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Mitsugen Glazes Ltd.

BSE: 515073 Sector: Consumer
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Mitsugen Glazes Ltd
NSE 05:30 | 01 Jan Mitsugen Glazes Ltd

Mitsugen Glazes Ltd. (MITSUGENGLAZES) - Company History

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 production shortly. 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.