|The company was incorporated on 31st October 1990 as a Public Limited company and received the Certificate for Commencement of Business on 22nd March 1991 from Registrar of Companies, Maharashtra. The Company has set up a 100% E.O.U. cotton spinning unit at R.S. No.347, Ambapwadi Phata (Vadgaon), Ott. N.H.4, (Hatkanangale Block) Maharashtra State, Pin Code - 416 112. The company shall export the entire 100% production excluding rejections not exceeding 5% for a period of 10 years. After the export obligation period is over the unit shall be allowed to produce for domestic market in the light of industrial policy in force at the time in relation to manufacture of items reserved for small scale sector.
The company has received a letter of intent from Government of India, Ministry of Industry (SIA) vide fetter No:LI:EOB:18(91)/ E.O.432(90)/IL dated 5th February 1991 for 21,168 spindles and 1080 rotors for the manufacture of carded and combed yarn upto 60 counts. This permission was modified for 26568 spindles by Government of India, Ministry of Industry (SIA) vide letter No.E.O.432(90)-IN dated 29th August 1995.
The company decided to implement the project in phases. In the first phase the company decided to install 14,112 spindles of which the company has already installed 7056 spindles and started the production thereon from 2nd May, 1995. It was proposed to expand the capacity by putting additional 7056 spindles so as to make the total installed capacity to 14112 spindles. Accordingly, additional 7056 spindles are installed and the company has started the commercial production for the expanded capacity in December 1995. In the second phase the company proposes to install additional spindles in order to make the total installed capacity to 26,568 spindles. However, company has not finalised any plan for the second phase. The second phase has no connection with the present issue.
The company's day to day operations are looked after by Mr. Anant Yashwant Bhide who is incharge of the company as chief executive. He has experience for working as chief executive with Arwind Cotspin Ltd and Amit Spinning & Weaving Industries Ltd, Kolhapur.
The raw material requirement of the company is met by the major suppliers like Highspin (Gujarat) Pvt. Ltd, Limbdi (Dist - Surendranagar), Resham Udyog Pvt. Ltd, Ahmedabad and Jayesh Cotton Company, Mumbai. The quality of, the yarn produced by the company has been appreciated by Lakshmi Machine Works Ltd., Coimbatore as very good and the Uster level in the top.
The company is exporting its products and the major buyers are Dianong Corporation, Seoul, South Korea, Golden Field United Textiles Ltd, China, Granada Trading Ltd, Israel, Indotech Ltd, Hong Kong, Essar Textiles Ltd, Mauritius, Arwind Worldwide (M) Inc,, Hong Kong and Zinger Zamir Knitting Factory, Israel.
The company has to face the major competitors in the area of Kolhapur like Arvind Cotspin Ltd, Amit Spinning & Weaving Industries Ltd,, Indo Count Industries Ltd., Eurotex Industrial-and Exports Ltd. and Nagrika Exports Ltd.
-Board approved the delisting of the shares from Ahmedabad and Pune Stock Exchanges.