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History of Andhra Pradesh Paper Mills Ltd.

YEAR EVENTS 1964 - Andhra Pradesh Paper Mills limited was incorporated on 29th June at Rajahmundry. The Comp. manufactures & deals in all kinds of paper.

- A formal agreement was entered into between G.D. Somani & the Govt. of Andhra Pradesh on 13th May with a specific provision that a separate Comp. should be formed to take over the relevant assets, rights & obligations in respect of the project.

- All shares issued to Andhra Pradesh Govt. including 65,850 shares without payment in cash.

1966 - Issued 1,34,000 No. of equity shares for cash & 50,000 pref. & 34,000 No. of equity shares without payment in cash to Andhra Pradesh Govt. 50,000 pref. shares offered to the public in Jan. 1967.

1970 - In January, 75,000 No. of equity shares offered for public subscription.

1972 - In October, 75,000 Right equity shares issued at par in the proportion 1:5.

1980 - 1,12,500 bonus equity shares issued in proportion 1:4.

1988 - Two 1000 KVA D.G. sets were installed & further 2 more were commissioned after the close of accounting period. A 10 MW Double Extraction Condenser was proposed to be imported from G.D.R. A letter of intent was obtained for manufacture of caustic soda/chlorine at 30 tonnes per day.

1990 - The Comp. undertook a project for captive power generation. It was also proposed to modernise the plant & expand the production capacity to 400 TPD.

1991 - Production declined due to labour problems & stoppage of work during the first quarter of year.

1994 - Online process computer control system on paper machine No. 2 and CD calipee control system on paper machine No. 3 were also installed. The recovery boiler & the bleach plant were commissioned.

1996 - Production decreased due to labour unrest coupled with recession in the market which also led to fall in the selling price of paper adversely affecting the profitability of company.

1997 - The Core Making Machine & Lime Sludge Reburing System were commissioned in March.

- The Comp. proposed to undertake some diversification including the manufacture of caustic soda/chlorine. The project was postponed till the completion of expansion scheme.

- Andhra Pradesh Paper Mill here is witnessing labour unrest for the past five to six months, with the wage agreement having expired by January 1996, & the management & unions unable to come to an agreement on the issue.

- The Andhra Pradesh Paper Mill Ltd, one of largest paper mills in the country, has lined up a number of measures to overcome the recession.

- The Comp. will raise its capacity from the existing 85,000 tpa to 1,05,000 tpa with the proposed expansion programme. The Comp. has to make good the loss of more than 3,000 tonnes due to labour dispute during June-July.

1998 - The Andhra Pradesh Paper Mills Ltd [APPMLs], a Bangur group company, has been certified as ISO 9002 Comp. with effect from December 9, by Netherlands-based Det Norske Veritas [DNVs] for its quality management system.

- The Comp. proposes to finance the MDP through a rights issue as well through loans from financial institutions, banks and other agencies, or through non-convertible debentures to be issued to them.

1999 - The rights issue is proposed in the ratio of one share per every one share held, to part-finance the expansion programme. The Rs 100 share will be issued at a premium of Rs 150 per share to the existingshare holders.

- The paper industry is hit badly by general recession in the economy & the industry is expecting some respite from the coming annual Budget.

- The Comp. has been addressing Y2K compliance issue since 1998. The Comp. has sufficient internal resources to address any system disruption due to Y2K issue.

- The Comp. made a Rights Issue of 5,62,500 No. of Equity shares of Rs. 100/- each at a premium of Rs. 150/- per share in the ratio of 1:1 aggregating to Rs. 14,06,25,000/- in April which has been over subscribed.

- The paid-up Equity Capital has increased on 15th June, by allotment of 5,81,900 No. of Equity Shares by Rights Issue.

- During the year under review, the Comp. received May Day Award for year 1999 for best management for their outstanding contribution towards productivity & harmonious industrial relations & labour welfare.

- The Comp. has also been awarded ISO-9002 Certificate by DNV of Netherlands for its Mills at Rajahmundry, Converting Units at Hyderabad & Seri Narasanna Palem, Regional Offices at Delhi, Calcutta & Mumbai & its Corporate Office at Secunderabad.

2000 - The Comp. has issued 5,62,500 No. of Equity Shares of Rs 100/- each at a premium of Rs 150/- per share on Rights basis during the year, out of which, 111 Shares have been kept in abeyance and the balance 5,62,389 shares have been allotted during the year.

- The Comp. had to declare Lock-out of Factory at Rajahmundry on 5.7.2000 due to sudden eruption of violence in the factory premises on Acc. of Union rivalry. The same was lifted on 8.7.2000 after restoration of normalcy

- The Comp. has decided to sub-divide equity shares of Rs. 100 each into equity shares with a face value of Rs. 10 per share.

2001 - There was a temporary suspension of operations for a period of 12 days in January, 2001 following an accident in the Mills at Rajamundry.

- The Comp. has decided to amalgamate Coastal Papers Ltd with the company. One share of Comp. will be allotted for every three equity shares of CPL held.

2002-R C Mall re-appointed as Whole-time Director of Andhra Pradesh Paper Mills.

2004

-Andhra Pradesh Paper Mills Ltd has signed a Loan Agreement on July 20, 2004 with International Finance Corporation, Washington, DC, USA [IFCs] in connection with foreign currency loan of US $ 35 million sanctioned by IFC

2007

-Andhra Pradesh Paper Mills Ltd has appointed Shri. Shreeyash Bangur as Whole time director of Comp. designated as Director [Corporates] with effect from February 19, 2007.

2008

-Andhra Pradesh Paper Mills Ltd has informed that the Board of Directors of Comp. at its meeting held on May 12, 2008, has appointed the following additional Directors:

1. Shri. P K Paul 2. Shri. Rajiv Kapasi 3. Shri. P K Suri

The Board also appointed Shri. P K Suri as Wholetime Director designated as Director [Operationss] for a period of five years with effect from May 12, 2008.