With a view to stimulate expansion of the country’s textile sector, Sri Lankan Government has decided to withdraw customs duty on yarn from January 2012.
The Government has also resolved to end Value Added Tax (VAT) on import of machinery required in textile manufacturing to enhance the country’s production capacity and boost export potential.
Releasing the Government’s new Budget Plan for 2012 in Sri Jayawardenapura-Kotte, President Mahinda Rajapaksa announced a series of new fiscal policies and taxation measures with the objective of boosting exports and strengthening the country’s economy.
The measures include devaluation of Sri Lanka’s national currency by three percent in order to increase the nation’s global competitiveness and boost export volumes.
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Sutlej Textiles and Industries, one of India's leading textile producers with a value-chain extending from yarns to fabrics to garments to home textile, has posted a decline of 70.92 percent year-on-year in its net profit in the second quarter of current fiscal 2011-12.
The company made a net profit of Rs. 66 million in the quarter ended September 30, 2011, as against a net profit of Rs. 227 million during the corresponding period of previous fiscal.
The net sales of the company, however, increased to Rs. 4.177 billion during the July-September period, compared to net sales of Rs. 3.809 billion during the same period in fiscal 2010-11.
Sutlej Textiles operates two spinning units at Kathua (J&K) and Bhawanimandi (Rajasthan), with the combined capacity being 253,000 spindles. The company also annually produces 20 million metres of processed fabrics, 1.6 million trousers and 2 million metres of home textile furnishing at its Daheli unit in Gujarat.
Read more about Sutlej Textiles Q2 net dips 70.92% @ Fibre2fashion
Applied DNA Sciences Inc, a provider of DNA-based anti-counterfeiting technology and product authentication solutions, announced additional sales and continued growth in developing its global textile business. Expanding on its FiberTyping business, APDN is adding new customers and developing existing business, utilizing its proprietary SigNature DNA technologies for marking and authenticating genuine textile and apparel.
DNA Authenticating for Cotton Labels
Consumers rely on product labels to reflect the true content and authenticity of the product. This is especially true considering the cost increase of cotton. Recently, a report from the National Inflation Association announced that the cost of cotton has increased by 54% and this increase has been making its way to store shelves across the globe. Having a metric that can verify cotton quality and label compliance is a key benefit of FiberTyping. It should be of special utility to enable enforcement by FTC and US Customs, as well as retailers and brand owners to ensure compliance with textile labeling laws.
FiberTyping: Supply Chain Security
FiberTyping is a patent-pending genetic test that enables retailers, yarn manufacturers, and even cotton growers to verify whether the original cotton fiber was used to manufacture the cotton product. From raw fiber to yarn to greige fabric and ultimately, to finished fabrics, FiberTyping DNA testing can identify the exact cotton species (G.barbadense or G. hirsutum) in any cotton labeled product.
FiberTyping requests continue to be fulfilled for yarn manufacturers from India, Pakistan, China, and Supima, the promotional organization of the American Pima cotton growers. APDN is working within many textile sectors to add strong positioning in the overall supply chain. One large UK company, with over 700 retail outlets, has engaged APDN to test towels and bedding products to determine whether they contain 100% pima cotton, as labeled. This is but one example of how customers are using FiberTyping to better control their supply chain to ensure 100% accountability.
