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History of Deccan Granites Ltd.

YEAR EVENTS 1984 - The Comp. was Incorporated on 21st February, as a private Comp. & converted into public limited Comp. on 1st December 1989. It was promoted by E. Utham Kumar & E. Vijay Kumar Rao.

- The Comp. had set up a 100% export oriented unit for manufacturing polished granite building panels with an annual installed capacity of 34,390 sq. mtrs. at village Bollaram, Narsapur Mandal, Medak District in Andhra Pradesh.

- The Company object is Carrying on the business of manufacturing & selling granite products.

1991 - The Comp. undertook to expand its annual capacity of granite panels from 34,390 sq. mtrs. to 1,39,000 sq. mtrs. and manufacture granite tiles of 50,000 sq. mtrs. per annum.

1992 - The Comp. commissioned first phase of expansion by installing 4 gang saws & polishing machine along with ancillary equipment. The second phase of expansion project was under implementation & was expected to be commissioned by November 1993.

- 5,03,300 No. of equity shares taken up by promoters, directors, etc. Later 90,00,000 shares issued at par out of which the following shares reserved & allotted:

- [is] 39,20,000 shares to promoters, directors etc.

- [iis] 7,00,000 shares to NRIs on repatriation basis and - [iiis] 5,00,000 shares to SBI Mutual Fund. Out of remaining 38,80,000 shares the following shares were reserved for preferential allotment:

- [is] 4,50,000 shares to employees etc. [only 1,68,800 shares taken ups] and - [iis] 4,00,000 shares to NRIs on repatriation basis [all were taken ups]. The balance 30,30,000 shares, along with 2,81,200 shares not taken up by employees etc. were offered to the public in Feb. 1992. Additional 13,50,000 shares allotted to retain oversubscription [3,80,381 shares to promoters, directors etc. 4,47,619 shares to NRIs with repatriation rights & 5,22,000 shares to the publics].

1995 - The expansion project in respect of free length tiles was delayed owing to factors beyond the control of Company.

1996 - The performance of Comp. was affected due to severe liquidity crunch, higher interest burden, demand sluggishness, unhealthy competition, inordinate delay in the realisation of export dues etc.