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Monday,
May 13, 2002, Chandigarh, India  
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Chinese
motor cycles are here Inflation
rises to 1.56 pc
Never
compromised on quality of products |
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Market
outlook foggy
Demand receipts
for payments made
How far has IT
procedure been simplified? Infosys
best-managed company
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Chinese motor cycles are here Earlier, they gave nightmares to the Indian electric and electronic goods manufacturers. Then they targeted the sub-continental kids with funky toys that lasted as long as a child’s interest lasts. This time China, the land of Feng Shui, dragon and noodles, has set its eyes on the Indian youth segment with snazzy motor cycles. Dimensions: Length – 2000 mm Length — 1750 mm Achtung teeny-boppers! Chinese mobikes are here in Chandigarh. Delhi-based Monto Motors (remember Avanti Garelli mopeds of the eighties) in collaboration with Beijing-based Lifan Motorcycle, have rolled out Cosmo Blaster and Cosmo Gazab, 100 cc and 60 cc mobikes, respectively. Monto Motors imports these motor cycles from China in completely knocked down condition and assembles them at their plant in Rajasthan. The company says that it has secured emission and other necessary clearances from the Automotive Research Association of India and claims that more than Rs 50 crore has been invested in their plant to produce one lakh units annually. “There will also be no problem in getting these vehicles registered. We have already got temporary numbers on them,” claims Sanjeev from the Cosmo agency. Priced at Rs 36,000 Cosmo Blaster comes loaded with remote-control start, central locking system, anti-theft alarm as its USPs. Subtract these add-ons and the price lowers down to Rs 32,000. “This is a four-stroke bike with four-speed rotary gearbox. We expect the mileage to be around 85 km per litre of petrol,” explains Sanjeev. The other model, Cosmo Gazab, carries a price tag of Rs 22,000 and promises 110 km per litre with two-stroke 60 cc engine. Gazab riders will have to use hands to change gears. All the Blaster’s reviving power comes from the Oh-so-familiar horizontally placed 100-cc engine that doesn’t merely appear to be a cut-and-paste job. While the looks are not as refined as other branded mobikes they are certainly not tacky. All they lack is more finish. Suspensions, however, feel hard, especially the front one and you have to have a wrist of Bjorn Borg to ward off a road bump. Tyres too are scrawny, though there is a lot of space between the plastic mudguards to accommodate a broader one. “We’ll be working on the tyres. After the users give us feedback we might even replace the present thin tyres with the more heavy ones,” says Virender Rawat, who is looking after the sales. “After sales service will be a cakewalk as most of the spare parts are those used in Hero Honda. So even a roadside mechanic will be able to take care in case of a breakdown,” Rawat says. Call it lack of awareness or that of a fit advertising campaign, that usually precedes the product launch, most of the Chandigarhians were unaware of the presence of these Chinese mobikes. Perhaps that is the reason why none of the mobikes had left the showroom till the filing of this report. Even otherwise, city residents are right now taking the launch of this product with a pinch of salt. Durability and Chinese product lineage certainly did not go hand in hand, most of them feel. “I would rather prefer a branded mobike already on the Indian roads as Chinese goods do not have enough credibility,” says Nischay, a CET aspirant on a look out for a trustworthy mobike. “I am afraid the spares may pose a problem. Till the bike actually hits the city roads it is too difficult to predict its reliability. Until this day every Chinese product has been a use-and-throw phenomenon and that is why they couldn’t invade the consumer durable sector,” says Jassi, a two-wheeler dealer. The other hampering factor could be the price tag. Mean machines from some of the industrial houses with proven track record cost as less as Rs 29,000, almost 3,000 less than the stripped-off Blaster model. But then, the product boasts of hydraulic brake system, massive key-box, remote-control, digital gear indicator, rev-counter and all gizmos. To sum up, it’s a war between more-than-contemporary looks and the price. And certainly it’s a product’s humble struggle to get noticed minus publicity hoopla or an ad blitz. And the decision rests on all those young things who are painting the geri route red. Would they try ‘Blaster’ing it?
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Inflation
rises to 1.56 pc This change, as measured by Wholesale Price Index (WPI), from the previous week’s level of 1.44 per cent, was despite cheaper jowar, bajra, maize, gram, masur, maida, processed tea, atta, antibiotics and LPG cylinder. The index was 5.54 per cent a year ago.
PTI
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rc
Never compromised on quality of products
LUDHIANA: When I (Vinay Bansal - 37) joined the Mechanical Engineering degree course at the Guru Nanak Engineering College in early eighties, never did I visualise that one day I would end up as an entrepreneur experimenting with styles in clothing rather than working on fixing machines. I was all set for a corporate job after arming myself with a Master of Business Administration (MBA) degree from the Punjab Agricultural University in 1988, apart from my B.E. A two-year wait for the right kind of a job proved too much for me and a frustrated engineer and management graduate in me decided to experiment with the idea of starting my own garment manufacturing unit with the Rs 30,000 my taxation lawyer father and housewife mother lent me. I started in 600 square feet area in our ancestral property near Clock Tower in 1990. Today the annual turnover of my company Triangle Apparel and Knitwear approximates Rs one crore. And it continues to grow. An important aspect of my achievement remains that I have been earning and investing without taking the money from the market or any other financial institutions.
Initial phase The beginning was very tough given the fierce competition, that too for a person who had no big money or family background in business at his back, I consider myself to be a lucky person whose achievement in a brief time period has been reasonably good. Started as a one man show, today I myself employ about 50 people regularly. I have no qualms to admit that I have no great secret of success. It is simply the hard work and the grace of God that things always worked properly and according to my plans. Today I am competing with the brands like Kidswear, Skyway, Nikaki, Ruff and other top brands. And by almighty’s grace I am getting orders regularly with my products getting into great demand.
Particular observations While there is no compromise on the quality of the product, there should not be any compromise on the infrastructure as well. I always take due care that the infrastructure set up is the best possible. That is why I have set up work efficient machines and all of them are Japanese or Taiwanese made. And these are all high speed industrial machines and give the best finishing effect to the product. In garment industry the trends change at a great speed. In the garment and textile industry the trends change very fast. For example in every season there are 70 odd products with so many designs. Here you have to be imaginative and always start fresh. The market is also dicey. At some stage there may be too much demand of the product while at some stage there may be no demand at all. Sometimes the products are sold within a month and sometimes they do not sell even in six months. Sometimes all your buyers would like to purchase all your products and sometimes there may be no buyers. This is the dicey part of the game.
Future plans A new premises of Triangle Apparel and Knitwear with higher production capacity has already come up in Joshi Nagar. Besides, every good and successful manufacturer dreams of exporting his products to other countries. Because the export market is much bigger than the domestic market. Once you are into exports, your vision gets big and you start thinking in bigger terms. Although I have been supplying my products to the exporters, I have not so far been into direct exports. I am planning to be in direct exports in a year or two. Currently I am into the knitted garments only. I want to diversify and would like to add textile products also. The general trend in the industry is maximum profit making. We do make profits but we push it back into the industry and that has helped me to expand of my own, without borrowing a penny from the market or a financial institution.
(As told to Naveen S. Garewal)
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by Lalit Batra Market outlook foggy Profit-taking towards the fag end of the last week erased part of the gains that the market had made after the end of the political impasse in Parliament. The 30-share Bombay Stock Exchange sensitive index (Sensex) ended the week with a gain of 50.71 points to settle at 3,431.32 from the previous week’s closing at 3,380.61. Several external factors ruled the market during the week. Reports that Iraq will resume crude oil dispatches perked up oil PSUs. After this, crude prices dipped 2.4 per cent in the international markets. However, by Friday crude oil prices moved up to $27.81 per barrel on fears that crude supplies could be affected by the tension in the Middle East. The Oil PSUs shed some of their gains. Weak US markets affected the tech stocks in our markets. The scam in co-operative banks and reports that provident fund holdings had been lost in the scam led to an adverse impact on the market. The Nasdaq effect was evident throughout the week. Except for a single foray into positive territory with huge gains of 7.78 per cent, the Nasdaq was weak during the week leading to a fall tech stocks. The front line techs were hesitant and ended the week with minor changes. Some second-line techs saw interested buying.
PSU stocks PSU stocks had a bumpy ride. The first half of the week saw them move up on hopes of early divestment of the 26 per cent stake in IPCL. This stock gained 10 per cent for the week at Rs 124. There were conflicting reports that said that the bid price for IPCL could be anywhere between Rs 130 and over Rs 200 per share. An increase in the crude oil prices in the international markets saw some weakness in oil PSUs. Most PSU stocks ended the week with minor changes. The market is expecting an announcement from the government that ITI and Bharat Earth Movers will see disinvestment soon. This could trigger PSUs to move up next week.
Wockhardt Wockhardt is the fifth largest, research and technology-oriented and focused pharmaceutical major, and belongs to the elite group of 50 most valuable companies across all industries in India. The company has an active multi-disciplinary R&D programme with almost 300 scientists. It has been the frontrunner in biotechnology research in the country, led by a competent team of 50 scientists who have developed comprehensive capabilities from “Concept to Market” and have two immensely successful products in the market and several others in the pipeline. The company is focusing on developing products aimed largely at developed markets of the USA and Europe. The company has a team of over 100 scientists engaged in New Drug discovery research in the field of sepsis and anti-infective and is the first Indian company to file an Investigational New Drug (IND) application in the anti-infective segment for its new drug WCK 771. Wockhardt has reported another healthy performance during the first quarter ended March 2002, with net profit registering a growth of 37 per cent to Rs 23.70 crore on sales revenue of Rs 165.30 crore, which is up by 27 per cent. The company has paved for itself a well-etched growth path that is firmly based on a rock solid foundation. As a result of its continuous endeavour to create and innovate the company has a vision to make itself “the most admired pharmaceutical company in the country”. The company’s stock trades at Rs 561 at a price to earning ratio of 23.53. Looking at the various initiatives that the company is taking for growth the discounting seems to be on the lower side.
Coming fortnight Future outlook remains uncertain due to the weak US markets and uncertainty about the divestment programme. In case the bid price of IPCL is low, PSU stocks could move to lower levels. On the other hand, a good IPCL price would see PSU stocks lead a rally in the market. The overall market is expected to remain volatile with the Sensex trading in the 3385-3457 ranges. A break above this will see a continuation of the existing short-term rising trend. However, a break below range will signal a reversal in the short-term trend, which is up from the 3296 levels.
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by Pushpa Girimaji Demand receipts for payments made Are you aware that 50 per cent of the complaints filed before consumer courts actually go against the consumer? Statistics collected from the time of inception of these courts till the year 1994 by the Union Ministry of Consumer Affairs show that only 50 per cent of the consumers win their legal battles before these courts. Unfortunately in the absence of such information for the subsequent years it is not possible to determine whether this percentage has undergone any change. However, independent data collected by the Indian Railways upto 1998 indicates that only 28 per cent of the cases filed against the railways was decided in favour of consumers. Obviously, every consumer who files a complaint before these courts cannot win. One cannot also rule out frivolous and even vexatious cases, but the very high failure rate should be a cause for concern. Analysis of some of the cases which have gone against the consumers reveal several factors as contributing to this low rate of success. . While in some cases, archaic laws like the Indian Post Office Act of 1808 or the Indian Telegraph Act of 1885 have prevented consumers from exercising their right to redress against negligent services, in some cases, the narrow interpretation of the law by the consumer courts themselves have resulted in consumers losing the battle for justice. Highly technical procedure followed by some of the courts have played a role too, so also consumers’ ignorance of the consumer protection law which has resulted in cases which do not come under the purview of these courts being filed before them. But in most cases, what has weakened the complaint is the absence of sufficient evidence and supporting documents. Unlike the regular courts, these quasi judicial bodies set up under the Consumer Protection Act of 1986 follow summary procedure. However, as the apex consumer court, the National Consumer Disputes Redressal Commission has pointed out time and again, cases filed before even these courts are decided not on mere suspicion, surmise or conjectures , but on the basis of legal grounds established by legal testimony. Most consumers unfortunately do not realise the importance of evidence, particularly when they are pitched against top lawyers hired by manufacturers and service providers. Take the case of a consumer who bought a locally made (unbranded) airconditioner. The shopkeeper who sold it never gave a receipt nor a warranty card. The consumer paid him by cash and never asked for a receipt. Subsequently, he was dissatisfied with the functioning of the air conditioner and complained to the shop keeper who gave him a replacement. This was, however, no better. Some repairs were undertaken too, but without much success. The consumer then decided that he had had enough and demanded a refund.. When the shopkeeper flatly refused to take back the airconditioner and give a refund, the consumer decided to take him to the consumer court. But that was easier said than done because he had no record of purchase nor of the subsequent events, including complaints about the airconditioner. In another case, the stabiliser purchased along with the air conditioner malfunctioned from day one. The dealer repaired it four times in three months and when it had to be repaired the fifth time, the consumer decided that he would not put up with a defective product. He asked for a replacement, which was refused. That’s when he decided to go the consumer court and as he started putting together the complaint, realised to his dismay that he had no record of the unsuccessful repairs undertaken by the manufacturer. He never gave any receipts either at the time of taking the stabiliser for repair nor at the time of delivering it after repairs. He also did not have a warranty or a guarantee card. So first and foremost, Indian consumers should cultivate the habit of demanding and collecting receipts for payments made, whether they are purchasing goods or hiring services. It is equally important to keep records of all subsequent transactions. Payments made for additional services provided, repairs undertaken, parts replaced, everything should be on record. Consumers also need to look at all contracts carefully and objections if any, should be made in writing. Complaints should also be made, as far as possible in writing and copies kept. If at any time, a consumer is dissatisfied with a service or a product and would like to go to the consumer court, these are basic documents that would be required. In addition, one may also need supporting documents such as the opinion of experts, judgements of higher courts in similar cases, newspaper clips and articles in specialised journals. Today the internet offers tremendous advantages. One can access libraries around the world, read specialised journals or even talk to specialists and get their help. Consumers should make use of this.. And before filing a complaint, one should examine it carefully and critically. If someone were to put such a case before you, would you believe the allegations made on the basis of the accompanying evidence ? An honest answer to this will help you put together a better case. |
co
How far has IT procedure been simplified? The Finance Bill 2002, has been passed, of course with certain amendments, which were perhaps very essential for the survival of the party. The present government since it came into power has been asserting that the Income Tax procedure will be simplified in due course. Now let us see how far the government has been able to fulfil its commitment. I illustrate only two instances which are related to all the salaried persons in particular and other assessees in general. 1. During the Assessment year 1998-99, the rate of standard deduction for every employee was 33 1/3% of gross salary or Rs 20,000 whichever is less. But with effect from the assessment year 2002-2003 this single point has been split into four categories. The rate of standard deduction, if the income from salary of an assessee:- a) does not exceed Rs 1,50,000/ one third of salary or Rs 30,000 whichever is less. b) exceeds Rs 1,50,000 but does not exceed Rs 3,00,000-Rs 25,00 c) exceeds Rs 3,00,000 but does not exceed Rs 5,00,000-Rs 20,000 d) exceed Rs 5,00,000-Nil 2. During the Assessment year 1999-2000, the rebate of income tax was @ 20 per cent and the qualifying amount was Rs 70,000 which include Rs 10,000 subscription to eligible issue of capital or units of mutual funds popularly known as infrastructure bonds. With effect from fiscal year 2002-2003 (Assessment year 2003-2004) this single point again has been split into four categories as follows: a) An individual shall be entitled to rebate @ 30 per cent provided his income under the heads salaries’ i) does not exceed Rs 1,00,000 before deduction u/s 16; and ii) is not less than 90 per cent of his gross total income. b) a rebate of 20 per cent shall be allowed if the income exceeds Rs 1,00,000 but does not exceed Rs 1,50,000. c) Rebate of 15 per cent shall be allowed if the income exceeds Rs 1,50,000 but does not exceed Rs 5,00,000 d) no rebate shall be allowed if the income exceed Rs 5,00,000. It is good that amount of savings has been raised to Rs 1,00,000 but it will require minimum of Rs 30,000 to be invested in infrastructure bonds. The above said sub-divisions have not in any way simplified the income tax procedure. It is suggested that the qualifying amount towards repayment of housing loan should be raised from Rs 20,000 to Rs 30,000 the overall limit remaining fixed i.e. Rs 1,00,000 u/s 88.
Ashok Kumar
Agnihotri |
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Infosys best-managed company
London, May 12 The survey by a leading financial magazine, “FinanceAsia” was conducted amongst leading international investors during the first quarter of the current calendar year. Infosys, according to the survey, picked up the most votes in four categories — Best Managed Company, Best Investor Relations, Strongest Commitment to enhancing Shareholder Value and Company most committed to Corporate Governance — while Reliance took the top rank in the category of the “Best Financial Management”.
PTI
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LUDHIANA:
When I (Vinay Bansal - 37) joined the Mechanical Engineering degree
course at the Guru Nanak Engineering College in early eighties, never
did I visualise that one day I would end up as an entrepreneur
experimenting with styles in clothing rather than working on fixing
machines. I was all set for a corporate job after arming myself with a
Master of Business Administration (MBA) degree from the Punjab
Agricultural University in 1988, apart from my B.E.
Video
New Delhi, May 12