1983 - The Company was incorporated on 9th March, and the certificate
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
unglazed wall and floor tiles.
- The company entered into a financial and technical
with Ceramic U.S., U.S Ceramic Tile Co. Inc., Ohio, U.S.A for
manufacture of ceramic wall and floor tiles.
- The technology being used for the first time in India
the traditional double firing system by single firing
1984 - 27,47,430 shares issued at par out of which the following
were reserved and allotted: 4,27,500 shares to APIDC;
shares to Ceramic US, (U.S. Ceramic Tile Co., U.S.A.) and
1,49,930 shares to promoters, etc. and business associates of
- 4,50,000 shares were reserved for allotment to non-resident
investors the unsubscribed portion being taken up by
etc. The remaining 15,00,000 shares were offered for public
subscription during January/February 1985 of which 75,000
to employees (including Indian working directors) and 30,000
shares to business associates of the Company were reserved
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
the name of Spartek Granites, Ltd. (SGL) for the manufacture
of ceramic tiles.
- The management group associated with Spartek Ceramics, Ltd.
acquired the controlling interest in Neycer India, Ltd. (NIL),
potentially sick company in terms of Section 23, Sick
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
Following conditions were attached to the financial
- (i) NIL was to make a rights issue of equity shares to raise
of the finance required for the modernisation and revamping;
- (ii) SCL would convert an amount of Rs 75 lakhs, being the
to NIL into equity shares;
- (iii) SCL would bring in the unsubscribed portion of the
issue, if any, and
- (iv) SCL were to subscribe for 7,64,800 No. of equity shares
Rs 10 each at par out of the rights shares to be issued by
- The unsubscribed portion to be brought in by SCL would be to
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
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,
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
- 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 -
secured redeemable non-convertible debentures.
- The company issued 2,75,000 - 14% redeemable non-convertible
debentures of Rs. 100 each to financial institutions in
of similar debentures allotted to them privately by Spartek
Granites, Ltd. consequent upon the merger of Spartek
Ltd. with the Company. These debentures are redeemable at a
premium of 5% in three equal annual instalments of Rs 35 each
6.12.1977, 6.12.1998 and 6.12.1999.
- The company issued 3,59,375 - 14% redeemable partly
debentures of Rs. 140 each (convertible portion of Part `B'
Rs. 60 and non-convertible portion of Part `C' of Rs. 80) in
exchange to holders of similar debentures in Spartek
Ltd. on its merger.
- The convertible portion of Rs. 60 was to be converted into
shares of the Company at a price to be decided between the
and fourth year from the date of allotment i.e., 21.11.1990
- The non-convertible portion of Rs. 80 was to be redeemed at
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
implementing tableware project at Rajahmundry district of
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
subscribe upto 40,00,000 No. of equity shares of Rs. 10 each
be exercised before 26.9.1996.
1994 - In December, machinery to overcome the initial teething
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
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
up to re-commence production in the first quarter of 1998.