Consolidated Fibres and Chemicals Ltd.

YEAR                       EVENTS
 1987 - The Company was incorporated on 15th June, as a Public Limited
 
        Company in the State of West Bengal and obtained the
 Certificate
        of Commencement of Business on 30th November, from the
 Registrar
        of Companies, West Bengal at Calcutta.
 
      - It was promoted by West Bengal Industrial Development
 Corporation 
        (WBIDC) and Bakelite Hylam Ltd., Hyderabad (BHL) as a nominee
 of
        Gouri Prasad Goenka.  The main object of the Company is to
        Manufacture acrylic fibres.
 
      - The company undertook to set up a project for manufacture of 
        12,000 TPA of acrylic fibre.  Land admeasuring 45.74 acres
 was
        acquired from Calcutta Port Trust, at Industrial Zone (Zone
 East)
        a notified backward area in Haldia, district Midnapore, West
        Bengal.  
 
      - Plant and Machinery were imported through their collaborators
        Marubeni Corporation with the assistance of Kawasaki Heavy
        Industries, Ltd.  It is to incorporate the Wet-Spinning
        technology of Japan Exlan Company Ltd.  The product finds
        application in a hand/machine-knitting yarn and in the
        manufacture of knitwear, hosiery shawls, carpets etc.
 
 1992 - 8 equity shares of Rs. 10 each subscribed for by signatories
 to 
        the Memorandum of Association.  54,29,992 No. of equity shares
 of
        Rs. 10 each issued at par of which the following were
 reserved
        for allotment:
 
      - (i) 77,46,900 shares to BHL;
 
      - (ii) 73,53,092 shares to Indian Directors, their friends,
 etc.,
 
      - (iii) 80,60,000 shares to WBIDC.
 
      - Of the remaining, the following reserved or allotment on a 
        preferential basis:
 
      - (i) 62,00,000 shares to Commonwealth Development Corporation;
 
      - (ii) 12,66,500 shares to employees including those of promoter
 
        companies (only 5,66,300 shares taken-up).
 
      - Balance 178,63,500 shares along with 7,00,200 shares not taken
 up 
        by employees were issued to the public (all were taken up).
 
      - Additional 81,40,500 shares allotted to retain over
 subscription   
        (6,00,000 shares to BHL).  39,400 shares to Indian Promoters
 and
        remaining to the public.
 
      - (iv) 57,80,000 shares to Approved Mutual Funds (20,00,000
 shares 
        each to SBI Mutual Fund & Canbank Mutual Fund and 17,80,000
        shares to PNB Mutual Funds.
 
 1993 - The performance of the company was not satisfactory due to 
        various factors like depressed fibre prices throughout the
 year
        and lower realisation as well as the substantial outgo in
        financial charges.
 
 1994 - During the year, the company considered setting up of down
 stream 
        project for manufacture of value added items like yarn and
        acrylic based finished products.
 
      - The Company entered into an agreement with Marubeni
 Corporation,
        Japan, for technology, equipment and the supervisory
 services.
        In return for the services, the collaborators were to be paid
 a 
        know-how fee of J. Yen 210 million.
 
      - The company also entered into an agreement with Davy Powergas
 
        India (Pvt.) Ltd., for detailed engineering services, project
        management, procurement of indigenous equipment etc.
 
 
 2007
 
 -Consolidated Fibres & Chemicals Ltd has appointed Shri. P K
 Chatterjee as Director with effect from January 31, 2007.