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Company Information

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BLUE BLENDS (INDIA) LTD.

26 October 2020 | 12:00

Industry >> Textiles - Processing/Texturising

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ISIN No INE113O01014 52Week High 0 Book Value (Rs.) -15.90 Face Value 10.00
Bookclosure 29/12/2020 52Week Low 0 EPS 0.00 P/E 0.00
Market Cap. 1.73 Cr. P/BV -0.05 Div Yield (%) 0.00 Market Lot 1.00

History of Company

The company history sections lists out major chronological events that happened to the company.
YEAR EVENTS 1981 - The company was incorporated on 16th February. The main objective of the company is to manufacture grey fabrics and texturising of synthetic yarn. The fabrics are sold under the brand name "ARYA".

1985 - In October-November, the company issued 1,50,000-15% secured convertible debentures of Rs. 120 each at par. Of these, 50,000 debentures to shareholder, 10,000 debentures to deposit holders and 15,000 debentures to employees, directors, etc., were reserved for preferential allotment.

- The remaining 75,000 debentures were offered to the public. A total of 1,87,500 debentures were issued to retain over-subscription. Rs. 20 out of each debenture was converted into 2 equity shares of Rs. 10 each of the Company on 30th June, 1986. The remaining Rs. 100 of each debenture will be redeemed in 4 equal instalments at the end of the 7th, 8th, 9th and 10th year from the date of allotment.

- The company issued on rights basis 2,50,000-13.5% secured convertible debentures of Rs. 285 each of the aggregate value of Rs. 712.50 lakhs. Of these, 1,50,000 debentures were offered to equity shareholders in the ratio 1 deb.: 5 equity shares, 75,000 debentures to holders of equity shares issued on conversion of convertible portion of existing debentures in the ratio 1 deb.: 5 equity shares, 8,000 debentures to deposit holders, 5,000 debentures to promoters and business associates and 12,000 debentures to employees of the Company.

- Rs. 85 of each debenture will be converted into 5 equity shares at a premium of Rs. 7 per share after six months from the date of allotment. This issue was oversubscribed. Retaining 25% over subscription the company allotted 3,12,500 debentures, the allotted 3,12,500 debentures, the allotment in each category being 25% more than what was initially offered.

- 3,75,000 shares allotted on 30th June, on conversion of debentures.

1986 - The company has also to set up two more units, one at Daman for manufacture of texturised & twisted yarn & the other at Mangrol, Surat for manufacture of texturised twisted & dyed yarn.

- 15,62,500 shares allotted on 6.5.1987 on conversion of debentures.

1987 - During the year, necessary approvals were received for the setting up of new projects in the field of synthetic yarn chemicals, picture tubes, aluminium, etc. Necessary steps were taken for implementation of the said projects.

- 13,43,750 Bonus shares issued in prop. 1:2 on 16.9.1988.

1988 - The name of the company was changed from Blue Blends & Texturising Mfg. Co. Ltd., to `Blue Blend (I) Ltd, with effect from 13th April.

- In July 1989, 40,31,250 rights shares issued (Prem. Rs. 20 per share; Prop. 1:1). Additional 6,04,688 shares allotted to retain oversubscription. Another 2,01,500 shares offered to employees/workers (prem. Rs. 20 per share) but only 6,800 shares taken up. The balance 1,94,700 shares allowed to lapse.

1989 - Some shares were forfeited. Number of shares forfeited not known.

1992 - Turnover improved to despite disruptions in production as well as despatch of products caused by the internal problems at Mumbai and Surat. However, margins continued to be under pressure due to increase in raw-material cost.

1993 - Turnover improved considerably and production of texturised, twisted and dyed yarn also stood higher at 5,394 tonnes. The overall working was reported to be satisfactory.

- The company installed two nos. texturising machines and proposed to add additional facility for manufacture of texturised and sized; yarn at Daman & Silvarra. In addition, steps were taken to set up project for manufacture of premium fabric at Ahmedabad.

1994 - The company registered all round growth in production, turnover and profitability. Production and turnover stood higher at 5998 tonnes.

- The company issued and allotted 25,00,000 warrants on preferential basis to promoters, empowering the holders to apply for one equity share against each warrant at a price of Rs. 25 per share. Till date 15,00,000 shares were allotted at a premium of Rs. 15 per share to the warrant holders.

1995 - The company proposed to increase the capacity of denim plant at Ahmedabad to 12 million metres per annum. The company also proposed to set up an air texturising yarn manufacturing unit with an installed capacity of 1440 TPA at Silvassa, in the union territory of Dadra Nagar & Haveli.

- 10,00,000 No. of equity shares (Prem. Rs. 15 per share) allotted against warrants. Preference shares issued to various Financial Institutions.

1996 - Company has successfully implemented expansion of capacity at Ahmedabad plant from 6 million metres to 12 million metres per annum. Commercial production of Texturised Yarn at Rakholi, Silvassa also commenced during the year. Company has decided to further expand the capacity of Rakholi plant by setting up 7 Texturing machines.

- Company has allotted 2,50,000 15% Redeemable Cumulative Preference shares of Rs. 100 each.

2003

-Blue Blends (I) Ltd has informed that at the meeting of the Board of Directors of the company held on June 30, 2003 Mr. Anand Arya and Mr. Ajeet Yadav were appointed as Managing Director and Whole-time Director respectively for a period of 5 years effective from July 1, 2003 subject to approval, inter alia, of shareholders and Central Government.

2005 -Stressed Assets Stabilization Fund has informed that they have acquired 40,00,000 shares aggregating to 35.80% of the total paid up capital of Blue Blends (India) Ltd.

2006 -Blue Blends Finance Limited has informed that they have acquired 1,00,000 shares aggregating to 0.66% of the total paid up capital of Blue Blends (India) Ltd.

2007 -Company has created e-mail ID exclusively for the purpose of registering complaints by investors. e-mail ID investorgrievance_bbil@yahoo.co.in.

2008 - Blue Blends (I) Ltd has appointed Mr. Jeevan Kumar (IFCI Nominee) as Nominee Director of the Company in place of Mr. Y.V. Ramesh Naidu (IFCI Nominee). -Blue Blends (I) Ltd has informed vide its letter dated June 09, 2008 that there is change in Compliance Officer of the Company with immediate effect. Mr. Tapan Maulik is New Compliance Officer.

2011 -Mr. Pujaram Purohit was appointed as a Additional Director of the Company.

2014 - Ms. Archana Dubey, Associate Member of the Institute of Company Secretaries of India, has been appointed as the Company Secretary of the company.