INDIAN STEEL ROLLING MILLS LTD OBJECTS & ACTIVITIES: Manufacture of billets/ingots, bars, rods, and wires and wire products. BRIEF HISTORY: The Company was incorporated on 8th February, 1934. The Company established a rolling mill at Nagapattinam in Thanjavur District for rerolling of mild steel billets to various sections of bars/rods. The Company entered into a long term agreement with The Tata Iron and Steel Company, Ltd. (TISCO) whereby the mills at Nagapattinam were taken on lease by TISCO from the year 1940 to 1960. A furhter agreement was entered into with TISCO in 1961 for providing technical assistance. The Company set up a wire plant for the manufacture of wire products at Nagapattinam in 1956. The rolling mill at Nagapattinam was modernised in 1965. A new rolling mill was set up at Tiruninravur, near Madras. MINI STEEL PLANT: During 1985-86, the Company undertook to set up a mini steel plant at Karaikal in the Union Territory of Pondicherry. The mini steel plant went into production in July 1987. MODERNISATION: During 1987-87, the Company embarked upon a Scheme of Modernisation to provide more man power for the rolling mills, replace some of the old equipment and install facilities to improve production in the rolling mills to the level of about 60,000 tonnes per annum in the subsequent three years. The estimated cost of Rs.1,370 lakhs was being financed to the extent of Rs.1030 lakhs by financial institutions. It was expected to be completed by October 1992. During 1992-93, the Company completed the modernisation scheme in Nagapattinam and wire plants. The scheme was partially completed in the Tiruninravur, works. Dur to certain limitations in the TNR mill. It was decided to defer part of the modernisation scheme. During 1989-90, diesel generating sets were installed for captive generation of 1500 KVA at also being set up a Nagapattinam mill. DEBENTURES: During 1991-92, the Company issued 20% Non-Convertible debentures aggregating to Rs.150 lakhs to Unit Trust of India on placement basis. These debentures are redeemable at a premium of 5% in three equal annual instalments commencing from December 1997. FINANCE: As at 31st March, 1993, sums of Rs.1073.86 lakhs and Rs.16.18 lakhs were outstanding against the term loans from ICICI and Pondicherry Industrial Promotion Development and Investment Corporation, Ltd. respectively. GENERAL: Preference dividends amousnting to Rs.54.995 were arrears for the period 1.4.1992 to 31.3.1993.