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Indo Count Industries Ltd. Company History and Annual Growth Details

YEAR EVENTS
1988 - The Company was originally incorporated on 7th November, as a
public limited company in the name of Vishnu Aluminium Ltd.
The company in its Extra Ordinary General meeting held on 5th
March, 1990 has changed its name to Indo Count Industries Ltd.
A Fresh Certificate of Incorporation has been issued on 20th
April, 1990. It was promoted by Anil Kumar Jain, Sunil Jain
and associates. The main objective of the Company is to
manufacture of combed cotton yarn.

- The Company undertook to set up a 100% Export Oriented Unit for
the manufacture of combed cotton yarn of fine counts with an
installed capacity of 26,208 spindles.

- The Company has entered into an agreement with Zellweger Ltd.,
Uster to use 'Uster Analyzed' trade mark on the companies
products to be marketed.

1990 - 70 shares subscribed for by Signatories to the Memorandum of
Association. 115,59,930 No. of equity shares then issued at par
of which the following were reserved and allotted:

- (i) 12,49,930 shares to promoters, Indian resident directors,
etc.;

- (ii) 32,00,000 shares to NRIs on repatriation basis;

- (iii) 7,50,000 shares to SICOM;

- (iv) 10,00,000 shares to Canbank Mutual Fund and

- (v) 2,50,000 shares to LIC Mutual Fund.

- Of the remaining 51,10,000 shares, the following were reserved
for allotment on a preferential basis:

- (i) 5,00,000 shares to Canbank Mutual Fund (all were taken up);

- (ii) 2,50,000 shares to LIC Mutual Fund (all were taken up) and

- (iii) 5,78,000 shares to employees' (including Indian working
directors)/workers of the promoter companies (all were taken
up).

- The balance 37,82,000 shares were offered to the public in
November 1990. Additional 17,34,000 shares were allotted to
retain oversubscription (6,79,000 shares to the public, 86,700
shares to employees, 7,57,500 shares to Indian promoters and
2,10,000 shares to NRIs).

1992 - The Company implemented a project of 26,208 spindles at Kolhapur
and 1884 tonnes of cotton yarn of different counts were produced.

- During the year, the Company entered into an agreement with
Rieter to use their logo Rieter Yarn for the Company's product.

- During the Company undertook to install additional 6048 spindles
and balancing equipments to increase the total capacity of
32,256 spindles.

- During the Company offered 34,20,000 No. of equity shares of Rs.
10 each at par on Rights basis in the proportion 26:100 each at
par on Rights basis in the proportion 26:100 (all were taken up).
Additional 5,06,006 shares were allotted to retain
oversubscription.

- Simultaneously, another 1,71,000 shares were offered to the
employees' under the Employees' Stock Option Scheme (all were
taken up). Additional 12,000 shares allotted to retain
oversubscription.

- 41,09,906 rights equity shares issued at par. Another 4,00,000
shares allotted to financial institution in terms of conversion
of their loans.

1993 - 1,04,000 No. of equity shares were allotted.

1994 - During the Company undertook further expansion of capacity by
installing 18,144 spindles and diversify into grey knitted
fabrics by installing 8 knitting machines and also D.G. Sets
for captive generation of power.

1995 - During the Company had privately placed non-Convertible
debentures of Rs. 300 lakhs with LIC Mutual Fund.

2003
-Fire at Indo Count Industries Kolhapur unit

2004

-Delist from the Ahmedabad Stock Exchange w e f October 15, 2004.

2008

- Indo Count Industries Ltd has informed that Mr. C P Ravindranath, a nominee of EXIM Bank and Mr. Kamal Mitra have appointed as Directors of the Company.

2009

- Indo Count Industries Ltd has appointed Mr. R.G Kelkar as the Nominee Director of Union Bank of India, on the Board of our Company with effect from September 30, 2009.

- Indo Count Industries Ltd has announced that Mr. R. G. Kelkar, has been appointed as the Nominee Director of Union Bank of India, on the Board of the Company with effect from September 30, 2009.
 
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