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MCDOWELL AND COMPANY-Expanding Market

EPW Research Foundation ANDHRA PRADESH PAPER MILLS Raw Material Problems THE Secunderabad based paper manufacturing company, Andhra Pradesh Paper Mills recorded a mixed performance in 1993-94.Sales grew marginally by Rs 64 lakh, operating profit by Rs 2.11 crore and net profit by Rs 2.59 crore. Tax provision and interest charges were up by Rs 29 lakh and non-operating surplus fell by Rs 51 lakh. On the other hand, other income was up by Rs 71 lakh and depreciation fell by Rs 1.79 crore. A 25 per cent dividend was declared for the year. Both exports and imports declined. Debt-equity ratio rose by 2 percentage points. Short-term bank borrowings to inventories rose to 15 per cent in 1992-93 and 19 per cent in 1993-94. Sales to total assets and sales to gross fixed assets fell by 15 percentage points and 22 percentage points respectively in 1993-94. Inventories to sales fell by 5 percentage points. Gross saving to gross capital formation rose by 45 percentage points. Gross profit to total assets fell by 1 percentage point. Earning per share rose from Rs 1992 in

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