History of Supreme Industries Ltd.
YEAR EVENTS 1942 - The Comp. was Incorporated at Mumbai. The Comp. manufacture Industrial & engineering moulded products, storage & material handling crates, multilayer sheets, multilayer films, packaging films, expanded polyethylene foam, PVC pipes & fittings, moulded furniture, sataranj mats, disposable EPS containers, etc.
1943 - 2,000 Right Pref. shares issued [prem. Rs 20 per share; prop. 1:1s] to Pref. shareholders.
1945 - Issued 3,000 No. of Equity shares.
1947 - 296 Bonus Equity shares issued in prop. 1:20. 622 Bonus Pref. shares then issued to Equity Pref. shareholders in prop. 1:10.
1960 - 3,110 Rights Equity shares issued at par in prop. 1:2.
1972 - In May, 1972, 1,865 Bonus Equity shares issued in prop. 1:5 in Dec. 1972, 11,271 Right Equity shares issued at par in prop. 1:1.
1978 - 13,426 Bonus Equity shares issued in prop. 3:5 in May 1978.
1980 - 14,321 Bonus Equity shares issued in prop. 2:5.
1985 - A new factory was established at NOIDA [Delhis] with a capacity to manufacture 1500 tonnes of industrial products/components etc. to cater to the North Indian Markets. All the machines were installed in January 1988.
- The Comp. issued 15% non-convertible debentures for Rs 100 lakhs to UTI on private placement basis to meet working capital requirements.
- 40,099 Bonus Equity shares issued in prop. 4:5, during February 1986.
1987 - The working of packaging & multilayer film division, however, was affected by hike in raw material costs and prevailing excess capacity in the industry.
- With a view to upgradation of technology & introduction of new products, the Comp. entered into a collaboration agreement with Bdr. Schur International, Denmark.
- The PVC pipes & fittings division introduced cable ducting and bore well pipes during the year.
- The Comp. converted its existing 4,620 - 6 1/2% Preference shares of Rs 100 each into 4,620 - 13 1/2% unsecured non-convertible debentures of Rs 100 each at par on 15th October. These debentures are redeemable at the end of 7 years from the date of allotment.
- As on 1st July, plant & machinery, moulds & dies were revalued & the net surplus of Rs 18,42,17,354 arising out of it was credited to revaluation reserves.
- The Comp. issued non-convertible debentures [C-Seriess] worth Rs. 150 lakhs as 'Rights' to augment long term working capital requirements.
- Pref. shares redeemed on 15th October by allotting non-con. debs. in lieu. Equity shares subdivided. 9,02,220 bonus shares then issued in prop. 1:1.
1988 - The Comp. embarked upon setting up of following projects. [is] expansion of injection moulding capacity & launching of moulded furniture at Noida; [iis] expansion of PVC pipe and fittings capacity at Jalgaon; [iiis] debottlenecking of multilayer sheet capacity at Jalgaon [ivs] injection moulding unit at Pondicherry & [vs] multilayer sheet & products unit at Daman.
- During September-October, the Comp. offered 4,73,666-14% secured partly convertible debentures [D-Seriess] of Rs 170 each as follows: [is] 4,51,110 debentures on rights basis in the proportion 1 deb: 4 equity shares held [only 4,40,937 debentures taken ups] & [iis] 22,556 debentures to the employees `Under the Employees' Stock option scheme [all were taken ups] Additional 10,173 debenture being the unsubscribed portion of the shareholders quota were allotted to the employees.
- Rs 70 of face value of each debenture was converted into 1 equity share of Rs 10 each at a premium of Rs 60 per share on the expiry of six months from the date of allotment of debentures.
- The non-convertible portion of Rs 100 of face value of each debenture would be redeemed at par at the end of 7 years from the date of allotment of debentures.
1989 - Steps were taken to put up a new multilayer sheet unit at Daman. New range of products were introduced catering to the demands of high tech plastic products required by various industrial customers engaged in the manufacture of electronic, automobiles, air-conditioning & office equipments. - The Packaging & multilayer films division entered into a technical collaboration agreement with M/s. Schur International a/s of Denmark, a manufacturer of packaging film.
- The PVC pipes & fittings division entered into a collaboration with M/s. Uponor, Finland for manufacture of 'Ultra Rib' pipes in longer diameters. These pipes are to replace the conventional drainage & sewerage system pipes.
- The setting up of new projects include [is] Expansion of SWR fittings range at Jalgaon [iis] Manufacture of speciality plastics products at Malanpur industrial area near Gwalior & [iiis] Speciality products in co-extruded & multilayer film division.
- The Comp. is a co-promoter of Supreme Petrochem, Ltd., which has taken up a project to manufacture 80,000 tonnes of styrene monomer & 40,000 tonnes of polystrene per annum.
1990 - The loading on the machines at Andheri & Noida units was low due to unrest in Northern India. An injection moulding facility was installed at Pondicherry to cater to its customers in Southern India. The Comp. launched moulded furniture & a variety of crates.
- Another unit of 1000 tpa. capacity was to be put up at Gwalior. The demand in PVC pipes declined due to steep rise in the price of PVC resin. Various new types of pipes for different applications were launched.
1991 - The following projects were proposed to undertaken: [is] expansion of installed capacity of flexible packaging materials at Taloja & Noida [iis] installation of injection moulding machines with the capacities of 2,200 tonnes & 1200 tonnes at Talegaon & Noida respectively [iiis] increasing injection moulding capacity at Pondicherry & Calcutta [ivs] installation of air bubble film manufacturing capacity at Gwalior [vs] launching of foam polystyrene products at Gwalior [vis] increasing the range of thermoformed polyestyrene products at Daman [viis] expansion of capacity of PVC pipes & fittings at Jalgaon & [viiis] expansion of capacity at the technology centre.
- The Comp. proposed to set up a new industrial component manufacturing unit at Salt Lake area, near Calcutta.
- In February, the Comp. offered 11,39,053 - 14% secured redeemable partly convertible debentures of Rs 200 each on Rights basis in the proportion 1 debenture: 2 equity shares held.
- Another 56,953 - 14% partly convertible debentures of Rs 200 each were issued to employees under the Employees' Stock Option Scheme.
- Pursuant to the terms of debenture issue, a portion of Rs 100 of face value of each debenture was converted into one equity share of Rs 10 each at a premium of Rs 90 per share on the expiry of 12 months from the date of allotment of debentures.
- The remaining of Rs 100 of face value of each debenture would be redeemed at the end of 7 years from the date of allotment of debentures.
- 11,96,006 shares issued on part conversion of debs. at a premium of Rs 90 per share [11,79,153 shares on 1.4.1992 & 16,853 shares on 27.4.1992s].
1992 - The PVC pipes division introduced a new range of plumbing pipes & fittings which was well received in the market. The Company has become a regular supplier of crates to Coco Cola.
- 34,74,112 shares issued as bonus shares in prop 1:1.
1993 - A.K. Structural Foam Ltd., was merged with the Comp. as per the formalities of amalgamation, the Comp. offered to the erstwhile shareholders of AKSF limited shares on rights basis in the ratio of one SIL share for 35 AKSF Shares & also partially & on the same terms & conditions.
- The Comp. allotted 8,78,110 No. of equity shares of Rs 10 each at a premium of Rs 190 per share & 17,41,254 - 15% secured partially Convertible Debenture [`H' seriess] of Rs 450 each for cash at par on Rights basis to employees.
1994 - The profit margins were however affected due to fire in the Andheri godown adjacent to manufacturing facility & due to hike in raw material costs in the furniture division.
- The injection moulded products group entered into a tie-up with M/s. Manducher of France for upgradation of auto components business. This would lead to introduction of large number of plastic components.
- From the Hosur plant, cross linked polyethylene foam products were launched. In PVC pipes, the Comp. launched 355mm/400mm pipes. Also pipes with DIN/BIS/ASTM specification were introduced to cater to the export market.
- The Comp. launched new varieties of fabricated products to complete the piping system.
- 13,393 No. of equity shares issued 26,786 shares issued in part conversion of A & H series debentures. Preference shares issued during 1996.
1995 - The has tied up with Schoeller International of West Germany for its technology of new generation bottle crates. In furnitures, the Comp. launched one piece moulded two seater sofa in the market.
1998 - The Comp. intends to introduce 15 more new models to the already existing 55 models of furniture.
- During the year several new products viz. 'Hygience Quality Products' were launched in the food service products division.
- Premier Lighting Industires limited has become the subsidiary of company.
- Pondy II Plant to manufacture furniture was commissioned in August 1997.
- The Comp. acquired the assets of M/s Camphor and Allied Products Limited at Nandesari manufacturing Protective Packaging Products.
- The business of Andheri Moulding shop has been shifted to various other units of company. Taloja capacity has been shifted to Khopoli.
- Entire Flexible Packaging Division is relocated at Khopoli. Manufacturing facilities of Packaging Films at Noida, Malanpur and Taloja have been shifted to Khopoli.
- Multilayer Sheet Division at Daman has been closed & the entire production capacity of Multilayer Sheet Division is converted to Manufacture Food Serviceware products i.e. FSW products.
- The existing facilities of Noida & Talegoan to manufacture moulded furniture have been relocated at Pondy II.
- Taloja premises have been partly converted into a 'Private custom bonded warehouse'. It is partly also used for stocking raw material to give the benefit of logistics in distributing imported as well as local raw material to various manufacturing units.
- The Comp. has converted 59,945 MT of various types of Polymers into products against 46,513 tons in 1996-97 showing a growth of nearly 28% in volume terms.
- The profit margin was affected due to loss on Acc. of Foreign Exchange borrowings, compensation on VRS for closure of Andheri and Taloja units, loss of production due to shifting of machines from one plant to another plant & inventory losses due to continuous fall in raw material prices throughout the year.
- Margins were also affected due to lock out at Nandesari unit during the month of April/May 1998 for 33 days & due to fire at Pondy II unit on 27th May 1998. This fire resulted in loss of production for 4 days.
- Commissioning of Pondy Unit II for manufacture of furniture and relocating Noida & Talegaon furniture facilities at Pondy have given economies of scale & faster service to our customers.
- The industrial components business has suffered a set back mainly due to slowing down of automobile sector.
- The complete closure of Multi layer Sheet business & conversion of capacity to Thermoformed Food Serviceware products has been completed.
- There was a fire at Pondicherry Unit II on 27th May.
1999 - The Comp. is the largest supplier of bottle crates to various soft drink & beverages manufacturers.
- The Comp. has successfully launched PVC plumbing systems in the country during the year under review.
- Shri S.R. Taparia & Shri N.N. Khandwala, Directors of Company retire by rotation & being eligible offer themselves for re-election.
- Consequent to acquisition of shareholding from collaborator M/s. Kalle Pentaplast GmbH, M/s. Supreme Vinyl Films limited [Formerly Klockner Supreme Pentaplast Ltd.s] has become subsidiary of Comp. w.e.f. 7.9.1997.
2001
-Board approves merger of its Group Companies M/s Supreme Oriented Films Limited [SOFLs] & M/s Supreme Vinyl Films Ltd [SVFLs] into Supreme Industies limited [parent companys] w.e.f. April 01, 2001
2002
-High Court approves scheme of amalgamation of M/s Supreme Oriented Films Limited [SOFLs] & M/s Supreme Vinyl Films Ltd [SVFLs] with Supreme Industries
2003
-Siltap Chemicals Limited merged with Supreme Industries Limited
