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Garware Marine Industries Ltd. Company History and Annual Growth Details

1975 - The company was incorporated on 8th August, at Mumbai. It
manufacturers fishing nets, ropes and twine from synthetic
material artificial fibre such as Nylon, rayon, filament and feet
and from Nature fibres such as cotton wool, silk, hemp and jute.
The company also manufacturers PVC floats and nylon monofilament.

- The Company was promoted by B.D. Garware. Maharashtra Rajya
Machhimar Sahakari Sangh, Ltd. had been associated with the
Company since its inception and subscribed for preference shares
of the Company of the face value of Rs. 5 lakhs at the time of

1976 - 2,20,000 No. of equity shares held by promoters, etc. Financial
institutions subscribed for 1,00,000 No. of equity shares.
Maharashtra Rajya Machhimar Sahakar Sangh Ltd., held all the
Pref. shares. Pref. shares redeemable during 2nd November
1989/92 at 3 months notice.

1977 - The Company commenced business activities in November.

1979 - The company was granted an industrial licence for undertaking the
manufacture of expanded PVC floats with an annul capacity of 240
tonnes in collaboration with Bakelittfabrikken A/S, Norway. A
letter of intent was received for the manufacture of 120 tonnes
per annum of nylon monofilament essentially for captive

1980 - In June, the Company entered into a technical collaboration
agreement with Bakelittfabrikken A/s (BEAS) of Norway, for the
manufacture of expanded PVC floats. Besides supplying the
know-how, the colalborators agreed to assist the Company to
export the products and permit the Company to use their trade
mark 'SCANMARIN' in the export market.

- Pref. dividend raised from 9.5% to 11% per annum. 3,20,000 bonus
No. of equity shares issued in prop. 1:1.

1981 - The name of the Company was changed from Modern Nets, Ltd. to
Garware Marine Industries, Ltd. with effect from 17th December.

1982 - 10,00,000 No. of equity shares issued at par of which 1,96,400
shares reserved and allotted to promoters etc. The balance
8,03,600 shares offered for public subscription in Dec. 1981.

1984 - There was labour unrest and strike in the Ahmednagar factory
during June-August.

- The Company issued and allotted 87,290 non-convertible debentures
of Rs. 100 each for Rs. 87,29,000 to UTI on private placement
basis for working capital purposes.

- The Company revalued its leasehold lands, factory buildings,
plant and machinery as on 1st April. The resultant surplus
arising out of this was credited to revaluation reserve.

1985 - The operations at the Ahmednagar unit were adversely affected due
to labour problem which resulted in declaration of a lock-out of
a major part of the plant in the middle of July 1986.

1987 - The lock-out at the net-making section at Ahmednagar was lifted
from 1st August.

1991 - The Company issued 1,00,000 - 15% secured redeemable
non-convertible debentures of Rs. 100 each to BOI Mutual Fund on
private placement basis.

1992 - During May, the Company issued 16,40,000 No. of equity shares of
Rs. 10 each at a premium of Rs. 5 per share to shareholders as
rights in proportion 1:1. Additional 2,46,000 shares were
allotted to retain oversubscription.

- Another 82,000 shares were offered to employees on an equiable
basis at a premium of Rs. 5 per share. Only 9,100 shares taken
up. The remaining 72,900 shares were taken up by SBI Mutual

- In September 1994, the Company issued a rights issue of 14,43,200
No. of equity shares of Rs. 10 each at a premium of Rs. 15 per
share to the existing shareholders in the rates of 2:5 shares.
Another 72,160 shares were covered to the employees on an
equitable basis (Details of allotment not know).

1993 - 19,68,000 shares issued as Rights shares.