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Citadel Realty & Developers Ltd. Company History and Annual Growth Details

1960 - The Company was incorporated on 26th July, at Mumbai. The
company's objects is to manufacture of pulp and different
varieties of writing and printing papers. The company
manufactures superior qualities of rag content writing and
printing papers such as creamwove paper, colour printing paper,
offset printing paper, bond paper, manifold paper, ledger paper,
document paper etc.

- 12,750 shares issued to directors, etc. 12,250 shares offered at
par to the public.

1967 - 5,000 bonus shares issued in the prop. 1:5.

1974 - 30,00,000 Bonus equity shares issued in prop. 1:1.

1979 - 36,000 Bonus equity shares issued in prop. 3:5.

1989 - The closure of the writing/printing machine for 65 days due to
an accident and closure of board machine for a period of 18 days
for implementation of the first phase of modernisation, the
overall production could have been still higher.

- Industrial licence for the company's non-ferrous metals and
alloys project was received. Land was acquired and civil
construction work was started. Orders were also placed for
plant and machinery. The company was also in the process of
finalising the second phase of the secondary treatment plant for

- Equity shares subdivided. 6,40,000 bonus equity shares then
issued in prop. 2:3.

1991 - The overall working was affected due to the devaluation of Rupee
which made the imported pulp and waste paper costlier and
escalation in various input costs.

- Implementation of the second phase of secondary treatment plant
for effluent and the renovation of the electrical switch yard
were completed and commissioned.

- The Company issued 2,00,000 - 14% non-convertible debentures
of the aggregate face value of Rs.200 lakhs on private placement
basis to UTI. These debentures were to be redeemed in three
equal instalments from January 1998.

1992 - The company issued 2,00,000 - 14% secured redeemable
non-convertible debentures of Rs.100 each on private placement
with UTI. These are to be redeemed in three equal instalments
commencing from January 1998 and ending in January 2001.

- 8,00,000 Right equity shares allotted in Jan. 1993 (prem. Rs.45
per share; prop. 1:2). Another 40,000 shares offered to
employees, etc. (prem. Rs.45 per share) but only 38,100 shares
taken up. The balance 1,900 shares allowed to lapse.

1993 - The improvement was due to better market conditions for paper
board as well as coated paper, decline in the price of raw
materials like rice straw and waste paper.

- The Company undertook a programme for improvement of quality
of paper and paper boards by installation of balancing and
process control equipments.

1994 - The performance improved due to better market conditions and
various measures taken for improving the cost efficiency of

- The Company proposed to double the total production capacity and
to manufacture value added products.

1995 - Production was affected due to water shortage caused by delayed
onset of monsoon in Gujarat and labour problem.

- The overall performance was adversely affected due to the
increased cost of imported pulp and water paper, escalation in
the cost of raw materials, adverse market conditions leading
to lower price realisation and higher inventory.

- A plant was being set up to generate electricity by installing
wind turbine generators for captive consumption.

1996 - The overall performance of the Company was affected due to shut
down of the Board Machine for modernisation, increase in power
tariff by 30% increased labour cost and increased burden on
account of interest and depreciation which could not be
transferred to the customers due to depressed market condition.

1997 - The Company undertook to install a new bagasse fired boiler to
achieve lower cost of steam and the diesel generating set for
saving in the power cost.


- Rohit Pulp & Paper Mills Ltd has appointed Mr. Sundaram Ramamurthi and Mr. Nilesh Dand as additional Directors of the Company with effect from March 29, 2007.


-Company name has been changed from Rohit Pulp & Paper Mills Ltd to Citadel Realty & Developers Ltd.


- Rohit Pulp & Paper Mills Ltd has appointed Mr. Chetan R. Shah as an Additional Director of the Company pursuant sec 260 of the Companies Act 1956.