PREMIER SYNTHETICS LTD.

Established in 1969, Premier Synthetics (PSL) specializes in the production of texturised yarn and fabric, with a significant portion of its revenue stemming from trading activities. PSL engages in the trading of various textile products including yarn, fabrics (both raw and processed), suitings, shirtings, among others. The company has prioritized its trading operations over manufacturing. Initially backed by the Arya group, Anand Arya serves as the chairman of PSL. In May '93, PSL went public to secure funds for expansion endeavors. Subsequently, PSL augmented its twisting capacity and introduced a rotor spinning unit to cater to yarn export demands, with commercial operations commencing in Jun.'94. Moreover, PSL embarked on diversification initiatives, venturing into cotton yarn manufacturing at Rakoli, Silvassa, and subsequently in the Mehsana district of Gujarat in 1995-96. These projects were evaluated by the Industrial Finance Corporation of India Limited (IFCI). Additionally, PSL invested Rs. 1.70 crore in Premier Equity Limited, its subsidiary company. However, during 1999-2000, the company incurred net accumulated losses surpassing 50% of its peak net worth, leading to its classification as a sick industrial entity under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). PSL has contested this designation before the Appellate Authority for Industrial and Financial Reconstruction (AAIFR), with the matter still pending resolution. On May 18, 2017, the company issued and allotted 950,000 equity shares at a premium of Rs. 17 per share to non-promoters through preferential/private placement, subsequently listing these shares on the BSE Ltd. on June 09, 2017.