Spartek Ceramics India Ltd.
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exchange = NSE, $nseExchange = NSE, $bseExchange = BSE, symbol = SPARTEKBE
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Spartek Ceramics India Ltd.
58888:spmi | IND:Ceramics/Tiles/Sanitaryware | ISIN code:INE645A01014 | SECT:Construction
The Company History page lists out the major events in chronological order for Spartek Ceramics India Ltd.
|Company History - Spartek Ceramics India Ltd.|
|YEAR EVENTS 1983 - The Company was incorporated on 9th March, and the certificate of commencement of business was obtained on 22nd August. It was promoted by Krishna Prasad Tripuranani is association with several non-resident Indians.|
- The main objective of the company is to manufacture glazed and unglazed wall and floor tiles.
- The company entered into a financial and technical collaboration with Ceramic U.S., U.S Ceramic Tile Co. Inc., Ohio, U.S.A for the manufacture of ceramic wall and floor tiles.
- The technology being used for the first time in India replaces the traditional double firing system by single firing process.
1984 - 27,47,430 shares issued at par out of which the following shares were reserved and allotted: 4,27,500 shares to APIDC; 2,20,000 shares to Ceramic US, (U.S. Ceramic Tile Co., U.S.A.) and 1,49,930 shares to promoters, etc. and business associates of Company.
- 4,50,000 shares were reserved for allotment to non-resident investors the unsubscribed portion being taken up by promoters etc. The remaining 15,00,000 shares were offered for public subscription during January/February 1985 of which 75,000 shares to employees (including Indian working directors) and 30,000 shares to business associates of the Company were reserved and allotted.
1986 - The Company introduced 30 new colours and designs during the year. Necessary approvals for doubling of capacity were received. Balancing equipment was installed in the granites division to increase the output of polished tiles.
1988 - The company undertook to set up a 100% export oriented unit under the name of Spartek Granites, Ltd." (SGL) for the manufacture of ceramic tiles.
- The management group associated with Spartek Ceramics, Ltd. (SCL) acquired the controlling interest in Neycer India, Ltd. (NIL), a potentially sick company in terms of Section 23, Sick Industrial Companies (Special Provisions) Act, 1985.
- NIL was sanctioned financial assistance by financial institutions, with ICICI as the lead institution for modernisation and revamping of the manufacturing units of NIL. Following conditions were attached to the financial assistance:
- (i) NIL was to make a rights issue of equity shares to raise part of the finance required for the modernisation and revamping;
- (ii) SCL would convert an amount of Rs 75 lakhs, being the loan to NIL into equity shares;
- (iii) SCL would bring in the unsubscribed portion of the rights issue, if any, and
- (iv) SCL were to subscribe for 7,64,800 No. of equity shares of Rs 10 each at par out of the rights shares to be issued by NIL.
- The unsubscribed portion to be brought in by SCL would be to the extent of 14,50,259 No. of equity shares.
- Forfeiture on 1,500 shares annulled.
1989 - 17,06,880 bonus equity shares issued in prop. 3:5.
1990 - The Company issued 14% non-convertible debentures aggregating Rs. 200 laksh to financial institutions, on private placement basis.
1991 - A fresh evaluation of the financial scheme was being made by ICICI because of increase in loan liabilities due to foreign exchange fluctuations and revision of interest rates.
- With effect from 1st April, Spartek Granites Ltd. (SGL) was merged with the Company. As per the scheme of merger, 34,18,750 No. of equity shares of the Company were to be issued to the shareholders of erstwhile SGL without payment in cash in the ratio of 2 shares of the Company for every 3 shares held by them in SGL.
- 3,59,375 - 14% partly convertible debentures of Rs. 140 (consisting of convertible portion of part B of Rs. 60 and non-convertible portion of part C of Rs 80) and 2,75,000 - 14% secured redeemable non-convertible debentures.
- The company issued 2,75,000 - 14% redeemable non-convertible debentures of Rs. 100 each to financial institutions in exchange of similar debentures allotted to them privately by Spartek Granites, Ltd. consequent upon the merger of Spartek Granites, Ltd. with the Company. These debentures are redeemable at a premium of 5% in three equal annual instalments of Rs 35 each on 6.12.1977, 6.12.1998 and 6.12.1999.
- The company issued 3,59,375 - 14% redeemable partly convertible debentures of Rs. 140 each (convertible portion of Part `B' of Rs. 60 and non-convertible portion of Part `C' of Rs. 80) in exchange to holders of similar debentures in Spartek Granites, Ltd. on its merger.
- The convertible portion of Rs. 60 was to be converted into equity shares of the Company at a price to be decided between the third and fourth year from the date of allotment i.e., 21.11.1990 and 26.11.1990.
- The non-convertible portion of Rs. 80 was to be redeemed at par on the expiry of seven years from the date of allotment.
1992 - The granites division came out of its earlier problems with regard to unpolished tiles and the product acceptance in the international market was reported to be good.
- New company by name Spartek Fine China Ltd. was incorporated for implementing tableware project at Rajahmundry district of A.P.
1993 - Non-avilability of gas, the location for the new project was changed to Mamanduru near Tirupati.
- The company allotted warrants to promoters giving an option to subscribe upto 40,00,000 No. of equity shares of Rs. 10 each to be exercised before 26.9.1996.
1994 - In December, machinery to overcome the initial teething technical problems was installed.
- With the new excise policy permitting conversion of EOUs for domestic tariff area, the division proposed to take necessary permission to sell in Indian market.
- 4,00,000 shares allotted to promoter on excise of warrants.
1995 - Stiles India Ltd. started producing greater volumes while Spartek Ceramic factory is revamped and equiped to produce the high margin products.
- Steps are taken to change the status of the Granite Division from EOU to a domestic supplier.
- 34,06,250 No. of equity shares of Rs. 10 each allotted on conversion of Zero Coupon unsecured FCD's.
1996 - The Granite division was closed during the year. The Granite unit obtained permission in December for debonding from the status of 100% EOU to domestic unit. The unit was fully geared up to re-commence production in the first quarter of 1998.
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