Faze Three Ltd

Summary

Faze Three Exports (FTEL) was incorporated as a private limited company in Jan.85, and became a deemed public limited company in Jan.94. It was converted into a full-fledged public limited company in May 94. Ajay Anand, who promoted the company in 1984, is the chairman and managing director of FTEL. In Feb.95, FTEL came out with a Rs 12.66-cr public issue (premium: Rs 110) to part-finance the proposed EOU to manufacture furnishing fabric, etc, at a project cost of Rs 15.7 cr. The company manufactures and exports cotton handlooms, furnishing fabric and made-ups at its unit in Haryana. Its products include dhurries, cushions, furnishings, carpets, etc. FTEL exports to Japan, Taiwan, Hong Kong, Germany, the US, etc. The company took over ARR Products on 31 Mar.94. FTEL was the recipient of gold medals for its export performance in 1991-92 and 1992-93.In 1995-96, the business was adversely affected due to an earthquake in Japan, which constituted a major part of exports. The construction work at the new project site at Silvassa was completed. New machineries were installed for manufacturing bathmats, a new product item. The company is taking up new projects as part of its expansion and diversification plans into the field of home furnishing and other interior furnishing related products. The company has drawn an expansion plan for silvassa, alongwith their joint venture partners Achter & Ebels, Germany which are pioneers in field of automotive fabrics.During 1998-99, the company... Read More