Sri Nachammai Cotton Mills Limited (SNCM) was incorporated in March 1980 as a wholly owned subsidiary of 'The Jawahar Mills Limited'. The assets of the Chettinad unit of the Jawahar Mills Limited, were transferred to SNCM in May 1980. A transfer deed for the transfer was executed and registered in March 1982. It ceased to be a subsidiary of The Jawahar Mills Limited with the allotment of the said 46,000 shares on 9.8.1982. In September 1984, the company issued 50,000 equity shares of Rs.10 each for cash at par to the existing shareholders as right shares. Since then, the company has made five bonus issues.
The company has been expanding and modernizing its plant over the years. All expansions and modernisation schemes completed so far has been funded from internal accruals and Long-term borrowings. It has expanded its spindlage from 16,120 spindles in 1980 to the present level of 43,448 spindles and 504 rotors.
The company's spinning mills are situated at Chettinad, Sivaganga district. The company has two units there. The company has taken another unit called 'C' Unit from M/s Supreme Yarn Spinners Limited, on lease from 5.5.1995, situated at Veeranam village, Salem. The company manufactures combed and carded cotton hosiery and hank yarn of counts ranging from 10s to 40s which are used by manufacturers to convert the same into fabric or garments for dyeing and export.
The company has issued 11,10,000 equity shares of Rs.10/- each at a premium of Rs.60 per share to the public in 1995.
The company has attained a sound financial footing with its good performance over years and is surging ahead towards better prospects every year.
Product manufactured by the company:
The company is a manufacturer of Combed and Carded Cotton Hosiery Yarn.
Sri Nachammai Cotton Mills Ltd ranked 900th in the BS 1000 listing of top Indian companies in terms of sales in 2002-2003.