Himatsingka Seide Ltd Company History

The Company was incorporated on 23rd January, and the certificate of

commencement of Business was obtained on 15th February, 1985. It was

promoted by Ajay Kumar Himatsingka and Dinesh Kumar Himatsingka. It

manufactures natural silk fabrics under on 100% export oriented unit

scheme.

The Company undertook to set up a composite silk mill with an annual

capacity of 7,50,000 sq. mtrs. for producing natural silk fabrics under

the 100% export oriented unit scheme.

The plant comprises of yarn preparation, twisting, wearing with a

complement of 25 Sulzer shuttleless rapier looms, degumming, dyeing,

printing and finishing departments for carrying out the entire

processes involved in the production of high quality silk fabrics such

as crepre-de-chine, chiffon, taffeta, georgette and warp printed

fabrics.

6,13,200 shares subscribed for by the promoters, their friends etc.

20,86,800 shares were then issued at par out of which 4,66,800 shares

were reserved and allotted to promoters, their friends, etc. The

remaining 16,20,000 shares, were offered to the public in September

1986 out of which the following shares reserved for preferential

allotment;

(i) 6,00,000 shares to NRIs with repatriation rights (only 2,46,800

shares taken up);

(ii) 1,04,300 shares to employees/workers of the Company (none were

taken up) and

(iii) 32,400 shares to business associates (only 21,600 shares taken

up). The unsubscribed portion of 4,68,300 shares out of preferential

quota added back to public quota. Additional 1,42,400 shares allotted

to the public to retain oversubscription.

The company entered into a 4-year wage agreement with workmen in

January.

The Company proposed to expand the existing manufacturing facilities

at Doddaballapur. The installed capacity will be increased to

11,25,000 sq. mtrs. of natural silk fabrics.

14,91,650 rights shares issued.

It was proposed to increase the capacity to 16,80,000 sq. mtrs.

The Company proposed to set up a weaving and processing plant for

producing 12,00,000 sq. mtrs. of furnishing fabrics to utilise the

strength in design creativity and international marketing.

The Company entered into a technical know-how agreement with Filoti

Buratti S.P.A., Italy for the spun silk project. Necessary approvals

were being obtained or setting up a 100% EOU for implementing the spun

silk project.

Credit Himatsingka Ltd. became a subsidiary of the Company.

20,41,650 rights equity shares issued at a premium of Rs 71 per share

to promoters group. Another 31,87,775 bonus shares issued in prop.

1:2.

The Company acquired land at Doddaballapur for setting up a 100% EOU

for manufacture of Spun Silk and blended yarn with an installed

capacity of 410 M.T. per annum in technical collaboration with M/s.

Filati Buratti S.P.A. of Italy.

The Company received the SIA approval for the project. In the first

phase weaving capacity of 6,00,000 Sq. Mtrs. was being set up.

2,830 shares subscribed.

1,450 shares kept in abeyance were allotted.

The Company had set up a captive plant of 4.4MW capacity (2 units of

2.2MW each).

The Company proposed to issue 14,92,100 No. of equity shares of Rs.

10 each for cash at a premium of Rs 40 per share in the following

manner: (i) 14,21,050 shares of Rs 10 each for cash at a premium of Rs

40 per share on rights basis to the existing shareholders in the ratio

of 1:2; (ii) 71,050 shares to the employees of the Company.

600 shares kept in abeyance issued.

The company is now setting up a 100 per cent EOU for manufacture of

spun silk and blended yarns with an installed capacity of 410 MT per

annum.

HSL has set up a Rs.46.20-crore 410-mtpa 100-per cent EOU to

manufacture spun silk and blended yarns in technical collaboration with

Filatti Buratti spa of Italy, a well-known manufacturer of silk and

blended yarns in the world.

Himatsingka Seide Limited (HSL) has set up a new 100 per cent export

oriented unit with Italian technical know-how at Doddaballapur.

Himatsingka Seide is setting up research and development centre for

silk yarn fabrics at S M Gollahalli in Karnataka. The proposed project

with an investment of Rs.2 crore will have an installed capacity of

18.750 kg per annum.

Himatsingka Seide Ltd has decided to offload its stake by 71 per cent

to 29 per cent in Credit Himatsingka Ltd, the security arm of the

company.

Himatsingka Seide managing director Dinesh Himatsingka told The

Financial Express that Credit Himatsingka will increase its equity

capital by Rs 5 crore to Rs 7 crore.

Himatsingka Seide has posted a 48 per cent surge in net profit for

the quarter ended December 31, 1998.

The company, a 100 per cent EoU making silk decorative fabrics,

blended yarn and fabric, had ventured into investments during the boom

years and suffered losses. It also set up a subsidiary company Credit

Himatsingka to which its exposure stood at about Rs 17 crore as of

March 1998, Rs two crore as equity capital, Rs five crore as preference

capital and the balance as unsecured loans.

Mr R K T Talwar, Director passed away.

Mr Nathmal Singka and Mr G V K Rao gave their resignation from the board of directors.

Amends AOA to enable the BOD to buyback upto 10% of the paid up capital.

Narayanan Vaghul appointed as Director of Himatsingka Seide.

Acquires M/s ABC Trading Pvt Ltd as its wholly owned subsidiary, since it has real estate assets which the company finds suitable for its retail launch.

Appointed Mr. Shrikant Himatsingka as the Executive Director for a period of 5 years.

Credit Himatsinka acquires 10510 shares in the company.

Launches Atmosphere - Chain of fine furnishing stores called Atmosphere at 11, Vittal Mallya Road, Bangalore.

Himatsingka Seide decides to incorporate wholly owned subsidiary in USA

Himatsingka Seide Ltd has set up a wholly owned subsidiary in New York - `Himatsingka America Inc'

Himatsingka Seide has given the Bonus in the Ratio of 1:1

Company has splits its Face value of Shares from Rs 10 to Rs 5

Himatsingka Seide Ltd has appointed Mr. David Rasquinha as a Nominee Director by Export Import Bank of India with immediate effect.

Himatsingka Seide Ltd has announced that it has completed the acquisition of an 80% stake in Divatex Home Fashions Inc. New York. This was consequent to signing definitive agreements in New York on July 01, 2007.

Himatsingka Seide Ltd has appointed Mr. Dilip J Thakkar, as a Chairman of the Company.

Himatsingka Seide Ltd has re-appointed Mr. Shrikant Himatsingka, as a Executive Director, for a further period of 5 years w.e.f. June 03, 2008, liable to retire by rotation.

Himatsingka Seide Ltd has informed BSE that the Company has invested in setting up a 12.5 MW thermal (coal based) captive co-generation power plant at its bed linen manufacturing facility located at the Hassan.

HimatsngSeid - Change in Composition of Audit Committee of the Company.

HimatsngSeid has Board recommended Dividend Re 0.50.

Himatsingka wins Asian CSR Leadership Award in the category of "Developing Sustainable Strategies".

Himatsingka Seide Ltd. has won the Best of Breed HR Award at the National Human Resource Development (NHRD) Network's 16th Annual Conference for the year ended 2012.

Himatsingka Seide Limited has won the " Best Run SAP Award in Manufacturing" at the SAP Awards for Consumer Excellence-2013 (SAP-ACE).

Board has recommended a dividend of Re. 1 per equity share of face value of Rs. 5 each for the year ended March 31, 2013.

Himatsingka linens (a division of Himatsingka Seide Limited) has won Export Excellence award for the "Best SEZ Manufacturer Exporter 2013-14 -Sector".

Board has recommended a dividend of Rs. 1.50 per equity share, for the year ended March 31, 2014.

Himatsingka signs New Licensing Agreement with the globally recognized Fashion Brand kate spade new york

Company has commenced commercial production of its expanded sheeting unit at Hassan.

"Himatsingka acquires the exclusive licensing rights for Tommy Hilfiger Home".

The Company has commenced commercial production at its new greenfield Terry Towel Plant located in Hassan, Karnataka.

Himatsingka launches wellbeing brand - Home Textiles