Solid Carbide Tools Ltd.

The Company was incorporated as Solid Carbide Tools Pvt. Ltd. on 21st
 Aug., 1990, with Registrars of Companies, Maharashtra at Bombay. It
 was converted into a Public Limited Company on 18th Feb. 1993 in the
 name of Solid Carbide Tools Limited. SCTL started its operations as a
 100% export orientated unit EOU for manufacturing of industrial rotary
 cutting tools, circuit board router and circuit board drills with
 capacity of 5,04,000 nos. units p.a. at Thane Belapur Road, New
 Bombay. From 1993-94 onwards, SCTL has started catering to the needs
 of the domestic market also. The existing unit is still 100% EOU
 whereas the proposed units i.e. Copper Extrusion and Continuous
 Casting plants will cater to the domestic demand. The Company has not
 faced or facing any labour problems and there was no closure in the
 Company due to such reasons. 
 
 The technical know-how for the manufacturing process has been
 provided by Quality Carbide Tools Corporation, USA. which has been
 manufacturing rotary carbide tools for industrial use. SCTL has
 signed a MOU with their collaborators on 28th January, 1993, valid
 for 5 years ending 1998, and subject to renewal thereafter.
 
 To part finance the project the Company made a Public Issue of 21.10
 lacs share of Rs.10/- each at par aggregating to Rs.211 Lacs in
 October, 1993. The Public Issue was  oversubscribed by 15.57 times.
 The project of the Company has earned profits from its first year of
 operation.