AMRIT CORPLTD-$

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BSE Code: 507525       NSE Code: AMRITCORP

Business Profile
Business Profile
Amrit Corp (AMRITCORP), earlier known as Amrit Bansapati Company, is a diverse company engaged in the manufacture and marketing of dairy products and real estate. It was incorporated in 1940. It got its current name on Jun 26, 2007.

The company produces UHT dairy milk, flavored milk, dairy mixes and milk, and milk-based products under the brand name Gagan. The real estate division has developed Gagan Enclave in Ghaziabad, a residential township covering a total area of 77,649 sq. yards duly approved by the Government of Uttar Pradesh and the Ghaziabad Development Authority. The company has tied up with a developer Olympus Overseas, which has purchased developed plots in Gagan Enclave and is constructing premium independent floors thereon. The company is identifying suitable areas in the nearby national capital region for developing residential and commercial properties.

The company has been restructuring activities and has demerged the paper business into ABC Paper and the edible oil business into Amrit Banaspati Company from June 23, 2007. The registered office of the company is registered at G.T Road, Ghaziabad, Uttar Pradesh-201009.

Financials
Amrit Corp registered a profit of Rs 3.22 million for the quarter ended September 2007.
It recorded a net sales of Rs 65.76 million for the quarter.
Total income was Rs 70.47 million for the quarter ended September 2007.
The diluted earnings per share (EPS) of the company stood at Rs 1 for the quarter ended September 2007.

Recent Developments
29-JUN-07
The scheme of arrangement between the company, ABC Paper (ABC) and Amrit Enterprises (AEL) has been sanctioned by the high courts of Allahabad, Delhi and Chandigarh. The effective date of the scheme is June 23, 2007.
The scheme provides for allotment of shares by the transferee companies i.e. ABC Paper and AEL and re-organization of the share capital by the company as follows:
In consideration of the demerger and vesting of the paper undertaking in ABC Paper (ABC), ABC Paper shall without any further application or deed, issue and allot to the equity shareholders of the company two equity shares of face value Rs 10 each credited as fully paid-up for every four equity shares of face value of Rs 10 each of the company.
In consideration of the demerger and vesting of the edible oils undertaking in Amrit Enterprises (AEL), AEL shall without any further application or deed, issue and allot to the equity shareholders of the company one equity share of face value Rs 10 each credited as fully paid-up for every four equity shares of face value of Rs 10 each of the company.
Upon vesting in and transfer of the paper undertaking and edible oils undertaking to ABC Paper and AEL respectively, the company shall, for every four fully paid-up equity shares of Rs 10 each held by the equity shareholders, without any further application or deed, reduce and cancel two fully paid-up equity shares of face value Rs 10 each against the allotment and issuance of equity shares by ABC Paper and one fully paid-up equity share of face value Rs 10 each against the allotment and issuance of equity shares by AEL under the scheme.

02-JAN-07
The company`s equity shareholders and unsecured creditors approved the scheme of arrangement for demerger of the paper business of the company to ABC Paper and demerger of the edible oil business (excluding `Gagan`) of the company to Amrit Enterprises.

Future Plans
ABC is also planning to set up a greenfield paper-manufacturing unit at an investment of Rs 5.5 billion. The plant is likely to come up by 2010-11. The company has also undertaken a brownfield expansion at its Hoshiarpur (Punjab) paper unit, where the capacity will be increased from 48,000 tonne to 75,000 tonne. The expansion is being done at an investment of Rs 1.25 billion and will be completed by 2007.
ABC is also taking initiatives to get fully involved into real estate business in order to make the most of the growth shown in this sector.

Other Information
Annual Reports for AMRIT CORPLTD-$
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