Golden Proteins Ltd.

YEAR                       EVENTS
 1971 - The Company was incorporated on 18th September, as a public
        limited company under the name Bottle Glass Ltd.  It was
        converted into a private limited company on 18th August 1980
 and
        was again reconverted into a public limited company on 10th
 July,
        1985.  The name of the company was also changed from Bottle
        Glass, Ltd. to Golden Proteins Ltd. with effect from 10th
 July
        1985.  The Company was Promoted by two entrepreneurs, viz.,
 P.K.
        Verma and his brother R.K. Verma.
 
      - The Company's object is Deep sea fishing and manufacture of 
        vegetable oils by solvent extraction process from soyabean and
 
        rice bran, etc.
 
 1982 - The Company has been engaged in deep sea fishing business.  It
 
        has also charter/joint venture agreement with a foreign
 shipping
        company, viz., Singapore Onion Lines (Pvt.), Ltd., for
 fishing
        and exports of fresh frozen fish to South East Asia and other
        foreign centres.
 
 1985 - All shares taken up by promoters etc.
  
      - The name of the company was changed from Bottle glass, Ltd.
 to
        Golden Proteins, Ltd. with effect from 10th July.
 
      - 11,90,000 No. of equity shares issued at par out of which the
        following shares were reserved and allotted;
 
      - (i) 4,40,000 shares to promoters, etc.
 
      - (ii) 37,500 shares to employees and working directors and
 15,000
        shares to business associates.  The balance 6,97,500 shares
 were
        offered for public subscripiton during December.  2,97,400
        additional equity shares allotted to retain oversubscription.
 
 1987 - The refinery plant commenced commercial production in
 November
        but could not operate at its full capacity due to paucity of
 raw
        materials.
 
      - The fisher division could not start its operations due to
 delay
        in the delivery of fishing trawler.
 
 1988 - Margins were adversely affected due to low capacity
 utilisation
        coupled with increase in the cost of inputs without
 commensurate
        increase in the selling prices.
 
 1989 - The plant was not run at its full capacity due to severe 
        constraints of working capital.
 
      - The refinery plant was also not run at its rated capacity due
 to
        non-availability of working capital.
 
      - It could not undertake more voyages due to paucity of funds.
 
 1990 - The plant capacity utilisation remained low due to financial
        constraints and non-provision of working capital by financial
        institutions.
 
      - The Refinery for vegetable oils division could not operate due
 to
        non-sanction of working finance and also non-availability of
 job
        work on suitable terms.
 
      - The Company entered into a Memorandum of Understanding with
 Media
        Technology International, U.S.A. for setting up a high tech.
        100% export project for the manufacture of sputtered rigid
 disc
        media at Free Trade Zone, NOIDA under the name CETC.
 
      - The Company has plans to take up the following projects:
 
      - (i) Lecithin plan for bakery and food confectionery products;
 
      - (ii) Winterland soyabean edible oil plant;
 
      - (iii) Soya milk, curd and cheese;
 
      - (iv) Industrial hard oil plant for cosmetics and soap
 industry;
 
      - (v) Food extrusion plant for soyabean and protein enriched
 snacks
 
      - (vi) Animal poultry and fishery feed &
 
      - (vii) Increase the solvent extraction plant capacity to 400 
        tonnes per day.
 
      - The Company became a Sick Industrial Company within the
 meaning 
        of the `Sick Industrial Companies (Sp. Provisions) Act, 1985.
        Accordingly, a reference was made to the Board for Industrial
 and
        Financial Reconstruction (BIFR) as stipulated under the act
 and
        to seek financial and other assistance for rehabilitation.
 
 1991 - Operations could not attain the desired level of capacity 
        utilisation due to continued severe financial constraints.
 
      - Approval from the Govt. was received for leasing of the
 Golden
        Bay trawler to another deep sea fishing enterprise to achieve
        scale of economies envisaged in the package.
 
      - The Company has plans for further expansion by embarking on a
        project for 100% export-oriented joint venture with foreign
        fishery lines for diversified fisheries exports, processing
 etc.
 
      - The company undertook to set up a solvent extraction plan
 with
        an installed capacity of 33,000 tonnes per annum on three
 shifts
        and 330 days basis for the manufacture of vegetable oils from
        soyabean, rice bran, etc.  About 9.78 acres of land was
 acquired
        on lease from U.P. (UPSIDC) and adequate arrangements were
 made
        for the requirements of power and water.  
 
      - The Company undertook to set up refinery with a capacity of
 50
        tonnes per day for refining vegetable oils produced in the 
        solvent extraction plant.
 
 1992 - The operations did not reach the desired level due to the
 delay
        in the implementation of the sanctioned rehabilitation
 package.
 
      - Subject to necessary approvals being obtained, the company
        proposed to offer 18,97,400 rights equity shares of Rs.10 each
 
        for cash at par in proportion 1:1.