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Sunday,
April 28, 2002, Chandigarh, India  
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Aksh
Optifibre net slips to Rs 19 crore
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Pare
exposure in Zee Telefilm
Abnormal delays hit
investment
Canam
ties up with Australian company
In
arrears?
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Aksh Optifibre net slips to Rs 19 crore
New Delhi, April 27 Profit after tax has declined to Rs 18.94 crore from Rs 19.12 crore due to reduced price realisations resulting into lower contribution and on account of deferred tax made during the year. Aksh Optifibre, which has a 25 per cent market share, also posted a record turnover of Rs 230.21 crore. Aksh has currently two manufacturing units at Bhiwadi and one each in Jaitpura and Ringus, Rajasthan.
CESC
CESC Limited today reported a sharp 197.05 per cent jump in 4th quarter net loss to Rs 101 crore leading to an increase in 2001-02 net loss to Rs 304 crore. CESC’s net loss during the 4th quarter of 2000-01 stood at a low of Rs 34 crore while the entire fiscal’s net loss was Rs 172 crore.
Bata India
Bata India today reported a 39.73 per cent increase in the net loss during the first quarter ended March, 2002 at Rs 4.22 crore against Rs 3.02 crore during the same quarter last year. Total expenditure stood lower by 12.51 per cent to Rs 145.78 crore over Rs 166.63 crore in the first quarter of last year, it said.
Philips
Philips India has reported a net profit of Rs 19.08 crore in the first quarter ended March 31, 2002, compared to a net loss of Rs 6.36 crore in same period of previous fiscal. Sales and other operational income in reporting quarter was higher by 7.8 per cent at Rs 373.60 crore as against Rs 346.47 crore in Q1 of last year, the company said in a release here today.
Crisil
Crisil has recorded a 35.17 per cent rise in the net profit at Rs 13.07 crore for the fiscal ended March 31, 2002, compared to Rs 9.66 crore in the previous fiscal. The Board recommended a 65 per cent dividend (Rs 6.50 per share) for FY-02 as against 55 per cent declared in the last fiscal, a Crisil release said here yesterday.
Aptech
Hexaware Technologies Ltd, formerly Aptech Ltd, has posted a net loss of Rs 2.83 crore for the first quarter ended March, 2002, compared to a net profit of Rs 2.71 crore in the January-March 2001. The total income for the period under review declined to Rs 15.19 crore as against Rs 69.7 crore in the first quarter of last year, the company said yesterday. Agencies
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Haryana biotech policy in a month Kolkata, April 27 “We are working on a comprehensive biotech policy and will announce it in a month. It will cover all aspects like intellectual property rights and patent laws,” Chief Minister Om Prakash Chautala said here today. Chautala, on a day’s visit to Kolkata, invited industrialists of the metropolis to invest in his state, which according to him had the most congenial atmosphere in the country. “We are the best state to invest in and have all amenities with no problem whatsoever like terrorism and labour unrest, the bane of many states,” Chautala told members of Indian Chamber of Commerce here. “Our policy is not to allow labour unrest affect industrial development, but at the same time we try to impress managements to look after the well-being of workers.” He said efforts were being made to make Haryana a progressive state and industrialists would be helped to start new projects. Chautala said during the past three years, since he took over the reins of government, 4500 large, medium and small industries had come up with an investment of over Rs 1900 crore, creating direct employment to over 40,000 persons. Chautala said 396 industrial entrepreneurial memoranda had been implemented and 59 letters of intent converted into industrial licenses, catalysing investment of Rs 5396 crore generating employment for over 89,000 persons. The Chief Minister said that exports from Haryana crossed Rs 7000 crore though many products manufactured in the state were being exported through export houses located in Delhi. Export of computer software from Haryana was more than Rs 3000 crore last year. “We are the third largest exporter of software in the country and
targeting the number one spot. We are setting up a cyber city in Gurgaon providing infrastructure of international standard,” he said. Referring to availability of power in the state, he said that installed capacity at present was around 3211 MW. Haryana aims to become a power surplus state, adding 3000 MW during the 10th Five Year Plan period.
PTI |
A. K. Sachdeva Q: We run a rice-sheller being a dealer registered under Section 19 of the Haryana General Sales Tax Act, 1973 and sub-section (2) of Section 7 of the Central Sales Tax Act, 1956 in Haryana. Last month a consignment of rice was dispatched to a Delhi based agent for sale on commission basis there. Necessary documents, such as, delivery challan, goods receipt and transit challan in form ST-38 (outward) were duly prepared giving out all relevant details in respect of the consignment and issued to the driver incharge of the vehicle immediately at the time of dispatch. These goods came to be intercepted by an Excise and Taxation Officer (hereinafter called “the checking officer” on the footing “documents needed verification as the registration certificate number of the consignee was doubted.” The checking officer thus proceeded to detain the consignment as well as the vehicle carrying it under sub-section (5) of Section 37 of the Haryana General Sales Tax Act, 1973 for what was described “evasion of tax is suspected.” The requests made by us to the checking officer for the release of the goods and the vehicle without penalty went unheeded despite our explanation that clerical mistake, if any, occurring in the document pertaining to the registration certificate number of the consignee does not affect their correctness and genuineness. — R. K. Sharma, Karnal Ans: The power relating to the detention of goods are referable to the provisions of sub-section (5) of Section 37 of the Haryana General Sales Tax Act, 1973 wherein it is provided that if the checking officer has reasons to suspect that the goods under transport are not covered by proper and genuine documents or that the person carrying them is attempting to evade the payment of tax due under the Act he may for reasons to be recorded in writing take recourse to the seizure for enquiry into the matter in order to find out as to whether evasion of tax is really involved or not? It appears having regard to the facts stated by the questioner that the consignment dispatched for Delhi was admittedly covered by delivery challan, goods receipt and the transit challan in form ST-38 (outward). Indisputably, the correctness and genuineness of the documents has not been doubted or controverted by the checking officer and, therefore, mentioning of incorrect registration number which act simply flows from clerical error on the part of the person specifying the same does not necessarily lead to evasion of tax on the part of the consigner more especially when the simple dispatch of the goods for sale on commission basis in Delhi by the agent gives rise to no tax liability under the provisions of the Central Sales Tax Act, 1956. In the absence of any tax liability, the question of evasion of tax does not and cannot arise and as such the proceedings initiated by the checking officer is wholly without jurisdiction and based upon extraneous grounds. It may not be out of context to mention further here that detention of vehicle along with the consignment is impermissible under sub-section (5) of Section 37 of the Haryana General Sales Tax Act, 1973 given the plain language used in these provisions and the decision of the Hon’ble Punjab and Haryana High Court in the case of Milap Singh v. State of Haryana (1995) (1) Punjab and Haryana Taxes 662 and other cases also. Under these circumstances, it would be quite appropriate to approach the District In-charge of the District concerned inviting his attention towards the impropriety and illegality of the proceedings taken in your case by the checking officer. At the same time the assessee many also file an objection before the checking officer questioning the legality of the detention of the consignment as also the vehicle carrying the same. Q: We are given to understand that the production of form ‘C’ in support of the claim of concessional rate of tax on inter-State sales is going to become a mandatory requirement of law from the commencement of this financial year. Kindly enlighten us on this issue. — Mohinder Pal Singh, Ludhiana Ans:
Out of several amendments that have been proposed to the existing provisions of the Central Sales Tax Act, 1956 through The Finance Bill, 2002 (Bill No. 6 of 2002) as introduced in Lok Sabha in the recent past, provisions contained in sub-section (5) of Section 8 of the Central Sales Tax Act, 1956 are also proposed to be amended with a view to making the requirement of forms ‘C’ mandatory in each case. Obviously, therefore, it will become essential for the assessees claiming concessional rate of tax on inter-State sales to produce before the assessing authority forms ‘C’ at the time of assessment.
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Pare exposure in Zee Telefilm Q: What are the prospects of Zee Telefilms? — K. Arora, Punjab Ans:
The scrip has appreciated considerably in the recent past for various reasons. The company is aiming to rationalise its structure by either merging or winding up some of its subsidiaries. The exercise is aimed at making the balance sheet more clearer and simpler to attract strategic investment propositions from international media companies. Apart from this, Zee’s new strategy to regain market share involving an online lottery with a slew of new programmes compelled investors to take a fresh view at the stock. But the most striking development in recent times has been the company’s move to consolidate its position by acquiring a controlling or strategic stake in fast-growing domestic media companies. It has recently acquired a strategic stake in ETC Networks and Padmalaya Telefilms. More so, we believe that the strengthening of its bouquet of offerings is part of a larger game plan to rope in a strategic partner. Besides, the more-than-expected growth in subscription revenues is another reason underlying the optimism. But mind you, as valuations appear steep, any significant upsurge at the counter is bound to attract profit booking. For the fiscal ended March 2001 sales were Rs 384.7 crore, PBIDT was 48.7 per cent, Net Profit was Rs 138.2 crore and the EPS was Rs 3.3. For the quarter ended December 2001 sales were Rs 85.3 crore, PBIDT was 64.3 per cent and net profit was Rs 23.9 crore. Investors could use spikes to pare their exposure in the stock. Q:
Should I buy Krebs Biochem as its current price? — Dheeraj Thapa, Delhi Ans:
Hyderabad based Krebs Biochemicals Ltd is one of the biggest manufacturers of Ephedrine and PseudoEphedrine in the world. It has now added Lovastatin and Simvastatin (I and II generation cholesterol busters) to this list. Production units have been modified to comply with USFDA and European GMP norms. For the past two years, it has conducted R&D on new biotech-based products like monoclonal anti-bodies and DNA vaccines. Production of ascorbic acid has been successfully commercialised with the entire output being sold. Krebs has shown strong improvement in operations during financial year 2002 with exports and domestic sales rising significantly during the first nine months of the fiscal. Based on current assessments, turnover in the coming year could touch Rs 100 crore. On successful development of the new bio-molecules, products and processes by 2005, Krebs could see upto threefold rise in turnover. For the fiscal ended March 2001 sales were Rs 41.7 crore, PBIDT was 59.2 per cent, Net Profit was Rs 13.7 crore and the EPS was Rs 22.3. For the quarter ended December 2001 sales were Rs 20 crore, PBIDT was 37.3 per cent and Net Profit was Rs 5 crore. We give a buy recommendation at its current price. Q:
What’s the outlook on the Aftek Infosys stock? — Mohinder Singh, Firozpur Ans:
The company managed to post an impressive performance despite a US slowdown. It not only met its targets , it bettered them. In the past two years, the company has shifted focus to software development. Aftek Infosys (AIL) is concentrating on embedded software, systems software, web-designing and programming, e-commerce and product development. AIL’s product division has developed a number of software-based special products like Personal Data Assistant, PDA, pre-paid smart cards, etc. PDA is being increasingly used by road transport corporations, banking and other para-banking sectors. It also implemented India’s first automatic fare collection systems on BEST buses in Mumbai. It has signed a contract with Mobinetix Inc, US, in the area of e-commerce for the support and enhancement of its signature capture and processing terminals. It has also signed a contract with Mediametics Inc, a wholly-owned subsidiary of National Semiconductors, US, for support and development of Digital Versatile Disc, DVD, drive and user interface. This status has been awarded to only 28 companies in the world. The company is also working on a product called storage area network, SAN. For the fiscal ended June 2001 sales were Rs 45.4 crore, PBIDT was 60 per cent, Net Profit was Rs 25.1 crore and the EPS was Rs 41.6. For the quarter ended December 2001 sales were Rs 14.7 crore, PBIDT was 57.5 per cent and net profit was Rs 8.1 crore. The scrip is currently trading at relatively low valuations, primarily because of the market’s perception of the management. However, if the company is able to maintain its growth momentum, the scrip witness a re-rating. |
Abnormal delays hit investment India’s share in air traffic is only 0.4 per cent although it is 16 per cent of the world population. What is another cause for concern is that Air India’s share in international traffic has fallen from 40 per cent in 1980 to 16 per cent at present. Other two reasons that portray dismal scenario in the country’s civil aviation are that there has been fleet expansion/modernisation for the past 14 years and there is no long term policy perspective. This is what Dr S.S. Sidhu, former secretary-general of the International Civil Aviation Organisation emphasised at the recent seminar which was attended by aviation and
tourism experts. In a well-researched speech Dr Sidhu, said many investors are wary to invest in this country because of abnormal delays in decision making, undue interference, non-consistent policies of the government and to some extent, exaggerated apprehension of corruption. Talking about air traffic management, Dr Sidhu says the country’s airspace is yet to be fully covered by Secondary Surveillance Radar and Monopulse SSR. Total coverage of airspace through net works of radar of four Flight Information Regions is essential because it will help monitor and secure the skies better. It will reduce air space congestion and also help reduce mid-air collisions, incidents of air misses and prevent hijacks.
Discount for Hajis
Hajis are provided highly discounted fares in addition to many facilities on board the flights and also on ground. Elaborate arrangements are made for the Hajis at airports and also at arrival concourses. The government provides a huge financial cover so that operations are successful. But, sadly, despite the government’s efforts, operations have not been without complaints. Air India and Indian Airlines make special schedules for Hajis transportation. Yet there are bottlenecks and problems galore. Statistics show that operations for Hajis
transportation have not been commercially rewarding for two national airlines. Why can’t Government and Haj Committee conduct operations independent so that two national airlines and country do not get an avoidable negative publicity.
Decision Deferred
The government’s proposal to grant visas on arrival for tourists from select countries has been put on hold. Security aspect is the cause for the government. |
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Canam ties up with Australian company Chandigarh, April 27 "The global network of our professionals will help provide excellent services in association with Canam", said Mr Ngok Woon, Consultant, Deloitte Touche Tohmatsu, while talking to the newspersons here. Mr Anuraj Sandhu, Senior Vice- President, Canam, said the tie-up would provide our clients with the most comprehensive services to facilitate the otherwise long-drawn process of immigration. Canam, said Mr Sandhu, will take a business delegation shortly to Australia where a tie-up would ensure that meetings with major organisations and their prospective clients in Australia are arranged by Deloitte for the businessmen who go from here , thereby saving their time and making their visit a success. Canam also organised a seminar for immigration to Australia which was attended by around 200 persons. The seminar informed participants about immigration process and services offered by
Canam.
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In arrears? Q: Whether deposit made by the tenant U/s. 31 of Punjab Relief of Indebtedness Act is a deposit under Punjab Rent Act and thus whether the tenant is entitled to protection of S.13 (2) priviso? Ans: The point was being dealt with by Punjab & Haryana H.C. in the case of Darshan Singh v Bhagat Devi Dass Hira Dass Charitable Trust [2002 (1) RCJ 140]. The case set up by the landlord before the Rent Controller was that the tenant is in arrears of rent w.e.f. 8-7-72 upto 17-2-80 i.e. 91 months @ Rs 20 p.m. The record shows that the ejectment petition was filed on 11-3-80, meaning thereby that on the date of the filing of the ejectment application, the rental for the period from 18-1-80 to 17-2-80 was not paid. The rental was due upto 17-1-80 i.e. for 90 months @ Rs 20 p.m. in all Rs 1800. Now it is to be seen as to whether the tender is valid or not. Respondent points out that he has paid the rental for the period of 82 months amounting to Rs 1640. In these circumstances, the landlord was not entitled to interest which had already been deposited before filing of the ejectment application which was filed on 11.3.80. The landlord was only entitled to interest for the period from 18-7-72 to 31-3-73 and for 17 days for the month of January 1980. The interpretation of the courts below, in the opinion of the H.C. is thus totally wrong in view of the judgement of the Apex Court Mangat Rai v Kidar Nath [AIR 1980 SC 1209] where it was held that the deposit made by the tenant U/s. 31 of the Punjab Relief of Indebtedness Act is a deposit under the Punjab Rent Act to the credit of the landlord and, therefore, the tenant is entitled to the protection of proviso to S. 13 (2) of the East Punjab Urban Rent Restriction Act. The earlier view of the P&H. HC was reversed. The moment it is held that the deposit made by the tenant before the Rent Control Court for the period 1-4-73 to 31-12-79 is valid, then the entire arrears of rent which was due to the landlord on the date of the filing of the ejectment application has been validly paid along with interest and costs as assessed by the Rent Controller and the tenant was liable to pay interest only on the due amount on the date of hearing which was 12-4-80. Both the courts, in the opinion of the H.C. misinterpreted the provisions of law causing miscarriage of justice to the petitioner. Resultantly, the H.C. allowed the petition and set aside the judgements of the Courts below and dismissed the application U/s. 13 of the said Act.
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