Kiri Industries Ltd Company Summary

Kiri Industries Ltd Summary

Kiri Dyes & Chemicals Limited (KDCL) was incorporated in May 1998 as Kiri Dyes and Chemicals Private Limited by at Ahmedabad, Gujarat and led by the Promoters, Praveen A. Kiri and Manishkumar P. Kiri. Presently, the Company is engaged in manufacturing and selling of Dyes, Dyes Intermediates and Basic Chemicals. These reactive dyes are called synthetic organic dyes used for cotton fabrics like garments, dress materials, bed-sheets, carpets etc. All the products manufactured by the company have comes under in two groups, such as Reactive Dyes and Intermediate Dyes and also the products found global acceptance. The product range of the company comprises of more than 120 dyestuffs used by textiles, leather, paint and printing ink industries with total production capacity of 10800 MT per annum. The dyes are of basically colours like black, blue, red, orange, yellow and numerous variants of these basic colours identified by color index number internationally. The company equipped the R & D laboratories with sophisticated and technologically advanced equipment, were the highly skilled team of research chemists; engineers and technicians to serve deverse range of products of the company. KDCL have four plants situated Gujarat, India in different districts and four different names such as Kiri Dyes and Chemicals Limited (100 % EOU UNIT), Survin Laboratory, Kiri Dyes and Chemicals Limited - Unit-II and Parkin Industries - II. The company started its overseas operations in 1999; KDCL exported its products to USA and Taiwan. An appreciation for the year 1998-1999, the company awarded outstanding export performance by CHEMEXIL and also the same was came to the company for 1999-2000 in 2001 the year. Trophy awarded to the company by Gujarat Dyestuffs Manufactures Association for export performance of more than Rs. 600 Lakhs for direct export of self-manufactured dyes & dye intermediates. During the year 2002, KDCL obtained permission confirming eligibility of Kiri Dyes to become 100% Export Oriented Unit from Kandla Special Economic Zone. The company received prestigious Platinum Award from CHEMEXCIL for outstanding performance during the year 2002 - 2003 and became Government Recognized Trading House in 2003. The year 2004 was the turning point to the company, recognized as a Two Star Export House and converted it manufacturing unit into 100% Export Oriented Unit. KDCL obtained Environmental Clearance Certificate from the Ministry of Environment and Forest for further expansion. The company started strategic backward integration project at Padra, Dist. Vadodara in 2005 and in 2006 the commercial production of backward integration project with respect to Vinyl Sulphone Easter started at Padra, Dist. Vadodara was in ensured. Awarded by Clariant (India) Ltd as A class vender for outstanding performance as a Business Partner - Sourcing and its contribution in the growth of Clariant (India) Limited in the same year of 2006. KDCL got an ISO 9001:2000, a certificate for quality management system by ISOQAR in the year 2007 for manufacture and supply of dyes intermediates for its Unit located at Village Dudhwada, Padra, Vadodara. KDCL has one of the advanced and effective effluent treatment plants to ensure required outlet norms under the safety environment of the company and also responsible and bound to manage lands to protect and enhance wildlife and ecosystems. After all, company the have but one environment.The Joint Venture with Well Prospering Limited, a Hong Kong based subsidiary Company of Zhejiang Longsheng Group Co. Ltd. of China, was formed during the year 2009 as Loosen Kiri Chemical Industries Ltd. The plant to manufacture Dyestuff with the installed capacity of 50000 TPA was envisaged. In the first phase, a plant with the installed capacity of 36000 TPA of Reactive Dyes being executed was opened in Gujarat on 19th July, 2009. The Company completed initial public offering in April, 2008 and allotted 3750053 equity shares of Rs. 10/- each at an issue price of Rs. 150/- per equity share (including premium of Rs. 140/- per equity share), through which, the paid up capital of the Company increased from Rs. 1125 Lakhs to Rs. 1500 Lakhs and resulting to this, the company raised Rs. 7069.06 Lakhs comprising of Rs. 5625 Lakhs through IPO and Rs. 1444.06 lakhs through Pre IPO placement.During the year 2010, the Company commenced commercial production of its backward integration plant for manufacturing of basicchemicals i.e. Sulphuric Acid, Oleum and Chloro Sulphonic Acid with a combined capacity of 500 MT/day. It commenced 3.5 MW co-generation steam based power plant at Village Dudhwada, Vadodara. It commenced commercial production of Acetanilide, with installed capacity of 12000 MTPA at Village Dudhwada, District Vadodara, which is used in manufacturing of Vinyl Sulphone. In February, 2010 Company through its wholly owned subsidiary Kiri Holding Singapore Private Limited, acquired Assets of DyStar Textilfarben GmbH and DyStar Textilfarben GmbH & Co. Deutschland KG (DyStar) along with its 36 subsidiaries. Thereafter, in October 2010, KHSPL acquired DyStar LP USA for USD 10 Million.During the year 2009-10, Company completed its maiden Qualified Institutional Placement (QIP) of Rs. 23902 Lacs by way of issue of 40 Lacs equity shares of Rs.10 each, at a premium of Rs. 587.55 per equity share. The funds raised from QIP were utilized to repay outstanding unsecured loans which were accepted for acquisition of stake in DyStar. Out of proceeds of QIP, one of the plants DyesIntermediates, namely Vinyl Sulphone, Phase I, started commercial production since 15th March, 2011. Consequent to allotment of 40 Lacs Equity Shares by way of QIP, the paid up capital of the Company increased from Rs. 15,00,00,530/- to Rs. 19,00,00,530/-.The name of the Company was changed from Kiri Dyes and Chemicals Limited to Kiri Industries Limited effective from 8th March, 2011.During 2018-19, the Board of Directors of Company at their meeting held on April 02, 2018 allotted 11,00,000 Equity Shares to M/s. Equinaire Chemtech LLP, Promoter Group upon Conversion of Warrants issued on preferential basis and therefore, issued, subscribed and paid up Equity Share Capital of the Company increased from Rs 30.24 Crore to Rs. 31.34 Crore.During 2019-20, the Board of Directors of the Company at their meeting held on August 12, 2019 allotted 22,76,695 Equity Shares of Rs 10/- each to LTS Investment Funds Ltd., upon conversion of Foreign Currency Convertible Bonds (FCCBs). Therefore, issued, subscribed and paid up Equity Share Capital of the Company increased from Rs. 31.34 Crore to Rs. 33.62 Crore.The Board of Directors at their meeting held on June 28, 2021 allotted 31,87,374 equity shares upon conversion of 7 Foreign Currency Convertible Bonds (FCCBs); and on January 11, 2022 allotted 1,18,38,817 equity shares upon conversion of 26 FCCBs and resulting upon these conversions of the aforesaid FCCBs, the issued, subscribed and paid up Equity Share Capital of the Company increased from Rs 33.62 Crore to Rs 51.83 Crore.