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Fedders Lloyd
focuses on Growth of small
units on priority in Punjab Defaulters may
face police action
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Air fares reduced Lakshmi Mittal
third richest in London Tax Information
Network to be launched on Jan 21 Indian Bank IPO
next year likely
Need to uplift
cargo division
NSS-87 income
tax-free for nominee
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Fedders Lloyd focuses on transport AC New Delhi, January 17 “Mobile AC units comprising the buses, coaches and other vehicles are a critical area of business for us. We expect this line of business to give a big push to our operations both globally and domestically”, CEO of Fedders Lloyd Corporation R. Krishnan told The Tribune in an interview. The company, he said, is present working through a process of “business process reengineering” and is looking at a substantive expansion plan at its manufacturing facility at Kala Amb, Himachal Pradesh. “We have already successfully executed a supply order from Bangladesh Railways for roof mounted AC units for their railway coaches”, Mr Krishnan said. The company was also implementing a special projects for production of ventilation for non-AC coaches of Indian railways. “The prototype has already been supplied to Integrated Coach Factory, Chennai”, he said. In addition, the company was also in the process of producing AC units for driver’s cabin for diesel locomotives. In addition, Fedders Lloyd has received an order from the Vehicular Research Development Centre, Ahmednagar for development of air-conditioning units for Army tanks. “We will supply the prototype by the end of this month”, Mr Krishnan said. In fact, the company has set up a specialised railways and defence business division for the production of roof mounted package AC unit for railway coaches and military graded window/split and slip on models for mobile defence vehicles. The company has also entered into an MoU with the Konkan Railways for supply of AC systems for mobile sky bus coaches with the first demonstration units supplied recently or their show case at Goa. Regarding the transport AC and refrigeration line of business, Mr Krishnan said Fedders Lloyd would be targeting tour operators, transporters, airlines, state road transport corporations, the original equipment manufacturers (OEM) market and hotel chains. “Truck refrigeration is a growing market and India being an agricultural country, the refrigeration
infrastructure is of critical importance for perishable items”, he said. For bus air-conditioners, the market size is as big as 2,500 units per year worth Rs 125 crore and Fedders Lloyd aims to achieve a market share of about 30 per cent by 2005. To this effect, Fedders Llyod has entered into a tie-up with Korean air-conditioner giant Hong Lim Industrial Company Ltd. Under the agreement, the company will market the entire range of products under the HIL Llyod and provide all post sales support in India. “Initially we will be importing bus AC and truck refrigeration products in CKD/SKD/CBU condition from Korea to be marketed in India under the brand name of HIL Lloyd. But we plan to start our own manufacturing facility in India for bus ACs in technical collaboration and spare parts support from our Korean partner very soon”, Mr Krishnan said. The CEO of Fedders Lloyd said since the use of the products is for commercial purpose, the target audience is well defined. The company will also be using India as the export hub for Sri Lanka, Bangladesh and Nepal and the products will be exported to these countries through Fedders Llyod. At present, Hong Lim Industrial Company Ltd., are present in Malaysia, Indonesia, Singapore, Germany, Russia, Philippines, China, Israel, Egypt, besides India. Fedders Llyod has also initiated discussions with some bus and truck manufacturers for OEM supply. “But these are very preliminary discussions”, Mr Krishnan said. On the planned overseas operations, the company is in the process of appointing “various agencies for export of various products”. Regarding the consumer products business, Mr Krishnan said the focus within Fedders Llyod was at present on “contract manufacturing” and expects to cash on the high demand growth which is growing at a rate of 25 per cent to 30 per cent per annum. With regard with the chiller business comprising chillers for process cooling, centrifugal chillers and absorption chillers, he said that the company could enter into distributorship agreements with some global company for expand in the overseas market.
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Growth of small units on priority in Punjab
Chandigarh, January 17 This was conveyed by him to the centre at the 48th meeting of the small scale industries board at
New Delhi which was presided over by Union Minister of small scale industries C.P. Thakur, an official release here said. Mr Josan said the state government headed by Chief Minister Punjab Capt Amarinder Singh had notified new industrial policy effective from April 1, 2003. The new policy aimed at rejuvenating and making the existing industry in the small-scale sector more competitive. Mr Josan said the Punjab Government was aware that technology had been a key element of enterprise competitiveness. Therefore, he said, the state was encouraging the existing small-scale industrial units to undertake modernisation and technology up-gradation to meet the challenges of the WTO regime and a detailed scheme for providing capital subsidy to such units has been notified.
— UNI
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Defaulters may face police action Chandigarh, January 17 Referring to the demand of bankers to provide support to recover outstanding loans worth crores from beneficiaries under various government sponsored schemes, he said the state government would impress upon deputy commissioners to help banks in the recovery of dues. Mr S.K.
Awasthi, General Manager, Punjab National Bank, said the banks were ready to provide adequate credit to the state youth, but the state government should ensure the recovery of loans.
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Air fares reduced
New Delhi, January 17 Indian Airlines, Jet Airways and Air Sahara separately claimed that their 30-day apex fares will be lower than the first class air-conditioned train fares. According to the rates announced, the 30-day apex fare on the Delhi-Mumbai sector will be Rs 3,160 for Air Sahara and Rs 3,154 for Jet Airways and the 21-day IA fare will be Rs 3,200. On Delhi-Kolkata route, the apex fares will be Rs 3,160 (Air Sahara), Rs 3,154 (Jet Airways) and Rs 3,200 (21-day IA fare).
— UNI
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Lakshmi Mittal third richest in London
London, January 17 Roman Abrmovich, the richest man in London, had splashed over 150 million dollar to acquire the Chelsea team and consequently rewrote the rules of football finance. He is now established to have assets worth $ 5,500 million, according to the Evening Standard Rich List. The purchase of the soccer team, regarded as one of the top teams in the world, is termed by the 40,000 fans as “Chelski revolution”. Mittal is one place below the Duke, who inherited estates around the world, apart from 300 acres in Mayfair and Belgravia. His LNM Holdings is expected to make over a £ billion profit on sales of $ 7.4 billion this year. Mittal’s assets are assessed to be worth $ 2.5 billion. Mittal’s office in Berkley Square is opposite the house that belonged to Sir Robert Clive. The LNM Group is poised to become the world’s largest steel producer after investing $ 100 million in a new plant in China. Mittal’s Group, which now occupies the number two spot with annual output of 35 million tonnes, will over take Luxembourg’s Arcelor when it completes its $ 1 billion acquisition of Poland’s biggest steelworks next month.
— UNI
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Tax Information Network to be launched on Jan 21
New Delhi, January 17 TIN envisages e-filing of TDS, Online Tax Accounting System and computerisation of annual information returns. “Online tax accounting will reduce the time for transfer of tax collection from banks to government account to mere two days,” they
said. — PTI
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Indian Bank IPO next year likely
Kolkata, January 17 “We are in the process of raising Rs 200-300 crore of Tier-II capital and making arrangements to raise it within the current financial year to meet future expansion programmes,” the bank’s newly appointed Chairman and Managing Director M.B.N Rao told reporters here. Apart from Tier-II capital, the bank was also considering to raise Tier-I capital through IPO during the next financial year.
— PTI
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NSS-87 income tax-free for nominee
Q:
I have about Rs. 3 lakh in NSS-87 account since the past 8 years or so. After the withdrawal of tax concessions, I have stopped depositing in it. I am told that now if I close the account, the entire proceeds will be taxable or treated as income. I do not know what rate of
interest they are paying now. The post office service is not up to the mark. Can you guide how to get out of NSS with minimum damage. —
Premji Bhanushali A: Up to last year, the interest rate was 11per cent and was not changed even when the rates on other post office schemes were being steadily brought down. This was equity and justice since the investors were trapped in the scheme. Unfortunately, FA03 has dropped the rate on NSS-87 from 11per cent to as low as 7.5 per cent. Any withdrawals during the lifetime of the investor are taxable during the year of withdrawal. Exiting attracts full tax on the capital as well as the interest. It is tax-free in the hands of the nominee or legatee. TDS is applied on withdrawal, if the withdrawn amount is over Rs. 2,400. Now, the only option is to leave it as an estate behind you and thankfully, it is not taxable in the hands of the legatee. If your income is below taxable limit or can be brought down to nil level by contributing less than Rs. 1 lakh to Sec. 88, then there is a possibility of withdrawal from NSS87. You can withdraw that much partial amount from NSS, contribute it to PPF or infrastructure-related bonds of ICICI, and still remain out of the tax net. Repeat the exercise every year until the corpus gets completely withdrawn.
Medical expenditure Q:
Sec 80 DDB giving deduction of the amount spent for medical treatment for the self and the dependant for certain diseases has been amended by the FA03. There seems to be a big anomaly in amending the section where the true effect and the benefit given under the section has been taken away by the government. The intention of amending the section may not be withdrawing the exemption from the public but may be a lapse on the part of amending the section. Earlier to the amendment, the exemption was available on the basis of certificate issued by a doctor registered with the Indian Medical Association with post-graduate qualification but now this has been amended to the certificate issued by the doctors who are working in Government Hospitals only. Does it mean that the general practitioners having the above qualification have been debarred issuing the certificate for this purpose? Earlier before amending this section, the benefit was available to all the assessees and their family members but now it seems that it has been restricted to only the government employees or their families. Is it so? —
S.R. Barasia, R. K Doshi A: The certificate is required to be procured not from an ordinary post graduate working in a government hospital as stated by you but from a neurologist, an oncologist, a urologist, a hematologist, an immunologist or such other specialist, as may be prescribed, working in a government hospital. Yes, this appears unreasonable but realise that the amendment was necessitated by the abuse of the earlier provision. Your understanding that this concession is available only to the government employees or their families is also not correct. It is available to all assessees resident in India who have actually paid any amount for the medical treatment of specified diseases or ailments for a) himself or a dependant, in case the assessee is an individual; or b) for any member of the HUF in case the assessee is an HUF.
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New Delhi, January 17
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