History of DCW Ltd.

YEAR EVENTS 1939 - The Comp. was incorporated at Dhrangadhra [Gujarat States]. The Comp. manufacture soda ash & other salts. The Comp. also carries on the business of chemicals, drugs, essences, cordials, acids, alkalies, pharmaceuticals, etc. Soda ash, soda bicarb and calcium chloride are manufactured at Dhrangadhra & caustic soda at Sahupuram. The products are sold under the trade name `Horseshoe'.

1972 - Authorised capital increased. 54,180 Bonus Equity shares issued in prop. 1:3.

1977 - Div. on 12,957-7.8% Pref. shares raised to 11% from 13.8.1976 and made redeemable in 5 equal instalments starting from 13.8.1987. 2,592 Pref. shares redeemed.

1978 - Redeemed 2,592-11% Pref. shares in 1978-79, 2,591-11% Pref. shares in 1979-80 & 2,591-11% Pref. shares in 1980-81.

1980 - Plastic Resins & Chemicals, limited [PRCLTDs], an erstwhile subsidiary of Comp. was amalgamated with the Comp. with effect from 30th September, & PRCLTD had come to be known as the PVC division of Company.

- Pantape Magnetics, limited [PMLs], manufacturers of magnetic tapes at Nanjangud, Mysore, Karnataka became a sick unit & was referred to the Appellate Authority for Industrial and Financial Reconstruction [AAIFRs].

- The ICICI proposed a scheme of amalgamation between the Company & PML by which one preference share of Rs 25 each of CDW was to be issued for every 25 shares held in PML by its shareholders. Accordingly, 21,000 redeemable preference shares of Rs 25 each were being issued to the shareholders PML.

1985 - 56-15% Pref. shares & 91 No. of equity shares issued without payment in cash to the members of PRC, limited on its merger.

1986 - Equity shares sub-divided in Mar. 1987. 4,69,730 rights equity shares of Rs 10 each then issued [Prem. Rs 15 per share; prop. 1:5s]. Additional 1,17,432 shares allotted to retain oversubscription. Another 23,486 shares [prem. Rs 15 per shares] offered to employees. Only 7,550 shares taken up. The balance 15,936 shares allowed to lapse.

1987 - The caustic soda division was affected by severe power cut and fluctuations in voltage in Tamil Nadu. The Comp. undertook a feasibility study to manufacture VCM through alcohol route.

- Necessary approvals were obtained to manufacture electronic components, PVC & plastic based products.

- The Company R&D division at Sahupuram undertook activities such as higher purification of limenite ore & standardising the bleaching parameter to make premium grade synthetic rutile.

- The Comp. issued 14% - secured non-convertible debentures of Rs 250 lakhs to UTI, LIC, GIC & its subsidiaries on private placement basis.

- The name of Comp. was changed from Dhrangadhra Chemical Works, limited to DCW limited with effect from 8th April.

- 29,43,362 bonus equity shares issued in prop. 1:1 & were allotted on 1.11.1988.

1989 - The Comp. privately placed with financial institution & banks 4,15,000-14% debentures of Rs 100/- each. These debentures are redeemable at a premium of 5% from 1994 in various annual instalments.

- The Comp. acquired the entire shareholding of 20,00,000 No. of equity shares of Rs 10/- each in DCW Home Products, limited [DHPLs] making a wholly owned subsidiary. The popular products are `Jaag', a detergent & `Marvo', a free flowing salt.

1990 - The second boiler was commissioned. During the year the PVC plant was modernised by installation of additional stainless steel reactors & a modern energy efficient drier.

- The Comp. issued debentures aggregating Rs 3.50 crores on private placement basis with financial institutions.

- 35,32,035 bonus equity shares issued in prop. 3:5 in December.

1991 - A new infusion plant was installed & commissioned as a part of modernisation programme undertaken at the caustic soda unit. Modernisation of Beneficiated limenite unit was undertaken to enhance the unit capacity from 15,000 TPA to 25,000 TPA.

- At the PVC division, a new fluid bed drier was installed and commissioned in addition to the installation of four new stainless steel reactors.

- Approvals were received for promotion of new Comp. by the name of DCW Finance, Ltd., for carrying out the business of financing, investments, leasing & other related business. The Comp. proposed to make it its wholly owned subsidiary.

- 53,33,310 No. of equity shares issued in part conversion of 16.5% Debentures.

1992 - During January, the Comp. offered 22,22,222-16.5% partly convertible debentures of Rs 135 each on Rights basis in the proportion 23 debentures: 100 No. of Equity shares held [all were taken ups]. Additional 3,33,323 debentures were allotted to retain oversubscription.

- Another 1,11,110-16.5% debentures were issued to employees on an equitable basis [only 35,500 debentures taken ups]. The unsubscribed portion of 75,6000 debentures were allotted to Stock Holding Corporation of India AIC GIC Mutual Fund.

- Rs 90 of face value of each debenture was to be converted into two equity shares of Rs 10 each at a premium of Rs 35 per share. Accordingly shares were allotted on 11th October.

- Balance of Rs 45 of face value of each debentures was to be redeemed at par at the end of 7 years from the date of allotment of debentures. Necessary approvals were received for issue of 49,17,360 No. of equity shares of Rs 10 each for cash at a premium of Rs 15 per share on Rights basis in the proportion 1:3.

- Another 9,83,500-14% secured redeemable non-convertible debentures with detachable warrants were also to be issued on Rights basis in the proportion 1 NCD: 15 No. of equity shares held. The debentures are to be redeemed at par in one instalment of Rs 100 each at the end of 5th year from the date of allotment of NCDs.

- The Comp. undertook a project for manufacture of 75,000 tonnes per annum of whole wheat flour at MIDC, Taloja, Maharashtra.

1994 - The Comp. proposed to build a minor port next to Caustic Soda division in Tamilnadu which would be utilised for creating a tank farm on international lines for merchant sales apart from Company own needs.

- Another subsidiary Comp. DCW Power Corporation Ltd., entered into a MOU with govt. of Madhya Pradesh & the Madhya Pradesh Electricity Board for setting up a 120 MW Internal Combustion residual oil fixed power generating plant at Mandideep in Madhya Pradesh.

- 92,25,000 shares allotted against GDR. 49,17,360 shares allotted as rights.

1995 - The Comp. proposed to increase the PVC plant capacity from 60,000 tonnes to 1,00,000 tonnes per annum.

- In March, the first generator of 6MW was commissioned. Two more generation of 6MW each were commissioned & one more was commissioned in April. Two wind mills of 250 KW was installed each at Poolavadi, Tamilnadu.

- The Comp. proposed to set up a commercial plant for manufacturing Yellow Iron Oxide & an Acid Regeneration plant in order to utilise the effluents from the upgraded limenite plant as feed-stock.

1996 - The Comp. undertook to set up facility at its factory in Sahupuram, Tamil Nadu for recovery ferrite grade iron oxide from effluent of beneficiated limenite plant.

- It was also proposed to manufacture soft ferriates depending on the quality of iron oxide.

- The Comp. proposed to concentrate its efforts on its core business activity viz., manufacture and sale of heavy chemicals & petrochemicals, to separate companies in the group.

- It was proposed to transfer at book value the company business centre activity to a new Comp. viz. DCW Estates Pvt. Ltd. & the company entire shareholding in DCW Home Products Ltd. to another new Comp. viz. Crescent Finstock Pvt. Ltd.

1999 - During the year the performance of Comp. was adversely affected due to the continuing global demand recession & generally adverse market conditions.

2000 - The Comp. issued 57,78,886 No. of equity shares of Rs.10/- each for cash at par aggregating Rs.5,77,88,860/- on a Rights basis to the existing equity shareholders of Comp. in the ratio of 1[ones] equity share for every 5 [Fives] equity shares held.

- The Comp. has entered into a strategic alliance with Hindustan Lever for manufacture of detergents/detergent intermediates for HLL at DCW plant at Dhrangadhra.

2002-DCW Ltd has informed BSE that Shri T S Ravikumar, Director & Secretary of Comp. has resigned from the service of Comp. with effect from November 15, 2002 & Shri C V Subramanian has joined the services of Comp. as Chief Financial Officer with effect from October 21, 2002.