Company History - Wimco
YEAR
EVENTS
1923 - The Company was incorporated on 7th September at Mumbai. The
Company manufactures safety matches and allied products,
salt,
packaging machines and coated metal & recoating. The Company
has its own matches factories, a paper mill, a chlorate
factory,
a glue factory & salt works.
1948 - 66,000 Bonus Equity shares issued in the prop. 3:7.
1953 - 55,000 Bonus equity shares issued in the prop. 1:4.
1963 - The Govt. of Chennai leased to the Company land at Vedarniam
and
the salt project was started on a pilot basis.
1966 - 1,37,500 Bonus Equity shares issued in the prop. 1:2.
1970 - 82,500 Bonus Equity shares issued in the prop. 1:5.
1974 - 1,20,000 shares issued to shareholders of Assam Match Co. Ltd.
on
its amalgamation with the company in prop. of a share to 4
share
held in Assam Match.
1975 - The name of the Company was changed from the Western India
Match
Co. Ltd. to its present one effective from 3rd December.
1977 - Shares sub-divided in Dec. 1976. 1,20,000 shares allotted at
par
to ICICI on conversion of loan on 9th March. 80,000 shares
allotted on 20th April, at a premium of Rs 3.20 per share as
follows: 10,000 shares to General Insurance Corporation of
India;
25,000 shares to New India Assurance Co.; 25,000 to Oriental
Fire
& General Insurance Co.; 10,000 shares to Bank of India and
10,000 shares to Union Bank of India. 20,50,000 shares issued
at
a prem. of Rs 3.25 per share. Of these, 90,000 shares were
reserved and allotted (60,000 shares to employees of the
Company
and 30,000 shares to promoters directors, etc.) The balance
of
19,60,000 shares offered to the Indian public.
1978 - The Sun-Sip, Ltd., became a subsidiary of the company.
1979 - The Company installed plant and machinery for the manufacture
of
cardboard matchboxes at Chennai and Bareilly factories.
- The Swedish Match Company agreed in principle to supply the
technology for the recovery of industrial gases from the
existing
chlorate plant.
- The Company undertook to set up a small plant for the
manufacture
of bromine at Vedaraniam.
1980 - The Company had set up Engineering division for the design,
development and supply of packaging, match and other types of
machinery and other services.
- The Company was also appointed as agents for internationally
reputed manufacturers of packaging machinery and system.
1981 - The Company introduced the latest available technology for
the
manufacture of chlorates with assistance of A1 by Klorate,
Sweden.
1982 - The Engineering Division broadened the product base and
increased
the level of activity. Registration from DGTD was received
for
packaging machinery.
1983 - The Engineering Division successfully developed and delivered
`Expresso' packaging, machines for AR Packaging Systems Ltd.,
in
which the Company had investment.
- A licence was received for the manufacture of coated metal
anodes.
1987 - A new product `Home Lites' (extra long extra strong
karborised
safety matches) was introduced by the safety match division.
- A new product containing 300 sticks a piece was also
introduced
under the brand name `Kitchen Boxes'.
- The Company signed a protocol with Minerals and Metals
Trading
Corporation of India for promoting counter trade exports.
- The Company entered into a long-term agreement with Indian
Space
Research Organisation (ISRO) for supplying chemicals to be
used
in space rockets.
1989 - In Feb. 42,25,000 No. of equity shares offered at par to the
shareholders on rights in prop. 1:2. 2,11,250 No. of equity
shares offered at par to employees (including working
directors/workers (only 1,64,700 shares taken up). The
unsubscribed portion of the employee's quota allowed to
lapse.
6,31,597 additional shares allotted to the shareholders to
retain
ovesubscription. 1,07,530 shares allotted at par to Swedish
Match AB proportionately to maintain their shareholding at
39.5%.
1990 - 663 shares relating to earlier issue allotted.
1991 - On 31st March, the company entered into foreign collaboration
with Swedish Match of Switzerland.
- The Company proposed to sell, transfer, lease or give on hire
substantial part of the Port Blair facilities including land,
building, plant and machinery.
- Till 31st March, Swedish Match AB, the foreign collaborator
of
the Company, held 53,63,636 No. of equity shares out of the
total
135,79,490 No. of equity shares issued by the Company,
representing a shareholding of 39.5%.
1992 - The Company launched environmental friendly safety match
using
renewable resources. Also, a long lighting match was
developed
by the L & D unit.
- In the foods unit, an agreement was signed with high value
horticulture plc. of U.K. to develop and propogate high yield
fruit varieties for industrial use.
- In the engineering division, a backward integration programme
was
undertaken to make dozing and mixing machines.
- In January-February, the Company offered 135,79,490 No. of
equity
shares of Rs 10 each for cash at par on rights basis in the
proportion 1:1 (all were taken up). Additional 20,36,923
shares
were allotted to retain oversubscription. Another 6,79,000
No.
of equity shares were offered to employees on an equitable
basis
(only 6,72,300 shares were taken up).
1993 - A new product `Chief' launched in the market.
- As at 31st March, the Company held all 50,000-10.5%
preference
shares of Rs 1000 each and 9,500 No. of equity shares of Rs
1000
each out of 15,833 No. of equity shares of Rs 100 each issued
by
Sun-Sip, Ltd.
- Wimco Exports Ltd. (formerly Singh Enterprises (Exports,
Ltd.),
Cleanfoods Corporation Ltd., Wimco International Pte. Ltd.
Wimco
Seedlings Ltd., Wimco Grenbelts Ltd. and Pavan Popular Ltd.
are
the subsidiaries of the Company.
- The Company proposed a joint venture under the name Wimco
Seedlings Ltd. along with Swedish Match AB, and Hilleshog AB
for
the development and production of seeds and seedlings for
agro
and farm forestry activities.
- Assam Match Co. Ltd., was amalgamated with the Company with
effect from close of business on 31st December.
1996 - The company had to suspend operations in Dhubri unit in
Assam,
following orders of Supreme Court banning felling of trees,
procurement and transportation of wood in Assam. Food
business
also suffered due to international market condition and
competition.
1997 - The board of the company has cleared a preferential issue of
2.7 crores equity shares of Rs.10 each chiefly to the
promoters
at a premium of not less than Rs.11 per share.
- The company has already diversified into food processing,
chemicals and agro-forestry but is also chalking out plans
for
consolidating its safety matches business.
- The Company is proposing to set up a project for the
manufacture
of medium density fibre board in Uttar Pradesh with a total
capacity of one lakh square metres in phases.
- The company is also setting up a paper board plant with a
capacity of 50 tpd.
1998 - UK-based $55-million flavours giant Borthwicks Plc has
entered
into a joint venture agreement with Wimco Ltd to make
flavours
for Indian markets.
- Wimco signed a memorandum of understanding with the UK
company
in February, which envisages transfer of technology from the
British multinational to the new company.
- The country's largest manufacturer of matches, Wimco Ltd is
being taken over by the Swedish Match Company.
- The four companies; Harovan Investments Pte Ltd., Seed
Trading
Pte Ltd, Plash Foods Pvt. Ltd, and AVP Trading Pvt Ltd, will
be offered 31.95 lakh shares of Wimco Ltd, or 10.69 per cent
of
the paid-up capital at Rs 35 per share.
- In a communication to the Bombay Stock Exchange (BSE), the
company said it has signed a memorandum to this effect.
1999 - Wimco has proposed to issue 2.21 crore equity shares on a
preferential basis at Rs 20 per share inclusive of a premium
of
Rs 10, increasing the Swedish company's stake to 52.11 per
cent
from 38.61 per cent.
- The main reason for the loss of the company is the shutting
down
of its Dheburi unit in Assam due to since April 1997 and
competition from the unorganised sector.
2000 - Wimco is the largest matches manufacturer in the world and
has
popular brands like Ship and Homelite.
- The company has been facing problems with the shift in
the
market from matches to kitchen and cigarette lighters a
point
which is acknowledged by the company its annual
report.
- The Jatiyas of Wimco are foraying into the LPG business
through a
memorandum of understanding with a Fortune 5000 US-based
company
Dynegy.
- The Company's production at its Chennai factory had come
to a halt following
a strike by the workers of the Unit.
2002
-Workers of safety match making unit go on strike at Chennai unit.
-Board approves for the scheme of amalgamation of Wimco Greenbelts
Ltd and Gladhill Trading Ltd with Wimco seedlings Ltd.
-Divests its entire equity stake comprising of 50000 shares of the
face value of Singapore $1 each in the wholly owned subsidiary namely
Wimco International ltd.
2003
-Declares lock out at its manufacturing unit at Chennai.
-High court approves for the scheme of amalgamation of the 3
companies.
-Securities Appellate Tribunal dismisses an appeal by Swedish Match
against an open offer ordered by SEBI.
-Test launches the mosquito repellent product in the form of mosquito
coil for distribution under the brand name Homelites.
-Members at AGM approve for :
Voluntary delisting of shares from Delhi , UP and Calcutta stock
exchanges.
Utilization of Rs.226.6 million in the shares premium for setting off
the accumulated losses.
Commencement of new business specified on MoA of the company.
-Offers VRS for employees at Kolkota Factory.
The Company has offered a Voluntary Retirement Scheme to its
employees at Ambarnath factory in Maharashtra. Further the company
has informed that Delhi Stock Exchange has approved delisting of its
shares effective from December 10, 2003.
