Pioneer Embroideries Ltd - PION. EMBROIDER. Share Price

Summary

Pioneer Embroideries (PEL), promoted by Rajkumar Sekhani and Manak Chand Baid, was incorporated in Oct.91 at Bombay to design and manufacture embroidery fabrics and laces at GIDC. PEL came out with a public issue in Sep.93 to part-finance this project. The project was delayed by six months due to non-arrival of machinery and technical problems and went on stream only in Mar.94.During 1996-97, to improve the bottom lines of the company and to meet the growing demand in fashion industry, it has taken up a expansion project at Silvassa by importing 12 computerised embroidery machines having installed capacity of 46 lac meters p.a. The financing was done through by way of equity issue or optional redeemable convertable preference shares to the promoters, Directors, their friends,relatives and associates and the same was commissioned during 1997-98. During 1999-2000 the Crochet Lace Division started commercial production. The Company in order to consolidate its manufacturing base in embroidery has signed a memorandum of understanding with promoters of Salzer Textiles Limited, an Embroideries Manufacturer for taking over that company.The company has acquired the management control of Coimbatore based Salzer Textiles Limited(STL), a 100% EOU and embroidery manufacturer by acquiring 49.11% stake in the company during 2000-01. STL has an installed capacity of 540 million stitches p.a. In 2001-02 it has increased it stake to 52.49% making the Salzer Textiles as Subsidiary company. The... Read More