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Jhagadia Copper Ltd. Company History and Annual Growth Details

YEAR EVENTS
1962 - The Company was incorporated on 3rd March, at Calcutta. Mr S N
Khaitan promoted the company. The company is engaged in the
manufacture of fourdrinier wirecloths (FWC), five-gauge wires,
wire rods, dandy rolls & synthetic FWC.

1982 - The Company undertook a new project for the manufacture of copper
alloy strips of various compositions and thickness at Nasik in
Maharashtra State. The Company received a licence for the
manufacture of nickel silver strips, brass strips and phosphor
bronze strips of 450 tonnes, 1,800 tonnes and 150 tonnes per
annum respectively.

1984 - With effect from 26th May, the name of the Company was changed to
Swil Ltd. from Shalimar Wires & Industries, Ltd.

- In August, 5,45,000 No. of equity shares issued (prem. Rs 2 per
share); 1,70,000 shares reserved and allotted to promoters, etc.
and 3,75,000 No. of equity shares offered to the public. Pref.
shares redeemed.

1985 - The Company revalued the land, buildings, plant and machinery at
Uttarpara and its wire unit at Nasik as on 31st December.

- The Object of the Public Issue was made with a view to provide
part of the finance required for setting up the Company's plant
at Nasik for the manufacture of copper alloy strips and for
meeting the expenses of this issue.

- 6,167 No. of shares issued (prem. Rs 2 per share) to financial
institutions on conversion of loans.

1987 - The Company received a letter of intent for the manufacture of
250 tonnes of fine stainless steel wires for weaving at its unit
at Nasik. Technology double for layer fabrics was installed.

- Approval for change in the nomenclature of item of manufacture in
the company's industrial licence from phosphor bronze strip and
brass strip to copper and copper alloy strips was obtained.

- A heavy machine building division at Uttarpara was set up for
designing and fabricating heavy machinery.

1988 - 8,65,833 right equity shares issued at par in prop. 1:2.

1989 - Government approval was received for the Company's collaboration
agreement with Sinclair International U.S.A. for upgradation of
Dandy rolls, dandy brackets, water showers etc.

- 27,750 No. of equity shares allotted to ICICI in conversion of
loans.

1990 - Technology for improved design and quality of dandy rolls was
installed. The company undertook a modernisation-cum-expansion
programme of its Uttarpara and Nasik Units.

- The Company has received letters of intent for the manufacture of
copper, zinc and lead from secondary process.

- The Company issued 2,00,000-14%. Non-convertible debentures of
Rs 100 each to Unit Trust of India and Life Insurance
Corporation of India on private placement basis.

1991 - During December, the Company issued 13,12,625-14% partly
convertible debentures of Rs 100 each on rights basis in the
propn. 1 debenture : 2 equity shares held. Additional 1,96,894
debentures were allotted to retain oversubscription.

- Another 65,631-14% partly convertible debentures were issued to
employees of the Company on an equitable basis. Additional 9,844
debentures were allotted to retain oversubscription.

- Simultaneously with the above issue, the Company also issued
6,87,375-14% partly convertible debentures of Rs 100 each through
a prospectus of which 2,06,208 debentures were issued on
preferential basis as follows:

- (i) 1,71,840 debentures to shareholders of Anil Steel and
Industries Ltd. (ASIL) and Sunil Synchem Ltd. (SSL) (all were
taken up).

- (ii) 34,368 debentures to the employees of the Company (all were
taken up).

- The remaining 4,81,167 debentures were issued to the public.
Additional 1,03,106 debentures were allotted to retain
oversubscription. (25,776 debentures to shareholders of ASIL and
SSL; 5,155 debentures to employees of the Company and 72,175
debentures to the public).

- Part A of Rs 70 of each debenture was to be converted into 2
equity shares of Rs 10 each at a premium of Rs 25 per share at
the end of six months from the date of allotment.

- Part B of Rs 30 of each debenture was to be redeemed in 3 equal
instalments of Rs 10 each on expiry of 7th, 8th and 9th years
from the date of allotment.

1992 - The International Business Division was set up.

1993 - Similar programme alongwith balancing programme was undertaken at
Barotiwala in Himachal Pradesh.

- Effective 1st April, the Company had taken on lease Pawmi Paper
Mills and took several steps to improve its operations.

- The Company issued 6,00,000-19% secured redeemable
non-convertible debentures of Rs 100 each on private placement
basis with financial institutions. These are redeemable from the
end of 6th year till the end of 8th year from the date of
allotment of debentures i.e. on 19.7.1997.

- 47,50,888 No. of equity shares were allotted at a prem. of Rs 25
per share in part conversion of 14% debs. 62 shares yet to be
allotted.

1995 - One more 20 Hi Mill was installed at Nasik. The Company had
already entered into an agreement with MIM technology and
Marketing Ltd. for process licence.

1996 - The Company undertook to instal certain balancing plant &
equipment for synthetic division. One HP 200 loom and necessary
seaming machines was procured.

- At Nasik one off line milling machine, one 2H1 BD Mill and One
Schler Slitter were installed with a view to increase
productivity.

- The Copper project cost at Jhagadia Industrial Estate, Bharuch,
Gujarat was increased mainly due to increase of captive power
plant.

- The Company issued 65,56,568-15% fully convertible debentures of
Rs 90 each on rights basis in the proportion 8 FCD:9 equity
shares held.

- Each debenture was converted into 3 equity shares of Rs 30 each
at a premium of Rs 20 per share between 12-18 months from the
date of allotment. Accordingly 196,69,704 No. of equity shares
were allotted.

1997 - The Company increased its capacity at Barotiwala by installing a
40 cubic meter digestor. At Uttarpara, the company installed
plant & equipments for production of spirally linked canvas used
in drying zone of paper machine and pollution control.

- The company has a technical collaboration with Tantmet Oy of
Finland for manufacture of Double layer fabrics. A similar
agreement for upgradation of Dandy rolls, dandy brackets, etc.
was entered into with Sindair International of USA.

2001
-Sterlite, Indo Gulf, SWIL join hands for copper use promotion

2002

-Refinery section of the Copper Smelter project was cold commissioned on May 17, 2002

2003

-Shri PP Vora as nominee Director on the Board of the Company to represent Life Insurance Corporation of India in Place of Shri NP Bali.

Shri K Narasimha Murthy, has resigned as Chairman and Director from the Board of the Directors of the Company.

-SWIL enters MOU with MSTC for getting supply of raw material

2004

-SWIL Ltd has informed that at the Annual General Meeting held on December 12, 2003, the shareholders have approved delisting of shares from Ahmedabad, Calcutta, Delhi, Madras, Uttar Pradesh and Jaipur Stock Exchanges.

-Starts stage-wise Hot Commissioning of its 50,000 TPA Copper Cathode project starting with commissioning of Anode Furnace on January 23, 2004

-Starts production at its 70,000 tonne a year copper smelter in Gujarat after a six-year delay

-Swil Ltd on August 14, 2004, Shri Rajendra K. Mittal, Whole Time Director & CEO redesignated and appointed as Managing Director & CEO from August 14, 2004 to August 13, 2007 subject to approval of the Shareholders and Central Government.


2006

-Jhagadia Copper Ltd has informed that Life Insurance Corporation has nominated Shri.
R K Rawat as its nominee director on the Board of the Company w.e.f. September 05, 2006.

2010

- Jhagadia Copper Ltd has vide letter dated February 05, 2010 appointed with immediate effect i.e. from February 05, 2010, Shri N. K. Choubey as its Nominee Director on the Board of Directors of the Company.

- Jhagadia Copper Ltd has informed that Shri A. U. Katra, General Manager of IDBI Bank Ltd. has been nominated as its Nominee Director on the Board of Directors of the Company vide their letter dated May 24, 2010 w.e.f. May 31, 2010.
 
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