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Sintex Industries Ltd. Company History and Annual Growth Details

YEAR EVENTS
1931 - The Company was incorporated at Kalol, North Gujarat. The main
objective of the company is to manufacture textile goods. The
products manufactured are poplins, coatings, shirtings, sarees,
dhoties, etc. Counts ranging from 28s to 50s are spun and
cloth width ranges from 30' to 56'.

1975 - Plastics division was named as Sinter Plast Containers Division.
Products manufactured in Plastics division are large size
containers of capacities ranging from 60 litres to 1000 litres
and 5000 litres for chemical industry. Items like card cans,
pallets and baskets for textile industry.

1976 - 40,000 Bonus Equity shares issued in prop. 1:1.

1979 - 40,000 Bonus Equity shares issued in prop. 1:2.

1980 - The company purchased the land, buildings, plant and machinery
and the use of the 'GOPI' trade mark of The New Commercial Mills
Co., Ltd. and took possession of the mill on 24th November.

- The Company received a letter of intent for the manufacture of
synthetic and cotton sewing threads.

- An application was made to Government for the approval of foreign
collaboration for technical know-how to be supplied by Cousin
Freres, France. Owing to recession in the textile industry and
also in the economy of the country as a whole, it was decided
to proceed slowly on this project.

- The Company established Chemicals Division for the manufacture of
organic intermediates such as chlorobenzenes,
nitrochlorobenzenes, nitrotoluenes, phenylene diamines,
anisidines, nitroanilines and chloroanilines. It was decided
to set up this factory at Olpad near Surat in Gujarat State.

- BVM Polyster And Chemicals Ltd. became a subsidiary of the
company.

1981 - 6 new Lakshmi-Rieter ring frames and 2 diesel generating sets of
250 KVA each were installed. By the end of the year about 80%
of the looms in Ahmedabad unit were working on synthetic yarn.

- Consequent upon the acquisition of The New Commercial Mills Co.,
Ltd. the company was to issue 50,000 equity shares of Rs. 100
each of the Company to the non-management shareholders of The
New Commercial Mills Co., Ltd. at a premium of Rs. 275 per share
in the proportion of 1 equity share held in of the Company to
every 2 equity shares of Rs. 50 each. The New Commercial Co.,
Ltd.

1982 - Due to subsequent change in the Government, it was required to
obtain 'Carry in Business' licence before establishing the
commercial plant. The activities of Chemicals division were
suspended for the time being.

- During July-August the company offered to the public 68,000 - 13
1/2% secured debentures of Rs. 500 each with a right attached
thereto to receive offer from the Company to subscribe for and to
be allotted 68,000 No. of equity shares of Rs. 100 each of the
company at a premium of Rs. 150 per share in the proportion 1
debenture for every equity share held.

- The funds raised through the issue of debentures were to be
utilised to augment the long term resources for working capital
requirements. Out of the total debentures, the company offered
on a preferential basis 30,600 debentures to resident Indian
shareholders and 5,400 debentures to directors, employees and
business associates of the company. The unsubscribed portion of
the preferential offer was to be added to the public issue.

1983 - A sum of Rs 165 lakhs was spent at the Ahmedabad Unit on new
plant and machinery which included humidification in the spinning
and weaving departments, replacement of 100 looms by high speed
ME automatic looms, one printing soaper machine with drier, one
jet dyeing, two jiggers, shearing and cropping machine, 9 new
ring frames, etc.

- The Company proposed to enhance the production capacity from
1,200 tonnes to 1,500 tonnes per year.

- 39,613 Bonus equity shares allotted in the prop. 1:6. 68,000
No. of equity shares allotted to debenture holders at a prem. of
Rs. 150 per share.

1985 - Pursuant to the order of High Court of Gujarat, 14,00,000 No. of
equity shares were allotted to the promoters at the premium of
Rs 50 per share was reduced to 8,84,211 shares by cancelling
5,15,789 No. of equity shares to increase the share premium of Rs
85 per share. Equity capital of Rs 51,57,890 was transferred to
Share Premium Account.

1986 - An agreement was executed on 16th September, for the sale of
Ahmedabad Unit to M/s. Pickwick Inestments, Ltd. and the
possession was also handed over to them on the same date.

1989 - Plastics Division agreed to offer technical collaboration for
rotationally moulded products to R.C.C. Industries, Ltd.,
Singapore.

- The company received Rs. 2 crores from ICICI by way of advance
subscription for the secured non-convertible debentures issued
for them on private placement basis.

1992 - During the year, the Textile Division had diversified its product
range into 100% highly sophisticated cotton export varieties both
in prints as well as shirtings. The Plastics Division undertook
an expansion project.

- The company issued 6,93,238-16% secured partly convertible
debentures of Rs. 120 each on rights basis. All were taken up.

- Another 34,700-16% partly convertible debentures were offered
to the employees. Altogether 8,03,274 debentures were alloted.

- Part A of Rs. 50 of each debenture will be converted into 1
equity share of Rs. 10 each at a premium of Rs. 40 per share on
15th April 1993.

- Part B of Rs. 70 of each debenture will be redeemed in three
annual instalments commencing on the expiry of 5th year from the
date of allotment of debenture.

- Equity shares sub-divided into Rs. 10 each.

1993 - Vth phase of expansion-cum-modernisation scheme involving an
outlay of Rs. 12 crores was being implemented. 39 nos. airjet
looms and 24 no. rapier looms along with other balancing
equipments were installed.

1994 - The working of Textile division showed significiant improvement.
Margins were under pressure due to steep increase in prices of
cotton, wages, D.A. power, fuel and other inputs.

- New products like types of doors, sliding windows are the wood
substitute product were well accepted in the market.

- The company established a joint venture company for marketing of
fabric and plastics products in Dubai, the name of Suitex Middle
East, LLC in Dubai.

- 14,00,000 shares were allotted to promoters.

1995 - Several new varieties were introduced and supplied to the garment
manufactures in a regular manner.

- Plastics division registered good performance in items of sales
and profits. The Plastic division introduced pallets, planters,
insulated boxes and garbage bins and chaukthas & sliding windows.
In Blow Moulding, new full open mouth drums of 200 & 230 litres
capacity.

- Company proposed to increase its thermoplastic processing
capacity in its plastics division to 14,076 TPA with a view to
introducing new products like pallets & cables spools. It was
also proposed to set up a plant for manufacture of Woven Fusible
Inter-lining fabrics with a capacity of 10.08 million metres p.a.

- In the textile division, the company proposed to increase its
weaving capacity by importing 28 nos. rapier looms and certain
other indigenous equipments. The captive power plant of 3.8 MW
capacity.

- For requirement of electricity both the Plastic and Chemical
division, company proposed to instal captive power plant.

- The company installed five NEPC MICON Wind turbines generators
of 225 KW each totalling 1-125 MW at Patelka in Gujarat state.

- Paid-Up share capital reduced in lieu of cancellation of 5,15,789
No. of equity shares as per Order of Gujarat High Court Under
Section 100 of the Companies Act, 1956.

1996 - The company installed 21 picanol air jet looms for the
manufacture of high quality value cotton shirtings and high
fashion corduroy fabrics.

- The Plastics division developed insulated False Ceilings, SMC
products for electrical sector and various speciality molded
articles such as Grain Storage Gins, Garbage bins etc.

1997 - Textile division was able to position itself for up market
segment and maintain its presence in the ready made market
segments by maintaining its projected growth and through
expansion and special emphasis on exports.

- The Plastics division introduced a new brand of tanks under the
brand name 'Reno' to cover the price concious customer range.
The company proposed to put more energy on the product range of
industrial containers where pallets, bins, baskets. It was also
proposed to offer a number of electrical products through the
plastics division.

- As large sized single piece moulding involve high transportation
costs, the Company proposed to set up a new unit at Bangalore for
manufacture of this product and to cater to the needs of Southern
India.

- 14,91,130 bonus shares issued in prop. 1:3.

1997-Sintex Ind. launches energy-saving windows, which they claim would save energy consumption by nearly 30 per cent.

--Sintex forays Into Pharmaceutical sector

1999-SINTEX International Limited (SIL) gets United States Food and Drug Administration (FDA) approval to sell its range of homeopathic medicines in that country.


2000 - The company has completed the expansion project by upgrading its
process house in its Textile Division to have continuous process from the
batch process at present by installing new imported processing machinery.

2002-Sintex Industries Ltd has informed that Mr Kirtikant S Nanavati has resigned from the Directorship of the Company.Mr Ashwin Lalbhai Shah has been appointed as an additional Director to hold the office till the conclusion of next AGM of the Company.Mr Anil Ahuja and Mr Anurag Mathur also resigned from the Board of the Directors of the Company and Mr P S Chhabra and Mr Girish Baliga are appointed as Directors of the Company.

--Sintex Industries suspends trading in its NCD series-U3

2003

-Bipinchandra P Patel resigns from the directorship of the company and Smt Indira J Parikh appointed as Director of the company in casual vacancy caused due to the resignation of Bipinchandra P Patel

2004

-Sintex Industries signs agreement with Containment Solutions

2005

-Sintex Industries signs MOU for strategic acquisition in Zepplin Mobile System

2006

-Sintex Industries Ltd has informed that Mr. Niten Malhan has been appointed as a nominee director of the Board of Directors of the Company in place of Mr. Pulak Chandan Prasad, in terms of the Shareholders Agreement, dated January 29, 2005 entered by the Company with Lightwood Investment Ltd Mauritius, with effect from November 30, 2006.

2007

-Sintex Industries acquires the Automotive products business of Bright Brothers Ltd in an all cash transaction valued at INR 1.

- Wausaukee Composites mc, USA (WCI), a downstream subsidiary of Gujarat-based Sintex Industries, has purchased Nero Plastics Inc.

2008

-Sintex takes over Digvijay Comm




 
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