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FINANCIAL PERFORMANCE OF TEXTILE INDUSTRY: A STUDY ON LISTED COMPANIES OF TAMIL NADU

Marimuthu, K.N University of Hyderabad, Hyderabad, India

ABSTRACT
Indian textile industry is the second largest industry in the world after China. It generates employment for more than 35 million people and excise collections nearly 9 percent and it contributes to 16 percent share of the countrys export. About 27 percent of the countrys foreign exchange comes from the textile exports. It contributes to nearly 14 percentage of the total industrial production of the country. Coimbatore is known as Manchester of South India. 76% of India's total textile market is from Erode (Tex-City or Loom-City of India) and 56% of knitwear exports come from Tirupur. Each company could invest on the basis of current performance compared with previous year or with other company. Decision making, additional investment, liquidity position changes in working capital depend upon the performance & return of company reports. Funds are highly required for day-to-day business operations of the firm and how to utilize it and in what way should avoid loses from the investment are discussed here plus, it happens by ineffective management. The objective of the paper is to analyze the performance of textile industry in the selected companies from Tamil Nadu. In addition, the data collected from the CMIE and used the tools of ANOVA and descriptive statistics. Keywords: Working Capital, Profitability and Efficiency, ANOVA, Textile Performance

1. INTRODUCTION Financial Managements two important decisions on working capital/current assets monitor and fixed assets/capital timing changes as per requirement of the management. It may reduce the high risk and increase the profit. Working capital is an excess of current assets over current liabilities. Working capital shows strength of business in short period of time. If a company have some amount in the form of working capital, it means Company has liquid assets. With this money company can face every crises position in market." This study focuses on working capital and financial performance of Tamilnadu textile industry, for the reason that more than 20% of International Journal of Research in Management, Economics and Commerce www.indusedu.org

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the units located in tamilnadu as well as exporting highly 65% of apparel and knitwear from Coimbatore. Indian textile industry is the second largest industry in the world after China and it is self reliant and independent industry and has greater diversification and versatility. As per AEPC, this industry contributes nearly 3 to 4 percentages to GDP; Next to agricultural sector, it generates employment for more than 35 million people and excise collections nearly 9 percent and it contributes to 16 percent share of the countrys export. About 27 percent of the countrys foreign exchange comes from the textile exports. It contributes to nearly 14 percentage of the total industrial production of the country.

2. REVIEW OF LITERATURE Rakesh and Kulkarni (2012) analyzed the Gujarat textile industry working capital evaluation on selected five company for the eleven years and performed ratio analysis, descriptive statistics etc. The study concluded with all the company financial performance with sound effective as well as current and quick ratio, current asset on total asset, sales, turnover etc. are analyzed with the help of hypothesis and used ANOVA. In this research also researcher followed this attributes. Zahid and nanik (2011) concludes the overall performance of the textile sector was adversely affected by crisis through analysis of income statement, debt payment ability, management and inventory sales, receivables, productivity, fixed assets, etc. Nusrat and Assocham (2008) analyzed the performance of sector analysis on 28 textile companies from Mumbai Stock Exchange with the attributes of net sales, net profit, interest cost, raw material, power and fuel cost. Virambhai (2010) textile industry productivity and financial efficiency focused on industrys current position and its performance. It concluded the company/management should try to increase the production, minimize the cost and operating expenses, exercise proper control on liquidity position, reduction of power, fuel, borrowing funds, overheads, interest burden, etc. Ajay Kumar (2011) discussed on Indian textile industry analysis with inflation, textile production, sales, Income, PAT, Income, etc. and found the export and import performance in the crisis period. Shruti Jhawar (2009) prescribed the Indian textile industry mission, vision, history of textile industry in addition; it discussed the case study of textile industry performance evaluation etc. International Journal of Research in Management, Economics and Commerce www.indusedu.org

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Swaran and Bansal (2010) evaluated on co-operative sector comparative study and performed working capital management and used ratio analysis, t-test and operating cycle analysis etc. it concluded with both sector should concentrate on their liquidity and current assets utilization and concentrates working capital management techniques, implementation, profitability measures etc.

3. OBJECTIVES OF THE STUDY To analyses the performance of Tamilnadu Textile Industry on selected companies and to view the positions of profitability ratios.

4. METHODOLOGY OF THE STUDY The five textile companies have been selected on the basis of highly engaged net worth in the year 2011 from the CMIE listed company out of 19. The companies {Ambika Cotton Mills Limited (ACML), Bannari Amman Spinning Mills Limited (BASML), K P R Mill Limited (KPRML), Rajapalayam Mills Limited (RML) and Shiva Texyarn Limited (STL)} data had been extracted from Centre for Monitoring and Indian Economy (CMIE) Prowess, annual reports, journals and publications etc. for the period of 2001-02 to 2010-11. For the purpose of analysis, both financial and statistical tools have been used.

5. HYPOTHESIS OF THE STUDY Ho: there is no significant difference on average current ratio of Tamil Nadu Textile Companies Ho: there is no significant difference on average quick ratio of Tamil Nadu Textile Companies Ho: there is no significant difference on average debt-equity ratio of Tamil Nadu Textile Companies Ho: there is no significant difference on average interest coverage ratio of Tamil Nadu Textile Companies Ho: there is no significant difference on average debtors ratio of Tamil Nadu Textile Companies Ho: there is no significant difference on average creditors ratio of Tamil Nadu Textile Companies

6. 1 ANALYSIS AND INTERPRETATIONS International Journal of Research in Management, Economics and Commerce www.indusedu.org

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Financial Statements generally reflect the running position/conditions of company as well as it refers two statements: Balance Sheet and Income Statement. Financial statement is an organized collection of data according to logical plus steady accounting procedures. However, financial statement does not reflect data related financial perorations of the firm. But it will help to find the sound factors; profitability and financial soundness. It is important tool to evaluate the financial performance analyses. In this study, the financial health of selected textile companies is measured from the following perspectives. These company chosen from the reason of high net worth out of 19 listed company in the year 2011. The below chart clearly shows that five companies industrial performance as per the respective annual income statement, total income and expenses, total assets and liabilities, current assets and liabilities, sales and net worth.

Balance Sheet and Income Statement of Selected Textile Company (variables) of Tamil Nadu Mean (Average 10Yrs, Rs.Mn) ACML Total income Sales Total expenses Total liabilities Current liabilities & provisions Total assets Current assets Net worth Mean Working Capital=CA/CL*100 BASML KPRML RML STL Mean

1413.064 1819.355 4483.74 1384.309 1772.064 4384.94 1288.718 1737.573 4206.5 2870.045 3603.155 7145 341.8909 180.4909 954.68 2870.045 3603.155 7145 1045.318 1002.791 2039.12 878.7273 1029.573 2731.83

1986.245 1378.764 2216.233 1889.727 1259.527 2138.113 1903.382 1330.1 2093.255

3703.909 2837.464 4031.915 275.8182 224.4091 395.4578 3703.909 2837.464 4031.915 1183.991 972.1727 1248.679 967.4455 952.3091 1311.977

1511.515 1843.519 4136.351 1951.803 1474.026 2183.443 305.7461 555.5908 213.592 429.265 433.2145 315.7552

Source: Computed from the CMIE Prowess Data Note: Each company 10 years Average

Working capital shows the growth up-trend of textile companies through high utilization except KPRML. Plus the all companies average mean of working capital is 315.75 and there is a vast difference between total income and sales brings the profit of the company. The high and low net worth of KPRML and ACML outcome reflects on the sales as 4384.94 and 1384.31 as well as total income as 4483.74 and 1413.064 respectively. International Journal of Research in Management, Economics and Commerce www.indusedu.org

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The current ratio of Tamilnadu selected textile companies varied between highest (5.2) to lowest (0.95) times from the eleven years average ratios plus the mean reveals that year-wise down trend in current ratio as well as companies are highly utilizing the working capital for the growth of industry. ACML, KPRML & RML could not able to maintain current ratio in the above average ratio, meanwhile BASML and STL are somewhat maintaining their current ratios. Further in the last two years are showing the down trend of all companies average times compared with previous years. It highly reflects the variation of standard deviation of compiled current ratio times of eleven years.

Current Ratio of Selected Textile Company of Tamil Nadu Current Ratio (Times) Quick Ratio

ACML BASML KPRML RML STL ACML BASML KPRML RML STL 2001-Mar 1.36 2002-Mar 1.17 2003-Mar 1.36 2004-Mar 1.4 2005-Mar 1.3 2006-Mar 1.6 2007-Mar 1.55 2008-Mar 1.48 2009-Mar 1.38 2010-Mar 1.32 2011-Mar 1.28 Min Max Mean Median 1.17 1.60 1.38 1.36 5.2 3.81 2.24 2.4 2.83 4.51 2.42 1.61 1.86 1.65 1.4 1.40 5.20 2.72 2.40 1.26 2.66 2.16 1.63 NA 1.24 1.08 1.41 1.66 1.41 1.68 1.36 1.08 2.66 1.63 1.52 0.47 1.32 0.95 1.03 1.19 1.48 1.68 1.68 1.57 0.96 1.19 1.38 0.95 1.68 1.31 1.32 0.27 2.98 0.19 2.98 0.1 3.21 0.11 2.89 0.12 2.39 0.17 1.95 0.19 1.9 0.19 0.63 1.21 0.2 0.13 0.43 1.72 1 0.56 0.63 0.66 0.38 0.13 1.72 0.69 0.63 0.47 1.6 0.99 0.63 0 0.81 0.45 0.61 0.84 0.62 1.01 0.56 0.00 1.60 0.74 0.63 0.40 0.3 0.44 0.47 0.49 0.64 0.56 0.78 0.79 0.64 0.71 0.75 0.30 0.79 0.60 0.64 0.16 1.21 1.21 1.61 0.97 0.8 0.53 0.43 0.68 0.65 0.53 0.55 0.43 1.61 0.83 0.68 0.37

1.68 0.4 1.37 0.21 1.27 0.29 1.58 0.24 1.27 0.10 3.21 0.40 2.20 0.20 1.95 0.19 0.71 0.09

STDEV 0.12

Source: Computed from CMIE Prowess, NA: Not Available

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One-Way ANOVA: Single Factor Analysis of Current Ratio Source of Variation Between Groups Within Groups Total SS 15.77598 23.80331 39.57928 df 4 49 53 MS 3.943994 0.485782 F 8.118859 P-value 4.18E-05 F crit 2.561124

Ho: Current Ratio does not differ significantly Ha: Current Ratio does differ significantly It concludes that the average current ratios of Tamilnadu selected textile companies do differ significantly. We reject Ho (Fcal > Fcrit) and accept alternative Ha. Since, the calculated value of F is 8.12 which are more than the table value of Fcrit 2.56. Quick ratio of Tamilnadu selected textile companies maximum is 1.72 and the minimum is 0.00 plus mean reflect the continuously maintaining companys growth with the average in every year smoothly. In the initial few years every company maintained the quick ratio with less growth, then coming years are maintained the industry average except ACML. During the study period KPRML, RML and STL are maintained the above level of average compare with ACML and BASML. It concludes that the average quick ratios of the selected textile companies do differ significantly. We reject Ho (Fcal > Fcrit) and accept alternative Ha. Since, the calculated value of F is 6.01 which are more than the table value of Fcrit 2.55.

ANOVA: Single Factor Analysis of Quick Ratio Source of Variation Between Groups Within Groups Total SS 2.637629 5.485782 8.123411 df 4 50 54 MS 0.659407 0.109716 F 6.010149 P-value 0.000498 F crit 2.557179

The debt-equity ratio is the combination of debt and equity capital of companys capital depends upon owners and preference/creditors capital. The table represents the proportion of borrowed funds ratio in the company total capital as well as highest mean is 3.59 maintain by KPRML and

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lowest mean is 1.51 by STL. Debt-equity ratio mean inferred that lowest 1.51times (STL) has a least proportion compare with other companies capital.

Interest Coverage & Debt-Equity Ratio of Selected Textile Company of Tamil Nadu Debt to equity ratio Interest Cover Ratio ACML BASML KPRML RML STL ACML BASML KPRML 2001-Mar 1.07 1.98 2.27 1.39 1.26 2.48 3.72 2.92 2002-Mar 0.88 1.49 1.73 1.63 1.26 1.8 2.74 1.44 2003-Mar 0.76 0.83 2.04 1.62 1.14 2.8 6.26 2.3 2004-Mar 1.31 0.81 NA 1.73 1.01 3.58 13.64 NA 2005-Mar 1.63 1.05 22.91 1.4 1.38 4.18 13.66 1.01 2006-Mar 1.45 0.57 1.39 2.14 1.15 4.22 10.11 8.93 2007-Mar 2.06 1.64 1.25 2.19 0.82 3.51 8.24 5.73 2008-Mar 2.51 2.65 1.23 2.68 0.83 2.44 3.15 6.19 2009-Mar 2.08 2.62 1.04 3.36 1.93 1.74 1.67 1.51 2010-Mar 1.72 2.73 0.85 2.81 3.05 2.44 2.15 3.69 2011-Mar 1.48 2.47 1.19 2.76 2.83 4.88 4.26 4.07 Min 0.76 0.57 0.85 1.39 0.82 1.74 1.67 1.01 Max 2.51 2.73 22.91 3.36 3.05 4.88 13.66 8.93 Mean 1.54 1.71 3.59 2.16 1.51 3.10 6.33 3.78 Median 1.48 1.64 1.32 2.14 1.26 2.80 4.26 3.31 STDEV 0.54 0.82 6.80 0.66 0.77 1.04 4.45 2.53 Source: Computed from CMIE Prowess, NA: Not Available RML 3.06 2.15 2.17 2.57 2.64 3.26 2.94 1.92 1.15 1.5 2.35 1.15 3.26 2.34 2.35 0.65 STL 1.13 1.13 1.14 1.37 1.8 1.51 3.6 2.82 2.1 1.73 3.07 1.13 3.60 1.95 1.73 0.86

Interest Cover ratio determine the company pay interest on outstanding debt and it calculated by dividing companys earnings before interest and taxes of one period by other period interest expenses of company. And most of the company getting burden through debt expenses but here ACML, BASML and KPRML are high alternatively by RML and STL are very less. It is important to look at prior trends of a particular company as the interest coverage ratio does not consider future projected earnings.

ANOVA: Single Factor Analysis of Debt-Equity Ratio Source of Variation Between Groups Within Groups SS 31.06009 436.4795 df 4 49 MS 7.765023 8.907744 F 0.871716 P-value 0.487668 F crit 2.561124

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Debt-equity ratios of the selected textile companies do differ significantly. We accept Ho (Fcal < Fcrit) and reject alternative Ha. Since, the calculated value of F is 0.87 which are less than the table value of Fcrit 2.56. ANOVA: Single Factor Analysis of Interest Cover Ratio Source of Variation Between Groups Within Groups Total SS 131.9413 278.31 410.2513 df 4 49 53 MS 32.98531 5.679796 F 5.807482 P-value 0.00066 F crit 2.561124

Since the calculated value of F is 5.81 which is less than the table value of 2.56 (CV>TV at 0.05% significance level), the null hypothesis is rejected and hence it is concluded that the Interest coverage position of selected company do differ significantly. Debtors & Creditors Ratio of Selected Textile Company of Tamil Nadu Debtors (Days) Creditors (Days)

ACML BASML KPRML RML STL ACML BASML KPRML RML STL 2001-Mar 8.14 2002-Mar 3.82 2003-Mar 1.92 2004-Mar 2.51 2005-Mar 5.22 2006-Mar 6.85 2007-Mar 9.44 2008-Mar 10.43 2009-Mar 11.65 2010-Mar 26.04 2011-Mar 25.45 Min Max Mean Median 1.92 26.04 10.13 8.14 NA 15.77 15.23 9.63 11.82 11.89 12.45 16.45 21.08 24.68 21.71 9.63 24.68 16.07 15.50 26.85 27.86 22.91 NA NA 27.25 37.85 47.5 52.35 49.54 42.54 22.91 52.35 37.18 37.85 5.44 57.28 17.61 6.71 57.28 83.93 6.72 16.51 72.51 35.42 63.83 NA 343.84 133.37 133.66 44.93 102.76 54.06 67.53 35.42 343.84 105.19 70.02 24.9 22.58 22.39 17.14 93.17 95.66 95.66 76.35 64.33 64.97

8.13 48.38 158.27 15.67 9.41 38.71 119.04 17.77 12.44 30.16 141.69 34.39 16.35 31.63 171.26 38.97 17.97 25.23 146.09 42.9 28.22 30.66 102.99 24.41 32.95 55.95 84.31 56.65

126.62 39.12 63.5 52.28 41.52 44.93 35.9 17.14 39.16 25.41 99.11 36.37 24.51 24.51

31.1 46.63 126.84 27.99 36.71 32.32 85.23 5.44 25.23 17.61 29.48 6.72

36.71 57.28 171.26 56.65 18.68 41.29 112.48 28.31 16.35 38.71 119.04 27.99

126.62 99.11 49.54 41.52 60.06 64.33

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STDEV 8.34

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4.97 11.26 11.55 12.17 43.85 14.35

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90.60 33.82 28.75

Source: Computed from CMIE Prowess NA: Not Available Debtor days ratio focuses on the time it takes for trade debtors to settle their bills and it indicates whether debtors are being allowed excessive credit. Creditor days alternatively the average time it takes a business to settle its debts with trade supplier. It is similar to ratio of debtor days and it gives an insight into whether a business is taking full advantage of trade credit available to it. This ratio reflects the general problems with debt and credit collection or the financial position of major companies. The efficient and timely collection of customer debts is a vital part of cash flow management, so this is a ratio which is very closely watched in many businesses. The highest mean of creditor is 112.48 (ACML) and lowest means is (BASML) 28.31 times as well as in debtor 41.29 (STL) and 10.13 times (ACML). Here both debtor and creditor funds increasing for the company performance in the last few year. ANOVA: Single Factor Analysis of Debtors (Days) Ratio Source of Variation Between Groups Within Groups Total SS 7902.982 4746.257 12649.24 df 4 47 51 MS 1975.745 100.9842 F 19.5649 P-value 1.55E-09 F crit 2.56954

Debtors Ratio concludes that the average current ratios of Tamilnadu selected textile companies do differ significantly. We reject Ho (Fcal > Fcrit) and accept alternative Ha. So, the calculated value of F is 19.56, which is more than the table value of Fcrit 2.56. ANOVA: Single Factor Analysis of Creditors (Days) Ratio Source of Variation Between Groups Within Groups Total SS 57026.32 114867.8 171894.1 df 4 49 53 MS 14256.58 2344.24 F 6.081536 P-value 0.000469 F crit 2.561124

Since the calculated value of F is 6.08 which is less than the table value of 2.56 (CV>TV at 0.05% significance level), the null hypothesis is rejected and hence it is concluded that the creditors position of selected company do differ significantly.

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Profit is the amount of money remaining after all the expenses of running the business are paid. It is the difference between total income and total expenses. One business can lose money and still keeps going by drawing on previously accumulated cash reserves. Sometimes company may get loss through technology, usage of venture capital funds and long term etc. This table shows operating profit of mean is Rs.511.18mn and the highest profit of KPRML (Rs.978.45mn) and the lowest one is STL Rs.324.32mn. Profit after Tax is very important which company earned the high profit (KPRML) and which one is less earn. Further as per this result only shareholders/investor can make advance steps such as; compensation of owners and employers, stock price impact, growth and efficiency depend upon the profit, cash flow for future development and technological application etc. Profits (Rs.Mn Average 10Yrs) PBDITA (Operating profit) PBDITA net of P&E Profit after tax (PAT) PAT net of P&E Mean ACML BASML KPRML RML STL Mean 369.7 376.1 377.4 381.9 134.7 133.7 142.4 139.5 256.1 257.8 978.5 971.5 349.8 342.9 660.7 507.3 324.3 511.2 503.4 318.2 510.5 119.5 80.4 163.6 115.5 74.2 162.9 311.4 199.3 337.0

Profitability Ratios (in Times, Average 10Yrs) ACML BASML KPRML RML STL Mean PBDITA net of P&E as % of Total inc net of P&E 25.3 PAT net of P&E as % of Total income net of P&E 10.1 PAT net of P&E as % of Avg. net worth PAT as % of Avg. net worth PAT net of P&E as % of Avg. total assets PAT as % of Avg. total assets Mean Efficiency Ratios (in Times, Average 10Yrs) Total Income / Avg. Total Assets Total Income / Compensation to Employees Mean Source: Computed from CMIE Prowess 17.6 16.8 6.1 5.9 13.6 20.6 8.2 15.4 18.1 5.7 7.1 12.5 20.7 6.1 19.4 20.7 5.9 6.2 13.1 25.0 24.4 23.2 6.0 4.8 7.1 14.5 15.4 4.8 5.2 11.7

12.7 7.3 13.2 8.3 3.8 4.0 2.4 2.9

10.8 8.3

ACML BASML KPRML RML STL Mean 0.6 22.3 11.5 0.7 33.6 17.2 1.0 26.8 13.9 0.6 0.5 0.7

11.9 25.1 24.0 6.3 12.8 12.3

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A liquidity ratio indicates the firms short term financial situation expressing the extent to which a firm is able to know bottom line condition current year compare with previous year. Profitability ratio provides useful information/combination of liquidity, operating performance and debt management etc. It may measure the profit margin, return on total asset and equity etc. Efficiency ratio provides an indication of a firms receivables and efficient usage and controls its assets, pays its suppliers and uses its equity borrowed funds etc. Comparing a firm to the aggregate economy is important because fluctuations can influence the profitability of the firm. Firm profits may impact with the firm of both internal and external factors. Profitability ratio are calculated Profit after Tax net of price earnings ratio on other attributes highest and lowest like net worth(20.7 & 8.3), total assets (7.1 & 2.9), average total asset (6.1 & 2.4) and percentage of total income net of P&E etc (10.1 & 4.8).

7. FINDINGS AND SUGGESTIONS Financial performance is highly modified as well as performing company of KPRML and RML, playing very well in the competitive market & bringing good financial activities with good presentation out of five companies. Investors should invest in the long term perspective and constant on their profit margin is very important All company should consider short-term outlook for investment for the reasons as; less concentration of earning capacity, highest debt proportion, less yield on assets etc. The study analyzed the structure of income statement, balance sheet and working capital with the eleven year averages. The study also indicates current ratio, quick ratio, debt-equity ratio, interest cover, creditor and debtors ratio though tables. The sample companies having the good performance in the current and quick ratio expect interest coverage ratio. All these companies should concentrate on their liquidity position, receivables, payables, particularly on working capital.

8. CONCLUSION The objective of fundamental analysis is to bring growth and development on industry financial performances and its main paramount is investment decision makings as per expediency. Present International Journal of Research in Management, Economics and Commerce www.indusedu.org

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study conducted on evaluation of textile industry selected Tamilandu companies and it reveals the better performance out of 1376 companies in India under CMIE Prowess. Therefore, there is more importance to give the company industrial activity performances as per requirement, earning capacity, and share price and profits etc. The study finally reveals that KPRML is efficient in generating income, assets and its overall efficiency is good.

REFERENCES 1) Abhishek Rane (2011), Analysis of Financial Statements of Textile Industry Raymond Limited, Slideshare.com http://www.slideshare.net/Abhisheksandesh/analysis-of-financial-statements-textile-industryraymond-ltd 2) Ajay Kumar (2011), State of Indian Textile Industry, Quarter ending December-2011, Confederation of Indian Textile Industry. http://www.citiindia.com/images/PDF/State%20of%20Indian%20Textile%20Industry_Dece mber%202011.pdf 3) Hemanth CR Patna (2010), Risk Analysis on Textile Industry, slideshare.com http://www.slideshare.net/hemanthcrpatna/risk-analysis-on-textile-industry 4) Nusrat Ahmed and Assocham Research Bureau (2008), Assocham Financial Pulse StudyQuarterly Performance Analysis of Textile Sector, ASSOCHAM. http://www.assocham.org/arb/afp/2008/Textile_Sector_AFP_Nov_2008.pdf 5) Rakesh Kumar Manjhi and Kulkarni, S.R, (2012), Working Capital Structure and Liquidity Analysis: An empirical research on Gujarat Textiles Manufacturing Industry, Indian Journal of Finance, Vol-6 (8), pg: 25-35. 6) Shruti Jhawar (2009), Recommending possible solutions to revive the Indian Textile Industry, Thakur Institute of Management Studies and research, Mumbai. http://www.scribd.com/archive/plans?doc=21767940 7) Swaran Singh and Bansal (2010), Management of Working Capital in IFFCO and KRIBHCO-A Comparative Study, Indian Jorunal Finance, Vol: 4 (2), pg: 8-15. 8) Virambhai S. Zala (2010), A study of productivity and financial Efficiency of textile industry of India, under the guidance of Shailesh J. Parmar, Saurashtra University, Rajkot.

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9) Zahid Ali Channar and Nanik Ram (2011), Impact of Financial Crisis on the Textile Industry of Pakistan: A Case Study of Fateh Textile Industry, Australian Journal of Basic and Applied Sciences, Vol-5(10), 1435-1443. equitymaster.com Apparel Export Promotion Council (AEPC) http://business.mapsofindia.com/india-industry/textile.html http://www.economywatch.com/world-industries/textile-industry.html www.investingTamil Nadu.com

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