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Shalimar Paints Ltd. Company History and Annual Growth Details

YEAR EVENTS
1902 - The company was incorporated in India on 16th December, under the
name Shalimar Paint Colour & Varnish Co. Ltd., to take over the
business, goodwill and assets of the paints, colour and varnish
manufactur in business of The Shalimar Works, Ltd., at Shalimar
and Goabaria in Bengal. It manufactures and sells paints, colour
varnishes, enamels and synthetic resins.

1956 - The world 'Private' became a part of the Company's name from 1st
April, by virtue of the operation of Section 24 of the Companies
Act, 1956.

1961 - The Company became a public limited company on 27th May.

1963 - The name was changed to Shalimar Paints, Ltd., on 1st September.

- The Company was first large-scale unit to be established in the
paint manufacturing industry in India. Since its inception,
capacity and range of products were expanded.

1971 - On 30th Dec., 1942, 1,05,000 shares were issued as bonus in the
prop. 21:11.

1972 - On 28th April, 7,20,000 shares issued as bonus in the prop. 9:4.

- 41,170 shares reserved for subscription in cash by wholetime
directors and Indian employees. 3,70,530 shares offered at par
for public subscription through a prospectus in June.

1976 - Projects & Equipment Corporation of India, Ltd., New Delhi (a
Government of Inida enterprise) entered into a contract with
Zanzibar Government to set up a project on turn-key basis for the
manufacture of paints, enamels and varnish. Projects & Equipment
Corporation of India, Ltd. inturn entered into a contract with
the Company for executing the Zanzibar project.

1977 - The Company was a subsidiary of The International Paint Co. Ltd.,
U.K., ultimate holding company being coutaulds, Ltd., U.K. As at
31st December, the immediate and ultimate holding company
together held 7,80,000 No. of equity shares of the Company. The
holding was reduced to 5,95,640 shares by February 1978 by
selling a portion of the holdings to Indian financial
institutions.

- As a member of the Courtaluds Group, the company was able to
obtain considerable assistance for the manufacture of
sophisticated paints and allied products entirely free of cost.

1982 - 4,35,480 bonus shares issued in the prop. 3:10.

1986 - With a view to strengthening the Company's research and
development efforts, a colour computer was added during the year.

1990 - The Company acquired land at Igatpuri near Nasik in Maharashtra
for the setting up of a secured plant unit with a capacity of
16,000 TPA of paints.

1992 - The Company entered into a technical collaboration agreement with
Salchi s.p.a. Italy for transfer of technologies or solvent
brone industrial paints (salcomix system), solvent borne paints
for general industry, industrial paints for coil coating section,
industrial paints for wood section, water based industrial paints
for general industries, resin products synthetic resins alkyd,
polyester, UF/MF other amino resins, phenolic and epoxy acrylic.

1993 - The Company expected to achieve better performance with the
commencement of production at the Nasik Unit and with greater
efforts in marketing of products. During the year, the Company
made inroads into the Middle-East markets and expected to receive
export orders in the near future.

- During November-December, the Company offered 18,87,080-15%
partly convertible debentures (PCD) on rights basis in the
proportion 1 debs.: 1 equity share held (all were taken up).
Another 94,350-15% PCDs were issued to the employees on an
equitable basis (only 11,460 debs. taken up).

- Part-A of Rs. 60 of the face value of each debenture was to be
converted into 1 equity share of Rs. 10 at a premium of Rs. 50
per share on allotment of debentures. Accordingly 18,98,540
shares were allotted.

- Part-B of Rs. 30 of the face value of each debenture was to be
redeemed at par in three annual instalments of Rs. 10 each at the
end of 7th year from the date of allotment of debentures.

2002-Shalimar Paints Ltd has informed that at the 100th Annual General Meeting of the company held on December 14, 2002 Mr A V Lodha has been appointed a Director of the company.

2003- Shalimar Paints Ltd has reported that Mr. S Sarda, Vice President Finance & Company Secretary has resigned from the services of the company with effect from May 31, 2003.

- Mr S Sarda has appointed as 'President Corporate Affairs & Company Secretary' of the company.

2005

-SPL inks pact with Korean co for pre-coated metal coatings

2008

-Shalimar Paints Ltd has has appointed Mr. Pujit Aggarwal as an Additional Director of the Company with effect from July 25, 2008.

-Shalimar Paints Ltd has appointed Mr. Pujit Aggarwal as an Additional Director of the Company with effect from July 25, 2008.
 
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