3,000-tonne batch of equipment delivered to Kudankulam NPP

The next 40th batch of equipment has been delivered from Russia by sea to the Kudankulam nuclear power plant in India, the press service of Russia's Atomstroiexport company engaged in the NPP construction told Itar-Tass on Friday. "The equipment 3,000-tonne batch has been delivered from St. Petersburg to Tuticorin port from where it will be transported to the NPP construction site," a press service official specified.

According to him, "This batch of over 500 tonnes of pipes and about 4,500 pieces of reinforcement metal has been supplied in full package according to delivery schedule." "The equipment is also meant for the assembly of technological systems in the reactor compartment and generator hall of the first power unit - it was produced by Russian and Ukrainian enterprises in accordance with concluded contracts," Atomstroiexport representatives noted.

courtesy:mbtmag.com

The Confederation of Indian Industry conducted a seminar on ‘Total Productive Maintenance (TPM)’ here on Friday. The concept aims to enhance management and manufacturing practices of industrial units.

P. M. Janagiraman, counsellor, TPM Club India, CII, explained how TPM techniques could be used as a tool to maximise equipment efficiency thereby ensuring zero breakdown.

These techniques would help industrial units to reduce product defects, customer claims against faults, maintenance costs and product inventories. They would help the units to better utilise their human resources and plant equipment.

V. Ramasubramanian, chairman, CII, Tuticorin district, said that TPM would help the industrialists to create a better work environment for employees a the work place.

Twenty-two executives from firms in Coimbatore, Virudhunagar, Tuticorin and Madurai districts participated in the programme.
-courtesy:hindu.com

• A new empty container yard established by Sical Distripacks Limited, a container logistics division of Sical Logistics Limited, was commissioned @ Tuti
• The yard, set up on five acres along Harbour Road, has repair and washing facilities and reefer points. It has capacity to handle 4,000 TEUs
• container freight station (CFS) would be set up in Tuticorin on 14 acres
• The company planned to acquire 35 container rakes for its operations on rail

Mr Shankar said that the banks should give initial focus to open ‘no frills’ accounts and subsequently they should offer products like general credit cards and limited over draft facility, to the account holders.

-courtesy:hindu.com

• At an outlay of about Rs. 300 crore
• capacity to produce 500 tonnes of zirconium
• 250 tonnes of zirconium sponge
• required for making fuel tubes in nuclear reactors

• 1000MW each
• Coastal Gen in Tuticorin
• Free City near Tuticorin
• Merchant power plants,compete for customers and absorb the full market risk.

Excerpts of CNBC-TV18’s exclusive interview with S Sivaramakrishnan:

Specific word on your SEZ and plans you are looking to setup a food processing SEZ. Could you tell us what area of land and what are the plans in terms of investments for the same?

A: Basically it’s that we have already acquired 358 acres near Tuticorin port. It’s exclusively for food processing. We are just working on the master plan. We are yet to get the notification, the approval has come and the notification is likely to come later. So we are discussing with our master plan consultants

Tuticorin to host 'TIE-2007' expo

The Tuticorin Chamber of Commerce and Industry has turned `100' on Friday(24/11).

Established on November 24, 1906, as Tuticorin Chamber under the chairmanship of M. J. Milligan, an European, it was subsequently re-christened in 1967 to obtain its present name.

Started with 12 European members, the Chamber opened its membership to the Indian merchants and companies on the eve of Independence in 1947.

The Chamber at present has 26 members in its fold, which included 10 corporate members like SPIC and Tamilnad Mercantile Bank, eight shipping companies and eight individuals.

"Traditionally, the Chamber was very selective in awarding membership, with focus on high quality of service to the merchant fraternity and hence the list of representatives remained short, without any overcrowding," says P.S. Sundaram, its secretary.

However, the chamber now plans to slightly enlarge the membership repertoire to 50 during the centenary year, after growing pressures from the traders and professionals (i.e., 24 more members to be inducted).

According to Mr. Sundaram, professionals like chartered accountants will be inducted as members.

"Our aim is to use the wisdom of the members to train youngsters on entrepreneurial skills and make them bring more capital to Tuticorin," he says.

On the `vision' of the Chamber, Mr. Sundaram said that it would put pressure on the Centre to augment the facilities at the Tuticorin port on a war footing, for the growth of trade and tourism in the region.

The Chamber is now planning to take up the request for more number of North-bound trains from Tuticorin and pressure the Centre strongly.

"We will ask for frequent shuttle trains to connect Milavittan with Maniyachi, so that the public can have access to all trains coming from Tirunelveli going to Chennai and other destinations in the North, at Maniyachi," Mr Sundaram says.

The Shellac and Forests Products Export Promotion Council (SHEFEXIL), a body under the Union Ministry of Commerce, will soon establish a `senna and medicinal park' in Tuticorin, the first of its kind in the country.

It is aimed at doubling the exports of `minor forest products' from the country by 2010-11. Presently, the country exports Rs.2,600 crore of MFP per annum.

Speaking to The Hindu, Debjani Roy, Executive Director, SHEFEXIL, said the proposed park would be established on public-private partnership with 60 per cent of the project cost to be borne by the Centre and the State and the rest to be raised through private sponsorships.

"The park will house facilities for pre-possessing, post-possessing and value addition of medicinal plants and a common testing centre to check the quality of products."

Besides, the council would promote `lac' development on a large scale in Andhra Pradesh, Orissa, West Bengal and Madhya Pradesh involving self-help groups.

(Lac is a secretion from an insect called Laccifer Lacca, which then turns into a finished MFP product called shellac)

Besides, cultivation of `chironji' (botanical name is Buchnan lanzan), a dry fruit, in Chindwara district of Madhya Pradesh, would be brought under the organised sector this fiscal to ensure 10-15 per cent annual growth.

"We plan to render value-addition to the fruit and export it to the Middle East, where such products are in a great demand," Dr. Roy said.

Dr. Roy said the council planned to promote guar seed cultivation at a cost of Rs.15 crore over three fiscals starting 2006-07, in Haryana, Uttar Pradesh, Rajasthan and Gujarat, to increase guar gum production.

A seminar on `Marketing Development Assistance' and `Market Access Initiative', two schemes mooted by the Central Government for exporters, conducted by the Tuticorin Senna Exporters Association (TSEA), was held here on Saturday.

Delivering the keynote address, V.D. Alam, Director (Finance), Union Ministry of Commerce and Industries, explained the scope of MAI as an export promotion scheme, which is co-terminus with the Tenth Plan, and how it helped the exporters to evolve export strategy to cater niche markets.

He said financial assistance could be extended under the scheme for exporters, who wished to open showrooms, warehouse and display their products at international departmental stores.

Participation in trade fairs and research and product development projects were also entitled for assistance.

Under MDA, the Commerce Ministry would encourage the exporters, including those who owned small0scale industries to participate in international trade fairs and carry out market studies abroad.

Debajni Roy, Executive Director, Shellac and Forest Products Export Promotion Council, said the exporters should make use of `Vishesh Krishi Upaj Yojana', a scheme introduced by the Centre to promote the export of Minor Forest Products (MFP) and their value-added offerings.

"Exporters of such produce were entitled for duty credit scrip equivalent to five per cent of the Free On-Board (FOB) value," she added.

Raja Sankaralingam, senna exporter and former secretary-general of All India Chamber of Commerce and Industries, spoke.

"Augmentation of textile exports will make the cluster vibrant in the post MFA (multi-fibre agreement) era and even the seaports such as the one in Tuticorin are going to benefit by the increase in export volume,"

Tuticorin , July 27

Unresolved issues of voting rights and litigation continue to cast a shadow on the proceedings of Tamilnad Mercantile Bank's annual general meeting.

The annual meeting for 2004-05, held here on Thursday, was adjourned and none of the resolutions involving voting was taken up in keeping with the orders of the Madras High Court following legal proceedings initiated on voting rights pertaining to a third of the bank's shares.

At the 83rd annual meeting, shareholders approved by a show of hands resolutions on the profit and loss account, dividend of Rs 25 a share with face value of Rs 10, appointing statutory general auditors and branch auditors.

Resolutions relating to appointment of three directors were not taken up following the order by the Madras High Court on Wednesday. These will be taken up after further orders of the Court on the exercise of voting rights. Pending the settlement, neither the vendors nor the proxies are eligible to vote.

The voting rights and validity of proxies relating to a third of the bank's shares — 95,418 shares — have been the bone of contention between various factions of the shareholders. The total number of shares is 2.85 lakh held by over 28,000 shareholders.

On the performance of the bank, its Chairman, Mr S. Radhakrishnan, told presspersons after the AGM that the bank is on a strong wicket with its performance improving year on year.

Net profit, turnover

In 2005-06, it reported a net profit of Rs 101crore on a turnover of Rs 8,300 crore. Plans are on for getting into Internet banking, a tie-up with insurance companies and retailing gold coins. The bank has also sought permission for opening over 30 new branches. The Capital to Risk Adjusted Assets Ratio was nearly double than that stipulated by the RBI and NPAs were controlled at 7 per cent gross and 2 per cent net

The Capital to Risk Adjusted Assets Ratio was nearly double than that stipulated by the RBI and NPAs were controlled at 7 per cent gross and 2 per cent net.

During 2004-05, the bank reported a net profit of Rs 82.34 crore on an income of Rs 580.65 crore.

Responding to shareholders' demand for higher dividend and bonus shares, Mr Radhakrishnan said that the bank could consider bonus shares with the RBI approval but the issues relating to shares need to be sorted out. The board of directors has recommended a dividend of Rs 110 a share of Rs 10 (1000 per cent).

The roots of the controversy go back more than a decade when 67 per cent of the bank's shares, promoted by members of the Nadar community for its welfare, were sold outside the community. But the share transfer was not approved by the Reserve Bank.

The community members formed an organisation, the Nadar Mahajana Sangha Bank Share Investors Forum led by Mr Ramachandra Adityan, to retrieve the shares, which at that time were with Mr C. Sivasankaran of the Sterling Group. Following protracted negotiations, 34 per cent of the shares were purchased with over 25,000 members paying about Rs 8,250 a share.

The voting rights relating to the balance 33 per cent is the subject of legal proceedings. The voting rights are sought to be exercised based on irrevocable powers of attorney given by the original sellers. But another association of shareholders, the Tamilnad Mercantile Bank Shareholders Welfare Association, has taken the issue to court.

According to Mr Adityan, the purchase of the 33 per cent shares would be resolved in two months. But pending that the issue of who exercises the voting rights on these shares has been taken to court.

DP World, one of the reputed international container terminal operator, is in the fray for the development of a second container terminal in the Tuticorin Port Trust.

Senior officials in the DP World said the company had participated in the bid in association with Chettinad Logistics.

As a terminal, Tuticorin is the third largest terminal in the country with a potential for further growth and the company is keen to participate in that growth prospects.

INFRASTRUCTURE at the Tuticorin port should be enhanced on a fast track to make it a hub port, according to the Confederation of Indian Industry (CII).

Along with the speedy implementation of the Sethusamudram Ship Canal Project, the government should take up the special economic zone project at Tuticorin to exploit the emerging opportunities in exports, logistics and service-oriented industries, it said in a press release.

In a recent study on Industrialisation of Southern Districts in Tamil Nadu, the CII said that creation of a hub port would encourage the development of hinterland, service industries and enhance the competitiveness of export-oriented units by reducing the cost of imports.

The port, which has been growing at an annual growth rate of 6 per cent in the last nine years, should speed up the completion of projects, including construction of a north cargo berth to handle bulk cargo and development of a limited outer harbour -blonnet.com

The fifth edition of `Trade Fair-2005,'organised by the All India Chamber of Commerce and Industries, will begin at the V.O. College grounds at Tuticorin on Thursday,Dec-22,2005.

The fair ends on Dec- 31.

Sources said the fair, which was conducted with a motto of `meet the challenges of globalisation', would feature IT and industrial products in Block `A', automobile components in Block `B' and household and consumer electronics in Block `C.'

Altogether 114 stalls would be established at the grounds.

Automobile manufacturing giants like Ashok Leyland, Maruti and Eicher confirmed the participation, the sources said.

A one-day workshop on `Foreign Trade Policy -2004-09,' organised by the Indian Chamber of Commerce and Industry, Tuticorin, for exporters and industrial houses, was held here on Saturday.

Delivering the keynote address, S. Murugappan, Chennai-based lawyer and consultant on FTP, said the `Target Plus' scheme, which was incorporated into the FTP for 2004-09, would be an incentive for the exporters to get `certificates' that could be used to set off the duties.

"The firms/groups which had exported 20 per cent more than the targets achieved over the previous fiscal could avail these certificates," he said.

He said the exporters could now import machineries with reduced duty rates under the Export Promotion Capital Goods scheme, which would help them render value-addition to their produce and thereby fetch better unit value realisation in the foreign niche markets. While explaining the salient features of the `100 per cent Export Oriented scheme', he said a firm could import anything, including raw materials, machineries, etc., without paying duties, on the condition that the inflow of foreign exchange obtained through the sale of their finished produce should be more than the quantum of money spent on the procurement of raw materials and gadgets.

He said complying with the requirements of various schemes, the country should work towards capturing at least one per cent of the world trade value by 2007. He spoke about the Duty Entitlement Pass Book Scheme, Duty Free Replenishment Scheme and the Special Economic Zones. D. R. Kodeeswaran, secretary, ICCIT, and exporters and importers were present.
courtesy:hindu.com ,dated 11/12/2005

INDUSTRIALISTS and traders in Tuticorin expect the Union Finance Minister, Mr P. Chidambaram, to present a Budget that augments buoyancy in the export front and gives a boost to industrial activity in the area.

According to the Secretary General of the All-India Chamber of Commerce and Industry, Mr Raja Sangaralingam, port charges such as wharfage, which are very high at the moment, need to be reduced. Tuticorin airport needs to be reactivated otherwise the export potential of the town could get hindered. Mr D.R. Kodeeswaran, Secretary of Indian Chamber of Commerce and Industry, said the proposal for establishing a Special Economic Zone near Tuticorin should be expedited, as it would become a destination for industrial investments.

courtesy:hinduonline.com dated 27/02/2005

The performance is up by 11 per cent over the target of Rs 380 crore for the first half of the current fiscal. Also, a sum of Rs 198.20 crore, involving 35,850 duty draw back claims, has been settled in this financial year.

The import revenue of Rs 108 crore collected in August this year is the highest revenue collected in a month. Goods valued at Rs 1.27 crore have been seized in September and the materials included thermal fax paper, aluminium paste etc.

"India also has an edge over China in service sector", ADB Chief Economist Mr Ifzal Ali, who has taught at Indian Institute of Management-Ahmedabad and the Delhi School of Economics, told a press briefing here yesterday.

Asked whether India would ever catch up with China, Mr Ali replied, `Eventually yes'.

He said the current volume of investment in India could not be compared with that in China - in China it is 40 per cent of the GDP, while in India it is 22 per cent.

"However, the efficiency with which investment is used is higher in India than in China", he said. The implication is that India is less resource-intensive than China.

Mr Ali did not foresee India becoming the manufacturing platform for the world like China but New Delhi has a comparative advantage over Beijing in the service sector, which is already 50 per cent of the GDP against 22 per cent of the GDP in China.

India's GDP will continue to be half that of China for the next 5-10 years. But China's growth rate will start to go down while India's will go up; so `if you are going as far as 2020, yes' (India will catch up), he said

THE shareholders of Tamilnad Mercantile Bank approved dividends ranging between 70 per cent and 80 per cent for the seven years from 1996-97 to 2002-03 at the annual general meetings held in succession here in Tuticorin.

They voted on adopting the profit and loss account for1996-97, after a section of the shareholders declined to approve the accounts for the year. The results are yet to be announced. However, the accounts for the subsequent years were approved.

A separate vote was held on selecting directors to the 10 vacancies on the board. Results are expected in a day or two, according to officials.

Addressing the meeting, the bank's Chairman, Mr R. Natarajan, said that the bank is set to report a net profit of Rs 80 crore for 2003-04. It is taking steps to contain non performing assets (NPAs) to less than 5 per cent by 2005.

TMB's deposits had increased to Rs 4,084 crore for 2002-03, up from Rs 1,258 crore in 1996-97. Its net profit in this period had increased to Rs 64 crore from Rs 34 crore, an annual growth of about 15.86 per cent.

Its treasury operations launched in February 2003 are set to contribute about Rs 12 crore to profits in the current year, he said.

In an informal chat with reporters, who referred to the shareholders' concern on the rising NPAs, he said that these were on the downtrend.

For instance, in September 2002 the gross NPAs were around 19 per cent and had been brought down to 15.5 per cent.

By March 31, the NPAs would be about 14 per cent. The bank is looking at diversifying operations and its performance would improve.

The shareholders could not take up resolutions to enable the bank to enter into areas like insurance following an order of the Company Law Board. However, the way would be clear by September when the AGM for 2003-04 would be held.

With the vacancies on the board filled following the elections, the bank can chart out plans for expansion and growth.

At the AGM, shareholders approved a dividend of Rs 7on a share of Rs 10 (70 per cent) for 1996-97; Rs 7.50 (75 per cent) for 1997-98, 1998-99 and 1999-2000; and Rs 8 (80 per cent) for 2000-01, 2001-02 and 2002-03. www.thehindubusinessline.com-12/03/2004

REPRESENTATIVES of the Nadar community entered into an agreement on Monday with Mr C. Sivasankaran, Chairman of Sterling group, to buy 34 per cent of the equity of Tuticorin based Tamilnad Mercantile Bank from him.

Eight individuals of the Nadar community signed the agreement with nominees of Mr Sivasankaran. The agreement was signed in the house of the Deputy Prime Minister, Mr L.K. Advani, where Mr Venkaiah Naidu, General Secretary, Bharatiya Janata Party, was also present.

According to the agreement, Mr Sivasakaran will sell 95,418 shares of the bank to the eight individuals, for a consideration of Rs 130 crore.

According to sources in the know, the money will have to be paid to Mr Sivasankaran by December this year. However, the transfer of shares will not wait for the money to be paid, it will be effected immediately. But the shares will be pledged back to Mr Sivasankaran and will be released only after the Rs 130 crore is paid.

The buyers of the shares will have voting rights, as soon as the transfer is effected, sources said.

With this, the entire 67 per cent stake in the bank held by Mr Sivasankaran, will come into the hands of the Nadar community. Earlier, members of the community, through the Nadar Mahajana Bank Share Investors' Forum had bought 34 per cent stake for Rs 81 crore.

Courtesy: http://thehindubusinessline.com dated 17th Feb.

Basics of Sensex:

1. "Sensex" is the popular name for the Bombay Stock Exchange Sensitive Index.

2. It is the oldest stock market index currently in use.

3. Sensex is the index of market capitalisation.

4. The base value is 100 on April 1, 1979.

5. Sensex consists of only 30 representative stocks.

6. These 30 are the most active and representative stocks selected from over 6,300 scrips that are listed on the BSE.

7. The total market capitalisation of these 30 stocks accounts for more than 38 per cent of the aggregate market capitalisation of all BSE stocks.

8. The Sensex composition is modified by the BSE authorities at irregular intervals, to keep it in tune with the latest realities of the market.

9. A major reshuffle took place in the Sensex on August 19, 1996, when 15 stocks were replaced.

10. On April 10, 2000, four stocks were replaced. Satyam Computer, Zee Telefims, Dr. Reddy's Labs, and Reliance Petroleum have been included in place of Indian Hotels, Tata Power, Tata Chemicals and IDBI.

Sensex calculation

1. Market capitalisation is the market value of equity shares, (i.e. market price multiplied by the number of shares). For instance: if ACC has an equity capital of Rs 1.72 billion with each share having a face value of Rs 10 and its closing price on BSE on April 10, 2000 was Rs 166, then ACC's market capitalisation on that date is 17.234*166/10 = Rs 28.61 billion.

2. Calculate market capitalisation of all 30 Sensex stocks on a particular date in the same manner and add this up to get the total market capitalisation of Sensex stocks.

3. Assume that this total market capitalisation is equal to the closing Sensex value on that particular date. The Sensex of any future date can be calculated as a proportion of market capitalisation applied to this Sensex value.

To facilitate easy access to the system, BOW has built a vast network of franchisees and tracking points in the national and state highways. The company's software division has built the system based on an Interactive Voice response System to track vehicles and send messages. The system functions without any additional gadget fixed to the vehicle.
The information furnished by the truck driver from BOW tracking points will reach the nearest Area Franchisee system online, where the data compiling and transmission takes place. Subsequently, this information reaches the BOW servers through the Internet. This one-time information given by the driver will be made available to consigners, consignees, transport companies, agents, vehicle owners and individuals who are concerned with the vehicle or the consignment. ..www.thehindubusinessline.com

Cost of operations in India are 37 per cent lower than in China and 17 per cent lower than in Malaysia.

Manpower costs were 61 per cent lower than China and 48 per cent lower than in Malaysia. On the rentals front, costs in India were a third of China's while they were on par with Malaysia's. --> Ms Sanjukta Pal, Principal Consultant, PricewaterhouseCoopers, - thehindubusinessonline.com

THE Tamil Nadu Government's industrial policy which looks to upgrade transport infrastructure such as airports, seaports and major traffic corridors would help lower transaction costs for the manufacturing industry, thereby lowering production cost, the Tirupur Exporters Association (TEA) has said.

Welcoming the policy, TEA has said the Government's plan of enlarging the State electricity board's generation capacity by 30 per cent to reach 8,250 MW would bring succour to the power- intensive industries. ---> Courtesy -The Hindu Business Line