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Modipon Ltd. Company History and Annual Growth Details

1965 - The Company was incorporated on 19th August, in U.P. The Company
manufactures nylon yarn, staple fibre and all other kinds of
fibrous, chemical and synthetic substances.

- The Company was established as a result of Collaboration between
R.B. Gujarmal Modi & Bros. Pvt. Ltd. of Modinagar, India and Rohm
& Haas Co., Philadelphia, U.S.A. under the agreement, the
collaborators agreed to make available to the Company technical
knowhow and research facilities in respect of the manufacture of

1967 - 8,00,000 shares subscribed for by Rohm & Haas Co., U.S.A., and
its associates. 4,65,000 shares taken up by R.B. Gujarmal Modi
& Bros. (P) Ltd. In March 1966, 1,47,000 shares subscribed for
by R. B. Gujaramal Modi & Bros. (P) Ltd., and 5,88,000 shares
offered to public.

1970 - 95 Equity shares forfeited for non-payment of calis.

1974 - 15,00,000 Bonus shares issued in prop. 3:4.

1979 - Good Investment (India) Ltd., and Quick Investment (India) Ltd.,
were floated and they became wholly owned subsidiaries of the

1980 - 35,00,000 Bonus shares were allotted in October.

1982 - Indofil Chemicals Ltd. was amalgamated with effect from 1st July.
The shareholders of Indofil Chemicals, Ltd. were allotted
8,38,057 No. of equity shares of Rs 10 each, 1,45,495 redeemable
convertible cumulative preference shares (CCP) of Rs 100 each and
85,140 redeemable preference shares of Rs 100 each. The 85,140
preference shares allotted to the erstwhile non-resident
shareholders of Indofil Chemicals, Ltd., were redeemed on 31st
March, 1986.

1985 - The Chemicals Division was formed following merger of Indofil
Chemicals Ltd. The Company had received approval from Govt. of
India to transfer technology from Rohm and Haas Company of U.S.A.
which would help in upgradation of the technical facilities.

- 'GOAL', a sophisticated broad spectrum herbicide from Rohm and
Haas Company was provisionally registered in India.

- 1,45,495 convertible cumulative preference shares (CCPs),
allotted to the shareholders of the erstwhile Indofil Chemicals,
Ltd. would carry a limited right of conversion into equity shares
on the basis of 13 such shares being convertible into 100 No. of
equity shares in case of further issue of equity shares at any
time prior to redemption of the CCPs for any reason whatsoever.

- The CCPs would be redeemed upon expiry of 7 years from the date
of allotment, i.e., on 31st March, 1993. The company also would
have the option to redeem the CCPs at any time giving 3 months
notice in advance.

1987 - Provisional registration for 'GOAL' was received. An agreement
was signed with Eli Lilly & Co., U.S.A., for formulation and
marketing of BEAM, a speciality rice blast disease fungicide.

- Another speciality fungicide to keep the apple fruits away from
apple scab disease 'SYSTHANE' was also developed.

- In the Industrial chemicals field, the Company was developing
polyurethane based coats and top coats for leather, energy
saving and fire retardent binders for non-woven industry,
speciality acrylic lacquers for paint application and viscosity
index to improve lubricating oils.

- A Memorandum of Understanding was reached with Reilly Whiteman,
U.S.A., for making available to the Indian tanners, the latest
generation of fat liquors.

- Efforts were being made for registration of BEAM, a speciality
fungicide for controlling of blast disease in rice and SYSTHANE
for controlling of apple scab disease.

- In the industrial chemicals area, the Company introduced
additional products during the year for leather and coating

- The installed capacity of nylon filament yarn was expanded to
6000 TPA.

1988 - An additional fuel efficient boiler was installed to minimise
production losses during maintenance of the existing boiler. The
Company also installed one imported sophisticated packaging
equipment to improve the packing and shelf life of Dithkane M-45.

- The Company issued 14% Secured Redeemable non-convertible
debentures of the face value of Rs 100 each aggregating to Rs 600
lakhs. These debentures are redeemable at a premium of 5% of the
face value in September 1995 on the expiry of 7th year from the
date of allotment. The Company proposes to issue a new series of
14% non-convertible debentures of Rs 17.50 crores.

1989 - The capacity of polyester chips was doubled with the successful
commissioning of the second polycondensation plant with an
investment of over Rs 750 lakhs.

- A fluidised-bed boiler of higher efficiency was commissioned.
In the chemicals division, registrations were obtained under the
Insecticides Act for most of the products included in the Broad
Branding Licence.

- GOAL herbicides were successfully launched in various states.
Registrations were obtained for BEAM and SYSTHANE.

- The Company also entered into a technical collaboration with
Messrs. NOY Engineering, Italy for the latest technology in Nylon
and Polyester Filament Yarns.

- The Company obtained endorsement under broad banding scheme on
its industrial licences which provides full flexibility to
produce either Nylon filament yarn and/or polyester filament yarn
within the overall capacity utilisation depending upon the market

- The Company plans to diversify into the manufacture of
Caprolactum, a raw material for nylon yarn, in association with
UBE Industries Ltd. Japan, for which purpose Government approval
is being sought.

1991 - Profits were adversely affected on account of unfavourable
factors, such as, high excise duty on synthetic filament yarn,
over capacity in industry resulting in unremunerative prices of
finished goods.

- The Company introduced 'BEAM' for control of 'Blast' disease in
rice and an insecticide formulation 'FLASH' in the agricultural
chemicals range.

- The Company commissioned the new spinning lines of polyester and
nylon filament yarns. Further expansion of direct melt spinning
yarn by 20,000 tonnes per annum was being envisaged.

- The Government of India had further reviewed the minimum economic
size for the industry and had revised the capacities to 15,000
TPA for Nylon and 25,000 TPA for Polyester.

- The Company had extended the date for conversion/redemption upto
31st March, 1996.

1994 - The company was in the process of debottlenecking and
technological improvement of production facilities resulting in
doubling the capacity for manufacture of Mancozeb fungicide at
Thane plant.

1997 - The Fibre Division got ISO 9001 certification for its design and
manufacture for Nylon and polyster Filament Yarns.

2001 - The Company has entered into an agreement with CDSL and NSDL
for dematerialisation.


-Modipon Ltd has informed that at the AGM held on December 30, 2003 the shareholders approved the delisting of its securities from Calcutta, Delhi and Kanpur Stock Exchanges.

Modipon Ltd has informed that shares of the company have been delisted from Delhi & U.P Stock Exchanges w.e.f. March 31, 2004 and January 30, 2004 respectively.


-Modipon Ltd has has appointed Sh. Santosh K Aggarwal as Director in casual vacancy.
Oct 27, 12:10 pm
Oct 27, 12:19 pm
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