|The company is a profit making company which was incorporated in 1987 in the name of Khanna & Roy Heavy Engineering Private Limited. It was promoted by Mr. K.L.Khanna & Mr. S.C.Roy. Plot was purchased in May 1987 & later site development & construction of boundary wall & shed was started.
It was taken over by the present promoters in February 1990. The consideration for this was Rs. 300 per share (Rs. 100 face value) for 8000 shares. It was renamed as Isibars Pvt. Ltd. in May 1991. The company was converted into a public limited company in November 1991 and consequent upon the conversion its name was changed to Isibars Ltd. It has now set up a unit for the manufacture of Bright Steel Bars and Wires at Turbhe. The installed capacity is 8000 M.T. per annum. Company is registered as an SSI unit with the Government of Maharashtra for the manufacture of Bright Bars. The unit started partial production from August 1, 1991 and has produced approximately 450 M.T. till November 30th 1991. It is presently exporting 100% of its turnover. Since full production is yet to commence the Company is presently getting some of the manufacturing operations on job order basis by outside manufacturers while doing the balance part of the processing itself. Some of the job orders have been entrusted to India Steel Industries a group firm.
The main objects of the company are set out in the Memorandum of Association and include, inter alia the follwing:
To carry on and undertake the business as manufacturers, dealers, buyers, sellers, importers, exporters, assemblers, factors, stockists, repairers, contractors, builders of plant and machinery of all kinds and components parts thereof, equipments including heat exchangers, pressure vessels tanks, piping, pipe fittings, distillation columns, regenerators, storage tanks, horizontal, vertical and spherical such as Horton spheres for LPG storage and oil installation, pipe line works, chemical machineries for petrochemical, fertiliser and oil refineries, flanges, duct work, dehumidifiers, air dryers, mixers, filters, crystallisers, vacuum pans, evaporators and other related items used in chemical pharmaceutical and fertiliser plants, oil refineries, paper industry and nuclear and conventional power projects, locomotive and rolling stock, boilers, steam engines, internal combustine engines, turbines, hydraulic machines of all kinds, machine tools, forgings, motors, accumulators, generators and to act as mechanical, electrical, electronics, hydraulic, chemical, civil and manufacturing engineers, iron fabricators, convertors, meltors, tin plate makers and to carry on the business of engineering consultants.
The company has no subsidiary.
The project is promoted by the India Steel Group which consists of:
M/s India Steel International:
This is a firm engaged in the export of Bright Steel Bars & Wires. It commenced exports in 1988. and became a government recognised Export House in 1991. It had a turnover (inclusive of export incentives) of Rs. 22.86 crs. and a net profit of Rs. 6.73 crs. in the financial year ended March 1991.
M/s India Steel Industries:
The firm was set up in the year 1957 and is engaged in the manufacture of Bright Steel Bars since then. This was the first manufacturing unit in the Group. The installed capacity of this firm is 18029 M.T. per annum. It is recipient of All India Special Shield for exports of Iron & Steel based items in the SSI sector consistently for last 2 years ie for 1989-90 & 1990-91. It has also won the regional top exports award for the western region in the SSI sector for 1988-89 & 1989-90 for engineering goods. In 1990-91 it registered a net profit of Rs 14.82 lacs on a total sales and other income of Rs. 360.1 lacs.
M/s. ISINOX Steel Ltd:
This is a new company incorporated in 1990 and proposes to put up a wire drawing unit for manufacturing steel wires.
The India Steel Group accounted for 30% of the total exports of Bright Steel Bars from India as of 1990-91. The f.o.b. value of exports of India Steel International stood at Rs. 13.63 crs. in 1990-91 out of the total Brights Steel Bars exports of Rs 45 crs.
Shri Harbanslal B. Gupta:
He is the Senior most member of the India Steel Group and in 1959 he had independently set-up the first manufacturing unit of the group in the name of M/s. India Steel Industries at Wadala, Bombay.
-Isibars, manufactures of alloy steel and stainless steel products, has entered into a long-term conversion arrangement with Kalyani Carpenter Special Steels for conversion and processing of high-tech speciality steel and low alloy steel material supplied by Kalyani Carpenter.
-Company name has been changed from Isibars Ltd to India Steel Works Ltd.
-Mr. Ashwin H Gupta was appointed as the Chairman. Mr. Sudhir H Gupta was appointed as the Managing Director of the Company.
- Mr. Subrata Dey was appointed as nominee director of the company.
-New furnaces and combined drawing machines are added to increase finishing capacity & improve quality.
-Mr. Rahul Madhukar Yenurkar was appointed as nominee director of the company.