Khatau Makanji Spinning & Weaving Company Ltd. Company History and Annual Growth Details

YEAR EVENTS
1875 - The Company was incorporated at Mumbai.

- The Company's object is to manufacture textile goods and yarn.
Products manufactured are superfine fabrics, voiles, dhoties,
mulls, sewing threads and yarn under the trade name 'Khatau'.

1925 - Equity shares subdivided. 10,000 pref. and 10,000 No. of equity
shares were issued.

1943 - 9,975 No. of equity shares issued in prop. 1:2.

1947 - 29,925 2nd pref. shares issued as bonus in the prop. 1:1.

1952 - 1st pref. shares cancelled and repaid at a prem. of Rs.35 per
share.

1954 - 29,925 bonus equity shares issued in the prop. 1:1. (Equity).

1963 - 59,850 bonus equity shares issued in the prop. 1:1 (Equity).

1966 - 29,925 bonus equity shares issued in the prop. 1:4.

1973 - 74,812 bonus equity shares issued in the prop. 1:2.

1978 - 1,12,218 bonus equity shares issued in prop. 1:2.

1982 - The textile strike which started on 18th January, finally fizzled
out towards the end of April 1983.

1984 - Most of the machinery was installed.

- The Company issued 15% secured non-convertible rights debentures
to the extent of Rs.4 crores to equity and preference
shareholders in order to finance part of the cost of the
modernisation to meet the long term working capital requirements.

1986 - 48 water jet looms were erected and commissioned. The balance
of 24 water jet looms were expected to be erected and
commissioned shortly. 12 Rapiar looms from Italy were received
and were under erection.

1988 - The working results were adversely affected due to paucity of
funds.

1989 - The overall working registered some improvement mainly due to
stable prices of cotton and improved off-take of fabrics.

1990 - Though sales turnover improved, the working resulted in a loss
due to increase in input costs.

- On the basis of a reference application made by the Company to
the Board for Industrial and Financial Reconstruction (BIFR)
during January, ICICI was appointed as the operating agency for
preparing a Scheme of Rehabilitation of the Company.

- In the meantime, BIFR granted protection to the Company under the
provisions of the Sick Industrial Companies (Sp. provisions) Act,
1985. This protection was extended upto 23rd April, 1993. Some
schemes of rehabilitation were finalised and these were being
considered on merits.

1992 - Working continued to result in loss due to higher cost of inputs.

- A scheme for the rehabilitation of the company was submitted by
Mr. Sunit C. Khatau to BIFR for consideration. BIFR directed
Mr. Sunit C. Khatau to obtain permission from State Government
for shifting of unit at Byculla to Borivli and also for their
clearnace for development and sale of land at Byculla and a
letter from the new banker to take-over the entire liabilities
of the company from SBI, as also working capital facilities to
the Company from the said bank.

1993 - BIFR has extended the protection of the company under the
provisions of the Sick Industrial Companies (Sp. provision) Act,
1985 for a further period of one year ending 23rd April, 1995.

1994 - BIFR has extended the protection to the company under the
provisions of Sick Industrial Companies Act, 1985 for a further
period upto 31st March, 1996.

- Khatau Dyes & Fibres Ltd., and Fashion Prints Ltd., are wholly
owned subsidiaries of the company. These two subsidiaries went
into liquidation.

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