Permanent Magnets (PML) was incorporated in 1960. It is currently being managed by Shreeram Taparia, chairman and Shyam Sunder Taparia, managing director. In Jan.'91, the company came out with a rights issue of 0.77 lac equity shares of Rs.100 at par, aggregating Rs.77.49 lac on a 1:1 basis, to finance capital expenditure and meet long-term working capital requirements. PML produces two types of magnets -- cast alloy permanent magnets and hard ferrite magnets. The company exports its products to the US, the UK, Germany, Italy and Egypt. PML was declared sick in 1989-90 but it started making profits since 1990-91. During the year 1999-2000, the Jalgaon plant was closed on account of labour problem.