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Hinduja Foundries Ltd. Company History and Annual Growth Details

YEAR EVENTS
1959 - The company was incorporated as a private limited company on 30th
July, to manufacture alloy iron and aluminium castings for
automotive industry and commenced business soon after. It was
converted into a public limited company on 28th March, 1961. It
was established with the technical and financial collaboration of
Leyland Motors Ltd., UK whose name was subsequently changed to
British Leyland International Holdings Ltd.

- The foundry project at Ennore was mainly conceived in order to
supply ferrous and non-ferrous castings to Ashok Leyland Ltd.,
at Chennai. It was commissioned by the personnel from Leyland
Motor Corp. and West Yorkshire Foundries.

- The company is one of the largest and most modern jobbing
foundries in India. The company manufactures a wide range of
cylinder heads and blocks and castings required by the automotive
manufacturers including defence vehicles industry.

- The main objectives of the company is to manufacture alloy iron
and aluminium castings for automotive industry.

1972 - 3,58,857 shares issued without payment in cash. 13,36,857 shares
are held by British Leyland International Ltd.

1976 - 4,45,619 bonus shares issued in prop. 1:4 on 28th October.

1977 - 6,00,000 shares issued (prem. Rs. 3 per share): 30,000 shares
reserved for subscription by resident Indian directors,
employees, etc. and 5,70,000 shares offered to the public in
August.

1983 - 16,96,857 bonus shares issued in proportion 3:5.

1987 - The company embarked on a project for introduction of a high
pressure automatic shoot squeeze moulding plant to replace
existing one by CAD/CAM and CNC machineries at the iron foundry.

1988 - A break-through was achieved in exports field with the receipt
of firm orders from vehicle manufacturers in U.K. and Italy.

- The company issued non-convertible debentures to the tune of
Rs. 350 lakhs on private placement basis with the financial
institutions (ICICI, UTI, GIC and its subsidiaries).

1989 - Turnover increased by 26% on an annualised basis over the
previous year despite shortage of power, increase in input costs
and difficulties in procuring essential raw materials.

1991 - Production also increased marginally despite frequent disruptions
in operations due to political bandhs and other disturbances.

- The company issued 3,00,000-19% non-convertible debentures of Rs.
100 each on private placement basis to UTI. These debentures are
redeemable at a premium of 5% in three equal instalments
commencing from 19th February, 1998 and ending on 19th February,
2000.

1992 - Various measures were undertaken to increase the capacity of
aluminium foundry to 2,600 tonnes to meet the increased demand
for aluminium castings.

1993 - In spite of steep increase in power tariff and other input costs,
production and sales improved to 29,540 tonnes and 29,645 tonnes
respectively.

- The company offered during March/April, 4,62,518-15% partly
convertible debentures of Rs. 140 each at par to the Indian
resident shareholders (all were taken up).

- Another 23,126-15% partly convertible debentures were to be
offered to employees of the company on an equitable basis (only
625 debentures taken up).

- Part 'A' of Rs. 70 of each debenture was to be converted into two
equity shares of Rs. 1 each at a premium of Rs. 25 per share on
1st April, or such other date as may be prescribed.

- Part 'B' of Rs. 70 of each debenture was to be redeemed at the
rate of 20% of the total quantum each year commencing from the
end of the fifth year from the date of allotment.

- The company also proposed to issue 14,04,317 No. of equity shares
of Rs. 10 each at a premium of Rs. 25 per share to non-resident
shareholders on the date of conversion of the above mentioned
partly convertible debentures so as to maintain their existing
percentage of shareholding in the company (only 13,38,662 shares
allotted).

1994 - In spite of increase in the cost of materials, power, manpower
and severe cyclone which caused damage to the foundry and
affected production for weeks thereafter, the overall performance
of the company improved.

1996 - Company has undertaken several steps to upgrade technology like
import substitution of Hot Box Blowing machine and introduction
of cold box process in the core making area.


2008

-Ennore Foundries Ltd has informed that the Registrar of Companies, Tamil Nadu, Chennai has approved the change of name of the Company as 'Hinduja Foundries Ltd'.

2010

- Hinduja Foundries Ltd has informed BSE that Mr. Jean Brunol has been appointed as an Additional Director of the Company in the Board Meeting held on April 30, 2010 to hold office upto the ensuing Annual General Meeting.
 
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