|We were incorporated on August 8, 1995, as Karnavati Fincap Private Limited,
for carrying on the business of a non-banking financial company, by Mr. Satish
Panchariya and Mr. Arun Panchariya. On August 29, 1995, we became a public
limited company and were renamed Karnavati Fincap Limited. Thereafter, our line
of business changed from finance to trading in cloth and 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 and 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 Company 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 and 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 and 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 and 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 and thus the plant was entitled to a deduction of 100% of profits and gains under
section 80-IB of the Income Tax Act for the first three years and 30% of profit for the 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 annum) and 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 annum). 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 and 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 the plant has become 14,000 square meters per day (117,500 metric tonnes per
In March 2006, we acquired approximately 100% equity shares of our Subsidiary, Asian
Tiles Limited, to make it a wholly owned subsidiary.
The chronology of key events of our Company since incorporation is set out below:
Calendar year Events
1995 Incorporation and commencement of business
1999 Change in the management of our Company and thereby change in the
nature of our business from finance and investment activities to trading in
2000 Change in the management of our Company
2002 Take over of the management by our Promoters and consequent change
in our business to manufacture of vitrified tiles
2003 Setting up of the 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
-Asian Granito India Ltd has appointed Mr. Ajendrakumar Patel as Additional Director in its meeting held on July 29, 2008.
-Registered Office of the Company has been shifted From 2nd Floor City Mall, Besides Rajpath Club, S G Highway, Ahmedabad - 380054 To 202, Dev Arch, Opposite Iskon Tample, S G Highway, Ahmedabad - 380059
- Mr. Jigar Harshadkumar Shah has been appointed as a Company Secretary and Compliance Officer of the Company.
- Mr. Bhavesh Ghaghda has been appointed as Company Secretary and Compliance Officer of the Company.
- The Company has entered into a joint venture agreement with Panariagroup Industrie Ceramiche S.P.A, a Company incorporated under the laws of Italy for marketing and sale of tiles.
- The Board of Directors and members of the Company has allotted 11,00,000 number of Equity Shares & 20,42,500 Convertible Warrants on Preferential Basis at Rs. 10/- each at a premium of Rs. 40/- each.
- The Company has formed a Joint Venture Company named Asian Build Mart Tanzania Ltd. with a local partner M/s. Wintech Elevators Tanzania Ltd. a Company incorporated under laws of Tanzania for expansion of business.
- Asian Granito India Ltd has appointed Dr. Indira Nityanandam as Additional Director of the Company.
- The Company has acquired 100% Shares of M/S. AGL Industries Limited
-The company has approved the Scheme of Amalgamation of Artistique Ceramics Private Ltd. with Asian Granito India Ltd.
-The Company is pleased to announce to launch its new product SLIMGRES the thinnest tile ever made in India
-Asian Granito India Ltd has "New product Launch: 1000x1000mm Jumbo Double Charge Vitrified Tiles and 800x800mm Imperio Double Charge Vitrified Tiles".
-"Asian Granito wins 12 Lakhs sq.meters order for its recently launched: 1000x1000mm Jumbo Double Charge Vitrified Tiles and 800x800mm Imperio Double Charge Vitrified Tiles".
-Asian Granito adds 2 new products to its portfolio
-Asian Granito gains on huge order for jumbo vitrified tile
-Asian Granito gets HC nod for amalgamation of Artistique Ceramics
-Asian Granito India - New products Launch in BONZER