Incorporated in 1969, Premier Synthetics (PSL) manufactures texturised yarn and fabric. Most of the income of the company comes from trading. PSL undertakes trading of yarn, fabrics (both grey and processed), suitings, shirtings, etc. The company has focusing more on trading than to manufacture. It was promoted by the Arya group. Anand Arya is the chairman of the company. _x000D_ _x000D_ PSL went public in May '93 to part-finance its expansion project. PSL expanded its capacity for twisting and also added a rotor spinning unit to manufacture yarn for exports. Commercial production of this project commenced in Jun.'94. The company has undertaken a diversification programme to manufacture cotton yarn at Rakoli, Silvassa. _x000D_ _x000D_ In 1995-96, the company has undertaken a diversification programme for the manufacture of cotton yarn in the Mehsana district of Gujrat. The project was apprasied by Industrial Finance Corporation of India Limited (IFCI). The company has invested Rs. 1.70 cr in Premier Equity Limited, a Subsidiary Company._x000D_ _x000D_ During 1999-2000, the net accumulated losses exceeded more than 50% of its peak networth and hence it has become a sick industrial company as per SICA, 1985.The company has appealed against the said order of the Hon'ble BIFR before the Hon'ble AAIFR and the same is still pending._x000D_