Modern Syntex (India) Ltd

Modern Syntex (India) Ltd

Modern Syntex (India) was incorporated in 1976 as a public limited company to manufacture polyester blended yarn at Alwar Rajasthan. Modern Syntex has a product mix of grey dyed and fancy yarns in polyester viscose blends and also manufactures a large range of acrylic yarns for hand and machine knitting. The company has also installed a fibre dyeing plant to dye fibres and develop fancy designs. Considering the quality of the company's products it was awarded the European Mercury award - The Arch of Europe's Gold Star - for international quality in 1989-90. It also exports its synthetic yarn to the UK and other European countries. In 1993 it acquired the suitings division of Modern Suitings. Similarly Ashok Fabrics Pvt Ltd Adarsh Fabrics Pvt Ltd and Aradhana Textiles Pvt Ltd were amalgamated with the company from 1 Apr.'93. After these acquisitions and amalgamations the company became a fully integrated spinning weaving and processing plant. The company came out with a public issue in 1994 to finance its Rs 5.13-bln project for setting up Modern Petrofils to manufacture 52500 tpa of POY/PFY speciality filaments micro filaments and polyester chips in technical collaboration with Zimmer Germany a world leader in polymer process technology.Company has decided to shelve the project for installation of PSF manufacturing facilities alongwith automation of PSF/POY handling for time being.During the year 1999-2000 the petrofils division has been able to achieve an export turnover of Rs.36.95 crores. As the accumulated losses has exceeded its entire networth of the company it has become sick and is therefore necessary to make a reference to the BIFR.