2016-17
- The proposal for manufacture of shuttleless looms is deferred due to the prevailing uncertain market conditions and availability of cheaper versions of imported looms.
- The Company is constructing additional Buildings at Hosur to augment its revenue.
- The income generated on utilisation of the idle Assets of the Company during the year was ₹ 414.06 lakhs against 384.27 lakhs in the previous year
The Company bought back 2,50,000 - 6% Cumulative Redeemable Preference Shares of ₹ 100/- each amounting to ₹ 250 lakhs during the year by utilization of Securities Premium Amount.
The income on utilization of the idle Assets of the Company at Hosur will continue to be earned. Additional Buildings are under construction at Hosur and the space will be let out for Industrial/Warehousing operations to augment the revenue of the Company.
The manufacture of Shuttleless Weaving Machines requires heavy investment in capital equipment as well as in acquiring technology. Due to techno economic viability the manufacture of Shuttleless Weaving Machines is deferred.