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History of Addi Industries Ltd.

YEAR EVENTS 1985 - The Comp. was incorporated as a private limited Comp. in 1980. It was converted into a public limited Comp. on 25th September. The Comp. has a well equipped manufacturing facility at Ludhiana in Punjab. The Comp. undertook to set up another factory at NOIDA, about 20 kms. from Delhi to meet the increasing demand for its products. Commercial production commenced on 1st November, 1986.

- Effective from 10th April 1987 the name of Comp. was changed to Addi Industries limited from Addi Krafts limited 'Addi Farms Ltd.' is a wholly owned subsidiary of company. The Comp. is a manufacturer & exporter of cotton & vellour knitwears & elastics, tapes.

- 1,20,000 No. of equity shares allotted to promoters, directors, their friends, etc. 11,30,000 No. of equity shares then offered at par of which 3,80,000 shares were reserved & allotted to promoters, directors, etc. on a firm basis.

- Of the remaining 7,50,000 shares, the following were reserved for allotment on a preferential basis:

- [is] 57,500 shares for employees of Comp. [only 16,000 shares taken ups] &

- [iis] 15,000 shares to Business Associates of Comp. [all were taken ups].

- The balance of 6,77,500 shares along with the unsubscribed portion of 41,500 shares from preferrential quota, were offered for public subscription during January-February 1986 [all were taken ups]. Additional 2,50,000 shares were allotted to retain oversubscription [1,00,000 shares to promoters directors etc. & 1,50,000 shares to the publics].

1987 - The Comp. amalgamated units, the Addi Worsted Ltd., commenced 1st March, 1988.

- 80,154 No. of equity shares allotted in March 1988 without payment in cash at the members of amalgamating companies.

1988 - The Comp. embarked upon an expansion cum diversification programme for increase in installed capacity of its worsted yarn plant setting up of woollen & knitting plant at NOIDA near New Delhi.

- As per Delhi High Court Order dated 18th February, the Companies 3 projects namely Addi Fashions Pvt. Ltd., Addi Worsted Ltd., and Addi Woollens Ltd., which were at various stages of implementation, were amalgamated with the company. Consequent upon the amalgamation, the holders of equity shares of the amalgamated companies were allotted 30,514 No. of equity shares of Rs. 10 each [Addi Woollens Ltd., Addi Worsted Ltd., & Addi Fashions Pvt. Ltd., were offered 16,007 shares, 12,507 shares and 2,000 shares respectivelys]. The amalgamation was effected with a view to diversify its product range.

1989 - The performance in terms of turnover profitability & growth in business was highly satisfactory.

- 9,17,500 shares issued at par to promoters in conversion of loans.

1990 - With the implementation of expansion/diversification projects, the Comp. hoped to realise substantial gains.

- The Comp. undertook a cotton spinning project to install 25,536 spindles.

1991 - The `tow to top' converter plant was installed with a view to improve productivity as well as quality of yarn. Also, machineries imported for woollen/cotton knitting unit was installed & commercial production therein commenced. In addition, a dyeing plant with a capacity of 3,500/4,000 kgs. per day was installed for knitted fabric at Sikandrabad.

1992 - Sales declined due to political unrest & economic problems.

1993 - Dyeing Unit at Ghaziabad was commissioned & the Commercial production of cotton spinning Unit was expected to commenced by September 1995.

- During February, the Comp. issued 19,55,691-12.5% secured fully convertible debentures of Rs. 102 each on rights basis in the proportion of 80 debentures : 100 equity shares held. Only 18,83,347 debentures taken up.

- Another 5,093-12.5% fully convertible debentures were offered to the employees. Only 1,250 debentures taken up.

- Part A of Rs. 51 of each debenture was to be converted into 1 equity share of Rs. 10 each at a premium of Rs. 41 per share on the date of allotment of debentures. Accordingly 18,84,597 No. of equity shares were allotted.

- Part B of Rs. 51 of each equity share converted into 1 equity shares of Rs. 10 each at a premium of Rs. 41 per share at the end of six months from the date of allotment [18,84,597 No. of equity shares were already converteds].

2002-Addi Industries Ltd has informed that Shri U K Srivastava has ceased to be Whole-time Director with effect from October 16, 2002 & Shri Hari B Bansal has been appointed as Whole-time Director with effect from November 12, 2002.

2003 -BSE has imposed a Special Margin of 25% on Addi Industries Ltd with effect from September 11, 2003.