History of Modi Xerox Ltd.

YEAR EVENTS 1983 - The Comp. was Incorporated on 2nd September, at Kanpur. The Comp. was promoted jointly by Indian Reprographic Systems Pvt. Ltd., Modi Rubber Ltd., & others in technical & financial collaboration with Rank Xerox Ltd., U.K. The Comp. Manufacture xerographic equipment & systems, toners & developers.

- The Comp. entered into a technical & financial collaboration agreement with Rank Xerox Ltd., U.K. Under the agreements, Rank Xerox was to provide the technical know-how for design, engineering, erection, commission, operation & maintenance of plant & process equipments.

- It was also to assist the Comp. in arranging procurement and fabrication of equipments & materials, development of vendors including ancillary small scale vendors & procurement of plant & machinery from sources outside India.

1984 - 700 shares subscribed for by signatories to the Memorandum of Association. 99,99,300 No. of Equity shares issued at par: 40,00,000 shares to Rank Xerox, Ltd., U.K., 39,99,300 shares to Modi Rubber Ltd., Indian Reprographic Systems Pvt. limited and others were reserved & allotted & 20,00,000 shares offered for public subscription in Sept. 1984.

1985 - 24,80,000 Rights Equity shares issued at par in prop. 31:125 in October.

1987 - Two upgraded versions of 1025 series - the 1025 zoom & zoom SADH were launched from the Rampur plant.

- 49,92,000 Rights Equity shares issued at par in prop. 2:5.

1988 - India first engineering plant printer-2510 & a programmable desktop copier - 1038 were launched. To get incremental business, `Xerolease' a new easy leasing scheme was introduced. The paper range was expanded to include polyester film, tracing paper & telecopier paper for use in fascimile machines. MX business paper was launched.

- The Comp. with the support of Rank Xerox developed a coating formula for Japanese 1025 model photoreceptors. The Company proposed to introduce statistical process control [SPCs], an on-line quality control method where the manufacturing process gets analysed statistically to set process parameters.

- During the period, Rank Xerox signed an agreement with the Comp. to source 1025 & 1038 model copiers on an ongoing basis.

- 19,94,000 No. of Equity shares allotted to financial institutions in conversion of loans.

1993 - The Comp. introduced Xerox Majestik series colour copier and printer, inkjet technology which offer laser-like quality at affordable prices & fine new models in fax machines.

1994 - 17 new products were added to its already existing wide range with an increasing focus on digital technology, networking capability & superior colour fidelity.

1996 - The Comp. enhanced desktop printer range with the addition of 5 new inkjet, laser & colour printers.

- The Xerox 4230, 4230 MICR & 4850 Digital Printing Systems were launched during the year.

- DocuColor 40, the world fatest stand alone digital colour document system was also launched which additionally offers automatic duplex printing capability both from hard copies as well as from electronic files. 20 new products were launched during the year.

1997 - The Comp. made its product range more comprehensive with copiers ranging from 37 to 45 CPM in the work Group segment and from 55 to 80 CPM in Departmental copier range. The Xerox 5051 & Xerox 5352 were added to the cruiser family.

- Six new paper brands were launched including performance unicopy & challenger at the low end & the MX 80 for inkjet and laser printing.

1998 - The Comp. introduced 15 new products including network printers & also expanded its retail network to 273 outlets across 9 metros. The Bueno range of convenience copiers was launched as a replacement for Modi Xerox 1025.

- MXL is a joint venture in technical & financial collaboration with Xerox Corp.

- Modi Xerox limited [MXLs] has introduced a high-end network laster printer -- the DocuPrint N32 -- in India following its worldwide launch by Xerox Corporation in the last quarter of 1997.

- MXL also recently introduced DocuPrint C55, which has a high end, state-of-the-art full colour network laser printer with Contone printing facility [a feature which allows superior colour reproductions].

- The introduction of DocuPrint N32 reflects the commitment of Xerox to transform Modi Xerox from being a copier Comp. to a true Document Comp. in India.

- Modi Xerox has entered into a strategic alliance with TechNova Imaging Systems to cater to the graphic arts segment in the country.

- Modi Xerox has launched Docuprint N40, the world fastest network printer with a print speed of 40 pages per minute.

- The Foreign Investment Promotion Board [FIPBs] today cleared the proposed wholly-owned subsidiary of US-based Xerox Corporation for investing in the company other ventures in the country.

1999 - The foreign promoter has stated that it plans to introduce state-of-art technology including digital, colour & networked services through Modi Xerox.

- Modi Xerox is a joint venture between the US-based Xerox Corporation & Modi Corp.

- Modi Xerox has been mulling fresh investments in setting up a second line to manufacture its new range of digital products at the same facility & a decision to this effect is likely to result from the visit.

- Modi Xerox & Modi Xerox Financial Services limited would be amalgamated into Xerox ModiCorp Ltd [XMLs], the unlisted joint venture company.

- The Comp. changed its, name from Indian Xerographic Systems limited which was also approved by FIPB.

2003 - The Foreign Investment Promotion Board [FIPBs] allowed Xerox Modicorp to sell directly to industrial & government customers.