ગુજરાત રીફ્રેકટરીઝ લીમીટેડ

YEAR                       EVENTS
 1985 - The company was incorporated as a Public Ltd. Co., on 11th
        December at Ahmedabad and obtained the certificate of
        commencement of Business on 24th December.  It was promoted
 by
        Shri R.K. Gandhi and Shri M.R. Gandhi.
 
      - The main objective of the company is to manufacture high
 alumina
        refractories, insulating bricks, mortars, ramming mass, etc.
 
 1986 - 5,08,470 shares were allotted to promoters, directors, their
        friends, relatives and their associates.
 
 1989 - In the 2nd phase of its development, the company was setting
 up
        production facilities for the manufacture of insulating and
        magnesite refractories with an annual capacity of 8,000
 tonnes
        and 4,000 tonnes respectively.  Additional land admeasuring
 9.19
        acres was taken on lease at the existing plant site of 4.5
 acres. 
        A 62 KVA generator was installed to meet contingency power
        requirements.
 
      - 13,91,530 shares were issued of which 1,51,530 shares were
        reserved and allotted to promoters, directors, their friends
 etc.
        (including 1,50,000 shares to non-resident Indians on
        repatriation basis.  Unsubscribed portion, if any, being taken
 up
        by Indian promoters).
 
      - Out of the remaining 12,40,000 shares, the following were
 offered
        on a preferential basis:
 
      - (i) 4,00,000 shares to NRIs on repatriation basis (all were
 taken 
        up) and
 
      - (ii) 72,800 shares to employees, Indian working directors and
        workers of the Company (none were taken up).
 
      - The balance 7,67,200 shares along with unsubscribed 72,800
 shares
        of the employees quota were offered for public subscription
        during May.  Additional 1,73,000 shares were allotted (15,300
        shares to NRIs and 1,58,000 shares to public) to retain
        oversubscription.
 
 1990 - With a view to rationalising the existing manufacturing
        facilities, the company laid emphasis on the procurement of
 raw
        materials at a competitive rate, updating laboratory
 instruments
        and strengthening quality control.  Also effective steps were
 
        taken to optimise production and run the Alumina plant at its
        installed capacity.
 
 1991 - The company issued 8,29,320 No. of equity shares at par on
 rights
        basis to the shareholders of the company in the proportion of
        2:5.  Additional 57,788 No. of equity shares were allotted to
        retain oversubscription.
 
 1992 - The company's turnover continued to improve the overall
 working
        again resulted in a loss due to hike in various input costs
 and
        by virtue of higher provision made for depreciation etc.
 
 1993 - Overall increase in expenditure and labour strike for 52
 days,
        i.e., from 1st July to 21st August.
 
 1994 - The company decided to stop production from 1st April, 1995  
        onwards due to high cost of production and mounting losses.
 
 1995 - The company was trying to explore alternatives so as to come
 out
        of serious situation.  Considering the competitive market, the
 
        Company decided to discontinue production from 1st April.