Home  »  Company  »  Mangalore Chemicals & Fertilizers Ltd.  »  Quotes  »  Company History
Enter the first few characters of Company and click 'Go'

Mangalore Chemicals & Fertilizers Ltd. Company History and Annual Growth Details

YEAR EVENTS
1966 - The company was incorporated on 18th July, as a private limited
company under the name Malabar Chemicals & Fertilisers Pvt. Ltd.
In January, the Company was converted into a public company and
the word private was deleted from its name.

- The object of the Company is to manufacture naphtha-based
fertilisers like ammonia and urea. The urea produced is being
marketed under the name "Mangala Urea".

- Allotted 3,89,008 No. of Equity shares to promoters, etc. and
2,50,000 No. of equity shares to IDIC.

1968 - Dugal Enterprises Pvt. Ltd. (DEL), the Government of Mysore and
International Development & Investment Co. Ltd., Nassau, Bahamas
(IDIC) acted as the promoters of and initial investors in the
Company until June. Subsequently the original collaboration
with C & I Gridler International Ltd., Nassau, Bahamas was
cancelled by mutual agreement and IDIC also expressed its desire
not to participate further in the capital of the Company.

- IDIC, however, retained the 2,50,000 No. of equity shares of Rs.
10 each, fully paid-up of the Company subscribed for by it
initially. Thereafter, MSIIDC, (MSCMF) and Mysore State Agro
Industrial Corporation Ltd. (MISAIC) joined as promoters.
Rallis India Ltd., also subscribed for Rs. 40 lakhs in the equity
capital of the Company.

1971 - On 25th August the Company's name was changed from Malabar
Chemicals & Fertilizers Ltd., to Mangalore Chemicals &
Fertilizer Ltd.

- Authorised capital increased. A call of Rs 7.50 per share made
on 3,89,006 No. of equity shares.

1972 - Equity shares sub-divided. Paid-up capital before the public
issue comprised 1,50,000 Pref. and 52,00,130 No. of equity
shares. In November, 1,50,000 Pref. and 72,99,870 No. of equity
shares offered at par to the public. Pref. shares redeemable at
par after 12 years but before 20 years from the date of
allotment. 85 pref. and 41,900 No. of equity shares forfeited.

1976 - Ammonia & Urea production commenced

1979 - The Company received a letter of intent for setting up an
ammonium bi-carbonate plant with an installed capacity of 3,000
tonnes per annum.

- The Company also received a letter of intent for the manufacture
per annum of 18,000 tonnes of nitric acid, 13,750 tonnes of
ammonium nitrate and 3,600 tonnes of sodium nitrate/nitrite.

- A letter of intent was received for the manufacture of DAP/NPK
formulations for an annual capacity of 63,500 tonnes.

- In order to increase the efficiency of the ammonia/urea plants
M/s. B.H.P.V. were selected for the contract to instal a pure gas
recovery plant in association with M/s. Air Liquid of France.

1980 - Forfeited shares reissued/forfeiture annulled in respect of 1450
No. of equity shares each in 1978 and 1979 and 2,550 No. of
equity shares during the year.

- 700 forfeited equity shares reissued or forfeiture on these
annulled.

1982 - The performance was not satisfactory due to frequent power cuts
and demand recession. The ammonia converters modification could
not be carried out limiting the ammonia plant load to 85% only.

- The ammonium bi-carbonate plant and additional auxilliary boiler
were commissioned.

- The expansion programme of new projects including di-ammonium
phosphate plant, terminal for imported ammonia and purge gas
recovery unit became more effective by the conclusion of major
contracts and other financial arrangements and completion of
civil works falling within the scope of the company.

1984 - As regards the captive power plant, the company signed an
agreement in November, with M/s. O.Y. Wartsila AB, Finland for
the supply and supervision of erection and commissioning of 6
nos. of diesel generating sets each of 6516 KW rating.

- 500 forfeited equity shares reissued or forfeiture on these
annulled.

1985 - The working results were adversely affected by the unfavourable
market situation and severe competition which was intensified by
drought conditions in the country, especially in Karnataka.

- Toyo Engineering Co. Ltd., (TEC), agreed to set up a second DAP
plant with a capacity of 63,500 tonnes per annum based on
conventional technology and also to supply additional hardware
and spares for the fertiliser complex free of cost.

- 450 forfeited equity shares reissued or forfeiture on these
annulled.

1987 - Production and sales of urea and ammonium bi-carbonate declined
due to strike by workmen for 72 days, continuing glut due to
adverse market conditions and failure of equipments such as CO2
compressor, urea autoclave nozzle, etc.

- The company undertook several sales promotion activities to
improve the demand for the products.

- The Company proposed to revamp its original DAP plant. PDIL,
Sindri (a Government of India undertaking) was commissioned to
prepare a economic feasibility report for the same. It was also
proposed to revamp the existing ammonia and urea plants.

- M/s. UHDE submitted a report pertaining to revamping of ammonia
plant and M/s. Stamicarbon of Netherlands submitted a report on
urea plants.

- The Company proposed to approach IDBI for financial assistance
for implementation of the revamping project.

- The Company embarked upon a scheme to create 100 million gallon
capacity reservoir for storing water. Water heat recovery
boilers were installed for recovery of heat from fuel gases from
captive power plant.

1988 - A 7th DG set was commissioned in December, along with the
sophisticated "WENCOM" system to provide advance warning of
abnormal conditions.

- The production of DAP suffered a set back due to non-availability
of imported phosphoric acid, that of ABC was affected due to main
plant problems. There was an overall production loss of 132 days
on account of failure of urea plant's HP condenser, fired heater
F101 coil failure and the time lost in replacement of syn gas
turbine/primary reformer catalyst.

- The Company undertook a rehabilitation programme with the help of
financial institutions and banks.

- The Company undertook rehabilitation of the original DAP plant,
by making certain modification/addition to the plant to achieve a
production of 45,000 tonnes of phosphorus pentoxide.

- Application for the letter of intent was made by the company
during the year. The company also undertook a thorough survey of
the existing ammonia and urea plants for increasing their
respective capacities.

- The ammonia and urea projects were to be set up by M/s. UHDE
India Ltd., and Stamicarbon respectively.

- 30 Pref. shares redeemed on 31st January, 1989. Forfeiture on
3,350 No. of equity shares annulled. Rate of Pref. raised and
redemption date extended to 5th October, 1992 and 7th January,
1993.

1989 - The Company proposed to replace the internals of the ammonia
converter with a modified state-of-art basket as it had developed
leakages.

- Also, a modernisation plan for DAP II plant was drawn which
involved retrofitting the plant with pipe reactor technology.

- It was also proposed to rehabilitate the defunct DAP plant by
making appropriate changes in the technology and hardware to
produce NP/NPK fertilizers.

- The Company proposed to set up phosphoric acid/sulphuric acid
plants with foreign collaboration.

- During the year, requisite applications were made seeking letters
of intent for the manufacture of styrene butadiens rubber,
HDPE/LLDPE, LDPE and polypropylene.

- The company proposed to import raw materials for the initial
production of the styrene butadiens rubber, HDPE/LLDPE, LDPE and
polypropylene.

- The company proposed to import raw materials for its initial
production of the above products and later on switch over to
materials from the proposed Mangalore Refinery.

- The company proposed to set up a down stream petrochemical plant
for production of LDPE, LLDPE, HDPE, polypropylene, SBR, etc.

- 472,62,300 No. of Equity shares issued at par : 71,41,600 shares
as rights in prop. 1:2; 1,20,500 shares to employees; 300,00,000
shares in conversion of loans and out-standings and 100,00,000
shares to KSIDC on private placement basis.

1990 - On the basis of bids invited, the State Government also with
financial institutions and banks selected UB Group as a partner
in management of the Company.

1991 - A new high pressure carbonate condenser was installed in the urea
plant in December.

- 388,32,702 No. of equity shares issued at par: 225,66,842 shares
as rights in prop. 4:5, 34,565 shares to employees, 20,35,870
shares on private placement basis and 141,95,425 shares in
conversion of funded interest to financial institutions.

1992 - During October, the company issued 150,00,000 No. of equity
shares of Rs 10 each at par on rights basis in the proportion
2:13. Another 7,50,000 shares of Rs 10 each were offered to the
employees.

1995

-The chairmen of UB Group and SPIC have reached an agreement under which SPIC will join UB as a co-promoter in the rehabilitation of the Mangalore Chemicals and Fertilisers Ltd.

-Submitted a Rs. 300 crores revival package.

-The bagging and transportation of Urea and DAP has come to standstill at the MCF from September due to sudden strike launched by about 45 stitching and packing workers.

-Suspended 10 workers in the first shift who were on strike for the last 18 days demanding the termination of the loading contractor.

1996

-The Board for Industrial and appointed the Industrial Development Bank of India as an operating agency for the purpose.

-The Board for Industrial and Financial Reconstruction (BIFR) has ordered a change in management of the sick Mangalore Chemicals and Fertilisers Ltd (MCFL) a company promoted by Vijay Mallya's Unite Breweries group.

- Appellate Authority for Industrial and Financial Reconstruction (AAIFR) has dismissed the appeal of Mangalore Chemicals & Fertilisers Ltd (MCF) as withdrawn.

-Workers union affiliated to Intuc has decided to participate in the open bid to take over the administration of MCF in association with other co-operatives.

-Karnataka Government on 15.2.96 asked the private owned Mangalore Chemicals and Fertilisers Ltd.

1997

-Signed a memorandum of understanding (MoU) with the MCF workers union revising wages

-Offered to acquire a majority stake in Vijay Mallya's sick Mangalore Chemicals & Fertilisers.

-Achieved the highest ever production of 3.42 lakh tonnes urea corresponding to 101 per cent of the rated capacity.

-Awarded the prize for best improvement in overall performance for 1996-97 by the Fertilizer Association of India.

1998

-The Penambur unit of Mangalore Chemicals and Fertilizers (MCF) has commenced production after a month-long shutdown due to breakdown of certain critical equipment

-MCF records 44pc rise in sales, net up at Rs 17.33 cr

-Receives Fertiliser Association of India Award for improvement in its overall performance for the year 1997-98 according to a press release from the company.

1999

-Financial institutions have rejected a proposal by Vijay Mallya-controlled Mangalore Fertilisers & Chemicals (MFCL) for a one-time settlement of outstandings

-Dispatched the `first batch' of finished products including superior kerosene oil (SKO) and high-speed diesel (HSD) to Hindustan Petroleum Corporation Ltd (HPCL)

2000

- Board for Industrial and Financial Reconstruction (BIFR) has sanctioned a rehabilitation scheme for Mangalore Chemicals and Fertilisers Ltd (MCFL), promoted by UB Group. Also, the Industrial Development Bank of India (IDBI) has been appointed as the monitoring agency (MA) to review the progress of implementation of the sanctioned scheme.

-Reliefs sought for the revival of Mangalore Chemicals & Fertilisers a UB group company were taken up at a high-powered meeting of the Industries Department

-Urea plant has been shut down following an accident on February 9 which resulted in the death of two persons.

-Two people were killed and six injured in a gas leak-related explosion at the Panambur unit

-Board for Industrial and Financial Reconstruction (BIFR) has directed Vijay Mallya controlled sick industry company to submit a comprehensive revival proposal with the means of finance fully tied up.

-Company has received ROC permission

2001

-Wiped off its accumulated losses of Rs 169.39 crore

-Production of urea trucks loaded with Mangala urea rolled out of the MCF factory at Panambur

-VRS was introduced as per the BIFR Scheme.

-Urea Production was stopped on 6.3.2001 after achieving the installed capacity.

2002

- Karnataka High Court stayed the govt's order on downward revision of urea retention price with retrospective effect

-Organised one of its periodic on-site `mock drills' at its Panambur unit, to help the organisation `to keep people and material in all preparedness to undertake any emergency effectively.

2003

-Approves to voluntarily delist its shares from Mangalore and Madras Stock Exchange.

-MCF negotiation with workers fails

-Awarded ISO 14001:1996, the environmental management system standard certificate, for its fertiliser complex at Panambur in Mangalore.

2004

-Mangalore Chemicals & Fertilisers Ltd has informed that it has filed an application for permission before the Government of Karnataka for closure of its di-ammonium phosphate plant situated at Panambur, Mangalore due to the continued unremunerative nature of its operations.

- SBI Capital Markets appointed as lead arranger for Mangalore Chemicals & Fertilizers to structure funding of proposed Rs 360 crore metallurgical coke production plant
2005
- Receives OHSAS certification

2006
-Mangalore Chemicals & Fertilizers Ltd has informed that the Board of Directors of the Company at its meeting held on October 27, 2006 has appointed Mr. K Prabhakar Rao, Vice President-Manufacturing as a Whole-time Director of the Company.

-Installation of 100 TPD Sulphuric Acid plant

2008
- Installation of Imported Fertilizers Handling Unit

2009

- MCF has won the certificate of merit for achievement in Energy conservation for the 2009-10 from Government of Karnataka.

- MCF has received UNNATHA SURAKSHA PURASKARA, a prestigious award for the outstanding performance in Safety Management systems for the year 2009-10.

- FAI Environmental Protection Award in NP/NPK Fertilizer Plants for the year 2009-2010.

- The Company has recommended a dividend of Re 0.70 per equity share.

2010

- SECOND BEST SAFE INDUSTRY IN LARGE SECTOR FOR THE YEAR 2010 award conferred by the Karnataka State Safety Institute (R) (Department of Factories & Boilers) and the National Safety Council, Karnataka Chapter, Bangalore.

- FAI Environmental Protection Award in NP/NPK Fertilizer Plants for the year and 2010-2011.

- FAI runner up award for best technical innovation in Fertilizer Industry for the year 2010-11.

- FAI joint runner up award for Production Performance in Nitrogenous Fertilizer Plant for the year 2010-11.

2011

- Mangalore Chemicals & Fertilizers Limited has informed that MCF International Limited, the wholly-owned subsidiary of the Company proposes to merge with the Company pursuant to a
Scheme of Amalgamation filed with the Honourable High Court of Karnataka, Bangalore.

- The Company has re-appointment of Mr. K Prabhakar Rao, as whole-time Director.

2012

- The Company has re-appointment Mr. Deepak Anand, as Managing Director.

- Mangalore Chemicals & Fertilizers’ scrip skyrockets by nearly 17% on RIL stake-buy reports.

- Board has recommended a dividend of Rs. 1.20 per equity share.

2013
-MCF has been conferred "First Runner-Up" award for the year.
-Mangalore Chemicals hits 52-week high after Zuari Fertiliser.

2014
-Mangalore Chemicals & Fertilizers Ltd has recommended a dividend of Rs. 1.20 per equity share.
-Mrs. Ritu Mallya as a Director of the Company.

2015
-Mangalore Chem. Commencement of Operation of Urea Plant

Find IFSC