ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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SPIC-Into Drugs

A Spell of Decline ZUARI AGRO CHEMICALS' net sales declined by 5 per cent on an annualised basis to Rs 187.83 crore during the year ended March 31, 1990 from Rs 247,17 crore during the 15-month period ended March 31, 1989. The other income earned by the company such as interest on deposit and income from investments showed an increase of 18 per cent (annualised) from Rs 5.85 crore to Rs 5.53 crore.

A Spell of Decline

A Spell of Decline ZUARI AGRO CHEMICALS' net sales declined by 5 per cent on an annualised basis to Rs 187.83 crore during the year ended March 31, 1990 from Rs 247,17 crore during the 15-month period ended March 31, 1989. The other income earned by the company such as interest on deposit and income from investments showed an increase of 18 per cent (annualised) from Rs 5.85 crore to Rs 5.53 crore.

Biscuits Mean Business

Biscuits Mean Business Kumaran Pola BRITANNIA INDUSTRIES' net sales on an annualised basis increased by 18 per cent to Rs 296.80 crore during the year ended March 31, 1990 from Rs 335.59 crore during the 16-month period ended March 31, 1989. With the diversification into soya bean crop reaching a new high at 1.8 million tonnes in 1989, Britannia has emerged the largest exporter of soya meal from India by exporting over 1,00,000 tonnes during the year. The bakery division which continued to be the core of the company's business accounted for a sales of 68 per cent of the company's total sales and the export division an all time high of Rs 75 crore during 1989-90, Due to the pressure of costs which was however kept under control as shown by the expenses to sales ratio of 0.96:1 during 1988-89 as also during 1989-90, the operating profits of the company increased at a lower rate of 6 per cent on an annualised basis to Rs 17.49 crore from Rs 22.04 crore during the preceding year. Raw material cost showed an increase of 15 per cent, employees' cost 7 per cent, depreciation 68 per cent and other expenses 28 per cent (all annualised) during the year 1989-90. However, due to contractions in interest expenses by 2 per cent (annualised) and in tax provision by 9 per cent (annualised), the company achieved a higher growth rate of 18 per cent in net profit on an annualised basis from Rs 10.99 Britannia Industries recorded an improvement

Cutting Out Deadwood

Cutting Out Deadwood the production of grey cement for the year 1989-90 was 74.39 lakh tonnes against 52.82 lakh tonnes during the preceding eight-month period. The sale of grey cement aggregated 74.97 lakh tonnes during 1989-90 against 52.51 lakh tonnes in the preceding year. An all time record was achieved in the sale of refractory products at 51,776 tonnes against 26,878 tonnes in the preceding year. The company was forced to discontinue the manufacture and sale of white cement at Kymore due to poor quality of limestone. The overall return on investment earned showed substantial improvement during the year 1989-90 to 2.75 per cent from a negative 1.29,per cent (annualised) in the preceding year. The company brought about this improvement through a better turnover ratio (sales/assets) of .1.24 in 1989-90 as compared to 1.07 in the preceding year as also through a higher net profit margin on sales at 2.22 per cent as against a negative 1.20 per cent. The company succeeded in reporting a comfortable return of 12.25 per cent on the owners' equity during 1989-90 compared to a negative 6.16 per cent (annualised) in the preceding year.

Adhesive Success

VAM ORGANIC CHEMICALS increased its sales net of excise duty by 34 percent on an annualised basis to Rs 55.82 crore during the year ended March 31, 1990 from Rs 38.26 crore during the 11-month period ended March 31, 1989. The cost of raw materials more than doubled from Rs 5.78 crore to Rs 13.33 crore and employees, cost spurted by 46 per cent (annualised) from Rs 1.62 crore to Rs 2.59 crore. Various other expenses showed a rise of 39 per cent on annualised basis. A steeper decline by one-third on an annualised basis was noticed mainly on account of steep increases in interest expenses by 176 per cent (annualised) and tax provision by 40 per cent (annualised). The interest expenses spurted on account of the borrowings For the purpose of capital expenditures in establishing 'Vamicol' brand of adhesives with a widespread national network. The physical performance of the company showed an improvement due to higher capacity utilisation during the year under review. The production of vinyl acetate monomer (VAM) and intermediates increased to 76,883 tonnes from 62,151 tonnes in the preceding year. Polyvinyl acetate and copolymers increased to 4,446 tonnes from 1,898 tonnes.

High Rise in Telecom

High Rise in Telecom Kumaran Pola SIEMENS increased its sales by 25 per cent (annualised) to reach Rs 419.35 crore during the 18 months up to March 31, 1990 from Rs 223.04 crore during the 12 months up to September 1988. Due to better management control on the cost structure, the expenses to sales ratio was in 1989-90. Therefore, the company could

Good Sales, Better Orders

Good Sales, Better Orders from 1.59 in the preceding year. The issue of fully convertible debentures (series IV) aggregating Rs 820 crore during the year which the company allotted to nearly one million investors brought about the change in the capital structure of the company. The current ratio of the company worked out higher at 1.90 in 1989-90 as against 1.79 in 1988-89. Noticeable increases in inventories and sundry deb- tors contributed to a higher current ratio

In-house Development

In-house Development 1989-90 as also to that in the net profit margin on sales from 6.22 per cent to 7.95 per cent The return on owners' equity also looked up during the year from 17.05 per cent annualised to 23.25 per cent.

Gains of Modernisation

Gains of Modernisation GRASIM INDUSTRIES' sales net of excise increased by 31 per cent to reach Rs 871.03 crore during the year ended March 31, 1990 from Rs 664.47 crore in the preceding year. The company could achieve conspicuous reduction in costs through the application of the latest technology yielding high productivity and quality parameters. In fact, the company brought down the expenses to sales 1989-90. This helped the company in achieving

BASF INDIA-Rise in Turnover and Profit

Larger Sales, Lower Margin IVP's net sales during the year ended March 31; 1990 showed a 44 per cent increase on annualised basis to reach Rs 61.88 crore from Rs 53.63 crore during the 15-month period ended March 31, 1989. Due to the deterioration of the ex- penses to sales ratio from 0.91:1 to 0,92:1 mainly on account of raw material cost which spurted by 53 per cent (annualised) during the year, operating profits increased at a lower rate of 21 per cent (annualised). A 29 per cent (annualised) growth in interest costs allowed the net profit of the company to rise at a still lower rate of 12 per cent (annualised) in 1989-90. There was also an annualised increase by 63 per cent in depreciation due to increased investments in fixed assets for expansion and modernisation.

Larger Sales, Lower Margin

Larger Sales, Lower Margin IVP's net sales during the year ended March 31; 1990 showed a 44 per cent increase on annualised basis to reach Rs 61.88 crore from Rs 53.63 crore during the 15-month period ended March 31, 1989. Due to the deterioration of the ex- penses to sales ratio from 0.91:1 to 0,92:1 mainly on account of raw material cost which spurted by 53 per cent (annualised) during the year, operating profits increased at a lower rate of 21 per cent (annualised). A 29 per cent (annualised) growth in interest costs allowed the net profit of the company to rise at a still lower rate of 12 per cent (annualised) in 1989-90. There was also an annualised increase by 63 per cent in depreciation due to increased investments in fixed assets for expansion and modernisation.

Pressure of Rising Costs

local authorities. Families worrying away in Thrisoor and Nadapuram and Thiruvananthapuram have every right to ask the union and state governments to initiate adequate measures for safeguarding the plight of their near and dear ones in Iraq and Kuwait. Our politicians however owe it to the nation to explain the facts of life; Iraq and Kuwait are no hostile territories, and, in dealing with Saddam Hussein's government, it is not as if we are approaching a hostile administration with which we are at war. We have however so conditioned ourselves to accept without question the western version of west Asian reality that some editorial writers have gone into raptures over the naval blockade, this is supposedly the appropriate answer to those who annex other people's property. These preachers of morality were nowhere in evidence at the time of Grenada and Panama.

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