Amit Spinning Industries Ltd
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BSE Code:
521076
NSE Code:
ASIL
Business Profile
Business Profile
Amit Spinning Industries (AMITSPG) is engaged in manufacturing and marketing yarn. It was incorporated on Nov. 18, 1991. With effect from Aug. 28, 2006, the company became a subsidiary of Spentex Industries, one of the leading textile companies in the country. Spentex Industries, part of the US $ 220 million global business conglomerate, CLC Enterprises, has undertaken numerous acquisitions including Cimmco Spinners (Solapur) in October 2003, Spentex Industries (Baramati) in January 2004, Ahmedabad unit in December 2005, Indorama Textiles in February 2006, besides the company. It has expanded internationally with the acquisition of Tashkent-To`yetpa Tekstil (TTTL), a state owned spinning company in Uzbekistan, and recently in July 2007, acquired Schoeller Litvinov (Schoeller) of Czech Republic.
The company manufactures cotton yarn, knitted fabrics and related products. It has a cotton-spinning unit in Kolhapur, Maharashtra manufacturing single and double yarn in the 20s and 30s range with an installed capacity of 30,672 spindles. The products of the company are well accepted in the highly quality-conscious markets of Italy, Australia, Mauritius and Turkey.
The registered office is located at A-60, Okhla Industrial Area, Phase II, New Delhi-110020.
Financials
The company reported that its loss for the quarter ended December 2008 has widened. During the quarter, the loss of the company rose to Rs 42.61 million compared with a loss of Rs 3.93 million in the same quarter last year. Net sales declined 96.33% to Rs 8.47 million. It reported loss of Rs 1.03 a share during the quarter compared with loss of Rs 0.10 a share in previous year period.