Asian Alloys is engaged in the business of manufacturing steel alloy ingots and castings. It was incorporated as a private limited company on Oct. 17, 1985 and became a public limited company with effect from May 29, 1992. The company has its manufacturing units located at Patiala in Punjab, Bhiwadi in Rajasthan, and in the Gurgaon district of Haryana. It has been registered with the Board of Industrial and Financial Reconstruction (BIFR) since 2006 due to the financial crisis. The registered office is located at G.T. Road, Khanna, Ludhiana-141401, Punjab.
The company was originally incorporated as a Private Limited Comp. under the Companies Act, 1956 on 17th October, 1985 in the name & style of Asian Alloys Pvt. limited It became a deemed Public Company u/s. 43[As][1As] of Companies Act, 1956 with effect from 1st July, 1990 vide order dt. 21st October, 1991 & became a Public Comp. u/s 31 of Companies Act, 1956 with effect from 29th May, 1992 vide order dated 19th August, 1992.
The Comp. has been promoted by Mr. Pawan Sachdeva, & is engaged in the manufacture of Alloy Steel Ingots & Castings with an installed capacity of 10,000 TPA in the year 1990, which was further increased to 21,500 MTPA in March 1991. The Comp. successfully implemented an expansion cum modernisation programme by increasing the melting capacity from 21500 MTPA to 60900 MTPA by installing 3 induction furnaces & by putting up 66/11 KV power substation of 16/20 MVA capacity in the year 1994.
The companies entire production of steel ingots is picked up by the 250 re-rolling mills which are located in the vicinity of plant in Mandi Gobindgarh. The castings are marketed through a network of agents in Pune, Bhilai, Rourkela, Vishakapatnam, Nagpur & Bombay. The major customers for company castings are Walchandnagar Industries, Krupp Industries India, Irrigation Department [Govt. of Maharashtras], Hindustan Zinc Ltd., Bhilai Steel, UP State Sugar Corporation, Triveni Engineering Works, etc.
In June 1994 the Comp. started an International Merchandising Division for merchant exports of engineering goods & traditional products like textiles, garments & leather goods. The target markets are mainly Africa & Indo China for engineering goods, South America & EU for garments, South Africa for fabrics & Germany for leather goods. The Division will also engage in imports of various types of raw materials for consumption in steel & chemical industries, part of which will be for internal consumption.
The Comp. had an installed capacity of 10,000 MTPA in 1990-91 which increased to 21,500 MTPA in March, 1991. This resulted in an increase in turnover from Rs. 881.37 lacs to Rs. 1860.90 lacs in 1991-92. In 1993-94 the Comp. engaged in trading of steel scrap & other steel material on a large scale, which resulted in an increase in turnover & PAT for year from Rs. 2439.67 lacs & Rs. 30.48 lacs respectively to Rs. 4608.65 lacs & Rs. 211.57 lacs respectively. In March, 1994 the Comp. installed 2 additional induction furnaces & one more furnace in May, 1994, resulting in an increase in melting capacity from 21,500 MTPA to 60900 MTPA. As a result the company turnover & PAT for 1994-95 increased further to Rs. 8045.10 lacs & Rs. 447.43 lacs respectively.
For not complying with the listing agreement the company was suspended for trading on BSE since February 5, 2001.