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History of Rico Auto Industries Ltd.

YEAR EVENTS 1983 - The Comp. was Incorporated on 1st February, at Jalandhar. The Comp. was promoted by Arvind Kapur & Arun Kapur of RICO Group of Companies. The Company object is to manufacture of automotive parts, tractor parts & auto electrical parts.

1984 - 1,000 shares subscribed for by promoters etc. & 50 shares taken up by employees of RICO group.

1985 - 12,98,950 shares issued at par of which 4,16,450 shares to promoters, directors, etc. & 1,30,000 shares to HSIDC were reserved & allotted on a firm allotment basis. Out of the remaining 7,52,500 shares, the following shares were reserved and allotted on a preferential basis:

- [is] 65,000 shares to employees and - [iis] 15,050 shares to business associates of Company. The balance 6,72,450 shares were offered to the public in December. 3,25,000 additional shares allotted to retain oversubscription [1,99,518 shares to public, 1,02,550 shares to promoters, directors, etc. & 22,932 shares to employees & business associatess].

1986 - The Comp. undertook to set up a project for manufacture of rear hub wheels & front hub wheels as an ancillary unit to Hero Honda Motors Ltd.

1987 - The Comp. commissioned its project for manufacture of 50,000 nos. gear oil pump for Maruti Udyog Ltd., 32,000 sets of frames & housing for Shriram Honda portable generator sets and 1,20,000 rotor oil filters for Hero Honda.

- A letter of intent was received for manufacture of valve rocker arm, case differential & Retainer input shaft.

1990 - With a view to further expanding its capacity, the Comp. acquired land for setting up Unit-II near Gurgaon for manufacture of components for Maruti Cars as well as to set up specialised facilities for export market.

- The Comp. proposed to undertake promotions of new Comp. RICO AGROILS LTD. [RALs] for setting up a solvent extraction unit of over 300 TPD cost of Rs.9.50 crores was to use soyabean as the main raw material.

1991 - In addition, the Company project for manufacture of clutch friction disc in collaboration with F.C.C. Ltd., Japan was expected to go on stream by November/December. The product was to serve import substitution.

1992 - The Comp. had decided to promote Rico Agroils limited [RALs] with our participation at 26% of equity.

1993 - The Comp. reached a landmark by being the first automobile component manufacture to obtain the ISO 9002 certification from BIS.

- Significant progress has been achieved in the setting up of `state-of-the-art' Spheroidal Graphite [SGs]/Grey Iron Foundry at Gurgaon, Haryana with an installed capacity of 1200 TPA.

- During October-November, the Comp. issued 8,12,500 - 17% non-convertible Debentures of Rs.75 each with a detachable warrant with each debenture on Rights basis in prop. 1 deb : 2 equity shares held [all were taken ups]. 50 debentures were kept in abeyance. Each warrant entitles the holder to apply for 1 equity share of Rs.10 each at a prem. of Rs.30 per share between 18 to 24 months from the date of allotment of debentures.

- During October-November, the Comp. issued 1,80,000 No. of equity shares of Rs.10 each at a prem. of Rs.30 per share on preferential basis to members of promoter group of company.

- 16,25,000 Rights equity shares of Rs.10 each issued [prop. 1:1 prem. Rs.30s]. 100 shares kept in abeyance. 1,80,000 shares of Rs.10 each allotted at a prem. of Rs.30 per share on private placement basis.

1994 - The overall working was excellent due to the additional capacities created in the expansion programme.

- To cater to the stringent OE Standard & to develop intricate castings & components for present day generation automobiles, a development department was set up. - Hero Honda Ltd., would purchase 100% of their requirements from the Comp. & the balance production would be supplied to other 2 & 3 wheeler industries.

- The Comp. took up a project for manufacture of 4,00,000 nos. per annum of clutches in technical collaboration with Fuji Chemical Co. limited

- 10,00,000 No. of equity shares of Rs.10 each issued to promoters, their relatives etc. [Rs.3 per share called ups].

- The Company Rights Issue of 18,05,000 [including preferential offer of 1,80,000 Equity Shares to promoterss] to Rs.10/- each at a premium of Rs.30/- per share & 8,12,500, 17% Secured Non Convertible Debentures [NCDss] of Rs.75/- each wth detachable warrants was overwhelming.

1995 - As a part of expansion cum diversification, the Comp. proposed to set up a joint venture Comp. with Daewoo Precesion Industries Ltd., Korea as a single source OE supplier for Daewoo in India & to emerge as an OE supplier to Daewoo Car manufacturing units in other countries as well.

- 812,450 No. of equity shares [prem. Rs.30s] allotted against conversion of warrants.

1996 - The Comp. has entered into a JV agreement with Daewoo Precision Industries limited [DPIs], Korea, a leading auto component manufacturer within the Daewoo Group.

1997 - The Comp. also entered into a Joint Venture Agreement with FCC Co. limited the largest manufacturers of clutches in Japan & OEM supplier to such well known names as Honda, Yamaha & Suzuki.

1998 - The Comp. is proposed to form an independent project to manufacture Dies and Moulds under the name of Rico Dies and Moulds Pvt. Ltd.

1999 - The Gurgaon Plant has been accredited with the QS 9000 Certification & Dhawhera Plant has been recommended for QS 9000 Registration as per 1998 Edition. The QS 9000 Certification is a recognition of march towards the globalisation of the Company quality system management.

2000 - The Comp. has signed the agreements for dematerialisation of the shares with NSDL & CDSL & appointed MCS Ltd.

- Crisil has upgraded the BBB rating assigned to a Rs 6.09-crore non-convertible debenture [NCDs] issue of Rico Auto Industries to BBB+.

2002

-Board approves for issue of Bonus Shares at the ratio of 1:1

-Board of Directors approve for acquisition of Auto component Manufacturing Comp. in India & abroad.

2003

-Kapsons Associates Pvt Ltd acquires 40,399 shares amounting to 0.37% of total paid up capital of company.

-Ford Motor Comp. selects Rico Auto Industries to participate in its Global supplier Development programme.

-Board approves for scheme of amalgamation of Rico softech.

2004

-Rico Auto Industries Board approves sale of Agro Division at Bundi

-Rico Auto Industries Ltd has informed that the equity shares of Comp. have been delisted from The Delhi Stock Exchange Association Limited [DSEs] wef January 23, 2004.