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Company History - Synthetics & Chemicals Ltd.
YEAR EVENTS 1960 - The Company was incorporated on 21st January,
at Mumbai. It manufactures synthetic rubber and lattices of the
butad- In March, the Company adopted the agreement between
Kilachand Devchand & Co. (P) Limited and the Firestone Tyre and
Rubber Compandesigns and lay-out and supervise the construction and
initial operations of the plants, and to continue to provide
technical information and ass- 1,72,000 shares subscribed by
Kilchand Devchand & Co. Pvt. Ltd., directors, associates and
friends; 1,12,500 shares subscribed by the Fires1962 - Issued
1,25,000 Right Equity shares at a premium of Rs 20 each in the
proportion 5:18.
1965 - 1,24,885 No. of Equity shares allotted.
1981 - 6,000 No. of equity shares issued at par to LIC on
conversion of part of loan.
1982 - Owing to accumulation of stocks of rubber, the Company's
plant had to be closed seven times for a total period of about four
and half m
1985 - As per the Government's direction, necessary steps were
taken to install a terminal at Kandla for storage and handling of
imported buta
1987 - The Company's fixed assets were revalued as on 31st
March, and the net surplus amount arising out of it was credited to
the Revaluati1988 - The Company took up establishment of a second
Horton sphere of 750 tonnes for storage of butadiene.
1989 - Production declined marginally due to shortage of power
and labour unrest during the first quarter of the year, sales
registered improve
- A letter of intent was received for the manufacture of 10,000
TPA of Acetaldehyde.
- In May, the Company offered 18,36,450-12.5% secured redeemable
convertible debentures of Rs 100 each for cash at par of which (i)
17,49- Additional 2,62,350 debentures allotted to retain
oversubscription and (ii) 87,450 debentures to employees including
Indian working directors- The convertible portion of Rs 40 of each
debentures was converted into 2 equity shares to Rs 10 each at a
premium of Rs 10 per share on 1year from the date of allotment of
debentures. These debentures were being offered to part finance the
project for expansion of styrene butadi
1990 - The Company undertook to set up an alcohol distillery
with a capacity of 30 million litres per day of alcohol at
Bareilly, The distillery was- During the last quarter of the year,
the company offered 13,29,603 new equity shares of Rs 10 each at a
premium of Rs 10 per share to Firesequity capital of the
Company.
1991 - In order to save energy, a 3 MW condensing turbo
generator was installed and commissioned in March.
- A letter of intent was received for the expansion of the
styrenated phenol capacity from 400 tpa to 1,200 tpa.
- During July, the Company offered 25,00,000-14% secured
redeemable non-convertible debentures of Rs 100 each on rights
basis in the ratio- As per the terms of issue, Rs 100 of each
debenture would be redeemed in five equal instalments of Rs. 20
each beginning at the end of fifth
1992 - The poor performance was attributed to continued
recession in the automobile industry and the import of SBR at
dumping prices as a re- The Company issued 30,00,000-17.5% secured
redeemable non-convertible deentures of Rs 100 each on private
placement basis with City
per debenture payable at the end of 8th year from the date of
allotment of debentures.
1993 - The production of alcohol was affected on account of the
non-availability of molasses at a reasonable prices.
- The Company issued 139,80,917 Rights equity shares of Rs 10
each for cash at a premium of Rs 25 per share in the propn. 5:4. In
July 19951994 - The company entered into a technical collaboration
agreement with Nippon Zeon Co. Ltd., Japan for upgrading the
quality of nitrile rubb
1995 - Due to the adverse circumstances, especially financial
stringency, the expansion of capacity from 40,000 MTPA to 70,000
MTPA was d
