|Our Company was originally formed as a partnership firm in the name and style of M/s. Vishal Textile vide partnership deed dated
April 13, 2005. The name of the firm was changed from M/s. Vishal Textile to M/s. Chetan Textiles vide supplementary deed of
partnership dated June 15, 2005. Subsequently, M/s. Chetan Textiles was converted into a company under part IX of the Act
bearing the name as "Chetan Textiles Private Limited" under part IX of the Act vide certificate of incorporation dated June 29, 2005
bearing CIN U17100GJ2005PTC46345 under the Companies Act by the RoC. Subsequently, our Company was converted into a
public limited company vide fresh certificate of incorporation dated August 09, 2006 bearing the name "Chetan Textiles Limited"
with CIN U17100GJ2005PLC046345. Pursuant to the Scheme of Demerger, the textile division of erstwhile Pradip Overseas
Limited (now Pradip Enterprises Limited) merged into "Chetan Textiles Limited" and consequentially the name "Chetan Textiles
Limited" was changed to "Pradip Overseas Limited" vide fresh certificate of incorporation dated October 01, 2007.
Our Company is one of the few textile manufacturers with niche focus on Home Linen Products of both, wider width and narrow
width. In addition to the sales in the domestic markets, our products are being exported to markets in more than twenty countries
(directly and indirectly). Our current manufacturing capacity is 136.50 million metres per annum with an average capacity
utilization of 92%. Our existing facility is located at Changodar near Ahmedabad in Gujarat. We are enhancing our capacities to
169.50 million metres per annum in order to meet the expanding demand and further consolidate our position in the home linen
market. The expansion project is being implemented at the Proposed Textile SEZ being promoted by us near Ahmedabad in Gujarat.
We have been certified as conforming to the Quality Management System Standard ISO 9001:2008 covering the supply of dyed and
printed fabrics. Further, our existing manufacturing facility at Plot No. 104, 105 and 106, Charcharwadi - Vasana Sarkhej, Bhavla
Highway, Opposite Zydus Cadila, Near Prakash Solvent, Changodhar, Ahmedabad 382213, Gujarat, India, has been granted
authorization according to Oeko-Tex Standard 100 to use the Oeko-Tex mark for articles, namely bed sets (made-ups), woven
fabrics made out of 100% cotton and polyster, bleached, reactive dyed, reactive printed, dispersed dyed and dispersed printed and
pigment printed (inclusive sewing threads, buttons and zippers), produced by using material certified according to Oeko-Tex
Standard 100. Further, after implementation of the Project, we also intend to file applications for obtaining similar certifications for
our Proposed Manufacturing Facility.
We have been constantly making an endeavor to create new and more attractive designs / patterns on our products in order to have
an advantage over other players in the market. We have a team of designers who develop the indicative designs received from
customers and also develop independent designs and we have an extensive library of designs.
Our Company is eligible for benefits under the Technology Upgradation Funds Scheme (TUFS) of the Government of India. Please
refer chapters titled "Industry Overview" and "Key Industry Regulations and Policies" beginning on pages 84 and 116 respectively,
of the Red Herring Prospectus. Further, the Proposed Manufacturing Facility to be set up by our Company in the Proposed Textile
SEZ is also eligible for benefits under the SEZ Act.
Our Promoter, Mr. Pradipkumar Karia, has over two decades of business experience in textiles with specific focus on the home
linen business in the last fifteen years. In the year 1985, he commenced business as a supplier of various textile products in the
domestic market. In the year 1993, M/s. Anu Impex was established as a partnership firm to carry out the business of supply of
Home Linen Products to merchant exporters. With the objective of timely delivery, consistent quality and competitive pricing, it
outsourced the procurement of grey cloth and processing of the grey cloth, while the processed fabric was stitched at its own
stitching and packing unit. Another partnership firm under the name and style of M/s. Pradip Exports was established in the year
1995 to carry on similar business. Its focus was solely on exports and operations were wholly outsourced, with stitching being
carried out by M/s. Anu Impex. M/s. Anu Impex has ceased to carry on business as on date. In FY 2000, Pradip Overseas Private
Limited (POPL) (now Pradip Enterprises Limited) was incorporated. It commenced business in FY 2004 when it acquired a defunct
textile manufacturing unit at Changodar, Ahmedabad from a bank through an auction process set up and operationalized that unit to
manufacture Narrow Width Home Linen Products, with an installed capacity of 22 million metres per annum of Narrow Width
Home Linen Products. This company also commenced the business of trading in agro-products during FY 2005. POPL was
converted to a public limited company during the FY 2007.
In the year 2005, the textile sector underwent a major change, on account of global factors like elimination of quotas under the
WTO Agreement on Textiles and Clothing (ATC) and the consequent increase in export opportunities, coupled with the growth of
the Indian economy, primarily the urban areas. These factors operated to increase the demand for wider width fabrics. To service
this demand, our Promoters, established a partnership firm under the name and style of M/s. Vishal Textiles, invested in a greenfield
wider width manufacturing facility at Changodar near Ahmedabad in Gujarat which became operational in February 2006. Its name
was changed to M/s Chetan Textiles in FY 2006 and in the same year, it was converted into a private limited company under Part IX
of the Act, bearing the name Chetan Textiles Private Limited. The initial installed capacity was 24.96 million metres per annum of
wider width Home Linen Products.
With a view to consolidate the Narrow Width and Wider Width Home Linen Product manufacturing activities in one corporate
entity, the "textile division" (as stated in the order of the High Court of Gujarat dated August 17, 2007, effective from April 1, 2006)
of erstwhile Pradip Overseas Limited (now Pradip Enterprises Limited), comprising of the Narrow Width Home Linen
Manufacturing Unit, was demerged into Chetan Textiles Limited, and the name of erstwhile Pradip Overseas Limited was changed
to Pradip Enterprises Limited with effect from September 24, 2007. Also, the name of the Chetan Textiles Limited was changed to
Pradip Overseas Limited with effect from October 1, 2007, with a view to enjoy the continued recognition of this name among its
customers. Pradip Enterprises Limited is continuing the activity of trading in agro-products.
Acquisition of defunct textile manufacturing Unit at Changodar, Ahmedabad by erstwhile Pradip Overseas Limited (now Pradip
Enterprises Limited), and setting up and operationalization of that Unit to manufacture Narrow Width Home Linen Products.
YEAR KEY EVENTS
Pre-incorporation of our Company
2003 - 2004 Acquisition of defunct textile manufacturing Unit at Changodar, Ahmedabad by erstwhile Pradip Overseas Limited (now Pradip Enterprises Limited), and setting up and operationalization of that Unit to manufacture Narrow Width Home Linen Products.
Post-incorporation of our Company
2005 - 06 Commencement of manufacturing of Wider Width Home Linen Products at the Unit I division II of our Company with an installed capcity of 24.96 million metres per annum.
2006 - 07 Increased installed capacity from 24.96 million metres per annum to 79.20 million metres per annum.
2007-08 The textile unit of erstwhile Pradip Overseas Limited (now Pradip Enterprises Limited) was merged in our Company with effect from April 01, 2006, and subsequently the name of our Company was changed to Pradip Overseas Limited and name of the erstwhile Pradip Overseas Limited was changed to Pradip Enterprises Limited pursuant to the Scheme of Demerger.
2007 - 08 Increased installed capacity from 79.20 million metres per annum to 108.50 million metres per annum.
2008 - 09 Increased installed capacity from 108.50 million metres per annum to 115.50 million metres per annum.
2009 - 10 Increased installed capacity from 115.50 million metres per annum to 136.50 million metres per annum.
Awards, Achievements and Certifications:
2007 Certified under Global Organic Textile Standard-GOTS
(Standards for the processing of fibres from certified organic agriculture).*
2006 Certified as ISO 9001:2000 (now ISO 9001:2008)
(Quality Management System)
2008 Authorisation to use Oeko-Tex Standard mark for certain cotton and polyester home linen products.
Awarded as one of "Gujarat Glories - Most Trusted Companies of 2008" awards instituted by Sara Media Inc in
association with Zee Business - our Company stood 29 among the top fifty
2009 Authorisation to use Oeko-Tex Standard mark for certain woven fabrics for cotton and polyester home linen products
2009 Certified under Organic Exchange
(Standards of the Organic Exchange)
--Registered Office of the Company has been shifted from A/601, Narnarayan Complex, Near Swastik Char Rasta, Navrangpura, Ahmedabad 380 009 To 104,105,106, Chancharwadi Vasna, Opp. Zydus Cadila, Sarkhej Bavla High Way, Tal.Sanand, Ahmedabad 382213
-Pradip Overseas has given the Bonus in the Ratio of 1:5
- Pradip Overseas Ltd. has appointed Mr.Avinash Mayekar as an Independent Director of the Company.