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Indian Card Clothing Company Ltd. : History

Discuss Indian Card Clothing Company Ltd. : History within the Company Profiles & News !! forums, part of the Mirror View - Ebooks Links & Miscellenous Reading Material category; YEAR EVENTS 1955 - The Company was Incorporated on 24th June, as a private limited company and was converted into ...

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Indian Card Clothing Company Ltd. : History
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Indian Card Clothing Company Ltd. : History - October 3rd, 2005

YEAR EVENTS 1955 - The Company was Incorporated on 24th June, as a private limited company and was converted into a public limited company on 27th March 1975. It was promoted by The English Card Clothing Co., Ltd., England and Carclo Engineering Group, Ltd., who between them held the entire share capital in the prop. of 77.5% and 22.5% respectively till the offer for sale by them to the Indian public during September 1978.

- The company's objects is to manufacture flexible and metallic card clothing, woollen, cotton waste and asbestos card clothing and raising fillets and sheets and saw tooth wire.


1958 - The Company was the pioneer in the manufacture of card clothing in India. The first set of flexible card clothing came out of the factory in October when the productive capacity was only 500 sets. The company has a sophisticated plant in Pimpri, near Pune in Maharashtra State, spread over approximately 30 acres of land. The Company's manufacturing operations are divided into flexible and metallic sections.


- The flexible division has special type setting machines for manufacturing fillets and taps. It also had special type of wire teeth.


- The metallic division comprises of wire rolling, punching and hardening machines. All these machines were specially manufactured by the Company's sponsoring companies and their associate companies in the U.K.


1973 - All A-Equity shares held by the holding company The English Card Cloth Co. Ltd., U.K. All B-Equity shares held by Carclo Engg. Group. Ltd. U.K.


1974 - 46,825 A-Equity and 14,175 B-Equity shares issued as bonus prop. 1:1.


1976 - 70,308 A-Equity and 20,412 B-Equity shares issued as bonus prop. 18:25.


1978 - In September, the two non-resident shareholders offered 5,63,472 No. of equity shares of Rs.10 each (prem. Rs.8.50 per share) to resident Indian nationals. Out of this, 75,000 shares were reserved and allotted to LIC, UTI and GIC and its subsidiaries, 58,500 shares were reserved for allotment to resident Indian directors and employees of the company. The balance 4,29,972 shares were offered to the public. With this offer for sale, the non-resident holding by the company stood reduced from 100% to 74%.


1980 - 10,83,600 bonus shares issued in prop. 1:2 in January 1981.


1985 - In February, Acre Street Investment, Ltd., U.K. (formerly known as The English Card Clothing Co., Ltd.) which was a wholly owned subsidiary of the Carclo Engineering Group Plc. U.K. and which holds 57.35% in the equity share capital of the company, became a subsidiary of Gold Card Trading Co., Ltd., Hongkong. Carclo however, continued to hold 16.65% of the equity share capital of the Company.


1988 - The Company also undertook Project Export involving supply, installation and commissioning of plant and machinery, in addition to export trading in a variety of items.


1989 - The Company commenced setting up of a 100% Export oriented Unit to augment its capacity to manufacture Tops, having good export potential. Facilities were also being set up to render services related to computer Aided Design, having good growth potential in the country and abroad.


- It was also proposed to promote a company for manufacture and sale of products, such as undercastings of Carding Engines required in the textile industry. A proposal was also mooted to invest a sum of Rs.200 lakhs or 50% of the issued and subscribed share capital of the ICC - Horologicals, Ltd. which would manufacture watch cases.


- Acre Street Investments, Ltd., U.K. the holding company filed a non-repatriation undertaking in respect of 34.02% (59.32% of their shareholding) of the share capital of the company held by it resulting in reduction of its shareholding on repatriation basis from 57.35% to 23.33%. With Carclo Engineering Group Plc. U.K. continuing to hold 16.65%, the non-resident shareholding on repatriation basis in the company, then stood reduced to 39.98%.


1990 - The Company undertook to market certain products required for textile industry, such as undercastings for carding engines. The company proposed to manufacture these in the near future.


1992 - The Company undertook to set up a joint venture company, Suessen Asia Pvt. Ltd. in India with Spindelfabrik Suessen, Schurr Stalecker and Grill GmbH, Germany, for manufacturing textile machinery equipments and components. The project was commissioned in September 1995.


1993 - 13,00,320 rights shares issued (prem. Rs.70 per share) in prop. 2:5.


1994 - The Company made a beginning in the activities of leasing, investment and property development.


1996 - Recession in the domestic and overseas markets and the time taken to stabilise the products, had an adverse effect on the working of Suessen Asia Ltd.


- Texmatic India Ltd. a joint venture company commenced operations in the beginning of the year
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