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Incorporated on 12 Apr.'91, Maikaal Fibres was promoted by Mrigendra Jalan of the Jalan Tea group. S S Kejriwal and A K Himatsingka were the co-promoters.
The company produces high quality cotton yarn primarily in the coarse counts of 10s to 40s, suitable for hosiery items. The company came out with a public issue in Apr.'94 to part-finance the project.
Keeping in mind the growing consumer preferences in the West for products using eco-friendly raw materials, the company has initiated a bio-cotton project (cotton grown without the use of chemical pesticides and fertilisers).
The company has installed knitting machines as it will help in monitoring the quality and also give some value-addition to the yarn produced. The company has entered into an MoU with Remei, Switzerland, which will be the sole representative of the company for the EC countries.
The performance of the bio-cotton project was highly encouraging due to the strong response received from the European countries. It has received greater acceptance among the local farmer population and the area under bio-cotton is expected to be approximately 6300 acres in the 98-99 season.
During 1999-2000, the promoters have brought in Rs. 7.3 crores as advance against 8% Non Cumulative Redeemable Preference Shares to be further issued and allotted to them once the authorised share capital is increased to Rs 7.5 crores.
The company's Quality Management System was awarded ISO 9002 Certification by SGS Yarsley International Certification Services.
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