ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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BANK OF MADURAI-Efficient Funds Management

BANK OF MADURAI-Efficient Funds Management

crore. Net profit has turned out to be lower at Rs 2.81 crore (Rs 3.01 crore). Margins have been squeezed by the rise in the cost of raw materials, fall in the value of rupee against major foreign currencies and the cascading effect of the ad valorem based import duty. These could only be partially offset by higher than normal supplies of caprolactum by foreign suppliers prior to steep increase and some increase in tyrecord prices in the latter half of the year. In technical collaboration with Allied Corporation, USA, the company is, setting up a new project in Rajasthan for the manufacture of fluoro-carbon refrigerant gases. All necessary approvals have been received. The project is likely to go on stream in early 1989, The company's thrust in developing new products in its R and D centre is continuing with encouraging results. The company has received necessary letter of intent for one of the successful developments, a specialised leather chemical which it has started marketing in the current year.

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