RICHA INDUSTRIES Share price

HISTORY AND CORPORATE STRUCTURE OF THE COMPANYThe Company was incorporated on 15th September 1993 under the Companies Act 1956 as a Private Limited Company and changed its constitution as a Public Limited Company vide Special Resolution passed on 12th September 2003 in the NCT of Delhi with the main objective of carrying on the business of manufacturing and processing of fabrics and export of fabric or garments. Our Company was established under the leadership of Mr. Sushil Gupta (M.Tech - IIT Delhi) in 1993 as a process house to cater to the needs of exporter knitted fabric for Indian market. Beginning as a small establishment with a small initial capital of Rupees 20 lacs the company has grown creating a niche for itself in the Northern India as a dyeing & processing house for and export market.Today we have successfully placed our company in the fields of Greige Knitted Fabric Knitted fabric Dyeing & Processing Garment Manufacturing. We have two facilities one at Faridabad for dyeing & processing and another state-of-the-art at IMT Manesar Gurgaon in the outskirts of Delhi for knitting dyeing and garment manufacturing.The present Knitting capacity of our company is around 978 Tons per annum wherein the present capacity utilization is around 89%. Dyeing & processing capacity of our company is around 3600 Tons per annumwherein the present capacity utilization is around 89%. The garment division has a capacity to manufacturing 537000 pieces per annum and the present capacity utilization is around 88%.Our company has taken initiatives towards the promotion and expansion of quality dyeing so as to achieve international standards with the help of highly technical & experienced manpower latest technology & machines.The strategy has also helped Richa Knits in firmly establishing itself in the field of manufacturing & processing of knitted fabrics and manufacturing of readymade garments.Better relationship and proper coordination between the employer and employee is the key factor for the success of our Company. By achieving the skilled support from its manpower our Company is ready to face any kind of challenges that comes in the way of its growth.Our company is known for its quality and service towards high-end products. Our company has shown a growth rate of (CAGR) of over 60% over the period of last 5 years. Over the years our company's turnover has grown from Rs. 3.70 crore in 2001 to Rs.26.28 crore in March 31 2005 and further to Rs. 31.58 crore for the 9 months ended December 31 2005.Our company has firm policy and procedures to maintain its quality standards at each and every stage. The sublime endeavor begins with the purchasing of right kind of raw material and consumables.The company also maintains a Design Studio a library of designs and labs for quality checks. All the expansions till date have been financed from the internal accruals equity participation by the promoters and loans from Banks.Major events of the companyYear Achievement1993 Company incorporated in the name of Richa Knits Pvt.Ltd. for manufacturing and dyeing and processing of fabrics ready made garments1994 Take over of partnership firm viz. Usha Processing Mill2002 Our company started its operations of our Unit set up at IMT Manesar in January 2002. When there was no infrastructure available at Sector-7 IMT Manesar ours was the first company to start operations there. Today IMTManesar is in great demand and most of the MNCs are setting up their facilities. This can be seen from the fact that Government has raised the rates from Rs.1200/- per sqr. meters to Rs.2500/- per sqr. Meter for industrial plots.2002 Our Company received first export order for USD 26342 in June 2002 from Classique Enterprises Ltd. through Cortex Textile Trading and as on 31/03/2005 we had done exports to the tune of USD 1195374 (approx.)2002 Our Garments Division started its operations in June 2002 with 46 stitching machines. 2003 Our Company changed its constitution from private limited to public limited company in September 2003..2003 Udyog Patra Awarded to Mr. Sushil Gupta Managing Director of our company by Shri Sharad Yadav the then Hon?ble Union Minister for Food & Supply Government of India.2004 Our Knitting Division started operating in February 2004 with 6 Circular Knitting machines.2004 20% rebate received by HSIDC on land as a subsidy in lieu of timely completion of project & successful running of the unit on 23/04/2004.2005 Expansion undertaken by our company till Dec. 2005: A). Knitting Division - from 6 Machines to 8 Machines and addition of 3 Flat knitting machines. B). Garment Division - from 46 stitching machines to 250 machines C). Processing Division - from 8 ton to 12.80 Tons .2005 Udyog Vibhushan Award to Mr. Sushil Gupta Managing Director of our company by Institute of Trade & Industrial Development.2005 Launching of ?AVO-CADO? brand from June 2005.2005 First EBO Started at Faridabad in October 2005.2005 Additional facility for AVO-CADO planned and premises taken on Long term Lease2005 EPCG Commitment fulfilled before timeLicense No. Dt. of Commitment Due Date Fulfillment Issue Date0530132309 13.11.2001 within 8 Years 12/11/2009 28/06/20040530135577 19.01.2004 within 8 Years 18/12/2012 22/03/2005530137583 10/12/2004 within 8 Years 09/12/2012 25/07/20050530138168 04/03/2005 within 8 Years 03/03/2013 under Process0530139550 16/09/2005 within 8 Years 15/09/2013 14/12/20052005 Second EBO Started at Gurgaon in December 2005.2005 Land purchased for new project & project approved by IOB in principle sanction.2006 Third EBO Started at Jaipur in January 20062006 Place for 4th & 5th EBO taken on long term lease in Delhi