K K Lalpuria, MD, Indo Count
“The current situation is very uncertain, complex and unprecedented. Customers who closed their stores or point of sales have no option but to cancel their orders. In fact, we are unable to ship to even those who have not cancelled their orders. Some have deferred it where there is low impact believing it may start by the first week of June. As the situation has impacted both parties in the business they should take each other’s views in resolving issues; should be open for suggestions and see mutually how they can minimize the loss. They should plan together to see how they can sustain their market share and build on opportunities.
Our first objective is to ensure all our staff and workers are safe. Once we are allowed to start operations, we would convert the whip to finished form and keep goods ready for shipment. We are studying the credit terms and customers business in detail to see how we can support the business jointly. We also are studying the market closely and would like to satisfy all our stakeholders by adapting good risk management policies in future. We would introduce new strategies to see how we can safeguard such disruptions in future and grow our business.
The government has taken right steps to restrict the impact of the pandemic. They now need to support us to see how the industry can revive and sustain in future. Our financial loss is high due to loss of sales, at the same time we need to pay for fixed expenses. Textile sector is capital and labour intensive and works on thin margins. To sustain this sudden loss we need government’s financial support to revive and build the sector again. By doing this, the government will be supporting farmers, labour, MSME, exports and overall Make in India.”