Uniworth Ltd Company Summary

Uniworth Ltd Summary

Uniworth Ltd, the flagship of The Uniworth Group, (formerly known as Woolworth (India) Ltd) was incorporated in August, 1988. The Company was the first to set up a 100% EOU to manufacture worsted wool spun yarn in India, approached the capital market in Oct.90 to fund the first 5560 spindles. Its capacity has, since then, expanded in phases to 20,992 spindles. The Company also set up backward-integration facilities to make wool tops from scoured wool and diversified into silk yarn manufacture from waste silk in collaboration with Cascami Seta Filature Della Venezie, Italy. The capacity of the silk yarn unit, which commenced production in Nov.92, was enhanced to 6400 spindles from 3200 spindles. A polywool division and a yarn dyeing unit, both 100% EOUs, were set up. The second phase of the polywool division commenced production of polywool yarn on 28 Mar.95. The dyeing unit offering value-added yarns in worsted wool, polywool, silk and blends, became operational on 4 Feb.95.UL has been the countrys largest exporter of wool and woollens for the past four years. Having achieved Export House status in 1992, Woolworth now aims at attaining the Trading House status. The International Wool Secretariat, UK, has granted use of the prestigious Woolmark symbol to Woolworth. It has also been accredited with the ISO 9002 certification. Other companies in the group, promoted by Woolworth, are Uniworth International (UIL) and Fabworth (India) (FIL). Uniworth Agro, another company promoted by WIL, is into sugar, paper, speciality chemicals and industrial alcohol.The company is currently implementing an expansion-cum-diversification plan at its Nagpur Plant. It is setting a wool top manufacturing unit as a means of backward integration at Nagpur which is expected to be complete by Sep.97.Under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), ARCIL had taken over possession of the secured assets of the Companys plants and has handed over the possession to Indoworth India Limited by virtue of an inter se agreement between ARCIL and Indoworth India Limited. Dispute arose between ARCIL and Indoworth India Limited (IWIL) which lead to filing of a Suit for specific performance by IWIL before the Honble High Court of Calcutta wherein Company was also impleaded as a party. In view of the settlement between the parties, IWIL being in possession of the assets pursuant to the Agreement between the parties, continues to hold the assets having been transferred to it.