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Madura Coats
BSE: 500090|NSE: MADURACOAT|ISIN: INE122A01014|SECTOR: Textiles - Composite Mills
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Madura Coats is not traded in the last 30 days
Company History - Madura Coats
YEAR                                                    EVENTS
 1889 - Madura Mills Co. Ltd., was incorporated at Madurai,
 Ambasamudram
        and Tuticorin, in Tamil Nadu and the tyre cord factory as
 located
        at Serampore in West Bengal, and was engaged in the production
 of
        cotton and blended yarns, and industrial fabrics such as tyre
        cord, canvas and hard duck.
 
 1942 - J & P Coats (India) Pvt. Ltd., was incorporated as a private
        company in 1942 under the name of `Jamna Thread Mills Ltd.'
 to
        manufacture sewing threads.
 
 1945 - A & F Harvey Ltd., which was founded in 1883, was incorporated
 as
        a private limited company in 1945 to manage textile and other
        companies in South India.   It acted as the Management Agents
 of 
        Madura Mills Co., Ltd., until December 1969. 
 
      - With the statutory termination of managing agencies, the
 Company
        became primarily an investment company.  It also had some
        shipping and insurance agencies and small baling press at
        Tuticorin.
 
 1953 - A factory complex was inaugurated at Koratti in Kerala for
 full
        scale manufacture of quality threads with a view of import
        substitution.  Over the years, it built up a considerable
 export
        business in sewing threads to complement its domestic trade.
 
 1974 - The Company was incorporated on 31st July, to take over the
        entire undertakings of Madura Mills Co., Ltd. A & F Harvey
 Ltd.,
        and J & P Coats (India) Pvt. Ltd., as from 1st July, in terms
 of
        the Scheme of Amalgamation approved by the High Courts of
 Mumbai
        and Chennai on 6th December.
 
 1977 - Towards the end, 23,06,286 No. of equity shares of Rs. 10
 each
        were offered for sale at Rs. 8 per share by non-residents to
 the
        existing Indian shareholders and employees of the Company to 
        reduce the foreign shareholding to 40%.
 
      - The Company allotted 74,08,881 No. of equity shares of Rs. 10
        each for cash at a premium of Rs. 55 per share to J & P
 Coats,
        Ltd., Glassgow, U.K. to increase their equity holding in the
        Company from 39.90% to 51%.
 
      - Simultaneously, 40,92,505 No. of equity shares of Rs. 10 each
 for
        cash at a premium of Rs. 20 per share to one or more member
        companies of Coats Viyella Group.
 
 1981 - In addition, the 7% debenture stockholders of Madura Mills
 Co.,
        Ltd., were allotted number of debenture stocks in the new
 company
        on the same terms and conditions.
 
 1982 - The Pandyan Press Ltd., is a subsidiary of the Company. 
 Vaigani
        Investments, Ltd., and Kor Investments Ltd., became
 subsidiaries
        of the Company.
 
      - 29,07,886 Bonus Equity shares issued in prop. 1:4 and alloted
 on
        8th March 1983.
 
 1985 - Land, buildings and residential flats of the Company were
        revalued as on 30th June and the net surplus arising out of
 this
        revaluation was transferred to Revaluation Reserve.
 
      - 72,69,715 Bonus Equity shares in prop. 1:2.
 
 1988 - During the period, the Company commenced marketing of ready
 made
        garments and `Elysee' both owned by British Van Heusen Co.,
 Ltd.,
        a subsidiary of Coats Viylla p.l.c. U.K. 
 
      - The Company commenced work on installation of an additional
        capacity of 650 TPA of non-wovens covered by the existing
        licence.
 
      - The Company's non-woven plant at Madurai with a capacity of
 1000
        TPA was implemented on 23rd February, with technical
        collaboration from Bonded Fibre Fabric, U.K.
 
      - The Company issued 5,00,000 - 14% non-convertible debentures
 of
        Rs. 100 each on private placement basis to financial
        institutions.  These debentures are redeemable at a premium
 of
        Rs. 5 per debenture during 1994/1998.
 
 1989 - During the year, the Company launched `Van Heusen' range of
        shirts and trousers in the domestic market.
 
 1990 - In the domestic market, high quality poly/cotton oxford
 shirting
        and cotton polyester cross dyed jeans material were
 introduced.
 
 1991 - In industrial textiles, new products such as acrylic based
 awning
        fabric and synthetic fabric for the cement industry were 
        introduced.
 
      - The Pandyan Press, Ltd. closed down its operations with
 effect
        from 26th November.  The Company's name was changed to Madura
        Agro Industries Ltd.
 
      - The Tuticorin Co., Ltd., The Papairnasam Mills Co., Ltd.,
 Coral
        Mills Co., Ltd., and The Tinnevelly Mills Co., Ltd., all in
        Members' Voluntary Liquidation, are also subsidiaries of the
        Company.
 
      - The Company issued 17.5% non-convertible debentures of Rs.
 100
        each on private placement basis of financial institutions. 
 These
        debentures are redeemable at a premium of Rs. 5 per debenture
        during 1998/2000.
 
      - The Company issued 2,00,000-17% non-convertible secured
        debentures of Rs. 100 each redeemable at par on 30th
 September
        1994 on private placement basis.
 
      - The fixed assets of the Company were revalued as on 31st
 March,
        and the net surplus arising out of it was credited to the
        revaluation reserve.
  
      - 1,09,04,573 Bonus Equity shares issued in prop. 1:2.
 
 1992 - New products such as blazers and jackets were added to
 garment
        business.
 
      - Profit margins came under pressure due to unabsorbed fixed
 costs
        by virtue of long strikes and distrubed conditions in the
 country
        affecting adversely the supplies and sales.
 
      - Additional capacities were created for thread, export of
 canvas
        and for the domestic synthetic duck business.  New machines
 were
        installed for overall upgradation in the quality of yarn and 
        fabrics.
 
      - In January, the clearance was obtained for establishing an
 export
        oriented unit at Tamilnadu.
 
      - Weaving production commenced and 4 lakh metres of fabrics was
        exported.  Spinning capacity became fully operational by
        September 1993.
 
 1993 - Pursuant to the Scheme, the shareholders of the amalgamating 
        companies were allotted shares of the new company was
 follows:
 
      - Madura Mills Co., Ltd. For every 5 equity shares of Rs. 15
 each
        held, 8 No. of equity shares of Rs. 10 each.
 
      - A & F Harvey Ltd. for every equity shares of Rs. 10 each
 held,
        four equity shares of Rs. 10 each, for every preference shares
 of
        Rs. 100 held, one preference share of Rs. 100 each.
 
      - J & P Coats (India) Pvt. Ltd. for every 2 equity shares of Rs.
 10
        each, 41 No. of equity shares of Rs. 10 each.
  
      - With effect from 14th June, the name of the Company was
 changed 
        from Madura Coats Ltd. to `Coats Viyella India Ltd.'. 
 
 1994 - The Company's newest division `Introd' commenced its
 activities
        of exports.
 
 1996 - The fabrics division launched Easycare variety of cotton
        shirting and bottomwear.  Also, flame retardant Proban finish
        was imparted to widewidth fabrics, a new project development.
 
      - 2,594 No. of equity shares issued to NRI on RBI approval.
 
 1997 - Steady recovery in the Coats threat business was reported. 
 The
        company launched Peter England in the mid priced mens' shirt
        market.
 
      - 240,73,560 Rights shares issued.  (Prem. Rs. 55; Prop. 1:2)
 7,394
        shares kept in abeyance.
 
 1998 - Pursuant to the demerger of Coats Viyella Plc. the name of
 the
        Company was changed back to `Madura Coats Ltd.'
 
 2000 - The Management has declared a lock-out of the Tuticorin Mill
               effective from first shift of October 9.
 
 2002
 
 -Madura Coats appoints Additional Director Mr Anil Dias as an
 Additional Director of the company with immediate effect.
 
 -Board approves for the principle of amalgamation of 3 wholly owned
 subsidiaries namely Kor investments Ltd, Vaigai Investments Ltd &
 Madura Agro Industries Ltd.
 
 -Board approves for the buy-back of 14714000 equity shares at a price
 not exeeding Rs.27 per  equity share.
 
 -Gets clearance from stock exchange for the delisting of the equity
 shares from ASE,BGSE, CSE and DSE.
 
 -J & P coats along with Coats Plc makes open offer to acquire 36.8%
 stake in Madura Coats.
 
 -Introduces 3 new collection of garments Purista, Dazzlers and Satin
 Trousers.
 
 -Introduces 'Clean Jeans' denims under the Allen Solly Brand.
 
 -J & P coats hikes its stake in the Indian Subsidiary Madura Garments
 from 63.2% to 93% through an open offer estimated estimated at
 Rs.71cr.
 
 2003
 
 -Sets up new brand of jeans, SF anticipating 12cr turnover.
 
 2004
 
 -Madura forays into men's innerwear market
 
 
 
Source : Dion Global Solutions Limited
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