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History of Acknit Industries Ltd.

The Comp. was originally incorporated under Companies Act 1956 as a Private Limited Comp. on 12.10.1990 [Certificate of Incorporation No.21-50020 of 1990 issued by Registrar of Companies, West Bengals] in the name of Acknit Knitting Private limited Subsequently the Comp. has been converted into a Public Limited Comp. & the name was changed to Acknit Knitting Limited & fresh certificate of incorporation was obtained from Registrar of Companies, West Bengal at Calcutta on 08.08.94 consequent upon change of name.

In pursuance of its object, the Comp. has set up a 100% Export Oriented Unit at Falta Export Processing Zone, West Bengal in the year 1991 by installing only 20 fully computerised knitting machines imported from Japan. Installed production capacity of unit was then 108000 dozen pairs of Seamless knitted handgloves. The unit commenced commercial production from September'91 & has been successfully exporting its entire production since then. Quality of products manufactured by Company was well accepted in the international market since very beginning.

Encouraged with the potential of manufacture & export of the product, the Comp. embarked upon an expansion plan during the second year of production itself with another 40 fully automatic computerised knitting machines of Japanese make. All these machines have been successfully commissioned & commercial production therefrom has already commenced.

The Comp. has been able to successfully export its products to countries like Italy & France. To penetrate other overseas markets as well as for expansion of export sales in their existing markets, the Comp. had been awarded with a grant assistance of US$ 16,500 by Bank Of Baroda under its World Bank aided Export Development Fund in the year 1993-94. The Comp. has all along been exporting its products only to GCA countries thereby earning valuable foreign exchange for country.

Having established itself in the export market supported by the confidence of overseas clientele as demonstrated by large scale repeat orders, the Comp. has planned to undertake further expansion of capacity with an element of horizontal diversification of product range for 100% export at an estimated project cost of Rs.412.19 lacs to gain from the potential of export of such products & current governmental policies & thrusts towards export.

MAIN OBJECTS OF THE COMPANY :

The main objects of Comp. are set forth in the Memorandum of Association & include, inter alia,

1. To establish, carry on, maintain, operate & run in India or elsewere business of trading, re-sale, manufacture, production, process, conservation & to do job work of all kinds & forms of cotton, hosiery, knitting, synthetic, woolen, canvas, handgloves, socks, sleeves, underwear garments, readymade garments, sweaters, cardigans, shawls, hankies caps & shoes made from or based on one or more of products, or articles mentioned herein above & exports, imports of such hand-gloves, socks, sleeves, yarn, cloth & such raw materials, clothes, yarn & other textiles & allied products and dealing in their wastages & by-products.

2. To import, export, buy, sell or deal in hand-gloves, socks, sleeves, underwear-garments, readymade garments and hosiery, curtain & furnishing items, decorations & art goods made of cloth, piece-goods & to establish retail chain of stores, offices, shops, show-rooms, depots in India or abroad.

2008 -Company name has been changed from Acknit Knitting Ltd to Acknit Industries Ltd.