ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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ARVIND POLYCOT-Modernisation Pays

Modernisation Pays belonging to the Ahmedabad-based Lalbhai group and promoted by Arvind Mills, Arvind Folycot (formerly Saraspur Mills) which is engaged in the spinning and weaving of polyester and cotton fabrics, seems to have improved' its performance over the year 1991-92. With a 46 per cent increase in net sales in 1992-93, net profit which fell by 59 per cent in 1991-92, registered a'quantum jump of 150 per cent. It is claimed that a transition from operating with obsolete equipment to operating with modern equipment following implementation of its modernisation programme which involved the addition of 20 air jet looms as also the upgradation of its product portfolio, proved beneficial to the company's performance. The company's short-term liquidity position improved over the previous year while its debt-equity ratio jumped to 514 per cent following the issue of 46,60,000 zero-interest fully convertible debentures (FCD) of Rs 200 each. However, the company's equity capital, which jumped to Rs 10 crore following conversion of part TV of Rs 80 of each FCD on April 1, 1993 thus resulting in an improvement in the debt-equity ratio immediately after the year end, will more than double again to Rs 24 crore on conversion of part 'B' of the debentures on April I,

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