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West Coast Paper Mills Ltd. Company History and Annual Growth Details

YEAR EVENTS
1955 - The Company was Incorporated on 25th March, at Mumbai.
The Company's object is to manufacture of paper, pulp and other
raw materials. The Company manufactures printing papers,
writing papers, wrapping papers etc. Bamboo is the chief raw
material.

- In August, the Government of Mumbai granted concessions for
extraction of bamboo for a period of 30 years on a royalty of
Rs.3.12 per tonne of paper or pulp going out of the factory
subject to revision after 5 years and subsequently after every
10 years.

1956 - All shares issued for cash. Promoters directors and their
friends took up 10,000 pref. and 50,000 No. of equity shares.
The remaining 50,000 pref. and 50,000 No. of equity shares
offered for public subscription through a pospectus in August
1955.

1962 - Further 420 shares were allotted out of 1960 issue between 1961
and 1962.

1963 - The Govt. of Mysore sanctioned the extraction of 20,000 tonnes of
bamboo from the forests outside the company's areas at a royalty
of Rs.7.50 per tonne.

- The Company made a beginning towards self plantation of 10,000
acres with bamboo of a special variety and other fast growing
trees like eucalyptus, hybrids and paper mulbery.

1964 - The total land under plantation since the scheme was taken up
increased to 36,564 acres, comprising 5,316 acres for woods and
31,248 acres for bamboo.

1966 - A further 27,155 acres were brought under plantation between
1966-67 and 1969-70.

- In order to augment the working capital resources the company
sold some of its old equipments to various leasing companies for
Rs.200.92 lakhs under "Sale and Lease Back" scheme.

1967 - In January 1967, 50,000 Bonus equity shares issued in the prop.
1:3.

1969 - In February, 1970, 40,000 bonus equity shares issued in the prop.
1:5.

1972 - 60,000 right equity shares issued at a prem. of Rs.35 per share
in prop. 1:4.

1973 - The company was allotted 37.657 acres of bamboo forests to
replace the areas lost to the company due to Kali River project
and clear felling for new teak plantation undertaken by the
forest department of the state. The agreement with the State
Govt. of Karnataka for extraction of bamboo in the leased areas
was due to expire in 1989 and necessary steps were being taken to
renew the lease.

- 60,000 bonus equity shares issued in the prop. 1:5.

1975 - 40,000 No. of equity shares issued at a prem. of Rs.35 per share
to the financial institutions (IFCI, LIC and IDBI) on conversion
of loans.

1979 - 10,000 No. of equity shares issued at a prem. of Rs.35 per share
to UTI during 1976-77 on conversion of part of the debentures
issued to them.

1984 - The company cancelled the 90,000-6% preference shares of Rs.100
each. The holders of these preference shares were allotted 12%
secured non-convertible redeemable debentures of Rs.100 each in
the prop. 1:1 with effect from 30th September. These debentures
are redeemable at the end of 12th year from 1st October, with an
option to the company to repay in five years after 1st October,
1991.

- 90,000 - 6% pref. shares cancelled and 90,000 - 12% non
convertible debentures of Rs.100 each issued in lieu thereof.

1986 - Installation of the fluidised bed combustion boiler was
commissioned in October.

1989 - An order was placed for new back pressure steam turbine of 5.3
MW capacity. The said turbine was expected to be commissioned
by the first quarter of 1991.

1991 - Despite higher sales realisation, profits were affected due to
escalation in the cost of raw material, coal, chemicals, etc.

1992 - Installation of remaining equipments like pulp mill, chemical
recovery etc. under the first phase of the modernisation and
renovation programme was in progress. The second phase of the
said programme costing Rs.85 crores involving the installation of
bagasse pulping equipments, coating plant a new paper machine and
other balancing equipments would be taken up in due course.

- 4,10,000 rights equity shares issued (prem. Rs.30 : prop. 1:1).
Additional 61,500 shares allotted to retain oversubscription.
Another 12,568 shares allotted to employees.

1994 - As a part of the on-going modernisation/expansion/diversification
programme the company installed UTM pulpers on paper M/s. Nos.I
and II and CD Profiler on Paper M/s. No.III, to improve the
productivity. The company undertook the second phase of
modernisation programme at a total capital outlay of Rs.235 crore
which includes a Duplex Board machine, bleach plant, Bagasse
pulping plant, falling film evaporators, power plant nor 15 MW
and two paper machines for weight papers of MG and MF and
superior quality duplex boards.

- The Company has also applied for Letter of Intent to set up a
Caustic Soda and liquid chlorine plant.

- The company also proposed to set up a sugar mill and applied for
an Industrial licence.

- The company diversified into high-tech product area in the
telecommunication field by putting up a unit at Mysore for
production of optical fibre cables. The civil work of the Duplex
Board mill and optical fibre cables unit was under progress.

1995 - The performance of the Company surpassed all its past records.
Production and sales increased significantly mainly due to the
relentless efforts made at all levels in optionally utilising the
resources available.

- As a part of the on-going modernisation/expansion/diversification
programme the company has installed a state-of-the art plant to
manufacture optical fibre cables with foreign technical
collaboration, a running plant with a capacity of 9000 MT P.A.
for the manufacture of chromo, Art paper and Board was installed
at Gugaon (Haryana).

- The Company also installed a 1050 KW wind power mill in Chennai.

- The Company has received letter of intent for setting up a sugar
mill of 2500 tonnes crushing capacity per day and a caustic soda
and liquid chlorine plant as a step towards backward integration.

1996 - Duplex Board Machine was commissioned on 15th September.

- The Company has taken the following new project as a part of its
expansion-cum-modernisation programme:

- (a) Bleach Plant: The 250 TPD new Bleach plant was expected to be
commenced by the end of December 1997.

- (b) Digester No. 10 : A new digester was planned to cope-up with
the increased requirement of mill made pulp for higher level of
production. Digester was expected to be commissioned by March
1998.

- (c) New Power Plant: Apart from installing 5 new DG sets, the
company intending to set up a new power plant by installing one
70 TPH FBC Boiler and a 12 MW capacity Double extraction partial
condensing Turbo Generator set.

- (d) Caustic Soda Plant: The company has received letter of intent
from the Government of India to set up the above plant as a step
towards backward integration project.

- The Company is also planning to set up a sugar mill of 2500
tonnes cane crushing capacity per day.

2000 - The Company has taken up modernisation, expansion &
diversification programme with a capital outlay of Rs 214.50
crores for increase in the production capacity and technology
upgradation of paper, duplex board and cable divisions.

2002

-Appoints Shri C K Somany as the Director on the Board of the company after the resignation of Mr Madan Mohan Mohanka.

-Ms Shaila Jagpat resigns from the Directorship of the company.

2003

-Stock Broker Desai acquires 5% stake in the company.

-Appoints Mr S K Bangur as the Chairman and Managing Director of the company.

-Acquires 33.85% equity shares of Rama Newprint and Paper Ltd at Rs.5 per share for Rs.39.38 crs from ICICI Bank Ltd and ICICI Trusteeship Services Ltd.

2006

-West Coast Paper reappoints Bangur as MD

-West Coast Paper Mills Ltd has re-appointed Shri. K L Chandak as Executive Director of the Company for a further period of 4 years w.e.f. December 01, 2006.

2007

- The Company has splits its face value from Rs10/- to Rs2/-.

2009

- West Coast Paper Mills Ltd has appointed Shri Krishna Kumar Karwa as Additional Director of the Company.

2010

- West Coast Paper Mills Ltd has appointed Shri Sanjay Kothari as Additional Director of the Company.

2011

-Shri S. K. Bangur has been re-appointed as Chairman &
Managing Director of the Company.

2012

- Board has recommended a Dividend of Rs. 0.20/- per share on the Equity shares of Rs. 2/- each

2013

- Board has recommended a Dividend of Re. 1/- per share on the Equity shares of Rs. 2/- each

2014

- Board has recommended a Dividend of Re. 1/- per share on the Equity shares of Rs. 2/- each

2020
-West Coast Paper Mills "partially started production at Paper and Duplex Board Division, Dandeli".

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