History of Hytone Texstyles Ltd.

YEAR EVENTS 1989 - The Comp. was Incorporated as a private limited Comp. on 11th January. Subsequently the Comp. was converted into a public limited Comp. on 14th May, 1992.

- The Comp. was Promoted by Amrut Tilak Shah, Kaushik Morarji Chheda, Satish Khimji Gala, Praful Keshavji Dedhia etc. At present is engaged in the business of manufacturing & marketing of suitings under the brand name of `Hytone'. The Comp. is getting the suitings manufactured from outside on the job work basis pending creation of adequate inhouse production capacity.

- The Comp. undertook to set up a plant for manufacture of exclusive blended & worsted suitings with an installed capacity of 6,94,000 metres p.a by installing 12 nos. imported second hand Sulzer Projectile Weaving machines.

- Land admeasuring 2,310 sq. mtrs. was acquired at MIDC Industrial Area, Thane Belapur Road, New Mumbai. 12 nos. second hand Sulzer Ruti Projectile Weaving machines were imported from Siatex SRL, Italy. The indigenous machinery including warping & beaming machine, cloth inspection machine, warp typing equipments etc. were procured.

- The products, are replacing the conventional fabrics made from natural fibres & due to their low/no wool content are comfortable to wear in the Indian climate.

1991 - 1,600 No. of equity shares allotted to the promoters.

1992 - The Comp. proposed to import another 12 Sulzer looms to expand its capacity at its New Mumbai Plant. - Equity shares subdivided. Additional 9,83,800 shares allotted to promoters on 22.5.92.

- For the full year on 16,000 Equity Shares of Rs.10/- each. Pro-rata on 9,83,800 No. of Equity Shares of Rs.10/- each allotted on 22nd May.

- The Company public issue of 31,80,000 equity shares of Rs.10/- each at a premium of Rs.3/- each which closed on 26th Feb' 1993 was oversubscribed, despite the adverse situation prevailing in the capital market during that period.

- It is proposed to introduce rationalisation & improved operational methods in the utilisation of power.

- The Comp. has installed sophisticated Sulzer Projectile Weaving Machines at its Plant in New Mumbai.

1993 - 43,00,000 No. of equity shares of Rs.10 each were issued at a prem. of Rs.3 per share of which 11,20,200 shares reserved for allotment on a firm basis to promoters, directors etc. Of the remaining, the following shares were reserved for allotment on a preferential basis:

- [is] 24,000 shares to employees [only 8,700 shares taken ups]; - [iis] 3,00,000 shares to NRIs [all were taken ups];

- [iiis] 3,00,000 shares to Indian Mutual Funds [only 1,00,000 shares taken ups]. - Balance 25,56,000 shares along with 2,15,300 shares not taken up by employees & Mutual Funds offered for public subscription [all were taken ups].

1994 - The Comp. undertook to set up a process house for processing worsted a polyester viscose blended suitings & also expanding its existing wearing capacity to 20 lakhs meters/annum.

- For the full year on 9,99,800 Equity Shares of Rs.10/- each. Pro-rata on 43,00,200 No. of Equity Shares of Rs.10/- each allotted on 26nd April, 1993.

- The capacity was further augmented by adding 4 Sulzer Looms during the year. The Comp. has embarked on further expansion & modernisation of its existing weaving capacity by proposed addition of 12 Sulzer Looms.

- The Comp. is also setting-up a process house for processing of Blended and Worsted suitings at New Mumbai to ensure lower processing costs, lower inventory & to improve product performance.

- It is proposed to introduce Energy System during the current year.

- The Comp. has installed sophisticated Sulzer Projectile Weaving Machines at its New Mumbai Plant.

1995 - Bottomline remained under pressure due to higher interest burden & overheads.

- First phase of process house for processing wollen, worsted & polyester viscose blended suitings was commissioned.

- In respect of process house project under implementation, the Comp. has installed energy efficient boilers/thermopack.

1996 - During the year under review in addition to the expansion of weaving capacity to 20 lacs mtrs. per annum, the first phase of Process House for processing wollen, worsted & polyester viscose blended suitings was commissioned.

- Hytone Synthetics Ltd [HSLs] has set up a processing division at New Mumbai with imported machinery from Germany & Italy, having a capacity to process eight lakh metre of fabric per month.

1997 - During the year under review, the Second phase of process house for processing Woollen, Worsted & polyester viscose blended suitings was commissioned.

- Praful K. Dedhia & Shri Suresh G. Vaidya, Directors of Company, retires.

- The Comp. has installed energy efficient boilers, thermopack & Stenter machines which are eligible for 100% depreciation under Income Tax Act, 1961 under the head Energy Saving equipments.

- The Comp. has established a full fledged quality control department for checking qualities of poly-viscose & polywool yarn as well as chemicals wherein numerous test as regards to the quality like micron testing, colour fastners & strength of yarn are carried out to ensure proper supply of standard quality of yarn for Company's value added products.

- It has enabled the Comp. to launch Legrands, a new brand for Polywool fabrics for domestic as well as export markets.

1998 - The Comp. proposes to increase its processing capacity by 30% p.a. & production capacity by 25% p.a. by installing new machineries.

- Mr. Satish K. Gala & Mr. Manish S. Parekh, Directors of company, retire by rotation at the ensuing Annual General Meeting & being eligible, offer themselves for re-appointment.

1999 - The Comp. proposes to expand the processing facilities in addition to synthetics & polywool like cottons & cotton blended fabrics. It is proposed to install necessary mecerise range which is heart of cotton processing, alongwith the sanforising machines & other balance equipments for this purpose.

- Shri Kirit V. Gala - Director of Company, retires by rotation at the ensuing Annual General Meeting & being eligible, offer themselves for re-appointment.

- The Comp. has diversified into new products like cottons, polynosics & tencel etc. during the year.

- The Comp. has enabled to make a brand 'Casual Line' in cottons & polynosics.

2000 - The Name of Comp. has been changed from Hytone Synthetics limited to Hytone Texstyles Ltd.

2002

-Suresh G Vaidya resigns from Directorship of Hytone Texstyles.