History of Aegis Logistics Ltd.

YEAR EVENTS 1956 - The Comp. was Incorporated on 30th June, as a private limited Comp. under the name & style of Atul Drug House, limited In 1960, it was a deemed public limited Comp. under Section 43A of Companies Act, 1956. The Company object is to manufacture formaldehyde, hexamine, Pentaerythritol, fatty alcohols & polyacetal resins.

- In July, the paid-up capital of Comp. was Rs.5,000 divided into 50 shares of Rs.100 each. The capital of Comp. was increased by Rs.45,000 by allotment of 450 No. of equity shares of Rs.100 each in March 1960.

1960 - In December, the paid-up share capital of Comp. was increased by Rs.5,50,000 by allotment of 5,500 No. of equity shares of Rs.100 each.

1962 - The Comp. installed its first plant for manufacture of formaldehyde & hexamine at Kandla.

1966 - In December, the paid-up share capital was increased by Rs.24,00,000 by allotment of 24,000 No. of equity shares as fully paid-up Bonus shares.

1967 - Another plant was put up at Capi near Bulsar in Gujarat State for the manufacture of 14,400 tonnes of formaldehyde & 540 tonnes of hexamine per annum.

1968 - In February, paid-up capital was further increased by Rs.3,00,000 by adjustment of deposits, by allotment of 3,000 No. of equity shares of Rs.100 each against loan.

1970 - The Comp. installed at Vapi a plant for manufacture of Pentaerythritol formaldehyde with a capacity of 1,200 tonnes per annum with the technical knowhow supplied by Joset Meissner of W.Germany.

- The fluorine chemicals division, however, suffered a setback due to labour problems & continued shortage of working capital.

1971 - Out of 33,000 shares issued so far, 20,000 shares held by East African Match Co., Ltd., 24,000 shares issued as bonus shares in December 1966 in prop. 4:1.

1975 - Capital reduced by Rs.11,00,000 in terms of Gujarat High Court order dated 10.10.1975, the Comp. having purchased 11,000 shares from the minority shareholders. With this, the number of bonus shares issued stood reduced to 16,000.

1976 - The name of Comp. was changed to Atul Chemical Industries, limited with effect from 14th September. It became a public limited company.

1977 - Before the public issue of shares in December, the Comp. was a 100% foreign Company. The objects of issue of shares to the public was to reduce the non-resident holding of 40% & to finance certain expansion projects.

- Shares subdivided in Dec. 1976, 6,60,000 Bonus shares issued in March in prop. 3:1. 4 shares of Rs.10 each issued in March to Indian residents.

1978 - With issue of 74,900 No. of equity shares of Rs.10 each to shareholders of Everest Refrigerants, Ltd., the non-resident shareholding in the Comp. was reduced to less than 40%.

- The Comp. issued 15,80,000 No. of equity shares of Rs.10 each at a premium of Rs.12 per share as per RBI approval dated 31st March, 1992 increasing the non-resident holding from 38% to 51% [to M/s. Universal Finance Development Co. limited M/s. Finance & Development Co. of Jersey, limited both at Bermudas]. These shares were issued as per revised industrial policy of Government of India, allowing companies to increase the non-resident shareholding to 51%. - With effect from 1st December, Everest Refrigerants Ltd., was amalgamated with the Company. 75,900 No. of equity shares of Rs.10 each & 11% unsecured redeemable bonds of Rs.100 each of the total value of Rs.12 lakhs in the prop. 1 equity share of Rs.10 each of Comp. for every 8 No. of equity shares of Rs.10 each of Everest Refrigerants held & one 11% bond of Rs.100 each & 1 equity share of Rs.10 each for every five 9.3% preference shares of Rs.100 each held; the 11% bonds so issued are redeemable at the rate of 2,000 bonds per year commencing from one year after the date of sanction of scheme of Amalgamation by High Court.

- The name of Comp. was changed from Atul Chemical Industries limited to the present one.

- During November/December 1977, 9,20,000 shares offered at par to the public.

- 74,900 shares issued without payment in cash to members of Everest Refrigerants limited on its merger with the Company.

1981 - 9,37,452 Rights equity shares issued at par.

1985 - The operations of fluorine chemicals division were adversely affected due to labour problems from October to January 1986.

1986 - A long term agreement signed with the workers of fluorine division ended on 30th September. The workers resolved to go slow & the Comp. was forced to declare a lock-out with effect from June, 1987. The lock-out in the fluorine division was lifted in April 1988.

- Sales of Hexamine & Sodium formate were adversely affected due to erractic supplies of methanol.

1990 - During the year, refined glycerine was introduced & received a good market response.

- The Comp. issued 29,52,974 No. of equity shares of Rs.10 each for cash at par. Of these 28,12,356 shares were offered to the shareholders on rights basis in the prop. 1:1 [all were taken ups] Additional 3,75,618 shares were allotted to retain oversubscription. Another 1,40,618 shares were offered to the employees [only 3,050 shares were taken ups] & unsubscribed portion was allowed to lapse. The allotment of 46,235 shares was kept in abeyance.

- 32,37,259 rights equity shares issued at par, prop. 1:1.

1991 - Effective from 1st April, the flouring chemical division was delinked from the Company.

- 46,235 rights shares kept in abeyance were allotted on 31.3.1992. shares fully called up.

1992 - Further expansion of capacity at the chemicals storage division from 40,000 KL to 70,000 KL was being considered.

- 15,80,000 No. of equity shares allotted [prem. Rs.12 per shares] to NRI shareholding companies to increase their holding from 38% to 51%.

- The Comp. is proposing issue of 'Rights Shares' in the ratio of 3:5 [i.e 3 new shares for every 5 shares helds] which would be mainly utilised for modernisation & expansion of existing facilities, acquiring fixed assets, retiring high cost debt and improving the debt equity ratio as per package approved by financial institutions.

1993 - The Comp. proposed to enhance the capacity of petrochem plant at Vapi by importing foreign technology. The imported plant was expected to be commissioned by Feb./March 1996.

- The Comp. entered into an agreement with Amit Alcohol & Carbon Dioxide limited to acquire on lease its Alcohol & Pentaerythritol plants resulting in availability of additional capacity of 1200 tonnes of Pentaerythritol & manufacturing facilities of 6000 KL of Industrial Alcohol.

- Also entered into an agreement for lending portion of land at Trombay in addition to terminal management agreement for LPG.

- During October, the Comp. issued 45,59,769 No. of equity shares of Rs.10 each at a prem. of Rs.12 per share on rights basis in the prop. of 3:5. All were taken up.

- Another 1,90,800 No. of equity shares of Rs.10 each at a prem. of Rs.12 per share were offered to the employees. Only 1,950 shares taken up.

1994 - Negotiation for setting up a new world size Penta Plant with foreign collaboration was on for purpose of exporting major portion of production. Also proposed to increase the capacity of storage terminal by 40,000 KL.

- 45,61,569 rights equity shares allotted during October 1993.

1995 - 2,81,000 shares converted out of 12,00,000 preference warrants at a prem. of Rs.41.60.

- The Comp. proposes to carry out expansion in their existing capacities of their Pettrochem plant at Vapi.

- The Comp. is entering into an arrangement with Amit Alcohol and Carbon Dioxide Limited, a Comp. having its manufacturing operiations adjacent to company plants, to acquire on lease its Alcohol & Pentaerythritol plants.

1996 - The capacity of Acetaldehyde plant has been increased to 6 TPD from 3 TPD thereby reducing the dependency on the outside market for requirement of Acetaldehyde & an imported State of Art 12000 TPY plant of Formaldehyde was erected and successfully commissioned in record time.

- The Comp. has converted 2,81,000 out of 12,00,000 Preferential Warrants having an issue price of Rs.51.60 into 2,81,000 No. of Equity Shares of Rs.10/-each at a premium of Rs.41.60.

1997 - The Comp. is in process of finalising a Joint Venture for the manufacture of Pentaerythritol, which will enhance the capacity to 15,000 MTS per annum, with the latest technology. The proposed joint venture partner Perstorp AB of Sweden, is the World leader in Pentaerythritol technology.

- Pursuant to the scheme of Amalgamation approved by Members & Order of High Court of Gujarat at Ahmedabad dated 2.4.97, Amit Alcohol and Carbon Dioxide limited [AMITs] has been merged with the Company.

- Further pursuant to the Order of High Court, Comp. has allotted 11,83,400 No. of Equity Shares of Rs. 10/- each to the Shareholders of AMIT in the ratio of one equity share for every four equity shares of AMIT.

1998 - 11,83,400 No. of equity shares of Rs 10 each issued to the shareholders of erstwhile Amit Alcohol and Carbon Dioxide limited on its amalgamation with the Comp. of which 15,000 shares held by [AMITs] calcelled pursurant to the High Court order.

- During the Year, the Comp. intends to spin-off the Petrochem division into a Joint Venture with Perstorp AB of Sweden, the world largest producer of pentaerythritol.

1999 - The Petrochemicals Division was hived off to Perstorp Aegis Chemicals Ltd., [PACLs] a Joint Venture Comp. between the Comp. & Perstorp AB, Netherlands.

- During the year Mr. S.V. Ghatalia. Director had resigned from the Directorship of Comp. on grounds of ill-health.

2000 - Hindustan Aegis LPG Ltd, a Comp. promoted by Aegis Chemical Industries Ltd, is preparing a package for members of the Bombay Taximen Union [BTUs] to convert their vehicles from petrol or diesel-driven to liquefied petroleum gas [LPGs] as fuel.

2002-Aegis Chemical Industries Ltd has informed BSE that consequent to the members not approving the resolution for reappointment of Directors Mr R R Khimasia & Mr S R Khimasia at the 45th AGM held on September 07, 2002 they ceased to be Directors of Company.

2004 - Mr. Sangameshwar Iyer has been appointed as a Compliance Officer of Comp. in place of Mr. A Chandarana.