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Riga Sugar Co. Ltd. Company History and Annual Growth Details

YEAR EVENTS
1980 - The Company was Incorporated on 2nd September. The sugar factory
was established in 1932 by the holding Company Belsund Sugar &
Industries Ltd.

- Initially, the installed capacity was 800 tonnes cane crushing
per day (TCD) which was increased to 1000 TCD in the year 1954.

1987 - Further modernisation-cum-expansion schemes were undertaken in
the year with assistance from IRBI, IFCI and Sugar Development
Fund for increasing capacity to 2000 TCD, which were completed in
1989.

- The Company also undertook a diversification scheme also to set
up a 50 kilo litres per day per day (KLPD) ethyl alcohol plant to
produce a value added product from the by-product, molasses, of
the sugar industry.

1990 - During the year, 90 No. of shares were to the subscribers to the
Memorandum of Association.

1992 - The Sugar Factory had the highest cane crushing and sugar
production in its six decades of working, but due to unfavourable
agroclimatic conditions and having the crushing operations during
extremely hot summer months there has been decline in sugar
recovery percentage.

1994 - 29,41,080 No. of shares of Rs 10 each issued and subscribed and
20,00,000 shares were issued at a premium of Rs 40 per share of
which 50,000 shares were reserved for preferential allotment to
friends, relatives etc. and 19,50,000 shares were offered through
prospectus of which 3,50,000 shares to Indian Mutual Fund,
1,00,000 shares reserved for permanent employees, 1,90,000 shares
for a grop of companies.

- The balance 13,10,000 shares along with the unsubscribed portion
of employees quota were offered to public (all were taken up).

- 12,25,450 shares as Bonus issue in the ratio of 5:1 and 14,70,540
shares as Rights issue in the ratio of 1:1. 2,45,000 shares
allotted other than for cash in terms of scheme of arrangement on
27th October, 1982.

1996 - During September the Company received a letter of intent for
expansion of Sugar Mill capacity from 2500 TCD to 3500 TCD.

- The quality of Ethyl Alcohol produced by the Distillery Division
is regarded as the best in Bihar.

1997 - No News available.

1998 - A High Powered Committee on Sugar Industry (Mahajan Committee)
was set up by the Government in March, as per Allahabad High
Court's direction in a Writ Petition challenging the power of the
State Government to advise Sugar Mills on the Cane price payable
to the Cane Growers.

- The Sugar Technology Mission (STM) of the Government of India
have selected Riga Sugar Factory for Technology Upgradation and
Capacity Optimisation.

1999 - The modernisation will increase capacity to 3150 tonnes crushed
per day from the existing 2500tcd.

- Cane availability and recovery declined because of the heavy
floods in north India during the year, which damaged the crop
and also lowered the sucrose content of cane.

- Domestic Sugar Mills also suffer because of the earmarked
40% of sugar production towards Levy Quota by the Central
Government at a price which is much below the cost of production.

- The Government have delicenced the Sugar Industry, which has not
helped since it is already suffering due to over capacity.

- The Sugar Unit of the Company has been recommended for
undertaking a Technological Upgradation and Capacity Optimisation
Scheme.

2000 - The Company proposes to increase the crushing capacity of its sugar unit,
located at Sitamarhi district of Bihar, to 5,000 tonnes from the existing 3,500 tonnes
in the next two years.


2007

-Riga Sugar Company Ltd has informed that Mrs. Meera Dhanuka has resigned from the Directorship of the Company with effect from January 11, 2007.
 
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