History of Progressive Steels [Is] Ltd.

HISTORY AND PRESENT BUSINESS OF THE COMPANY

PSIL was incorporated on 26th Aug 1986 under the Companies Act 1956 as a pvt. ltd Comp. & was subsequently converted into a Public limited Comp. by passing a special resolution on 30th Sept 1994 & obtained a certificate from the ROC Bihar on 1ST NOV. 1994 as a consequence of change in the name of Comp. to Progressive Steeld [Indias] limited The main objects of Comp. are to carry on business as manufacturers & sellers of steel & other metals & alloys. The Comp. set up a Re-Rolling mill in 1986 at Digha Ghat, Patna with an installed capacity of 13200 MTA of finished steel & is currently engaged in manufacture of M.S. Rounds, Bars, Flats etc. The term loan of Rs. 35.00 Lacs was obtained from State Bank of India which was repaid before schedule. The Comp. products are well received in the market & enthused by response of customers, the Comp. now proposes to expand its Re-rolling facilities to 21600 MTA and also to go in for backward integration by setting up of Electric Industion Furnance having capacity of 28500 MTA.

SUBSIDIARY COMPANIES The Comp. doesn't have any subsidiary companies within the meaning of Companies Act, 1956.