MARIS SPINNERS Share price

Maris Spinners Limited was originally incorporated as a Private Limited company on 18.9.1979. The Company became a deemed Public Limited Company under Section 43A(1A) of the Companies Act 1956 from 1.7.1994. Consequently the name of the Company was changed to Maris Spinners Limited by deleting the word ''Private'' and a fresh Certificate of Incorporation was issued on 9.2.1995.The Company presently manufactures 100% cotton carded yarn of counts 30s and 40s for weaving knitting and handlooms. The Company''s spinning unit is located in Kattemalalavadi village Hunsur taluk Mysore District Karnataka. Maria Spinners Limited has a sound track record of productivity and has been producing high quality yarn for the domestic market. The Company was incorporated on 18.9.1979 and the orders for plant and machinery were placed in December 1979. The construction work began in February 1980 and erection of machinery was over by December 1980. The commercial production began in March 1981 i.e. about seventeen months from the date of incorporation which is less than the average time taken to set up a spinning unit of its size. The Company commenced commercial production in 1981 with an installed capacity of 11856 spindles. Since its inception the Company has undertaken regular expansion and modernisation programmes to increase capacity and productivity. The present capacity of the spinning unit is 24672 spindles. The stages of capacity expansion are as under:Year Capacity (Spindles) 1981 11856 1986 17616 1991 19128 1992 24672 In 1994 the Company set up two Wind Turbine Generators (WTGs) at Muppandal Kanya Kumari District Tamil Nadu. The Company has also completed installation of three more WTGs in March 1995. The installation of WTGs was part financed by Indian Renewable Energy Development Agency Limited (IREDA) to the extent of Rs. 145.80 lakhs through its Equipment Finance Scheme. Past labour problems:a) Members belonging to one union went on a strike on 9.5.1987 and the strike was called off on 6.7.1987 b) There was a strike by a section of workmen on 21.7.1987. The Company declared a lock out on 22.7.1987 and the unit was re-opened on 9.12.1987