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Permanent Magnets Ltd. Company History and Annual Growth Details

1960 - The Company was Incorported on 26th November, at Baroda.

- The Company's object is to manufacture and deal in all kinds of
permanent magnets, ores, metals, alloys and their products.

1961 - Allotted 1,100 shares without payment in cash and 2,900 shares
for cash to Centro Magneti Permanenti. 10,710 shares to
promoters, etc. and 10,290 shares to the public in Jan. 1961.

1962 - Final call of Rs.25 per share made during the year.

1967 - 2,500 Bonus equity shares issued in the prop. 1:10.

1971 - 16,500 Rights shares issued at par in prop. 3:5. Only 13,829
shares taken up.

1980 - 10,332 bonus shares issued in prop. 1:4.

1981 - The Company issued as Rights secured non-convertible debentures
for Rs.38.75 lakhs for working capital purposes.

1982 - The Company's application for expansion of the capacity of hard
ferrite plant at Jalgaon was approved by Government. Work on the
project was already taken up. The machineries under the first
phase for the manufacture of powder, were commissioned during May

- The Company signed technical collaboration agreement with M/s.
Sumitomo Special Metals Co. Ltd., Japan for updating of its cast
magnet plant. A programme of modernisation of ferrite plant was
also drawn up.

1983 - The facility for the manufacture of sector ferrite magnets under
process was successfully set up at the Borivli plant. The
programme of modernising ferrite plant was being successfully

1984 - Profits, however, were lower due to losses incurred by the
Jalgaon plant.

- 25,830 bonus shares issued in prop. 1:2.

1985 - The profitability was affected due to decline in production and
sales of cast magnets, poorer sales realisation of errite magnets
overall increase in costs of various inputs and substantial
decline in production at the Jalgaon plant on account of
continued teething problems.

- Overall exports rose substantially to Rs.1.53 crores mainly due
to sluggish demand for cast and ferrite magnets in the local

- The Company incurred losses mainly due to unremunerative prices
for ferrite magnets coupled with rise in production costs etc.

- The Company issued to UTI and LIC on private placement basis 15%
secured redeemable non-convertible debentures for a total value
of Rs.75,00,000.

1986 - The Company finalised a project for the manufacture of a family
planning device - Copper T in collaboration with Leiras
Pharmaceuticals, Finland. To implement the said project, a new
Company by the name 'Famy Care Ltd.' was formed with the Company
contributing to 10% of the new Company's capital.

1988 - The profitability, however, was adversely affected due to lower
capacity utilisation at the Jalgaon plant, poor price realisation
of hard ferrite rings, decline in exports of ferrite magnets and
steep rise in the prices of raw materials.

1989 - The Company came under the provision of Sick Industrial Companies
(Sp. provisions) Act, 1985 due to erosion in the net worth by
more than 50%. Necessary steps were being taken.

1990 - 77,491 Rights shares issued at par in prop. 1:1 in February 1991.
Additional 19,372 shares were allotted to retain oversubscription

1992 - 18,852 shares allotted on conversion of term loan of financial
institution into shares.

1994 - During May, the Company issued 2,89,809 rights equity shares at a
prem. of Rs.100 per share and in prop. 3:2.

- 4,380 shares and 6,450 shares were allotted to IDBI and ICICI
respectively on conversion of loans.


-The Board approved to offer 2469225 equity shares of Rs 10 each at par on right basis to the existing shareholders of the company in the ratio of 1:2