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History of Drillco Metal Carbides Ltd.

YEAR EVENTS 1974 - The Comp. was Incorporated as a private limited Comp. on 28th January, & as a public limited Comp. on 22nd August 1975 in Maharashtra.

- The Company object is to manufacture tungsten & tungsten carbide products, drilling rods & drilling bits.

- The chief individual promoters of Comp. were Mahendra Sekhri, K.S. Ghotankar, S.J. Ahmed, J.P. Vidwans, & J.K. Khanna All except J.K. Khanna were actively connected with the tungsten carbide industry for over 15 years. In addition, SICOM & WMDC [West Maharashtra Development Corporations] are the co-promoters.

- Issued 1,96,000 share to promoters, directors, etc. 75,000 shares to SICOM & 25,000 shares to [WMDCs]. 4,44,000 shares offered to the public in March 1976.

1983 - The market for products continued to remain sluggish almost throughout the year due to recession. This coupled with the normal increase in costs of raw-materials & other costs resulted in erosion of margins.

1986 - Sales at Rs.568.08 lakhs were lower than the previous year mainly due to a decline in the sale of marine products.

1988 - Profit margins, however, were under pressure due to hike in raw material costs.

1989 - 3,550 forfeited shares reissued.

1990 - Though turnover improved by 14%, the profit margins were under pressure due to substantial drop in production of mining tools & proportionately higher material costs in respect of bought out cutting tools, devaluation of Rupee & other measures adopted to restrict imports that formed substantial part of company raw material inputs. Due to R and D efforts, production of Titanium - Tungsten Carbide, that had hitherto been imported, was commenced.

- It was decided to increase the range of tungsten carbide products by taking up the manufacture of indexable tooling system in technical collaboration with Hertel AG, West Germany.

- It was also proposed to modernise the existing manufacturing facilities to keep pace with the latest technology changes. The project for indexable tooling systems was proposed to be located at Koregaon near Pune.

- The Research & Development unit developed new carbide grades for steel machining. A project to develop in-house manufacturing process for fine grain Tungsten carbide powder & titanium tungsten carbide powder was under implementation. Furnace design & other equipment in the powder plant were modified to improve efficiencies. Remaining trial were carried out to improve process efficiencies.

- Drillco Hertel Ltd., is a subsidiary of Company.

1991 - 7,40,000 rights shares offered at par in prop. 1:1. Additional 73,175 shares allotted to retain oversubscription. Another 37,000 shares issued to employees but only 10,400 shares taken up The balance 26,600 shares allowed to lapse.

1992-99 NO NEWS

2000 - The Comp. allotment of 6,30,800 No. of equity shares of Rs. 10 at par on preferential basis to the promoters, their friends and associates.

- SECO Tools AB plans to source some labour intensive products from its joint venture with Pune-based cutting tool manufacturer, Drillco.