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INEOS Styrolution India Ltd. Company History and Annual Growth Details

YEAR EVENTS
1978 - The ABS Industries Limited (formerly ABS Plastics) was incorporated in
the year, and commenced production in 1978, to manufacture Acrylonitrile
Butadiene Styrene (ABS). It has been a pioneer in introducing ABS Resin
as an Engineering Thermoplastic in India. The Company is a leading
manufacturer of ABS Resin and sheets in India.

- The Company has a technical collaboration with the world's largest manufacturer
of ABS Resins; Japan Synthetic Rubber Company Limited, Japan.

- The Company has launched a new product SAN (Styrene Acrylo Nitrile) which
is a plastic which gives a 95% transparent finish. It is superior to glass (88%)
and acrylic (92%). The product has major applications where transparency
is required and also has immense market potential. ABS Industries is the only
manufacturer of this product in India.

1991 - The second phase of expansion of ABS Resins from 5,000 TPA to 10,000 TPA
was successfully commissioned during the year.

- The modernisation of ABS Plant has also been successfully completed and the
Plant is now ready for operation.

- Unfortunately, due to prolonged lock-out at the factory of M/s.Kelvinator and also
due to some technical snags, the Sheeting Plant would not be run.

1992 - The Company has issued 3,00,000/- 20% non convertible debenture of Rs.100/-
each to the financial institutions and mutual funds on private placement basis
which is redeemable in the equal installment at the expiry of 6th, 7th and 8th year
from the date of issue i.e. 8th June, with a 5% premium.

- The Company name was changed from 'ABS PLASTICS LIMITED' to 'ABS
INDUSTRIES LIMITED' with effect from 6th August.

1993 - The company issued 36,65,800 Right Equity shares of Rs.10/- each and the issue was
over subscribed.

- The company has received Rs.3.95 crores on account of allotment money. On receipt
of allotment money in full, paid up capital and share premium shall rise to Rs.1,00,49,000
and Rs.5,49,87,000 respectively.

- San Project of the company was completed during the year and the production was
commenced in March.

1995 - The SAN plant acheived nearly 100 % capacity utilisation and efforts are being made
to increase capacity substantially.

- The promoters who were alloted preferential warrants have subcribed to 10,00,000
No. of equity shares and have been alloted shares accordingly.

- LIC has nominated Shri U C Saksena as a Nominee Director in place of Shri H F Choksey.

1996 - 20% Non convertible debentures of Rs.100/- each have been issued to the Financial
Institutions and Mutual funds on private placement basis.

- The Company has installed Wind Turbine Generators (WTG) at Lamba and Dhank
in Gujarat.

- The FIPB has cleared Bayer Industries Ltd's (BIL) proposal to acquire a 31 per cent
stake in Baroda based ABS Industries Ltd. BIL is a 100 per cent subsidiary of the
German multinational Bayer AG.

- ABS Industries will offer 4.2 lakh equity shares on a preferential basis to its promoters
as part of the 'share subscription agreement' with Bayer Industries.

1997 - During the year M/s. Bayer Industries Ltd. (BID), a 100% subsidiary of Bayer AG Germany,
acquired 50.97% Equity Shares, by way of preferential issue of shares and acquisition of
existing shares through the open offer.

- The Directors regret to take note of the sad demise of Mr. J. J. Mehta, Our
Ex-Chairman/Director whose long association almost from inception of the Company has
left an indelible impression.

- Mr. M. D. Rajpal and Mr. Vijay Ranchan, Directors have resigned from the Board effective
24th February.

- Mr Alan McGilvray, managing director, Bayer India Ltd, has taken over as the chairman
of Bayer ABS Ltd,

- Bayer Industries Ltd, the 100 per cent Indian subsidiary of German giant Bayer AG, is
hiking its open offer price for the acquisition of shares in the Vadodara-based ABS
Industries Ltd from Rs. 70 to Rs. 80 per share.

- The company is increasing the capacity for ABS by 5000 tpa.

1998 - Mr. R. S. Agrawal has been reappointed as Managing Director with effect from
7th December.

- During the year ICICI has replaced it's Nominee Director and has nominated Mr.
S. R. Chougule, as a Director, in place of Mr. S. A. Kerkar.

- The company's installed capacity has increased to 16,000 metric tonnes from 12,000
metric tonnes.

1999 - The increased capacity of Polybutadiene Rubber (PBR) increased overall capacity
of the company's products.

- During the year, Dr. A F Hennecken was appointed as alternate director to Mr. Ludolf
Von Koenig. Mr. K B Mistry alternate to Mr. H J Krell has resigned.

2000 - The Company has obtained ISO 9001 Certificate for quality management system.

2003

-Mr Stephan Gerlich appointed as the Additional Director and Chairman of the company.

-Increases the capacity of SAN resins to around 40,000 tpa

-Mr. D C Shroff, is appointed as an alternate director to Dr. Axel Heitmann ii) Mr R S Agarwal, reappointed as MD.

- Bayer ABS Ltd delists equity shares of the company from Ahmedabad Stock Exchange from August 25, 2004 & Vadodara Stock Exchange from August 16, 2004

- InterUnion Banco Comercial, Venezuela, select i-flex's FLEXCUBE product suite as the end-to-end technology solution to provide core processing and internet banking for their de novo private-Web Bank which service the specialized personal banking and wealth management market segment

- Delists equity shares from the Stock Exchange, Ahmedabad w.e.f. August 25, 2004 and from the Vadodara Stock Exchange Ltd. w.e.f. August 16, 2004.

2008

- Company name has been changed from Lanxess ABS Ltd to INEOS ABS (India) Ltd.
 
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