Recron Synthetics Ltd.

YEAR                       EVENTS
 1986 - Raymond Synthetics was incorporated as a Public Limited
 Company
        on 8th December, and obtained the Certificate of commencement
 of 
        business on March 7, 1989.  The Company has been promoted by
 the
        Raymond Woollen Mills Limited.  One of the objects of the
 company
        is to manufacture Polyester Filament Yarn such as count,
        trilobal, thick & thin, cationic dyeable, etc.
 
      - The company has a technology and license agreement with Toray
 
        industries Inc. of Japan (Toray) pursuant to which it has
        received technical data and technical know-how relating to
 the
        manufacture of Polyester Filament yarn including speciality  
 
        yarns.
 
      - The Company was setting up a project with an annual installed
        capacity of 15,000 tonnes of PFY in UPSIDC Industrial Estate
 near
        Allahabad in U.P.  Apart from manufacturing partially
 oriented
        yarn, the plant was also to manufacture speciality yarns such
 as
        high count, trilobal, thick & thin, cationic dyeable,
        bi-shrinkage and yox.
 
      - The Company was installing four DG set of 2270 KVA each to
 meet
        any exigency.  The Company also proposed to increase the
 capacity
        in due course to 25,000 TPA.
 
 1990 - To the public issue of equity shares in August, the Company
 also
        issued 33,90,000-14% secured redeemable non-convertible
        debentures of Rs 100 each to the Indian public.  Only 87,230
        debentures were taken up.  The balance 33,02,770 debentures
        devolved on underwriters.
 
      - As per the terms of issue, these debentures are redeemable in
        three equal annual instalment of Rs 35 each beginning at the
 end
        of 6th year from the date of allotment at a premium of 5% 
        included in the second instalment.
 
      - 70 No. of equity shares taken up by the signatories to the
        Memorandum of Association.  719,99,930 No. of Equity shares
        issued at par as follows:
 
      - (A) Reserved for allotment :- (i) 331,99,930 shares to
 promoters,
        directors, etc. and The Raymond Woollen Mills Ltd., (ii)
        30,00,000 shares to Itoman & Co. Ltd., and Toray Engineering
 Co.
        Ltd., of Japan, and (iii) 70,00,000 shares to the shareholders
 of
        Raymond Woollen Mills Ltd. (Preferential offer) and;
 
      - (B) Preferential Offer :- (i) 12,00,000 shares Mutual Funds,
        (ii) 36,00,000 shares to employees of the Company and the
        promoter company and (iii) 70,00,000 shares to NRIs on
        repatriation basis.  The Balance 170,00,000 shares offered to
 the
        public during August.  Including retention of
 oversubscription,
        827,99,930 shares allotted as follows:
 
      - (i) 4,16,29,930 shares to promoters, directors, etc. and (ii)
        80,50,000 shares to shareholders of Raymond Woollen Mills
 Ltd.,
        B (i) 55,20,000 shares to Mutual Funds and employees of the 
        company and promoter company, (ii) 80,50,000 shares to NRIs
 on
        repatriation basis and (iii) 195,50,000 shares to public.
 
 1992 - The Company achieved all parameters of the technical
        collaborators for all varieties of Yarn including number of
        speciality yarns during trial period.
 
 1993 - The Company increased the spinning capacity by additional
 5,000
        tonnes per annum by intallation of balancing equipments.
 
      - On 2nd April, the Company offered 4,14,00,000 No. of Equity
        shares of Rs 10 each to the shareholders on Rights basis in
        propn. of one equity share for every two equity shares held.
 (all
        were taken up).
 
      - Simultaneously, another 2,24,000 No. of equity shares of Rs
 10
        each offered on an equitable basis to the employees (only
 8,200 
        shares were taken up).
 
 1994 - Performance of the Company was below expectation due to strike
 of
        the texturisers, disruption of normal life due to plague in
        Surat and steep increase in the cost of raw materials.
 
      - The Company undertook the expansion of installed capacity by
        additional 42,000 tonnes per annum.
 
      - The company has already increased its spinning capacity by
 4,000
        metric tonnes per annum by installation of balancing
 equipments
        by April.
 
 1997 - The Company has now become the third largest producer of
        Polyester Filament Yarn (PFY) in the country with the
        commencement of production in April at its new PFY plant at
        Allahabad.
 
      - The company expanded its PFY capacity from 24,000 tonnes to
        66,000 tonnes.
 
 1998 - The company was awarded the National Safety Award for the
 year
        1994 by the Government of India, Ministry of Labour.
 
 1999 - The Company was granted the ISO 9002 certification for its
        quality systems, by DNV, Netherlands.
 
      - The promoter of the company, Raymond Ltd, has agreed to
 divest
        its entire shareholding of 4,48,54,337 equity shares of Rs.10
        each in the share capital of Raymond Synthetics Ltd (RSL) in
        favour of Silvassa Yarn and Inv. Ltd., subject to necessary
        approvals.
 
 2000 - The name of the company has been changed to Recron Syntheics
 with
        effect from 22nd March.
 
      - The Company has been registered as a Sick Industrial Company
        under the provisions of Sick Industrial Companies Act, 1985.
 
 2002
 
 -Board for Industrial and Financial Reconstruction sactions for the
 scheme of rehabilitation of the company.
 
 2003
 
 -Members approve for the delisting of shares from 5 stock exchanges
 (Ahmedabad, Delhi, Kolkota, Kanpur and Indore).