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JK Lakshmi Cement Ltd. Company History and Annual Growth Details

YEAR EVENTS
1938 - The Company was incorporated on 6th August, as a Public Limited
Company at Bhopal (M.P.). The Company manufactures and deals in
straw board, mill board, duplex board, straw paper, corrugated
rolls, wrappers, etc. Some of the trade names used are 'Bhopal
Straw Boards', 'J.K. Mill Board'. The Company also manufactures
high grades of writing and printing papers and cement. Cement is
sold under the brand name 'Lakshmi Cement'.

1939 - 15,000 Right Equity shares offered at par in prop. 1:1.

1949 - 75,000 Bonus equity shares issued in propn. 1:1.

1957 - Rate of dividend of Preference shares increased.

1959 - The Company embarked on a new paper mill project in Orissa under
the name of J.K. Paper Mills. The Mill was commissioned in 1962.

1960 - 75,000 Pref. Shares and 12,50,000 No. of equity shares issued at
par on Rights basis in prop. 1:2 and 25:3 respectively.

1965 - Partly paid Pref. & Equity shares fully called up on 27.2.1961.

1967 - In February 5,60,000 bonus equity shares issued in propn. 2:5.

1971 - 20,000-9.3% Pref. shares issued in August. 75,00,000-9.1%
redeemed on 31.12.1971.

1972 - 11,30,000 bonus equity shares issued in propn. 1:2.

1973 - In June, 55,000-9.5% Pref. shares issued at par.

1974 - The company holds 6,298 No. of equity shares out of 10,000 shares
issued by the subsidiary-Bhopal Oil & Flour Mills Ltd. The name
of this subsidiary was changed to Bhopal Udyog Ltd.

- Mayfair Finance Ltd., Sidhi Vinayak Investment Ltd., Terrestrial
Finance Ltd., and Yoshodhan Investment Ltd., are wholly owned
subsidiaries of the Company.

1975 - Dena Bank Ltd., was amalgamated with the Company with effect from
1st July. Consequent upon this merger, shareholders of Dena Bank
Ltd., were allotted during 1976.

- Madhya Pradesh Industries Ltd., was amalgamted with the Company
effective from 1st April.

1976 - Allotted 96,000 No. of equity shares to IFCCI and 64,000 No. of
equity shares to LIC (Prem. Rs 2.50 per share) on part
conversion of their loans. 4,57,984 No. of equity and 22,899-11%
Pref. shares allotted without payment in cash to shareholders of
Dena Bank, Ltd., on its merger.

1977 - 5,000-7.8% Pref. and 1,95,552 No. of equity shares allotted in
December to members of Madhya Pradesh Industries, Ltd., on its
merger in the prop. 1:1 Pref. and 1:5 Equity.

1978 - 3,16,650 No. of equity shares issued (Prem. Rs 10 per share) in
conversion of loans/debentures in 1985. 20,000-9.5% pref. shares
redeemed on 2.8.1986.

1979 - The Company received a letter of intent to set up a cement plant
near Banas, a notified backward area in Sirohi District
(Rajasthan).

1981 - The Crusher plant was commissioned in December.

- During August, the Company issued at par 2,00,000-12% secured
debentures of Rs 500 each with an option to receive 25 No. of
equity shares of Rs 10 each at a premium of Rs 10 per share, per
debenture in lieu of Rs 500 already paid on each debenture, such
option being exercisable within a period of 90 days after the
expiry of 3 years from the date of allotment of debentures.

- The entitlement of shares will stand augmented in proportion to
any future bonus issue of equity shares. The debentures are
redeemable in three annual instalments of Rs 100, Rs 200 and Rs
200 at the end of the 10th, the 11th and the 12th years
respectively from the date of allotment.

1982 - The company entered into another core sector industry - Cement by
setting up a cement plant known as 'Lakshmi Cement' in the
'Zero Industry' district of Sirohi (Rajasthan) present capacity
of Laxmi Cement is 5.8 Lac tpa.

1983 - Effective from 15th August, the unit was closed down due to
mounting losses. A tripartite settlement was arrived at with the
workers regarding retrenchment.

- The Company issued 5,00,000-15% secured non-convertible
debentures of Rs 100 each by way of rights with a view to augment
the working capital requirements and partly to meet the normal
capital expenditure.

- The Company issued 15,00,000-14% secured non-convertible
debentures of Rs 100 each aggregating to Rs 15 crores by way of
rights to the existing shareholders to meet part of the cost of
the project of the Audio Magnetic Tape and expansion project at
J.K. Paper Mills.

- These debentures are redeemable at a premium of Rs 5 per share in
three equal instalments of Rs 35 each payable at the end of 7th,
8th and 9th years from the date of allotment.

1985 - In February, the Bhopal Mill workers resorted to agitation and
work-to-rule resulting in temporary closure of the factory.

1986 - The production on Machine No. 2 of the Board Mill was suspended
from 2nd December, due to certain technical problems.

- 52,92,175 No. of equity shares issued (Prem. Rs 10 per share) in
conversion of 10.5% bonds. 3,23,500 No. of equity shares issued
(Prem. Rs 10 per share) in conversion of loans/debentures in
1985. 20,000-9.5% Pref. shares redeemed on 2.8.1986.

1987 - The production of Machine Nos. I and III were also suspended.
After reaching a tripartite settlement with the trade union,
Machine Nos. II and III were closed. Machine No. 1 viz., Straw
Board Machine was leased to another company with effect from 1st
April, 1988.

1988 - A major part of the modernisation and renovation programme was
completed. In addition, a new paper machine for manufacture of
airmail, bond and other speciality papers was commissioned.

- A balancing-cum-modernisation scheme to double the capacity of
the plant was undertaken.

- The Company received a letter of intent for the manufacture of
60,000 tonnes per annum of Linear Alkyl Benzene (LAB) in U.P.

1989 - The Company undertook a scheme for pulp augmentation to augment
the availability of pulp at the paper mills.

- The Company undertook to expand its capacity at the cement plant
at Basarthgarh, district Sirohi, Rajasthan from 6 lakh TAP to
16 lakh TPA along with modernisation of some facilities.

- The Company proposed to launch blank audio cassettes in the
market.

- The Company proposed to import the main raw material n-paraffin
as the Government did not permit the Company to take recourse to
own manufacture.

1990 - The Company issued 10,00,000-14% secured non-convertible
debentures of Rs 100 each on private placement basis.

1991 - The Company introduced Grade 43 cement, which was well received
in the market due to its high compressive strength and earlier
setting time.

- A balancing-cum-augmentation scheme was under implementation.

- The Company in association with J.K. Industries, Ltd. (JKIL) took
over the management and rehabilitation of Central Pulp Mills,
Ltd. pursuant to an order by BIFR for rehabilitation of CPM. CPM
has an installed capacity of 40,000 TPA of pulp and paper. The
Company is to provide the necessary technical know-how and also
participate financially to the said scheme.

- The Company is to provide the necessary technical know-how and
also participate financially to the said scheme. Of the two
paper machines, one was commissioned by the end of 1992 while the
second became operational in the latter half of 1993.

1992 - During November-December, the company issued the following
shares/debentures.

- (i) 60,81,517 Rights equity shares of Rs 10 each for cash at a
premium of 80 per share and in proportion 3:5 (all were taken
up).

- (ii) 3,05,000 No. of equity shares of Rs 10 each were offered to
employees' at a premium of Rs 80 per share on an equitable basis
(all were taken up).

- (iii) 25,33,850 No. of equity shares of Rs 10 each issued at a
premium of Rs 95 per share to Companies persons of the management
group on a preferential allotment basis (all were taken up).

- (iv) 45,61,138-14% secured partly convertible debentures of Rs
270 each as rights to equity shareholders in proportion 9
debentures : 20 No. of equity shares held (all were taken up).

- Rs 90 of the face value of each debenture was to be converted
into one equity share of Rs 10 each at a premium of Rs 80 per
share after six months from the date of allotment of debentures.

- Remaining Rs 180 of the face value of each debenture was to be
redeemed at par in three equal annual instalments of Rs 60 each
on the expiry of 7th, 8th and 9th year respectively from the date
of allotment of debentures.

- (v) 38,00,949-16% non-convertible debentures of Rs 130 each with
detachable warrants as rights to the equity shareholders in the
proportion of 3 debentures: 8 equity shares held (all were taken
up).

- (vi) 9,50,000-16% non-convertible debentures of Rs 130 each with
detachable warrants to the management group on preferential
allotment basis (all were taken up). Each debenture was to be
redeemed at par in three annual instalments of Rs 40, Rs 40 and
Rs 50 at the expiry of 7th, 8th and 9th year respectively from
the date of allotment of debentures.

- Each warrant entitles the holder to apply for allotment of one
share of Rs 10 each at a premium of Rs 120 per share on the
expiry of 36 months from the date of allotment of debentures.

1994 - A new paper machine, an imported cutter for automatic cutting and
packaging of paper was commissioned.

- A new pulp mill of 300 TPD capacity based on latest international
technology was to be installed. Augmentation of paper capacity
by 50,000 tonnes to 1.25 lakh tonnes by upgrading some of the
existing paper machines and by installation of a new machine was
undertaken.

- The new Cement Unit No./2 of 9 lakh tonnes capacity set up with
technical assistance of Blue Circle Industries Plc U.K. was
commissioned. With a view to further consolidate the cement
capacity, another new cement unit No.3 was to be set up.

- The Company issued on 17th September, 42,13,400 No. of equity
shares of Rs 10 each for cash at a premium of Rs 168 per share to
the management group of J. K. Industries Ltd. on private
placement basis.

- During October, the Company offered 68,75,000 GDR at an issue
price of US $ 8.00 representing 68,75,000 Shares.

- During July, the name of the company was changed from Straw
Products Ltd. to J.K. Corp. Ltd.

1995 - Capacity of paper was increased from 75,500 tonnes to 90,000
tonnes by balancing two of its paper machines. The Company
proposed to increase the paper capacity from 90,000 tonnes to
1,60,000 tonnes in the second phase.

- The installation of a new unit near the existing location was in
advanced stage of implementation.

- The Company through its ongoing schemes undertook increase
capacity of PSF by 10,000 TPA and the overall capacity from
28,200 tonnes to 38,100 TPA by the third quarter of 1996 with a
view to improve the performance of the company.

- During the last quarter of the year the strike/lockout in the
factory was called of and normalcy was restored.

- Pursuant to a scheme of amalgamation as suggested by BIFR of OSL
with the Company, 35,57,407 No. of equity shares were allotted to
erstwhile shareholders in proportion 13.5 shares of OSL to 1
equity share of the Company. Another 66,64,682 No. of equity
shares were allotted on conversion of loans of J.K. Corp. Ltd. at
the rate of Rs 135 per share.

1996 - A new FBC Boiler was commissioned and captive power generation
was enhanced which would result in lowering the cost of energy.

- The Company undertook to set up a project for the manufacture of
audio-magnetic tape at Surajpur in U.P. in technical
collaboration with a reputed Japanese company.

- The Capacity was enhanced from 2,592 MRM to 3,240 MRM per annum.

- The Company issued the following preference shares: (a)
12,00,000-17% cumulative preference shares of Rs 100 each of
which 2,00,000 shares, 5,00,000 shares, 2,00,000 shares were to
be redeemed on 13.12.1977, 17.12.1997 & 16.2.1998 respectively.
(b) 1,00,000-16.5% preference of Rs 100 each were issued and
there were to be redeemed at par on 3rd June, 1998. (c) 2,00,000
17.5% preference shares of Rs 100 each were issued and there were
to be redeemed at par on 7.1.1998. (c) 3,00,000-16% cumulative
preference shares of Rs 100 each were issued of which 1,00,000
shares were to be redeemed on 24.3.1998 and remaining 2,00,000
shares on 8.4.1998. (e) 2,00,000-16.75% cumulative preference
shares were issued and these were to be redeemed on or after
5.2.98.

1997 - The Company installed the state-of-the-art new Pulp Mill with an
installed capacity of 1,27,000 t.p.a.

- The J.K. Batteries Division was formed consequent upon the
amalgamation of Madhya Pradesh Industries Ltd., with the Company.

- The company has issued 2,00,000-14.5% cumulative preference
shares of Rs 100 each.

1998 - As on 31st March, a sum of Rs 634.45 crores was outstanding
against term loans from financial institutions.

- Orissa Synthetics Ltd (OSL), which was merged with JK Corp
earlier, has been severely hit by the sluggish market
conditions for polyester over the last two years.

- The company is amongst the two largest producers of
super-high-bright maplitho bomb and air mail varieties.

- J K Paper mills has received distinction of being the first
paper mill in India to have been accredited with ISO 14001
environment management system and is amongst the very few
similarly accredited paper mills in Asia.

- The company has been continuously introducing the latest
technological innovations in the paper industry directed at
optimising raw material usage, reducing water usage, minimising
fossil fuel usage, eliminating hazzardous waste, and reducing
emissions.

- The rating of JK Corp Ltd's (JKCL) Rs.616.8 million debenture
programme has been downgraded by Crisil to BBB from A-. The
rating of JKCL's Rs.820 million partly convertible debenture
issue has also been downgraded to BBB from A.

1999 - At present, the company has a manufacturing capacity of 90,000
tpa of paper, 1.27 lakh tonnes of pulp and another 47,000
tonnes of paper capacity through the Central Pulp Mills Ltd,
which it controls.

- To add to the company's woes, its paper mill was under lock-out
for two and half months early this year following a strike by
workers.

- JK Corp's performance has also been adversely affected by lower
realisations and increased cost of production into he cement
division.

- The company is also setting up a new facility for non antibiotics
and intermediates at its plant at Gajraula, Uttar Pradesh.

- JK Corp has signed an MoU with a Reliance group company for the
divestment of Orissa Synthetics.

- Pending completion of the formalities for the transfer of the
polyester unit, the company had entered into a job conversion
agreement with a Reliance group company.

- As part of its plan to concentrate on the cement division, JK
Corp had earlier decided to set up one million tonne unit in
Karnataka and another 1.5 million tonne unit in Madhya Pradesh.

- The Company has proposed a merger ratio of 1:3 with JK Udaipur
Udyog as a part of its restructuring exercise.

2000 - The Company has informed that an illegal strike of the contract labour at its paper
mills at Jaykaypur, Dist. Rayagada, Orissa, had been called off on 23rd December,
and production esumed at the paper mills.

2001-
JK Corp Ltd (JKL) today announced that its business restructuring plans involving the transfer of its paper business as a going concern to Central Pulp Mills Ltd (CPM) has been completed

2002-SK Wali/ S Chouksey appointed as Whole time Directors of JK Corp.

2008

-JK Lakshmi Cement Ltd has appointed Shri. Kashi Nath Memani as Additional Director on the Board of Directors of the Company w.e.f. August 05, 2008.

-JK Lakshmi Cement Ltd has appointed Dr. Ajay Dua as Additional Director on the Board of Directors of the Company.

-JK Lakshmi Cement Ltd has appointed Ms. Amita Narain as its Nominee Director w.e.f. September 08, 2008.
 
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