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Oswal Spinning & Weaving Mills Ltd. Company History and Annual Growth Details

YEAR EVENTS
1955 - The company was originally incorporated under the name of
Oswal Cotton Spinning and Weaving Mills Ltd. on 19th September,
under Indian Companies Act, 1913 and obtained certificate for
Commencement of business on 19th September, 1955 from Registrar
of Companies Punjab at Jalandhar. The name of the company
changed to Oswal Spinning & Weaving Mills Ltd. and a fresh
certificate of incorporation was obtained on 26th February 1965.

- The main objective of the company is to manufacture of textile,
Vanaspati, Ghee and Alloy Steel Casting. Originally the company
commenced its business with the manufacture of wollen and
worsted yarn.

- The company was promoted by Mr. Dharam Paul Oswal and M. Raj Paul
Oswal under the able guidence of late Mr. Lachman Dass Oswal.

1972 - With a view to diversification set up a vanaspati ghee unit with
a capacity of 25 tpd. The Company further diversified its
activities by setting up steel casting unit in 1986 with a
licensed capacity of 8000 tpa.

1990 - The company undertook to expand and modernise its vanaspati ghee
unit by increasing its capacity to 50tpd. As a measure of
backward integration to its vanaspati unit, the company also
undertook to set up a solvent extraction unit at its existing
site Jugiana, Dist. Ludhiana.

- The company retained services of M/s. Deepak Glycerides (I) Pvt.
Ltd., Ghaziabad for carrying out detailed study of the additions
and alterations required for increasing the capacity of vanaspati
as well as carry out modernisation. Orders were placed with
Desmet Chemfood Engineers (P) Ltd. for supply of solvent
extraction plant on turnkey basis.

- The company issued 1,37,500-14% FCD of Rs. 200 each on rights
basis in proportion 1 deb: 10 equity shares held. Additional
20625 debentures were allotted to retain oversubscription.
Another 2,46,880 debentures were issued through the prospectus
of which the following were reserved for allotment on a
preferential basis:

- (1) 19219 debs. to employees;

- (2) 25000 debs. to SBI capital markets Ltd.

- (3) 25000 debs. to LIC Mutual fund;

- (4) 25000 debs. to Canbank Mutual fund;

- (5) 25000 debs. to UTI. Balance 1,27,661 debs. issued to the
public.

- Additional 37,030 debentures were allotted to retain
oversubscription. Rs. 100 of the face value of each debenture
was converted into 5 equity shares of Rs. 10 each at a premium
of Rs. 10 each after 6 months from the date of allotment of
debentures.

- 13,75,000 No. of equity shares issued, subscribed and paid-up.
The company issued through a prospectus 44,20350 No. of equity
shares allotted on conversion of debentures.

- During 1993/94, 8693,025 rights equity shares were issued (Prop.
3:2, Pre. Rs. 8) per share.

1993 - The company undertook to set up a 100% EOU cotton spinning unit
with a capacity of 18144 spindles at Doraha, Dist. Ludhiana. The
company also undertook forward integration to its alloy steel
unit for manufacture of ERW GI tubes with a capacity of 50tpd at
village Jugiana.

1997 - The turnover and profits of the 100% EOU cotton spinning unit
were also affected due to abnormal hike in cotton prices and
lower price realisation for cotton yarn.

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