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Vardhman Polytex > Company History > Textiles - Spinning - Cotton Blended > Company History of Vardhman Polytex - BSE: 514175, NSE: VARDMNPOLY

Vardhman Polytex

BSE: 514175|NSE: VARDMNPOLY|ISIN: INE835A01011|SECTOR: Textiles - Spinning - Cotton Blended
Apr 20, 16:00
-0.25 (-1.25%)
VOLUME 3,625
Apr 20, 15:44
0.05 (0.25%)
VOLUME 14,244
Company History - Vardhman Polytex
Vardhman Polytex Limited (VPL) (formerly known as Punjab Mohta Polytex
 Limited) was promoted as a Joint Sector Company by Mohta Industries
 Limited (MIL) and Punjab State Industrial Development Corporation
 Limited, (PSIDC), and was incorporated in the name of Punjab Mohta
 Polytex Limited.
 In 1988, Mahavir Spinning Mills Limited (MSML) took over with
 approval of Board of Industrial and Financial Reconstruction (BIFR) a
 mini steel plant by the name of Mohta Alloys and Steel Works at
 Ludhiana belonging to Mohta Industries Limited, a sick Company under
 Section 15(1) of
 SICA, 1985.
 Mohta Industries Limited (MIL) had also promoted  M/s.Punjab Mohta
 Polytex Limited (PMPL).  Consequent to the take over of MIL by MSML
 the shareholding of MIL in PMPL passed on to MSML.  The shareholding
 of PSIDC in PMPL was also acquired by MSML in discharge of its
 under the Joint Sector Agreement entered into by MIL with PSIDC.  As
 a result of this acquisition, PMPL (since renamed as Vardhman Polytex
 Limited) became a subsidiary of MSML with effect from June, 1989.
 The Spinning Unit at Bathinda started commercial production in
 December, 1984 with an installed capacity of 9504 spindles and 504
 rotors.  In that year, the Company achieved sales of Rs 153 lacs and
 earned profit before depreciation, interest and tax (PBDIT) of Rs. 52
 lacs.  In the year 1985-86, the Company was able to increase its sales
 Rs.581 lacs and earned PBDIT of Rs. 93 lacs.
 After becoming a member Company of Vardhman Group in 1988-89, the
 Company achieved a turnover of Rs. 1642 lacs and earned PBDIT of Rs.
 410 lacs.  The new management reviewed the project and enhanced the
 capacity with additions of 12060 spindles thereby increasing the
 of the spinning unit at Bathinda to 22464 spindles.  The expansion
 was completed during 1980-90.  With the implementation of the scheme,
 the Company's sales in the year 1889-90 increased from Rs. 1642 lacs
 in 1988-89 to  Rs.2154 lacs and earned PBDIT of Rs. 697 lacs in the
 1989-90 as compared to Rs. 410 lacs in the year 1988-89.
 VPL, in 1990-91, added a new Worsted Spinning Unit at Ludhiana with a
 capacity of 4800 spindles to manufacture worsted yarn of various
 counts from acrylic and acrylic/wool blends.  The capacity of the
 plant now stands increased to 8000 spindles.
 The Company is presently implementing a new Spinning Unit at Baddi,
 Distt. Nalagarh in Himachal Pradesh with a total installed capacity
 of 39120 spindles at an estimated project cost of Rs.6825 lacs.  The
 Company commissioned this unit with partial capacity in September,
 1993 and till October, 1994 a total of 16416 spindles have been
 and commissioned and the entire scheme is expected to be completed by
 June, 1995.
 With the commencement of commercial production by the new spinning
 unit, the sales of the Company increased to  Rs.6315 lacs in 1993-94
 against Rs. 5252 lacs in the year 1992-93.  PBDIT has also increased
 to Rs. 1507 lacs in 1993-94 against Rs. 890 lacs in the financial
 year 1992-93.
 The Company is presently engaged in manufacture of coarse, medium and
 fine counts of 100% cotton yarn, 100% acrylic yarn, acrylic/cotton
 yarn, polyester/ cotton yarn and tyre cord yarns.  The Company has at
 present three units located at Bathinda and Ludhiana in Punjab and at
 Baddi in Himachal Pradesh.  The unit wise details of existing
 facilities (as on 31.3.1994) of the Company are as under;
 Sl. Particulars     Location  Capacity          Product
 1. Spinning unit   Bathinda,    29600 spindles    Cotton and
                    Punjab       504 Rotors     blended yarns
 2. Worsted         Ludhiana,    8000 spindles    Acrylic /
    Spinning Unit   Punjab                        worsted
 3. Spinning unit   Baddi. H.P   9504 spindles   Cotton and
                                                blended yarns
 2002-Vardhman Polytex Ltd has informed BSE that the Board of
 Directors in its meeting held on August 11, 2001 had forfeited 65263
 equity shares due to non-payment of allotment money.After forfeiture
 of shares, the company had received many requests from the
 shareholders for annulment of forfeiture, as they were willing to pay
 the balance allotment money. Taking into consideration of
 shareholders' requests, the Board of Directors in its meeting held on
 July 30, 2002 has annuled the forfeiture of shares.
 -Vardhman Polytex Limited has informed that the BoD's in its meeting
 held on July 20, 2004 has appointed Mr. Ashok Oswal as Chairman of
 the Company
 -Vardhman Polytex Ltd has entered into a Memorandum of Understanding
 (MOU) with M/s F M Hammerle., Austria for participation of equity as
 equity partner in new joint venture company to be incorporated for
 the purpose of textile business.
 -Vardhman Polytex Ltd has recommended the dividend of 42%.
 -Memorandum of Understanding (MOU) was signed between Govt. of
 Maharashtra and Oswal F M Hammerle Textiles Ltd, Subsidiary Company
 of the Company.
 -Vardhman Polytex Ltd has recommended the dividend of 20%
 -Sh Sushil Sharma has been appointed as a  Company Secretary as well
 as Compliance Officer of the Company.
 -The Board of Directors has appointed Mr. Amit Jain as an Additional
 Director on the Board of the Company.
 -The Board of Directors has appointed Mr. Ashok Kumar Goyal as
 additional director as well as executive director of the Company.
 -The Board of Directors has appointed Mrs. Rakhi Oswal as Additional
 Director of the Company.
 -Vardhman Polytex Ltd Registered Office Address has been redefined 
 to Vardhman Park, Chandigarh Road, Ludhiana -141123
 -Registered Office Address of Company has been redefined 'Vardhman
 Park, Chandigarh Road, Ludhiana- 141123'.
Source : Dion Global Solutions Limited
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