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Swasti Vinayaka Synthetics Ltd. Company History and Annual Growth Details

1981 - The Company was incorporated as a Private Limited Company on 9th
March, under the name Rajesh Synthetics Pvt. Ltd. It was
converted into a public limited company on 19th October, 1984.
The main object of the company was Trading and Manufacturing
fabrics and readymade garments and trading tyres and tubes.

1984 - The Company set up a plant at Tarapur in Thane district of
Maharashtra for the manufacture of cloth.

- 10 shares subscribed for by the signatories to the Memorandum of
Association and 49,900 shares allotted to promoters, directors,
their friends etc. 4,45,000 shares issued at par out of which
1,45,000 shares were reserved and allotted and the balance
3,00,000 shares were offered for public subscription during Dec.

1985 - 10,50,000 No. of Equity shares issued at par as Rights in prop.
2:1. 50,000 shares issued at par and allotted to employees
(including working directors)/workers of the Company.

- The name of the company was changed to Vinayaka Synthetics Ltd.
with effect from 28th June.

1986 - The second phase of the Tarapur project involving the additional
of 28 automatic looms with preparatories was being implemented.

- The Company installed and commissioned 31 automatic looms with
preparatories under the second phase of the Tarapur project.

- In order to raise funds for their expansion project, the company
offered 2,31,750-15% non-convertible debentures of Rs 100 each
aggregating to Rs 231.75 lacs as rights to the existing
shareholders. However only 2,15,52,200 debentures were taken up.
They were allotted on 6.3.1987.

- These debentures are redeemable between 7th and 10th year in case
of cumulative debentures and in 7th year in case of
non-cumulative debentures from the date of allotment.

- The Company has now taken up the project work of installation of
high-tech process house for synthetic fabrics.

- The company decided to market fabrics under its own brand name
'Vinayaka' and discontinue the marketing of fabrics for others.

1987 - Some balancing equipments were installed.

1990 - The Company undertook the work of installation of high tech
process house for synthetic fabrics.

- From 1st April, Shree Rani Sati Syntex and Shree Ganesh
fabrics have merged with the company. The amalgamation will
strengthen the Production.

- As per the scheme of amalgamation 1,00,000 No. of equity shares
were issued to the erstwhile shareholders of Shree Ganesh Finance
Ltd. (SGFL) in the prop. of 1 equity share of the Company for
every one equity share held in (SGFL) and 8,82,512 No. of equity
shares were issued to the erstwhile shareholders of Rani Sati
Syntex Ltd. (RSSL) in the prop. of 5 equity shares of the Company
for every 2 shares held in RSSL.

1991 - The Company launched a new ready-to-wear range of shirts through
its own first retail outlet.

- Authorised capital increased. 9,82,512 shares allotted as per
the Scheme of Amalgamation to the members of erstwhile Rani Sati
Syntex Ltd. and Shree Ganesh Fabrics Ltd.

1992 - The overall performance was badly affected due to the general
recession and communal voilence in the second half of the year.

1993 - 12,63,756 Rights Equity shares issued in propn. 1:2.

1994 - The Company focussed its attention on developing its garment
division. With this in view, a franchise showroom was to be
opened at Hyderabad and two more showrooms were in the pipeline,
one at Chennai and the other at Tirupur.

1995 - The Company's penetration in the textile market was further
bolstered through innovative product introduction and marketing

1996 - The company set up 15 new looms at the plants in Tarapur and


- Swasti Vinayaka Synthetics Ltd has appointed Mr. Piyush Shah as additional director on the board in independent category of the Company.