Saakshi Medtech & Panels Ltd - Stock Valuation and Financial Performance

Saakshi Medtech and Panels was originally incorporated as a Private Limited Company under the name ‘Saakshi Machine and Tools Private Limited’ on March 25, 2009 under the provisions of the Companies Act, 1956 with the Registrar of Companies, Pune, Maharashtra. Later, on January 27, 2012, the Company took over the business of proprietorship concern of Lt. Vijay Laxman Latkar, namely Supreme Industry. Thereafter the name of the Company was changed from ‘Saakshi Machine and Tools Private Limited’ to ‘Saakshi Medtech and Panels Private Limited’ pursuant to special resolution passed by the shareholders at the Extra Ordinary General Meeting held on February 06, 2023 and consequent to name change a fresh Certificate of Incorporation was granted to the company on March 16, 2023 by the Registrar of Companies, Pune. Subsequently, the Company was converted into a Public Limited Company vide Special Resolution passed by the Shareholders at the Extraordinary General Meeting, held on May 8, 2023 and consequently the name of the Company was changed from ‘Saakshi Medtech and Panels Private Limited’ to ‘Saakshi Medtech and Panels Limited’ vide a fresh certificate of incorporation dated June 06, 2023, issued by the Registrar of Companies, Pune, Maharashtra.

Saakshi Medtech and Panels is a diversified company engaged in manufacturing of: i) Electrical Control Panels and Cabinets used in elevators, air compressors, renewal energy industry, oil & gas exploration industry, electrical vehicle charging stations etc, ii) Medical X Ray System used in healthcare industry iii) Fabrication works for locomotives and (iv) wire harness division for its captive consumption in electrical control panels and for supply to air compressor industry. The company’s in-house engineering and design capabilities help it to offer diversified products and solutions to its customers in each of the product categories in which it operates. The company’s comprehensive solutions include design, process engineering and manufacturing including fabrication, assembly and testing facilities. The hardware components are imported or sourced from local suppliers which are then programmed and assembled at its manufacturing facilities.

The company designs, program and assemble Electrical Control Panels and Cabinets comprising of micro controller, programmable logic controllers and SCADA system. These Electrical control panels are essential for industrial automation. They provide higher-level monitoring and control various functions of machines to define, organize, and meet production objectives. The end users for its products in this category include OEMs producing elevators, wind turbines, air compressors, oil & gas exploration equipment, electrical vehicle charging stations or diesel generators. These panels direct input and output of equipment in which they are installed like: monitoring directional movement of wind turbines, bi-lateral movement of elevators, set automatic load and unload of pressure in air compressors used in CNG petrol pumps, metal industry, forging industry, chemical industry, aviation industry and allied industries, vibration and temperature monitoring in oil and gas exploration equipment, for charging of EV batteries and alarming of DG sets.

Business area of the company

The company engaged is a diversified company engaged in manufacturing of: i) Electrical Control Panels and Cabinets used in elevators, air compressors, renewal energy industry, oil & gas exploration industry, electrical vehicle charging stations etc, ii) Medical X Ray System used in healthcare industry iii) Fabrication works for locomotives and (iv) wire harness division for its captive consumption in electrical control panels and for supply to air compressor industry.

Products of the company

• Electrical control panels and cabinets
• Medical X ray system
• Fabrication works
• Wire harness 

History and milestones 

• 2010: All the shares of the company were purchased by its promoter and promoter group members, Vijay Laxman Latkar, Chitra Vijay Latkar, Aniket Vijay Latkar and Mayuri Aniket Latkar.
• 2011: Commencement of Factory Unit I at Plot No. EL-23, J Block, MIDC Industrial Area, Bhosari, Pune.
• 2012: Took over the business of proprietorship concern of Lt. Vijay Laxman Latkar, Supreme Industry.
• 2013: Awarded Best ESH Award.
• 2015: Awarded by HIC (Healthcare Innovation Centre) as NPI Development Partner Award.
• 2018: Received license for commercial production of Medical Diagnostic X-Ray Equipment by AERB.
• 2019: Started Fabrication of High level Assembly (HLA) to be installed in locomotives.2019: Commencement of Factory Unit II at T 174, T Block, MIDC, Bhosari, Haveli, Pune.
• 2020: Crossed Revenue of Rs 5,000 lakh.
• 2022: Started supply of Electrical control panels and cabinets for its application in electrical vehicle charging stations.
• 2022: Received NABL Accreditation for its testing laboratory situated at its factory unit 1.
• 2023: License to Manufacture Medical Devices for Testing by CDSCO.
• 2023: Commencement of commercial production at Factory Unit III at T-75 T Block, Pimpri Chinchwad, MIDC Bhosari, Tal- Haveli, Dist-Pune.
• 2023: Received recognition certificate of Zero Defect Zero Effect from MSME.
• 2023: Conversion of the Company from Private Limited to Public Limited.