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Upper Ganges Sugar
BSE: 530505|NSE: UPERGANGES|ISIN: INE018B01012|SECTOR: Sugar
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Sep 17, 17:00
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Company History - Upper Ganges Sugar
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.
 
 2006
 
 -Upper Ganges Sugar & Industries Ltd Issues Rights in the Ratio of
 13:20
 
 2007
 
 -Upper Ganges has designed E-mail ID for Investor Complaints as 
 upperinvestor@birla-sugar.com.
 
 2009
 
 -Upper Ganges have recommended Dividend @ 1.20 per Equity Share
Source : Dion Global Solutions Limited
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