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Acknit Industries Ltd. Company History and Annual Growth Details

The Company was originally incorporated under Companies Act
1956 as a Private Limited Company on 12.10.1990 (Certificate
of Incorporation No.21-50020 of 1990 issued by Registrar of
Companies, West Bengal) in the name of Acknit Knitting
Private Ltd. Subsequently the Company has been converted
into a Public Limited Company and the name was changed to
Acknit Knitting Limited and fresh certificate of
incorporation was obtained from Registrar of Companies,
West Bengal at Calcutta on 08.08.94 consequent upon change
of name.

In pursuance of its object, the Company has set up a 100%
Export Oriented Unit at Falta Export Processing Zone, West
Bengal in the year 1991 by installing only 20 fully
computerised knitting machines imported from Japan.
Installed production capacity of the unit was then 108000
dozen pairs of Seamless knitted handgloves. The unit
commenced commercial production from September'91 and has
been successfully exporting its entire production since
then. Quality of the products manufactured by the Company
was well accepted in the international market since very
beginning.

Encouraged with the potential of manufacture and export of
the product, the Company embarked upon an expansion plan
during the second year of production itself with another 40
fully automatic computerised knitting machines of Japanese
make. All these machines have been successfully
commissioned and commercial production therefrom has
already commenced.

The Company has been able to successfully export its
products to countries like Italy and France. To penetrate
other overseas markets as well as for expansion of export
sales in their existing markets, the Company had been
awarded with a grant assistance of US$ 16,500 by Bank Of
Baroda under its World Bank aided Export Development Fund
in the year 1993-94. The Company has all along been
exporting its products only to GCA countries thereby
earning valuable foreign exchange for the country.

Having established itself in the export market supported by
the confidence of overseas clientele as demonstrated by
large scale repeat orders, the Company has planned to
undertake further expansion of capacity with an element of
horizontal diversification of product range for 100% export
at an estimated project cost of Rs.412.19 lacs to gain from
the potential of export of such products and current
governmental policies and thrusts towards export.

MAIN OBJECTS OF THE COMPANY :

The main objects of the Company are set forth in the
Memorandum of Association and include, inter alia,

1. To establish, carry on, maintain, operate and run in
India or elsewere business of trading, re-sale,
manufacture, production, process, conservation and to do
job work of all kinds and forms of cotton, hosiery,
knitting, synthetic, woolen, canvas, handgloves, socks,
sleeves, underwear garments, readymade garments, sweaters,
cardigans, shawls, hankies caps and shoes made from or
based on one or more of the products, or articles mentioned
herein above and exports, imports of such hand-gloves,
socks, sleeves, yarn, cloth and such raw materials,
clothes, yarn and other textiles and allied products and
dealing in their wastages and by-products.

2. To import, export, buy, sell or deal in hand-gloves,
socks, sleeves, underwear-garments, readymade garments and
hosiery, curtain and furnishing items, decorations and art
goods made of cloth, piece-goods and to establish retail
chain of stores, offices, shops, show-rooms, depots in
India or abroad.

2005

-Board recommends dividend of 20%.

2008

-Company name has been changed from Acknit Knitting Ltd to Acknit Industries Ltd.

2009
- Acknit Industries Ltd has recommended for payment of Dividend at 15% i.e. Rs 1.50 per share.

2011
- Acknit Industries Ltd has recommended a dividend at Rs. 1/50 per share i.e. @ 15% .

2012
- Acknit Industries Ltd has recommended payment of a dividend at 15% i.e., @Rs. 1.50 per share

2014
- Acknit Industries Ltd has recommended payment of dividend at Rs. 1.50 per share.

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