Home  »  Company  »  Hind Syntex Ltd.  »  Quotes  »  Company History
Enter the first few characters of Company and click 'Go'

Hind Syntex Ltd. Company History and Annual Growth Details

YEAR EVENTS
1980 - The Company was Incorporated on 3rd December, in Madhya Pradesh.

- The Company's object is to manufacture and processing of manmade
fibres and synthetic blended yarn such as rayon, acetate and
triacetate, acrylic, modacrylic and anidex.

- The Company was promoted by Hind Filters Pvt. Ltd. (HPL) and
Shri. Ravi Mohan in association with Madhya Pradesh Audyogik
Vikas Nigam, Ltd. (MPAVN), to set up a spinning mill initially
with a complement of 16,320 spindles. The product-mix envisaged
comprised of 20s viscose yarn, 2/40s polyester viscose blended
(48:32) both grey and dyed yarn.

1981 - 900 shares taken up by signatories to the Memorandum of
Association.

1982 - In 1983, 27,49,100 shares issued of which 10,19,100 shares to
promoters (7,00,000 shares to Hind Filters Pvt. Ltd. and 3,19,100
shares to Shri Ravi Mohan, his friends, etc) and 3,00,000 shares
to MPAVN were reserved and allotted. The balance 14,30,000
shares offered to the public at par.

1986 - Working resulted in lower profits due to an increase in the cost
of production.

- 3150 No. of equity shares forfeited.

1987 - Forfeiture on 550 No. of equity shares annulled.

1988 - The Company undertook a project to set up a new unit at
Pillukhedi, Rajgarh, Madhya Pradesh with a spindleage of 15,360
which was further rasied to 18,240.

- Forfeiture on 550 No. of equity shares annulled.

1989 - Profitability was affected due to a strike from 17th February to
14th March, 1990. The factory restarted operations on 14th March
1990 on go slow and large scale absenteeism.

- Forfeiture on 100 No. of equity shares annulled.

1990 - Production was severely affected at Birgod unit due to strike by
workmen for about three months from April to June.

1991 - Profitability, was however, severely affected due to higher
interest cost and steep increase in excise duty.

- 14% non-convertible debentures for the aggregate face value of
Rs.125.0 lakhs were privately placed with UTI in June. The
implementation of the project was delayed due to non delivery
of plant and machinery as per schedule.

1992 - 27,19,650 No. of equity shares allotted in prop. 1:1.

1994 - Profitability was affected due to commensurate increase in raw
material cost which could not be passed on to the customers.

- 7200 spindles were installed at Pillukhedi Unit No.2.

- The Company further proposed to start construction of new factory
building to house 14,400 spindles.

1995 - The profitability was affected, due to general increase in cost.
The Company is facing uphill task due to severe recession in
textile industry and continuous price fall.

- Birgod unit was closed from 5th June, to 24th June, due to
illegal strike by the working resulting in loss of production 350
Tons dyed yarn.

- 2880 spindles were installed at Pillukhedi Unit No.2. The
Company has also set up 2 Nos. NEPC MICON, Wind Electrical
Generators of 225 KW each, with a capacity outlay of Rs.220 lakhs
at Jamgodrani Hills near Dewas, through M.P. Windfarms Ltd.
 
Subscribe now to get personal finance updates in your inbox!