Aditya Spinners Ltd Company Summary

Aditya Spinners Limited (ASL), incorporated in 1991 is one of the leading, renowned and recognized Textile Mills in creating, developing and manufacturing of products right from basic to variety of high quality yarn in spinning industry and supplying yarn to domestic and International market. ASL in the Textiles Spinning Synthetic Blended Yarn sector. The mill, located at Perindesam (Chittoor District), Andhra Pradesh, has an installed capacity of 15,360 ring spindles to produce polyester / viscose blended yarn.

The licensed capacity of the company is 25,000 spindles. ASL added 6710 more spindles to its capacity at its existing plant. In 1995, it spent Rs 14.53 cr to this effect.

The company started exports in 1995-96 and to promote this activity it has obtained the ISO 9000 accreditation. ASL secured an export order for the supply of polyester and viscose blends to France. It associated with Lodovico Rossini, Italy, for the export of two large containers valued at Rs 50 lac.

The export market has steadily improved, making the company get good orders with better realisation in the export market.The company submitted a revival plan to IDBI which includes financial restructuring, expansion, modernisation and line balancing. IDBI referred the proposal to an independent Textile Expert for conduction a techno-economic viability study. On their recommendation and also on their own appraisal, IDBI prepared a package which includes waiver of about Rs 21 crore, conversion of Rs 8 crore in the equity and re-schedulement of Rs 11 crore to be payable during 2011 and 2012 without interest out of the interest overdues of Rs 39 crore.

Along with the restructuring package, IDBI has also approved modernisation, expansion and line balancing proposal has costed Rs 13.20 crore.