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History of Himatsingka Seide Ltd.

1985

- The Comp. was incorporated on 23rd January, & the certificate of commencement of Business was obtained on 15th February, 1985. It was promoted by Ajay Kumar Himatsingka & Dinesh Kumar Himatsingka. It manufactures natural silk fabrics under on 100% export oriented unit scheme.

- The Comp. undertook to set up a composite silk mill with an annual capacity of 7,50,000 sq. mtrs. for producing natural silk fabrics under the 100% export oriented unit scheme.

- The plant comprises of yarn preparation, twisting, wearing with a complement of 25 Sulzer shuttleless rapier looms, degumming, dyeing, printing & finishing departments for carrying out the entire processes involved in the production of high quality silk fabrics such as crepre-de-chine, chiffon, taffeta, georgette & warp printed fabrics.

1986

- 6,13,200 shares subscribed for by promoters, their friends etc. 20,86,800 shares were then issued at par out of which 4,66,800 shares were reserved & allotted to promoters, their friends, etc. The remaining 16,20,000 shares, were offered to the public in September 1986 out of which the following shares reserved for preferential allotment;

- [is] 6,00,000 shares to NRIs with repatriation rights [only 2,46,800 shares taken ups];

- [iis] 1,04,300 shares to employees/workers of Comp. [none were taken ups] and

- [iiis] 32,400 shares to business associates [only 21,600 shares taken ups]. The unsubscribed portion of 4,68,300 shares out of preferential quota added back to public quota. Additional 1,42,400 shares allotted to the public to retain oversubscription.

1990

- The Comp. entered into a 4-year wage agreement with workmen in January.

1991

- The Comp. proposed to expand the existing manufacturing facilities at Doddaballapur. The installed capacity will be increased to 11,25,000 sq. mtrs. of natural silk fabrics.

1993

- 14,91,650 rights shares issued.

1994

- It was proposed to increase the capacity to 16,80,000 sq. mtrs.

- The Comp. proposed to set up a weaving & processing plant for producing 12,00,000 sq. mtrs. of furnishing fabrics to utilise the strength in design creativity & international marketing.

- The Comp. entered into a technical know-how agreement with Filoti Buratti S.P.A., Italy for spun silk project. Necessary approvals were being obtained or setting up a 100% EOU for implementing the spun silk project.

- Credit Himatsingka limited became a subsidiary of Company.

- 20,41,650 rights equity shares issued at a premium of Rs 71 per share to promoters group. Another 31,87,775 bonus shares issued in prop. 1:2.

1995

- The Comp. acquired land at Doddaballapur for setting up a 100% EOU for manufacture of Spun Silk & blended yarn with an installed capacity of 410 M.T. per annum in technical collaboration with M/s. Filati Buratti S.P.A. of Italy.

- The Comp. received the SIA approval for project. In the first phase weaving capacity of 6,00,000 Sq. Mtrs. was being set up.

- 2,830 shares subscribed.

1996

- 1,450 shares kept in abeyance were allotted.

1997

- The Comp. had set up a captive plant of 4.4MW capacity [2 units of 2.2MW eachs].

- The Comp. proposed to issue 14,92,100 No. of equity shares of Rs. 10 each for cash at a premium of Rs 40 per share in the following manner: [is] 14,21,050 shares of Rs 10 each for cash at a premium of Rs 40 per share on rights basis to the existing shareholders in the ratio of 1:2; [iis] 71,050 shares to the employees of Company.

- 600 shares kept in abeyance issued. - The Comp. is now setting up a 100 per cent EOU for manufacture of spun silk & blended yarns with an installed capacity of 410 MT per annum.

- HSL has set up a Rs.46.20-crore 410-mtpa 100-per cent EOU to manufacture spun silk & blended yarns in technical collaboration with Filatti Buratti spa of Italy, a well-known manufacturer of silk and blended yarns in the world.

1998

- Himatsingka Seide Limited [HSLs] has set up a new 100 per cent export oriented unit with Italian technical know-how at Doddaballapur.

- Himatsingka Seide is setting up research & development centre for silk yarn fabrics at S M Gollahalli in Karnataka. The proposed project with an investment of Rs.2 crore will have an installed capacity of 18.750 kg per annum.

1999

- Himatsingka Seide Ltd has decided to offload its stake by 71 per cent to 29 per cent in Credit Himatsingka Ltd, the security arm of the company.

- Himatsingka Seide managing director Dinesh Himatsingka told The Financial Express that Credit Himatsingka will increase its equity capital by Rs 5 crore to Rs 7 crore.

- Himatsingka Seide has posted a 48 per cent surge in net profit for the quarter ended December 31, 1998.

- The company, a 100 per cent EoU making silk decorative fabrics, blended yarn & fabric, had ventured into investments during the boom years & suffered losses. It also set up a subsidiary Comp. Credit Himatsingka to which its exposure stood at about Rs 17 crore as of March 1998, Rs two crore as equity capital, Rs five crore as preference capital & the balance as unsecured loans.

2002

-Mr R K T Talwar, Director passed away.

-Mr Nathmal Singka & Mr G V K Rao gave their resignation from the board of directors.

-Amends AOA to enable the BOD to buyback upto 10% of paid up capital.

-Narayanan Vaghul appointed as Director of Himatsingka Seide.

2003

-Acquires M/s ABC Trading Pvt Ltd as its wholly owned subsidiary, since it has real estate assets which the Comp. finds suitable for its retail launch.

-Appointed Mr. Shrikant Himatsingka as the Executive Director for a period of 5 years.

-Credit Himatsinka acquires 10510 shares in the company.

-Launches Atmosphere - Chain of fine furnishing stores called Atmosphere at 11, Vittal Mallya Road, Bangalore.

2004

-Himatsingka Seide decides to incorporate wholly owned subsidiary in USA

-Himatsingka Seide Ltd has set up a wholly owned subsidiary in New York - `Himatsingka America Inc'

2006

-Himatsingka Seide Ltd has appointed Mr. David Rasquinha as a Nominee Director by Export Import Bank of India with immediate effect.

2007

- Himatsingka Seide Ltd has announced that it has completed the acquisition of an 80% stake in Divatex Home Fashions Inc. New York. This was consequent to signing definitive agreements in New York on July 01, 2007.

2008

-Himatsingka Seide Ltd has appointed Mr. Dilip J Thakkar, as a Chairman of Company.

-Himatsingka Seide Ltd has re-appointed Mr. Shrikant Himatsingka, as a Executive Director, for a further period of 5 years w.e.f. June 03, 2008, liable to retire by rotation.