INNOCORP Share price

Innovations International Exim Limited was originallyincorporated on 21st September 1994 as a Limited Companyunder the name and style of Innovations International EximLimited and obtained Certificate of Commencement ofBusiness on September 30th 1994 under the Companies Act1956. The Company is promoted and managed by a well experiencedand Technically qualified Board of Directors. The projectrelates to setting up of a manufacturing unit for injectionmoulded items moulds for plastic items and cleaning agentsat a cost of Rs. 662.78 lakhs.The Plastic Industry is 40 years old and has grown at arapid pace since 1980. The total consumption of Plasticduring 1993-94 is estimated to be over 1.26 million MT andthe industry has annual turnover of Rs. 40000 millions(Source - FACTS FOR YOU NOVEMBER 1994) InnovationsInternational Exim Ltd. was incorporated on 21 September1994 by Mr. Prasad V S S Garapati his father Late Sri G.Atchaiah and sister Mrs. K. Saraswathi and by Mr. M.R.R.Chary.The family members were actively involved in tradingbusiness lnnovations Show Rooms Pvt. Ltd. They had fivebranches and a net work of 200 dealers and weredistributors for Andhra Pradesh for VIP products andSupreme Industries Ltd for their moulded furniture. Thepromoters with the help of their NRI Associates from USApromoted Innovations International Exim Ltd to manufactureInjection moulded plastic items with plans also for makingmoulds for Plastic articles and for manufacturing cleaningagents. The Land has been purchased and factory buildingsalmost complete and plant and machinery have been importedand erected. Power connection has been obtained and Trialruns have commenced. The Company has deployed Rs. 345.68lacs in the Project as on 30-01-96. The commercialproduction has commenced in April 1996. The company havingtaken over the Assets and business of Innovations ShowRooms Pvt. Ltd is doing a trading business with anapproximate turnover of Rs.12.00 lacs per