BSE: 505845 | NSE: | Textile - Machinery |
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Return on Equity has declined versus last 3 years average to %
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|All Time Low / High (₹)||0.20 / 550.00|
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APS-Star Industries Ltd, was promoted by Star Trading Company Pvt Ltd and Star Textile Engineering Works (now known as Star and Industrial Textile Enterprises) under the name â€œTextile Ball Bearing Products and Equipment Pvt Ltdâ€. The company entered into collaboration with Spindlefabric Suessen, Schurr, Stahlecker and Grill (SPIFA) in 1961. It was renamed Suessen Textile Bearings on being converted into a public limited company, when SPIFA acquired a 26% stake in the equity holding.
Two plants were set up by the company in the year 1963 and 1987 for textile bearing components and spindle manufacture, to primarily manufacture proprietary and specialised textile bearings and pressed articles, anti-friction bearing assemblies and products for textile spinning mills.
To manufacture further designs of textile bearing components, the company entered into a collaboration with SKF-Textilmaschinen Komponenten, Germany (14% collaborator's stake) in 1989, and changed its name to Associated Precision Spindles. This led to a production sharing agreement with SKF Bearings, India, whereby the company concentrated on manufacturing textile components specially for SKF-design top roller and spindle inserts.
The company has come under the management of the Star group, with the total disinvestment by SPIFA and SKF-TMC to Texmaco Holdings (THL) and Machinery and Components Exports (MACE), Great Britain; by virtue of which it gets the know-how for the specialised manufacturing process from Geselischaft Fuer Technologies Transfer, Germany. The BIFR approved the amalgamation of Star Indstrial and Textile Enterprises (SITEL), a loss making associate company, with APS.
The company has expanded its product range to offer a variety of top rollers, including its new and self-developed FNF series of top rollers, as well as the complete range of inserts of HF designs to cater to the twisting machinery market. It has now been re-christened APS-Star Industries.
Aps-Star Industries is suspended from the BSE on account of non-compliance with Listing Agreement Clauses as on March 18, 2011.