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History of Ruby Mills Ltd.

YEAR EVENTS 1917 - The Comp. was incorporated on 9th January, at Mumbai. On 29th July, 1918, the name of Comp. was changed from Hormusjee Ardeshir S. Goculdas & Co., Ltd., to Ruby Mills Ltd.

- The main objective of Comp. is to manufacture of cotton textile goods. Products manufactured are long cloth, shirting, twill, poplins, dorias, rayon & staple fibre linen & coating. Counts ranging from 10s to 60s are spun & the cloth width ranges from 30 inches to 55 inches. The mills are equipped to do bleaching, dyeing & finishing operations.

1939 - Capital reduced as per Court Order dated 10th March.

1942 - 12,000 bonus shares issued in the proportion 1:1.

1957 - 36,000 bonus shares issued in the proportion 3:2.

1966 - 36,000 bonus shares issued in the proportion 3:5.

1970 - 32,000 bonus shares issued in the proportion 1:3.

1988 - The Comp. explored the possibility of exporting yarn and fabrics of U.K., European countries & the Far East.

1989 - 32,000 bonus shares issued in the proportion 1:1.

1991 - The Comp. issued 1,00,000-9% non-Convertible debentures of Rs. 100 each on private placement with the UTI. These are redeemable at a premium of 5% in three equal annual instalments commencing from 30th January, 1998.

- 32,000 bonus shares issued in the proportion 1:2.

1992 - During the year, the Comp. suffered production loss on account of fire in the winding section at Dadar Mills & absenteeism of workers due to communal disburbances during December.

- During April, another 3,024 spindles were installed. It was also proposed to instal 4 nos. winding machines incorporating the latest technology.

- The Comp. undertook to set up two chemical units at Ankleshwar in Gujarat under the names 'Ruby Chem' & 'Ruby Mineral and Grinding' for manufacture of sodium dichromate, potassium dichromate & chromic acid & mineral grinding respectively. These two units were already registered as small scale units.

- Ruby Implex limited became a wholly owned subsidiary of Company with effect from 9th March.

- 2,40,000 Bonus shares allotted in prop. 5:2 on 15.12.1992. All the equity shares then subdivided on 15.1.1993.

1994 - During the period, due to the shift over & stabilisation, there was a loss of production at weaving stage & the operation in spinning unit at Dhamni was also affected by labour strike.

- 8,20,000 No. of equity shares issued at a prem of Rs. 225 per share on private placement.

1995 - In order to expand its production activity & expand its marketable products, the Comp. entered into a technical know-how agreement with M/s. Gygli Technik AG for manufacture of interling fabric.

1997 - Operational performance of Comp. was not encouraging due to prolonged strike at Dhamni spinnig unit of Comp. since August, recession in the Textile industry, increase in the cost of raw materials & labour.

2002-P D Phatak appointed as Comp. Secretary of Ruby Mills.