Suryavanshi Spinning Mills Ltd

Suryavanshi Spinning Mills Ltd

Promoted by L N Agarwal and B N Agarwal & Associates in Dec.'78 Suryavanshi Spinning Mills (SSML) manufactured high count cotton yarn for hosiery and for weaving upto 1992-93. Later it diversified into the production of lower count blended yarn such as millange and polyester viscose yarn. The end-user segments are hosiery garments and textiles. Other group companies are Suryavanshi Cotton Mills and Suryalata Spinning Mills.SSML came out with a rights-cum-public issue in Aug.'94. The rights issue (premium : Rs 30) aggregating Rs 6.04 cr and the Rs 6.76-cr public issue (premium : Rs 60) financed for the expansion made to the spindleage at the Rajna unit by installing 10080 spindles; and by modernising the Bhongir unit in AP. The cost of the project was Rs 17.87 cr.The above expansion and modernisation were completed in the same year successfully.In 1997-98 the spinning division of Aliabad unit was awarded ISO 9002 from KPMG.The modernisation project under TUF which was flagged off in the year 2000 has been completed. The expenditure incurred till the year 2001 was Rs.1300.74 lacs out of estimated cost of Rs.1600 lacs.