Apparel and Non Apparel Manufacturing in Asia Pacific

A Progressive Digital Media business
MarketLine Industry Profile
Apparel & NonApparel

Manufacturing in
Asia-Pacific
October 2015
Reference Code: 0200-2705
Publication Date: October 2015
WWW.MARKETLINE.COM
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Asia-Pacific - Apparel & Non-Apparel Manufacturing

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EXECUTIVE SUMMARY
Market value
The Asia-Pacific apparel & non-apparel manufacturing market grew by 3.3% in 2014 to reach a value of $481,270.1
million.
Market value forecast

In 2019, the Asia-Pacific apparel & non-apparel manufacturing market is forecast to have a value of $681,996.3 million,
an increase of 41.7% since 2014.
Category segmentation
Apparel is the largest segment of the apparel & non-apparel manufacturing market in Asia-Pacific, accounting for 58.6%
of the market's total value.
Geography segmentation
China accounts for 63.2% of the Asia-Pacific apparel & non-apparel manufacturing market value.
Market rivalry
In this fragmented market, entry and exit costs are high and apparel and non-apparel manufacturing operations can be
vital to a companys operations, therefore rivalry is assessed as moderate.

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TABLE OF CONTENTS
Executive Summary ....................................................................................................................................................... 2
Market value............................................................................................................................................................... 2
Market value forecast ................................................................................................................................................. 2
Category segmentation .............................................................................................................................................. 2
Geography segmentation ........................................................................................................................................... 2
Market rivalry.............................................................................................................................................................. 2
Market Overview ............................................................................................................................................................ 7
Market definition ......................................................................................................................................................... 7
Market analysis .......................................................................................................................................................... 7
Market Data ................................................................................................................................................................... 8
Market value............................................................................................................................................................... 8
Market Segmentation ..................................................................................................................................................... 9
Category segmentation .............................................................................................................................................. 9
Geography segmentation ......................................................................................................................................... 10
Market Outlook ............................................................................................................................................................. 11
Market value forecast ............................................................................................................................................... 11
Five Forces Analysis .................................................................................................................................................... 12
Summary .................................................................................................................................................................. 12
Buyer power ............................................................................................................................................................. 13
Supplier power ......................................................................................................................................................... 14
New entrants ............................................................................................................................................................ 15
Threat of substitutes................................................................................................................................................. 16
Degree of rivalry ....................................................................................................................................................... 17
Leading Companies ..................................................................................................................................................... 18
Aditya Birla Nuvo Limited ......................................................................................................................................... 18
Far Eastern New Century Corporation ..................................................................................................................... 22
Shanghai Dragon Corporation.................................................................................................................................. 25
Taekwang Industrial Co., Ltd.................................................................................................................................... 28
Methodology................................................................................................................................................................. 31
Industry associations ................................................................................................................................................ 32
Related MarketLine research ................................................................................................................................... 32
Appendix ...................................................................................................................................................................... 33

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About MarketLine ..................................................................................................................................................... 33

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LIST OF TABLES
Table 1: Asia-Pacific apparel & non-apparel manufacturing market value: $ million, 201014 ...................................... 8
Table 2: AsiaPacific apparel & nonapparel manufacturing market category segmentation: $ million, 2014 ............... 9
Table 3: AsiaPacific apparel & nonapparel manufacturing market geography segmentation: $ million, 2014 .......... 10
Table 4: Asia-Pacific apparel & non-apparel manufacturing market value forecast: $ million, 201419 ...................... 11
Table 5: Aditya Birla Nuvo Limited: key facts ............................................................................................................... 18
Table 6: Aditya Birla Nuvo Limited: key financials ($) .................................................................................................. 20
Table 7: Aditya Birla Nuvo Limited: key financials (Rs.) ............................................................................................... 20
Table 8: Aditya Birla Nuvo Limited: key financial ratios ................................................................................................ 20
Table 9: Far Eastern New Century Corporation: key facts ........................................................................................... 22
Table 10: Far Eastern New Century Corporation: key financials ($) ............................................................................ 23
Table 11: Far Eastern New Century Corporation: key financials (NT$) ........................................................................ 23
Table 12: Far Eastern New Century Corporation: key financial ratios .......................................................................... 23
Table 13: Shanghai Dragon Corporation: key facts ...................................................................................................... 25
Table 14: Shanghai Dragon Corporation: key financials ($) ......................................................................................... 25
Table 15: Shanghai Dragon Corporation: key financials (CNY) ................................................................................... 26
Table 16: Shanghai Dragon Corporation: key financial ratios ...................................................................................... 26
Table 17: Taekwang Industrial Co., Ltd: key facts........................................................................................................ 28
Table 18: Taekwang Industrial Co., Ltd: key financials ($) ........................................................................................... 28
Table 19: Taekwang Industrial Co., Ltd: key financials (KRW) .................................................................................... 29
Table 20: Taekwang Industrial Co., Ltd: key financial ratios ........................................................................................ 29

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LIST OF FIGURES
Figure 1: Asia-Pacific apparel & non-apparel manufacturing market value: $ million, 201014 ..................................... 8
Figure 2: AsiaPacific apparel & nonapparel manufacturing market category segmentation: % share, by value, 20149
Figure 3: AsiaPacific apparel & nonapparel manufacturing market geography segmentation: % share, by value, 2014
..................................................................................................................................................................................... 10
Figure 4: Asia-Pacific apparel & non-apparel manufacturing market value forecast: $ million, 201419 ..................... 11
Figure 5: Forces driving competition in the apparel & non-apparel manufacturing market in Asia-Pacific, 2014 ......... 12
Figure 6: Drivers of buyer power in the apparel & non-apparel manufacturing market in Asia-Pacific, 2014 ............... 13
Figure 7: Drivers of supplier power in the apparel & non-apparel manufacturing market in Asia-Pacific, 2014 ........... 14
Figure 8: Factors influencing the likelihood of new entrants in the apparel & non-apparel manufacturing market in AsiaPacific, 2014................................................................................................................................................................. 15
Figure 9: Factors influencing the threat of substitutes in the apparel & non-apparel manufacturing market in Asia-Pacific,
2014 ............................................................................................................................................................................. 16
Figure 10: Drivers of degree of rivalry in the apparel & non-apparel manufacturing market in Asia-Pacific, 2014 ....... 17
Figure 11: Aditya Birla Nuvo Limited: revenues & profitability ...................................................................................... 21
Figure 12: Aditya Birla Nuvo Limited: assets & liabilities .............................................................................................. 21
Figure 13: Far Eastern New Century Corporation: revenues & profitability .................................................................. 24
Figure 14: Far Eastern New Century Corporation: assets & liabilities .......................................................................... 24
Figure 15: Shanghai Dragon Corporation: revenues & profitability .............................................................................. 26
Figure 16: Shanghai Dragon Corporation: assets & liabilities ...................................................................................... 27
Figure 17: Taekwang Industrial Co., Ltd: revenues & profitability ................................................................................ 29
Figure 18: Taekwang Industrial Co., Ltd: assets & liabilities ........................................................................................ 30

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MARKET OVERVIEW
Market definition
The value of each segment is for consumption, defined as domestic production plus imports minus exports, all valued at
manufacturer prices. Apparel covers all clothing except leather, footwear and knitted items. Non-apparel products include
technical, household, and other made-up non-clothing products. All currency conversions use constant average 2014
exchange rates.
For the purposes of this report, North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Venezuela.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
Market analysis
The Asia-Pacific apparel & non-apparel manufacturing industry has seen strong growth overall in recent years. The
industry is predicted to continue growing at a similar, slightly accelerated rate overall for the forecast period.
The Asia-Pacific apparel & non-apparel manufacturing market had total revenues of $481,270.1m in 2014, representing
a compound annual growth rate (CAGR) of 7% between 2010 and 2014. In comparison, the Chinese and Japanese
markets grew with CAGRs of 8% and 5.1% respectively, over the same period, to reach respective values of
$303,961.4m and $47,398.4m in 2014.
The Asia-Pacific apparel & non-apparel manufacturing market is the largest contributor to the global market contributing
57.5% of its revenues in 2014. The region is dominated by China that contributes 63.2% of the revenues, followed by
India with 10.9%.
The apparel segment was the market's most lucrative in 2014, with total revenues of $282,010.6m, equivalent to 58.6%
of the market's overall value. The non-apparel products segment contributed revenues of $199,259.5m in 2014, equating
to 41.4% of the market's aggregate value.
The performance of the market is forecast to accelerate slightly, with an anticipated CAGR of 7.2% for the five-year
period 2014 - 2019, which is expected to drive the market to a value of $681,996.3m by the end of 2019. Comparatively,
the Chinese and Japanese markets will grow with CAGRs of 7.4% and 7.3% respectively, over the same period, to reach
respective values of $434,332.5m and $67,266.0m in 2019.

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MARKET DATA
Market value
The Asia-Pacific apparel & non-apparel manufacturing market grew by 3.3% in 2014 to reach a value of $481,270.1
million.
The compound annual growth rate of the market in the period 201014 was 7%.
Table 1: Asia-Pacific apparel & non-apparel manufacturing market value: $ million, 201014
Year
$ million
million
2010
367,712.9
276,683.9
2011
396,692.3
298,489.3
7.9%
2012
417,356.9
314,038.3
5.2%
2013
465,803.8
350,492.0
11.6%
2014
481,270.1
362,129.5
3.3%
% Growth
CAGR: 201014
SOURCE: MARKETLINE
7.0%
MARKETLINE
Figure 1: Asia-Pacific apparel & non-apparel manufacturing market value: $ million, 201014
SOURCE: MARKETLINE

MARKETLINE
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MARKET SEGMENTATION
Category segmentation
Apparel is the largest segment of the apparel & non-apparel manufacturing market in Asia-Pacific, accounting for 58.6%
of the market's total value.
The Non-apparel products segment accounts for the remaining 41.4% of the market.
Table 2: AsiaPacific apparel & nonapparel manufacturing market category segmentation: $

million, 2014
Category
2014
apparel
282,010.6
58.6%
non-apparel products
199,259.5
41.4%
Total
481,270.1
100%
SOURCE: MARKETLINE
MARKETLINE
Figure 2: AsiaPacific apparel & nonapparel manufacturing market category segmentation: %

share, by value, 2014
SOURCE: MARKETLINE

MARKETLINE
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Geography segmentation
China accounts for 63.2% of the Asia-Pacific apparel & non-apparel manufacturing market value.
India accounts for a further 10.9% of the Asia-Pacific market.
Table 3: AsiaPacific apparel & nonapparel manufacturing market geography segmentation: $

million, 2014
Geography
2014
China
303,961.4
63.2
India
52,641.4
10.9
Japan
47,398.4
9.8
South Korea
32,750.9
6.8
Rest of Asia-Pacific
44,518.0
9.3
481,270.1
100%
Total
SOURCE: MARKETLINE
MARKETLINE
Figure 3: AsiaPacific apparel & nonapparel manufacturing market geography segmentation: %

share, by value, 2014
SOURCE: MARKETLINE

MARKETLINE
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MARKET OUTLOOK
Market value forecast
In 2019, the Asia-Pacific apparel & non-apparel manufacturing market is forecast to have a value of $681,996.3 million,
an increase of 41.7% since 2014.
The compound annual growth rate of the market in the period 201419 is predicted to be 7.2%.
Table 4: Asia-Pacific apparel & non-apparel manufacturing market value forecast: $ million, 2014
19
Year
$ million
million
% Growth
2014
481,270.1
362,129.5
3.3%
2015
516,497.3
388,636.1
7.3%
2016
553,904.9
416,783.2
7.2%
2017
593,962.8
446,924.6
7.2%
2018
636,683.9
479,069.9
7.2%
2019
681,996.3
513,165.0
7.1%
CAGR: 201419
SOURCE: MARKETLINE
7.2%
MARKETLINE
Figure 4: Asia-Pacific apparel & non-apparel manufacturing market value forecast: $ million, 2014
19
SOURCE: MARKETLINE

MARKETLINE
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FIVE FORCES ANALYSIS

The apparel & non-apparel manufacturing market will be analyzed taking manufacturers of apparel and non-apparel
products as players. The key buyers will be taken as retailers and individual customers, and manufacturers of yarns and
fabrics as the key suppliers.
Summary
Figure 5: Forces driving competition in the apparel & non-apparel manufacturing market in AsiaPacific, 2014
SOURCE: MARKETLINE
MARKETLINE
In this fragmented market, entry and exit costs are high and apparel and non-apparel manufacturing operations can be
vital to a companys operations, therefore rivalry is assessed as moderate.
The positive economic performance of the US, some EU economies and the Asia Pacific region is having a positive
impact on sales of clothing and textiles.
It is expected that the increase in demand will positively reflect on the cotton and synthetic fiber industries. According to
National Cotton Council of America, between 2011 and 2013, the word cotton production exceeded world consumption.
In normal conditions, a sustained surplus in the global production would translate into price reduction. However, China's
imports absorbed the excess supply, maintaining the worldwide prices relatively stable. In light of that, textile
manufactures did not benefited from lower prices. Therefore, there is an increased demand for synthetic fibers.
Buyers for this market include both individual consumers and retailers. Larger buyers experience increased power, as
they have more financial muscle. Suppliers offer yarn and fabrics products. Quality is of importance, meaning supplier
power is increased. New entrants may be put off by regulations, high entry costs and competition from existing
incumbents. Substitutes to apparel include second-hand, counterfeit and home-made items. Some non-apparel products
can be substituted with wooden or plastic items.

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Buyer power
Figure 6: Drivers of buyer power in the apparel & non-apparel manufacturing market in AsiaPacific, 2014
SOURCE: MARKETLINE
MARKETLINE
The buyers in this market vary in size, from individual customers to large, multinational incumbents such as Nike, Inc.
Many manufacturers sell their products directly to retailers. Other manufacturers also operate retail businesses, where
products are sold directly to individual customers. These different buyers experience varying levels of buyer power.
Large buyers, such as retailers, are powerful: they benefit from financial muscle, meaning they are able to make large
purchases. By doing so they can negotiate better deals for themselves as well as it puts them in a better position as
losing such a buyer would have a negative effect on players revenues. Backwards integration is unlikely due to high
entry costs: entry requires premises, a trained workforce and specialist equipment.
Individual customers have little financial muscle and the large number of them means decreased buyer power. Switching
costs are low, but include the risk of choosing a supplier with a more restricted supply chain, or one who may not be able
to cope with a sudden surge in demand. Customers are prone to switching, due to the largely undifferentiated products
offered by players, and the low costs involved. However, since these customers are so small, this is unlikely to have any
significant effect on players revenues. These buyers are extremely unlikely to start operating in the business sector of
suppliers.
As players offer largely undifferentiated products, both types of buyer are able to shop around and look for the cheapest
on offer. The tendency to switch is strong: brand consciousness is substantial but brand loyalty is largely negligible, and
tends not to be the overriding factor in a consumers decision making: price, style and quality tend to be more important.
However, at the top end of the apparel retail industry, brand loyalty may be connected more with the particular designer
than the manufacturer, or retailer. Manufacturers must remain aware of developments that shape public perception and
demand. This strengthens buyer power somewhat.
The dispensability of such products differs largely: apparel is an indispensable product, which means buyer power is
reduced. With regards to apparel retailers, many have other items such as accessories and footwear etc., but apparel
remains an essential part of revenues. Certain non-apparel products, such as linens, carpets etc. are not considered
essential items to individual buyers, in which case buyer power is increased. However, non-apparel retailers may
consider such items essential to their operations. For these buyers, power is reduced. Overall, buyer power is assessed
as moderate.

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Supplier power
Figure 7: Drivers of supplier power in the apparel & non-apparel manufacturing market in AsiaPacific, 2014
SOURCE: MARKETLINE
MARKETLINE
Suppliers in this market vary in size and offer a range of different products. The industry remains fragmented, with the
large number of suppliers present reducing supplier power. Players are unlikely to backwards integrate into the
operations of suppliers, due to the costs involved. Though this boosts supplier power, suppliers are reliant on apparel
and non-apparel manufacturers commerce for revenues, which weakens supplier power. To some extent, players can
use alternative inputs. For example, players can use many different raw material types for yarns and fabrics (such as
cotton, silk, wool and synthetic fibers, for example), so a company that specializes in one market segment, such as
woolen yarn, may experience weakened supplier power. Many suppliers, however, have diversified manufacturing
capacities and can use several different raw materials. This diversification also helps offset issues with effects of
fluctuations in demand and price. Supplier power is enhanced by players need for quality products. Fabrics can be used
in strengthening composite materials such as fiberglass, and in automotive and medical applications. In these cases,
quality is paramount. Products offered are fairly undifferentiated, meaning players have more opportunity to shop around.
This means suppliers are under pressure to offer quality products at competitive prices. Suppliers are unlikely to
forwards integrate due to the costs involved, including specialist equipment and trained staff. Overall, supplier power is
assessed as moderate.

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New entrants
Figure 8: Factors influencing the likelihood of new entrants in the apparel & non-apparel
manufacturing market in Asia-Pacific, 2014
SOURCE: MARKETLINE
MARKETLINE
Potential new entrants to the Asia-Pacific apparel and non-apparel manufacturing market face high barriers.
Requirements include investment in specialist production equipment, reasonably large premises and a trained workforce.
Such costly barriers may put off potential new entrants. Manufacturers must be able to compete with large, existing
incumbents who already have significant economies of scale. However, new entrants may benefit from the relative
insignificance of brand strength in this business-to-business (B2B) market or current fashion niche.
Potential new entrants may also be put off by regulations, which may refer to technical and environmental standards, as
well as standards relating to the workforce, such as conditions, pay and safety. Adhering to such strict regulations is
costly, with regards to both money and time.
Overall, the likelihood of new entrants is assessed as moderate.

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Threat of substitutes
Figure 9: Factors influencing the threat of substitutes in the apparel & non-apparel manufacturing
market in Asia-Pacific, 2014
SOURCE: MARKETLINE
MARKETLINE
There are no substitutes for apparel, as such. Additionally, the different types of buyers may experience different
opportunities for substitutes. For retail buyers, there are no real substitutes. However, individual consumers may acquire
apparel from other sources. Home-made and custom-made (couture) clothing are niche alternatives to the retail of
ready-made clothes. Counterfeit clothing can be a significant threat to revenues of manufacturers in some countries.
Another option is purchasing second-hand clothing from charity shops and through internet sites such as eBay. With
regards to non-apparel products, substitutes include wooden, tiled and plastic flooring as a substitute to carpet, and
wooden or plastic blinds as a substitute to curtains and fabric blinds. The threat of substitutes to apparel retail is
assessed as moderate overall.

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Degree of rivalry
Figure 10: Drivers of degree of rivalry in the apparel & non-apparel manufacturing market in AsiaPacific, 2014
SOURCE: MARKETLINE
MARKETLINE
The Asia-Pacific apparel and non-apparel market remains fragmented: the large number of players present tends to
boost rivalry. This market is also very capital-intensive: factory premises and specialized equipment, as well as trained
staff to operate this machinery, are required. Exit barriers are high, as it would be relatively hard to divest specialized
assets, such as industry-specific production equipment. Advances in technology mean the market is highly automated,
with a reduced need for a highly-skilled workforce. However, this machinery can be expensive, although it means that
production capacity can be increased readily if needed. This may decrease rivalry somewhat. In many cases, the apparel
and non-apparel production business is highly important to a companys operations, meaning rivalry is intensified, as a
company may not have any other operations to fall back on. Companies that have diversified into other operations may
experience less rivalry. The companies in this market offer fairly undifferentiated products, which further increases rivalry
between players. Strong overall growth in recent years may have alleviated rivalry between players to some extent.
Overall, the degree of rivalry is assessed as moderate.

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LEADING COMPANIES
Aditya Birla Nuvo Limited
Table 5: Aditya Birla Nuvo Limited: key facts
Head office:
Indian Rayon Compound, Veraval 362 266, Gujarat, IND
Telephone:
91 2876 245711
Fax:
91 2876 243220
Website:
www.adityabirlanuvo.com
Financial year-end:
March
Ticker:
ABIRLANUVO
Stock exchange:
India
SOURCE: COMPANY WEBSITE
MARKETLINE
Aditya Birla Nuvo Limited (ABN or "the company") is an India-based conglomerate operating in the services and the
manufacturing sectors through its subsidiaries. The services businesses include financial services, fashion and lifestyle*,
telecom, IT-ITeS** and the manufacturing businesses include agri-business, viscose filament yarn and insulators. The
company primarily operates in India across the manufacturing and services sector.
The company operates through nine business segments: Telecom, Branded Apparels and Accessories*, Life Insurance,
Other Financial Services, Agri business, Textiles, Rayon Yarn, Insulators and IT - ITES. However, ABN divested its
segment, IT-ITeS, in May 2014 to a group of financial investors led by Capital Square Partners (CSP) and CX Partners
(CXP).
The telecom business segment operates through Idea Cellular, which is a global system for mobile communications
(GSM) operator. The company offers second generation (2G) and third generation (3G) services and provides national
long distance (NLD) and international long distance (ILD) operations. The company offers its services through a network
of over 137,500 2G and 3G cell sites, across nearly 7,400 census towns and 354,000 villages. In addition, Idea offers a
range of mobile broadband devices including Android based 3G smartphones, and dongles. In addition, the company's
3G smartphones offer 3G applications and data services such as Idea television (TV), games, and social networking
among others.
The branded apparels and accessories business segment is engaged in selling men's wear, women's wear and kids
wear and includes two businesses, Madura Fashions and Lifestyle, and Pantaloons Fashion and Retail. Madura
Fashions and Lifestyle offers a range of products ranging from affordable and mass-market to luxurious, high-end style,
catering to every age group, including children, youth, men and women. It offers its products under various brands,
including Louis Philippe, Van Heusen, Allen Solly and Peter England, among others; and operates through a network of
1,703 stores. In addition, Planet Fashion offers men's apparel from the company's in-house and other brands. The
company's Pantaloons Fashion and Retail business operates a chain of 100 fashion stores and 25 factory outlets across
47 cities and towns. It offers a range of products, including western wear, Indian wear, formal, party wear and active
wear for men, women and kids.
The company's life insurance business segment operates through Birla Sun Life Insurance (BSLI) company which is a
74:26 joint venture between ABN and Sun Life Financial. BSLI offers a range of offerings comprising protection solutions,
children's future solutions, wealth with protection, health and wellness, as well as retirement solutions. BSLI has a
distribution reach in over 500 cities through its network of about 560 branches, nearly 85,000 advisors and over 140
partnerships with corporate agents and banks.

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The other financial services businesses include Aditya Birla Financial Services, Aditya Birla Finance (ABFL), Birla Sun
Life Asset Management (BSLAMC), Aditya Birla Insurance Brokers (ABIBL), Aditya Birla Money, and Aditya Birla Capital
Advisors (ABCAP) companies. Aditya Birla Financial Services business offers a range of services, including life
insurance, asset management, non-banking financial services, infrastructure project and structured finance, private
equity, broking, wealth management and distribution, general insurance broking and risk management services and
online money management services. In addition, it offers housing finance and health insurance services. ABFL offers
customized solutions in the areas of capital market, corporate finance, commercial real estate and mortgages and
infrastructure project and structured finance. BSLAMC is a joint venture between ABN and Sun Life Financial, Canada. It
offers a range of investment options, including diversified and sector specific equity schemes, fund of fund schemes,
hybrid and monthly income funds, a range of debt and treasury products, and offshore funds. The company operates
through a network of 109 branches and caters to nearly two million customers.
ABIBL offers general insurance broking and risk management solutions for corporates and individuals. Aditya Birla
Money is a single brand offering the combined products and services of Aditya Birla Money, Aditya Birla Money Mart and
Aditya Birla Customer Services. Aditya Birla Money is a broking and distribution player, offering equity and derivative
trading through National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) and currency derivative on MCX
stock exchange (MCX-SX). Aditya Birla Money Mart is a wealth management and distribution player, offering third party
products like company deposits, mutual funds, insurance, structured products, alternate investments, property services,
and wealth management services to high net worth individual (HNI) customers. Aditya Birla Customer Services offers
MyUniverse services, which is a personal finance platform. ABCAP offers advices and manages private equity funds.
The Agri - business operates through the company's flagship brands, Indo Gulf and Birla Shaktiman. Indo Gulf
manufactures and sells urea, agricultural seeds and agrochemicals to farmers. In addition, it offers Birla Shaktiman Urea
- Neem coated and Gold to the farmers.
The company's Textiles business segment operates through Jaya Shree Textiles. Jaya Shree Textiles operates through
two business segments, including linen and wool. The company offers a range of products, including linen fabric, linen
yarn, worsted yarn and wool tops. The company markets its linen fabric under Linen Club Fabrics brand.
The company's viscouse filament yarn is produced by its business division, Indian Rayon and marketed through Ray
One brand. The yarn is available in 600 shades and comes in wide array of colors, including natural whites.
The company's Insulators business division is involved in the manufacture of high-voltage porcelain insulators. The
product range includes hollow, solid core, disc, pin, and post insulators, finding applications in the entire spectrum of
sub-station and transmission systems. The company also offers a range of high-performance insulators to the power
industry in India and globally. The company markets its insulators through its brand, Aditya Birla Insulators. The
company has its own plants located in the states of West Bengal and Gujarat in India. Aditya Birla Insulator's product
range is exported to 58 countries across Europe, America, Middle East, Africa and China.
*The company's branded apparels businesses were consolidated into Pantaloons Fashion and Retail and renamed as
Aditya Birla Fashion and Retail (ABFRL), in May 2015.
Key Metrics
The company recorded revenues of $4,370 million in the fiscal year ending March 2015, an increase of 14.2% compared
to fiscal 2014. Its net income was $232 million in fiscal 2015, compared to a net income of $187 million in the preceding
year.

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Table 6: Aditya Birla Nuvo Limited: key financials ($)

$ million
2011
2012
2013
2014
2015
3,015.6
3,620.8
3,501.1
3,826.5
4,370.1
134.9
146.0
173.7
187.5
232.2
Total assets
6,495.9
7,407.8
9,367.4
10,339.4
12,404.8
Total liabilities
5,354.8
6,125.8
7,673.7
8,376.3
10,161.9
Employees
19,000
19,750
19,000
20,250
21,700
Revenues
Net income (loss)
SOURCE: COMPANY FILINGS
MARKETLINE
Table 7: Aditya Birla Nuvo Limited: key financials (Rs.)

Rs. million
2011
2012
2013
2014
2015
183,839.0
220,733.0
213,432.0
233,269.0
266,408.0
8,221.0
8,901.0
10,589.0
11,429.0
14,155.0
Total assets
396,005.0
451,592.0
571,053.0
630,311.0
756,220.0
Total liabilities
326,437.0
373,443.0
467,806.0
510,637.0
619,489.0
Revenues
Net income (loss)
MARKETLINE
Table 8: Aditya Birla Nuvo Limited: key financial ratios

Ratio
Profit margin
2011
2012
2013
2014
2015
4.5%
4.0%
5.0%
4.9%
5.3%
Revenue growth
16.6%
20.1%
(3.3%)
9.3%
14.2%
Asset growth
22.3%
14.0%
26.5%
10.4%
20.0%
Liabilities growth
22.2%
14.4%
25.3%
9.2%
21.3%
Debt/asset ratio
82.4%
82.7%
81.9%
81.0%
81.9%
Return on assets
2.3%
2.1%
2.1%
1.9%
2.0%
$158,718
$183,333
$184,267
$188,961
$201,386
$7,098
$7,393
$9,142
$9,258
$10,700
Revenue per employee

Profit per employee

MARKETLINE
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Figure 11: Aditya Birla Nuvo Limited: revenues & profitability
MARKETLINE
Figure 12: Aditya Birla Nuvo Limited: assets & liabilities

MARKETLINE
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Far Eastern New Century Corporation

Table 9: Far Eastern New Century Corporation: key facts
Telephone:
36th Floor, Taiper Metro Tower, 207 Tun Hwa South Road, Section 2,
Taipei, TWN
886 2 2733 8000
Fax:
886 2 2736 7184
Website:
www.fenc.com
Financial year-end:
December
Ticker:
1402
Stock exchange:
Taiwan
Head office:
MARKETLINE
Far Eastern New Century Corporation (FENC) is a Taiwan-based company, which is engaged in the manufacture and
sale of polyester materials, semi-finished products and finished goods such as cotton, synthetic or blended fabrics,
towels and bed sheets, and woven and knitted garments; PET (polyethylene terephthalate) bottles and PET sheets; and
natural, synthetic or blended yarns and polyester textured yarns. The company has operations in Taiwan, China, and
Vietnam.
The company operates through six business segments: petrochemical business, chemical fiber business, textile
business, mobile services business, real estate business, and investment and other business.
FENC's petrochemical business is operated through its subsidiaries including Oriental Petrochemical Taiwan Co
(OPTC), and Oriental Petrochemical (Shanghai), which are involved in producing purified terephthalic acid (PTA). OPTC
is a raw material supplier in local PTA industry.
The company's polyester business segment produces polyester and related products in Asia and also produces
polyester polymer and PET (polyethylene terephthalate) resins. The company operates polyester business in three
divisions: staple fiber SBU (strategic business unit), filament SBU, and solid state polyester.
FENC's staple fiber SBU division provides around 300 different types of products, which are used in spinning, non-woven
and stuff staple fibers. The company produces products for medical, hygiene, environmental protection, agriculture, car,
filter and electronic parts industries.
The company's filament SBU division produces more than 150 types of products, for textile use or industrial use.
Industrial use products include nano woven, industrial fabrics, rope, filter, and geotextile. Textile use products include
micro fiber, and functional eco fiber products such as Topgreen polyester recycled filament, quick-dry fiber, anti-bacteria
fiber, far infrared fiber, (ultraviolet) UV-cut fiber, fine hollow warmmax health related fiber, and flame retardant fiber.
FENC's SSP (Solid State Polymerization), the department of Far Eastern Textile, produces polyester. It has the PET
manufacturing factory in Asia. FENC SSP department is engaged in the production and research of bottle resins, plate
resins, high viscosity resins, preforms, plates, and bottles.
The company's textile business segment is equipped with a vertically integrated production line from product
development, yarn spinning, fabric and apparel manufacturing to marketing. It offers fiber, yarn, fabric, apparel and
industrial products. The textile business segment operates through the subsidiary, Far Eastern Textile.
FENC's resource and development segment operates through subsidiaries: Far Eastern Resources Development
(FERD) and Far Eastern Construction. Far Eastern Construction is engaged in the construction of residential buildings.

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Key Metrics
The company recorded revenues of $7,765 million in the fiscal year ending December 2014, a decrease of 1.4%
compared to fiscal 2013. Its net income was $364 million in fiscal 2014, compared to a net income of $436 million in the
preceding year.
Table 10: Far Eastern New Century Corporation: key financials ($)
$ million
2010
2011
2012
2013
2014
6,601.2
7,767.0
7,807.5
7,875.1
7,765.2
657.1
365.6
162.2
435.8
363.8
Total assets
9,684.2
10,848.0
11,246.4
15,595.8
16,374.1
Total liabilities
4,736.8
5,295.2
5,600.7
7,041.2
7,691.9
Revenues
Net income (loss)
MARKETLINE
Table 11: Far Eastern New Century Corporation: key financials (NT$)
NT$ million
2010
2011
2012
2013
2014
200,204.0
235,561.0
236,792.0
238,841.0
235,507.0
19,929.0
11,088.0
4,918.0
13,216.0
11,033.0
Total assets
293,708.0
329,005.0
341,089.0
473,000.0
496,604.0
Total liabilities
143,659.0
160,595.0
169,861.0
213,550.0
233,286.0
Revenues
Net income (loss)
MARKETLINE
Table 12: Far Eastern New Century Corporation: key financial ratios
Ratio
2010
2011
2012
2013
2014
Profit margin
10.0%
4.7%
2.1%
5.5%
4.7%
Revenue growth
19.9%
17.7%
0.5%
0.9%
(1.4%)
9.7%
12.0%
3.7%
38.7%
5.0%
Liabilities growth
13.8%
11.8%
5.8%
25.7%
9.2%
Debt/asset ratio
48.9%
48.8%
49.8%
45.1%
47.0%
Return on assets
7.1%
3.6%
1.5%
3.2%
2.3%
Asset growth

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Figure 13: Far Eastern New Century Corporation: revenues & profitability
MARKETLINE
Figure 14: Far Eastern New Century Corporation: assets & liabilities

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Shanghai Dragon Corporation

Table 13: Shanghai Dragon Corporation: key facts
Head office:
584 ZhaoJiaBang Road, Shanghai 200023, CHN
Telephone:
86 21 3406 1116
Fax:
86 21 5466 6630
Website:
www.shanghaidragon.com.cn
Financial year-end:
December
Ticker:
600630
Stock exchange:
Shanghai
MARKETLINE
Shanghai Dragon is a China-based company, engaged in the textile production and management. The company's
products are sold in more than 70 countries including Japan, the US, UK, France, Australia, Panama, and Saudi Arabia.
It primarily operates in China.
The company's key products include: knitting material, knitwear, bedding, towels, blankets, shirts, suits, sportswear,
habiliments and cloth printing and dyeing.
Shanghai Dragon provides its products under the brands such as Threegun, Mum, Phoenix, Prolivon, Conch, Queen,
Disney, Minguang, Bell 414, Queen, Gremes, and Rica Lewis.
The company's clients include Guess, Playboy, Lacoste, Target, Byford and Mizuno.
Shanghai Dragon's subsidiaries include the following: Shanghai Three Gun (Group) Co., Ltd., Shanghai Dragon Textile
Co., Ltd., Shanghai Conch Clothing Co., Ltd, Shanghai textile furnishings Institute of Technology, and Four Seasons
Shanghai Conch Ltd.
Key Metrics
The company recorded revenues of $672 million in the fiscal year ending December 2014, an increase of .2% compared
to fiscal 2013. Its net income was $10 million in fiscal 2014, compared to a net income of $8 million in the preceding
year.
Table 14: Shanghai Dragon Corporation: key financials ($)

$ million
2010
2011
2012
2013
2014
Revenues
574.6
738.3
768.7
670.4
671.5
9.4
7.5
7.5
8.5
10.4
Total assets
419.8
416.4
418.5
410.4
375.4
Total liabilities
187.1
178.2
171.7
155.1
158.7
Net income (loss)

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Table 15: Shanghai Dragon Corporation: key financials (CNY)

CNY million
2010
2011
2012
2013
2014
3,531.0
4,537.0
4,724.0
4,120.0
4,127.0
58.0
46.0
46.0
52.0
64.0
Total assets
2,580.0
2,559.0
2,572.0
2,522.0
2,307.0
Total liabilities
1,150.0
1,095.0
1,055.0
953.0
975.0
Revenues
Net income (loss)
MARKETLINE
Table 16: Shanghai Dragon Corporation: key financial ratios

Ratio
Profit margin
2010
2011
2012
2013
2014
1.6%
1.0%
1.0%
1.3%
1.6%
18.8%
28.5%
4.1%
(12.8%)
0.2%
Asset growth
3.2%
(0.8%)
0.5%
(1.9%)
(8.5%)
Liabilities growth
1.9%
(4.8%)
(3.7%)
(9.7%)
2.3%
Debt/asset ratio
44.6%
42.8%
41.0%
37.8%
42.3%
Return on assets
2.3%
1.8%
1.8%
2.0%
2.7%
Revenue growth
MARKETLINE
Figure 15: Shanghai Dragon Corporation: revenues & profitability

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Figure 16: Shanghai Dragon Corporation: assets & liabilities

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Taekwang Industrial Co., Ltd

Table 17: Taekwang Industrial Co., Ltd: key facts
Head office:
162 1 Jangchungdong 2 Ga, Jung Gu, Seoul, KOR
Telephone:
82 2 3406 0300
Fax:
82 2 2273 9166
Website:
www.taekwang.co.kr
Financial year-end:
December
Ticker:
3240
Stock exchange:
Korea
MARKETLINE
Taekwang Industrial operates in petrochemical, synthetic fiber, textile, and material businesses. The company produces
purified terephthalic acids, propylene, acrylonitrile, sodium cyanide, ammonium sulphate, acetonitrile, and hydrogen
peroxide. It is involved in the manufacture of synthetic fibers comprising acryilic fiber, nylon filament, spandex, and spun
yarn; and is engaged in the processing of textiles such as tricot, and polyester fabrics. In addition, the company develops
carbon fiber, used in industries as a composite material, such as sports leisure, civil engineering and construction,
aerospace, automobile, and energy fields. Taekwang Industrial operates in South Korea, where it is headquartered in
Seoul and employs around 1,253 people
Key Metrics
The company recorded revenues of $2,034 million in the fiscal year ending December 2014, a decrease of 15.0%
compared to fiscal 2013. Its net loss was $0 million in fiscal 2014, compared to a net income of $28 million in the
preceding year.
Table 18: Taekwang Industrial Co., Ltd: key financials ($)

$ million
Revenues
Net income (loss)
Total assets
Total liabilities
2010
2011
2012
2013
2014
2,450.9
2,995.2
2,667.7
2,392.1
2,034.5
259.9
213.5
(30.4)
28.0
(0.3)
1,890.1
2,624.8
2,558.4
2,640.0
2,436.9
72.7
532.0
492.8
515.8
307.0

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Table 19: Taekwang Industrial Co., Ltd: key financials (KRW)

KRW million
Revenues
Net income (loss)
Total assets
Total liabilities
2010
2011
2012
2013
2014
2,581,535.0
3,154,926.0
2,809,980.0
2,519,641.0
2,142,940.0
273,791.0
224,898.0
(31,977.0)
29,479.0
(329.0)
1,990,872.0
2,764,785.0
2,694,813.0
2,780,790.0
2,566,879.0
76,563.0
560,314.0
519,087.0
543,251.0
323,405.0
MARKETLINE
Table 20: Taekwang Industrial Co., Ltd: key financial ratios

Ratio
Profit margin
2010
2011
2012
2013
2014
10.6%
7.1%
(1.1%)
1.2%
0.0%
Debt/asset ratio
3.8%
20.3%
19.3%
19.5%
12.6%
Return on assets
27.5%
9.5%
(1.2%)
1.1%
0.0%
MARKETLINE
Figure 17: Taekwang Industrial Co., Ltd: revenues & profitability

MARKETLINE
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Figure 18: Taekwang Industrial Co., Ltd: assets & liabilities

MARKETLINE
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METHODOLOGY
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, crosschecked and presented in a consistent and accessible style.
Review of in-house databases Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLines in-house databases
provide the foundation for all related industry profiles
Preparatory research We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
-
National/Governmental statistics
International data (official international sources)
National and International trade associations
Broker and analyst reports
Company Annual Reports
Business information libraries and databases
Modeling & forecasting tools MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

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Industry associations
Japan Apparel Industry Council
TFT bldg. East Wing 9F, 3-1 Ariake, Koto-ku, Tokyo 135-8071, JPN
Tel.: 81 3 5530 5481
Fax: 81 3 5530 5482
www.jaic.or.jp
International Textile and Apparel Association, Inc.

6060 Sunrise Vista Drive, Suite 1300 Citrus Heights, CA 95610, USA
Tel.: 1 916 723 1628
Fax: 1 916 722 8149
www.itaaonline.org
International Apparel Federation

P.O. Box 428, 3700 AK ZEIST, NLD
Tel.: 31 30 232 09 08
Fax: 31 30 232 09 99
www.iafnet.com
International Textile Manufacturers Federation (ITMF)

Am Schanzengraben 29, Postfach CH-8039, Zurich, CHE
Tel.: 41 44 283 6380
Fax: 41 44 283 6389
www.itmf.org
Related MarketLine research

Industry Profile
Global apparel and non-apparel manufacturing
Apparel and non-apparel manufacturing in Europe
Apparel and non-apparel manufacturing in China
Apparel and non-apparel manufacturing in India
Apparel and non-apparel manufacturing in the United States

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APPENDIX
About MarketLine
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MarketLine Industry Profile

Apparel & NonApparel

Publication Date: October 2015

Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Market value forecast

Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Asia-Pacific - Apparel & Non-Apparel Manufacturing

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About MarketLine ..................................................................................................................................................... 33

Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Table 2: AsiaPacific apparel & nonapparel manufacturing market category segmentation: $

Figure 2: AsiaPacific apparel & nonapparel manufacturing market category segmentation: %

Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Table 3: AsiaPacific apparel & nonapparel manufacturing market geography segmentation: $

Figure 3: AsiaPacific apparel & nonapparel manufacturing market geography segmentation: %

Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Asia-Pacific - Apparel & Non-Apparel Manufacturing

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FIVE FORCES ANALYSIS

Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Indian Rayon Compound, Veraval 362 266, Gujarat, IND

SOURCE: COMPANY WEBSITE

Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Table 6: Aditya Birla Nuvo Limited: key financials ($)

SOURCE: COMPANY FILINGS

Table 7: Aditya Birla Nuvo Limited: key financials (Rs.)

SOURCE: COMPANY FILINGS

Table 8: Aditya Birla Nuvo Limited: key financial ratios

Revenue per employee

Asia-Pacific - Apparel & Non-Apparel Manufacturing

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Figure 11: Aditya Birla Nuvo Limited: revenues & profitability

SOURCE: COMPANY FILINGS

Figure 12: Aditya Birla Nuvo Limited: assets & liabilities

SOURCE: COMPANY FILINGS

Asia-Pacific - Apparel & Non-Apparel Manufacturing