Amit Spinning Industries Ltd Company Summary

Amit Spinning Industries Ltd Summary

Amit Spinning Industries is promoted by K K Sheth and Arunoday Mills. The promoters belong to the Keshavlal Talakchand group, one of the leading exporters of textiles. The group also has a domestic marketing division which is involved in marketing yarn of cotton textile mills.The company set up a 100% export-oriented cotton spinning unit with a capacity of 25,200 spindles. The project was implemented in two phases, part-financed by a public issue.Barring the ring spinning frames, all other major machinery was imported from reputable manufacturers. The ring spinning frames were procured from LMW. The company is spinning single ply and double ply combed yarn between 20s and 30s counts. The products are well-accepted in the highly quality-conscious markets of Italy, Australia, Mauritius and Turkey. The company has adopted TQM as a core policy and is now implementing it. In 1996 came out with an expansion by way of forward integration into the Knitting Sector and also Cotton (spindles) - Nos of which capacity increased from 18144 to 20160. During the year 1996-97 the company has raised $1.5 million FCNR(B) loan at very low cost. These funds have been utilized towards repaying the high cost borrowing.During 1999-2000, the company has been honoured with the Export Recognition Certificate from the Government of Maharashtra for the third consecutive year for its export performance. In 2001-02 the company has undertaken expansion of its unit by way of addition of 8500 spindles and commercial production has commenced.