MH Mills & Industries Ltd Company Summary

MH Mills & Industries Ltd Summary

Incorporated in 1981 as Navdeep Processors Pvt Ltd to manufacture polyester filament and various kinds of plastics, the company was rechristened Navdeep Polymers Pvt Ltd in in 1986. It was converted into a public limited company in Jul.86. The company turned out to be a loss making unit. In 1993, Maneklal Harilal Mills, a profit-making company engaged in the business of spinning and manufacturing of cotton, blended yarn, cloth and other fabrics, etc was amalgamated with Navdeep Polymers. Subsequently, the name was changed to Maneklal Harilal Mills and Industries (MHMIL) and presently to MH Mills & Industries Ltd. MH Watches is the subsidiary of the company. The company now manufactures cotton textile goods like grey takas, sarees, dhoties, bleached poplins, long cloth, crepes, drills, twills, coatings, mosquito nettings, dorlas, printed poplins, chintz, mercerised fabrics and poplins. It exports its product to Europe, east Asia, Singapore, South Korea, etc.In 1995-96, the company undertook a diversification scheme involving setting up of facilities for the manufacture of 1,500 tpa of cast polypropelene film (CPP film) and 1,000 tpa of flexible packaging materials (laminates) at Vasana-Iyava (Ahmedabad), Gujarat. Commercial production of CPP film and flexible packaging materials commenced from Oct./Nov.96. Also, the company is planning to modernise its existing facilities for the manufacture of yarn and fabrics. In 1996-97, the company earned foriegn exchange worth Rs 4.05 crsThe company has modernized its textile division during the year and became fully operationaly in the current year.A captive power plant with 4.118 MW capacity has become operational in the last year, and the power plant has commissioned its commercial production during the year.During the year the company had issued Redeemable Preference Shares of Rs.346.48 lacs to the Promoters & Associates on private placement basis.