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History of Adhunik Synthetics Ltd.

YEAR EVENTS

1982 - The Comp. was Incorporated as a private limited Comp. on 21st January, & was converted into a public limited Comp. on 6th September.

- The Comp. was originally promoted by Radheshyam Poddar, Gourishankar Poddar, Satyanarayan Jalan, Ramdas Jalan & their associates to set up a textile division at MIDC, Murbad of Maharashtra with an installed capacity of 84 Automatic looms for manufacturing 16.56 lakh mts. per annum.

- In order to diversify, the Comp. had set up another unit at MIDC, Jalgaon, Maharashtra, for manufacturing 960 tonnes per annum of texturised yarn, 120 tonnes per annum of twisted yarn & 300 tonnes per annum of dyed yarn.

1984 - All shares taken up by promoters etc.

1986 - 8,50,000 No. of equity shares issued at par out of which 2,50,000 shares were reserved & allotted on a firm basis to promoters, directors etc. & business associates. Out of remaining 6,00,000 shares, the following shares were reserved & allotted on a preferential basis:

- [is] 2,40,000 shares to NRIs with repatriation rights; - [iis] 42,500 shares to employees and - [iiis] 12,000 shares to business associates. The balance 3,05,000 shares offered to the public in Dec. 1986. 2,12,500 shares allotted to retain oversubscription [1,17,200 shares to the public, 19,200 shares to NRIs on repatriation basis, 13,600 shares to employees & business associates & 62,500 shares to promoters, directors etc.s] 3,11,000 bonus equity shares allotted on 13.1.1987 in prop. 1:1 to shareholders prior to the public issue.

1989 - Subsequent to the change in the management, Satyanarayan Jalan, Ramdas Jalan & Anand Jalan resigned from the directorships of the Company. Since then, the Comp. was being controlled by the Poddars & their associates.

- In order to reduce the cost of production, 4 TFO machines for twisting of yarn & one cone winder for rewinding of dyed yarn were installed.

- Further expansion at Dhule was undertaken. All the 24 Ruti `C' looms were installed at the plant site. 1991 - The installation of one texturising machine of 216 spindles at Palod was completed.

- At Umergaon only 8 looms were installed out of 20 looms of Laxmi Rapier.

- The Comp. further proposed to install 24 looms of Cimmco make C.F.R. 92 at Umergaon.

1992 - Modernisation of unit at Murbad was undertaken. The existing 84 nos. Cimmco looms were being replaced by 23 nos. Darnier looms imported secondhand & 2 nos. indigenous Cimmco Dornier looms. The Comp. further, proposed to install 18 nos.

- Dornier Looms to be imported secondhand & also expansion of texturising machines to be imported secondhand.

- The Comp. offered 3,36,900 - 14% secured fully convertible debentures of Rs.125 each on rights basis in the prop. 20 debentures : 100 shares held. Additional 50,535 debentures were allotted to retain oversubscription.

- Simultaneous to the rights issue, the Comp. offered 1,63,100 - 14% Secured fully convertible debentures of Rs.125 each through prospectus of which 25,000 debentures were offered to the employees [only 3,460 debentures taken ups]. The remaining 1,38,100 debentures along with the 21,540 debentures not taken by the employees were offered to the public. Additional 24,460 debentures were allotted to retain oversubscription.

- Each debenture of Rs.125 was to be converted into five equity shares of Rs.10 each at a prem. of Rs.15 per share on the expiry of 12 months from the date of allotment of debentures. Accordingly 28,74,975 No. of equity shares were issued.

- The Comp. issued 2,50,000 - 18% non-convertible debentures of Rs.100 each to Canbank Mutual Fund on private placement basis. These debentures would be redeemed at a prem. of 5% in three equal instalments of Rs.35 per share at the end of 5th, 6th, and 7th years from the date of allotment.

1993 - Modernisation of unit at Murbad was implemented, by installing 26 of Dornier looms. The weaving capacity was further expanded by installation of 30 nos. & 8 nos. of imported second hand Dornir Loms at Murbad & Dhule units respectively.

- 28,74,975 No. of equity shares of Rs.10 each issued at a prem. of Rs.15 per share on conversion 14% secured fully convertible debentures. 35,035 shares forfeited.