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Kesar Petroproducts Ltd. Company History and Annual Growth Details


YEAR EVENTS
1990 - The company was incorporated on 1st January, and obtained the
certificate of commencement of Business on 24th January. The
company was jointly promoted by Maharashtra Petrochemicals
Corporation, Ltd. (MPCL) and by Shailendra C. Bagrodia, Sanjay
Bagrodia and Sushil Kumar Sharaf of Sobhagya Mercantile Ltd.
(SML). The main objective of the company is to manufacture
Bisphenol-A (BPA) apart from dealing in all kinds of
petroproducts.

- The company undertook to set up a project for the manufacture of
5000 TPA of Bisphenol-A on a piece of leasehold land at MIDC's
industrial estate at Lote Parshuram, a notified backward area in
the Ratnagiri district of Maharashtra. The product is a raw
material for the production of a wide variety of resins and
plastics.

- The company entered into an agreement with Polibur Engineering
Ltd. (PEL) of UK for supply of technical know-how of basic
engineering package based on ICSO technology. It also provides
for performance guarantee with regard to plant capacity, raw
material and utility consumption and quality of goods. In
addition, the agreement also provides for buy-back arrangement of
2000 tonnes, 1500 tonnes and 1000 tonnes. As consideration for
the services rendered, the collaborators would be paid a
technical know-how fee of US $ 1.5 million.

- M/s. Dany Powergas India Pvt. Ltd., were appointed as consulting
engineers for the project.

- 70 shares subscribed for by the signatories to the Memorandum of
Association. 103,59,930 shares then issued at par of which the
following shares were reserved and allotted:

- (i) 26,80,000 shares to MPCL;

- (ii) 19,19,930 shares to Indian resident directors, etc. and

- (iii) 10,00,000 shares to SBI Mutual Fund.

- Out of the remaining 47,60,000 shares 5,18,000, shares to
employees, etc. of the Company and those of promoter companies
were reserved for preferential allotment but only 1,41,900 shares
taken up. Another 5,00,000 shares subscribed by SBI Mutual Fund
and 2,50,000 shares by Infrastructural Leasing & Financial
Services, Ltd.

- The balance 34,92,000 shares, along with 3,76,100 shares not
taken up by employees, etc. were offered to the public in Jan.
1991. Additional 15,54,000 shares allotted to retain
oversubscription (8,40,000 shares to promoters, directors, etc.
and 7,14,000 shares to the public).

1992 - During February-March, the Company offered 23,82,800 Rights
equity shares of Rs. 10 each at par in proportion 1:5 (all were
taken up). Additional 3,57,420 shares were allotted to retain
oversubscription.

- Simultaneously another 1,19,140 shares were issued to the
employees' on an equitable basis (all were taken up).

- 25,01,940 No. of equity shares allotted on Rights basis.

2002-Kesar Petroproducts Ltd has informed that Mr S K Gupta has ceased to be Director of the Company with effect from November 29, 2002.
 
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