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. Yourpresence 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 backseveral centuries. Even today textiles sector is one of the largest contributors toIndia's exports with approximately 11 per cent of total exports. The textiles industry isalso labour intensive and is one of the largest employers. The textile industry has twobroad segments. First the unorganised sector consists of handloom handicrafts andsericulture which are operated on a small scale and through traditional tools andmethods. The second is the organised sector consisting of spinning apparel and garmentssegment which apply modern machinery and techniques such as economies of scale.
The Indian textiles industry currently estimated at around US$ 108 billion isexpected to reach US$ 223 billion by 2021. The industry is the second largest employerafter agriculture providing employment to over 45 million people directly and 60 millionpeople indirectly. The Indian Textile Industry contributes approximately 5 per cent toIndia's Gross Domestic Product (GDP) and 14 per cent to overall Index of IndustrialProduction (IIP).
The central government is planning to finalise and launch the new textile policy in thenext three months. The policy aims to achieve US$ 300 billion worth of textile exports by2024625 and create an additional 35 million jobs
During the Financial Year 2017618 your company has seen remarkable growth in monetaryterms and recorded the revenue of Rs. 118054086 as compared to previous year's revenueof Rs. 32327657 resulted in a profit of Rs. 684542 as compared to previous year inwhich we incurred loss of Rs. (927786).
Though the present industry scenario is challenging Your Company IFL
Enterprises Limited expects to sustain its growth on the back of various initiativestaken in the past and in the coming years. I am optimistic of our prospects when thesector rebounds.
I would like to thank all the stakeholders for their continued support.
With best regards
Ashok Kumar Bansal