This article presents the findings of Industrial Outlook Survey conducted for July-September 2012 quarter, 59th round in the series. The survey provides an assessment of business situation of companies in manufacturing sector, for the quarter July-September 2012 (Q2:2012-13), and their expectation for the ensuing quarter October-December 2012 (Q3:2012-13). The results of the survey reflect further weakening of business sentiments in Q2:2012-13 which was reflected in the outlook of the previous round of the survey. The Business Expectation Index (BEI), a composite indicator based on several business parameters, declined further for the assessment quarter and reached a level seen at the onset of financial crisis in Q3:2008-09. However the outlook for the ensuing quarter i.e. Q3:2012-13 is marginally better. The indices still remained in the growth terrain (i.e., above 100, which is the threshold that separates contraction from expansion). I. Introduction: The Reserve Bank of India has been conducting the Industrial Outlook Survey on a quarterly basis since 1998. The Survey gives insight into the perception of the public and private limited companies engaged in manufacturing activities about their own performance and prospects. The assessment of business sentiments for the current quarter and expectations for the ensuing quarter are based on qualitative responses on 20 major parameters1 covering broadly demand condition and financial situation. The survey provides useful forward-looking inputs for policymakers, analysts and business alike. II. Data Coverage and Methodology The survey is canvassed among 2,000 public and private limited companies in the manufacturing sector, mostly with paid-up capital above `5 million each. The panel of respondents was chosen so as to get a good representation of size and industry. The fieldwork for the survey is carried out by an external agency. The survey elicited response from 1,561 manufacturing companies in the current round (response rate around 78 per cent). The analysis is based on ‘net response’ on various parameters. ‘Net response’ is the percentage difference between the optimistic (i.e. positive) and the pessimistic (i.e. negative) responses and responses indicating status quo (i.e. no change) are not reckoned. Higher ‘net response’ indicates higher level of optimism and vice versa III. Survey Findings III.1 Demand condition The survey collects perceptions of the Indian manufacturers about prominent demand related parameters, namely, production, order books, capacity utilisation, inventory, exports and imports. The assessment on all the above parameters revealed that demand conditions further weakened in Q2:2012-13. However, the outlook for Q3: 2012-13 showed marginal improvement. III.1.1 Production The assessed net response on production declined continuously since last year with the exception of Q4:2011-12. One quarter ahead outlook also showed lower optimism in 2011-12 and it worsened in the first two quarters of 2012-13. Outlook for Q3:2012-13, however, improved marginally. The pattern was quite similar for other variables like order books, capacity utilisation etc. (Charts 1 to 4, Tables 1 , 2, 3 and 4). However, positive net response is indicative of continued growth.
III.1.2 Exports and Imports Net responses on exports and imports have generally been lower than those on production or order books. The sentiments weakened further during the assessment quarter of Q2:2012-13. Outlook for Q3:2012-13 also was less optimistic (Tables 5 & 6 and Charts 5 & 6).
III.1.3 Inventory of Raw Materials & Finished Goods Generally, around 80 per cent of the respondents reported ‘no change’ in the average level of inventory of raw materials and finished goods on a quarterly basis. Of the remaining, slightly higher percentage of respondents reported carrying above average level of inventory in the assessment quarter. This is, however, not reflected in the outlook for the ensuing quarter (Table 7) III.1.4 Employment Situation In various rounds of the survey, more than 90 per cent of the respondent companies reported maintaining the workforce at the same level or increase in the level of employment. However, in the last two rounds of survey, slightly higher percentage of the respondents assessed a decline in their workforce. Going forward, the trend has been reversed and the net response on employment rose marginally for Q3:2012-13 (Table 8, Chart 7).
III.2 Financial Situation The survey assesses sentiments about the financial situations based on several parameters. While the respondents are required to evaluate the overall financial situation, responses are specifically obtained on availability of finance (in the form of both equity and debt), cost of external finance, cost of raw material, selling price and profit margin. III.2.1 Overall Financial Situation Optimism level for overall financial situation has been declining since Q4:2010-11 and it went down further in the assessment quarter. Marginal improvement is expected for the ensuing quarter (Table 9, Chart 8).
III. 2.2 Availability of Finance The sentiment for availability of finance also showed similar trend(Table 11, Chart 9). Beginning from Q4:2010-11, while slightly higher percentage of respondents perceived availability of finance to have worsened, responses for improvement in the situation have also been lower.
III. 2.3 Cost of Finance The sentiment on cost of finance has remained negative for a long time with the lowest level reached in Q3:2011-12. The net response improved gradually thereafter and percentage of respondents who experienced higher cost of finance over the previous quarter declined in Q2:2012-13. Similarly, a lower percentage of respondents expect the cost of finance to rise in Q3:2012-13 (Table 12). III.2.4 Cost of Raw Material The sentiment on cost of raw materials has remained strongly negative in the last few years. However, the current round of survey pointed to some improvement in the situation. Percentage of respondents reporting/expecting further increase in price in the assessment/expectation quarter has reduced from the previous round (Table 13, Chart 10).
III.2.5 Selling price While more than 60 per cent of the respondents reported increase in the cost of raw materials in the assessment quarter, less than 30 per cent of the respondents were able to raise their selling prices. This may be indicative of lack of pricing power of the manufacturers in the recent past. However, slightly higher optimism with respect to selling price was observed in the last three quarters. The outlook for Q3:2012-13 reversed this trend (Table 14 , Chart 11).
III.2.6 Profit margin In line with lower pricing power, a higher percentage of respondents reported decrease in profit margin in the last few quarters. The trend remained the same for Q2:2012-13 while the corporates were evenly balanced in their outlook for the next quarter (Table 15 and Chart 12).
III.3 Overall Business Situation III.3.1 Overall Business Situation Optimism with respect to overall business situation has been declining since Q4: 2010-11. The net response moderated further in the assessment quarter. However marginal improvement was expected in the ensuing quarter. (Table 16, Chart 13).
III.3.2 Business Expectation Index (BEI) The BEI gives a single snapshot of the industrial outlook in each quarter. This index is computed as a weighted average of net responses from all the industries on nine select performance parameters where the weights are the industry’s share in Gross Value Added (GVA). The selected parameters are ‘overall business situation’, ‘production’, ‘order books’, ‘inventory of raw materials’, ‘inventory of finished goods’, ‘profit margin’, ‘employment’, ‘exports’ and ‘capacity utilisation’. The methodology for compilation of the BEI was given in the article Quarterly Industrial Outlook Surveys: Trends since 2001 published in October 2009 Bulletin. The results of this round showed that the Business Expectation Index (BEI) reached a level seen at the onset of financial crisis in Q3:2008-09. However the outlook for the ensuing quarter i.e. Q3:2012-13 was marginally better. These indices have remained in the growth terrain (i.e. above 100, which is the threshold separating contraction from expansion) (Table17 , Chart 14).
III.3.3 Industry-wise and Size-wise Analysis While at the aggregate level, business outlook for Q3:2012-13 marginally improved, in the case of cement and food products industries optimism level showed substantial increase (Table 18). On the other hand, outlook for fertiliser industry indicated lower optimism. Also bigger companies (value of production and paid-up capital (PUC) wise) showed more optimism as compared to their smaller counter parts (Table 19). III.3.4 Constraints for attaining the normal production level About 51 per cent of companies reported production constraints for attaining the normal production level during the quarter July-September 2012. Major constraints reported are ‘lack of domestic demand (42.9%), uncertainty of economic environment (41.3%), shortage of power (39.4%), lack of export demand (34.1%) and shortage of working capital finance (33.4%). Industry wise analysis shows that ‘textiles’, ‘basic metals and metal products’, ‘non-electrical’ and ‘food products’ felt more production constraints (Table 20).
Table 1: Assessment & Expectations for Production |
(Percentage responses) # |
Survey Quarter |
Total response |
Assessment for Current Quarter |
Expectation for Next Quarter |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Oct-Dec 09 |
1256 |
44.0 |
15.2 |
40.8 |
28.9 |
46.0 |
11.0 |
43.0 |
35.0 |
Jan-Mar 10 |
1079 |
49.0 |
12.5 |
38.5 |
36.5 |
48.8 |
8.8 |
42.3 |
40.0 |
Apr-Jun 10 |
1092 |
48.4 |
13.0 |
38.6 |
35.4 |
45.8 |
9.9 |
44.3 |
35.9 |
Jul-Sep 10 |
1403 |
51.6 |
11.6 |
36.8 |
40.0 |
49.7 |
9.4 |
40.9 |
40.2 |
Oct-Dec 10 |
1561 |
53.9 |
10.0 |
36.0 |
43.9 |
55.9 |
6.8 |
37.3 |
49.1 |
Jan-Mar 11 |
1524 |
52.1 |
10.7 |
37.1 |
41.4 |
55.4 |
6.8 |
37.7 |
48.6 |
Apr-Jun 11 |
1504 |
47.8 |
15.7 |
36.5 |
32.1 |
49.1 |
9.1 |
41.8 |
40.0 |
Jul-Sep 11 |
1528 |
40.8 |
18.3 |
40.9 |
22.6 |
49.6 |
9.0 |
41.5 |
40.6 |
Oct-Dec 11 |
1450 |
42.2 |
16.9 |
41.0 |
25.3 |
49.5 |
9.5 |
41.0 |
39.9 |
Jan-Mar 12 |
1234 |
45.6 |
12.5 |
41.9 |
33.1 |
49.8 |
9.5 |
40.7 |
40.4 |
Apr-June 12 |
1404 |
38.8 |
18.5 |
42.7 |
20.3 |
45.4 |
10.6 |
44.0 |
34.7 |
Jul-Sep 12 |
1561 |
37.9 |
19.2 |
42.9 |
18.8 |
45.4 |
11.7 |
42.9 |
33.6 |
Oct-Dec 12 |
|
|
|
|
|
46.1 |
10.4 |
43.4 |
35.7 |
#Due to rounding off percentage may not add up to 100. This is applicable throughout the article.
‘Increase’ in production is optimistic. |
Table 2: Assessment & Expectations for Order books |
(Percentage responses)# |
Survey Quarter |
Total response |
Assessment for Current Quarter |
Expectation for Next Quarter |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Oct-Dec 09 |
1256 |
39.5 |
13.6 |
46.8 |
25.9 |
43.5 |
11.2 |
45.3 |
32.3 |
Jan-Mar 10 |
1079 |
43.5 |
11.6 |
44.9 |
31.9 |
44.8 |
9.1 |
46.1 |
35.8 |
Apr-Jun 10 |
1092 |
41.8 |
10.5 |
47.7 |
31.3 |
42.3 |
8.9 |
48.8 |
33.4 |
Jul-Sep 10 |
1403 |
45.4 |
9.3 |
45.3 |
36.1 |
44.4 |
8.1 |
47.5 |
36.3 |
Oct-Dec 10 |
1561 |
46.9 |
9.1 |
44.0 |
37.9 |
49.8 |
5.1 |
45.1 |
44.8 |
Jan-Mar 11 |
1524 |
44.8 |
10.1 |
45.2 |
34.7 |
49.6 |
5.6 |
44.8 |
44.0 |
Apr-Jun 11 |
1504 |
42.5 |
14.4 |
43.0 |
28.1 |
45.9 |
7.5 |
46.6 |
38.4 |
Jul-Sep 11 |
1528 |
37.9 |
17.6 |
44.5 |
20.3 |
45.4 |
9.4 |
45.2 |
35.9 |
Oct-Dec 11 |
1450 |
36.9 |
18.5 |
44.6 |
18.4 |
43.5 |
10.1 |
46.4 |
33.4 |
Jan-Mar 12 |
1234 |
38.9 |
14.1 |
47.0 |
24.8 |
42.3 |
11.0 |
46.7 |
31.3 |
Apr-Jun 12 |
1404 |
34.2 |
17.3 |
48.5 |
16.9 |
39.3 |
9.8 |
50.9 |
29.5 |
Jul-Sep12 |
1561 |
31.9 |
19.8 |
48.3 |
12.0 |
41.0 |
11.1 |
47.9 |
29.9 |
Oct-Dec 12 |
|
|
|
|
|
41.2 |
10.9 |
48.0 |
30.3 |
‘Increase’ in order books is optimistic. |
Table 3: Assessment & Expectations for Pending Orders |
(Percentage responses) # |
Survey Quarter |
Total response |
Assessment for Current Quarter |
Expectation for Next Quarter |
Below Normal |
Above Normal |
Normal |
Net response |
Below Normal |
Above Normal |
Normal |
Net response |
Oct-Dec 09 |
1256 |
17.1 |
5.6 |
77.3 |
11.6 |
15.2 |
4.2 |
80.6 |
11.0 |
Jan-Mar 10 |
1079 |
15.5 |
6.7 |
77.8 |
8.8 |
12.2 |
6.5 |
81.3 |
5.7 |
Apr-Jun 10 |
1092 |
14.3 |
7.4 |
78.3 |
6.9 |
12.9 |
6.4 |
80.7 |
6.5 |
Jul-Sep 10 |
1403 |
12.0 |
6.9 |
81.1 |
5.1 |
11.4 |
7.3 |
81.3 |
4.2 |
Oct-Dec 10 |
1561 |
11.6 |
7.6 |
80.8 |
3.9 |
8.8 |
7.3 |
83.9 |
1.5 |
Jan-Mar 11 |
1524 |
12.5 |
6.9 |
80.6 |
5.5 |
9.8 |
8.1 |
82.1 |
1.7 |
Apr-Jun 11 |
1504 |
13.3 |
6.7 |
80.0 |
6.5 |
10.4 |
6.6 |
83.0 |
3.9 |
Jul-Sep 11 |
1528 |
18.0 |
4.7 |
77.3 |
13.3 |
11.8 |
7.2 |
81.0 |
4.5 |
Oct-Dec 11 |
1450 |
17.5 |
5.0 |
77.5 |
12.6 |
13.6 |
6.0 |
80.4 |
7.6 |
Jan-Mar 12 |
1234 |
15.9 |
5.4 |
78.7 |
10.5 |
13.7 |
6.5 |
79.8 |
7.3 |
Apr-June 12 |
1404 |
17.0 |
5.7 |
77.3 |
11.3 |
13.3 |
4.6 |
82.1 |
8.8 |
Jul-Sep 12 |
1561 |
18.7 |
5.6 |
75.7 |
13.1 |
14.6 |
6.2 |
79.2 |
8.4 |
Oct-Dec 12 |
|
|
|
|
|
14.4 |
7.0 |
78.6 |
7.4 |
| Pending orders ‘Below Normal’ is optimistic. |
Table 4: Assessment & Expectations for Capacity Utilisation |
(Percentage responses) # |
Parameter |
Options |
Assessment for Quarter |
Expectations for Quarter |
Apr-Jun12 |
Jul-Sep 12 |
Jul-Sep 12 |
Oct-Dec 12 |
Capacity Utilisation (main product) |
Increase |
25.8 |
24.0 |
30.4 |
30.4 |
No Change |
57.1 |
58.3 |
57.6 |
59.3 |
Decrease |
17.1 |
17.7 |
12.0 |
10.3 |
Net Response |
8.6 |
6.3 |
18.4 |
20.0 |
Level of Capacity Utilisation
(compared to the average in last 4 quarters) |
Above normal |
10.1 |
9.7 |
11.4 |
10.3 |
Normal |
71.9 |
71.3 |
75.6 |
77.4 |
Below Normal |
17.9 |
18.9 |
13.0 |
12.3 |
Net Response |
-7.8 |
-9.2 |
-1.5 |
-2.0 |
Assessment of Prod. Capacity
(with regard to expected demand in next 6 months) |
More than adequate |
12.4 |
13.1 |
13.0 |
13.0 |
Adequate |
79.6 |
79.0 |
80.0 |
80.5 |
Less than adequate |
8.0 |
7.9 |
7.1 |
6.4 |
Net Response |
4.4 |
5.2 |
5.9 |
6.6 |
| ‘Increase’ in capacity utilisation is optimistic. |
Table 5: Assessment & Expectations for Exports |
(Percentage responses) # |
Survey Quarter |
Total response |
Assessment for Current Quarter |
Expectation for Next Quarter |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Oct-Dec 09 |
1256 |
27.3 |
18.1 |
54.6 |
9.2 |
27.0 |
14.5 |
58.5 |
12.5 |
Jan-Mar 10 |
1079 |
28.9 |
16.2 |
54.9 |
12.7 |
31.2 |
11.0 |
57.8 |
20.2 |
Apr-Jun 10 |
1092 |
29.1 |
13.7 |
57.2 |
15.3 |
30.0 |
11.5 |
58.5 |
18.5 |
Jul-Sep 10 |
1403 |
31.8 |
11.8 |
56.5 |
20.0 |
30.8 |
10.1 |
59.1 |
20.7 |
Oct-Dec 10 |
1561 |
34.4 |
11.4 |
54.2 |
23.1 |
34.4 |
8.3 |
57.3 |
26.1 |
Jan-Mar 11 |
1524 |
32.1 |
13.2 |
54.7 |
18.9 |
34.4 |
8.1 |
57.5 |
26.3 |
Apr-Jun 11 |
1504 |
31.8 |
13.6 |
54.6 |
18.2 |
33.4 |
9.4 |
57.1 |
24.0 |
Jul-Sep 11 |
1528 |
28.7 |
15.7 |
56.6 |
13.1 |
35.1 |
9.2 |
55.7 |
25.8 |
Oct-Dec 11 |
1450 |
26.8 |
15.3 |
57.9 |
11.5 |
32.7 |
10.6 |
56.8 |
22.1 |
Jan-Mar 12 |
1234 |
27.8 |
13.6 |
58.6 |
14.2 |
29.0 |
10.4 |
60.6 |
18.6 |
Apr-Jun 12 |
1404 |
25.7 |
14.9 |
59.4 |
10.8 |
30.1 |
9.4 |
60.5 |
20.7 |
Jul-Sep 12 |
1561 |
25.3 |
15.2 |
59.5 |
10.0 |
31.0 |
10.5 |
58.5 |
20.5 |
Oct-Dec 12 |
|
|
|
|
|
29.0 |
10.9 |
60.1 |
18.0 |
| ‘Increase’ in exports is optimistic |
Table 6: Assessment & Expectations for Import |
(Percentage responses) # |
Survey Quarter |
Total response |
Assessment for Current Quarter |
Expectation for Next Quarter |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Oct-Dec 09 |
1256 |
23.3 |
10.3 |
66.5 |
13.0 |
21.3 |
9.8 |
68.9 |
11.5 |
Jan-Mar 10 |
1079 |
25.5 |
8.4 |
66.1 |
17.1 |
23.4 |
6.5 |
70.1 |
16.9 |
Apr-Jun 10 |
1092 |
27.7 |
6.8 |
65.6 |
20.9 |
22.9 |
5.9 |
71.2 |
17.1 |
Jul-Sep 10 |
1403 |
28.6 |
6.6 |
64.7 |
22.0 |
27.0 |
5.4 |
67.6 |
21.7 |
Oct-Dec 10 |
1561 |
27.3 |
6.4 |
66.3 |
20.9 |
27.3 |
5.1 |
67.6 |
22.2 |
Jan-Mar 11 |
1524 |
27.0 |
7.1 |
65.8 |
19.9 |
26.7 |
5.4 |
67.9 |
21.3 |
Apr-Jun 11 |
1504 |
25.0 |
7.4 |
67.6 |
17.6 |
25.1 |
6.2 |
68.6 |
18.9 |
Jul-Sep 11 |
1528 |
23.3 |
7.6 |
69.2 |
15.7 |
25.1 |
6.1 |
68.9 |
19.0 |
Oct-Dec 11 |
1450 |
20.8 |
9.3 |
69.9 |
11.6 |
23.1 |
6.2 |
70.7 |
16.9 |
Jan-Mar 12 |
1234 |
22.5 |
8.0 |
69.5 |
14.4 |
23.0 |
7.5 |
69.4 |
15.5 |
Apr-Jun 12 |
1404 |
21.8 |
10.1 |
68.1 |
11.6 |
22.4 |
6.7 |
70.8 |
15.7 |
Jul-Sep 12 |
1561 |
20.7 |
10.9 |
68.5 |
9.8 |
22.9 |
7.4 |
69.7 |
15.5 |
Oct-Dec 12 |
|
|
|
|
|
22.1 |
8.1 |
69.8 |
14.0 |
| ‘Increase’ in imports is optimistic |
Table 7: Assessment & Expectations for level of Inventory (Raw material and Finished goods) |
(Percentage responses) # |
Parameter |
Options |
Assessment for Quarter |
Expectations for Quarter |
Apr-Jun 12 |
Jul-Sep 12 |
Jul-Sep 12 |
Oct-Dec 12 |
Inventory of raw material |
Below average |
8.0 |
6.9 |
6.6 |
5.1 |
Average |
81.0 |
80.9 |
83.7 |
85.2 |
Above average |
11.0 |
12.3 |
9.7 |
9.7 |
Net Response |
-2.9 |
-5.4 |
-3.1 |
-4.7 |
Inventory of Finished goods |
Below average |
6.8 |
7.0 |
7.2 |
6.1 |
Average |
81.6 |
78.5 |
83.6 |
83.9 |
Above average |
11.7 |
14.5 |
9.2 |
10.0 |
Net Response |
-4.9 |
-7.4 |
-2.1 |
-4.0 |
| Inventory of raw material and finished goods ‘Below average’ is optimistic |
Table 8: Assessment & Expectations for Employment Outlook |
(Percentage responses) # |
Survey Quarter |
Total response |
Assessment for Current Quarter |
Expectation for Next Quarter |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Oct-Dec 09 |
1256 |
18.2 |
7.9 |
73.9 |
10.3 |
15.8 |
7.0 |
77.2 |
8.8 |
Jan-Mar 10 |
1079 |
21.0 |
7.3 |
71.7 |
13.7 |
18.2 |
6.1 |
75.6 |
12.1 |
Apr-Jun 10 |
1092 |
21.7 |
7.0 |
71.3 |
14.7 |
19.5 |
5.9 |
74.7 |
13.6 |
Jul-Sep 10 |
1403 |
25.1 |
6.3 |
68.6 |
18.7 |
21.8 |
5.1 |
73.1 |
16.8 |
Oct-Dec 10 |
1561 |
24.8 |
5.4 |
69.9 |
19.4 |
24.7 |
3.6 |
71.7 |
21.0 |
Jan-Mar 11 |
1524 |
24.3 |
5.6 |
70.1 |
18.7 |
25.0 |
4.3 |
70.7 |
20.6 |
Apr-Jun 11 |
1504 |
24.3 |
6.1 |
69.6 |
18.2 |
23.0 |
5.6 |
71.4 |
17.4 |
Jul-Sep 11 |
1528 |
22.7 |
7.1 |
70.2 |
15.6 |
24.0 |
4.6 |
71.5 |
19.4 |
Oct-Dec 11 |
1450 |
18.9 |
7.6 |
73.5 |
11.3 |
21.7 |
5.2 |
73.1 |
16.5 |
Jan-Mar 12 |
1234 |
19.8 |
6.9 |
73.3 |
12.9 |
19.3 |
5.7 |
75.0 |
13.6 |
Apr-Jun 12 |
1404 |
19.8 |
9.7 |
70.5 |
10.0 |
19.9 |
5.2 |
74.9 |
14.6 |
Jul-Sep 12 |
1561 |
17.9 |
9.6 |
72.5 |
8.3 |
20.5 |
8.3 |
71.2 |
12.3 |
Oct-Dec 12 |
|
|
|
|
|
19.2 |
5.9 |
74.9 |
13.3 |
| ‘Increase’ in employment is optimistic |
Table 9: Assessment & Expectations for Overall Financial Situation |
(Percentage responses) # |
Survey Quarter |
Total response |
Assessment for Current Quarter |
Expectation for Next Quarter |
Better |
Worsen |
No change |
Net response |
Better |
Worsen |
No change |
Net response |
Oct-Dec 09 |
1256 |
38.8 |
9.3 |
51.8 |
29.5 |
40.5 |
7.0 |
52.5 |
33.5 |
Jan-Mar 10 |
1079 |
42.3 |
6.5 |
51.3 |
35.8 |
44.3 |
5.0 |
50.6 |
39.3 |
Apr-Jun 10 |
1092 |
39.1 |
6.9 |
54.0 |
32.2 |
41.6 |
5.3 |
53.1 |
36.3 |
Jul-Sep 10 |
1403 |
38.7 |
8.1 |
53.2 |
30.6 |
39.7 |
5.6 |
54.8 |
34.1 |
Oct-Dec 10 |
1561 |
42.8 |
5.7 |
51.5 |
37.1 |
44.9 |
5.3 |
49.7 |
39.6 |
Jan-Mar 11 |
1524 |
35.7 |
8.6 |
55.8 |
27.1 |
45.5 |
4.4 |
50.1 |
41.1 |
Apr-Jun 11 |
1504 |
34.5 |
10.4 |
55.0 |
24.1 |
38.6 |
5.2 |
56.1 |
33.4 |
Jul-Sep 11 |
1528 |
27.8 |
16.0 |
56.2 |
11.7 |
37.4 |
6.8 |
55.7 |
30.6 |
Oct-Dec 11 |
1450 |
28.1 |
16.9 |
55.0 |
11.2 |
35.5 |
9.2 |
55.3 |
26.3 |
Jan-Mar 12 |
1234 |
30.4 |
11.9 |
57.8 |
18.5 |
35.3 |
10.2 |
54.5 |
25.2 |
Apr-Jun 12 |
1404 |
27.8 |
13.5 |
58.7 |
14.2 |
35.7 |
8.1 |
56.2 |
27.7 |
Jul-Sep 12 |
1561 |
27.1 |
14.9 |
58.0 |
12.2 |
33.2 |
9.5 |
57.3 |
23.6 |
Oct-Dec 12 |
|
|
|
|
|
34.8 |
9.0 |
56.2 |
25.8 |
| ‘Better’ overall financial situation is optimistic |
Table 10: Assessment & Expectations for Working Capital Finance Requirement |
(Percentage responses) # |
Survey Quarter |
Total response |
Assessment for Current Quarter |
Expectation for Next Quarter |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Oct-Dec 09 |
1256 |
35.2 |
6.4 |
58.4 |
28.8 |
34.7 |
4.3 |
61.0 |
30.4 |
Jan-Mar 10 |
1079 |
35.8 |
5.3 |
58.9 |
30.5 |
36.8 |
4.0 |
59.2 |
32.7 |
Apr-Jun 10 |
1092 |
34.7 |
4.8 |
60.5 |
29.9 |
31.9 |
4.3 |
63.8 |
27.7 |
Jul-Sep 10 |
1403 |
35.6 |
6.3 |
58.1 |
29.3 |
35.2 |
4.1 |
60.7 |
31.1 |
Oct-Dec 10 |
1561 |
41.3 |
4.1 |
54.6 |
37.1 |
38.4 |
3.6 |
58.0 |
34.8 |
Jan-Mar 11 |
1524 |
41.0 |
4.1 |
54.9 |
36.9 |
40.7 |
3.0 |
56.3 |
37.8 |
Apr-Jun 11 |
1504 |
41.1 |
5.4 |
53.5 |
35.7 |
37.4 |
4.4 |
58.2 |
32.9 |
Jul-Sep 11 |
1528 |
36.8 |
5.7 |
57.4 |
31.1 |
38.7 |
5.1 |
56.3 |
33.6 |
Oct-Dec 11 |
1450 |
38.9 |
5.7 |
55.4 |
33.3 |
38.4 |
4.2 |
57.5 |
34.2 |
Jan-Mar 12 |
1234 |
40.0 |
5.1 |
54.8 |
34.9 |
38.0 |
4.2 |
57.8 |
33.8 |
Apr-Jun 12 |
1404 |
36.6 |
6.1 |
57.3 |
30.4 |
36.2 |
4.3 |
59.6 |
31.9 |
Jul-Sep 12 |
1561 |
37.5 |
6.8 |
55.8 |
30.7 |
34.9 |
4.8 |
60.3 |
30.1 |
Oct-Dec 12 |
|
|
|
|
|
37.3 |
4.4 |
58.3 |
32.9 |
‘Increase’ in working capital finance is optimistic |
| Table 11: Assessment & Expectations for Availability of Finance |
(Percentage responses) # |
Survey Quarter |
Total response |
Assessment for Current Quarter |
Expectation for Next Quarter |
Improve |
Worsen |
No change |
Net response |
Improve |
Worsen |
No change |
Net response |
Oct-Dec 09 |
1256 |
30.3 |
7.2 |
62.5 |
23.0 |
31.7 |
5.6 |
62.7 |
26.1 |
Jan-Mar 10 |
1079 |
32.1 |
6.4 |
61.5 |
25.7 |
33.7 |
4.5 |
61.8 |
29.2 |
Apr-Jun 10 |
1092 |
32.3 |
5.9 |
61.8 |
26.4 |
31.2 |
4.4 |
64.4 |
26.8 |
Jul-Sep 10 |
1403 |
32.6 |
6.0 |
61.4 |
26.6 |
32.9 |
4.4 |
62.7 |
28.5 |
Oct-Dec 10 |
1561 |
35.9 |
5.6 |
58.4 |
30.3 |
35.3 |
4.0 |
60.6 |
31.3 |
Jan-Mar 11 |
1524 |
32.1 |
8.3 |
59.6 |
23.8 |
36.4 |
4.0 |
59.6 |
32.3 |
Apr-Jun 11 |
1504 |
30.2 |
8.7 |
61.1 |
21.5 |
32.6 |
5.3 |
62.2 |
27.3 |
Jul-Sep 11 |
1528 |
24.0 |
12.0 |
64.0 |
12.1 |
30.0 |
5.8 |
64.2 |
24.2 |
Oct-Dec 11 |
1450 |
24.1 |
13.7 |
62.2 |
10.4 |
28.7 |
8.5 |
62.7 |
20.2 |
Jan-Mar 12 |
1234 |
26.1 |
10.3 |
63.5 |
15.8 |
28.2 |
9.1 |
62.7 |
19.0 |
Apr-Jun 12 |
1404 |
26.2 |
11.1 |
62.7 |
15.0 |
29.9 |
7.0 |
63.1 |
22.9 |
Jul-Sep12 |
1561 |
25.0 |
11.2 |
63.8 |
13.8 |
28.0 |
7.7 |
64.3 |
20.4 |
Oct-Dec 12 |
|
|
|
|
|
29.1 |
7.8 |
63.1 |
21.3 |
‘Improvement’ in availability of finance is optimistic |
Table 12: Assessment & Expectations for Cost of External Finance |
(Percentage responses) # |
Survey Quarter |
Total response |
Assessment for Current Quarter |
Expectation for Next Quarter |
Decrease |
Increase |
No change |
Net response |
Decrease |
Increase |
No change |
Net response |
Jan-Mar 10 |
1079 |
7.7 |
23.6 |
68.7 |
-15.9 |
6.8 |
25.1 |
68.1 |
-18.3 |
Apr-Jun 10 |
1092 |
7.0 |
28.9 |
64.0 |
-21.9 |
6.1 |
26.8 |
67.1 |
-20.6 |
Jul-Sep 10 |
1403 |
5.0 |
33.2 |
61.8 |
-28.3 |
5.7 |
29.0 |
65.3 |
-23.3 |
Oct-Dec10 |
1561 |
4.0 |
37.9 |
58.1 |
-33.9 |
3.8 |
32.1 |
64.2 |
-28.3 |
Jan-Mar 11 |
1524 |
3.5 |
46.0 |
50.6 |
-42.5 |
3.7 |
35.0 |
61.3 |
-31.3 |
Apr-Jun 11 |
1504 |
3.5 |
52.5 |
44.1 |
-49.0 |
3.9 |
38.9 |
57.1 |
-35.0 |
July-Sep 11 |
1528 |
3.5 |
53.7 |
42.9 |
-50.2 |
4.0 |
43.7 |
52.4 |
-39.7 |
Oct-Dec 11 |
1450 |
2.9 |
53.4 |
43.7 |
-50.6 |
3.4 |
44.4 |
52.2 |
-41.0 |
Jan-Mar 12 |
1234 |
3.8 |
41.1 |
55.1 |
-37.4 |
4.1 |
42.8 |
53.1 |
-38.8 |
Apr-Jun 12 |
1404 |
7.3 |
37.8 |
54.9 |
-30.5 |
9.9 |
32.6 |
57.6 |
-22.7 |
Jul-Sep 12 |
1561 |
5.8 |
33.1 |
61.1 |
-27.4 |
8.6 |
32.6 |
58.9 |
-24.0 |
Oct-Dec 12 |
|
|
|
|
|
7.6 |
28.1 |
64.3 |
-20.6 |
| ‘Decrease’ in cost of external finance is optimistic |
Table 13: Assessment & Expectations for Cost of Raw Material |
(Percentage responses) # |
Survey Quarter |
Total response |
Assessment for Current Quarter |
Expectation for Next Quarter |
Decrease |
Increase |
No change |
Net response |
Decrease |
Increase |
No change |
Net response |
Oct-Dec 09 |
1256 |
6.3 |
53.4 |
40.3 |
-47.1 |
5.0 |
43.4 |
51.6 |
-38.4 |
Jan-Mar 10 |
1079 |
2.2 |
62.3 |
35.5 |
-60.2 |
3.6 |
47.9 |
48.5 |
-44.3 |
Apr-Jun 10 |
1092 |
2.5 |
65.2 |
32.3 |
-62.7 |
2.2 |
50.8 |
47.0 |
-48.6 |
Jul-Sep 10 |
1403 |
3.5 |
61.8 |
34.7 |
-58.3 |
2.7 |
52.0 |
45.2 |
-49.3 |
Oct-Dec 10 |
1561 |
2.4 |
66.3 |
31.3 |
-63.9 |
3.3 |
52.6 |
44.1 |
-49.3 |
Jan-Mar 11 |
1524 |
1.7 |
73.7 |
24.6 |
-71.9 |
2.3 |
55.9 |
41.8 |
-53.6 |
Apr-Jun 11 |
1504 |
4.5 |
70.0 |
25.6 |
-65.5 |
2.5 |
59.5 |
38.0 |
-57.0 |
July-Sep 11 |
1528 |
5.3 |
63.3 |
31.4 |
-58.1 |
4.8 |
56.6 |
38.6 |
-51.7 |
Oct-Dec 11 |
1450 |
5.1 |
66.3 |
28.7 |
-61.2 |
3.7 |
53.4 |
42.9 |
-49.7 |
Jan-Mar 12 |
1234 |
3.4 |
62.7 |
33.9 |
-59.4 |
4.0 |
54.1 |
41.9 |
-50.1 |
Apr-Jun 12 |
1404 |
3.1 |
66.2 |
30.7 |
-63.1 |
2.2 |
51.2 |
46.5 |
-49.0 |
Jul-Sep 12 |
1561 |
3.0 |
62.6 |
34.4 |
-59.6 |
3.5 |
54.9 |
41.6 |
-51.4 |
Oct-Dec 12 |
|
|
|
|
|
3.5 |
52.1 |
44.3 |
-48.6 |
| ‘Decrease’ in cost of raw material is optimistic |
| Table 14: Assessment & Expectations for Selling Price |
(Percentage responses) # |
Survey Quarter |
Total response |
Assessment for Current Quarter |
Expectation for Next Quarter |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Oct-Dec 09 |
1256 |
18.6 |
15.9 |
65.5 |
2.6 |
19.2 |
13.2 |
67.6 |
6.0 |
Jan-Mar 10 |
1079 |
24.6 |
12.2 |
63.2 |
12.4 |
20.7 |
10.9 |
68.4 |
9.8 |
Apr-Jun 10 |
1092 |
29.3 |
12.0 |
58.6 |
17.3 |
22.4 |
9.1 |
68.5 |
13.3 |
Jul-Sep 10 |
1403 |
28.0 |
14.2 |
57.8 |
13.8 |
24.4 |
9.2 |
66.3 |
15.2 |
Oct-Dec 10 |
1561 |
30.2 |
10.0 |
59.8 |
20.2 |
25.7 |
8.7 |
65.5 |
17.0 |
Jan-Mar 11 |
1524 |
35.7 |
9.2 |
55.1 |
26.5 |
26.7 |
8.1 |
65.2 |
18.6 |
Apr-Jun 11 |
1504 |
35.0 |
13.4 |
51.6 |
21.5 |
30.6 |
7.0 |
62.4 |
23.7 |
July-Sep 11 |
1528 |
27.3 |
16.6 |
56.1 |
10.7 |
29.1 |
10.7 |
60.2 |
18.3 |
Oct-Dec 11 |
1450 |
24.6 |
15.7 |
59.7 |
8.9 |
26.8 |
10.8 |
62.4 |
16.0 |
Jan-Mar 12 |
1234 |
25.1 |
11.6 |
63.3 |
13.5 |
25.0 |
10.3 |
64.7 |
14.7 |
Apr-Jun 12 |
1404 |
28.0 |
10.5 |
61.4 |
17.5 |
26.3 |
7.3 |
66.4 |
19.0 |
Jul-Sep 12 |
1561 |
29.3 |
10.9 |
59.8 |
18.5 |
27.8 |
9.0 |
63.2 |
18.8 |
Oct-Dec 12 |
|
|
|
|
|
25.6 |
8.3 |
66.1 |
17.3 |
| ‘Increase’ in selling price is optimistic |
Table 15: Assessment & Expectations for Profit Margin |
(Percentage responses) # |
Survey Quarter |
Total response |
Assessment for Current Quarter |
Expectation for Next Quarter |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Oct-Dec 09 |
1256 |
18.1 |
28.0 |
54.0 |
-9.9 |
20.2 |
23.0 |
56.8 |
-2.8 |
Jan-Mar 10 |
1079 |
21.7 |
24.6 |
53.9 |
-2.9 |
21.1 |
20.1 |
58.8 |
1.1 |
Apr-Jun 10 |
1092 |
20.2 |
25.0 |
54.9 |
-4.8 |
22.1 |
18.9 |
59.0 |
3.2 |
Jul-Sep 10 |
1403 |
21.3 |
23.9 |
54.8 |
-2.5 |
22.2 |
19.1 |
58.7 |
3.1 |
Oct-Dec 10 |
1561 |
22.7 |
23.1 |
54.2 |
-0.4 |
25.2 |
16.1 |
58.7 |
9.2 |
Jan-Mar 11 |
1524 |
20.8 |
25.1 |
54.1 |
-4.3 |
25.6 |
17.2 |
57.2 |
8.3 |
Apr-Jun 11 |
1504 |
18.2 |
28.1 |
53.6 |
-9.9 |
22.2 |
18.4 |
59.4 |
3.8 |
Jul-Sep 11 |
1528 |
15.2 |
32.3 |
52.5 |
-17.1 |
22.0 |
19.5 |
58.5 |
2.5 |
Oct-Dec 11 |
1450 |
15.2 |
32.5 |
52.4 |
-17.3 |
20.3 |
21.9 |
57.8 |
-1.6 |
Jan-Mar 12 |
1234 |
17.5 |
28.7 |
53.8 |
-11.3 |
20.1 |
23.1 |
56.8 |
-2.9 |
Apr-Jun 12 |
1404 |
15.4 |
33.3 |
51.3 |
-17.9 |
20.4 |
21.6 |
58.0 |
-1.2 |
Jul-Sep 12 |
1561 |
16.2 |
31.2 |
52.6 |
-15.1 |
20.1 |
23.6 |
56.3 |
-3.6 |
Oct-Dec 12 |
|
|
|
|
|
20.5 |
21.8 |
57.7 |
-1.3 |
| ‘Increase’ in profit margin is optimistic |
Table 16: Assessment & Expectations for Overall Business Situation |
(Percentage responses) # |
Survey Quarter |
Total response |
Assessment for Current Quarter |
Expectation for Next Quarter |
Better |
Worsen |
No change |
Net response |
Better |
Worsen |
No change |
Net response |
Oct-Dec 09 |
1256 |
46.0 |
10.1 |
43.9 |
36.0 |
47.2 |
7.4 |
45.4 |
39.8 |
Jan-Mar 10 |
1079 |
50.5 |
7.4 |
42.1 |
43.1 |
50.4 |
5.5 |
44.2 |
44.9 |
Apr-Jun 10 |
1092 |
47.8 |
7.1 |
45.0 |
40.7 |
47.3 |
6.1 |
46.6 |
41.2 |
Jul-Sep 10 |
1403 |
46.7 |
8.0 |
45.3 |
38.7 |
47.6 |
6.2 |
46.2 |
41.5 |
Oct-Dec 10 |
1561 |
51.4 |
5.5 |
43.1 |
45.9 |
52.5 |
5.1 |
42.4 |
47.4 |
Jan-Mar 11 |
1524 |
46.0 |
7.4 |
46.6 |
38.6 |
54.2 |
4.1 |
41.8 |
50.1 |
Apr-Jun11 |
1504 |
42.8 |
10.1 |
47.1 |
32.6 |
47.0 |
5.6 |
47.4 |
41.4 |
Jul-Sep 11 |
1528 |
34.1 |
15.4 |
50.5 |
18.7 |
46.6 |
6.8 |
46.6 |
39.8 |
Oct-Dec 11 |
1450 |
35.2 |
17.5 |
47.3 |
17.7 |
43.1 |
8.0 |
48.9 |
35.2 |
Jan-Mar 12 |
1234 |
37.8 |
11.3 |
50.9 |
26.5 |
43.6 |
10.0 |
46.5 |
33.6 |
Apr-Jun 12 |
1404 |
32.9 |
14.6 |
52.5 |
18.3 |
43.0 |
8.1 |
49.0 |
34.9 |
Jul-Sep 12 |
1561 |
32.8 |
16.7 |
50.5 |
16.1 |
40.2 |
9.7 |
50.1 |
30.6 |
Oct-Dec 12 |
|
|
|
|
|
41.4 |
9.2 |
49.4 |
32.2 |
| ‘Better’ Overall Business Situation is optimistic |
Table 17: Business Expectation Index |
Quarter |
Assessment |
Expectations |
Index |
Change over previous quarter |
Change over previous year |
Index |
Change over previous quarter |
Change over previous year |
Jan-Mar 04 |
121.4 |
1.7 |
3.0 |
122.2 |
0.2 |
2.6 |
Apr-Jun 04 |
118.4 |
-3.0 |
8.6 |
121.5 |
-0.7 |
3.7 |
Jul-Sep 04 |
116.9 |
-1.5 |
2.6 |
120.0 |
-1.5 |
2.9 |
Oct-Dec 04 |
122.0 |
5.1 |
2.2 |
121.5 |
1.5 |
-0.6 |
Jan-Mar 05 |
122.5 |
0.5 |
1.1 |
123.2 |
1.7 |
1.0 |
Apr-Jun 05 |
117.5 |
-5.0 |
-0.9 |
120.7 |
-2.5 |
-0.8 |
Jul-Sep 05 |
114.9 |
-2.6 |
-2.0 |
119.6 |
-1.1 |
-0.4 |
Oct-Dec 05 |
124.3 |
9.4 |
2.3 |
122.7 |
3.1 |
1.2 |
Jan-Mar 06 |
120.7 |
-3.6 |
-1.8 |
125.7 |
3.0 |
2.5 |
Apr-Jun 06 |
121.8 |
1.1 |
4.3 |
120.5 |
-5.2 |
-0.2 |
Jul-Sep 06 |
120.7 |
-1.1 |
5.8 |
126.5 |
6.0 |
6.9 |
Oct-Dec 06 |
123.9 |
3.2 |
-0.4 |
125.3 |
-1.2 |
2.6 |
Jan-Mar 07 |
127.7 |
3.8 |
7.0 |
126.5 |
1.2 |
0.8 |
Apr-Jun 07 |
115.8 |
-11.9 |
-6.0 |
127.5 |
1.0 |
7.0 |
Jul-Sep 07 |
118.9 |
3.1 |
-1.8 |
121.1 |
-6.4 |
-5.4 |
Oct-Dec 07 |
115.9 |
-3.0 |
-8.0 |
124.4 |
3.3 |
-0.9 |
Jan-Mar 08 |
122.8 |
6.9 |
-4.9 |
118.6 |
-5.8 |
-7.9 |
Apr-Jun 08 |
116.2 |
-6.6 |
0.4 |
123.2 |
4.6 |
-4.3 |
Jul-Sep 08 |
113.4 |
-2.8 |
-5.5 |
122.1 |
-1.1 |
1.0 |
Oct-Dec 08 |
104.1 |
-9.3 |
-11.8 |
118.9 |
-3.2 |
-5.5 |
Jan-Mar 09 |
82.6 |
-21.5 |
-40.2 |
111.9 |
-7.0 |
-6.7 |
Apr-Jun 09 |
99.4 |
16.8 |
-16.8 |
96.4 |
-15.5 |
-26.8 |
Jul-Sep 09 |
107.2 |
7.8 |
-6.2 |
109.9 |
13.5 |
-12.2 |
Oct-Dec 09 |
112.8 |
5.6 |
8.7 |
116.4 |
6.5 |
-2.5 |
Jan-Mar 10 |
118.5 |
5.7 |
35.9 |
120.6 |
4.2 |
8.7 |
Apr-Jun 10 |
115.9 |
-2.6 |
16.5 |
119.8 |
-0.8 |
23.4 |
Jul-Sep 10 |
119.0 |
3.1 |
11.8 |
118.8 |
-1.0 |
8.9 |
Oct-Dec 10 |
122.8 |
3.8 |
10.0 |
126.5 |
7.7 |
10.1 |
Jan-Mar 11 |
122.0 |
-0.8 |
3.5 |
125.9 |
-0.6 |
5.3 |
Apr-Jun 11 |
116.3 |
-5.7 |
0.4 |
121.9 |
-4.0 |
2.1 |
Jul-Sep 11 |
109.4 |
-6.93 |
-9.67 |
121.5 |
-0.4 |
2.7 |
Oct-Dec 11 |
110.1 |
0.8 |
-12.7 |
118.8 |
-2.7 |
-7.7 |
Jan-Mar 12 |
114.9 |
4.8 |
-7.1 |
117.2 |
-1.6 |
-8.7 |
Apr-Jun 12 |
107.4 |
-7.5 |
-8.9 |
116.8 |
-0.4 |
-5.1 |
Jul-Sep 12 |
103.8 |
-3.6 |
-5.5 |
114.0 |
-2.8 |
-7.6 |
Oct-Dec12 |
|
|
|
115.7 |
1.7 |
-3.1 |
Table18: Outlook for important business parameters according to Industries |
(Net response in per cent) |
|
Production |
Order books |
Availability of Finance |
Cost of raw material |
Cost of finance |
Profit Margin |
|
Rd58 |
Rd59 |
Rd58 |
Rd59 |
Rd58 |
Rd59 |
Rd58 |
Rd59 |
Rd58 |
Rd59 |
Rd58 |
Rd59 |
Food products |
22.0 |
44.3 |
22.9 |
33.6 |
16.2 |
28.6 |
-50.4 |
-58.6 |
-15.1 |
-14.7 |
-9.0 |
2.9 |
Textiles |
23.6 |
28.3 |
20.4 |
30.3 |
11.8 |
11.6 |
-35.2 |
-40.2 |
-23.6 |
-21.9 |
-6.7 |
0.0 |
Basic Metals & Metal products |
27.8 |
25.5 |
24.9 |
16.1 |
17.4 |
11.7 |
-54.8 |
-43.1 |
-26.3 |
-21.6 |
-2.1 |
-10.9 |
Electrical machinery |
38.8 |
41.7 |
44.2 |
35.5 |
19.8 |
17.6 |
-48.0 |
-46.6 |
-20.2 |
-22.0 |
-9.0 |
0.9 |
Other Machinery (Non-electrical machinery) & Apparatus |
30.8 |
29.3 |
27.8 |
24.3 |
19.1 |
20.6 |
-58.3 |
-50.0 |
-28.2 |
-16.0 |
-11.4 |
-11.4 |
Transport Equipment |
41.7 |
38.9 |
37.0 |
30.9 |
33.3 |
30.3 |
-51.0 |
-46.8 |
-21.1 |
-16.0 |
-1.1 |
-5.5 |
Fertilisers |
60.6 |
22.6 |
50.0 |
20.8 |
27.8 |
25.8 |
-45.7 |
-35.5 |
-19.4 |
-31.0 |
17.6 |
6.7 |
Pharmaceuticals & Medicines |
47.1 |
41.4 |
45.5 |
31.9 |
19.3 |
18.4 |
-66.7 |
-63.0 |
-25.0 |
-19.1 |
-4.6 |
0.0 |
Basic Chemicals |
50.0 |
44.1 |
40.7 |
35.3 |
28.6 |
26.3 |
-42.1 |
-48.3 |
-24.7 |
-27.7 |
10.3 |
5.2 |
Rubber & Plastic products |
47.7 |
45.1 |
32.5 |
50.6 |
28.4 |
32.6 |
-58.4 |
-51.1 |
-33.7 |
-29.5 |
11.5 |
4.3 |
Paper & Paper products |
42.9 |
44.2 |
23.1 |
38.1 |
22.0 |
23.3 |
-57.1 |
-42.2 |
-37.5 |
-25.0 |
14.0 |
-2.3 |
Cement |
0.0 |
41.9 |
0.0 |
32.1 |
-3.8 |
20.0 |
-61.5 |
-35.5 |
-11.5 |
-10.0 |
-19.2 |
6.5 |
Wood & wood products |
43.8 |
33.3 |
40.0 |
35.7 |
11.8 |
26.7 |
-66.7 |
-84.6 |
-25.0 |
-40.0 |
11.8 |
16.7 |
Diversified companies |
0.0 |
42.9 |
37.5 |
43.8 |
18.2 |
15.0 |
-63.6 |
-66.7 |
-55.6 |
-15.8 |
-10.0 |
15.0 |
Other industries |
27.6 |
34.4 |
23.4 |
28.6 |
26.5 |
27.4 |
-50.4 |
-49.6 |
-18.6 |
-17.4 |
-14.9 |
3.8 |
All Industries |
33.6 |
35.7 |
29.9 |
30.3 |
20.4 |
21.3 |
-51.4 |
-48.6 |
-24.0 |
-20.6 |
-3.6 |
-1.3 |
Table19: Outlook for important business parameters according to size
(PUC-wise & Annual production-wise) of responding companies |
(Net response in per cent) |
|
|
Production |
Order books |
Availability of Finance |
Cost of raw material |
Cost of finance |
Profit Margin |
|
|
Rd58 |
Rd59 |
Rd58 |
Rd59 |
Rd58 |
Rd59 |
Rd58 |
Rd59 |
Rd58 |
Rd59 |
Rd58 |
Rd59 |
PUC-Wise |
Small |
24.9 |
18.4 |
17.0 |
14.2 |
10.2 |
13.5 |
-57.5 |
-55.0 |
-21.6 |
-20.7 |
-10.8 |
-13.4 |
Medium |
35.6 |
38.6 |
32.7 |
33.1 |
23.1 |
22.8 |
-50.2 |
-47.6 |
-24.9 |
-20.6 |
-2.7 |
-0.4 |
Big |
34.2 |
44.6 |
31.7 |
35.9 |
14.1 |
22.6 |
-48.7 |
-43.9 |
-18.9 |
-19.5 |
8.0 |
10.0 |
Annual Prod.-Wise |
Small |
28.9 |
31.5 |
25.5 |
24.3 |
15.5 |
16.3 |
-55.6 |
-54.7 |
-24.1 |
-23.6 |
-10.3 |
-8.0 |
Medium |
39.5 |
37.7 |
34.0 |
33.4 |
26.1 |
24.7 |
-49.2 |
-44.6 |
-26.7 |
-19.8 |
1.3 |
-1.3 |
Big |
29.6 |
42.5 |
31.5 |
39.2 |
17.4 |
25.9 |
-44.3 |
-42.1 |
-13.9 |
-13.6 |
3.0 |
11.5 |
Smaller companies (annual production less than `. 1 billion /PUC less than ` 10 million).
Medium companies (annual production between ` 1 billion to ` 10 billion /PUC between ` 10 million` 1 billion)
Big companies (annual production above ` 10 billion / PUC above ` 1 billion) |
Table 20: Constraints for attaining the normal production level:Industry-wise |
|
Production Constraint |
NO |
YES |
Count |
Per cent |
Count |
Per cent |
Food products |
70 |
49.6 |
71 |
50.4 |
Textiles |
76 |
37.3 |
128 |
62.7 |
Basic Metals & Metal products |
73 |
36.5 |
127 |
63.5 |
Electrical machinery |
60 |
50.0 |
60 |
50.0 |
Other Machinery & Apparatus |
87 |
45.8 |
103 |
54.2 |
Transport Equipment |
48 |
43.6 |
62 |
56.4 |
Fertilisers |
22 |
71.0 |
9 |
29.0 |
Pharmaceutical & Medicines |
65 |
64.4 |
36 |
35.6 |
Basic Chemicals |
68 |
57.6 |
50 |
42.4 |
Rubber & Plastic products |
51 |
53.1 |
45 |
46.9 |
Paper & Paper products |
23 |
51.1 |
22 |
48.9 |
Cement |
17 |
54.8 |
14 |
45.2 |
Wood & wood products |
7 |
46.7 |
8 |
53.3 |
Diversified companies |
15 |
71.4 |
6 |
28.6 |
Other industries |
86 |
62.3 |
52 |
37.7 |
All Industries |
768 |
49.2 |
793 |
50.8 |
* |
