BHANDARI HOSIERY EXP Share price

Bhandari Hosiery Exports Limited (hereinafter referred to as the `Company'') was incorporated on 25th November 1993 as a PublicLimited Company under the Companies Act 1956 and obtainedthe Certificate for Commencement of Business on 7thDecember 1993.The company was incorporated with the main objective ofacquiring and taking over the business of Bhandari HosieryExports a partnership firm of Mr. Naresh Bhandari Mrs.Kusum Bhandari Master Nitin Bhandari and Ms. NitikaBhandari. This partnership was formed in the year 1988 andwas engaged in the manufacture of hosiery goods and cottonknitted readymade garments. The firm had an installedcapacity of 840000 pieces p.a.The company has taken over the running business of thispartnership firm Bhandari Hosiery Exports ason 25.1.94as a going concern and the assets and liabilities of the firmwere acquired at book value as per the balance sheet of thefirm drawn on 25.1.94 without any revaluation of assets.The erstwhile partners have been issued 1285000 fullypaid equity shares of Rs. 10/- each of Bhandari HosieryExports Limited in consideration of the acquisition oftheir partnership firm.The partnership firm helda SSI Registration vide letter No.16/09/27308 dated 31st July 1989 issued by DistrictIndustries Centre Directorate of Industries Govt. ofPunjab for the manufacture of knitted garments.The same has now been endorsed in the name of the Companywith effect from July 25 1994. Since the proposedinvestment in Plant & Machinery after the proposedexpansion would exceed the investment reserved for smallscale unit the company has filed an application withSecretariat of Industrial Approvals Ministry of IndustryGovt. of India for obtaining Carry on Business (COB)Licence for manufacture of Cotton Knitted Garments underRule 7(2) of the Registration and Licensing of IndustrialUndertaking Rules 1952. However the company is yet toreceive COB License.The company is presently engaged in export of cotton knittedgarments and proposes to expand their existing capacity to2040000 pieces p.a. The export of garments has beenregistering a consistent incerease in the last couple ofyears with the industry growing at the rate of 30% everyyear as per Apparel Export Promotion Council(AEPC).MAIN OBJECTS OF THE COMPANYThe main objects of the company as set out in theMemorandum and Articles of the company are as follows:1. To acquire and takeover as a going concern the businessnow being carried on at Ludhiana under the name and style of "Bhandari Hosiery Exports" together with all or any of the assets rights previleges and liabilities of that partnershipbusiness used in connection therewith or belonging theretowith effect from such date and upon such terms and conditions as may be negotiated and decided by the Directors of the Company for consideration either by way of allotment of shares in the Company or in cash or partly in one way and partly in other and after such takeover the above firm shall cease to exist.2. To manufacture make produce cultivate processreprocess consume formulate prepare bale double curecomb blend spin weave gin refine alter convertexchange pack bleach dye print tuft buy sell storesupply distribute finish scour size and otherwise dealin all kinds descriptions and grades of cotton silklinen nylon terene terelene rayon jute hemp textileflax silk wool yarn threads hair coir sisal fibreand fibrous substances wool hairs carpets druggestrugs floor covesings linen cloth textile fabricfelted netted looped or flocked staple fibre othernatural synthetic man made fibres and/or fibrous substances including polyesters poly - acryulonitrate polyvinyl acetate cashmilon acrylic fabrics poly propylene polymers monomers elastomers and resins of all grades and copolymer formulations and forms or as processed goods polytheylene polytyrene polyvinyl chloride polymethyl methacylate epoxy resins alkyedresins melamine polycarbonate polyamides and all otherfibres allied products bye - products and substitute foror any of them or dealers of material from the wasterealised from the above mentioned products either onits own accountor on commission basis.3. To carry on the business as drapers dealersmanufacturers - importers exporters preparers buyerssellers merchants and financiers of furnishing fabricsreadymade garments apparel outfit knitwear dress andmantle makers silk mercers makers and suppliers ofclothing waste shawls mufflers socks jerseys rayonstaple lingerie carpets blankets line cloth and trimmings ofevery kind fumers drapers haber dashers millinershosiers gloves makers lace makers rope makers felt andtarpauline makers feather dressers tapes and suchother articles as may be conveniently produced ormanufactured and other wooven and knitted fabrics andfabricated goods of all description and other productsgoods articles and things as are made from or with cottonraw cotton jute silk wool nylon acrylics rayonpolyester velvet or any other type or man made fabrics bywhatever name called or made under any process whethernatural or artificial and by mechanical or other meansdealers in and manufacturers of yarn fabrics and dealersof materials of all kinds.4. To carryon the business of manufacturing machinery orproviding consultancy or to render designing and engineeringservices and provide technical know-how to run andmaintain plants and machinery for manufacture of all orany of the above types of goods materials raw materialsthereof.5. To carry on the business of dealers exporters andimporters processors representatives agents of all kindsof goods and merchandise whether manufactured by the companyor not and as financiers thereof.6. To establish purchase sell take or lease hire orotherwise acquire and work any textile mills handloomspowerlooms cotton ginning and pressing factory jutehemp or other fibre presses spinning mills weaving millswaste plant process for pressing merchandise into balesprocess buy sell import export pledge speculate enterinto forward transaction or otherwise deal in jutecotton kapas cotton seed flex hemp silk and productsmade thereof.