MISHTANN FOODS Share price

Hics Cement Private Limited incorporated on 27th February1981 was initially promoted by Mr. Vinod M. Buch and hisfamily members for setting up a cement plant in the Stateof Gujarat. Due to some family problems and overallrecession in cement Industry it was decided to defer thesetting up of cement project. Moreover no Bank wasconsidering term loan proposals for Cement Industry inGeneral and for Mini Cement Project in particular. In viewof the above the company could not undertake any activitysince its incorporation till 1991. However the Companyacquired the land in July 1991 and thereafter proceeded toset up the plant for manufacture of Portland Cement with aninstalled capacity of 40 M.T.P.D and 20 M.T. P. D. Clinker.Most of the items of machinery were ordered/delivered atthe site and have also been installed. The Company faceddelay in obtaining the power connection because of cablesto be laid underground the railway lines. GujaratElectricity Board has since laid the required cables andagreed to provide the power supply to the factory. TheCompany expects to procure the balance items of machineryrequired for the manufacturing capacity of 40 M.T.P.D.shortly and start commercial production by October 1995.Further Mr. K.J.Khimani & Mr. A.S.Maru acquired 66% of theshares of the Company in October 1994 and joined the Boardof Directors as promoter directors and decided to increasethe capacity of the said plant to 200 M.T.P.D. from 40M.T.P.D. The Company was converted to a public limitedcompany and obtained a fresh certificate of Incorporationon 21st October 1994. The Company also decided to set upanother Unit at Kukma Bhuj for manufacture of portlandcement with an installed capacity of 260 M.T.P.D. in viewof availability of better quality of lime stone in thearea.