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History of Aachal Alloys Ltd.

The Comp. was incorporated as a private limited Company on 1st July, 1983 for manufacture of all kinds of steel, steel castings, pig iron, alloys, ingots, billets, sheets, rounds, bars, flats, sections, & shapes, etc.

The Company, at present, is engaged in the manufacturing of ingots and billets at its factory situated at No. 7, Industrial Estate, Maxi Road, Ujjain- 456010. The Company started the project for manufacture of ingots & billets in 1985 with an installed capacity of 2400 MTPA at total Project cost of Rs.45 lacs for which MPFC had sanctioned a term loan of Rs.30 lacs. The Company products were well received in the market & enthused by response received from the customers the Comp. expanded their activities in 1987-88 by setting up a rolling mill with an installed capacity of 6000 MTPA. The ingots manufactured by the furnace division were used for captive consumption by rolling mill division.

The Comp. was converted into a public limited Comp. by passing a Special Resolution in extra ordinary General Meeting held on 23rd March, 1992; & obtained Certificate from The R.O.C. on 2-6-92 as a consequence the name of the Company changed to Aachal Alloys Limited.

The financial performance of Comp. for last 3 years is given hereunder:

[Rs.in lacss] ----------------------------------------------------------------- 31/3/92 31/3193 31/3/94 -----------------------------------------------------------------

Capacity utilisation [%s] 66 70 70 Sales 158.00 169.15 176.66 Profit Before Tax 19.31 5.15 4.75 Profit After Tax 19.31 5.15 4.75 Share Capital 15.00 64.65 64.65 Share application money 3.82 0.39 19.16 Reserves 11.78 14.46 20.16 Book Value 178.53 12.24 13.12 E. P. S. 128.73 0.80 0.73 [Not Annualiseds] -----------------------------------------------------------------

* Face Value of Shares Rs.100/-.

Additional capital has been introduced on the various dates during the year 1992-93 and is utilised for expansion project.

The Comp. has not paid any Dividend since its inception.