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

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BHILWARA TEX-FIN-Diversification Plans

of propellor shafts of heavy duty automo- biles and tubes for conveyance of high pressure liquids. GUJARAT HEAVY CHEMICALS Higher Margins Gujarat Heavy Chemicals (GHCL), a joint sector organisation promoted by the Gujarat Industrial Investment Corporation, GTC Industries and Dalmia Dairy Industries, is the second largest manufacturer of soda ash in the country. The company has done well in 1993-94. Net sales were down by 1 per cent and operating profit by 9 per cent, hut net profit was up by 20 per cent. The increase in non-operating surplus as substantial amounts of depreciation and investment allowance were written back. This helped in wiping out brought forward losses. Exports declined by 48 per cent and imports by 12 per cent. The reduction in export is attributed to the reduced overall availability of the product during the initial half of the year, and in the second half there was severe price competition in the export market from producers in East Europe and the US. Soda ash production increased by 3,757 tonnes. The company increased production of dense soda ash from 1,20,383 mt to 1,22,960 mt to meet increased market demand. The company has been repaying its term loan due to which the debt-equity ratio has improved from 812 per cent in 134 per cent in 1993-94. Short-term bank

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