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MRF
BSE: 500290|NSE: MRF|ISIN: INE883A01011|SECTOR: Tyres
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Company History - MRF
1946 
 
 - A young entrepreneur, K. M. Mammen Mappillai, opened a small toy
 balloon manufacturing unit in a shed at Tiruvottiyur, Madras (now
 Chennai).
 
 1949 
 
 - Although the factory was just a small shed without any machines, a
 variety of products, ranging from balloons and latex-cast squeaking
 toys to industrial gloves and contraceptives, were produced. During
 this time, MRF established its first office at 334, Thambu Chetty
 Street, Madras (now Chennai), Tamil Nadu, India. 
 
 1952 
 
 - MRF ventured into the manufacture of tread rubber. And with that,
 the first machine, a rubber mill, was installed at the factory. This
 step into tread-rubber manufacture, was later to catapult MRF into a
 league that few had imagined possible. 
 
 1955 
 
 - MRF soon became the only Indian-owned unit to manufacture the
 superior extruded, non-blooming and cushion-backed tread-rubber,
 enabling it to compete with the MNC's operating in India at that
 time. 
 
 1956 
 
 -The quality of the product manufactured was of such a high standard
 that by the close of 1956, MRF had become the market leader with a
 50% share of the tread-rubber market in India. So effective was MRF's
 hold on the market, that the large multinationals had no other option
 but to withdraw from the tread rubber business in India. 
 
 1960
 
 - The Company was incorporated as a private limited company on 5th
 November.  The Company Manufacture automobile, aircraft, cycle tyres
 and tubes in collaboration with the Mansfield Tire & Rubber Co.,
 Mansfield, Ohio, U.S.A.  The tyres are sold under the trade name
 Masnfield Tyres (MRF).  The Company also produces other industrial
 products made of rubber like conveyer belt, hoses etc.  It took over
 the entire business of the Madras Rubber Factory as a going concern
 as
 from 16th November, for a consideration of Rs 25 lakhs.
 
 1961
 
 - The Madras Rubber Factory Private Limited was converted into a
 public
 company on 1st April, and additional capital was issued in order to
 start the manufacture of automobile tyres and tubes in collaboration
 with the Mansfield Tire & Rubber Co., Mansfield, Ohio, U.S.A.  The
 Company was given permission to export tyres having Mansfield trade
 mark to all world markets except U.S.A.  and Canada.
 
 - 2,49,650 shares allotted without payment in cash.  350 shares
 subscribed for by the signatories to the Memorandum of Association.
 2,50,000 shares reserved and allotted directors, etc. 5,00,000
 shares
 issued to public in April 1961.  The balance 2,50,000 shares
 allotted
 to collaborators as payment for machinery.
 
 1962
 
 - The main plant for production of tyres and tubes were commissioned
 on
 4th December.
 
 1963
 
 - Nylon Hot-Stretch Unit of the latest design was commissioned in
 November.
 
 - 6,25,000 Right Equity shares offered at par in the proportion 1:2.
 
 1964
 
 - With the commissioning of the main plant in 1964, MRF also made
 progress in the export of tyres. An overseas office at Beirut
 (Lebanon) was established to develop the export market, and it was
 amongst India's very first efforts. This year also marked the birth
 of the now famous MRF Muscleman. 
 
 1967 
 
 - MRF became the first Indian company to export tyres to USA - the
 very birthplace of tyre technology. 
 
 1970
 
 - In March, 5,62,500 bonus equity shares issued in the proportion
 3:10.
 
 1973
 
 - MRF scored a major breakthrough by being among the very first in
 India to manufacture and market Nylon tyres. 
 
 1975
 
 - During September, 12,18,714 bonus shares issued in proportion 1:2.
 (Only 12,18,689 shares were taken up).
 
 1978
 
 - The Company finalised a technical know-how collaboration with B.F.
 Goodrich Co., U.S.A., which became fully operative in early 1980-81.
 This agreement was revalidated for further five years.
 
 1979
 
 - The Masfield Tire & Rubber Co., U.S.A. offered for sale out of its
 holding 3,74,250 No. of Equity shares of Rs 10 each of the Company at
 a
 premium of Rs 4 each as follows: 3,63,786 shares as rights to the
 existing shareholders in the proportion 1:8 and 10,464 shares to the
 employees of the Company.
 
 1980
 
 - The Company crossed several milestones in its history.  It went
 into
 technical collaboration with BF Goodrich Tire Co., USA in the year.
 The name of the Company, Madras Rubber Factory Ltd.  was changed to
 MRF
 Ltd in the year.
 
 1981
 
 - Mansfield Tire & Rubber Co. of U.S.A., offered for the their
 balance
 shareholding of 3,55,537 No. of Equity shares of Rs 10 each in the
 Company at a premium of Rs 4 per share as follows: 3,29,587 shares
 to
 the existing resident Indian shareholders and non-resident Indian
 shareholders (on non-repatriation basis) in proportion 1:10 and
 25,950
 shares to the Indian employees, business associates and dealers of
 the
 Company.
 
 - 2,00,000 No. of Equity shares allotted in Feb. 1982 to IFCI at a
 premium of Rs 5 per shares on conversion of loans.
 
 1983
 
 - The Company finalised a technical collaboration agreement with
 M/s.
 Marangoni TRS SPA, Italy for the supply of know-how for the
 manufacture
 pre-cured tread rubber for retreading industry.
 
 1984
 
 - Sales crossed INR two billion. MRF tyres were the first tyres
 selected for fitment onto the Maruti Suzuki 800 - India's first
 small, modern car. 
 
 1985
 
 - A letter of intent was obtained for the manufacture of conveyor
 beltings and hoses in collaboration with Industiral Pirelli SPA,
 Italy.
 Plans were also on hand to go in for a joint venture with the aero
 tyre
 division of B.F. Goodrich & Co., for retreading and subsequently for
 manufacturing aircraft tyres.
 
 1986
 
 - The Company issued 15% non-convertible debentures of Rs 100 each
 (II
 Series) for Rs 8 croes as rights to the existing shareholders to
 raise
 finances for modernisation of the Company.  Under Cumulative
 interest
 payment scheme, these debentures are redeemable in 3 annual
 instalments
 of Rs 35 each commencing on 8th May, 1993 at a premium of 5% in the
 first instalment.  Under the non-cumulative interest payment scheme,
 the debentures are redeemable in five equal annual instalments of Rs
 20
 each comencing from 8th May 1991 at a premium of 5% which will be
 paid
 on 8th May, 1993.
 
 1987
 
 - (18 months), The Company obtained MRTP clearance and a letter of
 intent for the manufacture of pre-cured tread rubber upto 6,000
 tonnes
 per annum by using indigenous technology developed by the Company.
 MRTP clearance was also obtained for setting up a new plant at Tada
 in
 Andhra Pradesh for manufacrure of 1.5 million number of tyres and
 tubes
 per annum.
 
 - The Company entered into a collaboration agreement with Vapocure
 of
 Austraia to manufacture polyurethane paint formulations that can be
 rapidly cured at room temperature and would also help in the
 manufacture of shatterproof glass.  The plant with an installed
 capacity of 10,000 tonnes per annum was being set up at
 Gummidipoondi
 in Tamil Nadu.
 
 - `Funskool (India), Ltd. and `Crystal Investment and Finance Co.
 Ltd.' became subsidiaries of the Company.  Funskool (India), Ltd. 
 was
 promoted in collaboration with Hasbro International, U.S.A., the
 World's largest toy makers.
 
 1988
 
 - The MRF Pace Foundation was set up, with international pace bowler,
 Dennis Lillee as its Director. Not long thereafter, pace bowlers
 trained at the Foundation were selected for the Indian Cricket Team.
 
 
 1989
 
 - The Company was identified as `Star Exporter', a status that
 enables
 the company to get priority treatment in several areas concerned
 with
 customs, RBI, etc.
 
 - Aero tyre division of B.F. Goodrich Co., USA was taken over by
 Michelin Cie of France.
 
 - Government approved the technical collaboration with Uniroyal
 Goodrich Tire Co., U.S.A., a subsidiary of Michelin Cie., France,
 for
 imparting latest technology for bias ply/radial aircraft tyres for a
 period of 5 years.
 
 1990
 
 - The Aruna Leathers & Exports Ltd. was amalgamated with the
 Company.
 As per the scheme one equity share of Rs 10 each of MRF Ltd. was
 allotted for every 10,000 shares of Rs 10 each fully paid-up held in
 ALEL.  Accordingly, 25 equity shares were allotted to the erstwhile
 sharehodleres of ALEL.
 
 - The Company introduced `Vapocure' colours in the market.
 
 - (6 months), the Company privately placed 15,00,000 - 14%
 non-convertible debentures of Rs 100 each (III Series).  The
 debentures
 are redeemable - at a premium of 5% in three annual instalments of
 Rs
 35 each commencing from 31st July, 1997.
 
 - The Company privately placed with SBI Mutual Fund 10,00,000 - 14%
 debentures (IVth Series) which are redeemable at a premium of 5% on
 26th June, 1998.
 
 - During the year 5,00,000 - 14% debentures were also privately
 placed
 with Infrastructure Leasing & Financial Services, Ltd.  These
 debentures are redeemable in three annual instalments at a premium
 of
 5% commencing from 23rd July, 1997.
 
 1991
 
 - The Company promoted a new Company viz. MRF International, Ltd.,
 in
 view of the tremendous growth potential in the export market.
 
 - 3,85,000 No. of equity shares issued to (prem. Rs 242 per share)
 to
 the foreign collaborators M/s. Asia Trading Services, Hongkong.
 
 1992
 
 - The Company has formed a new Company, viz., MRF INTERNATIONAL
 LIMITED
 and the Company has received the certificate of commencement of
 business.
 
 1993
 
 - K. M. Mammen Mappillai was awarded the Padmashri Award of National
 Recognition for his contribution to industry - the only industrialist
 from South India to be accorded this honour. MRF also became the first
 tyre company in India to cross the INR 10 billion mark. In addition,
 the company was voted by the Far Eastern Economic Review, as one of
 the ten leading Corporate Groups in India and a Leader in Asia, and
 by readers of the A & M magazine, as one of India's most admired
 Marketing Companies. 
 
 1995
 
 - The Company has received the Top Export Award for the year from
 All
 India Rubber Industries Association.
 
 1996
 
 - The Company has received an award from CAPEXIL - Certificate of
 Merit
 based on the export performance for the year.
 
 - The Far Eastern Economic Review Award was presented to MRF for the
 fourth year in succession in recognition of excellence.
 
 1997
 
 - MRF Ltd has been assigned a credit rating of `PR1+' (superior) for
 its proposed Rs 100 crore commercial paper (CP) programme by Credit
 Analysis and Research Ltd (CARE).
 
 - MRF is setting up a new plant in Pondicherry for the production of
 radial tyres.
 
 - The company set up the Arakonam plant in Chennai to produce
 bicycle
 tyres and tubes.
 
 - MRF began manufacturing tyres and tubes in technical collaboration
 with Mansfield Tire and Rubber Company, USA.
 
 - MRF has launched Nylogrip Zapper, a high performance tyre for new
 generation bikes.
 
 - The company tied up with Uniroyal Goodrich Tire Co. of USA, a
 subsidiary of the French Tyre giant Michelin, which held 9.8 per
 cent
 stake in the company.
 
 1998
 
 - MRF Tyres has signed an OEM (original equipment manufacturer)
 alliance with Siel Honda Motors and Hindustan Motors.
 
 - MRF has launched a market sampling operation for the MRF Zigma.
 
 1999
 
 - MRF Ltd has decided to set up more such clinics in Northern and
 Western cities.
 
 - The Company has entered into agreements with the Depositories
 viz.,
 National Securities Depository Ltd. [NSDL] & Central Depository
 Services (India) Ltd.
 
 - AIRIA Highest Export Award was given in recognition of our
 outstanding export performance in respect of Auto Tyres & Tubes
 during
 the year.
 
 2000
 
 - The Company has set up shop in Dubai to target markets in the UAE
 as
 part of its export thrust.
 
 - MRF has launched a steel-belted premium radial tyre variant called
 `MRF ZVTS'.
 
 2001
 
 -The MRF rally team wins the APRC rally
 
 2002
 
 -MRF was ranked highest in customer satisfaction along with
 multinational Bridgestone
 in a study conducted by JD Power Asia pacific.
 
 -MRF Tyres Ltd sees slump in commercial vehicle tyre market and
 passenger car growth
 has also declined.
 
 -High court dismisses the writ petition filed by MRF Employees Union
 challenging the order
 of dismissal of a worker, who was the secretary of the union.
 
 -Advertising Standard Council of India Quashed the objection raised
 by MRF by
 upholding J K Industries claim of being India's Number one tyre maker
 in the 
 four wheeler segment.
 
 -MRF Ltd has obtained the 'Outstanding Corporate Sports Initiative'
 award from the
 Federation of Indian Chamber of Commerce and Industry.
 
 2003
 
 -MRF and Bridgestone are ranked highest in a tie for the second year
 in a row in customer
 satisfaction with original tries according to JD Power Asia Pacific.
 
 -Shri K.M. Mammen Mappillai, Chairman and Managing Director expired
 on march 2nd.
 
 -Mr.C.D Khanna has ceased to be the Director of the company. And Mr.
 K S Narayanan
 has resigned from the board of MRF.
 
 -Mr.N Kumar and Mr Ranjit Issac Jesudasen have been appointed as the
 directors of the 
 company.
 
 - Mr K S Narayanan ceased to be director of the Company with effect
 from April 17, 2003, consequent to his resignation from the Board of
 Directors.
 
 -Mrf Ltd. has informed the Exchange that at its meeting held on
 December 19, 2003 the BOD have re-designated Jt. Managing Director
 Mr. Arun Mammen as Managing Director of the Company w.e.f April 01,
 2004.
 
 2004
 
 -MRF Ltd. has informed that Mr Ravi Mannath has been appointed as
 Additional Company Secretary of the Company w.e.f. January 05, 2004.
 
 -MRF received the highest rankings in the study in four of the five
 factors determining overall satisfaction with tyres appearance,
 durability, traction and handling.
 
 - MRF Tyres is the biggest consumer of natural rubber in India during
 2002-03
 
 -Ties up with Maruti Udyog to boost motorsports in India
 
 2005
 
 -MRF wins its third APRC rally 
 
 2007
 
 -MRF Ltd launches premium truck tyre Super Lug 50-FS.
 
 -MRF wins the JD Power Award.
 
 -MRF launches ZSLK Tyres
 
 2008
 
 -MRF wins the JD Power award again for the 6 time.
 
 2009
 
 - MRF Ltd has informed BSE that the Board of Directors of the Company
 at its meeting held on January 23, 2009, inter alia, has transacted
 the following:
 
 1. Appointed Mr. Sanjay Sharad Vaidya as a Director of the Company to
 fill the casual vacancy caused due to the demise of the Director Mr. S
 Nandagopal, and
 
 2. Appointed Dr. Salim Joseph Thomas as an Additional Director of the
 Company with effect from January 23, 2009.
 
 
 2010
 
 -MRF Ltd. has commenced work on its new plant on a 300-acre site in
 Tiruchi.
 
 -In the J.D. Power Asia Pacific India Original Equipment Tyre
 Customer Satisfaction Index, MRF ranked the highest in the 2010
 study.
 
 
 2012
 
 -Mr. Jacob Kurian and Mr. M. Meyyappan has appointed as Additional
 Directors of the Company.
 
 -MRF Ltd have recommended a Final Dividend of Rs.19/- per share on
 the paid-up capital.
Source : Dion Global Solutions Limited
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