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Raj Rayon Industries Ltd.

BSE:530699  |  NSE:RAJRAYONBZ  |  58888:rayo  |  IND:Textiles - Processing/Texturising  |  ISIN code:INE533D01024  |  SECT:Textiles

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The Company History page lists out the major events in chronological order for Raj Rayon Industries Ltd.

Company History - Raj Rayon Industries Ltd.
The Company was incorporated on 17th August 1993 as a public limited company with Registrar of Companies, Maharashtra and obtained Certificate of Commencement of Business dated 1st September, 1993. Mr. Gourishankar Poddar and Mr. Ratanchand Jain originally promoted the company. Later, Mr. Ratanchand Jain disassociated himself from the Company and Mr. Sushil Kumar Kanodia became one of the company's promoters. Due to other interests, Mr. Sushil Kumar Kanodia resigned as Chairman & Joint Managing Director of the Company in January 2001 and gradually his entire shareholding was transferred, by way of gift, to Mrs. Rajkumari Kanodia, who is one of the main Promoters now, with Mr. Gourishankar Poddar and Raj Money Market Limited.

It is mainly been engaged in the manufacturing of Polyester Texturised Yarn. It started manufacturing activities in the year 1994, by installing one texturising machine with a manufacturing capacity of 600 T.P.A. (capacity based on manufacturing Polyester Texturised Yarn of 80 Denier) at the company's first unit (Unit I) situated at Survey No. 272/1/1, Village Dadra, Silvassa, Dadra and Nagar Haveli, UT.

It has made the company's maiden public issue in April 1995 of 14,40,000 equity shares of Rs.10/- each aggregating Rs.144 Lacs and the company's Equity Shares were listed on Bombay Stock Exchange Limited and the Jaipur Stock Exchange. The main object of the Issue was to expand the company's manufacturing capacity of Polyester Texturised Yarn from 600 T.P.A. to 1,200 T.P.A. (capacity based on manufacturing Polyester Texturised Yarn of 80 Denier), by adding one more texturising machine. The total capital outlay for this expansion project was Rs. 263 Lacs, which was to be financed by public issue of Equity Shares aggregating Rs. 144 Lacs, Promoters’ Contribution in the public issue aggregating Rs. 69 Lacs, and Term Loan of Rs. 50 Lacs from The South Indian Bank Limited The commercial production of this project commenced on 31st October 1995.

In the year 1996-97, It commenced setting-up of company's second unit (Unit II) at village Amli, Silvassa, for manufacturing Polyester Texturised Yarn with a capacity of 2,600 T.P.A. (capacity based on manufacturing Polyester Texturised Yarn of 80 Denier) by installing four Draw Texturising machines. The total capital outlay for this project was Rs.1,170 Lacs, which was financed by IDBI by way of term loan aggregating Rs. 700 Lacs, Rs. 200 Lacs by way of preferential allotment to Promoters and Promoters’ Group & balance Rs. 270 Lacs was by way of internal accruals. Commercial production for this project commenced in the year 1997-98.

In the year 1998-99, it started further expansion at Unit II, for manufacturing Polyester Texturised Yarn with a capacity of 2,600 T.P.A. (capacity based on manufacturing Polyester Texturised Yarn of 80 Denier) by installing four Draw Texturising machines. The total capital outlay for four texturising machines & supporting equipments, aggregating Rs. 667 Lacs was financed by SICOM Limited by way of lease assistance. Commercial production for this project commenced in the second quarter of year 1999.

In the year 1999-2000, the funding assistance from The South Indian Bank Limited were taken over by State Bank of India.

In the year 2001-02, it undertook another expansion project at our third unit (Unit III) situated at Survey No. 259/12, Village Dadra, Silvassa. This expansion project was completed in two phases. In the first phase, the installation of six texturing machines with a manufacturing capacity of 7,590 T.P.A. (capacity based on manufacturing Polyester Texturised Yarn of 80 Denier) was completed in June 2003. The total capital outlay in the first phase was Rs. 1,590 Lacs, which was partly financed by SICOM Limited by way of a term loan aggregating Rs. 1,000 Lacs. The balance amount of Rs. 590 Lacs was funded by way of issue of additional equity share capital aggregating Rs. 150 Lacs (preferential allotment to Promoters and Promoters’ Group) and Rs. 440 Lacs was by way of cash accruals.

During the year, 2003-04, the entire financial assistance from IDBI (Term Loan of Rs. 140 Lacs) & SICOM Limited (term loan of Rs. 734 Lacs and finance lease of Rs. 217.30 Lacs) was taken over by State Bank of India. In the second phase of expansion at our Unit III, it installed another six texturing machines, with a manufacturing capacity of 7,650 T.P.A. (capacity based on manufacturing Polyester Texturised Yarn of 80 Denier), installation of which was completed in March 2004. The total capital outlay in the second phase was aggregating Rs. 1,500 Lacs, which was partly financed by State Bank of India aggregating Rs. 900 Lacs. The balance amount of Rs. 600 Lacs was funded by way of additional equity share capital aggregating Rs. 200 Lacs (preferential allotment to specified persons) and Rs. 400 Lacs was by way of internal accruals.

In the year, 2003-04 itself, we further planned to move into backward integration for production of POY, which is the key raw material for manufacturing Polyester Texturised Yarn, at the company's fourth unit (Unit IV) situated at Village Surangi, Silvassa. Initially, this project was commenced with a manufacturing capacity of 30,000 T.P.A. (capacity based on manufacturing average 150 Denier of POY) and the total projected capital outlay was Rs. 3,453 Lacs, which was partly financed by State Bank of India aggregating Rs. 2,000 Lacs. The balance amount of Rs. 1,453 Lacs was to be funded by equity aggregating Rs. 1,000 Lacs, internal accruals aggregating Rs. 353 Lacs and unsecured loans aggregating Rs. 100 Lacs.

However, during the initial stages of the implementation of the project, the Company found good potential in the demand of POY and it also received business enquiries for purchase of POY itself. Accordingly, The company's management decided to increase the capacity of the POY project from 30,000 T.P.A. to 60,000 T.P.A. (capacity based on manufacturing average 150 Denier of POY). The doubling of total production capacity will be carried out by converting the winders with 2 thread lines into 4 thread lines and by carrying out other modifications, accordingly as required in the overall project.

Further, since the shares of the Company were not traded on the Jaipur Stock Exchange, it got the company equity shares de-listed from the Jaipur Stock Exchange with effect from 17th August 2004.

During the year 2004-05, It has entered into trading activities of various imported items like ready made garments, sports items, decorative lights & other consumables and items of household / kids use. It is currently selling these items to Pantaloon Retail (India) Limited (BIG BAZAAR) outlets all over India.

2005

-Raj Rayon Ltd has informed that the price band of the proposed 100% book building Public Issue of 85,00,000 Equity shares of Rs 10/- each for cash at a Price of Rs 55/- per Equity Share at the Lower end and Rs 65/- per equity Share at the Higher end be and is hereby fixed and accordingly the issue price will be 5.5 times the face value at the lower end of price band and 6.5 times of the face value at the higher end of price band".

2007

-Raj Rayon Limited has informed that "Mr. N.V.Agandeswaran Company Seceretary, holding ACS No: 7966 who has been appointed as the Company Secretary of the Company with effect from 20th December 2006 has been re-designated as Company Secretary and Compliance Officer of the Company with effect from 2nd February 2007".

-Registered Office of the Company has been shifted From 3A/205, Mittal Ind. Estate, Sakinaka, Mumbai - 400059 India To 5-C/196 & 197 Akshay Mittal Industrial Estate, Sakinaka, Andheri (East), Mumbai - 400059 India.

2010

-Company has changed its name from Raj Rayon Ltd. to Raj Rayon Industries Ltd.

2011 -Registered Office of the Company has been shifted From 5-C, 196/197, Akshay, Mittal Industrial Estate, Saki Naka, Andheri (East), Mumbai- 400 059, State of Maharashtra To Survey No. 177/1/3 & 177/1/4, Village - Surangi, Dist -Silvassa, Dadra & Nagar Haveli (UT) - 396 230

-Registered Office of the Company has been shifted From Survey No. 177/1/3 & 177/1/4, Village - Surangi, Dist - Silvassa, Dadra & Nagar Haveli (UT) - 396 230 To Survey No. 177/1/3, Village - Surangi, Dist -Silvassa, Dadra & Nagar Haveli (UT) - 396 230.

2013 -Company has splits its Face value of Shares from Rs 10 to Re 1.

2014 -Mr. Naval Babulal Kanodia has been appointed as Whole Time Director of the Company.

Date Sources:Live BSE and NSE Quotes Service: TickerPlant | Corporate Data, F&O Data & Historical price volume data: Dion Global Solutions Ltd.
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