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Peninsula Land Ltd. Company History and Annual Growth Details

1871 - Morarjee Goculdas Spinning & Weaving Company Limited was
incorporated on 10th August at Mumbai.

- The main objective of the company is to manufacture cotton
textile goods. The products manufactured are drills, mulls,
satins, coatings, sarees, sheeting, crepe poplins, shirtings,
dhoties, table cloth, towels, voils, prints, etc. Counts ranging
from 6s to 120s are spun and the cloth width ranges from 26' to
75'. The Mills are equipped to carry out bleaching, dyeing,
mercerising, printing, schreinering, calendering and yarn.

1963 - 23,000 right equity shares offered at par in prop. 4:9.

1970 - The company floated a subsidiary under the name and style of
Gopikisan Piramal Ltd., with a view to develop its exports and to
deal in power loom cloth so that the same may be processed by it.

- Piramal Exports Ltd., and Elphin Investments Ltd., are also
subsidiaries of the Company.

- The Company proposed to issue 12.50% - 17,250 secured
non-convertible debentures of Rs. 100 each in lieu of 6.43%
Preference shares in the proportion 1 Debenture: 1 Preference

- The debentures will be repaid at par at the end of 10 years from
the date of allotment with an option to the Company to repay the
amount in instalments by drawing lots at any time.

1971 - 74,750 Bonus equity shares issued in prop. 1:1.

1972 - 37,375 bonus equity shares issued in prop. 1:4.

1977 - 193,437 Bonus equity shares issued in prop. 1:2.

1979 - With effect from 12th March, the company purchased the assets of
pharmaceutical division of Kemp & Co. Ltd. The results of
pharmaceutical division till the end of June were not upto
expectations. Plant and machinery of pharmaceutical and chemical
division have not been used for production purposes since 1980
and were being dismantled.

1980 - On 26th April, the company signed an agreement for the purchase
of the textile unit of Sayaji Mills Ltd., known as Sayaji Mills
No. 2 located at Lower Parel, Mumbai.

- In November, the company purchased the assets of the chemical
division of Urvi Investments Ltd., known as Piramal Organic
Chemicals. Priamal Organic Chemical division worked only for a
few days as there was a prolonged strike upto the end of June

1981 - 1,40,156 bonus equity shares allotted on 28.2.1981 in prop. 1:2.

1989 - A modernisation scheme to ensure adequate availability of high
quality products for export market was drawn.

1990 - A project for the manufacture of twist drills at Ankleshwar was

1991 - Efforts in reviving Davangere were beginning to bear fruit in
terms of improved productivity and higher realisation.

- Auto Ancillary division continued to be affected by the recession
in the domestic automotive industry. The loss in domestic sales
was largely made up by a sharp rise in exports. During the year,
an alternator was developed for export to Germany.

- The Morarjee Goculdas Spinning & Weaving Co., Ltd. were allotted
without payment in cash to shareholders of Davangere Cotton
Mills, Ltd. in the proportion of 10 Morarjee: 15 Davangere.

1992 - During demand for textile products was weak in the first nine
months and showed signs of improvement in the last quarter.
There was a sharp increase in cotton prices as well as power

- Satisfactory sales performance was registered in tool bits,
hacksaws and band saws. However, in drill and end mills the
offtake was affected due to stagnant market conditions in
domestic as well as exports markets.

- Recession continued to affect domestic automotive industry.
Exports showed a phenomenal rise of 265%.

- During September, the Company offered 39,09,306 Rights equity
shares of Rs. 10 each at a premium of Rs. 115 per share and in
proportion 1:3.

- PMP Auto Industries, Ltd., a wholly owned subsidiary of S.S.
Miranda, Ltd., was amalgamated with the holding Company. S.S.
Miranda was then to be amalgamated with The Morarjee Goculdas
Spinning & Weaving Co., Ltd. PMP is in the business of
manufacturing and dealing in various automobile parts and has two
manufacturing plants on at Goregaon in Mumbai and the other at
Satara in the State of Maharashtra. S.S. Miranda Ltd., is in the
business of manufacturing and dealing in cutting tools and tool
bit blanks for engineering industries and has two manufacturing
plants, one at Mumbai and the other at Ankleshwar.

- The Scheme of Amalgamation provides for an exchange ratio of one
equity share of Rs. 10 each of the Morarjee Goculdas Spg. & Wvg.
Co., Ltd. for every one equity share of Rs 10 each of S.S.
Miranda, Ltd. Accordingly, 16,00,000 No. of Equity shares of Rs
10 each of the Company were allotted to the erstwhile
shareholders of SSM during 1991-92.

- The rehabilitation scheme for Davangere Cotton Mills, Ltd.,
based on its merger with Morarjee Mills with effect from 1st
July, 1991 was approved by BIFR. Consequent upon this merger,
50,667 No. of equity shares of Rs 10 each of The Morarjee
Goculdas Spinning & Weaving Co., Ltd. were allotted without
payment in cash to shareholders of Davangere Cotton Mills, Ltd.
in the propn. of 10 Morarjee: 15 Davangere.

1993 - Cotton prices increased by 30% due to lower crop production and
Government's policies pertaining to export of cotton. Despite
these, the Company managed to hold its gains through strategic
procurement policies, upgradation of facilities, increase in
productivity etc. During the year, 'Hazel' range of salwar
kameez introduced and it was proposed to set up franchise
operations throughout the country for the same.

- The Tool division enjoyed the benefits of lower raw material
costs due to steep reduction in import duty on steel.

- As per the agreement entered into with TESA, Switzerland the
Company was to receive precision measurement instruments.

- With the recovering of the automotive industry, turnover of OEM
customers improved by 41% over the previous year.

- The Company started Systems division for provision of software
consultancy in the field of information technology besides
other areas of software development.

- The 'Tsudakoma' air jet looms, 'Ruti-C' looms Laxmi Reiter Ring
Frames and other balancing machineries were received as a part
of its modernisation programme. The Company proposed to
modernise its Mumbai and Davangere unit.

- Pref. shares redeemed on 1.7.1992. 39,09,306 right equity shares
(prem. Rs. 115, Prop. 1:3) allotted.

1994 - The Tool division entered into arrangements with Kyoera of Japan,
world leaders of cerment/ceramic cutting tools; L.S. Starrett
Co., of the USA, through their UK subsidiary and Samta of South
Africa for Bi-metal bandsaws.

- 'Robocop', an anti-theft device for cars was introduced.

- 40,00,000 No. of equity shares of Rs. 10 each for cash at a prem.
of Rs. 50 per share was allotted on February 21st, 1995.

1995 - The performance of the Textile Division was severely affected due
to sluggish market condition both in domestic and international
markets coupled with severe competition from power loom sector.
In order to improve realisation of fabric the company implemented
a 2 tier system of marketing. Production at Davangere and Gadag
Units were affected by critical power situation.

- The textile industry continued to be under recession and added to
this was the high costs of inputs. The operations of the company
got further affected due to a fire in the winding & doubling
department of unit No. 1. Hence due to loss of some critical
equipments, the supply of value added exports products suffered
badly. With the upgradation of technology and modernisation of

- The Company has entered into an alliance with the Wakefield Shirt
Company Ltd. of U.K., for manufacturing of 'Double Two' brand of
apparel in India.

- The Company proposed to expand the capacity of Endmill to 25,000
units per month.

- Sales and exports of Auto Ancillary division was affected due to
the labour unrest which lasted for 3 1/3 months. Auto ancillary
business was spun off from the parent company into a separate
company in order to allow expansion or restructuring of the
division in collaboration with a strategic investor.

1996 - The Endmill expansion of the division was completed during the
year taking the total capacity to 20000 units per month.

- The performance of the Textile Division continues to be under
pressure due to sharply escalating costs, Sluggish market
conditions and unfair competition from the powerloom sector.

- The company proposed to expand the Guarantor-Dealer network.
Davangere and Gadag units continue to be affected by the
critical power situation.

- During September the company signed a joint venture agreement
with Cromwell Croup (Holdings) Ltd., U.K. to set up a separate
company to sell, market and distribute company's products.

- The company formed a 50:50 joint venture with Manifattura di
Valle Brembana (MVB) of Italy, to manufacture and market high
quality shirting fabrics. It was commissioned at Butibori near

- The saw business of the Tools Division has been spun off into a
Separate Joint Venture Company 'Miranda Amsaw Pvt. Ltd.' The
joint venture was promoted by the company and American Saw &
Mfg. Co. Ltd., with 50:50 equity participation. Joint venture
commenced operations from 1st July, 1997.

1997 - The Complete modernisation was taken up and the modernised
process house was commissioned on 7th July 1998. This was
carried out with the technological support of joint venture
partner M/s. Manifattura, Italy.

- The company took a step towards working closely with reputed
fashion designers to create its own design to cater the emerging
fashion trends. A major restructuring was undertaken at
Davangere works to reduce costs and rationalise manufacturing.

- The grey fabrics of the unit were being processed at Mumbai with
a view to reducing costs and also to enable upgradation of

- Exports rose by 22% as the division took advantage of the
weakening Rupee.

- The company undertook to expand the capacity of Taper Shank
drills. The Systems Division also undertook to expand the
capacity of endmill production.

1998 - Modernisation & Expansion division also undertook to expand the
capacity of endmill production.

2002- Morarjee Goculdas Spinning & Weaving Company Ltd has informed that, it has reappointed Mr P K Gothi the Managing Director of the Company from January 22, 2002 for a period of five years. Mr Jaydev Mody has been appointed as a Director of the Company liable to retire by rotation.


-The Morarjee Gokuldas Spinning & Weaving Co. Ltd has informed that the Honourable High Court of Judicature at Bombay has directed that a meeting of the Equity Shareholders of the Company be convened on January 15, 2004 for the purpose of considering the Scheme of Arrangement proposed to be made between The Morarjee Gokuldas Spinning & Weaving Co. Ltd and Canere Actives & Fine Chemicals Pvt. Ltd., and their respective members, for the demerger/transfer of the Tools Division of The Morarjee Gokuldas Spinning & Weaving Co. Ltd to Canere Actives & Fine Chemicals Pvt. Ltd., The Company also informed that, an Extraordinary General Meeting of the Company has also been convened on January 15, 2004, to be held soon after the conclusion of the aforesaid Court Convened Meeting for seeking shareholders approval for: (1) Debiting Share Premium Acccount pursuant to Section 100 r/w Section 78 of the Companies Act, 1956. (2) Change of Name of the Company to Morarjee Realities Ltd; (3) Approval to the appointment of Mr. Jaydev Mody as Managing Director w.e.f November 26, 2003.

-Morarjee Gokuldas Spinning & Weaving Co. Ltd Change of name of the Company

- Peninsula Land Limited has shifted the Registered office of the Company w.e.f from 15th February, 2007 : From: 106 Peninsula Centre, Dr S S Rao Road, Parel, Mumbai 400 012. To Peninsula Spenta, Mathuradas Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013. Telephone No. 6615 4651 - 53. Fax No 6615 4593.

- The Company has splits its face value from Rs10/- to Rs2/-.
Oct 24, 12:00 am
Oct 24, 4:14 pm
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