Kathmandu. The business of Reliance Spinning Mills of Golyan Group has improved significantly. In the last fiscal year, the company had a turnover of more than Rs 10.25 billion.

In the last fiscal year, the company had a turnover of Rs 10.23 billion. The company has a turnover of Rs 9.20 billion in 2024. Similarly, in 2023, it had a turnover of Rs 10.6 billion and in 2022 it was worth Rs 10.10 billion.

The issuer valuation of Reliance Spinning Mills Limited has been placed on the ‘CARE-NP A (Issuer)’ credit monitoring list. The company’s long-term bank facility has been fixed at Rs 3.45 billion for ‘CARE-NP A’ and short term bank facility at Rs 5.58 billion.

The company was established in 1994. The company manufactures cotton, polyester viscose, acrylic÷blended and polyester textured yarn. The company produces 50,163 metric tonnes yarn annually. Reliance Mills is the largest spinning industry in Nepal. The products of the industry are consumed in Nepal and are exported to countries like India, Turkey and others. According to the company, exports will be worth $50 million annually.

Initially, the company started with a capacity of 9,000 spindles. Currently, the company is operating with a total capacity of 1,02,824 spindles. There are two spinning factories in Sunsari, where 4,000 people, including 1,300 women, are employed.

The company said that business has improved in the last fiscal year. In 2024, however, business declined. In the last fiscal year, the company utilized 71 percent of the capacity of its unit A industries and 68 percent of the units of B industries. The company has set a new record in sales in the last fiscal year. In the last fiscal year, the company sold 35,369 metric tons of manufactured goods, which was 32,667 metric tons in 2024.

According to the company, in the last fiscal year, the average yarn was sold at Rs 272 per kg. In 2024, it was sold at Rs 265 per kg. Similarly, the company has earned a net profit of 4.66 percent in the last FY. In 2024, the company earned a net profit of 0.56 percent.

The company has collected Rs 96.60 crore in the last fiscal year, up from Rs 500 crore in 2024. The company imports raw materials from China, India, Hong Kong, Indonesia, Malaysia and Thailand.

The company is a joint venture between Golyan Group and MS Group. Shashikant Agrawal is the Managing Director of the company. The company also has another managing director Akshay Golyan. Under the leadership of young entrepreneur Akshay Golyan, Reliance Spinning Mills has established a unique identity in the domestic as well as international markets.