IST Share price

Indo Swiss Time Limited (IST) was incorporated as a publiclimited company on 31.08.1976 to carry on the business ofmanufacture design import and export of watches and watchparts components cases and other ancillary products.It bean operations in 1977 by assembly of watches withimported components. It began manufacturing components inMarch 1979.In April 1980 the company issued shares to the public topart finance a project to manufacture different kinds ofwrist watches.However due to a shift in customer preference to quartzwatches and competition from Illegally imported watchesthere was down turn in the market for mechanical andautomatic watches manufactured by IST. To remedy thissituation IST diversified into manufacturing precisioncomponents for defence applications in 1989 and furtherinto manufacture of components for electronic/ medicaldental instruments for the export market in February 1993.Apart from a brief period of labour unrest in January-February 1991the employer-employee relations in the company have been verycordial.OPERATIONS OF THE COMPANYThe primary operations of the company are now manufacturingcomponents for exports. The components manufactured arehigh quality precision components used in electronicmedical and dental instrument. The company had developedthe components to meet the exacting standards required ofits international customers and has been able to securerepeat orders from its buyers. In the year ended 31 March1994 the company recorded export sales of more than Rs. 395lakhs.IST is also manufacturing precision components for theMinistry of Defence. Used in various applications thecomponents require a high level of precision and quality.The quality of ST''s products has been appreciated by theMinistry of Defence. Sales to the Ministry of Defence inyear 1993-94 were Rs. 127.13 Lakhs.