Mid India Industries Ltd Share Price

Summary

Mid India Industries Ltd (Erstwhile known Mid India Spinning Company Limited) was incorporated as Public Limited Company in March, 1991. Its name was changed to the present one in Feb.95. The Company is engaged in manufacturing of cotton textiles, yarn, fabrics & other textile products. MIIL is a 100% export-oriented spinning unit, mainly promoted by R P Ganediwal and Others.The companys unit is located in Mandsaur, a rich cotton-growing area in Madhya Pradesh. It went public in Mar.93 to meet the entire capital requirement for the first phase of the installation of 12,480 spindles at a cost of Rs 16.3 cr. The plant is equipped with state-of-the-art spinning machines. Commercial production started in Jan.94. The company has entered into a MoU with Unimax, Italy, for the purchase of the entire production. For the second phase of expansion (12,500 spindles), building construction has been already started and machineries are almost finalised. In 1995-96, the company earned foreign exchange worth Rs 18.94 cr. During 1996-97, the second phase of cotton yarn has been postponed for the further expansion of installation of another 8160 spindles. Company is planning to open overseas office to make effective marketing in the international yarn market and provide best services to the foreign buyers.As the accumulated losses of the company have resulted in erosion of more than 100% of its net worth,the company has become a sick industrial company as per Section 3(1)(O) of SICA .During
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