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Wednesday, April 4, 2012

Suryajyoti Spinning Mills Ltd:Buy/sell/growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:Suryajyoti Spinning Mills Ltd

Story:Suryajyoti Spinning Mills Limited started with 5,040 spindles in 1992, and gradually increased its capacity to 86,560 spindles. The Company produces a very high quality of yarn of international standards and exporting to various countries in all the product range viz. Cotton, Polyester spun, Poly Viscose blend, Poly Cotton blend and 100% Viscose spun, in count range of 16’s to 80’s. The Company has multi-locational Yarn manufacturing facilities at Burgul, Makthal and Rajapur in Mahabubnagar District in Andhra Pradesh.The Company is equipped with all state-of-the-art spinning machineries with auto levelers in carding and in high speed Draw frames besides Auto chute feed systems at Blow room stage which produce high quality of yarn. The Company has Autoconers from Schlafhorst, Germany and Murata Machinery Works, Japan, Blow Room & Carding machines from Truetzschler, Germany, Draw Frame, Speed Frame & Spinning machines from Rieter, Switzerland. Company is well equipped to meet the requirement of almost nil contamination yarn by controlling the same from ginning to final delivery of yarn through SIRO clearers.Suryajyoti Spinning Mills is presently talking to some European companies specialising in garment washing technology for a tie-up, as it plans to get into garment production this fiscal.Only a few Indian firms have specialised washing technology.The company is looking for an overseas technology partner for garment washing to enable it to get into full-fledged garment business by this fiscal.Initially, the company will supply garments to major fashion brands globally and later may consider spinning its own brand. The domestic textile and apparel market is expected to grow at 11 per cent compounded annual growth rate to touch $140 billion by 2020.The company, which has lined up a capital expenditure programme of about Rs 100 crore, will be raising new equity of about $10 million either through qualified institutional placement or as private equity.It can also go to the capital market again to raise the money, depending on market conditions.Last year its net profit and sales were Rs 15.83 crore and Rs 394.26 crore, up from Rs 3.66 crore and Rs 269.53 crore, respectively.The increase was on account of the high cotton yarn prices in the later half of the year.Also, its fabric unit contributed a turnover of Rs 90 crore.The promoters converting warrants into equity at 30 odd bucks speaks about their confidence.The scrip has moved up a lot recently owing to favorable news.Buy the company at around 16-17 levels.

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