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Everest Industries Ltd. Company History and Annual Growth Details

YEAR EVENTS
1934 - The Company was Incorporated in the name and style Asbestos
Cement Ltd., as a private limited company under the Indian
company's Act, VII of 1913 with two corporate shareholders viz.,
C.P. Cement Co. Ltd., (which subsequently in 1936 merged with
other companies to form Associated Cement Companies Ltd.) and
Turner & Newall Ltd., U.K.

- The company's object is to manufacture asbestos cement sheeting
products such as corrugated roofing sheets, corrugated curved
tanks, roofing extractors, etc., as well as accessories for
roofing sheets. The products are marketed under the brand name
'EVEREST'.

- The name of the company was changed to Asbestos Cement (Pvt.) Ltd
as required under the Companies Act, 1956. The name was again
changed to Asbestos Cement Ltd., in 1960 when the Company became
a deemed public limited company under Section 43A of the
Company's Act, 1956.

- The Company was the first to set up facilities for the
manufacture of asbestos cement roofing sheets in India with the
commissioning of its first factory in May at Kymore in Madhya
Pradesh (formerly Central Provinces). The manufacturing
business was expanded progressively by establishing a second
sheeting factory at Mulund (Mumbai) in 1937, a third factory at
Calcutta in October 1938 and a fourth factory at Podanur near
Coimbatore in Tamil Nadu in November 1953.

- Issued 9,500 shares (1,500 shares without payment in cash) to
Turner & Nowall Ltd. U.K. and 2,000 shares to Associated Cement
Companies Ltd.

1937 - 17,500 rights shares issued at par in prop. 7:4.

1938 - 6,500 rights shares issued at par in prop. 13:5 on 27th January,
and 6,000 rights shares issued at par in prop. 6:34 on 28th
April.

1939 - 18,500 rights shares issued at par in prop. 37:80 on 27th July.

1953 - 40,000 bonus shares issued in prop. 2:3 on 15th January.

1954 - 50,000 bonus shares issued at par in prop. 1:2 on 4th March.

1957 - A second sheeting plant was installed in the Kymore factory.
Plants for the manufacture of pipes were added at all these
factories between 1938 and 1963.

- The Company has research facilities at Kymore and Mumbai.
Research and development activities are being carried out in
close cooperation with the Research and Development units of
Turner & Newall Plc., U.K.

- 35,000 rights shares issued at par in prop. 7:30 on 6th March.

1966 - By October, the capital of the Company increased to 2,46,667 No.
of equity shares of Rs.100 each through a series of rights issue
and two bonus issues out of which Turner & Newall Ltd., U.K.
held 1,86,900 No. of equity shares and ACC held 59,767 No. of
equity shares.

- 61,667 bonus shares issued in prop. 1:3 on 11th October.

1981 - The Company set up a full-fledged Research centre at Bangalore
to enlarge and intensify its efforts in the areas of development
of partial substitutes for asbestos fibre, recycling of waste,
optimising the use of raw materials, development of newer better
products as well as production techniques.

1983 - On 3rd October, Turner & Newall Ltd., U.K., transferred with the
approval of the Reserve Bank of India, 45 fully paid equity
shares of Rs.100 each in the Company to each of six Indian
directors and three senior executives of the Company ie., totally
45 No. of equity shares at Rs.225 per share.

- Thus by 3rd October out of the capital of 2,46,667 No. of equity
shares of Rs.100 each of the Company, ACC held 64,167 No. of
equity shares and Turner & Newall International Ltd., U.K., held
1,82,455 No. of equity shares and the balance 45 No. of equity
shares were held by 6 Indian directors and 3 senior executives of
the Company.

- Equity shares were subdivided into shares of Rs.10 each on 10th
October. After the offer for sale during November, the equity
shareholding of Turner & Newall International Ltd., U.K., was
reduced to 12,20,000 No. of equity shares of Rs.10 each or 49.5%.

- With effect from 24th October, the name of the Company was
changed from Asbestos Cement Ltd., to Everest Building Products
Ltd. The name of the company was again changed with effect from
18th September, 1990 to 'Eternit Everest Ltd.' to reflect the
company's association with Belgian Eternit Group.

- During November, Turner & Newall International Ltd., U.K.,
offered for sale out of its holdings, 6,04,550 No. of equity
shares of Rs 10 each of the Company at a premium of Rs 12.50 per
share.

- Out of this, 56,150 shares were reserved and offered on a
preferential basis to employees and Indian directors of the
Company, their relatives and friends, resident in India (only
42,300 shares were taken up).

- The balance 5,48,400 shares along with the unsubscribed portion
of 13,850 shares out of the reserved quota i.e., 5,62,250 shares
were offered for sale to the public. After this offer for sale,
the holding of Turner & Newall International Ltd., U.K., was
reduced from 74% to 49.5%.

1986 - Though production increased, the sales tonnage was marginally
lower than the previous year mainly due to non-availability of
materials from the Mulund unit where the operations remained
suspended till 20th June.

- The Company entered into a 10 year technical collaboration
agreement with T & N Materials Research Ltd., U.K. for
upgradation of the existing technology as well as for gradual
introduction of product range using alternative fibres.

1988 - Intermittent strike in certain departments at Mulund works
continued throughout the year resulting in loss of production.

- Turner & Newall International Ltd., U.K., transferred its
shareholding in the company to Eteroutremer S.A., Belgium who are
the holding company of the ETERNIT group with headquarters in
Brussels.

1989 - Production declined due to strike by workers at Mulund works and
Podanur works for a prolonged period.

1990 - 24,66,670 bonus shares issued in prop. 1:1 in December.

1991 - Due to recessionary conditions, production was regulated to low
sales demand. Despite steep rise in cost of principal raw
material, profits were satisfactory due to improved realisation
from sales and effective control over costs.

- Out of the initial capital of the Company of 11,500 No. of equity
shares of 100 each, Turner & Newall Ltd., U.K., held 9,500 No. of
equity shares (1,500 shares issued without payment in cash) and
Associated Cement Companies Ltd. (ACC), held 2,000 shares.

1993 - 49,33,340 bonus shares issued in prop. 1:1 on 16th March 1994.

1994 - 49,33,340 bonus shares issued in prop. 1:2.

1995 - A new factory was commissioned at Nashik in March.

1997 - During the year, the second machine at the company's new plant at
Lakhmapur was commissioned.

1998 - The performance of the company was adversely affected by
continued depressed economic conditions that affected industrial
activity and excess capacity in the industry resulting in huge
inventory and pressure on margins.

- Eternit Everest Ltd has been awarded the Inter-Industry State
Safety Award for 1994, 1995 and 1996. The award, instituted by
the National Safety Council of India, has been awarded to Eternit
Everest for its Kymore Works at Madhya Pradesh.

1999 - ETERNIT Everest Ltd (EEL), engaged in manufacture of fibre cement
products, has set up a new production line at its Lakhampur plant
near Nashik, Maharashtra.

- Eternit Everest, is a MNC engaged in the production of cement
based products (like asbestos sheets) and building materials.
The company belongs to Eternit Group of Belgium (which holds a
49.50 percent stake in the company) and ACC (with 26 percent
stake). The company was out of sight on the bourses, largely
because of the lull in the housing sector in the last two
years.

2002-The Eternit Everest Ltd is now subsidary ACC.


- The consequent to transfer of 74,00,010 shares by Eteroutremer S.A. and Nefibouw B.V. (Foreign promoters) to Associated Cement Companies Ltd. At the said meeting Mr.P.K.Sinor, Mr. A.K.Jain and Mr. N.H.Italia have been appointed as Additional Directors on the Board of Directors.Mr D C Shroff has also been re-appointed as Additional Director (Independent) on the Board of Directors.

-Eternit Everest Ltd has informed that Mr Arun K Batra Managing Director EEL has resigned and the Board has accepted Mr Batra's resignation.The Board has appointed Mr M L Gupta as an Additional Director of the Company and also as Managing Director of EEL for a period of two years. The Board has also appointed Mr Manish Sanghi, Director-Marketing EEL as an Additional Director and has also appointed him as Wholetime Director of EEL for a period of two years w e f from aforesaid date.

2004

-Everest Industries enters into an Agreement with Dansk Eternit, Denmark

2005

-Adani Group inks pact with Holcim to take over Everest Industries

2007

- Everest Industries Ltd has informed that M/s. Deloitte Haskins & Sells, Chartered Accountants, New Delhi have been appointed as Statutory Auditors of the Company to hold office from the conclusion of the 74th Annual General Meeting held on July 27, 2007 till the conclusion of next Annual General Meeting.

2008

-Everest Industries Ltd has appointed Mr. M L Narula as Additional Director on the Board of Directors of the Company effective from January 30, 2008.

2009

- Everest Industries Ltd has informed that M/s. Deloitte Haskins & Sells, Chartered Accountants, Haryana have been appointed as Statutory Auditors of the Company to hold office from the conclusion of the 76th General Meeting held on July 29, 2009 till the conclusion of next Annual General Meeting.

2010

- Everest Industries Limited has informed that the Board of Directors at its meeting held on April 24, 2010 have taken the following decisions: (1) Appointment of Mr. Aditya. Vikram Somani, Director as Whole-Time Director designated as Executive Chairman, of the Company w.e.f. 21.06.2010 for a period of three years. (2) Appointment of Mr. Manish Sanghi, COO and Director of the company as Managing Director w.e.f. 01.10.2010 for a period of three years. (3) Appointment of Mr. M.L. Gupta the present Managing Director as Director of the Company w.e.f. 01.10.2010. The above appointments are subject to confirmation of the shareholders of the Company in the forthcoming Annual General Meeting of the Company.

- Everest Industries Ltd has informed that Mr. Amitabh Das Mundhra has been inducted as Additional Director on the Board of Directors of the Company effective on June 21, 2010 under Article 117 (a) of Articles of Association of the Company.
 
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