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Garden Silk Mills

BSE: 500155|NSE: GARDENSILK|ISIN: INE526A01016|SECTOR: Textiles - Weaving
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Company History - Garden Silk Mills
YEAR                       EVENTS                                     
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                                       
                                                       1979 - The
 Company was incorporated on 23rd July, as a private limited 
        company under the name and style of Vareli Weaves Pvt., Ltd. 
        The company became public on 17th July 1987.  The company was
        promoted by Shri Praful A. Shah.  The main object of the
 company
        is to Manufacture synthetic textiles.
 
 1983 - The two units of Sudakome make `G' type sizing machines with 
        winders of Japan make were installed.
 
      - 1,990 shares allotted to promoters, directors etc.
 
 1985 - 500 No. of equity `B' shares and 2,999 - 15% `C' Pref. shares
 
        issued to promoters.
 
 1986 - 2000 `A' Equity and 500 `B' equity shares issued as bonus in 
        propn. 1:1 to respective class of shareholders on 3rd March. 
        2,999 -15% `C' Pref. shares converted into equity shares from
 1st
        January.  2,999 -15% `C' Pref. shares converted into equity
        shares from 1st January.  All equity shares then subdivided
 into
        shares of Rs. 10 each on 22nd September.  43,90,300 No. of
 equity
        shares allotted to shareholders of amalgamated companies. 
 9,800 
        No. of equity shares then issued at par.
 
 1987 - During the year, the company launched new studio line range
 of
        pure silks and chiffons, the entire process of which was
 handled
        in-house.
 
      - The company invested towards implementation of its expansion
 and 
        modernisation projects in weaving and yarn preparatory
 sections.
 
      - During the year, the company installed and commissioned 430 
        hi-tech Japanese Waterjet Looms.
 
      - The company signed a technical collaboration agreement with
        Tsudakoma Corporation of Japan for the manufacture of
 two-for-one
        twisters and rewinders as a part of its diversification
 project
        to manufacture machines such as filament yarn sizing machine,
        looms and other textile accessories.
 
      - Simultaneously with the equity issue in September, the
 company
        also issued 22,00,000-12.5% secured redeemable convertible
        debentures of Rs. 185 each for cash at par.  Of these, the
        following debentures were reserved for allotment on a 
        preferential basis:
 
      - (i) 1,10,000 debentures to employees of the company (all were
 
        taken up);
 
      - (ii) 3,00,000 debentures to NRIs on repatriation basis (all
 were 
        taken up) and
 
      - (iii) 2,42,000 debentures to UTI (all were taken up).
 
      - The remaining 15,48,000 debentures were offered to the public
        (all were taken up).  
 
      - The convertible part of Rs. 85 of each debenture was to be 
        converted into 1 equity share of Rs. 10 each at a premium of
 Rs.
        75 per share.
 
      - The non-convertible portion of Rs. 100 of each debenture was
 to 
        be redeemed at par in three yearly instalments of Rs. 30, Rs.
 35,
        and Rs. 35 on the 31st March of 1995, 1996 and 1997
 respectively.
 
      - By the Order of the High Court of Gujarat at Ahmedabad dated
 13th 
        April, Scheme of Amalgamation of Garden Silk Mills Pvt. Ltd.,
 
        The Prabhat Silk & Cotton Mills Co. Ltd., Garden Print Centre
        Pvt. Ltd. and Special Weaves Ltd. with Vareli Weaves Pvt.
 Ltd.
        was sanctioned whereby all the properties, rights and powers
 of
        the Amalgamating Companies were taken over by the Amalgamated
        company with effect from 1st January, 1986.
 
      - In consideration of the Amalgamated Company issuing and
 allotting
        20,82,010 No. of equity shares of Rs. 10 each credited as
 fully
        paid-up to the shareholders of Garden Silk Mills Pvt. Ltd.,
        5,48,250 No. of equity shares of Rs. 10 each credited as
 fully
        paid-up to the shareholders of The Prabhat Silk & Cotton
 Mills
        Co. Ltd., 4,05,000 No. of equity shares of Rs. 10 each
 credited
        as fully paid-up to the shareholders of Special Weaves Ltd. 
 The
        said shares were issued without payment being received in
 cash. 
        Jayshree Filaments, Ltd. (JFL) was amalgamated with the
 company
        with effect from 18th April.
 
      - Pursuant to the Scheme of Amalgamation, the shareholders of
 JFL,
        were issued 5,350 No. of equity shares of the company in the
        ratio of 1 share of the company for every 8.2 shares held of
 JFL.
 
      - The company raised Rs. 450 lakhs by issuing 4,50,000-14% 
        redeemable non-convertible debentures of Rs. 100 each on
 private
        placement basis with UTI.
 
      - The company took over 8,62,500-15% non-convertible debentures
 
        originally issued by Vareli Textile Industries, Ltd.
 consequent
        upon a Scheme of Amalgamation.  These debentures would be
        redeemed at par in three yearly instalments of Rs. 30, Rs. 35
 and
        Rs. 35 on 31st March, 1994, 1995 and 1996 respectively.
 
      - With this the name of the company was changed to Garden Silk 
        Mills Pvt. Ltd., on 4th June. 
 
 1988 - Vareli Textile Industries, Ltd. (VTL) was amalgamated with the
 
        company with effect from 1st April.  Pursuant to the Scheme
 of
        Amalgamation, the equity shareholders of VTL were allotted.
        36,62,500 No. of equity shares of Garden Silk Mills, Ltd.
 (GSL)
        in the ratio of 1 fully paid-up equity share of Rs. 10 each
 of
        GSL for every 2 fully paid-up equity shares of Rs. 10 each of
        VTL.  GSL also took over 8,62,500-15% non-convertible
 debentures
        of Rs. 100 each, originally issued by VTL, on the same terms
 and 
        conditions including rate of interest and terms of
 redemption.
 
 1991 - The company also undertook to set up a polyester filament
 yarn
        project for production of multi-filament and micro filament
 yarn,
        having a capacity of 5,000 TPA in collaboration with NOY-VAL
        Lesina, Ag, Switzerland.
 
 1992 - Turnover and exports were lower compared to the previous year
 
        mainly due to the post Ayodhya riots which resulted in
 complete
        paralysis of production, trade and distribution.
 
      - The company introduced sheer micro filament fabrics which made
 an
        impressive debut in the market.
 
      - During October-November, the company offered 97,42,710 rights
 
        equity shares of Rs. 10 each at a premium of Rs. 60 per share
 in
        the proportion 3:5.
 
      - Simultaneously another 20,62,135 No. of equity shares of Rs.
 10 
        each were offered to employees' at a premium of Rs. 60 per
 share
        on an equitable basis.
 
      - 112,42,710 Right Equity shares of Rs. 10 each of Rs. 10 each 
        (Prem. 60) issued.
 
 1993 - The company proposed to manufacture cotton yarn by importing a
 
        second hand cotton spinning plant comprising of 22,320
 spindles.
 
      - The company issued 17,12,000 global depository receipts each 
        representing five equity shares at an issue price of U.S.
 .28.
 
      - 85,60,000 No. of equity shares issued in conversion of
 17,12,000
        Global depository receipt.
 
 1994 - The introduction of excise duty on texturised yarn resulted in
 
        increased cost of production of fabric which could not be
 passed
        on to the consumers due to demand recession.
 
      - The company was in the process of developing new
 microfilament
        and blended Qualities to increase market share in polyester
        fabrics.
 
 1996 
 
 - Various measures were put under way to expand capacities and
        ensure technological upgradatiion of facilities aimed at
        strengthening the position in the extgremely competitive
 textile 
        business.
 
 1997 -No News
 
 1998
 
 - strengthen Garden Silk Mills Ltd's networth  Garden Finance Ltd
 (GSL)  and Garden Securities Ltd (GSL) will be amalgamated with
 Garden Silk  According to the company secretary of Garden Silk Mills
 (GSML)  Kamalesh Vyas  one share of GSML of face value Rs.10 will be
 issued to the shareholders of Garden Finance for four shares of face
 value Rs.10 held in the latter.
 
 1999 - 2002 - No News
 
 2003
 
 -Unit Trust of India sells 7,81,372 shares of the company, stake
 comes down to 6.34% of the company
 
 --Gujarat Gas Co Ltd has signed an agreement with GardenSilks Mills
 Ltd for the supply of
 0.166million standard cubic meters of gas per day
 
 2004
 
 -Garden Silk Mills Ltd. has recommended a payment of dividend @ 15%
 on Equity Shares 
 
 2005
 
 - Garden Silk Mills Ltd has started commercial production of
 partially oriented yarn (POY) and chips from its new continuous
 polymerisation plant
 
 2006
 
 -Shri. Suhail P Shah has been appointed as an Additional Director of
 the Company
 
 -Garden Silk Mills Ltd. has recommended a payment of dividend @ 15%
 on Equity Shares 
 
 2007
 
 -Company has entered into an Agreement with Oerlikon-Barmag of
 Germany and TMT of Japan for supply of a Polyester yarn Plant 
 
 2008
 
 -Company has Changed the registrar and Transfer Agent (RTA) from MCS
 Limited to Karvy Computershare Private Limited (KCPL)
 
 2009
 
 -Company is setting up a Continuous Polymerisation Plant for
 polyester Filament grade chips with a capacity of about 300 tons per
 day (tpd) alongwith FDY Spinning capacity of about 100 tpd. 
 
 2010
 
 -Garden Silk Mills Ltd. has recommended a payment of dividend of Rs
 1.80 per fully paid-up Equity Shares 
 
 2011
 
 -Garden Silk Mills Ltd. has recommended a payment of dividend of Rs
 1.80 per fully paid-up Equity Shares 
 
 2012
 
 -Mrs. Shilpa P. Shah has been appointed as a Director of the
 Company.
 
 2013
 
 -The company has appointed Mr. H. C. Mishra as Nominee on the Board
 of the Company.
 
 -The Registered Office of the Company has been shifted from its
 existing location, outside Sahara Gate, Surat 395010 to new location,
 Tulsi Krupa Arcade, 1st Floor, Near Aai Mata Chowk, Puna-Kumbharia
 Road, Dumbhal, Surat 395010.
 
 2014
 
 -The company inducted Mr. Sunil S. Sheth as an additional director on
 the Board of the Company.
 
 
 
 
 
 
Source : Dion Global Solutions Limited
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