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History of Nitin Spinners Ltd.

The Comp. was incorporated as a private limited Comp. on 15th October, 1992 under the Companies Act, 1956 in the state of Rajasthan having the name 'Nitin Spinners Private Limited'. Subsequently, The Comp. was converted into a public limited company on 15th November, 1994 & the name was changed to Nitin Spinners Limited. The individual Promoters of our Comp. are Mr. R. L. Nolkha, Mr. Dinesh Nolkha & Mr. Nitin Nolakha.

The Comp. is presently engaged in the manufacturing of cotton yarn & knitted fabrics.It has grown by undertaking expansions at regular intervals to reach at our present capacity of 27216 spindles, 1872 Rotors & 15 knitting machines. It has installed Plant and Machineries imported from known textile machinery manufacturers like Rieter [Switzerlands], Savio [Italys], Mayer and Cie [Germanys], Elitex [Czechoslovakias]. It has also installed Plant and Machineries purchased locally from manufacturers like Laxmi Machine Works.

The first unit was set-up in the year 1993 at Hamirgarh, Bhilwara [Rajasthans] for manufacturing coarse cotton yarns. It installed two open-end spinning machines with 192 Rotors each aggregating 384 Rotors which were acquired from Elitex, Czechoslovakia under EPCG scheme. The total capital outlay towards the project was Rs. 285.50 Lacs, which was financed by way of Term Loan of Rs. 150 Lacs from RIICO, Equity Share Capital of Rs. 86 Lacs from Promoters, Unsecured Loans of Rs. 14.50 Lacs from Promoters & State Subsidy of Rs. 35 Lacs. The commercial production of this project was commenced in November 1993.

Subsequently in the year 1994, it undertook our first expansion project involving installation of one Autoconer Machine of 216 Rotors from Schlafhorst AG and Co., Germany & increased the number of Rotors to 600 . The total capital outlay towards this project was Rs. 400 Lacs, which was financed by Rupee Term Loan of Rs. 84 Lacs & Foreign Currency Loan of DM 905,000 equivalent to Rs.185 Lacs from ICICI, Equity Share Capital of Rs. 20 Lacs & Rs. 56 Lacs from RIICO & Promoters respectively & Internal Accruals of Rs. 55 Lacs. The commercial production of this expansion project was commenced in May 1995.

It undertook our second expansion project in the year 1996-97. The expansion project involved acquisition of two Autoconer open-end spinning machines of 240 Rotors each from Schlafhorst AG and Co., Germany, increasing our capacity to 1080 Rotors. The total capital outlay towards this project was Rs.1,100 Lacs, which was financed by Foreign Currency Loan of DM 13,50,000 equivalent to about Rs.324 Lacs and Rupee Term Loan of Rs. 336 Lacs from IDBI, Equity Share Capital of Rs. 200 Lacs from Promoters and Internal Accruals of Rs. 240 Lacs. The project was implemented ahead of schedule & commenced commercial production from 05th October, 1997 as against the expected schedule of January 1998.

It undertook the company r third expansion in the year 1998-99. The expansion scheme involved two open end spinning machines of 384 Rotors from Elitex, Czechoslovakia. The total capital outlay of project was Rs.190 Lacs, which was financed by way of Term Loan of Rs.140 Lacs from RIICO, & Rs. 50 Lacs from Internal Accruals. The expansion was carried out mainly for balancing of excess capacity available at preparatory stage. The machines were installed in September, 1998.

Based on growth in export performance, The Comp. was converted into 100% Export Oriented Unit [EOUs] from 15th January 1999. It has been awarded export house status by Government of India in the year 1999.

It undertook our fourth expansion project in the year 1999. This expansion project involved installation of 14,112 spindles to produce combed & carded cotton yarns of 20s to 40s count. At this expansion phase, it also went for forward integration programme by installing 7 knitting machines. The total capital outlay of project was Rs. 5,018 Lacs. The project was financed by way of Rupee Term Loan of Rs.3,601 Lacs from the following banks: IDBI - Rs.1665 Lacs, IOB - Rs.775 Lacs, OBC - Rs. 608 Lacs & PNB - Rs.553 Lacs; Equity Share Capital of Rs.850 Lacs from Promoters, Unsecured Loan of Rs.50 Lacs from Promoters & Internal Accruals of Rs. 517 Lacs. The entire project was financed under Technology Upgradation Funds Scheme [TUFSs] of Government of India. The commercial production of this expansion project was commenced on 1st April 2002. In order to augment long-term working capital requirement of our Comp. arising due to this expansion project, IDBI sanctioned financial assistance of Rs.150 Lacs by way of subscription to 1,50,000 13.5% Cumulative Redeemable Preference Shares of Rs.100 each, which was subsequently reduced to 10.25% on 1st June 2004.

It undertook our fifth expansion project in the year 2003.The total capital outlay of this project was Rs. 3,550 Lacs. This expansion project envisaged addition of 13,104 spindles & 6 knitting machines. The project was financed by way of Equity Share Capital of Rs. 700 Lacs from Promoters; Internal Accruals of Rs. 400 Lacs & Term Loan from IDBI, OBC, PNB & IOB aggregating Rs. 600 Lacs, Rs. 400 Lacs, Rs. 750 Lacs & Rs. 700 Lacs respectively. This project, which was expected to be completed by September 2005, was actually completed before time in November 2004.

It undertook Its sixth expansion project in February 2005. This expansion project involved addition of 408 Rotors & 2 knitting machines. The capital outlay of this project was Rs.250 Lacs, which was financed from internal accrual.

Thus, within span of 12 years,it has increased the company production facilities from 384 Rotors in year 1993 to present production facilities of 27216 spindles, 1872 Rotors & 15 knitting machines.

The company products are suitable for applications such as apparels, undergarments, Terry Towels, Denims, Medical Fabrics, Furnishing Fabrics & Industrial Fabrics. The Company's products are presently sold in the domestic market as well as exported to various countries like Australia, Bahrain, China, Colombia, Egypt, Israel, Italy, Korea, Mauritius, Russia, Poland, U.K., U.S.A., etc. Some of our major international customers are Arad Towels & SVAV-OR limited [Israels], EDPA [USAs], Gobind and Co. and City Styles [LEICs] limited [UKs], Emi-Maglia S.p.a. [Italys], Hong Kong Shanghai Knit Factory limited [Mauritiuss], Zheing Feng Weaving Factory [Chinas], OOO Transexport [Russias], Sharda Europe SP. ZO.O [Polands], MT Sullivan & Co. [Australias].

The company major Indian customers includes Arvind Mills, Adani Exports Ltd., Modern Denim Ltd., Maral Overseas Ltd., Ginni International Ltd., Vanasthali Tex. Ind. Ltd., Datt Mediproducts Ltd., Sheena Textiles Ltd., Lahoti Overseas limited & L. M. Sagar Exports.