Super Syncotex (India) was incorporated in the year 1981. The company is a spinning and weaving industry of 30,000 and 100 looms.
The company has two industrial units: namely Village Khari-Ka-Lamba (Distt. Bhifwara) (spinning factory) engaged in the manufacturing of yarn. The unit is temporarily inoperative since November 2005 and at Jaipur. The unit is under operationalization and proposes to start Yarn Doubling' activity. Due to accumulated losses of the company, the net worth of the company has become negative and so the company was declared sick.
The scheme of arrangement for demerger was framed on June 23, 2009 where the Board for Industrial & Financial Reconstruction (BIFR) has approved the demerger of Khari- ka Lamba unit of the company and accordingly the said unit shall stand merged into Suzuki Textiles Ltd (STL). In consideration of demerger of the said unit STL shall issue shares to the shareholders of the company in the ratio of one equity share of STL against 50 equity shares of the company after reduction of 50% share capital of the company. In other words STL shall issue 1,15,463 equity shares of Rs 10 each.
1) Yellow duster made of 100% cotton flannel of different sizes and weight.
2) Semi-precious stone jewellery made in silver.
3) Synthetic and cotton yarn.
4) Woven fabrics and knitted fabrics
5) Trousers and shirts & knitted T shirts.
6) Surgical cotton.
7) Table cloth, table mat, napkin, cushion cover, Pillow covers and aprons.
8) Reflective jacket, safety vest and boiler suits.
The company was registered as a Sick Industrial Company under Section 15 (1) of SICA by the BIFR on January 3, 2006. It has defaulted to the financial institutions and banks against both principal and interest on the term loans. The company approached the financial institutions and banks for One Time Settlement (OTS) of outstanding loans and interest accrued.