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Peninsula Land > Company History > Construction & Contracting - Housing > Company History of Peninsula Land - BSE: 503031, NSE: PENINLAND
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Peninsula Land

BSE: 503031|NSE: PENINLAND|ISIN: INE138A01028|SECTOR: Construction & Contracting - Housing
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Company History - Peninsula Land
YEAR                       EVENTS
 1871 - Morarjee Goculdas Spinning & Weaving Company Limited was
        incorporated on 10th August at Mumbai.
 
      - The main objective of the company is to manufacture cotton
        textile goods.  The products manufactured are drills, mulls,
        satins, coatings, sarees, sheeting, crepe poplins, shirtings,
        dhoties, table cloth, towels, voils, prints, etc.  Counts
 ranging
        from 6s to 120s are spun and the cloth width ranges from 26
 to
        75.  The Mills are equipped to carry out bleaching, dyeing, 
        mercerising, printing, schreinering, calendering and yarn.
 
 1963 - 23,000 right equity shares offered at par in prop. 4:9.
 
 1970 - The company floated a subsidiary under the name and style of
        Gopikisan Piramal Ltd., with a view to develop its exports and
 to
        deal in power loom cloth so that the same may be processed by
 it.
 
      - Piramal Exports Ltd., and Elphin Investments Ltd., are also
        subsidiaries of the Company.
 
      - The Company proposed to issue 12.50% - 17,250 secured
        non-convertible debentures of Rs. 100 each in lieu of 6.43%
        Preference shares in the proportion 1 Debenture: 1 Preference
        share.
 
      - The debentures will be repaid at par at the end of 10 years
 from
        the date of allotment with an option to the Company to repay
 the
        amount in instalments by drawing lots at any time.
 
 1971 - 74,750 Bonus equity shares issued in prop. 1:1.
 
 1972 - 37,375 bonus equity shares issued in prop. 1:4.
 
 1977 - 193,437 Bonus equity shares issued in prop. 1:2.
 
 1979 - With effect from 12th March, the company purchased the assets
 of
        pharmaceutical division of Kemp & Co. Ltd.  The results of
        pharmaceutical division till the end of June were not upto
        expectations.  Plant and machinery of pharmaceutical and
 chemical
        division have not been used for production purposes since
 1980
        and were being dismantled.
 
 1980 - On 26th April, the company signed an agreement for the
 purchase
        of the textile unit of Sayaji Mills Ltd., known as Sayaji
 Mills
        No. 2 located at Lower Parel, Mumbai.
 
      - In November, the company purchased the assets of the chemical
        division of Urvi Investments Ltd., known as Piramal Organic
        Chemicals.  Priamal Organic Chemical division worked only for
 a
        few days as there was a prolonged strike upto the end of June
        1981.
 
 1981 - 1,40,156 bonus equity shares allotted on 28.2.1981 in prop.
 1:2.
 
 1989 - A modernisation scheme to ensure adequate availability of
 high
        quality products for export market was drawn.
 
 1990 - A project for the manufacture of twist drills at Ankleshwar
 was
        commissioned.
 
 1991 - Efforts in reviving Davangere were beginning to bear fruit in
        terms of improved productivity and higher realisation.
 
      - Auto Ancillary division continued to be affected by the
 recession
        in the domestic automotive industry.  The loss in domestic
 sales
        was largely made up by a sharp rise in exports.  During the
 year,
        an alternator was developed for export to Germany.
 
      - The Morarjee Goculdas Spinning & Weaving Co., Ltd. were
 allotted
        without payment in cash to shareholders of Davangere Cotton
        Mills, Ltd. in the proportion of 10 Morarjee: 15 Davangere.
 
 1992 - During demand for textile products was weak in the first nine
        months and showed signs of improvement in the last quarter. 
        There was a sharp increase in cotton prices as well as power
        tariff.
 
      - Satisfactory sales performance was registered in tool bits,
        hacksaws and band saws.  However, in drill and end mills the
        offtake was affected due to stagnant market conditions in
        domestic as well as exports markets.
 
      - Recession continued to affect domestic automotive industry. 
        Exports showed a phenomenal rise of 265%.
 
      - During September, the Company offered 39,09,306 Rights equity
        shares of Rs. 10 each at a premium of Rs. 115 per share and
 in
        proportion 1:3.
 
      - PMP Auto Industries, Ltd., a wholly owned subsidiary of S.S.
        Miranda, Ltd., was amalgamated with the holding Company. 
 S.S.
        Miranda was then to be amalgamated with The Morarjee Goculdas
        Spinning & Weaving Co., Ltd.  PMP is in the business of
        manufacturing and dealing in various automobile parts and has
 two
        manufacturing plants on at Goregaon in Mumbai and the other
 at
        Satara in the State of Maharashtra.  S.S. Miranda Ltd., is in
 the
        business of manufacturing and dealing in cutting tools and
 tool 
        bit blanks for engineering industries and has two
 manufacturing
        plants, one at Mumbai and the other at Ankleshwar.
 
      - The Scheme of Amalgamation provides for an exchange ratio of
 one
        equity share of Rs. 10 each of the Morarjee Goculdas Spg. &
 Wvg. 
        Co., Ltd. for every one equity share of Rs 10 each of S.S.
        Miranda, Ltd.  Accordingly, 16,00,000 No. of Equity shares of
 Rs
        10 each of the Company were allotted to the erstwhile
        shareholders of SSM during 1991-92.
 
      - The rehabilitation scheme for Davangere Cotton Mills, Ltd.,
        based on its merger with Morarjee Mills with effect from 1st
        July, 1991 was approved by BIFR.  Consequent upon this
 merger,
        50,667 No. of equity shares of Rs 10 each of The Morarjee
        Goculdas Spinning & Weaving Co., Ltd. were allotted without
        payment in cash to shareholders of Davangere Cotton Mills,
 Ltd.
        in the propn. of 10 Morarjee: 15 Davangere.
 
 1993 - Cotton prices increased by 30% due to lower crop production
 and
        Government's policies pertaining to export of cotton. 
 Despite
        these, the Company managed to hold its gains through strategic
 
        procurement policies, upgradation of facilities, increase in 
        productivity etc.  During the year, `Hazel' range of salwar
        kameez introduced and it was proposed to set up franchise
        operations throughout the country for the same.
 
      - The Tool division enjoyed the benefits of lower raw material
        costs due to steep reduction in import duty on steel.
 
      - As per the agreement entered into with TESA, Switzerland the
        Company was to receive precision measurement instruments.
 
      - With the recovering of the automotive industry, turnover of
 OEM
        customers improved by 41% over the previous year.
 
      - The Company started Systems division for provision of
 software
        consultancy in the field of information technology besides
        other areas of software development.
 
      - The `Tsudakoma' air jet looms, `Ruti-C' looms Laxmi Reiter
 Ring
        Frames and other balancing machineries were received as a
 part
        of its modernisation programme.  The Company proposed to
        modernise its Mumbai and Davangere unit.
 
      - Pref. shares redeemed on 1.7.1992.  39,09,306 right equity
 shares
        (prem. Rs. 115, Prop. 1:3) allotted.
 
 1994 - The Tool division entered into arrangements with Kyoera of
 Japan,
        world leaders of cerment/ceramic cutting tools; L.S. Starrett
        Co., of the USA, through their UK subsidiary and Samta of
 South
        Africa for Bi-metal bandsaws.
 
      - `Robocop', an anti-theft device for cars was introduced.
 
      - 40,00,000 No. of equity shares of Rs. 10 each for cash at a
 prem.
        of Rs. 50 per share was allotted on February 21st, 1995.
 
 1995 - The performance of the Textile Division was severely affected
 due
        to sluggish market condition both in domestic and
 international
        markets coupled with severe competition from power loom
 sector. 
        In order to improve realisation of fabric the company
 implemented
        a 2 tier system of marketing.  Production at Davangere and
 Gadag
        Units were affected by critical power situation.
 
      - The textile industry continued to be under recession and added
 to
        this was the high costs of inputs.  The operations of the
 company
        got further affected due to a fire in the winding & doubling
        department of unit No. 1.  Hence due to loss of some critical
 
        equipments, the supply of value added exports products
 suffered
        badly.  With the upgradation of technology and modernisation
 of
        plant.
 
      - The Company has entered into an alliance with the Wakefield
 Shirt
        Company Ltd. of U.K., for manufacturing of Double Two brand
 of
        apparel in India.
 
      - The Company proposed to expand the capacity of Endmill to
 25,000
        units per month.
 
      - Sales and exports of Auto Ancillary division was affected due
 to
        the labour unrest which lasted for 3 1/3 months.  Auto
 ancillary
        business was spun off from the parent company into a separate
        company in order to allow expansion or restructuring of the
        division in collaboration with a strategic investor.
 
 1996 - The Endmill expansion of the division was completed during
 the
        year taking the total capacity to 20000 units per month.
 
      - The performance of the Textile Division continues to be under
        pressure due to sharply escalating costs, Sluggish market
        conditions and unfair competition from the powerloom sector.
 
      - The company proposed to expand the Guarantor-Dealer network.
        Davangere and Gadag units continue to be affected by the
        critical power situation.
 
      - During September the company signed a joint venture agreement
        with Cromwell Croup (Holdings) Ltd., U.K. to set up a
 separate
        company to sell, market and distribute company's products.
 
      - The company formed a 50:50 joint venture with Manifattura di
        Valle Brembana (MVB) of Italy, to manufacture and market high
        quality shirting fabrics.  It was commissioned at Butibori
 near
        Nagpur. 
 
      - The saw business of the Tools Division has been spun off into
 a
        Separate Joint Venture Company `Miranda Amsaw Pvt. Ltd.'  The
        joint venture was promoted by the company and American Saw &
        Mfg. Co. Ltd., with 50:50 equity participation.  Joint
 venture
        commenced operations from 1st July, 1997. 
 
 1997 - The Complete modernisation was taken up and the modernised 
        process house was commissioned on 7th July 1998.  This was
        carried out with the technological support of joint venture
        partner M/s. Manifattura, Italy.
 
      - The company took a step towards working closely with reputed
        fashion designers to create its own design to cater the
 emerging
        fashion trends.  A major restructuring was undertaken at
        Davangere works to reduce costs and rationalise manufacturing.
 
 
      - The grey fabrics of the unit were being processed at Mumbai
 with
        a view to reducing costs and also to enable upgradation of
        quality.
 
      - Exports rose by 22% as the division took advantage of the
        weakening Rupee.
 
      - The company undertook to expand the capacity of Taper Shank
        drills.  The Systems Division also undertook to expand the
        capacity of endmill production.
 
 1998 - Modernisation & Expansion division also undertook to expand
 the
        capacity of endmill production.
 
 2002- Morarjee Goculdas Spinning & Weaving Company Ltd has informed
 that, it has             reappointed Mr P K Gothi the Managing
 Director of the Company from January 22, 2002 for             a
 period of five years. Mr Jaydev Mody has been appointed as a Director
 of the                         Company liable to retire by rotation.
 
 2004
 
 -The Morarjee Gokuldas Spinning & Weaving Co. Ltd has informed that
 the Honourable High Court of Judicature at Bombay has directed that a
 meeting of the Equity Shareholders of the Company be convened on
 January 15, 2004 for the purpose of considering the Scheme of
 Arrangement proposed to be made between The Morarjee Gokuldas
 Spinning & Weaving Co. Ltd and Canere Actives & Fine Chemicals Pvt.
 Ltd., and their respective members, for the demerger/transfer of the
 Tools Division of The Morarjee Gokuldas Spinning & Weaving Co. Ltd to
 Canere Actives & Fine Chemicals Pvt. Ltd., The Company also informed
 that, an Extraordinary General Meeting of the Company has also been
 convened on January 15, 2004, to be held soon after the conclusion of
 the aforesaid Court Convened Meeting for seeking shareholders approval
 for: (1) Debiting Share Premium Acccount pursuant to Section 100 r/w
 Section 78 of the Companies Act, 1956. (2) Change of Name of the
 Company to Morarjee Realities Ltd; (3) Approval to the appointment of
 Mr. Jaydev Mody as Managing Director w.e.f November 26, 2003.
 
 -Morarjee Gokuldas Spinning & Weaving Co. Ltd Change of name of the
 Company
 
 2006
 
 -Company has changed its name from Morarjee Realties Ltd. to
 Peninsula Land Ltd.                                                  
      
                                                     
 2007
 - Peninsula Land Limited has shifted the Registered office of the
 Company w.e.f from 15th February, 2007 : From: 106 Peninsula Centre,
 Dr S S Rao Road, Parel, Mumbai 400 012. To Peninsula Spenta,
 Mathuradas Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai -
 400 013. Telephone No. 6615 4651 - 53. Fax No 6615 4593.
 
 - The Company has splits its face value from Rs10/- to Rs2/-.
 
 2008
 
 - Mr. Sudhindar Krishan Khanna apointed has as an Additional
 Independent Director of the Company.
 
 - Board recomends a dividend of 40% on Equity shares of Rs 2/- each.
 
 2009
 
 - Board recommend a dividend of Re 0.90 per share on Equity shares of
 Rs 2/- each.
 
 2010
 
 - Board recommends dividend of  Rs. 1.50 per share on Equity shares
 of Rs. 2/- each.
 
 - Board has appointed Mr. Rajesh Jaggi has Managing Director.
 
 2011
 
 - Board has recommended dividend of Rs. 1.70 per share on Equity
 shares of Rs. 2/- each.
 
 2012
 
 - Mr. Pradeep Pasari would be appointed as the Company Secretary and
 Compliance Officer of the Company.
 
 - Board has recommended dividend of Rs. 1.1 per share on Equity
 shares of Rs. 2/- each.
 
 2013
 
 - Peninsula business park awarded as the Best  Commercial Project
 under MMR by RR KABEL CNBC AWAAZ real estate awards 2013.
 
 -Mr. Rajashekhar Reddy has been appointed as the Company Secretary
 and Compliance Officer of the Company.
 
 2014
 
 -Board recommended a Dividend of Rs. 0.40/- per share on Equity
 shares of Rs. 2/- each.
Source : Dion Global Solutions Limited
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