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Data is not available for this company
Southern Sea Foods (SSF), a certified and recognised export House, was incorporated as a private limited company in the state of Tamil Nadu on February 1, 1968 and was converted into a public limited company on March 25, 1993 and a fresh certificate of incorporation was issued by the Registrar of Companies, Tamil Nadu on May 12, 1993.
SSF started its business operations in the year 1969 with its factory at Palavakkam about 25 km from Madras having a production capacity of 2.5 tonnes
SSF started its business operations in the year 1969 with its factory at Palavakkam about 25 km from Madras having a production capacity of 2.5 tonnes per day and a cold storage capacity of 50 tonnes. In keeping with the improvement in refrigeration and freezing technology, the company has periodically modernised and upgraded its factory. The company's original capacity was doubled to 5 tonnes per day for production and 100 tonnes for storage. The production capacity was doubled by the installation of the 90-minutes freezer which halved the time required for freezing and enhanced the quality of the marine products produced. The cold store was also upgraded from -5 degrees Farenheit to -15 degrees Farenheit in the year 1989 to enable longer storage life for the products. The company has also installed sufficient captive power plant to meet the requirements of the entire factory during power cuts.
The company had set up its branch office at Tokyo, Japan in the year 1973 and at New York USA in the year 1990 to take advantage of direct marketing. A fishnet making unit was set up in the year 1986 at Thirupathi, Andhra pradesh to supply fishnets to fishermen. The growth of operations and assets of the company have been financed by internal accruals, without resorting to external financing. The company started initially with an effective equity capital of Rs.2.40 lakh in 1969 which has now grown to Rs 70 lakh in the year 1993. The present share capital of the company includes bonus shares issued on various dates during the last 25 years totalling to Rs.54.30 lakh. This also includes the recent bonus issue of Rs.20.00 lakh made on 22.10.1993. The reserves and surplus amounts to Rs.234.51 lakh after the latest bonus issue and this includes Rs.127.41 lakh by way of Revaluation Reserves.
The company had revalued its assets only once, in the year 1992, since its inception. The revaluation reserves created as a result of this exercise amounts to Rs.127.41 lakh. The company's recent bonus issue of Rs.20.00 lakh was made by way of a special resolution passed in the EGM of the comapny held on 22.10.1993. The effect of the said bonus issue made on 22.10.1993 has not been reflected in the accounts of the company appearing in the prospectus. Subsequent to this bonus issue, the paid-up equity of the company stands at Rs.70.00 lakh. The company had hitherto been registered as a SSI unit since 1977 and with the proposed modernisation and diversification the company will cease to be a SSI unit. The company has obtained 100% EOU status for its existing Sea foods vide Secretariat for Industrial Approvals letter No.PER: 68/1993/EOA/24/93 dated 8th February 1993. After the full convertibility of Indian Rupee on trade account since April 1993, the company has decided to be a normal export oriented unit registered with the SIA. The company is also registered with the Marine Products Export Development Authority (MPEDA).