|Sri Lakshmi Saraswati Textiles (Arni) Ltd. is a Madras based company engaged in the manufacture of cotton yarn.
In 1994-95, it earned a sales income of Rs 56.24 crores and profit after tax of Rs 2.08 crores.
Production during the year was 49.84 lakhs kgs as against 48.32 lakhs
kgs in the previous year. The quantity and value of sales during the
current year were 51.38 lakhs kgs and Rs. 6553.00 lakhs as against 48.30 lakhs kgs and Rs. 6131.47 lakhs respectively in the previous year. The increase in production is 3.15% and increase in sale value is 6.87%. During the year the export sales amounted to Rs. 3129.60 Lakhs as against Rs. 2107.96 lakhs in the earlier year maintaining the increasing trend.
The company has therefore prepared a modernisation scheme to be implemented at an estimated cost of Rs. 552 Lakhs for which IFCI has already sanctioned a Foreign Currency Loan of DM 1,813,237 equivalent to Rs. 400 Lakhs. The scheme envisages acquisition of 2 Cards, 2 Speed Frames, 1 Cheese Winder and 5 TFOs indigenously and import of I Unilap, 3 Combers, 3 Autoleveller Drawframes and 1 Autoconer. Out of the above 1 Cheese Winder and 2 TFOs have already been installed and balance equipments will be received and installed shortly.
Sri Lakshmi Saraswathi Textiles Arni Ltd has informed that the Board of Directors of the Company at its meeting held on December 19, 2008, has appointed Sri R Sambasivan as an Additional Director of the Company. He is an independent and non-executive director. He has also been appointed as a member of the following committees of the Board.
1. Audit Committee
2. Remuneration Committee
3. Shareholders / Investor Grievance Committee.