Hit by Imports

Hit by Imports Hansavivek CHEMICALS AND FISHES OF INDIA has had a poor year to September 30 last, with lower sales and profits as a result of competition from fibre imported at very low prices from major producers in Japan and the Far East. There was also increase in working capital became of the increase in stocks of fibre on the one hand and an increase in debtors on the other. The market demand for fibre having been very low for half the year, resulted in a build up of fibre stocks. Also, because of financial difficulties faced by a number of textile mills combined with easy availability of fibre, there was an increase in debtors in spite of vigorous follow up of overdue outstandings. Net profit was only Rs 99 lakhs compared to the previous year's Rs 2.44 crores. The board has recommended a total dividend of 15 per cent which is covered only 14 times as against 2 times last year.