History of Garware Polyester Ltd.
YEAR EVENTS 1957 - The Comp. was Incorporated on 6th June, under the name Garware Motors and Engineers Pvt. Ltd., & was converted into a public limited Comp. on 26th May 1981. The Company objects is to manufacture rigid PVC pipes, HIP sheets, ABS cop sleeves, PVC pipe fittings & industrial mouldings, general mouldings and extrusion items, metallised film for Sari yarn, electrical insulation film, packaging laminates, tea wrapping film & bare film.
1966 - A new factory & office was constructed at Vile Parle which continued to house the plastic division. The unit at Byculla was subsequently shifted to Nagpur. A part of capacity for rigid PVC pipes was installed at Nasik.
1975 - 9,000 Bonus equity shares issued in prop. 3:5 on 24th December.
1976 - A new project was set up at Aurangabad to manufacture biaxially oriented polyester film. Thereafter, Garware Plastics Pvt. Ltd. [formerly known as Garware Motors Ltd.s], was merged with the Comp. with effect from 1st January.
- 6,60,000 No. of equity shares issued without payment in cash to members of Garware Plastics Pvt. limited on 6th December consequent to its merger with the company.
1977 - The name of Comp. was changed to Garware Plastics & Polyster Pvt. Ltd., with effect from 14th April.
1978 - Another factory was started at Nasik for metallising & coating of polyester film.
- A coating plant to metallise polyester & PVC film was installed at Nasik.
- 6,84,000 Bonus equity shares issued in prop. 1:1 on 6th February, 1979.
1979 - The Comp. obtained an industrial licence to expand the capacity of polyester film from 600 tonnes to 1,500 tonnes per annum and to set up a captive plant with a capacity of 2,000 tonnes per annum for manufacture of polyester chips which was the raw material for manufacture of film. The expansion was to be carried out in the Company existing unit at Waluj in Aurangabad.
- Plant & equipment for second film line were imported from reputed suppliers from U.S.A., France, West Germany, U.K. and Japan. An existing plant was being imported for manufacture of chips from Phillips Petroleum Co., U.S.A., which was a subsidiary of Phillips Petroleum Co., U.S.A.
1981 - Coloured polyester film for cable application was developed.
- The object of issue of capital to the public during August was to raise funds to meet a part of cost of expansion of polyester film capacity & polyester chips project & to get the company shares listed on the Stock Exchange, Mumbai.
- 9,57,600 Bonus Equity shares issued in prop. 7:10 on 25th May.
- 34,88,400 No. of equity shares issued at a prem. of Rs.3 per share of which 1,74,420 shares reserved & allotted to the employees & business associates of Comp. & the balance 33,13,980 shares offered for public subscription during August.
1982 - The working was affected due to increase in the customs duty on polyester chips without a corresponding increase in the customs duty on polyester film.
1983 - Garware polyester film for sun control was introduced on a commercial scale & this was well received. A patent in the U.S.A. for this film was obtained. A number of new products such as polyester based adhesive tapes, heat sealable film & super copy static film were ready for commercial production.
- The Comp. raised Rs.400 lakhs by issue of privately placed 15% non-convertible secured debentures to ICICI, UTI & Army Group Insurance Fund to finance a part of long term working capital requirements as well as modernisation programme.
1984 - One generating set of 1,450 KVA for polyester film plant at Chikalthana & two diesel generating sets of 1,000 KVA each were being installed for polyester chips project at Waluj.
- The glycol recovery plant at Waluj was commissioned on schedule. A letter of intent was received for manufacture of audio, video & computer tapes for which the Comp. had negotiated the import of technology.
1985 - The process & technology for manufacture of X-ray film and graphic art film were completely developed.
- The Comp. raised Rs.185 lakhs by issue of privately placed 15% secured non-convertible redeemable debentures to UTI to finance a part of its long term working capital requirements.
- As on 30th June, the Company land at Vile Parle, Nasik, Aurangabad & Waluj & building at Vile Parle were revalued and the surplus amount arising out of this was credited to capital reserve.
1986 - The Comp. set up a modern facility for recorded cassettes. The Comp. has the state of art facilities for moulding, assembly, transfer & duplication of video cassettes.
1987 - The first phase of modernisation in the polyester film plant was completed by end.
- The Comp. developed new grades of sun control film. A pilot coating plant was installed for medical & industrial X-ray films.
- On 25th March, the following debentures were allotted:
- [is] 4,64,800 debentures to the equity shareholders on a rights basis in the ratio of 2 debentures for every 25 No. of equity shares held and
- [iis] 34,860 debentures to the employees/workers/Indian working directors on an equitable basis.
- Each debenture of Rs.150 was to be converted into 5 equity shares of Rs.10 each at a premium of Rs.20 per share on 1st July.
- 24,98,300 No. of equity shares allotted on 1st July, [prem. Rs.20 per share in conversion of debenturess].
1988 - The Comp. received a letter of intent for manufacture of 6 million sq. mtrs. of X-ray film & graphic art films. The X-ray pilot plant was set up with the assistance of IDBI & the Venture Capital Fund Scheme.
- During February, 1989, the Comp. offered 24,93,800 No. of equity shares [prem. Rs.25s] on rights basis in prop. 3:10. Additional 3,74,070 shares were allotted to retain oversubscription [out of this 483 shares were set aside to accommodate future claimss]. Another 1,31,300 No. of equity shares [prem. Rs.25 per shares] were issued to employees on equitable basis [all were taken ups].
1990 - Optimization of product mix, concentration on high value product & introduction of new products such as sun-control film and audio/video grade film.
1991 - Fluorescent yarn was a new product developed by Company.
1992 - The Comp. undertook substantial expansion of its capacity firm 10,000 TPA to 25,000 TPA together with modernisation and upgradation of existing production facilities.
- Garware Video Cassettes Ltd., & Garware Photo Films Ltd., are subsidiaries of company, these ceased to be subsidiaries.
1994 - The Comp. set up the third film line with a capacity of 9,000 TPA. In addition is also to set up two additional lines with a total capacity of 29,000 TPA in addition of to a Continuous Polymerisation [CPs] plant with a capacity of 20,000 TPA.
- The Comp. proposed to implement DMT project in Garware Chemicals Pvt. limited [GCPs], a Comp. incorporated interalia with the objects of manufacture of DMT & invest Rs.45 crores in the equity of GCPL.
- Garware Photo & Polyester Films became subsidiary of the Company.
- The Comp. entered into a collaboration with M/s. Grace Enterprise of Singapore for setting up a joint venture for trading & marketing.
- A new Comp. under the name & style of Garware Grace Singapore Pvt. Ltd., was incorporated in Singapore. The Comp. invested $5,000 [equivalent to Rs.19,000s] in this joint venture which forms 50% of its equity capital.
- Consent from the Controller of Capital Issues was obtained for issue of 4,99,660 - 13.5% convertible debentures of Rs.150 each.
- The Comp. issued 24,89,622 - 16% NCDs along with 24,89,622 Detachable Warrants to financial institutions.
- The warrants entitles the holder to apply for 2 equity shares of Rs.10 each at a premium of Rs.40 per share at any time between 3rd & 4th year from the date of allotment ie., 4th April.
- 64,860 No. of equity shares of Rs.10 each issued at a prem. of Rs.40 per share to IDBI on conversion of part of loan amount of Rs.32.43 lakhs.
1995 - DMT project undertaken by Garware Chemicals Ltd., progressed Satisfactorily. A MoU has been signed with Sumitomo Corporations of Japan to arrange for US $ 10.4 million to part finance this project.
- During November-December, the Comp. issued 56,87,923 No. of equity shares at a prem. of Rs.175 per share on Right basis in prop. 1:2. Of these 3205 shares were kept in abeyance.
- 56,84,718 No. of equity shares of Rs.10 each allotted on rights basis in prop. 1:2.
1997
-Achieved the Rs.100 crore in export during 1995-96 has been awarded meritorious export performance.
-Care gas assigned a CARE A +' rating to the Rs 50 crore non-convertible debenture [NCDs] issue of Garware Polyester Ltd [GPLs]. CARE has also given a 'CARE AA' rating to the Rs 4 crore NCE issue of Punjab Alkalies and Chemicals Ltd.
1999
- Credit Rating Information Services of India Ltd [CRISILs] has downgraded fund raising programmes of Garware Polyester Ltd [GPLs]
2003
-Received the award for `Top Exporter of The Year 2002-03'.
