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Himatsingka Seide Ltd. Company History and Annual Growth Details

1985

- The Company was incorporated on 23rd January, and the certificate of
commencement of Business was obtained on 15th February, 1985. It was
promoted by Ajay Kumar Himatsingka and Dinesh Kumar Himatsingka. It
manufactures natural silk fabrics under on 100% export oriented unit
scheme.

- The Company undertook to set up a composite silk mill with an annual
capacity of 7,50,000 sq. mtrs. for producing natural silk fabrics under
the 100% export oriented unit scheme.

- The plant comprises of yarn preparation, twisting, wearing with a
complement of 25 Sulzer shuttleless rapier looms, degumming, dyeing,
printing and finishing departments for carrying out the entire
processes involved in the production of high quality silk fabrics such
as crepre-de-chine, chiffon, taffeta, georgette and warp printed
fabrics.

1986

- 6,13,200 shares subscribed for by the promoters, their friends etc.
20,86,800 shares were then issued at par out of which 4,66,800 shares
were reserved and allotted to promoters, their friends, etc. The
remaining 16,20,000 shares, were offered to the public in September
1986 out of which the following shares reserved for preferential
allotment;

- (i) 6,00,000 shares to NRIs with repatriation rights (only 2,46,800
shares taken up);

- (ii) 1,04,300 shares to employees/workers of the Company (none were
taken up) and

- (iii) 32,400 shares to business associates (only 21,600 shares taken
up). The unsubscribed portion of 4,68,300 shares out of preferential
quota added back to public quota. Additional 1,42,400 shares allotted
to the public to retain oversubscription.

1990

- The company entered into a 4-year wage agreement with workmen in
January.

1991

- The Company proposed to expand the existing manufacturing facilities
at Doddaballapur. The installed capacity will be increased to
11,25,000 sq. mtrs. of natural silk fabrics.

1993

- 14,91,650 rights shares issued.

1994

- It was proposed to increase the capacity to 16,80,000 sq. mtrs.

- The Company proposed to set up a weaving and processing plant for
producing 12,00,000 sq. mtrs. of furnishing fabrics to utilise the
strength in design creativity and international marketing.

- The Company entered into a technical know-how agreement with Filoti
Buratti S.P.A., Italy for the spun silk project. Necessary approvals
were being obtained or setting up a 100% EOU for implementing the spun
silk project.

- Credit Himatsingka Ltd. became a subsidiary of the Company.

- 20,41,650 rights equity shares issued at a premium of Rs 71 per share
to promoters group. Another 31,87,775 bonus shares issued in prop.
1:2.

1995

- The Company acquired land at Doddaballapur for setting up a 100% EOU
for manufacture of Spun Silk and blended yarn with an installed
capacity of 410 M.T. per annum in technical collaboration with M/s.
Filati Buratti S.P.A. of Italy.

- The Company received the SIA approval for the project. In the first
phase weaving capacity of 6,00,000 Sq. Mtrs. was being set up.

- 2,830 shares subscribed.

1996

- 1,450 shares kept in abeyance were allotted.

1997

- The Company had set up a captive plant of 4.4MW capacity (2 units of
2.2MW each).

- The Company proposed to issue 14,92,100 No. of equity shares of Rs.
10 each for cash at a premium of Rs 40 per share in the following
manner: (i) 14,21,050 shares of Rs 10 each for cash at a premium of Rs
40 per share on rights basis to the existing shareholders in the ratio
of 1:2; (ii) 71,050 shares to the employees of the Company.

- 600 shares kept in abeyance issued.

- The company is now setting up a 100 per cent EOU for manufacture of
spun silk and blended yarns with an installed capacity of 410 MT per
annum.

- HSL has set up a Rs.46.20-crore 410-mtpa 100-per cent EOU to
manufacture spun silk and blended yarns in technical collaboration with
Filatti Buratti spa of Italy, a well-known manufacturer of silk and
blended yarns in the world.

1998

- Himatsingka Seide Limited (HSL) has set up a new 100 per cent export
oriented unit with Italian technical know-how at Doddaballapur.

- Himatsingka Seide is setting up research and development centre for
silk yarn fabrics at S M Gollahalli in Karnataka. The proposed project
with an investment of Rs.2 crore will have an installed capacity of
18.750 kg per annum.

1999

- Himatsingka Seide Ltd has decided to offload its stake by 71 per cent
to 29 per cent in Credit Himatsingka Ltd, the security arm of the
company.

- Himatsingka Seide managing director Dinesh Himatsingka told The
Financial Express that Credit Himatsingka will increase its equity
capital by Rs 5 crore to Rs 7 crore.

- Himatsingka Seide has posted a 48 per cent surge in net profit for
the quarter ended December 31, 1998.

- The company, a 100 per cent EoU making silk decorative fabrics,
blended yarn and fabric, had ventured into investments during the boom
years and suffered losses. It also set up a subsidiary company Credit
Himatsingka to which its exposure stood at about Rs 17 crore as of
March 1998, Rs two crore as equity capital, Rs five crore as preference
capital and the balance as unsecured loans.

2002

-Mr R K T Talwar, Director passed away.

-Mr Nathmal Singka and Mr G V K Rao gave their resignation from the board of directors.

-Amends AOA to enable the BOD to buyback upto 10% of the paid up capital.

-Narayanan Vaghul appointed as Director of Himatsingka Seide.

2003

-Acquires M/s ABC Trading Pvt Ltd as its wholly owned subsidiary, since it has real estate assets which the company finds suitable for its retail launch.

-Appointed Mr. Shrikant Himatsingka as the Executive Director for a period of 5 years.

-Credit Himatsinka acquires 10510 shares in the company.

-Launches Atmosphere - Chain of fine furnishing stores called Atmosphere at 11, Vittal Mallya Road, Bangalore.

2004

-Himatsingka Seide decides to incorporate wholly owned subsidiary in USA

-Himatsingka Seide Ltd has set up a wholly owned subsidiary in New York - 'Himatsingka America Inc'

2006

-Himatsingka Seide Ltd has appointed Mr. David Rasquinha as a Nominee Director by Export Import Bank of India with immediate effect.

2007

- Himatsingka Seide Ltd has announced that it has completed the acquisition of an 80% stake in Divatex Home Fashions Inc. New York. This was consequent to signing definitive agreements in New York on July 01, 2007.

2008

-Himatsingka Seide Ltd has appointed Mr. Dilip J Thakkar, as a Chairman of the Company.

-Himatsingka Seide Ltd has re-appointed Mr. Shrikant Himatsingka, as a Executive Director, for a further period of 5 years w.e.f. June 03, 2008, liable to retire by rotation.
 
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