Mikado Textile Industries (MTIL) was incorporated in Feb.'83 as Shree Shyam Suitings Pvt Ltd. It was converted into a public limited company in Jan.'92, and its name was changed to Mikado Textile Industries. The promoters of the company were B K Modi and his associates. B K Modi is the present chairman. In Sep.'92, MTIL made a Rs 7.40-cr public issue of 29.6 lac equity shares at a premium of Rs 15 per share. The issue was to part-finance two projects -- a weaving project of rapier looms (inst. cap. : 10.16 lac mtr of suitings) and a draw twisting project (inst. cap. : 900 tpa of twisted filament yarn and 200 tpa of denier). The estimated cost of the project was Rs 10.17 cr. In 1994-95, MTIL set up a subsidiary, Mikado International, which is wholly engaged in export activities. It is also exploring the possibility of putting up a spinning mill of 26,000 spindles at Silvassa. In 1995-96, the weaving capacity at Tarapur was increased to 81 lac mtr pa by installing 120 Sulzer looms. During the year 1997-98, the company was declared a sick company and was referred to the BIFR. The scheme of rehabilitation is under preparation by the IDBI.