Himachal Fibres Ltd

Himachal Fibres Ltd

Himachal Fibres Ltd (HCL) was incorporated on 20th February 1980 in Delhi. The Company was promoted by B K Garodia a technocrat in financial collaboration with Himachal Pradesh Mineral and Industrial Development Corporation (HPMIDC). Presently the Company manufactures cotton textile yarn such Synthetic yarn Dyed yarn etc.The Company belongs to the then Birlas (Yash) Group. In 1984 the Company came out as a Public Company - 1010045 No. of Equity shares taken up by promoters etc. including (HPMIDC). 25-11% Pref. shares allotted to promoters etc. 1619955 No. of equity shares issued at par of which 89955 No. of Equity shares reserved and allotted to HPMIDC. The balance 1530000 shares were offered to the public in Dec. 1984. In 1994 it was the first Spinning Mill in India to convert as 100% Export Oriented Unit from a Domestic Tariff Area unit. The Company was a pioneer in the development of speciality yarns and exports of value added items and is engaged in manufacturing of grey/dyed cotton/Synthetics yarns with different blends. Production of cotton yarn was started from Jan.'84. In 1985-86 the company achieved full capacity utilisation on 17664 spindles. In addition 1536 spindles were installed during the same year. During 1985-86 the company expanded by installing an additional 2976 spindles to the existing capacity. It also set up a dyeing plant and started producing dyed yarn. During 1990-91 a marginal expansion-cum-balancing scheme was introduced whereby autoconers and combers were imported. The company's exports witnessed a consistent growth. It converted itself into an EOU as it exported more than 75% of its production. It acquired the status of Export House from the Government of India in Jan.'95.In view of the accumulated loss of the company having exceeded its net worth as at 31st December 2000 the company was referred to the Board of Industrial and Financial Reconstruction (BIFR).