Udaipur Phosphates and Fertilizers Ltd.

YEAR                       EVENTS
 1980 - The company was incorporated on 30th October.  The company
 was
        promoted by Shri M.D. Goculdas and shree M. Bharadwaj.  The
 main
        objects of the company are manufacture of chemical fertiliser
 and
        chemicals. 
 
 1983 - The Single superphosphate plant commenced production in
 October.
 
      - 11,49,930 No. of equity shares issued in May.  Of these
 2,87,430
        shares reserved and allotted to promoters, associates, etc.,
        4,50,000 shares reserved for preferential allotment to NRIs. 
        Only 3,05,350 shares, along with 1,44,650 shares not taken up
 by
        NRIs, were offered to the public.
 
 1984 - The sulphuric acid plant commenced in February.
 
      - Production during the year was affected by operational
 problems
        in the plant and severe power cuts.  A second D.G. set of 365
 KVA
        was bought to counter the power problem.
 
 1985 - The sulphuric acid and the single superphosphate plants
 utilised
        108% and 93% of their installed capacities respectively.
 
 1988 - The Company issued 14% non-convertible debentures to UTI and
 LIC
        on private placement basis aggregating to Rs. 50 lakhs. 
 These
        debentures are redeemable at a premium of 5% in 5 annual
        instalments commencing from 19th December, 1993.
 
 1990 - The production and sales of single superphosphate improved
        compared to the previous year.  
 
      - 2,000 forfeited shares re-issued/or forfeiture on the annulled
 in
        1989-90 5,50,000 bonus shares issued in prop. 1:3 in 1990-91.
 
 1991 - Production and sales of single superphosphate improved
 further,
        while that of sulphuric acid was lower.
 
      - During April, the company commissioned the plant to
 manufacture
        chlorosulphuric acid.
 
 1992 - The Company as a part of diversification programme has taken
 up
        two new projects of Vinyl Sulphone and fine chemicals.  An
        ongoing unit situated at Baroda was acquired for the
 manufacture
        of fine chemicals and revamped.  Production of fine chemicals
 
        commenced in March.
 
      - During June, the company issued 11,00,000 - 16% secured
        redeemable partly convertible debentures of Rs. 40 each on
 rights
        basis in the proportion 1 debenture: 2 equity shares held. 
        Additionals 1,65,000 debentures were allotted to retain
        oversubscription.
 
      - Simultaneously, another 55,000 - 16% debentures were offered
 to
        employees on equitable basis.  Only 8,700 debentures were
 taken.
        47,000 debentures were issued to Mutual Funds.
 
      - Rs. 30 of the face value of each debenture was to be
 converted
        into one equity share of Rs. 10 each at a premium of Rs. 20
 per
        share on the expiry of 6 months from the date of allotment of
        debentures.
 
      - The balance of Rs. 10 of the face value of each debenture was
 to
        be redeemed at par at any time between the end of 7 years to
 9
        years from the date of allotment of debentures.