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Cheviot Company Ltd. Company History and Annual Growth Details

1897 - The Company was incorporated on December 27, at Calcutta. The
Company Manufacture jute goods and HDPE goods.

- With a view to diversify, the Company decided to implement a
project for the manufacture of high density
polyethylene/polypropylene woven sacks by setting up a plant
with an installed capacity of 1,440 tonnes per annum at NOIDA,
Industrial Area Phase II in Uttar Pradesh.

1948 - 14,000 Bonus Equity shares issued in the prop. 1:1.

1960 - 9,063 Pref. and 28,000 No. of Equity shares issued without
payment in cash to the members of Belevedere Jute Mills Co. on
its merger.

1961 - Belvedere Jute Mills Co. Ltd., was amalgamated with the Company
with effect from 30th November.

1966 - Equity shares subdivided. 19,000-9.1% Pref. and 10,87,554 No. of
equity shares issued to members of Budge-Budge Jute Mills Co.,
Ltd., and Cheviot Mills Co., Ltd., upon their merger.

1967 - The amalgamation of the Budge Budge Jute Mills Co. Ltd., and
Cheviot Mills Co. Ltd., with Delta Jute Mills Co., became
effective from 31st May.

1968 - Consequently the name of the Company was changed from Delta Jute
Mills Co. Ltd., to Budge Budge Amalgamated Mills Ltd., effective
from 11th January.

1975 - The name of the Company was changed from Budge Budge Amalgamated
Mills Ltd., to Cheviot Co. Ltd.

1985 - 6th Instalment of Rs 4.30 per Pref. share redeemed. Equity
shares of Rs 3 each subdivided into shares of Rs 1 each.
49,42,662 rights equity shares of Rs 1 each then issued at par in
prop. 1:1. 2,59,676 additional equity shares allotted. Equity
shares the consolidated.

1990 - Indian Citrates Ltd., (Formerly Caustic (India) Ltd.) is a
subsidiary of the Company. During 1991-92, it ceased to be a
subsidiary of the Company.

1995 - The overall working was affected due to lockout at plastic
division which lasted for more than 8 months.

- In January, the Company issued 20,00,000 ordinary shares of Rs 10
each for cash at a premium of Rs 60 per share including an
additional prem. of Rs 15 per share on 2,88,000 ordinary shares
to be reserved for NRI/OCBs/FIIs, of which 7,50,000 shares of Rs
10 each were reserved for firm allotment to promoters, directors,
relatives and friends.

- Simultaneously, 12,50,000 shares were reserved for viz., 1,50,000
shares to UTI, 50,000 shares to ICICI, 50,000 shares to SCICI,
50,000 shares to SBI Mutual Fund, 50,000 shares to Kothari
Pioneer Prima Fund, 60,000 shares to employees and 2,88,000
shares of Rs 10 each for cash at a premium of Rs 75 per share
were reserved for NRI/OCBs on firm allotment basis.

- Of the remaining 5,52,000 shares along with the unsubscribed
portion of employees quota were offered to public.

1996 - The first phase of new 100% Export Oriented Unit at Budge Budge
for the manufacture of high grade industrial fabrics was set up.

- The overall working was affected due to lockout at Plastic
Division which lasted for more than 8 months.

- Elite (India) Ltd. would become subsidiary of the Company
consequent upon allotment of shares as envisaged in the Scheme.

1997 - Cheviot began modernising and diversifying into non-traditional
items such as jute yarn, industrial and decorative fabrics in
1990 by setting up a 100 per cent export oriented unit. In
1996, it started modernising the EOU.

- Cheviot recently increased its production capacity of industrial
fabrics from six tonnes a day to 12 tonnes a day. It is also
planning to install a few more balancing machines.

1999 - The company's operations were affected by an 81-day lockout at
its mill and subsequent illegal cessation of work by a section of
workers at its 100 per cent export oriented unit.

- During the year under review, production was hit due to a
strike from June 7 to August 26, 1998, at the company's Budge
Budge facility. Output declined to 25,496 tonne as compared
with 34,887 tonne in the previous year.

- Cheviot Company Ltd. is planning diversifications into non-jute
products in a bid to overcome losses accrued through its jute
businesses. The company will also be looking at more
non-traditional jute products as part of its future diversified
product mix.

2000 - Due to indefinite strike called by the workers in the jute
industry from March 22, operations at the company's mill at
Parganas (South), West Bengal, stand suspended till withdrawal
of the strike. The Strike was withdrawn at the company's mill
with effect from April 23rd.


-Cheviot Company Ltd has informed that the strike called by the workers in the Jute Industry from December 29, 2003 has been called off and work at mills situated at 19 Mehta Road, Budge-Budge, 24 Parganas (South), W.B. shall commence from January 10, 2004.