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Anil Special Steel Industries Ltd. Company History and Annual Growth Details

YEAR EVENTS
1968 - The company was incorporated on 4th May, at Rajasthan. It manufactures metal
products like high carbon and alloy steel strips (both hot rolled and cold rolled),
alloys, saws, blades, sheet metal etc.

1970 - The company had entered into a technical collaboration agreement with Hoesch
Werme Hohen Limburg Schwete A.B.(Hoesch), West Germany on 2nd December.

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

1985 - The company's overall operations suffered a set back on account 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's 1800
KVA diesel generating set.

- The company took steps to install balancing facilities to improve the productivity in the
hardening & tempering plant & 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 company faced a strike from its supervisory staff from 27th January to 20th February.

- Production of Hardened & Tempered Steel Strips and 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 the Supervisory Staff
and Go Slow tactics/Tool Down resorted to by unionised workers during Feb. and March,
thus resulting into lower production and sales.

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

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

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

1995 - The Company 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 and share premium
account by Rs. 7,64,61,000.

- The Company 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 Company commissioned its expansion project in November.

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

1996 - The Company 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 standing) to
BBB - (moderate safety with relatively lower standing).

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

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

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

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

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

1998 - The Company 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 Company has no technical collaboration arrangement for manufacturing of
Cold Rolled Close Annealled and Hardened & Tempered Steel Strips.

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

- The Company's profitability was severally affected due to lower production, lowering
of sales prices, high input cost and 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 and Shri Shiv S. Sharma, retire from the Board pursuant to Section 255
of the Companies Act, 1956 read with Article 103 of Articles of Association of the Company
and being eligible offers themselves for re-appointment.

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

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

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

- Crisil has downgraded its rating in respect of the Rs 1-crore NCD issue from
'B' to 'D'.
2003 -The Board of Industrial Finance and Reconstruction (BIFR) have declared the Company as Sick Unit.
 
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