| YEAR EVENTS
1892 - The Company was incorporated at Mumbai. The main object of the
Company is to manufacture textile goods and chemicals. Textile
products manufactured are grey long cloths, dhoties, poplins,
coatings, printed long cloths, drills, crepes, voiles, etc. The
Company uses the trade name "COCKATTO" and "SAPERA". Counts
ranging from 11s to 95s are spun and the cloth width ranges from
28" to 60".
- The mills are equipped to perform bleaching, dyeing, M.K.
printing, mercerising, sanforising and yarn dyeing operations.
1933 - Capital reduced by Mumbai High Court Order dated 8th December by
paying back Rs.400 per whole and Rs.100 per quarter share.
1940 - 14,217 whole and 10,332 quarter shares issued as bonus (prop. 7:
quarter shares consolidated.
1942 - 4,800 Bonus shares issued in prop. 1:4.
1943 - 6,000 Bonus IInd pref. issued is prop. 1:4.
1948 - 24,000 Bonus Equity shares issued in the prop. 1:1.
1950 - 8,000 No. of Equity shares issued in prop. 2:3 to members of
Indian Bleaching Dyeing and Printing Works, Ltd., on its merger.
1955 - 31,800 No. of Equity shares issued in prop. 1:1 to shareholders
of New China Mills, Ltd., on its merger.
1958 - 21,950 Bonus Equity shares issued in the prop. 1:4.
1960 - 43,900 Bonus Equity shares issued in the prop. 2:5. The pref.
shares are redeemable on 6 month's notice.
1966 - 21,950 Bonus Equity shares issued in the prop. 1:7.
1972 - On 1st January, 24,380 No. of Equity share issued (prem. Rs.200
per share) on conversion of 7.5% Bonds. 1,99,980 Bonus Equity
shares issued in prop. 1:1 on March.
1975 - 1,00,000 Bonus Equity shares issued in prop 1:4.
1976 - 39,020 No. of Equity shares issued at a premium of Rs.200 per
share on conversion of 8% Bonds.
1977 - Mafatlal Industries Ltd., ceased to be the Holding Company of the
Company with effect from 1st January.
1978 - 1,07,804 Bonus Equity shares issued in prop. 1:5.
1980 - Implementation of the industrial licence for 34,760 additional
spindles at Dewas unit was taken up during the year, and 17,824
spindles were installed till the end of the year.
1981 - Govt.'s approval was received for modernisation and replacement
programme of the Textile Division which includes import of 104
Sulzer looms for Prabhadevi unit.
- The Company received letters of intent for the manufacture of
3,300 tonnes per annum of methyl chloroform 1.1.1
trichloroethane, 200 tonnes per annum of dichloro diethyl ether
and 10,000 tonnes per annum of stable bleaching powder.
- The Company issued 2,00,000-13.5% secured convertible bonds of
Rs.500 each on rights basis in the ratio of 2 bonds for every 5
No. of equity shares. 40% of the face value (i.e. Rs.200) will
be converted into 1 equity share of Rs.100 each issued at a
premium of Rs.100 on 30th June, 1984. The balance amount of
Rs.300 per Bond will be repaid in 5 equal annual instalments of
Rs.60 each from the end of 8th year from the date of allotment of
Bonds viz., 1st October, 1982.
- Authorised capital reclassified 2,58,729 bonus equity shares
issued in prop. 2:5.
1982 - The Company's operations were adversely affected during the first
half of the period due to the textile strike in Mumbai and during
the second half due to escalation in cost of production and acute
recession in demand.
- Despite the Textile Strike, the company continued to modernise
its plant and machinery. 60 more Sulzer looms were installed
together with the ancilliary machinery.
- With a view to overcoming the power shortage, two diesel
generating sets of 1200 KVA capacities were installed at Dewas.
- To cope up with the rising costs of power, new and latest devices
for controlling voltage and thereby power consumption were
installed in De Mora cells.
1984 - De Mora cells resulted in a saving of about 400 units of power
per tonne of caustic soda.
- The Government of India approved the Company's proposal to set up
a joint venture name `P.T. Standard Mills Industries'.
`Indonesia' in collaboration with SLM-Maneklal Industries Ltd.,
for the manufacture of cots and aprons for the textile industry
and other rubber products in Indonesia.
- Land, buildings and plant and machinery of the Company were
revalued as on 31st December, and the net surplus arising out of
this was credited to capital reserves.
- Standard Salt Works Ltd., is a subsidiary of the Company.
- 2,00,000 shares allotted (prem. Rs.106 per share) on 30th June in
part conversion of bonds.
1985 - Production and sales of caustic soda was adversely affected due
to stiff competition. The offtake of chlorine was also partially
affected due to reduction in offtake of this product by NOCIL.
- The Company issued 30,000-15% secured non-convertible bonds of
Rs.1,000 each. These bonds are redeemable at a premium of 5% on
the expiry of 7th, 8th and 9th year from the date of allotment
viz., 23rd September, in three equal instalments of Rs.350 each,
with the inclusion of premium amount in the first instalment.
1986 - Sales and production of chlorosol declined due to the
availability of imported trichlorethylene at lower prices in the
market.
1987 - As a measure of rationalisation, 160 unremunerative ordinary
looms were scrapped in one of the Ruti-C looms of wider width
for export production.
- The Company's R & D department manufactured and supplied
vinyldene chloride to BASF India Ltd.
- A letter of intent was received for the manufacture of 150
million disposable syringes and 300 million hypodermic needles.
1988 - The Company installed 83 new Ruti-C looms of wider width for
export production.
- An application was submitted to manufacture alkali alcoholates
within the licensed capacity of caustic soda/caustic potash.
1989 - The Company decided to conduct the business of the textile
division of the Shanudeep, Ltd. (Formerly, Surat Cottron Spg. &
Wvg. Mills Ltd.), comprising of 48 Sulzer looms, 126 Ruti-C type
looms and 72 wider width Ruti-B type looms, from 1st April.
- The Shanudeep, Ltd. has a modern spinning plant with 30,000
spindles with the latest preparatory machines for weaving. The
agreement was for a period of 3 years ending 31st March 1992.
Subsequently, the agreement was extended for another two years
from 1st April 1992.
- The Company proposed to go ahead with the conversion of Uhde
mercury cells into membrane cells in about two years time. The
Udhe mercury cell plant was replaced by a new membrane cell
plant.
- The name of the company was changed from "The Standard Mills Co.
Ltd." to `Standard Industries Ltd.' during the year.
1991 - Upward trend in the prices of cotton and raw materials coupled
with overall increase in power and labour charges adversely
affected the profitability of Textile division.
- It was proposed to install 72 air jet looms for export. It was
also proposed to install open end spinning, machines, some
processing equipments and modernise the existing spindleage.
- 44,22,212 bonus equity shares issued in prop. 2:5.
1992 - Two autoconers one at Sewree and the other at Dewsas unit was
installed.
- Mafatlal Apprael Manufacturing Co. Ltd., a 100% subsidiary of the
Company was amalgamated with the Company with effect from 1st
April.
- The Company offered during September, 32,50,325-17.5% secured
redeemable partly convertible debentures of Rs.100 each
aggregating Rs.32.50 crores. Out of the total issue, 30,95,548
debentures were offered and allotted to the equity shareholders
in the ratio of 1 debentures for every 5 equity shares held and
the balance 1,54,777 debentures were offered and allotted to the
employees (including working directors)/workers of the Company.
- A portion of Rs.50 of each debenture (part-A) was to be
automatically and compulsorily converted into one fully paid
equity share of Rs.10 at a premium of Rs.40 per share at the end
of 6 months from the date of allotment of the debentures. The
non-convertible portion of Rs.50 (part-B) of each debentures
would be redeemed at par in 4 equal instalments of Rs.12.50 each,
at the expiry of the 5th, 6th, 7th and 8th years from the date of
allotment of the debentures.
- In order to meet long term working capital requirements, the
company issued during March, 90,000-9% secured non-convertible
debentures of Rs.1000 each aggregating Rs.9 crores on private
placement basis to UTI, LIC and GIC and its subsidiaries. These
debentures are redeemable in 3 equal yearly instalments at the
end of the 6th, 7th, and 8th years from the date of allotment of
the debentures.
1993 - Four Vouk draw frames, latest version in spinning technology was
commissioned at Prabhadevi and one autoconer each was installed
at Sewree and Prabhadevi unit.
- All efforts were made to reduce the power consumption especially
in the Electrolysis in both Be Nora and Uhude cell houses.
- 32,50,325 shares allotted (prem. Rs.40 per share) in part
conversion of 17.5% debentures.
1994 - During the year, inorder to modernise and upgrade the quality of
product-mix, the company commissioned 4 Auto-Coners Model AC-238,
1 Two-For-One Twister and 4 Ring frames in the Mumbai units.
- 93,64,034 bonus equity shares issued in prop. 1:2. 1,12,36,840
No. of equity shares of Rs. 10 each were issued at a prem. of Rs.
50 per share on Rights basis in prop. 2:5.
1996 - The performance of the Chemicals division was affected due to the
commissioning of a number of large sized caustic soda plants and
the competition.
1997 - The composite Textile Industry has been facing strains of inflationary
pressures.
- As empowered by the Shareholders at the last Annual General Meeting,
the Company has sold its Dewas Unit, as a going concern for a total consideration
of Rs. 17,43,75,000/- to S. Kumars Synfabs Limited.
- Prabhadevi and Sewree Units of the Textile Division have obtained Certification from
SGS Yarsley International Certification Services Ltd. for quality management system
meeting the requirements of ISO 9002.
- Due to prolonged strike by transporters in April, 1997, production had to be stopped
for a week's time.
- During the year under review, the Captive Power Plant which was commissioned in
September, 1996, has since been running satisfactorily giving the rated capacity and
performance after initial teething troubles.
- The Company has helped the Polio eradication drive of the Government by
providing about 300 Lunch packets to the campaign organised by Navi Mumbai
Municipal Corporation.
1999 - During the year the Company's Textile Unit at Surat was sold as a going
concern to Patdi Commercial & Investments Limited.
- The Company has executed an Agreement with National Securities Depository
Limited for the dematerialisation of its Equity Shares in accordance with the provisions
of the Depository Act of 1996.
2000 - The Board has decided to issue, offer and allot by way of private placement
to off-shore investors, including NRIs and OCBs, up to 2,50,00,000 No. of equity
shares of Rs 10 each at par of the company.
- The Company has entered into an agreement with Rashtriya Mill Mazdoor Sangh,
the statutorily recognised representative union, and has declared the Voluntary
retirement Scheme for the workers of both Prabhadevi Textile Unit and Sewree
Textile Unit at Mumbai, who are covered by the Bombay Industrial Relation Act, 1946.
- The Company has installed new machines in the Process House and is striving to
improve the per metre realisation of fabric.
2010
-Registered Office of the Company has been shifted To Plot No.4, TTC Industrial Area, Thane Belapur Road, PO Ghansoli, Navi Mumbai, Thane - 400 701.
2011
-Company has recommended a dividend of Re. 0.75 per equity share of Rs. 5/- each.
-Company have been appointed K J Pardiwalla as an Additional Director, D H Parekh as an Additional Director as well as Whole Time Director of the Company.
2012
-Standard Industries has recommended a Dividend of Re. 0.75 on 6,43,28,941 Equity Shares of Rs. 5/- each of the Company.
2013
-Company has recommended a Dividend of Re. 0.75 on 6,43,28,941 Equity Shares of Rs. 5/- each of the Company.
2014 -Company has recommended a Dividend of Re. 0.75 on 6,43,28,941 Equity Shares of Rs. 5/- each of the Company.
|