The Hindu : KMML proves its mettle

Online edition of India's National Newspaper
Tuesday, Apr 08, 2003

Southern States

Southern States - Kerala

KMML proves its mettle

By Our Special Correspondent

THIRUVANANTHAPURAM April 7. The State public sector Kerala Minerals and Metals Ltd. (KMML) has broken all its previous performance records in production, sales and export during 2002-03, according to a press release issued by the company.

The production during the year touched 28,136 tonnes against an installed annual capacity of 22,000 tonnes. The company was also able to achieve an export of 7,175 tonnes during the year, braving competition from even multi-national entities.

The KMML exported its products to 16 countries, earning a foreign exchange of around Rs. 54 crores. The total sales in the domestic and foreign markets came to 26,746 tonnes, the press release added.

Listing the other achievements during the year, the company said it was awarded the FACT-MKK Nair Memorial productivity award instituted by the Kerala Productivity Council. It also won the award for the `best revenue performance' from the Central Board of Excise. The KMML also acquired the Export House status in 2002-03 with its good performance on the export front.

The company has earned profits worth over Rs. 600 crores since 1994. It had also paid Rs. 160 crores as Income Tax and another Rs. 200 crores as duties and taxes, besides purchasing goods worth Rs. 200 crores from other public sector companies.

The Board of Directors of the company has declared an interim dividend of 20 per cent amounting to Rs. 6.18 crores to the State Government. The company had also been spending regularly on Government-sponsored local projects in the surrounding panchayats, the press release said.

The company noted that it had been bringing in profits these past many years despite the adverse impact of a steep reduction in the Customs Duty on import of pigments. The Customs Duty, which was 135 per cent in 1994, now stood at 25 per cent.

The Customs Duty on import of pigments was likely to come down to 20 per cent during the current financial year, which might make the competition from multinational entities stiffer than at present. The company would be countering this threat by increasing its production capacity in a phased manner in the coming years, the press release informed.

The press release, quoting the company's Managing Director, K. P. Rajendran, said the KMML would be striving to acquire the `trading house' status during the current financial year by increasing its export turnover to over Rs. 100 crores. The production/sales target fixed for 2003-04 was 37,000 tonnes, he added.

Printer friendly page
Send this article to Friends by E-Mail

Southern States

Stories in this Section

Karunakaran nominee remains in fray

`Power sector will not be privatised'

Mananthavady Bishop to be laid to rest today

KMML proves its mettle

Decisions after meeting Sonia: Murali

Drug overdose: HC orders new probe