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Himatsingka Seide
BSE: 514043|NSE: HIMATSEIDE|ISIN: INE049A01027|SECTOR: Textiles - Synthetic/Silk
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Company History - Himatsingka Seide
1985 
 
 - The Company was incorporated on 23rd January, and the certificate
 of
 commencement of Business was obtained on 15th February, 1985.  It
 was
 promoted by Ajay Kumar Himatsingka and Dinesh Kumar Himatsingka.  It
 manufactures natural silk fabrics under on 100% export oriented unit
 scheme.
 
 - The Company undertook to set up a composite silk mill with an
 annual
 capacity of 7,50,000 sq. mtrs. for producing natural silk fabrics
 under
 the 100% export oriented unit scheme.
 
 - The plant comprises of yarn preparation, twisting, wearing with a
 complement of 25 Sulzer shuttleless rapier looms, degumming, dyeing,
 printing and finishing departments for carrying out the entire
 processes involved in the production of high quality silk fabrics
 such
 as crepre-de-chine, chiffon, taffeta, georgette and warp printed
 fabrics.
 
 1986 
 
 - 6,13,200 shares subscribed for by the promoters, their friends
 etc.
 20,86,800 shares were then issued at par out of which 4,66,800
 shares
 were reserved and allotted to promoters, their friends, etc.  The
 remaining 16,20,000 shares, were offered to the public in September
 1986 out of which the following shares reserved for preferential
 allotment;
 
 - (i) 6,00,000 shares to NRIs with repatriation rights (only
 2,46,800
 shares taken up);
 
 - (ii) 1,04,300 shares to employees/workers of the Company (none
 were
 taken up) and
 
 - (iii) 32,400 shares to business associates (only 21,600 shares
 taken
 up).  The unsubscribed portion of 4,68,300 shares out of
 preferential
 quota added back to public quota.  Additional 1,42,400 shares
 allotted
 to the public to retain oversubscription.
 
 1990
 
 - The company entered into a 4-year wage agreement with workmen in
 January.
 
 1991
 
 - The Company proposed to expand the existing manufacturing
 facilities
 at Doddaballapur.  The installed capacity will be increased to
 11,25,000 sq. mtrs. of natural silk fabrics.
 
 1993
 
 - 14,91,650 rights shares issued.
 
 1994
 
 - It was proposed to increase the capacity to 16,80,000 sq. mtrs.
 
 - The Company proposed to set up a weaving and processing plant for
 producing 12,00,000 sq. mtrs. of furnishing fabrics to utilise the
 strength in design creativity and international marketing.
 
 - The Company entered into a technical know-how agreement with
 Filoti
 Buratti S.P.A., Italy for the spun silk project.  Necessary
 approvals
 were being obtained or setting up a 100% EOU for implementing the
 spun
 silk project.
 
 - Credit Himatsingka Ltd. became a subsidiary of the Company.
 
 - 20,41,650 rights equity shares issued at a premium of Rs 71 per
 share
 to promoters group.  Another 31,87,775 bonus shares issued in prop.
 1:2.
 
 1995
 
 - The Company acquired land at Doddaballapur for setting up a 100%
 EOU
 for manufacture of Spun Silk and blended yarn with an installed
 capacity of 410 M.T. per annum in technical collaboration with M/s.
 Filati Buratti S.P.A. of Italy.
 
 - The Company received the SIA approval for the project.  In the
 first
 phase weaving capacity of 6,00,000 Sq. Mtrs. was being set up.
 
 - 2,830 shares subscribed.
 
 1996 
 
 - 1,450 shares kept in abeyance were allotted.
 
 1997
 
 - The Company had set up a captive plant of 4.4MW capacity (2 units
 of
 2.2MW each).
 
 - The Company proposed to issue 14,92,100 No. of equity shares of
 Rs.
 10 each for cash at a premium of Rs 40 per share in the following
 manner: (i) 14,21,050 shares of Rs 10 each for cash at a premium of
 Rs
 40 per share on rights basis to the existing shareholders in the
 ratio
 of 1:2; (ii) 71,050 shares to the employees of the Company.
 
 - 600 shares kept in abeyance issued.
  
 - The company is now setting up a 100 per cent EOU for manufacture
 of
 spun silk and blended yarns with an installed capacity of 410 MT per
 annum.
 
 - HSL has set up a Rs.46.20-crore 410-mtpa 100-per cent EOU to
 manufacture spun silk and blended yarns in technical collaboration
 with
 Filatti Buratti spa of Italy, a well-known manufacturer of silk and
 blended yarns in the world.
 
 1998 
 
 - Himatsingka Seide Limited (HSL) has set up a new 100 per cent
 export
 oriented unit with Italian technical know-how at Doddaballapur.
 
 - Himatsingka Seide is setting up research and development centre
 for
 silk yarn fabrics at S M Gollahalli in Karnataka.  The proposed
 project
 with an investment of Rs.2 crore will have an installed capacity of
 18.750 kg per annum.
 
 1999 
 
 - Himatsingka Seide Ltd has decided to offload its stake by 71 per
 cent
 to 29 per cent in Credit Himatsingka Ltd, the security arm of the
 company.
 
 - Himatsingka Seide managing director Dinesh Himatsingka told The
 Financial Express that Credit Himatsingka will increase its equity
 capital by Rs 5 crore to Rs 7 crore.
 
 - Himatsingka Seide has posted a 48 per cent surge in net profit for
 the quarter ended December 31, 1998.
 
 - The company, a 100 per cent EoU making silk decorative fabrics,
 blended yarn and fabric, had ventured into investments during the
 boom
 years and suffered losses.  It also set up a subsidiary company
 Credit
 Himatsingka to which its exposure stood at about Rs 17 crore as of
 March 1998, Rs two crore as equity capital, Rs five crore as
 preference
 capital and the balance as unsecured loans.
 
 2002
 
 -Mr R K T Talwar, Director passed away.
 
 -Mr Nathmal Singka and Mr G V K Rao gave their resignation from the
 board of directors.
 
 -Amends AOA to enable the BOD to buyback upto 10% of the paid up
 capital.
 
 -Narayanan Vaghul appointed as Director of Himatsingka Seide.
 
 2003
 
 -Acquires M/s ABC Trading Pvt Ltd as its wholly owned subsidiary,
 since it has real estate assets which the company finds suitable for
 its retail launch.
 
 -Appointed Mr. Shrikant Himatsingka as the Executive Director for a
 period of 5 years.
 
 -Credit Himatsinka acquires 10510 shares in the company.
 
 -Launches Atmosphere - Chain of fine furnishing stores called
 Atmosphere at 11, Vittal Mallya Road, Bangalore.
 
 2004
 
 -Himatsingka Seide decides to incorporate wholly owned subsidiary in
 USA
 
 -Himatsingka Seide Ltd has set up a wholly owned subsidiary in New
 York - `Himatsingka America Inc'
 
 2005
 
 -Himatsingka Seide has given the Bonus in the Ratio of 1:1
 
 -Company has splits its Face value of Shares from Rs 10 to Rs 5
 
 2006
 
 -Himatsingka Seide Ltd has appointed Mr. David Rasquinha as a Nominee
 Director by Export Import Bank of India with immediate effect.
 
 2007
 
 - Himatsingka Seide Ltd has announced that it has completed the
 acquisition of an 80% stake in Divatex Home Fashions Inc. New York.
 This was consequent to signing definitive agreements in New York on
 July 01, 2007.
 
 2008
 
 -Himatsingka Seide Ltd has appointed Mr. Dilip J Thakkar, as a
 Chairman of the Company.
 
 -Himatsingka Seide Ltd has re-appointed Mr. Shrikant Himatsingka, as
 a Executive Director, for a further period of 5 years w.e.f. June 03,
 2008, liable to retire by rotation.
 
 2010
 
 - Himatsingka Seide Ltd has informed BSE that the Company has
 invested in setting up a 12.5 MW thermal (coal based) captive
 co-generation power plant at its bed linen manufacturing facility
 located at the Hassan.
 
 2011
 
 -HimatsngSeid - Change in Composition of Audit Committee of the
 Company.
  
 
 2012
 
 - HimatsngSeid has Board recommended Dividend Re 0.50.
Source : Dion Global Solutions Limited
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