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History of Aristocrat Luggage Ltd.

YEAR EVENTS 1974 - The Comp. was incorporated as a private limited Comp. on 18th May, & converted into a public limited Comp. on 10th November, 1986. It was promoted by Jal. S. Engineer family & their associates. The Comp. introduced moulded luggage items under the brand name 'ARISTOCRAT'.

- The main object of Comp. is to Manufacture moulded luggage & all kinds of plastic materials.

1981 - The Comp. Expanded the capacity by starting a second unit at Satara. The third & fourth units were set up a Paithan in Aurangabad in 1984 & at Waluj in Aurangabad district in 1985 respectively.

- The Comp. introduced low priced integrated moulded luggages under the brand names 'OSCAR' & 'CHAMPION'.

- The Comp. commenced marketing of soft luggage under the brand name 'ARISTOCRAT ACTION BAGS' which received wide acceptance due to its lightness, colour ranges, styling & flexibility.

- In addition to its dealer network of 3,000 retailers in 900 towns serviced by 29 branches it proposed to market its products through the wholly owned subsidiary 'Marvel Plant Pvt. Ltd.

1985 - All shares taken up by promoters, etc.

1986 - 23,998 shares of Rs.100 each issued at par to promoters, etc. on 1st October. Shares of Rs.100 each then subdivided into shares of Rs.10 each 3,60,000 shares of Rs.10 each then issued at par to promoters, etc., 9,60,000 bonus shares of Rs.10 each issued in prop. 8:7. Simultaneously, 18,00,000 No. of Equity shares of Rs.10 each were issued at par linked to debentures [prop. 2 debentures to 10 equity sharess] out of which the following shares linked to debentures were reserved for preferential allotment. - [is] 90,000 shares to employees [including Indian working directorss]/workers of Comp. [only 27,750 shares taken ups]; 36,000 shares to business associates of Comp. [all were taken ups] & 7,20,000 shares to non-resident Indians on repatriation basis [only 3,95,400 shares taken ups].

- The balance 9,54,000 shares linked to debentures, along with the unsubscribed portion of 3,86,860 shares linked to debentures, were offered for public subscription during February 1987. 4,50,000 additional shares linked to debentures were allotted to the public to retain oversubscription.

- The Company losses increased on Acc. of stagnant market conditions, competition, increase in input costs & paucity of working capital.

1987 - Aristocrat Marketing Ltd., became a wholly owned subsidiary of the Company. With effect from 14th August, 1990, Aristocrat Marketing Ltd., ceased to be a subsidiary of Company.

1992 - Production & sales decreased to 8,37,587 numbers & Rs.33.90 crores respectively due to the disturbed conditions & break down of law & order over the country.

1994 - The Comp. came under the Sick Industrial Companies Special Provisions Act & as per BIFR instruction, a rehabilitation scheme was prepared by Canara Bank.