HIMATSINGKA SEIDE LIMITED The Drapery and Upholstery division at Doddaballapur Bangalore has changed its status from an EOU to a DTA with effect from 5th November, 2015
The Bedding Division at Hassan was converted from a SEZ to a DTA with effect from 20th November 2015. The land contiguous with the said unit has also been converted from an SEZ to a DTA with effect from 27th January 2016.
With these changes as mentioned above, we expect our Manufacturing divisions to get the benefit of ease of operations as well as a beneficial incentive structure typical to this industry.
As disclosed earlier the Rs. 1281 Crores expansion plan of the Group entails investments in enhancing the group's current Sheeting capacity, backward integration into Spinning and a foray into Terry Towels. The investments are being carried out in phases over the next three years. The expansion is progressing as scheduled and as mentioned on earlier calls the group estimates to commission its enhanced sheeting capacity by June 2016.
As stated in the earlier quarter the group remains focussed on sweating its assets across its manufacturing and distribution divisions. While we have seen an uptick on the manufacturing front over the last few quarters, we estimate a larger time frame for our initiatives to fructify on the distribution front across North America/Europe / India & Asia.
Going into FY 17 we see a better operating performance over our manufacturing and distribution divisions. This will be further aided by the new sheeting capacities that are expected to be on stream in FY 17.
The Rs.2500 crores Himatsingka Group is a vertically integrated home textile major with a global footprint. The Group focuses on the manufacture, retail and distribution of Home Textile products. On the manufacturing front, the Group operates amongst the largest capacities in the world for upholstery fabrics, drapery fabrics and bed linen products. Spread across Asia, Europe and North America, its retail and wholesale distribution divisions carry some of the most prestigious brands in the Home Textile space and cater to Private Label programs of major retailers across these geographies.
With over 5000 people, the Group continues to expand its reach and build capacities in the Home Textile space.
www.himatsingka.com
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Fax: +91.80. 4147 9384
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Assistant Vice President - Treasury, Taxation
& Company Secretary Himatsingka Seide Ltd. Phone: +91-80-42578000
Email: investors@himatsingka.com
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Statements in this document relating to future status, events, or circumstances, including without limitation statements about plans and objectives, the progress and results of research and development, potential product characteristics and uses, product sales potential and target dates for product launch are forward-looking statements based on commercial estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may materially differ from those anticipated in such forward-looking statements. Himatsingka Seide Limited may, from time to time, make additional written and oral forward looking statements, including statements contained in the company's filings with the regulatory bodies and its reports to shareholders. The company assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors that may or may not be relevant.
Himatsingka Seide Ltd. issued this content on 01 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 February 2016 12:42:22 UTC
Original Document: http://www.himatsingka.com/pdf/Business_Update_01.02.2016.pdf
