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History of Devidayal Industries Ltd.

YEAR EVENTS 1953 - The Comp. was incorporated on 15th January under the name of Indian Insulation Industries Pvt., limited In 1955 Devidayal acquired a controlling interest in the Comp. and the name was changed to Devidayal Cables Industries Pvt. limited It became a public Comp. in 1963. The name was further changed to Devidayal Electronics and Wires limited in 1972.

- The Comp. manufactures various types of winding wires, strips, cables, electrical and electronics equipment, steel wires, stainless steel wires.

- Subject to the necessary approval being obtained, the name of Comp. proposed to be changed as `Devidayal Industries Ltd.'

1963 - In March, 98,200 Bonus Equity shares issued in the prop. 1:5.

1969 - 200 forfeited Equity shares reissued in this year & 40 No. of equity shares reissued in 1970.

1971 - 5,000 Pref. shares redeemed on 1st January.

1972 - The Comp. received a letter of intent for manufacture of 3,000 desk top calculators & 30,000 tape recorder sets per annum. 11 acres of land were purchased in Bangalore to set up this electronics complex.

- 10,000 Pref. shares redeemed. 6,200 No. of equity shares forfeited & reissued in 1973.

1974 - Seven different models of calculators were developed by Company. A letter of intent was received for manufacture of computer peripherals & accounting-cum-invoicing machines.

1976 - The Comp. undertook to develop cathode ray tube terminal to be used in place of card punches in the existing computer installations. Owing to delay in the receipt of imported components, production of own calculators could commence only from August.

- Rate of Pref. divided raised to 11% & redemption date extended till 25th March, 1981. 12,950 Pref. shares held by dissenting shareholders redeemed.

1977 - To reduce conveyance & establishment expenses in the calculator division, the Comp. shifted in early its manufacturing activities from its own premises to another hired premises in the city.

- As calculator division was suffering continuous losses, it was closed down from 30th September.

- 17,390 Pref. shares each redeemed on 25th March, 1977 & 25th March, 1978.

1980 - Pref. shares redeemed in 5 equity instalments.

1984 - The Comp. revalued its free hold land, buildings & factory premises as on 31st December, arising out of this revaluation was transferred to Capital Reserves.

1986 - Sales and profits registered satisfactory improvement despite shortage of working capital funds, steep increase in the raw material prices & non-availability of certain canalised raw materials.

1987 - Turnover improved despite increase in the raw material costs & copper prices also operational profits were much higher compared to the previous year. PVC winding wires, introduced during the year were well received in the market.

- The Comp. applied for various Government clearances in respect of proposed building construction activity.

1988 - The fire protection & alarm systems division received approval for technical collaboration for undertaking turn-key jobs. Equipments for expansion of stainless steel wire division were installed.

1989 - The Comp. entered into a memorandum of understanding with M/s. Universal Det, of France for manufacture & sale of all kinds of electronic smoke detectors. As part of first phase, a unit was set up in the Chennai Export Processing Zone on a 100% export oriented unit.

1990 - Devidayal Detectors, Ltd., became a subsidiary of Company.

- On 18th January, 5,87,960 Bonus equity shares issued in prop. 1:1.

1993 - On 2nd March, 10,94,099 rights equity shares issued in prop. 1:1 at a premium of Rs. 10 per share.

1994 - Inspite of disturbed market condition due to imposition of market duty. Due to uncertain market condition for copper division and heavy working capital requirement the Comp. decided to restrict the production of copper division. The Comp. also decided to discontinue manufacturing PVC winding wire & reduce the man power.