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Lotus Chocolate Company Ltd. Company History and Annual Growth Details

YEAR EVENTS
1988 - The Company was incorporated on 3rd October, and obtained the
Certificate for Commencement of Business on 10th February, 1989.
It was promtoed by Smt. T. Sarada, Vijayaraghavan Nambiar and
Andhra Pradesh Industrial Development Corporation, Ltd. (APIDC).
The main object of the company is Manufacture of Cocoa and
Chocolate products for domestic and exports markets.

- The company undertook to set up facilities for Cocoa processing
and chocolate manufacturing with a capacity of 3000 TPA of Cocoa
and Chocolate products. The project is located at Nastipur
village, in the Medak district of Andhra Pradesh. Plant and
Machinery were imported from A.E. Nielsen Maskinfabrik Aps,
Denmark, Heidenouer Maschinenfabrik GmbH, Germany and from Italy,
UK. etc.

- The Company entered into technical arrangement with M/s.
Chocolate Confectionery Consultancy, U.K., headed by Ms. Anne
Cridland specialists in the area of formulation of recipes,
product development etc. In return for the services rendered, a
consultancy fee of sterling Pound 100 per man day plus expenses
were to be paid.

- Also, the Company retained the services of Plantek (M) SDN BHD of
Malaysia, for Consultancy Services in terms of conducting
feasibility studies, measures for plant protection, crop
management, post-harvest processing etc. A consultancy fee of US
$ 50,000 was to be paid for the same. Both the agreements are
valid for a period of three years.

1991 - The Company allotted 80,000 - 14% non-convertible debentures of
Rs. 100 each and 30,000 - 14% non-convertible debentures of Rs.
100 each of SBI Mutual Fund and Canbank Mutual Fund respectively
on private placement basis.

- 18,00,000 shares allotted for cash at par (8,60,000 shares to
promoters, directors, etc. 4,40,000 shares to APIDC; 2,00,000
shares to SBI Mutual Fund and 3,00,000 shares to Canbank Mutual
Fund) 22,00,000 No. of equity shares of Rs. 10 each were then
issued at par of which 2,00,000 shares were reserved and allotted
on a preferential basis to employees, etc. Balance 20,00,000
shares were offered to the public in October. Additional
6,00,000 shares allotted to retain over subscription (2,70,000
shares to promoters, 3,00,000 shares to public and 30,000 shares
to employees.

1992 - 30,70,000 No. of equity shares allotted to holding company.
Sunshine Allied Investment Ltd., (SAIL), Singapore.

1994 - 17,17,756 Shares of Rs. 10 each at a premium of Rs. 2 per share
allotted to foriegn collaborators. M/s. Sunshine allied
Investments Ltd. (Singapore).

1995 - The improved performance was attributed to launch of six new
products in consumer range and expansion of distribution network
to State of Kerala, Goa and Maharashtra. However, reduction in
off-take of industrial chocolates by one of the major buyers
apart from curtailing of Cocoa operations consequent to increase
in domestic prices of Cocoa beans affected net profits.

- The Company entered into a selling arrangement with cocoa
specialists SDN Bhd of Malaysia (Cocospecs) a subsidiary of Grand
Central Investment Holding, U.K. for export of its entire
saleable production of coca derivatives and bulk chocolate at
prevailing world market prices. A selling commission of 2% of
FOB was payable to coco specs.

- Also, entered into a sub contract conversion agreement with
Britannia Industries Ltd. (BIL) for undertaking manufacture of
range of chocolate products for them. As per this agreement all
raw materials and packing materials required for manufacture of
products were to be provided by BIL who would also indicate the
product-mix, specifications and volumes required for various
products according to which the company would undertake
manufacturing programme.

- The Company is a subsidiary of Sunshine Allied Investments Ltd.
(SAIL) Singapore. The controlling interests of SAIL was acquired
by Pengkalen Holding Berhad (PHB) Malayasia.

- 37,55,108 No. of equity shares issued on Rights basis (Prop. 2:5;
Prem. Rs. 10) to foreign collaborators. (34,53,293 shares taken
up).

2001 - The Hyderabad-based Lotus Chocolate Company Ltd. a wholly-owned subsidiary
of Singapore-based Network Foods International Ltd. which is part of MUI group of
Malaysia, has launched three new products - Maltese, Fun and Magic.
 
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