YEAR                      EVENTS
 The Company was incorporated on 31st January 1979, at Delhi. The
 company was promoted by Jain Brothers.The company's object is to
 manufacture of writing and printing paper marketed under the brand
 name SHIVA.
 
 1980 - 900 shares subscribed for by the signatories to the
 Memorandum
        of Association, 5,03,100 shares taken up by promoters, etc.
        (including 64,000 shares allotted to Jain Tube Co. Ltd.) and
        2,00,000 shares allotted to UPSIDC.
 
 1981 - 11,46,000 shares issued at par: 36,000 shares reserved for 
        allotment to Jain Tube Co. Ltd. and 11,10,000 shares offered
 for
        public subscription during December 1980.
 
 1988 - The company with a view to expand its paper manufacturing
        capacity to 23,000 TPD from the present 16,200 TPD, proposed
 to 
        purchase fixed assets of Krishna Paper Mills (a unit of
 Transtil
        Ltd., which was laying closed and was taken up by PICUP) from
        PICUP.
 
      - The Company came under the provision of the Sick Industrial 
        Companies (Sp. Provisions) Act 1985 and a reference was made
 to
        the Board for Industrial and Financial Reconstruction (BIFR).
 
 1989 - The Company undertook a project to set up a plant for
 manufacture
        of light weight poster paper with the installed capacity of
 3,300
        TPA.
 
      - 55,000 pref. and 1,10,000 No. of equity shares privately
 placed.
        Pref. shares redeemable at the end of 8 years from the
 allotment
        date.
 
 1990 - The improved results were due to higher production, effective
 
        cost and input controls and better market realisation.
 
      - MG paper machine with an installed capacity of 3,300 tonnes
 was
        commissioned.
 
      - 2,90,000 No. of equity shares allotted through private
 placement.
 
 1991 - Profits were lower due to phenomenal increase in the cost of 
        inputs and depressed market conditions.
 
 1992 - Profits continued to be affected due to overall increase in
 the
        cost of all inputs and stagnant demand on account of deep 
        recession.
 
      - 7,35,550 No. of equity shares allotted to financial
 institutions
        on conversion of loans.
 
 1993 - In order to strengthen operational base, the company proposed
 to
        diversify into the manufacturing of sugar and allied
 products.
        Also proposed to manufacture caustic soda and allied products
 and
        also to manufacture sock and knitted fabrics.
 
 1995 - The company undertook a scheme of expansion of capacity by
 adding
        Light Weight Paper Manufacturing Machine.
 
      - The company installed and commissioned 3 D.G. sets of 1250 KVA
 
        each to generate its own power to the extent of its
 requirement.
 
      - 4,48,500 No. of equity shares issued on conversion of term
 loan
        to financial institutions.  14,92,779 No. of equity shares 
        allotted (prem. Rs.30 per share) to the shareholders on right
 
        basis in the ratio of 1:2.
 
 1996 - The company has undertaken modernisation of MF paper plant
 and
        other auxillary components.  The company installed 4 DG sets
 and
        the 5th was under instalation.
 
 1997 - 6 nos. of D.G. sets of 1250 KVA each were installed and 
        commissioned.  
 
      - To manufacture more of own pulp and higher grammage of paper
        having better market and higher realisation, the Company 
        prepared a scheme for installation of balancing equipment. 
 The
        pulping area under the balancing scheme was in an advanced
 stage
        of construction.
 
 1998 - The matter of take over of Krishna Paper Mills was still
 pending
        on account of litigation initiated by its promoters against 
        PICUP and the company.