Asian Paints

1945
 
 - The Company was incorporated as a private limited company under
 the
 name of Asian Oil and Paint Company Pvt. Ltd.  It was converted into
 a
 public limited company in 1973.  The Company manufacture a wide
 range
 of surface coatings catering to different end-uses.  It also
 manufactures vinyl pyridine latex used in the manufacture of rubber
 tyres.
 
 - The company expanded its products range, developed its own
 technology, set up a distribution network penetrating in smaller
 towns
 and ploughed back a large part of earnings into creation of new
 facilities.
 
 1965
 
 - The name was changed from Asian Oil and Paint Company Pvt. Ltd. 
 to
 Asian Paints (India) Pvt. Ltd.
 
 1974
 
 - A major modernisation programme was undertaken to streamline the
 paint production facilities by improving the layout of machines,
 addition to balancing equipment and replacement of old machinery. 
 The
 Company embarked on phased modernisation of resin manufacturing
 facilities as well.
 
 - The Bhandup plant of the Company is reportedly the largest single
 paint factory in the country and one of the most up-to-date with
 sophisticated machinery and equipment for manufacturing a wide range
 of
 paints and other products besides adequate resin manufacturing
 capacity
 to meet its entire requirements.
 
 1975
 
 
 - Bonus Equity shares issued in the prop. 1:2 in 1961, 1:3 in 1962,
 1:1
 in 1966, 1:2 in 1969, 2:3 in 1971 and 1:2 in 1975.
 
 1978
 
 - 1,00,000 Bonus Equity shares issued in the prop. 2:3.
 
 1980
 
 - 50,000 unclassified shares classified as prefernece shares and
 issued.  They are redeemable during the period 30.6.1987/1990.
 
 1982
 
 - The main objects of the public issue of capital during August,
 were
 to fulfill the listing requirements of the Stock Exchange and to
 provide part of the finance for the increased operations.
 
 1983
 
 - Equity shares subdivided.  10,00,000 Bonus shares issued in prop.
 2:5, 16,85,185 No. of Equity shares issued (prem. Rs 13 per share)
 through prospectus in August 1982.  Out of these, 84,259 shares and
 33,704 shares were reserved for preferential allotment to the
 employees
 and to the business associates of the company respectively. 
 15,67,222
 shares offered to the public of which 4,21,296 shares were offered
 to
 NRIs on repatriation basis.
 
 1985
 
 - The Company undertook to set up a third paint unit at Patancheru,
 a
 notified backward area near Hyderabad, for the manufacture of 15,000
 MT
 of paints and enamels.
 
 - A letter of Intent was obtained for setting up a fourth paint
 plant
 in Uttar Pradesh with a capacity of 23,000 tonnes per annum of
 paints,
 varnishes and enamels and 65,000 tonnes per annum of synthetic
 resins
 (for captive consumption).
 
 - The Company entered into a collaboration agreement with Nippon
 Paints
 Co. Ltd., Japan, to obtain technical know-how to manufacture powder
 coating and coil coatings under an exclusive licence.  Necessary
 manufacturing facilities for the powder coatings with a capacity of
 300
 MT were installed and commissioned at Kasna plant during 1992-93.
 
 - 31,11,111 Bonus equity shares issued in prop. 3:5.
 
 1987
 
 - The Company commissioned a plant for the manufacture of synthetic
 rubbers lattices with a capacity of 1,200 tonnes per annum.  The
 Company received a letter of intent to manufacture 9,000 tonnes of
 phthalic anhydride.  The project would be based on imported Van
 Heyden
 low energy process technology with engineering package from Davy
 McKee
 of Cologne, West Germany.  The project was commissioned in March
 1990.
 But, a fire accident in the succeeding month damaged a storage tank,
 nearby pipes and support structures.  The plant was repaired and
 restarted only in August 1990.
 
 - The Company jointly with Tamil Nadu Industrial Development
 Corporation (TIDCO) promoted a joint sector Company under the name
 Pentasia Chemicals Ltd. (PCL), for the manufacture of 3,000 TPA of
 pentaerythritol and 1,800 TPA of sodium formate.  The project
 commissioned in March.
 
 - 41,48,148 Bonus equity shares issued in prop. 1:2.
 
 1988
 
 - The Company issued 9,00,000 - 14% secured non-convertible
 debentures
 of Rs 100 each to ICICI, UTI, LIC, GIC, NIC, New India Assurance
 Company Ltd., Oriental Insurance Co., Ltd and United India Insurance
 Co., Ltd. on private placement basis.  These debentures are
 redeemable
 in five equal instalments on the expiry of 5th, 6th, 7th, 8th and
 9th
 year from the date of allotment at a premium of Rs 5 per debenture.
 
 1989
 
 - A scheme of arrangement was finalised for vesting of the assets
 and
 liabilities of the Company's Apcotex division with Apcotex Lattices
 Ltd. (ALL).  As per the scheme of arrangement, one equity share of
 Rs
 10 each of ALL was allotted without payment in cash to the
 shareholders
 of Asian Paints (India) Ltd., for every 13 equity shares held by
 them
 in the company, i.e., Asian Paints (India) Ltd.
 
 - The first phase of the project with an initial installed capacity
 of
 16,000 tonnes per annum was commissioned during the year.
 
 1990
 
 - Asian Paints (South Pacific) Ltd., in Fiji and Asian Paints
 (Tonga)
 Ltd., are two joint venture set up abroad with the Company supplying
 the necessary know-how.  Both these are the Company's subsidiaries
 and
 the equity participation by the Company amounted to 51% in the
 former
 and 25% in the latter as at 31st December.  Asian Paints (South
 Pacific) Ltd., holds an additional 25% in the equity capital of
 Asian
 Paints (Tonga) Ltd.
 
 - The Company also set up two more joint ventures under the names
 and
 styles of Asian Paints (Nepal) Pvt. Ltd., and Asian Paints (S.I.)
 Ltd.,
 both of which are subsidiaries of the Company.
 
 - The Company had set up a joint venture unit Asian Paints (Vanuatu)
 Ltd., for the manufacture of paints and enamels in the Pacific
 Island
 of Vanuatu.  The Vanuatu company had issued 54,000 ordinary shares
 of
 US  each to the Company as fully paid-up shares against the plant
 and
 machinery supplied.
 
 1991
 
 - Pentasia Chemicals Ltd., became a subsidiary of the Company.
 Pentasia Investments Ltd., is a subsidiary of the Company.
 
 - The Company acquired 19,10,000 equity share of Rs 10 each in the
 share capital of Pentasia Chemicals Ltd., from TIDCO in May.
 Consequently, PCL became a subsidiary of the Company.
 
 - The Company issued 5,00,000 - 17.5% secured non-convertible
 redeemable debentures of Rs 100 each aggregating to Rs 500 lakhs to
 Unit Trust of India on private placement basis.  These debentures
 are
 redeemable in three equal instalments on the expiry of 6th, 7th and
 8th
 years from the date of allotment at a premium of Rs 5 per debenture.
 
 1992
 
 - 74,66,666 Bonus equity shares issued in prop. 3:5.
 
 1993
 
 - Sales of phthalic division was lower due to planned shutdown of
 the
 plant for 25 days and also due to lower selling prices.
 
 - The Company undertook to set up a joint venture unit along with
 its
 overseas subsidiaries, in Queensland, Australia for manufacture of
 paints, enamels and varnishes.  The Company was to invest a
 ,00,000
 in the share capital of Asian Paints (Queensland) Pvt. Ltd. a joint
 stock company, Australia.
 
 1994
 
 - The Company proposed to expand its existing capacities for the
 manufacture of paints and enamels to 50,000 tonnes per annum at each
 of
 its plants in Ankleshwar, Patancheru and Kasna.
 
 - The Company placed before the operating agency approached by BIFR,
 the proposal to amalgamate with itself Pentasia Chemicals Ltd.
 
 1995
 
 - Pantasia Chemicals Ltd. (PCL) was merged with the Company.  The
 assets and liabilities of the erstwhile PCL are vested with the
 Company
 with effect from 1.10.1994.
 
 - The company undertook to set up a joint venture unit for the
 manufacture of paints, enamels and varnishes in the Republic of
 Mauritius.  The joint venture involves a total cost of 1,83,00,000
 Mauritius Rupees of which 49% will be financed by the Company and
 the
 balance from Mauritian parties.
 
 - 199,11,110 No. of Equity shares allotted as bonus shares on
 1.1.1996.
 Another 2,94,000 No. of Equity Shares of Rs 10 each were allotted by
 the Company in pursuant to the order of BIFR to PCL in prop. 1:25.
 
 1996
 
 - The Company proposed to set up a fifth point manufacturing plant
 at
 Ratnagiri, Maharashtra.
 
 - During 21st February, a fire broke and in the paint manufacturing
 block of Mumbai plant causing extensive damage to the materials
 stored
 in the block.
 
 - A joint venture company viz. Asian PPG Industries Pvt. Ltd. ws set
 up
 alongwith PPG Industries, Inc. of USA to market and/or manufacture
 automotive paints and certain Industrial products as may be decided
 upon mutually between the partners.
 
 1998
 
 - As at 31st March, a sum of Rs 1008 lakhs was outstanding against
 loans from Financial Institutions.
 
 - The new initiative to install 350 colourworlds received
 encouraging
 response and made significant contribution to performance.  Three
 new
 products, NC range of wood finishes, ACE exterior emulsion and Asian
 wall putty were launched.
 
 - Asian Paints, the Rs.737.20 crore paints major, has launched a new
 marketing thrust with the introduction of a one-stop colour shop for
 paints complete with a software for consumers to choose and select
 their different shade combinations.
 
 - Asian Paints, India's No.1 Paint Company recently, launched their
 latest offering `Asian Paints Colour World'.
 
 - Credit Rating Information Services of India Ltd (Crisil) has
 assigned
 a `AAA' rating to the proposed non-convertible debenture (NCD)
 obligation of Asian Paints Ltd (APL).
 
 - Two subsidiaries of Asian Paints - Pentasia Chemicals and Pentasia
 Investments - have been merged with the parent company following the
 approval of the Board for Industrial & Financial Reconstruction
 (BIFR).
 
 - Asian Paints Limited, the largest paint company in India, launched
 its first exclusive showroom in Mumbai.
 
 1999
 
 
 - The company has joint venture companies in the overseas market. 
 All
 these ventures are doing well and have a strong hold in their
 respective markets.
 
 - In its first-ever acquisition overseas, Asian Paints Ltd (APL) has
 acquired a 76 per cent equity stake in Sri Lanka-based Delmege
 Forsyth
 & Co (Paints) Ltd.
 
 2000
 
 - Asian Paints has launched two variants in polyurethane (PU) wood
 finish under the brand name Opal.
 
 - The Company has proposed to issue bonus shares in the ratio of
 three
 shares for every five shares held.
 
 - Asian Paints has opened a manufacturing plant in oman in
 partnership
 with a local company.
 
 - Asian Pains has acquired the entire paints business of Pacific
 Paints
 Company based in Australia for over Rs 1 crore.
 
 - Asian Paints has lifted the lockout at its factory in Uttar
 Pradesh.
 The Company suspended operations at Kasna in July after the workers
 resorted to a sit-in-strike.
 
 2001
 
 - Asian Paints has introduced Utsav Enamel for the festive season.
 
 - Asian Paints has appointed senior parnter of the solicitor firm
 Crawford Bailey & Co, R A Shah and Deputy Director, National
 Chemical
 Laboratory Dr Swaminathan Sivaram as directors on the company's
 board.
 
 - Asian Paints India Ltd has posted a marginal drop in net profit at
 Rs
 29.62 crore for the quarter ended September 30, 2001.
 
 2002
 
 -Approves voluntary delisting of shares from the following stock
 exchanges:
 
 1. The Ludhiana Stock Exchange Association Ltd.
 2. The Calcutta Stock Exchange Association Ltd.
 3. The Stock Exchange, Ahmedabad
 4. Madras Stock Exchange Ltd.
 5. The Delhi Stock Exchange Association Ltd.
 6. The Hyderabad Stock Exchange Ltd.
 7. Vadodara Stock Exchange Ltd.
 
 -Revamps its international operations,  transferres shares in its
 subsidiaries in Fiji, Tonga, Solomon Island, Vanuata, Australia and
 the Sultanate of Oman to the Mauritius based subsidiary Asian Paints
 International
 
 -Executes agreement for purchase of 60% equity capital of SCIB
 Chemicals S.A.E., Egypt
 
 -Launches its  million joint venture with Bangladesh-based
 Confidence Cements in which the holds 51 per cent stake
 
 -Acquires controlling stake of 50.1 per cent in Berger International,
 Singapore, for Rs 58 crore, appoint Jalaj Dani as CEO
 
 2003
 
 -Board recommends issue of bonus shares by capitalisation of Reserves
 in the ratio of 1 equity share for every 2 equity shares held on the
 record date
 
 -Asian Paints, via its Singapore-based subsidiary - Berger
 International - inks a technology and brand licensing agreement with
 PT Abadi Coatings Solusi, an Indonesian paint company
 
 -Shareholders approve the Scheme of Arrangement proposed to be made
 between Pentasia Investment Ltd with Asian Paints India Ltd and the
 consequential reduction of share capital of Asian Paints India Ltd.
 
 -Berger International starts restructuring exercise to curtail cost
 
 -Acquires Taubmans Paints (Fiji) Ltd. through its subsidiary in Fiji,
 Asian Paints (South Pacific) Ltd (APSP)
 
 -Acquisition of 9.2% shares in ICI India Ltd.
 
 -Asian Paints bags Ken Sharma award
 
 2004
 
 -10th Asian Paints Star Screen Weekly Awards- aura of mystery
 
 -Asian Paints launches paint solutions for kids'
 
 2005
 
 -Berger Intl partners with Filipino firm Dutch Boy