1990 - The Company was Incorporated on 23rd July as a private limited
company under the SSD sector for processing of polished granite
tiles etc. It was promoted by S.G. Agarwal, Ms. Renubala
Agarwal, Syed Yasmin and Sunil Kumar Agarwal. It was converted
into a public Ltd. Company on 25th January, 1995.
- The Company is a 100% Export Oriented Unit exclusively engaged in
the manufacture of granite monuments, tombstones, memorials with
an installed capacity of 4500 smt. It obtained 100% EOU status
on 7th June, 1993. The Company switched its line from Granite
tiles and slabs to granite monuments from 1993-94 onwards.
- The Company's object is the business of processing of polished
granite tiles, slabs and monuments.
- The Company undertook to expand the granite processing capacity
to 32,500 sq. Mt. from 4,500 Sq. Mt. The Company also undertook
to develop leased quarries for long term captive storing of raw
material. Two acres of land adjoining its existing factory at
Karnataka Industrial Area Development Board (KIADB) was acquired
for the same.
- The Company also undertook to set up two showrooms at Paris,
California and Cocksville, Maryland for retail sales. Orders for
plant and machinery were placed.
- The Company entered into exclusive agency agreements with two
resident representatives in USA on 12.5% commission on FOB basis.
The Agents GB Enterprises and M.V. Monty Mittal are in the
granite business over 10 years. The Company would also sell
directly to bulk customers in USA, France and Ireland.
1996 - 10,67,500 No. of Equity shares held by promoters (of these
1,00,000 shares issued at a prem. of Rs.5 per share). During
October 1995, the company issued 39,50,000 No. of equity shares
at a prem. of Rs.5 per share of which the following were reserved
and allotted on a firm basis:
- (i) 66,600 shares to Karnataka State Financial Corporation
- (ii) 33,300 shares to KSIIDC,
- (iii) 1,00,000 shares to SBI Funds Management,
- (iv) 2,00,000 shares to PNB Asset Management Co. Ltd.,
- (v) 4,50,000 shares to NRIs/Overseas Corporate Bodies. Of the
remaining, the following were reserved for allotment on a pref.
- (1) 5,00,100 shares to banks FIs,
- (2) 3,00,000 shares to Indian Mutual Funds of these none were
taken up. Balance 13,50,000 shares along with 8,00,000 shares
not taken up under preferential allotment issued to the public.
2003 - Re-issue of forfeited Equity share
-Mr Rajeev K Garg appointed as Additional Director of the Board.
-Milestone Global Ltd has appointed Mr. Deepak Agarwal as additional director who shall hold office till the next AGM or his resignation whichever is earlier.
- Milestone Global Ltd has has appointed Ms. Vinita Sahaly as additional director of the Company.