| The Company was incorporated an the 23rd August 1979 as a Private Limited Company under the name and style of Prakash Woollen Mills Private Limited and took aver Prakash Woollen Weaving Factory, Moradabad, a Partnership Concern, on the 1st September 1979. The Company took over 16 powerlooms from M/S Prakash Weaving Factory, Moradabad, and the business was commenced initially with a facility for weaving woollen
blankets from woollen yarn purchased from the open market. The finishing of blankets was carried out on a job-work basis. Sales in the first year of operation amounted to Rs.5.54 lacs. Subsequently, additional looms were acquired in a phased manner raising the capacity to 40 looms. The total turnover of the Company also increased to Rs.271.77 lacs in 1990
In February 1990, the Company imported two Carding Machines and purchased 1800 spindles, by obtaining financial assistance tram State Bank of India and a third Carding Machine was purchased in 1993. The Company consequently acquired an installed capacity at 10 lac Kg. p.a. for manutacture of Yarn. Prior to installation at its own capacity for manufacture of woollen yarn, the Company's yarn was manufactured on job- work basis by M/s. Prahlad Industries, a family partnership concern, which has a capacity of 9 lac kg. p.a and 1800 spindles. With effect
from 1993-94, the Company has taken this capacity also on lease, thus raising the installed capacity for manufacture of Yarn to 19 lac kg. p.a. The acquisition of the above capacities has resulted in the Company's turnover rising to Rs.756.36 lacs for the year ended 31.3.1994.
The Company was converted into a Public Limited Company by passing a Special Resolution in the Extra-Ordinary General Meeting held on the 1st April 1993 and obtained a fresh Certificate for change at the name on conversion on the the 14th May 1993 from the Registrar at Companies, Uttar Pradesh, Kanpur.
The Company had revalued its Fixed Assets in March 1994, details at which have been incorporated elsewhere in the Prospectus.
With a view to diversity its activities, the Company has entered into a technical collaboration with B.S. Corporation, South Korea, for manufacture of Acrylic Mink Blankets with an installed capacity of 4.32 lacs pieces per annum.
Rationale for Diversification:
The Company proposes to manufacture Acrylic Mink Blankets with an installed capacity of 4,32,000 pieces per annum. The proposed diversification is synergic to Company's existing line of operation for manufacture of woollen blankets. Moreover the Promoters have wide experience in the field of manufacturing and marketing blankets. This
diversiticatian will provide for more value addition and increased profitability. The Plant & Machinery and Technical Know-how is t be acquired from M/s B.S.Carporatian of South Korea.
The Company will be exporting finished blankets through its existing network of Dealers in the trade in Middle East. The Company has already received enquiries from the Dealers in the Middle East of their possible demand and requirement.
The Company has taken necessary steps to implement its proposed diversification project and the present status at the various steps taken in this regard are as under:
i) A Term Loan of Rs. 370 lacs has already been sanctioned for the project by the Company's banker, the State Bank of India, Lucknow Local Head Office.
ii) While the diversification project is being setup on the land available with the Company at its existing site, additional land admeasuring 8 bighas, as mentioned elsewhere in the Prospectus, has also been acquired to meet its future requirements, if any.
iii) The construction at the building for the proposed project has already started and 50% of the construction has already been completed by the fourth week of August 1995.
iv) The Plant and Machinery to be used in the project have been identified and orders therefor, have also been placed with B.S. Corporation, South Korea, for which an advanced payment a US $ 50,000 has been made. The machinery has already arrived at Bombay Port.
v) Sanction has already been obtained from U.P. State Electricity Board for the required power.
vi) The Company has received no objection certificate from U.P. Pollution Control Board, Lucknow, for obtaining the required "No Objection Certificate".
2009
--Registered Office of the Company has been shifted to Vill: Amhera, 18th KM Stone, Delhi Road, P.O. Chaudherpur, J. P. Nagar- 244 102 U.P.
2012
-Mr. Pramod Kumar Agarwal has been appointed additional director.
2013
-Mr. Arpit Suri, have been appointed the Company Secretary cum Compliance Officer of the Company.
-Mr. Vijay Anand Rastogi appointed as an Additional Director (Independent Director) of the Company.
2014
-The company appointed Shivangi Agarwal as the Company Secretary cum Compliance officer of the Company.
2015
-Prakash Woollen the name of the Company has been changed from "PRAKASH WOOLLEN MILLS LIMITED" to "PRAKASH WOOLLEN & SYNTHETIC MILLS LIMITED" .
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