| YEAR EVENTS
The Company was incorporated on 28th March1959 , at Calcutta.The main object of the Company is manufacture of high tensile, spring-steel, concrete re-inforcement, signal, galvanised, hard, bright and annealed wires, wire ropes and other allied products.
Kobe Steel Works, Ltd. and its subsidiary Shinko Wire Co., Ltd., Japan were the Company's collaborators for manufacture of tyrebead, pre-stressed concrete and other high tensile wire. Shinko Wire Co., Ltd. and Okura Trading Co., Ltd., Japan were the Company's technical collaborators for the manufacture of specialised wire such as cycle spoke, high tensile, galvanised signal spring steel, cable armouring and profile. All shares issued to promoters, directors, etc.
1960 - 2,00,000 shares issued to Director, etc., and 2,50,000 shares
offered to the public.
1969 - In October, 1,50,000 No. of equity shrares and 32,000 Pref.
shares offered to the public. In March 1970, 3,25,000 Bonus
Equity shares issued in prop. 1:2.
1973 - 3,25,000 Bonus Equity shares issued in the prop. 1:3.
1974 - 5,20,000 Right Equity shares issued at par.
1981 - A plant was set up with a capacity of 6,000 TPA of high tensile
wire at Faridabad. Another plant to manufacture 1,00,000 nos.
LPG cylinders per annum was also commissioned during the year.
1982 - An automobile tyre bead wire plant was commissioned at Faridabad.
1984 - A unit was set up for manufacture of 4 lakh TPA of LPG cylinder
Valves. Also, another plant with an installed capacity of 1 lakh
LPG regulator was commissioned during 1987-88.
- The Company had to cut down production of L.P.G. cylinders
because of suspension of deliveries by oil companies for a few
months.
1985 - The Company took up modernisation and upgradation programme.
- The Company revalued its land and building and machinery as on
30th June. The net surplus arising out of this was transferred
to revaluation reserve under capital reserves.
1989 - Production activities were adversely affected due to acute
shortage of M.S. Wire Rods and lock-out for 52 days at Faridabad
works due to inter-union rivalry.
- The Company privately placed with BOB Fiscal Services, Ltd. and
SBI Mutual Fund 14% non-convertible debentures of the aggregate
face value of Rs.400 lakhs. These debentures are redeemable at a
premium of 5% in three equal instalments beginning from 1995-96.
1991 - The Company undertook a modernisation and renovation programme of
its plants at Sodepore and Faridabad. Funds under the Equipment
Finance Scheme of Industrial Reconstruciton Bank of India and
Industrial Finance Corporation of India were availed to part
finance the programme.
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