The document discusses the ready-made garments export industry in India. It covers business models, the manufacturing process, organization structures, statutory benefits and obligations, industry funds, governing bodies, state concentrations and opportunities, recent deals and trends, and reporting standards. The key business models are manufacturing apparel in-house or outsourcing production. The document provides an overview of the various stages in garment production and export.
Globalization has made it easier than ever to ignore where our clothes come from. The fashion industry has complex connections to many other fields, including manufacturing, advertising, production of raw materials, transportation and retailing. Begin to educate consumers about the importance of APPAREL STANDARDS.
At FashionTT's Fashion UPGRADE! Workshop, Violet Davis-Maurice provided great insight into creating garments that meet local and international standards.
Globalization has made it easier than ever to ignore where our clothes come from. The fashion industry has complex connections to many other fields, including manufacturing, advertising, production of raw materials, transportation and retailing. Begin to educate consumers about the importance of APPAREL STANDARDS.
At FashionTT's Fashion UPGRADE! Workshop, Violet Davis-Maurice provided great insight into creating garments that meet local and international standards.
India’s textile and clothing (T&C) sector is one of the oldest industries which has been playing a vital role to strengthen the Indian economy. Though the sector has faced a lot of fluctuations in recent times, the solid foundation of the sector is tough to be shattered. Team Apparel Resources prepares a presentation on the same to let the readers know more about Indian T&C sector, its present situation and the future directions.
India’s textile and clothing (T&C) sector is one of the oldest industries which has been playing a vital role to strengthen the Indian economy. Though the sector has faced a lot of fluctuations in recent times, the solid foundation of the sector is tough to be shattered. Team Apparel Resources prepares a presentation on the same to let the readers know more about Indian T&C sector, its present situation and the future directions.
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
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3. Business Model
• Indian Ready Made Garment players employ a number of business
models.
• The two key differentiating factors with regards to these models are the
strategy to
– manufacture
or
– procure
• i.e. (purchase or outsource) apparel and the strategy to distribute it.
Export - Ready Garments 3
4. Process Flow
Export - Ready Garments 4
Customer Vendor
Sampling
Merchendiz
ing
Raw
materials
Production
Inspection,
Shipping
Job worker
5. Process Flow
Export - Ready Garments 5
Job work Units
Composite Units
CMT Units (Cut Mark
Trim)
Processing Units
(Spinning, Knitting,
Dyeing, Printing, etc)
7. Organization Structure
CEO
Purchase
Raw Material
Stores
Admin &
Finance
Elct. Data
Process
Accounts
Export
Documents
Manager
Operation
Planning
Process
Control
Merchandizing Production
Fabric
Sewing
Sampling
QC
Marketing
Export - Ready Garments 7
9. Taxes, Export/Import benefits -
• Service Tax -
The Central Govt. grants rebate of service tax on the taxable services which are
received by an exporter of goods and used for export of goods, subject to the
extent and manner specified in the notification. Form A-1, A-2 are to be filed for
this purpose
– http://www.servicetax.gov.in/notifications/notfns-2012/st41-2012.htm
• Duty Drawback -
Hike in duty drawback rates by the Government would help boost the garment
sector’s exports, exporters body AEPC said on Tuesday. Duty drawback status can
be checked at the following link.
– https://www.icegate.gov.in/DocEnquiry/dbkEnq/inputCredentialsForPendingA
ction
Export - Ready Garments 9
11. • EPCG -
Zero duty EPCG scheme allows import of capital goods for pre-production,
production and post-production at zero Customs duty,
- subject to an export obligation equivalent to 6 times of duty saved on capital
goods imported under EPCG scheme, to be fulfilled in 6 years reckoned from
Authorization issue-date.
– http://dgft.gov.in/Exim/2000/NOT/NOT13/not0113.htm
• Fixed exchange rates -
The Central Board of Excise and Customs hereby determines that the rate of
exchange of conversion of each of the foreign currency specified in column (2) of
each of Schedule I and Schedule II annexed hereto into Indian currency or vice
versa shall, with effect from 21st March, 2014 be the rate mentioned against it in
the corresponding entry in column (3) thereof, for the purpose of the said section,
relating to imported and export goods.
– http://www.cbec.gov.in/customs/cs-act/notifications/notfns-2014/cs-
nt2014/csnt47-2014.htm
Export - Ready Garments 11
14. Technology Up gradation Fund Scheme - TUFS
• The Scheme mainly provides for reimbursement of 5% (4% in respect new
standalone/replacement/modernization of spinning machinery) interest charged
by the financial institutions/banks for technology up gradation projects
• The total budget outlay for continuation of the scheme will be about Rs.11,900
crore, out of which Rs. 2,400 crore have been allocated for the financial year 2013-
14.
– http://www.ministryoftextiles.gov.in/faq/faq_tuf.pdf
Export - Ready Garments 14
15. Scheme for Integrated Textiles Parks
- SITP
• To provide the industry with world-class infrastructure facilities for setting up their
textile units, the Scheme for Integrated Textile Park (SITP) was approved in July
2005 to create new textile parks of international standards at potential growth
centers.
• Primary objective of the SITP is to provide the industry with world-class
infrastructure facilities for setting up their textile units. The scheme would
facilitate textile units to meet international environmental and social standards
– http://www.aepcindia.com/files/itp.pdf
Export - Ready Garments 15
16. Integrated Processing Development Scheme -
IPDS
• The Scheme will facilitate the textiles industry become globally competitive using
environmentally friendly processing standards and technology and create new
processing parks. This scheme will support the up gradation of existing processing
clusters/centers specifically in the area of water and waste water management and
also encourage research and development work in the textiles processing sector.
• It is to establish four to six brown field projects and three to five green field
projects addressing the environmental issues faced by Textile Processing Units.
– http://pib.nic.in/newsite/erelease.aspx?relid=%2098910
Export - Ready Garments 16
18. Apparel Export Promotion Council
• Incorporated in1978, AEPC is the official body of apparel exporters in India that
provides invaluable assistance to Indian exporters as well as
importers/international buyers who choose India as their preferred sourcing
destination for garments
• In recent years AEPC has worked tirelessly in integrating the entire industry -
starting at the grass root level of training the workforce and supplying a steady
stream of man power to the industry, etc.
• Official website –
– http://www.aepcindia.com
Export - Ready Garments 18
19. Ministry of textiles
• The Ministry of Textiles is responsible for policy formulation, planning,
development, export promotion and trade regulation of the Textiles Industry
• The Ministry has the vision to build state of the art production capacities and
achieve a pre-eminent global standing in manufacture and export of all types of
textiles .
• Various policies, schemes, initiatives have been provided by the government
through its 'ministry of textiles' which are available in the link below –
– http://texmin.nic.in/policy/policy_scheme.htm
Export - Ready Garments 19
20. Tirupur exporters association
• Tirupur Exporters Association – popularly known as TEA - was established in the
year 1990.
• This is an Association exclusively for exporters of cotton knitwear who have
production facilities in Tirupur. From the modest beginning TEA has grown into a
strong body of knitwear exporters.
• Today, TEA has a membership of 913 Life members and 155 Associate Members. It
offers several services, for example –
– Helps in Locating suitable suppliers.
– Helps in resolving disputes.
• Official Website -
– http://www.tea-india.org/
Export - Ready Garments 20
22. Tirupur - A case study by ICRIER
• Tirupur’s direct exports started with Italy.
• Verona, a garment importer from Italy came toTirupur in 1978 through Mumbai
exporters to buy white T-shirts. A lot of job workers were manufacturing garments
for merchant exporters. He realized the potential and came to Tirupur the
following year. Verona was the man who brought European business to Tirupur.
• On seeing the quality, others soon followed suit. In 1981 European retail chain
C&A came. A handful of manufacturer exported garment worth Rs. 15 crore was
exported in 1985.
• The next couple of year was windfall for Tirupur as exports touched Rs. 300 crore
in 1990. Thus it was in the 1980s,the export market began to expand and
subsequently Tirupur emerged as the largest exporter of cotton knitwear from the
country, accounting for roughly 80 % of the total cotton knitwear.
Export - Ready Garments 22
23. • Tirupur Industrial Cluster development & characteristics
A cluster can be defined as sectoral and geographical concentration of enterprises
facing common opportunities and threats.
The presence of MSMEs (Medium and Small Manufacturing Enterprises) in a
cluster give rise to external economies like emergence and growth of specialized
supplier of raw material, component and machinery, sector specific skills etc
• Challenges
One of the most significant challenges for the Tirupur textile industry today is
water. Textile production, particularly dyeing and bleaching, can be water intensive
and can generate large quantities of effluent. Tirupur is in a dry, water-scarce
region, and the rapid expansion of the textile industry has taken place in an
unplanned manner,
– http://www.econ-jobs.com/research/52329-The-Emergence-of-Tirupur-as-
the-Export-Hub-of-Knitted-Garments-in-India-A-Case-Study.pdf
Export - Ready Garments 23
24. Competition
Major market players, and their competitors are -
• KPR Mill
• Zodiac Clothing Ltd.
• Page Industries Ltd
• Lovable Lingerie
• Gokaldas Exports Ltd
• Bhandari Hosiery Exports Ltd
Comparable Financials of these companies are liked below -
“Financials”
Export - Ready Garments 24
26. Recent deals
Bangladesh the next hot spot in apparel sourcing
• As per mckinsey's survey, it was found that European and US companies that
focus on the apparel market’s value segment plan to expand the share of their
sourcing from Bangladesh to 25 to 30 percent by 2020, from an average of 20
percent now.
– http://www.mckinsey.com/insights/consumer_and_retail/bangladesh_the_ne
xt_hot_spot_in_apparel_sourcing
Exports revive at tirupur
• The Union ministry has already raised the annual export target to $43 billion (Rs
25,750 crore) from $36 bn (Rs 21,500 crore) last year for the apparel industry, as
part of a plan to leverage the sharp rupee depreciation to lift textile exports.
– http://www.business-standard.com/article/companies/exports-revive-at-
tirupur-113071200624_1.html
Export - Ready Garments 26
27. Trends
• As China begins to lose its competitive advantage, manufacturing starts moving
to India.
– http://businesstoday.intoday.in/story/india-benefits-china-begins-to-lose-
manufacturing-edge/1/203040.html
• Gurgaon has been added as Towns of Export Excellence (TEE) for Textiles.
– http://pib.nic.in/newsite/erelease.aspx?relid=74069
Export - Ready Garments 27
28. M&A/ PE/ VC
• A high-fashioned readymade garment industry will be established in Karnaphuli
Export Processing Zone by a Netherlands-Bangladesh joint venture with an
investment of US$ 4.10 million.
• The Bangladesh Export Processing Zones Authority (BEPZA) and Denim Expert Ltd
signed an agreement on the new venture on November 8, an EPZ release said here
on November 9.
• Prashanta Bhushan Barua, BEPZA member (Engineering) and Denim Expert Ltd
Managing Director Md Mostafiz Uddin signed..
– http://www.bharattextile.com/newsitems/2002056#ixzz2xAB9D5W2
Export - Ready Garments 28
29. FDI
• ‘FDI in Textiles Sector’
• Department of Industrial Policy & Promotion, Ministry of Commerce and Industry,
Govt. of India.
– http://pib.nic.in/newsite/erelease.aspx?relid=%2098910
Export - Ready Garments 29
Financial Year
Total (All Sector)
In Rs. In US$
2010-11 885.2 19.43
2011-12 1739.46 36.5
2012-13 (Apr-Jun) 238.2 4.43
31. Significant differences
• Inventory Valuation Conventions
• The most frequently discussed difference between IFRS and U.S. GAAP is in the
treatment of inventory costing.
• U.S. GAAP allows the LIFO assumption, As prices tend to rise in most industries,
this practice results in a high cost of goods sold expense, thereby depressing
profits .
• Under IFRS, LIFO is not allowed at all While the result will be increased net income,
it will ultimately be a disadvantage to stockholders because companies will be
charged more corporate taxes.
Export - Ready Garments 31
32. • Discretion in the Valuation of Assets
• Under U.S. GAAP, writing assets down due to “impairment” (i.e., permanent
decreases in value), is a one-way process. Once written down, there is no way that
an asset can be written back up.
• IFRS, on the other hand, does allow write-ups, and allows them to benefit income.
• Moreover, under U.S. GAAP, an acquired asset can never be increased in value as a
result of market appreciation. In contrast, based on a long-lived but rarely used UK
GAAP convention, IFRS allows assets to be written up in line with market values, as
long as the revaluation is carried out with regular frequency.
– http://www.ey.com/Publication/vwLUAssets/US_GAAP_versus_IFRS:_The_bas
ics_November_2012/$FILE/US_GAAP_v_IFRS_The_Basics_Nov2012.pdf
Export - Ready Garments 32
33. SMC exemptions
• Accounting standards which are not mandatory for compliance to SMCs are :
Export - Ready Garments 33
AS Name of the AS
AS 3 Cash-flow statements
AS 15 Employee benefits
AS 17 Segment reporting
AS 21 Consolidated financial statements
AS 23
Accounting for investments in associates in
consolidated financial statements
AS 25 Interim financial reporting
AS 27 Financial reporting of interest in joint ventures
34. Other Specifics -
• A lot of Compliances are to be adhered to. For example -
– Needle policy
– Safety policy
– Canteen hygiene certificate
– Pest control agreement
– municipality license
• Special magazines -
– http://indiantextilejournal.com/ (Since 1890!)
– http://www.textileworldasia.com/
– http://www.bharattextile.com/
Export - Ready Garments 34