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History of Rikvin Floors Ltd.

YEAR EVENTS 1986 - The Comp. was incorporated at Hyderabad as a Private Limited Comp. on 23rd April. It was converted into a Public Ltd., Comp. on 24th March, 1987. It was promoted by P.A. Singaravelu & S.A. Munaff. The main objective of Comp. is to manufacture quartz Vinyl Floors.

- The Comp. entered into technical-cum-financial collaboration with Riber & Son a/s Norway.

- The Comp. undertook to set up a project for manufacture of Quartz Vinyl Floors with an installed capacity of 1.8 million sq. mtrs. per annum. Land admeasuring 20 acres was acquired at Nallabandagudem Chimiriyala village in Andhra Pradesh.

- The product, an easy-to-lay flooring is produced in different thickness [1.6 mm for residential sector & 3.2 mm for industrial sectors] & in attractive shades & incorporates advantages of quartz thickness, ruggedness & durability.

1990 - 12,86,945 No. of equity shares & 1,00,000 shares of Rs. 10 each issued, subscribed & paid-up by subscribers to Memorandum of Articles of Association Indian promoters etc. & to APIDC respectively.

- 35,33,055 No. of equity shares of Rs. 10 each then issued at par of which the following were reserved & allotted on a firm basis:

- [is] 8,87,055 shares to promoters & associates;

- [iis] 1,46,000 shares to APIDC;

- [iiis] 1,54,000 shares to NRIs on non-repatriation basis and

- [ivs] 2,46,000 shares to Foreign Collaborators Rieher and Son a/s Norway.

- Of the remaining, the following were reserved for allotment on a preferential basis:

- [is] 2,46,000 shares employees [only 1,55,400 shares taken ups];

- [iis] 2,50,000 shares to SBI Mutual Fund [all were taken ups];

- [iiis] 2,50,000 shares to Canbank Mutual Fund [all were taken ups] and

- [ivs] 1,50,000 shares to LIC Mutual Fund [all were taken ups].

- The balance 12,24,000 shares alongwith 90,600 shares not taken up by employees offered for public subscription in November [all were taken ups]. Additional 3,18,000 shares allotted to retain oversubscription.

1992 - During Aug.-Sept. the Comp. issued 26,25,000 No. of equity shares of Rs. 10 each for cash at par on Rights basis in the proportion 1:2. Additional 3,93,750 shares were alloted to retain oversubscription.

- Simultaneously, another 1,31,250 shares were offered to the employees on an equitable basis. None were taken up. There were allowed to lapse.

- The above issue was made in finance the cost of balancing equipment to be procured to increase production range, for product promotion etc.

1996 - The Comp. entered into an agreement with Rieber and Son a/s, Norway for licence to use its exclusive know-how for manufacture & supply plant & machinery. Apart from these, they were also to provide production know-how, recipes and formulae, turnkey services on erection, commissioning of plant etc. for a period of 10 years from the commencement of commercial production.

- The company major area of marketing was to export of Middle East, USSR, Indonesia, Malaysia etc.