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History of Arcee Industries Ltd.

Arcee Industries Limited [AIL] is an existing profit making company, engaged in the manufacturing of Rigid PVC Pipes. It was incorporated in the year 1992 as a Private Limited Comp. in the name & style of Arcee Pipes Private Limited & was subsequently converted into Public Limited Comp. on 14th January, 1993. The name of Comp. was changed to Arcee Industries Limited w.e.f. 28th November, 1994.

The Comp. started commercial operations at Hisar in Sept., 1992 for manufacturing of Rigid PVC Pipes with an installed capacity of 1550 TPA which was subsequently raised to 5976 TPA in October 1993 & further raised to the present capacity of 7250 tpa in November 1994. Though there was a time overrun of about nine months in the implementation of project, there was no cost overrun. Also there is no default in repayment of term loan to HFC. There was no major event in the past except delay in the implementation of part of project consequent to which profitability projections were affected.

The Comp. had come out with a public issue of 29,80,000 Equity Shares of Rs.10/- each for cash at par aggregating to Rs.298.00 lacs in March, 1994. The issue opened for subscription on 2nd March, 1994 & closed on 5th March, 1994. It was subscribed 1.06 times.

MAIN OBJECTS

The main objects of Comp. as fully set out in the Memorandum of Association of Comp. are:-

1. To manufacture, produce, process, design, buy, sell, import, export or otherwise deal in all kinds of tubes, pipes, pipe fittings, tubulur poles, components, accessories & all kinds of hardware items whether made of steel, pvc, plastic or any other metal [ferrous or non ferrous] or substance or material, to act as and/or carry on the business of galvanisers, japanners, re-roller, annealors enamellers, elecroplaters & to manufacture, produce, process, design, repair, convert, buy, sell, import, export or otherwise deal in such products, their by-products, commodities & raw materials.

2. To set up steel furnaces & continuous costing & hot & cold rolling mill plants for producing ferrous or non-ferrous metal alloy steels, steel ingots, billets & all kinds of iron & steel re-rolled sections such as flats, angles, rounds, squares, rails, joists, channels, slabs, strips, sheets, plates, deformed bars, plane & cold twisted bars & shaftings.