MRF HISTORY: -1946
- A young entrepreneur, K. M. Mammen Mappillai, opened a small toy
balloon manufacturing unit in a shed at Tiruvottiyur, Madras (now
Chennai).
1949
- Although the factory was just a small shed without any machines, a
variety of products, ranging from balloons and latex-cast squeaking
toys to industrial gloves and contraceptives, were produced. During
this time, MRF established its first office at 334, Thambu Chetty
Street, Madras (now Chennai), Tamil Nadu, India.
1952
- MRF ventured into the manufacture of tread rubber. And with that,
the first machine, a rubber mill, was installed at the factory. This
step into tread-rubber manufacture, was later to catapult MRF into a
league that few had imagined possible.
1955
- MRF soon became the only Indian-owned unit to manufacture the
superior extruded, non-blooming and cushion-backed tread-rubber,
enabling it to compete with the MNC's operating in India at that
time.
1956
-The quality of the product manufactured was of such a high standard
that by the close of 1956, MRF had become the market leader with a
50% share of the tread-rubber market in India. So effective was MRF's
hold on the market, that the large multinationals had no other option
but to withdraw from the tread rubber business in India.
1960
- The Company was incorporated as a private limited company on 5th
November. The Company Manufacture automobile, aircraft, cycle tyres
and tubes in collaboration with the Mansfield Tire & Rubber Co.,
Mansfield, Ohio, U.S.A. The tyres are sold under the trade name
Masnfield Tyres (MRF). The Company also produces other industrial
products made of rubber like conveyer belt, hoses etc. It took over
the entire business of the Madras Rubber Factory as a going concern
as
from 16th November, for a consideration of Rs 25 lakhs.
1961
- The Madras Rubber Factory Private Limited was converted into a
public
company on 1st April, and additional capital was issued in order to
start the manufacture of automobile tyres and tubes in collaboration
with the Mansfield Tire & Rubber Co., Mansfield, Ohio, U.S.A. The
Company was given permission to export tyres having Mansfield trade
mark to all world markets except U.S.A. and Canada.
- 2,49,650 shares allotted without payment in cash. 350 shares
subscribed for by the signatories to the Memorandum of Association.
2,50,000 shares reserved and allotted directors, etc. 5,00,000
shares
issued to public in April 1961. The balance 2,50,000 shares
allotted
to collaborators as payment for machinery.
1962
- The main plant for production of tyres and tubes were commissioned
on
4th December.
1963
- Nylon Hot-Stretch Unit of the latest design was commissioned in
November.
- 6,25,000 Right Equity shares offered at par in the proportion 1:2.
1964
- With the commissioning of the main plant in 1964, MRF also made
progress in the export of tyres. An overseas office at Beirut
(Lebanon) was established to develop the export market, and it was
amongst India's very first efforts. This year also marked the birth
of the now famous MRF Muscleman.
1967
- MRF became the first Indian company to export tyres to USA - the
very birthplace of tyre technology.
1970
- In March, 5,62,500 bonus equity shares issued in the proportion
3:10.
1973
- MRF scored a major breakthrough by being among the very first in
India to manufacture and market Nylon tyres.
1975
- During September, 12,18,714 bonus shares issued in proportion 1:2.
(Only 12,18,689 shares were taken up).
1978
- The Company finalised a technical know-how collaboration with B.F.
Goodrich Co., U.S.A., which became fully operative in early 1980-81.
This agreement was revalidated for further five years.
1979
- The Masfield Tire & Rubber Co., U.S.A. offered for sale out of its
holding 3,74,250 No. of Equity shares of Rs 10 each of the Company at
a
premium of Rs 4 each as follows: 3,63,786 shares as rights to the
existing shareholders in the proportion 1:8 and 10,464 shares to the
employees of the Company.
1980
- The Company crossed several milestones in its history. It went
into
technical collaboration with BF Goodrich Tire Co., USA in the year.
The name of the Company, Madras Rubber Factory Ltd. was changed to
MRF
Ltd in the year.
1981
- Mansfield Tire & Rubber Co. of U.S.A., offered for the their
balance
shareholding of 3,55,537 No. of Equity shares of Rs 10 each in the
Company at a premium of Rs 4 per share as follows: 3,29,587 shares
to
the existing resident Indian shareholders and non-resident Indian
shareholders (on non-repatriation basis) in proportion 1:10 and
25,950
shares to the Indian employees, business associates and dealers of
the
Company.
- 2,00,000 No. of Equity shares allotted in Feb. 1982 to IFCI at a
premium of Rs 5 per shares on conversion of loans.
1983
- The Company finalised a technical collaboration agreement with
M/s.
Marangoni TRS SPA, Italy for the supply of know-how for the
manufacture
pre-cured tread rubber for retreading industry.
1984
- Sales crossed INR two billion. MRF tyres were the first tyres
selected for fitment onto the Maruti Suzuki 800 - India's first
small, modern car.
1985
- A letter of intent was obtained for the manufacture of conveyor
beltings and hoses in collaboration with Industiral Pirelli SPA,
Italy.
Plans were also on hand to go in for a joint venture with the aero
tyre
division of B.F. Goodrich & Co., for retreading and subsequently for
manufacturing aircraft tyres.
1986
- The Company issued 15% non-convertible debentures of Rs 100 each
(II
Series) for Rs 8 croes as rights to the existing shareholders to
raise
finances for modernisation of the Company. Under Cumulative
interest
payment scheme, these debentures are redeemable in 3 annual
instalments
of Rs 35 each commencing on 8th May, 1993 at a premium of 5% in the
first instalment. Under the non-cumulative interest payment scheme,
the debentures are redeemable in five equal annual instalments of Rs
20
each comencing from 8th May 1991 at a premium of 5% which will be
paid
on 8th May, 1993.
1987
- (18 months), The Company obtained MRTP clearance and a letter of
intent for the manufacture of pre-cured tread rubber upto 6,000
tonnes
per annum by using indigenous technology developed by the Company.
MRTP clearance was also obtained for setting up a new plant at Tada
in
Andhra Pradesh for manufacrure of 1.5 million number of tyres and
tubes
per annum.
- The Company entered into a collaboration agreement with Vapocure
of
Austraia to manufacture polyurethane paint formulations that can be
rapidly cured at room temperature and would also help in the
manufacture of shatterproof glass. The plant with an installed
capacity of 10,000 tonnes per annum was being set up at
Gummidipoondi
in Tamil Nadu.
- `Funskool (India), Ltd. and `Crystal Investment and Finance Co.
Ltd.' became subsidiaries of the Company. Funskool (India), Ltd.
was
promoted in collaboration with Hasbro International, U.S.A., the
World's largest toy makers.
1988
- The MRF Pace Foundation was set up, with international pace bowler,
Dennis Lillee as its Director. Not long thereafter, pace bowlers
trained at the Foundation were selected for the Indian Cricket Team.
1989
- The Company was identified as `Star Exporter', a status that
enables
the company to get priority treatment in several areas concerned
with
customs, RBI, etc.
- Aero tyre division of B.F. Goodrich Co., USA was taken over by
Michelin Cie of France.
- Government approved the technical collaboration with Uniroyal
Goodrich Tire Co., U.S.A., a subsidiary of Michelin Cie., France,
for
imparting latest technology for bias ply/radial aircraft tyres for a
period of 5 years.
1990
- The Aruna Leathers & Exports Ltd. was amalgamated with the
Company.
As per the scheme one equity share of Rs 10 each of MRF Ltd. was
allotted for every 10,000 shares of Rs 10 each fully paid-up held in
ALEL. Accordingly, 25 equity shares were allotted to the erstwhile
sharehodleres of ALEL.
- The Company introduced `Vapocure' colours in the market.
- (6 months), the Company privately placed 15,00,000 - 14%
non-convertible debentures of Rs 100 each (III Series). The
debentures
are redeemable - at a premium of 5% in three annual instalments of
Rs
35 each commencing from 31st July, 1997.
- The Company privately placed with SBI Mutual Fund 10,00,000 - 14%
debentures (IVth Series) which are redeemable at a premium of 5% on
26th June, 1998.
- During the year 5,00,000 - 14% debentures were also privately
placed
with Infrastructure Leasing & Financial Services, Ltd. These
debentures are redeemable in three annual instalments at a premium
of
5% commencing from 23rd July, 1997.
1991
- The Company promoted a new Company viz. MRF International, Ltd.,
in
view of the tremendous growth potential in the export market.
- 3,85,000 No. of equity shares issued to (prem. Rs 242 per share)
to
the foreign collaborators M/s. Asia Trading Services, Hongkong.
1992
- The Company has formed a new Company, viz., MRF INTERNATIONAL
LIMITED
and the Company has received the certificate of commencement of
business.
1993
- K. M. Mammen Mappillai was awarded the Padmashri Award of National
Recognition for his contribution to industry - the only industrialist
from South India to be accorded this honour. MRF also became the first
tyre company in India to cross the INR 10 billion mark. In addition,
the company was voted by the Far Eastern Economic Review, as one of
the ten leading Corporate Groups in India and a Leader in Asia, and
by readers of the A & M magazine, as one of India's most admired
Marketing Companies.
1995
- The Company has received the Top Export Award for the year from
All
India Rubber Industries Association.
1996
- The Company has received an award from CAPEXIL - Certificate of
Merit
based on the export performance for the year.
- The Far Eastern Economic Review Award was presented to MRF for the
fourth year in succession in recognition of excellence.
1997
- MRF Ltd has been assigned a credit rating of `PR1+' (superior) for
its proposed Rs 100 crore commercial paper (CP) programme by Credit
Analysis and Research Ltd (CARE).
- MRF is setting up a new plant in Pondicherry for the production of
radial tyres.
- The company set up the Arakonam plant in Chennai to produce
bicycle
tyres and tubes.
- MRF began manufacturing tyres and tubes in technical collaboration
with Mansfield Tire and Rubber Company, USA.
- MRF has launched Nylogrip Zapper, a high performance tyre for new
generation bikes.
- The company tied up with Uniroyal Goodrich Tire Co. of USA, a
subsidiary of the French Tyre giant Michelin, which held 9.8 per
cent
stake in the company.
1998
- MRF Tyres has signed an OEM (original equipment manufacturer)
alliance with Siel Honda Motors and Hindustan Motors.
- MRF has launched a market sampling operation for the MRF Zigma.
1999
- MRF Ltd has decided to set up more such clinics in Northern and
Western cities.
- The Company has entered into agreements with the Depositories
viz.,
National Securities Depository Ltd. [NSDL] & Central Depository
Services (India) Ltd.
- AIRIA Highest Export Award was given in recognition of our
outstanding export performance in respect of Auto Tyres & Tubes
during
the year.
2000
- The Company has set up shop in Dubai to target markets in the UAE
as
part of its export thrust.
- MRF has launched a steel-belted premium radial tyre variant called
`MRF ZVTS'.
2002
-MRF was ranked highest in customer satisfaction along with
multinational Bridgestone
in a study conducted by JD Power Asia pacific.
-MRF Tyres Ltd sees slump in commercial vehicle tyre market and
passenger car growth
has also declined.
-High court dismisses the writ petition filed by MRF Employees Union
challenging the order
of dismissal of a worker, who was the secretary of the union.
-Advertising Standard Council of India Quashed the objection raised
by MRF by
upholding J K Industries claim of being India's Number one tyre maker
in the
four wheeler segment.
-MRF Ltd has obtained the 'Outstanding Corporate Sports Initiative'
award from the
Federation of Indian Chamber of Commerce and Industry.
2003
-MRF and Bridgestone are ranked highest in a tie for the second year
in a row in customer
satisfaction with original tries according to JD Power Asia Pacific.
-Shri K.M. Mammen Mappillai, Chairman and Managing Director expired
on march 2nd.
-Mr.C.D Khanna has ceased to be the Director of the company. And Mr.
K S Narayanan
has resigned from the board of MRF.
-Mr.N Kumar and Mr Ranjit Issac Jesudasen have been appointed as the
directors of the
company.
- Mr K S Narayanan ceased to be director of the Company with effect
from April 17, 2003, consequent to his resignation from the Board of
Directors.
-Mrf Ltd. has informed the Exchange that at its meeting held on
December 19, 2003 the BOD have re-designated Jt. Managing Director
Mr. Arun Mammen as Managing Director of the Company w.e.f April 01,
2004.
2004
-MRF Ltd. has informed that Mr Ravi Mannath has been appointed as
Additional Company Secretary of the Company w.e.f. January 05, 2004.
-MRF received the highest rankings in the study in four of the five
factors determining overall satisfaction with tyres appearance,
durability, traction and handling.
- MRF Tyres is the biggest consumer of natural rubber in India during
2002-03
-Ties up with Maruti Udyog to boost motorsports in India
2007
-MRF Ltd launches premium truck tyre Super Lug 50-FS.
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