JAMMU AND KASHMIRState People s Convention An Assessment

TFS, be undertaken in the country and odds that Rourkela can easily be equipped for such production. He also complains about the 'continuous' rise in the cost of tinplate which, according to him, constitutes 60-80 per cent of total cost of tin container, 'We have indeed gone a long way from the Government's subsidy' on OTS tinplate four or five years ago to triple taxation on tinplate, tin containers and the canned products'. Poysha has received a 'letter of intent' in respect of the broad terms of the proposed technical collaboration with American Can. The company's diversification into other pack- sgaing materials and the manufacture of beer cans, aerosols, etc, will be taken up when the collaboration is finalised. Meanwhile, construction work has pro ceeded in all the three units of the company. Some important balancing equipment has been received at Thana and Ghaziabad. Since April, the Ghaziabad factory has begun to cater to the rising demand for large-diameter cans in northern India. The new Cochin factory is expected to be ready soon. The large-scale indirect exports in the shape of food and other goods packed in its containers apart, the company is making direct exports of printed tin- fp&tfbe and manufactured containers to West Asia. During seven months ended March 1970, exports amounted to Rs seven lakhs and in the subsequent four months they increased further to over Rs 8 lakhs while orders in hand exceeded lis 37 lakhs. During the year to March 1970, sales were up from Rs 4.01 crores to lis 5.06 crores, and gross- profit increased from Rs 35 lakhs to Rs 48 lakhs. Net profit was Rs 37 lakhs (Rs 25 lakhs) which covered the maintained 10 per cent equity distribution, part of which is expected to be exempt from tax, over threefold. Return on total capital employed in business came to 5.3 per cent.