Paramount Speciality Forgings Ltd - Stock Valuation and Financial Performance

Paramount Speciality Forgings Limited was originally established as a partnership firm in the name and style of ‘Paramount Forge’ under the Partnership Act, 1932 with the Registrar of Firms, Mumbai on November 1, 1994 as amended through partnership deed dated July 7, 1995, and April 1, 2000. Subsequently, its firm was converted from a Partnership Firm to a Limited Liability Partnership (LLP) and consequently the name of its firm was changed to ‘Paramount Speciality Forgings LLP’, and a fresh certificate of incorporation dated June 27, 2019 was issued to its LLP by the RoC. The constitution of its LLP was further changed from a LLP to a Public Limited Company and consequently the name of its LLP was changed to ‘Paramount Speciality Forgings Limited’, and a fresh certificate of incorporation dated May 5, 2023 was issued to the Company by the RoC.

Paramount Speciality Forgings manufacturers of steel forgings in India offering a diverse range of forged products. The company has developed its business and scale of operations since its founding in 1996 and has invested in a variety of machinery to boost and diversify its manufacturing capabilities. It can now manufacture and provide forged components ranging in weight from 1Kg to 4 metric tons in rough or finish-machined condition. Its products are manufactured in accordance with National and International standards and is used in a wide range of industrial applications catering to the extensive requirements of Petrochemicals, Chemicals, Fertilizers, Oil and Gas, Nuclear Power, and other heavy engineering sectors.

The company benefits from its experience in catering to a wide range of customers due to its legacy of over three decades in the manufacturing businesses and has built long-standing relationships with customers across end-users in the Petrochemicals, Chemicals and Fertilizer, Oil and Gas, Nuclear, Power and other Heavy Engineering Industries.

The company as an organization have established, implemented, and maintained an Integrated Management System (IMS), including the processes needed and their interactions, to achieve the intended outcome, including enhancing environmental and OH and S performance. The organization has considered the knowledge it gained during determination of internal and external issues, workers and other interested parties’ requirements while establishing and maintaining the Integrated Management System. The organization ensures continual improvement in IMS.

Business area of the company

The company is a manufacturer of steel forgings in India, offering a diverse range of forged products. The company's products are manufactured to meet national and international standards and are used in various industrial applications including petrochemicals, chemicals, fertilizers, oil and gas, nuclear power, and heavy engineering sectors.

Products of the company

• Tube sheet forgings / Blank forgings
• Self-reinforced nozzles
• Long weld neck flanges
• Forged valve components
• Forged Blocks / Forged Bars / Billets

Awards and accreditations

• 2008-09: Awarded for star performance from EEPC India.
• 2009-10: Awarded for star performance from EEPC India.
• 2022-23: Awarded for bright beginner performance from Kirloskar Group.

History and milestones

• 1994: Formation of Partnership Firm with the intent to enter into the manufacturing of forged flanges and fittings. Obtained registrations from the Oil and Gas companies and directly cater to the requirements of the End users.
• 1996: Establishment of Closed Die Manufacturing Plant at Kamothe.
• 2005: All machining and drilling activities required to provide final dimensions for the product were completed using manual Lathe and Drill equipment. As a result, productivity and accuracy in fulfilling completed product dimensions may be low, resulting in delays and unnecessary losses. In view of improving these a variety of CNC and VMC machines were purchased and installed in a new facility to improve product quality, output, and accuracy in the finished product.
• 2010: Set up of Ultra-Modern Ring Rolling plant in Khalapur
• 2014: In the initial phase as the plant was newly set up the processes of machining and drilling was outsourced to various vendors which increased the costs and lead times. Hence an integrated machine shop was set up to counter the productivity, lead times and dependency.
• 2019: Conversion of Partnership Firm into LLP.
• 2020: Set up of Fully Automated Heat Treatment Plant.
• 2020: A 4-meter Vertical Lathe, 2.2 M Vertical machining centre and Multi Axis Machining machines were sourced and set up to boost productivity, efficiency and produce accurate jobs at the plant as a part of continual Technological upgradation.
• 2023: Incorporation of Paramount Speciality Forgings Limited.