Modem Threads (India) Limited is a Public limited company incorporated on 28th August, 1980 having its registered office at Modem Woollens, Hamirgarh Road, Pragati Path, Near Transport Nagar, Bhilwara-311001 (Rajasthan) India. The Company corporate identification No. is L17115RI1980PLC002075. The company `manufactures and sells mainly Worsted Yarn, Wool Tops and Synthetic Yarn. Modern Threads (India) Limited operates within the textile industry, manufacturing a diversified range of products for both domestic and global markets. The company is committed to transparency in all its dealings, placing high emphasis on business principles to achieve excellent performance. The company's Woollens Division makes consistent efforts to ensure its products have a sustainable leadership position in the global market. Its main products include worsted yarn, wool tops, wool grease, P/V yarn, 100% polyester, 100% viscose and lanolin. A key strategy is to capture growth potential by introducing its wide range of worsted yarn products into new foreign markets. During the year under review, the company provided employment to over 2000 people across its various locations and departments.
YEAR EVENTS1980 - The Company was incorporated as Modern Threads (India) Limited,
(MTIL) a Public Limited Company on 28th August. The Company was
jointly promoted by the Rajasthan State Industrial Development &
Investment Corporation, Ltd. (RIICO) and Shri H.S. Ranka. The
Company Manufacture industrial yarn and sewing thread.
1981 - The company envisaged to expand its spindleage by 12,436
spindles.
1982 - 70 shares taken by subscribers to the Memorandum of Association.
7,54,000 shares allotted to RIICO and 5,26,930 taken up by H.S.
Ranka, his friends etc. 12,30,000 shares offered to the public in
Nov. 1981.
1983 - The Company added additional capacity of 4,760 spindles. To
overcome the power shortage, one more diesel generating set of
350 KVA was installed.
- With a view to diversifying part of its capacity towards spinning
of man-made fibres, the Company undertook to set up a balancing
and diversification scheme. This scheme was implemented during
1985.
1986 - With a view to manufacture synthetic dyed and fancy yarns, the
Company undertook a scheme.
1987 - The Company decided to completely switch over from cotton to
synthetic spinning to arrest mounting losses in cotton section.
1988 - In order to improve the quality of synthetic blended yarn for
export, the Company installed sophisticated machines.
- The Company had set up a new 100% EOU consisting of 6,720
spindles at its existing site at Raila for the manufacture of
synthetic blended yarn.
1991 - During August, the Company offered 2,51,000-14% fully convertible
debentures of Rs 150 each as rights in proportion 1 equity : 1
debenture. Only 1,76,252 debentures taken up. The balance of
74,748 debentures, along with permitted retention of 37,650
debentures were allotted privately.
- Another 12,500-14% fully convertible debentures were offered to
employees, etc. but none were taken. All this employees quota
was allowed to lapse. Each debentures of the face value of Rs
150 was to be fully converted into 10 equity shares of Rs 10 each
at a premium of Rs 5 per share on 21.4.1992.
1992 - 2,886,500 No. of equity shares allotted on conversion of
debentures.
1994 - The Company undertook modernisation cum expansion scheme in yarn
division for setting up a new unit under EPCG scheme for an
installed capacity of 25,344 spindles and to increase the
existing installed capacity from 23,888 spindles to 25,808
spindles alongwith modernisation of the existing unit for
manufacture of synthetic blended grey, dyed and fancy yarns.
- 99,35,760 No. of equity shares allotted (prem. Rs 30 per share)
on right basis in prop. 2:5, 1,94,42,900 No. of Equity shares
allotted (prem. of Rs 25 per share) to Modern Woollen Ltd., and
Suneel Textile Mills Ltd. on amalgamation as per order of
Rajasthan High Court.
1995 - The Company was in the process of setting up a fully integrated
and international size project to manufacture 170,000 TPA of
Paraxylene (PX) and 2,50,000 TPA of Purified Terephthalic Acid
in technical collaboration of the world renowned UOP Inter
Americana of U.S.A. for PX and INCA International, a subsidiary
of DOW chemicals, U.S.A. for PTA.
- Authorised Capital increased. 8,00,000-16% Pref. shares of Rs
100 each allotted through private placement.
1996 - PX & PTA project could not be implemented due to lack of
requisite finances.
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