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History of Somani Swiss Industries Ltd.

Somani Swiss Industries limited [SSILs] was incorporated as a Public Limited Comp. under the name of Ashish Investments limited on 18th February, 1974 & received the certificate to commence business on 23rd February, 1974, & . w.e.f. 4th February, 1993, the name of Comp. has been changed from Ashish Investments limited to Somani Swiss Industries Ltd.

The Comp. was incorporated as investment Comp. in the year 1974 & subsequently acquired the running business in the same year of Star Rolling Mills at Guwahati [Assams] from Kumar Iron and Steel Co., a partner ship firm.

The Comp. presently engaged in the manufacturing of Cold twisted deformed [CTDs] Bars & Rods of prime quality with an installed capacity of 34,800 MT per annum. The company's products are confirmed to BIS [Formerly ISIs] specification. The Comp. is the commercial agent for Tata Iron and Steel Co. limited & Steel Authority of India Ltd.

The Comp. came out with a public issue of 74,750 equity shares of Rs. 10 each for cash at par aggregating to Rs. 7,47,500 for providing finance required for company's investment business. The issue was fully subscribed.

The Comp. now proposes to set up a project for the manufacturing of Polyester Filament Yarn [PFYs], with an installed capacity of 9,975 MT at BHIWADI DIST ALWAR, RAJASTHAN in technical collaboration with EMS-INVENTA, A.G., SWITZERLAND.

The Comp. in its Extra Ordinary General Meeting held on 28th March, 1994, under the provision of Section 149 of the Companies Act, 1956, adopted other object no 24 & 25 to enable the Comp. to undertake the activity of manufacturing of Polyester Filament Yarn [PFYs], i.e. the proposed activities.

The Comp. also has a Dealership of Maruti Udyog Limited for Ranchi [Bihars] area.

The total sales & other income from different activities are given below:

Year Sales Conversion Vehicle Total charges Sales

1989-90 245.92 50.42 -- 296.34 1990-91 82.79 31.95 -- 214.74 1991-92 215.11 51.00 -- 266.11 1992-93 586.39 69.14 657.73 1313.26 1993-94 1601.94 84.55 875.61 2562.10

The Comp. did not face any labour problem & did not committed any defaults & there are no litigations other then which are stated under the para of outstanding litigation.

SUBSIDIARIES OF THE COMPANY

The Comp. has no subsidiaries within the meaning of the Companies Act 1956.