WIM PLAST Share price

WIM PLAST LTD was incorporated as a Private limited Company on October 7 1988 with the Registrar of Companies Maharashtra at Mumbai and was converted into a Pubic Limited Company on July 14 1993. The Registered Office of the Company was shifted from the State of Maharashtra to Union Territory of Daman which was confirmed by the Company Law Board vide its Order No. 170/17/CLB/WR of 1993 dated September 15 1993 and registered by the Registrar of Companies Goa Daman & Diu Panaji vide its Certificate No. 56-01544 dated March 16 1994.The Company launched its maiden public issue of Rs 125 lakhs at par in August 1994 and was oversubscribed by more than 100 times. The Company started its operations in December 1994 by setting up a factory (now known as Unit 1) with 2 imported Injection moulding machines at Daman for producing plastic moulded furniture like chairs and tables with an installed capacity of 734400 chairs/tables (2020 tpa). The cost of the project of Rs 1085 lakhs was financed by way of Equity ShareCapital of Rs. 500 lakhs (Promoters - Rs. 375 lakhs and Public - Rs. 125 lakhs) Rupee Term Loan of Rs. 145 lakhs and Foreign Currency Loan of Rs. 440 lakhs from IDBI. There was a two months delay in implementation of the project. The Company faced initial teething trouble due to technical faults in the imported machineries. However the operation stabilised during the second half of 1995-96. With a view to meet the growing demand for its products the Company has steadily increased its capacity from time to time. During 1995-96 the capacity was increased from 2020 tpa to 3510 tpa by installing additional injection moulding machines. Again in August 1996 the Company undertook an expansion scheme to increase its installed capacity from 3510 tpa to 4680 tpa by installing additional manufacturing facilities. The cost of the scheme estimated at Rs 665 lakhs was financed by way of internal accruals of Rs 185 lakhsunsecured interest free loan from promoters of Rs 80 lakhs and term loan from IDBI of Rs 400 lakhs. The scheme was completed in October 1996. The capacity of the plant has been further increased to 11489 tpa as on March 31 1999 which was entirely financed out of internal accruals and term loans. The manufacturing facilities are housed in two different units i.e. Unit 1 and Unit 2 at Plot No. 327/1 to 4 and 7a at Daman. The Company has emerged as one of the largest manufacturers of plastic moulded furniture in the country. The Company is selling its products under the reputed Cello brand name which is owned by a group Company viz. Cello Plastic Industrial Works (CPIW ). The terms of the Agreement are disclosed elsewhere in this Letter of Offer.SUBSIDIARY COMPANIESWim Plast Ltd does not have any subsidiary Company as on date.