|The company was incorporated as limited company on 13th January '1993 by Shri Jyoti Prakash Kanodia, S.M. Parekh and others for setting up manufacturing facilities for spice oil, spice oleorsins and spice powder and has started trial production from June '94 and commercial production
from October '94.
The Company intends to expand ifs operations by setting up two additional lines as mentioned elsewhere in this prospectus.
For the proposed expansion the Company has taken foflowing effective steps as on 31.03.95
1. The Company has sufficient land for expansion at its existing unit.
2 It has identified the suppliers for plant & machinery and other major equipments and has placed the orders and advanced a sum of Rs 125 lacs to the suppliers. Some of the equipments have already arrived at site.
3. The promoters have brought it a sum of Rs.160 lacs as promoters contribution towards the Equity Capital,and spent a sum of Rs. 144.88 lacs on the project.
4. Term loan of Rs. 25 lacs has been sanctioned by RIICO vide letter no.lDD 1(575) dated 11.01.95.
5. RIICO has agreed to subscribe to an extent of Rs. 25 lacs the Equity of the Company vide their letter of subscription No.IDD 1(575) dated 05.01.95 and 18.01.95.
6. Bank of Baroda has inprincipal sanctioned a sum of Rs. 108 lacs & 162.82 lacs for working capital requirments for 1995-96 & 1996-97 respectively vide their letter No.95/22 dt.10.01.95
Main objects of the Company
The main objects of the Company, are fully set out in the Memorandum of the Association of the Company, inter alia, include the following :
1. To carry on the business of import, export, purchase, sale, production preparation, manufacture, crushers, grinders, processors and dealers of all kinds of spices & that of oil, spice oil, celoresins,vegetable oil of every type, hydrogenerated, dehydrated, deodorised or otherwise and oil seeds, oil cakes and other vegetables products, including vegetabe products,including vegetable ghee allied
product, by-products and substitute for all or any of them and to treat and utilise any waste arising from any such manufacture, production or process, whether carried on by the company or otherwise and deal in containers made of tin, piastic steel and other substitute for packing of the above meterials.
2. To manufacture, import, export, establish deal, purchase and sell in all kinds and types of spices, food and fruit products of every description like fast food, baby foods, precooked foods, canned fruits and foods, canned vegetable spices, fruit concentrates fruit pulps, fruit jams, jellies, fruit drinks, beverages, beverages concentrates
and all other types or preparation from spices and vegetable and all types of packaged and ready to serve food products.
The company is engaged in manufacture and export of spice oil, spice oieornisns and spice powder. The commercial production started from October, 1994 and the company has started exporting its products from December, 1994. The company has exported Chilli Oleoresins of the Value of Rs. 92.16 lacs by 31st March '95.
-Shareholders have approved to delist shares from Jaipur, Delhi, Kolkata and Ahmedabad Stock Exchanges.