Asian Granito India Share price and Fundamental Analysis

Company History

Asian Granito India Ltd (Formerly known Karnavati Fincap Private Limited) was incorporated on August 8, 1995 for carrying on the business of a non-banking financial company. Subsequently, the Company was converted into a Public Limited Company on August 29, 1995 and the name of Company was changed as Karnavati Fincap Limited. Thereafter, the Company line of business changed from finance to trading in cloth and accordingly renamed as Panchariya Textile Industries Limited on March 18, 1999. Subsequently, on July 28, 2000, the Company name was again renamed as Vasudev Textile Industries Limited.

In September 2002, the promoters of Asian Tiles Limited acquired entire shareholding of the Company. Thereafter, the company line of business changed from trading in cloth to Ceramic tiles and accordingly renamed as Asian Granito India Ltd. The company has setting up a new industrial undertaking for manufacturing vitrified tiles at Dalpur village, Sabarkantha district, Gujarat. The Promoters have considerable experience in the manufacture of ceramic floor tiles and under the brand ASIAN TILES'.

The Company has emerged as one of the leading ceramic companies in India. It has built a distinctive reputation for itself in India as well in the global markets as a manufacturer of a wide variety of finest quality Ceramic Tiles, Engineered Marble and Quartz. The Company presently manufactures tiles under four verticals: Ceramic, Polished Vitrified (PVT); Glazed Vitrified (GVT), and Double Charge (DC).

The company has set up 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 the company has reached optimum capacity utilization within a period of nine to ten months, company expanded the production facility by installing a second manufacturing line and commenced commercial production from the second line in January 2005. After installation of this second line the capacity of the plant increased to 9000 square meters per day (75,500 metric tonnes per annum). The company was the first manufacturers in India to produce slab vitrified tiles of 905mm x 905mm.

By October 2005, the company has again reached optimum capacity utilization and planned to install a third manufacturing line and 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 annum).

In March 2006, the company has acquired approximately 100% equity shares of Subsidiary, Asian Tiles Limited, to make it a wholly owned subsidiary.

During 2007-08, the Company commenced commercial production of new Wall Tile Plant from January 2008 and also modernized and expanded the existing Vitrified Plant.

The High Court of Gujarat sanctioned the Scheme of Amalgamation of the subsidiary company i.e. Asian Tiles Limited with the Holding Company i.e. Asian Granito India Limited vide its order dated September 17, 2009, which became effective from April 01, 2008. Resulting to the said Scheme of Amalgamation, the assets and liabilities of the erstwhile ATL whose principal business was manufacture of Ceramic Tiles, were transferred to and vested in the Company with effect from the appointed date, viz. 1st April, 2008

During 2008-09, the Company installed New Marble manufacturing Plant with an installed capacity of 2500 sq mtr per day and commenced commercial production from March 2009. It started the New Agro Tech Division during 2010. The Company made expansion in the existing Marble Plant and started manufacturing of Packing Boxes as backward integration project to reduce the packing cost and enhancing quality of packing boxes during 2010-11.

The Company acquired 100% shares of AGL Industries Limited, and accordingly M/s. AGL Industries Limited became the Wholly Owned Subsidiary of Asian Granito India Limited during year 2013-14.

M/s Artistique Ceramics Private Limited was amalgamated with the Company in 2015-16, through Scheme of Arrangement which became effective from 1st July, 2015. During the Financial year 2015-16, through the said Scheme, the Company acquired 99.99% holding in Kediya Ceramic, 70% holding in Crystal Ceramic Industries Private Limited through Kediya Ceramic and 94.20% holding of Amazon Ceramics Limited and as a result became subsidiaries of Company.

During the year 2016-17, Powergrace Industries Limited became subsidiary of AGL Industries Limited which stand as wholly owned subsidiary of Company.

During the year 2017-18, Company incorporated a Subsidiary Company, namely Camrola Quartz Limited. It also incorporated Trodo Ceramics Private Limited as a wholly owned subsidiary Company, which got converted from Partnership firm to Private Limited Company.

The Company opened Ahmedabad's biggest Luxury Tile Arcade spread across 18,000 sq. ft. which displays the sheer range of tiles, marbles and quartz products during 2018-19.

During the year 2018-19, Trodo Ceramics Private Limited (holding Company of Crystal Ceramic Industries Private Limited and the wholly owned subsidiary Company of Asian Granito India Limited) was merged with Crystal Ceramic Industries Private Limited.

During the year 2019-20, Company made disinvestments with JV Company AGL Panaria Private Limited on 21st May, 2019 and thereafter, in Subsidiary Company Camrola Quartz Limited on 18th March, 2020. It had incorporated one more Wholly-owned Subsidiary Company named AGL Global Trade Private Limited on 17th March, 2020.