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Deepak Spinners Ltd. Company History and Annual Growth Details

YEAR EVENTS
1982 - The company was incorporated on 25th March, at New Delhi. It
obtained the certificate of commencement of business on 13th
August.

- It was promoted by Pradip Kumar Daga and Himachal Pradesh Mineral
& Industrial Development Corporation Ltd., (HPMIDC) patricipated
in the equity of the company.

- The main object of the company manufactures synthetic blended
yarns both grey and dyed out of polyester, viscose, acrylic and
other man-made fibres.

- With a view to further improve the performance, the company
undertook to set up another spinning unit, in a notified backward
area in Madhya Pradesh.

1985 - Allotted 1,50,070 shares to promoters, directors, etc. and
4,30,000 shares to HPMIDC. 27,19,930 shares then issued at par
out of which 8,26,130 shares reserved and allotted to promoters,
etc. Out of the remaining 4,00,000 shares to NRIs with
repatriation rights and 1,65,000 shares to employees etc. and
Business associates were reserved preferential allotment. Only
NRI taken up.

- The balance 13,28,800 shares, along with 1,65,000 shares not
taken up by employees etc. were offered to the public in February
1986. 4,73,400 additional shares allotted to retain excess
subscription (1,00,000 shares to NRIs and 3,73,4000 shares to the
public.)

1986 - The companies works are situated at Dist. Solan, Himachal
Pradesh. Commercial production was started on 1st February, with
3,456 spindles which were gradually increased to 5,760 spindles
by 30th April.

1987 - Major portion of the factory building was constructed,
substantial machinery received and/or installed and partial
production commenced.

1988 - As a part of its diversification programme, the company commenced
manufacture of acrylic yarn.

1989 - Forfeiture on 15,600 shares annulled.

1990 - Various machinery including 960 spindles, one card, one cone
winder, ring data system and hank dyeing equipments were
installed.

- 14,99,600 rights shares issued (prem. Rs. 3 per share; prop.
2:5). Additional 2,24,940 shares allotted to retain
oversubscription. Another 74,900 shares offered to employees
etc. (prem. Rs. 3 per share) but only 9,700 shares taken up. The
balance 65,200 shares allowed to lapse.

1992 - The expansion scheme at Baddi unit by installation of 4608
spindles made progress.

- Plans for addition of about 1500 spindles with related machinery
and some balancing equipments were under active considerations.

1993 - The company registered significant improvements in sales and
exports.

- During the year, the company was granted the status of an
'Export house'.

- Modernisation cum expansion scheme of 1152 spindles and related
machines and two auto coners.

- 10,96,828 Rights shares issued (Prop. 1:5; Prem. Rs. 30).
Another 54841 shares issued to employees (only 8400 shares taken
up).

1994 - The improvement was attributed to installation of balancing
equipments, implementation of expansion schemes etc.

- 2304 spindles and related machines along with two imported auto
coners were installed.

- The first phase of the proposed 100% EOU named Deepak Polyspin
with an installed capacity of 8640 spindles and other related
machines.


2008

- Deepak Spinners Ltd has appointed Shri. J N Pathak as Additional Director of the Company in the Board Meeting held on September 11, 2008.

2009

- Deepak Spinners Ltd has informed that Shri. V N Khemka, Executive Director has been appointed as Chief Executive Officer (CEO) in the Board Meeting held on September 11, 2008.
 
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