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Upper Ganges Sugar & Industries Ltd. Company History and Annual Growth Details

YEAR EVENTS
1932 - The Company was Incorporated at Calcutta. The Company's object
is to manufacture sugar, oil and oil cakes, milk products,
confectionery etc. Sugar is produced by double sulphitation
process.

1946 - 15,000 right taxable pref. shares issued at par in prop. 1:16
(Equity). These pref. shares redeemable at the Company's option
at a prem. of 2% at three months notice. Note: From June 1961,
rate of 5% tax-free pref. dividend raised to 7.14% taxable.

1957 - The Company promoted a subsidiary under the name Alco-Chem Ltd.,
with the object of leasing out the buildings, plant and machinery
of a distillery to this subsidiary. The subsidiary was
amalgamated with the Company with effect from 1st April, 1976.

1966 - 6,40,000 bonus equity shares issued in prop. 8:1.

1976 - C & E Morton (India) Ltd., was merged with the Company with
effect from 1st July.

- 15,487 No. of equity shares issued without payment in cash to
shareholders of C&E Morton (India), Ltd. on its amalgamation
with the Company.

1978 - 2,45,162 bonus equity shares issued in prop. 1:3.

1981 - 4,90,324 bonus equity shares issued in prop. 1:2.

1982 - The oil mills remained closed for a major part due to high cost
of raw materials and comparatively lower selling prices.

- The Company's subsidiary, Usha Development Co. Ltd., was
amalgamated with the Company with effect from 13th July.

- The name of the Company was changed from Upper Ganges Sugar Mills
Ltd. to Upper Ganges Sugar & Industries, Ltd.

1983 - The oil mills again remained closed for major part of the year.

- The Company issued 15% non-convertible debentures of Rs.100 each
for Rs.54 lakhs. Subscriptions were received only to the extent
of Rs.41,24,600. In terms of the issue, 9,455-7.14% preference
shares of Rs.100 each and 11,168-5% preference shares of Rs.100
each were redeemed by conversion thereof into equal number of
debentures. The balance 20,623 debentures were allotted on
private placement basis.

1984 - Further 520-7.14% pref. shares of Rs.100 each and 1,277-5% pref.
shares of Rs.100 each were redeemed by conversion thereof into
equal number of debentures.

- Another 1,797 debentures were allotted on private placement
basis as per the terms of the debenture issue.

1985 - Production and working results of oil mills at Chandausi could
not improve as the mill had to remain closed for a major part of
the year for want of raw materials and due to unfavourable market
conditions.

- With effect from 1st September, the Company entered into a
working arrangement with Texmaco, Ltd. to run their spinning and
processing division of Birla Textile Mills, Delhi. Keeping to
the market trend, a change from cotton to synthetics was made
by the end of June, 1986, 13,440 spindles were operating for
spinning synthetic yarn.

1986 - Production of tea declined to 911 tonnes due to unfavourable
climatic conditions.

- The working of the processing and spinning division was adversely
affected due to labour strike for 2 months. The unit, further
changed 2,400 spindles from cotton yarn to synthetic yarn
spinning.

1987 - The distillery continued to work below capacity on account of
poor off-take of industrial alcohol by major consumers due to
levies imposed by the U.P. Government.

- The spinning division, the processing division and the ginning
and processing factories were being run by the Company in
partnership with Gobind Sugar Mills, Ltd. and Sutlej Cotton Mills
Ltd. for a period of 5 years effective from 1st July.

1989 - An application was made to the Central Government for increasing
the crushing capacity of the sugar mills at Seohara from 4,500
tonnes to 10,000 tonnes of sugarcane per day.

1990 - The working results were much better due to higher exports of
industrial alcohol and increased domestic demand.

- The working results were better due to improvement in the quality
of tea and higher realisation.

1991 - The working results of tea were affected due to higher cost of
production and lower realisation.

1992 - Production, sales and working results were adversely affected due
to general recession in the market particularly consumer products

- Working results were, however, affected due to increase in the
cost of production without corresponding increase in the
realisation.

1993 - Production and working results were adversely affected due to
non-allotment of molasses by the Government of U.P.

- Production, sales and working results were adversely affected due
to steep increase in costs without correspondence increase in
selling price.

- Production and sales of tea were lower mainly due to unfavourable
climatic conditions.

- The Company proposed to undertake expansion programme at a new
site at Badai and modernisation of machinery at the existing site
at Birla lines, Delhi.

- With effect from 1st April, 1994, under the scheme of arrangement
the entire assets and liabilities were to be transferred to the
Oudh Sugar Mills Ltd. Under the scheme, 1,23,750 ordinary shares
of Rs.100 each in the Oudh Sugar Mills, Ltd. would be allotted
to the Company.

- The Company issued and allotted 17.5% Non-Convertible secured
Redeemable Debenture of an aggregate sum of Rs.5 crores to the
financial institutions by way of private placement to meet the
long term working capital requirements.

- Uttar Pradesh Trading Co. Ltd., with a subscribed capital of
48,00,000 shares of Re.1 each is a wholly owned subsidiary of the
company.

- 80,000 shares allotted.

1994 - Production and working results were adversely affected as the
distillery could not work throughout the period due to poor
off-take of industrial alcohol on account of Government policy.

- The performance of the company continued to be affected due to
steep increase in costs.

- Working of tea industry improved due to the adoption of better
agricultural operations and installation of some new machines to
upgrade the infrastructure and improved quality of tea.

- The Company allotted 31,01,946 No. of equity shares of Rs.10 each
for cash at a prem. of Rs.20 per share on Rights basis in prop.
2:1.

- 31,01,946 shares allotted on Rights basis.

1995 - Working of the division was adversely affected due to continued
poor off take of industrial alcohol.

- The Confectionery and milk products factory at Marhowrah owned
by M/s. C & E Morton (India), Ltd., was taken over by the
Company on lease.

- Working was affected due to general recession and increase in
input cost.

2002-Upper Ganges Sugar & Industries Ltd has informed BSE that Dr. K. K. Birla, Chairman of the Company has resigned from the Chairmanship & Directorship of the Company with effect from August 16, 2002. He has been conferred the status of 'Chairman Emeritus' by the Board of Directors w.e.f. September 10, 2002. Further Smt. Nandini Nopany, Deputy Chairperson, has been appointed as Chairperson of the Board of Directors of the Company.

2003- R N Mody has resigned from the Directorship of the Company with effect from October 28, 2003.

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