History of Mindteck [Indias] Ltd.
YEAR EVENTS 1985 - The Comp. was incorporated on 4th February as private limited Comp. under the name of 'Hinditron Instruments Pvt. Ltd.', Bangalore for manufacture of oscilloscopes & other electronic test & measuring instruments.
- The main object of Comp. is manufacturing & marketing of electronic test and measurement equipments.
1987 - 75,000 No. of equity shares subscribed for by Hinditron Group of companies.
1988 - The Comp. was converted into a public limited Comp. on 28th September, and its name was once again changed to Hinditron Tektronix Instruments limited It was promoted by Hinditron Group of Companies in collaboration with Tektronix Inc., U.S.A.
- On 1st October, the Comp. was appointed the sale representative in India for Tektronix products in India. The agreement involves a wide range of products such as laboratory & service oscilloscopes, logic & spectrum analyzers, colour graphics printers, terminals, workstations, waveform monitors, communication network analyzers & related products. - The Comp. also entered into a warranty services agreement under which it was to carry the warranty obligations of Tektronix for products sold in India.
- Hinditron Instruments Pvt. Ltd., & Tektronix Inc., U.S.A., entered into a technical collaboration agreement for a period of 10 years for supply of technical, manufacturing, tooling and other related information used in the manufacture of specified protable oscilloscopes and associated accessories.
- Equity shares subdivided on 15th July, 22,50,000 No. of equity shares of Rs.10 each then issued at par of which the following shares were reserved & allotted on firm basis:
- [is] 12,00,000 shares to Tektronix Inc., U.S.A., and
- [iis] 1,50,000 shares to Indian resident directors, promoters of Company, etc. Of the remaining 9,00,000 shares, 1,12,500 shares were reserved for allotment on a preferential basis to employees/workers of Comp. & those of promoter companies [only 47,800 shares taken ups]. The balance 7,87,500 shares along with 64,700 shares not taken up by employees were offered for public subscription during December [all were taken ups].
1989 - The initial launch of 2400 series of oscilloscopes was successful in the market & 6 more new products of real-time & digital storeage oscilloscopes were introduced.
1991 - Due to various factors such as slow growth in business, high inflation, higher cost for imported inputs, etc., that affected adversely the performance of Company, the overall working could have been still better. Ten different models of real time Oscilloscopes were introduced.
- The Comp. established a 100% EOU at Seepz for implementing its project for export of software.
1992 - 6,00,000 Rights shares issued [prem. Rs.40 per share prop 1:5s].
1993 - The Comp. successfully launched new generation test & measuring products like TDS scoper, GPX Logic Analyzers, Logic Scopes, Tek tools which continue to be the bedrock of future success.
1994 - The Comp. undertook to set up a new, larger facility in phase-II of Peenya Industrial Area, close to the existing location. The Comp. proposed to manufacture other high technology products having higher band widths, newer techniques & wider applications.
- Tektronix has increased its shareholding from 40% to 62.38% of equity capital in the Comp. by buying shares from co-promoters of Hinditron group. Hence, the Comp. is a subsidiary of Tektronix.
- During the year under review, the Comp. entered the capital market on 25th October, 1993 by a Public issue of 27,00,000 No. of equity shares of Rs. 10/- each for cash at par for financing part of its capital outlay.
- During the year the Comp. has received approval for setting up of Software Development Centre in the Santacruz Electronic Export Processing Zone, at Mumbai.
- HSMIL was promoted by your Comp. in technical & financial collaboration with Schiller AG, Switzerland, for manufacture of some of medical electronic equipments from Schiller range of products like state-of-the-art Portable Computerized Multi Channel ECG Analyzers.
1995 - The Company software export business was adversely affected by changes in laws & regulations in overseas countries.
- The medical division began setting up a dealer network across India in order to increase its market coverage.
- The Comp. has been appointed as distributor for Indian market by ZYMED INC. USA for Holter Monitoring & Telemetry Monitoring Systems, INSTROMEDIX INC. USA for Trans Telephonic ECG & MEDRAD INC. USA for Dye Injectors.
- The Comp. has a state-of-the-art facility at SEEPZ, Mumbai & another one at Bangalore from where we undertake, both on-site as well as remote delivery projects.
- To give additional thrust to the software exports, the Comp. have HINDITRON INTERNATIONAL INC. a wholly owned subsidiary in USA.
- The Comp. has entered into marketing alliances with Companies in Belgium & Australia.
- The Comp. expands its product range to meet emerging market needs with the assistance from its foreign principals.
- Mr. Hemant S. Sonawala & Mr. Pravin R.Gandhi retire from the Board by rotation and being eligible, offer themselves for re-appointment.
1996 - The Software Systems and Services Business division has introduced LIMS [Laboratory Information Management Systems] for domestic customers which is targeted at laboratories, pharmaceutical, petrochemical & chemical industries.
- The Software Systems and Services Business division has also developed a system for export packing credit management & the same has been supplied to Bank of Baroda and is being marketed to other Indian banks. The division is also a re-seller for Infosys' Bancs 2000 which is a Bank automation software.
- The Computer Graphics Division has introduced desk top drum scanners & image setters from Scanview during the year.
- During the course of year, the Medical Electronics division has introduced two sterling products of Schiller AG, namely, AT-2 a six channel computerised ECG & SP-1 a pulmonary functional unit.
- During the year, Hinditron Schiller Medical Instruments Limited ceased to be a subsidiary of Company.
- The Comp. proposes to issue Equity Shares upto an amount not exceeding Rs. 200 Lakhs to Promoters/Promoter Group to augment the long term resources as per SEBI guidelines for Preferential Issue of Shares & subject to necessary approvals by SEBI.
- Mr. Saurabh H. Sonawala & Mr. Kirit R. Gandhi retire from the Board by rotation and being eligible, offer themselves for re-appointment.
1997 - The Comp. is rationalising its product business of Medical & Computer Graphic Divisions & is concentrating on its core competency business i.e. software engineering services & networking business where the Comp. has significant strength.
- Mr. Pravin R. Gandhi, Mr. Manoj A. Shah, Mr. Gaurang N. Sanghv resigned the Board with effect from 17th March.
1999 - The Comp. acquired 78,00,000 No. of Equity Shares of Rs. 10/- each representing 65% of Equity Share Capital of Comp. from Mr. Hemant S. Sonawala & Associates after obtaining the necessary & required clearances & approvals.
- The Comp. further acquired 43,200 No. of Equity Shares of Rs. 10/- each from Public Shareholders.
- As the Comp. is no longer part of Hinditron group of companies, the Directors are proposing a change in the name of your Comp. to Mindteck [Indias] Limited.
- During the year the paid up capital of Comp. increased from Rs. 650 lacs to Rs. 1200 lacs with effect from June 18, 1998 & from Rs.1200 lacs to Rs. 2000 lacs with effect from January 22, consequent to Preferential Allotment of 55 lacs Equity Shares and 80 lacs Equity Shares of Rs. 10/- each at par respectively.
- Mr. Kamlesh Sonawala has resigned from the office of Director with effect from 7.1.99.
- During the year, Mr. Philippe Silberzahn was appointed as Managing Director of the Comp. effective from February 11, & he has taken charge of his new assignment.
2000 - Nicco Infotech limited was merged with the Comp. and issue of 4,50,000 eight per cent non-convertible cumulative redeemable preference shares of Rs 10 each aggregating Rs 4.5 crores & acquisition of Mindteck Consulting Inc. US.
2001 - The Comp. has completed allottment of 12,50,000 No. of equity shares of Rs. 10/- each at a premium of Rs. 90/- per share to its shareholders in the recently concluded rights issue.
- Mindteck, a global software services Comp. has announced the appointment of Sumit Ganguly as its group chief executive officer.
2002- Mindteck appoints Krishna Vaidya as GM-Marketing.
- Ravi Ramachandran joins Mindteck as Director-Finance and Strategic initiatives.
-Soumitra Ganguli appointed as Managing Director of Mindteck India.
2003
-Mindteck India Ltd has informed BSE that Mr L M Singh has resigned as Director of company
-Board approves financial restructuring
-Mr Soumitra Ganguli has resigned as Managing Director of company.
2006
-Mindteck India Ltd has informed that Mr M G Ved, Director of Comp. has taken over as Chairman of Company Board from Mr K V Aiyappan.
2007 - Mindteck India Ltd has informed that the Company Board has approved the appointment of Mr. Pankaj Agarwal & Mr. Vivek Malhotra as additional directors on the Company Board of Directors effective February 09, 2007.
Mr. Agarwal will be a non-executive director representing the promoters on the Company Board, while Mr. Malhotra will be a non-executive & independent director on the Company Board.
