History of Amforge Industries Ltd.

YEAR EVENTS 1971 - The Comp. was Incorporated as a private limited Comp. on 21st April, 1971 under the name of Hakimrai Jaichand Forgings Private Limited by Yogiraj J. Makar & Surindernath J. Makar. It became a public Comp. in January 1986. The Comp. engaged in the manufacture of forgings. It also supplies forgings as original equipments to Defence factories, Railways & public sector undertakings.

- The Comp. entered into a technical services agreement with Goshu Forge Comp. Limited, Japan for manufacture of close tolerance forgings to meet the international standards in terms of quality & price.

1985 - The name of Comp. was changed to Amforge Industries Private Limited with effect from 9th December.

- All shares issued for cash. 30,00,000 bonus equity shares issued in propn. 3:1 February 1986.

1986 - The Comp. installed a 2,500 tonnes capacity forging press imported from Japan for manufacture of close tolerance forgings to cater to both the domestic & export markets.

- 10,00,000 No. of equity shares of Rs 10 each at a premium of Rs 10 per share linked to 1,00,000-15% secured non-convertible debentures [I-seriess] of Rs 100 each were issued for cash at par during April.

- Out of these 70,000 No. of equity shares linked to 7,000-15% debentures were reserved & allotted on preferential basis to the Company employees/workers. The remaining 9,30,000 No. of equity shares linked to 93,000 debentures were offered to the public.

- Additional 2,32,500 No. of equity shares linked to 23,250 debentures were allotted to the public & 17,500 No. of equity shares linked to 1,750 debentures were allotted to the employees/workers to retain oversubscription. The debentures are redeemable at par in four annual instalments of Rs 25 each commencing from 25th June, 1993 onwards.

1987 - The heat treatment plant at Bhandup factory was commissioned during the year.

- With a view of expansion, the Comp. acquired land at Khopoli for manufacture of heavier forgings upto 250 kgs. With the commissioning of expansion project, the capacity would increased to 35,000 tonnes of forgings per annum.

- The Comp. raised an amount of Rs 2 crores by private placement of debentures with UTI, LIC & ICICI to meet its long-term working capital requirements.

1989 - The margins were squeezed due to repeated steep increase in steel prices, higher interest burden, increased cost of fuel & other inputs, overall general cost escalation & also the initial lower capacity utilisation of hammer project at Khopoli.

1990 - On 2nd June, the Comp. offered 2,78,250-12.5% secured fully convertible debentures of Rs 70 each for cash at par. Of these, 2,65,000 debentures were offered to the shareholders on rights basis in prop. 1 debenture : 5 shares [all were taken ups].

- In addition, 13,250 debentures were issued to the existing employees [including Indian working directors of companys] on an equitable basis [all were taken ups].

1991 - The technology upgradation-cum-expansion project for manufacture of medium range close tolerance forgings was partly commissioned.

- On 1st April, the fully convertible debentures were converted into two equity shares of Rs 10 each at a premium of Rs 25 each.

- Simultaneously, the Comp. issued 14,18,600-12.5% partly convertible debentures of Rs 100 each through prospectus.

- On 1st April, Part `A' debenture of Rs 35 was converted into 14,18,600 shares of Rs 10 each at a premium of Rs 25 each. The non-convertible portion of part `B' of Rs 65 will be redeemed at par in four instalments of Rs 15, Rs 15, Rs 15 & Rs 20 respectively at the expiry of 7th, 8th, 9th & 10th year from the date of allotment.

1992 - The margins remained under pressure due to continued recession, reduced demand, hike in input costs & finance charges. The Khopoli unit was geared up to undertake several new, critical and high profile jobs.

- To consolidate infrastructural facilities further, a new heat treatment line was installed & partly commissioned. Exports was affected due to problems in East Europe & the general overall recessionery trends in the international market.

- A new heat treatment line was installed. The Comp. proposed to set up new manufacturing facilities at Pune, which would enhance the capacity by 20,000 tonnes per annum.

1994 - Isha Steel Processors limited was amalgamated with the Comp. with effect from 1st April. With effect from 1st April, Tru Wheels Limited [TWLs] was also Amalgamated with the Company.

- 19,99,960 No. of Equity shares to be allotted to the shareholders of erstwhile Isha Steel Processors limited pursuant to the scheme of amalgamation.

1995 - The Margins were affected mainly because of increase in input costs due to excessive competition.

- The expansion project at Chakan in Pune for manufacture of high quality precision forgings was commissioned.

- The Comp. issued 24,23,368 Zero Percent Unsecured Fully Convertible Debentures [ZFCDss] of Rs 35 each with Tradeable Detachable Warrants on Rights basis. In terms of letter of offer, the ZFCDs on allotment were converted into equity shares of Rs 10 each at a prem. of Rs 25 per share.

- 24,68,370 No. of equity shares issued to the shareholders of ISPL & TWL on amalgamation.

1996 - 24,23,369 No. of equity shares allotted on conversion of zero per cent unsecured fully convertible debentures of Rs 35 each.

2002

-Amforge Industries Ltd has announced the following changes in the management structure of company: [1s] Shri Yogiraj Makar has resigned as Chairman and Managing Director of Comp. by reason of old age, with effect from March 31, 2002. He will continue as part-time Director .[2s] Shri Sanjeev Kanwar has resigned from the Executive Directorship of Comp. with effect from March 28, 2002 by reason of his pre-occupation. Henceforward, he will remain as part-time Director of company.[3s] Shri Puneet Makar has been appointed as Chairman and Managing Director of Comp. wef April 1, 2002[4s]. Shri B L Gupta has been appointed as Additional Director of Comp. with effect from March 28, 2002.

-Amforge Industries Ltd has informed that Shri Jagdish Khanna & Shri M P Bansal have resigned from the directorship of Comp. with effect from November 29, 2002 & December 06, 2002, respectively.

-delists shares from Delhi & Ahmedabad Stock Exchanges

2009

- Amforge Industries Ltd has appointed Shri. Rakesh Khanna as Director w.e.f. January 29, 2009.

- Amforge Industries Ltd has appointed Shri. Puneet Makar as Managing Director of Company.