History of Steelage Industries Ltd.

YEAR EVENTS

1932 - The Comp. was incorporated on 1st September under the name of Allwyn Steel Equipment Comp. limited With effect from 1st April, 1967, the Comp. became a public limited Comp. & a fresh Certificate of Incorporation was issued. The Comp. Manufacture structural items, steel furniture & security equipment, safe deposite lockers & fire security items such as fire extinguishers, refills, foam compound, etc. The Comp. also manufactures trailer pumps, portable pumps, fire engines, etc.

1948 - The name was changed from Iron Allwyn Steel Equipment Company, Ltd., to Steelage Industries, limited with effect from 2nd December.

- The Comp. has two divisions, namely the physical security division & the minimax division. The physical security division, was engaged in the manufacture & sale of security equipment such as safe deposit vaults, vault doors, safe deposit lockers, safes, etc. & steel furniture including sophisticated fire resistant cabinet & filling cabinets.

- The minimax division, took over the business of Indian branch of Minimax, limited of U.K.

- The Comp. obtained the Underwriters; Label for some of its safes which passed rigid tests of Underwriters Laboratories of U.S.A., a part from the certification from the Dutch Safe Rating Committee & the approval of Central Building Research Institute, Roorkee.

1952 - Since 1st April, the Comp. collaborated with the Chubb and Son's Lock & Safe Company, limited of U.K.

1975 - A well equipped factory for manufacture of fire extinguishers & allied products was set up by Comp. at Ambattur, Chennai.

1984 - Security Equipment Manufacturers, Ltd., Ahmedabad became a wholly owned subsidiary of Comp. since 12th July.

1985 - The Comp. revalued its land, buildings, plant & machinery and electrical installations at Mazagaon, Mumbai & at its works at plant No. 1 at Ambattur, Chennai as on 1st July.

1986 - Another modern industrial plant for manufacture of fire engines, trailer pumps & portable pumps was commissioned in July at Ambattur. A section of division, operating as the Systems Division is engaged in production & installation of automatic fire alarm systems & fire hydrant systems at various locations.

- With the public issue of equity shares during November, the Comp. offered 2,49,750-13.5% secured convertible debentures of Rs 144 each for a total value of Rs 359.64 lakhs.

- Out of total issue, 1,17,370 debentures were reserved for preferential allotment in the following manner:

- [is] 12,480 debentures to employees [including working directorss]/workers; - [iis] 4,990 debentures to business associates and

- [iiis] 99,900 debentures to non-resident Indians of Indian origin residing abroad on full repatriation basis.

- The entire 99,900 debentures offered to non-resident Indian were taken up but only 6,170 debentures were taken up by employees/business associates.

- The Balance of 1,32,380 debentures together with the unsubscribed 18,290 debentures of preferential quota, were offered for public subscription. Only 1,43,680 debentures were taken up by public.

- Prior to the public issue of equity shares during November, the issued & subscribed share capital of Comp. comprised of 12,48,750 No. of Equity shares of Rs 10 each.

- The paid-up share capital included [is] 22,500 shares allotted as fully paid-up pursuant to a contract without payment in cash; [iis] 100 shares allotted as fully paid-up, partly for cash and partly pursuant to a contract without payment in cash; [iiis] 7,16,875 bonus shares [92,600 bonus shares in July 1979 in the prop. of 1:2 & 6,24,375 bonus shares in February 1986 in the prop. of 1:1s] & [ivs] 3,46,875 rights equity shares in the prop. of 6:4.

- The main objects of public issue of equity shares and debentures during November were to augment long term resources for working capital, to finance the capital expenditure programmes on plant & equipment at Mazagaon & other factories, to set up a foundry & heat treatment shop at the Halol factory & to get the securities of Comp. listed on the stock exchanges.

1987 - Pursuant to the terms of issue, a portion of Rs 44 of each debenture was converted into 2 fully paid-up equity shares of Rs 10 each at a premium of Rs 12 per share as on 23rd July. The non-convertible portion of Rs 100 of each debenture would be redeemed at par on 23rd January, 1994.

- 4,99,500 No. of equity shares allotted [prem. Rs 12s] on conversion of convertible debentures as on 23.7.1987.

1989 - Despite labour constraints at Ambattur plants in the first few months & a strike by workmen at Halol throughout the last quarter, the performance was satisfactory.

1993 - Physical Security Division suffered a setback due to prolonged labour problems & lock-out at the Mumbai plant.

1995 - The Comp. has made a Rights Issue of 10,40,625 No. of equity shares of Rs 10 each at a premium of Rs 40 per share, aggregating to Rs 520.31 lacs, in the ratio of 1:2.

1996 - In the ratio of one Right Share for every two equity shares held as on 1st March being the `Record Date'. The issue was kept open from 25th March to 24th April. The Rights Issue has been fully subscribed & the necessary procedural formalities for allotment are in process.

- As at 31st March, 41 depositors having deposits aggregating Rs. 2,16,000 did not communicate to the Comp. their intention to claim or renew the deposits.

- The Comp. doesn't have any formal technical foreign collaboration at present. It has been developing technology indigenously & has successfully absorbed the same.

1998 - The Comp. plans to expand its co-operation with various companies in the Williams group, & introduce initiatives in the security & fire protection market in the country.

1999 - The two promoters of Steelage Industries Ltd [SILs], Chubb International Holdings of UK & Turner Morrison Group [TMGs], have agreed to readjust their 83 per cent shareholding in the company.

2000 - Two Swedish companies Gunnebo AB & Assa Abloy AB have made an open offer to acquire nearly 16.80 per cent equity stake of public in steelage Industries Ltd, subsequent to their acquisition of substantial stake in Steelage from Williams PLC of Britain, the overseas founder of company.