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Andrew Yule and Company

BSE: 526173|NSE: ANDREWYULE|ISIN: INE449C01025|SECTOR: Trading
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Company History - Andrew Yule and Company
YEAR                       EVENTS  
 
 1919 - The company was incorporated on 26th May, for the purpose of
        acquiring and continuing the managing Agency business of the
 firm
        of Andrew Yule & Company which had been established in India
 in
        1863.  The Company carries on business as general merchants,
        traders, agents and dealers in shares, stocks, and
 securities.
        It also runs an engineering division which produces a wide
 range
        of machinery and equipment including `Sirocco' and `PEW'
        products.
 
      - The Company's engineering division has facilities for
 producing
        specialised ferrous and non-ferrous heavy castings and
 intricate
        fabricated items and also manufacturer river and coastal
 crafts.
 
      - The Company also has a factory which produces, among other
        things, electrical equipment like switch-fuses, switchboards,
        circuit breakers, metering kiosks, control panels, drop out 
        fuses, feeder pillars, cable joint and terminal boxes,
        flamerproof air circuit breakers and lightning transformers,
        transductors, voltage regulators, rectifiers and power
        transformers.
 
      - As Managing Agency House, the Company was intimately
 connected
        with tea, jute, coal, electric power generation and
 distribution,
        in addition to its traditional business activities.
 
 1967 - Equity shares subdivided.  6,00,000 Bonus Equity shares issued
 in
        prop. 2:3.  5,000 Pref. and 1,00,000 Equity shares issued to
        Davidson & Co., Ltd. Belfast, upon merger of Davidson of
 India
        Pvt. Ltd. with the Company.
 
 1968 - 3,00,000 No. of equity shares issued at par through
 prospectus.
        1,00 - 9% Pref. 1,00,000 No. of Equity shares issued without
        payment in cash to members of steam a Mining Equipment
 (India)
        Pvt. Ltd. on merger.
 
 1976 - A letter of intent received for the belting project was
 converted
        into an industrial licence.
 
      - In order to ensure that the belting project became viable at
 the
        earliest, the Company finalised a technical collaboration
        agreement with BTR Belting, Ltd., U.K., to provide technology
 for
        the manufacture of synthetic fibre reinforced rubber conveyor
        belts.
 
      - Calcutta Discount Co., Ltd. was amalgamated with the Company
        with effect from 1st January.
 
      - 22,790 - 4.5% Pref. shares held by Calcutta Discount Co. Ltd.
        were cancelled upon merger with the Company.
 
 1977 - An agreement was entered into with BETHE, GmbH, West Germany
 for
        providing technical know-how for the manufacture of air
 pollution
        control equipment.
 
      - A technical collaboration agreement was also finalised with
        Davidson & Co. Ltd., U.K., for their entire range of products
        including the static and dynamic components for heavy duty
 fans.
 
 1978 - The company also entered the field of electrical equipment 
        manufacture by virtue of its acquisition of Steam & Mining
        Equipment (India) Private Ltd., effective from 1st July.
  
      - The Company acquired the entire business of Davidson of India
        Pvt. Ltd., which along with port Engineering works Ltd. was
        amalgamated with the Company with effect from 1st July.
 
      - The Company also acquired the business of steam & Mining
        (Switchgear) Ltd., an associate to Steam & Mining Equipment
 (Ind)
        Pvt. Ltd. effective from 1st July.
 
      - The Company also acquired the business of Steam & Mining
        Equipment (India), Pvt. Ltd.  The Company closed down its
        marketing activities.
 
      - Hooghly Printing Co., Ltd. with an issued and paid up capital
 of
        1,89,500 No. of equity shares of Rs 10 each is a wholly owned
        subsidiary of the Company.
 
 1982 - 51,82,834 No. of Equity shares issued for cash par.
 
 1983 - The Company received a Letter of Intent for the manufacture
 of
        material handling equipment and there was a search for
        identifying a suitable technical collaborator to diversify
 into
        this field.
 
      - The Air Pollution Control Equipment Unit received a Letter of
        Intent for the manufacture of Wet suppression dust control
        system.  A technical collaboration agreement for this
 purpose,
        was executed with B.J. Devaux & Co., U.K.  This unit proposed
 to
        diversify into the design and manufacture of high capacity 
        electrostatic precipitators for thermal power stations.  A
        technical collaboration agreement for the manufacture of this
        product was executed with Peabody Sturtevant Ltd., U.K.
 
      - The Electrical Unit took up diversification programmes into
 the
        fields of electronics, mine communication and safety devices.
 
      - The Belting Division successfully implemented the technology
 for
        the manufacture of polyester cord fan and vee belts under the
        brand name of `YULE SHAKTI' in technical collaboration with
        Goodyear India, Ltd.
 
      - The Company entered into a technical collaboration agreement
 with
        BETH GmbH, West Germany for transfer of technology in
 connection
        with the manufacture of Bethfulls which is an improved model
 over
        Bag Filters.
 
      - Two more technical collaboration agreements were executed
 with
        two U.K. companies and B. J. Devaux & Co., and Peabody
        Sturtevant, Ltd., for the manufacture of west supression dust
        control system and electrostatic precipitators respectively.
 
      - The Government nationalised the undertaking of Transformer &
        Switchgear, Ltd., Chennai and vested the assets thereof with
 the
        Company with effect from 8th November.  As a result, this
        undertaking became a unit of the Company.
 
      - The Company's investment subsidiaries viz., Clive Row
 Investment
        Holding Co., Ltd. and Chitpore Golabari Co., Ltd. were
        amalgamated with the Company with effect from 31st March.
 
      - 52,630 No. of Equity shares allotted to the minority
 shareholders
        of CRIHCO in term of amalgamation scheme.  2,96,300 No. of
 equity
        shares allotted to Government of India.
 
 1985 - The belting division took steps to instal a few additional
        equipment during the year to increase the production capacity
 of
        `YULE SHAKTI' polyester fans and vee belts.
 
      - The Company obtained necessary approval for a project to
        manufacture steel cord reinforced rubber conveyor belting.
 
 1986 - A proposal for the transfer of latest technology for the
        manufacture of pole mounted switchgears and sectionalizers
 under
        the existing agreement with Togami Electric Manufacturing
 Co.,
        Ltd., Japan, was undertaken during the year.
 
 1987 - A new factory was inaugurated on 10th October.  With the
        installation of balancing equipment, production of conveyor
 belt
        and fan and Vee belts increased.
 
      - Effective from 26th August, the Company's six tea
 subsidiaries
        viz., Banarhat Tea Co., Ltd., Basmatia Tea Co., Ltd.,
        Hoolungooree Tea Co., Ltd., Mim Tea Co., Ltd., Murphulani
 (Assam)
        Tea Co., Ltd. and the Rajgarh Tea Co., Ltd., were amalgamated
        with the Company.
 
      - As per the scheme of amalgamation, the Company allotted
 without
        payment in cash preference and equity shares to the
 amalgamated
        tea companies as: 2,217-6 1/2% Cumulative Preference shares
 of
        Rs 100 each.  9,259 - 9.3% Cumulative Preference shares of Rs
 100
        each; and 18,82,714 No. of Equity shares of Rs 10 each.
 
      - The undertaking of Brentford Electric (India), Ltd. was
        nationalised vide the Brentford Electric (India), Ltd. Act,
 1987
        with effect from 1st April, 1986 and all the rights, titles
 and
        interest in relation to the said undertaking was vested with
 the
        Company.
 
 1988 - The electrical unit entered into a collaboration agreement
 with
        Metronex Ltd., Poland for manufacture of sophisticated mining
        electronic equipment.  This is in addition to the
 collaboration
        with Togami Electric Mfg. Co., Ltd., Japan for production of
        Vacuum Circuit breakers.
 
 1989 - The engineering division proposed to introduce new products
 to
        make good its poor performance.
 
      - The engineering division developed various electronic
 products
        such as flame proof and intrinsically safe sequence
 controller
        with pre-start alarm and communication system incorporating
        required modification suggested by the Department of
 Electronics.
 
      - Necessary steps were taken for the manufacture of synthetic
 fibre
        reinforced conveyor belting.
 
      - 9%, 6.5% and 9.3% Pref. shares redeemed 11,57,600 No. of
 equity
        shares issued to Govt. of India against the compensation paid
 by
        for acquiring Brentford Electric India Ltd. and Transformer
 and
        Switchgear Ltd.
 
 1990 - A collaboration agreement was entered into with the Department
 of
        Electronics for the manufacture of Linear Accelerator
 machines
        used for cancer therapy.
 
 1991 - The Company entered into a collaboration agreement with M&I
 Heat
        Transfer products of Canada to acquire technical knowhow for
 the
        manufacture of specialised air handling and air ventilation
        equipment having critical application in nuclear power
 projects,
        defence, steel and petrochemical industries.
 
      - As a result of the amalgamation of Steam & Mining Equipment
        (India) Private Limited, the Company acquired a 50% interest
 in
        Brentford Electric (India) Limited, for whom the Company now
 acts
        as sole selling agents.
 
 1992 - Yule Red launched was well received in the market.  `Yule
 Dust' 
        launched in the second half of the year also received
 encouraging
        response.
 
      - The electrical unit undertook to manufacture EPABX and ERAX
        equipment based on C-Dot technology.  the Togami unit proposed
 to
        import SF-6 gas filling plant from Germany for production of
 gas
        filled bottom chambers for capacitor switches leading to
 import
        substitution.
 
      - The Brentford unit entered into a Technical collaboration
        agreement with Daihen Corporation Ltd., Japan for manufacture
 of
        Automatic Step Voltage regulators.
 
      - The Company finalised technical collaboration agreements with
        Togami Electric Manufacturing Co., Ltd., Japan for the
        manufacture of the following products: 3.3 KV airbreak
        contractors and isolators; block type airbreak LT contactors;
        bi-metallic overload relays and moulded case circuit
 breakers.
 
 1993 - A technical collaboration agreement was signed with Mushroom
        Consulting J. Huys, B. V. Holland for cultivation of white
 button
        mushrooms.
 
      - The Company also undertook to use modern technology for
 setting
        up a Horticulture and tissue culture project.
 
 1994 - In the engineering division, manufacture of specialised air
        handling air ventilation equipment and isolation dampers for
        nuclear power plants was held up due to technical problems.
 
      - The belting division faced acute crisis due to lower order
 intake
        as the orders were spread out over sector and time period.
 
      - Due to liquidity crisis, the Company was not able to
 implement
        its diversification activities viz., export oriented agro
 based
        products.  It was proposed to set up a new Company Yule Agro
        Industries Ltd. to take over the said agro based products.
 
      - Andrew Yule & Company, has introduced a voluntary retirement
 scheme to trim down its workforce in         engineering and
 electrical divisions.
 
 1998
 
 -Joint venture with Phoenix AG of Germany for the belting division
 has been further delayed as its bans want a part of the money
 received by  Yule from the sale of a 74 per cent stake in the
 loss-making division
 
 1999
 
 -Phoenix AG of Germany has picked up 74 per cent stake in the belting
 division of Andrew Yule & Co  an ailing public sector undertaking
 (PSU)  for a consideration of around Rs 35 crore.
 
 -submitted a revival-cum-restructuring proposal for its engineering
 division to the Centre for its consideration.
 
 2000
 
 -Acepted and prematurely retired a few of its employees based on
 undated voluntary separation applications given by them.
 
 2001
 
 -Shri Arindom Mukherjee appointed  as Chairman and Managing Director
 of the company
 
 -Offer Voluntary Retirement Scheme (VRS). Voluntary retirement scheme
 fails to achieve its objective as the management was not able to
 release union staff members, mainly clerks and workmen, who opted for
 the VRS at its head office
 
 2002
 
 -Approves issue and allotment of fresh 2,900,000 Equity Shares of Rs
 10 each to the Central Government in the name of the President of
 India in conversion of the financial assistance of Rs 29,000,000
 sanctioned and disbursed to the Company by the Central Government.
 
 2003
 
 -Board approves the issue & allotment of fresh 43,05,000 equity
 shares of Rs 10 each at par to the Central Government in the name of
 the President of India in conversion of the financial assistance of
 Rs 43.050 million sanctioned and disbursed to the company by the
 Central Government
 
 2004
 
 -Phoenix Yule receives 'Highest Export Award in the non-tyre segment
 
 2009
 
 -Andrew Yule & Company Limited has won the prestigious `SCOPE' Award
 for Excellence and Outstanding Contribution - Turnaround Category for
 2008-09.
 
 2011
 
 -The Company has bagged the prestigious BRPSE Turnaround Award 2011
 
 2012
 
 -Andrew Yule & Co. Ltd. has won the prestigious MoU Excellence Award
 
 2014
 -FICCI West Bengal State Council in partnership with Public Health
 Engineering Department
 
 
 
Source : Dion Global Solutions Limited
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