|The Company was incorporated on 1st August, 1988 as a Private Limited Company and was converted into Public Limited Company on 1st February, 1992. The main objects of the Company are fully set out in its Memorandum of Association as also detailed later in this Prospectus. It has been promoted to set up a plant for the manufacture of Polypropylene Multifilament Yarn, with an installed capacity of 2,000 tonnes per annum, in technical collaboration with M/s. Neumunstersche Maschienen Und Anlagenbau GmbH (NEUMAG) Germany.
NEUMAG are one of the pioneers of PP Yarn technology and leading suppliers of plant and machinery for various man-made fibres throughout the world.
The Company has been promoted by Mr. Shankar Lal Somani, Mr Mahesh Kumar Somani and Mr Raj Kumar Somani, who have over a decade's experience in synthetic textile industry through promoting and managing three modern synthetic cloth process houses with a total capacity of 30 million metres per annum, a synthetic yarn texturising unit with a capacity of 470 tonnes per annum (Denier 84) and a synthetic yarn twsiting unit with a capacity of 184 tonnes per annum. They are all Commerce Graduates and have widely travelled overseas and attended Trade Fairs of textile machinery at home and overseas.
-The Company has issued Bonus Shares in the Ratio of 1:10.
-The company has issued rights in the ratio of 1:1at a premium of Rs 5/- per share.