History of Wimco Ltd.

YEAR EVENTS 1923 - The Comp. was incorporated on 7th September at Mumbai. The Comp. manufactures safety matches & allied products, salt, packaging machines & coated metal and recoating. The Company has its own matches factories, a paper mill, a chlorate factory, a glue factory and salt works.

1948 - 66,000 Bonus Equity shares issued in the prop. 3:7.

1953 - 55,000 Bonus equity shares issued in the prop. 1:4.

1963 - The Govt. of Chennai leased to the Comp. land at Vedarniam and the salt project was started on a pilot basis.

1966 - 1,37,500 Bonus Equity shares issued in the prop. 1:2.

1970 - 82,500 Bonus Equity shares issued in the prop. 1:5.

1974 - 1,20,000 shares issued to shareholders of Assam Match Co. limited on its amalgamation with the Comp. in prop. of share to 4 share held in Assam Match.

1975 - The name of Comp. was changed from the Western India Match Co. limited to its present one effective from 3rd December.

1977 - Shares sub-divided in Dec. 1976. 1,20,000 shares allotted at par to ICICI on conversion of loan on 9th March. 80,000 shares allotted on 20th April, at a premium of Rs 3.20 per share as follows: 10,000 shares to General Insurance Corporation of India; 25,000 shares to New India Assurance Co.; 25,000 to Oriental Fire and General Insurance Co.; 10,000 shares to Bank of India and 10,000 shares to Union Bank of India. 20,50,000 shares issued at a prem. of Rs 3.25 per share. Of these, 90,000 shares were reserved & allotted [60,000 shares to employees of Company & 30,000 shares to promoters directors, etc.s] The balance of 19,60,000 shares offered to the Indian public.

1978 - The Sun-Sip, Ltd., became a subsidiary of company.

1979 - The Comp. installed plant & machinery for manufacture of cardboard matchboxes at Chennai & Bareilly factories.

- The Swedish Match Comp. agreed in principle to supply the technology for recovery of industrial gases from the existing chlorate plant.

- The Comp. undertook to set up a small plant for manufacture of bromine at Vedaraniam.

1980 - The Comp. had set up Engineering division for design, development & supply of packaging, match & other types of machinery & other services.

- The Comp. was also appointed as agents for internationally reputed manufacturers of packaging machinery & system.

1981 - The Comp. introduced the latest available technology for the manufacture of chlorates with assistance of A1 by Klorate, Sweden.

1982 - The Engineering Division broadened the product base & increased the level of activity. Registration from DGTD was received for packaging machinery.

1983 - The Engineering Division successfully developed & delivered `Expresso' packaging, machines for AR Packaging Systems Ltd., in which the Comp. had investment.

- A licence was received for manufacture of coated metal anodes.

1987 - A new product `Home Lites' [extra long extra strong karborised safety matchess] was introduced by safety match division.

- A new product containing 300 sticks a piece was also introduced under the brand name `Kitchen Boxes'.

- The Comp. signed a protocol with Minerals & Metals Trading Corporation of India for promoting counter trade exports.

- The Comp. entered into a long-term agreement with Indian Space Research Organisation [ISROs] for supplying chemicals to be used in space rockets.

1989 - In Feb. 42,25,000 No. of equity shares offered at par to the shareholders on rights in prop. 1:2. 2,11,250 No. of equity shares offered at par to employees [including working directors/workers [only 1,64,700 shares taken ups]. The unsubscribed portion of employee quota allowed to lapse. 6,31,597 additional shares allotted to the shareholders to retain ovesubscription. 1,07,530 shares allotted at par to Swedish Match AB proportionately to maintain their shareholding at 39.5%.

1990 - 663 shares relating to earlier issue allotted.

1991 - On 31st March, the Comp. entered into foreign collaboration with Swedish Match of Switzerland.

- The Comp. proposed to sell, transfer, lease or give on hire substantial part of Port Blair facilities including land, building, plant & machinery.

- Till 31st March, Swedish Match AB, the foreign collaborator of the Company, held 53,63,636 No. of equity shares out of total 135,79,490 No. of equity shares issued by Company, representing a shareholding of 39.5%.

1992 - The Comp. launched environmental friendly safety match using renewable resources. Also, a long lighting match was developed by L and D unit.

- In the foods unit, an agreement was signed with high value horticulture plc. of U.K. to develop & propogate high yield fruit varieties for industrial use.

- In the engineering division, a backward integration programme was undertaken to make dozing & mixing machines.

- In January-February, the Comp. offered 135,79,490 No. of equity shares of Rs 10 each for cash at par on rights basis in the proportion 1:1 [all were taken ups]. Additional 20,36,923 shares were allotted to retain oversubscription. Another 6,79,000 No. of equity shares were offered to employees on an equitable basis [only 6,72,300 shares were taken ups].

1993 - A new product `Chief' launched in the market.

- As at 31st March, the Comp. held all 50,000-10.5% preference shares of Rs 1000 each & 9,500 No. of equity shares of Rs 1000 each out of 15,833 No. of equity shares of Rs 100 each issued by Sun-Sip, Ltd.

- Wimco Exports limited [formerly Singh Enterprises [Exports, Ltd.s], Cleanfoods Corporation Ltd., Wimco International Pte. limited Wimco Seedlings Ltd., Wimco Grenbelts limited & Pavan Popular limited are the subsidiaries of Company.

- The Comp. proposed a joint venture under the name 'Wimco Seedlings Ltd.' along with Swedish Match AB, & Hilleshog AB for the development & production of seeds & seedlings for agro & farm forestry activities.

- Assam Match Co. Ltd., was amalgamated with the Comp. with effect from close of business on 31st December.

1996 - The Comp. had to suspend operations in Dhubri unit in Assam, following orders of Supreme Court banning felling of trees, procurement & transportation of wood in Assam. Food business also suffered due to international market condition and competition.

1997 - The board of Comp. has cleared a preferential issue of 2.7 crores equity shares of Rs.10 each chiefly to the promoters at a premium of not less than Rs.11 per share.

- The Comp. has already diversified into food processing, chemicals & agro-forestry but is also chalking out plans for consolidating its safety matches business.

- The Comp. is proposing to set up a project for manufacture of medium density fibre board in Uttar Pradesh with a total capacity of one lakh square metres in phases.

- The Comp. is also setting up a paper board plant with a capacity of 50 tpd.

1998 - UK-based $55-million flavours giant Borthwicks Plc has entered into a joint venture agreement with Wimco Ltd to make flavours for Indian markets.

- Wimco signed a memorandum of understanding with the UK company in February, which envisages transfer of technology from the British multinational to the new company.

- The country largest manufacturer of matches, Wimco Ltd is being taken over by Swedish Match Company.

- The four companies; Harovan Investments Pte Ltd., Seed Trading Pte Ltd, Plash Foods Pvt. Ltd, & AVP Trading Pvt Ltd, will be offered 31.95 lakh shares of Wimco Ltd, or 10.69 per cent of the paid-up capital at Rs 35 per share.

- In a communication to the Bombay Stock Exchange [BSEs], the Comp. said it has signed a memorandum to this effect.

1999 - Wimco has proposed to issue 2.21 crore equity shares on a preferential basis at Rs 20 per share inclusive of premium of Rs 10, increasing the Swedish company stake to 52.11 per cent from 38.61 per cent.

- The main reason for loss of Comp. is the shutting down of its Dheburi unit in Assam due to since April 1997 and competition from the unorganised sector.

2000 - Wimco is the largest matches manufacturer in the world & has popular brands like Ship & Homelite.

- The Comp. has been facing problems with the shift in the market from matches to kitchen & cigarette lighters a point which is acknowledged by Comp. its annual report.

- The Jatiyas of Wimco are foraying into the LPG business through a memorandum of understanding with a Fortune 5000 US-based company Dynegy.

- The Company production at its Chennai factory had come to a halt following a strike by workers of Unit.

2002

-Workers of safety match making unit go on strike at Chennai unit.

-Board approves for scheme of amalgamation of Wimco Greenbelts Ltd & Gladhill Trading Ltd with Wimco seedlings Ltd.

-Divests its entire equity stake comprising of 50000 shares of face value of Singapore $1 each in the wholly owned subsidiary namely Wimco International ltd.

2003

-Declares lock out at its manufacturing unit at Chennai.

-High court approves for scheme of amalgamation of 3 companies.

-Securities Appellate Tribunal dismisses an appeal by Swedish Match against an open offer ordered by SEBI.

-Test launches the mosquito repellent product in the form of mosquito coil for distribution under the brand name 'Homelites'.

-Members at AGM approve for : Voluntary delisting of shares from Delhi , UP & Calcutta stock exchanges. Utilization of Rs.226.6 million in the shares premium for setting off the accumulated losses. Commencement of new business specified on MoA of company.

-Offers VRS for employees at Kolkota Factory.

The Comp. has offered a Voluntary Retirement Scheme to its employees at Ambarnath factory in Maharashtra. Further the Comp. has informed that Delhi Stock Exchange has approved delisting of its shares effective from December 10, 2003.