All-Round Progress

All-Round Progress Hansavivek INDIAN HUME PlPE's results for the year to June are impressive. Sales, profits and margins arc all higher compared to the previous year. Shareholders have been offered an extra four per cent payment to commemorate the golden jubilee year and the enhanced distribution is also well covered by earnings. The various works undertaken by the company are showing satisfactory progress. The business of pre- stressed concrete pipes is growing. The company has also received fresh orders for pipelines as also steel pipes from public-sector undertakings and muni- bodies. The directors propose to extend the life of the 7 per cent debentures of Rs 50 lakhs, which are due for redemption in mid-September 1977, by a further 15 years by offering an increased rate of interest. The amount of debentures is also proposed to be increased by Rs 25 lakhs. The com pany's two factories in Sri Lanka have been transferred to Indian Hume Pipe (Colombo), incorporated in that country in November 1975. This subsidiary has announced the first dividend of 15 per cent for the year to March 1976. The other subsidiary, National Rifles, has again reported a loss and its accumulated deficit has mounted to Rs 34 lakhs. It has commenced manufacture of spring type air rifles and is also doing job work. The parent company has not provided any amount in its accounts against erosion in the value of loan of Rs 7 lakhs and investment of Rs 25 lakhs in the subsidiary.