MAFATLAL INDUSTRIES LTD-$
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BSE Code:
500264
NSE Code:
MAFATIND
Business Profile
Business Profile
Mafatlal Industries (MAFATIND), incorporated in January 1913, is engaged in manufacturing and marketing a complete range of textiles in 100% cotton and polyester/cotton blends. Earlier known as Nadiad Swadeshi Spinning Weaving & Manufacturing Company, it got its present name on Feb. 16, 1999. It is part of the Arvind Mafatlal group, which has business interests in rubber chemicals, specialty chemicals and textiles. Other group companies include NOCIL, Navin Fluorine International, and Mafatlal Denim.
The ISO 9001:2000 certified company offers a product range including shirtings, suitings, prints, voiles, sleepwear, beachwear, kidswear and specialty products. The two vertically integrated composite textile mills are located in Nadiad and Navsari in Gujarat with a total installed capacity of 30 million meters per annum. With a strong domestic presence, the company has excelled in both over-the-counter sales and domestic branded garment industry. Major export destinations include Italy, UK, France, Switzerland, UAE, Saudi Arabia, Yemen, Sudan, Malaysia and Thailand. Among the present customers are brands like Marks & Spencer, NEXT, Debenhams, J. Crew, Espirit, Park Avenue, Pantaloon, Westside, and Indus League.
An agreement with Annapurna Polymers for the sale of its Ahmedabad unit generated an aggregate of Rs.67.7 million to finance the voluntary retirement scheme of employees. The sale proceeds from its land in Lower Parel, Mumbai is being monitored by a monitoring committee appointed by the State Government. A public interest litigation (PIL) challenging Government of Maharashtra`s decision of dereserving 50% of its land at Mazgaon in Mumbai is still pending for hearing and final decision in the High Court, Mumbai.
Vide its order dated Oct. 30, 2002, the Board for Industrial & Financial Reconstruction (BIFR) had sanctioned a rehabilitation scheme. Under this scheme, the company demerged into three separate companies. The chemicals division was demerged and vested in Navin Fluorine International with effect from Mar. 01, 2002. Surplus/non-productive assets/investments together with liabilities of secured term lenders was demerged and vested into a special purpose vehicle, namely, Sulakshana Securities with effect from Apr. 01, 2002. The remaining textiles business remains with the company. Mishapar Investments, Sudas Manufacturing & Trading, Sunanda Industrial Machinery, and Mafatlal Services are subsidiaries.
The registered office is located at Asarwa Road, Ahmedabad-380016, Gujarat.
Financials
Mafatlal Industries registered a loss of Rs 124.98 million for the quarter ended June 2008. Net sales declined 0.65% to Rs 349.62 million for the quarter ended June 2008 from Rs 351.9 million for the quarter ended June 2007.
Total income rose 1.8% to Rs 432.02 million for the quarter ended June 2008 from Rs 424.4 million for the quarter ended June 2007.
The loss per share of the company stood at Rs 25 for the quarter ended June 2008.