REXNORD ELECTRONICS & CON Share price

Rexnord Electronics and Controls Limited was incorporatedas a Private Limited Company on the 4th July 1988 under thename and style of Rexnord Electronics and Controls PrivateLimited and later converted into a Public Limited Companypursuant to the provisions of Section 23 of the CompaniesAct 1956 by passing a Special Resolution in theExtra-Ordinary General Meeting held on the 8th March 1994.The Company obtained a fresh Certificate for change ofname on conversion on the 15th April 1994 from theRegistrar of Companies Maharashtra at Bombay. The Company was set up in 1988 and was initially engaged inassembly of instrument cooling fans by importing the kitsin complete knock-down condition. In the year 1992 theCompany entered into a Technical Collaboration with M/s SunElect Trading Co. Ltd (Taiwan) for manufacture of AC fansand M/s Micron A. Engineering Co. (South Korea) formanufacture of DC fans. The Company commenced the regularin-house production of AC fans and DC fans from basic rawmaterials in August 1993 and February 1994 respectively.The Company has expanded its production facilities at theexisting site from 1 lac of AC fans and 2 lac of DC fans to3 lac of AC fans and 7.62 lac of DC fans per annum. Therequired items of machines and moulds have been sourcedthrough the Company''s Technical Collaborators. The cost ofthe ongoing expansion is Rs. 208 lacs which is financed byEquity Capuital of Rs. 50 lacs internal accruals of Rs. 8lacs and interest-free loan of Rs. 5 lacs and a Term Loanof Rs. 145 lacs from SICOM under the Equipment RefinanceScheme. The Company proposes to further expand its productionsfacilities at a new site in TTC Industrial Area (ElectronicZone) New Bombay. This expansion at the new site is theproposed project of the Company.