Grabal Alok Impex Limited
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BSE Code:
532909
NSE Code:
GRABALALK
Business Profile
Business Profile
Grabal Alok Impex (GRABAL) is engaged in the embroidered fabrics business. Promoted by Alok Industries, the flagship company of the Alok Group of Mumbai, in financial and technical collaboration with Grabal, Albert Grabher Gessellschaft m.b.H & Co. (Grabal Group of Austria) was incorporated on Dec.17, 1993.
The company manufactures tulles and other net fabrics, hand-woven tapestries, laces, embroidery, motifs, woven fabrics of metal thread and woven fabrics of metallised yarn. The company`s production facilities are located in Navi Mumbai and Silvassa. It has an embroidery production capacity of 9.2 billion stitches per annum and a capacity of around 1 billion stitches per annum across woven, non-woven, knitted fabrics, motifs and laces. The expanded capacity after the two-phase expansion will be 34.046 billion stitches by 2009.
The company maintains a library of over 25,000 designs for ready reference and updates it weekly. It is soon to be ISO 9001:2000, ISO 14001, SA8000 and OHSAS 18001 certified. The company has incorporated a 100% wholly owned subsidiary company, Grabal Alok International, in the British Virgin Islands. It also acquired a 26% stake in the UK-based retail company Hamsard 2353, which has around 207 retail outlets across England, Scotland and Wales. The company has a strong customer base comprising leading garment exporters, export houses, brands and retailers in India, Africa, Middle East, Europe and USA. About 80% of production is exported to 18 countries around the world.
The registered office is at Peninsula Tower, A Wing, Peninsula Corporate Park, G.K. Marg, Lower Parel, Mumbai-400013.
Financials
Grabal Alok Impex registered a 58.06% growth in net profit to Rs 28.53 million for the quarter ended June 2007 from a profit of Rs 18.05 million for the quarter ended June 2006.
Net sales rose 30.81% to Rs 262.32 million for the quarter ended June 2007 from Rs 200.53 million for the quarter ended June 2006.
Total income rose 32.32% to Rs 266.42 million for the quarter ended June 2007 from Rs 201.34 million for the quarter ended June 2006.
The earnings per share (EPS), of the company stood at Rs 1.38 for the quarter ended June 2007.
Recent Developments
04-JUL-07
On April 14, 2007, the Grabal Alok Impex board issued and allotted 757,800 and 272,200 warrants convertible into equity shares to Niraj Realtors & Shares (NR&SPL) and Jiwrajka Investment (JIPL) respectively at a price of Rs 145 a warrant. NR&SPL and JIPL paid an equivalent of 10% of the total consideration at the time of allotment of warrants. The balance amount has been paid by the entities for the conversion of warrant into equity and the notice of conversion of warrants on July 2, 2007. The said warrants have accordingly been converted into shares on July 2, 2007.
Regarding the issue of 2,000,000 warrants convertible into equity shares issued and allotted to Megallan Consulting (Megallan) on Jan. 3, 2006 on a preferential basis, the conversion was to be made at a price of Rs 109 a share. Megallan had, till date, converted 1,995,000 warrants into equity shares. Out of the above referred 2,000,000 warrants, Megallan has on July 2, 2007 sent a notice for conversion of balance 5,000 warrants into equity shares. On July 2, 2007, The board of directors issued and allotted 5,000 equity shares to Megallan at a premium of Rs 99 a share. With this the entire 2,000,000 warrants issued and allotted to Megallan Jan. 3, 2006 gets converted into equity shares.
Future Plans
The company is planning an investment of GBP 8 million in its wholly owned subsidiary by way of preference shares.