Mangalam Cement

YEAR                       EVENTS
 1976 - The company was incorporated on 27th October.  The company
 was
        promoted by Kesoram Industries & Cotton Mills Ltd.  The
 Century
        Spinning & Mfg. Co. Ltd., The Gwalior Rayon Silk Mfg. (Wvg.)
 Co.
        Ltd., and Pilani Investment Corporation Ltd., Rajasthan State
        Industrial & Mineral Development Corporation Ltd. (RIMC) also
        participated in the promoters capital.  The Company
 manufacture
        portland cement by dry process.
 
 1979 - 16 Equity shares subscribed for by the signatories to the
        Memorandum and Articles of Association.  20,000 Pref. and
        57,99,984 No. of equity shares issued at par through a
        prospectus.  Out of this the following shares were reserved
 for
        allotment: 20,000 Pref. and 4,00,000 No. of equity shares to
        Rajasthan State Industrial & Mineral Development Corporation,
        Ltd. (RIMDC); 11,19,984 No. of equity shares to Kesoram 
        Industries & Cotton Mills, Ltd., its directors, etc. 6,00,000
 No.
        of equity shares to The Century Spg. & Mfg. Co. Ltd.,
 3,50,000
        No. of equity shares to Pilani Investment Corpn. Ltd., and
        2,50,000 No. of equity shares to the Gwalior Rayon Silk Mfg.
        (WVG.) Co. Ltd., 30,80,000 No. of equity shares offered for
        public subscription during December 1978.  Pref. shares
        redeemable during 27.2.1991/94 at 6 months notice.
 
 1985 - 10,00,422 shares issued at par to Financial Institutions on
        conversion of loans.  200 forfeited shares reissued or
 forfeiture
        on them annulled.
 
 1986 - Forfeiture on 150 No. of Equity shares annulled.  Allotted
        2,77,965 No. of equity shares to ICICI and 33,344 No. of
 equity
        shares to GIC and its subsidiaries both at par in part
 conversion
        of loans.
 
 1987 - The Production suffered a set back and declined slightly due
 to
        heavy power cut and shortfall in the availability of wagons
 for
        cement despatches.
 
      - To tide over the shortage of power, the Company installed
 diesel
        generator sets.
 
      - The Company evaluated the offers received for supply of plant
 and
        machinery for expansion of capacity from 4,00,000 tonnes per
        annum to 6,00,000 tonnes per annum.
 
      - The Company examined the feasibility of setting up a new plant
 of
        2,000 tonnes per day capacity so as to derive maximum benefits
 of
        energy, coal and other costs.
 
 1988 - Buildings, plant, machinery and railway siding of the Company
        were revalued as on 1st January.
 
 1989 - Production of cement declined to 3,71,658 tonnes on account
 of
        plant shutdown for 37 days in the month of April/May.  The
        Japanese generating set with a capacity of 5.4 MW was
        commissioned during the year.
 
      - The Company decided to instal a new grassroot plant of 6 lakh
 TPA
        capacity at the existing site.
 
      - 5,300 forfeited equity shares reissued.
 
 1992 - The Company issued 42,67,038 No. of equity shares of Rs 10
 each
        at a premium of Rs 50 per share on rights basis in the prop.
 of
        3:5.  All were taken up.  Allotment of 16,890 shares were kept
 in
        abeyance pending litigation.
 
      - Another 50,000 No. of equity shares of Rs 10 each at a premium
 of
        Rs 50 per share were offered to the employees.  Only 4,700
 shares
        taken up.  The balance 45,300 shares were allowed to lapse.
 
 1994 - 35,00,000 No. of Equity shares of Rs 10 each (Prem. Rs 75 per
        share) allotted to Financial Institutions and Mutual Funds on
        private placement basis.
 
 1996 - Severe power cut resulted in closure of Mangalam Cement Kiln
 for
        the month of December.
 
 1997 - Performance of the company was affected due to sluggish
 market
        conditions and unremunerative realisations.  Price of cement
 was
        under pressure throughout the year as supply was far in
 excess
        of demand due to addition of new capacities and poor purchases
 by
        the Government.
 
      - The Company proposed to expand the plant capacity by
 installing a
        pre-calcinator.
 
      - The Company received a letter of intent to increase the
 capacity
        from 4,00,000 tonnes per annum to 6,00,000 tonnes per annum.
 
      - The Company had applied for letter of intent to manufacture
        acrylic fibre and acrylonitrile.
 
      - The Company decided to import a D.G. set of 5.4 MW from
 Japan.
        Application was also made for a letter of intent to
 manufacture
        toluene-di-isocynate, used for the manufacture of flexible
 town
        glass, moulded flexible looms and for paints, coating and
        adhesives.
 
 1998 - The Company issued 133,80,179-14% optionally convertible
        cumulative preference shares on rights basis in proportion
 1:1.
        These shares are optionally convertible into equity shares on
 the
        expiry of third, fourth and fifth year from the date of
        allotment i.e. 5th November.  Shareholders not opting for
        conversion within the said period would be eligible for
        redemption at par at the end of 60th month from the date of
        allotment.
 
 2000 - The networth of the company has been totally eroded and it has
 become a sick company (under SICA, 1985)
 
 2004
 
 -Receives Rs 119 cr dues waiver under One Time Settlement (OTS) deal
 with nine of the company's  eleven lenders