Company History - Permanent Magnets
1960 - The Company was Incorported on 26th November, at Baroda.
- The Company's object is to manufacture and deal in all kinds
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
for Rs.38.75 lakhs for working capital purposes.
1982 - The Company's application for expansion of the capacity of
ferrite plant at Jalgaon was approved by Government. Work on
project was already taken up. The machineries under the
phase for the manufacture of powder, were commissioned during
- The Company signed technical collaboration agreement with
Sumitomo Special Metals Co. Ltd., Japan for updating of its
magnet plant. A programme of modernisation of ferrite plant
also drawn up.
1983 - The facility for the manufacture of sector ferrite magnets
process was successfully set up at the Borivli plant. The
programme of modernising ferrite plant was being successfully
1984 - Profits, however, were lower due to losses incurred by the
- 25,830 bonus shares issued in prop. 1:2.
1985 - The profitability was affected due to decline in production
sales of cast magnets, poorer sales realisation of errite
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
to sluggish demand for cast and ferrite magnets in the local
- The Company incurred losses mainly due to unremunerative
for ferrite magnets coupled with rise in production costs
- The Company issued to UTI and LIC on private placement basis
secured redeemable non-convertible debentures for a total
1986 - The Company finalised a project for the manufacture of a
planning device - Copper T in collaboration with Leiras
Pharmaceuticals, Finland. To implement the said project, a
Company by the name Famy Care Ltd. was formed with the
contributing to 10% of the new Company's capital.
1988 - The profitability, however, was adversely affected due to
capacity utilisation at the Jalgaon plant, poor price
of hard ferrite rings, decline in exports of ferrite magnets
steep rise in the prices of raw materials.
1989 - The Company came under the provision of Sick Industrial
(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
Additional 19,372 shares were allotted to retain
1992 - 18,852 shares allotted on conversion of term loan of
institution into shares.
1994 - During May, the Company issued 2,89,809 rights equity shares
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.
-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
-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.)
- 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.)