|The company was incorporated on 1st July 1964.The certificate of commencement of business was obtained on 19th August 1964. It was jointly promoted by TURNER & NEWALL LTD., MANCHESTER, a wholly owned subsidiary of TURNER & NEWALL LTD, with 74% equity participation. The company acquired the undertaking of Asbestos, Magnesia & Friction Material Ltd., comprising its entire manufacturing businesses well as the estate, factory and office, with approximately 18 acres of land at Agra road in GHATKOPAR BOMBAY. In November the company entered into technical assistance agreements with the operating subsidiaries of TURNER & NEWALL LTD., under which it was entitled to get technical assistance (i) from FERRODO LTD., for the manufacture of 'FERRODO' friction materials for a consideration of pound sterling 5000 per annum payable for a period of 5 years, (ii) from J.W. ROBERTS LTD., for the manufacture of 'FEROBESTOS' asbestos flooring sheets for a consideration of pound sterling 1000 per annum payable for a period if 5 years.
1982: A strike by the employees had an impact on the sales for the year. During the year the company received Government approval for additional capacities of 1325 tonnes of brake linings and 10 lakh nos. of clutch facings. A collaboration agreement with VALCO, FRANCE for the manufacture of diaphragm clutches was also signed.
1983: There was a recession in demand in most of the company's product lines. During October the company issued 206093 - 12.5% convertible debentures of Rs 180 each of which 148000 debentures were offered to the public. Allotment was made on 14th December. Rs.80 out of the face value of each debenture was convertible into 5 equity shares of Rs.10 each at a premium of Rs.6 per share after 6 months but before 12 months from the date of allotment without any further act or application by the debenture holders (conversion rights already exercised). The balance of
Rs.100 per debenture is redeemable at par in three annual instalments of Rs.35 Rs.35 and Rs.30 at the end 7th, 8th and 9th year respectively from the date of allotment of the debentures.
The company has acquired 44,886 sq.mts. of land at Paithan in Aurangabad district of Maharastra, during the period for setting up one or more remaining plants of the company for expansion/diversification.
1984: The working was adversely affected due sluggish market conditions, keen competition, escalation in the cost of inputs, higher interest burden and steep increase in the Dollar Rupee parity. During the year application was filed for Industrial licence for the manufacture of speciality industrial gaskets in technical collaboration with FLEXITALLIC LTD., U.K.
1985: The working conditions were adversely affected by depressed market, work stoppages during July, September and October, additional bonus payment and implementation of an early voluntary retirement scheme.
1986: Manufacture of diaphragm clutches at Jalna commenced.
1987: Work force at Ghatkopar plant was trimmed to make the operations economically viable
1988-89: Low capacity utilisation at Jalna, the delayed commissioning of the Bandra unit and the loss of production at Ghatkopar unit during February/March 1989 caused by inter-union rivalry, adversely affected the internal accruals of the company.
1989-90: New markets were identified for its products and new items were added to its range of exports. Depreciation of the Rupee against the US and Canadian dollar imposed burden on the cost of raw asbestos, a principal raw material. The Jalna plant was proposed to be disposed. Necessary approvals were awaited.
1990-91: Operations were discontinued at Ghatkopar plant from 18th October, 1990 to 15th May, 1991 and at Bandra from 9th January, 1991 to 14th April, 1991. The proposal to dispose the Jalna plant was dropped and a strategy to run the unit without loss was evolved.
1996-97: There was a strike at Paithan factory for 3 months. But in spite of it, the company managed to increase the turnover and profit marginally to Rs 62.81 crores and Rs 2.26 crores from Rs 60.87 crores & Rs 1.91 crores respectively.
-Hindustan Composites Ltd has informed that Mr.V.R. Tripathi, Vice President will be treated as the Compliance Officer of the Company w.e.f. 10th February 2007.
-Hindustan Composites Ltd has repoointed Mr. P K Choudhary as Managing Director of the Company for a period of 3 years w.e.f. March 18, 2008, subject to the approval of members of the Company in their general meeting.
- Hindustan Composites Ltd has has appointed Lt. Gen. (Retd.) K.S. Brar as an Independent Additional Director of the Company w.e.f. 30th September 2008.