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Chowgule Steamships
BSE: 501833|NSE: CHOWGULSTM|ISIN: INE490A01015|SECTOR: Shipping
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Company History - Chowgule Steamships
YEAR                       EVENTS
 1963 - The Company, a Chowgule Group Company, was incorporated as a
        Private Ltd. Co. on 9th April, 1963 and was converted into a
        Public Ltd. Co. on 31st December, 1963.  The Company has been
 in
        the business of Shipping air transport and road transport and
        transport and allied activities.
 
 1981 - Authorised capital reclassified.  Pref. shares redeemed on
        30.6.1981.
 
      - 23,35,000 shares issued for cash at par through Prospectus in
        November.  Of these 10,85,000 shares reserved for
 preferential
        allotment to existing shareholders other than Chowgules and
 their
        associates.
 
 1984 - 20,550 shares forfeited.  Subsequently forfeiture on 250
 shares
        annulled.
 
 1988 - The company proposed to sell m.v. Maratha Elegance due to its
        uneconomic operations.
 
 1989 - The Company took delivery of two mini bulk carriers viz.,
 m.v.
        Maratha Clipper of 1,884 DWT and m.v. Maratha Cruiser of
        1,878 DWT from a Singapore shipyard.  These ships were
 employed
        on the West Coast of India for transportation of cement
 clinkers.
 
 1991 - The Company took delivery of m.v. Maratha Concord of 3,897
 DWT
        built in 1975 on a foreign buyer.  In addition, applications
 were
        made for the approval of two new Panaman Vessels (dry bulk 
        carriers), each of 72,000 DWT.
 
      - 10,00,000 shares issued at par on rights basis to the
        shareholders in prop. 1:1.  Additional 1,50,000 shares
 allotted
        to retain oversubscription.  11,50,000 shares allotted to NRI
 in
        Pvt. placement.  50,000 shares offered to employees (only
 10,700
        shares taken up).  The remaining unsubscribed shares were
 allowed
        to lapse.
 
 1992 - The Company received one of the two mini bulk carriers ordered
 on
        Chowgule & Co., Ltd. viz. Maratha Classic of 2048 DWT.  Also,
 the
        Company received approval in principle from Government of
 India
        for acquisition of two new building Panamax vessels each of
 about
        72,000 DWT and acquisition of one such vessel from a Japanese
        Shipyard is under negotiations.
 
      - Chowgule Steamships Overseas Ltd. (SCOL) was incorporated in
        Guernsey with a paid-up capital of US. 0 divided into 100
        equity shares of US  each.  It is wholly owned subsidiary
 of
        the Company.
 
 1993 - As a part of its expansion programme, the company proposed to
        buy one new Handimax Dry Bulk Carrier of about 40,000 DWT
 each
        during the next 3 to 5 years.
 
      - On March, SCICI executed its option to convert a part of its
        rupee term loans into equity and accordingly 6,08,400 No. of
        equity shares of Rs 10 each were issued at a premium of Rs
 12.50
        per share to SCICI on April 1st.
 
 1994 - The Company took delivery of M.V. Maratha Messenger, Panamax
 Bulk
        Carrier of 71252 DWT built in Nanura Shipyard Japan and of
 M.V.
        Maratha Courage, mini bulk carrier of 2053 DWT built by
 Chowgule
        & Co. Ltd., at the Lovtlim Shipyard, Goa.
 
      - It was proposed to acquire two mini bulk carriers.
 
      - Subject to necessary approvals being obtained, the Company
        proposed to raise Rs 25 crores by issue of Redeemable
 Preference
        shares of Rs 100 each for cash at par on private placement
 basis.
 
      - 96,89,325 Rights equity shares issued (Prop. 3:4; Prem. Rs
 30).
 
  1995 - 1,29,19,100 No. of Equity Shares of Rs. 10/- each at the rate
 of
        Rs. 2.50 per share and on 96,89,325 Equity Shares of Rs. 10/-
        each allotted during the year under report at the prorata rate
 of
        dividend of Rs. 0.678 per share absorbing an amount of Rs.
 389
        lacs for the financial year ended 31st March.
 
      - The Company proposes to acquire two Mini Bulk Carriers.
 
 1996 - 2,26,08,425 No. of Equity Shares of Rs. 10/- each at the rate
 of
        Rs.2.50 per share absorbing an amount of Rs. 565.22 lacs for
 the
        financial year ended 31st March.
 
      - An Agreement has been entered into between the Company and
 SCICI
        Ltd., being the designated person of the Central Government,
        under which the total outstanding debt of Rs.4,225.44 lacs due
 to
        the Government as on 28th November, 1995 has been
 rescheduled.
 
      - The Company proposes to place orders for two Mini Bulk
 Carriers
        of 3250 DWT each with Chowgule & Company Ltd., Goa.
 
      - Chowgule Steamships Overseas Ltd., (CSOL) a wholly owned
        subsidiary of the Company, proposes to acquire M.V. Maratha
        Providence from the Company subject to requisite sanctions.
 
 1997 - Chowgule Steamships has inducted two new Panamax Bulk
 carriers
        and one mini-bulk carrier in 1996-97.
 
      - The company has signed a lease agreement with the State Bank
 of
        India on 18 August for two new bulk carriers of 3250 dwt to
 be
        constructed at one of the Indian shipyards.
 
      - The company has also added a new mini bulk carrier from
 Borneo
        Shipping & Timber Agencies Sdn. Bhd, Malaysia last month
 adding
        one more vessel to the company's existing coastal vessel
 fleet
        of five adding to the total tonnage of 14,430 dwt.
 
 1998 - In the current financial year, CSL has expanded its fleet
 with
        the addition of one newly built Panamox bulk carrier of
 72,000
        dwt (dead weight tonnage, which is the weight of all
 consumables
        and cargo that a ship can carry) and one newly built mini
 bulk
        carrier of 3,250 dwt.
 
      - The company proposes to dispose of at least two vessels in
 the
        current fiscal.
 
  1999 - The company has decided to allot 1,37,00,000 equity shares
 of
        Rs. 10 each to Chowgule and Co. Ltd (CCL).  Currently CLL
 holds
        31,17,554 equity shares of Rs. 10 each of the company which
        forms 13.79 per cent of the total paid-up share capital of
 the
        company.  Consequent upon the proposed allotment, CCL will
 hold
        1,68,17,554 equity shares of Rs. 10 each of the company which
        will form 46.32 per cent of the expanded capital of the
        company.
 
      The committee of directors of the company has issued and
        allotted 1,37,00,000 equity shares to Chowgule and Co. Ltd at
        the issue price of Rs. 10 per share.  Consequent upon the
 said
        allotment, the issued and paid-up capital of the company is
        increased from Rs. 22,60,84,250 divide into 2,26,08,425
 equity
        shares of Rs. 10 each to Rs. 36,30,84,250 divide into
        3,63,08,425 equity shares of Rs. 10 each.
 
 2006
 
 -Mr. M P Patwardhan (Executive Director) has been elevated to the
 rank of the Managing Director of the company.
 
 2007
 
 -Chowgule Steamships has acquired a Japanese built secondhand vessel
 of 47,574 DWT, which is renamed as m.v. Maratha Providence.
 
 2008
 
 -Chowgule Steamships has recommended a dividend of Rs 1.50 per equity
 share of Rs 10/- each.
 
 2009
 
 -The Company has recommended a dividend of Rs 1.50 (15%) per equity
 share of Rs 10/- each.
 
 2010
 
 -The Company has recommended a dividend of Rs 1.50 (15%) per equity
 share of Rs 10/- each.
 
 2011
 
 -Chowgule Steamships has declare a Dividend of 10%.
Source : Dion Global Solutions Limited
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