History of Ador Welding Ltd.

YEAR EVENTS 1951 - The Comp. was incorporated on 22nd October 1951 at Mumbai as a private limited Comp. and was converted into a public limited Comp. on 19th March, 1975. It was promoted by J.B. Advani & Co. Pvt. limited The objects and activities of Comp. include the manufacture of wide range of welding electrodes and their accessories, industrial electronics equipment and power and process control equipment such as thermometry instruments, heat treatment control instruments, DC machines and power control equipment, micro processor instruments, plain copiers, collators, xerography consumables etc.

1979 - The equity shares were issued as bonus shares: 20,000 shares on 29.3.1966; 20,000 shares on 14th May 1970; 15,000 shares on 30th July 1974 & 60,000 shares on 25th March. Out of total shares issued so far, 1,50,600 shares were held by J.B. Advani & Co. Pvt. limited [Holding Companys].

1985 - The Comp. revalued its freehold land at Chennai, Chinchwad and Kalina [Mumbais] & leasehold right in respect of leasehold land at Ahmednagar, Raipur & buildings at Chennai, Bhandup, Kalina [Mumbais], Chinchwad, Ahmednagar & Raipur as on 30th September.

- As per the terms of issue, the Comp. redeemed the balance 15% Non-convertible debentures of Rs 100 each, amounting to Rs 278 lakhs at a redemption premium of 5% of face value of debentures.

- The Comp. issued 28,00,000 No. of equity shares of Rs 10 each at a premium of Rs 2 per share linked to 5,60,000 - 15% secured redeemable non-convertible debentures of Rs 100 each.

- Out of total issue, 1,40,000 No. of equity shares linked to 28,000 debentures were reserved & allotted on a firm basis to Unit Trust of India.

- 11,76,000 No. of equity shares & 2,35,200 debentures were reserved & allotted on a preferential basis as follows: [is] 1,07,400 No. of equity shares & 21,480 debentures to the employees/workers;

- [iis] 88,600 No. of equity shares & 17,720 debentures to business associates &

- [iiis] 9,80,000 No. of equity shares & 1,96,000 debentures to non-resident Indian/persons of Indian origin residing abroad on repatriable basis.

- The balance of 14,84,000 No. of equity shares linked to 2,96,800 debentures were offered for public subscription during June 1986.

1986 - The Comp. entered into collaboration agreement with welding industries Oerlikon Buhrle Ltd., Switzerland for technology upgradation of welding consumables.

- The Comp. signed a Memorandum of Understanding with two well known U.K. based companies - Ocean Technical Systems limited and Vosper Thorny Croft [U.K.s], limited for development of industrial process control equipment & systems.

- After the public issue of shares & debentures during June, J.B. Advani and Co. Pvt. limited ceased to be the holding Comp. of Advani-Oerlikon, Ltd.

1989 - The high technology welding consumables were being introduced in the market.

1992 - The Comp. embarked upon a modernisation programme for its manufacturing facilities at various locations.

1993 - The Comp. has signed an agreement with Timah Langat Berhad, Kualalumpur, Malaysia, to set up a joint venture project for manufacturing welding electrodes & consumables in Malaysia.

- The Comp. proposed to disinvest its shareholding of 5,00,000 ordinary shares of Malaysian Ringit 1 each in the joint venture Comp. `Slectrode Products Sdu Bud'. This was mutually agreed by Malaysian Promoter & the Comp. received lock the nominal value of shares which were issued for investment made by supply of plant & machinery & technology.

- During December 1993 - January 1994, the Comp. issued 36,00,000 Rights equity shares of Rs 10 each for cash at a premium of Rs 15 per share in proportion 1:2.

- The Comp. issued 8 years 17.5% Secured Redeemable Non-Convertible debenture amounting to Rs 400 lakhs to UTI on Private placement basis.

1994 - The Company subsidiary `Advanced Welding Alloys Ltd.', located at Halol was merged with the Comp. & was operating as a `Division of Advani-Oerlikon Ltd.' As per the scheme 52,200 fully paid equity shares of Rs 10 each were issued & allotted to the other shareholders of Amalgamated Company.

1995 - In order to have equity stake in the new company, 100 No. of equity shares of Rs 10 each of Ador Powertron Industries Ltd. were offered at par on firm allotment basis to AOL shareholders.

1996 - 52,76,100 bonus shares issued in prop. 1:2.

1997 - The Comp. in technical collaboration with Machinenfabrick GmbH, West Germany for manufacture of welding rotators, colums booms, seamers, etc., With Kroger Schweisstechnik, West Germany for manufacture of automatic & semi-automatic submerged arc welders & gas shielded welders as also modern static welding sources including rectifiers & specialised welding transformers & with Dipl. Ing. W. Rick and Co., West Germany for the manufacture of high voltage rectifiers.

2004 -Mr. V.G. Kutty, Executive Director, takes over as Managing Director from Mr A.T. Mirchandani

2005

-Delist equity shares from the Madras Stock Exchange Ltd, [MSEs] Chennai with effect from December 22, 2004 & The Stock Exchange, Ahmedabad [ASEs] with effect from January 28, 2005.

-Delist equity shares from the Madras Stock Exchange Ltd, [MSEs] Chennai with effect from December 22, 2004 & The Stock Exchange, Ahmedabad [ASEs] with effect from January 28, 2005.

2006.

-Mr R A Mirchandani appointed as an Additional Director on July 28, 2006.