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alok IND

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28/05/2009 :
Sharetipsexport >>reports >> financial reports >> ALOK IND Financial report

Alok IND

HISTORY

YEAR EVENTS 1986 - Alok Textiles Industries Limited was incorporated as a private limited company on 12th March, and the name was changed to Alok Textile Private Ltd. on 17th November, 1992. The Company was subsequently converted into a Public Limited Company on 11th February, 1993. It was promoted by Alok Group of Jiwrajka family, Mumbai.

1993 - The Company undertook to set up a weaving project at Tanghar, Bhiwadi, dist., Thana for its weaving preparating and weaving unit. 50 nos. automatic looms and one warping machine of cimmco make were procured for the expansion of its texturising unit the Company installed imported roto jet clip set of Heberlien Machinenfabric AG Switzerland make on 108 spindles.

1995 - To overcome the short coming the Company set up state-of-the-art process house at New Mumbai.

- The Company also undertook to set up a state-of-the-art textile process house for processing of cotton viscose fabrics and cotton knitted fabrics. The unit was to have an installed capacity of 201.60 lakh meters p.a. of woven fabric and 2688 TPA of knit processing.

- The Company undertook to integrate its activities by setting up facilities for knitting and processing to cater to garment export industry. The knitting project housed at Silvassa was to facilitate production of 1226 TPA of cotton knitted fabrics by installing 8 nos. imported Mayer & Cue circular knitting machine.

- 12,30,096 equity shares subscribed (of these 7,45,396 shares allotted as bonus shares). 25,15,000 equity shares of Rs. 10 each were then issued at a premium of Rs. 10 per share in February 1993 as follows: (i) 2,65,000 shares allotted on a firm basis to promoters, directors their firends etc. (ii) 2,25,000 shares issued to NRIs/OCBs on preferential basis, (iii) Balance 20,25,000 shares issued to public.

1996 - The Company increased its capacities in yarn production to accommodate the increase in demand by virtue of fall in prices and due to shift in preferences from cotton to polyester.

- The Company undertook to modernise its weaving operations by installing Sulzer Projectile loom at Rakholi, Silvassa for the manufacture of 100% cotton fabrics of wider width with an installed capacity of 25.58 lakh metres p.a. M/s. Gherzi Eastern India Ltd. were appointed for executing the project on a turnkey basic.

- 74,90,192 Rights Equity Shares issued (Prem. Rs. 10; Propn. 2:1.)

1997 - As per permission sought at the Extra-Ordinary General Meeting held on 30th April, deal pertaining to sale of the Companys unit at 65-A, Piparia Industrial Estate, Silvassa was concluded.

1998 - 12,40,000 No. of equity shares of Rs 10 each (prem. Rs.8) allotted to Indianan Ford Mauritius Ltd. on private placement basis. 22,50,000 No. of equity shares (prem. Rs 10 per share) to promoters of the Co. 87,77,000 No. of equity shares allotted to Centering Direct Fund (Mauritius) and another 3,65,700 No. of equity shares at par allotted to TCFC Finance Ltd. on preferential basis.

2002

-Commissions the Process house and Weaving plants at Vapi and Silvassa respectively.

2003

-Bags $20 million loan from IFC and sanctions $17.5 mn.

-Appoints M/s Deloitte Haskins and sells as concurrent auditor of the company.

-Arisaig partners has acquired 4,07,500 shares through open market purchase.

-IDBI sells 2.08% shares of the company.

-Members approve for delisting of the shares of the company from 3 stock exchanges (Madras, Delhi, Ahmedabad).

-UTI Asset Management Company has withdrawn the nomination of Shri Mahesh C Verma as the Nominee Director on the Board of the company.

-The Company has informed that Madras Stock Exchange Limited (MSE) have vide their letter dated December 12, 2003 delisted the equity shares of the company. The quotation for the equity shares of the company have been removed from the official list of MSE w.e.f. December 12, 2003.

2004

-Alok Industries Limited has informed that the Delhi Stock Exchange Association Limtied (DSE) have delisted the equity shares of the Company from DSE wef January 23, 2004.

2005

-Alok Industries awarded "Silver Trophy" by TEXPROCIL

2007

-Alok Industries Ltd has informed that Credit Analysis & Research Ltd (CARE) have vide their letter dated May 18, 2007 revalidated a PR1 (PR One) rating for the Companys Commercial Paper program / MIBOR linked to the short term Non-Convertible Debentures / other short term instruments for an amount of Rs 200 crore (size enhanced from Rs 100 crore) for a maturity upto 3 months.

2009

- The Company has issued rights in the ratio of 83:40 at a premium of Re 1.

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