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Permanent Magnets > Company History > Engineering > Company History of Permanent Magnets - BSE: 504132, NSE: PERMAGNET
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Permanent Magnets

BSE: 504132|NSE: PERMAGNET|ISIN: INE418E01018|SECTOR: Engineering
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Company History - Permanent Magnets
YEAR                       EVENTS
 1960 - The Company was Incorported on 26th November, at Baroda.
 
      - The Company's object is to manufacture and deal in all kinds
 of
        permanent magnets, ores, metals, alloys and their products.
 
 1961 - Allotted 1,100 shares without payment in cash and 2,900 shares
 
        for cash to Centro Magneti Permanenti.  10,710 shares to 
        promoters, etc. and 10,290 shares to the public in Jan. 1961.
 
 1962 - Final call of Rs.25 per share made during the year.
 
 1967 - 2,500 Bonus equity shares issued in the prop. 1:10.
 
 1971 - 16,500 Rights shares issued at par in prop. 3:5.  Only 13,829
        shares taken up.
 
 1980 - 10,332 bonus shares issued in prop. 1:4.
 
 1981 - The Company issued as Rights secured non-convertible
 debentures 
        for Rs.38.75 lakhs for working capital purposes.
 
 1982 - The Company's application for expansion of the capacity of
 hard
        ferrite plant at Jalgaon was approved by Government.  Work on
 the
        project was already taken up.  The machineries under the
 first
        phase for the manufacture of powder, were commissioned during
 May
        1984.
 
      - The Company signed technical collaboration agreement with
 M/s.
        Sumitomo Special Metals Co. Ltd., Japan for updating of its
 cast
        magnet plant.  A programme of modernisation of ferrite plant
 was
        also drawn up.
 
 1983 - The facility for the manufacture of sector ferrite magnets
 under
        process was successfully set up at the Borivli plant.  The
        programme of modernising ferrite plant was being successfully
        implemented.
 
 1984 - Profits, however, were lower due to losses incurred by the
        Jalgaon plant.
 
      - 25,830 bonus shares issued in prop. 1:2.
 
 1985 - The profitability was affected due to decline in production
 and
        sales of cast magnets, poorer sales realisation of errite
 magnets
        overall increase in costs of various inputs and substantial
        decline in production at the Jalgaon plant on account of 
        continued teething problems.
 
      - Overall exports rose substantially to Rs.1.53 crores mainly
 due 
        to sluggish demand for cast and ferrite magnets in the local
        markets.
 
      - The Company incurred losses mainly due to unremunerative
 prices
        for ferrite magnets coupled with rise in production costs
 etc.
 
      - The Company issued to UTI and LIC on private placement basis
 15%
        secured redeemable non-convertible debentures for a total
 value
        of Rs.75,00,000.
 
 1986 - The Company finalised a project for the manufacture of a
 family
        planning device - Copper T in collaboration with Leiras 
        Pharmaceuticals, Finland.  To implement the said project, a
 new
        Company by the name Famy Care Ltd. was formed with the
 Company
        contributing to 10% of the new Company's capital.
 
 1988 - The profitability, however, was adversely affected due to
 lower
        capacity utilisation at the Jalgaon plant, poor price
 realisation
        of hard ferrite rings, decline in exports of ferrite magnets
 and
        steep rise in the prices of raw materials.
 
 1989 - The Company came under the provision of Sick Industrial
 Companies
        (Sp. provisions) Act, 1985 due to erosion in the net worth by
        more than 50%.  Necessary steps were being taken.
 
 1990 - 77,491 Rights shares issued at par in prop. 1:1 in February
 1991.
        Additional 19,372 shares were allotted to retain
 oversubscription
 
 1992 - 18,852 shares allotted on conversion of term loan of
 financial
        institution into shares.
 
 1994 - During May, the Company issued 2,89,809 rights equity shares
 at a
        prem. of Rs.100 per share and in prop. 3:2.
 
      - 4,380 shares and 6,450 shares were allotted to IDBI and ICICI
        respectively on conversion of loans.
 
 
 2003
 
 -The Board approved to offer 2469225 equity shares of Rs 10 each at
 par on right basis to the existing shareholders of the company in the
 ratio of 1:2
 
 2011
 -Registered Office of the Company has been shifted To Plot No.
 110/1/11 & 110/1/12, Himalaya Industrial Estate,Village Amli,
 Silvassa - 396230, Dadra and Nagar Havell (U.T.)
 
 2013
 - The Company has shifted its registered office to new premises  to
 Harsh Avenue, 302, 3rd Floor, Opp. Silvassa Police Station, Silvassa
 Vapi Main Road,  Silvassa- 396230. Dadra and Nagar Haveli (U.T.)
 
Source : Dion Global Solutions Limited
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