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History of Raj Rayon Ltd.

The Comp. was incorporated on 17th August 1993 as a public limited company with Registrar of Companies, Maharashtra & obtained Certificate of Commencement of Business dated 1st September, 1993. Mr. Gourishankar Poddar & Mr. Ratanchand Jain originally promoted the company. Later, Mr. Ratanchand Jain disassociated himself from the Comp. and Mr. Sushil Kumar Kanodia became one of company promoters. Due to other interests, Mr. Sushil Kumar Kanodia resigned as Chairman and Joint Managing Director of Comp. in January 2001 & gradually his entire shareholding was transferred, by way of gift, to Mrs. Rajkumari Kanodia, who is one of main Promoters now, with Mr. Gourishankar Poddar & Raj Money Market Limited.

It is mainly been engaged in the manufacturing of Polyester Texturised Yarn. It started manufacturing activities in the year 1994, by installing one texturising machine with a manufacturing capacity of 600 T.P.A. [capacity based on manufacturing Polyester Texturised Yarn of 80 Deniers] at the company's first unit [Unit Is] situated at Survey No. 272/1/1, Village Dadra, Silvassa, Dadra and Nagar Haveli, UT.

It has made the company maiden public issue in April 1995 of 14,40,000 equity shares of Rs.10/- each aggregating Rs.144 Lacs & the company Equity Shares were listed on Bombay Stock Exchange Limited & the Jaipur Stock Exchange. The main object of Issue was to expand the company manufacturing capacity of Polyester Texturised Yarn from 600 T.P.A. to 1,200 T.P.A. [capacity based on manufacturing Polyester Texturised Yarn of 80 Deniers], by adding one more texturising machine. The total capital outlay for this expansion project was Rs. 263 Lacs, which was to be financed by public issue of Equity Shares aggregating Rs. 144 Lacs, Promoters' Contribution in the public issue aggregating Rs. 69 Lacs, & Term Loan of Rs. 50 Lacs from The South Indian Bank Limited The commercial production of this project commenced on 31st October 1995.

In the year 1996-97, It commenced setting-up of company second unit [Unit IIs] at village Amli, Silvassa, for manufacturing Polyester Texturised Yarn with a capacity of 2,600 T.P.A. [capacity based on manufacturing Polyester Texturised Yarn of 80 Deniers] by installing four Draw Texturising machines. The total capital outlay for this project was Rs.1,170 Lacs, which was financed by IDBI by way of term loan aggregating Rs. 700 Lacs, Rs. 200 Lacs by way of preferential allotment to Promoters & Promoters' Group and balance Rs. 270 Lacs was by way of internal accruals. Commercial production for this project commenced in the year 1997-98.

In the year 1998-99, it started further expansion at Unit II, for manufacturing Polyester Texturised Yarn with a capacity of 2,600 T.P.A. [capacity based on manufacturing Polyester Texturised Yarn of 80 Deniers] by installing four Draw Texturising machines. The total capital outlay for four texturising machines and supporting equipments, aggregating Rs. 667 Lacs was financed by SICOM Limited by way of lease assistance. Commercial production for this project commenced in the second quarter of year 1999.

In the year 1999-2000, the funding assistance from The South Indian Bank Limited were taken over by State Bank of India.

In the year 2001-02, it undertook another expansion project at our third unit [Unit IIIs] situated at Survey No. 259/12, Village Dadra, Silvassa. This expansion project was completed in two phases. In the first phase, the installation of six texturing machines with a manufacturing capacity of 7,590 T.P.A. [capacity based on manufacturing Polyester Texturised Yarn of 80 Deniers] was completed in June 2003. The total capital outlay in the first phase was Rs. 1,590 Lacs, which was partly financed by SICOM Limited by way of term loan aggregating Rs. 1,000 Lacs. The balance amount of Rs. 590 Lacs was funded by way of issue of additional equity share capital aggregating Rs. 150 Lacs [preferential allotment to Promoters & Promoters' Groups] & Rs. 440 Lacs was by way of cash accruals.

During the year, 2003-04, the entire financial assistance from IDBI [Term Loan of Rs. 140 Lacss] and SICOM Limited [term loan of Rs. 734 Lacs & finance lease of Rs. 217.30 Lacss] was taken over by State Bank of India. In the second phase of expansion at our Unit III, it installed another six texturing machines, with a manufacturing capacity of 7,650 T.P.A. [capacity based on manufacturing Polyester Texturised Yarn of 80 Deniers], installation of which was completed in March 2004. The total capital outlay in the second phase was aggregating Rs. 1,500 Lacs, which was partly financed by State Bank of India aggregating Rs. 900 Lacs. The balance amount of Rs. 600 Lacs was funded by way of additional equity share capital aggregating Rs. 200 Lacs [preferential allotment to specified personss] & Rs. 400 Lacs was by way of internal accruals.

In the year, 2003-04 itself, we further planned to move into backward integration for production of POY, which is the key raw material for manufacturing Polyester Texturised Yarn, at the company fourth unit [Unit IVs] situated at Village Surangi, Silvassa. Initially, this project was commenced with a manufacturing capacity of 30,000 T.P.A. [capacity based on manufacturing average 150 Denier of POYs] & the total projected capital outlay was Rs. 3,453 Lacs, which was partly financed by State Bank of India aggregating Rs. 2,000 Lacs. The balance amount of Rs. 1,453 Lacs was to be funded by equity aggregating Rs. 1,000 Lacs, internal accruals aggregating Rs. 353 Lacs & unsecured loans aggregating Rs. 100 Lacs.

However, during the initial stages of implementation of project, the Comp. found good potential in the demand of POY & it also received business enquiries for purchase of POY itself. Accordingly, The company management decided to increase the capacity of POY project from 30,000 T.P.A. to 60,000 T.P.A. [capacity based on manufacturing average 150 Denier of POYs]. The doubling of total production capacity will be carried out by converting the winders with 2 thread lines into 4 thread lines & by carrying out other modifications, accordingly as required in the overall project.

Further, since the shares of Comp. were not traded on the Jaipur Stock Exchange, it got the Comp. equity shares de-listed from the Jaipur Stock Exchange with effect from 17th August 2004.

During the year 2004-05, It has entered into trading activities of various imported items like ready made garments, sports items, decorative lights and other consumables & items of household / kids use. It is currently selling these items to Pantaloon Retail [Indias] Limited [BIG BAZAARs] outlets all over India.

2005

-Raj Rayon Ltd has informed that the price band of proposed 100% book building Public Issue of 85,00,000 Equity shares of Rs 10/- each for cash at a Price of Rs 55/- per Equity Share at the Lower end & Rs 65/- per equity Share at the Higher end be & is hereby fixed & accordingly the issue price will be 5.5 times the face value at the lower end of price band & 6.5 times of face value at the higher end of price band'.

2007

-Raj Rayon Limited has informed that 'Mr. N.V.Agandeswaran Comp. Seceretary, holding ACS No: 7966 who has been appointed as the Comp. Secretary of Comp. with effect from 20th December 2006 has been re-designated as Comp. Secretary & Compliance Officer of Comp. with effect from 2nd February 2007'.