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Caprihans India Ltd. Company History and Annual Growth Details

1946 - The Company was incorporated on 11th April, as a Private Limited
Company and was converted into a Public Limited Company on 16th
September 1975. It was mainly a trading company and imported
various consumer items.

- The main objective of the company is to manufacture PVC films and
sheets (SUNFLEX), leather cloth (SUNTEX), rigid PVC sheets
(SUNVIC), decorative surfacing (SUNGLOSS), phenolic laminates
(SUNLAM), high impact polystyrene sheets (SUNSTRENE) and art
paper, chromo paper and art card (LUSTRACOTE).

1955 - The company decided to enter into the manufacturing field and
obtained a license for the manufacture of flexible and rigid
polyvinyl chloride films and sheets.

1961 - A new factory was started at Kurla, Mumbai for the manufacture of
decorative and industrial laminates.

1962 - A new plant for the manufacture of extruded acrylic and high
impact polystyrene sheet for the refrigeration industry.

1965 - The Company also started manufacturing leather cloth by
lamination of PVC film or sheet to various fabrics.

- The Company started a partnership firm called Sun Coated Paper
Co., for the manufacture of a range of papers such as art paper,
Chromo Paper, art card, black centered art card, etc. The Plant
was orginally located at MIDC Estate, Thane.

1967 - 2,500 shares issued without payment in cash. Bonus shares were
issued as follows: 4,500 shares in May 1962 (prop. 9:1) and
15,750 shares in March 1966 (Prop. 1:1).

1968 - 15,750 bonus shares issued in prop. 1:2.

1969 - In order to expand the capacity, a new unit was set up in the
MIDC estate at Thane which went into production.

- From 1st April, Sun Coated paper Co. became a division of the
company consequent upon the dissolution of the partnership. With
the increase in demand in the Industrial Estate Satpur, Nasik and
the existing plant was shifted to Nasik.

1971 - A new factory was set up in Kolshet-Thane and the old plant at
Kurla was also shifted to Kolshet.

- 80,325 bonus shares issued in prop. 17:10.

1974 - The company undertook to set up a paper mill in the MIDC
Industrial Area at Roha, Maharashtra.

1975 - Shares subdivided during 1973-74. 5,42,193 bonus shares issued
in prop. 17:40.

1978 - The company obtained an industrial licence for the manufacture of
1,050 tonnes of plastic hollow corrugated boards. This project
was being set up in the MIDC Industrial Estate at Satpur, Nasik.

- During November, the existing shareholders of the company were
offered 10,90,800 No. of equity shares of Rs. 10 each of the
company at par.

1981 - Letter of intent was received to increase the production capacity
of PVC sheets to 9,000 tonnes per annum. Due to circumstances
beyond its control, the company could not take steps to implement
this scheme and the letter of intent was surrendered to
Government in 1984.

- As a measure of diversification, the company installed at Nasik,
a plant for manufacture of foam leather cloth by release paper

- The company converted its fixed assets consisting of land at
Roha and Sewri into Stock-in-Trade of real estate business.

1982 - It was proposed to carry out the paper manufacturing activity as
a separate entity and transfer the same to a wholly-owned

1985 - Subsequently, the company again revalued its land and buildings
at factory premises and certain plant and machinery as on 30th

1989 - The performance on the domestic as well as exports front improved
and turnover and sales stood higher.

- The Company issued 2,00,000-14% secured non-convertible
debentures of Rs. 100 each on private placement basis with
financial institutions. These debentures are redeemable at 5%
premium in three annual instalments commencing from 25th March,

1992 - The company installed two additional calendaring units with a
combined capacity of 8,400 tonnes for manufacturing PVC films
and sheetings.

- The company issued 9,53,612-18% secured partly convertible
debentures of Rs. 240 each for cash at par (alongwith detachable
equity warrants entitling the holder to be allotted one equity
share of Rs. 10 each at a premium of Rs. 80 per equity share.
8,91,010 warrants were taken up). Out of which 9,08,972
debentures were offered on right basis to the shareholders in the
proportion of One debenture: Two equity shares (all were taken
up). Remaining 44,640 debentures were offered to the employees
(only 2,275 debentures were taken up).

- Each debentures of Rs. 240 was divided into Part-A (Convertible)
of Rs. 70 and Part-B (Non-convertible) of Rs. 170. Rs. 70 of
Part-A of each debenture was to be converted into one equity
shares of Rs. 10 each at a premium of Rs. 60 per share on the
date of allotment of debentures. Accordingly 9,11,247 shares
were allotted and 8,91,010 shares were allotted against warrants.
Part-B of Rs. 170 will be redeemed in three equal annual
instalments at the end of 6th, 7th 8th year from the date of
allotment of debentures.

- During the year, the company has undertaken Internal Energy
Audit system.

- During the last year, the Company has developed Anti-radar
Camouflage Net for the Ministry of Defence and the same has been
approved by the Defence Research Laboratory.

1993 - The company entered into the field on Real Estate. The company
developed a property for the construction of multi storeyed
residential-cum-commercial complex at Mumbai.

- During the year, the Company made a Right Issue of 18% Secured
Partly Convertible Debentures (PCDs) in the ratio of One PCD for
every two shares held.

- The Camouflage Net has been successfully launched and repeat
orders have been received from the Government. A special type of
PVC film is being developed for rescue boats which can respond to
radar signals.

1994 - The company proposed to set up PVC foam leather cloth plant at
Nasik, for which the company entered into a technical
collaboration agreement with China General Plastic Corporation,
Taiwan. The company also proposed to manufacture international
quality polypropylene sheets for stationary applications for
which the company entered into a technical collaboration
agreement with Danny Hudson, Taiwan.

- The company privately placed 6,40,000 No. of equity shares with
financial institutions at a premium of Rs. 250 per share in
November. The company also issued 5,63,000 warrants to promoters
and their associates.

- The warrant holders are entitled to subscribe to one equity share
per warrant at a price of Rs. 210 per share before 1st May.
Accordingly 3,36,690 shares were issued.

- During the year, the company introduced Voluntary Retirement
Scheme for its employees at is Laminates Unit to reduce the
surplus employee strength in the Unit and paid compensation
aggregating to Rs.117 lacs.

1995 - However margins were under pressure due to increase in input cost
without corresponding increase in the prices of finished goods on
account of severe competition.

- 3,36,690 shares allotted on conversion of Warrants at a price of
Rs. 210 per share.

1996 - The profitability was adversely affected due to weak prices for
PVC films, low productivity and capacity utilisation and
availability of superior products.

- The Company re-appraised the plan to set up PVC foam leather
plant and decided not to proceed with the same.

- The Company has entered into a technical and financial
collaboration agreement with VKW a wholly owned subsidiary of EVC
international NV on 7th June, 1997.

- 18,36,756 bonus shares allotted in prop. 2:5.

1997 - 66,98,325 No. of equity shares of Rs 10 each at a prem. of Rs 47
per share allotted on preferential basis.

- The Company has entered into a technical and financial
collaboration with Vereinigte Kunststoffwerke GmbH (VKW), the
details of which are given under Item No. 4.

- The Board has selected VKW a wholly owned subsidiary of EVC
International NV for a technical and financial collaboration and
has entered into an agreement dated June 7, 1997 with VKW.

1998 - During the year, the Company installed a Calendering Unit at
Nasik with an installed capacity of 7200 MT.

- The Company introduced a Voluntary Retirement Scheme for its
employees at Head Office and Branches. The Company also
successfully offered the Voluntary Retirement Scheme for its
employees at Thane Factory after the close of the year.

- The Company has also restructured its organisation to provide
considerable emphasis on Quality and Customer service, leading to
better customer satisfaction.

- The Company has computerised several areas of operations, leading
to speed, accuracy and customer satisfaction.

- The Company continued to be affected by low capacity utilisation
due to competition in the market and general slow down in the
economy. Further, the Company's exports were adversely affected
due to the Russian and Asian economic crisis.

- Mr. C. P. Gaspar was appointed as a Director of the Company by
the Board of Directors. Mr. M. Uberti and Mrs. A. Van der
Zwalmen were appointed as Additional Directors of the Company on
26th February 1999.

1999 - The Company's profitability was adversely affected due to an
unprecedented increase in the price of PVC resin and other
polymers in both the domestic and international markets.

- During the year, the Company has entered into 3 years wage
settlements with its employees at Thane and Nasik factories.

- During the year your Company was presented the GOLDEN STATUS
CERTIFICATE from the Ministry of Commerce, India, for its
continuous performance for last three terms as Export House (i.e.
Nine years) and the Best Export Performance Award for the year
1997-98 and 1998-99 (1st position) for Rigid PVC films from the
Plastics Export Promotion Council (PLEX CONCIL).

2000 - Crisil has revised the rating for company's 18% NCD of Rs 1,549.10
lakhs to BBB from BBB+.

2001 - K.C. Holdings Pvt. Ltd. has bought 2,94,893 No. of equity shares of the
company from Mr. Mofatraj P. Munot. Mr. Parag Munot has bought 2,94,893
No. of equity shares of the company from Mr. Mofatraj P. Munot.

2002-Caprihans India Ltd has informed that Mr. P.M. Nadig, the Managing Director of the Company has resigned from the services of the company with effect from November 26, 2002.