History of Asian Granito India Ltd.
We were incorporated on August 8, 1995, as Karnavati Fincap Private Limited, for carrying on the business of non-banking financial company, by Mr. Satish Panchariya & Mr. Arun Panchariya. On August 29, 1995, we became a public limited Comp. & were renamed Karnavati Fincap Limited. Thereafter, our line of business changed from finance to trading in cloth & on March 18, 1999, we were accordingly renamed Panchariya Textile Industries Limited. Subsequently, on July 28, 2000, we wererenamed Vasudev Textile Industries Limited. Pursuant to an acquisition by Mr. Kamleshbhai Patel, Mr. Hasmukhbhai Patel & Mr. Mukeshbhai Patel, the promoters of Asian Tiles Limited, we received a fresh certificate of incorporation on November 25, 2002, resulting in a change of our name to Asian Granito India Limited. Our Comp. was incorporated with its registered office at 14, Amar Chambers, 1st floor, Reid Road, Railwaypura, Ahmedabad - 380 002. It was further changed to 704 A/B, Sahajanand, Shahibaug Road, Shahibaug, Ahmedabad - 380 004 & back to 14, Amar Chambers, 1st floor, Reid Road, Railwaypura, Ahmedabad - 380 002. On change of name to Asian Granito India Limited, the registered office was shifted to 3rd floor, Empire Tower, B/H. Associate Petrol Pump, Panchwati, Ellise Bridge, Ahmedabad - 380 006 & then to 2nd Floor, Beside Rajpath Club, Sarkhej - Gandhinagar Highway Road, Ahmedabad - 380 054.
In September 2002, the promoters of Asian Tiles Limited, a ceramic floor tiles manufacturing unit in Idar, Gujarat, set up in 2000, took over the management of our Company from our erstwhile promoters Mr. Ratnaram Rabari, Mr. Vijay Mehta & Mr. Harish Jarmanwala by taking over our entire shareholding, for setting up a new industrial undertaking for manufacturing vitrified tiles at Dalpur village, Sabarkantha district, Gujarat.
In the Financial Year 2002-03, our Promoters decided to set up a plant at Sabarkantha district. The said district was notified as a backward district of Class 'B' under the Income Tax Act at the time & thus the plant was entitled to a deduction of 100% of profits & gains under section 80-IB of Income Tax Act for first three years & 30% of profit for next five years. As the Promoters already had considerable experience in the manufacture of ceramic floor tiles under the brand 'ASIAN TILES', our name was changed to Asian Granito India Limited.
We set up our first facility for manufacturing vitrified tiles with a production capacity of 4000 square meters per day [33,580 metric tonnes per annums] & started commercial production from October 2003. As we reached optimum capacity utilization within a period of nine to ten months, we expanded the production facility by installing a second manufacturing line. Towards the end of January 2005, we commenced commercial production from the second line. After installation of this second line the capacity of our plant increased to 9000 square meters per day [75,500 metric tonnes per annums]. We were amongst the first manufacturers in India to produce slab vitrified tiles of 905mm x 905mm. By October 2005, we again reached optimum capacity utilization & planned to install a third manufacturing line. We commenced commercial production from the third line in July 2006. Thus, after this expansion, the installed capacity of plant has become 14,000 square meters per day [117,500 metric tonnes per annums].
In March 2006, we acquired approximately 100% equity shares of our Subsidiary, Asian Tiles Limited, to make it a wholly owned subsidiary.
Major Events
The chronology of key events of our Comp. since incorporation is set out below:
Calendar year Events
1995 Incorporation & commencement of business
1999 Change in the management of our Comp. & thereby change in the nature of our business from finance & investment activities to trading in textiles
2000 Change in the management of our Company
2002 Take over of management by our Promoters & consequent change in our business to manufacture of vitrified tiles
2003 Setting up of vitrified tiles plant at Himmatnagar
2004 Receipt of ISO 9001:2000 certificate
2005 Increase in capacity of our plant by 5000 square meter per day taking the capacity to 9000 square meter per day
2006 * Receipt of registration of trademark 'asiyana Tiles'
* Increase in capacity by 5000 square meter per day taking the capacity to 14000 square meters per day
* We acquired approximately 100% shares of Asian Tiles Limited making it our wholly owned subsidiary
2008
-Asian Granito India Ltd has appointed Mr. Ajendrakumar Patel as Additional Director in its meeting held on July 29, 2008.
