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History of Aditya Mills Ltd.

YEAR EVENTS 1960 - The Comp. was incorporated on 7th July, at Calcutta. The company objects is manufacture of cotton yarn & cloth and mild steel ingots.

1962 - 87,043 No. of equity shares issued to directors, etc. 5,000 pref. & 1,00,000 No. of equity shares issued to the Govt. of Rajasthan. 5,000 pref. & 2,50,000 No. of equity shares offered to the public.

1963 - Issued capital fully subscribed during the year. In 1966, 6,500 No. of equity shares forfeited.

1968 - 5,000 pref. & 50,000 No. of equity shares issued at par.

1973 - The Comp. took up a scheme for setting up a mini steel plant at Tarapur, Maharashtra.

- Redeemed 5,000 pref. shares each in July & in July 1974. 2,06,500 rights equity shares issued in prop. 2:5.

1976 - The two furnaces & other equipments were commissioned. After working for a few days it was found to be unremunerative. The plant was therefore closed. It was recommissioned towards the end of 1977.

1977 - 15,000 Right pref. shares issued in prop. 1:50. Equity during 1975. 150 No. of equity shares forfeited during the year.

1980 - 150 forfeited equity shares reissued in May. 4,50,000 bonus equity shares allotted in prop. 3:5. In early 1980, 5,000 pref. shares redeemed in June.

1985 - The profitability suffered a set back due to short supply of polyester viscose fibre, labour problems at the factory at Nagda & a sudden fall in excise duty on polyester staple fibre and blended yarn which had an adverse effect on polyester staple fibre, stick-in-process yarn inventories, etc.

- The modernisation-cum-balancing scheme was implemented. An open end sewing machine, an auto corner, two for one twister, an electronic yarn cleaner, a dyeing plant & diesel generating set were added under this scheme.

1986 - The textile division incurred losses due to higher rate of Octroi duty, erratic power supply, sluggish market for synthetic blended yarn, hike in cotton prices by 100% & scarcity of water leading to procurement of water from outside sources at high cost.

- In addition, capacity utilisation was affected during the third quarter of year due to shifting of machines for implementation of modernisation-cum-balancing scheme.

- Three open end spinning machines BDA-10, one two-for one twister & other equipments were added as part of modernisation scheme. 1987 - In the steels division, production was curtailed due to shortage in melting scrap availability.

- The modernisation scheme undertaken by mill had to be abandoned midstream due to liquidity problems.

1988 - The working of textile division continued to be affected due to lower capacity utilisation owing to liquidity problems & poor product mix.

1989 - The textile division showed some improvement due to fresh inflow of working capital funds, improved product mix & higher capacity utilisation.

1990 - 14% preference shares of third series are redeemable at par within a period of 10 years from 12th June.

- 15,000 - 11% pref. shares redeemed 32,231.79 - 14% pref. shares issued including the pref. shares issued equivalent to the pref. dividend in arrears from 1.1.1980 to 11.6.1990.

1991 - Working of textile division suffered a sharp setback mainly due to continuous rise in the prices of short & medium staple cotton without commensurate increased in yarn prices. The mill also suffered on Acc. of acute shortage of working capital & frequent stoppages in different departments due to inter-union rivalry.

- Production in the steel division was lower than the previous year mainly due to acute scarcity of melting scrap & its low quality.

- The steel plant was modernised by replacing one of its old furnaces with a more sophisticated one incorporating state-of-the art technology.

1993 - The Comp. was compelled to suspend operations effective 8th May due to inter union rivalry & labour disturbances in the past several years.

- Production suffered on Acc. of teething problems in the new furnace commissioned at the end of year.

- During the year steel division suffered severe setback mainly due to extreme recessionary conditions compelling shut down of production for one month.

1995 - The textile division incurred heavy losses due to the paucity of funds, heavy standing charges, including unwarranted employment cost, electricity charges & other fixed expenses.