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Corporate sales grow, earnings fall: ICICI
NEW DELHI, Nov 29 — Corporate performance deteriorated in the first half of the current fiscal with net profits of companies declining by 1.7 per cent on sales growth of 12.2 per cent, a study by ICICI has said.

200 rubber units shift from Punjab
JALANDHAR: About 200 rubber units here have left Punjab to set up shop in Haryana, Rajasthan and UP due to substantial subsidy, relief in taxes and “C” forms available in these States.

Inflation declines sharply
to 8.54 pc

NEW DELHI, Nov 29 — After touching a three-year high last week, the annual rate of inflation fell sharply by 0.31 points to 8.54 per cent for the week ended November 14, as signs of easing of food prices emerged for the first time.

‘Cement exports to drop
by 40 pc’

NEW DELHI, Nov 29 — Cement exports from the country are likely to drop by 40 per cent in the current fiscal due to falling prices brought about by the South East Asian currency crisis, an apex chamber has said.
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Corporate sales grow, earnings fall: ICICI

NEW DELHI, Nov 29 (PTI) — Corporate performance deteriorated in the first half of the current fiscal with net profits of companies declining by 1.7 per cent on sales growth of 12.2 per cent, a study by ICICI has said.

The net profit of 710 companies dropped from Rs 16,026 crore in the first half of 1997-98 to Rs 15,750 crore in the current half, while net sales increased from Rs 1,93,675 crore to Rs 2,17,268 crore during the period, the ICICI study on corporate performance for the first half of 1998-99 has said.

Profit margins also came under pressure with net profit margin declining from 7.7 per cent in the first half of 1997-98 to 6.6 per cent during 1998-99.

The bottomline was adversely affected due to low growth in sales and high growth in total expenses, interest costs and taxes.

The ICICI study included 710 companies, out which 676 were private companies and the balance 34 were public sector units.

While the overall performance of the corporate performance was subdued, private sector was even less satisfactory with net profits declining by 5.2 per cent on net sales growth of 9.9 per cent.

Sectorwise analysis revealed that steel, cement, commercial vehicles, auto-ancillaries and paper were the worst-affected while software, construction and plastics products reported the highest growth in sales and net profits.

Public sector units witnessed a higher growth in sales and other income. But due to higher increase in total expenses, there was a drop in profits margins to 7.8 per cent from 8.9 per cent in first half of 1997-98.

However, growth on net profits was marginally positive for these companies due to good performance of the petroleum related and telecom companies.

“If these two industries are excluded, net profits would have declined by 22.9 per cent for the public sector”, it said.

Overall the private sector performance was evenly distributed with large companies (sales over Rs 250 crore) registering the highest decline of 6.1 per cent in net profit followed by small companies (sales below Rs 50 crore), 4.3 per cent drop, and medium companies (sales between Rs 50-250 crore) profits down by 2.4 per cent.

While medium size companies had the highest growth in net sales at 11.6 per cent followed by large and small companies with growth of 9.9 per cent and 4.2 per cent respectively.

The ICICI study said industries like drilling, plastics, aluminium, two-wheelers, pharmaceuticals reported growth both in sales and net profits, while tea, tyres and electrical equipment reported high growth in profits despite low growth in sales.
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200 rubber units shift from Punjab
From Sanjeev Kumar

JALANDHAR: About 200 rubber units here have left Punjab to set up shop in Haryana, Rajasthan and UP due to substantial subsidy, relief in taxes and “C” forms available in these States.

The export of rubber goods to Nepal, Bangladesh and other countries has stopped. In addition to the loss of foreign exchange, personal loss in income to the owners of the units and setback to employment opportunities, the State Government has suffered a huge revenue loss.

According to the President of the Jalandhar Chamber of Commerce and Industry, Mr Avnish Arora, the delay on the part of the State Government to abolish the “C” form along with the reduced “CST” of 2 per cent, will push this industry to a point of no return.

Mr Arora says that there is an impending danger of unemployment to 8,000 to 10,000 skilled and unskilled workers engaged in the rubber industry of Punjab.

According to another unit owner, Mr Vinod Ghai, the rubber industry of Punjab buys its raw material from far-off states like Kerala and West Bengal. The transportation cost and incentives given by other states have made the rubber industry of Punjab unviable. The landed cost of products from Punjab after paying central sales tax and freight is higher than that of products manufactured in other states.

The Jalandhar rubber industry manufactures mainly rubber footwear i.e. “hawai chappal and canvas shoes”. While the canvas shoes are fast becoming outdated with the advent of sports shoes, the hawai chappal is losing out in competition.

The rubber industry of Kerala has priced out products from Jalandhar in Kerala, Andhra Pradesh, Karnataka and Tamil Nadu and is fast making inroads into Maharashtra, Madhya Pradesh and Gujarat. The rubber industry in Delhi, UP, Rajasthan and Haryana is dominating in their respective states. The rubber industry of Calcutta is dominating in the eastern and north-eastern states and the result is that the rubber industry of Punjab is left with no area where it can sell its products, says Mr Arora.

Until the state government abolishes the “C” form with the reduced CST of 2 per cent, this industry cannot survive.
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Inflation declines sharply to 8.54 pc

NEW DELHI, Nov 29 (PTI) — After touching a three-year high last week, the annual rate of inflation fell sharply by 0.31 points to 8.54 per cent for the week ended November 14, as signs of easing of food prices emerged for the first time.

Annual inflation, based on the wholesale price index (WPI), fell by 0.31 percentage points to 8.54 per cent (provisional) from 8.85 per cent (p) the week before. Compared to this the inflation was at 3.92 per cent a year ago.

The 8.85 per cent touched last week was the highest in 163 weeks, the previous highest was 9.01 per cent recorded in September 23, 1995.

For the first time, there has been signs of prices of vegetables and edible oils, which had witnessed unprecedented rise in the past four months, finally easing.

Prices of vegetables came down by 4.8 per cent, while that of edible oils fell by 2 per cent during the week.

The index for “all commodities” (base:1981-82=100) during the week declined by 0.1 per cent to 359.7 (p) from 360.2 (p) in the previous week.

However, inflation based on consumer price index for industrial workers (CPI-IW) is ruling much higher at 16.3 per cent in September compared to just 8.2 per cent for the month on WPI.
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Cement exports to drop by 40 pc’

NEW DELHI, Nov 29 (PTI)— Cement exports from the country are likely to drop by 40 per cent in the current fiscal due to falling prices brought about by the South East Asian currency crisis, an apex chamber has said.

While the world cement trade was estimated at 100 million tonnes, India exported only four million tonnes in 1997-98 and is likely to come down to two million tonnes this year, FICCI said here today.

The demand for cement in the domestic market dropped from 10 per cent last year to around 6 per cent in 1997-98, the chamber said in a communication to Union Industry Minister Sikander Bakht.

Proposing a four-point package to prop up the cement industry, including a suggestion to reduce excess tax element on cement for bringing down the price, FICCI said while the wholesale price index of all commodities increased, that of cement declined, affecting a number of manufacturing units.

“The industry’s hopes have been belied and is faced with excess capacity and serious demand-supply mismatch. The problem of cement industry has been further aggravated due to the rising input cost,” FICCI said.

Tax levies on cement were very high at 65 per cent of ex-factory prices which was higher for any country for a consumer item.

Adding woes to the industry, this year’s Budget restricted the Modvat claim on duty paid on inputs to 95 per cent, resulting in a loss of Rs 10 for every tonne of clinker, a raw material used for cement manufacturing.

“This would increase the burden on the cement plants at a time when they are faced with low prices. In addition, incentives for using waste materials in the eco-friendly process will also be lost,” the chamber said.

FICCI said steps should be taken to focus more attention on mass housing and infrastructure development. This included construction of concrete roads at least for national highways and expressways, power houses and housing.


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Singapore takes a bitter medicine

SINGAPORE, (AFP): Singapore Prime Minister Goh Chok Tong has said that the government’s new $ 10.5 billion (6.35 billion US) cost-cutting package is not a guarantee for economic recovery.

“The cost-cutting package is not a miracle cure to get us out of recession but decisive cost-cutting measures will certainly improve the viability of manufacturing production and business operations,” Goh said.

“It will also buy some time for our companies to rationalise their operations and expand into new markets,” he said at a community function on Saturday.

The cost-cutting steps announced on Tuesday included sweeping pay cuts for civil servants and private-sector workers to help pull the island out of recession and sharpen its competitive edge against lower-cost neighbours.

Goh said the new strategy “forged through national consensus is Singapore’s strong signal to the world that we are willing to take bitter medicine when the situation calls for it.”

Malaysia

TOKYO, (PTI): Malaysia’s gross domestic product (GDP) declined by 8.6 per cent in the third quarter compared with a year earlier, but grew by 2.3 per cent from the previous quarter, Central Bank Governor Ali Abul Hassan Sulaiman said on Saturday.

Stating the GDP results at a press conference, Hassan attributed the severe contraction to the tight monetary policy implemented during the first half of this year and also to the “stronger base last year” which led to a 7.5 per cent GDP growth for the third quarter.

For the second quarter of 1998, the GDP contracted by 6.8 per cent compared with the year before, while the contraction for the first quarter was 2.8 per cent.

Trade barriers

BEIJING, (PTI): Even as Sino-Japanese bilateral trade has slumped this year, China has urged Japan to remove its “discriminatory” trade barriers so as to offset the negative impact of the Asian financial turmoil, an official report said on Sunday.

Quoting officials from China’s Ministry of Foreign Trade and Economic Cooperation, the report said Japan has adopted “discriminatory practices” against some Chinese textile products and also against Chinese rice in Japan’s public bidding for rice import quotas.

China’s currency

BEIJING (PTI): China’s currency will face mounting pressure for appreciation rather than depreciation over the next two years, an economist with the Hong Kong and Shanghai Banking Corp (HSBC) has predicted.

“Continuously falling prices, a growing trade surplus and the need for the central bank to offload part of its foreign currency reserves will push the Renminbi yuan to rise between 10 and 15 per cent,” according to Joe Zhang, head of China Research of HSBC Securities Asia.

Zhang believes China’s price deflation will continue in the next several years, largely due to China’s hefty grain reserves and improved agricultural and industrial productivity.

Growth to fall

DHAKA (IANS): Bangladesh will not reach its targeted economic growth in the current financial year due to the devastating floods that ravaged the country, the World Bank has said in its periodic economic update.

“The longest lasting floods affected the country’s economy severely. The GDP (gross domestic product) growth rate would decline to 3-4 per cent from 5.6 per cent in 1997-98,” it said. The GDP growth target for fiscal 1998-99 was set at 6 per cent.

The bank update said the floods damaged an estimated 15,000 kilometres of roads, 14,000 schools, hundreds of bridges and culverts and nearly 500,000 homes.


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Grape vine

Voltas

AFTER dabbling in far too many sectors for its own good, the management of Voltas, which had slipped into the red, has finally made a conscious decision to stick to its area of core competence. The grapevine has it that this step alone will herald a revival of this once highly profitable company and see it becoming a force to reckon with once again at the turn of the millennium.

Vasishti Deterg

It is no secret that Hindustan Lever is an FII favourite at the bourses, and perhaps, rightfully so too. But, what is lesser known is that at least two FIIs have begun accumulating the shares of Vasishti Detergents. Why? Well, for starters, HLL has a sizeable stake in this company, and the grapevine has it that this stake is likely to be raised further within a year.

Reliance

The recent series of never ending problems besetting the Reliance group has raised an interesting question — Is the bubble finally about to burst? Earlier, Reliance group cronies would simply dismiss any hint of troubled times ahead by pointing at the healthy share price of its flagship company, Reliance Industries. The moot question here is — Is the current dismal share price an indicator too, of things to come?

Infotech scrips

After being the market’s most favoured segment for over a year, the counters of some of the more actively traded infotech companies have been witnessing heavy selling pressure. Now, this might only be a temporary phenomenon, as the FIIs are the ones booking profits at these counters, since their year ending is around the corner. Come January, and Infotech stocks may well be in vogue again.
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aviation notes

Maharaja woos bureaucrats
by K.R. Wadhwaney

THERE was time when it was mandatory for Government officials to travel abroad by a national carrier.

This stipulation did not suit bureaucrats who were unable to extract out-of-turn benefits from Air-India.

On the plea that the national carrier did not fly to many destinations and thereby they were unable to maintain their schedule of appointments, the bureaucracy got the rules amended so that they could fly by the carrier of their choice.

This was done not with a view to adhering to appointments at different venues but to securing an illegitimate advantage.

An official travelling to the USA, for example, was entitled to first or business class ticket in accordance to his seniority. On completing his first leg, say, at Dubai, he downgraded his ticket to economy class for the remaining leg of the flight. Money saved through this dubious method was good enough for his wife to accompany him without paying extra money for the trip:

The government has now realised the existence of these malpractices and has issued a directive that the officials should travel by the national carrier and buy tickets directly from the airline.

The move will not only provide revenue to the airline but it will help ministries and others effect a saving of at least 12 per cent commission that was being made by the travel agent.

This discount is, however, available on return tickets only on sectors on which AI operates flights. It has also been made mandatory by the airline that the payment must be made within one month from the date of buying the ticket.

The airline, in an endeavour to boost its sales and thereby revenue, has also envisaged several other schemes to woo government officials and other agencies. Subject to the availability of seats, government officials will be upgraded to the next high class, that is, from economy to business and business to first.

AI has taken several measures to reduce overhead expenses and also augment its operations. There has been considerable improvement on all fronts. But, hostesses are life and soul of the airline and they should wear a rosy picture instead of getting pessimistic. The authorities should act immediately in this regard for the good of the airline.

Air India, in collaboration with Indian Airlines for the frequent flyer programme entitled ‘Flying Returns’, won the first SAS Relationship Marketing Award in India for maximising customer life time value. Ms Uttara Parikh, deputy commercial director, received the award at the function in Mumbai.

A costly venture

To operate six 50-seater ATR aircraft will be a ‘dead loss’ to the airline as fuel consumption is reportedly very, very heavy. Experts emphasise that mere break even will be possible with at least 80 per cent load factor. There are several other constraints in operating these short haul flights in north-eastern and other regions.

The proposal on the feasibility to float this feeder airline consisting of a small aircraft would be discussed at the board meeting shortly. Experts are of the view that the airline will sustain losses if the proposal is made a reality. Should the airline’s rhythm be disturbed with such unprofitable operations? (sophisticated device)

A group of 100 plus officials has already undergone training and Indian Airlines will shortly make use of sophisticated IBM equipment to streamline its departures from Indira Gandhi international airport (IGIA).

Called the ‘Departure Control Susyem’, the device will help secure reservations until 30 minutes from departure of the flight. The passenger will get a printed baggage tag and also boarding tag. The passenger will also be able to get a return board pass with or without baggage. Group checking will be considerably improved.

According to airline officials, the system will considerably improve efficiency and the passengers check-in time will be reduced.

Delhi Airport will be the first centre where this system will be operated in January next year. Then the system will be installed at Mumbai and other important cities.

Prem Mathur

IA’s first commercial lady pilot, Prem Mathur, passed away recently. She was flying on domestic sectors as early as in 1947. She was one of the earliest Indian women in aviation.
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by Ashok Kumar

Q. Please advise me about the long-term prospects of Amara Raja Batteries?

— Ranbir Rathore, Chandigarh

Amara Raja Batteries (ARB) manufactures batteries in technical collaboration with GNB Industrial Battery, USA, a pioneer in the technological development of such batteries. ARB markets its batteries under the Power Stack and Power Plus brand names. Under the technical assistance and licence agreement with JC, ARB plans to manufacture new products like hybrid alloy batteries and VRLA absorbed glass matrix batteries. ARB had recently increased its battery manufacturing capacity from 1 lac pa to 1.8 lac pa and is integrating backwards into the manufacture of plastic cases.

ARB’s tested products have good potential and are fast replacing conventional batteries. Increased investments and a wider product portfolio should also improve the company’s valuation. The company has recently completed its expansion project, increasing its battery manufacturing capacity from 1 lac pa to 1.8 lac pa at a cost of about Rs 10.5 cr which was financed through internal accruals terms loans. Overall, the long-term prospects of this company seem fairly promising.

Q. Can you comment on the investment prospects of Bajaj Auto?

— Vijith Sheth, Ludhiana

After losing ground to its competitors over the past couple of years, Bajaj Auto is now slowly but steadily regaining its market share. In January ‘98, the company’s market share increased from 37.5 per cent to 38.2 per cent. The company also plans to invest Rs 700 crore in expansion over the next five years. It is planning to launch seven new models. At present, Bajaj Auto has 64 per cent market share in the scooters segment, 44 per cent in scooterettes, 22 per cent in mopeds, and 14 per cent in motorcycles. It is now focussing on the motorcycles segment and plans to project itself as a motorcycles manufacturer. Bajaj Auto has set itself a target of about 15% growth in market share, it is now becoming more aggressive, and is planning to launch new models. It has already launched the Boxer range of motorcycles, targetted at the rural market, and the Classic-SL range of scooters, as also a diesel version of the three-wheeler. Bajaj Auto and TVS Suzuki are introducing four-stroke scooters. Bajaj is also introducing new models of motorcycles, and sales of the same are likely to grow at a faster pace than that of scooters.

After a continuous drubbing in the major part of the last financial, Bajaj Auto was able to catch up lost ground, recording an improved performance in the April-June ‘98 period. For some time now, the company has been facing the ignominy of losing its marketshare in the scooters segment to LML.

However, in the quarter that just passed by, it has made up for this by cashing in on the buoyant trend seen in the motorcycles market. Two challenges for the company would be to ensure that it does not lose further marketshare to LML in the coming months and to improve upon exports. With the company now paying more attention to the motorcycles segment in the light of the current soaring consumer preference for bikes, Bajaj Auto may actually grow in future through this segment. And though not much of a slowdown in growth has been faced by the two wheelers segment compared to that experienced by other segments of the automotives industry, the company needs to be careful in driving home its advantage of economies of scale and zero-debt. This scrip thus merits the attention of discerning long term investors.

Q. Should I invest in the shares of Telco at this stage?

— Surjit Singh, Patiala

During the last fiscal, focus of Telco’s company’s product mix shifted towards lower-margin products. It took steps to contain the impact on its profit programmes and improving working capital management. Poor utilisation of the manufacturing capacity has also led to an increase in overheads. The small car project is also likely to take a toll on Telco’s finances. With its scheduled launch towards the close of the year, margins are likely to be under severe pressure as depreciation and interest costs mount during the current fiscal. The acceptance of the car in the market also would determine Telco’s success in the coming days. Yet, the outlook for the current year appears unlikely to improve substantially.

Yet, it would still be premature for investors to take the plunge at this stage, unless the share price again dips sharply.

Q. Please advise me about the investment prospects of Gujarat Ambuja Cement?

— Balwant Chaddha, Ludhiana

Of all the core industries, the cement industry is the one that has encountered major reversals over the past one and a half years. However, even under such difficult times, Gujarat Ambuja Cements Ltd (GACL) has remained relatively unaffected. GACL commenced with an initial capacity of 7 lakh tonnes per annum (TPA) in Gujarat in 1987. It scored over its competitors on account of efficiency to complete projects in time and optimally utilising its capacity which has now touched 4.5 million tap. It also reaps benefits from facilities for shipping its despatches within and outside the country through its fleet. It has its own terminals and generates power for captive consumption too. Hence, GACL may thrive over the next couple of years, even though it may take some more time for the cement industry to recover.

Discerning long-term investors could well consider investing in the shares of this company at price declines.

Q. Would you recommend an immediate investment in the shares of ACC?

— Waseem Ahmed, Chandigarh

Armed with an annual capacity to produce more than 10.1 million tonnes of cement annually, ACC itself accounts for more than 10 per cent of the capacity of the cement industry. The company, having 14 cement plants in all, has however, not been able perform well over the last two years, when the growth in its offtake was not very encouraging. During the April-June 1998 period, the company managed growth in volumes. However, ACC’s profitability was down compared to the corresponding quarter last financial, since it had to bear escalation in interest costs Rs 38 crore, this was up 28 per cent.

During the April-June ‘98 period, ACC successfully made some breakthroughs in its consolidation efforts. A unit was commissioned which had a capacity of 1.2 million tonne per annum. Capacity at another unit was upgraded by 6 lakh tonnes. Besides this, ACC put a refractory on track too. This too was responsible for depreciation provisions moving up from Rs 19.95 crore a year back to Rs 24.72 crore now. This further dragged down the bottomline. Currently, the industry is undergoing a shakeout with a number of smaller units throwing in the towel. Avoid this scrip for the time being.
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Sales tax

by A.K. Sachdeva

Q: We are registered as a dealer both under the Haryana General Sales Tax Act, 1973 and the Central Sales Tax Act, 1956. For the assessment year 1995-96 returns as required under the provisions of law were furnished before the assessing authority giving all relevant details relating to the turnover and the deductions claimed from the gross turnover. During this period, we have had sent certain goods on consignment basis to our agents based in some other states. The goods so sent had been purchased from within the State of Haryana on the strength of forms ST-14-A as the units selling the same were exempt from taxation in terms of section 13-B of the Haryana General Sales Tax Act, 1973 and rule 28-A of the Haryana General Sales Tax Rules, 1975.We had also deposited purchase tax on these goods under the bona fide impression that the purchases so made were eligible to tax under the provisions of Section 6 of the Haryana General Sales Tax Act, 1973. Now we are given to understand that the purchases of exempted goods made from within the State do not attract any tax liability even if the goods so bought are sent to the other states for sale on consignment basis. The assessing authority however opines during the course of hearing of the assessment that there is no escape from the liability for payment of purchase tax. Kindly advise.

— Raman Batra, Sonepat

Ans: It is clearly provided in rule 28-A(4) (c) of the Haryana General Sales Tax Rules, 1975 that “the goods manufactured by an eligible industrial unit availing exemption under this rule shall be exempt from the levy of tax at all the successive stage (s) of Sale Or Purchase subject to the condition that the dealer affecting the successive purchase or sale furnishes to the Assessing Authority a certificate in form S.T.14A to be obtained from the Assessing Authority against payment of such sum as may be fixed by the State Government.....” In view of the clear language employed by the law-making authority in this rule, it cannot be said the purchases of exempted goods affected on the strength of the certificates in form S.T.14A will attract purchase tax in terms of section 6 of the Haryana General Sales Tax Act, 1973 when the goods so purchased are sent to some other States for sale on consignment basis. Having regard to these provisions the tax deposited by the queriest on the purchases under a wrong notion of law cannot be retained by the department.
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Morepen Lab

I deposited Rs 5000 (Rupees five thousand only) through M/s Bajaj Capital Ltd. 89-91, Sector 17-D, Chandigarh to M/s Morepen Laboratories Ltd, 22, Kasturba Gandhi Marg, New Delhi as fixed deposit scheme for six months. The deposit had matured on 1.7.1998 and I discharged the FDR No. CHDDX 00560 for repayment to the company on 15.6.1998. I have requested the company several times for my payment, till to date I have not received that.

Satish Kumar
CHANDIGARH

Reliance Cap

I sent 100 shares of Reliance Capital Ltd. having distinctive Nos. 1284484845 to 128448584 and folio N0. 079079685 on 09.7.98 for transferring the same in my favour.Despite many reminders,I am still awaiting my shares.

Sanjeev Aggarwal
BARARA

Reliance Ind

I deposited debentures of “K” series numbering 10 of Reliance Industries Master Folio N0 34713723 to M/s MTM Finance & Mgt Consultants Pvt. Ltd, SCO No. 1046-47, Sector 22-B, Chandigarh. Despite many reminders, I have not received the redemption amount so far.

B.R. Abbi
CHANDIGARH

Videocon Intl

I sent two nos bond certificates bearing Nos. 000055334 and 000055353 of 100 bonds each in February’ 98 for redemption due on 20.2.98 to Videocon International Ltd. The folio Nos. are 10001416 and B 0001419. Despite 10 reminders, I have not received the amount.

Baldev Singh
FARIDKOT

DCM

I hold 10 NCDs of Rs 1000 each of series “A” for 17 months and 25 days of DCM Ltd, New Delhi with folio No. 201833 dated 20 February 1997 and distinctive No. NCDS 181699 to 181708. These were due for redemption on 14.8.98. Despite sending duly discharged and signed original letter of allotment on 27.7.98, the said company has not redeemed NCDs so far.

Gyan Mohan
PANCHKULA

II

I invested Rs 10,000 with DCM Ltd, New Delhi in NCDs series— A for 17 months 25 days. Its redemption was due in the middle of August, 98. Despite sending the NCDs duly discharged on 13.7.98, the DCM Ltd. has not made payment of NCDs with Folio No. 106021.

Chaman Lal Bhasin,
YAMUNA NAGAR

DCM Fin

I deposited Rs 6000 with DCM Financial Services Limited, 75, Amrit Nagar NDSE-I New Delhi-3 for one year vide FDR 52501 on December 5, 1996. The repayment cheque was due in December 1997 but I am yet to receive that amount.

Subhash C. Taneja
ROHATK
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