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Indian Metals & Ferro Alloys Ltd. Company History and Annual Growth Details

YEAR EVENTS
1961 - The Company was incorporated on 20th November, in Orissa. The
Company's objects is to manufacture ferro silicon.

- The company entered into a technical consultation agreement with
Electrokemisk A/S, Oslo, Norway for the supply of necessary
equipment, drawings and technical know-how.

1966 - 3,88,300 No. of equity shares reserved for allotment (including
1,65,000 No. of equity shares for the Industrial Development
Corpn. of Orissa Ltd.) and the balance offered to the public in
December 1963.

1969 - Arrears: Rs.4,625.

1974 - Indian Metals & Carbide Ltd., a company established for the
manufacture of silicon carbide, became a subsidiary of the
company with effect from 16th October.

1978 - Kalinga Tubes Ltd., became a subsidiary of the company with
effect from 1st July.

1979 - Kalinga Tubes Ltd., was amalgamated with the company with effect
from 1st January.

1982 - 19,729 No. of equity shares allotted without payment in cash to
members of Kalinga Tubes Ltd. on its merger with the company.

1983 - The licence for manufacture of 3,000 tonnes per annum of silicon
metal was re-endorsed, increasing the same to 4,900 tonnes per
annum.

1985 - Permission from Govt. was received for the manufacture of ferro
chrome, based on the process developed by the R & D unit of the
company.

1990 - Prices in the International market were unremunerative which lead
to the closure of 100% EOU.

1992 - As at 31st March, the company held 1,90,000 No. of equity shares
of Rs.10 each out of 2,49,998 shares issued by the subsidiary.

1994 - 34,30,374 bonus equity shares allotted in prop. 6:1.

1995 - 20,01,152 bonus equity shares issued in prop. 1:2.

1996 - Operations of the company were adversely affected due to
depressed market condition specially that of charge chrome, the
market prices for which showed a steep decline. Production also
remained unsatisfactory due to labour unrest followed by a strike
for about 4 months.

- 60,03,255 bonus equity shares issued in prop. 1:1.

1997 - The labour problems in the company's mines were sorted out.
Production of chrome improved marginally to 22787 tonnes compared
to 22205 tonnes in the previous year.

- During the year under report, the Company issued bonus equity
shares aggregating to Rs. 600.33 lacs to the existing
shareholders in the ratio of one equity share for every one share
held in tens of the resolution passed by the shareholders on 21st
January.

- During the year under report the operations of the Company were
adversely affected due to depressed market conditions both
domestically as well as internationally specially that of charge
chrome, the market prices for which showed a steep decline.

- The Company has received a certificate to the effect that their
re-appointment, if made, shall be within the limits prescribed
u/s. 224(1B) of the Companies Act, 1956.

- In the larger interest of the society it has installed a Gas
Cleaning Plant which shall reduce the stack emissions to a
negligible level.

- The company has also laid utmost importance on "on job training"
and had opened avenues for exposure to state-of-art technology
prevailing elsewhere in the world pertaining to ferro alloys
operation for its manpower at different levels.

1998 - The Company has given corporate guarantees to financial
institutions and a consortium of banks in respect of the loans
sanctioned by them to Indian Charge Chbrome Limited.

- 1,14,34,781 number of shares were issued as fully paid bonus
shares by capitalisation of General Reserves.

- The Company has received a certificate to the effect that their
re-appointment, if made, shall be within the limits prescribed
u/s. 224 (1B) of the Companies Act, 1956.

1999 - The production activities at the Company's plants remained
disrupted due to restricted power supply by ICCL caused due to
heavy grid fluctuation because of which ICCL could not export
power to the grid. Consequently the production levels in terms
of volume declined substantially during the year as compared to
the previous year.

- The company has implemented hi-tech computerised equipments in
process control areas to ensure that the end products are of
international standards.

- Indian Metals & Carbide Ltd., subsidiary of the Company earned
a profit of Rs. 0.22 lakhs (after tax) during the year 1998-99.
They have not proposed any dividend in view of low internal
generations.

- The Company mobilised public deposits without extending
invitation to the public and after filing a statement in lieu of
advertisement.

- During the year under report industrial relations have been
cordial both at the Company's plants and mines.

- The Company has initiated steps to recognise the SSI units with
which it has dealings.

2005

-Dlist from Bhubaneswar Stock Exchange with effect from January 17, 2005.

2011
-Ferro Alloys Ltd has now informed BSE that the Company has acquired a 70% stake in an Indonesian coal mine

2012
-Indian Metals & Ferro Alloys Ltd has recommended a dividend of Rs. 5/-.

2013
-C R Ray as Whole-time Director of the Company.

2014
-Indian Metals & Ferro Alloys Ltd has recommended a dividend of Rs. 3/- (excluding dividend tax) per equity share.

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