History of Jain Irrigation Systems Ltd.
YEAR EVENTS 1986 - The Comp. was incorporated on 30th December, & the Certificate of Commencement of Business was obtained on 12th January 1987. It was promoted by Bhavarlal Hiralal Jain & the Companies belonging to the Jain Group. The Main Objective of the Comp. is to manufacture Micro Irrigation Systems encompassing irrigation through, strip-tubing, emitters, jets and mini sprinklers.
- The Comp. entered into a technical collaboration agreement with James Hardie Irrigation [Italys] SRL, the Worlds' largest manufacturers of drip irrigation products. - The Comp. undertook to set up a project for manufacture of;
- [is] 3,600 tonnes per annum of bi-wall;
- [iis] 480 tonnes per annum of filters & filtration equipment & - [iiis] 20 tonnes per annum of controllers, control valves, etc.
- The Comp. rented a factory shed in the premises of Jain Plastics & Chemicals [Pvt.s] Ltd., Jalgaon.
1988 - 70 No. of Equity shares subscribed for by signatories to Memorandum. 29,09,930 No. of equity shares issued at par of which 17,99,930 shares reserved & allotted to the promoters, directors, etc.
- Out of balance 11,10,000 No. of equity shares; 1,45,500 shares offered on preferential basis to the employees [incl. working directorss]/workers of Comp. & those of promoter Comp. [only 28,800 shares taken ups].
- The remaining 9,64,500 shares together with the unsubscribed 1,16,700 shares of employees' quota offered for subscription to the Indian Public in October 1988. 1,08,120 additional shares allotted to the public to retain oversubscription.
1989 - During the year, the Comp. developed its R and D farm at Mohadi, [Jalgaon Dist.s], which was being used as a demonstration plot for promotion of concept of micro irrigation systems.
1991 - The Comp. undertook an expansion programme. The installed capacity of its domestic division which caters to 50,000 acres per annum was being increased to 1,32,000 acres per annum. The installed capacity of PVC foam/rigid sheets of 100% E.O. Division [EODs] was being increased from 1,800 tpa to 4,200 tpa. The Comp. was also setting up a new facility in its 100% EOD for manufacture of 3,200 tpa of polycarbonate sheets.
1992 - During March/April the Comp. issued 30,18,120 - 14% secured redeemable partly convertible debentures of Rs. 150 each on rights basis in the proportion of 1 debenture: 1 equity share held. Additional 4,52,718 debentures were allotted to retain oversubscription.
- Another 1,50,906 - 14% secured redeemable partly convertible debentures of Rs. 150 each were offered to the employees. Only 72,450 debentures were taken up by financial institutions/Mutual Funds.
- Part `A' of Rs. 80 of each debenture will be converted into two equity shares of Rs. 10 each at a premium of Rs. 30 per share on the expiry of six months from the date of allotment of the debentures. Part `B' of instalments at the end of 6th, 7th and 8th years from the date of allotment of debentures.
- 72,43,488 No. of equity shares allotted as part conversion of 14% Secured Partly Convertible Debentures. 26,96,600 No. of equity shares underlying EDRs issued at a premium of Rs. 200 per share.
1993 - The Comp. finalised a MOU with Azrom Metal Industries Ltd., of Israel for manufacture of green houses & plant propagation tunnels near village Mohadi in Jalgaon district.
- The Comp. entered into a technical collaboration agreement with Amcor Ltd., Israel for manufacture of Solar Water heating systems at Jalgaon.
- The Comp. entered into a technical licence agreement with Chapin Wtermatics Inc USA to manufacture twin wall tubing [canewalls] at the existing site in Jalgaon.
- The Comp. proposed to diversify its existing range of plastic sheets by addition of corrugated polycarbonate sheets & higher width polycarbonate sheets in multiwall category.
- To utilise the existing plant and machinery during slack season, the Comp. commenced manufacture of high density polyethlene pipes
- The Comp. co-promoted a joint venture with Kemira OY, Finland as equal partners to manufacture water soluble fertilizers for the first time India. The project is to be implemented by a separate joint venture. 'Jain Kemira Fertilisers Ltd'.
- The Comp. is co-promoting a venture with Rahan Meristem of Israel to produce tissue cultured plants. A pilot scale tissue culture lab to enlarge the size of operations through a joint venture company.
1994 - The Comp. hitherto entered into the untapped area of large scale commercial farming by implementing MIS in Corporate agriculture projects.
- The Comp. undertook implementation of 100% export oriented unit with separate factory at Bambhori for manufacture of polytubes & mouled public components.
- The Comp. received approval from the Government of India for establishing a 100% owned trading & investment subsidiary in Mauritius.
- During the year, the Comp. signed a MOU with a South African Comp. for manufacture & marketing of their newly invented sprinklers. While the manufacturing for world wide market would be done in India by Company, marketing abroad would be carried at by overseas joint venture.
- During March the Comp. issued 26,96,000 equity shares underlying its 26,96,600 EDRs of US $11.125 each.
- During March the Comp. issued 17,386 non-Convertible debentures with 17,38,600 detachable warrants to promoters as preferential allotment basis. These warrants are convertible into one equity shares of Rs. 10 each for cash at a premium of Rs. 200 per share.
- The Comp. has been awarded for its various products Top Exporters Award by Plastic & Linoleum Export Promotion Council [PLEXCONCILs] for year 1991-92 & 1992-93.
- The Comp. is also moving towards achiving ISO-9001 certification for its Plastic Sheet Dvision.
1995 - The Comp. proposed to take over assets from the joint venture Comp. at book value & continue the business on a division of the company.
- 9,40,000 Preference shares issued to Various subscribers on a private placement basis.
- The Comp. has also signed a MOU with a South African Company for manufacture & marketing of their newly invented Sprinklers.
- The Comp. has finalised a strategic joint venture with General Electric Comp. [GEs] to set-up a plant for manufacture and marketing of wide range of polycarbonate sheets to take advantage of European & U.S. market potential.
- The Comp. has signed a MOU with a U.S. multinational for setting up a joint venture for manufacture of Blown and Cast Plastic Films.
1996 - The Comp. has won National Export Award for year 1994-95 & also won the CEU Award for year 1993-94.
- During Jain Plastics and Chemicals Ltd., Jain Kemira Fertilizers limited & Jain Rahan Biotech limited were amalgamated with the Company.
- However margins suffered a severe beating with bottomline going into red.
- The Comp. decided to focus on the core business areas of Agriculture & Plastic. It has decided to go for a phased divestment from all its non-core business to improve cash flows & allow management to focus on core activities.
- 525,000 pref shares issued & 200,000 preference shares redeemed during the year.
1997 - 71,97,854 No. of equity shares allotted to erstwhile Sain Plastics and Chemicals limited on its amalgamation with the Co. 88,028 No. of equity shares allotted to Sain Kemira Fertilisers limited & another 67 No. of equity shares allotted to Jain Rahian Boitech limited on amalgamation with the Co.
- The Comp. has a technical collaboration with RIS of Italy for drip irrigation systems & with Chapin Watermatios of US for multi-chambered drip irrigation.
- 72,85,952 No. of equity shares allotted as per the scheme of amalgamation.
2000 - The Comp. has proposed that the existing paid up equity capital be reduced to half subject to necessary approvals. In the first phase the value of equity shares of Rs. 10/- will be reduced to Rs. 5/- & then in the second phase Rs. 5/- paid up shares shall be consolidated into Rs. 10/- paid up shares.
- The Comp. issued on preferential basis 1,31,00,000 Unsecured [Zero Coupons] optionally fully convertible debentures of Rs 10 each aggregating Rs 1,310 lakh in lieu of conversion of outstanding secured/unsecured loans to the secured/unsecured lenders represented by Financial Institutions and Banks under the restructuring scheme.
- 1,80,00,000 Unsecured [Zero Coupons] optionally fully convertible debenture of Rs 10 each aggregating Rs 1,800 lakh to the `Promoters Group' represented by Mr. B.H. Jain, as part of restructuring scheme.
- Trading in the equity shares of Jain Irrigation Systems Ltd would be suspended with effect from 20th December on Acc. of reduction of equity share capital by 50 per cent. 2002
-Jain Irrigation Systems Ltd informs that the Board of Directors accep the resignations of Shri A S Ajgaonkar, Director- Corporate Affairs and Shri J J Kulkarni Director - Product Development as Director[ss] of Company. It also decides to keep casual vacancies created, vacant for time being. Dr P V Sane expresses his inability to attend the meetings for a period of 6 months as he is travelling out of India from April 03, 2002. He, therefore, has appointed Shri A S Ajgaonkar as an alternate to him to vote & to attend meetings of Board etc. in the next 6 months.
2003
-The Board approves to make preferential allotment upto Rs.460 million of equity shares of Rs.10 each.
-JISL adopts micro-irrigation.
-Wins 10 awards as Top Exporters in the Plastics & Linoleum Exports Council.
-Change in the address to Jain Irrigation Park, N H No. 6, Bhambori, Jalgaon- 425001.
-Jain Irrigation Systems bags 10 awards in PLEX Council
-Company has signed a contract document for Andhra Pradesh Micro Irrigation Project [APMIPs].
2004
-Aqua India i Limited & Aqua India II Limited acquire of 19,87,281 Equity Shares of Comp. by allotment on Preferential basis on December 26, 2003, stake of Aqua India i limited increases to 22,623,659 shares amounting to 43.20 % of total paid up capital of Comp. & stake of Aqua India II limited increases to 1,019,456 shares amounting to 1.95% of total paid up capital of company
-Jain Irrigation Systems Ltd has informed that the Committee of Board constituted on December 16, 2003 as on January 19, 2004 allotted 6,30,500 equity shares of Rs. 10/- each at a price of Rs. 83/- to the Promoter Group individuals represented by Shri B.H. Jain, under the authority of shareholder resolution dated November 17, 2003.
-Signs a Memorandum of Understanding [MoUs] with State Bank of India [SBIs] under which the bank will provide term loans to farmers for purchasing capital inputs from Jain Irrigation Systems Ltd [JISLs]
-Delists shares from following stock exchanges Madras Stock Exchange Ltd Pune Stock Exchange Ltd Delhi Stock Exchange Association Ltd Stock Exchange Ahmedabad alcutta Stock Exchange Association Ltd
-Jain Irrigation Systems Ltd has informed that its Drip Irrigation Division has bagged a Rs 380 million turn-key export order for a project in an African Country
2006
-Jain Irrigation acquires Watertech for $6 mn
2007
-Jain Irrigation Systems Ltd has appointed Shri. D R Mehta as an Independent Director in casual vacancy created on November 04, 2005.
