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History of DCL Maritech Ltd.

YEAR EVENTS 1992 - The Comp. was incorporated on 30th March, as a Public Limited Comp. in the State of Andhra Pradesh. The Certificate of Commencement of Business was also obtained on 6th April. The Comp. has been promoted by Dr N P V S Raju, Dr G Satti Reddy, & associates.

- The main activities of Comp. is to carry on the business of rearing, farming, catching, culturing, hatchery, breeding, cultivating, harvesting & processing of all varieties of marine products.

- The Comp. is setting up a modern sea food processing plant with an installed capacity of 1500 MT per annum.

- The Comp. has technical tie-up with CP Aquaculture Business Group of Thailand.

- The Comp. has also separately entered into dealership agreement with CP Aquaculture Business Group for marketing their Feed in the States of Andhra Pradesh, Karnataka & Goa. Other companies belonging to the group are Deccan Cements Ltd, DCL Finance Ltd, DCL Polyesters Ltd & Deccan Polypacks Ltd.

1993 - The Comp. is setting up a most modern, Marine Food Processing Plant near Nellore, in Andhra Pradesh. The Plant will have State of Art Machinery & Equipment imported from Denmark, Sweden etc. & will be capable of producing premium quality products of international standard of over 4600 M. T. per annum.

- The Unit at Nellore has received the approval of Central Government as a 100 % Export Oriented Unit.

- The Comp. would be shortly issuing to Public 30,00,000 No. of Equity Shares of Rs. 10/- each for cash at par to meet part of the cost of Processing Plant being set up at North Rajupalem, Nellore & margin money for working capital for Feed Marketing Activity.

- The Comp. has set up a Hatchery with a capacity of 100 Million Prawn Fry per annum & Farm with a Water Spread Area of 100 Hectares for growing Shrimps, in the second phase of Project.

- The Comp. has acquired 409.42 Acres of land at Krishnapatnam village in Nellore District of Andhra Pradesh for purpose of establishing Hatchery & Farm in the second phase & the same is registered in the name of Company.

- During the period under review, Dr. N P V S Raju & Dr. G. Satti Reddy were appointed as Managing Director & Executive Director of Comp. respectively.

1994 - The Comp. has established a full fledged Research and Development Laboratory in the Plant to keep a strict control on the quality of products to be exported.

- The Public Issue of 30,00,000 Equity Shares of Rs.10/- each aggregating to Rs.300 lakhs made by Comp. in October, 1993 received overwhelming response from the public & the net offer to the Resident Indian Public was over subscribed by more than 18 times & the Comp. has finalised the Basis of Allotment in consultation with the Hyderabad Stock Exchange.

1995 - The `Aquaculture Industry' in Andhra Pradesh as well as in neighbouring States has been affected during the period November, 1994 to February, 1995 by virus disease resulting in premature death of Shrimps.

- During the year under review the company products under the Brands `Suruchi' & `Abhiruchi' were well established in the Japanese market & are now amongst the most sought after Brands.

- The Comp. has acquired 355 Acres of land at Karedu Village, Ulavapadu Mandal, Prakasham District which is ideally suited for Shrimp Hatchery & Farm.

1996 - The stocking was very low because of fear of disease & the same has effected the operations of Company.

1997 - During the year under review, the Industry in general was effected with non-availability of raw material in sufficient quantities to fully utilise the capacity of Processing Plant due to the out-break of viral diseases, natural calamities and the Orders of Supreme Court stipulating stringent restrictions on the Industry.

- During the period under review Dr G Satti Reddy resigned to the position of Executive Director & expressed desire to continue as a Non-executive Director on the Board of Company.

1998 - During the period under review, the raw material was not available in sufficient quantities & therefore the capacity utilisation could only be 38% of installed capacity while the expenditure couldn't be brought down to that extent.

- To start a new chapter in the Company working, the Directors decided to close the Company Accounts on 31st March, 1998 for a period of six months only.

- The Comp. has become a Sick Industrial Comp. under the Provisions of Sick Industrial Companies [Special Provisionss] Act, 1985 [SICAs].

1999 - The Comp. entered into an Agreement with an interested party for processing of shrimps exclusively on jobwork basis.

2000 - The Comp. engaged in aquaculture activity, has decided to dispose of its shrimp processing plant in Nellore district to Anjaneya Sea Foods of Ongole.