Electrolux Kelvinator Ltd.

1989
 
 - Maharaja International Limited was incorporated as a Public
 Limited
 Company on 8th August, 1989 and was originally promoted by Shri
 Harish
 Kumar, Shri Hari Om Bhatia and Shri R.K. Arora.
 
 1992 
 
 - The Factory at Shahjahanpur, Distt. Alwar, Rajasthan manufacture
 Refrigerators and Dish Washers.  The plant has an installed capacity
 for manufacturing 2,50,000 of Refrigerators and 1,00,000 of Dish
 Washers, per annum.
 
 - The Dishwashers were launched in the month of March, and have been
 received favourably by the consumers.  Refrigerator, the other
 product
 of the Company, is scheduled to be launched in the market very soon.
 
 - The Company proposes to introduce double door models for both the
 165
 Lts. and 240 Lts. capacity.
 
 - The Company made a public issue of 47.5 Lacs Equity Shares of
 Rs.10/-
 each for cash at par aggregating to Rs.475 Lacs.  The public issue
 received overwhelming response and was over subscribed by about
 thirty
 times.
 
 - The Company has entered into technical collaboration agreement
 with
 Siltal Casa spa of Italy for manufacture of Refrigerators,
 Dishwashers
 and Washing Machines.
 
 1993 
 
 - The Company launched 165L single door refrigerators during the
 year.
 
 - The Company has an Investors' Service Centre located at 315,
 Suneja
 Tower, New Delhi which handles investor complaints and is headed by
 the
 Company Secretary who is supported by Assistant Manager &
 Secretarial
 Assistants.
 
 - The Company had defaulted in payment of interest on Fully
 Convertible
 Debentures allotted pursuant to its Rights Issue of the year.  The
 amount remaining unpaid is Rs 6.81 lakhs.
 
 - The Company made a Rights Issue of Fully Convertible Debentures
 aggregating Rs 534 Lakhs in July-August to part finance the cost of
 manufacturing semi-automatic Twin Tub Washing Machines and
 Compressors
 for refrigerators.
 
 - The Company has also launched Twin Tub Washing Machines and the
 product has been accepted well.
 
 1994 
 
 - An agreement has been entered during the year between the company
 and
 Maharaja Appliances Limited for takeover of all liabilities and
 expenses of D-Line Direct Marketing Division upto March 31, 1995 by
 the
 latter.
 
 - During the year, the Company has successfuly concluded its
 Original
 Equipment tie-ups with Godrej-GE Appliances Limited and Philips
 India
 Limited.
 
 - The company has not accepted any Fixed Deposits from the public or
 shareholders/employees of the company.
 
 - Fully Convertible Debentures carrying interest @ 18% issued during
 the year for Rs.1,05,65,620/- have been converted into 10,56,562
 Equity
 Shares of Rs.10/- each on 1st April.
 
 1995 
 
 - In February, the Company became a 51% subsidiary of AB Electrolux
 of
 Sweden (ABE) through a preferential issue of equity shares to ABE.
 
 - The Company had made a preferential issue of 1,74,25,000 Equity
 Shares to AB Electrolux in February in accordance with SEBI
 guidelines
 for preferential issues dated 4.8.94.
 
 - The Company has facilities for the manufacture of refrigerators,
 washing machines and dishwashers at its factory located in
 Shahiahanpur, Alwar, Rajasthan.
 
 - The company presently markets refrigerators under the brand names
 ELECTROLUX and KELVINATOR.  Washing machines imported from AB
 Electrolux are marketed under the ELECTROLUX brand name.
 
 - The ELECTROLUX and KELVINATOR brands are owned worldwide by AB
 Electrolux and its wholly owned subsidiary White Consolidated
 Industries Inc respectively who have licensed MIL to use them in
 India
 vide agreements dated 12.12.96 & 1.1.97.
 
 - The Company has entered into Brand Licensing arrangements with
 Promoters/Associates.
 
 - In February the Company became a 51% subsidiary of AB Electrolux
 of
 Sweden, one of the World's largest white goods manufacturers.
 
 - The Company entered into a One Time Settlement (OTS) of
 outstandings
 with IFCI by payment of entire pricipal amount due on Rupee and
 Foreign
 curency loans with 60% of simple interest overdue & accrued.
 
 1996 
 
 - The Company carried out a techno feasibility study of certain
 items
 of Plant & Machinery capitalised in the books and pertaining to
 discontinued product lines.
 
 - The Company has entered into a Technical Collaboration Agreement
 with
 AB Electrolux, Sweden for payment of Know-how Fees and royalty in
 respect of manufacturing and sale of refrigerators.
 
 - The Company launched two models of Washing Machines in March,
 traded
 under the `Electrolux' brand name and introduced the Electrolux
 range
 of Refrigerators in the market in three different sizes of 165, 185
 and
 210 Litres.
 
 - Memorandum of Understanding dated 13th December, was signed
 between
 the Lead Manager The Hongkong and Shanghai Banking Corporation
 Limited
 and the Company.
 
 - MoU dated 12th December, was signed between the Registrars to the
 Issue, M/s. Allied Computer Technics (P) Ltd. and the Company.
 
 - In addition, the Company plans to relaunch several models of
 Kelvinator Refrigerators in January, 1997 ranging from 165 Litres to
 under 400 Litres models and add to the Electrolux range frost free
 models between January and June, 1997.
 
 - Several new processes and related machinery will be installed
 during
 the year in order to increase our output to meet the growing demand.
 
 - The Design & Development department is engaged in the introduction
 of
 new models with special emphasis being placed on quality and after
 sale
 service.
 
 1997 
 
 - The Company plans to expand its capacity to 3,00,000 refrigerators
 by
 June, and to 4,00,000 refrigerators by December.
 
 - The flagship company, Maharaja Appliances, re-entered the washing
 machines market under the Whiteline brandname recently after a gap
 of
 about two years with the launch of semi-automatic machines.
 
 - The washing machines in three capacities - 3.5 kg, 4.8 kg and 5 kg
 -
 were re-launched in Rajasthan and Uttar Pradesh.  The machines would
 be
 launched in Delhi.  The washing machines have been upgraded, new
 features added and given a new look.
 
 - The company had come out with a rights offer of 3,41,60,310 equity
 shares of Rs.10 each for cash at par aggregating Rs.34.16 crore to
 the
 shareholders of Maharaja International Ltd in the ratio of 1:1. 
 About
 90 per cent of the rights issue got subscribed, adding the company
 would decide on the allotment of the remaining 10 per cent at its
 board
 meeting scheduled for August 18.
 
 1998 
 
 - Electrolux has entered into another joint venture with Voltas also
 for the manufacture of refrigerators and washing machines, which
 will
 hurt Maharaja and Intron due to increased competition from
 Electrolux-Voltas.
 
 - The company recently introduced `Mastercool' - Kelvinator
 refrigerator in the 165 litre category.  In July, it also introduced
 a
 new range `Premium Gold Collection' in the `Maxicool' series in two
 different sizes of 165 litres and 210 litres.
 
 - During the year, it sold 3,60,000 refrigerators.  It sells
 refrigerators under the brand name Kelvinator, manufactured by the
 company and, Electrolux, imported from its parent.
 
 - In March, Electrolux Voltas-an 80:20 joint venture between
 Electrolux
 and the Rs 1,109-crore Voltas-joined the group.
 
 - Electrolux will launch 330- and 370-litre frost-free Kelvinator
 models besides introducing 430- and 480-litre Electrolux models.
 
 - Besides the joint venture with Voltas, Electrolux holds about 55
 per
 cent equity in Maharaja International, a refrigerator manufacturer,
 and
 74 per cent in Intron Ltd, a washing machine manufacturer.  It also
 holds 40 per cent in Eureka Forbes, which manufactures vacuum
 cleaners,
 but does not run the company.
 
 1999 
 
 - Shareholders of Maharaja International Ltd approved the change in
 the
 name of the company to Electrolux Kelvinator Ltd at an
 extra-ordinary
 general meeting in Shahjehanpur, Rajasthan.
 
 - The proposed Gurgaon plant will have an installed capacity of one
 lakh each for semi-automatic washing machines and water heaters,
 besides 24,000 cooking ranges.  The company, which manufactures a
 range
 of products like irons, mixers and grinders, claims 18 per cent of
 the
 small appliances market share at present.
 
 - Swedish white goods major Electrolux, known for its Kelvinator
 brand
 of refrigerator in the country, is planning to diversify into other
 home appliances like dishwashers, cooking ranges, microwave ovens
 and
 vacuum cleaners.
 
 - Dishwashers and cooking ranges will be launched before the end of
 current calender year, vacuum cleaners and microwave ovens are
 planned
 to be launched next year.
 
 - Refrigerator manufacturer Electrolux Kelvinator Ltd, a subsidiary
 of
 Swedish white goods major AB Electrolux, has filed a draft offer
 document with Securities & Exchange Board of India (Sebi) for a 1:1
 rights issue.
 
 - The offer document envisages issue of 6,80,95,620 equity shares of
 Rs
 10 each for cash at par aggregating Rs 68,09,56,200 on a rights
 basis
 to the existing equity shareholders of the company.
 
 2000
 
 - Electrolux manufacturer of refrigerators and washing machines
 acquired Maharaja International Ltd five years back and later went
 for
 joint ventures with Kelvinator and Voltas Ltd.
 
 - A EKL is a manufacturer of refrigerators with an installed
 capacity
 of 4,00,000 numbers.  In the `direct cool' segment, Kelvinator
 accounts
 for 20 per cent of the market share.  In the `no frost' segment,
 Kelvinator and Electrolux account for a combined 10 per cent share.
 
 - A EKL also has another group company - Electrolux Voltas (EVL) -
 in
 which AB Electrolux holds 74 per cent.  EVL is also an important
 player
 in the refrigerator and washing machine industry.
 
 - SWEDISH home appliances major, Electrolux, has decided to enter
 into
 a three-year contract for sourcing air-conditioning machines from
 Voltas Ltd.
 
 - Electrolux will launch both wall-mounted split and window ACs
 during
 the summer.
 
 - Electrolux, the world's largest appliances company has launched a
 new
 model washing machine-1045 model in the market.
 
 - Electrolux Kelvinator has informed the Bombay Stock Exchange that
 it
 has temporarily suspended operations at its Shahajahanpur factory
 owing
 to labour problems.
 
 - The Company has added a new range to the Kelvinator refrigerator
 kitty, Christened the Millennium Silverline, the fridge is available
 in
 two models -- the 165 litre and the 200 litre model.
 
 2001
 
 - Electrolux India has launched Allwyn Sensor range of refrigerators
 in
 the Andhra Pradesh market.  2002
 
 - Electrolux Kelvinator has informed that the Board has undergone
 the
 following changes, duly approved in the Board Meeting held on March
 25,
 2002 (1) Mr Fredrik Jan Olof Ramen, AB Electrolux's Nominee, has
 resigned from the Directorship of the Company.(2) Mr Dinkar Goswami,
 has been appointed as an Additional Director on the Board of
 Directors.(3) Mr Ketan Dalal has been appointed as an Additional
 Director on the Board of Directors.
 
 2002
 
 -Change in the Management structure:
 Mr Fredrik Jan Olof Ramen, resigns from the Directorship.
 Mr Dinkar Goswami, appointed as Additional Director.
 Mr Ketan Dala , appointed as the Additional Director.
 
 -Launches Washy Talky , a two language communicator washing machine 
 
 -Gurgaon plant shuts down from April 30.
 
 -Board approves for the rights issue of shares of Rs 250 cr of the
 company.
 
 -Applies for patent for washy talky  technology.
 
 -Forays into frost-free refrigerator segment by launching an
 indegenously manufactured O-zone range of refrigerators.
 
 -Board approves for the closure of Sanathnagar Compressor plant.
 
 -Board approves VRS for executives and workmen at manufacturing
 units.
 
 2003
 
 -Receives SEBI approval for reduction in size of rights issue of the
 company.
 
 -Approves the appointment of Mr Rajeev Karwal as the Director and MD
 of the company 
 
 -Mr Harish kumar and his associates and Mr Balraj Malhotra file a
 company petition before the company law board.
 
 -Launches a nationwide customer interactive and insight recognition
 programme 'The Dream Machine 2020'.
 
 -Launches a range of three direct cool and refrigerators under the
 Oxy brand.
 
 -EKL, recognises and awards the imaginative power of school children
 who participated in 'The Dream Machine 2020'.
 
 -Launches a fully automated washing machine, 'Fabriglow'.
 
 -Accumulated losses of the company exceeds its networth.
 
 -Ceat, Electrolux synergises cricket for brand gains.
 
 -Appoints Mr Koustuv Mitra as Vice-President, Human Resources and
 Corporate Services.
 
 -Electrolux Kelvinator members approves disposal of Nandalur Plant
 
 -Launched two new models,Ozone Plasma ER38 (365 ltrs) and ER47 (455
 ltrs)
  equipped with unique plasma technology in its ozone range of
 frost-free refrigerators segment, in the Andhra Pradesh market
 
 -Electrolux launches battery-run fridge, named Bijlee
 
 -Electrolux Kelvinator Ltd (EKL), the Indian arm of Swedish White
 goods major, AB Electrolux, has filled the last post of its apex
 management team in India. It announced on July 7, 2004, the
 appointment of Mr Ajay Kapila, as Vice-President, Sales and Marketing