History of Standard Industries Ltd.
YEAR EVENTS 1892 - The Comp. was incorporated at Mumbai. The main object of the Comp. is to manufacture textile goods & chemicals. Textile products manufactured are grey long cloths, dhoties, poplins, coatings, printed long cloths, drills, crepes, voiles, etc. The Comp. uses the trade name 'COCKATTO' & 'SAPERA'. Counts ranging from 11s to 95s are spun & the cloth width ranges from 28' to 60'.
- The mills are equipped to perform bleaching, dyeing, M.K. printing, mercerising, sanforising & yarn dyeing operations.
1933 - Capital reduced by Mumbai High Court Order dated 8th December by paying back Rs.400 per whole & Rs.100 per quarter share.
1940 - 14,217 whole & 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 & 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 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 shares] 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 Comp. of the Comp. with effect from 1st January.
1978 - 1,07,804 Bonus Equity shares issued in prop. 1:5.
1980 - Implementation of industrial licence for 34,760 additional spindles at Dewas unit was taken up during the year, & 17,824 spindles were installed till the end of year.
1981 - Govt. approval was received for modernisation & replacement programme of Textile Division which includes import of 104 Sulzer looms for Prabhadevi unit. - The Comp. received letters of intent for manufacture of 3,300 tonnes per annum of methyl chloroform 1.1.1 trichloroethane, 200 tonnes per annum of dichloro diethyl ether & 10,000 tonnes per annum of stable bleaching powder.
- The Comp. 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 face value [i.e. Rs.200s] 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 operations were adversely affected during the first half of period due to the textile strike in Mumbai & during the second half due to escalation in cost of production & acute recession in demand.
- Despite the Textile Strike, the Comp. continued to modernise its plant & 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 & latest devices for controlling voltage & 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 proposal to set up a joint venture name `P.T. Standard Mills Industries'. `Indonesia' in collaboration with SLM-Maneklal Industries Ltd., for manufacture of cots & aprons for textile industry & other rubber products in Indonesia.
- Land, buildings & plant & machinery of Comp. were revalued as on 31st December, & the net surplus arising out of this was credited to capital reserves.
- Standard Salt Works Ltd., is a subsidiary of Company.
- 2,00,000 shares allotted [prem. Rs.106 per shares] on 30th June in part conversion of bonds.
1985 - Production & 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 Comp. 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 & 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 & 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 Ruti-C looms of wider width for export production.
- The Company R and D department manufactured & supplied vinyldene chloride to BASF India Ltd.
- A letter of intent was received for manufacture of 150 million disposable syringes & 300 million hypodermic needles.
1988 - The Comp. 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 Comp. decided to conduct the business of textile division of Shanudeep, limited [Formerly, Surat Cottron Spg. & Wvg. Mills Ltd.s], comprising of 48 Sulzer looms, 126 Ruti-C type looms & 72 wider width Ruti-B type looms, from 1st April.
- The Shanudeep, limited 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 Comp. 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 Comp. was changed from 'The Standard Mills Co. Ltd.' to `Standard Industries Ltd.' during the year.
1991 - Upward trend in the prices of cotton & raw materials coupled with overall increase in power & 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 & modernise the existing spindleage.
- 44,22,212 bonus equity shares issued in prop. 2:5.
1992 - Two autoconers one at Sewree & the other at Dewsas unit was installed.
- Mafatlal Apprael Manufacturing Co. Ltd., a 100% subsidiary of the Comp. was amalgamated with the Comp. with effect from 1st April.
- The Comp. offered during September, 32,50,325-17.5% secured redeemable partly convertible debentures of Rs.100 each aggregating Rs.32.50 crores. Out of total issue, 30,95,548 debentures were offered & 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 & allotted to the employees [including working directorss]/workers of Company.
- A portion of Rs.50 of each debenture [part-As] was to be automatically & 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 debentures. The non-convertible portion of Rs.50 [part-Bs] of each debentures would be redeemed at par in 4 equal instalments of Rs.12.50 each, at the expiry of 5th, 6th, 7th & 8th years from the date of allotment of debentures.
- In order to meet long term working capital requirements, the Comp. 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 & GIC & its subsidiaries. These debentures are redeemable in 3 equal yearly instalments at the end of 6th, 7th, & 8th years from the date of allotment of the debentures.
1993 - Four Vouk draw frames, latest version in spinning technology was commissioned at Prabhadevi & one autoconer each was installed at Sewree & Prabhadevi unit.
- All efforts were made to reduce the power consumption especially in the Electrolysis in both Be Nora & Uhude cell houses.
- 32,50,325 shares allotted [prem. Rs.40 per shares] in part conversion of 17.5% debentures.
1994 - During the year, inorder to modernise & upgrade the quality of product-mix, the Comp. commissioned 4 Auto-Coners Model AC-238, 1 Two-For-One Twister & 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 Chemicals division was affected due to the commissioning of 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 Shareholders at the last Annual General Meeting, the Comp. 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 & Sewree Units of Textile Division have obtained Certification from SGS Yarsley International Certification Services limited 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 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 Comp. has helped the Polio eradication drive of Government by providing about 300 Lunch packets to the campaign organised by Navi Mumbai Municipal Corporation.
1999 - During the year the Company Textile Unit at Surat was sold as a going concern to Patdi Commercial and Investments Limited.
- The Comp. has executed an Agreement with National Securities Depository Limited for dematerialisation of its Equity Shares in accordance with the provisions of Depository Act of 1996.
2000 - The Board has decided to issue, offer & allot by way of private placement to off-shore investors, including NRIs & OCBs, up to 2,50,00,000 No. of equity shares of Rs 10 each at par of company.
- The Comp. has entered into an agreement with Rashtriya Mill Mazdoor Sangh, the statutorily recognised representative union, & has declared the Voluntary retirement Scheme for workers of both Prabhadevi Textile Unit & Sewree Textile Unit at Mumbai, who are covered by Bombay Industrial Relation Act, 1946.
- The Comp. has installed new machines in the Process House & is striving to improve the per metre realisation of fabric.
