|COMPANY MANAGEMENT AND PROJECT HISTORY AND BUSINESS OF THE COMPANY
The Company was incorporated on 20th July, 1990 under the name of Lakshmi Grain Processors Private Limited. The Company was converted into Public Limited Company on 18th March, 1993 and consequently the name was changed to Lakshmi Grain Processors (India) Ltd., The company got its new name i.e. Lakshmi Overseas Industries Ltd. vide fresh Certificate of Incorporation issued by Register of Companies, Punjab, Himachal Pradesh & Chandigarah at Jalandhar, on 31st August 94.
Lakshmi Overseas Industries Limited, (LOIL) was promoted by S. Balbir Singh Uppal for setting up integrated paddy processing and Sunflower and Vegetable oil seeds processing unit. LOIL set up a Solvent Extraction Plant (SEP) with an installed capacity of 100 TPD for utilizing the Rice Bran produced in LRM. The company was implementing the project from July 1990 to October 92. There was no income in the first year of incorporation. How ever the company was engaged in trading of rice bran during 91-92 and made a nominal profit of Rs.0.12 lacs. The plant commenced commercial production in Oct. 1992. LOIL has gone for backward integration by setting up of oil seed crushing unit of150 TPD in Feb. 1993 at its existing location at Village Khamanon, Distt. Fatehgarh Sahib, Punjab. On 31st July. 1994, Lakshmi Rice Mills a partnership concern belonging to the same promoters of LOIL was taken over by the company. LRM at the time of take over had the paddy processing unit of 450 TPD.
Lakshmi Rice Mills, a partnership concern was formed in 1981 and has been engaged in Rice Shelling Business. Initially the firm had an installed capacity of 120 TPD. In 1983 a par boiled unit of 120 TPD of paddy processing was further enhanced to 450 TPD including par boiled unit in 1986. The partners of LRM as on 31.3.94 were S. Balbir Singh, S Chaman Lal and Smt. Vijay Luxmi. S. Balbar Singh S. Chaman Lal were the Managing Partners with experience of over two decades in paddy processing and trading of food grains. Smt. Vijay Luxmi had been a silent partner in the firm. The Performance of LRM and been consistently showing satisfactory growth. The turnover of the same increased from Rs.
928.45 lacs in 1990 to Rs. 3274.86 lacs in 1994 respectively. The mill was catering to the demand of rice from all over India through the wholesale market.
LOIL became one of the partner in LRM on 1st April 1994. All other partners except LOIL retired from the partnership as per retirement/dissolution deed dated 31st July 1994. With the result LRM stands taken over by LOIL. All the assets and LOM have been taken over by LOIL at the book value as appearing in the book of LRM on 31st July, 1994. LOIL is presently engaged in the manufacture Rice and vegetable oil. Rice is an important staple food of human beings. Vegetable oil is used as cooking medium. Manufacturing of Rice and vegetable oil is an agrobased industry. Presently the company is selling its vegetable oil to ITC Agro-Tech, Godrej, Lipton and Markfed etc., in bulk quantity
and rice is being sold through dealers in Indian market and indirectly exported through export houses.
The company being in agro based and food processing industry, its performance and growth depend upon monsoon and climatic conditions. The changing consumer preferences determine the variety and type of product to be sold. The company has in its product range mustard, rape seed, Soyabean and Sunflower oil and is equipped to cater to these changes. The per capita consumption of vegetable oil has increased from 3.6 Kg. per annum for 1972 to 7 Kg. per annum in 1993. In view of these factors there is immense growth potential for LOIL in this industry. Demand
supply gap for vegetable oil has been given under the heading Marketing and Selling arrangement.
LOIL was incorporated with one of the Main Object to takeover the business of LRM. This takeover was proposed for the purpose of complete integration of the project, as rice bran, broken rice and paddy husk produced by LRM was being used by LOIL as raw material in Solvent Extraction Plant, Cattle feed unit and boiler respectively. The takeover of LRM is also expected to yield gains in terms of savings in transportation cost, reduction of overheads, economies of scale. The present market network of LRM shall also be utilized by LOIL.
Lakshmi Overseas Industries Ltd., proposes to increase the paddy processing capacity from 450 MT per day to 600 MT per day. The company also plans to modernise its existing paddy processing unit by installing Sortex and decorticating machines.
The Promoters have brought in their contribution of Rs. 100 Lacs at premium of Rs. 90 per share and have been issued additional 3,00,000 Equity Shares of Rs. 10/- each a premium of Rs. 90/- per share aggregating Rs.300 lacs for consideration other than cash consequent upon takeover of LRM. As against this public issue is of 20,00,000 Equity Shares of Rs.10/- each for cash at a premium of Rs.40/- per share aggregating Rs. 1000 lacs.
2000 - Lakshmi Overseas Industries is making a preferential allotment of
100 lakhs equity shares at a premium.
- Lakshmi Overseas Industries Ltd, the Rs 165.75-crore rice
processing and edible oil manufacturing company, has decided to
offer a 1:1 bonus.
-Board decides to increase its authorised capital from Rs 100 million to Rs 120 million.
-Delist securities from the Jaipur Stock Exchange Ltd (JSE) w.e.f. March 25, 2006.
-Company has changed its name from Lakshmi Overseas Industries Ltd. to Lakshmi Energy & Foods Ltd.
-Company has splits its Face value of Shares from Rs 10 to Rs 2
-Lakshmi Overseas Industries Ltd delisted equity shares from Madras Stock Exchange Ltd (MSE)
-Lakshmi Overseas Industries Ltd has appointed Ms. Harnita Ahluwalia as Additional Director of the Company.
-"LEAF devised modern marketing strategies to reach entire India and enhance exportsÂÂ.
-Lakshmi Overseas Industries Ltd has informed that the company has signed a Power Purchase Agreement (PPA) with Punjab State Power Corporation Limited (PSPCL) for sale of Power upto 28 MW.
-A new dimension to LEAFÂs working with achieving higher growth rate and expanding operations in India and abroad.
-"Touching new horizons by opening offices in Dubai and Mumbai".
- Board of Directors has recommended appointment of M/s. B.K.Nayar & Co., Chartered Accountants, Ludhiana as statutory auditors of the Company.
-"Lakshmi Energy and Foods Ltd. (formerly Lakshmi Overseas Industries Ltd.) sets up subsidiary company named as Pan Gulf Foods and Industries FZ Co.