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Uttam Value Steels Ltd. Company History and Annual Growth Details

YEAR EVENTS
1970 - The Company was incorporated as a Pvt. Ltd. on 27th April under
the name of Gupta Tubes and Pipes Pvt. Ltd. The Main Objects of
the Company is Designing and Fabrication of various chemical,
pharmaceutical and other machinery and structurals such as
air/gas/liquid structurals, distillation columns, heat
exchangers, LPG bullets, pressure vessels, reactors, tanks and
road tankers and manufacture of steel pipes and tubes and steel
castings.

1977 - The Company entered into the field of design and fabrication of
shell and tube heat exchangers.

1978 - A separate Air Drying Plant (ADP) division to cater to users of
air and gas drying systems was started in August.

- The Company also set up a full-fledged design department during
the year.

1980 - All shares taken up by signatories to the Memorandum of
Association, Promoters, Directors, etc.

1982 - In April a full-fledged project division was established.

- 17,500 shares issued to promoters, etc.

1983 - 12,500 shares issued to promoters etc.

1984 - The Company commissioned a new foundry at Murbad.

1985 - The name of the Company was changed to Lloyds Steel Industries
Pvt, Ltd. on 10th September. The Company's status was changed to
that of Public Limited Company with effect from 3rd June, 1986.

- The Company set up its first work shop at Andheri, a suburb of
Mumbai.

- Equity shares sub-divided. 4,00,000 Rights shares issued at par
in prop. 4:5. 6,00,000 Bonus shares issued in prop. 2:3 in
December 1985.

1986 - The Company undertook modernisation of its existing workshops at
Andheri and Murbad.

- 15,00,000 No. of equity shares issued (Prem. Rs 8 per share) of
which 3,00,000 shares were offered and allotted as Rights. Out
of the remaining 12,00,000 shares, the following shares were
reserved and allotted on a preferential basis:

- (i) 75,000 shares to employees, etc.;

- (ii) 24,000 shares to business associates and 4,00,000 shares to
NRIs. The balance 7,01,00 shares were offered for public
subscription during September.

- Additional 3,75,000 shares were allotted to retain
oversubscription (75,000 shares as Rights; 18,700 shares to
employees, etc.; 6,000 shares to business associates; 1,00,000
shares to NRIs and 1,75,300 shares as Rights; 18,700 shares to
employees, etc.; 6,000 shares to business associates; 1,00,000
shares to NRIs and 1,75,300 shares to the public).

1988 - A new unit was set up at Murbad as a part of expansion of the
existing activities.

- The Company entered into technical tie-ups with 8 internationally
renowned companies in the engineering sector.

- The Central Government gave the clearance for a project to
manufacture 1.5 lakh per annum of hot rolled carbon steel strips
at Wardha, Maharashtra.

1989 - All the 3 units viz., Andheri, Murbad I and II as also 5 major
project sites were equipped with integrated fabrication
facilities including heat treatment, metal forming stress
relieving automatic plate bending, etc.

- A network of committed ancillary units for various machinery and
allied jobs were developed.

- Technical arrangements were made with Mannesmann Demag
Huttentechnik Metallgeuinnung (MDH), a division of Mannesmann
Demag AG, West Germany for manufacture, procurement, supply and
demonstration of performance guarantees of imported equipment and
for deputation of MDH personnel to supervise erection and
commissioning of plant and to train the Company's personnel. The
agreement provides for a payment of DM 42,140,000 in five
instalments to MDH.

- The Company also signed an agreement with Metallurgical &
Engineering Consultants (India), Ltd., (MECON) for rendering
detailed engineering site supervision services, commissioning and
inspection services for the project.

- The Company received a letter of intent from ONGC for one
offshore rig. The rig was to be offered to ONGC towards the end
of the year. However, the Company could not import the rig
during 1990-92 to deliver it to ONGC due to foreign exchange
crunch.

- The Company started negotiations for upward revision in the
charter hire rates as the earlier rates turned out to be
uneconomical with the devaluation of rupee. Also, negotiations
were on with Oil India, Ltd. and ONGC for further offers of
onshore/offshore rigs.

- The company issued 1,50,000-14% secured redeemable
non-convertible debentures of Rs 100 each on private placement
basis with UTI, LIC, GIC and its subsidiaries. These debentures
are redeemable at a premium of 5% in five equal instalments
beginning at the end of five years from the allotment date, i.e.
8th August.

- 16,87,500 Bonus shares issued in propn. 1:2.

1990 - The Company incurred capital expenditure of Rs 555 lakhs on
further expansion and modernisation of units at Andheri and
Murbad and at four project sites.

- The Company raised a sum of Rs 138.29 crores during the year
through rights/public issue of fully convertible debentures.

- The company privately placed, 2,00,000-14% non-convertible
debentures of Rs 100/- each with UTI and LIC. These debentures
are redeemable at a premium of 5% in five equal instalments
beginning at the end of five years from the date of allotment,
i.e. 22nd May.

- During November, the Company offered 12,65,625-14% secured fully
convertible debentures of Rs 350 each on Rights basis in the
proportion 25 debentures: 100 equity shares held (all were taken
up). Additional 34,375 debentures were allotted to retain
oversubscription.

- Simultaneously another 63,283-14% debentures of Rs 350 each were
issued to employees under the Employees' stock option. None were
taken up and all were allowed to lapse.

- Simultaneous to the Rights issue, the Company also issued through
prospectus 19,62,946-14% secured fully convertible debentures of
Rs 350 each of which the following debentures were reserved for
allotment on a preferential basis: (i) 4,28,572 debentures to
NRIs on repatriation basis (all were taken up); (ii) 98,147
debentures to employees (including Indian working
directors)/workers of the Company on equitable basis (only 78,340
debentures taken up).

- The remaining 14,36,227 debentures, along with 19,807 debentures
not taken up by employees', were issued to the public.
Additional 2,94,442 debentures were allotted to retain
oversubscription (47,648 debentures to NRIs and 2,46,794
debentures to public).

- Rs 175 (Part A) of the face value of each debenture was to be
converted into 5 No. of equity shares of Rs 10 each at a premium
of Rs 25 per share on the expiry of 9 months from the date of
allotment of debentures. The remaining Rs 175 (Part B) of the
face value of each debenture was to be converted into such number
of equity shares of Rs 10 each at such premium to be decided by
CCI after 24 months from the date of allotment of debentures.

1991 - The Company foresee growth in their activities in liberalised
business environment in the field of petrochemicals, fertilisers,
refineries, etc. The Company was planning to diversify into
engineering and supply steel plant equipments and power plants
upto 20 MW capacity on turnkey basis.

1992 - The Company proposed to set up a plant to manufacture 2.25 lakh
tonnes of cold rolled coils and one lakh tonnes of galvanised
plain/corrugated (GP/GC) sheets.

- The Company entered into MOU with Braun Utility Services.
Corporation, New York, USA, for technical back-up for manufacture
of power plant upto 20 MW. Also entered into a MOU with United
Engineering Inc. (UE), USA, for technical know-how and back up
for manufacture of steel plant equipments.

- The Company signed an MOU with Suedrohrbau, GmbH & Co. of
Germany for bidding of Cross Country Pipeline Project.

- 146,78,065 No. of equity shares allotted (Prem. Rs 25 per share)
in conversion of debs. Another 25,44,455 No. of Equity shares
allotted (Prem. Rs 25 per share) in lieu of the cumulative
interest.

1993 - 3,73,263 No. of Equity shares forfeited. 25,05,409 No. of
Equity shares issued on conversion of Part `B' debenture.

1994 - The increase in turnover was attributed to improved working of
engineering activities and the commissioning of the hot rolled
coils project at Wardha.

- During February, the Company offered 383,33,333 optionally fully
convertible debentures of Rs 60 each for cash at par of which
1,91,66,667 debentures were offered to the existing equity
shareholders (only 1,69,83,368 debentures were taken up).
38,33,333 debentures were offered on a preferential basis to
Indian financial institutions/Mutual Funds (all were taken up.)
65,000 debentures offered to the employees (41,300 debentures
were taken up). 10,00,000 debentures offered to the shareholders
of Lloyds Finance Ltd. (All were taken up).

- Remaining 79,05,001 debentures were offerred to the public along
with unsubscribed portion, if any, from the above category. (All
were taken up) along with unsubscribed portion of above
category).

- Rs 25 (Part `A') of the face value of each debenture was to be
converted into one equity share of Rs 10 each at a premium of Rs
15 per share after 9 months from the date of allotment. The
remaining Rs 35 (Part `B') would be given two option. Option 1.
(Equity Otion) - Part B of Rs 35 was to be converted into one
equity share of Rs 10 each at a premium of Rs 25 per share on the
expiry of 18 months from the date of allotment. Each part `B'
debentureholders was to be entitled to get Rs 5 per debenture
towards interest. Option II. (Deep Discount Bond Option).

- Part `B' of Rs 35 was to be converted into one deep discount bond
of the face value of Rs 40 (inclusive of interest of Rs 5 per
debenture) on the expiry of 18 months from the date of allotment,
which would mature on the expiry of the 45th Month from the date
of allotment for a value of Rs 60.

1995 - The Company launched galvanised sheets/coils which was well
received in the market. To boost exports, the Company undertook
to promote an overseas body at U.K.

- The Company undertook a project for the development of special
grade steels used in Oil and Natural Gas sector and in the Sugar
Industry with technical association from Visveshvariya Regional
College of Engineering, Nagpur.

- 36,497,419 No. of Equity shares allotted on conversion of Part
`B' of optionally fully convertible debentures, 4,38,988 shares
forfeited.

1996 - The Company proposed to put up a 80 MW captive power plant.

- The company entered into technical collaboration agreements with:
(i) With Vosper Thornycroft (U.K.) Ltd., England for the
manufacture of steering gears and non-retractable in stabilizers
for the Indian Navy for their war ships. (ii) With FMC Europe
SA, France for the manufacture of marine loading arms; and (iii)
With Bailieboro Co-op. Engineering Ltd., Ireland for the
manufacture of dairy equipment.

- The Technical Collaboration with Vosper Thornycroft (UK) Ltd.
(VTC), provided for supply of design engineering know-how and
successful commissioning of the plant for the manufacture of
steering gear, etc., and training of the Company's engineers at
VTC's plant at England.

- The Company jointly with SICOM promoted a company under the name
Sipta Coated Steels Ltd., for the manufacture of GP/GC sheet.

- During March/April the Company offered 74,141,199 No. of equity
shares of Rs 10 each at a premium of Rs 18 per share on right
basis to the existing shareholders in the ratio of 64:100
alongwith detachable warrants in the ratio of One Warrant for
every Ten Equity share held. Every Warrant holder was entitled
to receive one equity share at a price of Rs 55 between 36 to 39
months from the date of allotment. All were accepted 75,20,685
warrants were allotted.

- Lloyds Realty Ltd., is a wholly owned subsidiary of the Company.

1997 - The company proposes to meet the rest of the fund requirements
through internal accruals.

- Lloyds Steel too is setting up a captive power plant, which is
expected to cut costs drastically after being commissioned.

- The company suo moto placed a proposal to cut down all expensive
credit limits like LC, and in turn, has requested the banks to
consider increasing the working capital limit.

1998 - The Rs.9.75-crore deep discount bond of Lloyds Steel Industries
Ltd has been downgraded from C to D by the Credit Rating
Information Services Ltd (Crisil).

- Lloyds Steel's merger with its subsidiary, Rs. 114-crore Lloyds
Metals, would be further delayed as the financial institutions
are yet to give the green signal.

- Lloyds Steel Industries Ltd, has entered into an agreement with
Western Coalfields Ltd (WCL) for opening an underground mine
exclusively for the use of Lloyds Steel.

1999 - Power Engineering Corporation, an Irish company, will pick up a
24 per cent stake in the coal-based, captive power company
being set up by Lloyds Steel Industries Ltd (LSIL) called
Vidarbha Power Ltd.

- LSIL has entered into a memorandum of understanding with the
company's local subsidiary, PEC Energy (India) Ltd, which will
float an independent company to provide operation and
maintenance (O&M) services.

2005

-Mr. B. Ravindranath, Chief General Manager, IDBI Limited, Southern Zonal Office, Chennai, has been appointed as Nominee Director of IDBI Limited on the Board of Directors of the Company

2006

-Mr. K A Krishna Rao has been appointed as an Independent Director on the Board of the Company

2007

-Lloyds Steel Industries has incorporated a new E-mail ID i.e. [email protected] for the speedy disposal of investor grievances and complaints.

2008

-Mr. R Parthasarathy has been appointed as Nominee Director of IFCI on the Board of Directors of the Company

2010
-Registered Office of the Company has been shifted From Modern Centre, "B" Wing, 2nd Floor, Sane Guruji Marg, Mahalaxmi, Mumbai - 400011 To Trade World, 'C' Wing, 16th Floor, Kamala City, Senapati Bapat Marg, Lower Parel (W), Mumbai - 400013

2011

-Shri B. L. Khanna has been appointed as a Special Director on the Board of the Company

- Mrs. Neelu Dhingra has been appointed as the Company Secretary & Compliance Officer of the Company

2012

-Mr. R. K. Bansal has been appointed as Nominee Director of IDBI Bank on the Board of the Company.

-Registered Office of the Company has been shifted from Trade World, ‘C’ Wing, 16th Floor, Kamala City, Senapati Bapat Marg, Lower Parel (W), Mumbai-400013 to 4th Floor, Uttam House, 69, P.D’Mello Road, Mumbai -400009

2013
-Lloyds Steel Industries Ltd has informed that the name of the Company has been changed from Lloyds Steel Industries Ltd. to Uttam Value Steels Ltd.
-Uttam Value appoints S. K. Soni as an Additional Director of the Company.

2014
-Uttam Value Steels Ltd has informed Appointment of Shri S. K. Sachdev as a Nominee Director
-Uttam Value Steels Ltd has informed that appointment of Smt. Pratima Srivastava, as an Additional Director of the Company with effect from May 30, 2014.
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