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Panyam Cements & Mineral Industries Ltd. Company History and Annual Growth Details

YEAR EVENTS
1955 - The company was incorporated at Betacherala, Kurnool Dist., A.P.
The Main Object of the Company is to manufacture portland and
other types of cement and asbestos. Portland cement is sold
under the trade name "Pyramid".

- Arrears: Rs 1,78,675. 2,454 `A' shares and 2,546 `B' shares.

1957 - 8,640 Pref. shares issued at par to certain bodies. Arrears:
Rs 63,400.

1961 - 11,360 `C' Pref. and 35,000 No. of equity shares issued in prop.
1:5 and 2:3 respectively irrespective of class.

1967 - 25,000-9.5% `D' Pref. shares and 50,000 No. of Equity shares
offered at par for public subscription. Arrears: 1,63,475.

1970 - The Company received a letter of intent for the manufacture of
10,000 tonnes of calcium carbide per annum.

1972 - The redeemable preference shares are redeemable after the expiry
of 10 years from the date of allotment on three months' notice.

- In view of heavy capital expenditure on hand, the Company
approached the major institutional holders of the 9.3%
redeemable `C' cumulative preference shares, who were holding
10,427 shares out of 11,360 shares, to agree for the extension
of the period of redemption.

1976 - A letter of intent was received for the manufacture of acetylene
black with an annual capacity of 1,800 tonnes.

- The Company entered into a technical know-how collaboration
agreement with an East German Firm, VEB-Kombinat Agrochemie. Due
to an accident, the plant could not be operated upto November
1983.

1978 - The Wire Division (Bangalore) came into existence consequent upon
the amalgamation of Deccan Wires Ltd., with the Company with
effect from 1st January.

- Deccan Wires, Ltd. (DWL), was amalgamated with the Company with
effect from 1st January. In accordance with the scheme of
amalgamation, approved by the High Courts of Andhra Pradesh and
Karnataka, members of the erstwhile DWL were to be allotted 1
equity share of Rs 100 each of the Company for every 25 shares of
Rs 10 each held in DWL as fully paid-up.

- The number of shares to be allotted in terms of the scheme
amounted to 91,777.2 though the consent of the Controller of
Capital Issues was received for 91,737 shares only.

1979 - In view of the diversification by way of setting up an Acetylene
Black Project, the Company wanted to retain the funds. Major
holders of this class of shares agreed for postponement of
redemption for 5 more years, on an increased rate of dividend
(11%).

- 6,500 No. of equity shares allotted to LIC in conversion of part
of the loan sanctioned.

1980 - On 26th November, the Company allotted 91,725 No. of equity
shares to the members of the erstwhile DWL. The allotment of the
balance 40 No. of equity shares was done in early 1981 after the
consent of the Controller of Capital Issues was received.

1982 - Rate of dividend on 13,640 `A' & `B' shares was raised to 11%.
These preference shares are redeemable by 15.6.1993 by virtue of
Section 80 A of the Companies Act 1956.

1984 - With effect from 26th July, rate of dividend on 11,360-11%
preference shares was increased to 15% and the redemption date
extended to 26th July, 1989.

- As per the consent order dated 7.3.1990, received from the
Company Law Board, 11,360-14% Redeemable `C' Pref. shares of Rs
100 each issued to holders of 11,360-15% redeemable `C'
Preference shares.

- From 1.9.83 to 26.7.89, 9,582 redeemable `C' Preference shares
were to be issued to existing redeemable `C' class Preference
shares and the unworkable portion of Rs 6513.82 was to be
distributed as preference shares or as dividend in future.

1987 - Major repairs of kiln No.3 was undertaken. Production and
Profitability were very much affected due to power cut as high as
80%. Since there was no likelihood of relief in tariff, the
Company had no choice but to suspend the operations of the
carbide plant.

- To reduce the financial burden, the management also introduced a
voluntary retirement scheme.

- To achieve capacity utilisation, the management made all efforts
to enter into an arrangement with Harihar Polyfibres, a private
agency for wheeling power to the division through the grid with
the permission of KEB.

- The performance of Wire Division was severely affected due to
prolonged labour unrest. The unit was restarted from November
and its operations got stabilised gradually.

1988 - On 20th April, the Company entered into a MOU with VBC Ferro
Alloys group and IDBI for financing the purchase of 132 KV
sub-station from APSEB, for installation of captive power plant,
for carrying out the modernisation scheme at the cement plant and
for payment of retrenchment compensations of surplus workers at
the calcium carbide division.

- Necessary premissions were received for conversion of Rs 100
lakhs brought in by VBC group into 1,00,000 No. of equity shares
of Rs 100 each. Of these it was proposed to issue 60,000 No. of
equity shares to members of VBC group, their friends and
associates and the remaining 40,000 shares to NRI's on
repatriation basis.

1989 - The overall production was affected due to power cuts, erratic
supplies of coal and non-receipt of assistance from financial
institutions.

- The company came under the provision of the Sick Industrial
Companies (Special Pensions) Act 1985 and a reference was made to
the BIFR on 22nd March.

1990 - Two DG sets were commissioned during the year to enhance the
captive power.

- The Company proposed to instal captive power generation
facilities to overcome the power problem.

1991 - 1,92,390 No. of Equity shares allotted at par to promoters,
directors, etc. including NRIs as per the BIFR rehabilitation
scheme.

1992 - 1,67,610 No. of Equity shares allotted at par to promoters,
directors, etc. as per the BIFR rehabilitation scheme.

1993 - Production was affected due to failure of raw mill leading to
loss of production of more than 40,000 M. Tonnes.

- Operations were affected due to the continued increase in power
tariff by the Karnataka Electricity Board and market recession.

- Operation were affected due to continued recession in the
domestic market and labour unrest which resulted in loss of
production for 63 days.

1995 - The production of calcium carbide was affected due to load
shedding and power cuts imposed by Karnataka Electricity Board
with effect from November.

- 14611 Pref. shares issued in lieu of dividend and fraction
amount paid of 15% A & B cummulative pref. shares.

1996 - The Production of calcium carbide was continued to be affected
due to high power tariff and competition from imported materials.

- Company's two products, viz., Tyre Bead wires and oil tempered
wires were well accepted in Australian and German markets.

- As per the BIFR order dated 12th July, the Company was ceased to
be a sick industrial company due to the increase in its net
worth.

2006

-Company has splits its Face value of Shares from Rs 100 to Rs 10

2009

-Panyam Cements & Mineral Industries Ltd has the Email Id for investors is [email protected].

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