The Company was promoted by Dr. Pranlal J.Patel, the late Mr. Dashrath Sinh Takhta Singhjit and the late Mr. Navinchandra Hiralal Nanavati in collaboration with Graham Firth Steel Products, Ltd., U.K.(now known as Firsteel, Ltd., U.K.) to manufacture of cold rolled steel strips. Graham Firth Steel Products, Ltd. U.K. (now known as Firsteel, Ltd., U.K.), were the Company's collaborators. They ceased to be the collaborators after the issue of additional share capital by the Company during October 1973 for its expansion project II. It was, however, considered possible to persuade the collaborators, subject to the approval of Indian Government, to provide further know-how, as and when required, on reasonable terms. According to an order by Board for Industrial Financial Reconstruction (BIFR) dated 1st November, 1991, Rolloy Metals Ltd.(RML) was amalgamated with the Company with effect from 1st April, 1990. As per the terms of the scheme of amalgamation, 58,736 equity shares of the Company were to be allotted without payment in cash to the erstwhile share holders of RML in the ratio of 1 equity shares of Rs.10 each of RML. The production at Aurangabad Division could not enhanced due to constraints of Working Capital, so company has approached the BIFR Scheme to review the implementation, BIFR has directed to monitoring agency, Bank Of India to prepare a modified scheme. During the year 1999-2000, the company's total revenue increased from Rs.5478 lacs of the previous year to Rs.6745 lacs. The company's Goregaon and Aurangabad division has received ISO 9002. In view of the net worth of the company having been fully eroded, the company will be required to make a reference to BIFR to register the company as a Sick Industiral Undertaking.