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Abhishek Corporation Performance
Fundamentals of Abhishek Corporation
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Financials of Abhishek Corporation
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About Abhishek Corporation
Abhishek Mills Ltd, was incorporated as Abhishek Cotspin Mills Limited (ACML) on September 1, 1993 for undertaking the business of manufacture of cotton yarn. Subsequently, on November 14, 2005, name ... of our Company was changed to Abhishek Mills Limited (AML). The Company, which is a 100% export oriented spinning unit, is promoted by Ramchandra M. Mohite, Anasaheb R. Mohite and. Anjali A. Mohite. The Company set up modern manufacturing facilities for 100% combed cotton yarn at Kolhapur with initial capacity of 13104 spindles in 1999 with total investment of Rs 2085.87 lacs financed through promoters' contribution of Rs 1486.35 lacs and term loan of Rs 455 lacs from The United Western Bank Limited (now merged with IDBI Limited). In the year 2003 the company expanded the capacities to 25920 spindles including 2016 spindles of compact spinning with value added facilities like Autoconer, TFOs, Singeing. This expansion of Rs 3500 lacs was financed through term loan of Rs 2302 lacs from the Indian Overseas Bank and balance through internal accruals/Promoter contribution. The Company initiated another expansion in its spinning capacity by 7200 spindles in 2005, and commercial production of which commenced from April 2006. The cost of above expansion of 7200 spindles was Rs. 1300 lacs which has been financed through term loans of Rs 1137 lacs by The United Western Bank Limited (now merged with IDBI Limited) and balance through internal accruals/Promoter contribution. The company ventured into construction business in the year 2000 and undertook job work for Morbe dam (earthern) project on Dhavri River, from M/s. R.M. Mohite & Co., companies group firm, which is a category Class IA registered contractor with PWD, GoM and pursuing government contracts for last 30 years. This diversification was considered necessary to overcome maximum ceiling on contracts that can be performed by any registered contractor for several state corporations in Maharashtra. The Company, with more than 3 years experience in construction activity, became eligible and applied for registration as category Class IB registered contractor with PWD, GoM. On obtaining this registration, the company will be eligible to bid for various infrastructure projects directly. With the companies experience to cater to the premium segment of the fine yarn export market, the company now intend to set up an integrated yarn dyed shirting fabric project to tap its growing domestic and overseas market. Further, the Company is also planning to increase its spinning capacity by adding another 12000 spindles to meet additional requirement of yarn for captive consumption. Read More
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