Ginni Filaments, in its filing to BSE, has mentioned that it has successfully exited its corporate debt structuring.
"Our original debt was Rs 285 crore, which has now come down to Rs 90 crore," said Shishir Jaipuria, company's CMD.
The company's plans for this fiscal year is to focus on value addition, automation and increase presence in converted product division, he added.
The company is into yarns, fabrics and wet wipes, with a combined capacity of 90,000 spindles and 720 rotors.
Some of its notable clients are - Johnson and Johnson, Walt Disney and Benetton.
The topline growth in FY16 was Rs 750 crore, and Jaipuria expects it to be between Rs 750 crore and Rs 850 crore in the current fiscal year.
Below is the verbatim transcript of Shishir Jaipuria’s interview with Nigel D'Souza on CNBC-TV18.
Q: Just going through your BSE announcements and in fact it says that you have successfully exited the corporate debt restructuring (CDR) sell. Could you give us some details about this how much was your debt, what are the terms and conditions as well that you are working upon and what is the way forward?
A: We came out of the CDR in the current year. Our original debt was Rs 285 crore and today it stands close to Rs 90 crore and the total re-compensation has been paid by the management.
Q: Is there going to be any kind of fresh issue? You are saying your data has been come down all the way from Rs 285 crore to around Rs 90 crore is there going to be any shares that needed to be issued for this purpose or is it all done and dusted down?
A: Presently, we are not going for any major expansion. We are focusing on some value addition, automation and increasing our presence in the converted product division of the nonwoven textiles where we have our presence.
Q: What exactly is your current capacity? Could you run us through that, I believe that you have around 90,000 spindles if I am not mistaken what is your capacity utilisation are you looking on building on to that capacity?
A: Presently, as you rightly pointed out we have 90,000 spindles and also we have some open end spinning. We are in the full value chain we are into knitting and garmenting as well. Apart from this we have put up a spunlace project of nonwovens and focusing more on converted products within India.
Our utilisation at the moment for the spinning as well as the processing is a 100 percent. While the garmenting and the converted product divisions generally depend upon the order but it is improving year after year.