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History of Riga Sugar Co. Ltd.

YEAR EVENTS 1980 - The Comp. was Incorporated on 2nd September. The sugar factory was established in 1932 by holding Comp. Belsund Sugar & Industries Ltd.

- Initially, the installed capacity was 800 tonnes cane crushing per day [TCDs] which was increased to 1000 TCD in the year 1954.

1987 - Further modernisation-cum-expansion schemes were undertaken in the year with assistance from IRBI, IFCI & Sugar Development Fund for increasing capacity to 2000 TCD, which were completed in 1989.

- The Comp. also undertook a diversification scheme also to set up a 50 kilo litres per day per day [KLPDs] ethyl alcohol plant to produce a value added product from the by-product, molasses, of the sugar industry.

1990 - During the year, 90 No. of shares were to the subscribers to the Memorandum of Association.

1992 - The Sugar Factory had the highest cane crushing & sugar production in its six decades of working, but due to unfavourable agroclimatic conditions & having the crushing operations during extremely hot summer months there has been decline in sugar recovery percentage.

1994 - 29,41,080 No. of shares of Rs 10 each issued & subscribed and 20,00,000 shares were issued at a premium of Rs 40 per share of which 50,000 shares were reserved for preferential allotment to friends, relatives etc. & 19,50,000 shares were offered through prospectus of which 3,50,000 shares to Indian Mutual Fund, 1,00,000 shares reserved for permanent employees, 1,90,000 shares for a grop of companies.

- The balance 13,10,000 shares along with the unsubscribed portion of employees quota were offered to public [all were taken ups].

- 12,25,450 shares as Bonus issue in the ratio of 5:1 & 14,70,540 shares as Rights issue in the ratio of 1:1. 2,45,000 shares allotted other than for cash in terms of scheme of arrangement on 27th October, 1982.

1996 - During September the Comp. received a letter of intent for expansion of Sugar Mill capacity from 2500 TCD to 3500 TCD.

- The quality of Ethyl Alcohol produced by Distillery Division is regarded as the best in Bihar.

1997 - No News available.

1998 - A High Powered Committee on Sugar Industry [Mahajan Committees] was set up by Government in March, as per Allahabad High Court direction in a Writ Petition challenging the power of the State Government to advise Sugar Mills on the Cane price payable to the Cane Growers.

- The Sugar Technology Mission [STMs] of Government of India have selected Riga Sugar Factory for Technology Upgradation and Capacity Optimisation.

1999 - The modernisation will increase capacity to 3150 tonnes crushed per day from the existing 2500tcd.

- Cane availability & recovery declined because of heavy floods in north India during the year, which damaged the crop & also lowered the sucrose content of cane.

- Domestic Sugar Mills also suffer because of earmarked 40% of sugar production towards Levy Quota by Central Government at a price which is much below the cost of production.

- The Government have delicenced the Sugar Industry, which has not helped since it is already suffering due to over capacity.

- The Sugar Unit of Comp. has been recommended for undertaking a Technological Upgradation & Capacity Optimisation Scheme.

2000 - The Comp. proposes to increase the crushing capacity of its sugar unit, located at Sitamarhi district of Bihar, to 5,000 tonnes from the existing 3,500 tonnes in the next two years.

2007

-Riga Sugar Comp. Ltd has informed that Mrs. Meera Dhanuka has resigned from the Directorship of Comp. with effect from January 11, 2007.