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History of Lotus Chocolate Comp. Ltd.

YEAR EVENTS 1988 - The Comp. was incorporated on 3rd October, & obtained the Certificate for Commencement of Business on 10th February, 1989. It was promtoed by Smt. T. Sarada, Vijayaraghavan Nambiar and Andhra Pradesh Industrial Development Corporation, limited [APIDCs]. The main object of Comp. is Manufacture of Cocoa and Chocolate products for domestic & exports markets.

- The Comp. undertook to set up facilities for Cocoa processing & chocolate manufacturing with a capacity of 3000 TPA of Cocoa & Chocolate products. The project is located at Nastipur village, in the Medak district of Andhra Pradesh. Plant and Machinery were imported from A.E. Nielsen Maskinfabrik Aps, Denmark, Heidenouer Maschinenfabrik GmbH, Germany & from Italy, UK. etc.

- The Comp. entered into technical arrangement with M/s. Chocolate Confectionery Consultancy, U.K., headed by Ms. Anne Cridland specialists in the area of formulation of recipes, product development etc. In return for services rendered, a consultancy fee of sterling Pound 100 per man day plus expenses were to be paid.

- Also, the Comp. retained the services of Plantek [Ms] SDN BHD of Malaysia, for Consultancy Services in terms of conducting feasibility studies, measures for plant protection, crop management, post-harvest processing etc. A consultancy fee of US $ 50,000 was to be paid for same. Both the agreements are valid for a period of three years.

1991 - The Comp. allotted 80,000 - 14% non-convertible debentures of Rs. 100 each & 30,000 - 14% non-convertible debentures of Rs. 100 each of SBI Mutual Fund & Canbank Mutual Fund respectively on private placement basis.

- 18,00,000 shares allotted for cash at par [8,60,000 shares to promoters, directors, etc. 4,40,000 shares to APIDC; 2,00,000 shares to SBI Mutual Fund & 3,00,000 shares to Canbank Mutual Funds] 22,00,000 No. of equity shares of Rs. 10 each were then issued at par of which 2,00,000 shares were reserved & allotted on a preferential basis to employees, etc. Balance 20,00,000 shares were offered to the public in October. Additional 6,00,000 shares allotted to retain over subscription [2,70,000 shares to promoters, 3,00,000 shares to public & 30,000 shares to employees.

1992 - 30,70,000 No. of equity shares allotted to holding company. Sunshine Allied Investment Ltd., [SAILs], Singapore.

1994 - 17,17,756 Shares of Rs. 10 each at a premium of Rs. 2 per share allotted to foriegn collaborators. M/s. Sunshine allied Investments limited [Singapores].

1995 - The improved performance was attributed to launch of six new products in consumer range & expansion of distribution network to State of Kerala, Goa & Maharashtra. However, reduction in off-take of industrial chocolates by one of major buyers apart from curtailing of Cocoa operations consequent to increase in domestic prices of Cocoa beans affected net profits.

- The Comp. entered into a selling arrangement with cocoa specialists SDN Bhd of Malaysia [Cocospecss] a subsidiary of Grand Central Investment Holding, U.K. for export of its entire saleable production of coca derivatives & bulk chocolate at prevailing world market prices. A selling commission of 2% of FOB was payable to coco specs.

- Also, entered into a sub contract conversion agreement with Britannia Industries limited [BILs] for undertaking manufacture of range of chocolate products for them. As per this agreement all raw materials & packing materials required for manufacture of products were to be provided by BIL who would also indicate the product-mix, specifications & volumes required for various products according to which the Comp. would undertake manufacturing programme.

- The Comp. is a subsidiary of Sunshine Allied Investments Ltd. [SAILs] Singapore. The controlling interests of SAIL was acquired by Pengkalen Holding Berhad [PHBs] Malayasia.

- 37,55,108 No. of equity shares issued on Rights basis [Prop. 2:5; Prem. Rs. 10s] to foreign collaborators. [34,53,293 shares taken ups].

2001 - The Hyderabad-based Lotus Chocolate Comp. limited a wholly-owned subsidiary of Singapore-based Network Foods International limited which is part of MUI group of Malaysia, has launched three new products - Maltese, Fun & Magic.