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History of Terryfab [Indias] Ltd.

Terryfab [Indias] Limited was incorporated as a public limited Comp. in the State of Rajasthan on June 17, 1992 and obtained Certificate for Commencement of Business on August 5, 1992.

The project was appraised by Industrial Development Bank of India who also financed a part of cost of project and sanctioned foreign currency loan assitance of JY 145,454,545 in October 1993. The Comp. started implementing the project immediately thereafter. Central Bank of India, the other participating bank, sanctioned a rupee term loan of Rs.412 lakhs in December 1994.

The cost of project was reviewed by IDBI in October 1994 and looking to the progress made, no overrun in the cost of project was envisaged. As per the original appraisal done by IDBI, the commercial production was to commence from October 1994. As per the revised projections, the project is now likely to be completed by March 1995 & commercial production to commence from April 1995.

The civil works are in an advanced stage of completion and the buildings are expected to be ready by January 1995. The Company placed orders for major plant and machinery and opened letters of credit through Industrial Development Bank of India & Central Bank of India in various stages. Orders for indigenous machinery have already been placed and deliveries are expected by Feb-March 1995.

The Comp. is a 100% Export Oriented Unit with an obligation to export its entire production excluding rejects for a period of 10 years. The Comp. has to maintain value addition of 85% as per the new formula prescribed by Secretariat of Industrial Approvals, Ministry of Industry, Government of India, which has come into effect from 1.4.1993.