1907 - The Company was Incorporated at Mumbai.
- The Company's object is to manufacture cotton textiles. Counts
ranging from 1 1/2s to 40s are spun and the cloth width ranges
from 28' to 55'. The Mills are equipped to do dyeing,
calendering and yarn dyeing.
1948 - 777 bonus equity shares issued in the prop. 1:1.
1968 - In July, 1,554 Bonus equity shares issued in the prop. 1:2.
1971 - 1,554 bonus equity shares issued in the prop. 1:2.
1980 - 2,331 bonus equity shares issued in prop. 1:2.
1985 - Under the modernisation programme, the company installed one
Padmatex super speed warping machine, one Padmatex auto cone
winding machine, on Primatex 5 chamber hot air stenter, one
Texprint 10 colour fully automatic flat bed screen printing
machine, one Star Hiska rapid jet dyeing plant, two Barber cone
machines, one Barber cone warping machine and one mini
- The land, buildings, flats, plant and machinery of the Company
were revalued as on 31st March, and the increase in value arising
out of this was credited to revaluation reserve.
1986 - The Company installed 2 Laxmi Reiter high speed draw frames, 4
MEI super spinning ring frames each of 440 spindles, 1 MMG high
draft speed frame, 4 Laxmi Reiter high production cards, 1 Laxmi
Reiter ERM cleaner and one RMM weft straightener.
1987 - In Additions to machinery included 2 nos. Laxmi Reiter high speed
draw frames, 4 nos. MEI dry super doublers of 400 spindles each,
1 No. super jumbo jigger, 1 No. textprint semi-auto flat bed
screen printing machine of 8 colours, 1 No. L.R.H.S. Crystallina
card model C 1/3, 3 Nos. MEI super spinner ring frames each of
440 spindles and 4 Nos. Texmaco doubling machines each of 440
1988 - The IDBI sponsored modernisation scheme was being implemented.
The main machinery installed were 2 nos. super spinner ring
frames, 2 nos. Laxmi Reiter crystallina cards, 3 nos. double
sided multiple end winder, 1 no. jet dyeing machine, 1 no. super
- Profitability was adversely affected on account of the increase
in the cost of inputs, stores, colour and chemicals without any
significant rise in the realisation on manufactured products.
1989 - One Laxmi Reiter Crystallina card was acquired under the
- During February/March, the Company offered the following
debentures on rights basis:
- (i) 17,500 convertible debentures of Rs.100 each in the ratio 1
convertible debenture for every 4 fully paid equity shares (only
14,647 debentures taken up). The unsubscribed portion of 2,853
debentures were allotted on private placement basis.
- (ii) 17,500 non-convertible debentures of Rs.100 each in the
ratio 1:4 (only 11,702 debentures taken up). The unsubscribed
portion of 5,798 debentures were allotted on private placement
- The convertible debentures were to be converted into one equity
shares of the face value of Rs.100 at par at the end of 7 years
from the date of allotment, i.e., 30th June.
- The Non-convertible debentures were to be redeemed at a prem. of
Rs.5 per debenture at the end of 9 years from the date of
allotment, i.e., 30th June.
1990 - The Company had taken up a second scheme of modernisation with
the participation of the financial institutions.
1991 - The Company issued 14% non-convertible debentures of Rs.100 each
for an aggregate amount of Rs.260 lakhs on private placement
basis with Canbank mutual fund. These debentures are redeemable
at a prem. of Rs.5 per debentures at the end of 6th, 7th and 8th
years from the date of allotment.
- 69,930 bonus shares issued in prop. 1:1.
1992 - Profitability was adversely affected due to increase in the power
tariff by 30%, high interest charge and general recessionary
trend in the world market.
1993 - During October, the Company issued 6,99,440 No. of equity shares
of Rs.10 each at a prem. of Rs.65 per share on rights basis in
the prop. of 2:5. (6,99,282 shares were taken up. Remaining
158 shares were not allotted).
- Simultaneously, the company also issued 10,51,900 No. of equity
shares of Rs.10 each at a prem. of Rs.90 per share through
a prospectus of which 52,600 shares to employees (only 19,500
shares were taken up), 1,05,100 shares to Indian Mutual Funds
(all were taken up) and 4,20,700 shares to NRIs (all were taken
up) were reserved for allotment on preferential basis. The
balance 4,73,500 shares were offered to the Indian public. (All
were taken up inclusive of 33,100 shares not taken up by
- 3,50,000 shares allotted on conversion of debentures. 17,51,182
shares allotted on rights cum public issue.
1994 - The working of the company was adversely affected due to the
unprecedented rise in the cost of raw materials.
-The company has issued rights in the ratio of 1:1 at premium of Rs.0/- Per Share.