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History of Rajkamal Synthetics Ltd.

YEAR EVENTS 1981 - The Comp. was incorporated on 2nd May as a Pvt. limited Comp. in the name of Shree Balaji Calendering Pvt. limited Subsequently the name of Comp. was changed to Balaji Prints Ltd., on 25th November 1982. It was converted into a public limited company on 17th December 1982.

- The main object of Comp. is Weaving & processing of textiles & synthetic fabrics & trading. The products of the Comp. are marketed under the brand name 'RAJKAMAL'.

1983 - During, the Comp. had set up a cotton-cum-synthetic textile processing unit in MIDC Phase - i Industrial Area at Dombivli in Thane was set up for processing, bleaching & calendering of fabrics & sarees.

- 1030 No. of equity shares subscribed for by promoters, directors, their friends, etc. 2,43,970 shares were reserved and allotted to promoters, directors, etc. The balance 1,50,000 shares were offered for public subscription during July. All were taken up.

1985 - The Comp. undertook to set up a processing house for synthetic fabrics at Sachin, near Surat in Gujarat State with an installed capacity of 25,000 mtrs. per day.

1986 - To augment its trading activities, the Comp. had set up a division under the name & style 'International Cloth Agency' at Kalbadevi Road in Mumbai with effect from 1st April.

- The name of Comp. was changed to Rajkamal Synthetics Ltd.

- During December, the Comp. issued 4,50,000 - 15% non-convertible debentures of Rs. 100 each for Rs. 450 lakhs as rights to equity shareholders in proportion 9 debentures : 5 equity shares out of which only 4,05,000 debentures were taken up. These debentures are redeemable at a premium of 5% in five equal annual instalments between 5 to 9 years from the date of allotment. These debentures were allotted to 10th April, 1987.

- 19,10,000 No. of equity shares issued at par as rights in prop. 31:4. Another 95,000 No. of equity shares were offered at par to employees [including Indian working directorss] on an equitable basis [All were taken ups].

1987 - The second phase of its expansion programme, the Comp. installed most of machinery & the unit was equipped with latest generation of processing technology/machines for production of cotton/synthetic fabrics.

- It was also proposed to set up a texturising unit at Silvassa, a Centrally notified backward area in the Union Territory of Dadra & Nagar Haveli.

1991 - Production, sales & profitability were affected due to the Gulf crisis & increasing competition in the local market.

1992 - Production & profitability was affected due to the extensive darna caused to the plant by cyclone in June, production loss due to revamping of plant, communal riots & fire in the plant in November.

1993 - The Comp. suspended manufacturing activity at its plant at Suart since June.