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Shree Digvijay Cement Company Ltd.

BSE: 502180 | NSE: SHREDIGCEM |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE232A01011 | SECTOR: Cement - Major

BSE Live

Apr 03, 16:00
22.10 -0.60 (-2.64%)
Volume
AVERAGE VOLUME
5-Day
68,901
10-Day
90,490
30-Day
122,134
9,872
  • Prev. Close

    22.70

  • Open Price

    22.40

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Apr 03, 15:59
22.15 -0.50 (-2.21%)
Volume
AVERAGE VOLUME
5-Day
382,955
10-Day
412,911
30-Day
586,737
144,579
  • Prev. Close

    22.65

  • Open Price

    22.05

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    22.15 (621)

Company History - Shree Digvijay Cement Company
YEAR                       EVENTS
 1944 - The company was incorporated at Jamnagar.  The main objective
 of
        the company is to manufacture cement and works mines,
 quarries
        etc. Cement is marketed under the trade name Lotus.
 
 1949 - During the year the factory commenced production.
 
 1955 - 30,000 No. of equity shares issued as rights in proportion
 1:2.
 
 1956 - 40,000 Pref. shares issued at par as rights to Pre.
 shareholders
        in prop. 1:1.  45,000 Right Equity shares issued (Prem. Rs.
 17.50
        per share: Prop. 1:2).
 
 1960 - A plant for manufacturing asbestors cement pipes and sheets
 was
        originally intended to be installed by the Company's
 subsidiary,
        Laxmi Asbestos Products, Ltd.  The Company decided to instal
 the
        plant at one of its Departments.  Accordingly, the licence
 was
        transferred to the Company's name.
 
 1962 - 13,500 No. of equity shares issued at a prem. of Rs. 50 each
 to
        John Manvile Corporation.
 
 1963 - 50,000 Right Equity shares issued. (prem. Rs. 100 each prop.
        1:3).  Further 1,500 No. of equity shares issued at a prem.
 of
        Rs. 50 per share to John Manvile Corporation.
 
 1966 - 49,878 Bonus Equity shares issued in the proportion 1:4.
 
 1979 - Laxmi Asbestos Products Ltd., is a wholly owned subsidiary of
 the
        Company.  Shree Satyanarayan Investments Co. Ltd., became a
        wholly owned subsidiary of the company.  As per the scheme of
        Amalgamation of Hastings Mills, Ltd., with the Company the
 Fort
        William Co., Ltd. became a subsidiary of the company.
 
      - 49,876 Bonus Equity shares issued in the proportion 1:5.
 
 1980 - The Company undertook to change one of its kilns to dry
 process
        with induction of latest precalcinator technology.  The
 Company
        was granted a letter of intent for the resultant increase in
        capacity by 4.85 lakhs tonnes.
 
 1981 - A letter of intent was received for expansion of asbestos
 cement
        sheet capacity by 36,000 tonnes.  This project was in an
 advanced
        stage and it was expected to be commissioned shortly. 
 Industrial
        licence was also received for increasing the asbestos cement
        pipes capacity by 30,000 tonnes per annum.
 
      - Johns Manville Corporation, U.S.A. are the technical
 consultants
        of the Company for the asbestos cement project.  They have
 also
        been appointed as sole selling agents for the Company's
 asbestos
        products for the Middle East and African countries.
 
      - Government of Gujarat agreed in principle to sanction mining
        leases, for limestone, necessary to implement the
 Modernisation
        and expansion scheme.
 
 1982 - In Synthetic Fabrics Division Labour indiscipline and low
        productivity adversely affected the working.  A lock-out was
        declared from 30th March, 1983.  The lock-out was lifted on
 25th
        July, 1984.
 
      - The Production in Jute Division was affected due to
 continuing
        low productivity and labour indiscipline which led to
 lock-out
        from 26th February.  The operations could be resumed only
 from
        19th August.
 
      - Government introduced partial decontrol of cement from 28th
        February, and also increased the retention price for levy
 cement.
 
      - A scheme was formulated in the Synthetic Fabrics Division for
        installation of new automatic looms and jute dyeing machine
 in
        the process house to improve plant efficiency.
 
      - The Company drew up a modernisation scheme for change over of
 one
        of the kilns from wet to dry process with induction of
        precalcination technology.
 
      - Pursuant to the scheme of amalgamation Hastings Mills, Ltd.,
 was
        amalgamated with the Company with effect from 1st April.  As
 per
        the terms of the scheme, the entire undertaking of Hastings
 Mills
        comprising of (a) Jute Mill, (b) Synthetic Fabrics Division,
 (c)
        Coir and Felt Division and (d) Investments, etc., were
        transferred to the company.  In consideration, the Company
 issued
        to the shareholders of Hastings Mills 40,000 No. of equity
 shares
        of Rs. 100 each, 35,000 - 13.5% redeemable cumulative
 preference
        shares of Rs. 100 each and 25,000 - 15% unsecured debentures
 of
        Rs. 100 each.
 
      - 40,000 No. of Equity shares and 35,000 - 13% Pref. shares
 issued
        without payment in cash and allotted to members of Hastings
        Mills, Ltd., on its merger with the Company with effect from
 1st 
        April.
 
 1983 - The Company was granted a letter of intent for installing a
 fresh
        cement capacity of 12 lakh tonnes per annum in two phases of
 6
        lakh tonnes each at Beawar in Rajasthan.  A new company,
 Shree
        Cement Ltd., was formed to implement Beawar Cement project.
 
      - The Cement production went down due to load shedding and
 power
        trippings at Digvijaygram works and closure for a part of the
        year of the clinker grinding plant at Mumbai.
 
      - The company decided to instal two imported diesel generating
 sets
        of 5000 KVA each to cope up with load sheddings and power
 cuts.
 
      - The Company procured 61,566 No. of equity shares of Rs. 100
 each
        in Digvijay Investments, Ltd., out of the shares offered for
 sale
        at par by the West Coast Paper Mills, Ltd.  Therefore, it
 became
        a subsidiary of the Company.
 
 1984 - The production of cement further dropped due to dismantling of
 a
        kiln of a capacity of 2 tonnes from 30th June, under the
        modernisation scheme.
 
      - As on 31st December, the Company's fixed assets except motor
        vessels were revalued and the net surplus arising out of this
 was
        credited to revaluation reserve.
 
 1986 - The overall working was affected due to fall in market price
 as a
        result of creation of new capacities and relaxation in levy
 quota
        by Government.  The lock-out in the Mumbai Cement mill was
 lifted
        on 20th October, on settlement with the employee's union.
 
      - The Company's application for financial assistance for
        modernisation and rehabilitation was at an advanced stage of
        consideration by financial institutions and the bank.
 
      - Synthetic Fabrics Division management was forced to declare a
        lock-out effective from 15th February, following labour
 unrest
        and operational constraints.
 
      - The prospects for products marketed under the brand name
        RILAXON appeared encouraging.
 
 1987 - Production of clinker and cement declined due to low offtake,
        hike in raw materials costs and power tariff etc.
 
      - In Jute Division the working results were unsatisfactory due
 to
        depressed market conditions, on account of drought and decline
 in
        demand from food and fertilizer sectors.
 
      - The Company filed a petition in the Gujarat High Court for
        conversion of 79,940 - 5% Redeemable Cumulative Preference
 Shares
        of Rs. 100 each into Non-convertible debentures of Rs. 100
 each
        on 1:1 basis effective from 1st January, 1988.  The Scheme
 was
        approved and accordingly, 79,940 - 14% non-convertible
 debentures
        of Rs. 100 each were issued.
 
      - Sibpur Mills, Ltd. was incorporated on 23rd June, as a
 subsidiary
        of The Fort William Co., Ltd. with the object of
 manufacturing
        jute goods and steel wires and ropes.
 
      - As on 31st December, the Company's assets were revalued and
 the
        net surplus arising out of this was credited to the
 revaluation
        reserve.
 
 1988 - The Company became a sick industrial company within the
 meaning
        of section 3(i) (o) of the Sick Industrial Companies (Special
        Provisions) Act, 1985.
 
 1989 - The improved unit realisation in cement sales was largely
        neutralised due to rise in cost of production.
 
      - Sheet production showed a marginal improvement while that of
        pipes suffered a set back.  The demand for pipes had declined
 so
        much that the capacity utilisation in the industry was dropped
 to
        around 35%.  The working of the division suffered also due to
        steep increase in the cost of imported asbestos fibre.
 
      - Production of carpet backing cloth was curtailed due to
        unremunerative market conditions.  The raw jute prices also
        increased substantailly which adversely affected the working
 of
        the Jute division.
 
      - Dividend rate on Pref. shares raised from 13 1/2% to 14%
        effective from 1st April.
 
 1990 - With the decrease in raw asbestos fibre supplied by MMTC and
        devaluation of Rupee vis-a-vis major currencies, the working
 of
        the division was expected to be constrained.
 
      - An agreement was reached with the unions for voluntary
 retirement
        of workmen from the Synthetic Fabrics Division.  The Division
        continued to remain closed.
 
      - An agreement was signed with labour unions for increasing
        production in the Coir and Felt division.
 
 1991 - During the Ist quarter of the unit had to declare a lock-out
 from
        18th April, to 6th May, following labour trouble.  Production
        was again affected due to suspension of work at the mill from
        28th January, 1992 to 17th March, 1992.
 
      - At a hearing on 10th July, BIFR advised the Company to
 disinvest
        its holding in other companies which was not acceptable.
        Therefore, the company appealed to the Appellate Authority
 for
        Industrial and Financial Reconstruction (AAIFR) which kept
 the
        matter pending.
 
      - The Company had represented to the AAIFR that on the singular
        ground of profit earned by the Company, the Company is out of
 the
        purview of the Sick Industrial Companies (Special
 Provisional)
        Act, 1985 and that the reference by the Company to the BIFR
 be
        considered infructuous and the Company be declared a non-sick
        Company.
 
      - 3,39,255 Rights equity shares issued at par (prop. 1:1).
        Another 16,961 No. of equity shares issued to the employees.
 
 1992 - Production decreased due to labour problem.  The Company's
        application for modernisation was sanctioned by financial
        institutions and steps were taken to implement the scheme.
 
 1994 - Domestic sales were affected by epidemic conditions in Surat.
 
      - Production and sale of pipes was lower due to lack of
 adequate
        orders.
 
      - Operation of the Coil and Felt division was suspended from
 19th
        March, 1995 owing to indicipline and productivity norms being
 not
        followed by the workers.
 
      - The Company approved a scheme of arrangement for transfer of
 four
        division of the Company viz. Ahmedabad Cement Mill, Fibre
        products division, Shreeram Silk (Synthetic Fabrics) division
 and
        Coir & Felt and (ii) Fort William Co. Ltd. to Gujarat
 Composites
        Ltd. (GCL) with effect from 1st July.  In consideration it
 was
        proposed to allot one equity share of Rs. 10 each of GCL for
        every three equity shares of Rs. 10 each held in the company
 to
        the shareholders of the Company.
 
      - Equity shares sub-divided into Rs. 10 paid-up.
 
 1995 - Coir and Felt Production was suspended due to work suspension
        which was lifted from 3rd September, 1996.
 
 1996 - Production and sales of fiber was lower due to lack of
 adequate
        orders from State Water Boards.
 
      - Johns Manville Corporation, U.S.A. are the technical
 consultants
        of the Company for the asbestos cement project.  They have
 also
        been appointed as sole selling agents for the company's
 asbestos
        products for the Middle East and African countries.
 
      - 5,00,000 No. of equity shares allotted at par to the FIs on
        conversion of rupee loan.
 2006
 
 -Shree Digvijay Cement Company Ltd has informed that Shri K C Birla
 has been appointed as an Additional Director on the Board of the
 Company.
 
 -Shree Digvijay Cement Company Ltd Issues Rights in the Ratio of
 18:1
 
 2008
 
 - Cimpor acquired management control of Digvijay.
 
 - Directors have been appointed on the Board of the Company:
 Mr. Leonard D' Costa
 Mr. Napoleon De la Colina
 Mr. Luis Filipe Sequeira Martins.
 
 2011
 
 - Appointed Mr. Suman Mukherjee hitherto working as Chief Executive
 Officer, as a Managing Director of  the Company.
 
 
 2012
  
 - Mr. Luis Miguel Da Ponte Alves Fernandes and Mr. Antonio Carlos
 Custodio Do Morais Varela, as additional Directors of the Company.
 
 2013
 
 -Mr. Kumaresan Arcot has been appointed as an Independent Director to
 fill up the casual vacancy caused by the resignation of Mr. Napoleon
 De la Colina.