YEAR                       EVENTS
 1983 - The Company was incorporated on 9th March, and the certificate
 of
        commencement of business was obtained on 22nd August.  It was
        promoted by Krishna Prasad Tripuranani is association with
        several non-resident Indians.
 
      - The main objective of the company is to manufacture glazed
 and
        unglazed wall and floor tiles. 
 
      - The company entered into a financial and technical
 collaboration
        with Ceramic U.S., U.S Ceramic Tile Co. Inc., Ohio, U.S.A for
 the
        manufacture of ceramic wall and floor tiles.
 
      - The technology being used for the first time in India
 replaces
        the traditional double firing system by single firing
 process.
 
 1984 - 27,47,430 shares issued at par out of which the following
 shares 
        were reserved and allotted:  4,27,500 shares to APIDC;
 2,20,000
        shares to Ceramic US, (U.S. Ceramic Tile Co., U.S.A.) and
        1,49,930 shares to promoters, etc. and business associates of
 
        Company.
 
      - 4,50,000 shares were reserved for allotment to non-resident
        investors the unsubscribed portion being taken up by
 promoters
        etc.  The remaining 15,00,000 shares were offered for public
        subscription during January/February 1985 of which 75,000
 shares
        to employees (including Indian working directors) and 30,000
        shares to business associates of the Company were reserved
        and allotted.
 
 1986 - The Company introduced 30 new colours and designs during the
        year.  Necessary approvals for doubling of capacity were
        received.  Balancing equipment was installed in the granites
        division to increase the output of polished tiles.
 
 1988 - The company undertook to set up a 100% export oriented unit
 under
        the name of Spartek Granites, Ltd. (SGL) for the manufacture
        of ceramic tiles.
 
      - The management group associated with Spartek Ceramics, Ltd.
 (SCL)
        acquired the controlling interest in Neycer India, Ltd. (NIL),
 a
        potentially sick company in terms of Section 23, Sick
 Industrial
        Companies (Special Provisions) Act, 1985.
 
      - NIL was sanctioned financial assistance by financial
        institutions, with ICICI as the lead institution for
        modernisation and revamping of the manufacturing units of
 NIL.
        Following conditions were attached to the financial
 assistance:
 
      - (i) NIL was to make a rights issue of equity shares to raise
 part
        of the finance required for the modernisation and revamping;
 
      - (ii) SCL would convert an amount of Rs 75 lakhs, being the
 loan
        to NIL into equity shares;
 
      - (iii) SCL would bring in the unsubscribed portion of the
 rights
        issue, if any, and
 
      - (iv) SCL were to subscribe for 7,64,800 No. of equity shares
 of
        Rs 10 each at par out of the rights shares to be issued by
 NIL.
 
      - The unsubscribed portion to be brought in by SCL would be to
 the
        extent of 14,50,259 No. of equity shares.
 
      - Forfeiture on 1,500 shares annulled.
 
 1989 - 17,06,880 bonus equity shares issued in prop. 3:5.
 
 1990 - The Company issued 14% non-convertible debentures aggregating
        Rs. 200 laksh to financial institutions, on private placement
        basis.
 
 1991 - A fresh evaluation of the financial scheme was being made by
        ICICI because of increase in loan liabilities due to foreign
        exchange fluctuations and revision of interest rates.
 
      - With effect from 1st April, Spartek Granites Ltd. (SGL) was
        merged with the Company.  As per the scheme of merger,
 34,18,750 
        No. of equity shares of the Company were to be issued to the
        shareholders of erstwhile SGL without payment in cash in the
        ratio of 2 shares of the Company for every 3 shares held by
 them
        in SGL.
 
      - 3,59,375 - 14% partly convertible debentures of Rs. 140
        (consisting of convertible portion of part B of Rs. 60 and
        non-convertible portion of part C of Rs 80) and 2,75,000 -
 14%
        secured redeemable non-convertible debentures.
 
      - The company issued 2,75,000 - 14% redeemable non-convertible 
        debentures of Rs. 100 each to financial institutions in
 exchange
        of similar debentures allotted to them privately by Spartek
        Granites, Ltd. consequent upon the merger of Spartek
 Granites,
        Ltd. with the Company.  These debentures are redeemable at a
        premium of 5% in three equal annual instalments of Rs 35 each
 on
        6.12.1977, 6.12.1998 and 6.12.1999.
 
      - The company issued 3,59,375 - 14% redeemable partly
 convertible
        debentures of Rs. 140 each (convertible portion of Part `B'
 of
        Rs. 60 and non-convertible portion of Part `C' of Rs. 80) in
        exchange to holders of similar debentures in Spartek
 Granites,
        Ltd. on its merger.
 
      - The convertible portion of Rs. 60 was to be converted into
 equity
        shares of the Company at a price to be decided between the
 third
        and fourth year from the date of allotment i.e., 21.11.1990
 and
        26.11.1990.
 
      - The non-convertible portion of Rs. 80 was to be redeemed at
 par
        on the expiry of seven years from the date of allotment.
 
 1992 - The granites division came out of its earlier problems with
        regard to unpolished tiles and the product acceptance in the
        international market was reported to be good.
 
      - New company by name Spartek Fine China Ltd. was incorporated
 for
        implementing tableware project at Rajahmundry district of
 A.P.
 
 1993 - Non-avilability of gas, the location for the new project was
        changed to Mamanduru near Tirupati.
 
      - The company allotted warrants to promoters giving an option
 to
        subscribe upto 40,00,000 No. of equity shares of Rs. 10 each
 to
        be exercised before 26.9.1996.
 
 1994 - In December, machinery to overcome the initial teething
 technical
        problems was installed.
 
      - With the new excise policy permitting conversion of EOUs for
        domestic tariff area, the division proposed to take necessary
        permission to sell in Indian market.
 
      - 4,00,000 shares allotted to promoter on excise of warrants.
 
 1995 - Stiles India Ltd. started producing greater volumes while
        Spartek Ceramic factory is revamped and equiped to produce the
 
        high margin products.
 
      - Steps are taken to change the status of the Granite Division
 from
        EOU to a domestic supplier.
 
      - 34,06,250 No. of equity shares of Rs. 10 each allotted on
        conversion of Zero Coupon unsecured FCD's.
 
 1996 - The Granite division was closed during the year.  The Granite
        unit obtained permission in December for debonding from the
        status of 100% EOU to domestic unit.  The unit was fully
 geared
        up to re-commence production in the first quarter of 1998.