SPICE ISLANDS INDUSTRIES Share price

Spice Islands Apparels Ltd. was incorporated on December 281988 as a Private Limited Company. Subsequently the Company wasconverted into a Public Limited Company vide Resolution datedSeptember 15 1994 - and a fresh certificate of incorporation wasobtained on October 6 1994.During 1989 it started export of readymade garments mainly toUK Japan and EEC. The product range includes ladies andchildern''s wear.In 1991 the Equity Share Capital of the Company comprised of10000 Equity Shares of Rs.10 each aggregating Rs.100000. InMarch 1994 the Company issued 1740000 Bonus Shares of Rs.10aggregating Rs.174 lacs thus increasing the Share Capital to1750000 Equity Shares o Rs.10 each aggregating Rs.175 lacs.In August 1994 the Company issued 1150000 Bonus Shares ofRs.10 each in the ratio of 23 Equity Shares for every 35 EquityShares. The Share Capital thus stands increased to 2900000Equity Shares of Rs.10 each aggregating Rs.290 lacs. The abovementioned Bonus shares have been issued out of the cumulativeprofits and the General Reserves of the Company.The Company was promoted by Mr. Umesh Katre. Mr. Katre holds aMasters Degree in Business Administration and has 15 yearsexperience in this line. Before embarking on this project Mr.Katre has worked with Mafatlal Apparel Manufacturing Co. Ltd.(Mafatlal Apparels) belonging to the Stanrose Group in variouscapacities essentially in the area of domestic/export sales ofready made garments Shirts Jeans alongwith productionplanning and co-ordination with the manufacturing plants ofMafatlal Apparels.The Company is presently engaged in exporting readymade garmentsmainly to the United Kingdom Japan and other countries of EECas a merchant exporter.