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Ceat Ltd. Company History and Annual Growth Details

YEAR EVENTS
1958 - The Company was incorporated on 10th March, at Mumbai. The main
objects of the company is to construct, produce, prepare,
manufacture, press, vulcanize, repair, retread, purchase, sell,
import and to deal in tyres, semi-tyres for all types of vehicles
and inner tubes, flaps and repairs material in general.

1965 - The company obtained a letter of intent from the Government for
the manufacture of 2 million Bicycle Tyres and Tubes per annum.

1972 - Research and Development unit was set up at company's Bhandup
works. Various types of testing machines were installed in the
laboratory.

1973 - 55,660 bonus equity shares issued in the proportion 1:6.

1976 - 55,660 bonus equity shares issued in the proportion 1:7.

1980 - Authorised capital reclassified in 1978. 89,056 bonus equity
shares issued in prop. 1:5.

1981 - Deccan Fibre Glass Ltd., was amalgamated with the Company with
effect from 1st June. In terms of the Scheme of Amalgamation,
members of Deccan Fibre Glass Ltd., were allotted 87,105 No. of
equity shares of Rs 100 each of the Company in the proportion of
1 equity share of the Company for every 40 No. of equity shares
held of DFL. A letter of intent was also in hand for the
manufacture of glass wool.

1982 - The company along with the Pradeshiya Industrial and Investment
Corporation of U.P. Ltd. promoted a joint venture company 'UPCOM
Cables Ltd.' in technical collaboration with Ceat Cari of Italy.

- The company entered into a collaboration agreement with Yokohama
Rubber Company of Japan in order to keep abreast of the
technological progress in the tyre industry as also to develop
radial tyres suitable to the Indian road conditions.

- The Following companies became wholly owned subsidiaries of
the Company: CTI Investments Ltd., Ceat Investment Ltd., Ceat
Finance Co. Ltd.

- Authorised capital reclassified. 87,105 shares allotted without
payment in cash to members of Deccan Fibre Glass Ltd. on its
merger.

1983 - Atlantic Holdings Ltd., and Malabar Coastal Holdings Ltd.,
became subsidiaries of the Company.

1986 - During September, the Company offered 15% secured non-convertible
redeemable debentures (third series) of Rs 10 crores on a rights
basis to the holders of equity shares/debentures.

- Shares sub-divided on 1.1.1987. 31,07,205 bonus shares then
issued in prop. 1:2.

1987 - An application was made for industrial licence for the
manufacture of conveyor belts. The Company also took in hand a
project for the manufacture of radial tyres and this project was
implemented in the middle of 1987.

- The Company undertook to set up a factory for production of nylon
industrial yarn/cord and nylon tyre cord fabric, a high cost raw
material input for tyre manufacture, at Malanpur, in the State of
M.P. Technical collaboration and agreement was entered into with
Toray Industries Inc. of Japan.

- During July-August, the company offered 41,92,000-12% secured
redeemable convertible debentures of 50 each for cash at par as
rights in the ratio of 3 deb: 5 equity shares held. Additional
9,30,725 debentures were allotted to retain oversubscription.
Another 1,17,275 debentures were allotted on private placement
basis.

- 2,08,000 debentures offered to the employees and 1,98,700
debentures were taken up. The unsubscribed portion of 9,300 is
allowed to lapse.

- The convertible portion of Rs. 25 was automatically and
compulsorily converted into 1 equity shares of Rs. 10 each at a
premium of Rs. 15 per share on the expiry of 6 months from the
date of allotment. The non-convertible portion of Rs. 25 was
redeemed at par in three instalments of Rs. 5, Rs. 10, & Rs. 10,
at the end of 8th, 9th, 10th, year respectively from the date of
allotment.

1988 - The Company proposed to expand production facilities at Nasik
plat to 10 lakh nos. of automotive tyres and also to set up a
third tyre plant at Waluj, a backward area near Aurangabad.

- The Company entered into an agreement with Nitto Boseki Co. Ltd.,
Japan for improved technology for expansion of the licensed
capacity of the fibre glass division to 5,000 tonnes per annum.

- Meteoric Industrial Finance Co. Pvt. Ltd., became a subsidiary of
the Company on 29th August, consequent upon Ceat Finance Co.
Ltd., acquiring majority equity stake in that company.

1989 - During January and Febraury the production and sales went up
despite interruption at Nasik plant due to labour strike. The
Company proposed to introduce steel belted radials both for cars
and light commercial vehicles by the collaboration agreement with
Yokohama Rubber Company, Japan.

- By the orders of the Board for Industrial and Financial
Reconstruction dated 31st August, 1990 Murphy India Ltd., was
amalgamated with the Company with effect from 1st July, 1989.

- Murphy's plant at Thane manufacturing audio and TV products has
been christened as the Electronics Division. This unit was to be
set up with technical assistance from Richo of Japan.

- The Company undertook the modernisation of the electronics
division at Thane plant under technical support from Goldstar of
South Korea.

- During December '89-Jan '90, the company offered 73,80,158-12.5%
secured partly convertible debentures of Rs. 160 each on rights
basis in the proportion 1 deb.: 2 No. of equity shares held.
Additional 11,07,000 debentures were allotted to retain over
subscription.

- The Company issued 3,69,008-12.5% secured partly convertible
debentures of Rs 160 each to the employees on an equitable basis
(only 16,850 debentures were taken up). The balance 3,52,158
debentures were allowed to lapse.

- Rs. 60 (Part A) of the face value of each debentures was
compulsorily and automatically converted into 1 equity share of
Rs.10 each at a premium of Rs. 50 per share at the end of 6
months from the date of allotment of debentures.

- Rs. 100 (Part B) of the face value of each debentures was to be
redeemed at par in 4 equal instalments at the end of 7th, 8th,
9th, and 10th year from the date of allotment of debentures.

- The name of the company changed from Ceat Tyres of India Ltd. to
Ceat Ltd.

1990 - During October, the company offered 90,00,000-14% secured
redeemable non-convertible debentures of Rs. 100 each on right
basis in the ratio of 5 Debentures : 7 equity shares held.
Additional 1,01,69,000 debentures were allotted to retain
oversubscription.

- Simultaneously, the company offered 4,50,000 Debentures to the
employees (160 taken up) and the remaining treated as unissued.

- Further 2 warrants were issued for every five debentures
allotted. Each warrant holder entitled to one equity share at a
premium not exceeding Rs. 65 per share either by payment of
further contribution or by surrender of appropriate value of
non-convertible debentures within a period of 3 months which
would commence from the end of 4th year from the date of
allotment.

- As per the scheme of amalgamation of Murphy India Ltd. with the
company, 1 equity share of Rs. 10 each of CEAT LTD. was to be
allotted to the holders of 25 equity shares of Murphy India Ltd.
Accordingly 49,719 No. of equity shares were allotted to the
shareholders of Murphy India Ltd. on 1st January, 1991.

1992 - The Operations of the Electronics Division was suspended and
continued to remain suspended during 1993 and all the workers
accepted voluntary retirement subsequent to a settlement with the
Union for employees.

- The Company undertook a programme of modernisation of its plant
and machinery at Mumbai with a view to improving its productivity
and availing of the increased licensed capacity granted.

- A project was set up in technical and financial collaboration
with goodyear Tyre & Rubber Co. of USA. The plant being set up
at the Company's erstwhile site at Aurangabad is to be
manufacture latest radial tyres and earth mover tyres. In
addition the Company was to receive from South Asia Tyres two
and three wheeler tyres being manufactured at Aurangabad.

- During September, the Company offered 67,74,193-15% Secured
redeemable partly convertible debentures of Rs. 155 each on
Rights basis in the ratio of 8 Debentures : 25 Equity shares
held. Additional 10,16,129 Debentures allotted to retain
oversubscription.

- Another 3,38,700-15% Debentures were offered to employees on an
equitable basis (46,003 taken up) Unsubscribed portion of
2,92,706 debentures were allowed to lapse.

- Rs. 75 of the face value of each Debentures was to be
automatically and compulsorily converted into 1 equity shares of
Rs. 10 each at a premium of Rs. 65 per share on expiry of 6
months from the date of allotment of debentures. Balance Rs. 80
of the face value of each debentures was to be redeemed at par in
four instalments of Rs. 20 each commencing from the expiry of
10th year from the date of allotment of debentures.

1993 - A collaboration agreement entered into with Yokohama Rubber
Company of Japan for the manufacture of Tyres at Nasik Plant.

1995 - The Company was gearing up to launch the Country's latest
technology car radials, produced at its Aurangabad Factory. New
brands of truck tyres viz., 'CLT NOVA', 'HCL-80 Plus' and 'Turbo
Lug' were introduced. Further supported by the introduction of
specialised variants of the well established 'FM Series'.

- 40,62,953 No. of equity shares of Rs 10 each allotted against
warrants allotted with 14% NCDs (Series VI) on 1st January.

1996 - The Company launched a new radial car tyre 'Maestro' the first
radial tyre in India to use state-of-the-art polyester tyre cord
technology combined with steel belts.

- The Company also launched a new heavy duty product 'Stamina' a
light commercial vehicle tyre.

2003-Delsit equity shares of the company from Ahmedabad, Calcutta, Madras & Delhi Stock Exchanges.

2009

- Ceat Ltd has appointed Mr. Vinay Bansal as a Director of the Company in casual vacancy caused due to sudden death of Mr. M A Bakre.

- Ceat Ltd has appointed Mr. Anant Vardhan Goenka as an Additional Director on the Board of Directors with effect from December 21, 2009.

2010

- Ceat Ltd has appointed Mr. Anant Vardhan Goenka as the Deputy Managing Director of the Company with effect from January 04, 2010.
 
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