YEAR                       EVENTS
 1948 - The was incorporated as a private company on 23rd December,
 and
        converted into a public company on 27th September, 1960.  The
 
        main objective of the company manufacture and dealers in
 Paints,
        Distempers, Varnishes, Printing Inks, Colours, Enamel,
 Lacquer, 
        etc.  The company uses the trade name KANGAROO.
 
 1959 - The Company finalised negotiations with Hempel's Marine
 Paints,
        Denmark, and in January 1960 entered into an agreement with
        Office Pour Le Financement due to Commerce et de 1`
 Industries,
        who were the owners of the sole rights for Hempel's Marine
        Paints.
 
 1961 - Government approved the Company's plans for the manufacture
 of
        penstock and pipe paints with the help of the collaborators.
 
      - 45,000 shares reserved and allotted to directors, etc.
 (including
        1,500 shares allotted in 1960).  75,000 shares offered to the
        public.
 
 1962 - Rs. 2.50 per share called up in 1962 and 1967.  950 shares
        forfeited in 1969 and forfeitdure of 300 shares annulled
 during
        1972/74.
 
 1966 - The company has entered into an agreement with the
 Collaborators,
        Hempel's Marine Paints, Denmark for the supply by the Company
 of
        reports on research and investigation made by the Company in
 its
        laboratory.
 
 1969 - The relevant research and investigation reports were forwarded
 to
        the Collaborators.
 
      - The Company taken measures to set up a new project at  
        Umbrekhambewadi village, dist. Raigad, Maharashtra.
 
 1976 - 74,675 bonus shares issued in prop. 1:2.  650 forfeited
 shares
        re-allotted at par.
 
 1977 - 74,675 rights shares offered at par in prop. 1:3. 650
 additional
        shares also offered at par.  Only 70,845 shares taken up of
        which 60,820 shares allotted.
 
 1979 - Out of the 1977 rights issue, 10,025 shares allotted to
        residents.  4,480 shares not taken up allotted to others.
 
 1983 - 30,000 No. of equity shares issued at par to I.C.H. Industrial
 &
        Commercial Holdings A/s. Denmark (Nominees of Collaborators)
 with
        effect from 30th November 1981.
 
 1985 - The Company's lands and buildings, other than additions
 thereto
        during the year, were revalued as on 5th September.  The
        resultant surplus was credited to revlauation reserve.
 
      - 99,000 bonus shares issued in prop. 3:10.
 
 1986 - During February, in order to raise long-term resources, the 
        company issued 50,000 - 15% secured redeemable
 non-convertible
        debentures of Rs. 100 each at par.  Of these 42,900
 debentures
        were offered as rights to equity shareholders in the ratio of
 1
        debenture: 10 shares held.  The remaining 7,100 debentures
 were
        reserved for allotment on private placement basis to business
        associates and others.
 
      - 3,21,000 shares issued at par.  (2,14,500 shares as rights in
        prop. 1:2, 37,500 shares to UTI, 37,500 shares to
 non-resident
        Indians and 31,500 shares to directors and business
 associates). 
        Out of the 3,21,000 shares issued, 2,56,931 shares were
 allotted
        on 12th June, and 64,069 shares on 17th March 1987.
 
 1990 - 7,50,000 rights equity shares allotted at par in prop. 1:1
        (7,24,088 shares taken up).  The unsubscribed 25,912 shares
 of
        the rights offer allotted otherwise.
 
 1991 - With effect from 18th January, the name of the company was
        changed from Bombay Paints and Allied Products, Ltd. to the
        present one.
 
 1992 - Turnover was increased, despite government's fiscal policy,
        transporter's strike which crippled the movement of raw
 materials
        and finished goods, disturbed conditions faced by Mumbai
 during
        December to April 1993.
 
 1993 - The performance of the Company was adversely affected due to
        severe financial constraints and low utilisation of financial
        capacity.