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Swastik Asbestos Products. > Company History > Cement - Products & Building Materials > Company History of Swastik Asbestos Products. - BSE: 518111, NSE: N.A

Swastik Asbestos Products.

BSE: 518111|ISIN: INE656F01010|SECTOR: Cement - Products & Building Materials
Swastik Asbestos Products. is not traded in the last 30 days
Swastik Asbestos Products. is not listed on NSE
Company History - Swastik Asbestos Products.
The Company popularly known as Swastik Industries was promoted by Mr.
 P L Patel, Mr. M S Patel and Mr. V L Patel. The PATEL group of
 industries is presently engaged in the manufacture and trading of
 Asbestos Cement Products, Engineering items and other allied building
 The Group was carrying on manufacturing of asbestos cement pressure
 pipes under the name and style of M/s. Swastik industries, a
 Partnership Firm.  Swastik Asbestos Products Limited was incorporated
 under the Companies' Act 1956, on 26.12.81 as a Private Limited
 Company.  The Company entered as partner in the said firm on
 28.12.1981. Thereafter the said Partnership Firm was dissolved on
 25.9.84 and M/s. Swastik industries become the unit of the Company. 
 The Company later became a Deemed Public Limited Company under
 Section 43(A) of the Act by virtue of turnover limits specified under
 said Section.  Thereafter, at an Extra-Ordinary General Meeting held
 on 5th July, 1994 the restrictions under Section 3(i)(iii) of the
 Act, were
 deleted from the Articles of the Company and the Company became a
 Public Limited Company within the meaning of Section 3(i)(iv) of the
 Act.  A fresh certificate of incorporation consequent upon change was
 issued by the Registrar of Companies, Maharashtra, Bombay on
 The Company is a well known organisation in the field of Asbestos
 Cement Pressure Pipes and fittings.  The Company's products are
 extensively patronised by almost all State Sewerage Boards, PHED,
 Industrial Development Corporation etc.
 During the financial year 1993-94 the Company has claimed out
 extensive research to improve raw material utilisation efficiency. 
 The Company has also carried out substantial research for manufacture
 of suitable pipes for effluent disposal in various industries.  The
 results of
 research carried out by the Company are extremely encouraging and the
 Company has improved its raw material utilisation substantially.  The
 Company has plans to launch its consumer suited products in effluent
 disposal by 4th quarter of 1994.  
 The Company has in its fold a compliment of highly qualified and
 widely experienced management team in the fields of production,
 marketing and finance. 
 The Company's income since its incorporation in 1981 to Sept' 84 was
 the share of profits in the partnership firm M/s. Swastik Industries.
  Subsequently the Company on becoming the Proprietor of M/s.  Swastik
 Industries w.e.f. 25.09.84, the turnover and other income has
 increased from Rs.396.75 lacs in 1984-85 to Rs.779.93 lacs in
Source : Dion Global Solutions Limited
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