1990 - 350 No. of equity shares of Rs 10 each subscribed by the
signatories to the Memorandum & Articles of Association.
5,00,000 No. of equity shares of Rs 10 each allotted to resident,
directors, friends and relatives. 37,99,650 No. of equity shares
of Rs 10 each allotted to other promoter companies. 30,24,947
No. of equity shares of Rs 10 each at par allotted to Indian
public through public issue.
1991 - IP Rings Limited, was incorporated as a public limited company on
January 30th. The company has been promoted by India Pistons
Limited, alongwith other group companies of the Amalgamation
- I P Rings Limited belongs to the 'Amalgamation Group', one of the
largest light engineering groups in India.
- The Company is setting up a plant for manufacture of 20 lac nos.
piston rings per annum including steel piston rings at Maraimalai
Nagar, Chengai, MGR District, Tamilnadu.
1992 - The company was incorporated on 30th January 1991 and the
Directors decided to close the accounts for the first time
covering the operations upto 31st March, 1992.
- The company has also entered into a Consultancy Agreement with
India Pistons Ltd., who are pioneers in the field of Piston Ring
manufacture in the country.
- The Public Issue of the Company's 2200000 Equity shares, which
includes 1705000 Equity shares to the Indian Public has been an
1993 - The Directors have entered into new agreements with the
collaborators, Nippon Piston Ring Co Ltd, Japan, covering latest
technologies in surface treatment of rings.
1994 - The company has set up complimentary production facilities
involving additional outlay towards sophisticated technologies in
surface treatment of rings.
- Plasma Spraying technology which is the state of the art process
for thermal spraying for Diesel piston rings has been installed.
- The Company also intoroduced the technology of Chrome Plating of
Inner Dia of Oil rings and sides of compression rings.
1995 - The Company has successfully implemented the project for
manufacturing Niffex-S type Three Piece Oil Rings in
collaboration with nippon Piston Ring Co. Ltd., Japan.
- The Company has issued 352100 No. of equity shares of Rs 10 each
at a price of Rs 157 per share to its technical collaboration,
M/s. Nippon Piston Ring Co. Ltd.
- The Company also has issued 365100 convertible warrants on
preferential basis to promoter companies. Each warrant is to be
converted into equity share, at a price of Rs 157 per share,
within a period of 18 months from the date of allotment.
- During the year, the Company successfully Commissioned the new
Gas Nitriding facility which has enabled the company to increase
its capacity from 20 lakh rings to 30 lakh rings per annum and
also added to its capability to meet the requirements of modern
- During the year, your Company entered into a new Collaboration
Agreement with M/s. Nippon Piston Ring Co. Ltd., Japan for the
manufacture of Nifflex-S three piece Oil Ring.
1996 - The Company has obtained ISO 9002 accreditation from TUV CERT
Certification body during the year.
- The company has added an automatic chromium plating plant with
special emphasis on productivity, quality and environmental
requirements. The promoters exercised their right to convert the
warrants into equity shares.
- 3,52,100 shares issued on preferential basis at a premium of Rs
157 to Nippon Piston Ring Co. Ltd., Japan.
- The Company has also issued 3,65,100 Convertible Warrants on
Preferential basis to the Promoter Companies, viz., India Pistons
Ltd., Tractors & Farm Equipment Ltd., Simpson & Company Ltd and
Amalgamations Ltd. with an entitlement of 1 Equity Share of Rs.
10 each for every warrant to be converted at Rs. 157 per share as
per the guidelines of the Securities and Exchange Board of India.
1997 - IP Rings Ltd. part of the Amalgamations group, proposed to
invest Rs.13 crores in capacity expansion this year.
- New products would be introduced so as to cater to more types
of vehicles, including two-wheelers.
- The company has a Japanese collaboration and would therefore be
able to compliment its collaborator's marketing efforts.
- IP Rings, has a negligible exposure to the international market,
is now actively exploring the South East Asian, Korean and
Japanese markets along with its collaborator Nippon Piston Ring
1998 - IP Rings Ltd, part of the Amalgamations Group, is looking to
introduce new models, and is setting up new facilities for
production of rings for two-wheelers, a segment, which in spite
of the recession, has maintained its growth.
1999 - IP Rings is a member of the Chennai-based Amalgamations group.
- The Chennai-headquartered IP Rings Ltd (IPR) from the stable of
Amalgamations, the conservative South India conglomerate, has
suddenly caught the fancy of investors.
2000 - The Company, a part of Amalgamations group and a leading
manufacturer of piston rings, has obtained QS 9000 certification
from RWTUV of Germany.
-The Company approved a capital expenditure programme of Rs 150 million to expand the facilities to meet the growing demand for auto components.