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
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
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