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Suryavanshi Spinning Mills Ltd. Company History and Annual Growth Details

YEAR EVENTS
1978 - The company was incorporated in December, and obtained the
certificate of commencement of Business in January, 1979. It was
promoted by L.N. Agarwal and B.N. Agarwal. Its unit is situated
at Bhongir in Nalgonda District with an installed capacity of
8000 spindles. The main objective of the company is to
manufacture of cotton of yarn medium counts.

1980 - The Company undertook to expand the capacity from 25,000 spindles
to 50,000 spindles. The additional 25,000 spindles were to be
housed in a separate unit at Aliabad Village, in the Ranga Reddy
District of A.P.

1988 - The Company received a Letter of Intent for setting up a spinning
unit at Rajna in Chindhwara District in M.P. to instal 70,000
spindles and 1,008 rotors.

1990 - Pref. shares redeemed. 4,20,000 bonus equity shares issued in
prop. 1:1.

1992 - During 12,096 spindles were installed in the 3rd Unit at Rajna
as against the envisaged expanded capacity of 15,120 spindles.

- 4,20,000 bonus equity shares issued in prop. 1:2.

1993 - During the year further 3,024 spindles were installed at Rajna
unit.

- As at 31st March, the Company's fixed assets were revalued and
the net surplus of Rs. 982.68 lakhs arising out of it was
credited to revaluation reserve.

1994 - The Company undertook modernisation programme of units at
Bhongir and Aliabad and further expansion of Rajna unit by
installing 10,080 spindles

- During as a part of diversification, the Company promoted two new
companies viz., Suryavanshi Textiles Ltd. for setting up of a
textile processing unit and Suryakiran Spinning Mills Ltd. for
setting up of an ultra modern spinning unit with a capacity of
25,000 spindles.

- During August, the Company offered 15,12,000 equity shares of
Rs. 10 each at a premium of Rs. 30 per share to the existing
shareholders in the ratio of 3:5. 15,11,640 shares were taken
up. 360 shares were kept in abeyance.

- Simultaneously, the Company offered 16,20,000 shares of which
4,91,600 shares were offered to FIIs, NRIs, Mutual Funds at a
premium of Rs. 70 per share (all were taken up). 1,62,000 shares
were offered to the promoters, directors, their friends and
relatives at a premium of Rs. 60 per share, 72,900 shares were
offered to the employees at a premium of Rs. 60 per share and
the balance 8,93,500 shares were offered to the public at a
premium of Rs. 60 per share. All were taken up.

- 12,60,000 bonus equity shares issued in prop. 1:1. 31,31,640
shares allotted on right cum public issue.

1996 - The Company was going in for value added products. Knitting
mahines were being installed with the objective of marketing
knitted fabrics.

2006

-Suryavanshi Spinning has recommended a dividend @ 10%

2007

-Suryavanshi Spinning has recommended a dividend @ 10%

2008

-Suryavanshi Spinning designated E-mail ID for Investors Complaints: [email protected]

2012

-Suryavanshi Spinning acquired 100% equity capital of M/s.Fortune Eagle (HK) Trading Ltd, Hong Kong

2014

-Board of Directors have appointed Sri Manish Gupta as Additional Director of the Company who is non-promoter, non-executive and independent Director with effect from March 31, 2014.

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