YEAR                       EVENTS
 1982 - The Company was Incorporated on 26th March, as a public
 limited
        company in the state of Orissa.  The Certificate of
 Commencement
        of Business was obtained on 31st March.
 
      - The Company was promoted by R.A. Jalan and his associates, 
        Industrial Promotion and Investment Corporation of Orissa
 Ltd.
        (IPICOL) and Neiveli Ceramics and Refractories, Ltd.
 (NEYLER).
 
      - The Company's object is to manufacture sanitaryware products
        such as water closets, wash basins, urinals, sinks and 
        accessories.
 
      - The Company undertook to set up a project for the manufacture
 of
        7,000 TPA of sanitary ware products like Indian and English
        Closets, wash basins, sinks, urinals and accessories in
 different
        colours.  Leasehold land admeasuring 45 acres was acquired at
        Infrastructure Development Corporation of Orissa (IDCO), 
        Somnathpur, a notified backward area in the Balasore district
 of
        Orissa.
 
      - Critical components such as burners, temperature controllers,
        recorders etc. were to be procured from Heimsoth Keramische.
        Often GmbH & Co. KG Hildesheim, Germany besides the detailed 
        drawings of the Ceramic fibrelined open flame tunnel kiln for
        fabrication of kilns in India.  The remaining equipment like 
        light weight kiln cars, jaw crushers etc. were to be procured
        indigenously.  It had adopted the slip casting technology
 using
        liquified petroleum gas as fuel.
 
      - The Company entered into a technical and financial
 collaboration
        agreement with NEYCER for details of technical know-how, 
        manufacturing process, standardization of body and glazing
        compositions etc.
 
      - Also, they were to advise the Company on procurement of plant
 and
        machinery besides training the personnel.  
 
      - Due to erosion of net worth, the Company became a sick
 Company
        within the meaning of clause (O) of sub section (1) of Section
 3       
        of Sick Industrial Companies (Special Provisions) Act. 1985.
        Accordingly the company has made a reference to BIFR for
        determining the measures to be adopted for nursing its
 operations
 
 1987 - All shares taken up by promoters etc.
 
 1989 - 29,25,700 shares issued at par out of which the following
 shares
        were reserved and allotted:
 
      - (i) 4,50,000 shares to IPICOL:
 
      - (ii) 9,25,700 shares to R.A. Jalan, his friends, etc. and 
        associate companies and
 
      - (iii) 1,80,000 shares to NEYCER.  Out of the remaining
 13,70,000
        shares, the following shares were reserved for pref.
 allotment:
 
      - (i) 6,00,000 shares to NRIs on repatriation basis (only 4,800
        shares taken up) and
 
      - (ii) 1,46,285 shares to employees etc. of the Company,
 associate
         companies, IPICOL and NEYCER (only 2,900 shares taken up).
 
      - The balance 6,23,715 shares, along with 7,38,585 shares not
 taken
        up under pref. quota, were offered to the public during
 February
        1989.  Only 7,22,800 shares taken up.  The balance 6,39,500 
        shares devolved on the underwriters (2,54,362 shares on IFCI;
        2,54,362 shares on IDBI; 1,27,181 shares on ICICI and 3,595 
        shares on nationalised banks.
 
 1991 - 4,80,000 shares allotted at par to promoters, etc. as per the
 
        stipulation of IFCI.
 
 1992 - IFCI was appointed as the operating agency, which in its
 report 
        indicated that the Company's plant was technically sound. 
 The
        Company's bankers agreed to consider the rehabilitation
 proposal
        and extend reliefs as per RBI guide lines provided commercial
        viability of the company was established.  As directed by
 BIFR,
        the Company entered into a 5 years long term agreement with 
        workers union for revival of the unit.
 
      - During the year, promoters reached an understanding with a 
        Singapore based NRI for participation in the equity of the 
        Company with a view to bring in finance required for the 
        rehabilitation programme.
 
 1994 - BIFR sanctioned the rehabilitation scheme and issued final
 order
        on 30th May, 1995 in which reliefs/concessions were provided.