Apparel Online India Magazine May 2nd Issue 2018 | Page 42

INDUSTRY WIRE APPAREL RESOURCES NEWSLETTERS FACEBOOK FRIENDS To subscribe, send us an email at [email protected] Join more than 10,000 people who are already fans of Apparel Resources on facebook. Search for Apparel Resources at https://www.facebook.com/apparelresources/ Creative Home Fashions Ltd. declared ‘sick’; owes Rs. 77 cr. to the bank! O ne more textile-based company is being named in the ongoing NPA (Non-Performing Assets) buzz. As per the report of NewsX, the company – Creative Home Fashions – owes Vijaya Bank Rs. 77 crore and has now been classified as an NPA. This Delhi-based garment retailer allegedly defaulted on multiple loans, one after the other, and despite that, it kept securing new loans every passing year. “Vijaya Bank had called for an auction every year between 2013 and 2016; each of the 4 notices mentions Creative Home Fashion Pvt. Ltd. as the borrower and each notice has listed out different properties for auction. The auction notice from 2013, listed one property, including a factory with two buildings with a reserve price of Rs. 13 crore, whereas the bank was aiming to claim Rs. 50 crore. Similarly, the notice from 2014 listed the same property, this time at a reserve price of Rs. 9 crore,” the report says. Apparel Online could not contact the company for its comment. Labour issue at Shashikar Enterprises, Bangalore S hashikar Enterprises (Shashikar Garment Factory), a Bangalore-based garment manufacturer recently faced labour issues as it laid-off nearly 700 workers. Out of them, nearly 65 members were strongly against the layoff and wished to do job in the other units of the company. They demonstrated against the company’s decision and protested outside the Department of Labour (Karmika Bhavan) in Bangalore. Apparel Online called and sent email to the company for their comments on this issue, but the company did not respond. According to a report of The News Minute, the company has experienced huge losses and hence the factory was shut down on April 13. The workers approached the Deputy Labour Nandani Creation (jaipurkurti.com) eyeing major retail expansion C ontinuously growing Jaipur- based Nandani Creation (jaipurkurti.com) is now fully geared up to mark its presence in offline stores. Having strong presence in e-commerce, the company is now targeting 100 stores in next 5 years. The company recently upgraded its manufacturing facility into more than 30,000 sq. ft. area to have a production capacity of 5,000 pieces per day. In the last fiscal, the company clocked a turnover of more than Rs. 19 crore. Unveiling its planning and strategy to achieve this ambitious target, Anuj Mundhra, CMD of the company shared: “As of now I can say that in next one year we should have 5 to 10 stores. Our upcoming first flagship store in Jaipur (Amaiva Brand) will set an example of what kind of stores and experience few Commissioner Venkatesh Shindihatti who had 5 meetings with factory management to sort out the issue. Venkatesh Shindihatti told AO, “Out of these 700 workers, 635 workers got their dues, but 65 workers insisted that they wanted to work in another unit of the company. The company officials were of the opinion that due to lesser orders, they are not able to shift these workers to another unit.” In the meeting of the Labour Department between the factory management and these workers held on 27th April, the workers were also asked to clear their dues, but till the writing of the news, their dues were not cleared. The organization has a total of 3 units, and according to reports, only one of them is currently operational. 42 Apparel Online India | MAY 16-31, 2018 | www.apparelresources.com envisage for our customers. For retail expansion, we will follow franchise stores option.” The company will focus mainly on Tier-II and Tier-III cities. Maharashtra and UP will be the initial focus. Tunics (kurti) and tops are the main offerings by the company. The company, which went for an IPO in 2016, claims to have good growth in its business even during the recent difficult phase of GST and gives the credit to its organized way of working. “Better pricing and quality products is our strength but we work with ethics. Cashless working is something we are following from many years, so we didn’t have any negative impact of GST or other market forces. That is why we are assured of further growth also,” concluded Anuj. Nandani Creation, started in 2004, has its own design studio and production house with a team of experts in the department of Designing, Printing, Screen Printing, Dyeing, Stitching and Tie & Dye. Anuj Mundhra, CMD, Nandani Creation (jaipurkurti.com)