History of Hitachi Home and Life Solutions Ltd.

YEAR EVENTS 1984 - The Comp. was Incorporated as a private limited Comp. on 7th December in the name of Acquest Air Conditioning Systems Pvt. limited It was converted into a public limited, on 30th June, 1989. Name was changed to Amtrex Appliances on 14th September, 1990. Its manufacturing facilities are situated at Kadi, a notified backward area in North Gujarat for manufacture of air conditioners. Air conditioners consisting of window, split and multi split are marketed under the brand name `Amtrex'.

- The Company object is to manufacture air conditioning and refrigeration appliances & other durables.

1989 - All shares taken up by promoters, directors etc.

1990 - Equity shares sub-divided. 18,50,000 shares of Rs.10 each then issued at par of which 13,50,000 shares reserved & allotted on a firm basis to promoters, directors etc. Of the remaining 5,00,000 shares, 92,500 shares reserved for allotment on a pref. basis to employees of Comp. as well as promoter companies [only 24,000 shares taken ups]. The balance 4,07,500 shares, along with 68,500 shares not taken up by employees, were offered for public subscription during February 1991 [all were taken ups]. Additional 2,77,500 shares allotted to retain oversubscription.

1991 - The Comp. issued through a prospectus the following:

- [As] Equity shares: 18,50,000 No. of equity shares of Rs.10 each of which 13,50,000 shares issued on firm allotment basis to promoters, directors etc. Of the remaining the following were reserved for allotment on preferential basis:

- [is] 92,500 shares to employees;

- [iis] 4,07,500 shares issued to the public. Additional 2,77,500 shares allotted to retain oversubscription.

- [Bs] Fully convertible Debentures: 2,64,000 - 14% secured fully convertible debentures of Rs.125 each were also issued as follows:

- [as] 13,200 debentures to employees;

- [bs] 2,50,800 debentures also were issued to the public. Additional 39,600 debentures allotted to retain oversubscription.

- Part A of Rs.50 of each debenture was converted into 5 equity shares of Rs.10 each on the date of allotment; 15,18,000 shares were allotted.

- Part B of Rs.75 was converted into 75 No. of equity shares for every 20 debentures held, on 15.10.1992 of Rs.10 each at a prem. of Rs.10 per share. Accordingly 10,75,500 shares were allotted.

- In July, the Comp. launched the Amtrex-Shizuka range of wall mounted split air-conditioners.

1992 - The Comp. proposes to issue 9,83,193 Fully Convertible Debentures on rights basis, to raise Rs. 15.23 crores from the capital market.

1993 - The Comp. undertook to upgrade its technology & increase installed capacity from 24000 units of air conditioners to 50,000 units per year.

- The Comp. launched the 6,000 K. Cal [2.0 Tons] Cooling models manufactured in technical collaboration with Hitachi Ltd., Japan.

- During the year, Avikal Investments limited became a subsidiary of the company.

1994 - During March-April, the Comp. issued 9,36,375-14% fully convertible debentures of Rs.155 each on Rights basis in prop. 1 debenture : 4 equity shares held. Another 3400 debentures were issued to employees [only 120 debentures taken ups].

- Part A of Rs.50 of face value of each debenture was converted into 2 equity shares of Rs.10 each at a prem. of Rs.15 per share on the date of allotment of debenture. Accordingly 18,72,990 shares were allotted.

- Part B of Rs.105 of face value of each debenture was converted into 3 equity shares of Rs.10 each at a prem. of Rs.25 per share on 1.10.1995.

1995 - The Comp. launched two major products viz. HAIKU, a 0.75 Ton window Air conditioner with Hitachi Rotory Compressor, QUADRA, a ceiling mounted split Airconditioner with Hitachi scroll compressor in 4.0 Ton capacity.

- AMTREX entered into a Distributorship Agreement with IMI corneilins of U.K. for marketing & servicing of Dispensers in India. The Comp. has also enhanced the production capacity of Airconditioners from 50,000 units to 1,00,000 units.

- 28,09,485 No. of equity shares allotted on conversion of Part `A' of 14% FCD.

1996 - The Comp. has also now fully geared up to receive ISO 9001 certification by year end.

- The Comp. has also launched KAIZEN in manufacturing operations & has made significant contribution to work culture among the employees.

1997 - The Company, successfully launched & marketed imported soft drink fountains.

- Amtrex has entered into a Technical Collaboration with ORFORD REFRIGERATION of Australia for manufacturing Visi-Coolers, a Commercial Refrigeration product.

- The Comp. has launched Just In Time [JITs] Programme.

- Rating of 'FA+' assigned by CRISIL to the Fixed Deposit Scheme of the Comp. has been retained.

1999 - The Comp. introduced 3 new models of Room Air-conditioners, which received encouraging response.

- The Company manufacturing facilities, became the seventh base worldwide for production of Hitachi brand Air-conditioners.

- The Comp. has launched 4 new models under the 'Hitachi' brand, which have been well received by market.

- With effect from 1st April, Mr. Yuuhiko Yabe has been appointed as the Joint Managing Director.

2000 - The Comp. joint venture between Hitachi Ltd, Japan, & the Ahmedabad-based Lalbahi group, has posted an impressive 33 per cent growth in revenue.

- Crisil has reaffirmed the 'FA+' rating assigned to the fixed deposit programme of company.

2001 - The Comp. a joint venture between Japanese conglomerate Hitachi & the Lalbhai group, is currently working on plans to broad base its presence in India by introducing a range of Hitachi retail & home appliances products.

2003 -Lalbhai Group Nominees Mr Sanjay S Lalbhai, Chairman & Mr Naishadh Parikh, Managing Director has resigned from the Board of Directors of Comp. & Hitachi inducted Mr Shinya Yoshinaga as Chairman, Mr Shoji Tsubokuta as Managing Director & Mr Makoto Takeshita as Additional Director.

-Mr. Mahesh Agrawal, GM Legal and Comp. Secretary has resigned from the Company.

2004

-Allots 82,91,043 equity shares on rights basis of Rs 10/- each on January 30, 2004

-Launches new range of window air-onditioner [ACs], Hitachi Quadricool, in Chandigarh

- Announces the launch of five new cooling solution products for Indian market on September 9, 2005. The products include the Sense i split air conditioner, two models of floor standing Hitachi Tower air conditioner, the Microcool Cassette ceiling air conditioner & the high end Quadricool window air conditioner.

2005

-Hitachi unveils two new products Quadricool TM & Atom UV.

2007

-Hitachi Home and Life Solutions India Ltd has appointed Mr. Akira Kamitani as Chairman & Director of Comp. with effect from April 01, 2007.

2008

-Hitachi Home and Life Solutions India Ltd has appointed Mr. Kenichi Munakata as Chairman & Director of Comp. with effect from February 01, 2008.

-Hitachi Home and Life Solutions India Ltd has appointed Dr. Anwar Ali, Mr. Ashok Balwani & Dr. Devender Nath Dave as independent directors of Company.