UNISON METALS Share price

The Company was incorporated on June 29 1990 as a PrivateLimited Company under the name and style of UNISON METALSPRIVATE LIMITED. Subsequently the Company was convertedinto a Public Limited Company under the name and style ofUNISON METALS LIMITED and was registered with the Registrarof Companies Gujarat at Ahmedabad vide Certificate No.04-13964 on February 24 1995.On August 22 1993 the Company entered into an agreementwith the partners of M/s.Mohan Metals a partnership firmengaged in the business of processing hot rolled sheetswhereby the Company took over the business of thepartnership firm as a going concern. As a result of theagreement the Company has taken over all the assets andliabilities of the concern and the partners have beenallotted a consideration of 17000 equity shares of theCompany.M/s. Mohan Metals was constituted as a registeredpartnership firm in the year 1981 and was doing thebusiness of manufacturing of Hot Rolled S.S. Sheets. M/s.Unison Metals Ltd. joined as a partner with 5% share inM/s. Mohan Metals w.e.f. April 01 1993 and thereafter ondissolution of the said partnership firm the partner M/s.Unison Metals Pvt. Ltd. took over all its liabilitiesassets and properties as on August 22 1993 at its bookvalue.All formalities of acquisition have already been completedand as on date all assets and properties of the saidpartnership firm stands in the name of Unison MetalsLimited.The takeover as on August 22 1993 of all assets ofRs.48.51 lacs and all liabilities of Rs.39.97 lacs has beenon book value and as a going concern to convert thepartnership firm into a private limited company. Theerstwhile partners of the partnership firm were paid onlytheir contribution and profit till the date of dissolutioni.e. August 22 1993.The breakup of the consideration as per the Balance Sheetas on 22.08.93 and as appearing in the agreement ofdissolution is as under: (Rs.in lacs)Assets 48.51Less: Liabilities 39.97 8.54 Less: Investment allow. Reserve allotted to M/s. Unison Metals Pvt. Ltd. 0.54 8.00Less: Capital Investment of Unison Metals P.Ltd. partnership Contribution 0.09Consideration Paid to 7.91other Partners beingtheir contribution Consideration Paid (i) 17000 Equity shares of Rs.10.00 each 1.70 of Unison Metals Pvt. Ltd. (ii)Credited as deposits in Unison Metals Pvt. Ltd. 6.21 7.91 Accordingly no revaluation of assets of M/s. Mohan Metalwas carried out.There are no pending liabilities/litigations except thepending case in High Court of Gujarat against A.E.CO. Ltd.regarding electricity duty levied by Governmentretrospectively amounting to Rs.1.06 lacs. The sum ofRs.1.06 lacs has already been provided in the books ofaccounts of the Company. Hence no liability remains to beprovided.The firm M/s. Mohan Metals was dissolved on 23rd August1993 and taken over by Unison Metals Pvt. Ltd. and is notcontinuing. The firm/company did not face any labourproblem/litigations/defaults etc. and there was no closureof work at any time.Unison Metals Limited presently has two manufacturingunits. One of the units is engaged in hot rolling ofstainless steel sheets/pattas (untrimmed sheets) of variousgauges (15/17 gauges) with an installed capacity of 4800MT per annum. On the other hand the second unit is engagedin the cold rolling of stainless steel sheets of variousgauges (26 gauge) with an installed capacity of 1080 MTper annum. The excess capacity if the hot rolling unit isbeing and would be utilised on behalf of others on job workbasis.The Company now proposes to expand its hot rolling and coldrolling capacities by setting up facilities formanufacturing 6000 MTPA of hot rolled sheets and 2400 MTPAof cold rolled sheets. In addition the Company is settingup facilities for the manufacture of Utensils with aninstalled capacity of 612 MT per annum.