ACKNIT INDUSTRIES Share price

The Company was originally incorporated under Companies Act1956 as a Private Limited Company on 12.10.1990 (Certificateof Incorporation No.21-50020 of 1990 issued by Registrar ofCompanies West Bengal) in the name of Acknit KnittingPrivate Ltd. Subsequently the Company has been convertedinto a Public Limited Company and the name was changed toAcknit Knitting Limited and fresh certificate ofincorporation was obtained from Registrar of CompaniesWest Bengal at Calcutta on 08.08.94 consequent upon changeof name.In pursuance of its object the Company has set up a 100%Export Oriented Unit at Falta Export Processing Zone WestBengal in the year 1991 by installing only 20 fullycomputerised knitting machines imported from Japan.Installed production capacity of the unit was then 108000dozen pairs of Seamless knitted handgloves. The unitcommenced commercial production from September''91 and hasbeen successfully exporting its entire production sincethen. Quality of the products manufactured by the Companywas well accepted in the international market since verybeginning.Encouraged with the potential of manufacture and export ofthe product the Company embarked upon an expansion planduring the second year of production itself with another 40fully automatic computerised knitting machines of Japanesemake. All these machines have been successfullycommissioned and commercial production therefrom hasalready commenced.The Company has been able to successfully export itsproducts to countries like Italy and France. To penetrateother overseas markets as well as for expansion of exportsales in their existing markets the Company had beenawarded with a grant assistance of US$ 16500 by Bank OfBaroda under its World Bank aided Export Development Fundin the year 1993-94. The Company has all along beenexporting its products only to GCA countries therebyearning valuable foreign exchange for the country.Having established itself in the export market supported bythe confidence of overseas clientele as demonstrated bylarge scale repeat orders the Company has planned toundertake further expansion of capacity with an element ofhorizontal diversification of product range for 100% exportat an estimated project cost of Rs.412.19 lacs to gain fromthe potential of export of such products and currentgovernmental policies and thrusts towards export.MAIN OBJECTS OF THE COMPANY :The main objects of the Company are set forth in theMemorandum of Association and include inter alia1. To establish carry on maintain operate and run inIndia or elsewere business of trading re-salemanufacture production process conservation and to dojob work of all kinds and forms of cotton hosieryknitting synthetic woolen canvas handgloves sockssleeves underwear garments readymade garments sweaterscardigans shawls hankies caps and shoes made from orbased on one or more of the products or articles mentionedherein above and exports imports of such hand-glovessocks sleeves yarn cloth and such raw materialsclothes yarn and other textiles and allied products anddealing in their wastages and by-products.2. To import export buy sell or deal in hand-glovessocks sleeves underwear-garments readymade garments andhosiery curtain and furnishing items decorations and artgoods made of cloth piece-goods and to establish retailchain of stores offices shops show-rooms depots inIndia or abroad.