|The Company is engaged in the manufacture of rolled products
like CTD bars, M S rounds, angles and channels, with an
installed capacity of 21,000 tons per annum. The factory is
located at Manali, an industrial suburb of Madras. The Rolling
Mill was located originally in Pondicherry and owned by one Mr.
Govindaraja Mudaliar under the name of a partnership firm styled
Modern Rerollers. The present promoters of BML took over the
management of this unit in 1981, and in 1986-87, the factory was
shifted to Manali. In 1987-88 BML took over the assets and
liabilities of the firm. The Major Plant & Machinery at the time
of Takeover included an Extra Heavy Duty 16' lathe, 1/2'
drilling machine with motor & starter, Tor Steel machine, Wolf
Portable Blower, Arcwelding machines, portable grinders, Gears,
Optical Pyrometer etc., amounting to Rs.19,77,290.96 The Total
Fixed Assets at the time of takeover apart from plant &
machinery included Electrical Installations, Tools &
Accessories, Weighing Scales etc., amounting to Rs.51,58,699.64.
The Assets of the Partnership Firm were taken over at Book Value
and No Re-Valuation was done. The Total Assets of the
Partnership Firm as per Audited Balance Sheet dt: 30.06.1987
were Rs.80.07 Lakhs and Total Outside Liabilities (Excluding
Partner's Capital Accounts), were Rs.72.32 Lakhs. The Net
Consideration payable was thus Rs.7.75 Lakhs, which was paid by
allotment of 77,480 shares in Bhagwandas Metals Limited. The
approximate residual life of the plant and machinery taken over
is more than 10 years and the same are in good running
conditions. With financial assistance in the form of 3 term
loans of Rs.30.00 lacs each and equipment finance of Rs.2.40
lacs from IRBI, the present promoters have stabilised the
operations of the Company with improved capacity utilisation,
and growth in sales. The unit has also shown a consistent growth
in profitability during the period 1990-1993. During 1993-94,
inspite of increased production and sales, the profit has
declined, due to adverse market conditions. However the
profitability has substantially improved in the first half of
the current financial year 1994-95.
2000 - The Company has temporarily closed operations at its factory.
- Bhagwandas Metals Ltd has informed that Mr. Shashi Kumar is be and hereby appointed as Additional Director of the Company with effect from September 12, 2008.