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Chowgule Steamships Ltd. Company History and Annual Growth Details

1963 - The Company, a Chowgule Group Company, was incorporated as a
Private Ltd. Co. on 9th April, 1963 and was converted into a
Public Ltd. Co. on 31st December, 1963. The Company has been in
the business of Shipping air transport and road transport and
transport and allied activities.

1981 - Authorised capital reclassified. Pref. shares redeemed on

- 23,35,000 shares issued for cash at par through Prospectus in
November. Of these 10,85,000 shares reserved for preferential
allotment to existing shareholders other than Chowgules and their

1984 - 20,550 shares forfeited. Subsequently forfeiture on 250 shares

1988 - The company proposed to sell m.v. "Maratha Elegance" due to its
uneconomic operations.

1989 - The Company took delivery of two mini bulk carriers viz., m.v.
"Maratha Clipper" of 1,884 DWT and m.v. "Maratha Cruiser" of
1,878 DWT from a Singapore shipyard. These ships were employed
on the West Coast of India for transportation of cement clinkers.

1991 - The Company took delivery of m.v. "Maratha Concord" of 3,897 DWT
built in 1975 on a foreign buyer. In addition, applications were
made for the approval of two new Panaman Vessels (dry bulk
carriers), each of 72,000 DWT.

- 10,00,000 shares issued at par on rights basis to the
shareholders in prop. 1:1. Additional 1,50,000 shares allotted
to retain oversubscription. 11,50,000 shares allotted to NRI in
Pvt. placement. 50,000 shares offered to employees (only 10,700
shares taken up). The remaining unsubscribed shares were allowed
to lapse.

1992 - The Company received one of the two mini bulk carriers ordered on
Chowgule & Co., Ltd. viz. Maratha Classic of 2048 DWT. Also, the
Company received approval in principle from Government of India
for acquisition of two new building Panamax vessels each of about
72,000 DWT and acquisition of one such vessel from a Japanese
Shipyard is under negotiations.

- Chowgule Steamships Overseas Ltd. (SCOL) was incorporated in
Guernsey with a paid-up capital of US. $100 divided into 100
equity shares of US $1 each. It is wholly owned subsidiary of
the Company.

1993 - As a part of its expansion programme, the company proposed to
buy one new Handimax Dry Bulk Carrier of about 40,000 DWT each
during the next 3 to 5 years.

- On March, SCICI executed its option to convert a part of its
rupee term loans into equity and accordingly 6,08,400 No. of
equity shares of Rs 10 each were issued at a premium of Rs 12.50
per share to SCICI on April 1st.

1994 - The Company took delivery of M.V. Maratha Messenger, Panamax Bulk
Carrier of 71252 DWT built in Nanura Shipyard Japan and of M.V.
Maratha Courage, mini bulk carrier of 2053 DWT built by Chowgule
& Co. Ltd., at the Lovtlim Shipyard, Goa.

- It was proposed to acquire two mini bulk carriers.

- Subject to necessary approvals being obtained, the Company
proposed to raise Rs 25 crores by issue of Redeemable Preference
shares of Rs 100 each for cash at par on private placement basis.

- 96,89,325 Rights equity shares issued (Prop. 3:4; Prem. Rs 30).

1995 - 1,29,19,100 No. of Equity Shares of Rs. 10/- each at the rate of
Rs. 2.50 per share and on 96,89,325 Equity Shares of Rs. 10/-
each allotted during the year under report at the prorata rate of
dividend of Rs. 0.678 per share absorbing an amount of Rs. 389
lacs for the financial year ended 31st March.

- The Company proposes to acquire two Mini Bulk Carriers.

1996 - 2,26,08,425 No. of Equity Shares of Rs. 10/- each at the rate of
Rs.2.50 per share absorbing an amount of Rs. 565.22 lacs for the
financial year ended 31st March.

- An Agreement has been entered into between the Company and SCICI
Ltd., being the designated person of the Central Government,
under which the total outstanding debt of Rs.4,225.44 lacs due to
the Government as on 28th November, 1995 has been rescheduled.

- The Company proposes to place orders for two Mini Bulk Carriers
of 3250 DWT each with Chowgule & Company Ltd., Goa.

- Chowgule Steamships Overseas Ltd., (CSOL) a wholly owned
subsidiary of the Company, proposes to acquire M.V. Maratha
Providence from the Company subject to requisite sanctions.

1997 - Chowgule Steamships has inducted two new Panamax Bulk carriers
and one mini-bulk carrier in 1996-97.

- The company has signed a lease agreement with the State Bank of
India on 18 August for two new bulk carriers of 3250 dwt to be
constructed at one of the Indian shipyards.

- The company has also added a new mini bulk carrier from Borneo
Shipping & Timber Agencies Sdn. Bhd, Malaysia last month adding
one more vessel to the company's existing coastal vessel fleet
of five adding to the total tonnage of 14,430 dwt.

1998 - In the current financial year, CSL has expanded its fleet with
the addition of one newly built Panamox bulk carrier of 72,000
dwt (dead weight tonnage, which is the weight of all consumables
and cargo that a ship can carry) and one newly built mini bulk
carrier of 3,250 dwt.

- The company proposes to dispose of at least two vessels in the
current fiscal.

1999 - The company has decided to allot 1,37,00,000 equity shares of
Rs. 10 each to Chowgule and Co. Ltd (CCL). Currently CLL holds
31,17,554 equity shares of Rs. 10 each of the company which
forms 13.79 per cent of the total paid-up share capital of the
company. Consequent upon the proposed allotment, CCL will hold
1,68,17,554 equity shares of Rs. 10 each of the company which
will form 46.32 per cent of the expanded capital of the

The committee of directors of the company has issued and
allotted 1,37,00,000 equity shares to Chowgule and Co. Ltd at
the issue price of Rs. 10 per share. Consequent upon the said
allotment, the issued and paid-up capital of the company is
increased from Rs. 22,60,84,250 divide into 2,26,08,425 equity
shares of Rs. 10 each to Rs. 36,30,84,250 divide into
3,63,08,425 equity shares of Rs. 10 each.


-Mr. M P Patwardhan (Executive Director) has been elevated to the rank of the Managing Director of the company.


-Chowgule Steamships has acquired a Japanese built secondhand vessel of 47,574 DWT, which is renamed as m.v. Maratha Providence.


-Chowgule Steamships has recommended a dividend of Rs 1.50 per equity share of Rs 10/- each.


-The Company has recommended a dividend of Rs 1.50 (15%) per equity share of Rs 10/- each.


-The Company has recommended a dividend of Rs 1.50 (15%) per equity share of Rs 10/- each.


-Chowgule Steamships has declare a Dividend of 10%.

-ClowgleSteam - Expansion of Fleet by WOS- Investment in Subsidiary.