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History of Anil Special Steel Industries Ltd.

YEAR EVENTS 1968 - The Comp. was incorporated on 4th May, at Rajasthan. It manufactures metal products like high carbon & alloy steel strips [both hot rolled & cold rolleds], alloys, saws, blades, sheet metal etc.

1970 - The Comp. had entered into a technical collaboration agreement with Hoesch Werme Hohen Limburg Schwete A.B.[Hoeschs], West Germany on 2nd December.

1984 - The new cold rolling mill of Comp. was commissioned from 1st January.

1985 - The company overall operations suffered a set back on Acc. of strike by workmen for 44 days from 16th, August, to 28th September.

1986 - The operations received a major set back due to breakdown in the company 1800 KVA diesel generating set.

- The Comp. took steps to install balancing facilities to improve the productivity in the hardening and tempering plant and the same were commissioned in July.

1987 - A new DG engine was installed by replacing the old 1800 KVA DG set which has suffered a major break-down.

1991 - The Comp. faced a strike from its supervisory staff from 27th January to 20th February.

- Production of Hardened and Tempered Steel Strips & the production of Cold Rolled Steel Strips received set back mainly due to non-availability of raw material from sole Indigenous Supplier namely TISCO as well as due to strike by Supervisory Staff & Go Slow tactics/Tool Down resorted to by unionised workers during Feb. & March, thus resulting into lower production & sales.

- During the year under review, the Comp. faced strike from its Supervisory Staff from 27.1.1991 to 20.2.1991.

1994 - The Comp. finalised the agreement with its labour union during the year. This agreement is applicable for next three years.

- The Comp. is implementing its expansion-cum-modernisation programme & is hopeful of starting production on the above in the month of July.

1995 - The Comp. has issued 25,48,700 Nos., 15% Unsecured Fully Convertible debentures of face value of Rs. 40/- each during the year.

- On conversion of Debentures, the Equity Share Capital shall increase by a sum of Rs. 2,54,87,000 divided into 25,48,700 No. of equity shares of Rs. 10/-each & share premium Acc. by Rs. 7,64,61,000.

- The Comp. made a Rights-cum-Public Issue of Fully Convertible Debentures during the year under review for an aggregate amount of Rs. 1,019.40 lacs.

- The Comp. commissioned its expansion project in November.

- The Comp. commissioned a project for manufacture of Circular Saws as it seemed to be an attractive option for increasing the value addition.

1996 - The Comp. is further expanding the capacity of Cold Rolling Mill Division by 32500 MT per annum by putting one more Rolling Mill at its existing manufacturing site at Jaipur.

- The Rs.12-crore non convertible debenture issue of ASIL Industries has been downgraded by Crisil from BBB + [moderate safety with relatively higher standings] to BBB - [moderate safety with relatively lower standings].

- Shri H.J. Silverston ceases to be Director of Comp. with effect from 15.9.1995.

- Shri Pravin Chandra V. Gandhi & Shri Onkar Singh, retires from the Board pursuant to Section 255 of Companies Act, 1956 read with Article 103 of Articles of Association of Comp. & being eligible offers themselves for re-appointment.

1997 - The Comp. has received during the year ISO 9002 certification for its Qualify Management system covering production, installation & servicing.

- The Comp. has entered into three years wage agreement valid upto March, 2000 with its Labour Union.

- Shri S.N. Khaitan & Shri V.B.L. Mathur, retire from the Board pursuant to Section 255 of Companies Act, 1956 read with Article 103 of Articles of Association of Company & being eligible offer themselves for re-appointment.

1998 - The Comp. has commenced the commercial production from new Rolling Mill from April. After installation of new Rolling Mill the installed capacity of Rolling Mill division has increased from existing 10,000 MT to 40,000 MT per annum.

- The Comp. has no technical collaboration arrangement for manufacturing of Cold Rolled Close Annealled & Hardened and Tempered Steel Strips.

- During the year both production & sales of Comp. suffered due to recession in economy, unprecedented currency crisis in the South East Asian countries and competition from both cheaper imports & un-organised sector.

- The Company profitability was severally affected due to lower production, lowering of sales prices, high input cost & delay in commencement of commercial production from new Rolling Mill.

- After installation of new Rolling Mill the installed capacity of Rolling Mill division has increased from existing 10,000 MT to 40,000 MT per annum.

- Shri Anil Khaitan & Shri Shiv S. Sharma, retire from the Board pursuant to Section 255 of Companies Act, 1956 read with Article 103 of Articles of Association of Company & being eligible offers themselves for re-appointment.

1999 - Mr. S.N. Khaitan Chairman of Comp. passed away on 13th May. He was founder of Comp. & continued on the Board of Comp. till the time of his demise.

- Shri Vijay Karan & Shri Thakur Onkar Singh, retire from the Board pursuant to Section 255 of Companies Act, 1956 read with Article 103 of Articles of Association of the Comp. & being eligible offers themselves for re-appointment.

2000 - The Comp. Conversion of part of unsecured loan of promoters into equity shares and increase in authorised capital by Rs 7,30,00,000.

- Crisil has downgraded its rating in respect of Rs 1-crore NCD issue from `B' to `D'. 2003 -The Board of Industrial Finance & Reconstruction [BIFRs] have declared the Comp. as Sick Unit.