History of Caprihans India Ltd.

YEAR EVENTS 1946 - The Comp. was incorporated on 11th April, as a Private Limited Comp. & was converted into a Public Limited Comp. on 16th September 1975. It was mainly a trading Comp. & imported various consumer items.

- The main objective of Comp. is to manufacture PVC films & sheets [SUNFLEXs], leather cloth [SUNTEXs], rigid PVC sheets [SUNVICs], decorative surfacing [SUNGLOSSs], phenolic laminates [SUNLAMs], high impact polystyrene sheets [SUNSTRENEs] & art paper, chromo paper & art card [LUSTRACOTEs].

1955 - The Comp. decided to enter into the manufacturing field & obtained a license for manufacture of flexible & rigid polyvinyl chloride films & sheets.

1961 - A new factory was started at Kurla, Mumbai for manufacture of decorative & industrial laminates.

1962 - A new plant for manufacture of extruded acrylic & high impact polystyrene sheet for refrigeration industry.

1965 - The Comp. also started manufacturing leather cloth by lamination of PVC film or sheet to various fabrics.

- The Comp. started a partnership firm called Sun Coated Paper Co., for manufacture of range of papers such as art paper, Chromo Paper, art card, black centered art card, etc. The Plant was orginally located at MIDC Estate, Thane.

1967 - 2,500 shares issued without payment in cash. Bonus shares were issued as follows: 4,500 shares in May 1962 [prop. 9:1s] and 15,750 shares in March 1966 [Prop. 1:1s].

1968 - 15,750 bonus shares issued in prop. 1:2.

1969 - In order to expand the capacity, a new unit was set up in the MIDC estate at Thane which went into production.

- From 1st April, Sun Coated paper Co. became a division of the Comp. consequent upon the dissolution of partnership. With the increase in demand in the Industrial Estate Satpur, Nasik and the existing plant was shifted to Nasik.

1971 - A new factory was set up in Kolshet-Thane & the old plant at Kurla was also shifted to Kolshet.

- 80,325 bonus shares issued in prop. 17:10.

1974 - The Comp. undertook to set up a paper mill in the MIDC Industrial Area at Roha, Maharashtra.

1975 - Shares subdivided during 1973-74. 5,42,193 bonus shares issued in prop. 17:40.

1978 - The Comp. obtained an industrial licence for manufacture of 1,050 tonnes of plastic hollow corrugated boards. This project was being set up in the MIDC Industrial Estate at Satpur, Nasik.

- During November, the existing shareholders of Comp. were offered 10,90,800 No. of equity shares of Rs. 10 each of Comp. at par.

1981 - Letter of intent was received to increase the production capacity of PVC sheets to 9,000 tonnes per annum. Due to circumstances beyond its control, the Comp. couldn't take steps to implement this scheme & the letter of intent was surrendered to Government in 1984.

- As a measure of diversification, the Comp. installed at Nasik, a plant for manufacture of foam leather cloth by release paper process.

- The Comp. converted its fixed assets consisting of land at Roha & Sewri into Stock-in-Trade of real estate business.

1982 - It was proposed to carry out the paper manufacturing activity as a separate entity & transfer the same to a wholly-owned subsidiary.

1985 - Subsequently, the Comp. again revalued its land & buildings at factory premises & certain plant & machinery as on 30th June.

1989 - The performance on the domestic as well as exports front improved & turnover & sales stood higher.

- The Comp. issued 2,00,000-14% secured non-convertible debentures of Rs. 100 each on private placement basis with financial institutions. These debentures are redeemable at 5% premium in three annual instalments commencing from 25th March, 1996.

1992 - The Comp. installed two additional calendaring units with a combined capacity of 8,400 tonnes for manufacturing PVC films & sheetings.

- The Comp. issued 9,53,612-18% secured partly convertible debentures of Rs. 240 each for cash at par [alongwith detachable equity warrants entitling the holder to be allotted one equity share of Rs. 10 each at a premium of Rs. 80 per equity share. 8,91,010 warrants were taken ups]. Out of which 9,08,972 debentures were offered on right basis to the shareholders in the proportion of One debenture: Two equity shares [all were taken ups]. Remaining 44,640 debentures were offered to the employees [only 2,275 debentures were taken ups].

- Each debentures of Rs. 240 was divided into Part-A [Convertibles] of Rs. 70 & Part-B [Non-convertibles] of Rs. 170. Rs. 70 of Part-A of each debenture was to be converted into one equity shares of Rs. 10 each at a premium of Rs. 60 per share on the date of allotment of debentures. Accordingly 9,11,247 shares were allotted & 8,91,010 shares were allotted against warrants. Part-B of Rs. 170 will be redeemed in three equal annual instalments at the end of 6th, 7th 8th year from the date of allotment of debentures.

- During the year, the Comp. has undertaken Internal Energy Audit system.

- During the last year, the Comp. has developed Anti-radar Camouflage Net for Ministry of Defence & the same has been approved by Defence Research Laboratory.

1993 - The Comp. entered into the field on Real Estate. The Comp. developed a property for construction of multi storeyed residential-cum-commercial complex at Mumbai.

- During the year, the Comp. made a Right Issue of 18% Secured Partly Convertible Debentures [PCDss] in the ratio of One PCD for every two shares held.

- The Camouflage Net has been successfully launched & repeat orders have been received from the Government. A special type of PVC film is being developed for rescue boats which can respond to radar signals.

1994 - The Comp. proposed to set up PVC foam leather cloth plant at Nasik, for which the Comp. entered into a technical collaboration agreement with China General Plastic Corporation, Taiwan. The Comp. also proposed to manufacture international quality polypropylene sheets for stationary applications for which the Comp. entered into a technical collaboration agreement with Danny Hudson, Taiwan.

- The Comp. privately placed 6,40,000 No. of equity shares with financial institutions at a premium of Rs. 250 per share in November. The Comp. also issued 5,63,000 warrants to promoters & their associates.

- The warrant holders are entitled to subscribe to one equity share per warrant at a price of Rs. 210 per share before 1st May. Accordingly 3,36,690 shares were issued.

- During the year, the Comp. introduced Voluntary Retirement Scheme for its employees at is Laminates Unit to reduce the surplus employee strength in the Unit & paid compensation aggregating to Rs.117 lacs.

1995 - However margins were under pressure due to increase in input cost without corresponding increase in the prices of finished goods on Acc. of severe competition.

- 3,36,690 shares allotted on conversion of Warrants at a price of Rs. 210 per share.

1996 - The profitability was adversely affected due to weak prices for PVC films, low productivity & capacity utilisation and availability of superior products.

- The Comp. re-appraised the plan to set up PVC foam leather plant & decided not to proceed with the same.

- The Comp. has entered into a technical & financial collaboration agreement with VKW a wholly owned subsidiary of EVC international NV on 7th June, 1997.

- 18,36,756 bonus shares allotted in prop. 2:5.

1997 - 66,98,325 No. of equity shares of Rs 10 each at a prem. of Rs 47 per share allotted on preferential basis.

- The Comp. has entered into a technical & financial collaboration with Vereinigte Kunststoffwerke GmbH [VKWs], the details of which are given under Item No. 4.

- The Board has selected VKW a wholly owned subsidiary of EVC International NV for a technical & financial collaboration and has entered into an agreement dated June 7, 1997 with VKW.

1998 - During the year, the Comp. installed a Calendering Unit at Nasik with an installed capacity of 7200 MT.

- The Comp. introduced a Voluntary Retirement Scheme for its employees at Head Office & Branches. The Comp. also successfully offered the Voluntary Retirement Scheme for its employees at Thane Factory after the close of year.

- The Comp. has also restructured its organisation to provide considerable emphasis on Quality & Customer service, leading to better customer satisfaction.

- The Comp. has computerised several areas of operations, leading to speed, accuracy & customer satisfaction.

- The Comp. continued to be affected by low capacity utilisation due to competition in the market & general slow down in the economy. Further, the Company exports were adversely affected due to the Russian & Asian economic crisis.

- Mr. C. P. Gaspar was appointed as a Director of Comp. by the Board of Directors. Mr. M. Uberti & Mrs. A. Van der Zwalmen were appointed as Additional Directors of Comp. on 26th February 1999.

1999 - The Company profitability was adversely affected due to an unprecedented increase in the price of PVC resin & other polymers in both the domestic & international markets.

- During the year, the Comp. has entered into 3 years wage settlements with its employees at Thane & Nasik factories.

- During the year your Comp. was presented the GOLDEN STATUS CERTIFICATE from the Ministry of Commerce, India, for its continuous performance for last three terms as Export House [i.e. Nine yearss] & the Best Export Performance Award for year 1997-98 & 1998-99 [1st positions] for Rigid PVC films from the Plastics Export Promotion Council [PLEX CONCILs].

2000 - Crisil has revised the rating for company 18% NCD of Rs 1,549.10 lakhs to BBB from BBB+.

2001 - K.C. Holdings Pvt. limited has bought 2,94,893 No. of equity shares of the Comp. from Mr. Mofatraj P. Munot. Mr. Parag Munot has bought 2,94,893 No. of equity shares of Comp. from Mr. Mofatraj P. Munot.

2002-Caprihans India Ltd has informed that Mr. P.M. Nadig, the Managing Director of Comp. has resigned from the services of Comp. with effect from November 26, 2002.