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Annual Report 2016-17 1 THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED [ Established 1879 ] 2016-17 ANNUAL REPORT Bombay Dyeing is an iconic brand with deeply rooted aspirational values in each of its product offerings. Our endeavour would be to make our brand, products and the overall experience ‘Young, contemporary and ever-evolving’ in the eyes of our consumers. Besides strengthening our traditional core values of superior quality, unparalleled product range for consumers cutting across different social spectra, our focus will be to grow our consumer franchise. We will do so through product innovations, offerings that cater to diverse consumer preferences and by expanding product availability on multi-channel platforms. With the economic outlook positive and lower interest rates, the real estate market too will witness improved demand. This year will see the completion of key milestones for our luxurious development in the heart of Mumbai. We will continue our efforts with zeal and enthusiasm to create a better future and offer better value to all our stakeholders. The Bombay Dyeing And Manufacturing Company Limited | Annual Report 2016-17 1 CORPORATE INFORMATION DIRECTORS REGISTERED OFFICE REGISTRAR & TRANSFER AGENT Nusli N. Wadia, Chairman Neville House, J. N. Heredia Marg, R. A. Shah Ballard Estate, Mumbai-400 001. Corporate Office : S. S. Kelkar Karvy Computershare Private Limited CORPORATE OFFICE: S. Ragothaman Unit: Bombay Dyeing C-1, Wadia International Center, Karvy Selenium Tower B, A. K. Hirjee Pandurang Budhkar Marg, Plot 31-32, Gachibowli, S. M. Palia Worli, Mumbai-400 025. Financial District, Nanakramguda, Ishaat Hussain (CIN: L17120MH1879PLC000037) Hyderabad, Ness N. Wadia Email: grievance_redressal_cell@ Telangana - 500 032, India V. K. Jairath (w.e.f. 09.02.2017) bombaydyeing.com Telephone number: +91 40 6716 2222 Keki M. Elavia (w.e.f. 22.05.2017) Phone: (91) (22) 6662 0000; Fax number: +91 40 2342 0814 Minnie Bodhanwala (w.e.f. 29.03.2017) Fax: (91) (22) 6662 0069 E-mail: [email protected] Jehangir N. Wadia, Managing Director Website: www.bombaydyeing.com Website: www.karvycomputershare.com CHIEF EXECUTIVE OFFICERS ADVOCATES & SOLICITORS Mumbai Office: Suresh Khurana (PSF) Messrs. Crawford Bayley & Co. Karvy Computershare Pvt. Ltd. Nagesh Rajanna (Retail) Messrs. Karanjawala & Co. Unit: Bombay Dyeing Gaurav Jain (Bombay Realty) Messrs. Solomon & Roy 24-B ,Raja Bahadur Mansion Messrs. Negandhi Shah & Himayatullah Ground Floor CHIEF FINANCIAL OFFICER Ambalal Doshi Marg Pushpamitra Das Behind BSE , Fort Mumbai 400 001 COMPANY SECRETARY Tel - 022 - 6623 5454/412/427 Sanjive Arora AUDITORS Messrs. Kalyaniwalla & Mistry LLP CONTENTS Corporate Information ......................................................................... 01 Notice ................................................................................................... 02 Financial Performance .......................................................................... 11 10 Year’s Financial Review ................................................................... 12 Directors’ Report ................................................................................... 13 Management Discussion and Analysis Report ..................................... 32 Report on Corporate Governance ......................................................... 35 Auditor’s Report for Standalone Financial Statement ......................... 53 Standalone Financial Statement .......................................................... 58 Notes to Standalone Financial Statement ........................................... 62 Auditor’s Report for Consolidated Financial Statement....................... 99 Consolidated Financial Statement ....................................................... 102 Notes to Consolidated Financial Statement ........................................ 106 Form AOC - 1 ......................................................................................... 143 2 Notice NOTICE THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED “RESOLVED THAT pursuant to the provisions of Section 148 and (CIN : L17120MH1879PLC000037) all other applicable provisions of the Companies Act, 2013 (“the Act”) read with applicable Rules of the Companies (Audit and Registered Office: Neville House, J. N. Heredia Marg, Auditors) Rules, 2014 (including any statutory modification(s) or Ballard Estate, Mumbai - 400001. re-enactment(s) thereof, for the time being in force), M/s. D. C. Corporate Office: C-1, Wadia International Center, Dave & Co., Cost Accountants, Mumbai, (Firm Registration No. Pandurang Budhkar Marg, 000611), the Cost Auditors appointed by the Board of Directors Worli, Mumbai - 400025. of the Company, to conduct the audit of the cost records of the Company for the financial year ending 31st March, 2018, be paid Email: [email protected] the remuneration of ` 5,00,000/- (Rupees Five Lakhs) plus Website: www.bombaydyeing.com applicable taxes and reimbursement of actual travel and out-of- Phone: (91) (22) 66620000; Fax: (91) (22) 66620069 pocket expenses. th Notice is hereby given that the 137 Annual General Meeting of the RESOLVED FURTHER THAT the Board of Directors of the Company Members of The Bombay Dyeing and Manufacturing Company Limited will be be and is hereby authorised to do all such acts and take all such held at the Yashwantrao Chavan Center Auditorium, General Jagannathrao steps as may be necessary, proper or expedient to give effect to th Bhosale Marg, Nariman Point, Mumbai - 400 021, on Thursday, 10 August, this resolution.” 2017, at 3.45 p.m. to transact the following business: 6. To consider and if thought fit, to pass, the following resolution as ORDINARY BUSINESS: an Ordinary Resolution: 1. To receive, consider and adopt: “RESOLVED THAT Mr. Vinesh Kumar Jairath (DIN:00391684) a. the Audited Financial Statement of the Company for the who was appointed by the Board of Directors as an Additional Financial Year ended 31st March, 2017, together with the Director of the Company with effect from 9th February, 2017 and Reports of the Board of Directors and the Auditors thereon; who holds office upto the date of this Annual General Meeting of the Company in terms of Section 161 of the Companies Act, 2013 b. the Audited Consolidated Financial Statement of the but who is eligible for appointment and has consented to act as st Company for the Financial Year ended 31 March, 2017, a Director of the Company and in respect of whom the Company together with the Report of the Auditors thereon. has received a notice in writing from a Member under Section 2. To declare dividend on equity shares. 160 of the Companies Act , 2013 proposing his candidature for the office of Director of the Company, be and is hereby appointed 3. To appoint a Director in place of Mr. Ness N. Wadia (DIN: as a Director of the Company. 00036049), who retires by rotation in terms of Section 152 of the Companies Act, 2013 and being eligible, offers himself for RESOLVED FURTHER THAT pursuant to the provisions of re-appointment. Sections 149, 160 and other applicable provisions, if any, of the Companies Act, 2013 (“Act”) and the Rules framed there under 4. To appoint Auditors and to fix their remuneration and in this read with Schedule IV to the Act and applicable provisions of regard to consider and, if thought fit, to pass the following the Securities and Exchange Board of India (Listing Obligations resolution as an Ordinary Resolution: and Disclosure Requirements) Regulations, 2015 (including any “RESOLVED THAT pursuant to the provisions of Sections 139, statutory modification(s) or re-enactment(s) thereof, for the 142 and other applicable provisions, if any, of the Companies Act, time being in force), Mr. Vinesh Kumar Jairath (DIN:00391684), 2013 (including any statutory modification(s) or re-enactment a Non-Executive Director of the Company, who has submitted thereof, for the time being in force), M/s. Kalyaniwalla & Mistry a declaration that he meets the criteria for independence LLP, Chartered Accountants, Mumbai, (Firm Registration No. as provided in Section 149 of the Act and who is eligible for 104607W/W100166), be and are hereby appointed as the appointment, be and is hereby appointed as an Independent Statutory Auditors of the Company, to hold office from the Director of the Company, not liable to retire by rotation for a th th conclusion of this Annual General Meeting till the conclusion period of five years with effect from 9 February, 2017 upto 8 of the next Annual General Meeting, on such remuneration as February, 2022.” shall be fixed by the Board of Directors in consultation with the 7. To consider and if thought fit, to pass, the following resolution as Auditors plus applicable taxes and reimbursement of travelling an Ordinary Resolution: and out of pocket expenses incurred by them for the purpose of audit.” “RESOLVED THAT Dr. (Mrs.) Minnie Bodhanwala (DIN:00422067) who was appointed by the Board of Directors as an Additional SPECIAL BUSINESS: Director of the Company with effect from 29th March, 2017 and 5. To consider and, if thought fit, to pass, the following resolution as who holds office upto the date of this Annual General Meeting of an Ordinary Resolution: the Company in terms of Section 161 of the Companies Act, 2013 (“Act”) but who is eligible for appointment and has consented The Bombay Dyeing And Manufacturing Company Limited | Annual Report 2016-17 3 to act as a Director of the Company and in respect of whom the the meeting. A Proxy form is sent herewith.
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