BALRAMPUR CHINI MILLS Share price

HISTORYBalrampur Chini Mills Limited was incorporated on 14th July 1975 underthe Companies Act 1956 as a wholly owned subsidiary company ofBalrampur Sugar Company Limited [BSCL] and obtained the certificate ofcommencement of business on 26 July 1975. The registered office wasearlier located at `Akashdeep' 5 Lower Rawdon Street Calcutta-700020and was changed to its present location [FMC Fortuna' 2 Floor234/3A A.J.C.Bose Road Calcutta - 700 020] with effect from16.11.1992.BSCL transferred to the Company under an indenture of conveyance dated21st February 1976 with effect from 1st July 1975 the land buildingand other assets and entire staff of its Balrampur Sugar Factory andalso leased out to the Company all plant and machinery and electricalinstallation under a Deed of Lease for a period of eight years. Underan agreement dated 20th April 1978 the Company purchased the saidplant machinery and electrical installation earlier taken on lease attheir written down value as appearing in the books of BSCL as on 30thJune 1983. The initial capacity of the sugar factory was 800 TCD. Thecapacity of the Balrampur unit has since been expanded to the presentcapacity of 11000 TCD.In 1990 the Company acquired the controlling stake in Babhnan SugarMills Ltd. The Company undertook expansion-cum-modernisationprogramme of Babhnan sugar factory and consequently the crushingcapacity was increased from 2500 TCD in the year 1992-93 to 8000 TCDcompleted in phases during the year 1999-2000. With a view to derivebenefits of synergy and scale Babhnan Sugar Mills Ltd. was amalgamatedwith the Company with effect from 1st April 1994.In April 1998 the Company acquired the controlling stake in TulsipurSugar Co. Ltd. a profit making sugar Company located near Balrampur inEastern U.P. with an installed capacity of 2500 TCD. Tulsipur Sugar Co.Ltd. was merged with the Company with effect from 1st April 1999.Thecrushing capacity of Tulsipur Sugar was subsequently expanded to 6000TCD.Integrated sugar complex at Haidergarh having a sugar plant of 4000TCD capacity and bagasse based co-generation power plant of 20.25 MWcapacity was commissioned during the year 2003-04.Previous issue by the CompanyThe last issue of the Company was the public issue of 100000 equityshares of Rs.10/- each and 5000 11% redeemable shares and the offer forsale of 100000 equity shares of Rs.10/- each for cash at par byerstwhile promoter Balrampur Sugar Company Limited vide the prospectusdated 29th December 1978.Revaluation of AssetsLand Building Plant & Machinery Railway Siding and Tubewell of theBalrampur were revalued as on 30th June 1988 on marketvalue/replacement cost and the increase in value due to revaluationamounting to Rs.513.18 was credited to revaluation reserve.Land building plant and machinery of Tulsipur unit were revalued asat 31st March 1999 on net replacement value and the increase in valuedue to revaluation amounting to Rs. 1921.08 lacs was credited torevaluation reserve in the books of erstwhile Tulsipur Sugar CompanyLimited [since merged with the Company].Conversion of Loan into EquityUnit Trust of India [UTI] had entered into an agreement with theCompany for subscription to debentures of Rs.50 lacs As per thisagreement UTI had the option of converting the Debentures into EquityShares at any time after 6 months from the date of subscription (24.04.1986) but before maturity (23.04.1993). Debentures worth Rs.25lacs were converted into 31250 equity shares of Rs.10/- each at apremium of Rs.70/- per share on 12.02.1993