ASIAN GRANITO IND. Share price

Our HistoryWe 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 industrialundertaking 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 ceramicfloor 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 (33580 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 (75500 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 14000 square meters per day (117500 metric tonnes perannum).In March 2006 we acquired approximately 100% equity shares of our Subsidiary Asian Tiles Limited to make it a wholly owned subsidiary.Major EventsThe 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 textiles 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