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INDUSTRY INSIGHT April 2005 INDIAN TEXTILES Disclaimer: All information
contained in this report has been obtained from sources believed to be accurate
by Cygnus Business Consulting and Research (Cygnus). While reasonable care has
been taken in its preparation, Cygnus makes no representation or warranty,
express or implied, as to the accuracy, timeliness or completeness of any such
information. The information contained herein may be changed without notice. All
information should be considered solely as statements of opinion and Cygnus will
not be liable for any loss incurred by users from any use of the publication or
contents Cygnus Business Consulting & Research 4th & 5th Floors, Astral Heights,
Road No. 1, Banjara Hills, Hyderabad-500034, India Tel: +91-40-23430203-07, Fax:
+91-40-23430208, E-mail: info@cygnusindia.com Website:ww w.cyg nusindia .com
Industry Insight – Indian Textiles 2 Table of Contents 1. EXECUTIVE
SUMMARY.........................................................................
.....
4 2.
HIGHLIGHTS......................................................................
..........................
6 3. INDUSTRY
STRUCTURE.......................................................................
........
7 3.1 Indian Textile
Industry........................................................................
.....................
7 3.2
Overview........................................................................
..........................................
7 3.2.1. Global
Scenario........................................................................
...................
7 3.2.2 Indian
Scenario........................................................................
.....................
8 3.3 Contribution of Textile Industry in
2004-05........................................................... 9 3.4
Production of
Textiles........................................................................
.....................
9 3.5 Growth
Projections.....................................................................
..........................
11 4. IMPORTS &
EXPORTS.........................................................................
......
14 4.1 Textile
Exports:........................................................................
...............................
14 5.
REGULATIONS.....................................................................
.....................
16 5.1 Foreign Direct
Investment......................................................................
.............
16 5.2 Labor
laws............................................................................
..................................
18 5.3 Intellectual Property
Rights..........................................................................
........
18 6. MAJOR
PLAYERS.........................................................................
............
19 6.1 Indian
Rayon...........................................................................
..............................
19 6.2 Arvind
Mills...........................................................................
..................................
23 6.3
Raymond.........................................................................
......................................
27 6.4 Alok
Textiles........................................................................
....................................
31 6.5 Century
Textiles........................................................................
.............................
35 6.6 Bombay
Dyeing..........................................................................
..........................
39 6.7 Indo Rama
Synthetics......................................................................
....................
43 6.8 Welspun
India...........................................................................
.............................
47
Industry Insight – Indian Textiles 3 6.9 Vardhman Spinning
Mills...........................................................................
..........
51 6.10 Himatsingka
Seide...........................................................................
...................
55 7. GROWTH
DRIVERS.........................................................................
.........
59 8.
OUTLOOK.........................................................................
........................
60 BIBLIOGRAPHY &
REFERENCES.................................................................. 61
ANNEXURE........................................................................
...........................
62 A) Textile
policy..........................................................................
.................................
62 B) Industry
Associations....................................................................
..........................
63
Industry Insight – Indian Textiles 4 1. EXECUTIVE SUMMARY The phasing out of
world trade quotas from January, 2005, thrust Indian textile industry into a new
era where it not only needs to fend for itself in the global markets, but also
faces competition from global players in its own backyard. Undoubtedly the
removal of quota restrictions presents India with an opportunity to increase its
share of global market. But India needs to reform its laws, modernize machinery
and scale up capacities to global level to exploit this opportunity. Textile is
among the leading sectors in the Indian economy in terms of production, exports,
employment and contribution to the exchequer. According to Confederation of
Indian Industry (CII), textile industry has high growth potential given inherent
strengths such as abundant raw materials, low labor cost and a thriving domestic
market. Textile industry is also important from a foreign exchange and
employment perspective. Indian textile industry comprises a diverse, fragmented
group of establishments that produce and/or process textile-related products
(fiber, yarn, fabric) for further processing into apparel, home furnishings, and
industrial goods. The total production of cloth by all sectors that is mill,
power loom, handloom, hosiery and khadi, wool and silk was 42,708 million square
meters (provisional) in 2003-04 and expected to touch 44,322 million square
meters in 2004-05. India accounted for 22 per cent of the world installed
capacity of spindles in 2004. India has a share of 14 per cent in US$31 billion
global cotton export trade. Not surprisingly, cotton yarn accounts for a large
portion of yarn production in the country. The country has the largest cotton
acreage of nine million hectares in world. In fiscal 2003-04, India’s cotton
production totaled 2.84 million tons making it the third largest producer of
cotton in the world, accounting for 13.90 per cent of the global production. But
India fares poorly in terms of productivity due to heavy dependence on
rainfall—about 65 per cent of area under cotton is rain-fed. The country has
also made headway in denim. The denim sales are projected to grow at about 15
per cent in 2005- 06. Arvind Mills is the largest denim player in India. India
ranks fourth in staple fiber production and sixth in filament yarn production.
The synthetic fiber industry performed well in 2003-04 due to higher demand.
Demand for Partially oriented yarn (POY) is expected to go up by seven per cent
and polyester staple fiber by five per cent in 2005. The growth will be driven
by improving price competitiveness of polyester vis-à-vis cotton yarn and the
rising share of synthetic fiber in cloth production. Polyester has also
benefited form progressive reduction of excise duty from 64 per cent in 1994 to
24 per cent in 2003-04. Indian textile exports have been growing at a rate of
5-7 per cent and expected to grow at a rate of 15-16 per cent in 2005-06. The
share of textile and garment exports in India’s total exports stood at 20 per
cent in 2003- 04, amounting to US$12.5 billion. Major export destinations for
textiles include US, Europe, UAE, Hong Kong and Japan. US, EU and Canada
accounted for nearly 70 per cent of India’s garment exports and 44 per cent of
India’s textile exports. Among other countries, UAE is the largest market for
Indian textiles and garments; Key exports include sheets and towels. The players
that performed well in fiscal 2003-04 include Indian Rayon, Alok Industries,
Raymond and Vardhman. Indian Rayon posted good results largely due to improved
performance of its garment division. Raymond and Vardhman posted better sales
owing to higher exports. Century Textiles, however, focused more on its cement
business. CRISIL, the Indian credit rating agency, believes Indian textile
industry can grow from US$36 billion in 2004 to US$85 billion in 2010. Main
growth drivers for Indian textile industry include low labor costs, competent
Industry Insight – Indian Textiles 5 technocrats, abundant raw materials,
efficient supply chain network, new product development and increased presence
in branded apparels among others. Investment in scaling up production and modern
machinery will also help Indian textile companies in coping with growing
competition in the domestic market. The Union government of India is opening up
domestic market to foreign investment. Earlier, the government kept foreign
investment out of textile and apparel manufacturing. Now it is gradually lifting
these restrictions. At the same time, India has introduced a National Textile
Policy in 2000 aimed at improving growth prospects and competitiveness of Indian
textile industry. Through NTP 2000, Indian Government hopes to boost textile and
apparel exports from US$11 billion in 2000 to US$50 billion in 2010.
Furthermore, the Ministry of Agriculture and the Ministry of Textiles have
jointly taken up Cotton Technology Mission in February 2000 to make available
quality cotton to the industry through initiatives such as raising productivity,
improving research, reducing contamination, tackling obsolete ginning and
pressing factories, improving storage facilities and strengthening marketing.
Restrictive labor laws, outdated machinery and conservative government policies
have held back Indian textiles industry from fulfilling its potential. Other
constraints include contaminated cotton, high cost of clean water, steep power
tariffs and low productivity per spindle. High interest rates, meanwhile,
discourage modernization of machinery. Now the lifting of world trade quota
restrictions offers India with an opportunity to increase its share of the
global textile market particularly in value-added segments such as apparel
exports. Management consultant Mckinsey believes that India can capture a five
per cent share of global apparel exports market by 2008 if government
accelerates regulatory reforms and Indian producers become competitive. Indeed
India has the potential to emulate China if government and industry work
together.
Industry Insight – Indian Textiles 6 2. HIGHLIGHTS • Indian textile industry,
according to Ministry of Textiles, constitutes 20 per cent of industrial
production, 9 per cent of excise collections and 18 per cent of employment in
industrial sector. • India with its share of 14 per cent in the US$31 billion
global cotton textiles trade is second only to China in the global market. •
Indian textiles industry accounted for share of 37 per cent of country’s gross
export earnings and four per cent of gross domestic product in 2003-04. It has
been growing at a rate of 5-7 per cent and expected to grow at the rate of 15-16
per cent in 2005–06. • India accounts for 22 per cent of the world installed
capacity of spindles. It is one of the largest exporters of yarns in the
international market. The industry accounts for 25 per cent share of world trade
in cotton yarn. Indian industry has the largest cotton acreage of nine million
hectares. • India ranks fourth in terms of staple fiber production and sixth in
filament yarn production. • A study of CRISIL, the Indian credit rating agency,
says Indian textile industry can grow from US$36 billion in 2004 to US$85
billion in 2010. • Indian government has relaxed rules in Special Economic
Zones. • Sheets and towels, which make up 40 per cent of the industry s sales,
are the two largest product categories. US is the world s largest market for
terry towels and Home Textiles, accounting for around 50 per cent of the
industry s sales in value, and 30-33 per cent in volumes. • US and European
Union (EU) together account for 70 per cent of the world s home textile imports.
Among the other countries, Japan, Australia and New Zealand are the biggest
consumers of home textiles. • The Union government of India is opening up
domestic market to foreign investment. Earlier, the government kept foreign
investment out of textile and apparel manufacturing. • India has introduced a
National Textile Policy in 2000 to improve growth prospects and competitiveness
of Indian textile industry. Through NTP 2000, Indian Government hopes to boost
textile and apparel exports from US$11 billion in 2000 to US$50 billion in 2010.
• Ministry of Agriculture and the Ministry of Textiles have jointly taken up
Cotton Technology Mission in February 2000 to make available quality cotton to
the industry • Main growth drivers for Indian textile industry include low labor
costs, abundant raw materials, efficient supply chain network, new product
development and increased presence in branded apparels among others. •
Management consultant, Mckinsey, believes that India can capture a five per cent
share of global apparel exports market by 2008 if government accelerates
regulatory reforms and Indian producers become competitive.
Industry Insight – Indian Textiles 7 3. INDUSTRY STRUCTURE 3.1 Indian Textile
Industry Indian textile industry comprises a diverse, fragmented group of
establishments that produce and/or process textile-related products (fiber,
yarn, fabric) for further processing into apparel, home furnishings, and
industrial goods. Indian textile sector comprises spinning sector, consisting of
mainly medium to heavy counts. Small weaving and processing firms operating in
handloom and power loom sector undertake most of the weaving and fabric
processing activity. Weaving and processing activity in composite mills sector
has gone down considerably due to the closure of many composite mills in recent
past. In its broadest sense, Indian textile industry comprises: • Spinning units
• Weaving units • Processing units • Composite units Spinning: India is the
third largest producer of cotton in the world. It also has a strong production
base for synthetic fibres. Indian spinning industry is dominated by cotton yarn.
With an installed capacity of 40 million spindles, India accounts for about 22
per cent of the world s spindle capacity. This segment is concentrated in
Gujarat, Tamil Nadu, Maharashtra and Madhya Pradesh. Weaving and knitting: The
woven fabric production industry can be divided into three sectors: power loom,
handloom and mill sector. The decentralized power loom sector accounts for 95
per cent of the total cloth production. The knitted fabric forms 18 per cent of
the total fabric production. India is equipped with 1.80 million shuttle looms
(45% of the world), 0.02 million shuttle less looms (3% of the world) and 3.90
million handlooms (85% of world).This segment is concentrated in Tamil Nadu and
Gujarat. Processing Industry: Processing is the weakest link in India s entire
textile value chain. The processing industry is largely decentralized and marked
by hand processing units and independent processing units. Composite mill
sectors are very few falling into the organized category. Indian processing
industry has deployed low end technology with little investment initiative in
technology upgradation. The decentralized processing industry lacks R&D and
innovation. Garment manufacturing: The apparel industry is the largest foreign
exchange earner accounting for 12 per cent of India s exports in 2003-04. Small
scale fabricators dominate garment manufacturing. Most garment manufacturing
units fare reasonably well on the technology count. 3.2 Overview 3.2.1. Global
Scenario The global textile and clothing industry is worth over US$4,395 billion
with clothing accounting for 60 per cent of the market and textiles remaining 40
per cent. USA and European Union (EU) together dominate consumption, accounting
for 64 per cent of clothing consumption and 39 per cent of textiles consumption
in 2004.
Industry Insight – Indian Textiles 8 USA is the largest market for home
textiles and Terry towels. The US market alone accounts for US$15 billion and
growing at five per cent a year. Sheets and towels, which make up 40 per cent of
the industry s sales, are the two largest product categories. USA and EU
together account for a majority of world s home textile imports. Among the other
countries, Japan, Australia and New Zealand are the biggest consumers of home
textiles. With World Trade Organization (WTO) replacing multi-fiber agreement
(MFA), global textile industry is slated to undergo major structural changes.
The globalization of the textile trade will increase sourcing from developing
countries owing to low labor costs and indigenous fiber supplies. The countries
such as China and India, who are already out of the quota system, will benefit
post March 2005. China is the leading textile exporter in the world. Pakistan is
also emerging as one of the major cotton textile product suppliers in the world
market with a 30 per cent share of world yarn trade and eight per cent share of
cotton fabrics. Its total export amounted to US$7.4 billion in 2003-04. Asian
countries such as India, Pakistan and China, have a competitive advantage thanks
to large cotton cultivation base and low cost labor. 3.2.2 Indian Scenario
Indian textile industry encompasses a range of activities from production of raw
materials to providing the consumers with high value-added products (fabrics and
garments). Textile Industry plays a significant role in Indian economy.
According to Ministry of Textiles, it constitutes 20 per cent of industrial
production, 9 per cent of excise collections and 18 per cent of employment in
industrial sector. Indian textile industry has a high growth potential because
textile business is labor intensive where India has a natural advantage.
However, despite these advantages, industry performance has been sub-optimal in
comparison to other countries. India’s share in re-location of world trade has
been extremely low in comparison to countries like China and even Sri Lanka and
Bangladesh. Indian Textile Industry is the second largest in the world in cotton
trade. It has the largest cotton acreage of nine million hectares. It is the
third largest producer of cotton fiber. It ranks fourth in terms of staple fiber
production and fourth in polyester yarn production. Position of Indian Textile
in Global Arena Product Rank Cotton exports 2 Jute production 1 Cotton
production 3 Silk production 2 Synthetic fiber manufacturing 4 No. of looms 1
No. of spindles 2 Source: Cygnus Research Source: Cygnus Research Key Textile
Exporters 200436% 25% 23% 10% 6% China Hong Kong Korea Taiwan Indonesia
Industry Insight – Indian Textiles 9 3.3 Contribution of Textile Industry in
2004-05 India with its share of 14 per cent in the US$31 billion global cotton
textiles trade is second only to China in the global market. Indian textiles
constituted four per cent of gross domestic product in 2003-04. It has been
growing at a rate of 5-7 per cent and expected to grow at a rate of 15-16 per
cent in 2005-06. This industry contributed about 30 million as direct
employment. . Man-made and blended fabrics amounted to 60 per cent of the total
fabric consumption in 2003-04. 3.4 Production of Textiles The total production
of cloth by all sectors i.e. mill, power loom, handloom, hosiery and khadi, wool
and silk was 42,708 million square meters (provisional) in 2003-04 and expected
to move up to 44,322 million square meters in 2004-05 based on sector-wise
annual growth during the last five years at 3.78 per cent. The per capita
availability of cloth during 2003-04 was provisionally estimated at 31.24 square
meters and forecast to remain at the same level in 2004-05. Sector-wise Textile
Production 2003-04 Fibers Production ‘000 metric tons Viscose staple Fiber 225
Polyester staple Fiber 582 Acrylic staple Fiber 105 Polypropylene Fiber 2
Filaments Polyester Filament Yarn 993 Viscose Filament Yarn 51 Nylon Filament
Yarn 30 Power Loom Sector The decentralized power loom sector plays a pivotal
role in meeting the clothing needs of the country. This sector not only
contributes significantly to the cloth production in the country, but also
provides employment to millions of people. The power loom industry produces a
wide variety of cloth, both greys as well as processed with intricate designs.
Power loom fabric also successfully competes in the global market and
contributes to the export earnings of the country. The provisional production of
cloth in the decentralized power loom sector was 27,258 million square meters in
2003-04 while employment generation totaled 4.59 million (provisional). Handloom
Sector The handloom sector is one of the key economic activities in India. About
124 lakh persons are engaged in handloom weaving and allied activities. The
production of handloom fabrics has gone up to 5,536 million square meters during
2003-04 (Provisional) from 500 million square meters in the early fifties.
Industry Insight – Indian Textiles 10 Mill Sector Mills production stood at
218.06 million kg during Apr-Sep 2004 as against 194.42 million kg in 2003. The
organized mill sector recorded a significant growth during the last decade, with
the number of spinning mills increasing from 873 to 1,564 by the end of March
2004. Silk Sericulture is an important labor intensive and agro-based cottage
industry, providing gainful employment to more than five million persons in the
rural and semi-urban areas in India. Of these, a sizeable number of workers
belong to the economically weaker sections of society. There is substantial
involvement of women in this industry. India is the second largest producer of
silk in the world. It has the distinction of producing all the four varieties of
silk. In 2003-04, production was 15,700 metric tons, of which mulberry accounted
for 13,930 tons (88.73 per cent), and non-mulberry silks 1,770 tons comprising
varieties such as Eri (8.6%), Tasar 2 (%) and Muga (0.67%). During tenth plan
period, thrust has been placed on production and productivity of bivoltine
mulberry silk and non-mulberry silks and improving quality of cocoons. Indian
silk exports amounted to Rs 1,806.94 crore in 2003-04. Wool In India 50% of the
total wool production is used for manufacturing blankets, 30% is used for mills
and 10% is used by the carpet industry. The rest is used by other industries
like Shawls and Sweaters. Wool cottage industry is spread all over the country.
Carpet industry is mainly in U.P, Agra, J&K and Jaipur. Wool garments made in
India also command good market abroad. During the period April-February
2003-2004, woollen textiles exports were US$ 328.7 million, recording a growth
of 31.1% as compared to the corresponding period of 2002-2003 Spun Yarn The
provisional production of spun yarn stood at 3,112 million kg in 2004-05.
Non-Cotton Yarn The production of 100 per cent non-cotton yarn was 341 million
kg (provisional) during 2003-04. The production of 100 per cent non-cotton yarn
for 2004-05 is estimated at 383 million kg. Cotton Cotton is one of the
principal crops of the country. It plays a vital role in the Indian economy
providing substantial employment and making significant contributions to export
earnings. The ratio of the use of cotton to man-made fiber and man-made
continuous filament yarn is 57:43 for Indian Textile Industry for fiscal
2002-03. Millions of farmers and laborers survive on cotton cultivation, trade
and processing. Cotton is the principal raw material for the domestic textile
industry comprising 1,600 spinning mills and 276 composite mills, with an
installed capacity of 36.10 million spindles, 379,000 open end rotors and
119,000 looms in the organized sector plus another 1,146 small scale spinning
units with 2.93 million spindles and about 89,000 rotors in the small scale
decentralized sector. The cotton and cotton related textile items contribute
significantly towards exports earnings of the country.
Industry Insight – Indian Textiles 11 India is the third largest producer (2.84
million tons) of cotton in 2003-04. India leads in terms of cultivated area with
nine million hectare in 2003-04. In productivity, however, India (371.88 kg/ha)
lags behind US (814 kg/ha), China (953 kg/ha), Australia (1,667 kg/ha) and pales
in comparison with a world average of 620 kg/ha. One of the major reasons for
low yield is heavy dependence on rainfall—about 65 per cent of area under cotton
is rain-fed. Handloom industry is concentrated in Banaras, Delhi, Ajmer and
Jaipur in the North and Tamil Nadu in the south. The cotton mills are found
largely in places such as Mumbai, Ahmedabad and Tamil Nadu. Major silk producing
states in India are Karnataka, Andhra Pradesh, West Bengal, Tamil Nadu and Jammu
& Kashmir (J&K). The largest wool producing states in India is Rajasthan and the
industry is also dominant in other states such as J&K, Uttranchal, Himachal
Pradesh, Punjab, Haryana, Gujarat, Uttar Pradesh, Maharashtra, Karnataka and
Andhra Pradesh. The power loom industry is situated in Punjab, Tamil Nadu,
Orissa and Kerala. Manmade Fibers For long, Indian government discriminated
against manmade fibers industry, but changed its policy in the mid eighties.
Manmade fibers comprise synthetic fibers such as polyester filament yarn,
polyester staple fibre, acrylic staple fibre and nylon filament yarn and
cellulose fibre/yarn such as viscose staple fibre and viscose filament yarn
India is the leading producer of viscose filament yarn. Over past few years,
Reliance Industries has emerged as a key player in the synthetic fibers segment,
pursuing a breathtaking integration from the well head to the fabrics and
chasing global scale. Other significant players include Indo Rama Synthetics and
Bombay Dyeing. The synthetic fibres have a large number of medium to small
players. The viscose segment, by contrast, is highly consolidated with a handful
of players such as Century Textiles, Indian Rayon and Grasim holding sway. In
viscose staple fibre industry, for instance, Grasim and SIV Industries control
three- fourths of the market. 3.5 Growth Projections According to the Tenth
Five-year Plan projections (2002-07) of Ministry of Textiles, Hosiery sector is
likely to show the highest growth rate amongst all sectors in 2005-06. The
sector is expected to grow at a rate of 10.36 per cent. The power loom sector
will continue to dominate, but its share of total cloth production cloth is
expected to reduce in 2005-06. Mill sector is also slated to show a good growth
rate of 9.6 per cent. Its share of total cloth production is also expected to
grow from 16 per cent in 2000-01 to 20 per cent in 2005- 06. Sector Expected
Growth (%) Power loom 4.35 Handloom 5.95 Mill sector 9.6 Hosiery 10.36 Khadi,
wool, silk 2.94 Source: Ministry of Textiles
Industry Insight – Indian Textiles 12 4 68 9 16 2 6 63 9 20 2 0% 20% 40% 60%
80% 100% 2000-01 2006-07 Projection Of Sector Wise Share of Cloth Production
Mill Pow erloom Handloom Hoisery Khadi,Silk,Wool Projection of Year Wise,Fibre
Wise Cloth Production 16850 6290 19130 68700 17500 6900 20400 0 5000 10000 15000
20000 25000 Cotton 100% Non Cotton Mn.Sq.Mtr 2005-06 2006-07 Sector wise, Year
wise l d 24 38 82 68 70 276 27 91 40 288 0 100 200 300 400 M ll Powerl Handl
Hois Khadi,Wo l lk Mn.Sq.Mtr 2005 2006
Industry Insight – Indian Textiles 13 Projected Production of Filament Yarn 0
200 400 600 800 1000 1200 1400 1600 Viscose Nylon Polyester Polypropylene
2005-06 2006-07 Source Ministry of Textiles, India Projected Production of Spun
Yarn 2630 950 380 2710 1025 415 0 500 1000 1500 2000 2500 3000 Cotton Blended
100% cotton Mn.Kg 2005-06 2006-07
Industry Insight – Indian Textiles 14 4. IMPORTS & EXPORTS World trade in
textiles and clothing amounted to US$4,396 billion in 2003, of which textiles
accounted for 40 per cent and the remaining 60 per cent was by clothing.
Developed countries accounted for little over one third of world’s exports in
textile and clothing. India is one of the largest exporters of yarn in the
international market. Indian textiles constituted four per cent of gross
domestic product 2003-04. It has been growing at a rate of 5-7 per cent and
expected to grow at a rate of 15-16 per cent in 2005-06. This industry
contributed to about 30 million as direct employment. The share of textile and
garment exports in India’s total exports in 2003-04 stood at about 20 per cent,
amounting to US$12.5 billion. US, EU and Canada accounted for nearly 70 per cent
of India’s garment exports and 44 per cent of India’s textile exports. Among
other countries, UAE is the largest market for Indian textiles and garments; UAE
accounted for 7 per cent of India’s total textile exports and 10 per cent of
garment exports. Major export destinations for textiles include US, Europe, UAE,
Hong Kong and Japan. The US market alone accounts for US$15 billion and is
growing at five per cent a year. Sheets and towels, which make up 40 per cent of
the industry s sales, are the two largest product categories. US is the world s
largest market for terry towels. US and EU together account for 70 per cent of
the world s home textile imports. Among the other countries Japan, Australia and
New Zealand are the biggest consumers of home textiles. Asian countries,
particularly India, Pakistan and China, have a competitive advantage over their
competitors in other parts of the world. This advantage stems from their large
cotton cultivation bases and low cost labor. In terms of products, cotton yarn,
fabrics and made ups are the leading export items in the textile category. In
the clothing category, major exports include cotton readymade garments and
accessories. However, in terms of share in total imports by EU and USA from
India, these products hold relatively lesser share than product made of other
fibres, thus showing the restraint in this category. 4.1 Textile Exports:
Cotton: India with a share of 14 per cent in the US$31 billion global cotton
textiles trade is second only to China in the global market. The total cotton
textile exports in 2003-04 were US$3,106 million. The demand for cotton yarn is
expected to increase at 6 per cent in the medium-term as against a negative
growth of around 2 per cent between 2000-01 and 2003-04. Yarn exports are also
expected to rise at 6 per cent due to higher demand from countries such as
Bangladesh, Sri Lanka, Korea, Hong Kong, Italy, China and Japan, which import
yarn and re-export value-added fabrics and garments. Sector
April-Feb(2002-03)(US $Mn) April-Feb(2003-04)(US$ Mn) % increase/decrease
Readymade Garment 4,746.4 4,946.7 4.2 Cotton Textiles 3,033.6 3,106.9 2.4
Man-made Textiles 1,269.7 1,633.8 28.7 Wool 250.6 328.7 31.1 Silk 411.6 482.8
17.3 Handicraft 1,190.1 919.0 -22.8 Coir 66.5 69.1 3.8 Jute 173.7 211.6 21.8
Source: Ministry of textiles, India
Industry Insight – Indian Textiles 15 Readymade Garments: Readymade garments
account for 42 per cent of country’s total textile exports. The total export in
this segment was US$4, 94.67 million. In this segment, the ladies garments will
be the main drivers of growth. The ladies product category accounted for exports
worth US$2 billion last year and is billed as the top driver of growth this
year. Ladies garment segment already holds the top slot in country’s apparel
exports accounting for over 45 per cent of shipments. This segment includes
items such as blouses, dresses, night dresses and skirts. Besides ladies
segment, other items in exports last year include T-Shirts (US$882m), gent’s
shirts(US$570m), trousers and shorts(US$503m), sweater and cardigan (US$255m),
overcoats and blazers (US$222m), babies garments (US$180m). This segment is
expected to grow by 20 per cent this year as compared to 2004. Man made
textiles: This segment recorded a growth of 28.7 per cent in 2003-04 as compared
to 2002-03. Total exports were US$1,633.8 million in 2003-04. Wool: The exports
in this segment were US$328.6 million recording a growth of 31.1 per cent as
compared to 2002-03. This sector is expected to grow at 3.62 per cent in 2005
due to improvement in demand in importing countries. Silk: The silk exports were
US$482.8 million in 2003-04, recording a growth of 17.3 per cent as compared to
2002-03. The Ministry of Textiles has forecast silk exports to touch INR 2,650
crore in 2004-05. Central Silk Board’s figures placed the actual earning at INR
2,779.19 crore for 2003-04, while exports were up at INR 1,306.37, up 49.3 per
cent of the target as compared to the same period of 2003-04. For the six-month
period of 2004-05 (Apr-Sep), the top five importing countries include US
(29.5%), UK (9.2%), UAE (7.3%), Italy (6.5%) and Hong Kong (5.9%). In rupee
terms, these countries accounted for INR 762.90 crore, which was 58.4 per cent
of the total export earnings (INR 1,306.37 crore) during the period. Handicrafts
including Carpets: Handicrafts including carpet exports stood at US$19 million

in 2002-03, down 22.8 per cent. Silk carpets accounted for 2.9 per cent of
exports. It also recorded a decline export earnings from INR 47.43 crore during
first half of fiscal 2003-04 to INR 37.26 crore in corresponding period of
2004-05.
Industry Insight – Indian Textiles 16 5. REGULATIONS 5.1 Foreign Direct
Investment FDI in the apparel and textile industry has been recently opened up,
as liberalisation has gathered steam. Manufacturing is a thrust area for the
Indian government, as Indian industry and the government see foreign companies
more as partners in building domestic manufacturing capabilities rather than a
threat to Indian businesses. Following this through, the central government as
well as various states are executing schemes such as integrated textile and
apparel parks.Although direct investment in retail remains closed to FDI as of
now, companies have found alternative structures through which they can approach
Indian consumers (examples include Levi Strauss, Marks & Spencer, Royal Sporting
House, adidas, Nike and Reebok in fashion products). There is certainly a
broader opportunity to "grow the market from inside" as companies can freely set
up fully-owned sourcing (liaison) offices, as well as marketing operations. FDI
from Japan has exhibited an uneven and fluctuating trend. In recent years there
has been sharp decline in FDI from Japan overall. The chart suggests the
downward direction of overall FDI declination. With the liberalization of the
Indian economy, large Indian market is being opened up to foreign investors.
Earlier, Indian government kept foreign investment out of textile and apparel
manufacturing. It has gradually removed these restrictions. The Foreign Direct
Investment (FDI) limit of 24 per cent is removed and now the foreign investors
will be able to invest up to 100 per cent through Foreign Investment Promotion
Board (FIPB). The obligation of the firms with foreign investment to export 50
per cent of the production is also removed. A foreign investor can enter the
Indian market through following ways. 1. A foreign investor may directly set up
operations in India through a branch office or a representative office or
liaison office or project office of the foreign Company. Such companies have to
register themselves with the Registrar of Companies (ROC), New Delhi within 30
days of setting up a place of business in India. Liaison Office: A foreign
company can set up a liaison or representative office in India to test the
Indian Market. It can enter with much greater investment later if it is
convinced about the potential of the Indian market. . A liaison office is not
allowed to undertake any business activity in India. The opening and operation
of such offices is regulated by the Foreign Exchange Regulation Act (FERA).
Approval from the Reserve Bank of India (RBI) is required for opening such
offices. Project Offices: Foreign companies planning to execute specific
projects in India can set up temporary project /site offices in India for the
purpose. Specific approval from the RBI is required for setting up a project
office. Such approval is generally accorded in respect of Government Source:
Economic Survey of India, 2004 Japanese FDI (US$ bn) 0.41 0.23 0.22 0.09 0.01 0
0.1 0.2 0.3 0.4 0.5 2000 2001 2002 2003 2004* FDI FDI in Textile at a Glance
(1991- 2004) 1. No. of FDI Approval - 641 2. FDI Approved - US$1.02 bn 3. % of
total FDI approved - 1.20% 4. FDI inflows - US$0.31 bn 5. % of total FDI inflows
- 1.21 % Source: indiabudget.nic.in
Industry Insight – Indian Textiles 17 approved projects, but the RBI can give
approval for setting up project offices even for executing private sector
projects. Branch Offices:The Government has allowed foreign companies engaged in
manufacturing and trading activities abroad to set up Branch offices in India
for the following purposes:- • To represent the parent company/other foreign
companies in various matters in India e.g. acting as buying / selling agents in
India. • To conduct research work in the area in which the parent company is
engaged provided the results of the research work are made available to the
Indian companies. • To undertake export and import trading activities. • To
promote possible technical and financial collaborations between the Indian
companies and overseas companies. A branch office is not allowed to carry out
manufacturing activities on its own but is permitted to subcontract these to an
Indian manufacturer. Permission for setting up branch offices is granted by the
Reserve Bank of India (RBI) on a case to case basis. Foreign companies i.e.,
companies (other than banking companies) which are not incorporated in India and
foreign nationals (whether resident in India or not) are subjected to special
regulations relating to their business, etc., activities in India through the
provisions of Sections 28, 29 and 30 of FERA 1973. Acquisition/disposal of
immovable properties in India by foreign companies/foreign nationals is also
subject to regulation under Section 31 of FERA 1973. 2. It may do so through an
Indian arm i.e. through a subsidiary company set up in India under Indian laws:
Generally, setting up operations through an Indian arm is advisable, especially
if the quantum of investment is huge. The other investment option open to
foreign investors is the setting up of a wholly owned subsidiary. This implies
that the foreign company can own 100 per cent shares of the Indian company. All
such cases are subject to prior approval from the FIPB. FIPB considers cases on
a flexible basis and grants permission for 100 percent ownership based on the
following criteria: • Where only "holding" operation is involved and all
subsequent downstream investments to be carried out would require prior approval
of the Government; • Where proprietary technology is sought to be protected or
sophisticated technology is proposed to be brought in • Where at least 50 per
cent of production is to be exported • Proposals for consultancy and • Proposals
for power, roads, ports and industrial model towns\industrial parks or estates.
3.Automatic route for foreign direct investment: Under the Automatic Route for
Foreign Direct Investment in India, Indian companies engaged in all industries
except for certain select industries/sectors may issue shares to foreign
investors up to 100 per cent of their paid up capital in Indian companies.
Textiles industry does not come under the select industries reserved for the
government and hence not proscribed for automatic route. Automatic Route is not
available to those foreign investors who already have a financial or technical
collaboration in the same or allied field or where more than 24 per cent foreign
investment is made in a company which is engaged in manufacture of an item

reserved for small scale industry. In case of any ambiguity regarding the
eligibility of the investee or the investor company, it could be clarified from
the RBI Notification No. FEMA 20 dated 3-5-2000 and also from the Secretariat of
Industrial Assistance (SIA), Ministry of Commerce & Industry, Government of
India, Udyog Bhavan and New Delhi. In case of ineligibility, a request on a
plain paper could be forwarded to the SIA.
Industry Insight – Indian Textiles 18 5.2 Labor laws One factor that has been
keeping the foreign investors at bay is the rigid labor laws. Industrial
Disputes Act, 1947 is proving to be a major bottleneck. When any employer
discharges, dismisses, retrenches or otherwise terminates the services of a
workman without complying with the conditions of retrenchment provided in the ID
Act, the dispute or difference that can arise as a result between the workman
and the employer is deemed to be an industrial dispute. The act states that if a
company employs more than 100 workers, the company cannot close shop without the
permission of the government. Further appointment of contract labor, which is
crucial to the garment industry, is not permitted 5.3 Intellectual Property
Rights Patenting in the textile industry can be obtained by the foreign players
in the following areas of spinning (machine, devices, rings, frames, wet
spinning, dry spinning), Yarn manufacture, guiding units (yarn winding, feeding,
take-up devices), Webs, Knitting machines, Quality control devices, Treatment of
fibres/yarns (thermal treatment, cooling devices), weaving looms (including
circular), carding machines, screen printing machines and cabled machines.
Industry Insight – Indian Textiles 19 6. MAJOR PLAYERS 6.1 Indian Rayon
INCORPORATION YEAR:1956
BUSINESS GROUP: A.V.Birla group
FORM:Publi c
SHARE’S DATA Equity Capital (US$ Millions) 1.39(as on 30th Dec 04) Face Value
(INR) 10 Book Value (INR) .212 Market Value (INR) 188.95(as on 30th Dec 04)
Market Capitalization(US $ Mn) 260.59(as on 30th Dec 04) Latest P/E ratio 10.16
PLANT LOCATIONS Location Address Bangalore Madura Garments, 110,4th
cross, 5th block, Koramangala
Industrial layout,
Koramangala, Bangalore-
560095
Gujarat Rayon division, Veraval 362 266, Gujarat U.P Hi-Tech carbon, Murdhawa
industrial area, P.O. Renukut
231 217, Dist. Sonbhadhara,
U.P.
West Bengal Jaya Shree Textiles
P.O. Prabhasnagar 712 249
Dist. Hooghly, West Bengal
Gujarat Insulator Division (Domestic
Marketing)
P.O. Meghasar, Tal. Halol
Dist. Panchmahal, Gujarat
389330
CORPORATE ADDRESS Aditya Birla Management Corporation Ltd.
Aditya Birla centre
1st floor , C-wing,
S.K.Ahire marg
Worli, Mumbai-400025
Sharholding pattern 29% 12% 16% 9% 34% Promoters Mutual funds &UTI Banks &
insurance FIIs Others Source: Annual report, Indian rayon Segmental revenue for
2004 24 % 21 % 25 % 5% 3% 22 % GarmentVFYTextilesInsulatorsOthers Carbonblack
Industry Insight – Indian Textiles 20 INTRODUCTION Indian Rayon (IRIL) is
Aditya Birla group’s most diversified conglomerate. It is the second largest
producer of viscose filament yarn in India. It is also the largest branded
apparel company in India .The production capacities of the company in textiles
is as follows. MILESTONES 2004 Brownfield expansion of 40,000 TPA completed at
Hi-Tech Carbon, Gummidipundi, taking total capacity to 1,60,000 TPA 2003 •
Greentech Environment (Silver) Award 2002-2003 in Chlor-Alkali sector for
outstanding achievement in environment • Joint venture with NGK of Japan – Birla
NGK Insulators Pvt Ltd – launched on 6 February 2003 2003 Entry into BPO with
acquisition of TRansworks 2002 Insulators business hived into a separate
subsidiary, effective from 1 August 2002 2001 Indian Rayon acquires PSI data
systems 2000 Indian Rayon acquires Madura Garments, taking the Aditya Birla
Group to the top of the league in the branded apparels sector 1999 Indian Rayon
returns surplus cash to shareholders through a buyback 1998 Indian Rayon s
cement business transferred to Group company Grasim, as part of cement business
consolidation SUBSIDIARIES • Birla sunlife insurance • PSI data systems •
Transwork information services MANAGEMENT TEAM Name Designation Designation Name
Chairman Kumar Mangalalm Birla Company secretary Devendera Bhandari Senior
president & CFO Adesh Gupta VFY head K.k.Maheshwari Garments head Vikram Rao
Textiles head S.K.Saboo Director Rajshree Birla Director B.L. Shah Director
Vikram Rao Director H.L.Vaidya
Industry Insight – Indian Textiles 21 PERFORMANCE ANALYSIS Operational
Performance The operating profit margins have increased for the garment sector.
The margins in textile segment have decreased due to higher input costs in
Worsted segment. The operational efficiency decreased in VFY segment also due to
demand disruption by the weaver’s strike, leading to inventory built-up and
lowering of realizations, which affected the production. Financial Performance
Viscose filament: The industry witnessed demand disruption by the weaver’s
strike, leading to inventory built-up and lowering of realization. It was
impacted further with higher input costs and import of low price yarn from
China. Due to all these factors the sales and PBIT of the company was affected.
Garment: The Garments Division has gained from a better business environment and
implementation of various strategic initiatives to grow volumes, control costs
and enhancement in overall profitability. Textile: Textiles business had another
tough year with revenues growing, but profitability taking a hit. Demand
conditions remained weak, relatively lower realizations and an appreciating
rupee adversely affected performance. However, the silver lining has been the
strong growth in Flax Yarn and Linen Fabric under the Linen Club brand. Exports
constitute about 48 per cent of Textile Division’s revenue. PBDIT vs PBDIT
margin 0 10 20 30 40 50 60 2002 2003 2004 US$Mn 0246810 12 14 16 18 % PBDIT
PBDIT Margin Source: Annual report, Indian Rayon Trend of sales Vs PAT(US $ Mn)
0 100 200 300 400 500 2002 2003 2004 Sales 0510 15 20 25 30 35 PAT Sales PAT
Industry Insight – Indian Textiles 22 Financial Highlights (all figures in US$
millions) Balance Sheet Items 2004 2003 2002 Net Worth 2,603.7 2,202.2 1,954.8
Capital Employed 4,432.37 3,526.57 3,592.48 Fixed Assets (Gross Block + Capital
WIP) 2,609.12 2,191.6 2,271.37 Total Debt 935.04 563.6 940.26 P&L Items Sales
394.94 335.23 317.45 Exports 88.20 76.33 79.5 PBDIT 55.99 45.936 29.95
Depreciation 18.7 15.09 15.06 Interest & Financial Charges 3.41 4.56 9.37 PBT
41.80 29.3 14.89 PAT 30.24 22.16 8.90 EPS* (INR) 21.92 17.56 7.32 Cash Profit
24.02 16.83 4.85 KEY RATIOS 2004 2003 2002 Debt-Equity Ratio 0.32 0.23 0.42
Current Ratio 1.91 1.92 1.99 Interest Cover Ratio 17.40 11.06 4.20 Operating
Profit Margin (%) 15.44 15.15 10.37 Net Profit Margin (%) 7.07 7.80 2.99 Return
on Capital Employed (%) 10.48 10.47 7.26 Return on Net Worth (%) 10.77 9.31 3.89
Industry Insight – Indian Textiles 23 6.2 Arvind Mills INCORPORATION YEAR:1931

BUSINESS GROUP: Lalbhai group
FORM: Public limited
Segmental revenue: Textiles is the major business of that company and thus
contributes the maximum (almost 100%). The company has forayed into some other
businesses but they are contributing a negligible amount to the company’s
revenues. SHARE’S DATA Equity Capital (US$ Millions) 61.02(as on 30th Dec 04)
Shareholders Fund (US$ Millions) 272.19 Face Value (INR) 10 Book Value (INR)
56.91 Market Valu (INR) 42.50(as on 30th Dec 04) Market Capitalization (US$
Millions) 191.3(as on 30th Dec 04) Latest P/E Ratio 4.09 PLANT LOCATIONS
Location Address Denim, Gujarat Denim Division, The
Arvind mills limited,
Naroda Road,
Ahmedabad-380025,
Gujarat
Shirting and Khakis Gujarat Shirting division,
Santej Road, Near
Khatrej,
Taluka Kalol, Distt.
Gandhi nagar- 382721, Gujarat Voils, Gujarat Ankur Textiles,
Outside Raipur gate,
Ahmedabad-380022
Bangalore ,Garment export division The Arvind mills
limited, 10th floor,
Du Parc Trinity,
17 MG road,
Bangalore-560001
Garment,Maharashtra Gut no.172, Daravi
village,Taluka
Mulshi,Pune-412018
CORPORATE ADDRESS The Arvind mills limited
Naroda road
Ahmedabad-380025
Gujarat
Tel: 91-79-22203030 91-79-22203030
Fax: +91-79-22201270
E-mail: arvindmills.com
Source: Annual Report, Arvind Mills shareholding pattern 38% 1% 6% 21% 1% 33%
promoters Mutual fund& UTI Banks & Insurance compaies FIIs GDR Indian p ublic
Industry Insight – Indian Textiles 24 INTRODUCTION The Arvind Mills Limited is
the flagship company of INR 20 billion (US$550 million) of the Lalbhai Group. It
is World s largest exporter of Denim and Asia s largest Denim Producer. Ranking
amongst the top denim manufactures of the world, 120 million meters of denim
roll out every year from Arvind Plants and is stitched into leading
international denim brands in more than 70 countries. MILESTONES Year Milestone
1997 Arvind set up a state-of-the-art shirting, gabardine and knits facility,
the largest of its kind in India, at Santej. 1991 Arvind reached 1,600 million
meters of Denim per year and it was the third largest producer of denim in the
world. 1987-88 Arvind entered the export market for two sections. Denim for
leisure and fashion wear. And high quality fabric for cotton shirting and
trousers SUBSIDIARIES • Arvind products Ltd. • Arvind overseas (Mauritius) Ltd.
• Arvind spinning ltd. • Arvind worldwide Inc and USA MANAGEMENT TEAM Name
Designation Designation Name Chairman Arvind. N. Lalbhai Managing director
Sanjay.l.Lalbhai Director finance Jayesh. K. shah Director Deepak M. Satwalekar
Director Rama Bijapurkar Director S.Sridhar Director Balaji Swaminathan Director
V.K.Pandit Director Jaitirth Rao
Performance The operating income has increased with costs also increasing.
Continued high prices of cotton and further increase in prices of Naphtha have
affected the operating profits and margins during the current quarter. Financial
Performance The sales of the company improved 19 per cent over 2003. Increase in
volumes of denim contributed to the increase in sales. The unexpected

depreciation in the value of Indian rupee during the quarter has helped raise
export realizations, but led to accounting provisions due to revaluation of
liabilities, and overall, had a negative impact on margins. Source: Annual
report, Arvind Mills Trend of Sales Vs PAT( US $ Mn) 0 100 200 300 400 2002 2003
2004 Sales 0510 15 20 25 30 PAT Sales PAT PBDIT vs PBDIT Margin 0 20 40 60 80
100 2002 2003 2004 PBDIT(US$Mn ) 22 22.5 23 23.5 24 % PBDIT PBDIT Margin
millions) Balance Sheet Items 2004 2003 2002 Net Worth 272.19 224.61 206.46
Capital Employed 681.5 558.9 582.6 Fixed Assets (Gross Block + Capital WIP)
479.4 430.6 415.3 Total Debt 328.3 296.5 345.6 P&L Items Sales 330.73 311.40
142.66 Raw Materials Cost 118.28 103.95 46.43 Employee Cost 25.46 21.37 10
Selling & Administration Cost 110.32 103.93 51.47 PBDIT 75.0 91.06 33.94
Depreciation 8.52 7.98 8.4 Interest & Financial Charges 4.01 5.93 10.0 PBT 23.2
27.2 4.19 PAT 22.29 27.2 4.1 EPS* (INR) 4.95 7.34 2.30 Cash Profit 56.9 58.3
19.3 KEY RATIOS 2004 2003 2002 Debt-Equity Ratio 1.21 1.48 1.31 Current Ratio
3.14 3.71 3.10 Interest Cover Ratio 4.37 2.71 2.26 Inventory Turnover Ratio
1.087 0.908 1.01 Operating Profit Margin (%) 22.67 22.94 23.7 Net Profit Margin
(%) 6.9 8.7 3.2 Return on Capital Employed (%) 7.07 12.34 7.64 Return on Net
Worth (%) 8.7 12.96 4.84
Industry Insight – Indian Textiles 27 6.3 Raymond INCORPORATION YEAR:1925
BUSINESS GROUP: Raymond group of companies
FORM:Publi c
SHARE’S DATA Equity Capital (US$ Millions) 14.11(as on 30th Dec 04)
Shareholder’s funds(US $ Mn) 241.60 Face Value (INR) 10 Book Value (INR) 170.8
Market Value (INR) 314.75( 30th Dec 04) Market Capitalization(US $ Mn) 44.5(as
on 30th Dec 04) Latest P/E ratio 7.92 PLANT LOCATIONS Location Address Textile,
Jalgaon Plot No. E/1, MIDC Area,
Phase II, Ajantha Road,
Jalgaon 425 003, Maharashtra;
Textile, Chhindwara B 1, A.K.V.N., Boregaon
Industrial Growth Centre,
Kailash Nagar, Tehsil Sauser,
Dist. Chhindwara 480 001,
Madhya Pradesh.
Denim
division,
Yavatmal
Plot C-1, MIDC Yavatmal,
Lohara Village, Yavatmal
District, Maharashtra 445 001.
J.K.Files, Thane Jekegram, Thane 400 606. J.K.Files,Rat nagiri A-1 Mirjole
Industrial Estate,
MIDC, Kolhapur Road,
Ratnagiri – 415 639,
Maharashtra;
J.K.Files,Chi plun Plot No. C 1/1, MIDC Area,
Gane – Khadpoli, Chiplun
415 605, Maharashtra;
J.K.Files,Pit ampura Shed No. S/1 & S/2, Sector
1, Road No. 10, Pithampur
454 775, Dist. Indore,
Madhya Pradesh.
CORPORATE ADDRESS Raymond Ltd.
Mahindra Towers,
2nd Floor, B Wing,
Pandurang Budhkar Marg,
Worli,
Mumbai – 400018
Share holding pattern 34% 11% 20% 5% 30% promoters Mutual funds & UTI Banks &
financial Inst. FIIs others Source: Annual report, Raymond segmental revenue
(INR Crore) 507.11 90.38 133.1 3.51 textile files and toolsdenim others
Industry Insight – Indian Textiles 28 INTRODUCTION Incorporated in 1925, the
Raymond Group is a INR 1400 crore plus conglomerate having businesses in
Textiles, Readymade Garments, Engineering Files & Tools, Prophylactics and
Toiletries. The group is the leader in textiles, apparel, & files & tools in
India and enjoys a pronounced position in the international market. Raymond
believes in Excellence, Quality and Leadership. MILESTONES 1996 J.K.Chemicals
formed by 50:50 JV with Ansell International, world leader in latex products
1994 Established Colorplus 1991 J.K.Chemicals (subsidiary ) commenced business
and launched Kama Sutra condoms 1969 Established Raymond Apparel Limited 1964
Established J.K. Helene Curtis, maker of brands like Park Avenue and Premium
1925 Raymond was incorporated SUBSIDIARIES • Raymond apparels • Hindustan files
ltd. • Colorplus fashions Ltd. • Everblue apparel Ltd. • Silver spark apparel
ltd. • Plug in sales ltd. • Pashmina holdingsltd. MANAGEMENT TEAM Designation
Name Chairman and MD Gautam Hari Singhania President Nabankur Gupta Whole time
director P.K.Bhandari & Anant Singhania President (Denim) Ajit Mantagani VP
(Textile) S.K.Gupta VP (Files & Tools) Harshal Jayavant VP (Project) S.K.Kaul VP
(HR) Marcel Parker Director marketing K.G.Jain
Performance The operating profits for the company in textile sector have
decreased due to increase in costs in textile segments due to excise duties and
reduction in demand due to which the production decreased. The decrease in
production also came due to sharp decrease in exports owing to severe price
competition. Also the costs increased as the company did a capital expenditure
of INR 13.91 crores towards modernization and up gradation of technical
facilities. Financial Performance The sales of the company in the textile
segment have increased by 9% as compared to 2003 due to product development,
technological up gradation and strengthening of distribution network PBDIT vs
PBDIT margin 30.5 31 31.5 32 32.5 33 2002 2003 2004 US$Mn 0510 15 20 PBDIT PBDIT
Margin Source Annual report, Raymond Trend of sales vs PAT (US $ Mn) 0 50 100
150 200 250 2002 2003 2004 sales 0510 15 20 25 30 35 PAT Sales PAT
millions) Balance Sheet Items 2004 2003 2002 Net Worth 240.22 200.72 182.8
Capital Employed 426.58 371.68 354.54 Fixed Assets (Gross Block + Capital WIP)
229.10 193.7 173.79 Total Debt 109.78 101.27 108.76 P&L Items Sales 235.92
196.47 199.81 Raw Materials Cost 71.73 50.37 46.91 Employee Cost 41.57 35.37
34.15 Selling & Administration Cost 41.75 36.39 34.10 PBDIT 32.70 32.68 31.35
18.57 14.19 7.48 PAT 30.48 19 18.05 EPS* (INR) 21.55 14.7 14.36 Cash Profit
Current Ratio 3.90 2.93 3.35 Interest Cover Ratio -94.30 7.86 3.86 Inventory
Turnover Ratio 3.47 3.36 3.76 Operating Profit Margin (%) 13.86 16.63 15.69 Net
Profit Margin (%) 13.2 9.7 10.28 Return on Capital Employed (%) 11.70 10.82
12.53 Return on Net Worth (%) 12.63 9.46 9.87
Industry Insight – Indian Textiles 31 6.4 Alok Textiles INCORPORATION YEAR:1986
BUSINESS GROUP: Alok Industries
FORM: Public Limited
INTRODUCTION Established in 1986 as a private limited company, Alok Textiles
began as fabric traders and suppliers to the garment industry. Beginning with
texturizing of yarn, the company steadily expanded into weaving, knitting,
processing, home textiles and readymade garment. In 1993, it became a public
limited company. In less than two decades, it has grown to become a diversified
manufacturer of world-class apparel fabrics selling directly to garment
manufacturers and exporters SHARE DATA Equity Capital (US$m) 20.32 (as on 30th
Dec 04) Shareholders fund(US$m) 94.77 Face Value (INR) 10 Book Value (INR) 35.08
Market Value (INR) 59.7( as on 30th Dec 04) Market Capitalization (US$m)
121.36(as on 30th Dec 04) Latest P/E Ratio 6.37 Financial year April-March PLANT
LOCATIONS Location Address Navi Mumbai 108, Shahe Nahar industrial estate, Opp.
Dr.E.Moses Road, Worli, Mumbai-400018 Gujarat Balitha, Vapi, Gujarat Dadar &
Nagar Haveli Alok Industries, Silvassa, Dadar & Nagar Haveli. CORPORATE ADDRESS
Alok Industries Limited.
Peninsula Towers
Ganpatrao Kadam Marg,
Lower Parel,
Mumbai-400 013.
Tel: 91-22-2499 6200 91-22-2499 6200 / 6500
E-mail: info@alokind.com
Segmental Revenue in 2004 5.24% 76.80% 17.49% 0.47% Home textiles Apparels
Texturised Yarn Garments Source: Annual report, Alok textiles Shareholding
Pattern 2004 36% 15% 8% 17% 1%23% promoter Banks, FIs & MFs FIIs Pvt. Corp.
Bodies Forei g n,others General p ublic
Industry Insight – Indian Textiles 32 MILESTONES 2002 Modernization and
Expansion of weaving and process project Expansion of 28 knitting
capacities at Silvassa. Turnover surpasses INR 550 crore. Conversion of Rights
FCDs into
Equity Shares Grant of Export House Status
2001 Expansion of weaving and processing capacities under Technology and Up
gradation
Fund scheme (TUFS) at an aggregate cost of INR190 crore. Foray into the domestic
ready
made Garments sector. Rights Issue of 56,70,098 FCDS of INR90/- each aggregating
to
INR.51.03 crore to part-finance the weaving and processing projects
2000 Turnover surpasses INR 350 crore 1999 Turn over of INR250 crore 1998
Modernization and expansion of weaving and knitting capacities at Silvassa.
Private
placement of 91,42,700/- equity shares of INR10/- each at a premium of INR 7.50
per
share aggregating to INR1600 lakhs with FIIs
1997 Setting up of Knitting Division at Silvassa and state-of-the-art
eco-friendly Process House
at Navi Mumbai. Turnover of INR 150 crores achieved. Completion of Rights Issue
of
74,90,192/- equity shares of INR10/- each at a premium of INR10/- per share
aggregating to INR1498.04 lakh to part-finance the process house and knitting
projects
1996 Expansion of Texturising capacity at Silvassa 1995 Financial and Technical
collaboration with Grabal, Albert Grabher Gesellshaft GmbH & Co of Austria for
manufacture of embroidered products through a Joint Venture Co. viz. Grabal Alok
Impex Ltd 1994 Expansion of weaving capacity at Bhiwandi and texturising
capacity at Silvassa. Turnover of Rs. 50 crores achieved 1993 Conversion into
Public Limited Company and IPO of 22,50,000 equity shares of INR10/- each for
cash at a premium of INR10/- each per share aggregating INR 450 lakh. 1991
Commencement of weaving operation at Bhiwandi, District Thane 1989 Setting up
manufacturing facilities for texturized yarns at Silvassa MANAGEMENT TEAM
Designation Name Executive Chairman Ashok. B.Jiwarjka Managing Director Dilip. B
.Jiwarjka Executive Director Surender. B. Jiwarjka Executive Director

Chandrakumar Bubna Director Ashok .G. Rajani Director K.R.Modi
Nominee Director (IDBI) Ashok Kumar
Nominee Director (UTI)
M.C.Verma
Nominee Director (IDBI) K.C. Jani
Nominee Director (IFCI) A.K. Bhan
Performance The operating profit of the company has increased. There was an
increase in cost due to the expansion plans of the company but it did not affect
the operating margin due to higher sales. Financial Performance The sales of the
company have increased due to 297 per cent hike in exports. Net profit has also
shown an improvement. The major contributor to this increase has been readymade
garment segment. PBDIT vs PBDIT margin 0 10 20 30 40 50 2002 2003 2004 US$Mn 16
17 18 19 20 21 % PBDIT PBDIT Margin Source Annual re p ort , Alok Textiles Trend
in Sales & PAT(US$m) 0 50 100 150 200 250 300 2002 2003 2004 sales 0510 15 20
PAT Sales PAT
Industry Insight – Indian Textiles 34 Financial Highlights (all figures in
US$m) Balance Sheet Items 2004 2003 2002 Net Worth 70.6 52.47 37.52 Capital
Employed 329.4 206.7 151.4 Fixed Assets (Gross Block + Capital WIP) 159.17 95.49
72.75 Total Debt 207.85 115.6 92.94 P&L Items Sales 246.27 167.45 120.4 Exports
22.14 5.223 4.53 Raw Materials Cost 12.31 23.68 15.65 Employee Cost 3.52 1.82
1.39 Selling & Administration Cost 4.32 6.96 5.23 PBDIT 45.71 28.87 20.11
21.32 12.49 8.7 PAT 16.37 8.90 7.76 EPS* (INR) 7.9 7.36 11.77 Cash Profit 25.46
14.43 11.15 KEY RATIOS 2004 2003 2002 Debt-Equity Ratio 2.75 2.2 1.09 Current
Ratio 3.88 3.25 4.19 Interest Cover Ratio 2.79 1.94 2.33 Inventory Turnover
Ratio 5.04 2.79 2.51 Operating Profit Margin (%) 19.08 7.78 20.37 Net Profit
Margin (%) 6.92 2.72 7.50 Return on Capital Employed (%) 13.36 10.56 15.68
Return on Net Worth (%) 22.96 8.54 20.48
Industry Insight – Indian Textiles 35 6.5 Century Textiles INCORPORATION
YEAR:1897
BUSINESS GROUP: B K Birla Group
FORM: Public limited
INTRODUCTION Century Textiles & Industries was incorporated in 1897. Till 1951,
it had only one industrial unit—Cotton Textile Mills. It has Asia’s largest
composite 100 per cent cotton textile mill. Century has diversified into other
businesses as well. Now, Century is not only the trend setter in cotton
textiles, but also built a presence in yarn, denim, viscose filament rayon yarn,
tyre- cords, caustic soda, sulfuric acid, salt, cement and Pulp & Paper. SHARE
DATA Equity Capital (US $m) 21.43(as on 30th Dec 04) Face Value (INR) 10 Book
Value (INR) 81.29 Market Value (INR) 93.15 ( 30th Dec 04)
Market Capitalization (US$m) 109.11(as on 30th Dec 04)
Latest P/E Ratio
0.33 Financial year April-March PLANT LOCATIONS Location Address Mumbai Century
Textile Pandurang Budhkar Marg, Mumbai - 400025. Tel.: 91-22-2495 7000
91-22-2495 7000 ; Fax: 91-22-2 430 4144/ 2 430 5473; Gram: "CENTEXTILE"
Mumbai. M.P Century Yarn & Century Denim Satrati, Agra-Mumbai Road, Tehsil -
Kasrawad Dist - Khargaon, Pin : 451660 (M.P.) Tel.: 91-7285-2232040/7285-
2265277 Source: Annual Report, Century Textiles Segmental Revenue for 200433%
43% 20% 4% textile cement pulp&paper others Shareholding Pattern 45% 11% 22% 7%
15% promoters MFs & UTI Banks & FIIs Private Bodies others CORPORATE ADDRESS
Century Bhavan, Dr Annie Besant Road,
Tel.: 91-22-2495 7000 91-22-2495 7000 ; Fax: 91-22-2 430
9491/2 436 1980 Mumbai.
Industry Insight – Indian Textiles 36 MILESTONES International Textile Mill
award from The Textile Institute, Manchester, UK in the first
ever contest
First in India to get Oekotex Certificate for entire product range from Germany
on
account of elimination of banned dyes and chemicals
Winner of Rajiv Gandhi National Quality Award
Recipient of 61 awards for outstanding exports from Central/State Governments,
Texprocil and Indo German Chamber of Commerce
Accredited with IS/ISO9001:2000 quality system
Accredited with ISO 14001 Environmental Management System
Star Trading House status from Government of India
SUBSIDIARIES N.A MANAGEMENT TEAM Designation Name Chairman B.K. Birla President
R.K. Dalmia Company Secretary D.K.Aggarwal Director Pradip Kumar Daga Director
S.K. Birla Director E.B. Desai Director Arvind C Dalal Director C. K. Birla
Whole time Director B.L. Jain Additional Director Amal Ganguli
Performance The operational efficiency of the company has decreased due to weak
demand conditions. The company thus concentrated more on the cement division and
decreased textile production. Financial Performance Net sales increased and so
have profits. The segment that has shown maximum growth for the company is
cement. PBDIT vs PBDIT margin 54 56 58 60 62 64 66 2002 2003 2004 US$Mn 0246810
12 14 16 % PBDIT PBDIT Margin Source: Annual report, Century Textiles Source
Cygnus Research Trend in Sales & PAT(US$m) 350 400 450 500 550 2002 2003 2004
Sales 0510 15 20 PAT sales PAT
Mn) Balance Sheet Items 2004 2003 2002 Net Worth 174.27 154.7 144.7 Capital
Employed 595.44 520.34 489.8 Fixed Assets (Gross Block + Capital WIP) 685.28
616.56 586.8 Total Debt 250.28 217.2 247.11 P&L Items Sales 511.96 457.3 430.14
Raw Materials Cost 114.68 90.24 109.48 Employee Cost 47.55 45.21 53.97 PBDIT
58.73 65.14 62.74 Depreciation 21.18 19.566 19.78 Interest & Financial Charges
7.65 11.28 30.44 PBT 18.09 14.38 -0.54 PAT 17.64 14.77 2.4 EPS* (INR) 8.23 7.54
1.26 Cash Profit 52.97 48.26 31.14 KEY RATIOS 2004 2003 2002 Debt-Equity Ratio
1.4 1.40 1.70 Current Ratio 1.47 1.31 1.60 Interest Cover Ratio 7.11 3.29 2.10
Inventory Turnover Ratio 4.73 6.05 5.81 Operating Profit Margin (%) 11.47 14.24
14.5 Net Profit Margin (%) 3.8 4.1 4.1 Return on Capital Employed (%) 7.06 10.36
9.42 Return on Net Worth ( %) 10.13 9.55 1.66
Industry Insight – Indian Textiles 39 6.6 Bombay Dyeing INCORPORATION YEAR:1879
BUSINESS GROUP: Wadia Group
FORM:Publi c
INTRODUCTION Bombay Dyeing is one of India s largest producers of textiles. It
has promoted dozens of companies in technical and financial collaboration with
world leaders. Such companies have pioneered the manufacture of various
chemicals and have grown to be leaders in their new fields. SHARE DATA Equity
Capital (US$m) 8.875(as on 30th Dec 04) Face Value (INR) 10 Book Value (INR)
100.19 Market Value (INR) 233.20( 30th Dec 04) Market Capitalization (US$m)
118.07(as on 30th Dec 04) Latest P/E Ratio 16 Financial Year April-March PLANT
LOCATIONS Location Address Mumbai Bombay Dyeing and
Manufacturing company Ltd.
B.D.Budhkar Marg
Mumbai Bombay dyeing and
manufacturing company Ltd.
G.D.Ambedkar marg, Wadala
Dadar(east)
Mumbai-400031
CORPORATE ADDRESS Neville House, J.N. Heredia Marg, Ballard Estate,
Mumbai-400 038., India
Telephone Number(s):(91)-(022)-2261 8071,
(91)-(022)-2265 7895
Fax Number(s):
(91)-(022)-2261 4520
Source Cygnus Research Shareholding Pattern43% 2% 14% 13% 21% 7% Prom oters MF &
UTI Banks & Fis FIIs indian public others Source: Annual Report, Bombay Dyeing
Segmental Revenue41% 59% Textile DMT
Industry Insight – Indian Textiles 40 SUBSIDIARIES • Scal Investments • Archway
Investment company • Pentafil Investments • Scal Services MILESTONES 2005 Bombay
Dyeing sets up polyester staple fibre unit 2003 Company goes into consolidation
mode by forming a JV with Proline India 1999 Company won S.R.T.E.P.C and
Texprocil trophies for its outstanding export performance for poly cotton
blended fabrics and made ups. 1879 Bombay Dyeing was incorporated by Wadias
MANAGEMENT TEAM Designation Name Chairman Nusli. N. Wadia Managing Director Ninu
Khanna Joint managing Director P.V. Kuppuswamy
Deputy Managing Director Ness. N. Wadia
Director
Keshub Mahindra Director Shantanu. N. Desai Director R.N. Tata Director R.A.Shah
Director Dr.H.N.Sethna Director S.S.Kelkar Director M.K. Singh Director
S.Ragothaman Director A.K.Hirjee
Performance The operational performance of the company has improved due to cost
containment. However, Dimethyl Terephthalate (DMT) production was restricted due
to lower domestic demand. The division exported 20,662 tons of DMT during the
year. Financial Performance The financial performance of the company has
improved over the years. DMT margins have been significantly better during the
year enabling the division to absorb significant cost escalations and yet
earning a reasonable return. The textile business, however, faced competitive
pressure both at home and abroad. PBDIT vs PBDIT margin 05 10 15 20 2002 2003
2004 US$Mn 02468 % PBDIT PBDIT Margin Source: Annual report, Bombay Dyeing Trend
in Sales & PAT(US$m) 0 50 100 150 200 250 2002 2003 2004 sales 0510 15 PAT Sales
PAT
Industry Insight – Indian Textiles 42 Financial Highlights (all figures in
Raw Materials Cost 46.57 31.00 27.28 Employee Cost 3.36 3.65 4.00 PBDIT 15 13.44
0.66 Depreciation 1.59 1.83 1.68 Interest & Financial Charges 0.278 0.747 0.648
PBT 4.04 1.37 -17.37 PAT 12.32 6.8 5.95 EPS* (INR) 13.89 8.28 8.24 Cash Profit
Current Ratio 3.32 2.85 1.92 Interest Cover Ratio 8.08 4.59 1.58 Inventory
Turnover Ratio 5.39 4.21 4.82 Operating Profit Margin (%) 7.18 7.5 0.4 Net
Profit Margin (%) 5.90 3.848 -- Return on Capital Employed (%) 9.63 7.54 1.00
Return on Net Worth (%) 13.86 9.14 -8.00
Industry Insight – Indian Textiles 43 6.7 Indo Rama Synthetics INCORPORATION
YEAR:1989 BUSINESS GROUP: Lohia Group FORM:Publi c INTRODUCTION Indo Rama
Synthetics (India) started operations in 1989 with a state-of-the-art Plant near
Indore, Madhya Pradesh, where it set up 21,120 spindles (presently 122,880

spindles) for the manufacture of spun yarn. Today, Indo Rama is the largest
dedicated polyester manufacturer and exporter in the country with an Integrated
Polyester Plant near Nagpur, Maharashtra for the manufacture of 350,000 tons per
annum of polyester fibers and yarns in technical collaboration with Toyobo,
Japan and DuPont, USA, respectively SHARE DATA Equity Capital (US$m) 30.37(as on
30th Dec 04) Face Value (INR) 10 Book Value (INR) 39.17 Market Value (INR) 76.3
(as on 30th Dec 04) Market Capitalization (US$m) 100.97( as on 30th Dec 04)
Latest P/E Ratio 5.90 Financial Year April-March PLANT LOCATIONS Location
Address Nagpur 31-A, MIDC Industrial Area, Butibori,
Nagpur-441122
Tel:
07104-265314 07104-265314 fax: 07104-265307, 265305 CORPORATE
ADDRESS Reshab Raizada
Ranvir K Vij
Dr.Gopal Das Bhawan
28, Barakhamba Road,
New Delhi - 110 001
Tel : +91 11 23351101 +91 11 23351101
reshab.raizada@indorama-ind.com
ranvirk.vij@indorama-ind.com
Source C y g nus Research Shareholding Pattern 57% 7% 2% 0% 34% promoters Mfs&
UTI Banks & Fis FIIs others Source: Annual Report, Indo Rama Synthetics
Segmental Revenue 87% 13%polyester Yarn
Industry Insight – Indian Textiles 44 MILESTONES 2003 Demerger of Indo Rama
into petroleum and Synthetic divisions 2003 Entered into an agreement with
Pegasus Global and formed a joint venture 2002 Gold medal for man made fabric
blended with Natural fiber 2001 Gold medal for highest export to Latin American
countries 2000 SRTEPC special award 1997 National export award by ministry of
commerce. 1991 gold award in Viscose spun yarn 1989 Gold medal for Viscose spun
yarn SUBSIDIARIES Not Available MANAGEMENT TEAM Designation Name Chairman M.L.
Lohia Managing Director O.P.Lohia Whole time Director Vishal Lohia Director
O.P.Vaish Director Anil.D.Rege Director A.K. Ladda Director U.K.Khaitan Director
H. Hirako Director Kamal Kishore Whole time Director Shailander Tandon
Performance Operating profit has decreased and so have margins. The new plant
has increased operating efficiency, but not enough as it turned to be. Financial
Performance The financial performance has improved due to better production and
improved quality. Net profit has also improved year after year. PBDIT vs PBDIT
margin 0 10 20 30 40 50 60 70 80 2002 2003 2004 US$Mn 17.00% 17.50% 18.00%
18.50% 19.00% 19.50% 20.00% 20.50% 21.00% 21.50% % PBDIT PBDIT Margin Source;
Annual report, Indo Rama Trend in Sales & PAT(US$m) 0 100 200 300 400 500 2002
2003 2004 sales 010 20 30 40 50 PAT sales PAT
mn) Balance Sheet Items 2004 2003 2002 Net Worth 120.03 86.36 85.29 Capital
405.45 425.7 Total Debt 181.69 208.29 225.65 P&L Items Sales 383.31 362.98
293.31 Exports 47.11 103.5 101.5 Raw Materials Cost 249.93 224.31 170.14
Employee Cost 7.76 7.00 10.23 Selling & Administration Cost 53.82 50.66 62.77
PBDIT 71.39 76.14 59.65 Depreciation 22.23 19.91 21.41 Interest & Financial
Charges 10.80 13.05 21.9 PBT 40.92 43.44 12.2 PAT 39.63 29.07 8.45 EPS* (INR)
12.93 10.38 2.48 Cash Profit 62.29 66.17 35.33 KEY RATIOS 2004 2003 2002
Debt-Equity Ratio 1.51 2.41 2.64 Current Ratio 1.13 1.17 1.29 Interest Cover
Ratio 9.10 5.24 2.22 Inventory Turnover Ratio 3.86 3.84 4.88 Debtors Turnover
Ratio 15.48 18.27 19.23 Operating Profit Margin (%) 18.62 20.97 20.33 Net Profit
Margin (%) 10.34 8.01 2.88 Return on Capital Employed (%) 16.23 14.87 11.11
Return on Net Worth (%) 33.02 33.67 9.92
Industry Insight – Indian Textiles 47 6.8 Welspun India INCORPORATION YEAR:1985
BUSINESS GROUP:Goenka
FORM:Publi c
SHARE DATA Equity Capital (US$m) 10.60(as on 30th Dec 04) Face Value (INR) 10
Book Value (INR) 47.06 Market Value (INR) 128.15( as on 30th Dec 04) Market
Capitalization (US$m) 135.89(as on 30th Dec 04) Latest P/E Ratio 19.65 Financial
Year April-March PLANT LOCATIONS Location Address Gujarat Welspun India Ltd.,
Village Morai,Vapi, dist.
Valsav, Gujarat-396191
Tel: 0260 2437001/02/03/04
Gujarat Welspun Gujarat Stahl Rohrel Varsamadi, Anjar, Kutch- 370110 Gujarat
Dadar &
Nagar
Haveli
Welspun Syntex Survey no.394(P), Saily village, Silvassa, Dadar & Nagar Haveli.
Gujarat Welspun, village Vadadla. Near Dahej, Taluka Vagra, Baruch, Dahej road,
Dist. Gujarat-392130 CORPORATE ADDRESS Welspun Gujarat
Trade World, B -wing, 9th Floor,
Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel,
Mumbai 400 013,
Tel: (91)-22-5650 3000/56503333/2490 8000 Fax: (91)-22-2490 8020/2490 8021
Email:mo ha n_ma nikkan @welspun. co m Source: Annual Report, Welspun India
Shareholding Pattern 34% 21% 12% 24% 6%3% promoters MFs and UTI Banks & Fis FIIs
Indian public others
Industry Insight – Indian Textiles 48 INTRODUCTION Beginning with a small
texturising unit in 1985, the Group has significantly expanded and diversified
its business. It now has interests in terry towels, LSAW pipes, pipe coating,
cotton yarns, PFY, bathrobes and buttons. The Group s annual turnover exceeded
INR 20,000 million, of which more than INR 11,500 million is from exports. The
Group has ties with 12 out of top 20 retailers in the world namely Wal-mart,
K-mart, JC Penny and Target to name a few. LSAW pipe clientele includes names
such as Shell, Gazprom, ExxonMobil, etc. MILESTONES 2005 10,000 plus employees,
2500 vendors, indirect employment to over 100,000 people and over 50,000
shareholders. 2004 Set up power and steel plant in Anjar. 2004 Integrated terry
towel and bed sheet plant with spinning units and modernized process house. 2001
Set up pipe coating facility at Baruch in JV with EUPEC. 1999 Set up bath robe
unit in joint venture with Zucchi in Vapi. 1998 Integrated the plant in
Silvassa. 1997 Started pipes and spiral pipes project in Baruch. 1995 Started
cotton spinning project under which Terry towel backward integration was done in
Vapi plant. 1993 Started terry towel project in Vapi 1985 Started POY
texturising plant in Palghar. SUBSIDIARIES • Welspun Gujarat Stahl Rohren •
Welspun Syntex • Glofame Cotspin Industries • Welspun Zucchi Textiles MANAGEMENT
TEAM Designation Name President Akhil Jindal President Anil Channa CEO Anshuman
Singh Sr. Vice President Anurag Sharma Sr. vice President Ashok Jain Vice
president Ashim Chakraborty CEO & Director Braja Mishra COO-Welspun USA Charles
Gaenslen President K.K.Purohit President L.T. Hotwani Director finance M.L.
Mittal President Prashant .K. Mukherjee President S.K. Agarwal Director S.R.
Somani Director Swapan Nath President Vijay Phatarphekar
Performance The operational performance has improved over 2002 due to decrease
in costs and increase in Sales. Financial Performance Revenue has increased 56.7
per cent since 2002 owing to increase in exports. PBDIT vs PBDIT margin 05 10 15
20 2002 2003 2004 US$Mn 010 20 30 40 % PBDIT PBDIT Margin Source: Annual report,
Welspun Trend in Sales & PAT (US$m) 0 10 20 30 40 50 60 70 80 90 2002 2003 2004
sales 012345678 PAT sales PAT
Industry Insight – Indian Textiles 50 FINANCIAL HIGHLIGHTS (all figures in
50.29 Total Debt 54.31 45.228 45.64 P&L Items Sales 77.99 58.43 49.74 Raw
Materials Cost 3.2 1.54 0.51 Employee Cost 6.67 2.89 2.23 Selling &
Administration Cost 24.4 18.40 16.14 PBDIT 17.53 13.69 14.7 Depreciation 3.38
2.98 2.63 Interest & Financial Charges 5.39 5.23 8.45 PBT 10.12 5.60 3.25 PAT
6.91 3.95 2.35 EPS* (INR) 6.52 9.77 2.49 Cash Profit 10.30 6.93 5.82 KEY RATIOS
2004 2003 2002 Debt-Equity Ratio 1.08 1.15 1.32 Current Ratio 3.26 2.93 4.5
Interest Cover Ratio 3.6 3.44 1.62 Inventory Turnover Ratio 5.57 7.74 10.2
Operating Profit Margin (%) 22.48 23.43 29.55 Net Profit Margin (%) 8.87 6.76
4.72 Return on Capital Employed (%) 11.28 18.58 14.42 Return on Net Worth (%)
13.87 24.10 6.84
Industry Insight – Indian Textiles 51 6.9 Vardhman Spinning Mills
INCORPORATION YEAR:1965
BUSINESS GROUP: Vardhman group of companies
FORM:Publi c
INTRODUCTION The Vardhman Group, established in 1965, under the entrepreneurship
of Late Lala Rattan Chand Oswal has today blossomed into one of the largest
Textile Business houses in India. At its inception, Vardhman had an installed
capacity of 14,000 spindles. Today its capacity has increased multifold to over
5.5 lakh spindles. Today Vardhman Threads is the second largest producer of
sewing thread in India. The grey fabric weaving unit at Baddi (HP), commissioned
in 1990 with a capacity of 20,000 meters per day, has already made its mark as a
SHARE DATA Equity Capital (US$m) 3.68(as on 30th Dec 04) Face Value (INR) 10
Capitalization (US$m) 303.59as on 30th Dec 04) Latest P/E Ratio 13.49 Financial
Year April-March PLANT LOCATIONS Location Address Punjab Vardhman Polytecs
Bhatinda,Punjab-151001 Punjab Vardhman Spinning Mills Malerkotla, Punjab-148023
Punjab Vardhman Spinning mills Chandigarh road, Ludhiana H.P Vardhman Fabrics
Baddi. M.P Mandideep, Madhya Pradesh Gujarat Vardhman Acrylics Ltd. Plot no.755,
GIDC industrial estate, Jhagadia, Bharuch CORPORATE ADDRESS VARDHMAN SPG & GEN.
MILLS Corporate office
Chandigarh road, Ludhiana
Punjab-141010.
Tel.:91(0161)-2662543-48 FAX: 91(0161)-2601048, 2602710, 2642616 Source: Annual
Report, Vardhman Segmental Revenue 37% 17% 15% 13% 18% Yarn Sewing threads Steel
Acrylic Fabric Shareholding Pattern61% 4% 5% 0% 24% 6% promoters MFs& UTI Banks
& Fis FIIs Indian public others
Industry Insight – Indian Textiles 52 quality producer of Grey
poplin/sheeting/shirting in the domestic as well as foreign market. This was
followed by entry into fabric processing by setting up Auro Textiles at Baddi,
which currently has a processing capacity of 1 lakh metres/day. MILESTONES
2003-04Gold trophy in EOU/EPZ for export of cotton yarn 2002-03Gold Trophy in
EOU/EPZ for export of cotton yarn 1999 Set up Vardhman Acrylic in Baruch in a
joint venture with Marubeni & Exlan of Japan. 1990 Diversification into weaving
business with setting up a plant in Baddi with a capacity of 20,000 metres per
day. 1982 Entered the sewing thread market which was a forward integration of
the business. 1965 The group established. SUBSIDIARIES • Mahavir Spinning Mills
• Vardhman Acrylics • Vardhman Steel MANAGEMENT TEAM Designation Name Chairman
S.P. Oswal Executive Director Sachet Jain Business head Fabric Suchita Jain
President & Business head (Thread) D.L. Sharma President & Business head(Fibre &
Steel) B.K. Choudhary. Corporate GM I.J.Dhuria Vice President Exports Kuldeep
Jain Vice president Marketing Mahesh Arora Corporate GM (HR) Neeraj Jain Vice
President Taxation Rajeev Thapar Vice President Projects & Purchase Udip Singh
Performance The operational performance of the company has increased in 2003 due
to increase in Sales but the margin has decreased in 2004 due to increase in
costs. Financial Performance The financial performance of the company has
improved with sales increasing by 31.7 per cent due to better performance of
Fabrics. PBDIT vs PBDIT margin 05 10 15 20 25 30 2002 2003 2004 Us$Mn 13 14 15
16 17 18 % PBDIT PBDIT Margin Source: Annual report, Vardhman Trend in Sales &
PAT (US$m) 0 20 40 60 80 100 120 140 160 2002 2003 2004 sales 012345678 PAT
Sales PAT
Industry Insight – Indian Textiles 54 Financial Highlights (all figures in US
$mn) Balance Sheet Items 2004 2003 2002 Net Worth 62.44 51.70 46.08 Capital
Exports ( For Group) 109.00 81.55 90.00 Raw Materials Cost 71.36 46.76 46.45
Employee Cost 8.92 6.08 7.42 PBDIT 25.27 21.26 16.67 Depreciation 9.64 6.78 7.42
Interest & Financial Charges 6.76 4.57 5.57 PBT 32.0 23 10.34 PAT 7.6 4.42 1.059
EPS* (INR) 20.70 13.17 3.24 Cash Profit 17.42 14.9 9.34 KEY RATIOS 2004 2003
2002 Debt-Equity Ratio 1.416 1.569 1.766 Current Ratio 2.86 2.93 2.55 Interest
Cover Ratio 4.00 3.97 2.13 Inventory Turnover Ratio 3.26 3.38 3.56 Operating
Profit Margin (%) 17.22 17.48 16.67 Net Profit Margin (%) 5.18 3.63 1 Return on
Capital Employed (%) 10.09 8.82 7.17 Return on Net Worth (%) 12.18 8.56 2.30
Industry Insight – Indian Textiles 55 6.10 Himatsingka Seide INCORPORATION
YEAR:1985
BUSINESS GROUP: Himatsingka Group
FORM:Publi c
SHARE’S DATA Equity Capital (US$m) 4.4(as on 30th Dec 04) Face Value (INR) 10
Capitalization (US$m) 170.18( as on 30th Dc 04) Latest P/E Ratio 14.90 Financial
Year April-March INTRODUCTION The company commenced its operations on February
15, 1985. It was promoted by Ajay Kumar Himatsingka and Dinesh Kumar
Himatsingka. It manufactures natural silk fabrics under a 100 per cent export
oriented unit scheme. The company undertook to set up a composite Silk mill with
an annual capacity of 7,50,000 square meters for producing natural silk fabrics.
PLANT LOCATIONS Location Address Karnataka 23-A, KIADB industrial area
VirapuraVillage,
Doddaballapur, Taluk
Bangalore-561203
CORPORATE ADDRESS Himatsingka Seide
2/1, Midford Gardens,
Mahatma Gandhi Road
Bangalore-560001
Tel: 91-80-25584038/4307
Fax: 91-80-23340117/25584249.
E-mail:seide@himatsingka.com
Shareholding Pattern 62% 5% 2% 10%18% 3% promoters MFs and UTI Banks & Fis FIIs
Indian public others Source: Annual Report, Himatsingka Seide Segmental Revenue
82% 18% fabrics yarn
Industry Insight – Indian Textiles 56 MILESTONES 2004 Company sets up a wholly
owned subsidiary in New York By the name of Himatsingka America Incorporation.
2003 Acquires M/S ABC trading private Limited as its wholly owned subsidiary
1998 Sets up a 100 per cent export oriented unit at Dodaballapur 1995 Receives
SIA approval for setting up a 100 per cent export oriented unit. 1994 Credit
Himatsingka Ltd. became a subsidiary of the company 1985 The company was
incorporated SUBSIDIARIES • Himatsingka Wovens Private Limited • Himatsingka
America Inc. • ABC trading Pvt. Ltd • Credit Himatsingka Ltd. MANAGEMENT TEAM
Designation Name Chairman N. Vaghul Director Jayshree Podder Director Dilip. J.
Thakkar Director A.K. Dasgupta Director Rajiv Khaitan Director Basant Poddar Ex.
Director Shrikant Himatsingka Ex. Director Aditya Himatsingka Managing Director
Dinesh Himatsingka Vice Chairman A.K.Himatsingka
Performance The operational profit has increased, but margins have come down to
increase in costs .The costs have increased due to higher depreciation stemming
from the purchase of new equipment. Financial Performance The financial
performance of the company has improved due to higher sales. PAT has also
increased by 48 per cent due to higher silk demand in US markets. Also, demand
in domestic market has improved. PBDIT vs PBDIT margin 05 10 15 2002 2003 2004
US$Mn 39 40 41 42 43 44 % PBDIT PBDIT Margin Source Annual re p ort , Himatsin g
ks Seide Trend in Sales & PAT (US$m) 05 10 15 20 25 30 35 2002 2003 2004 sales
0246810 12 14 PAT Sales PAT
mn) Balance Sheet Items 2004 2003 2002 Net Worth 64.00 52.38 45.86 Capital
45.87 Total Debt 3.17 0 0 P&L Items Sales 31.23 26.42 24.95 Raw Materials Cost
8.70 7.43 8.47 Employee Cost 3.52 2.92 2.45 Selling & Administration Cost 3.22
2.45 2.28 PBDIT 13.34 11.55 10.24 Depreciation 3.39 2.93 2.64 Interest &
Financial Charges - - - PBT 9.85 8.41 7.86 PAT 11.64 8.44 7.86 EPS* (INR) 26.43
20.98 19.93 Cash Profit 15.03 11.38 10.86 KEY RATIOS 2004 2003 2002 Debt-Equity
Ratio 0.05 0 0 Current Ratio 5.41 4.44 5.01 Interest Cover Ratio 153.97 60.19
-541.47 Inventory Turnover Ratio 3.77 3.82 3.46 Operating Profit Margin (%) 42.7
43.75 41.03 Net Profit Margin (%) 37.26 31.96 31.27 Return on Capital Employed
(%) 18.83 18.92 18.29 Return on Net Worth (%) 18.19 16.12 17.02 Industry
Insight – Indian Textiles 59 7. GROWTH DRIVERS With the phasing out of MFA by
the end of 2004 and with full implementation of “Agreement on Textile and
Clothing” under WTO from January 1, 2005, Indian textile industry has entered a
new age full of opportunities and threats. Industry leaders and policy makers
need to come forward and chalk out a road map for Indian textile industry. The
idea of “Made in India” brand otherwise will remain on paper. Abundant raw
material: India is among leading producers of cotton, but quality does not
always measure up to world standards due to high level of contamination. The
access to raw material will no doubt drive growth, but this factor’s
contribution to growth of textile industry can be higher if yield and quality of
cotton improves. Low labor costs: The labor costs in India are among the lowest
in the world. This provides a significant advantage in a labor intensive
industry such as textiles. Focus on upgrading technical skills and design skills
of Indian workforce will fetch even better dividends. Capitalize on lost sale
opportunities: Unpredictable demand and short-lived products are the hallmarks
of the world market for apparel. Demand for fashion apparel, being a function
more of taste than of objective consumer needs, long range forecasts tended to
be highly inaccurate. Demand for many products like fashion garments, shoes,
sportswear is highly seasonal, fluctuating and often hard to predict. Thus
resulting shortages (stock outs) represent lost sales opportunities and
surpluses result in lost revenues consequent to successive reductions
(markdowns), often to a point below the cost of production. Thus “first time
right quality”, timeliness and frequent delivery of small lot sizes with a short
lead time are the key success factors for Indian industry as it is a supplier.
Increase the presence in branded apparels: The branded apparel market size is of
INR 20,000 crore, out of which only INR 4,000 crore is catered to by branded
apparel. So there is still a INR 16,000 crore market, which is catered by the
unorganized small size units. The developed nations, which are the destinations
for Indian textile products, use textiles in the form of apparel. .Competitive
advantage: A successful high-income nation stays successful only by competing
with distinctive, differentiated products or services and that is what helps in
making the image for country. It is the cumulative impression of the performance
of the organizations that builds the brand image for a nation. Besides,
differentiated, modern products are less sensitive to pricing increases. Whereas
Indian textile and apparel industries were found to grow many fold when it could
move its pricing southwards, either due to increase in government subsidies or
driven by currency devaluation, which are neither distinctive nor sustainable
capabilities. Implement upcoming technologies: Upcoming technologies for mass
customization such as three dimensional non-contact body measurement and digital
printing ought to be discussed thoroughly and implemented fast. This mass

customization shall be successful for meeting unpredictable demand levels, for
luxury goods, uncertain customer wants and for heterogeneous demand. Industry
Insight – Indian Textiles 60 8. OUTLOOK Indian textile industry can grow to
US$85 billion by 2010 from the current figure of around US$36 billion, according
to a study conducted by credit rating agency, CRISIL. With MFA ending in 2005,
patterns of trade flows are undergoing a major change. This will impact the
growth of the industry in India too. With uncertainty regarding future exports,
Indian players have been cautious about capacity expansion plans. Industry
experts feel that demand growth would witness significant increases if the bias
against manmade fibres in terms of duties is eliminated. There has been a recent
uptrend in polyester industry operating rates, which is likely to boost margins
and enhance profitability. If demand does find strength, there is scope for
additional capacities but these will be restricted to the larger, integrated and
financially strong companies. In India, the clothing market, even today, is
predominantly skewed towards tailored clothes. There has been a shift in urban
markets with significant progression towards ready-to-wear clothes, especially
in shirts. Unfortunately, due to Government tariffs and trade discounts, which
have a telescopic effect, comparing apples with apples, tailored garments still
remain the cheaper option when compared to ready-to-wear. It will be still many
years before the market moves from consisting mainly of tailored clothing to
becoming a 50:50 market between ready-to-wear and tailored clothing. The current
growth rates in the ready-to-wear sector are 15-20 per cent annually in the
organized shirts and trousers market. The key differentiating factor between
success and failure of the ready-to-wear apparel industry in future would be
distribution, logistics (including supply chain management), commitment and
dedication to quality. Elements of design will play an increasing role. Indian
textile industry has some inherent positive points, like dyed yarn is mostly
produced in India. Our production costs are relatively lower than others. No
doubt, the labor costs of Indonesia or Pakistan are be lower than ours. But our
designs, technology and government policies are better. Our producers do not
hesitate to execute small orders at lower margins. So the industry has a
promising future. The trends in suitings are changing and because of global
warming, the period of winter is declining every year so people are consequently
shifting from costly woolen garments to cotton and polyester viscose. With the
opening of imports, now companies are importing raw material at international
costs and are making any type of garments on demand. Retail industry is also
gaining ground now. The introduction of new range and aggressive marketing
strategies will help the companies in future in increasing their sales. Impact
of WTO agreement: With the phasing out of quotas in global trade in textile and
clothing, the world’s markets would become more accessible to competitive
players. The ones who are not so competitive are in grave danger of being
marginalized. India can ill-afford to ignore these global trends. While the
export market would become more competitive from 2005, the domestic turf too
would be threatened by increased imports as custom tariffs fall. The big markets
of the world are increasingly becoming inaccessible to India due to the
proliferation of regional/bilateral arrangements that exclude India from the
preferential benefits accorded to other ‘member’ countries. India has the
inherent strengths to emerge as a significant player on global stage. But speedy
resolution of long-standing issues such as outmoded labor laws and modernization
of machinery is downright critical if India has to translate that promise into
reality. Industry Insight – Indian Textiles 61 BIBLIOGRAPHY & REFERENCES
www.texmin.nic.in
www.indianrayon.com
www.arvindmills.com
www.aloktextile.com
www.centurytext.com
www.raymond.com
www.vardhman.com
www.himatsingka.com
www.indoramaindia.com
www.bombaydying.com
www.welspun.com
www.myiris.com
www.bseindia.com
www.indiainfoline.com
www.equitymaster.com
www.google.com
www.dogpiles.com
www.yahoo.com
www.indiabudget.nic.in
Industry Insight – Indian Textiles 62 ANNEXURE A) Textile policy For historical
reasons, India accorded more importance to labor-intensive textiles and as a
result, Indian textile industry did not take to machinery in a big way. The
government also encouraged small scale sector through tax sops and reservation
of segments. The government imposed capacity, price and machinery restrictions
on bigger players. Tight labor laws discouraged flow of investment into textile
industry and made production uncompetitive. In the mid eighties the government
attitude towards textile industry underwent a significant change. The Textile
Policy of 1985 marked a clean break from the past. It relaxed regulations
governing composite mills and tried restructure government mills. Indian
government also sought to readdress its neglect of manmade fibers by reducing
fiscal duties in a bid to boost consumption of manmade fibers and blended
fabrics. Industrial Development Bank of India (IDBI) promoted a Textile
Modernization Fund Scheme in 1986 to help sick textile mills modernize their
machinery. The removal of licensing in early nineties together with signing of
General Agreement of Tariffs and Trade agreement in 1995 signaled Indian
government’s intention to loosen hold on Indian textile industry and switch to
market-driven regime. Indian government introduced National Textile Policy (NTP)
in 2000 to improve growth prospects and competitiveness of Indian textile

industry. The main objectives of this policy are: • To attain and sustain a
pre-eminent global standing in the manufacture and export of clothing • Equip
the Industry to withstand pressures of import penetration and maintain a
dominant presence in the domestic market; • Liberalise controls and regulations
so that the different segments of the textile industry can perform in a greater
competitive environment; • Enable the industry to build world-class
manufacturing capabilities in conformity with environmental standards, and for
this purpose to encourage both Foreign Direct Investment as well as research and
development in the sector; • Develop a strong multi-fibre base with thrust of
product up-gradation and diversification; • Sustain and strengthen the
traditional knowledge, skills and capabilities of weavers and craftspeople; •
Enrich human resource skills and capabilities, with special emphasis on those
working in the decentralised sectors of the Industry; and for this purpose to
revitalise the Institutional structure; • Expand productive employment by
enabling the growth of the industry, with particular effort directed to
enhancing the benefits to the north east region; • Make Information Technology
(IT), an integral part of the entire value chain of textile production and
thereby facilitate the industry to achieve international standards in terms of
quality, design and marketing and; • Involve and ensure the active co-operation
and partnership of the State Governments, Financial Institutions, Entrepreneurs,
Farmers and Non-Governmental Organizations in the fulfillment of these
objectives. The thrust areas in this policy are technological up-gradation,
enhancement of productivity, quality consciousness, strengthening of raw
material base, product diversification, increase in exports and innovative
marketing strategies, financing arrangement and integrated human resource
development. Through NTP 2000, Indian Government hopes to improve textile and
apparel exports from US$11 billion in 2000 to US$50 billion in 2010. The policy
provides for setting up a venture capital fund for tapping knowledge-based
entrepreneurs and assisting the private sector to set up specialized financial
arrangements to fund the diverse needs of the textile industry. The new policy
would also encourage the private sector to set up world class, Industry Insight
– Indian Textiles 63 environment-friendly, integrated textile complexes and
textile processing units in different parts of the country and would review and
revitalize the working of the Textile Research Associations to focus research on
industry needs. Furthermore, the Ministry of Agriculture and the Ministry of
Textiles have jointly taken up Cotton Technology Mission in February 2000 to
make available quality cotton to the industry through initiatives such as
raising productivity, improving research, reducing contamination, tackling
obsolete ginning and pressing factories, improving storage facilities and
strengthening marketing. Indian government has launched Technology Up-gradation
Fund Scheme (TUFS) in 1999 to provide funds to textile and jute units for
modernizing equipment. Till February 2003, an amount of Rs 5950 crore has been
sanctioned to 1,809 units under TUFS scheme. Other key measures taken by the
government in the recent past include introduction of CENVAT across the textile
chain and cut in customs duty on textile machinery. B) Industry Associations
Contacts of various industry associations Industry Associations Address
Telephone Fax E-mail & URL Northern Indian textile research association
Sector-23,
Rajnagar,Ghaziabad-
201002.
Tel: 0120-4783638 0120-4783638 -- www.nitratextile.org
nitra@nde.vsnl.net.in Bombay textile research association Dr. A.N. Desai,
Director head office, Lal bhadur shashtri marg, Ghatkopar (west), Mumbai,
400096. Tel: 022-5002766. -- www.btraindia.com btra@bsnl.com South India Textile
Research Association Post Box No. 3205, Coimbatore Aerodrome post, Coimbatore,
641014. 0422-574367/8/9 -- www.sitraindia.org sitra@vsnl.com The Synthetic and
Art Silk Mills Research Association. Sasmira marg, Worli, Mumbai, 400025.
022-4935351/2 022-4935351/2 -- www.sasmira.org
sasmira@vsnl.com Manmade Textiles Research Association. Near textile market,
Telephone exchange, ring road, Surat, Gujarat, 395002 0261-8323211
0261-8323211 -- www.mantrasurat.org
director@mantrasurat.
org
Indian Jute Industries Research Association. 17, Taratola road, Kolkata, 700088
033-4014615/6/7 -- ijira@vsnl.com www.ijira.org Wool Research Association. Post
office sandoz baug, Kolshet road, Akbar camp road, Thane (west), Mumbai, 400607.
022-5414284 -- wraindia@bom8.vsnl.n et.in Ads by Google
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including Carpets: Handicrafts including carpet exports stood at US$19 million

investment is made in a company which is engaged in manufacture of an item

Industry Insight – Indian Textiles 23 6.2 Arvind Mills INCORPORATION YEAR:1931

volumes of denim contributed to the increase in sales. The unexpected

.Jiwarjka Executive Director Surender. B. Jiwarjka Executive Director

Indore, Madhya Pradesh, where it set up 21,120 spindles (presently 122,880

printing ought to be discussed thoroughly and implemented fast. This mass

in 2000 to improve growth prospects and competitiveness of Indian textile

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