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Sri Nachammai Cotton Mills Ltd. Company History and Annual Growth Details

Sri Nachammai Cotton Mills Limited (SNCM) was incorporated
in March 1980 as a wholly owned subsidiary of The Jawahar
Mills Ltd. The assets of the Chettinad unit of The Jawahar
Mills Ltd with an installed capacity of 16,120 spindles
were transferred to SNCM in May 1980. A transfer deed for
the above transfer was executed and registered in March,
1982. The Company offered 46,000 equity shares of Rs.10/
each to the Public, after it was converted in to a Public
Limited Company in June 1982. It ceased to be a subsidiary
of The Jawahar Mills Limited with the allotment of the said
46,000 shares on 9.8.1982.

In September 1984, the Company issued 50,000 equity shares
of Rs.10/-each for cash at par to the existing shareholders
as right shares. since then, the Company has made five
Bonus issues -

1,00,000 equity shares in the ratio of 1 :1 in Mar 1987.
2,00,000 equity shares in the ratio of 1 :1 in Mar 1989.
4,00.000 equity shares in the ratio of 1 :1 in Mar 1991.
21,00,000 equity shares in the ratio of 21 :8 in Apr 1993.
2,90,000 equity shares in the ratio of 1 :10 in Dec 1994.

Over the years, the Company has been expanding and
modernising its plant. All expansions and modernisation
schemes completed so far have been funded from internal
accruals (Rs.63O lakhs) and Long term Borrowings (Rs.1,391
Iakhs) from IDBI, SlPCOT and Indian Overseas Bank. It has
expanded its spindleage from 16,120 spindles in 1980, to
the present level 34,784 spindles. Modernisation and
upgradation has enabled the Company to improve the quality
of its products and enter the export market. A beginning
was made in 1993-94 by merchant export of yarn for a value
Rs.35.69 lakhs.

The Company manufactures Combed and Carded cotton hosiery yarn
of counts ranging from 20s to 40s which are used by manufacturers
to convert the same into fabric or garments for export.

2000 - The company have went on strike w.e.f. 20th October regarding Bonus
Issue for hte year 1999-2000.