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Transport Corporation of India Ltd. Company History and Annual Growth Details

YEAR EVENTS
1965 - The Company was incorporated in the State of Assam as a private
limited company on 6th April, with the main object of taking over
as a going concern the business then carried on under the name
and style of Transport Corporation of India. Accordingly, the
transport business was taken over in April, and the diesel pump
business and immovable assets in February 1967.

- The main object of the company is transport of goods by road,
dealing in petroleum products & manufacture of textiles and yarn.
The transport division commenced new activities in shipping &
liquid transportation

1970 - 200 shares subscriber for by the signatories to the Memorandum of
Association and 14,800 shares issued without payment in cash.

1971 - 5,000 shares issued to directors, etc.

1972 - 10,500 shares issued to directors, etc.

1973 - The rolling mill unit, acquired from Bangalore Rolling &
Structurals, Ltd, went into production in October.

- Authorised capital reclassified and increased. Shares
subdivided.

1975 - With effect from 1st June, the Company acquired a textile mill in
Mumbai and started running it under the name Mukesh Textile
Mills.

1976 - 4,80,000 shares offered to the public (prem. Rs. 10 per share
during May 1975.

1977 - 8,00,000 Bonus shares issued in prop. 1:1.

1981 - The working results of Mukesh Textile unit were adversely
affected due to steep increase in the cost of all inputs and also
due to a strike by workmen from 18th January, 1982.

- Authorised capital increased 16,00,000 Bonus equity shares issued
in prop. 1:1.

1984 - The operations of Wire Rod mill unit were adversely affected due
to massive power cuts coupled with shortage of supply of steel
billets.

- There was no manufacturing activity due to strike by workmen and
a major fire in the mill. An application for closure of Mukesh
Textile mills unit was pending with the Mumbai High Court.

- The Company revalued the leasehold land, buildings, plant and
machinery of its Mukesh Textile Mills in Mumbai as on 30th June.
The net surplus arising out of this was credited to capital
reserves.

- Land and Buildings of the transport division were revalued as on
1st July, and the net surplus arising out of this was credited to
capital reserves.

- Land, buildings and plant and machinery of the Bhoruka textiles
unit were revalued as on 1st July, and the net surplus arising
out of this was credited to capital reserves.

- The buildings, plant and machinery of the wire rod mill at
Bangalore were revalued as on 1st July, and the net surplus
arising out of this was credited to capital reserves.

- Bhoruka Textiles, Ltd., Chanderpal Investments, Ltd., and TCI
Investments, Ltd. (formerly Rajat Investments, Ltd.) are
subsidiaries of the Company.

- 1,88,720 shares issued at par to financial institutions on
conversion of loans.

1985 - The Company privately placed with Unit Trust of India 1,50,000 -
15% secured redeemable non-convertible debentures of Rs. 100
each.

- During Feb. 1986, 16,94,860 Bonus equity shares issued in prop.
1:2.

1986 - In August, Shipping division acquired one more vessels named
'M.V. Bhoruka Prabhu'.

- There was no production activity due to continued strike. The
Government of Maharashtra rejected the closure application
forwarded by Mukesh Textile mills bench of Mumbai High Court.

- The Transport division commenced new activities in shipping and
liquid transportation. The Shipping division commenced operation
on 21st October.

- The collapsible containers division made a small beginning with
the manufacture of collapsible containers for transportation of
liquids. The division also undertook marketing activities of
collapsible containers.

- During April, the Company offered for sale 10,00,000 No. of
equity shares of Rs. 10 each at a price of Rs. 15 per share
linked to 4,00,000 - 15% secured redeemable non-convertible
debentures of Rs. 100 each. Out of this, 20,000 No. of equity
shares linked to 8,000 debentures were reserved for preferentail
allotment to Business Associates, Directors etc. and 50,000 No.
of equity shares linked to 20,000 debentures were reserved for
preferential allotment to the employees of the Company.

- The balance of 9,30,000 No. of equity shares linked to 3,72,000
debentures were offered for public subscription during April-May,
of which 2,50,000 No. of equity shares linked to 1,00,000
debentures were reserved for prefernetial allotment to
non-resident Indians on non-repatriation basis. Every applicant
applying for the equity shares was to apply simultaneously for
debentures also and vice versa in the proportion of 50 No. of
equity shares and 20 debentures or multiples thereof for Indian
public, employees & Business Associates and 100 No. of equity
shares and 40 debentures or multiples thereof for non-residents.

1988 - Turnover of Transport division registered a growth of 10%.
Rent-A-car operations commenced in March, 89 in some cities with
a small fleet of non-airconditioned cars.

1989 - Turnover improved by 17% on an annualised basis over the previous
period. The wheels rent-a-car division operated from six major
cities hiring over both air-conditioned and non-air conditioned
cars.

- Shipping division proposed to introduce voyages in Indian coastal
waters to adjacent foreign ports and also buy log carriers, mini
bulk carriers and offshore vessels for future expansion.

1990 - The wheels rent-a-car division expanded the network to four more
cities. The self drive service was well received by the
customers.

- There was a setback in the Shipping division due to lower tonnage
transported, lower realisation of rate per ton and breakdown of a
ship resulting in an increase of both semi variable and fixed
overheads.

- With effect from 1st April, the wire rod mill was transferred to
'Bhoruka Steel, Ltd.'.

- The division was set up for buying and selling of Forex i.e.
money changing business. The RBI was approached by the division
for licenses to open branches in few more centres in India.

1992 - During 1992-93 and 1993-94, shipping division registered an
increased turnover at 4% and 23% respectively. During the year,
4th ship. M.V. Bhoruka Vikram was to be added to the fleet.

- 25,42,290 bonus shares issued in prop. 1:1.5.

- The Wheels Rent-A-Car division has also introduced a new scheme
of long term renting of cars under which cars of various models
can be rented for a period of 36 months on self drive basis by
the customers. The scheme has been initially introduced in
Bombay and Delhi and is expected to get a good response.

- The Company has formed a new division in the name and style of
'TRANS CORP INTERNATIONAL BUREAU D'EXCHANGE' for conducting the
business of money changer i.e. buying and selling of Forex.

1993 - Despite nationwide transport, strike, transport divisions
turnover improved by 19%.

- The Desk-to-desk cargo division proposed to increase the network
by introducing 25 branches.

- On 5th March, the Company allotted 25,42,290 No. of equity
shares of Rs. 10 each fully paid as Bonus Shares to the members
in the proportion of one share for every two shares held.

1994 - During May, the Company issued 6,35,575 - 15% secured fully
convertible debentures of Rs. 120 each on Rights basis in the
proportion 4 debs : 50 No. of equity shares held (all were taken
up).

- Part A of Rs. 40 was to be converted into one equity shares of
Rs. 10 each for cash at a premium of Rs. 30 per share on the date
of allotment.

- Part B of Rs. 80 was to be converted into 2 equity shares of Rs.
10 each at a premium of Rs. 30 per share after 12 months from the
date of allotment of debentures. Accordingly 6,35,575 No. of
equity shares were allotted on 30th June.

- Another 10,59,425 - 15% secured redeemable partly convertible
debentures of Rs. 120 each were issued through the Prospectus as
follows.

- i) 2,64,800 PCDs on preferential allotment basis to the
promoters.

- ii) 1,00,000 debentures on firm allotment to UTI.

- iii) 53,000 debentures on firm allotment to SCICI Ltd.

- Balance 6,41,625 debentures were issued to the public (all were
taken up). Rs. 40 of the face value of each debenture was to be
converted into 1 equity shares of Rs. 10 each at a premium of Rs.
30 per share on the date of allotment of debentures. Balance Rs.
80 of the face value of each debenture was to be redeemed in four
equal annual instalments of Rs. 20 each at the end of 6th, 7th,
8th & 9th year respectively from the date of allotment of
debentures.

1995 - The Company has received ISO-9002 Certification.

- The Company has also allotted 284800 PCDs of Rs.120/- each to the
employees on 31st January. Out of 4,00,000 debentures issued to
the Public in 1985-863,00,000 Debentures have been redeemed as
on 17th June.

- TCI launched its sea cargo division, TCI Seaways Ltd., to carry
cargo between the mainland and the Andaman and Nicobar Islands.

1997 - Transport Corporation of India Ltd (TCI) have launched a new
division - XPS Cargo services. Christened XPS, this new
door-to-door service is exclusively designed to meet the needs
of the time sensitive high value small cargo.

1999 - Transport Corporation of India (TCI) and Mitsui & Co Ltd,
Japan's largest general trading company, have joined hands to
set up a new joint venture company.

- TCI, has entered into two-year contract with Sathyam Infoway
through VSNL for a lease line with capacity of 64 Kilo bytes per
second (KBPS).

- The company has signed a joint venture with Mitsui & Co. in the
field of automotive logistics.

2000 - The Company has launched a vertical portal on logistics, to
provide information and services to the industry.

- The Company has proposed to delist its shares from the Bangalore,
Calcutta, Cochin and Madras stock exchanges as the volume of
trading on these SEs has reduced.

- XPS Door-to-Door Express Service, a division of the Transport
Corporation of India, has launched Anmol Rakhi to facilitate
sending of rakhis to anywhere in the country and abroad.

- The Company has launched logisticsfoccus.com.

- ICRA reaffirmed the 'LA' and 'MA+' ratings assigned to the partly
convertible debenture and fixed deposit programme of the Company.

2001
Transport Corporation of India Ltd (TCIL) has received ISO 9002 certificate.


2004

- Transport Corporation of India-promoted XPS ties up with Emirates Post of UAE and launches new inbound parcel service named 'Bharat Parcel Guaranteed' which offers full refund of parcel charges if the parcel is not delivered within two weeks of booking.

2005

-XPS Global signs agreement with Chinese logistics firm

2007

-Transport Corporation of India Ltd has appointed Mr. R V Raghavan as Additional Director of the Company.
 
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