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Digjam Ltd. Company History and Annual Growth Details

YEAR EVENTS
1948 - The Company was incorporated on 15th March, at Mumbai. The
company manufactures all kinds of woollen and worsted yarns
and piece goods.

1980 - A letter of intent was received for 1,200 NMM worsted spindles
which were installed and commissioned.

1981 - 8,38,796 Bonus shares issued in prop. 1:1.

1982 - The Company received Government's approval to further expand the
spinning capacity. One more diesel generating set of 750 KVA was
added.

- During November the Company issued 1,60,000-13.5% secured
convertible debentures of Rs 125 each for a total amount of Rs 2
crores out of which 95,000 debentures were offered to the public.

- Out of each debenture, Rs 45 was convertible into three equity
shares of Rs 10 each at a premium of Rs 5 per share on 1st July,
1983. The balance Rs 80 per debenture was to be redeemed at par
in three annual instalments of Rs 25, Rs 25 and Rs 30 commencing
from the end of the 8th year from the date of allotment.

1983 - The Company undertook to set up a modern vegetable oil extraction
plant at Harda in the District of Hoshangabad in Madhya Pradesh.

- The Oriental Carpet Manufacturers Ltd. (OCM) and Universal
Electric Ltd., were amalgamated with Shree Digvijaya Woollen
Mills Ltd. with effect from 1st July. Consequent upon this
amalgamation shareholders of OCM were to be allotted 8,33,468 No.
of equity shares of Rs 10 each in the prop. of 1 equity share for
1.75 No. of equity shares held in OCM and 15,000-11% preference
shares of Rs 100 each in the prop. of 1 preference share of SDM
for every 10 preference shares held in OCM.

- The shareholders of UEL were to be allotted 7,90,778 No. of
equity shares of Rs 10 each in the prop. of 1 equity share of SDM
for every 2.25 equity shares held in UEL and 8,100-6.5%
preference shares of Rs 100 each in the proportion of 1
preference share of SDM for every preference share held in UEL.

- Out of these, 15,000-11% preference shareholders of OCM and UEL
were allotted during 1985-86. Allotment of 8,100-6.5% preference
shares for the preference shareholders of UEL and 1,23,661 No. of
equity shares to the equity shareholders of OCM and UEL was
pending.

- 4,79,925 shares allotted in conversion of deb. prem. Rs 5 per
share.

1984 - The Company proposed to take up a modernisation programme at the
Jamnagar and Amritsar units.

- Land, building, plant and machinery and vehicles of Mujesan
(Ahmedabad) unit were revalued and the net surplus of Rs 263.15
lakhs arising out of this was credited to capital reserve.

1985 - Some shuttleless looms were installed at the Digjam and the OCM
Woollen Mills Division.

- The name of the Company was changed from Shree Digvijaya Woollen
Mills Ltd., to the present one. During 1994-95, name of the
Company was again changed from VXL India Ltd. to the present one.

- Authorised capital reclassified. 15,000-11% Pref. and 15,00,585
No. of Equity shares issued without payment in cash as per the
Scheme of merger.

1986 - 21 shuttleless looms were installed.

- The Company considered a proposal to manufacture ready-to-wear
men's suits.

- The Company proposed to expand its business in high-tech
electronic equipment in Universal Engineering, high protein
soya-based meals and fields in Sidharth Oils.

- An agreement was entered into with the Mitsubishi Electric
Corporation in connection with export of components and
protection panels manufactured by the Company.

- Authorised capital increased. 37,81,763 bonus shares issued in
prop. 1:1.

1989 - The Company installed 15 latest high speed sulzer looms.

- A Letter of Intent was received for the manufacture of microwave
components and connectors.

- Also, an agreement was entered into with Landis & Gyr a swiss
Company for jointly setting up facilities in India to manufacture
a superior range of electricity meters and test benches with a
substantial export commitment.

- Landis and Gyr also agreed to subscribe to the equity capital of
of VXL to the extent of S. Fr. 2 million.

- During February-March, the Company offered 15,50,000-12.5%
secured redeemable partly convertible debentures of Rs 100 each
on Rights basis in the proportion 1 debenture : 5 equity shares
held (all were taken up). Additional 2,32,500 debentures were
allotted to retain over-subscription.

- During the same period, the Company issued through a prospectus
14,50,000-12.5% partly convertible debentures of Rs 100 each out
of which the following debentures were reserved for preferential
allotment: (i) 1,50,000-12.5% to employees (including Indian
working directors)/workers on equitable basis (only 11,790
debentures taken up) and (ii) 3,00,000 debentures to NRIs on
repatriation basis (all were taken up).

- The balance 10,00,000 debentures along with 1,38,210 debentures
not taken up by the employees were offered to the public.
Additional 2,17,500 debentures were allotted to retain
oversubscription (45,000 debentures to NRIs and 1,72,500
debentures to the public).

- Rs 50 of the face value of each debenture was to be was to be
converted into 2 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
of debentures.

- The remaining Rs 50 of the face value of each debenture was to be
redeemed at par in 3 annual instalments of Rs 17, Rs 17 and Rs 16
respectively at the expiry of 7th, 8th and 9th year from the date
of allotment of debentures.

1990 - Working of the Digjam Woollen Mills was adversely affected due to
agitation by a section of workmen of the unit.

- As on 28th March, the Company acquired 'Saurashtra Chemicals' at
Porbandar (Gujarat). The unit known as 'Saukem' is licensed to
produce both soda ash and caustic soda.

- It was proposed to undertake modernisation of the soda ash plant
at a cost of Rs 87 crores. After modernisation the plant was
expected to produce 1000tpd soda ash by the solvay process.
Technical advice for the said programme was to be obtained from
Poland.

1991 - The Company proposed to undertake further
modernisation-cum-expansion programmes in both units by
installing initially 36 high speed looms in the two units and
2000 additional worsted spindles at Digjam. Later it proposed
to install 5000 spindles at each of the two units.

- The Company offered during March/April, 36,15,880-12.5% secured
fully convertible debentures of Rs 50 each for cash at par on
Rights basis in the prop. 1 debenture : 4 equity shares held.
(All were taken up). Additional 5,42,382 debentures were
allotted to retain over-subscription.

- Another 1,80,794-12.5% fully convertible debentures of Rs 50 each
offered to employees (including Indian working directors)/workers
of the Company on an equitable basis. (Only 6,275 debentures
were taken up and the unsubscribed portion was allowed to lapse).

- Rs 25 of the face value of each debentures (Part A) was to be
automatically and compulsorily converted into one equity share of
Rs 10 each at a premium of Rs 15 per share on 1st June, 1992.
Accordingly 41,64,537 No. of equity shares were allotted on 1st
June, 1992.

- The remaining Rs 25 (Part B) of the face value of each debentures
was to be compulsorily and automatically converted into one
equity share of Rs 10 each at a premium of Rs 15 per as on 1st
December, 1992.

- During December, the Company issued 10,00,000-14% secured
non-convertible debentures of Rs 100 each on private placement
basis. These debentures will be redeemed at a premium of 5% on
the expiry of 7 years from the date of allotment.

- Land, building, plant and railway sidings of the Company were
revalued and the net surplus of Rs 117.76 crores arising out of
this was credited to capital reserve.

1992 - Production of Saurashtra Chemicals Unit was affected due to
severe drought conditions in Saurashtra and consequent cut in its
water supply and chronic problem of insufficient and poor quality
coal of supply.

- The company installed 30 high speed sulzer/dornier looms, 2000
spindles and other finishing machines.

- Siddharth Oil factory was transferred to Siddharth Sugar
Products, Ltd., which was formed for implementing the project to
manufacture Soya Products in collaboration with Central Soya Inc.
of the U.S.A.

- It was proposed to set up a project for the manufacture of
electrical switchgears in collaboration with Mitsubishi Electric
Corporation of Japan.

- 8,100-6.5% Pref. shares redeemed 41,59,260 No. of Equity shares
allotted in part conversion of 12.5% debentures on 1.12.1992.

1993 - 28 high speed dornier/sulzer looms and certain other auxiliary
machines were added to Digjam and OCM units. The Company
proposed to install an R.O. desalination plant based on sea water
input in order to solve of trepeating water problem in
Saurashtra.

- During August, the company issued 125,35,930-Zero coupon secured
fully convertible debentures of Rs 90 each: (i) 113,96,300
debentures on rights basis in the proportion of 1 debenture: 2
equity shares held; (All were taken up); (ii) 5,69,815 debentures
to associate companies (all taken up) and (iii) 5,69,815
debentures to employees (Only 3231 debentures taken up). Each
Debenture was to be converted into three equity shares of Rs 10
each at a premium of Rs 20 per share on 1st Febraury, 1994.

1994 - The Company proposed to install 39,476 latest generation worsted
spindles and 76 modern high speed looms were being installed.

- 29,30,000 No. of Equity shares of Rs 10 each issued at Rs 55 per
share on private placement basis.

1995 - A total of 12.232 latest generation new spindles and 30 new high
speed looms were installed. A further 12,232 additional spindles
and 16 high speed looms were currently under installation.

- The Company finalised a tie-up with Messrs. Dormeuils of Paris
for a joint venture to market Dormeuil brand products in India.

- The Company also finalised an agreement with the Haggar Clothing
Co. of USA in the ready-made garment business.

- 35,00,000 No. of Equity shares issued at a premium of Rs 47 per
share on exercise of conversion option by warrant holders.
12,807 forfeited shares were annulled.

1996 - In the Chemical Unit, the 3-years wage agreement with the workers
came to an end and various demands of the workers were referred
to the industrial tribunal by the Government of Gujarat. Since
some workers resorted to strike, the management was forced to
declare a lock-out effective 24th May, 1997 at the Saurashtra
Chemicals Unit.

- The Company installed in its textisle group 12,232 new, latest
generation spindles apart from 16 high speed looms. The 12 old
looms were discarded.

- The Company proposed to manufacture spun silk yarn for exports,
in financial and technical collaboration with Masuzawa Co. Ltd.,
Japan in a new subsidiary.

- During the year, the Company's licence agreement with Haggar
Clothing Co., U.S.A. was approved by the Government of India and
with this, the Company was in a position to market ready made
trousers in India under the Haggar technology and brand.

- Authorised unclassified shares increased. 65,00,000-17%
Preference CR alloted on private placement basis.

1997 - The severe cyclonic storm which struck Gujarat in June affected
the Saukem plant and also its production.

- The company entered into an agreement with Italian firm of
Marzotto for improving the levels of operating efficiency and
quality of the textile products.

- During the year 20 new shuttle-less looms were installed.
Modernisation/expansion of most of the plant at Saukem were
almost completed. The new Thermal Power Station was expected to
be commissioned by the middle of 1999.

2002-Birla VXL Ltd has informed BSE that the Board of Directors of the Company at their meeting held on July 30, 2002 have noted the following changes:

Sarvashri D F Patel and V J Pabari have ceased to be the Directors of the Company following withdrawal of their nomination by the Government of Gujarat as its nominee Directors from the Board of Directors of the Company.

Dr V K bhalla, Nominee Director of IDBI on the Board of Directors of the Company has ceased to be a Director of the Company w e f July 31, 2002 following withdrawal of his nomination by IDBI. Dr G Goswami has been nominated in his place by IDBI as its nominee Director on the Board of Directors of the Company from the said date.

2003

-Mr. Satish Gupta replaces Mr. Sanjoy Gupta as nominee of ICICI Bank Ltd.

2004

-Birla VXL - Delisting from Delhi Stock Exchange

2006

-Birla VXL Ltd has informed that Shri. Rajeev Surana has tendered his resignation from the position of Executive Director and Chief Operating Officer of the Company.

2008

-Company name has been changed from Birla VXL Ltd to Digjam Ltd.
 
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