Company History - Mohit Industries
BRIEF HISTORY AND BUSINESS OF THE COMPANY
Mr. Narayan Saboo and Mr. Sitaram Saboo promoted Mohit Fibres Private
Limited on 18th February, 1991. The company was then converted into a
Public Limited Company i.e. Mohit Fibres Limited and obtained a fresh
certificate of incorporation on 17th February, 1995 from Registrar of
Companies, Gujarat at Ahmedabad. The Company started its activities
with trading of yarn. In short span of time of three years (i.e.
92-93 to 94-95) the turnover of the company has increased from
Rs.4.74 Crores to Rs.13.01 Crores. The profit after tax has increased
from Rs.0.84 Lacs to Rs.22.82 Lacs. The gross block of the company as
at 31st March 1992 was Rs.0.49 Lacs and the same is increased to
Rs.137.66 Lacs as at 31st March 1995. The company is growing slowly
but steadily and gradually.
The Company has set up a plant for manufacturing weaving cloths at
village Kudsad, Taluka Olpad, Dist.Surat at a total outlay of
Rs.94.00 lakhs. The present installed capacity of the same is 8 lakh
meters p.a. The said unit was part financed by GIIC to the extent of
The present unit is running at a capacity utilisation of about 94%.
SUBSIDIARIES OF THE COMPANY
The Company does not have any subsidiary.
During the year, second texturising machine came into operation. The
polyester industry remained sluggish during most part of the year.
The price of yarn came down substatially. In spite of this, the
company could achieve the results in the very first year of
The company is expanding its operations at Silvassa by establishing
texturising/twisting unit with a capacity of 2980 MT.
-Mohit Industries Recommended total dividend of 12%
-Mohit Industries Ltd Issues Rights in the Ratio of 3:2
-Mohit Industries's production of Company's new project Autoclaved
Aerated Concrete (A.A.C.) blocks has started at Company's Palghar
-Mohit Industries has received order from Larsen & Toubro for supply
of more than 150000 blocks, the order is worth Rs. 13 million.
-Mohit Industries has successfully commissioned its Gas Based Captive
Power Plant at its Kim Unit.
-Mohit Industries have recommended a Final Dividend of 15%
-Mohit Industries have received an Order from The Tamil Nadu Handloom
Weavers Co-Operative Society Limited for supply of 25,00,000 Sarees to
be completed in the next 2 months. The Total Amount of the Tender
allocated to the Company is approximately Rs. 30 Crores.
-Mohit Industries bags order worth nearly Rs 100 mn from Tamil Nadu
Handloom Weavers Co-Operative Society Limited
-Ms. Swati Malu has been appointed as Company Secretary as well as
Compliance Officer of the Company.
-Mrs. Pragya Memani has been appointed as an additional director in
the category of Non-Executive Independent Director on the Board of
Directors of the Company.