AT THE 2018 ANNUAL GENERAL MEETING
Welcome to IFL Enterprises Limited 2018 Annual General Meeting.
On behalf of the IFL Enterprises Limited, I thank you for joining us today. Your
presence is indeed a true testimony to your involvement with, and support for the Company.
India's textiles sector is one of the oldest industries in Indian economy dating back
several centuries. Even today, textiles sector is one of the largest contributors to
India's exports with approximately 11 per cent of total exports. The textiles industry is
also labour intensive and is one of the largest employers. The textile industry has two
broad segments. First, the unorganised sector consists of handloom, handicrafts and
sericulture, which are operated on a small scale and through traditional tools and
methods. The second is the organised sector consisting of spinning, apparel and garments
segment which apply modern machinery and techniques such as economies of scale.
The Indian textiles industry, currently estimated at around US$ 108 billion, is
expected to reach US$ 223 billion by 2021. The industry is the second largest employer
after agriculture, providing employment to over 45 million people directly and 60 million
people indirectly. The Indian Textile Industry contributes approximately 5 per cent to
India's Gross Domestic Product (GDP), and 14 per cent to overall Index of Industrial
Production (IIP).
The central government is planning to finalise and launch the new textile policy in the
next three months. The policy aims to achieve US$ 300 billion worth of textile exports by
2024625 and create an additional 35 million jobs
During the Financial Year 2017618, your company has seen remarkable growth in monetary
terms and recorded the revenue of Rs. 11,80,54,086 as compared to previous year's revenue
of Rs. 3,23,27,657 resulted in a profit of Rs. 6,84,542 as compared to previous year in
which we incurred loss of Rs. (9,27,786).
Though the present industry scenario is challenging, Your Company IFL
Enterprises Limited expects to sustain its growth on the back of various initiatives
taken in the past and in the coming years. I am optimistic of our prospects when the
sector rebounds.
I would like to thank all the stakeholders for their continued support.
With best regards,
Ashok Kumar Bansal
Chairman