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Madras Fertilizers Ltd. Company History and Annual Growth Details

YEAR EVENTS
1966 - Madras Fertilizers Ltd. was incorporated on 8th December, as a
Joint Venture between GOI and Amoco India Incorporated of USA in
accordance with the Fertilizer Formation Agreement executed on
14th May with equity contributions of 51% and 49% respectively.

- The Company is engaged in the manufacture of ammonia, urea and
complex fertilizers at Manali, Chennai, MFL is also engaged in
manufacturing bio-fertilizers and marketing fertilizers and
agrochemicals under the brand name 'Vijay'.

1968 - The Company has entered into a Purchase Agreement on March 21,
for an annual requirement of 250,000 MT with Madras Refineries
Limited, a company held by GOI & NIOC, with relevant clauses for
quality and quantity determination.

1975 - The Company has the unique distinction in plant safety record of
continuous 3190 accident free days (8 years and 9 months) from
10.02.75 to 05.11.83 amount to 19.8 million man-hours of
operations without any disabling injury.

- MFL has entered into a long term agreement with TNEB on August
23, for supply of Maximum Demand 22,000 KVA.

1991 - The Company received an award from Fertilizer Association of
India for 'outstanding performance in the performance in the
production of phosphatic' fettilizers during the year.

1992 - MFL commissioned a Hydrolizer Stripper plant for treating
effluents from ammonia and urea plants. The Company has also
developed a green belt in the plant campus covering about 30
acres.

- Farmers Service Award for the year instituted by Gandhi Gram
Rural Institute, Tamil Nadu.

- The Company has established about 150 upcountry warehouses
through the State/Central Warehousing Corporations and other
private warehousing agencies.

1993 - The Company received the Jawaharlal Nehru Memorial National Award
by International Greenland Society, Hyderabad for effective
implementation of pollution control methods.

- The Company got the Second prize in National Energy Conservation
for the year.

- MFL was also successful in getting a $3 million Technical
Management contract from the State Fertilizer Manufacturing
Corporation in Sri Lanka.

- The Company increased the capacity of the Ammonia Plant by 40%
from 750 tonnes per day to 1050 TPD. The Company increased the
capacity of the Urea Plant by 66% from 885 TPD to 1475 TPD.

- The company has entered into long term purchase contract on
October, 18th, with M/s. Indian Ocean Fertilizer, South Africa
for the supply of phosphoric acid.

1994 - MFL has entered into a purchase agreement for an annual
requirement of 2,50,000 MT of Naphtha with M/s. Madras Refineries
Ltd. a PSU situated close to MFL.

- MFL has entered into a long term supply contract with M/s. Indian
Ocean Fertilizer, South Africa for supply of phosphoric acid.

- The Company installed dual pipe reactor system in NPK 'B' train
to enhance production rate, reduce fuel consumption and
replacmeent of product cooler in the NPK Plant.

1995 - The Company has been entering into a Memorandum of Understanding
with the Department of Fertilizers, Ministry of Chemicals &
Fertilizers, GOI for the past 4 years. The Company was awarded
'Excellent' rating for the year 1995-96.

- The Company is the first PSU in the Fertilizer industry to get
the ISO 9002 certification effective 1st November.

1996 - The company has set up a Reverse Osmosis Plant to take care of
any future water shortages.

1997 - The company is entering the capital market for the first time
with an initial public offering (IPO) of Rs.42.95 crores in
286.30 lakh shares is Rs 10.00 each at a premium of Rs 5.00, to
raise Rs 42.95 crore from the public.

- Since April 1996, COL has entered into an agency agreement with
another Mumbai-based, closely held, Ventron Chemicals Ltd (VCL),
for marketing the latter products.

- The Rs 660-crore Madras Fertilisers Ltd (MFL) plans to set up a
sulphuric acid plant, with a 400 tonne per annum capacity at
its Manali plant near Chennai.

- The drop in production of NPK was due to the shutdown of the
ammonia and urea plants from early March this year till the end
of September. The shutdown was in connection with the hooking up
of the old plants with the new plants constructed at a outlay of
Rs.573 crores.

- The Madras Fertilisers plant located at Manali near Chennai was
closed down on November 30 amidst speculation that it was due
to a gas leak. The gas, identified as ammonia, has reportedly
caused some irritation and breathing problems in nearby
villages and the matter was reported to company officials and
the Pollution Control Board (PCB).

1998 - MFL had been assigned an MA-rating in August 1993 by the
Investment Information and Credit Rating Agency on its fixed
deposit programme.

- Though the revamped Ammonia/Urea Plants were commissioned during
September 1997, owing to initial teething problems and the steam
limitation, commencement of commercial production of Urea was
delayed to March 3, when steam was available from the new PC
Boiler for regular use.

- The Company also commenced marketing of an eco-friendly neem
based pesticide viz. 'Vijay Neem' during the year under
arrangement with M/s. Fortune Biotech Ltd (FBL), Hyderabad, who
commissioned their 'The State of Art' plant for the manufacture
of Azadirachtin.

- The MoU for the year 1998-99 was signed with GOI during April.

- The Company was selected for the prestigious 'Energy Conservation
Award' for the year 1996-97 by the Ministry of Power, Govt. of
India for implementing various energy conservation schemes.

- The Company received 'Best Environmental and Ecological
Implementation Gold Award' from International Greenland Society
for the year 1997-98.

- The Company also received 'Best Tax Payer Award' in the category
of Employer for the year 1995-96 which was presented by the
Hon'ble Union Minister for Finance.

1999 - The government was proposing to reduce its stake to eight per
cent from 58 per cent for which the second largest shareholder,
the National Iranian Oil Company recently gave an in-principle
approval.

- Biwater Plc, which has been awarded the Bangalore water supply
project, has entered the race for the construction of a $100
million effluent re-use plant for Madras Fertilisers and
Refineries industries complex near Chennai.

- A Memorandum of Understanding (MoU) was signed between the MFL
and the Department of Fertilisers, Ministry of Chemicals and
Fertilisers.

- MFL signed an MoU with Monsanto Enviro Chem System Inc. (MECSI)
in June, under which MECSI will rectify the problems afflicting
the prill tower.

- The government also proposes to convert Rs 80-crore of loans into
preference shares.

- MADRAS Fertilisers Ltd (MFL) is likely to face the threat of zero
inventory and consequently may shut down its plant 'temporarily
for maintenance', apart from pressing in other options, if the
truck strike continues for the next few days.

- MADRAS Fertilisers Ltd (MFL) will switch over from naphtha to LNG
for feedstock. The State-owned entity has also made the
necessary arrangements to tie up with Dakshin Bharat Energy
Consortium which is headed by Siemens for feedstock supply to the
project.

- MFL also proposes to set up a 25 MW captive power plant. Of
this 18 MW would be used by MFL while the balance would be sold
to the grid. Ideally, MFL is looking to set up this plant on a
BOT basis with a lifespan of at least 10 years.

- MFL has also entered into an agreement with Madras Refineries
Ltd. Under the agreement, MRL's current overdue of Rs. 55
crores would be converted into a term loan repayable in four
years.

- MFL plans to reintroduce a voluntary retirement scheme (VRS) in
2000.

2001 - Madras Fertilisers Ltd has signed Memorandum of Understanding with the Department
of Fertilisers, Governmnet of India for the year 2001-02.

2002

-Government of India approves for the financial restructuring of Madras Fertilizers.

-Mr. Pawan Kumar Wadhwa and Mr. Suresh Chandra are ceased to be the Directors
and Mr. M R Sharma is being appointed as the Directors on the Board of the company.

-Mr Sukumar N Oommen appointed as the Chairman and MD of the company.

2003

-National Iranian Oil Company grants No Objection Certificate to the government for the
sell off of Madras Fertilizers Ltd.

-Mr. Vijay Singh and Mr. S M Mortazavi are ceased to be the Directors of the company.
Mr. Suman Swarup and Mr. Malmood vaezi are appointed as Directors.

-Financial restructuring package as follows:

a. Waiver of outstanding interest amounting to Rs 706.5 million as on March 31, 2003 on the outstanding loan of Rs 2199.7 million, drawn from GOI by MFL.
b. Moratorium on principle repayment of the GOI loan of Rs 2199.7 million drawn by MFL upto March 31, 2004.
c. Waiver of penal interest for past defaults in repayment of principle and interest of GOI loan up to March 31, 2003.

-The stock leaps 9.8% on account of financial restructuring.

-MFL gets Union government permission for second round of Financial Assistance and
Capital Restructuring.

-As part of restructuring programme the government approves for the reduction in interest
from 15.10% to 7% on outstanding GOI loan.

-Shri P S Prasad, Nominee Director (ICICI Bank) has been appointed in place of Shri P M Kale, Nominee Director (ICICI Bank).

-ING Vysya Life signed an agreement with public sector Madras Fertiliser Ltd (MFL) to sell its life insurance policies to farmers, using the fertiliser company's dealer network in rural sector

2005

- Madras Fertilizers Ltd enters into one-time settlement agreement with ICICI Bank, which will benefit the MFL to the tune of Rs 18.95 crore as of March 31, 2005.

2008

-Madras Fertilizers Ltd has informed that 'The Government of India vide its letter No. 84/2/2007-HR-I dated July 21, 2008 has appointed Shri S Muralidharan, as Chairman & Managing Director in place of Shri G S Mangat, CMD,
 
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