Siyaram Silk Mills (SSML) has strong brands which cater to premium as well as popular mass segments of the market. The companys brands include Siyarams Mistair, J. Hampstead, Royal Linen, Casa, Moda, Zenesis ,Moretti etc. Further, in FY2014, SSML entered the ladies salwar kameez and ethnic wear segment with its brand Siya. SSML has a nationwide network of about 1,600 dealers and business partners, which enables it to scale the entire country. The company has plans to increase its retail network to 200 stores by FY2016E (from 190 currently) and add another 200- 250 stores over the next three to four years. Further, the companys brands are sold across 3,00,000 multi-brand outlets in the country. We expect SSML to continue to perform well against its competition as it will be able to leverage on its strong brand, superior market reach and market positioning of its products. ? SSML has a relatively asset-light model of operations, with a balanced mix of own manufacturing and outsourcing. The company has been on an expansion spree by primarily focusing on widening its presence through franchise stores (250 plus franchise showrooms planned by FY2016-end). Going forward, we expect SSML to report a net sales CAGR...