MUMBAI: UAE Exchange, a global remittance and foreign exchange brand, this year aims to increase by up to 10 per cent remittance inflows into India, which received a whopping USD 69 billion in 2012.
"India is an important market for us. Last year we remitted over USD 5.8 billion through our GCC (Gulf Cooperation Council) corridor to India.
"Non-resident external deposits in India went up to 9.2 per cent in recent months, driven by an 18 per cent decline in the value of rupee that helped drive remittance into India, while attractive interest rates accounted for the rest.
"We plan to increase our remittance inflows to India by 8-10 per cent," UAE Exchange Vice-President (Global Operations) Promoth Manghat said in a release here today.
Last year, UAE Exchange helped remit a total of over USD 6.9 billion to India, which is 10 per cent of USD 69 billion worth of estimated inflows received by the Asia's third- largest economy.
The firm is targeting 10 per cent growth in its remittance volume to India.
UAE Exchange has grown three times faster than the global growth rate of remittance. According to a World Bank report, in 2012 global remittance grew at five per cent worldwide whereas UAE Exchange expanded by 15 per cent during the same period.
Remittances to the South Asian region are estimated to have grown sharply by nearly 12.3 per cent to reach USD 109 billion in in 2012, while inflows to developing nations are expected to touch USD 515 billion by 2015.
UAE Exchange expects its remittance inflows to India to touch USD 10 billion by 2015, the report said.
The company expects to grow globally by 12-15 per cent as a large number of its clientele are migrant workers, who work in the GCC market, and grow its presence internationally in the US, Europe and other parts of Asia.
About 65 per cent of these migrants are Indians. The workers in the GCC member-countries remit money to India on a regular basis, amounting to about USD 32 billion on an average, the release said.
Nearly 82 per cent of the transfers through UAE Exchange are to the banks, which highlight the success ratio RBI has had in bringing NRIs to the banking channels, it said. PTI -------------------- Camlin Fine Sciences posts net profit of Rs 4.05 cr in Q4 FY13
Mumbai, May 21 (PTI) Camlin Fine Sciences Ltd today said it has registered higher net profit of Rs 4.05 crore in Q4 FY13 as compared to Rs 1.27 crore earned in Q4 FY12.
The company's consolidated net profit jumped to Rs 15.09 crore in FY'13 as against Rs 3.79 crore in FY 12, a company statement said.
The company said its gross sales rose to Rs 83.64 crore in Q4 FY 13 (Rs 76.38 crore in Q4 FY 12) and Rs 382.76 crore in FY 13 (Rs 339.08 crore in FY 12).
The company has registered a high growth at 26 per cent in the extremely volatile market and increased its market share of food antioxidants due to its technological and market development initiatives.
This was possible by the focused approach on the stability of supplies and prices to the customers in spite of the recessionary pressures, Camlin Fine Managing Director Ashish Dandekar said in a statement.
The backward integration due to acquisition of an Italian Company Borregaard Italia S.p.A. (now CFS Europe S.p.A.) helped the company to ensure competitive pricing of key raw material.
The growth of the company is powered by new and value added products. The company also has added 3 highly potential products from the diphenol down stream as per planned strategy and these products are Vanillin, Tertiary Butyl Catechol (TBC) and Guaiacol which has contributed to the growth, Dandekar said.
The strategy in the year under review was consolidation in the core areas of strength, Food antioxidants and Industrial application products by expanding reach in the markets and customer reach and base, he said.
The company now plans to expand the range of products by adding natural shelf life extension products and more importantly develop a range of customised solutions of synthetic and natural antioxidants.
The products developed in the range would cater to segments like fats and oils, bakery, confectionery, snack foods, packaged ready to eat foods, dairy and beverages.
Source : economictimes.indiatimes.com