GLOBAL ECONOMIC MELTDOWN HITS PLASTIC UNITS HARD

Thesynergyonline Economic Bureau

NEW DELHI, NOV 19 :
THE All India Plastics Manufacturers’ Association (AIPMA), 63-years old apex body of the Plastics Manufacturers in India , is continuously monitoring the impact of global economic crisis on all industry sectors. The plastics industry is worst affected.

In India as well, it is as much a crisis of confidence as it is of liquidity. Lack of liquidity, high interest rates together with uncertainty has forced India Inc to either defer investment or avoid it totally. This is a dangerous situation. If not arrested, the liquidity crisis will quickly descend into a solvency crisis.

This volatile status and turmoil in the economy has exposed plastics industry to huge risk, and has adversely affecting not only the raw material
manufacturers but also the processors, specially micro, small and medium sectors.

As usual AIPMA has taken initiative to discuss with All India Industry Captains and Association Heads to chalk out strategies for the industry and find out solutions to steer through the prevailing situation, the industry is subjected to at the current scenario.

Plastic industry is facing severe demand crunch causing serious concern to the domestic industry. The demand for major polymers was 10 per cent lower in Q2 this financial year as compared to the same period last year. The slowdown in demand is particularly pronounced in the commodity
segm ent.

This slowdown in de m and is adversely affecting the industry comprising of 15 raw material producers and approxi m ately 50,000 processing units in the country with adverse impact on the employment of 4 million people associated with this industry.

There are m ultiple factors contributing to this southward slide in demand. While overall slowdown of the Indian economy is certainly one factor, this is not the only reason for current demand crunch. Because of their wide spectrum of usage, demand for plastics typically grows in multiples of GDP growth during the developing phase of an ecoomy. This had been the historical experience in other countries through their developmental phase.

In India , demand in the past had been growing at 1.5 to 2.0 times the GDP growth. Thus, while we expect Indian economy to grow in excess of seven per cent this fiscal, even at the most conservative estimate, a negative growth of demand in last quarter has made the overall outlook rather gloomy.

One of the major factors is total tax incidence on plastic in India which is over 28 per cent - perhaps the highest in the region. The 14 per cent excise duty levied on poly m ers and articles of plastic makes plastic products (which are mostly products used by the masses) dearer to m asses.

At a tim e when inflation continues to re m ain a major concern for Indian economy, a reduction in excise duty on polymers and articles of plastic from the existing 14 per cent to 8 per cent will make plastic products affordable to commonman and also provide a fillip to demand growth.

The rate of VAT levied on polymers and articles of plastic varies fro m state to state, with som e states levying as high as 12.5 per cent of local taxes, this consequently pushes the price higher. Levying a unifor m VAT of 4 per cent on polymers and articles of plastic across states will rationalize the state VAT structure and will also boost demand.

Other factors threatening viability of Indian petrochemical industry are high cost structure, low duty protection and emerging avalanche of capacity in Middle East region based on highly subsidized feedstock.

All the above factors have created an adverse business environ m ent where the survival of existing players and viability of future invest m ent of Rs. 80,000 crores in this industry, mainly in the state as well as in the private sector, has become doubtful.

AIPMA has appealed to authorities of Finance Ministry, Commerce Ministry and the parent Ministry, of Plastics Industry i.e. Chemicals & Fertilizers Ministry, to support Plastics industry to com e out of the crisis. The Government has already announced Petrochemical Policy to increase the growth of Plastics industry. This is the time to accelerate the same. ( editor@thesynergyonline.com)

WITH 84% RISE IN INTEREST COST , CORE INFRASTRUCTURE FIRMS PERFORMANCE GRIM IN Q2

Thesynergyonline Economic Bureau

NEW DELHI, NOV 16 :
CONCERNED over the dismal performance of the core infrastructure companies in the second quarter, the ASSOCHAM has urged the government to ensure smooth fund supply to the sector so that the capacity generation process remains intact.

According to an ASSOCHAM Eco Pulse (AEP) Study, the net profit of the core infrastructure companies on average basis, declined by 75.58 per cent while their interest cost shot up by 84.18 per cent.

At a time when a push to core infrastructure industries is quintessential to ensure and sustain sound economic growth, core infrastructure companies are under tremendous pressure as evident by the steep decline in profitability by 6.34 per cent as their interest cost soared by 11.54 per cent on weighted average basis. The production growth in core sector was down by 3.6 percentage points from 7.5 per cent in Q2, FY 2007-08, as measured by the IIP, to mere 3.9 per cent in the second quarter of current fiscal.

A quarterly analysis of core infrastructure industries indicated that sectors like steel, cement and petroleum refining are down with negative growth in net profits while crude oil exploration and production recorded a near zero growth rate. Only power sector managed to show some resilience though flared moderately with single digit growth rate in net profit.

The companies analyzed in the study comprise SAIL, Tata Steel, Ambuja Cement, India Cement, Binani Cement, ISPAT Industries, ACC, Sterlite Industries, UltraTech Cement, Tata Power, Power Grid, NTPC, BHEL, ONGC, Reliance Inds., Chennai Petroleum, IOC, BPCL, HPCL, GMR, Gammon, Jaiprakash, Simplex Infrastructure etc.

“Although RBI has eased the interest rates, the sign of abatement of the liquidity crisis are not visible. With the continuation of the present trends witnessed from the corporate results, the project activity in the infrastructure sector is likely to witness a slowdown”, says the Chamber spokesman.

Among the core infrastructure industries, steel industry feeling the heat of decline in global steel prices, witnessed a fall of 52.08 per
cent in net profit in the second quarter of fiscal 2008-09 over the corresponding period in 2007-08 on account of a 6 percentage points dip in production growth rate along with an upsurge of 24.81 per cent in the interest cost. The outlook for the next quarter also remains bleak with steel companies announcing big cuts in their output in view of slowing demand.

The cement industry took a major hit in net profit with a decline of 20.56 per cent resulting from a deceleration of 4.3 percentage points in the production growth rate in Q2 FY 2008-09 over Q2 2007-08 as a result of slowing demand due to contracting construction activity. The interest cost of the cement companies rose by 13.18 per cent.

Despite the decline of 3.8 percentage points in the production growth rate and a steep rise in interest cost to the tune of 37.38 per cent in the second quarter of this fiscal over the corresponding period last year, the power sector registered the highest increase (among the core infrastructure industries) of 8.72 per cent in the net profit, a positive sign to keep a healthy pace of the economic development going.

During the quarter, the crude oil price fell by 25 per cent while the domestic production declined by 3.7 percentage points in Q2 ‘09 as compared to Q2 ’08. The oil exploration and production companies witnessed a whopping 144.81 per cent rise in interest cost that led to a near zero growth of 0.88 per cent in net profit.

Due to a staggering rise of about 200 per cent in the interest cost and heavy losses on account of then spiraling crude oil prices, the
petroleum refinery segment was the worst hit sector with a decline of whopping 314 per cent in net profit. The sector witnessed a negative growth rate of 0.9 per cent in production activity. However, the outlook for the third quarter may improve with crude oil prices shedding close to 38 per cent till date in Q3. ( editor@thesynergyonline.com)

MEDIA NEEDS REGIONAL EXPANSION : ASSOCHAM-E&Y

Thesynergyonline Economic Bureau

NEW DELHI, NOV 15 :
THE Associated Chambers of Commerce and Industry of India (ASSOCHAM) has mooted a 3-pronged strategy for Entertainment Industry, aiming optimum utilization of their resources, enter successfully regional markets for growth and secure relaxed financing for production to counter slowdown.

In a Study `Next is What? for Indian Media & Entertainment’ in the wake of global slowdown brought out by ASSOCHAM in collaboration with E&Y, it has proposed to Indian media and entertainment CEOs the above strategy for the next one and half years to enable them achieve their potential.

“With the recognition of the ongoing changes in the economy,
entertainment and media companies must aim to utilize their existing resources to their optimum capacities and increase operational efficiencies, says the study.

Releasing the study, the ASSOCHAM spokesman said, “synergy of existing resources will be critical in coming months. This will induce companies to re-look at not only internal core processes but also examine industry-wide functions such as uplinking of channels and news gathering etc. Increasing number of companies will shift core and non-core business processes to standalone specialized agencies. Also, companies within a sector will join hands and share infrastructure to take benefit of economies of scale and avoid duplication of efforts. There will be other tie-ups such as news channels trying up with regional channels for
live feeds for election pools in a particular area or a company having radio stations in remote circles tying up for marketing with some national players. These kinds of alliances will soon be an industry trend, especially during such times.”

On profitable growth, ASSOCHAM-E&Y Study points out, “contrary to the situation earlier, where the mantra was growth, companies now need to grow profitably. In other words, the period and certainty of break-even horizon will have to be clear and defined. Business models and strategies will have to be re-visited and companies will have to go through a reality check.

Referring to enter regional markets, the study says, “the growth of regional markets has compelled all large layers in the industry expand geographically. The Dhoni effect and the rise of small town India cannot be ignored by advertisers or any national player today. Media companies will have to diversify into regional markets and consider its impact while making key strategic decisions. This is one reason why large broadcasters are now looking at regional programming in order to expand operations and increase revenues”.

On financial and cash flow management, the study emphasizes that credit environment is making it more difficult to secure financing and raising the cost of capital. Falling consumer confidence has decreased consumer spending, while inflationary concerns and declining revenue and profits are putting strain on working capital.

It further highlights, “as cost of production spikes, there will be a correction across sectors. Fewer movies will be released, cover prices of newspapers will increase, ad budgets will be severed and so on. All companies will tighten their belts to brace the haul ahead. CEOs will have to channelize some or more of their energy on exploring innovative ways to rationalize all operational costs and introduce effective cost saving measures. Getting funds to fuel expansion plans or any other initiatives of the organization is going to be a challenge in the coming months. Investors who are earlier relaxed in terms of intensity of diligences are now very agile and are challenging every rule laid down. This may not be the best time to raise funds and launch public offerings. A wait and watch strategy could be advisable”. (editor@thesynergyonline.com)

Thesynergyonline Economic Bureau

MUMBAI, INDIA , NOV 15 :
UNIFIED Communications (UC) is revolutionising the business landscape. In response to the current economic forces, companies are already taking an “evolutionary” approach to advancing their businesses in terms of communication. UC is the amalgamation of different and disparate communication systems that are available to an enterprise user. UC applications help improve the enterprise user’s productivity and enhance collaboration by the integration and convergence of multiple enterprise communication channels.

UC applications are expected to be embedded and integrated into business processes and enterprise applications such as Contact Centers, Supply Chain, etc. The adopters of UC have been across verticals like BFSI, Information Technology, the Government, manufacturing, service providers, and educational institutions. There is a huge untapped market for UC in India, despite the CIOs being unable to quantify the benefits or measure productivity gains

According to Girish Trivedi, Deputy Director, Telecom Practice, Frost & Sullivan, South Asia and Middle East, “Given the current state of the economy, enterprises are placing increasing emphasis on optimizing costs; Unified Communications could be one of the means to significantly reduce long-term costs on travel, achieve faster turn-around in terms of ROI as well as improve overall productivity and efficiency in the workplace.

UC has for long been exclusively driven by large enterprises. However, this trend is slowly, yet surely, changing, as several vendors look to cater to the largely untapped SMB segment by formulating innovative models like hosted UC service. Key UC applications such as IP telephony, e-mail, conferencing etc, are being packaged as a hosted service with attractive pricing, in order to lure the SMBs.”

Keeping this in mind, Frost & Sullivan, a global growth partnership company, which has been studying the UC market intensely, as part of its efforts to provide a platform for thought leaders, will be hosting a 4-city MindXchange across India and Sri Lanka, titled ‘Unified Communications – India 2008’. This MindXchange will aim to provide solutions to the CIOs on UC adoption and help them look at the broad benefits of this technology.

The series will be held in New Delhi, Bangalore, Mumbai, and Colombo on 25th November, 26th November, 27th November, and 10th December, respectively. The discussion will focus on adoption of UC across verticals like BFSI, manufacturing, government, and service sectors.

Topics of discussions will include Harnessing the Potential of a Converged Communications Infrastructure, Understanding and Measuring the True Business Benefits of Unified Communications, Enabling Business Process Innovation through Next Generation Enterprise Communications, Intelligent Mobility within the Enterprise, How Managed Services can Enable a Smoother Transition to a Next Generation Communications Platform, and more.

Key decision makers, namely CEOs, CIOs, CTOs, COOs, as well as Vice Presidents, Directors, General Managers, Heads, Senior Managers and Managers from relevant departments such as Information Technology, Operations, Systems, Planning and Implementation Corporate Strategy, Process Control and Management, Process Optimization, Customer Relation and Satisfaction, Internal Audit, Networks, Supply Chain, Logistics etc. are expected to be a part of these series. (editor@thesynergyonline.com)

IIP H1 GROWTH HALVES TO AVERAGE AT 4.94 %

Thesynergyonline Economic Bureau

NEW DELHI, NOV 15 :
IIP growth has almost halved to average at 4.94% during H1 FY09 as compared to 9.49 per cent during H1 FY08, indicating moderation in the growth momentum during the current fiscal. High interest rates coupled with high input costs seems to have weighed down industrial production during the first half of the current fiscal.

Going forward, subdued demand conditions in the domestic markets coupled with moderating exports growth due to
slowdown in the world economy are likely to have adverse impact on the domestic industrial production. Thus D&B expects to have grown within the range during Oct-08.

With a sharp fall in global crude oil prices, inflation in aviation turbine fuel, naphtha and furnace oil (which are not administered) witnessed significant slowdown, in turn, their contribution to the headline inflation dropping to 4.43 per cent during Oct-08 as against 6.02 per cent during Sep-08.

Further, the latest data release for inflation reveals
that inflation in fuel group declined by 3.4 per cent (w-o-w) for the week ended 01-Nov-08. D&B expects inflation to average between during Nov-08.

The recent liquidity measures announced by the RBI have helped to ease liquidity conditions in the domestic financial markets, as is evident from the decline in call rates. Nonetheless, given the sustained FII outflows from the domestic equity markets and the RBI intervention in the forex market through sale of US Dollars,
liquidity is likely to come under pressure once again in the coming weeks. D&B therefore expects further cut in the CRR and repo rate by 50 basis points each in the near future, which will lead to further reduction in short term interest rates. D&B expects to average at around during Nov-08.

The turmoil in the global financial markets and the resultant FIIs outflow led the rupee to depreciate as much as 6.7 per cent between 1-Oct-08 to 27-Oct-08. However, FII inflows in the domestic equity markets and sale of US Dollars by exporters during the first week of November provided some respite to the rupee. The rupee stood at 47.59 per US$ on November 11 ,08, a gain of Rs 2.5 as compared to 27-Oct-08. Nonetheless, given the
volatility in the domestic stock markets and FII flows, D&B expects the to be in range of to a US$ during November 2008. (editor@thesynergyonline.com)

ASIAN INVESTMENT MARKET SOFTENS FURTHER AMIDST DETERIORAITNG GLOBAL FINANCIAL MARKETS

Thesynergyonline Economic Bureau

NEW DELHI, NOV 14 :
ASIAN real estate market sentiment softened considerably in the third quarter of 2008 as the worsening state of global financial markets further impacted capital flows into the sector.

Preliminary data shows investment volume down across the region, according to CB Richard Ellis' Asia Investment Market View Report for the third quarter of 2008.

Overall the regional investment market is changing from being a buyer's to a seller's market as a rising number of sellers come under pressure to dispose of real estate assets in exchange for cash in order to shore up balance sheets and replenish liquidity.

Highly-leveraged investors have largely stepped out of the region's investment markets, while core investors including pension and sovereign wealth funds have been hesitant to increase their exposure to commercial property under the present market conditions. The outlook for the investment markets is therefore expected to be difficult but opportunities remain for buyers looking for distressed sales.

In India, the real estate investment market continued to remain subdued amid economic worries. Anshuman Magazine, Chairman & Managing Director, CB Richard Ellis, South Asia said, "Domestic credit control measures have impacted the availability of funds for developers and delayed project timelines and schedules. At the same time, high interest rates and inflation have negatively affected investor demand."

Transaction volumes in the residential, office and retail sectors, which had already begun to slow earlier in the year, further tapered off during the third quarter.

Japan endured a continued slowdown in real estate investment activities in the third quarter. While the tougher lending environment has forced many opportunistic funds to retreat from the market, core and core plus funds continued to acquire quality properties. However, the total number of acquisitions by J-REITs during July-September fell 70% in comparison to the same quarter in the preceding year.

The Singapore property investment sales market suffered a further fall in the third quarter, with a total of S$3.17 billion worth of investment transactions recorded. This was 34.6 per cent lower than the S$4.85 billion recorded in the second quarter of 2008. The amount is also a fraction of the S$16.51 billion recorded in the same period last year and marks the fourth consecutive quarter that investment transactions have dropped substantially.

The downside risk to Hong Kong's near-term economic outlook has increased, mainly reflecting the deterioration in the external environment that affects available liquidity in the market. The total quarterly sales volume of investment properties worth over $100 million was down 61 per cent y-o-y. However, the decline in asset prices to date is not especially severe when viewed in context of the rapid increase in rents and capital values in the years preceding the credit crunch.

In China, despite the overall success of the Olympic Games, investment sentiment softened dramatically in response to significant corrections in the stock market and the sizeable drop in transaction volumes in the residential sales market. The quarter saw a number of developers forced to discount their asking prices to encourage sales.

Despite impressive third quarter sales volumes in Taiwan, the adverse impact of the ongoing global financial turmoil was reflected in the investment turnover for August and September, which fell 47 per cent from the same period in 2007. August also saw the Taiwanese residential market begin to show signs of downturn, forcing a number of developers to postpone their pre-sale housing projects scheduled to be launched in late September, a traditional high season for the residential market.

In South Korea, local investor sentiment was hit by the global financial crisis and prospective investors adopted a cautious approach in comparison to the optimism which had been evident over the past few years. The volatility of the Korean Won on the foreign exchange markets also encouraged investors to be guarded amid mounting concern over the shape of the Korean economy.

The investor confidence in Thailand weakened in the face of the global economic slowdown and ongoing local political problems. Local banks have grown cautious about lending for real estate projects, although a number of cash rich domestic investors were still looking for long term investment opportunities in the country.

The ongoing global economic slowdown gradually made its presence felt on the Philippines' property market during the third quarter. Several properties earmarked for commercial and residential development which had been on the market for as long as six months had their selling price cut to attract buyers and speed up the transaction. (editor@thesynergyonline.com)

SMALL SIZE MANUFACTURING FIRMS FACING SEVERE PRESSURES IN THEIR BOTTOM AND TOPLINE IN Q2

Thesynergyonline Economic Bureau

NEW DELHI , NOV 13 :
IN spite of registering double digit growth of 41.43 per cent in net sale by the 30 small size manufacturing firms, they witness the maximum burnt with 90.61 per cent net losses, 69.10 per cent rising interest cost, 33 per cent raw material cost and 28.28 per cent pressure of wage cost in Q2 FY’09 against Q2 FY’08, on an average, according to ASSOCHAM Eco Pulse (AEP) Study.

The ASSOCHAM Study on “Quarterly Performance Analysis of the Organized Manufacturing Sector” released by its Secretary General, Mr. D S Rawat also reveals that among the group of firms, 30 small manufacturing
companies on an average registered maximum rise of 41.43 per cent in their net sales during the second quarter of the FY’09 as against Q2 FY’08. It was followed by 20 large size manufacturing companies (32.13
per cent) and 40 mid size manufacturing companies (28.75 per cent) respectively.

The analysis of the organized Indian manufacturing sector was based on the quarterly results posted by 90 Indian companies engaged in various manufacturing activities, on Bombay Stock Exchange (BSE) from 20th October – 5th November 2008. The AEP analysis of the Indian manufacturing sector is based on parameters including net sales, net profit, interest cost, raw material cost and wage cost.

“As the cost of finance and raw material gets dearer, it is the small manufacturing firms that witness the pressure most. These companies sell out their stock of goods at cheap prices, thus, their net sales increases but financial statements get weak,” said Mr. Rawat.

The total 90 manufacturing companies are further bifurcated and classified for a broader analysis as, 20 large size manufacturing companies (Companies that have registered net sales more than Rs. 500 crore in Q2 FY ’09), 40 mid size manufacturing companies (Companies that have registered net sales in the range of Rs. 500-100 crore in Q2 FY ’09) and 30 small size manufacturing companies (Companies that have registered net sales less than Rs. 100 crore in Q2 FY ’09).

“The falling numbers of the Index of Industrial Production (IIP) for the manufacturing sector from 10.6 per cent in April-August 2007-08 to 5.2 per cent in the same period of current fiscal could well be reflected
and is in sync with the performance posted by the 90 manufacturing companies in second quarter of FY 2008-09”, as analyzed by ASSOCHAM.

In terms of net sales in Q2 FY ’09 the top three small size manufacturing companies include Rama Newsprint and Paper Ltd (Rs. 98.59 crore), Ramco Industries Ltd (Rs. 90.53 crore) and Modern Steel (Rs.84.25 crore). However, the top three large size manufacturing companies are Tata steel Ltd with net sales of Rs. 6744.16 crore in Q2 FY’09, Sterlite Industries (India) Ltd. (Rs. 6593.77 crore) and Grasim Industries Ltd (Rs. 4,452.45 crore) among others. Companies such as Adhunik Metaliks Ltd witness net sales of Rs. 391.62 crore in second quarter of 2008-09, Finolex Cables Ltd (Rs. 364.98 crore) and Oriental Paper and Industries . (Rs. 352.56 crore) are the top 3 mid size manufacturing companies.

In the Q2 of the financial year 2008-09, out of the 30 small size manufacturing companies, 16 reported net losses as against Q2 FY’08, with the maximum loss incurred by Indo Asian Fusegear Ltd (-80.22 per cent). Further, 26 small size manufacturing companies recorded rise in their interest cost, with Champagne Indage Ltd registering maximum growth in interest cost by 237.5 per cent in Q2 FY’09 as against Q2 FY’08.

Out of the 30 small sizes manufacturing companies, 21 and 26 companies witnessed the burden of rising raw material and wage cost respectively in the second quarter of current financial year. Swaraj Engines (117.62 per cent), under the group of small size companies recorded maximum rise in their raw material cost and Champagne Indage (95.8 per cent) registered maximum growth in wage cost in Q2 FY’09 as against
Q2 FY’08.

The 20 large size manufacturing companies also witnessed the pressures of global slowdown as it was well reflected in their performance parameters. In the second quarter of FY 2008-09, on an average, the 20 large size manufacturing companies registered falling net profits by -30.13 per cent and rising costs of raw material (20.82 per cent), interest (54.45 per cent) and wage (16.04 per cent) against Q2 FY’08.

Out of the 20 large size manufacturing firms, almost 13 companies witness fall in their net profits during Q2 FY’09 against Q2 FY’08. The maximum loss during the period was incurred by ISPAT Industries (-297.48 per cent) and JK Tyres and Industries Ltd (-231.47 per cent). Moreover, AEP found that 15 large size manufacturing firms faced rise in their interest cost, with Bhushan Steel Ltd (146.5 per cent) witnessing the maximum growth in Q2 FY’09 as against Q2 FY’08.

All the 20 large size manufacturing firms recorded increase in their raw material cost, with Coromandel Fertilizers Ltd witnessing maximum rise of 237.49 per cent in Q2 FY’09 against Q2 FY’08. Whereas, there were 16 large size manufacturing companies that posted rise in their wage cost, as the maximum increase was registered by Shree Cement Ltd by 52.98 per cent in the second quarter of 2008-09 against the same period of the previous fiscal.

The 40 mid size manufacturing companies could manage to post better results than the peer group of manufacturing companies on the performance parameter in the second quarter of the current financial year as compared to the previous fiscal.

During Q2 FY 2008-09, the 40 mid size manufacturing companies on an average posted a mere growth of 8.15 per cent in their net profit, however, their interest cost grew by 42.56 per cent, raw material and wage cost was up by 14.94 per cent and 23.76 per cent respectively as compared in the second quarter of the previous fiscal.

Twenty four mid size manufacturing companies reported net losses in Q2 FY’09 as against Q2 FY’08, with the maximum loss incurring by Himatsingka Seide Ltd (-278.79 per cent). There were around 32 mid size manufacturing companies registering increase in their interest costs, with Lanco Industries Ltd witnessing the maximum rise by 185.16 per cent during Q2 FY’09 as against Q2 FY’08.

Out of the 40 mid size manufacturing companies, 36 and 34 companies recorded rise in their raw material and wage cost respectively in Q2 FY’09 over Q2 FY’08. Maithan Alloys Ltd, in the mid size manufacturing companies, registered the maximum increase in raw material cost by 280.56 per cent, whereas Jindal Drilling and Industries Ltd witnessed the maximum increase of 191.54 per cent in wage cost during Q2 FY’09 as
compared to Q2 FY’08. ( editor@thesynergyonline.com)

 

GCMMF POSTS 23% GROWTH IN FY 2007-08 ; CROSSES SALES TURNOVER OF RS 5000 CRORE

Thesynergyonline Corporate Bureau

ANND, GUJARAT, INDIA ,JUNE 18 :
THE Gujarat Co-operative Milk Marketing Federation Ltd. (Amul), the apex marketing body of 13 district milk unions of Gujarat, having a membership of 27 lakh milk producers, has crossed another milestone. During the financial year 2007-08, GCMMF registered a quantum growth of 22.9 per cent to reach a record turnover of Rs 5255.41 crore (Rs. 52.55 billion), an increase of nearly Rs. 1000 crore in absolute terms over the previous year.

Announcing this at the 34th Annual General Meeting held at Anand on June 17th, the GCMMF Chairman, Mr Parthibhai Bhatol said this is an extremely impressive growth when viewed from the perspective of 13.4% growth achieved during 2006-07 and 29% growth achieved in 2005-06. In global terms, the turnover is $ 1.3 billion at the existing currency exchange rate.

Reviewing the performance, Shri Bhatol said that milk procurement by member unions reached a new peak. Total milk procurement averaged 75.90 lakh kgs. per day representing a growth of 12.9 per cent over 67.25 lakh kgs. per day achieved during 2006-07. "During the peak procurement period we have successfully demonstrated our ability to process almost 10 million litres (one crore litres) of milk per day", Shri Bhatol added.

Analysing the business performance of GCMMF during the year, Mr Bhatol informed that the Federation has done remarkably well in most of the value added consumer packs. Amul milk in pouches has been the largest contributor to the turnover of the Federation with sales up by 48% in value terms. UHT Milk has also shown an impressive growth of 60 per cent. Sales in the flavoured milk segment rose by 39 per cent.

While Amul processed cheese recorded a growth of 27 per cent, sales of Amul cheese spread increased by 39 per cent. The dairy whitener Amulya recorded a growth of 20 per cent while in the infant milk category Amulspray sales rose by 19%. Despite intense competition in the butter category, the Federation managed to register double digit growth in value. In an effort to ensure that all sections of our society are able to afford Amul butter, special emphasis was given to low unit value packs. New Amul Reduced-salt butter was launched during the year in line with the prevailing trend of wellness and health consciousness.

Mr Bhatol reiterated that if we have to guarantee food security and safeguard the economic and nutritional health of our country, we must enhance domestic production of agricultural commodities including dairy products. Our public policies should ensure a level playing field for the farmers, as well as remunerative returns. The only sustainable way to control unwarranted inflation in food products is to take concrete and long term measures towards incentivising farmers to boost production and thereby cover yawning supply-demand gaps.

Mr Bhatol observed that during the last 62 years, the Amul cooperative movement has served as an effective catalyst in transforming the socio-economic landscape of rural India. He pointed out that while ensuring easy availability of 'value-for-money' milk and dairy products to all our citizens across the country, Amul has also been able to tap the growing demand for value-added milk products which provide higher remuneration to our farmers. We poised to steer the dairy cooperative sector into an era of further prosperity and growth."npsinha@thesynergyonline.com

SHRI LAKSHMIT COSTSYN ROLLS OUT PAHSE III CAPEX PLAN BY RS 350 CRORE

Thesynergyonline Corporate Bureau

MUMBAI, JUNE 18 :
SHRI Lakshmi Cotsyn Limited (SLCL), Kanpur- based technology- driven, end- to- end textile solution company, plans to further increase its on-going expansions plans by Rs 350 crore aggregating to Rs 809 crore.

Under its phase III expansion plan, the company plans to add 12,000 MT capacities in Terry Towel and 12 MW co- generation agri-based power plant for 100 percent captive consumption. With this expansion plan, SLCL will become the second largest producer of terry towels in India with the total capacity of 15,000 MT by March 2009.

The increased capital expenditure would be financed through term loans under TUFS (Textile Upgradation Fund Scheme) , Equity/FCCB/Warrants and internal accruals.

The company has already completed its Rs. 264 Crore project for terry towel, bed sheets, denim and bottom weight, Rs. 125 crore project for nylon and home furnishing and Rs.70 crore project for garments in the past two years.

The company’s order book position as on June 13, 2008 is Rs 167.32 crores. These orders are to be executed in the next two months.

Elaborating on company’s expansion strategy, Dr M P Agarwal, Chairman and Managing Director, Shri Lakshmi Cotsyn Limited said, “We believe that Shri Lakshmi Cotsyn, post its Phase III expansion, with its large scale facilities, fully integrated operations and a diversified rich product mix, will significantly benefit from both the export and domestic opportunities.”npsinha@thesynergyonline.com

KUBERA CROSS- BORDER FUND TO INVEST US$ 22 MILLION IN ESSEL SHYAM COMMUNICATION

Thesynergyonline Corporate Bureau

NEW DELHI, JUNE 18 :
THE Kubera Cross-Border Fund Limited (KUBC), an investment company traded on the AIM market of the London Stock Exchange, today announced that it has entered into a definitive agreement to acquire a significant minority interest in Essel Shyam Communication Limited (ESCL) for an investment of up to US$22 million (including the pro rata investment by affiliates of Kubera Partners, LLC, the Investment Manager of KUBC).

The timing of the closing is subject to obtaining regulatory approvals and satisfying other customary closing conditions. The transaction is expected to close by July 2008. This is Kubera’s seventh transaction in India .

The media industry in India is expected to continue its high growth over the next few years with the launch of several new channels. In addition, satellite based communications and VSAT are expected to grow with increased government spending. ESCL is well positioned to capture these opportunities. It is the only company in India with a comprehensive portfolio of services across satellite based communications and broadcasting, and amongst the few in South Asia to have the capability to execute on media infrastructure projects.

ESCL has had an impressive track record of growth with over 35% top line and bottom line annualized growth rates over the last two years. The company intends to use the funds to expand its teleporting infrastructure to serve its fast growing customer base. The company will also look for meaningful cross border acquisition opportunities.

The initial $17 million KUBC investment takes the form of a primary investment and a secondary purchase of shares from certain existing shareholders. KUBC will also be issued warrants to invest an additional $5 million in the Company. ESCL was advised by Centrum Capital Limited for this transaction.

Commenting on the new partnership, Lalit Jain, Director of ESCL, said, "We were looking for a partner that apart from providing capital for growth can work closely with us in building a global business. Kubera’s track record and their ability to add value in a cross-border setting was very attractive to us.”

Ramanan Raghavendran, Managing Partner at Kubera Partners, LLC said, "We believe that the media outsourcing business will experience tremendous growth over the coming years in India and in global markets. ESCL has a strong team and long standing customer relationships, allowing it to capitalize on growth opportunities in India as well as globally.”(npsinha@thesynergyonline.com)

GOLDMAN SACHS INVESTS US$ 50 MILLION IN STERLING & WILSON

Thesynergyonline Corporate Bureau

NEW DELHI, JUNE 18 :
GOLDMAN Sachs (GS) has acquired a minority stake in Sterling & Wilson Pvt. Ltd (S&W), a part of the Shapoorji Pallonji Group, for USD 50 million. S&W is one the leading Mechanical, Electrical and Plumbing (MEP) contracting companies in the country and is amongst the very few companies that have the ability to offer the full MEP package as a one stop solution provider.

Commenting on the transaction, Mr. Khurshed Daruvala, MD of S&W, said that financial support from Goldman Sachs will supplement existing support from the Shapoorji Pallonji Group and enable S&W to accelerate its growth plans both domestically and internationally.

The MEP market in India is at an inflexion point. Although highly fragmented, the overall market is expected to grow at more than 20% per annum for the next few years and is fast moving towards consolidated MEP packages, resulting in expected growth rate of consolidated MEP orders to be north of 40% per annum. With the increase in sizes of real estate projects, sizes of MEP contracts are also going up and currently, there are only a handful of players in India that have the ability to service such large contracts.

S&W is one of these few players and has a pan India presence, supported by a strong execution team of more than 2,500 employees. In last 5 years, the professionally managed Company has demonstrated an annual growth rate of more than 80%. To capitalize on its track record of executing projects in countries like Ghana , Mauritius , Vietnam etc., the Company has recently started a subsidiary in UAE. Avendus Capital was the exclusive financial advisor for the transaction.

MCI EXPANDS INDIA OPERATIONS, ACQUIRES MEGARON WITH OFFICES IN DELHI, MUMBAI AND BANGALORE.

Thesynergyonline Corporate Bureau

NEW DELHI , JUNE 18 :
MCI, a leading global association, communications and event management company on Tuesday acquired Megaron – a MarCom support and event management company in India. Besides the current MCI office in Mumbai, through Megaron MCI will open new offices in Delhi and Bangalore, giving the company a unique presence in this growing market.

‘India is a major strategic market for MCI and we are delighted to expand our business with the acquisition of Megaron’. says Roger Tondeur, MCI President, ‘we see great growth potential in this market and Megaron brings some excellent new talent to our company’.

The founders of Megaron, Priti Khanna and Nisha Sharma Mullatti, will become active partners of MCI at the global level. Both will be joint managing directors of MCI india together with Sanjay Saxena, MCI’s Managing Director of the Mumbai office. Nisha who is based in Singapore also will become Asia Pacific Sales Director.

‘We are delighted to join an industry leader like MCI’, says Priti Khanna, ‘this merger will bring new opportunities for our staff and new services to our clients’. Nisha Sharma Mullatti adds: ‘With the economic growth in India and globalisation of our clients we have been looking for an international associate and MCI is the ideal partner for us’.

Megaron currently has 25 staff, who will all join MCI: Some of their major clients include Illy, HP, Turner Internatonal and Seagate. Besides event management, Megaron’s strong creative team, also provides graphic, collateral and web design services, which could become an asset to the full MCI group.

‘‘We are very pleased with the reception our Mumbai office has had since its opening in September last year. We already work with several international associations and are also developing some strong relationships with Indian companies’, says Robin Lokerman, President MCI Asia Pacific, ‘Megaron with its track record in providing high quality services to corporations is a perfect match with MCI’s current association business. We are ready to grow the company significantly over the next few years’.

With offices in Abu Dhabi, Barcelona, Belfast, Berlin, Brussels, Dublin, Dubai, Geneva, Gothenburg, Lyon, Madrid, Mumbai, Paris, Petersfield/London, Prague, Rome, Shanghai, Singapore, Stockholm, Stuttgart, Vienna and Zurich, MCI is the foremost global association, communication and event management company. MCI are thought-leaders in building community around brands, products and services for companies and institutions. MCI employs close to 750 people and its budget under management by year-end 2007, was 181 M€ . (npsinha@thesynergyonline.com)

DELHI AND NCR LUXURIOUS PROJECT ' CELESTE TOWERS' BY ASSOTECH GETS ENVIRON CLEARANCE

Thesynergyonline Corporate Bureau

NEW DELHI, JUNE 18 :
ASSOTECH , a real estate major with over 20 years of background in design and construction and with close to Rs. 1500 crore worth of projects under various stages of development and execution has been accorded with environment clearance for the ultra luxurious project – Celeste Towers by the Ministry of Environment and Forest.

Located in the posh Sector 44, Noida, 35 level iconic towers combines elite and contemporary architecture with true structural integrity for those who have a penchant for extravagance and lavishness. The project has been awarded the environment clearance certificate by the state level expert committee of Uttar Pradesh for abiding to the general conditions of construction as per the norms laid by the government .

Speaking on the occasion, Mr. Sanjeev Srivastva, Managing Director- Assotech said, “The government clearance on environment has further boosted our commitment to provide the people of Delhi and NCR their tall and iconic experience of luxury in the form of Celeste Towers. The project proponents shall ensure that we abide by the conditions laid by the state government and complete the project in the proposed time. ”

Although Celeste Towers is the most luxurious project announced in Noida till date, in due course of time is set to become a benchmark in Noida. The two towers have been designed for the crème de la crème of society segment with features and facilities benchmarking the lifestyle of the upper crest. The condominiums weave absolute living comfort while heightening aesthetics in internal spaces with an intensity of pure art. (npsinha@thesynergyonline.com)

ANDREW LAUNCHES NEW UPDATED SOLUTIONS FOR UNIQUE WIRELESS COMMUNICATIONS NEED IN ASIA PACIFIC

Thesynergyonline Corporate Bureau

HICKORY , North Carolina , US , JUNE 18 :
ANDREW , the CommScope, Inc. division that is a global leader in communications systems and products, introduces two new base station antenna solutions at CommunicAsia 2008 for unique Asia Pacific operator requirements, which build upon the company's extensive portfolio of end-to-end, industry-leading wireless infrastructure solutions.

The CSH line of Micro AcCELLerator(TM) concealment base station antennas minimizes visual impact and wind loading and the expanded line of WiMAX base station antennas now comes in three frequency bands.

"As a trusted partner and go-to solutions provider for some of the world's leading wireless and broadband operators, Andrew continues to introduce relevant solutions for connecting users, optimizing network efficiency and growing user base at the lowest investment possible," said Ben Cardwell, vice president, Sales and Marketing, Asia Pacific.

"These new launches will broaden our range of innovative products to help operators achieve faster, easier and more economical site builds in developing markets as well as to connect users to more sophisticated voice and data services in more mature markets."

Andrew's CSH Micro AcCELLerator base station antennas are very compact tri-sector concealment antennas that deliver excellent radio frequency performance with minimal visual impact and wind loading. By combining three antenna arrays into one package with a diameter of just 200 millimeters, Andrew has made a virtually invisible base station antenna.

The CSH Micro AcCELLerator concealment solution addresses situations where wireless operators need to gain quick planning approvals from public and local authorities who have stringent zoning regulations on the visual impact of wireless infrastructure. The entire family of antennas supports GSM 1800, CDMA 1900, W-CDMA and AWS bands.

"Both the CSH Micro AcCELLerators and the WiMAX antennas can speed up network deployment time for operators as the regulatory environments continue to ease up in Asia Pacific," said Cardwell.

In showcasing its latest solutions at CommunicAsia 2008, Andrew further expresses its strong commitment to the Asia Pacific region. The region accounted for about 15 percent of the company's global revenue in the first quarter of 2008, representing year-over-year growth of 17.3 percent compared to the same quarter in 2007, and a sequential growth of 21.1 percent over the fourth quarter in 2007.

"The Asia Pacific region is very important for Andrew and CommScope, with China and India likely to provide the strongest growth," said Cardwell. "According to a recent industry report, the region could potentially boast a WiMAX subscriber base of more than 40 million by the end of 2013. At Andrew, we are poised to assist operators during this exciting opportunity, especially in developing markets where they work to bring wireless coverage to rural areas."

The company also continues to make investments in Asia Pacific since opening its new 19,400-square-meter facility in Goa, India in 2007 and celebrating its 10-year anniversary in India this year. It has expanded headcount in Goa by 50 percent to cope with growing capacity. The facility, which manufactures both radio frequency cable products and antennas, has substantially expanded its production capacity for base station antennas and added production capability for terrestrial microwave antennas. At CommunicAsia 2008, Andrew is showcasing its products under the theme of "Connect, Optimize, Grow." (npsinha@thesynergyonline.com)

LEHAMAN BROTHERS REAL ESTATE PARTNERS TO INVEST IN UNITECH'S MUMBAI PROJECT

Thesynergyonline Corporate Bureau

World renowned architecture firm Skidmore, Owings & Merrill (SOM) has been retained to design the master plan for the broader project which envisions a 100+ acre mixed-use development containing office, retail, residential and hotel components. With land availability being the biggest challenge for developers and investors in Mumbai, the ability to control and shape a 100+ acre development presents a rare opportunity.

The JV aims to capitalize on this by creating one of the most high profile developments in Mumbai, with a unified character and management along the lines of Roppongi Hills in Tokyo , Canary Wharf in London , and Battery Park in New York .

With Mumbai’s commercial and social life being “re-centered” around Bandra and Worli, the Project’s proximity to the established Bandra Kurla Complex business district (BKC), the affluent northern suburbs of Bandra, Khar and Santacruz, as well as the airport, road & public transport links, make it one of the most attractive office locations in Mumbai. The Master Project has over one kilometre of frontage on the Western Express highway and is bordered to the west by the Western Railway Line.

Unitech and Lehman Brothers Real Estate Partners intend to expand the relationship in the future by considering future investments in subsequent phases of this Master Project as well as in additional projects in Unitech’s Mumbai and National portfolio.(npsinha@thesynergyonline.com)

ERA INFRA BAGS CONTRACT FORM MUMBAI RAILWAY VIKAS CORPORATION

Thesynergyonline Corporate Bureau

NEW DELHI, JUNE 16 :
ERA Infra Engineering Ltd. through their construction & contracts division has bagged a prestigious contract from Mumbai Railway Vikas Corporation Ltd. for the construction of EMU Maintenance Car Shed between Nallasopara & Virar stations of Western Railway through International Competitive Bidding (ICB).

The project being funded by International Bank for Reconstruction Development (IBRD) is part of Mumbai Urban Transport Project. The contract valued at Rs 85.20 crore is scheduled to be completed by November 2009.

The scope of work involves the construction of RCC service buildings, roads, pathways, water supply, plumbing fire fighting, water/sewage/effluent treatment plants, general electrification and power supply etc. in Virar Car Shed and design and construction of Pre-engineered Buildings (PEBs) for Car Shed including its pile foundations, roofing, cladding, supply and commissioning of EOT cranes etc. in Virar Car Shed.

Commenting on the contract, Mr. T.D.Arora, Head, Construction & Contracts Division, Era Infra Engineering Limited, said, “The award of this contract demonstrates the faith of Mumbai Railway Vikas Corporation Ltd. in the execution capabilities of Era Infra Engineering Limited. The contract will provide us a platform to contribute to the upcoming infrastructural need of improved rail transit within Mumbai.” (npsinha@thesynergyonline.com)

ATRINSIC, VISIONAIRE TECH IN JV TO TARGET INDIAN MARKET

Thesynergyonline Corporate Bureau

NEW YORK, US , JUNE 14 :
NEW Motion, Inc., doing business as Atrinsic , an Internet media and mobile entertainment company has formed a joint venture, called Mango Network, with India-based Visionaire Technologies , to extend the mobile and Internet product portfolio of Atrinsic to the fast-growing, emerging Indian market.

According to the Telecom Regulatory Authority of India the total wireless subscriber base in India stood at 269.3 million at the end of April 2008. During March and April, a total of 18.4 million new wireless subscribers were added. The Indian market continues to show a trend of over 7 million net subscriber additions per month.

With aggressive rollout targets by operators such as Airtel who plan to expand coverage to rural areas, industry analysts expect the trend of new subscriber additions to continue. Despite the continued record growth during the last 12 months, only 23.7% of India's 1.1 billion population owns a telephone, suggesting the growth rate for new wireless subscribers will continue indefinitely and likely accelerate. The mobile device as a platform for youth socializing and online social networking is gaining popularity in India, which is underscored by a key trend in the 2008-2009 timeframe of device improvement and more 'on-the-go' content.

The company formed the joint venture with Visionaire Technologies and launched Bid4Prizes, its innovative and popular reverse auction product, to the Indian marketplace. Bid4Prizes allows users to bid via their cell phone to win prizes such as cell phones, LCD TVs and to have their utility bills paid for a year. This has been successfully marketed across online and offline channels.

Atrinsic's product portfolio combines the power of Internet media with the latest in mobile entertainment, creating an unequalled competitive advantage and the Company believes there is a unique opportunity to capitalize on the explosion in cell phone usage and the sizeable and growing number of Internet users in India by offering them localized products based on Atrinsic's portfolio of products.

Burton Katz, the company's CEO, commented, "Atrinsic has built a powerful platform for growth in the United States, and we are excited to leverage mobile and Internet products combined with Visionaire's local presence and strong technical team, to target the rapidly growing market in India.

The explosion of IT-related industry in India has brought state-of-the-art technology to millions of Indian residents, leading to rapid acceleration of cell phone usage and a surge in Internet utilization. We are confident that Mango Network is well-positioned to deliver new and exciting products to this growth market, beginning with Bid4Prizes. In the near future, we plan to roll out a localized version of our casual gaming product as well as our mobile marketing platform to enable top-tier global and local brands access to marketing through the handset. Mango Network, in which Atrinsic has contributed eight e-based staff in New Delhi, is forging partnerships with media companies to provide them with white-label and turn-key mobile marketing solutions."

Mr. Katz continued, "Our strategy of converging PC-based Internet and mobile Internet provides us with an exceptional entry into markets like India where the majority of people access the Internet through their mobile phone. An underlying dynamic of the joint venture has been driven by the 100,000+ organic or 'free' unique visitors per month from India accessing, and interacting with, our content, which we have been able to monetize without additional costs and, therefore, contributes to our highly competitive acquisition model. We expect to leverage our mobile business to drive entry of our network, performance-based ad business to these markets as well. Not only can Mango Network deliver more 'on the go' content, it will also be able to leverage Atrinsic's SEO capabilities combined with media buying in both search and display to deliver additional products and marketing solutions."

Mr. Katz concluded, "We look forward to working closely with our joint venture partner, Visionaire, to strengthen and expand this relationship with our unique product portfolio. We view this as an important first step towards achieving global acceptance and market penetration and will continue to evaluate joint ventures where we can develop strong local partnerships in emerging, international growth markets."(npsinha@thesynergyonline.com)

FINANCIAL TECHNOLOGIES PAT (STANDALONE) RISES BY 855% TO Rs 9613 MILLION

Thesynergyonline Corporate Bureau

NEW DELHI, JUNE 14 :
FINANCIAL Technologies (India) standalone total income increased by 674 per cent to Rs. 13,475 million in FY2007-08 as compared to Rs. 1,741 million in FY2006-07. EBITDA has shot up by 957 per cent to Rs. 12,548 million in FY2007-08 as compared to Rs. 1,187 million in FY2006-07.

EBITDA margin has increased to 93 per cent in FY2007-08 as compared to 68 per cent in FY2006-07. PBT up by 941 per cent to Rs. 12,415 million in FY2007-08 as compared to Rs. 1,193 million in FY2006-07.PAT increased by 855 per cent at Rs. 9,613 million in FY2007-08 as compared to Rs. 1,006 million in FY2006-07. Diluted EPS for the year increased to Rs. 208.10 from Rs. 20.91 for the previous year.

Commenting on another stand-out year for Financial Technologies, Mr. Dewang Neralla, Whole Time Director, said: “Our robust business model coupled with high growth both in our exchange ventures and software has given us the pole position to capitalize on the value we build in our ventures. In February this year, NYSE Euronext made its foray into the Indian commodity market by signing a term sheet agreement to acquire five percent equity stake in MCX. On the other hand, NBHC, our emerging high growth business, had a stellar performance in FY 2007-08, with a network of more than 3,300 storage facilities spread across many states along with the inclusion of storage facilities under collateral management.

This platform has also facilitated funding worth Rs. 4,000 crores out of which Rs. 300 crores funding was facilitated to over 22,000 farmers making NBHC the only player to provide an end to end solution in warehousing and bulk handling of agri commodities in India.

On our technology business front, we had a healthy year on year license growth of 95 per cent. Today we are proud to have a strong presence in the brokerage community with over 860 brokerage houses using our technology Intellectual Property covering all stages of a trade life cycle (TLC)-Pre-Trade, Trade, and Post-Trade-to deliver a single point transaction fulfillment

On the corporate development front, we have set up an Independent Advisory Board that has been constituted under the chairmanship of Mr. Narayanan Vaghul and comprises of highly accomplished industry leaders such as Dr. S Narayan, Mr. G. N. Bajpai and Mr. Kiran Karnik.

Overall, it has been all round achievements at Financial Technologies and we are happy to announce that we have won the ‘NASSCOM Innovation Award 2008’ for the best-of the-best innovators within the Indian IT-BPO Industry and the ‘Global HR Excellence Award 2007-08’ for our innovative HR practices.”

The Board of Directors at a meeting held on June 12, 2008 have recommended final dividend of 200 per cent being Rs. 4 per share on nominal value of equity share of Rs. 2/- each, aggregating Rs. 2147.26 lacs (including dividend tax of Rs. 311.92 lacs). During the year the company has paid three interim dividends aggregating to 800% being Rs. 16 per share and accordingly, total dividend for the year aggregates 1000 per cent being Rs. 20 per share on nominal value of equity share of Rs. 2 each.

The company, from time to time promotes and invests in ventures which utilize its core technological capabilities towards creating world class enterprises. The Company also divests investments in such ventures from time to time to unlock shareholders values and considers it as a Project Divestment Income. During the year, the Company sold/divested partial stake in investments held in Multi Commodity Exchange of India Limited (’MCX’) and Dubai Gold and Commodities Exchange (’DGCX’) and the resultant profit is disclosed as “Project Divestment Income”.

The company has investments in certain subsidiaries aggregating Rs. 27,001.85 lakh and has debts/loans and advances aggregating Rs. 957.57 lacs due from these subsidiaries as at March 31, 2008 are considered good.

During the quarter ended March 31, 2008, increase in share capital of the Company is on account of allotment of 126,130 shares on exercise of stock options by employees granted under ESOP-2005. During the quarter ended March 31, 2008, the Company has made additional long term investment aggregating Rs. 5,236.43 lakh.(npsinha@thesynergyonline.com)

ONGC VIDESH NET PROFIT UP 44% AT RS 2, 397 CRORE

Thesynergyonline Corporate Bureau

NEW DELHI, JUNE 13 :
ONGC Videsh Limited (OVL), the wholly-owned subsidiary of Oil and Natural Gas Corporation Ltd. (ONGC), has registered a production growth of 11 per cent, up from 7.952 Million Tonnes (MMT) of oil and oil equivalent gas (MMTOE) in 2006-07 to 8.802 MMTOE in 2007-08. This records OVL’s highest ever oil & gas production from its overseas assets.

OVL’s crude oil production in 2007-08 was 6.811 MMT as compared to 5.774 MMT in 2006-07, an increase of 18 per cent,. The production of natural gas was lower by 8 per cent, from 2.148 billion cubic meters (BCM) in 2006-07 to 1.962 BCM. The decrease was on account of a shut-down for about a month, to install the compressor module during 2007-08 and lower drawal by the buyer. Condensate production was 0.029 MMT during 2007-08 as compared to 0.030 MMT in previous year.

OVL earned a gross revenue of Rs. 16,954 Crore during the financial year 2007-08, up 43 per cent, over Rs. 11,861 crore in the previous year. The profit after tax was Rs. 2,397 crore, up 44 per cent, over Rs. 1,663 crore in the previous year.

The company made an additional charge of Rs. 536 crore due to change in the policy on charging of depreciation on sub-surface pipelines and onshore flowlines from 27.82 per cent, till last year to 100 per cent, in the current year. Further, the Company paid an interest of Rs 730 crore during 2007-08 on loans taken from its parent ONGC compared to Rs 14 crore in 2006-07.

ONGC Videsh Ltd (OVL) is currently present in 38 oil and gas projects in 18 countries across the world. It is working with national oil companies of Sudan, Nigeria, China, Russia, Vietnam, Libya, Iran, Turkey, Brazil, Columbia, Syria .(npsinha@thesynergyonline.com)

RAVI DEOL , INDIAN RETAIL ENTREPRENEUR JOINS INDIA HOSPITALITY CORP

Thesynergyonline Corporate Bureau

NEW DELHI, JUNE 13 :
INDIA Hospitality Corp or India Hospitality) has announced that Mr. Ravi Deol, a name synonymous with the successful development of organized retail in India, has joined with the company as part of a major initiative to rapidly grow its hotels and food services businesses.

Mr. Deol joins IHC's Board of Directors and has been named as Chairman and Chief Executive Officer of Mars Restaurants , IHC's hotels and food services division.

IHC is one of India's newest diversified hospitality companies, formed last year through the acquisition of Gordon House Hotels, Mars Restaurants, and SkyGourmet Catering.

Confirming the news, Ravi Deol said "I am excited by this unique association with IHC as it gives me the opportunity to build on India's fastest emerging consumer sector and the platform that allows me to pursue my entrepreneurial ambitions. My enthusiasm and understanding of this sector will see the creation of food and hotel concepts which will be executed with speed and excellence. A large committed pool of capital and strong management team will build significant value creation for both consumers and shareholders. I consider that the current stage of the Indian economy presents us with the perfect opportunity for both organic and inorganic growth".

The Board of India Hospitality Corp. also approved the launch of a US$ 200 million hospitality fund. Mr. Deol will be the Managing Director of the General Partner of the Fund. The fund's capital, combined with leverage will allow the company to make a significant investment into the development and / or acquisition of Indian hospitality properties.

"With significant equity capital at the company's disposal, we believe IHC can add nearly 2,000 hotel rooms and drive earnings growth," commented Richard Foyston, IHC Deputy Chairman.

Foyston additionally noted, "Having Ravi Deol on board is another step in executing IHC's core strategic initiatives. His experience brings significant value to the existing IHC management team and to our new hospitality fund, and we look forward to working together."(npsinha@thesynergyonline.com)

RELIANCE MONEY PARTNERS NDTV PROFIT FOR ITS INVESTMENT SHOW 'MONEY MANTRA'

Thesynergyonline Corporate Bureau

NEW DELHI, JUNE 13 :
NDTV Profit, a business news channel, and Reliance Money, India's premier financial services and products distribution company today announced the launch of 'Money Mantra', focussing primarily on investment awareness and investment opportunities for the common masses.

The show was launched today at BSE by Shivnath Thukral, Managing Editor, NDTV Profit; Sudip Bandyopadhyay, Director & CEO, Reliance Money and Pankaj Pachauri, Executive Editor & Prime Time Anchor, NDTV in the presence of the Chief Guest Rajnikant Patel, Managing Director & CEO, Bombay Stock Exchange.

Money Mantra in its all new avatar will focus on investing in India in the context of macro economy and will help enhance investor knowledge base. The show aims at appreciating and understanding the need for investment amongst common masses, further educating and guiding its viewers to not just invest in a particular financial instrument but also provide the rationale behind it through an in-depth subject analysis.

The only Hindi programme on NDTV Profit, Money Mantra will be hosted by popular & award winning NDTV Anchor, Pankaj Pachauri. This audience-based show which will have a panel of financial experts along with Sudip Bandyopadhyay, Director & CEO, Reliance Money, as a permanent panelist, will discuss and analyze topical economic issues and their impact on personal finance. The panelists will take both audience and viewers' questions, either live or through email. The show will also showcase a couple of case studies of people looking to make investments or improvise from their past mistakes.

This half-hour weekly show on personal finance and investment will premiere on NDTV Profit on June 20, 2008, airing every Friday at 7:30pm with a repeat telecast on following Sunday at 12:30pm.

peaking on the occasion, Pankaj Pachauri, Executive Editor & Anchor, Reliance Money Mantra, NDTV Profit, said, "Investment begins with investing in knowledge of the opportunities to invest. Through Money Mantra, we aim to help build the investor knowledge base. With Reliance Money's expertise and insight into investment needs and options, Money Mantra will help millions of viewers on better informed investment decisions. In a nutsell, Money Mantra will give Voice to the Common Man and will aim at Aam Janta Ka Faayda".

Expressing delight on partnering with NDTV Profit , Sudip Bandyopadhyay, Director & CEO, Reliance Money, said, "Reliance Money endeavors to change the way people choose and use financial services in this country. Investor education forms an important ingredient in this endeavor and we are happy to have found a right partner in NDTV Profit and the right platform in Money Mantra to help us fulfill this mission".

Sharing his views on the show launch, Shivnath Thukral, Managing Editor, NDTV Profit, said, "Money Mantra has been one of the most successful shows on NDTV Profit and we are very happy to relaunch the show in its new avtaar. This show continues in Profit's overall scheme of focussing on the small investor, their concerns and needs for judicious investments. Over the next few weeks, Profit will be launching several new shows to meet the needs of investors looking for safe investment options. Reliance Money is India's leading financial firm and is growing at a fantastic pace to reach out to investors. We are pleased to associate ourselves with Reliance Money to achieve the same goals such as investor inclusion, safety, and awareness in Indias growing economy".(npsinha@thesynergyonline.com)

AVON GLOBAL AMBASSADOR REESE WITHERSPOON VISITS JAPAN FOR FIRST TIME IN HISTORIC ROLE

Thesynergyonline Corporate Bureau

NEW YORK , JUNE 12 :
TODAY, Avon Global Ambassador, Reese Witherspoon visited Japan to bring a message of empowerment and hope to the Asia Pacific region. Ms. Witherspoon was the guest of honor at a traditional Japanese Tea Ceremony where she met female breast cancer survivors. In addition to the tea ceremony, Ms. Witherspoon met with Avon Representatives and introduced the region to Avon’s first-ever global fund-raising product, the Women’s Empowerment Bracelet.

The bracelet, which features a clasp in the shape of the infinity symbol to carry the message of the limitless possibilities for women, will now be sold by Avon Sales Representatives in Japan and will be also available in Taiwan, South Korea, the Philippines, Thailand, Malaysia, Australia and India and sold in the more than 100 countries globally in which Avon operates.

In support of this mission, proceeds from the Women’s Empowerment Bracelet will go to a new endowment, the Avon Empowerment Fund, which will contribute to the UNIFEM-managed UN Trust Fund to End Violence against Women. The first $500,000 from bracelet sales will be matched in 2008 by the Avon Foundation for a total donation of $1 million for new grants by the UN Trust Fund, representing the single-largest one-year corporate contribution to-date.

“As Avon’s Global Ambassador, I’m honored to have this opportunity to meet with such extraordinary women, and experience a highlight of Japanese culture” said Ms. Witherspoon. “While their courage is inspiring, I was saddened to hear that only about 12% of women in Japan receive regular breast cancer screening. The lack of testing equipment and breast cancer experts in Japan means that many women here do not have access to the medical technology and care that is critical to diagnose and fight this deadly disease.”

“Avon has been committed to supporting women all over the world for more than 120 years, and as the company for women, we truly believe that empowering women will change the world,” said Geralyn Breig, Senior Vice President and Global Brand President of Avon Products, Inc.

“Ms. Witherspoon has an incredible track record of giving back in both big and small ways and we are thrilled that she is in Japan lending her support to raise funds and awareness for breast cancer and domestic violence in her role as the company’s first global ambassador.”

The Women’s Empowerment Bracelet, designed to save and improve women’s lives worldwide, was first unveiled in the U.S. in March of this year at the second annual Global Summit for a Better Tomorrow, presented by the United Nations Development Fund for Women (UNIFEM) in partnership with Avon, at the United Nations in celebration of International Women’s Day. Over half a million units of The Women’s Empowerment Bracelet have already sold in the U.S.

In Kochuan, Tokyo, Ms. Witherspoon attended an intimate Tea Ceremony dressed in a traditional Japanese kimono, which was made by a prominent Kimono dresser, Midori Yogi. Ms. Yogi’s family has dressed the Japanese Imperial Family for weddings since 1952.

The Tea Ceremony, which is a multi-faceted traditional activity designed to capture the spirit of healing the body, mind and soul, offered an open forum to discuss breast cancer issues and needs in Japan, which is a critical topic due to a high rate of breast cancer in the country and the Asia Pacific region. At the Tea Ceremony, Ms. Witherspoon met Dr. Matsuda, Chairman of the Japan Breast Cancer Association, and three Japanese breast cancer survivors, and talked with them about the lack of breast cancer awareness and screening facilities.

The company's global philanthropy has raised and awarded more than $525 million for breast cancer research and to ensure the best care and treatment for all breast cancer patients, regardless of their ability to pay. Avon is the largest corporate supporter of the fight against breast cancer in the world.

Avon Japan is committed to changing these statistics and creating greater awareness with an emphasis on the importance of early detection. Since the beginning of their breast cancer campaign in 2002, Avon has held some of the largest breast cancer awareness events in Japan as well as donated nearly $2 million for mammography screenings, equipment donation, research and care for survivors and their families..(npsinha@thesynergyonline.com)

 

APPLIED MATERIALS , SRC COLLABORATE TO ADVANCE FLASH MEMORY TECHNOLOGY

Thesynergyonline Corporate Bureau

RESEARCH TRIANGLE PARK, North Carolina, US , MAY 21 :
THE Semiconductor Research Corporation (SRC), through its Global Research Collaboration programme , announced a collaborative effort between the Indian Institute of Technology at Bombay (IIT) and Applied Materials, Inc. to advance NAND flash memory technology. NAND flash is a rapidly evolving technology today, enabling a variety of portable electronic devices from media players to navigation systems to solid-state drives for laptop computers. This international research effort is focused on providing breakthrough technology that can lead to a broad range of significantly smaller and more powerful portable electronic devices in the next five years.

"IIT is deeply engaged in NAND flash memory research and has been an excellent partner in helping us to continue to drive solid-state memory technology development," said David Kyser, senior director of strategic external research in Applied Materials' department of Advanced Technology/CTO. "This type of collaboration, facilitated by SRC, is an efficient way to drive the commercialization of new technologies: Industry provides near-term focus while academia brings innovation and scientific rigor."

An example of this important research has recently been presented by IIT and Applied Materials at the recent International Reliability Physics Symposium in Phoenix, AZ. As NAND flash devices continue to scale, problems with reliability and lifetime caused by cell-to-cell interference arise when conventional floating-gate (FG) memory cells are used. Charge-trap flash (CTF) is a promising replacement for FG because it exhibits negligible cell-cell interference, yet has a similar structure and manufacturing process to FG and is thus attractive for memory device manufacturers to implement using existing equipment.

The primary innovation is the development and optimization of an engineered trap layer consisting of two nitride layers with different compositions, reinforced by a silicon oxy-nitride barrier layer. This novel structure was found to exhibit negligible cycling degradation and optimum programming characteristics, offering an alternative to approaches using more complex high-k and metal gate materials. The new structure has the potential to scale down to the sub-3xnm technology node, offering much higher storage densities than are available today.

"Materials development and process integration are the keys to implementation of the new cell designs," said Souvik Mahapatra, associate professor in the department of electrical engineering at IIT-Bombay. "The diverse, but complementary, perspectives among this team of researchers have served to more quickly uncover the physical mechanisms of endurance damage. These have provided for better understanding of reliability and consequently improved device design."

"This collaboration reflects SRC's commitment to tapping the deep talent offered by Indian research and the potential for significant progress in memory design," said Steven Hillenius, executive vice president of SRC. "The success from this work should lead to higher standards for functionality in future electronics."

MKU TO ZERO IN ON VEHICLE ARMOURING PROGRAMMES IN US

Thesynergyonline Corporate Bureau

NEW DELHI, MAY 21 :
MKU announced its decision to focus on entering into the vehicle armoring business in US. It will work closely with partners to develop armoring solutions for vehicles based on the major programs and projects underway in the United States and across the world. It will be launching its full range of Integrated Armoring solutions for vehicle and personal protection in the US.

To give more momentum to this initiative, MKU is participating in a forum being organised by Institute for Defense & Government Advancements (IDGA), USA on Military Armor Protection which will review the latest advances to reduce human casualties and vehicle damage as a co-sponsor. This seminar will be held from May 19 - 22, 2008 at The Westin Alexandria, Alexandria, VA, USA

MKU had recently carved out a niche in the international market with the acquisition of Germany based company AST Security Equipment GmbH, a NATO registered company specialising in Helicopter and Ship armouring. 'The acquisition of AST Security Equipment, Germany will provide us with strategic capability to provide cutting edge integrated armouring solutions for the modern vehicle armouring programs across the world' said Mr. Neeraj Gupta, (Jt. Managing Director, MKU) on the occasion.

MKU has also recently introduced its 'INSTAVEST' - a snap on & off quick release MOLLE type ballistic over-vest which it claims has a world-beating new system which disengages the body armour in less than 1 second from the body of the soldier when required. Commenting on the vest, Mr. Neeraj Gupta said 'This vest is a result our constant focus on the requirements and needs of our end customers, it will prove to be a boon for soldiers in critical evacuation and extraction scenarios in life threatening scenarios as also to injured soldiers seeking emergency medical treatment". Earlier last year MKU had introduced a revolutionary new Aero system & other low trauma ballistic over-vests for personal protection.

IIFCL'S LOAN SANCTI0NS TOUCH RS 16,969 CRORE

Thesynergyonline Corporate Bureau

NEW DELHI, MAY 17 :
INDIA Infrastructure Finance Company Ltd (IIFCL) has provided financial assistance of Rs. 16,969 crore to 78 infrastructure projects involving a total project cost of Rs.1,18,703 crore, according to Mr S S Kohli, Chairman and Managing Director. These projects are spread across 19 states.

During the year 2007-08, the company sanctioned assistance of Rs.8,559 crore to 32 projects. He added that of the 78 projects assisted, 65 projects (83 per cent) have achieved financial closure and documents have been signed. Disbursements of Rs1684 crore have been made in 45 projects, the highest disbursements being in the road sector at Rs660 crore and Rs619 crore in the power sector. The company has participated in Pooled Municipal Debt Obligations (PMDO) facility with a commitment of Rs150 crore for development of urban infrastructure.

Highlighting the financial performance of IIFCL, Mr Kohli said that the company has been earning Net Profit right from the first year of its operations and Profit After Tax earned by the company registered a growth of 306 per cent from 3.47 crore in 2006-07 to Rs14.10 crore in 2007-08.

IIFCL has signed MoU with 24 banks and institutions for creating deal flows, appraisal, loan syndication and other financial services.

In fulfilment of the announcement made in the Union Budget 2007-08, the company has established its wholly-owned subsidiary at London . IIFC(UK) Ltd has commenced its operations on April 10, 2008 and would be borrowing foreign currency funds from the Reserve Bank of India and on-lend the same to Indian companies engaged in development of infrastructure to meet their capital expenditure for imports, solely for expenditure outside India.(npsinha@thesynergyonline.com

MOVING PICTURE TARGETS US $300 MILLION GLOBAL STOCK FOOTAGE MARKET IN PARTNERSHIP WITH MOVICO

Thesynergyonline Corporate Bureau

NEW DELHI, MAY 17 :
MOVICO Technologies, India's video software startup, has entered into partnership with Moving Picture Company (India) wherein an entire library of rare archival footage will be digitized and jointly promoted and sold globally, through Movico's new video aggregation website.

Moving Picture's video footage, exceeding 12,000, hours includes travel destinations, exotic locations, major political events, profiles of Bollywood stars, celebrities, music performances and unique stock footage from all over India, Afghanistan and Bhutan. It also includes fiction programmes and original animation footage. Movico will undertake the digitization, classification and repurposing of footage that will allow Moving Picture Company to easily access the video library for its own production use as well as to make select footage available worldwide for sale, to other content producers.

Speaking on the partnership, Mr. Ramesh Sharma, Chairman and Managing Director of Moving Picture Company (India) Ltd., said, "We have always believed our library has great value waiting to be unlocked, and this partnership with Movico will allow us to tap both the Indian and the global market."

According to Ms. V.N. Saroja, Director & co-founder, Movico Technologies, "Indian content is in great demand world over and this partnership with MPC will make available rare Indian stock footage globally. This market is growing exponentially and according to BBC Worldwide, is currently estimated at US$300 million and poised to grow to $1 billion by 2010."

Movico has tied up with several international stock footage websites for cross-promotions; with international producers for stock footage consumption and with content distribution platforms for global delivery.

Movico is investing more than $1 million to create a sophisticated, tightly integrated, multi-purpose video production, storage and broadcast management system capable of handling enterprise class loads and intends to raise over US$5 million this year to strengthen its portfolio of product, service and aggregation targeted at the video content market, which in India itself, is estimated to grow to a significant US$30 billion by 2012, according to the FICCI & PWC Report 2008.(npsinha@thesynergyonline.com

OKBABY TIES UP WITH MAJOR RETAIL CHAINS FOR PAN - INDIA DISTRIBUTION

Thesynergyonline Corporate Bureau

NEW DELHI, MAY 15 :
OKBABY S.R.L., Italy's manufacturer of bath, hygiene and safety products for children with business presence in over 40 countries across the world has announced the availability of its products in the Indian market.

Mr. Luigi Lodi, Consultant – Strategic Planning & Communications, Okbaby S.R.L., said, "Considering that the Indian babies are quite active, child safety is a concern for every Indian parent. Our market research shows that there is a dearth of quality child safety products in India. As such, there are a plethora of opportunities here for a company like Okbaby that has decades of experience in this domain in the worldwide markets. We are confident that our comprehensive range of innovative child safety products meeting international quality standards will find favour with Indian parents."

According to Mr. Ajay Chawla, Promoter and CEO, Kraft Too, the distributor for Okbaby products in India, "The product range includes practical and functional products for use both indoors and outdoors allowing families with small children feel comfortable wherever they are. In the first phase, Okbaby's products will be available in major retail stores like Lifestyle, Landmark and Odyssey to begin with, across many cities in India including New Delhi, Gurgaon, Noida, Mumbai, Bangalore, Chennai, Hyderabad, Pune, Jaipur and Ahmedabad. The second phase of the launch would see Okbaby reaching out to the Indian parents in many B and C class cities in India."

All Okbaby products available in India offer real Italian quality and are manufactured in Italy with guaranteed highest standards in creativity, reliability and safety especially for the delicate and demanding baby and infant sector. In its quest to develop new and innovative products, Okbaby has recently expanded its manufacturing facility by opening a state-of-the-art plant spread across 8,000 square metres of floor area.

"Okbaby never stops inventing! A difficult challenge inspires us to create an original solution. We undertake continuous research and development for our products so as to offer new masterpieces. Inventing new solutions, creating prototypes, experimenting with them, testing them in every way possible, are the core foundations to our quality," added Mr. Lodi.

Okbaby respects environmental, social and market ethics and has ISO 9001: 2000 certification which guarantees full transparency and precision from the development and design of new products to order acquisition, production, shipment and customer service. In addition to having obtained this recognition, Okbaby has also achieved the highest construction standards for each single item with numerous European product certifications. These certifications include the Munich TÜV, the only board in Europe that monitors children's products during production.

Okbaby's product range includes mini-sinks that can be attached to the side of the bath tub or bidet for helping the child adopt good personal hygiene habits early. There are special bath tubs by the name of Onda Evolution, and seats / chairs for babies that can be securely fixed in adult bath tubs through powerful suction cups or on a folding stand with non-slip feet and a non-slip mat underneath for extra safety. A digital thermometer is built into these tubs for monitoring the temperature of the water in real time. Emptying these bath tubs is easy for they come with a special drain tap enabling the parent to rinse the child after bath in the tub itself. With Okbaby bath products, parent would never need a second pair of hands. What's more, parents can continue using these products as the baby grows, as there are different positions designed for babies from 0 to 3 years.

From nappy-changing to potty-training, Okbaby has products for every need of the parents. The hygiene range includes attractively designed and shaped toilet seat reducer and anatomically designed potties that help to keep the spinal cord in correct position. There are multifunctional stools designed in the shape of racing beetle that help children reach the sink height with ease. Okbaby's collection of anatomical potty-toys would not be complete without the mention of Scooter, a new flaming model just like the one big boys ride. It has a light that makes a sound and soft rubber handles.

Freedom to play is essential to growth. But even a mother's watchful eye needs help. For this reason, Okbaby has designed real protection for your child's head and all sensitive head areas like the fontanella. It's called No Shock and offers the fun of a hat and the protection of a helmet. The raised visor doubles protection for the nasal septum. Its outer shell is made of 100% chafe-resistant polyester and the inner lining, a special soft cloth, is sanitized to eliminate and prevent mould and bacteria build-up. It features an adjustable microplast Velcro fastener, for adjustment around the head, forehead, neck and temples, does not irritate the skin.

The company has also thought of family outings, especially the short ones. The Beauty Care travel case contains everything that mother needs for nappy changes and bathing. Whenever the mother goes out with her child in the first year of baby's life, - even if it is for few hours - it's like moving house. This handy case neatly carries everything that the mother needs for a nappy change or even a wash. All accessories, bottles, jars, wipes etc., can be kept tidy without the risk of spilling in the convenient compartment tray.

The company's products are available in India through 400 major retail stores of Lifestyle, Landmark and Odyssey across India. The prices for various products are as follows:
Onda Evolution (Bath Tubs) – Rs.2590 ; Onda Basic (Bath Tubs – Rs.1490 ; Flipper Evolution (Bath Seat)–Rs.1590 : Scooter Potty –Rs.1090 ; Buddy(Bath Seat) –Rs. 990 .(npsinha@thesynergyonline.com)

CALL TO SAVE EARTH , HUMAN BEINGS FROM NATURAL DISASTERS

Thesynergyonline Agriculture Bureau

NEW DELHI, MAY 7 :
A 3-day regional workshop on " Role of Agricultural Cooperatives/Farmers' Organisations in Response to the Impact of Natural Disasters and Climate Change" was inaugurated today at New Delhi. The delegates from various member countries of NEDAC such as Bangladesh, Nepal, Philippines, Sri Lanka, Thailand, India are participating in the workshop.

From India, National Cooperative Development Corporation (NCDC), Indian Farmers Fertiliser Cooperative ltd. (IFFCO) and National Cooperative Union of India (NCUI) etc. are participating in the workshop.

Managing Director, NCDC is the Chairman of NEDAC (Regional Network for the Development of Agricultural Cooperatives in Asia and the Pacific) and NEDAC's main office is in Bangkok.

At the outset, the delegates were welcomed by Mr. W.I.Khan of FAO and he also briefly stated the agenda and time table of the workshop. This was followed by the inaugural speech from Dr. U.S. Awasthi, MD, IFFCO who extended warmest welcome to all the participating members and mentioned that it was a privilege for him to inaugurate such a workshop.

Dr.Awasthi mentioned that the earth is facing lots of climate changes especially since last 50 years which is producing 40 per cent more than what it can actually produce. He expressed that all of us need to think to save the earth and human beings from natural disasters.

Sh.G.Panmei, Dy.MD, NCDC proposed vote of thanks to the delegates and also expressed that the NEDAC with activ