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History of Ashima Ltd.

Ashima Syntex Limited is a Gujarat based Comp. engaged in the business of manufacture of polyester filament year. It is also engaged in the trading of fabrics.

It has got four divisions - Polyester Division, Ashima Denims, Ashima Fabrics & Ashima Spinfab.

Ashima Syntex Ltd [ASLs] was incorporated as a Private limited Comp. on the 17th June, 1982 in Gujarat & was subsequently converted into a Public limited Comp. on the 26th August 1988. ASL currently has facilities for texturising Polyster yarn, Draw twisting of Filament yarn[PFYs] & sizing of PFY. The Comp. also has a division for manufacture of high tensile fasteners & automobile components.Further, ASL is involved in construction activities & also act as selling agents in Ahemadabad, North Gujarat and Surat for PFYand Partially Oriented Yarn[POYs] manufactured by J.K.Synthetics Ltd. The texturising division of ASL was started in 1982 with the installation of 288 spindles with the capacity to manufacture 16 MT/month of 80 Dn Texturised PFY. The division was later raised to 44 MT /month by addition of 216 spindles. The division has been performing satisfactorily with Net Sales increasing from 14.71crores in 1988-89to Rs. 22.00 crores. The Draw twisting division was started in 1989 with the installation of one Teijin Seiki, Draw twisting machine with the capacity to manufacture 40 MT/month of 50Dn.Bright Trilobal PFY. The capacity of this division was doubled with the addition of one more machine in February,1991. The turnover of division was Rs. 1.25 crores in 1988-89, which has increased to Rs.13.80 crores in 1991-92. In 1991-92, ASL entered the construction business & is engaged in consultancy on construction matters & development of Real estates. The Comp. is also engaged in trading of texturised, draw twisted & sized yarn. The sizing facilities & J.K.Synthetics Agency have been acquaired by ASL in june,1992. As part of package deal with the seller Anagram Finance Limited[AFLs], the Comp. was also required to purchase facilities for manufacture of high tensile fasteners & automobile components. The assets & liabilities of these divisions were acquired by ASL on 30.06.1992.

Sizing The division was started in 1988 & is engaged in sizing of PFY. The division has a Tsudakoma three tier sizing machine with an installed capacity of 590 tpa of PFY. The sizing division would help the Comp. achieve forward integration for its Draw twisting activities.

AGENCY DIVISION The division was started in 1990 & has a dealership of J.K.Synthetics Ltd for sale of PFY & POY in Ahemadabad, Surat & North Gujarat. ASL has been involved in marketing of PFY for about a decade & would thus derive an added advantage through the aquisation of this dealership.

ENGINEERING DIVISION The division is engaged in the manufacture of High Tensile Fasteners [1900 tpas] & automobile components [100 tpas]. The working of divison has not been profitable in the past. The Comp. is striving to turn this division around. If these efforts donot fructify, the Comp. may close down the division & discharge the attendant liabilities. As a matter of abundant caution, the aggregate requirement of funds [Rs.2142lacss] has been estimated after including provision for meeting such liabilities, although sale of assets of division would be adequate for these purposes. The existing manufacturing operations of Comp. are located at Ashima Complex, village Karannagar, Taluka Kadi, Dist. Mehasana, a notified backward area.

2000 - The Ahmedabad-based Rs 600-crore Group Ashima to launch a new collection of cotton fabric for domestic garment industry every three months.