History of Dharamsi Morarji Chemicals Comp. Ltd.

YEAR EVENTS 1919 - The Comp. was incorporated at Mumbai. The company product range includes acids, heavy chemicals, superphosphate, fertilizer mixture and other allied products. The company products are marketed under the trade name `SHIP'.

1942 - 40,000 No. of equity shares subscribed. 12,617 shares forfeitued.

1943 - Capital reduced by cancelling the paid-up capital to the extent of Rs. 50 per share.

1960 - 18,225 Right shares offered at par in prop. 2:3. Only 18,093 shares taken up.

1961 - 18,190 Bonus shares issued in prop. 4:10.

1963 - The Comp. formed in collaboration with Borax [Holdingss] Ltd., London, a new Comp. by name of Borax Morarji Ltd., to manufacture of Borax and Boric acid.

- 19,099 Right shares issued at par in prop. 3:10.

1964 - 27,588 Right shares issued at par in prop. 1:3.

1965 - The Comp. in collaboration with Albright and Wilson Ltd., London, Shri S.P. Pandit and Smt. Sharda Mukherjee, floated a new Comp. on 25th September under the name of Albright, Morarji and Pandit Ltd., for manufacture of phosphoric acid and industrial phosphatic.

1966 - 11,035 Bonus shares issued in prop. 1:10.

1968 - In June, 24,277 Bonus shares issued in prop. 1:5, & in Sept., 58,266 Right shares issued at par in prop. 2:5.

1969 - 50,982 Bonus Equity shares issued the prop. 1:4.

1973 - 2,54,913 Bonus Equity shares issued the prop. 1:1.

1975 - The Comp. shifted the plants manufacturing di-ethyl sulphate, para amino phenol, sulphuric acid plant & aluminium sulphate plant to Roha. Subsequently, benzene sulphonyl chloride and thiophenol plants were shifted & commissioned in 1979.

- The Comp. promoted, jointly with the Madhya Pradesh State Agro Industries Development Corporation limited to implement a project for manufacture of granulated fertilisers.

1976 - 4,07,860 Bonus shares issued in prop. 4:5.

1979 - In May, with a view to further diversification, the Comp. took on lease for six years a factory at Baroda belonging to Tolne-Chem Industries Pvt. Ltd., for manufacture of resorcinol, a chemical product used mainly by tyre industry.

- 3,67,074 Bonus shares issued in prop. 2:5.

1980 - The capacity of single superphosphate plant was expanded at Kumhari in phases from 95,000 to 1,61,000 tpa

1981 - In order to contain pollution caused by manufacture of superphosphate, facilities were set up to manufacture fluoride chemicals & silica compound & commissioned.

- During 1981 to 1989, Turn-key projects and Consultancy services division was busy in executing various contracts received from reputed parties such as National Rayon Corporation, limited Shaw Wallace and Co., Ltd., Indian Rayon Corporation, limited Hindustan Zinc Ltd., etc.

1982 - Environmental Engineering division conducts studies on air pollution & liquid effluents. And started taking turn-key contracts for design & supply of effluent treatment plants. Orders were received from Crompton Greaves Ltd., V.I.P. Industries Ltd., Hindustan Aluminium Corporation Ltd., & Bombay Dyeing and Manufacturing Co. Ltd.

1984 - Despite severe drought in the Company major marketing zone of Maharashtra, Gujarat & Western Madhya Pradesh, sales of single superhosphate were maintained. The subsidy from Fertilizer Industry Corporation Committee for use of Rajasthan State Mining Development Corporation Rock Phosphate was also terminated.

- The Comp. offered 4,80,000-15% non-convertible debentures of Rs. 100 each as rights. These debentures were allotted in February 1985 & are redeemable at a premium of 5% in February, 1992.

1986 - The single superphosphate plant was modernised & also expanded from 2,00,000 tpa to 3,00,000 tpa.

- Equity shares sub-divided effective from 3rd June & authorised capital increased.

1987 - The severe competition lead to a fall in prices. The profits were lower than the previous year due to increase in depreciation, higher interest charges & reduction in equated freight on fertilisers reimbursed by Government.

1988 - Similarly, the capacity of sulphuric acid plant increased from 66,000 tpa to 1,01,900 tpa & that chloro-sulphonic acid plant from 3,600 tpa to 16,500 tpa in July.

1989 - Single superphosphate with micro nurtient of boron known as boronated superphosphate manufactured by Comp. had been notified as a fertiliser by Government.

- The Comp. was in a position to take up project for large size sulphuric acid plants in India & abroad.

- As on 31st March, the Comp. held 5,02,600 No. of equity shares in Boraz Morarji Ltd.

1990 - The operations were adversely affected due to allround increase in the cost of inputs, higher transport costs & enhanced provision for depreciation as the Jhar factory became operational.

- The Comp. commissioned at Jhar, district Amreli, Gujarat, a sulphuric acid plant with a capacity of 33,000 tpa & a single superphosphate plant with a capacity of 66,000 tpa.

- 25,69,520 Bonus shares issued in prop. 2:5.

1992 - The Comp. sold the Alpha Olefin sulphonate plant at Roha to Albright Morarji & Pandit, limited a Comp. jointly promoted with Albright and Wilson Ltd., London. During the year, the Company commissioned sulphuric acid plant with a capacity of 3,000 mtrs per annum at Roha.

- On 14th July, Comp. issued 31,47,663 - 16% secured redeemable partly convertible debentures of Rs. 40 each of which 29,97,774 debentures were offered on rights basis in the ratio of one debenture for every three equity shares held [only 28,77,245 taken ups]. The balance 1,49,889 debentures along with 1,20,529 debentures not taken up by shareholders were offered to the employees/workers of Comp. [all were taken ups]. Additional 2,99,777 debentures were allotted to retain oversubscription.

- As per terms of issue, Rs. 20 of each debenture would be converted into one equity shares of Rs. 10 each at a premium of Rs. 10 per share at the end of six months from the date of allotment. The balance Rs.20 of each debenture would be redeemed at par at the end of 7 years from the date of allotment.

- The Comp. commissioned the bio-methanation plant based on Bacardi Technology for Kopergao Sahakari Sakhar Karkhana limited During the year, the Comp. signed an export contract for supply of equipments for a plant of 100 MTs per day capacity to manufacture sulphuric acid & 50 MT per day capacity to manufacture alum with Global Soap & Detergent Industries Ltd., Nigeria.

- 35,27,640 No. of equity shares allotted on part conversion of 16% debentures [prem. Rs. 10 per shares].

1993 - The Comp. expanded chlorosulphoric acid plant.

- The Comp. also secured an assignment for preparation of feasibility report for GSFC in respect of 50,000 tonnes per annum capacity P 205 phosphoric acid plant in Uganda.

1994 - As on 31st March, the Comp. held 9,29,600 No. of equity share in Albright, Morarji and Pandid Ltd.

- As on 31st March, the Comp. held 1,16,994 No. of equity shares of Rs. 10 each in M.P. Agro-Morarji Fertilisers Ltd.

- The Comp. subscribed for 66,000 No. of equity shares of Rs. 10 each of Premier Morarji Chemical Co. limited As on 31st March, the Comp. held 49,500 shares in this Company.

2002-Dharamsi Morarji Chemical Comp. Ltd has informed that the Board of Directors of Comp. at its meeting held on March 7, 2002 has appointed Mr C B Nalawalla as an additional Director.

2007

-Dharamsi Morarji Chemical Comp. has appointed Shri. Dilip P Goculdas as Managing Director [Agri Businesss] of Comp. for a period of 2 years with effect from April 01, 2007.