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HEG Ltd. Company History and Annual Growth Details

YEAR EVENTS
1972 - The Company was incorporated on 27th October, at Delhi. The
company belongs to the Bhilwana Group of industries. It was
promoted jointly by Rajasthan Spinning & Weaving Mills Ltd.
(RSWML) and M/s. Pechinery Ugine Kuhlmann (PUK) of France.
The main object of the company is manufacture of graphite
electrodes and anode and other graphite and carbon products.

- The Company entered into a technical-cum-financial collaboration
agreement with La Societi Des Electrodes Et. Refracaires Soviet
(SERS) of France.

1976 - 3,00,000 No. of Equity shares allotted without payment in cash to
collaborators and 3,09,700 No. of equity shares issued to
investria. 1,04,000 pref. and 12,50,000 No. of equity shares
offered at par to the public during February 1976. Pref. shares
redeemable at par on 30.4.1991.

1978 - 3,70,000 No. of equity shares issued at par to Indian promoters
and foreign collaborators during 1978/79. Arrears: Rs 11,250.

1981 - 15,99,540 Bonus equity shares issued in prop. 2:5.

1982 - The Company entered into a joint sector agreement with Industrial
promotion & Investment Corporation of Orissa Ltd., for
establishing a ceramic apparatus insulator project. For this
purpose, a new company was incorporated under the name of
Ipigraph Electro-Ceramic Ltd.

- 11,05,120 No. of equity shares allotted to financial institutions
at par on conversion of loans. 4,42,048 bonus equity shares due
on these shares were alotted to financial institutions.

1984 - Company undertook a Rs 7.60 crores modernisation programme to
enable production of longer length electrodes and ultra high
power electrodes in line with the latest technology.

- The Textile Units was set up and its was financed out of internal
accruals. The Company also took on lease the spinning unit of
Bhilwara Spinners, Ltd., for a period of five years from 1st
November.

- The Company undertook a modernisation of the Bhilwara unit. The
Company hoped to finalise foreign collaboration agreement with a
knitwear manufacturer to obtain the necessary technical know-how.

- The Company received a Letter of Intent to manufacture 60,000
tonnes per annum of newsprint in Madhya Pradesh.

1985 - The Company issued 15% secured non-convertible debentures of the
aggregate face value of Rs 7.60 crores on rights basis to finance
part of the project cost of the Jammu spinning unit and to meet
working capital requirements.

1987 - The Company proposed to form a subsidiary namely Bhilwara Viking
Petroleum, Ltd., for oil exploration in technical-cum-financial
participation with a Norweigian Company M/s. Viking Offshore
Drilling A/s.

- The Company received a letter of intent for setting up of 25,000
spindles project in Jammu.

1988 - The Company proposed to increase the capacity of graphite
electrodes from 17,500 tonnes to 21,000 tonnes with the
installation of modern fuel efficient, cost effective baking
furnaces with impregnation facility and new graphitisation
furnace.

1989 - The Company by an auction through High Court, acquired a textile
unit of 14,300 spindles.

- The lease agreement with M/s. Bhilwara Spinners, Ltd. expired on
31st March, and the Company was taking necessary steps to
amalgamate the operations of the spinning unit with the Company.

- With effect from 25th September, Bhilwara Viking Petroleum Ltd.,
a subsidiary of the Company, was merged with the Company.

1990 - The Company along with Rajasthan Spinning & Weaving Mills, Ltd.,
promoted a 100% export oriented unit for cotton spinning in
Madhya Pradesh at District Khargone by way of investments in the
equity shares of Maral Overseas Ltd. under which the unit was
being set up.

- The Company offered 1,87,500-12.5% secured fully convertible
debentures of Rs 200 each for cash at par on rights basis in the
ratio of 1 convertible debentures: 40 fully paid-up equity shares
held (all were taken up). Additional 28,125 debentures allotted
to retain oversubscription.

- Another 9,375 debentures were reserved for allotment to the
employees on an equitable basis (all were taken up).

- The Company issued another 1,87,500-12.5% secured fully
convertible debentures of Rs 200 each through prospectus. Out of
these, 1,78,125 debentures were offered to public (all taken up).
Additional 26,940 debentures were allotted to retain
oversubscription.

- The balance 9,375 debentures along with 1,185 additional
debentures (as retention of oversubscription) were offered to
employees. None were taken up. All these 10,560 debentures were
allotted privately. Each debentures was converted into 5 fully
paid-up equity shares of Rs 10 each at a premium of Rs 30 per
share on 7th December, 1991.

- 10,700 shares issued at par to the erstwhile subsidiary company
Bhilwara Viking Petroleum Ltd. pursuant to the amalgamation.

1991 - With effect from 30th October, 1991, the name of the company was
changed from Hindustan Electro-Graphites Limited to HEG limited.

- One kiln of 30,000 tonnes per annum was commissioned.

- The Company issued 14% secured non-convertible debentures of the
aggregate value of Rs 500 lakhs to UTI, LIC, GIC and subsidiaries
on private placement basis. These debentures are redeemable at
5% premium as follows: Rs 400 lakhs in equal instalments at the
end of 6th, 7th and 8th year from 24.7.1991 and Rs 100 lakhs at
the end of 7th year from 24.7.1991.

- The company issued 19% secured non-convertible debentures of the
aggregate value of Rs 100 lakhs to Army Group Insurance Fund on
private placement basis. These debentures are redeemable at 5%
premium in three equal instalments at the end of 6th, 7th and 8th
year from 24.7.1991 (date of allotment).

- With effect from 30th October, the name of the Company was
changed from Hindustan Electro-Graphites, Ltd., to 'HEG Limited'.

- 2,01,925 No. of equity shares allotted (prem. Rs 30 per share) in
full conversion of debs. on 7.12.1991. 240 debs. remained to be
converted as the allotment money on debs. was yet to be received.

- During the year under report, Bhiwara Viking Petroleum Ltd., a subsidiary
of the Company, has merged with the Company with restrospective effect from
25th September, 1989, pursuant to the orders of the Hon'ble High Court of Delhi.

- As reported last year the Company has signed a collaboration agreement
with sponge Iron India Ltd., a Govt of India Undertaking, for installing 60,000 tons
capacity sponge iron plant in Durg District (M.P.).

- 1,84,325 - 12.5% Fully convertible debentures of Rs 200/-each for cash at par
aggregating to Rs 368.65 lacs were issued on Rights basis to the existing equity
share-holders of the Company and Rs 1,87,500 - 12.5%.

- Fully Convertible Debentures of Rs 200/-each at par aggregating to Rs 375.00
lacs were issued to the public.

1992 - The Company has built a colony for the labourers by which the absenteeism has
been substantially reduced. The company has also intstalled a 1150 KVA DG set,
thereby minimising the impact of frequent power shortages.

- Due to severe shortage of foreign exchange faced by the country, no substantial
increase in the drilling operations by ONGC/Oil India has taken place during 1991-92.

- During the year, one kiln of 30,000 tons per annum was commissioned in March 1992 while
the 2nd kiln also started operations in May 1992.

1993 - The unit undertook expansion for installing 9,216 spindles for
manufacturing polyester viscose yearn. Profitability at Jammu
unit was adversely affected due to phenomenal increase in raw
cotton prices and recession in the world textile market.

- The Company undertook further expansion of installing 9,216
spindles for manufacturing PV blended yarn.

- During Sept.Oct. 1982, 58,50,000 rights equity shares issued
(Prop. 5:8; Prem. Rs 30). 21,50,000 shares issued on pref.
basis to shareholders of Rajasthan Spg. & Wvg. Ltd., Maral
Overseas Ltd. Bhilwara Synthetics Ltd. and to 15% NCD holders of
the Company. Another 4,00,000 shares issued to employees (only
1,62,850 shares taken up).

1994 - During November, 26,33,000 No. of equity shares were allotted to
promoters on private placement basis.

1996 - Balancing equipments were added to maintain competitive edge and
to increase product versatility. The Company pursuaded the hydel
power project at Tawa primarily to ensure power supply for
graphite plant, when there is power scarcity.

- The Company proposed to acquire sponge iron plants incorporating
indigenous know-how and with a capacity of 60,000 TPA each.

- Technical assistance agreement was signed with Sponge Iron India
Ltd. (SIIL), a Government of India undertaking.

- The 12.8 MW Co-generation power unit for sponge iron plant was
commissioned during the year.

1997 - The 12.8 MW co-generation power unit was also successfully commissioned
during the year.

- The two power projects at Tawa and Durg, with a total capacity of 26.30
MW were commissioned in early 1997, Graphite expansion to 24,000 tons
was also completed by March, 1997 and the expansion of Rishabhdev unit
taking its total capacity to 32,732 spindles, which was completed in
March, 1996 became fully operational.

- Shri Ravi Jhunjhunwala and Shri Shekhar Agarwal have been nominated as
the Chairman, and Vice Chairman effective 6th October, 1996 respectively.

- Shri A de Lastours, Shri V K Mehta and Shri O P Gupta, Directors, retire by rotation.

- 19% Secured Redeemable Non-Convertible Debentures of Rs. 100 lacs
privately placed with Army Group Insurance Fund (AGIF) are redeemable
in three equal instalments at the end of 6th, 7th and 8th year from the
date of allotment being 12th February, 1992 together with 5% premium
payable at the end of the 7th year.

- 18.50% Secured Redeemable Non-Convertible Debentures of Rs. 1500
lacs have been allotted on private placement basis to UTI, LIC, GIC &
its subsidiaries and Army Group Insurance Fund, out of which)

- 19% Secured Redeemable Non-Convertible Debentures of Rs. 100 lacs
privately placed with The Oriental Insurance Company Limited (OIC) are
redeemable at the end of 5th year from the date of allotment being 30th
October, 1996.

- 20.80% Secured Redeemable Non-Convertible Debentures of Rs. 4200
lacs privately placed with the Industrial Credit and Investment
Corporation of India Limited (ICICI) and SCICI Limited are redeemable
in twenty equal quarterly instalments commencing from 15th July, 1997
and ending on 15th April, 2002.

- During the year, the company has installed and started commercial
production on Hydel Power Project at Tawa and Waste Heat
Recovery based power plant at Durg w.e.f. 21.1.1997 and 16.3.1997
respectively.

1998 - The two Captive Power plants, both were commissioned towards the end of
1996-97.

- The Rishabhdev Unit has been awarded SRTEPC award for highest export of
100% Poly spun yarn during 1996-97.

- Shri N. V. Khote, Shri P. Murari and Shri D. N. Davar, Directors, retire by rotation.

1999 - The Graphite Division, by virtue of its export performance bagged the 'National Award'
instituted by the Govt of India and the same was presented by the Hon'ble Prime Minister,
Shri Atal Behari Vajpayee. The Company also received the 'Top Export Award' from
CAPEXIL for the thirteenth year, consecutively.

- The Rishabhdev unit successfully commissioned a 4.2 MW Wartsila Generating set for
captive consumption of the Textile Division.

- The Sponge Iron Division has received National Award from the Hon'ble Prime
Minister of India for excellent performance in the field of exports during the year
1997-98.

- Shri L N Jhunjhunwala, Shri Shekhar Agarwal and Shri A de Lastours, Directors,
retire by rotation.

2000 - The Company embarked on a capacity expansion of Graphite electrode Plant
from 22000 MT to 30000 MT.

- The Company's Hydro Electric Plant being seasonal in nature, remained closed
during the quarter.

2001 - The company has shortlisted Egypt, Tunisia and Thailand for its first overseas graphite
electrode making plant.


2002

-Board approves in principle the delisting of equity shares of the company from Delhi Stock Exchange, Jaipur stock exchange, Calcutta and Bangalore stock exchanges.

-Promoters have acquired the shares of the company through open market in different names.

-Completes the disinvestment of its textiles business at Rishabdev unit in Rajasthan.

-Receives CAPEXIL Award for Top Exporter.

2003

-Reports Inter-se change in the shareholding pattern of the company.

-HEG Ltd has informed that at the Annual General Meeting of the members held on September 27, 2003, members have approved delisting of its equity shares from Delhi, Calcutta, Bangalore and Jaipur Stock Exchanges

2004

-HEG, the flagship of the LNJ Bhilwara group has emerged as the winner of an international competitive bid for supply of graphite electrodes technology to National Iranian Steel Company (NISCO), the largest steel manufacturer in Iran

-Promoters increase their stake to 57.50% in the company

2008

- Heg Ltd has appointed Mr. Ashish Sabharwal as Company Secretary of the Company.

- Heg Ltd has appointed Mr. Ashish Sabharwal as Company Secretary of the Company.
 
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