Quantum Industries (India) Limited was originally incorporated under the name Ceeta Springs & Steels (P) Limited as a private limited company on April 21, 1980, with its Registered Office at Madras, with the objective of manufacturing laminated leaf springs. The Company commenced commercial production in 1984. On August 29, 1983, the Company became a deemed public limited company under the provisions of Section 43 A (1) of the Companies Act, 1956 and was later converted into a public limited company on February 2, 1986. In 1994, Ceeta Springs & Steels Ltd. was taken over by Mr. Himalay Dassani. Due to this takeover and the consequent change in management, the name of the Company was changed from Ceeta Springs & Steels Ltd. to Quantum Industries (India) Ltd. A fresh Certificate of Incorporation to this effect was issued by the Registrar of Companies, Tamil Nadu at Madras, dated March 3, 1994. Due to the recession in the automobile industry, the sales revenue and the profits of the Company were depressed in the last few years. With the automobile industry now having come out of the recession the company is now doing well. The Company has capitalised part of its free reserves to the extent of Rs.44 lacs by way of a bonus issue. The bonus shares were issued on August 22, 1994 in the ratio of 11 shares for every 4 shares held. The Company had revalued its assets to the extent of Rs. 179.66 lacs to reflect the true value of its assets. The surplus of Rs.151.41 lacs was transfered to the Revaluation Reserve Account in April 1994. Subsequently the Company capitalised Rs.11O lacs out of the revaluation reserves in August 1994 by issuing bonus shares in the ratio of 11 shares for every 6 shares held. The revaluation was carried out by Mr L V Sudheer a Government approved valuer. The Company currently manufactures leaf springs for the automotive sector, at its Works situated at 43, Attipattu Village, Ponneri Taluk, Chengalpet District, Tamil Nadu. The unit has an installed capacity of 2400 tones per annum of leaf springs. The automobile leaf springs are marketed under the brand name "CEETA" carrying ISI Licence issued by the Bureau of Indian Standards, Southern Region. The Company s planning to install an additional furnace to improve the capacity utilisation and hence profitability of the Company. After the installation of the unit in 1984, there has been no major remodelling of the unit till date. The funds raised now will not be utilised for installing the additional furnace/increasing the installed capacity of the leaf spring unit. Recently, the promoters have decided to add one more furnace to achieve better capacity utilisation. Presently the capacity of the plant is 2400 TPA based on the capacity of the furnace. With the addition of the new furnace, the capacity of the plant will reach 3000 TPA. Presently the unit has achieved more than 100% capacity utilisation in the past 3 months due to better utilisation of the furnace and other sections in the plant. The reason why the Company has not been able to achieve 100% capacity utilisation in the earlier years was mainly because the furnace did not match the capacity of the other sections.