|Our group, the Gokaldas Exports group, was set up 25 years ago by the
late Shri Jhamandas H.Hinduja.
At that time our group expanded through partnership firms. The
prevailing regulatory environment, labour laws and reservation for
small scale industries made it conducive for growth through forming
partnership firms. As a result, starting from 80's till the second half
of 90's we set up the following partnership firms in order to expand
Sr. No. Name of the partnership firm Date of Incorporation
1. Gokaldas Exports* November 8, 1978
2. Global Garments October 30, 1986
3. The Unique Creations** August 26, 1987
4. The Central Wearhouse April 1, 1992
5. Hinduja Fashions April 1, 1992
6. Hinduja Trading Company April 1, 1992
7. Asiatic Exports August 1, 1992
8. The Intex August 1, 1992
9. New Generation Apparels February 16, 1994
10. J D Clothing Company April 25, 1994
11. Euro Clothing Company September 5, 1994
12. Sunshine Enterprises April 1, 1996
13. Carnival Clothing Company April 13, 1996
14. Hinduja Sports Wear April 13, 1996
15. International Clothing Company April 13, 1996
16. Wear Craft Apparels April 13, 1996
17. Gokaldas India February 1, 2000
* Subsequently, The partnership firm Gokaldas Exports was converted
into a private limited company on April 3, 1995
** The partnership firm `The Unique Creations' was converted into a
private limited company The Unique Creations (Bangalore) Private
Limited on April 3, 1995
During 2003-04, we could forsee an opportunity for us with the
impending removal of quota restriction from January 1, 2005. In order
to capitalize on this opportunity we initiated corporatising our group.
The process got momentum in 2004 and today we have corporatised our
entire apparel manufacturing business and brought under one company
Gokaldas Exports Limited either directly or through its subsidiaries.
The above-mentioned transformation happened in three phases:
a. The Partnership firm `Gokaldas India' was converted into a private
limited company, Gokaldas Indian (Private) Limited, on March 1, 2004.
b. Gokaldas Exports (Private) Limited and The Unique Creations
(Private) Limited were merged with Gokaldas India (Private) Limited
vide an order dated November 20, 2004 by the honourable Highcourt of
Karnataka. As per the said order, the merger came into effect from
April 1, 2004. Subsequently, the name of Gokaldas India (Private)
Limited was changed to Gokaldas Exports (Private) Limited with effect
from December 14,2004. Subsequently, our company i.e Gokaldas Exports
(Private) Limited was changed to a Public Limited Company with effect
from January 7, 2005.
When the above-mentioned process of merger was going on, we were also
taking steps parallely in order to transfer the entire apparel
manufacturing business of our other partnership firms to various
corporate entities owned by our promoters in the following way:
a. Our promoters first incorporated twelve new companies as given in
the following table:
Sr No. Name of the subsidiary Date of Incorporation
1 Deejay Trading (P) Ltd February 21,2003
2 Magenta Trading (P) Ltd February 27,2003
3 Reflexion Trading (P) Ltd March 7,2003
4 Rafter Trading (P) Ltd March 7,2003
5 Madhin Trading (P) Ltd February 27,2003
6 Rishikesh Apparels (P) Ltd April 15,2004
7 Vignesh Apparels (P) Ltd April 15,2004
8 Rajdin Apparels (P) Ltd May 7,2004
9 All Colour Garments (P) Ltd June 1,2004
10 Glamourwear Apparels (P) Ltd June 17,2004
11 Seven Hills Clothing (P) Ltd June 18,2004
12 SNS Clothing (P) Ltd August 9,2004
b. Subsequently the business of the various partnership firms were
transferred to the above-mentioned companies. Brief details of the
transfer are given in the following table:
Sr. Transferee Company Transferor
1 Deejay Trading (P) Wearcraft
2 Magenta Trading International
(P) Ltd Clothing
3 Rafter Trading (P) Ltd Hinduja
4 Madhin Trading (P) Carnival Clothing
5 Rishikesh Apparels Global Garments
6 Vignesh New/Generation
(P) Ltd Apparels
7 Rajdin Apparels Hinduja Trading
(P) Ltd Company
8 All Colour Garments Hinduja Fashions
9 Glamourwear JD Clothing Co.
Apparels (P) Ltd
10 Seven Hills Clothing Sunshine
(P) Ltd Enterprises
11 SNS Clothing (P) Ltd The Central
Sr. Date of No. of Details of the factories
No. Business Factories transferred
1. September 30, 3 Wearcraft Apparels unit I, II & 111
2. September 30, 3 International Clothing Company
2004 Unit I, II & III
3. September 30, 2 Hinduja Sportswear unit 16 II
4. September 30, 3 Carnival Clothing Company unit I, II
2004 & III
5. September 30, 2 Global Garments II & III
6. September 30, 2 New Generation Apparels
2004 unit I & II
September 30, 1 Asiatic Exports
7. September 30, 3 Venkateshwara Clothing Company,
2004 Lucky Tex Unit I & III
8. September 30, 3 Hinduja Fashions & Balaji Finishing
2004 House unit I & II
9. September 30, 3 J.D.Clothing Company, Unit I, II & III
September 30, 4 The Intex Unit I, I, III & IV
10. September 30, 3 Triangle Apparels
2004 Unit I, II & III,)
September 30, 3 Euro Clothing Company unit I, II & III
11. September 30, 3 Wear Wel unit I, II & III
Subsequently, we, Gokaldas Exports Limited acquired all of the
above-mentioned tweleve (12) companies from our promoters by paying
consideration in cash and thus made those tweleve companies our
As on today we have licenses for 5 factories in our own name and
license of 38 factories in the name of our subsidiaries.
-Gokaldas Exports (P) Ltd has announced the entering of capital market with an initial public offering of 31.25 lakh equity shares of face value Rs 10 each. The IPO will be priced at Rs 375-425 a share through a 100-per cent book-building route. The offer will open on March 30 and close on April 6. 18.75 lakh shares or 60 per cent of the equity shares will be issued on a discretionary basis to qualified institutional buyers. Another 15 per cent (4.68 lakh shares) will be allocated to wholesale bidders and not less than 25 per cent to retail bidders.
-Gokaldas public issue oversold 42 times
-Shares of Gokaldas Exports made debut on the BSE at Rs 566 on April 27, 2005, a premium of 33.18 per cent to the issue price of Rs 425.
-Gokaldas Exports Limited has appointed Mr. L. Nandalal as Compliance Officer of the Company.
- The Company has splits its face value from Rs.10/- to Rs.5/-.
-Gokaldas Exports Ltd has appointed Mr. Prince Asirvatham as Chairman of the Audit Committee of Directors of the company.
- Gokaldas Exports Ltd has appointed Mr. Ranjan Pant as additional Director. Mr. Ranjan Pant will act as an Independent Director of the Company.
- Gokaldas Exports Ltd has informed that Mr. M Rangachari and Mr. Partha Sarkar are appointed as Additional Director (Independent Director) vide Circular Resolution.
-The Board of Directors appointed Mr. Richard B Saldanha as Non Executive Chairman of the Company.
- Dr. Yashwantrao Shankarrao Patil Thorat as an Independent Director on the Board of the Company.
-Gokaldas Exports Ltd has allotted 178333 equity shares of the face value of Rs. 5/- each in accordance with the terms of Employees Stock Options Schemes.