|Bhandari Hosiery Exports Limited (hereinafter referred to as the 'Company') was incorporated on 25th November, 1993 as a Public Limited Company under the Companies Act, 1956 and obtained the Certificate for Commencement of Business on 7th December 1993.
The company was incorporated with the main objective of acquiring and taking over the business of Bhandari Hosiery Exports, a partnership firm of Mr. Naresh Bhandari, Mrs. Kusum Bhandari, Master Nitin Bhandari and Ms. Nitika Bhandari. This partnership was formed in the year 1988 and
was engaged in the manufacture of hosiery goods and cotton knitted readymade garments. The firm had an installed capacity of 8,40,000 pieces p.a.
The company has taken over the running business of this partnership firm, Bhandari Hosiery Exports ason 25.1.94 as a going concern and the assets and liabilities of the firm were acquired at book value as per the balance sheet of the firm drawn on 25.1.94 without any revaluation of assets. The erstwhile partners have been issued 12,85,000 fully
paid equity shares of Rs. 10/- each of Bhandari Hosiery Exports Limited in consideration of the acquisition of their partnership firm.
The partnership firm helda SSI Registration vide letter No. 16/09/27308 dated 31st July 1989 issued by District Industries Centre, Directorate of Industries, Govt. of Punjab for the manufacture of knitted garments.
The same has now been endorsed in the name of the Company with effect from July 25, 1994. Since the proposed investment in Plant & Machinery after the proposed expansion would exceed the investment reserved for small scale unit, the company has filed an application with
Secretariat of Industrial Approvals, Ministry of Industry, Govt. of India for obtaining Carry on Business (COB) Licence for manufacture of Cotton Knitted Garments under Rule 7(2) of the Registration and Licensing of Industrial Undertaking Rules, 1952. However, the company is yet to receive COB License.
The company is presently engaged in export of cotton knitted garments and proposes to expand their existing capacity to 20,40,000 pieces p.a. The export of garments has been registering a consistent incerease in the last couple of years with the industry growing at the rate of 30% every year as per Apparel Export Promotion Council(AEPC).
MAIN OBJECTS OF THE COMPANY
The main objects of the company as set out in the Memorandum and Articles of the company are as follows:
1. To acquire and takeover as a going concern the business now being carried on at Ludhiana under the name and style of 'Bhandari Hosiery Exports' together with all or any of the assets, rights, previleges and liabilities of that partnership business used in connection therewith or belonging thereto with effect from such date and upon such terms and conditions as may be negotiated and decided by the Directors of the Company, for consideration either by way of allotment of shares in the
Company or in cash or partly in one way and partly in other and after such takeover the above firm shall cease to exist.
2. To manufacture, make, produce, cultivate, process, reprocess, consume, formulate, prepare, bale, double, cure, comb, blend, spin, weave, gin, refine, alter, convert, exchange, pack, bleach, dye, print, tuft, buy, sell, store, supply, distribute, finish, scour, size, and otherwise deal in all kinds, descriptions, and grades of cotton, silk
linen, nylon, terene, terelene, rayon, jute, hemp, textile, flax, silk, wool, yarn threads, hair, coir, sisal, fibre and fibrous substances, wool hairs, carpets, druggest, rugs, floor covesings, linen, cloth, textile, fabric, felted, netted, looped or flocked, staple fibre, other
natural, synthetic, man made fibres and/or fibrous substances including polyesters, poly - acryulonitrate, polyvinyl, acetate, cashmilon, acrylic, fabrics, poly propylene, polymers, monomers, elastomers and resins of all grades and copolymer formulations and forms or as processed goods polytheylene, polytyrene, polyvinyl chloride, polymethyl, methacylate, epoxy resins, alkyed resins, melamine polycarbonate, polyamides and all other fibres, allied products, bye - products and substitute for or any of them, or dealers of material from the waste realised from the above mentioned products either on
its own accountor on commission basis.
3. To carry on the business as drapers, dealers, manufacturers, - importers, exporters, preparers, buyers, sellers, merchants and financiers of furnishing fabrics, readymade garments, apparel, outfit, knitwear, dress and mantle makers, silk mercers, makers and suppliers of
clothing, waste, shawls, mufflers, socks, jerseys, rayon, staple, lingerie, carpets, blankets, line cloth and trimmings of every kind, fumers, drapers, haber dashers, milliners, hosiers, gloves makers, lace makers, rope makers, felt and tarpauline makers, feather, dressers, tapes and such other articles as may be conveniently produced or
manufactured and other wooven and knitted fabrics and fabricated goods of all description and other products, goods, articles and things as are made from or with cotton, raw cotton, jute, silk, wool, nylon, acrylics, rayon, polyester, velvet or any other type or man made fabrics by
whatever name called or made under any process, whether natural or artificial and by mechanical or other means, dealers in and manufacturers of yarn, fabrics and dealers of materials of all kinds.
4. To carryon the business of manufacturing machinery or providing consultancy or to render designing and engineering services and provide technical know-how to run and maintain plants and machinery for manufacture of all or any of the above types of goods, materials, raw materials thereof.
5. To carry on the business of dealers, exporters and importers, processors, representatives, agents of all kinds of goods and merchandise whether manufactured by the company or not and as financiers thereof.
6. To establish, purchase, sell, take or lease, hire or otherwise acquire and work any textile mills, handlooms, powerlooms, cotton, ginning and pressing factory, jute, hemp or other fibre presses, spinning mills, weaving mills, waste plant process, for pressing merchandise into bales process, buy, sell, import, export, pledge, speculate enter into forward transaction or otherwise deal in jute,
cotton, kapas, cotton, seed, flex, hemp, silk and products made thereof.