INDO TECH TRANSFORM Share price

OUR HISTORY AND CORPORATE MATTERSWe started our business as a Partnership Firm formed under the name and style of M/s Indo Tech Electric Company under an original Partnership Deed dated September 20 1975. The said deed was modified by the Partnership Deed dated April 1 1979 December 1 1984 January 16 1987 April 41990 and April 23 1992Further on July 15 1994 the parties by a deed of transfer / conversion have transferred all the assets and liabilities available as on July 15 1994 described under the Schedule - I therein in favor of M/s Indo Tech Transformers Limited though our Company Indo Tech Transformers Limited was incorporated on January 16 1992 under Registration No. 18-22011 of 1991-92.Our Company had entered into a Sponsorship Agreement dated April 18 1995 with Twenty first Century Management Services Limited (herein after referred to as the "21st Century") appointing 21st Century as sponsor and market maker for the securities of the Company on the Over the Counter Exchange of India. Under the said agreement 21st Century had agreed to sponsor 1129000 equity shares of face value of Rs 10 each at a premium of Rs 45 per share. The Promoters under the said agreement had agreed and undertaken to buy back the said shares at a price calculated on the basis of price paid by the 21st Century for the shares together with a return of 22% per annum compounded quarterly less dividends paid if any.Due to financial restraints 21st Century could only sponsor for 590900 equity shares of the Company and therefore to fulfill its obligation under the Sponsorship Agreement 21st Century had brought in the Co-investors to subscribe for the balance shares by way of separate Subscription Agreements. The Company the Promoters of the Company 21st Century and the co-investor were parties to these agreements. Accordingly Subscription Agreements dated 15th December 1995 with Lloyds FinanceLimited and 6th November 1995 with Savani Financials Limited were entered for 200000 Equity Shares and 30000 Equity Shares respectively. Similarly the Company also issued 100000 shares to K&Co. a partnership firm and 25000 equity shares to Anusha Investments Limited.On March 25 2005 Our Promoter Mr P E Subramaniam and 21st Century had purchased 200000 Equity shares from Lloyds finance Limited and 55000 equity shares ( 30000 equity shares from Savani Financial Limited and 25000 shares from Anusha Investments Limited) respectively.The said Sponsorship Agreement was terminated by a Termination Agreement dated October 15 2005 entered into between Our Company and the 21st Century.Vide an order dated September 30 2005 the High Court of Madras sanctioned the scheme of merger of Indo Tech Electric Company Limited with our Company with effect from April 1 2003. One of our Directors i.e. Mr. P.S. Shekhar was also a Director in this company.OUR COMPANY ALSO OWNS THE FOLLOWING PLOTS:SR. DATE VENDORNo. 1. 14.7.1995 (i) Mr Nadesa Nadar; (ii) Mr Kannan (iii) Mrs Vembu Ammal2. 14.7.1995 (i) Mr Nadesa Nadar; (ii) Mr Kannan (iii) Mrs Vembu Ammal3. 14.7.1995 (i) Ganapathy (ii) Mr Nadesa Nadar; (iii) Mr Kannan4. 14.7.1995 (i) Ganapathy (ii) Mr Nadesa Nadar; (iii) Mr Kannan5.* 30.4.1996 P E Sundaresh6.* 30.4.1996 P E Sundaresh7. 24.11.1998 Mr S Balu through POA holder Mr J P Shiva 8. 6.12.2004 Kamalammal Kannan & Vembu9.# District Industries Centre State Government of KeralaSR. DESCRIPTION OF PROPERTY AREANO.1. Sr. No. 317/3 and 317/4 at district Tirunelveli 0.50 Kattabomman Panagudy Vrflage Pazhavoor Acres Part II Taluk Radhapuram. 2. Sr. No. 317/3 and 317/4 at district Tirunelveli 0.50 Kattabomman Panagudy Village Pazhavoor Acres Part II Taluk Radhapuram 3. Sr. No. 318 at district Tirunelveti Kattabomman 0.50 Panagudy Village Pazhavoor Part II Acres Taluk Radhapuram 4. Sr. No. 318 at district Tiruneiveli Kattabomman 0.50 Panagudy Village Pazhavoor Part II Acres Taluk Radhapuram 5. Sr. No. 60 at in No.85 Ayanambakkam 0.3835 Village Acres6. Sr. No.61/1 at in No.85 Ayanambakkam 0.1061 Village Acres7. Sr. No. 2113 Puthru Village Pafakkad 0.06639 Acres8. Sr. No. 316/2 Pazhavur Tirunetveli District 1 Acre9. NIDA Kanjikode Palakkad Kerala 678 621 2.50 Acres* Sale deeds executed but not yet registered# District Industries Centre State Government of Kerala has sanctionedand allotted the said plot of land for setting up of manufacturingfacility. Since the Company is yet to start with the Project the sameis pending the execution of a Sale deed.FLAT USED FOR RESIDENTIAL PURPOSE OF EMPLOYEE OF OUR COMPANYVide Tenancy Agreement dated September 202002 entered into between MrP Krishnan and our Company 1st floor of the Flat in Plot No. 5 HBlock. 24th Street Anna Nagar West Chennai - 600 040 has been takenfrom Mr. P. Krishnan on a leave and licence basis for a period of 11months commencing from September 20 2002 along with furniturefixtures liftings for residential purpose of the Company'sofficial(s) and the members of his family. Though the term of thisagreement has expired our Company continues to occupy and pay rent asper the agreement.AWARDS AND RECOGNITIONSWe have received the EEPC awards for outstanding export performance forthe years 1997-98 and 1998-99 in the category of Exporter with highestgrowth in exports.OUR OFFICESOur registered office is situated at DP : 36 SIDCO Industrial EstateThirumazhisai Chennai - 602 107. Our plants are situated at thefollowing locations:1. Medium power transformer plant - DP : 14-19 SIDCO IndustrialEstate Thirumazhisai Chennai - 602 107.2. Distribution Plant at Saidapet & Palakkada. Saidapet Works - 31 V.G.P. Salai Saidapet Chennai - 600 015b. Palakkad Works - VII/222 Koyyamarakkad Kanjikode Palakkad -678621The chronology of key corporate events since our incorporation in 1992is as follows:Year Key Corporate Events1992 Incorporated as Indo Tech Transformers Limited in the State of Tamil Nadu1994 Change in Authorized Capital of the Company1994 Takeover of Assets and Liabilities of Indo Tech Electric Company1997 Setting up of new manufacturing facilities at Thirumazhisai2005 Merger of Indo Tech Electric Company Limited with our Company