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Ashima Ltd. Company History and Annual Growth Details

Ashima Syntex Limited is a Gujarat based company 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 and Ashima Spinfab.

Ashima Syntex Ltd (ASL) was incorporated as a Private limited company on the 17th June, 1982 in Gujarat and was subsequently converted into a Public limited company on the 26th August 1988.
ASL currently has facilities for texturising Polyster yarn, Draw twisting of Filament yarn(PFY) and sizing of PFY. The company also has a division for the manufacture of high tensile fasteners and automobile components.Further, ASL is involved in construction activities and also act as selling agents in Ahemadabad, North Gujarat & Surat for PFYand Partially Oriented Yarn(POY) 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 the 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 and is engaged in consultancy on construction matters and development of Real estates. The company is also engaged in trading of texturised, draw twisted and sized yarn.
The sizing facilities and J.K.Synthetics Agency have been acquaired by ASL in june,1992. As part of the package deal with the seller Anagram Finance Limited(AFL), the company was also required to purchase facilities for the manufacture of high tensile fasteners and automobile components. The assets and liabilities of these divisions were acquired by ASL on 30.06.1992.

Sizing
The division was started in 1988 and 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 company achieve forward integration for its Draw twisting activities.

AGENCY DIVISION
The division was started in 1990 and has a dealership of J.K.Synthetics Ltd for the sale of PFY and POY in Ahemadabad, Surat and North Gujarat. ASL has been involved in marketing of PFY for about a decade and 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 tpa) and automobile components (100 tpa). The working of the divison has not been profitable in the past. The company is striving to turn this division around. If these efforts donot fructify, the company may close down the division and discharge the attendant liabilities. As a matter of abundant caution, the aggregate requirement of funds (Rs.2142lacs) has been estimated after including provision for meeting such liabilities, although sale of the assets of the division would be adequate for these purposes.

The existing manufacturing operations of the company 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 the domestic garment industry every three months.

2007

-Ashima has designated E-mail ID for Investor Complaints: [email protected]

2014
-The company appointed Mrs. Koushlya Melwani as an additional director on the Board of the Company.
-The company appointed Mr. Jayesh C. Bhayani as Chief Financial Officer.

2015
-Ashima Ltd. - Scheme of Reconstruction and Compromise between Ashima
-Ashima has issues rights to its existing shareholders in the ratio of 24:10

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