HIM CONTAINERS LTD OBJECTS & ACTIVITIES: Manufacture of various types of containers BRIEF HISTORY: The company was promoted by M.P Ghose a technocrat and C& C Investements ltd.,. a subsidiary of Indian carbon, ltd A 100% export oriented project for the manufacture of 5000 nos. per annum of marine freight containers was set up at haldia, a notified backward area in the Midnapur District of W Bengal. The Unit set up on a 40.460 sq mtrs. of land is equipped with most modern equipment imported from UK and W Germany. Commercial production commenced in May 1985. TECHNICAL COLLABORATION: The company entered into collaboration agreements with Graff K G and tectrans Gmbh both of W Germany for technical know-how engineering services and marketing support Basides providing technical assistance the collborators subscribed to the extent of Rs 10 lakhs in the equity capital of the Company. They were paid a sum fo DM 2,00,000 out of a total payable sum fo DM 3,00,000 for technical know-how drawings, technical services and procurement of advice for the plant. They were also entitled to 4% royalty as per terms of the collaboration agreement entered into. FINANCE: ICICI in participation with IDBI and IFCI sanctioned Rupee loan of Rs158 lakhs while SBI sanctioned Rs 78 lakhs. Also foreign currency loans equivalent to Rs 148.50 lakhs and Rs126.50 lakhs were sanctioned by ICICI and SBI respectively. SICK INDUSTRIAL COMPANIES (SP. PROVISIONS) ACT , 1985 (SICA): During 1989- 90 the company came under the provisions of SICA and as per its requirement a reference to the BIFR was made . During 1990-91 the company continued to be under the rehabilitation package as finalised by BIFR. During 1992-93 the Company was holding dialogue with the BANK and Institution for review of review of existing package in view of the changed condition and expected to submit a consensus package to BIFR GENERAL: ICICI , IDBI and IFCI have the option to convert 20% of their Rupee term loans into equity shares of the Company at par during the period from 1st April 1988 to 1st August 1990. REVALUATION OF ASSETS: As at 31st March 1993 the Company's fixed assets except for furniture, fixtures and office equipment were revalued and the resultant surplus amounting to Rs 1243.67 lakhs was transfered to Revaluation Reserve Account..