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Madhusudan Industries Ltd. Company History and Annual Growth Details

The Company was incorporated on 27th August, 1945 under the name and style of Madhusudan Vegetable Products Company Limited. Objects and activities of the Company is manufacture of vanaspati refined oils, de-oiled cakes, soaps, vitreous china sanitaryware and ceramic tiles. Products of the Company are marketed under the names of CERA sanitaryware, CERA tiles and MADHURAM vanaspati.

1946 - The Company had obtained Certificate for commencement of business
from the Registrar of Companies of erst while Baroda State on
28th February.

1980 - The Company diversified its activities by setting up a ceramic
sanitary unit at Kadi, Dist. Mehsana with an installed capacity
of 3,600 tonnes per annum. The installed capacity of the ceramic
sanitaryware unit was increased to 7,200 tonnes per annum in 1983
and further to 9,000 tonnes per annum in 1985.

1986 - The Company set up a ceramic tiles unit with an installed
capacity of 3,500 tonnes per annum.

1987 - The name of the company was changed to Madhusudan Industries
Limited and a fresh certificate of incorporation, consequent
thereupon was issued by the Registrar of Companies, Gujarat at
Ahmedabad on 9th December.

- The Company set up a plant to manufacture 25 tonnes per day of
vanaspati at Rakhial Station, Taluka Dehgam, DST. Ahmedabad.
The Company also set up a solvent extraction plant to produce
15,000 tonnes per annum of oil cakes.

1988 - The Company privately placed with UTI, LIC and GIC and its
subsidiaries 14% non-convertible debentures. These debentures
are redeemable at 5% premium on expiry of the 7th year from the
date of allotment of the debenture.

- All shares taken up by the signatories to Memorandum, Promoters,
Directors, etc. The issue shares includes 30,000 No. of equity
share of Rs 100 each, issued as bonus in prop. 1:1 during July
1984 and 60,000 No. of equity shares of Rs 100 issued as bonus in
prop. 1:1 during March 1988. Equity shares of Rs 100 each
sub-divided into shares of Rs 10 each during December.

1989 - The installed capacity of the tiles unit was increased from 3,500
tonnes to 7,000 tonnes per annum.

- The Company embarked upon a programme to increase the capacity of
the tiles unit from 7,000 tonnes to 14,000 tonnes per annum to
manufacture glazed wall tiles and also to raise the installed
capacity of the solvent extraction plant from 25,500 tonnes to
45,000 tonnes per annum

1990 - Production of vanaspati was adversely affected due to
restriction imposed on movement of vanaspati outside Gujarat by
the State Government since 30th March, and imposition of storage
control orders by Central Government.

- "Ujala King Inamotsav 90", a scheme was introduced by the Company
for consumers, retailers and stockists.

- It was decided to further expand the installed capacities of the
solvent extraction plant from 45,000 tonnes to 75,000 tonnes per
annum and that of the refinery from 7,500 tonnes to 15,000 tonnes
per annum.

1991 - Production of vanaspati continued to be affected by restrictions
imposed by the State Government on movement of vanaspati outside
Gujarat. Production in Sanitary ware Division suffered due to
labour unrest for 22 days and disruption in gas supplies.

- The Company expanded the capacity of the solvent extraction plant
from 45,000 TPA to 75,000 TPA and of oil mill from 50 TPD to 150
TPD. The effective production capacity of vanaspati plant was
also being increased from 50 TPD by installing balancing
equipments.

- The Company undertook a major modernisation and technology
upgradation-cum-expansion programme at its sanitary ware unit for
which a Memorandum of Understanding was signed with M/s. Lisland
Ltd., U.K.

- M/s. Lisland Ltd., U.K. were to assist in formulating and
executing the upgradation-cum-expansion programme involving
replacement of existing tunnel kilns by new fuel efficient
tunnel kilns, semi-automation in raw-material handling, glaze
improvement, etc.

- The Company undertook to set up a new solvent extraction plant
with an installed capacity of 250 TPD at Nimbahera in Chithorgarh
District of Rajasthan.

- 6,00,000 Bonus shares issued in prop. 1:2. 12,00,000 No. of
equity shares issued at a premium of Rs 20 per share of which
58,400 shares reserved and allotted on a preferential basis to
financial institutions.

- Another 60,000 shares reserved for preferential allotment to
employees (incl. Indian working directors)/workers of the company
(only 55,500 shares taken up). The balance of 10,81,600 shares
along with the unsubscribed 4,500 shares of the employees' quota
offered for public subscribed during October 1989.

1992 - During November, the Company issued 15,75,000-15% secured
redeemable partly convertible debentures of Rs 100 each at par of
which 75,000 debentures were offered to the employees of the
Company (only 20,250 debentures were taken up). The remaining
15,00,000 debentures along with 54,750 debentures not taken by
employees, were offered to the shareholders on rights basis in
the proportion of 1 debenture : 2 equity shares held (all were
taken up).

- Part A of Rs 65 each debenture was to be automatically converted
into 1 equity share of Rs 10 each at a premium of Rs 55 per share
on 1st April, 1993. Accordingly, 15,75,000 No. of equity shares
were allotted.

- Part B of Rs 35 of each debenture was to be redeemed at par in
three instalments of Rs 10, Rs 10 and Rs 15 on the expiry of
6th, 7th and 8th year respectively from the date of allotment of
debentures.

1994 - The Company installed an Expander along with balancing equipments
at Nimbahera units with a view to meet dumping of imported edible
oil through Government owned Co-operative institutions at
discriminatory import duty.

- A new electrostatic glazing system was being installed in the
sanitary ware division. The Company was in the process of
setting up a new ceramic tiles unit near Baroda with an installed
capacity of 22,000 TPA. Necessary agreements for Natural Gas was
entered into with Gas Authority of India Ltd. and land had been
located.

- The Company entered the power sector by installing ten wind
turbine generator at village Patelka in Saurashtra.

- The Company issued 20,00,000 warrants to promoters and Group
Companies enabling them to subscribe one equity share per warrant
at a price of Rs 76 per share (Rs 66 premium). Till date
8,06,495 warrants were converted into shares.

1995 - Production declined marginally due to 56 days closure of the
vanaspati unit by virtue of labour unrest. The deoiled cake
production was also lower due to closure of Rakhial unit.

- The solvent plant at village Patelka in Jamnagar district
consisting of ten wind turbine generators was commissioned in
March. The 5 MVA sub-station at Patelka was expanded to 15 MVA.

1996 - The Electrostatic glazing system and new Heimsoth Kiln were
commissioned during the year. Production and sales were affected
by the partial shutdown of the solvent plant during the first
quarter of the year.

- The production of De-Oiled cake decreased due to poor capacity
utilisation on account of limited availability of raw materials.

- 1,135 shares issued.

1997 - Production and sale of vanaspati and refined oil declined due to
sluggish market conditions. Performance of De-oiled cake
suffered due to poor capacity utilisation as a result of limited
availability of raw material. The production of Sanitaryware and
Tiles also declined.

2000 - The Company had undertaken modernisation cum balancing equipment
project at its Sanitaryware Unit, in Kadi.

- Shri Vikram Somany has been appointed as Chairman-cum-Managing
Director of the company w.e.f. 01.08.2000.

- The Sanitaryware unit of the Company situated at Kadi has been
granted ISO 14001 w.e.f. 01.06.2000.

- The Company to consider hive-off of Edible Oil Division & trading of shares in
dematerialised securities in Stock Exchange.

2001

-Madhusudan Ceramics, the sanitaryware division of Madhusudan Industries Ltd., has launched the country's first of its kind single piece Monoblock EWC with flushing cistern.

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