IP Rings Ltd

IP Rings Limited (IPR) was incorporated in January 1991. The Company is engaged in manufacture of engine and transmission components. It has manufacturing plant at Maraimalai Nagar, Chennai. Nippon Piston Rings, Japan. is the collaborator of the company. The proceeds from this public issue is used to partfinance its project to manufacture piston rings in collaboration with Nippon Piston Rings, Japan. The company has an installed capacity to produce 75 lakh piston rings per annum and markets it under the brand name IPLPowerpack. It products are used in mopeds, motorcycles, scooters, threewheelers, cars, commercial vehicles, tractors, compressors and industrial engines.In 199495, the company commissioned its gas nitriding facility and capacity increased from 20 lac to 30 lac rings pa. It also entered into a new collaboration with Nippon Piston Rings, Japan, to manufacture NifflexS threepiece oil rings. Facilities for these rings, S G iron rings and cast iron rings was set up, which involved a substantial capital outlay. During 199596, the company issued 3,52,100 equity shares of Rs 10 each on preferential basis priced at Rs 157 per share to Nippon Piston RingCo. Ltd., Japan. The company has also issued 3,65,100 convertible warrants on preferential basis to the promoter companies on the basis of 1 equity share of Rs 10 each for every warrant to be converted atRs 157 per share.Companys new line for manufacturing twowheelers rings will be going into production shortly and will start to contribute to the companys sales performance. The company was awarded with prestigious QS 9000 accrediation by TUV India, a member of RWTUV Group, Germany during 19992000 and has secured its frontline position in the O.E by its concentrated effort to strengthen and upgrade its quality manegement.The Companys new project for the manufacture of Transmission Components, i.e. Synchrocones, Differential Shaft Gears and Pinions was completed in 200405 commercial production commenced in March 2005. The Company renewed Four Technical Assistance Agreements with Nippon Piston Ring Co., Ltd. Japan, during the year 20072008. In 20112012, project to manufacture PVD Rings was commericalised.