Company History - PG Foils
PG Foils Limited, incorporated on 07.11.79 as a public limited
company, has been promoted by Prem group of industries and Rajasthan
Industrial and Investment Corporation (RIICO) as a joint venture.
RIICO contributed a sum of Rs. 10 lacs towards the equity of the
company. During 1988 the equity of RIICO has been transferred to the
private promoters under the buy-back arrangement.
The Registered office of the company was in Rajasthan upto 7.8.85 but
was shifted to Ahmedabad (Gujarat) thereafter. PGFL setup an
aluminium foil manufacturing plant with an installed Rolling capacity
of 5000 MT per annum by importing a second hand plant from ALCOA (GB)
Ltd. London at a cost of Rs. 110 lacs (approx). The plant has been
supplied by Tenstate Ltd. London. The Project was set up
at a cost of Rs. 325 lacs which was partly financed by term loans of
Rs.60 lacs from ICICI, Rs. 90 lacs form IDBI and Rs. 50 lacs from
IFCl. As per the Company, the secondhand machinery is still in good
condition for production.
Though the Certificate of Commencement of Business was received on
6.12.79, the actual commercial production could commence from Nov.
81, after obtention of the required license, import of machinery and
implementation of the project.
The company is engaged in the manufacture of foils of various
qualities and thickness e.g. tagger foil, pharma foils, laminated
foils, blister foils, paper laminated board and printed foils. It
production in November, 1981 and had accumulated losses to the extent
of Rs 324.10 lacs by 1986-87. However in 1987-88 it turned corner,
and has been making consistent profits since then. The company has
now not only written off its entire accumulated losses but has also
created substantial reserves.
-PG Foils awarded ISO 9001:2000 certification
-The Company recommended Dividend @ 10%.
-The Company has recommended a dividend of Rs. 1/- per equity share
of Rs. 10/- each.