|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.