Ranjeev Alloys Limited (hereinafter referred to as the `Company') was
 incorporated on 12th October, 1990 as a Private Limited Company under
 the Companies Act,1956 and was converted into a Public Limited Company
 vide fresh certificate of incorporation consequent on change of name
 issued by the Registrar of Companies, Kanpur on 16th November,1992,
 to carry on the activities as detailed in the main objects of the
 Memorandum of Association of the Company under the caption `Main
 Objects of the Company.'
 
 Ranjeev Alloys Ltd. is in the process of setting up the proposed unit
 and has yet to commence the commercial production.  As on date it has
 not transacted any commercial operations. The company is presently in
 process of setting up steel furnace and continuous casting machine for
 producing ingots, billets with an installed capacity of 22800 M.T. per
 annum based on 3 shift per day and 300 working days per annum basis. 
 The product will mainly be used by rolling mill owners for re-rolling
 purposes to manufacture flats,angles, rounds, L.T.Iron square, Steel
 Strips, Bars, Skelp etc.  However as mentioned elsewhere in the
 prospectus the entire production of this until will be consumed by
 the sister concern Modern Steel Industries. 
 
 The industry pertain to key sector on which whole development of the
 country is based.  Hence it is likely to grow with the growth in the
 civilisation/industrialisation resulting in the growth in
 construction activities.  Moreover there is no Billet manufacturing
 unit in the near vicinity while number of re-rolling mills are
 therein Ghaziabad, Meerut, Muzaffar Nagar and more are coming up.
 
 Implementation of the project is in progress.  As on 31.10.1994 the
 company has already purchased the land and constructed the boundary
 wall.  The site development work has started.  The construction of
 main shed as started.  The company has placed orders for critical
 plant and has also identified supplier of other plant and
 miscellaneous fixed assets. The power load of 3500 K.V.A. has been
 sanctioned by UPSEB.
 The company has also applied for the sanction of working capital
 limits with Oriental Bank of Commerce, Wright Ganj., Ghaziabad. The
 application of the company has been submitted to U.P.P.C.B. for
 obtaining the N.O.C., regarding water and air pollution which is
 under consideration.  The critical areas in this industry are the
 availability of Power and Raw Materials.
 
 The company will make arrangement for regular supply of power by
 Installing D.G. Sets.  The provision of which has already been taken
 in the project.
 
 PRESENT BUSINESS OF THE COMPANY
 
 The Company is at present involved in setting up the facilities to
 manufacture M.S. Billets with an installed capacity of 22800 MT per
 annum at Village Morta 25 K.M. Delhi Meerut Road,Ghzaziabad.