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GKW Ltd. Company History and Annual Growth Details

YEAR EVENTS
1931 - The Company was incorporated in West Bengal on 17th February,
as a Private Limited Co. under the name, Henry Williams India
(1931) Ltd. and was formed inter alia with the object of
acquiring & carrying on the business of Henry Williams (India)
Ltd; which founded the company's manufacturing works at Calcutta.

- The Company has four operating divisions viz., precision pressing
division, steel division, fastener division and engineering &
forging division.

- The Precision pressing division makes precision presswork for
electrical, automotive and textile industries stampings and strip
would cores for electrical industry.

- The Steel division makes electrically melted alloy steels, rolled
and bright bars.

- The Fasteners division makes bolts, nuts, screws and other
fasteners. Engineering and forging division produces drop upset
and press forgings.

1934 - The name of the Company was changed to the present one on 19th
December, on the purchase of large interest in the company by
Guest Keen and Nettlefolds Ltd. of Birmingham, England. The
Company was converted into a Public Ltd. Co. on 22nd October,
1956.

1960 - On 12th November, the Company made a rights issue of 20 lakhs
equity shares of Rs 10 each at a premium of Rs 18.50 per share
and the issue was fully subscribed. The terms of the rights
issue included a provision whereby Guest, Keen and Nettlefolds
Ltd., the principal shareholders of the Company, would subscribe
for part of their rights entitlement by the transfer to the
Company of their shareholding in Sankey Electrical Stampings Ltd.

- This transfer of shares was affected consequent upon which Sankey
Electrical Stampings Ltd., (formerly Sankey Electrical Stampings
Pvt. Ltd.) became a subsidiary of the Company.

1963 - 2,14,583 shares issued without payment in cash. 21,07,291 Bonus
shares issued in prop. 1:2.

1973 - 31,60,937 Bonus shares issued in prop. 1:2.

1974 - 2,50,000 right shares issued in July, to resident Indian
shareholders (prem. Rs 10 per share).

1978 - 48,66,406 Bonus shares issued in prop. 1:2.

1981 - The tenure of the 7.75% Debenture Stock 1976/81 which was due for
redemption on 1st January, was extended for a period of 12 years
with enhanced rate of interest at 11% per annum.

1982 - During August-September, the Company offered to the public
7,62,500-13.5% secured convertible debentures of Rs 200 each for
a total amount of Rs 15.25 crores. Out of this, the following
debentures were offered on a preferential basis:

- 3,00,000 debentures to resident Indian shareholders, 87,500
debentures to the Company's debentures to the Company's Indian
directors, employees and business associates. The unsubscribed
portion from the preferential offer was to be made available to
the public. Each debenture had a convertible part of Rs 50 and
non-convertible part of Rs 150.

- Out of the convertible part of Rs 50, (i) Rs 30 was to be
converted into 3 equity shares of Rs 10 each of the Company at
par within 6 months from the date of allotment and (ii) Rs 20
was to be converted into 2 equity shares of Rs 10 each at par 2
years after the first conversion.

- The balance Rs 150 per debenture was to be redeemed at par in 5
equal annual instalments of Rs 30 each at the end of 8th, 9th,
10th, 11th and 12th years from the date of allotment. There is
also a provision for purchase of the debentures by the Company.

1983 - 58,83,331 shares allotted to financial institutions on part
conversion of their loans. 50,60,849 Bonus shares then issued in
prop. 1:3 in January. 22,87,500 shares issued to the holders of
13.5% convertible debentures on part conversion of these
debentures.

1984 - The Company issued 15% non-convertible debentures for a total
value of Rs 995 lakhs.

1985 - The 545 workers of the Forgings Division were offered a voluntary
retirement scheme and 169 of them opted for it so far.

- 15,25,000 No. of equity shares issued at par in conversion of
13.5% debentures.

1989 - Working of the electrical stampings division suffered a setback
mainly due to an industrial disruption in Bangalore, considerable
drop in demand in several customer industries and change in
import policy placing several materials on OGL.

- The steel division did not perform satisfactorily owing to
technical and maintenance backlog and loss of markets, as a
result of the prolonged lock-out. Performance of the screws and
fasteners division was also adversely affected.

1991 - The Company's Currie Road unit at Howrah remained under lock-out.

- Effective 1st April, Sankay Wheels Ltd., was merged with the
company was to be operated as Sankay Wheel Division. This was to
introduce automotive wheels in the business portfolio of the
company.

- As per the Scheme of Amalgamation the shareholders of the
erstwhile Sankey Wheels Ltd. (SWL) were allotted 1 equity share
of the Company for every 10 equity shares held in the erstwhile
SWL. Accordingly, 1,77,762 shares were allotted. This was done
under the guidance of BIFR with a view to rehabilitate SWL.

- As a measure of diversification the Company considered various
activities such as leasing, computer software, engineering
consultancy and property development.

- The Company issued 5,00,000-19% secured redeemable
non-convertible debentures of Rs 100 each on private placement
basis with UTI (3,75,000 debentures) and Army Group Insurance
Fund (1,25,000 debentures).

- The Name of the Company was changed from Guest Keen William Ltd.,
to GKW Ltd.

1994 - During May, Sankey Electrical Stampings division of the Currie
Road Unit was reopened.

- The Performance of the Steel Division was affected by a steep
increase in electricity tarriff.

- The Company had set up a plant to produce cement with an
installed capacity of 1.2 million tonnes per annum at Rajasthan.
Also proposed to enter the field of power sector. Negotiations
were in an advanced stage with a leading supplier of wind energy
turbine.

- The Company also proposed to expand the production capacity of
metal pressing division to meet the increasing demand for metal
pressed components.

1995 - The performance of the Steel Division was continued to be
affected by steep increase in electricity tariff.

- A nut former machine was being procured for Bolt and Nut division
to cater to the increased demand for the product.

- The Company entered into power sector by installing two nos. Wind
Electrical Generators of 550 KW each in Kayathar District of
Tamil Nadu.

- Effective 1st October, Powmex Steels Ltd. (PSL) was amalgamated
with the Company. PSL was the leading manufacturers of high
speed steel and alloy steel used in the manufacture of cutting
tools, deep drawing and extrusion tools.

- As per the scheme of Amalgamation the shareholders of erstwhile
PSL were allotted one equity share of Rs 10 each of the Company
for every 12 equity shares of Rs 10 each held in the erstwhile
PSL. Accordingly 53,59,263 No. of equity shares of the Company
were allotted.

- GKW (Overseas Trading) Ltd., is a wholly owned subsidiary of the
company.

1996 - The Company proposed to put up a plant at Pune for the
manufacture of metal pressed components and sub-assemblies for
the automotive sector.

- 53,60,229 No. of equity shares issued to shareholders of
erstwhile Powmex Steels Ltd.

1997 - All the divisions of the company were affected due to industrial
slowdown in the capital goods industry.

- The Company allotted zero coupon, unsecured, optionally
convertible Debentures of Rs 19.50 each aggregating to Rs 27.50
crores to the promoter Group.

2000 - The Company has entered into a tripartite agreement with ABC
Computers Pvt. Ltd. and NSDL for joining the depository systems.

- Mr. N.D. Auddy, has been appointed as a Director on the board
effective from August 1.

2001 - The lockout at the Company's Bhandup Unit of Sankey Electrical and Stamping
division has been lifted from 1st November 2000.

2003
- Mr. Mohan Lal Lahoti has been appointed as an Additional Director

2004

-GKW Ltd has informed that at the AGM held on September 26, 2003, the shareholders approved the delisting of its equity shares from Calcutta & Mumbai Stock Exchanges.

2009

- Gkw Ltd has informed that Mr. Padam Singh Lodha has been appointed as a Director on the Board of Directors of the Company with effect from June, 29, 2009 in the casual vacancy caused due to the demise of Mr. P.N. Biyani.
 
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