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Nahar Spinning Mills Ltd. Company History and Annual Growth Details

YEAR EVENTS
1980 - The Company was incorporated as a Private Limited Company on 16th
December. The Company was converted into Public Limited Company
on March 31st 1983. The Company established a spinning plant of
1972 spindles at Ludhiana. Subsequently, 1,600 spindles out of
these were replaced with new spindles incorporated with latest
technology. The Company also replaced other machinery of
spinning plant such as yarn cleaners, humidification plant, etc.

- The main objective of the Company is to manufacture Spinning,
weaving and processing of cotton, jute, silk, hemp, wool, hair,
rayon and other fibrous material. The company is also engaged
in trading of cloth including furnishing fabrics.

1985 - The main object of the public issue of equity shares during
August were to provide part of the finance for purchase of
additional machinery and to augment long term resources for
future expansion and diversification.

- 1,00,552 shares taken up by promoters, directors, etc., and
associate companies; 8,94,448 shares then issued at par out
which the following shares were reserved and allotted:

- (i) 1,08,000 shares in conversion of debts;

- (ii) 1,86,448 shares to promoters, directors, etc. and

- (iii) 42,000 shares to business associates and employees of the
company.

- The balance 5,58,000 shares offered to the public in August.

1988 - The Company had taken up an expansion-cum-modernisation programme
at a total capital outlay in both its spinning and hosiery
sections. In the spinning section, 3,200 worsted spindles
were to be added to the existing capacity of 1,600 spindles.

1989 - In August, 9,95,000 Rights shares issued (prem. Rs. 90 per share;
prop. 1:1). Additional 1,49,250 shares allotted to retain
oversubscription. Simultaneously, another 49,750 shares (prem.
Rs. 90 per share) offered to employees. Additional 7,462 shares
were allotted to employees to retain oversubscription.

1991 - The Company undertook to set up a cotton spinning plant of
50,400 spindles at Village Simrai in Raisen District of Madhya
Pradesh.

1992 - The Company proposed to increase the installed capacity of the
spinning unit from 50,400 spindles in two phases. In the first
phase, 25,000 spindles were to be added at Village Simrai,
Mandideep, while the remaining were to be added in the second
phase.

- The Company along with other group companies promoted Nahar
Overseas Ltd., an overseas company with registered office in the
U.K. for promoting exports in U.K., European and other
neighbouring countries. The Company was to participate to the
extent of 25%, i.e., US $125,000, in the capital of the overseas
company.

- During May the Company offered 21,96,462 No. of equity shares at
a premium as rights in proportion 1:1. Additional 3,26,514
shares were allotted to retain oversubscription. 737 No. of
equity shares were kept in abeyance.

- Another 1,09,823 No. of equity shares were offered at a premium
to employees, etc., on an equitable basis. Additional 16,473
shares were allotted to retain oversubscription.

- 26,49,272 Rights equity shares allotted at a prem. of Rs. 90
per share.

1992 - The company made a Right Issue of 23,06,285 equity shares of Rs.
10/- each at a premium of Rs. 190/- per share to the existing
shareholders on Right basis including preferential allotment to
the employees of the company.

1993 - The company has been awarded International Award of excellent
performance in Export, from Government of India, for the year.

1994 - The Company added 9984 spindles thereby increasing the spindlage
capacity to 25,824 spindles.

- As a measure of backward integration, the company undertook to
set up a cylic fibre plant with a capacity of 18,000 TPA at
village Lalro, near Chandigarh.

- 7,00,000 No. of equity shares allotted on exercise of warrants.
29,97,255 rights shares allotted to shareholders & employees.

- The Company has decided to set up an Acrylic Fibre Plant with a
capacity of 18,000 tones per annum.

- The company has joined hands with Punjab State Industrial
Development Corporation (PSIDC) for promoting a new company in
the name of NAHAR INDUSTRIAL CORPORATION LTD, for the development
of Industrial Estate/Industrial Park. The Memorandum of
understanding has also been signed.

1995 - 6,688 No. of equity shares kept in abeyance were issued.

1996 - On 23rd March, the Company had allotted 34,22,452 - zero interest
secured premium Convertible Bonds of Rs. 250 each with
detachable warrants as follows:

- 24,15,220 bonds to the existing shareholders of the Company (all
were taken up). Remaining 10,02,027 bonds were allotted to the
underwriters and the balance 5,205 bonds were kept in abeyance.
Accordingly 16,40,135 No. of equity shares were allotted on
conversion of bonds. The company also allotted 34,17,247 No. of
equity shares on the exercise of right attached with the
warrants.

- As on 31st March, the Company had installed 51,024 spindles. The
company installed 13,104 spindles at Mandideep, M. P. Thereby
increased the installed capacity of the spinning unit at
64,128 spindles.

- The company made a Right Issue of 34,22,452 Zero Interest Secured
Premium Convertible Bonds of Rs.250/- each with detachable
Warrant aggregating to Rs. 8226.130 Lakhs to the existing
shareholders of the company.

1997 - The company has allotted 16,40,135 Fully paid equity shares on
the conversion of Bonds into equity shares. Likewise the company
has also allotted 34,17,247 equity shares on the exercise of
right attached with the Warrants.

- NSML had proposed to set up an 18,000 tpa plant near Chandigarh
for the production of commercial standard acrylic fibre.

1998 - Spinning Unit II of the company has also been awarded
certification under ISO 9002 quality system.

2000 - Commercial production on the part of machinery of 100%, EOU,
spinning unit which is being installed at Village Jalalpur.

- Crisil has reaffirmed the AA+ rating, assigned to the Rs 26.38
crore secured premium convertible bonds and the P1+ rating
assigned to the Rs 20 crore CP Programme of Nahar Spinning Mills.

2002

-Appoints Prof. K S Maini and Ms Monica Oswal as the Additional Directors of the company.

-Unveils company holding details of more than 5% stake of the company.

2003

-Board approves for the acquisition of shares of Nahar Exports and Nahar International Ltd.

2008

- Nahar Spinning Mills Ltd has appointed Dr. S K Singla as Additional Director of the company w.e.f. June 30, 2008.


 
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