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The company was incorporated on 19th February 1988 under the name and style of Roxy Engineers Private Limited under the Companies Act 1956 to manufacture produce import export of cycles bicycles and of all articles and things used in the manufacture of and set up manufacturingundertaking for the production of the bicycles parts and other automobiles parts and hand tools of all kinds. Since its incorporation the company is engaged in the manufacture and sale of cycle components. With a view to broaden the activities and enter into a booming export business the company was converted into a Limited Company and the name was changed to Roxy Exports Limited on 1stMay 1995.The company''s products viz. Rim Freewheel & Hubs are well accepted in the national and international market where it is sold directly and through its associates concern M/s Roxy Industrial Corporation. The company was directly exporting its products till 1993. The product is well accepted in the market because of its high quality standard. The reliability and acceptability is the result of high quality control and R & D.A raid was conducted by the Income Tax department on 07/08/92 after which it raised a demand to the tune of Rs.503.68 lacs with respect to Income Tax and Wealth Tax against the company its associate companies and promoters. The applications of the company and the group companies have been admitted by the Income Tax Settlement CommissionDepartment of Revenue Govt. of India New Delhi U/s 245 D(1) of the Income Tax Act 1961; the applications of the promoters have also been admitted by the Income Tax Settlement Commission Department of Revenue Govt. of India New Delhi U/s 22 D(1) of the Wealth Tax Act vide orders dated 22/07/94. They have paid a sum of Rs. 16.29lacs as per the application admitted by the Income Tax Settlement Commission.The company started its operation from 1988 and within a short span the turnover increased from Rs.98.83 lacs in 1989-90 to Rs. 393.74 lacs in 1994-95. Similarly its Profit after Tax also increased manifold from Rs. 0.41 lacs in 1989-90 to Rs. 14.83 lacs in 1994-95.The value of the assets has appreciated substantially due to various advantages available to the Industry. Hence to reflect the fair market value of the Assets the company got its assets i.e. Land & Building and Plant & machinery revalued by a Government approved valuer Rajesh Shori Ludhiana on 31st March 1994. The details of the originalvalue and the revalued assets are as under:Assets Book Value Prior Book Value after to Revaluation RevaluationLand 2.90 116.68Factory building 12.30 32.86Office building 1.50 19.18Machinery 47.77 107.79Generator 2.25 4.82 ------- -------Total 66.72 281.33 ------- -------On revaluation of the assets the Gross Block of the company stood increased by Rs. 214.61 lacs.