GRAVITY SILK MILLS - ROOTED TO THE GROUND
Article Abstract:
Gravity Silk Mills (GSM), which came out with a public issue in May 1996, has failed to keep its promises. Its shares carried a premium of Rs5. GSM netted Rs5.57 crore for part-financing its expansion and modernisation programme of its fabric manufacturing facility. It had also envisaged a backward integration project for manufacturing roto-texturised yarn. The Industrial Development Bank of India (IDBI) gave it a term loan of Rs2.5 crore for the Rs10.5 crore project. The promoters of GSM were to contribute Rs3 crore and Rs0.5 crore was to raised from internal sources. Compared to the targeted turnover of Rs23.63 crore and a net profit of Rs2.62 crore for 1996-97 at a capacity utilisation of 60 percent, GSM made a turnover of Rs2.36 crore and a net profit of Rs8 lakh. The expansion and modernisation project were not completed on time. The GSM scrip is being traded now above its offer price. It closed at Rs18.70 last week. (gsh)
Comment:
Posts turnover of Rs2.36 crore & net profit of Rs8 lakh, way below target turnover of Rs23.63 crore & net profit of Rs2.62 crore
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CHAMUNDI TEXTILES SETTING UP SILK FABRIC EoU IN MYSORE
Article Abstract:
Chamundi Textiles (Silk Mills) Limited, an arm of the Chamundi group of Bangalore, is to set up an export-oriented high-end pure silk fabrics and dress materials unit in Mysore at a cost of Rs13.5 crore. The unit will have integrated facilities to process from the silk yarn stage up to finished fabric stage. The installed capacity will be around 1,000 metres of pure silk fabrics per day and the products will include pure silk material for furnishings, apparel, bridal wear and ties. Silk yarn for the unit will be imported from China as it is ideally suited for machine-made pure silk fabrics. (gsh)
Comment:
Is to set up export-oriented high-end pure silk fabrics & dress materials unit in Mysore, India at cost of Rs13.5 crore
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SILK WASTE EXPORTS TO BE CONTROLLED
Article Abstract:
The director-general of foreign trade has notified that exports of silk waste will be permitted only against a valid registration certificate issued by the Central Silk Board. The spun silk industry and the silk carpet industry in Jammu & Kashmir have been adversely affected by a shortage of silk waste due to uncontrolled exports from India. The country exported about 1600 tonnes of the total 3500 tonnes of silk waste produced in 1997- 98. Most of it was exported to China which pays a higher price. (khr)
Comment:
India: Director-general of foreign trade allows silk waste export w/ valid registration certificate issued by Central Silk Board
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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