Gyscoal Alloys Ltd.
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Gyscoal Alloys Ltd.

Gyscoal Alloys incorporated as Shreenath Mineral Metal Private Limited on September 29, 1999 under the Companies Act, 1956 as a private limited company by the Registrar of Companies, Gujarat, Dadra & Nagar Haveli. The company name was changed to Gyscoal Alloys Private Limited and a fresh Certificate of Incorporation consequent to the change of name was granted by Registrar of Companies, Gujarat on June 21, 2004. The company subsequently became a public limited Company and the company name changed to Gyscoal Alloys Limited and the fresh Certificate of Incorporation was granted to the company on March 21, 2006 by the Registrar of Companies, Gujarat.

Gyscoal Alloys Limited (GAL), a public limited company, was incorporated in the year 1999 as a private limited company. Initially, the Company started its business with the trading of iron and steel scraps, billets and steel long products. The company also decided to trade in mild steel products namely CTD Bars and TMT Bars. The company took over a steel rolling mill business with a capacity of 6000 MT per annum from Shah Alloys Group at Ubkhal, Mehsana and started manufacturing of rolled products in the year 2005. The rolling mill capacity was increased by another 12000 MT per annum to take the total rolling mill capacity to 18000 MT per annum in financial years (FYs) 2005-06. In the FYs 2006-07, the company further started its steel melting shop with a capacity of 12,000 MT per annum which was further increased to 18,000 MT per annum in the year 2008-09. Looking at the potential higher value addition in case of stainless steel products, the company decided to manufacture stainless steel long products in the FYs 2006-07. At present, the plant has the capacity to manufacture different grades of stainless steel products ranging between 200 series to 400 series.

The company has expanded in various ways keeping its focus on steel. At this stage, the company was able to provide its clientele a broad spectrum of products. In pursuance of its objectives, the company is committed to maintain high standards of quality, efficient delivery schedules, and competitive prices. At present, Company’s products portfolio includes angles, bright bars, black bars, flats, hexagonal and round corner squares (RCS) products which include channels, sections, pata-patti, full line of round corner squares (RCS) and rectangles in standard sizes. The company also manufactures squares and flat in sizes of the specification as per requirement of its customers.

The company’s products adhere to high quality standards and it has got ISO 9001:2008 certification for “the manufacture and supply of stainless steel and mild steel based angles, channels, flats, round, square, bright, twisted bars, billets and ingots’ adhering to IS 2062 & IS 1786 from BSI Management Systems

Milestones:

1999-00

• Company incorporation

2000-01

• Equity share capital of Rs 2.20 lakh raised by issuing 22,000 equity shares.

2004-05

• The company's name was changed from Shreenath Mineral Metal Private Limited to Gyscoal Alloys Private Limited.
• Purchase of a steel rolling unit from Shah Alloys Group with an installed rolling capacity of 6,000 MTPA
• Rs 95 lakh raised by way of term loan with UCO Bank.
• Equity share capital of Rs 123.57 lakh raised by issuing 12,35,688 equity shares.

2005-06

• The company's status changed from private limited company to public limited company with the name Gyscoal Alloys
• Rs 625 lakh rose by way of term loan with UCO Bank.
• Equity share capital of Rs 131.41 lakh raised by issuing 13,14,100 equity shares.
• The rolling mill capacity was increased by another 12,000 MT per annum to take the total rolling mill capacity to 18,000 MT per annum in the FYs 2005-06.

2006-07

• Gyscoal Alloys Limited got ISO 9001:2000 certification from BSI Management Systems
• The company started its steel melting shop with a capacity of 12,000 MT per annum
• Equity share capital of Rs 40 lakh raised by issuing 4,00,000 equity shares.

2007-08

• Changes in the main objects of the object clause of the Memorandum of Association of the company
• The company has initiated direct exports to various far east Asian countries.
• Equity share capital of Rs 115.00 lakh raised by issuing 11,50,000 equity shares.
• Rs 20 Lakh raised by the company by issuing 50,000 equity shares at a premium of Rs 30 per share.
• Bonus issue in the ratio of 6:11 was made by the company by issuing 22,75,520 equity shares.
• Rs 226.86 lakh raised by the company by issuing 1,41,786 equity shares at a premium of Rs 150 per share.

2008-09

• The company increased the capacity of its steel melting shop to 18,000 MT per annum.

2009-10

• The company has developed the Bright Bar Unit and started the operation of the unit during 2009-10.
• Rescheduling of quarterly installments of the term loan with UCO Bank
• Gyscoal Alloys got ISO 9001:2008 certification for the manufacture and supply of stainless steel and mild steel based angles, channels, flats, round, square, bright, twisted bars, billets and ingots’ adhering to IS 2062 & IS 1786 from BSI Management Systems
• Rs 1000.00 Lakh raised by the company by issuing 15,38,460 equity shares at a premium of Rs 55 per share.

Products:

• Bars and Rods -The main raw material for manufacturing of steel bars is MS ingots/billets.
• Structural -The company’s main concentration is stainless steel long products. Broadly, there are three distinct grades of stainless steels that are produced worldwide, comprising the 200 series, the 300 series and the 400 series. The company manufactures rolled steel angles, rolled from S.S. billet/ingot or flats or RCS. Besides these regular sizes of the above mentioned products, any specialized requirement from the client is also fulfilled at this plant.
• Bright bars - Bright bars are used for mass production of high precision machined components required for automobiles, auto ancillaries, railways and other miscellaneous industry. Cold processing imparts the bar close tolerances. Due to this there is a considerable demand for bright bars in automobile industry. The company supplies bright bars in straight/HL, polishing/pealing/drawing/centre-less conditions with diameter or sizes ranging from 16 MM to 80 MM and maximum length of 6 meters.

Group Companies:

• Gyscoal Enterprise - Gyscoal Enterprise incorporated on July 27, 1999 as a private limited company. At present, the company is engaged in the business of trading of scrap of iron & steel.
• Torque Automotive - Torque Automotive incorporated on April 23, 2007 as a private limited company. At present, the Company is engaged in the business of dealership & service center of automobile vehicles.