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Kitply Industries Ltd. Company History and Annual Growth Details

1982 - The company was originally incorporated on 26th August in Assam
as Sudershan Plywood Industries Private Ltd., a leading company
of the S.P. Goenka Group. Became a public limited company on 1st
April, 1985. The company started manufacturing various grades
of plywood from 1986 at its factory is Assam. The products were
marketed under the trade name 'Swastik'.

- The main objective of the company is to manufacture various
grades of plywood, black boards, flush doors, technical grade
speciality plywood, etc.

1984 - 4,100 shares issued without payment in cash.

1985 - The plant and machines, land and buildings of Margherita and
Tinsukia factories were revalued on 30th June.

- Himalayan Plywood Industries Pvt. Ltd., a company engaged in the
manufacturing commercial plywood was amalgamated with the company
from 1st September. The activities of Himalayan Plywood
Industries Pvt. Ltd., would be carried on in the name and style
of the company. As per the amalgamation scheme, 7,35,000 No. of
equity shares of Rs. 10 each were allotted to the shareholders of
Himalayan Industries Pvt. Ltd.

- Shares subdivided on 1st April. Then authorised capital
increased 10,00,000 shares of Rs. 10 each then issued at par out
of which 1,00,000 shares were reserved and allotted on a
preferential basis to employees, directors, business associates,
etc. The balance 9,00,000 shares were offered to the public in
August. 2,50,000 additional shares allotted to retain
over-subscription (1,50,000 shares to the public and 1,00,000
shares to directors, their friends, etc. and business associates.

1986 - A higher margin could not be achieved as the company switched
over to imported wood/wood products on account of scarcity in
domestic raw materials.

- 7,35,000 shares allotted without payment in cash to members of
Himalayan Plywood Industries, Pvt. Ltd. on its merger.

1987 - The company proposed to introduce the 'Slicing Process' with a
view to increase the face yield and also to utilise non-peelable
lower quality imported logs and indigenous logs for conversion
into commercial veneer. In addition, the decorative texture
accorded by the new process, was expected to tap the exports

1988 - The company introduced 'Firegard' a fire resistant plywood, a new
concept in the field of plywood.

1989 - As a longterm measure, the company launched an agro-forestry
project for growing Kadam trees on the waste land and also in the
tea gardens in Assam and Arunachal Pradesh for captive
consumption of plywood factories.

- With effect from 1st April, Art Plywood Industries, Ltd. (APIL)
was merged with the company. As per the Scheme of Amalgamation,
6,51,527 No. of equity shares of Rs. 10 each were allotted to the
equity shareholders of APIL in the ratio of 43 equity shares of
the company for every 50 equity shares held in APIL.

- With effect from 4th April, the name of the company was changed
from 'Sudershan Plywood Industries, Ltd. to 'Kitply Industries,

1990 - Over three lakh kadam plants were planted in Assam and Arunachal
Pradesh under industry-farmers nexus basis. The company proposed
to plant 5 lakh kadam plants each year in these two states.
Steps were taken to popularise the plantation scheme in the
States of Nagaland and Meghalaya also.

- During March, the company issued 1,00,000-14% secured redeemable
non-convertible debentures of Rs. 100 each on private placement
basis. The debentures were to be redeemed at a premium of 5% in
three equal annual instalments at the end of the 7th, 8th and 9th
year from the date of allotment.

- During March, the company issued 4,50,000-14% secured redeemable
fully convertible debentures of Rs. 170 each of which 1,24,250
debentures were offered on rights basis in the ratio of 1
debenture for every 20 equity shares held. Additional 18,640
debentures were allotted to retain over subscription. Of the
balance 3,25,750 debentures, 22,500 debentures were offered on
preferential basis to employees/workers of the company. Only
5,170 debentures were taken up. The remaining 3,03,250
debentures, along with the unsubscribed portion of 16,790
debentures of the employees' quota, were offered for public
subscription. Additional 48,860 debentures were allotted to the
public to retain over subscription.

- As per the terms of the issue, the entire amount of Rs. 170 per
debenture was converted into 10 equity shares of Rs. 10 each at a
premium of Rs. 7 per share at the end of six months from the date
of allotment, i.e., 16th November. Accordingly 51,75,000 No. of
equity shares were allotted on 16th November.

- With effect from 1st April, Nuboard Manufacturing Company, Ltd.
was amalgamated with the company. As per the Scheme of
Amalgamation, 12,00,000 No. of equity shares of Rs. 10 each were
allotted to the shareholders of Nuboard Manufacturing Co., Ltd.
without payment in cash in the proportion 60 shares of Kitply
Industries, Ltd. for every 100 shares of Nuboard Manufacturing
Co. Ltd.

1992 - In August/September, the company issued 47,55,764 rights shares
of Rs. 10 each at a premium of Rs. 20 per share in the proportion

- Another 2,37,788 No. of equity shares of Rs. 10 each at a premium
of Rs. 20 per share were offered to the employees.

- The company issued 160,00,000 No. of equity shares of Rs. 10
each at a premium of Rs. 40 per share for its modernisation,
diversification and expansion programmes at its various units.

- 4,765,864 shares allotted as rights issue.

1993 - Due to the lock-in-period of five years imposed by SEBI, the
company could not go ahead with its plant for a private placement
of 40 lakhs equity shares with FIIs.

- On 24th February, 45,844,320 No. of equity shares of Rs. 10 each
issued on amalgamation of Asian Woods and Polymers Pvt. Ltd., as
per the scheme of Amalgamation by the Hon'ble High Courts at
Guwahati & Karnataka, Bangalore.

- The Company issued and allotted further 47,55,764 fully paid
Equity Shares to the Shareholders and 10,100/- fully paid Equity
Shares to the Employees and Workers of the Company at a premium
of Rs 20/- each.

1994 - During the year, the company undertook to set up a new sugar
factory with a capacity of 3,500 TCD at Rupapur, Tehsil Shahabad,

- Global Sugar Ltd. was amalgamated with the Company with effect
from 1st October. According to the said scheme of amalgamation
for every equity share of Rs. 10 each credited as fully paid up
in Global Sugar Ltd., 100 equity shares of Rs. 10 each credited
as fully paid up in the company, were required to be allotted at

1995 - 16,000,000 No. of equity shares at a premium of Rs. 40 per share
issued under public issue. 700 shares issued.

- The Company Public Issue of 1,32,00,700 No. of equity shares in

1997 - Kitply Industries Ltd has set up an institute for land
restoration and agro-forestry in collaboration with Indian
Institute of Technology, Kharagpur.

- The company has diversified into sugar manufacturing by setting
up a 3500 tcd capacity sugar unit in western UP.

- The company is launching its laminates under the brand Kitmica,
domestic hardware like door handles and knobs as Kitware, and
its adhesives as Kitcol.

1999 - The company has decided to expand its decorative lamination
unit at Igatpuri in Maharashtra.

2000 - The company has signed a tripartite agreement with NSDL and
Computech International Ltd, R&T agent, for dematerialising the
shares of the company.

- The Company has reopened three of its plywood manufacturing units
in Assam which were closed since 1996.

- Four Calcutta-based groups - Emami, Khaitan, Kitply and Titagarh Industries
have joined hands to float a business-to-business electronic procurement
portal www.MatManage.com.

- Kitply Industries Ltd has launched Kitply Gold, the anti-borer marine plywood.

- The suspension in trading of equity shares of Kitply Industries will be revoked
effective from 27th September.

- The company has increased the capacity of its sugar unit, located at Hardoi in
Uttar Pradesh.


-Shri Anil Bnaka is reappointment as the wholetime Director of the Company


-Kitply Industries Ltd has informed that the Board of Directors in their Meeting held on 31st January, 2007 has duly accepted the resignation of Shri V.Prakash nominee of ICICI Bank Ltd. with effect from 31st January 2007 and also duly approved the reappointment of Shri S.N.Jajodia as Whole time Director.


- Kitply Industries Ltd has informed that 'The Company have appointed Ms. Shabnum Zaman as our Company Secretary and she will be joining the organization at a date not later than 24-07-2008. Further IDBI Limited has withdrawn their nominee Mr. S. K. Pai from the Board of Directors of the Company.'

- Kitply Industries Ltd has appointed Mr. Nitin Sahni and Mr. Rajnikant C. Dani as an Additional Directors on the Board of the Company effective from September 24, 2008.


- Kitply Industries Ltd has appointed Mr. S.V. Venkatakrishnan (Nominee of Arcil), as an Additional Director, and also as the Member of the Audit Committee of the Board.
Oct 26, 12:00 am
Oct 26, 4:14 pm
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