Hytone Texstyles Ltd. Company History and Annual Growth Details

YEAR EVENTS
1989 - The Company was Incorporated as a private limited Company on 11th
January. Subsequently the Company was converted into a public
limited company on 14th May, 1992.

- The Company was Promoted by Amrut Tilak Shah, Kaushik Morarji
Chheda, Satish Khimji Gala, Praful Keshavji Dedhia etc. At
present is engaged in the business of manufacturing and marketing
of suitings under the brand name of `Hytone'. The Company is
getting the suitings manufactured from outside on the job work
basis pending creation of adequate inhouse production capacity.

- The Company undertook to set up a plant for the manufacture of
exclusive blended and worsted suitings with an installed capacity
of 6,94,000 metres p.a by installing 12 nos. imported second hand
Sulzer Projectile Weaving machines.

- Land admeasuring 2,310 sq. mtrs. was acquired at MIDC Industrial
Area, Thane Belapur Road, New Mumbai. 12 nos. second hand Sulzer
Ruti Projectile Weaving machines were imported from Siatex SRL,
Italy. The indigenous machinery including warping and beaming
machine, cloth inspection machine, warp typing equipments etc.
were procured.

- The products, are replacing the conventional fabrics made from
natural fibres and due to their low/no wool content are
comfortable to wear in the Indian climate.

1991 - 1,600 No. of equity shares allotted to the promoters.

1992 - The Company proposed to import another 12 Sulzer looms to expand
its capacity at its New Mumbai Plant.

- Equity shares subdivided. Additional 9,83,800 shares allotted
to promoters on 22.5.92.

- For the full year on 16,000 Equity Shares of Rs.10/- each.
Pro-rata on 9,83,800 No. of Equity Shares of Rs.10/- each allotted on
22nd May.

- The Company's public issue of 31,80,000 equity shares of Rs.10/- each at a
premium of Rs.3/- each which closed on 26th Feb' 1993 was oversubscribed,
despite the adverse situation prevailing in the capital market during that period.

- It is proposed to introduce rationalisation and improved operational methods in
the utilisation of power.

- The Company has installed sophisticated Sulzer Projectile Weaving Machines
at its Plant in New Mumbai.

1993 - 43,00,000 No. of equity shares of Rs.10 each were issued at a
prem. of Rs.3 per share of which 11,20,200 shares reserved for
allotment on a firm basis to promoters, directors etc. Of the
remaining, the following shares were reserved for allotment on a
preferential basis:

- (i) 24,000 shares to employees (only 8,700 shares taken up);

- (ii) 3,00,000 shares to NRIs (all were taken up);

- (iii) 3,00,000 shares to Indian Mutual Funds (only 1,00,000
shares taken up).

- Balance 25,56,000 shares along with 2,15,300 shares not taken up
by employees and Mutual Funds offered for public subscription
(all were taken up).

1994 - The Company undertook to set up a process house for processing
worsted a polyester viscose blended suitings and also expanding
its existing wearing capacity to 20 lakhs meters/annum.

- For the full year on 9,99,800 Equity Shares of Rs.10/- each. Pro-rata on
43,00,200 No. of Equity Shares of Rs.10/- each allotted on 26nd April, 1993.

- The capacity was further augmented by adding 4 Sulzer Looms during the year.
The Company has embarked on further expansion and modernisation of its existing
weaving capacity by proposed addition of 12 Sulzer Looms.

- The Company is also setting-up a process house for processing of Blended and
Worsted suitings at New Mumbai to ensure lower processing costs, lower inventory
and to improve product performance.

- It is proposed to introduce Energy System during the current year.

- The Company has installed sophisticated Sulzer Projectile Weaving
Machines at its New Mumbai Plant.

1995 - Bottomline remained under pressure due to higher interest burden
and overheads.

- First phase of process house for processing wollen, worsted and
polyester viscose blended suitings was commissioned.

- In respect of the process house project under implementation, the
Company has installed energy efficient boilers/thermopack.

1996 - During the year under review in addition to the expansion of the weaving capacity
to 20 lacs mtrs. per annum, the first phase of the Process House for processing wollen,
worsted and polyester viscose blended suitings was commissioned.

- Hytone Synthetics Ltd (HSL) has set up a processing division at New Mumbai with
imported machinery from Germany and Italy, having a capacity to process eight lakh
metre of fabric per month.

1997 - During the year under review, the Second phase of the process house for
processing Woollen, Worsted and polyester viscose blended suitings
was commissioned.

- Praful K. Dedhia and Shri Suresh G. Vaidya, Directors of the Company, retires.

- The Company has installed energy efficient boilers, thermopack and Stenter
machines which are eligible for 100% depreciation under Income Tax Act, 1961 under
the head Energy Saving equipments.

- The Company has established a full fledged quality control department for checking
qualities of poly-viscose and polywool yarn as well as chemicals wherein numerous
test as regards to the quality like micron testing, colour fastners and strength of the yarn
are carried out to ensure proper supply of standard quality of yarn for the Company's
value added products.

- It has enabled the Company to launch Legrands, a new brand for Polywool fabrics for
domestic as well as export markets.

1998 - The Company proposes to increase its processing capacity by 30% p.a. &
production capacity by 25% p.a. by installing new machineries.

- Mr. Satish K. Gala and Mr. Manish S. Parekh, Directors of the company, retire by rotation
at the ensuing Annual General Meeting and being eligible, offer themselves for
re-appointment.

1999 - The Company proposes to expand the processing facilities in addition to
synthetics and polywool like cottons and cotton blended fabrics. It is
proposed to install necessary mecerise range which is heart of cotton
processing, alongwith the sanforising machines and other balance
equipments for this purpose.

- Shri Kirit V. Gala - Director of the Company, retires by rotation at the ensuing
Annual General Meeting and being eligible, offer themselves for re-appointment.

- The Company has diversified into new products like cottons, polynosics
and tencel etc. during the year.

- The Company has enabled to make a brand "Casual Line" in cottons and polynosics.

2000

-The Name of the Company has been changed from Hytone Synthetics Ltd. to Hytone Texstyles Ltd.

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