The year has seen cataclysmic changes in the business environment. In
this seemingly turbulent phase we have continued to serve consistently
our customers with increased dedication and they have motivated us with
continued support and patronage.
We are better placed now than ever before of achieving our goals and
targets. We continue to maintain our leadership in our segments. We are
better focused and better organized to achieve our goal of being the
foremost manufacturer of narrow fabrics in the world. Our singular
focus of differentiating ourselves on the quality and performance of
our products has been the key to our success in the past and we are
oriented of becoming the benchmark in performance.
The textiles sector is the largest sector of the economy & is also the
most protected. It adds about 14% to industrial production & 4% to GDP
directly employing over 350 lakhs people. It is a self reliant industry
having a fully developed value chain.
In the future India is committed towards lowering of customs tariffs as
a signatory of the WTO. This will result in surge in imports of
products from East Asian countries like China, Korea etc.
Today the customer is better placed than before owing to greater
competition & choice and is definitely seeking better value through
tangible & intangible forms. To compete in the market our trade needs
to create greater value, build networks, focus on core competencies
etc. In this age factors like better quality & lower costs are taken
Market dominance for a long time in today's context requires
establishing brand loyalty & capturing market share, which acts as
deterrent for the competitors to catch up. To compete we need to
accelerate & streamline the process of designing, developing &
introducing value added products. Given the unpredictability of
business environment the pressure to respond to change is immense.
Human resource is viewed as an asset by the MNCs but we view it as a
disadvantage but it is a pity that the same criteria are viewed by the
MNC's as an asset. More and more international firms are queuing up to
tap this potential where as we are still harping on reservations and
protections instead of taking them head long.
With better production technologies and manufacturing process it is the
time is ripe for our trade to shift from unorganised activities to
developing brand and quality where the economies of scale will be to
our advantage. The day has come for the narrow fabric industry to claim
it's rightful place as a super export promoter challenging other
sectors like I.T, entertainment, agriculture etc.
The international market witnessed unprecedented price competition that
had its impact. In the face of this it has not been easy to implement
our strategy and maintain our course. It is a matter of delight that
despite these difficulties, we continued to register leading market
shares exporting all over the world. Many of the initiatives in earlier
years of increasing capacities, streamlining processes and effecting
control on costs have been responsible for this.
The market is passing through a major phase of metamorphosis and as in
the past we have been responsible for leading the change by introducing
new product categories for various customer segments. The activities we
have now set into motion will help us to emerge fitter and stronger in
all areas of our business and better placed to meet our customer's
Our ERP initiative currently underway promises to enhance
organizational efficiency and effectiveness. In addition we are
overhauling our entire service approach to exceed our customers growing
expectations. The organization has been further strengthened with
induction of fresh talent. We are also introducing new value products
to further stimulate growth and consumption. I believe all of this
would go towards making us a truly performance driven, customer
oriented organization ready to take on any challenge. We have made the
right moves in the right direction and the best of us is yet to come.
Thank you for seeing the future the way we do and for your support.