| Arcee Industries Limited [AIL] is an existing profit making company, engaged in the manufacturing of Rigid PVC Pipes. It was incorporated in the year 1992 as a Private Limited Company in the name and style of Arcee Pipes Private Limited and was subsequently converted into Public Limited Company on 14th January, 1993. The name of the company was changed to Arcee Industries Limited w.e.f. 28th November, 1994.
The company started commercial operations at Hisar in Sept., 1992 for the manufacturing of Rigid PVC Pipes with an installed capacity of 1550 TPA which was subsequently raised to 5976 TPA in October 1993 and further raised to the present capacity of 7250 tpa in November 1994. Though there was a time overrun of about nine months in the implementation of the project, there was no cost overrun. Also there is no default in repayment of term loan to HFC. There was no major event in the past except delay in the implementation of part of the project consequent to which profitability projections were affected.
The company had come out with a public issue of 29,80,000 Equity Shares of Rs.10/- each for cash at par aggregating to Rs.298.00 lacs in March, 1994. The issue opened for subscription on 2nd March, 1994 and closed on 5th March, 1994. It was subscribed 1.06 times.
MAIN OBJECTS
The main objects of the company as fully set out in the Memorandum of Association of the company are:-
1. To manufacture, produce, process, design, buy, sell, import, export or otherwise deal in all kinds of tubes, pipes, pipe fittings, tubulur poles, components, accessories and all kinds of hardware items whether made of steel, pvc, plastic or any other metal [ferrous or non ferrous] or substance or material, to act as and/or carry on the business of galvanisers, japanners, re-roller, annealors enamellers, elecroplaters and to manufacture, produce, process, design, repair, convert, buy, sell, import, export or otherwise deal in such products, their by-products, commodities and raw materials.
2. To set up steel furnaces and continuous costing and hot and cold rolling mill plants for producing ferrous or non-ferrous metal alloy steels, steel ingots, billets and all kinds of iron and steel re-rolled sections such as flats, angles, rounds, squares, rails, joists, channels, slabs, strips, sheets, plates, deformed bars, plane and cold twisted bars and shaftings.
3. The Company has scheduled to start its Commercial Production of Black steel tubes & pipes w.e.f. 14th January, 2021 at the unit situated adjoining to our company at 7th k.m. Barwala Road, Hisar-125001, Haryana.
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