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Amrit Corp. Ltd. Company History and Annual Growth Details

YEAR EVENTS
1940 - The Company was incorporated at Ghaziabad. The main object of
the Company manufactures vegetable oil products and paper. The
company's products are sold under the trade names 'GOLDEN ARROW',
'RAJHANS' and 'COTEX'.

- 1,20,000 Right Pref. shares issued at a premium of Rs. 2 per
share during 1943-44.

1944 - 3,60,000 Right Equity shares issued (Prem. of Rs. 2.50 per
share). 72,500 No. of Equity shares issued to Amrit Chemicals
Ltd. and Amrit Perfumers, Ltd. without payment in cash in
1945-46.

1946 - 3,96,250 Right Pref. shares issued. Only 2,45,000 shares were
taken up.

1966 - Deferred shares converted into Equity shares in the proportion of
10 Deferred to 1 Equity.

1972 - Authorised capital reclassified. 1,35,625 Bonus Equity shares
issued in the proportion 1:4.

1974 - The company started Engineering division to fabricate plant and
machinery for vanaspati, refined oil, solvent extracted oil and
other minor items.

1979 - The Company holds all the 36,000 No. of equity shares issued by
the New Prahalad Mills Ltd., Mumbai. The name of this subsidiary
was changed to Amrit International Ltd., with effect from 19th
March.

- 6,78,125 bonus equity shares in the prop. 1:1.

1981 - Paper Unit Production was started in June. Two of the coal fired
boilers were converted into rice husk fired boilers.

- 7,18,000 No. of Equity shares allotted to financial institutions
at par on conversion of loans (1,20,000 shares to IFCI and
3,00,000 shares to IDBI on 1.3.1982; 1,50,000 shares to ICICI on
1.4.1982; 60,000 shares to GIC and its subsidiaries on 26.3.1982
and 88,000 shares to LIC on 5.5.82). Interest rate on 8.5% Pref.
'C' increased to 11% with effect from 1.7.1982.

1984 - Production further improved. A new generating set of 1450 KVA
was installed to meet the shortfall in power supply.

- The Company undertook to expand its capacity from 10,000 TPA to
24,000 TPA

1985 - The cost of production further went up due to an order of the
Government to the industry to have their entire production tested
by ISI.

- The paper production went up despite strike by workers for about
one month and stiff competition from small and large scale units
which resulted in a fall in the prices of finished products.

1986 - Due to judicious changes in the oil purchase policy of the
company, the profitability of the units was well protected.

- The paper unit suffered a setback due to increase in cost of
inputs and depressed market conditions.

1987 - The working of the both the vanaspati units was satisfactory
despite a further rise in oil prices. The Government increased
the quota of imported oil to vanaspati industry to 70% with
effect from 1st April, which improved the availability of raw
material.

- The conditions in the paper market were encouraging and the
offtake of paper and its prices improved.

- The Company privately placed 14% secured non-convertible
debentures to the extent of Rs. 2.5 crores with LIC, UTI and Army
Group of Insurance Directorate to meet the growing requirements
of working capital.

1989 - The overall performance showed marked improvement which was
reflected in growth of turnover by 17% over the previous year.
The performance of both the vanaspati units was satisfactory
despite highly uncertain and difficult trading conditions and
severe pressure on margins.

- 207,42,500 Bonus shares in the proportion 1:1.

1990 - Production of vanaspati and refined oil declined due to disturbed
law and order situation in the North and North Eastern part of
the country, frequent policy changes leading to uncertainty about
raw material supply, and suspension of operations at the
Ghaziabad factory for about two months for undertaking major
repairs in plant and machinery.

1991 - Production and profitability declined on account of steep decline
in sales realisation of paper, unprecedented hike in power
tariff, strike at the Rajpura Vanaspati Unit and escalation in
input costs due to inflation and increased interest rates.

- Performance of the paper unit would have been still better but
for the sharp decline in sales realisation and rising cost of
inputs.

- Amrit Protein Foods Ltd. (APFL) was Omalgamated with the Company
from 30th September. As per the Scheme of Amalgamation
2,75,472 No. of equity shares of Rs. 10 each of the Company were
allotted as fully paid-up to the shareholders of erstwhile APFL
in the proportion of one equity share of the company for every 13
equity shares held in APFL and 1 equity share of the company for
every cumulative convertible preference share of Rs. 100 each
held in the company.

1993 - 'Ginni Gold' refined sunflower oil, 'Ginni' and 'Banasari'
performed well and Merrigold the table margarine introduced in
the previous year was extended rationally during the year.

- The production and sales of paper were 25,186 tonnes and 26,227
tonnes as against previous years 26,190 tonnes and 25,098 tonnes.
Recession in the paper industry led to lower offtake. The
company was able to establish its 'Gagan' UHT dairy milk in the
market.

- Modernisation and upgradation of pulping process from single
stage to multistage was completed during the year.

- A pilot plant for chemical recovery from black liquor of agro
based pulping process was set up to recover caustic and recycle
the same. The Research programme under the name of style 'Shri
Tulsi Prasad Khaitan Oil Seeds Research Programme' launched for
research work on cultivation of tree engin oilseeds made
satisfactory progress.

- 44,23,972 Rights equity shares issued (Prem. Rs. 4; Prop. 1:1
(all were taken up). 2,21,198 No. of equity shares offered to
employees at a premium of Rs. 4 per share on equitable basis (all
were taken up).


2003

Outcome of AGM

1. Delisting of shares from Delhi, Ahmedabad and Ludhiana Stock Exchanges

2. Increase in Authorised Capital to Rs 250 million

3. Appointment of Shri J K Khaitan as Managing Director for a period of 5 years w.e.f. September 29, 2003.

2004

-Company de-registrated from BIFR

-Amrit Foods unveils 'Gagan' U.H.T milk in Mumbai

2005

-Amrit Food rolls out premium diet milk

2007

- Company name has been changed from Amrit Banaspati Company Ltd to Amrit Corp. Ltd.
 
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