Owned by same promoters as behind Thiagarajar Mills. The Indian spinning industry has had a seriously bad year, with high cotton prices, unfavourable exchange rate of the INR vs USD (has eased more recently) and a massive build-up of (excess) capacity 2006 - 2007, due to misuse of government support schemes.
It would be doubtful if the parent textile operation were flush with cash at this moment.