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Andrew Yule & Company Ltd. Company History and Annual Growth Details

YEAR EVENTS

1919 - The company was incorporated on 26th May, for the purpose of
acquiring and continuing the managing Agency business of the firm
of Andrew Yule & Company which had been established in India in
1863. The Company carries on business as general merchants,
traders, agents and dealers in shares, stocks, and securities.
It also runs an engineering division which produces a wide range
of machinery and equipment including `Sirocco' and `PEW'
products.

- The Company's engineering division has facilities for producing
specialised ferrous and non-ferrous heavy castings and intricate
fabricated items and also manufacturer river and coastal crafts.

- The Company also has a factory which produces, among other
things, electrical equipment like switch-fuses, switchboards,
circuit breakers, metering kiosks, control panels, drop out
fuses, feeder pillars, cable joint and terminal boxes,
flamerproof air circuit breakers and lightning transformers,
transductors, voltage regulators, rectifiers and power
transformers.

- As Managing Agency House, the Company was intimately connected
with tea, jute, coal, electric power generation and distribution,
in addition to its traditional business activities.

1967 - Equity shares subdivided. 6,00,000 Bonus Equity shares issued in
prop. 2:3. 5,000 Pref. and 1,00,000 Equity shares issued to
Davidson & Co., Ltd. Belfast, upon merger of Davidson of India
Pvt. Ltd. with the Company.

1968 - 3,00,000 No. of equity shares issued at par through prospectus.
1,00 - 9% Pref. 1,00,000 No. of Equity shares issued without
payment in cash to members of steam a Mining Equipment (India)
Pvt. Ltd. on merger.

1976 - A letter of intent received for the belting project was converted
into an industrial licence.

- In order to ensure that the belting project became viable at the
earliest, the Company finalised a technical collaboration
agreement with BTR Belting, Ltd., U.K., to provide technology for
the manufacture of synthetic fibre reinforced rubber conveyor
belts.

- Calcutta Discount Co., Ltd. was amalgamated with the Company
with effect from 1st January.

- 22,790 - 4.5% Pref. shares held by Calcutta Discount Co. Ltd.
were cancelled upon merger with the Company.

1977 - An agreement was entered into with BETHE, GmbH, West Germany for
providing technical know-how for the manufacture of air pollution
control equipment.

- A technical collaboration agreement was also finalised with
Davidson & Co. Ltd., U.K., for their entire range of products
including the static and dynamic components for heavy duty fans.

1978 - The company also entered the field of electrical equipment
manufacture by virtue of its acquisition of Steam & Mining
Equipment (India) Private Ltd., effective from 1st July.

- The Company acquired the entire business of Davidson of India
Pvt. Ltd., which along with port Engineering works Ltd. was
amalgamated with the Company with effect from 1st July.

- The Company also acquired the business of steam & Mining
(Switchgear) Ltd., an associate to Steam & Mining Equipment (Ind)
Pvt. Ltd. effective from 1st July.

- The Company also acquired the business of Steam & Mining
Equipment (India), Pvt. Ltd. The Company closed down its
marketing activities.

- Hooghly Printing Co., Ltd. with an issued and paid up capital of
1,89,500 No. of equity shares of Rs 10 each is a wholly owned
subsidiary of the Company.

1982 - 51,82,834 No. of Equity shares issued for cash par.

1983 - The Company received a Letter of Intent for the manufacture of
material handling equipment and there was a search for
identifying a suitable technical collaborator to diversify into
this field.

- The Air Pollution Control Equipment Unit received a Letter of
Intent for the manufacture of Wet suppression dust control
system. A technical collaboration agreement for this purpose,
was executed with B.J. Devaux & Co., U.K. This unit proposed to
diversify into the design and manufacture of high capacity
electrostatic precipitators for thermal power stations. A
technical collaboration agreement for the manufacture of this
product was executed with Peabody Sturtevant Ltd., U.K.

- The Electrical Unit took up diversification programmes into the
fields of electronics, mine communication and safety devices.

- The Belting Division successfully implemented the technology for
the manufacture of polyester cord fan and vee belts under the
brand name of `YULE SHAKTI' in technical collaboration with
Goodyear India, Ltd.

- The Company entered into a technical collaboration agreement with
BETH GmbH, West Germany for transfer of technology in connection
with the manufacture of Bethfulls which is an improved model over
Bag Filters.

- Two more technical collaboration agreements were executed with
two U.K. companies and B. J. Devaux & Co., and Peabody
Sturtevant, Ltd., for the manufacture of west supression dust
control system and electrostatic precipitators respectively.

- The Government nationalised the undertaking of Transformer &
Switchgear, Ltd., Chennai and vested the assets thereof with the
Company with effect from 8th November. As a result, this
undertaking became a unit of the Company.

- The Company's investment subsidiaries viz., Clive Row Investment
Holding Co., Ltd. and Chitpore Golabari Co., Ltd. were
amalgamated with the Company with effect from 31st March.

- 52,630 No. of Equity shares allotted to the minority shareholders
of CRIHCO in term of amalgamation scheme. 2,96,300 No. of equity
shares allotted to Government of India.

1985 - The belting division took steps to instal a few additional
equipment during the year to increase the production capacity of
`YULE SHAKTI' polyester fans and vee belts.

- The Company obtained necessary approval for a project to
manufacture steel cord reinforced rubber conveyor belting.

1986 - A proposal for the transfer of latest technology for the
manufacture of pole mounted switchgears and sectionalizers under
the existing agreement with Togami Electric Manufacturing Co.,
Ltd., Japan, was undertaken during the year.

1987 - A new factory was inaugurated on 10th October. With the
installation of balancing equipment, production of conveyor belt
and fan and Vee belts increased.

- Effective from 26th August, the Company's six tea subsidiaries
viz., Banarhat Tea Co., Ltd., Basmatia Tea Co., Ltd.,
Hoolungooree Tea Co., Ltd., Mim Tea Co., Ltd., Murphulani (Assam)
Tea Co., Ltd. and the Rajgarh Tea Co., Ltd., were amalgamated
with the Company.

- As per the scheme of amalgamation, the Company allotted without
payment in cash preference and equity shares to the amalgamated
tea companies as: 2,217-6 1/2% Cumulative Preference shares of
Rs 100 each. 9,259 - 9.3% Cumulative Preference shares of Rs 100
each; and 18,82,714 No. of Equity shares of Rs 10 each.

- The undertaking of Brentford Electric (India), Ltd. was
nationalised vide the Brentford Electric (India), Ltd. Act, 1987
with effect from 1st April, 1986 and all the rights, titles and
interest in relation to the said undertaking was vested with the
Company.

1988 - The electrical unit entered into a collaboration agreement with
Metronex Ltd., Poland for manufacture of sophisticated mining
electronic equipment. This is in addition to the collaboration
with Togami Electric Mfg. Co., Ltd., Japan for production of
Vacuum Circuit breakers.

1989 - The engineering division proposed to introduce new products to
make good its poor performance.

- The engineering division developed various electronic products
such as flame proof and intrinsically safe sequence controller
with pre-start alarm and communication system incorporating
required modification suggested by the Department of Electronics.

- Necessary steps were taken for the manufacture of synthetic fibre
reinforced conveyor belting.

- 9%, 6.5% and 9.3% Pref. shares redeemed 11,57,600 No. of equity
shares issued to Govt. of India against the compensation paid by
for acquiring Brentford Electric India Ltd. and Transformer and
Switchgear Ltd.

1990 - A collaboration agreement was entered into with the Department of
Electronics for the manufacture of Linear Accelerator machines
used for cancer therapy.

1991 - The Company entered into a collaboration agreement with M&I Heat
Transfer products of Canada to acquire technical knowhow for the
manufacture of specialised air handling and air ventilation
equipment having critical application in nuclear power projects,
defence, steel and petrochemical industries.

- As a result of the amalgamation of Steam & Mining Equipment
(India) Private Limited, the Company acquired a 50% interest in
Brentford Electric (India) Limited, for whom the Company now acts
as sole selling agents.

1992 - Yule Red launched was well received in the market. `Yule Dust'
launched in the second half of the year also received encouraging
response.

- The electrical unit undertook to manufacture EPABX and ERAX
equipment based on C-Dot technology. the Togami unit proposed to
import SF-6 gas filling plant from Germany for production of gas
filled bottom chambers for capacitor switches leading to import
substitution.

- The Brentford unit entered into a Technical collaboration
agreement with Daihen Corporation Ltd., Japan for manufacture of
Automatic Step Voltage regulators.

- The Company finalised technical collaboration agreements with
Togami Electric Manufacturing Co., Ltd., Japan for the
manufacture of the following products: 3.3 KV airbreak
contractors and isolators; block type airbreak LT contactors;
bi-metallic overload relays and moulded case circuit breakers.

1993 - A technical collaboration agreement was signed with Mushroom
Consulting J. Huys, B. V. Holland for cultivation of white button
mushrooms.

- The Company also undertook to use modern technology for setting
up a Horticulture and tissue culture project.

1994 - In the engineering division, manufacture of specialised air
handling air ventilation equipment and isolation dampers for
nuclear power plants was held up due to technical problems.

- The belting division faced acute crisis due to lower order intake
as the orders were spread out over sector and time period.

- Due to liquidity crisis, the Company was not able to implement
its diversification activities viz., export oriented agro based
products. It was proposed to set up a new Company Yule Agro
Industries Ltd. to take over the said agro based products.

- Andrew Yule & Company, has introduced a voluntary retirement scheme to trim down its workforce in engineering and electrical divisions.

1998

-Joint venture with Phoenix AG of Germany for the belting division has been further delayed as its bans want a part of the money received by Yule from the sale of a 74 per cent stake in the loss-making division

1999

-Phoenix AG of Germany has picked up 74 per cent stake in the belting division of Andrew Yule & Co an ailing public sector undertaking (PSU) for a consideration of around Rs 35 crore.

-submitted a revival-cum-restructuring proposal for its engineering division to the Centre for its consideration.

2000

-Acepted and prematurely retired a few of its employees based on undated voluntary separation applications given by them.

2001

-Shri Arindom Mukherjee appointed as Chairman and Managing Director of the company

-Offer Voluntary Retirement Scheme (VRS). Voluntary retirement scheme fails to achieve its objective as the management was not able to release union staff members, mainly clerks and workmen, who opted for the VRS at its head office

2002

-Approves issue and allotment of fresh 2,900,000 Equity Shares of Rs 10 each to the Central Government in the name of the President of India in conversion of the financial assistance of Rs 29,000,000 sanctioned and disbursed to the Company by the Central Government.

2003

-Board approves the issue & allotment of fresh 43,05,000 equity shares of Rs 10 each at par to the Central Government in the name of the President of India in conversion of the financial assistance of Rs 43.050 million sanctioned and disbursed to the company by the Central Government

2004

-Phoenix Yule receives 'Highest Export Award in the non-tyre segment

2009

-Andrew Yule & Company Limited has won the prestigious `SCOPE' Award for Excellence and Outstanding Contribution - Turnaround Category for 2008-09.

2011

-The Company has bagged the prestigious BRPSE Turnaround Award 2011

2012

-Andrew Yule & Co. Ltd. has won the prestigious MoU Excellence Award

2014
-FICCI West Bengal State Council in partnership with Public Health Engineering Department

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