|Indo Swiss Time Limited (IST) was incorporated as a public limited company on 31.08.1976 to carry on the business of manufacture, design, import and export of watches and watch parts, components, cases and other ancillary products.
It bean operations in 1977 by assembly of watches with imported components. It began manufacturing components in March 1979.
In April 1980, the company issued shares to the public to part finance a project to manufacture different kinds of wrist watches.
However due to a shift in customer preference to quartz watches and competition from Illegally imported watches there was down turn in the market for mechanical and automatic watches manufactured by IST. To remedy this situation, IST diversified into manufacturing precision
components for defence applications in 1989 and further into manufacture of components for electronic/medical dental instruments for the export market in February 1993.
Apart from a brief period of labour unrest in January-February 1991, the employer-employee relations in the company have been very cordial.
OPERATIONS OF THE COMPANY
The primary operations of the company are now manufacturing components for exports. The components manufactured are high quality precision components used in electronic, medical and dental instrument. The company had developed the components to meet the exacting standards required of its international customers and has been able to secure
repeat orders from its buyers. In the year ended 31 March 1994 the company recorded export sales of more than Rs. 395 lakhs.
IST is also manufacturing precision components for the Ministry of Defence. Used in various applications the components require a high level of precision and quality. The quality of ST's products has been appreciated by the Ministry of Defence. Sales to the Ministry of Defence in year 1993-94 were Rs. 127.13 Lakhs.
-I S T Ltd has informed that the Company has entered into Supplemental Agreement with Unitech Ltd., for development of Software/IT Park on 28.419 acres instead of 13.35 acres.