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IO System Ltd. Company History and Annual Growth Details

1987 - The Company was incorporated on 25th May, and received the certificate of
commencement of business on 20th October. GBC Hi-Tech (India) Limited is a Public
Limited Company. The Company is engaged principally in the manufacture and
distribution of Punching & Binding Machines, Laminating Machines and the related
Supplies and Parts.

- The Company has been promoted by Mrs. Veena Modi and others of Indian Management
Advisors & Leasing Private Limited in Collaboration with General Binding Corporation, USA.

1991 - The Company entered into Technical know-how and Trade mark Licence Agreement on
19th January, 1988 with General Binding Corporation, USA, who are world leaders in Spiral
Punching and Binding, Machines as well as Laminators.

- The Company has set up an excellent field sales and support staff to meet the varied needs of
the customers.

1992 - During the year the Company received sanction from the Controller of Capital Issues for
issues of 23,50,000 No. of Equity Shares of Rs.10/- each for cash at par amounting to
Rs.2,35,00,000/- out of which 9,40,000 Shares of Rs.10/- each were reserved for foreign
collaborators, while 8,10,000 Shares were reserved for Indian promoters.

- Further 1,17,500 No. of Equity Shares of Rs.10/- each were for preferential allotment to the
employees (including Indian Working directors), workers of the Company and those of the
promoter companies out of the public quota of 6,00,000 No. of equity shares. After the close
of the year the Company has allotted shares aggregating to Rs.2,35,00,000 thereby
increasing its paid capital from Rs.65,00,000/- to Rs.3,00,00,000/-.

1993 - The Company has been sending Engineering and Manufacturing personnel for training
at Collaborators plants in USA, Mexico and Germany.

1994 - The Company has exported more than 2400 Units of 450 KM Purchasing & Binding Machines
to General Binding Corporation for their International Markets.

1995 - The Company is proposing to issue and allot 5,00,000 Preference Shares of Rs.100/-
each subject to the shareholders approval to meet the growing working capital needs
on private placement basis.

- The Company has been able to develop inhouse expertise in a number of high-tech
areas resulting in imports substitution.

1997 - The Company had allotted 2,50,000 preference shares of Rs. 100/- each amounting to
Rs. 2.50 Crores after receipt of RBI approval during the year.

- The Company is proposing to issue and allot 1,55,00,000 shares of Rs. 10/- each subject
to the shareholders approvals and others approvals, if any to meet the growing working
capital needs of the company.

1998 - The Company intends to issue and allot 1,39,00,000 No. of equity shares of Rs.10/-
each aggregating to Rs. 1390 lacs on preferential basis to M/s General Binding
Corporation, USA and/or its subsidiaries and associates and M/s Modifin Pvt. Ltd.
and/or its associates in equal proportion.

- The Company shall redeem 5,00,000 non-convertible cumulative preference shares
of Rs.100/- each aggregating to Rs.500 lacs held by both the joint venture partners and
their associates equally, and the proceeds of redemption shall be applied towards
subscription of the proposed preferential issue of equity shares and the balance shall
be subscribed by the joint venture partners in cash.

- The Company has been able to develop inhouse expertise in a number of high-tech
areas resulting in imports substitution.


-The Name of the Company has changed from Modi GBC to GBC Modicorp Ltd.

-GBC Modicorp Ltd has informed BSE that Dr Sanjeev Gemawat, Company Secretary has resigned from the company. The said resignation was accepted by the Board at its meeting held on May 03, 2002.

-GBC Modicorp Ltd has informed that the following change have been made, appointment of Mr Arun Seth as Director and Chairman of the Company in place of Mr Om Prakash Dani.


-GBC Modicorp has acquired 50.11% stake of Spice Net Ltd


- Company name has been changed from Spice Systems Ltd to IO System Ltd.


-The company has designated E-mail ID for Investors Complaints: arunseth@spicelimited.com.


-Registered office of the company has been shifted from "E-53, Sector-3, NOIDA (U.P) - 201301" to "Global Knowledge Park, Plot No.19 A & 19 B, Sector-125. NOIDA (U.P) -. 201 301.