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Eskay Kn'IT (India) Ltd. Company History and Annual Growth Details

1987 - The Company was incorporated under the name of Shree Krishna
Petro Yarns and Processors Private Limited in the State of
Maharashtra on 24th April. The Company was converted into a
Public Limited Company on 19th January, 1989 and the word
`Private' was omitted from the name of the Company.

- The Company was promoted by `Krishna Group', a group consisting
of 11 companies engaged in the manufacture and processing of
various kinds of textiles. The group was headed by Ram Pratap

1988 - 20,000 shares allotted at par to promoters, their friends and

- Equity shares subdivided. 8,00,200 shares were then issued at
par of which 2,00,000 shares were reserved and allotted to
promoters (including corporate bodies), directors, their
relatives and friends. The remaining 6,00,200 shares were
offered for public subscription during March, 1989. All the
shares were taken up.

1989 - The name of the company was changed to `Shree Krishna Petro Yarns
Private Limited.

- The Company received registration for installation of 25,000
spindles to manufacture spun synthetic blended yarn. Also, a
letter of intent was received for manufacture of poly propylene
filament yarn with an annual capacity of 5,000 tonnes. Steps
were taken to implement the project.

- The Company set up a plant at Silvasa in technical collaboration
with M/s. Scragg of U.K. to texturise partially oriented
polyester yarn (POY). High speed texturising plant was obtained
from Himson Textile Engineering Industrial Pvt. Ltd. The
products are sold under the brand name `Krishna Petro'.

1991 - 15,000 Spindles were installed, under Phase I in Bhilad, Valsad
district of Gujarat. Further it was proposed to set up the
second phase of the spinning project in addition to a new export
oriented spinning unit with a capacity of 25,000 spindles to
manufacture high valued cotton yarn for export.

- It was also proposed to manufacture fine counts of combed yarn,
P/V yarn and other high value products.

- During October-November, the Company offered 1,00,020-14% secured
fully convertible debentures of Rs 250 each on Rights basis in
the proportion 1 debenture: 10 equity shares held (All were taken
up). Additional 15,000 debentures were allotted to retain
oversubscription. Another 5,000-14% debentures were offered to
the employees' on an equitable basis (all were taken up).

- Simultaneous to rights issue the Company issued 95,000-14% fully
convertible debentures of Rs 250 each through a prospectus as

- (i) 4,750 debentures to employees and (ii) 90,250 debentures to
the public. Additional 14,350 debentures were allotted to retain
oversubscription (420 debentures to employees and 13,830
debentures to the public).

- Rs 125 of the face value of each debenture was to be converted
into 5 No. of equity shares of Rs 10 each at a premium of Rs 15
per share after 6 months from the date of allotment of
debentures. Accordingly 11,46,750 No. of equity shares were
allotted on 23.6.1992.

- Remaining Rs 125 of the face value of each debentures was to be
converted into 5 equity shares of Rs 10 each at a premium of Rs
15 per share at the end of 12 months from the date of allotment
of debentures.

1992 - 22,92,700 No. of Equity shares allotted on conversion of Part `A'
and `B' of 14% FCDs.

1993 - During October/November, the Company offered 82,76,320 Zero
Interest Unsecured Fully Convertible Debentures (FCDs) of Rs 100
each with detachable warrants as follows:

- (i) 16,46,450 debentures to the existing shareholders in the
ratio of one debenture : 2 equity shares held. 16,57,870
debentures to the promoters, directors, their friends and
relatives, 9,94,400 debentures to the Financial Institutions,
4,97,200 debentures to Indian Mutual Funds, 30,150 debentures to
employees to the shareholders of Shree Krishna Polyester Ltd.,
10,00,000 debentures to the Foreign Institutional Investors and
17,59,850 debentures to the public. (All were taken up).

- Part `A' of Rs 50 of the debenture was to be convered into 1
equity share at a premium of Rs 40 per share on allotment. Part
`B' of Rs 50 was to be converted into 1 equity share at a premium
of Rs 40 per share on 1.10.94. The detachable warrants shall be
converted into equity shares of Rs 10 each between 36-42 months
from the date of issue at a premium of Rs 40 per share.

- The Company manufactures high fashion knitted hosiery fabrics for
garment industry and could manage very good margin on these

- The Company has successfully installed 15000 spindles at Bhilad.

1994 - The Company proposed to enhance the spinning capacity to 2,50,000
spindles and also to install 50 numbers open end spinning
machines. Also proposed to install a new denim plant with latest
technology with an annual capacity of 30 million meters and also
balancing machinery for processing and generation of hydro
electric power for captive consumption were also envisaged.

1995 - The Company proposed to increase speciality fabrics processing
capacity from 18,000 tonnes per annum to 25,000 tonnes per annum.

- The Company proposed to co-promote `Shree Krishna Polyester
Ltd.', a new company coming up under Krishna Group to manufacture
Bright Trilobal Filament Yarn. The said project with an
installed capacity 72,650 tpa was to be set up at Silvassa in the
Union Territory of Dadra and Nagar Haveli. The product, bright
trilobal filament yarn was to serve as an import substitute item.

1998 - The Company has set up additional manufacturing facilities
aggregating 10,000 tpa in new unit set up at Silvassa.

- The Company proposes to issue Preference shares for Rs.10 crore
on a private placement basis which has been rated as `IND AA'
(pronounced IND Double A) indicates high credit quality,
protection factors are strong, risk is modest by Duff & Phelps
Credit Rating India Private Ltd. (DCR India).

- The Company has entered into an agreement with National
Securities Depository Limited for dematerialisation of securities
in accordance with the provisions of the Depositories Act, 1996.

1999 - The Proposal for merger of the Company and Shree Krishna
Polyester Limited with Krishna Texport Industries Limited was
approved by the Equity Shareholders and Unsecured Creditors.

- The company has decided to re-issue 11,70,216 forfeited equity
shares of Rs. 10 each at a premium of Rs. 11 to Delux Polymers
Pvt. Ltd.


-The Company changed its name to Krishna Comknit Fashions Ltd.

-The Company issue equity/redeemable preference shares debentures, secured or unsecured, with or without debenture warrants of the aggregate value not exceeding Rs. 1,000 crores.

-The shareholders of Shree Krishna Petro Yarns Ltd., flagship,company of the Shree Krishna Group, have approved changing of the company's name to Eskay`n'IT (India) Ltd.

-The Company is introducing software products in the areas of E-commerce with logistic support, mobile communication & Wireless Application Protocol, Knitwear & Fashion Portals, Software for Internet applications & Web Enabling, Insurance & Banking and CAD/CAM.

- Company has splits its Face value of Shares from Rs 4 to Rs 1
-Eskay Kn'it opening office in China to shore up overseas biz.