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Sirpur Paper Mills Ltd. Company History and Annual Growth Details

1938 - The Company was Incorporated on 17th November, at Hyderabad.
The Company's object is to manufacture of and dealers in pulp and
papers of all kinds and articles made from paper or pulp and
materials used in paper and pulp manufacture and treatment.

- Among the papers manufactured are writing, printing, bank ledger,
Indian account book paper, cream-laid, imitation art, imitation
laid craft, typewriting, duplicating, wrapping, art paper, chrome
paper and bond. Special paper is also made from rags. The
company's products are sold under the trade name 'Sirpur'. The
Company also has a machinery division and a consultancy division.

1940 - 7,500 shares issued to H.E. Nizam's Govt., 5,000 shares to
Hyderabad Construction Co. Ltd., 15,000 shares to directors and
associates of Hyderabad Construction Co., Ltd. 1,900 shares
issued to Court of Wards Dept. and 15,600 shares offered to the

1947 - 82,412 Right shares offered at par in the prop. 2:1.

1954 - 29,166 Right pref. shares issued at par in prop. 1:4. 2,200
No. of equity shares forfeited. Pref. shares redeemable after
31.3.1959 at 6 months notice.

1955 - 58,333 Right pref. and 1,21,418 Right Equity shares offered at
par in prop. 1:3 (Equity and/or pref.) and 1:1 respectively.

1956 - Capital structure altered from O.S. Currency to I.G. Currency.
Nominal value of pref. shares of O.S. Rs.100 each converted into
I.G. Rs.100 by treating every 7 old shares as 6 new shares.
Nominal value of equity shares namely I.G. Rs.85-11-5 per share
increased to I.G. Rs.90 by adding I.G. Rs.4-4-7 per share from
the Reserve Fund and then subdividing each share into 9 shares of
I.G. Rs.10 each. Authorised capital also converted.

1962 - 5,46,381 No. of equity shares reserved for allotment to M/s.
Kimbnerly Clerk Corpn., of U.S.A. 5,46,381 Right Equity shares
offered at par in prop. 1:4 in May.

1986 - The Balancing and modernisation programme undertaken by the
company neared completion with the Commissioning of drum chipper
double disc refiners, white liquor clarifiers etc.

1988 - The performance continued to be unsatisfactory due to power
constraints and increase in the cost of production.

1990 - Production declined to 53,465 tonnes due to transport dislocation
irregular supplies of critical inputs like coal, bamboo,
chemicals etc. and severe power cuts coupled with frequent
trippings of power from the Andhra State Electricity Board.

- The Company's R&D unit undertook to develop new value added
varieties of paper to improve pulping of bamboo and
unconventional raw materials.

1991 - The Company had to purchase bamboo and wood from other sources
at a higher cost due to shortfall in the supply of bamboo from
areas leased to the company within A.P.

- 32,25,464 Right equity shares allotted.

1992 - With a view to improving profitability of operations, the Company
opened sales depots at important market centres and undertook
to manufacture value added products.

- During May-June, the Company offered 27,31,905 Rights equity
shares of Rs.10 each for cash at a prem. of Rs.20 per share in
prop. 1:1 (all were taken up). Additional 4,07,659 shares were
allotted to retain oversubscription.

- Another 1,36,595 shares of Rs.10 each at a prem. of Rs.20 per
share were offered to employees of the company on an equitable
basis (only 85,900 shares taken up). Unsubscribed portion of
50,695 shares were allowed to lapse.

1993 - A 75 FBC boiler was under erection and was commissioned in
September 1994.

- The Company issued 4,00,000 - 19% non-convertible debentures of
Rs.100 each on private placement basis with UTI and LIC.

- These are to be redeemed at par in three equal instalments
starting from the end of 6th year from the date of allotment of
debentures ie., 31st March, 1994 and ending in the 8th year from

1994 - Inspite of increase in cost of various inputs like coal,
electricity, chemicals, bamboo and wood and increase in labour
cost, the overall performance of the company improved due to
improved market conditions coupled with better working efficiency
and improvement in quality following modernisation of the plants.

- With a view to increase production, improve quality and to reduce
production cost, the company undertook upgradation of existing
paper machines and pulping plants and installation of second
FBC etc.

- The Company issued 2,38,200 No. of equity shares of Rs.10 each at
a prem. of Rs.28 per share alongwith nine detachable warrants
with each equity share to the person/companies of the management
group on preferential basis. The warrant holder shall have the
right to apply for and be allotted to equity share of Rs.10 each
at a prem. of Rs.32 per share not later than 12 months from the
date of allotment.

- 1,300 shares issued. 2,38,200 shares issued on preferential

1995 - 21,43,800 No. of equity shares allotted at a prem. of Rs.32 per
share to the holders of detachable warrants.

1996 - Operating margins were under pressure due to lower realisation
and escalation in the manufacturing costs. The company strived
for cost reduction through modernisation, process optimisation
and value addition.

1997 - Prices of Company's products were under continuous pressure due
to steep competition.

- Shri K. R Singhi and Shri Ranjan Kumar Poddar, Directors of the Company retire
by rotation under Article 122 of the Articles of Association of the Company and are
eligible for re-election.

1998 - The Company has launched a new scheme namely Joint Farm Management Scheme
in association with the individual farmers on a large scale.

- The Company has launched the VRS (Voluntary Retirement Scheme) which is receiving
a good response.

- Shri P. Vaman Rao, was appointed as Whole-time Director designated as Director
(Corporate Affairs), w.e.f. 10th November, 1997 for a period of 3 years.

- Shri V. Sundaresan, I.A.S. (Retd.) and Shri Utsav Parekh, Directors of the Company
retire by rotation under Article 122 of the Articles of Association of the Company and
are eligible for re-election.

1999 - The Company has also established Research & Development activities in order to
improve the growth and yield of plantations by developing clonal multiplications.

- The Second 75 TPH FBC Boiler has been commissioned and the full results
will be achieved in the current financial year.

- Shri K. Srinivasa Murthy and Shri Devashish Poddar, Directors of the
Company retire by rotation under Article 122 of the Articles of Association of the
Company and are eligible for re-election.

2000 - In order to be in line with world standards, the Company has installed
a computerised programme - SAP/R3, a client server based enterprise-wide
resource planning (ERP) solution which is a totally integrated system working on real
time basis which will lead to better information system.

- The Company has acquired 100% shares of Sirpur Stationery Products
Limited to establish a paper conversion unit.

- The Company is undertaking feasibility study to increase captive
co-generation of power from 15 MW to 36 MW.

- The Directors noted with profound grief the demise of Shri K.P. Singhi,
Director of the Company on 23rd October, 1999.

- Shri Sudhir Jalan was appointed as a Director of the Company with
effect from 31st January, 2000, in the casual vacancy arising due to
the demise of Shri K.P. Singhi.

- Shri Ranjan Kumar Poddar and Shri V.Sundaresan, Directors of the
Company retire by rotation under Article 122 of the Articles of
Association of the Company and are eligible for re-election.

2001 - The Company has acquired controlling interest in India Web Business Ltd. which
has become a 100% subsidiary of our Company. Rs. 25 lakhs was invested upto
31st March, 2001 and thereafter, further Rs. 25 lakhs has been invested.


-The Sirpur Paper Mills Ltd has apponted Shri Amit Kumar Jain, B.Sc., A.C.S. as the new Company Secretary of The Sirpur Paper Mills Limited.


- The Sirpur Paper Mills Limited has informed that the Board of Directors of the Company vide resolutions dated July 16, 2010 appointed Shri R. L. Lakhotia as Additional Director and also appointed him as Whole-time Director designated as Executive Director of the Company with effect from July 24, 2010.