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Seasons Textiles Ltd. Company History and Annual Growth Details

1986 - Seasons Textiles Limited (STL) was incorporated as a Public
Limited Company on 20th April and obtained a certificate for
Commencement of Business on 21st May. The main objective of
the company is to manufacture furnishing fabrics.

- The Company has been promoted by Shri Nanak Singh, Shri Inderjeet
Singh Wadhwa and Smt. Neelam Wadhwa. Shri Nanak Singh had been
running a partnership business in the name and style of M/s Singh
fabrics with an installed capacity of 40,000 metres per annum.

- Considering the export potential of the product, the promoters
decided to shift manufacturing activities to the organised sector
and formed STL to install additional six automatic shuttleless
looms, procured from M/s SOMET S.p.A Italy with installed
capacity of 3,40,000 metres furnishing fabrics per annum with
financial assistance from PICUP.

- The company also took over the entire running business of M/s.
Singh Fabrics. Subsequently, the installed capacity was
increased to 5,80,000 metres per annum with financial assistance
from Canara Bank.

1992 - The improved performance was attributed to maximum capacity
utilisation and introduction of new fabric designs.

1995 - During the year the company introduced a number of
designs/textures with various variants. However the margins were
under pressure due to reasons like interest costs, increase in
the manufacturing overheads due to ageing of looms and increase
in sampling costs for exports.

- 9,99,500 No. of equity shares issued, subscribed and paid-up.
42,70,000 No. of equity shares were issued through a prospectus
in Feb. 1993 of which 10,70,000 shares were reserved and allotted
to promoters, directors etc. (only 890,800 shares taken up). Of
the remaining the following were reserved for allotment on a
preferential basis:

- (i) 15,000 shares to employees (only 2,300 shares taken up),

- (ii) 12,50,000 shares to NRIs (all were taken up).

- Balance 19,5,000 shares issued to the public along with 12,700
shares not taken up by employees issue to the public (all were
taken up).

1997 - The company undertook to expand the manufacturing capacity by
creating additional manufacturing capacity of 2,60,000 mts. p.a.,
increase the installed capacity to 8,40,000 mts. p.a. of
furnishing fabrics at Noida dist. Ghaziabad.

- The existing plot of land would house the looms, but the
preparatory, finishing and packing sections would be shifted to
another plot of land procured at B-19, sector-V, Noida, U.P.
about 60 metres away from the existing plant.