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History of Hind Syntex Ltd.

YEAR EVENTS 1980 - The Comp. was Incorporated on 3rd December, in Madhya Pradesh.

- The Company object is to manufacture & processing of manmade fibres & synthetic blended yarn such as rayon, acetate & triacetate, acrylic, modacrylic & anidex.

- The Comp. was promoted by Hind Filters Pvt. limited [HPLs] and Shri. Ravi Mohan in association with Madhya Pradesh Audyogik Vikas Nigam, limited [MPAVNs], to set up a spinning mill initially with a complement of 16,320 spindles. The product-mix envisaged comprised of 20s viscose yarn, 2/40s polyester viscose blended [48:32s] both grey & dyed yarn.

1981 - 900 shares taken up by signatories to the Memorandum of Association.

1982 - In 1983, 27,49,100 shares issued of which 10,19,100 shares to promoters [7,00,000 shares to Hind Filters Pvt. limited & 3,19,100 shares to Shri Ravi Mohan, his friends, etcs] & 3,00,000 shares to MPAVN were reserved & allotted. The balance 14,30,000 shares offered to the public at par.

1986 - Working resulted in lower profits due to an increase in the cost of production.

- 3150 No. of equity shares forfeited.

1987 - Forfeiture on 550 No. of equity shares annulled.

1988 - The Comp. undertook a project to set up a new unit at Pillukhedi, Rajgarh, Madhya Pradesh with a spindleage of 15,360 which was further rasied to 18,240.

- Forfeiture on 550 No. of equity shares annulled.

1989 - Profitability was affected due to a strike from 17th February to 14th March, 1990. The factory restarted operations on 14th March 1990 on go slow & large scale absenteeism.

- Forfeiture on 100 No. of equity shares annulled.

1990 - Production was severely affected at Birgod unit due to strike by workmen for about three months from April to June.

1991 - Profitability, was however, severely affected due to higher interest cost & steep increase in excise duty.

- 14% non-convertible debentures for aggregate face value of Rs.125.0 lakhs were privately placed with UTI in June. The implementation of project was delayed due to non delivery of plant & machinery as per schedule.

1992 - 27,19,650 No. of equity shares allotted in prop. 1:1.

1994 - Profitability was affected due to commensurate increase in raw material cost which couldn't be passed on to the customers.

- 7200 spindles were installed at Pillukhedi Unit No.2. - The Comp. further proposed to start construction of new factory building to house 14,400 spindles.

1995 - The profitability was affected, due to general increase in cost. The Comp. is facing uphill task due to severe recession in textile industry & continuous price fall.

- Birgod unit was closed from 5th June, to 24th June, due to illegal strike by working resulting in loss of production 350 Tons dyed yarn.

- 2880 spindles were installed at Pillukhedi Unit No.2. The Comp. has also set up 2 Nos. NEPC MICON, Wind Electrical Generators of 225 KW each, with a capacity outlay of Rs.220 lakhs at Jamgodrani Hills near Dewas, through M.P. Windfarms Ltd.