Incorporated on 19 Apr.'88 and promoted by C P Agarwal, A Agarwal and V Agarwal, Avon Industries (AIL) manufactures printed tin containers including OTS cans (cap. : 9563 tpa), printed metal sheets (cap. : 14,250 tpa) and plastic containers (cap. : 360 tpa). The company has its plants at Miyapur, AP, and Kanpur, UP. The printed tin containers range in size from from 100 ml to 5000 ml capacities. Tin containers are used as packaging material for paints, lubricants, cosmetics, pesticide formulations, food stuff, etc. In Sep.'93, AIL came out with a rights issue of equity shares at a premium of Rs 5, aggregating Rs 9.73 cr, to finance its expansion and modernisation programme. During the year 1998-99, due to the huge losses, the accumulated losses of the company has increased and the net worth of the Company has been eroded fully. The Company has become a Sick Company under the Sick Industrial Companies (Special Provisions) Act, 1985 and a reference has been made to the Board for Industrial and Financial Reconstruction (BIFR).