Modern Denim Ltd.

YEAR                       EVENTS
 1977 - The Company was incorporated as Modern Suitings Ltd. on 15th
        November as a Private Limited Company and converted into a
 Public
        Limited Company w.e.f. March 6, 1979.  It was promoted by
 H.S.
        Ranka.  The company manufacture demin fabrics.
 
      - A major expansion project was undertaken for manufacture of
        premium worsted terry wool suitings as also for installation
 of
        sophisticated paper imported from UK for giving fabrics a
 durable
        finishing.
 
 1990 - The Company undertook to set up an export oriented unit at
 its
        existing premises, Alwar, in Rajasthan, for manufacture of
 7.2
        million metres of denim cloth per annum in technical
 assistance
        from M/s. Schield Ltd., Switzerland.
 
      - The Company issued 82,00,000-14% secured fully convertible
        debentures of Rs 44 each of which 25,60,000 debentures were
        issued to shareholders on Rights basis (all were taken).
        Additional 3,84,000 debentures were allotted to retain
        oversubscription.
 
      - Of the balance, the following were reserved for allotment on
 a
        preferential basis as follows: (i) 8,46,000 debentures to NRIs
 on
        repatriation basis; (ii) 8,46,000 debentures to shareholders
 of
        group companies (all were taken up); (ii) 4,10,000 debentures
 to
        employees (all were taken up).
 
      - Remaining 35,38,000 debentures were issued to the public.
        Additional 8,46,000 debentures were allotted to retain over
        subscription.
 
      - Part A of Rs 22 was converted into 1 equity share of Rs 10
 each
        at premium of Rs 12 per share after 6 months from the date of
        allotment.  Accordingly 94,30,000 shares were allotted.
 
      - Part B of Rs 22 was converted into 1 equity share of Rs 10
 each
        at premium of Rs 12 per share after 18 months from the date
 of
        allotment of debentures.  Accordingly 94,30,000 share were
        allotted.
 
 1992 - 33,20,000 No. of equity shares of Rs 10 each and 50,000 Pref.
        shares of Rs 100 each issued subscribed and paid up
 187,40,000
        No. of equity shares allotted on conversion of 15%
 debentures.
 
 1993 - The Company undertook to expand the denim manufacturing
 capacity
        to 20 million mtrs. from 7.2 million mtrs. p.a.
 
 1994 - The name of the Company has since been changed from Modern
        Suitings Ltd. to Modern Denim Ltd. (MDL) effective from 23rd
        February.
 
      - The Company issued 154,42,000-15% fully convertible debentures
 of
        Rs 35 each on Rights basis in proportion 7 debentures: 10 No.
 of
        equity shares held. (all were taken up).  Each debentures was
        converted into one equity share of Rs 10 each at a premium of
 Rs
        25 per share on 31.3.1995.
 
      - The company proposed to undertake a modernisation scheme in
 its
        suitings division at Aliwara, envisaging a replacement of 16
        indigenous looms by 16 imported airjet looms.
 
      - During December, Modern Syntex (India) Ltd. (MSIL) and Modern
        Suitings Ltd. (GMSL) entered into a scheme for transfer of
        suitings division of MSIL effective 1st April.
 
 1995 - The Company proposed to underake manufacture of a wide range
 of
        colours to keep pace with latest market trends.