| The Company was first incorporated as a private limited Company on 10.12.90 and converted in to a Public Limited Company on 27.5.1992 under the Companies Act, 1956. The Company established facilities for manufacture of cotton yarn ranging from 6's counts to 20's counts by availing a term loan of Rs.145 lacs from KSllDC and Rs.85 lakhs from KSFC. The project cost was then estimated at Rs.384 lakhs. The Company commenced commercial operations from February 1993 and since then it has
been manufacturing cotton yarn of 6's and 10's counts. The main buyers are the textile mills located at Bhivandi, Sholapur in Maharashtra and Erode, Bhavani, and Karur in Tamil Nadu.
During the one year of operation the Company has identified a better market potential for cotton yarn of 4's to 6's counts. Hence, inorder to establish the additional facilities required for the manufacture of these low counts cotton yarn the Company has proposed to make a public issue.
The main objects of the company as set out in the Memorandum and Articles of Association of the Company are as follows:
1. To carry on business of spinning (open-end & conventional ring), yarn manufacturing, doubling, blending, reeling, baling, bundling, packing, weaving, processing, dyeing, bleaching, printing, mercers and textile industry and this includes manufacturing, processing, dealing in, exporting & importing products capable of being spun, woven and processed from cotton, wool, silk, man-made fibres and other artificial fibres.
2. To manufacture, import, export and deal in, textile goods, silk goods, woollen goods, and goods made of synthetic fibre, such as terene, polyster, etc., including readymade garments and to gin, press, pack or clean cotton, wool, hemp, jute and other substitutes by steam or motor powers.
3. To carry on the business of cultivation of commercial crops to achieve the main objects mentioned above.
2023 -Company name has changed to MKP Mobility Ltd. from Chitradurga Spintex Ltd.
|