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Home > Business India > Company Profiles: Wimco Ltd.

Wimco Ltd.
Registered Office : Indian Mercantile Chambers R. Kamani Marg Ballard Estate Mumbai Maharashtra - 400001 Tel: 56316600
Business Group: Jatia Group Industry Type: Miscellaneous
Key Officials:
Mr. R K Singhi
Mr. D Dutta
Mr. H N Sethna
Mr. C R Dua
Mr. R L Auddy
Mr. R Tandon
Mr. R Gopal
Mr. R Srinivasan
Director
Director
Chairman / Chair Person
Director
Director
Director
Managing Director
Director
Public Issue Date: Not Available BSE CODE: Not Available NSE CODE: Not Available
Face Value: 1 Market Lot: 1 ISIN: INE333A01025
Current PE: 76.2195 Current Market Capital: 482.9287
Promoters %: Not Available
Promoters Shares: 0
Institution Investment %: Not Available
Institution Investment Shares: 0
Auditor:
BSR & Co.
Banker:
Registrar:
Karvy Computershare Private Ltd 7 Andheri Industrial EstateOff: Veera Desai RoadAndheri (W)Mumbai 400058 Maharashtra 26730799 26730843
Company History: YEAR EVENTS1923 - 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.

(Source: RTGSL)


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