Company History - Jenson and Nicholson
YEAR EVENTS
1922 - The Company was Incorporated on 2nd December, as a private
limited company. The company's first paint factory is located
at
Naihati, West Bengal State. It was converted into a public
limited company in 1953. The company also has a research and
development laboratory.
- The company's object is to manufacture of paints, pigments,
varnishes and allied products such as weigh feeders, railway
wagon weighing devices, belt weighers, solid flow
proportioning
and measuring devices on stream and automatic calibration
devices. The company also carries on hotel business.
1953 - 20,000 pref. shares allotted. These shares redeemable after
31.12.1968 at 6 month's notice.
1956 - Allotted 4,585 pref. shares in 1956, 1,098 pref. shares in
1958
and 6 pref. shares in 1959.
1964 - The Company expanded its activities by establishing another
plant
manufacturing unit at Panvel, Maharashtra State.
1966 - 75,000 Rights equity shares allotted in the prop. 3:13.
1973 - The foreign holding of equity shares was completely purchased
by
Indian Nationals.
1981 - The Company took on lease Hotel Maurya, a 5-star hotel in
Patna,
Bihar State and started operating it.
- 3,50,000 Bonus equity shares were allotted in prop. 8:7.
1983 - Jenson & Nicholson (Nepal) Pvt. Ltd. was floated as a
subsidiary
of the Company in Nepal. J & N Leasing Co., Ltd. is also a
subsidiary of the company.
- 7,50,000 No. of equity shares issued in Aug. 1993 (prem. Rs.5
per
share). Of these 15,000 shares to promoters, directors etc.
and
14,700 shares to business associates reserved for allotment.
The
balance 7,20,300 No. of equity shares offered to the public.
1986 - Overall production declined due to sluggish market conditions
and
lower production on account of a 4 months strike at the
Panvel
factory.
- The Company's R & D department, developed a new exterior
emulsion
paint for masonry surfaces and it proposed to introduce
`Microcont` based on digital technology to the Indian market.
- Modernisation of the Naihati Paint factory was taken up.
Commercial production of powder coating under collaboration
with
Societe Francaise Duco, France was started.
1987 - The company undertook a project for manufacture of Co-Polymer
emulsions, a principal raw material for plastic emulsion
paints
and other water based coatings, with technical assistance
from
M/s. Kalon Plc, U.K.
1988 - The powder coating capacity was further expanded by
installation
of certain balancing equipments.
- The industrial electronics division absorbed the micro-cont
technology were manufactured in the factory.
1989 - In the first phase, a modern powder coating plant and some
product lines of liquid paint were commissioned.
1990 - The unit developed high solid alkyd for low solvent emission
and
development of non-oligomeric binders of high solid polyester.
Also, a serial communication link with other families of
computer
was established which in turn helped the unit to provide
microprocessor based weighing system in customer's large
system
network. It was also proposed to introduce a powerful
computer
in the market which was to work as supervisory weighing
controller. Also, for the paint division, polyurethane
finishes
were developed which find use in coach factories.
- The Company allotted non-convertible debentures aggregating
to
Rs.150 lakhs on private placement basis with financial
institutions viz., UTI, GIC, LIC and its subsidiaries.
1991 - The Company offered 11,25,000 - 14% FCD's of Rs.60 each for
cash
at par as rights in prop. 1 deb : 2 equity share held (all
were
taken up). Additional 1,68,750 debentures were allotted to
retain over subscription. Another 56,250 - 14% debenture
were
issued to employees on an equitable basis. Rs.60 of the face
value of each debenture was to be converted into 1 equity
share
of Rs.10 at a prem. of Rs.50 per share. Accordingly 13,36,050
shares were allotted on October, 1992.
- 7,50,000 shares allotted as fully paid Bonus shares by
capitalisation of general reserve and share prem.
1992 - 13,36,050 shares allotted on conversion of convertible
debenture.
1993 - There was a considerable pressure on the margins due to
intensive
competition in the industry for maximising the volume growth.
- The second phase of liquid paint plant in Sikanderabad was
commissioned.
- The company has taken up the formation of new company,
Schenck
Jenson and Nicholson Sensors Pvt. Ltd. for manufacture of
electronic load cells.
1994 - The Company has taken up substantial expansion of powder
coating
capacity.
- Authorised capital increased, 58,600 shares of Rs.10 each at a
prem. of Rs.90 per share allotted on conversion of convertible
Debentures.
1995 - The Company has achieved a breakthrough in Architectural
Segment
with launch of `Instacolour` a product which offers 626
shares,
in collaboration with Tikkurila Oy of Finland.
- 3,00,000 No. of equity shares of Rs.10 each at a prem. of
Rs.90
per share allotted on conversion of convertible debentures.
1,93,228 No. of equity shares of Rs.10 each allotted to
financial
institutions on conversion of loan.
1996 - In order to take advantage of the expanding markets in paints
the
company had entered into a technical collaboration agreement
with
M/s. Chugoku Marine Paints Ltd., Japan one of the largest
international players in Marine Paints, container coatings
and
heavy duty castings.
- A joint venture company viz. Chugoku Jenson & Nicholson Ltd.
was
formed on the basis of 50:50 with M/s. Chugoku Paints
(Singapore)
Pte Ltd. to secure substantial share of the business in
marine
and heavy duty coatings.
2000 - The Company has finally sold its ailing financial services
arm,
Jenson & Nicholson Financial Services Ltd. to the
Rajarathinam
Group.
- Calcutta-based Jenson &Nicholson (India) is close to
acquiring a
controlling stake in two of its suppliers one in Tamil
Nadu and the
other in Guwahati.
2003
- Mr. Anant P. Sinha has been appointed as Joint Managing Director of
the company effective from September 01, 2003. and Mr. J S Chatterjee,
Jt. Managing Director has left the services of the Company effective
from September 10, 2003.
