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Ador Welding Ltd. Company History and Annual Growth Details

YEAR EVENTS
1951 - The company was incorporated on 22nd October 1951 at Mumbai as a
private limited company & was converted into a public limited
company on 19th March, 1975. It was promoted by J.B. Advani &
Co. Pvt. Ltd. The objects & activities of the company include
the manufacture of a wide range of welding electrodes & their
accessories, industrial electronics equipment & power & process
control equipment such as thermometry instruments, heat
treatment control instruments, DC machines & power control
equipment, micro processor instruments, plain copiers, collators,
xerography consumables etc.

1979 - The equity shares were issued as bonus shares: 20,000 shares on
29.3.1966; 20,000 shares on 14th May 1970; 15,000 shares on 30th
July 1974 and 60,000 shares on 25th March. Out of the total
shares issued so far, 1,50,600 shares were held by J.B. Advani &
Co. Pvt. Ltd. (Holding Company).

1985 - The Company revalued its freehold land at Chennai, Chinchwad and
Kalina (Mumbai) and leasehold right in respect of leasehold land
at Ahmednagar, Raipur and buildings at Chennai, Bhandup, Kalina
(Mumbai), Chinchwad, Ahmednagar and Raipur as on 30th September.

- As per the terms of issue, the Company redeemed the balance 15%
Non-convertible debentures of Rs 100 each, amounting to Rs 278
lakhs at a redemption premium of 5% of the face value of
debentures.

- The Company issued 28,00,000 No. of equity shares of Rs 10 each
at a premium of Rs 2 per share linked to 5,60,000 - 15% secured
redeemable non-convertible debentures of Rs 100 each.

- Out of the total issue, 1,40,000 No. of equity shares linked to
28,000 debentures were reserved and allotted on a firm basis to
Unit Trust of India.

- 11,76,000 No. of equity shares and 2,35,200 debentures were
reserved and allotted on a preferential basis as follows:
(i) 1,07,400 No. of equity shares and 21,480 debentures to the
employees/workers;

- (ii) 88,600 No. of equity shares and 17,720 debentures to
business associates and

- (iii) 9,80,000 No. of equity shares and 1,96,000 debentures to
non-resident Indian/persons of Indian origin residing abroad on
repatriable basis.

- The balance of 14,84,000 No. of equity shares linked to
2,96,800 debentures were offered for public subscription during
June 1986.

1986 - The Company entered into collaboration agreement with welding
industries Oerlikon Buhrle Ltd., Switzerland for technology
upgradation of welding consumables.

- The Company signed a Memorandum of Understanding with two well
known U.K. based companies - Ocean Technical Systems Ltd. and
Vosper Thorny Croft (U.K.), Ltd. for development of industrial
process control equipment and systems.

- After the public issue of shares and debentures during June,
J.B. Advani & Co. Pvt. Ltd. ceased to be the holding company of
Advani-Oerlikon, Ltd.

1989 - The high technology welding consumables were being introduced in
the market.

1992 - The company embarked upon a modernisation programme for its
manufacturing facilities at various locations.

1993 - The Company has signed an agreement with Timah Langat Berhad,
Kualalumpur, Malaysia, to set up a joint venture project for
manufacturing welding electrodes and consumables in Malaysia.

- The Company proposed to disinvest its shareholding of 5,00,000
ordinary shares of Malaysian Ringit 1 each in the joint venture
company 'Slectrode Products Sdu Bud'. This was mutually agreed
by the Malaysian Promoter and the company received lock the
nominal value of the shares which were issued for the investment
made by supply of plant and machinery and technology.

- During December 1993 - January 1994, the Company issued 36,00,000
Rights equity shares of Rs 10 each for cash at a premium of Rs 15
per share in proportion 1:2.

- The Company issued 8 years 17.5% Secured Redeemable
Non-Convertible debenture amounting to Rs 400 lakhs to UTI on
Private placement basis.

1994 - The Company's subsidiary 'Advanced Welding Alloys Ltd.', located
at Halol was merged with the Company and was operating as a
'Division of Advani-Oerlikon Ltd.' As per the scheme 52,200
fully paid equity shares of Rs 10 each were issued and allotted
to the other shareholders of the Amalgamated Company.

1995 - In order to have equity stake in the new company, 100 No. of
equity shares of Rs 10 each of Ador Powertron Industries Ltd.
were offered at par on firm allotment basis to AOL shareholders.

1996 - 52,76,100 bonus shares issued in prop. 1:2.

1997 - The company in technical collaboration with Machinenfabrick GmbH,
West Germany for the manufacture of welding rotators, colums
booms, seamers, etc., With Kroger Schweisstechnik, West Germany
for the manufacture of automatic and semi-automatic submerged
arc welders and gas shielded welders as also modern static
welding sources including rectifiers and specialised welding
transformers and with Dipl. Ing. W. Rick & Co., West Germany for
the manufacture of high voltage rectifiers.

2004
-Mr. V.G. Kutty, Executive Director, takes over as Managing Director from Mr A.T. Mirchandani

2005

-Delist equity shares from the Madras Stock Exchange Ltd, (MSE) Chennai with effect from December 22, 2004 and The Stock Exchange, Ahmedabad (ASE) with effect from January 28, 2005.

-Delist equity shares from the Madras Stock Exchange Ltd, (MSE) Chennai with effect from December 22, 2004 and The Stock Exchange, Ahmedabad (ASE) with effect from January 28, 2005.

2006.

-Mr R A Mirchandani appointed as an Additional Director on July 28, 2006.
 
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