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Eurotex Industries & Exports Ltd. Company History and Annual Growth Details

1987 - The company was incorporated on 16th February, at Mumbai as a
public limited company and the certificate of commencement of
Business was obtained on 22nd May. It was promoted by Patodia
Group consisting PBM Polytex Ltd., and Patodia Syntex Ltd. The'
main objective of the Company is to manufacture cotton yarn for

- The Company undertook a project to set up a 100% export-oriented
unit to manufacture cotton yarn in the MIDC area at Gokul
Shirgaon in the Kolhapur district of Maharashtra.

- The plant has flexibility to produce autoconed combed yarn,
medium fine and superfine yarn for knitting and weaving
end use, spinning polyester cotton, polyester viscose and all
types of synthetic blended yarns and produce all types of
single, double and gassed yarn.

- The Company undertook to raise the installed capacity to 50,000
spindles by adding 5,000 spindles in the first stage and 30,000
spindles in the second stage.

1988 - All the equity shares were held by the holding company Patodia
Syntex Ltd, and its nominees. Patodia Syntex Ltd. and its
nominees. Pref. shares are redeemable on 9.3.1995.

1989 - 34,79,965 shares were issued at par of which the following
were reserved for allotment to the promoters:

- (i) 12,49,965 shares to Patodia Syntex Ltd.,

- (ii) 7,00,000 shares to PBM Polytex Ltd.,

- (iii) 2,50,000 shares to SICOM and

- (iv) 50,000 shares to directors, their friends and relatives.

- Out of the remaining 12,30,000, the following shares were
reserved for allotment on preferential basis.

- (i) 1,23,000 shares to shareholders of promoters companies
(only 34,700 shares taken up) and

- (ii) 2,11,500 shares to employees of the company as also
promoter companies (only 11,100 shares taken up), the balance
8,95,500 shares, along with the unsubscribed 2,88,700 shares
of the shareholders and employees quota were offered for public
subscription during March. Additional 1,84,500 shares
were allotted to retain oversubscription.

1990 - During the more spindles were added to the Company's installed
capacity along with the required preparatory and post spinning

- In October/November, 22,07,500 No. of equity shares offered
at par as rights in prop. 1:2. Out of these, 21,99,200 shares
taken up by the shareholders and the unsubscribed 8,050 shares
taken up by a Managing Director. Simultaneously, with the rights
issue. 1,10,362 No. of equity shares offered at par to employees
(including Indian working directors)/workers of the Company.
Only 1,08,300 shares taken up by the employees. The
unsubscribed portion of the employees' quota was allowed to

1992 - During the Company received on offer for entering into a
Memorandum of Understanding from a multinational house in Japan
for setting up an export oriented spinning unit.

- 20,19,015 rights equity shares allotted (prem. Rs. 50 per share;
prop. 3:10). Another 800 shares allotted to employees (prem.
Rs. 50 per share).

1995 - Preference shares issued during the year to ICICI.


-Eurotex Industries & Exports Ltd has informed that pursuant to the application of the company to the Stock Exchange, Ahmedabad (ASE) for delisting of its equity shares, they have been intimated by the ASE that the securities of the company are removed from the list of the exchange w.e.f. January 15, 2004.

-Registered Office of the Company has been shifted To 809, Raheja Chambers, 8th Floor 213, Nariman Point Mumbai.

- Board recommends Dividend of 5%.

-Eurotex Industries & Exports Registered Office is been changed to 1110, Raheja Chambers, 11th Floor, Nariman Point, Mumbai - 400021.