Futura Polyesters Ltd.

YEAR                       EVENTS
 1960 - The Company was incorporated in February at Mumbai.  The
 company
        manufacture heavy organic chemicals such as acetic acid, 
 ester
        solvents, benzyl products,  plasticizers and polyester fibre
 and
        computer software.  Polyster fibre is sold under the trade
 mark
        FUTURA.
 
 1962 - 10,000 Rights Shares issued at par in propn. 1:4.
 
 1969 - In Sept. 20,000 Bonus shares issued in prop. 2:5.
 
 1970 - In May, 70,000 Right Equity shares issued at par in prop.
 1:1.
        2,10,000 No. of equity and 1,00,000 Pref. shares issued: (i)
        6,645 No. of equity shares to directors and employees; 19,275
 No.
        of Equity shares reserved for allotment to Chemtex Fibres,
 Inc.,
        against supply of machinery; (iii) 1,84,080 No. of Equity and
        1,00,000 Pref. shares offered to public.
 
 1972 - The Company set up a plant for the manufacture of 6,100 tonnes
 of
        polyester fibre under the brand name `FUTURA' at Manali in
 Tamil
        Nadu State.
 
      - The Company entered into collaboration agreements with
 Chemtex
        Fibres Inc., U.S.A., for the supply of machinery equipment
 and
        technical data from abroad and Chemtex Overseas Inc., U.S.A.,
 for
        covering procurement and supply of machinery in India in
 addition
        to the technical data and continuing know-how.  These
 companies
        are the wholly owned subsidiaries of Chemtex Inc., U.S.A.,
 which
        by another agreement guaranteed their performance.
 
 1976 - 1,65,362 Bonus Equity shares issued in propn. 1:2.
 
 1978 - The Company received industrial licence for expanding the
        capacity of polyester staple fibre from 6,100 tonnes to
 12,000
        tonnes per annum.
 
      - Technical collaboration arrangements were concluded  with
 Zimmer
        Aktiengesellschaft and Neumunstersche Machinen Und
 Apparatebau
        GmbH, both of West Germany.
 
 1979 - 2,48,043 Bonus Equity shares issued in prop. 1:2.
 
 1982 - Approvals of the High Courts at Karnataka and Mumbai were
        received.  The Scheme of Amalgamation became effective from
 1st
        March, 1983 and the shares and debentures were allotted
 effective
        from 1st July, 1981 in terms of this Scheme.
 
      - 1,00,000 - 9.3% Pref. shares redeemed.  3,50,000 No. of
 equity
        shares issued at par to members of erstwhile Corporation
 Bank,
        Ltd., without payment in cash upon its merger with the
 Company.
 
 1983 - 3,58,215 shares allotted (premium Rs 10 per share) on part
        conversion of 13.5% debentures of the first series.
 
 1984 - A letter of intent was received to manufacture 2,500 tonnes
 of
        french fries and allied products per annum.
 
 1985 - A new reactor was installed in the acetic anhydride plant.
 
      - The Company converted letters of intent to increase the
 capacity
        of the Manali unit to 30,000 tonnes per annum and to
 manufacture
        3,500 tonnes per annum of polyester filament yarn at Manali.
 
      - Letter of intent were converted into industrial licence. 
 Foreign
        Collaboration was approved by Government.
 
      - The Company set up a software division at Bangalore which
 would
        initially develop software packages for various industries.
 
      - 1,55,535 Shares allotted (Premium Rs 15 per share on
 conversion
        of 12% debentures of third series.  41,52,525 bonus shares
 then
        issued (Prop. 1:2).
 
 1986 - The Glyoxal plant with a capacity of 1,000 tonnes per annum
 was
        set up.  The company received a DGTD registration to increase
 the
        installed capacity of Benzaldehyde from 300 to 2,000 tonnes
 per
        annum.  The Company also made an application to increase the
        capacity of alcohol based chemicals from 14,700 tonnes to
 24,700
        tonnes per annum.
 
      - The Company holds industrial licence for manufacture of
        phenylglycine base (300 TPA) and Para - Hydroxyphenyl glycine
        dane salt (150 TPA) and their derivatives in different
        capacities.
 
      - A photo processing plant was installed and the items marketed
        under the brand name NIK-NAKS were well received in the
 market.
        12 Software packages useful to business and industry were
        developed/published.
 
      - The Company issued 34,99,996 - 15% secured non-convertible
        debentures of Rs 100 each.  Of these, debentures aggregating
 Rs
        15 crores were privately placed with LIC, UTI and GIC and its
        subsidiaries and debentures of the value of Rs 19.99 crores
 were
        offered as rights to resident Indian shareholders.
 
 1987 - Convenience Foods (India), Ltd., became a subsidiary of the
        Company.
 
      - 62,28,800 Right Equity shares issued (Prem. Rs 5 per share;
 Prop.
        1:2).  Only 65,44,984 shares taken up.  Out of the remaining
        5,84,059 shares 2,74,741 shares were allotted privately
 leaving
        3,09,075 shares unallotted.  Another 3,11,400 No. of Equity
        shares were offered to the employees of the Company (Stock
 Option
        Scheme) at a premium of Rs 5 per share but only 22,700 shares
        taken up.  The balance 2,88,700 shares were allowed to lapse.
 
 1988 - In the area of Desk Top Publishing, a new package called
        `Prakashak' was introduced.
 
      - The Name of the Subsidiary, Convenience Foods (India), Ltd.
 was
        changed to Futura Industries, Ltd.
 
 1990 - With a view to improving the situation, the Company
 introduced
        certain value added products like bright Trilobal yarn that
        fetched better prices.  Also, the speciality fibres such as
 black
        dyed, trilobal and tow were introduced.
 
      - The Company expanded its polyester filament yarn capacity to
        9,175 tonnes.
 
 1992 - The Capacity of Ethyl Acetate was expanded from 5,000 to
 8,000
        TPA.
 
      - A joint venture company with equity participation by the
 Company,
        was being set up in USA to market software and digitising
        services in USA.
 
      - During March-April, the Company offered 20,00,000-15% secured
        redeemable partly convertible debentures of Rs 125 each on
 Rights
        basis in the proportion of 11 debentures: 100 No. of Equity
        shares held (All were taken up).  Additional 3,00,000
 debentures
        were allotted to retain oversubscription.
 
      - Another 1,00,000 - 15% debentures were issued to the
 employees
        (including Indian working directors)/workers of the Company
 on
        an an equitable basis.  Only 27,550 debentures taken up.  The
        unsubscribed portion was allowed to lapse.  Rs 50 of the face
        value of each debenture was to be converted into 2 equity
 shares
        of Rs 10 each at a premium of Rs 15 per share on the expiry
 of
        six months from the date of allotment of debentures.
 
      - Remaining Rs 75 of the face value of each debenture was to be
        redeemed at par in three equal annual instalments at the end
 of
        the 6th, 7th and 8th year from the date of allotment of
        debentures.
 
      - 46,55,100 No. of equity shares allotted (Prem. Rs 15 per
 share)
        on conversion of 15% debentures.
 
 1993 - During the year additional value added products such as high
        resolution fonts, colour separation software, Document
 management
        solution, etc. were offered to the printing and publishing
        industry.
 
      - During March/April, the Company issued 92,22,040 No. of
 equity
        shares of Rs 10 each at a premium of Rs 20 per share on
 rights
        basis in the proportion 2:5.  Only 78,14,191 shares taken up.
        The balance 14,07,849 were issued on private placement basis.
 
 1994 - A separate company named `Sonata Software Ltd.' was formed
 which
        took over the business of software division.
 
      - The Company plans to set up a joint venture company with
        Pepsi-Cola International, USA to manufacture 23,000 tpa of
 bottle
        grade polymer Chips with a firm buy back arrangement.
 
      - Corporation Bank Ltd., was merged with the Company.  In terms
 of
        the Scheme of Amalgamation, a sum of Rs 155 lakhs was to be
 made
        available to the company by Corporation Bank Ltd.  In
        consideration the Company was to issue and allot 35,000 No.
 of
        equity shares of Rs 100 each, 35,000 - 12% convertible
 debentures
        of Rs 150 each all credited as fully paid-up.
 
      - The Basis therefore will be the issue of 1 equity share of Rs
 100
        each, 1 convertible debenture of Rs 125 each and 1
        non-convertible debenture of Rs 150 each, all credited as
 fully
        paid in exchange for every 5 fully paid equity shares of Rs
 50
        each in Corporation Bank, Ltd.
 
      - The Company converted 12,00,000 No.of equity warrants issued
 to
        the management group to 12,00,000 No. of equity shares of Rs
 10
        each at a premium of Rs 68 per share.  An amount of Rs 7.80
 (Rs 1
        face value and Rs 6.80 premium) called up.
 
      - Sonata Software Ltd., became a subsidiary of the Company.
 
 1995 - The performance of the polyester unit was adversely affected
 due
        to recession in the textile and yarn markets and steep rise
 in
        prices of basic raw materials.
 
      - The Company issued 3,72,065 - 13% secured convertible
 debentures
        of Rs 100 each at par to its equity shareholders.  As per the
        terms of the issue, for each debenture, one equity share of
 the
        face value of Rs 10 each at a premium of Rs 10 per share.
 
 1997 - Profitability of the alcohol based chemicals was affected due
 to
        increase in the price of alcohol and, fluctuations in
 exchange
        rate, etc.
 
 1998 - 4,500 forfeited shares reissued.
 
 2002
 
 -Indian Organic Chemicals Ltd has informed BSE that the Chennai High
 Court and Bombay High Court have sanctioned the scheme of
 amalgamation of Futura Polymers Ltd with Indian Organic Chemicals
 Ltd.
 
 2008
 
 -Futura Polyesters has designated E-mail ID for Investors Complaints:
 investorrelations@futurapolysters.com
 
 2011
 
 -Futura Polyesters has incorporated a wholly owned subsidiary Company
 under the name FPL Property Developers Pvt. Ltd.