Company History - Fairfield Atlas
YEAR
EVENTS
1990 - The Company was incorporated on February 1, as Atlas Gears
Private Limited and was
converted into a deemed Public Limited Company with
effect from March 6, 1992.
It was subsequently converted into a Public Limited
Company by passing a special
resolution at the Extra Ordinary General Meeting held on
April 27, 1994 and a certificate
of change of name to AGL was obtained on July 12, 1994
from Registrar of Companies,
Maharashtra.
- The Company set up a unit to manufacture automobile
transmission gears with an installed
capacity of 1,50,000 gears per annum, at Village
Devarwadi (Shinoli), District Kolhapur,
Maharashtra.
1995 - The Company has entered into arrangements with Greaves Ltd.
for manufacture
of gears for their diesel three wheelers.
- The Company's maiden Public Issue of 26,00,000 No. of
equity shares of Rs. 10/- each
received an over whelming response from the Public being
oversubscribed by nearly
36 times.
- Mr. Rattan Singh retires by rotation at this Annual
General meeting. Mr. M. K. Fyzee and
Mr. P. N. Kotwal were appointed directors on the same
day viz. 29th September, 1993
that Mr. M. K. Fyzee will retire at this Annual General
Meeting. Mr. Rattan Singh and
Mr. M. K. Fyzee being eligible offer themselves for
reappointment as Directors.
- Mr. B. D. Damani was appointed Director of the Company
with effect from 15th November,
1994, as a nominee of SICOM Ltd.
- The Company proposes to set up a R & D Department in
future to improve the quality of
jigs & tools required in the manufacture of gears.
1996 - The company proposes to launch an approximately Rs.25 crore
expansion project to be
financed through debt and equity. Initially the
company proposes to make an issue of not
more than 20 lakhs warrants having option to convert
into equity shares to be offered to
Promoters, Directors, Friends, Relatives and Associates
on a preferential basis.
- The company has diversified its customer base and is at
present supplying on a small
scale gears as original equipment to Greaves Ltd.,
Baramati, for their diesel three wheelers
and to Kerala Agro Machinery Corporation (KAMCO)
Cochin, for their power tillers.
- Mr. M. H Desai ceased to be a Director of the Company
with effect from 30th November
1995. Mr. B. D. Damani ceased to be a Director of the
company with effect from 6th December
1995 consequent upon withdrawal of his nomination by
SICOM Ltd.
1997 - The company has developed for the Tractor Division 4
components of the Constant
Mesh projects and 7 components of the Small Tractor
project, in addition to the 4 gears
for the main gear transmission.
- The company allotted on 1st February, 1708500 (20%)
Fully Convertible Debentures of
Rs.10/- each to the promoters and Mahindra & Mahindra
Ltd., being their subscription
towards the equity for part financing the expansion
programme. The said debentures
alongwith net accumulated interest will be converted
into Equity shares on 1st April,
1998.
- Mr. M. M. Deshmukh was appointed Director of the
company with effect from 16th
August, 1996 as a nominee of SICOM Ltd.
- Mr. F. S. Mathur and Mr. Dhruva Chaudhuri ceased to be
Directors of the company with
effect from 25th September 1996 and 20th February,
respectively consequent upon
withdrawal of their nomination by Credit capital
Venture Fund (I) Ltd.
- Mr. Manu Chadha ceased to be Director of the Company
with effect from 7th February,
consequent upon resignation due to his preoccupation
and withdrawal of his
nomination by Risk Capital & Technology Finance
Corporation Ltd.
1998 - The Company proposes to increase supplies to KAMCO as well as
start supplies to
other O.E. customers mainly Kirloskar Oil Engines, Bajaj
Auto and Ashok Leyland.
- On 1st April 1998 the Company allotted 2050790 No. of
equity shares of Rs. 10/- each at par
to the Promoters and Mahindra & Mahindra Ltd on
conversion of the fully convertible
debentures and net accumulated interest thereon. The
Company also allotted 469750 No. of
equity shares of Rs. 10/- each at par on 1st June 1998
to M/s. Tanyard International Ltd U.K. on
a preferential basis.
- Mr. J.M. Mapgaonkar retires by rotation at this Annual
General Meeting.
- Mr. Riad Fyzee will retire at this Annual General
Meeting. Mr. J.M. Mapgaonkar and
Mr. Riad Fyzee being eligible offer themselves for
re-appointment as Directors.
- Mr. S. Rengarajan ceased to be director of the Company
with effect from 26th June.
1999 - The company has received the ISO certificate for its Quality
Management system which
is found to be in compliance with quality standards ISO
9002:1994 as applicable to various
types of gears for automotive transmission, engines and
industrial equipment.
- The company has been declared a self certified supplier
for some of its products supplied
to Mahindra & Mahindra Ltd. Tractor division.
- The company has developed engine gears for the new EUV
project of Mahindra &
Mahindra Ltd.
- The Company developed 10 gears for the proposed `IDAM'
and `HORIZON' projects.
- Mr. Rattan Singh ceased to be a Director of the company
with effect 1st January 1999
on completion of his term of office. Mr. M. M.
Deshmukh ceased to be a Director of the
Company with effect from 25th May 1999, consequent upon
withdrawal of nomination
by SICOM Ltd.
2000 - Sales to the Tractor Division of Mahindra & Mahindra Ltd. were
adversely affected due
to a month long strike during January - February 2000 at
their plant at Kandivli (Mumbai).
- The drought conditions which prevailed in certain parts
of the country in the year 1999-2000
adversely affected sales of tractors by the Company's
OEM customer, namely Mahindra
& Mahindra Ltd. and consequently adversely affected off
take of gears by the said OEM
customer.
- The Company has during the current year entered into
technical and financial collaboration
with Fairfield Manufacturing Company, Inc., USA
(Fairfield), who are one of the leaders
in manufacture of wide range of gears for diverse
applications.
- The Board has approved the offer on preferential basis
of a minimum of 68,90,770 No.
of equity shares of Rs 10 each and a maximum of
2,09,65,460 No. of equity shares of
Rs 10 each consistuting 51 per cent and 76 per cent
respectively
- The Company has entered into a technical collaboration
agreement with Fairfield,
whereby Fairfield has agreed to provide technology to
the Company to upgrade its
manufacturing facilities and capabilities, standard
and process.
- The Company has entered into a long term Product
Supply Agreement with Fairfield
for supply of products to Fairfield for its
international customers.
- Mr. Murad Fyzee and Mr. P.N. Kotwal resigned as
directors.
- Mr. Manoj Borkar ceased to be a director of the
Company consequent upon
withdrawal of his nomination by IL&FS Venture
Corporation India Ltd.
2004
-Fairfield Atlas Ltd has informed that the reference made by the
company to BIFR under SICA Act, 1985 has been registered by BIFR on
December 22, 2003.
2007
-Fairfield Atlas Ltd has appointed Mr. Rajesh Chopra as Independent
Director w.e.f. May 21, 2007.
2008
-Fairfield Atlas Ltd has appointed Mr. Lalit K Chaudhary as Managing
Director and Chief Executive Officer of the Company for a period of 5
years w.e.f. January 01, 2008.
- Fairfield Atlas Ltd has informed that Mr. Devanand E Jacob has been
appointed as Managing Director of the Company for a period of 2 years
commencing from October 24, 2008 and ending on October 23, 2010.
2010
- Mr. Devanand E. Jacob has been re-appointed as Managing Director of
the Company.
2011
- FAirfield Atlas Ltd team won a prize in 3rd edition MSED (Single
Minute Exchange of Dies) competition, organized by ACMA Western
Region in association with ACMA Center for Technology (ACT), A
division of ACMA, held on Saturday, 12-Feb-2011 in Hotel Aurora
Towers, 9 Moladina Road, Pune.
- FAirfield Atlas Ltd have won First prize in Kaizen Mela, Organized
by Telcon.
- FAirfield Atlas have been awarded by Telcon Construction equipment
Company Limited, Dharwad for securing a Mean Quality Score of 98.70%
for the year 2010-2011.
