Sybly Industries Ltd Company Summary

Sybly Industries Ltd Summary

Incorporated as a Private Limited Company in May 88, Sybly Industries Ltd formerly known as Sybly Spinning Mills was promoted by Satya Prakash Mittal, Mahesh Chand Mittal and Umesh Kumar Mittal. It became a Public Limited Company in May 95. Its manufacturing units are located in Ghaziabad district of Uttar Pradesh. The Company is engaged in manufacturing & trading of yarn & fabrics.The company started with the manufacture of merchandised cotton yarn with an installed capacity of 240 TPA. Commercial production commenced in Oct.89. In 1991-92, first expansion was carried out to enhance the installed capacity to 660 TPA.A project to manufacture cord yarn with a capacity of 660 TPA was undertaken by the company in 1994-95. Commercial production of cord yarn commenced in Mar.95.In 1995-96, the company expanded its activities by going in for backward integration to manufacture cotton yarn for captive consumption. It came out with a public issue in Dec.95, to part-finance the project. During 1996-97, it expanded its capacity by 3024 spindles to 8424 spindles.The company has decided to diversify into manufacturing of polyester yarn instead of cotton yarn.M/s. Logictex Fabrics Pvt. Ltd. (Formerly Sybly Fabrics Pvt. Ltd.) became wholly owned subsidiary of the Company in 2006. During 2009-10, M/s. Vartex Fabrics Pvt. Ltd. was ceased to be subsidiary of the Company since February 2010 and M/s. Sybly International FZE, Sharjah (UAE) became subsidiary of the Company w.e.f. 30.12.2009. In 2017-18, the Financial Assets and Liabilities of Company was transferred to Space Incubatrics Technologies Limited through Scheme of Arrangement effective on March 03, 2018. . As a result of the said Scheme, paid up share capital was increased by 85%. The existing Shareholder of the Company were allotted shares of equivalent value by Space Incubatrics Technologies Limited.