Transcendent talent was on abundant display when non-executive employees of Brandix took to the stage to showcase their proficiency in singing and dancing at the finals of two spectacular talent competitions conducted recently by Sri Lanka’s single largest apparel exporter.

Demonstrating that there is much more to life at Brandix than the production line, men and women from the Group’s manufacturing facilities in Sri Lanka sang their hearts out for the crown of the ‘Brandix Gee Tharuwa’ (Brandix Singing Star) while others brought the stage to psychedelic life as they danced for the title of ‘Brandix Narthana Tharu’ (Brandix Dancing Stars) at the Sugathadasa Indoor Stadium.

Conducted with the aim of inspiring the workforce, encouraging employees to harness their talents to the fullest potential and building team spirit, the two competitions saw six troupes of dancers shortlisted to perform at the final round of the dancing competition from 22 teams that participated in the early rounds. The finals of the singing competition were contested by the four best singers chosen from 300 who entered the contest.

More than 5,000 of their colleagues from Brandix factories in Sri Lanka, India and Bangladesh were present to cheer them on, as the finalists wowed the accomplished professional artistes on the panels of judges with sparkling performances that were the high point of the 5th annual ‘Rasadiya Mangalya’ of the Brandix Group – a day-long celebration of sporting prowess, work performance and aesthetic talent.

The Brandix ‘Rasadiya Narthana Tharu’ title was won by the eight-member dance troupe of Brandix Apparel Solutions Limited (BASL) – Finishing, Ratmalana for the second year in succession, beating BASL – Finishing, Avissawella, the 1st Runner-up and Textured Jersey Lanka PLC which was placed third.

The Brandix ‘Rasadiya Gee Tharuwa’ for 2015 was Hansani Sandamali of BASL – Casualwear, Ratmalana, while the runners up were Nuwan Sanjeewa of BASL – Lingerie, Wathupitiwala, Milinda Fernando of BASL – Casualwear, Ekala and Bhagya Jayamali of BASL – Intimate Apparel, Katunayake.

The judging panel for the finals of the Gee Tharuwa comprised of Nirosha Wirajini, Keerthi Pasqual and Chamika Sirimanna, while the Narthana Tharu final was judged by Kevin Nugara, Rajini Selvanayagam and Pradeepa Ariyawansa.

One of the largest suppliers of apparel to top retail brands in the US and Europe, and the winner of two top awards for Human Resource Management at the 2015 National HRM Awards, the Brandix Group employs more than 48,000 people at several integrated manufacturing facilities in Sri Lanka, a 1,000 acre Industrial Park in India and a large operation in Bangladesh.

Apparel sector associates from Sri Lanka, India and Bangladesh united by their employer Brandix, were honoured at a spectacular celebration of excellence when Sri Lanka’s single largest apparel exporter hosted its annual ‘Rasadiya Mangalya’ in Colombo recently.

The Group, which employs more than 48,000 people, felicitated and rewarded 41 Employees of the Year (EOYs), seven Supervisors of the Year (SOYs) and four executives from Brandix factories in the three countries at a day-long event at the Sugathadasa Indoor Stadium.

Ten of the Employees of the Year and three of the Supervisors of the Year were from Brandix’s offshore factories, highlighting the growing integration of the Group’s operations in the South Asian region. Each Employee of the Year and Supervisor of the Year received a handsome trophy of appreciation as well as a company-sponsored seven day study tour to China, India or Bangladesh, and in Sri Lanka for those attached to the Group’s overseas plants.

In its fifth year, the festival dedicated to multidimensional excellence included the finals of the annual Brandix ‘Rasadiya Kusalanaya’ Volleyball tournament for non-executive staff, the awards for the winners of the Brandix ‘Mech Challenge’ – an annual Gro-wide competition in mechanical proficiency, and the finals of the ‘Rasadiya Gee Tharuwa’ and the ‘Rasadiya Narthana Tharu’ – competitions that stimulate the development of skills in singing and dancing among Brandix associates across the country.

A new feature introduced this year was the presentation of an award of Rs 1 million and a trophy to the ‘Rasadiya Hiru’ – the factory that excels at meeting Human Resources KPIs. This year’s award went to Brandix Apparel Solutions Limited – Intimate Apparel (Uknits), Mirigama.

Speaking at the event, Brandix Chief People Officer Ishan Dantanarayana said the ‘Rasadiya Mangalya’ inspires thousands of employees to come together as one family and one enterprise on a journey of excellence with a common goal that extends across the Group. “Employees are the lifeblood of our business,” he said, stressing that this event is a good example of the degree to which Brandix appreciates the skills, potential and passion of its 48,000 associates. “Let’s get together as one family, have fun and take Brandix to even greater success by achieving our vision of providing inspired solutions to our global customers,” Mr Dantanarayana said.

Brandix’s Employees of the Year and Supervisors of the Year were selected through a comprehensive process designed to select employees in the Associate, Staff and the Supervisory categories who have excelled in performance and made significant contributions to the overall business and the Brandix team while demonstrating a potential to grow.

Over 5,000 Brandix associates filled the Indoor Stadium to cheer their colleagues rewarded for operational excellence and to support the teams competing in Volleyball, the national sport and the sport adopted by Brandix, as well as those competing in the performing arts.

Entertainment for the event was provided by the popular singing duo Umaria and Sachith Pieris, the versatile Bhathiya & Santhush and the dance troupe of the Sri Lanka Army as well as by the associates who won the Brandix Rasadiya Gee Tharuwa singing competition and the troupes that won the Rasadiya Narthana Tharu dancing competition.

One of the largest suppliers of apparel to top retail brands in the US and Europe, and the winner of two top awards for Human Resource Management at the 2015 National HRM Awards, the Brandix Group’s operations encompasses 31 integrated manufacturing facilities in Sri Lanka, a 1,000 acre Industrial Park in India and a large operation in Bangladesh.

Textured Jersey Lanka PLC (TJL) recorded its highest ever annual net profit of Rs. 1.3bn for the year ended 31st March 2015, an increase of 16% year-on-year. This result was achieved on the back of a Rs. 512mn net profit for the quarter ended 31st March 2015, representing an impressive 46% year-on-year increase. According to Mr. Bill Lam, Chairman of Textured Jersey, the strong quarterly performance enabled the company conclude the year with a record profit despite the slowdown in sales experienced in the early part of the year, attributed to unusual and extreme weather conditions in the United States.

TJL reported Rs. 3.8bn in sales for 4Q FY2014/15, up 16% year-on-year. As per the statement released, this was mainly due to demand from its main customers being back on track. Additionally, Mr. Lam explained that improved demand conditions coupled with recently added capacity enabled TJL to optimize capacity utilisation and product mix to achieve gross profit margins of 15% for 4Q FY 2014/15 compared to 12% during the same quarter of last year. This in turn allowed the company to increase its gross profit by 45% to Rs. 583mn for 4Q FY2014/15 and drive its annual gross profit to Rs. 1.6bn, up 11% compared to the year before.

The statement further noted that the strong performance at gross profit level allowed TJL to post an operating profit of approximately Rs. 476mn for 4Q FY 2014/15, recording a 52% year-on-year growth at the operating profit level. TJL’s annual operating profit for the year ended 31st March 2015 came in at Rs. 1.2bn, 14% higher year-on-year.

Talking about the balance sheet, Mr. Lam mentioned that TJL continued to maintain its near debt-free balance sheet as at 31st March 2015, with a net cash position of Rs. 1.9bn. Additionally, the Chairman explained that the lower interest rates, combined with a marginally lower cash position versus a year before led to net finance income dropping to Rs. 14mn for 4Q FY2014/15. The net finance income for the year ended 31st March 2015 came in at Rs. 58mn, down 36% compared to the year before.

In his statement, Mr. Lam went on to explain that despite the reduction in finance income, the quarter concluded with a net profit of Rs. 512mn growing 46% year-on-year. The combined effect of added capacity and strong demand recovery in the latter part of the financial year, coupled with solid cost and productivity management enabled TJL to report a record annual net profit of Rs. 1.3bn for FY2014/15 despite challenges.

The statement also mentioned that TJL engaged with Ernst & Young during the quarter to carry out an independent valuation of Ocean India Private Limited and Quenby Lanka Prints Private Limited as part of the initial discussions to further its acquisition plans.

Commenting on the coming year, Mr. Lam stated that the recently enhanced capacity and strategic investments coming into fruition will place TJL on a solid growth platform. The Chairman concluded by stating that as regional expansion plans move forward to secure TJL’s long term growth trajectory, the prospects of GSP+ being reinstated in the future would further augment TJL’s current momentum.

Company poised for further growth through Quenby purchase

27th May 2015: Strong on the heels of a solid year of growth and profitability, Sri Lanka’s leading Textile Mill, Textured Jersey Lanka PLC (TJL) took yet another step towards longer term growth and customer centric solutions provision. Pursuant to a prior disclosure made, the Board of Directors of Textured Jersey Lanka PLC informed the Stock Exchange on Tuesday, 26th May 2015 that they have decided to proceed with the acquisition of Quenby Lanka Prints (Pvt) Ltd (‘Quenby Lanka’).

In February 2015, TJL initiated the valuation and due diligence study for the potential acquisition and subsequent to discussions between the relevant parties, a purchase price of US$ 3.5 million was agreed upon. Reflecting the strength of a strong balance sheet, the entire consideration is due to be paid out in cash to the shareholders of Quenby Lanka in order to acquire the shares of the company. The transaction will be concluded upon the completion of all regulatory approvals and formalities.

Textured Jersey is Sri Lanka’s leading Fabric Mill which offers a range of innovative cutting-edge fabric solutions to some of the most demanding customers in the world. Last year, TJL’s profits grew by 16% and exceeded US$ 10 million. TJL’s CEO Sriyan de Silva Wijeyeratne stated that he was excited by the move and the synergy it would bring, and added that it presented a clear indication of the company moving aggressively towards its next phase of growth to pursue its vision of being one of the leading Fabric Mills in South Asia.

Quenby Lanka, an equal joint venture between Brandix Lanka Limited and Trust Family Industries, Inc., is a leading Fabric Printer in Sri Lanka. Quenby’s facility is located on 4.4 acres of land in the Seethawaka Industrial Park, in close proximity to TJL. Therefore, in addition to the printing capability enhancement for TJL, the acquisition also offers potential for further capacity optimization and margin improvement through synergies.

As a strategically located vendor, Quenby Lanka has developed a strong working relationship with TJL, and this link sees a natural culmination through the acquisition. The relationship would help speed up the business integration process and launch TJL to the next level of solutions provision and innovation, adding significant long-term value to its shareholders. TJL had also previously intimated their interest in yet another company, Ocean India (Pvt) Ltd, and these discussions are also ongoing. TJL’s major shareholders are Pacific Textiles from Hong Kong, and the Brandix Group, with the local Public owning 30% of the company.

Becomes one of the largest mills in South Asia with these moves

Barely weeks after being crowned the overall victor at the World Textile Awards in London and winning the prestigious title ‘Firm of The Year’, Textured Jersey Lanka PLC today announced the intended acquisition of Ocean India (Pvt) Ltd. Further to the disclosure made in February with regard to the initiation of independent valuations and due diligence studies with a view to acquiring a controlling stake in Ocean India (Pvt) Ltd., a company that carries out a knit fabric manufacturing operation in Visakhapatnam, India (“Ocean India”), the Board of Directors of Textured Jersey Lanka PLC (‘TJL’) has decided to acquire, subject to obtaining the necessary corporate and regulatory approvals therefor, the entirety of the issued shares of Ocean Mauritius Limited, a company incorporated in Mauritius which is the parent company of Ocean India.

The total consideration payable by TJL to the selling shareholders, namely, Brandix Group (“Brandix”), Jacob BAC Ltd, Compagnie Mauricenne de Textile Ltee and Pioneer Elastic Holdings Ltd, is USD 15 million. Supported through a strong Balance Sheet and due to its sound business performance, TJL will pay due consideration to the selling shareholders in the form of 50% of the consideration to be paid in cash and the balance 50% to be paid by the issue of shares in TJL to the selling shareholders.

Pursuant to the above, the Board of Directors of TJL has decided to issue, subject to obtaining the necessary corporate and regulatory approvals therefor, 35,197,368 ordinary voting shares of TJL, by way of a share swap, to the selling shareholders in consideration of the transfer by the selling shareholders to TJL of 17,815,000 shares in Ocean Mauritius. The issue of the said shares by way of a share swap is subject to the Colombo Stock Exchange approving in principle the issue and listing of such shares and obtaining shareholder approval at a general meeting.

Preceding this decision, TJL had just recently acquired Quenby Lanka Prints (Private) Limited, and this new acquisition brings TJL to an entirely different platform. TJL will thus become the only Sri Lankan based multinational Fabric Mill, and the leading textile player in South Asia. Commenting on this move, TJL’s CEO Sriyan de Silva Wijeyeratne said “The solution flexibility Textured Jersey now possesses will bring significant benefits, shorter lead times and stronger innovation capabilities to our growing customer base. Shareholders too should see greater synergy and long term growth prospects as a result of these bold moves.” 

The Board of Directors also announced that TJL has been informed by one of its major shareholders Pacific Textured Jersey Holdings Limited (“Pacific”), who presently holds 39.65% of the issued shares of TJL, that Pacific proposes to sell, a part of the shares held by it in TJL, amounting to approximately 10% of the total issued shares of TJL. 

TJL has been further informed by Pacific and Brandix, the two major shareholders of TJL, that Pacific and Brandix are, pursuant to an agreement reached between them, acting in concert within the meaning of the Company Takeovers and Mergers Code 1995 and that Pacific and Brandix have agreed to maintain a collective shareholding in TJL of not less than 51% of the issued shares thereof, for a period of at least 5 years. The strong long term commitments by Sri Lanka’s leading Apparel Exporter Brandix, and one of Asia’s Largest Fabric Mills, Pacific, are bound to ensure that TJL will receive the stewardship and strategic insight to continue its growth momentum. These moves will also provide other shareholder and the Public with greater opportunity to be part of the TJL’s exciting future. With the GSP+ conversations in the background, local production would expect to benefit from any decision which may transpire in the times ahead. 

Incorporated fifteen years ago, and now listed on the Colombo Stock Exchange, TJL leads the Sri Lankan Fabric Industry through Innovation and Sustainability, and is amongst the LMD top 50 companies in Sri Lanka. The company supplies to some of the best international brands including Marks & Spencer, Victoria’s Secret, Intimissimi, Tezenis and Calvin Klein.