The Indian Card Clothing Company Ltd. Company History and Annual Growth Details

YEAR EVENTS
1955 - The Company was Incorporated on 24th June, as a private limited
company and was converted into a public limited company on 27th
March 1975. It was promoted by The English Card Clothing Co.,
Ltd., England and Carclo Engineering Group, Ltd., who between
them held the entire share capital in the prop. of 77.5% and
22.5% respectively till the offer for sale by them to the Indian
public during September 1978.

- The company's objects is to manufacture flexible and metallic
card clothing, woollen, cotton waste and asbestos card clothing
and raising fillets and sheets and saw tooth wire.

1958 - The Company was the pioneer in the manufacture of card clothing
in India. The first set of flexible card clothing came out of
the factory in October when the productive capacity was only 500
sets. The company has a sophisticated plant in Pimpri, near Pune
in Maharashtra State, spread over approximately 30 acres of land.
The Company's manufacturing operations are divided into flexible
and metallic sections.

- The flexible division has special type setting machines for
manufacturing fillets and taps. It also had special type of wire
teeth.

- The metallic division comprises of wire rolling, punching and
hardening machines. All these machines were specially
manufactured by the Company's sponsoring companies and their
associate companies in the U.K.

1973 - All A-Equity shares held by the holding company The English Card
Cloth Co. Ltd., U.K. All B-Equity shares held by Carclo Engg.
Group. Ltd. U.K.

1974 - 46,825 A-Equity and 14,175 B-Equity shares issued as bonus prop.
1:1.

1976 - 70,308 A-Equity and 20,412 B-Equity shares issued as bonus
prop. 18:25.

1978 - In September, the two non-resident shareholders offered 5,63,472
No. of equity shares of Rs.10 each (prem. Rs.8.50 per share) to
resident Indian nationals. Out of this, 75,000 shares were
reserved and allotted to LIC, UTI and GIC and its subsidiaries,
58,500 shares were reserved for allotment to resident Indian
directors and employees of the company. The balance 4,29,972
shares were offered to the public. With this offer for sale,
the non-resident holding by the company stood reduced from 100%
to 74%.

1980 - 10,83,600 bonus shares issued in prop. 1:2 in January 1981.

1985 - In February, Acre Street Investment, Ltd., U.K. (formerly known
as The English Card Clothing Co., Ltd.) which was a wholly
owned subsidiary of the Carclo Engineering Group Plc. U.K. and
which holds 57.35% in the equity share capital of the company,
became a subsidiary of Gold Card Trading Co., Ltd., Hongkong.
Carclo however, continued to hold 16.65% of the equity share
capital of the Company.

1988 - The Company also undertook Project Export involving supply,
installation and commissioning of plant and machinery, in
addition to export trading in a variety of items.

1989 - The Company commenced setting up of a 100% Export oriented Unit
to augment its capacity to manufacture Tops, having good export
potential. Facilities were also being set up to render services
related to computer Aided Design, having good growth potential in
the country and abroad.

- It was also proposed to promote a company for manufacture and
sale of products, such as undercastings of Carding Engines
required in the textile industry. A proposal was also mooted to
invest a sum of Rs.200 lakhs or 50% of the issued and subscribed
share capital of the ICC - Horologicals, Ltd. which would
manufacture watch cases.

- Acre Street Investments, Ltd., U.K. the holding company filed a
non-repatriation undertaking in respect of 34.02% (59.32% of
their shareholding) of the share capital of the company held by
it resulting in reduction of its shareholding on repatriation
basis from 57.35% to 23.33%. With Carclo Engineering Group Plc.
U.K. continuing to hold 16.65%, the non-resident shareholding on
repatriation basis in the company, then stood reduced to 39.98%.

1990 - The Company undertook to market certain products required for
textile industry, such as undercastings for carding engines. The
company proposed to manufacture these in the near future.

1992 - The Company undertook to set up a joint venture company, Suessen
Asia Pvt. Ltd. in India with Spindelfabrik Suessen, Schurr
Stalecker and Grill GmbH, Germany, for manufacturing textile
machinery equipments and components. The project was
commissioned in September 1995.

1993 - 13,00,320 rights shares issued (prem. Rs.70 per share) in prop.
2:5.

1994 - The Company made a beginning in the activities of leasing,
investment and property development.

1996 - Recession in the domestic and overseas markets and the time taken
to stabilise the products, had an adverse effect on the working
of Suessen Asia Ltd.

- Texmatic India Ltd. a joint venture company commenced operations
in the beginning of the year.

2003
-Company has recommended dividend @ 30%

2005
-Company has declared special interim dividend of 50%

2008
-Indian Card - E-mail ID for Investors Complaints:[email protected]

2012
-Company has declared an Special Interim Dividend of 100 percent

2013
-Indian Card Clothing Company has recommended final dividend of Rs. 3.50/- per equity share of Rs. 10/- each (i.e. 35%).

2014
-Indian Card Clothing Company has recommended dividend of 30 percent (Rs. 3/- per share of Rs. 10 each).Â

2019Â

-Indian Card Clothing Developed new product range for Non-woven application & Non-woven Card Service Machines.

-Indian Card Clothing wins USA's International Brand Consulting's "India's Most Trusted Brand 2019"
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2022

-The Company had approved the acquiring balance 40% equity stake in Garnett Wire Ltd., UK - foreign subsidiary of the Company, from its Joint Venture Partner - Joseph Sellers & Son Limited.Â

2023

-The company has been awarded "TMMA Export Award 2023-24"

2024

-The company has been awarded "R&D Award 2023-24"

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