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Amforge Industries Ltd. Company History and Annual Growth Details

YEAR EVENTS
1971 - The Company was Incorporated as a private limited company on 21st
April, 1971 under the name of Hakimrai Jaichand Forgings Private
Limited by Yogiraj J. Makar and Surindernath J. Makar. It
became a public company in January 1986. The company engaged in
the manufacture of forgings. It also supplies forgings as
original equipments to Defence factories, Railways and public
sector undertakings.

- The company entered into a technical services agreement with
Goshu Forge Company Limited, Japan for the manufacture of close
tolerance forgings to meet the international standards in terms
of quality and price.

1985 - The name of the Company was changed to Amforge Industries Private
Limited with effect from 9th December.

- All shares issued for cash. 30,00,000 bonus equity shares issued
in propn. 3:1 February 1986.

1986 - The Company installed a 2,500 tonnes capacity forging press
imported from Japan for the manufacture of close tolerance
forgings to cater to both the domestic and export markets.

- 10,00,000 No. of equity shares of Rs 10 each at a premium of Rs
10 per share linked to 1,00,000-15% secured non-convertible
debentures (I-series) of Rs 100 each were issued for cash at par
during April.

- Out of these 70,000 No. of equity shares linked to 7,000-15%
debentures were reserved and allotted on preferential basis to
the Company's employees/workers. The remaining 9,30,000 No. of
equity shares linked to 93,000 debentures were offered to the
public.

- Additional 2,32,500 No. of equity shares linked to 23,250
debentures were allotted to the public and 17,500 No. of equity
shares linked to 1,750 debentures were allotted to the
employees/workers to retain oversubscription. The debentures are
redeemable at par in four annual instalments of Rs 25 each
commencing from 25th June, 1993 onwards.

1987 - The heat treatment plant at Bhandup factory was commissioned
during the year.

- With a view of expansion, the Company acquired land at Khopoli
for manufacture of heavier forgings upto 250 kgs. With the
commissioning of the expansion project, the capacity would
increased to 35,000 tonnes of forgings per annum.

- The Company raised an amount of Rs 2 crores by private placement
of debentures with UTI, LIC and ICICI to meet its long-term
working capital requirements.

1989 - The margins were squeezed due to repeated steep increase in steel
prices, higher interest burden, increased cost of the fuel and
other inputs, overall general cost escalation and also the
initial lower capacity utilisation of the hammer project at
Khopoli.

1990 - On 2nd June, the Company offered 2,78,250-12.5% secured fully
convertible debentures of Rs 70 each for cash at par. Of these,
2,65,000 debentures were offered to the shareholders on rights
basis in prop. 1 debenture : 5 shares (all were taken up).

- In addition, 13,250 debentures were issued to the existing
employees (including Indian working directors of the company) on
an equitable basis (all were taken up).

1991 - The technology upgradation-cum-expansion project for manufacture
of medium range close tolerance forgings was partly commissioned.

- On 1st April, the fully convertible debentures were converted
into two equity shares of Rs 10 each at a premium of Rs 25 each.

- Simultaneously, the Company issued 14,18,600-12.5% partly
convertible debentures of Rs 100 each through prospectus.

- On 1st April, Part `A' debenture of Rs 35 was converted into
14,18,600 shares of Rs 10 each at a premium of Rs 25 each. The
non-convertible portion of part `B' of Rs 65 will be redeemed at
par in four instalments of Rs 15, Rs 15, Rs 15 and Rs 20
respectively at the expiry of the 7th, 8th, 9th and 10th year
from the date of allotment.

1992 - The margins remained under pressure due to continued recession,
reduced demand, hike in input costs and finance charges. The
Khopoli unit was geared up to undertake several new, critical and
high profile jobs.

- To consolidate infrastructural facilities further, a new heat
treatment line was installed and partly commissioned. Exports
was affected due to problems in East Europe and the general
overall recessionery trends in the international market.

- A new heat treatment line was installed. The Company proposed to
set up new manufacturing facilities at Pune, which would enhance
the capacity by 20,000 tonnes per annum.

1994 - Isha Steel Processors Ltd. was amalgamated with the Company with
effect from 1st April. With effect from 1st April, Tru Wheels
Limited (TWL) was also Amalgamated with the Company.

- 19,99,960 No. of Equity shares to be allotted to the shareholders
of erstwhile Isha Steel Processors Ltd. pursuant to the scheme of
amalgamation.

1995 - The Margins were affected mainly because of increase in input
costs due to excessive competition.

- The expansion project at Chakan in Pune for manufacture of high
quality precision forgings was commissioned.

- The Company issued 24,23,368 Zero Percent Unsecured Fully
Convertible Debentures (ZFCDs) of Rs 35 each with Tradeable
Detachable Warrants on Rights basis. In terms of letter of
offer, the ZFCDs on allotment were converted into equity shares
of Rs 10 each at a prem. of Rs 25 per share.

- 24,68,370 No. of equity shares issued to the shareholders of ISPL
and TWL on amalgamation.

1996 - 24,23,369 No. of equity shares allotted on conversion of zero
per cent unsecured fully convertible debentures of Rs 35 each.

2002

-Shri Puneet Makar has been appointed as Chairman & Managing Director of the company.

2008

-Amforge Industries has acquired entire share capital of M/s. Dujon Commercial Pvt. Ltd and has made it its Wholly Owned Subsidiary (WOS).

-The company has designated E-mail ID for Investor's Complaints: amfcosec@mtnl.net.in

2009

- Amforge Industries Ltd has appointed Shri. Puneet Makar as Managing Director of the Company.

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