expenditure of Rs. 11.63 crores arising out of Impairment loss on fixed assets and one time settlement made to contractors at Khardah Plant. This effected into a negative PAT of Rs. 4.57 crores for the March, 2015 quarter.
