WESTERN MINISTIL LTD. OBJECTS & ACTIVITIES : Manufacture of steel ingots from scrap and other steel items. PROMOTION : The Company was promoted by Western Rolling Mills Private Ltd. TECHNICAL COLLABORATION : Mukand Iron & Steel Works, Ltd. agreed to give to the company technical assistance for the manufacture of steel ingots and other semi finished products. OPERATIONS : Trial runs commenced in mid-July 1973. In 1982, production at 32,510 tonnes showed an improvement of 17% over 1981. Production would have been still better, but for the fact that only one furnace could be operated from May 1982 to October 1982 due to breakdown of one of the air blast circuit breakers. Sales rose to Rs. 11.34 cores. In 1983, production reached a record level of 43,044 tonnes. Sales at Rs. 16.05 crores reflected an increase of 41.5% over the previous year. A commensurate increase was registered in profits also. In 1984, production and sales increased further to 45,086 tonnes and Rs. 17.92 crores respectively. However, profits declined marginally due to lower sales realisation in the first quarter of the year and higher input costs. In 1985, production and year and higher input costs. In 1985, production and sales increased to 47,795 tonnes and Rs. 24.30 crores respectively. There was a remarkable growth in pre-tax profits also. In 1986, production rose by 25% to 59,681 tonnes and turnover rose marginally to Rs. 28.17 crores. Margins, however, were under pressuree on account of sluggish demand and large scale imports of billets by Government. During 1987, production and turnover improved to 69,282 tonnes and Rs. 32.01 crores respectively. During 1988-89 (15 months), production and sales amounted to 61,793 tonnes and Rs. 46.94 crores respectively. During 1989-90, production and sales improved to 70,318 tonnesd and Rs. 57.22 crores respectively representing an incrase of 33% and 52% over the annualised figures of the previous period. During 1990-91 (15 months) production and sales further improved tto 84,222 tonnes and Rs. 73.06 crores respectively. During 1991-92, production and turnovr amounted to 61,727 tonnes and Rs. 71.27 crores respectively. The overall working resulted in loss mainly due to setback in the availability of steel billets, escalation in input costs etc. MODERNISATION ; During 1989-90, the Company completed the first phase of modernisation programme in the Mulund Plant. SUBSIDIARY COMPANY : In 1987, Chudiwala Steels, Ltd. Pondicherry, became a subsidiary of the Company. During 1988-89, The name of the subsidiary was changed to East Coast Steel Ltd. RIGHTS ISSUE : During May-June 1992, the Company issued 7,19,165-15% Fully convertible debntures of Rs. 55 each at par to the shareholders on rights basis in the ratio of 5 debentures : 9 equity shares held. Additional 1,07,721 debentures allotted to retain oversubscription. Another 35,835-15% Fully cconvertible debentures were issued to the eemployees of the Company. (Only 300 debentures taken up). Unsubscribed portion of 35,500 debentures out of the employees quota of 35,535 debentures was alloted to Indbank Mutual Fund, 35 debentures remained unsubscribed. The entire face value of Rs. 55 of each debenture was to be converted into one equity share of Rs. 10 each at a premium of Rs. 45 per share on the expiry of 6 months from the date of allotment of debenturs i.e. on 2nd February 1993.