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Balance Sheet Analysis Part I. Fundamental Status 1. Madura Coats (Coats Viyella) Madura Coats is one of the largest textile companies in India. They make a complete range of cotton and synthetic threads, both for retail and industrial uses. Their industrial products are used for garments, shoe uppers and leather clothing. They are no.1 in the thread business with a 25% market share. [1] Madura Industrial Textiles products range from tyre cord, conveyor, transmission belts, to hoses, canvas, non-woven, etc. It’s cloth (fabric), such as shirting, suiting, drills, gabardines, tussores and voiles, 40% of this division’s sales are exported. Madura Accessories sells zips, interlinings, needles, and other sewing accessories to a customer network of 5000 dealers, 50,000 indirect dealers, and more than 2000 manufacturers. The garment is the fastest growing and most profitable division accounting for 15-16% of sales. They are mainly into menswear and hosiery, and are marketed through exclusive and non-exclusive outlets. This division is growing at 25% p.a. Figure1 is the product mix if Madura coats. Figure1 the product mix if Madura coats Madura Coats is one of India’s top ten corporate exporters, with exports in 1997 totaling Rs. 236 crores or 24% of sales. Even after taking into account all Forex expenses, including dividends, raw material and capital equipment, their net foreign exchange earnings were Rs. 124 crores, or 13% of sales. Figure2 is the variability of Exports/Sales and Net Forex/Sales. Figure2 the variability of Exports/Sales and Net Forex/Sales 2. The Brands Have you heard of Coats, Anchor, Ameto and Doli? Well, unless you stitch your own clothes, you may not have. But ask your mom, aunt or neighbourhood tailor. In industrial threads their brands are Aptan, Astra and Koban, which are also used by the leather industry. These brands have been around for donkey’s years, and are responsible for Madura Coats' No. 1 position. In fabrics, they have Bodyline, Cotton Club, Streets mart, Compliments and 9 to 5. In garments, their brands like Van Heusen, Louis Phillippe, and Allen Solly are well established. Last year they launched Peter England shirts in the lower price range Rs. 300-600, which have been quite successful. In Knitwear, their main brand is Byford. The accessories range has names like MCL and TLR in zips, MCL Eezeefuse in interlinings, and MACO in oils. Compared to other textile companies, Madura Coats’ has a far higher percentage of branded sales at around 70% to total sales. 3.The Parent Coats Viyella UK, had sales of 2.3 billion pounds in the first half of 1997 (whole year). Their products are sold in 62 countries. The threads division is the bedrock of the company, and including accessories has around 90 factories around the world. They are the largest producer and distributor of industrial threads in the world, as also the biggest manufacturer of branded hand-knitted yarn. In zips, they are the No. 2 in the world. Their contract clothing division supplies garments for retailer labels like Marks & Spencer, Burton Group, Laura Ashley and Littlewoods. They are the largest single supplier of clothing to Marks & Spencer. They supply ladies and childrenwear, menswear, knitwear and hosiery. In home furnishings, they are one of the leading European players, mainly in bed-linen and towels. Their retail fashion business boasts brands like Jaeger, Viyella, Berghaus, Van Heusen, Allen Solly, Pete