Surat Textile Mills Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. The Company has not made provision to recognize diminution in the value of longterm investment in equity shares of Garden Silk Mills Ltd amounting to Rs 930.37 lacs, which is contrary to AS-13 - Accounting for Investments issued by the Institute of Chartered Accountants of India.
2. Company has not provided for the deferred tax assets laid down in AS - Accounting for taxes on Income issued by the Institute of Chart red Accountants of India as the management is of the opinion that there is a reasonable uncertainty as to the utilisation of deferred tax assets, in part, in the foreseeable future. Hence, the Company following conservatism does not intend to create deferred tax assets for the period.
3. Company has not provided for Interest on Term Loan and Partly Convertible Secured Redeemable Debentures Rs 296.24 lacs, for the quarter ended June 30, 2007.
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Surat is well known for its textile business. Surat textile Industries are manly involved in the manufacturing and trading of synthetic textile products. Surat Textile manufactures several kinds of textile products but its chief products are Surat Sarees and Surat Dress Materials.
It is little known knowledge that about 30 million meters of raw fabric and 25 million metres of processed fabric are produced in Surat daily. Surat City has many textile markets which are involved in production and trading of textile products. And many more textile markets are being constructed every months. Some of important Textile markets are Millenium Market, Surat Textile market, New textile Markets and of course retail seller Bombay Market where thousands of peoples from all over India and across the world gather daily to purchase textile products from these markets. Several business man related to textile settled here in Surat in order to operate their business properly keeping links with business man at home.
Well knon companies from Surat Textile
Thouh there are many well known companies in Surat for its textile related products but it is little know that Garden and Vimal textiles speeded Surat from Surat. And of course if you ask name of Surat’s famous companies among women, they will say Parag and Prafful . Because these two companies are famous all over India for its Saree production.
Consumer markets of Surat Textile.
Prime consumer markets of Surat Textile are India itself and several Asian countries and USA. You may be surprised to know that nearly 90% of polyester related textile products used in India are sent from surat. Since Polyster is considered good for skin and health many developed countries avoid from this.That is why international demand for its products is not very high. But Gulf countries are main export market for Surat’s textile products. Experts says that more and mopre effort towards quality improvement is required if Surat Textile markets want to spead its market world wide.
Driving force behind Surat Textile Market.
Question arises here why Surat textile markets has been growing so rapidly as compared to othe industry in Surat.The chief reason behind growth of Surat’s textile industry is the city’s expertise to adapt latest changes that comes into new markets. Second most important force behind Surat Textile market’s growth is cheap labour. Thousands of peoples from Bihar, UP ,Jharkhand, Andhra Pradesh works here hardly for Rs 3000 per moths about 12 hors dayl. And there are severa business background entrepreneur who has expertise in the Textile market.
Future of Surat textile market.
Growth of Surat textile markets has been rapid. According to expert, in 5 year only Surat Textile production has grown 10% which is a remarkable growth in any industry. While its sister products , Surat Zari has recorded a marginal growth of around Rs. 30000 million over the same period.
Surat India online yellow pages from Suat, shopping Surat, provides information about Surat, Surat Textile, Surat Diamonds, Surat Sarees.This is the only website in Surat has largest business contact details.This website contains about 6000 business contact details of Surat.
http://www.shoppingsurat.com
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