Suryajyoti Spinning Mills Ltd Company Summary

Suryajyoti Spinning Mills Ltd Summary

Suryajyoti Spinning Mills (SSML), originally a part of the Suryalakshmi group, was incorporated in May 83. Currently, R K Agarwal is its managing director. SSML has a cotton yarn spinning unit at Makhtal, Andhra Pradesh. The cost of the project, having an installed capacity of 15,120 spindles, was Rs 10.60 cr. Commercial production on the partial capacity of 5040 spindles started from Jan.92. To part-finance this unit, the company went public in Mar.92. The unit is equipped with the state-of-the-art machineries which can produce export quality yarn. In Feb.95, the company came out with a rights issue at a premium of Rs 15, aggregating Rs 9.92 cr, for expansion and augmenting long-term working capital. SSML manufactures synthetic yarn at its Burgul unit in Andhra Pradesh. This unit started commercial production on a partial capacity of 6912 spindles from Mar.94. The remaining 5328 spindles were installed during 1994-95. SSMLs products are exported mainly to Korea, Bangladesh, Hong Kong and Italy. The company has undertook expansion of its Burgul unit to add 6048 spindles to the existing capacity. Two autocone winding machines were imported from Japan and installed during the year. With this expansion , the Makthal Unit has 15120 spindles dedicted to cotton spinning and the Burgul Unit has around 25000 spindles dedicted to synthetic yarn.The company was awarded a term loan of Rs.10 crores under Technology Upgradation Fund Scheme from IDBI towards modernisation of Makthal and Burgul Units.