MITSUGEN GLAZES LTD.
OBJECTS & ACTIVITIES; Mnufacture of ceramic glazed tiles.
BRIEF HISTORY: The company was incorporated on 29th August, 1984. and
obtained the Certificate for commencement of Business on 21st February, 1985.
it was promoted by C.F. Joe and his associates with technical and financial
assistance from Toyo Cermic Company Ltd., Japan. (TOYO). The company's
plant with a capaity to manufacture 6,000 TPA of ceramic glazed tiles was ert
up at KIADB industrial area at Tamka, a notified backward area in Kolar
district about 70 km. from Bangalore. Most of the quipments were imported
from Japan. The total cost of Rs.630 lakhs was met by equity issue and
finance from banks and financial institutions. The vitrified ceramic glazed
and non-glazedd tiles find application as exterior cladding and flooring
including industrial floors with metalic finish. They find application in
industries as they are heavy duty acid proof tiles. Commercial production
commenced from February 1990.
TECHNICAL COLLABORATION: The company entered into a technical and finacnciala
collaboration agreement with Toyo Ceramiics Co, Ltd., Japan for technology
and commissioning of the plant on turnkey basis. Toyo participated to the
extent of Rs. 22.50 lakhs in the equity capital of the company.
OPERATIONS: The company had to suspend its operations since October 1991 due
ot the technical and financial reasons. Assistance of the collaborators was
sought to overcome technical snags. With funds from the promoters and
financial institution and banks, forthcoming, it was expected to start
FINANCE: As at March 1992, sum of Rs. 108 lakhs Rs. 108 lakhs and Rs. 55
lakhs were outstanding against the rupee term loans from ICICI, IDBI and
IFCI respectively. As on the same date sums equivalent to Rs. 39.82 lakhs,
Rs. 68.38 lakhs and Rs. 63.06 lakhs were outstanding against foreign currency
loans from ICICI, IDBI and IFCI respectively.
SCIK INDIUSTRY COMPANIES (SP.PROVISIONS) ACT, 1985:
During 1991-92, the company came under the provisions of the bove mentioned
Act and a reference was made to the BIFR.