History of Kumars Cotex Ltd.

The Comp. was promoted by Shri Satish Kumar Aggarwal, Sri Anil Kumar Aggarwal with their associates.

Sri Satish Kumar Aggarwal is graduate in Metallurgical Engineering from IIT, Kharagpur & an MBA from IIM Ahmedabad with about 20 years of business & managerial experience in running their Kumar's Group/Associates/Companies/Firms.

Sri Anil Kumar Aggarwal is graduate in Commerce & has more than 18 years of experience in Marketing, Finance & Administration in the Group/Associates/Concerns.

The promoters were engaged in distribution of Indian made Foreign Liquor [IMFLs] through a number of firms & companies in the States of Andhra Pradesh & Maharashtra.

These Companies/Firms are KUMAR LIQUORS and BEERS PVT. LTD., KUMAR'S SPIRITS PVT. LTD., COASTAL WINES, NEERAJ WINES, VISHAL WINES AND ANDHRA AGENCIES, & they had a combined annual turnover exceeding Rs.100 crores for year 1991-92. Consequent upon the change announced by the Government of Andhra Pradesh during October 1993, liquor distribution has been taken over by Government & the promoters have discontinued their activity.

Kumar Cotex Limited was incorporated as a Public Limited Comp. on 30th September, 1991 with Registrar of Companies, Andhra Pradesh & obtained the Certificate of Commencement of Business on 7th, October, 1991. The Registered office of Comp. is at Secunderabad in Andhra Pradesh. The Comp. is promoted by Sri Satish Kumar Aggarwal, Shri Anil Kumar Aggarwal & their Associates.

KCL was incorporated with the object of setting up a 100% export oriented spinning unit with an installed capacity of 26208 spindles for manufacture of 1937 tpa of carded/combed cotton yarn [average count 47.8s NEs] at Dokiparru Village, Medikonduru Mandal of Guntur district in Andhra Pradesh. The Comp. took over E O U License of M/s. Ramalinga Mills Ltd., without any consideration.

The project is presently under implementation. The Comp. was originally intended to go in for 16% Fully Convertible Debentures aggregating to Rs.2,522.30 lacs to Resident Indians & Equity Shares aggregating to Rs.307 lacs to NRI's. The approval was obtained from the erstwhile Controller of Capital Issues to this effect. Subsequently the means of finance was changed with the term loan from IDBI.