Sunil Industries Ltd

Sunil Industries Ltd

Incorporated as Raj Ratan Textile Processors Pvt Ltd a private limited company on 19 Nov.'76 the company's name was changed to Sunil Dyeing Pvt Ltd on 22 Apr.'82. It was set up in 1969 as a partnership firm. The management of the company was taken over by Vinod Lath from the directors J S Jadhav M N Rane and S K Ovhal. It was converted into a public limited company on 16 May '91 and was renamed Sunil Dyeing. Latter the company's name was changed to Sunil Industries (SIL). Vinod Lath is the chairman and managing director of the company. Initially the company was engaged in the manual processing of cotton textiles. Later it started processing synthetic fabric and blended fabric. In 1984 the company started power processing. It is engaged in job-work for clients and also in selling of cloth which it processes on its own account. The manufacturing unit of SIL is located in Dombivli Maharashtra.In Dec.'94 it came out with a public issue of 22 lac equity shares at a premium of Rs 20 per share aggregating Rs 6.6 cr. The proceeds of the issue were utilised to part-finance the Rs 12-cr expansion project to increase the installed capacity from 600 lac mtr to 1050 lac mtr pa. Other group companies of SIL include Sunil Fabrics Sunil Prints Sunil Synthetics Sunil Bleaching Eske Tex (India) and Shreeji Textiles. The company's R&D wing has carried out research in wet discharge and camouflague printing processes which has resulted in improving the quality of printing and also in reducing cost. During 1995-96 there was major fire on 13/03/96 in the main unit of the company at M I D C. Dombivili. Therefore the company has made sizeable investment in capital assests with a view to modernize the production process. Additions assests amounted to Rs. 299 lakhs.During 1996-97 company's manufacturing unit was destroyed by fire on 13th March 1996. The company has claimed 395.88 lacs towards reinstatement of value of fixed assest and Rs. 1006.47 lacs towards loss of stock of the company and customers. The insurance company has sanctioned claim of Rs. 160.69 lacs towards fixed assest and 878.87 towards loss of stock. The difference was borne by the company. Company is in the process of reconstructing the unit. Company has also invested in capital assest of amount worth Rs. 77.78 lacs.During the year 1998-99 the Company with a view to enhance the credibility in the national and international market has initiated steps for obtaining ISO 9002 Certification. The Company's products are also being considered by Bureau of Indian Standards for granting of ISI mark.The performance of the company has been adversely affected by the sluggishness and deceleration of economic growth and there has been a sharp fall in the turnover in the year 1999-2000.