Weaving a success formula

MEET YOUR ENTREPRENEUR: Ashok R Kanungo

is perseverance personified. He has seen his business scaling new heights and later running several rungs down. But he held on to make his Tulsi Synthetics a Rs 10 crore yarn dealership.

Kanungo, a native of Hisaar district in Haryana, completed his B.Com in 1972 from Punjab University in Rohtak.

Says Kanungo, "We were a big family, comprising seven brothers and a sister. My father was the only earning member of the family. Life was certainly not easy. I completed my education with very limited resources. After that I shifted to Mumbai and started working with my brothers as a yarn commission agent."

Kanungo says, "Things were tough but we got a foothold with the help of my elder brother's father in-law, who was a big name in yarn business at that time. I and my brothers set up a fabric unit in Surat, which did well in the initial four years. But later we suffered heavy losses and the unit had to be closed down."

"This was in 1984 and my situation at that time was probably worse than that in 1972," Kanungo said.

"I shifted to Surat in 1984 and tried various businesses. But nothing worked. I had no money and life was a major struggle," Kanungo said.

Things improved from the next year after he again started working as a yarn commission agent-cum-dealer.

Kanungo managed to clear all his dues within the next few years and started making profits.

There was, however, another twist awaiting Kanungo. He met with an accident in 1989 and was hospitalised for well over a month. He again suffered heavy losses in business.

Things improved dramatically later. Kanungo founded Tulsi Synthetics in 1992. It is one of the leading yarn firms of the city at present with an annual turnover of Rs 10 crore.

"My family, especially my wife, supported me during the tough times. It was their strength that made me stronger and helped me become successful," Kanungo said.

He is planning to diversify and set up a manufacturing unit.

Kanungo said, "The textile industry in Surat is almost saturated. There is much more production than consumption, so the scope for growth, if any, is limited. I am considering setting up a manufacturing unit for some multi-national company shortly. We are yet to decide on the product and the company. Hopefully, in the next couple of months, we shall be able to chalk out a definite plan."

Asked what is the secret of his success, Kanungo says, "Firstly it is hard work. Secondly, simplicity. Third modesty and the fourth is quest for quality. One cannot achieve success if he does not possess any one of these four qualities."