NITCO Share price

OUR HISTORY AND CORPORATE STRUCTURENITCO GroupThe NITCO Group came into existence in the year 1956 with the formation of a partnership firm at Delhi under the name of The Northern India Tiles Corporation (Delhi) for manufacturing mosaic tiles. The partners of this firm were Mr. A.N. Talwar (HUF) Mr. P.N. Talwar and Mr. W. N. Talwar.In the year 1964 another partnership firm was formed under the name of The Northern India Tiles Corporation (Bombay) with Mr.A.N.Talwar Mr. P.N.Talwar Mr.W.N.Talwar and others as partners to manufacture mosaic tiles at Thane Mumbai wherein by an agreement a license was granted by The Northern India Tiles Corporation (Delhi) to use the brand "NITCO".NITCO Group is engaged in segments relating to construction industry which includes building products manufacturing tiles paints and other construction activities. Our Company is the flagship company of the group. Mr. Vivek Talwar and Ms. Poonam Talwar son and daughter of Mr. Pran Nath Talwar respectively joined the Nitco Group and are now in charge of the management of our Company as well as our group companies.Our CompanyNitco Tiles Private Limited was incorporated on July 25 1966 at Delhi to take over the business of manufacturing and marketing of tiles from The Northern India Tiles Corporation (Bombay). On May 11 1973 the registered office of the Company was shifted from the Union Territory of Delhi to the State of Maharashtra vide order of the High Court at Delhi.Subsequently our company was converted into a public limited company with effect from January 25 1996. Pursuant to this the name of our Company changed to Nitco Tiles Limited.Pursuant to the take over of the business of the partnership firm our Company started to manufacture mosaic and terrazzo tiles at Thane Maharashtra. In 1984 we started our operation at Kanjurmarg Mumbai for processing and distribution of imported marble in India. Growing further in 1995 we began the implementation of a green field project for manufacture of ceramic floor tiles at Alibaug Maharashtra and started the commercial production of ceramic tiles in 1997. In 2002 we started one more marble processing unit at Slivassa. In 2004 we scaled up operations of outsourcing vitrified tiles from China. Currently our product portfolio comprises of ceramic tiles vitrified/wall tiles cement terrazzo tiles pavers and marbles etc.In 1995 our Company commenced to set up a project for the manufacture of ceramic tiles at Alibaug in Maharashtra. The project cost was appraised by ICICI at Rs. 812 mn. The cost of setting up the project was proposed to be financed through a mix of debt of Rs. 451 mn promoter?s contribution of Rs. 222 mn and public issue of equity shares of Rs. 139 mn. for which our Company received the SEBI acknowledgment card in February 1997. However we decided not to proceed ahead with the public issue due to bad market conditions. We successfully completed the project in 1997 witha delay of ten months and cost overrun to the extent of Rs. 80 mn.