MoS (Finance) urges SPMCIL to focus its Marketing Activities to Source New Business Opportunities and Diversify into Unexplored Newer Business areas

Shri Namo Narain Meena, Minister of State (MoS) for Finance, Govt. of India urged Security Printing and Minting Corporation of India Ltd.(SPMCIL) to focus its Marketing activities to source new business opportunities and diversified into unexplored and newer business areas. He also stressed that the business areas of non coinage business specially medal, medallion, weight and measures, and forms / documents which are prone to counterfeiting viz. degree certificates, statutory certificates, are potential areas where SPMCIL must focus its marketing activities.

Sh. Namo Narain Meena, Mos(Finance) was speaking at the Foundation Day function of SPMCIL held yesterday at India Security Press, Nashik. Security Printing and Minting Corporation of India Ltd.(SPMCIL) is, a wholly owned Company of the Government of India . Shri Meena was the Chief Guest on the occasion. The programme was presided over by Shri M.S. Rana, CMD, SPMCIL. Sh. Sameer Magan Bhujbal, Member of Parliament (Lok Sabha) Nashik Constituency, graced the occasion as distinguished guest.

Shri Meena, Mos(Finance) recognized the efforts of the SPMCIL for introducing new products and expected that SPMCIL would continue to strengthen its efforts in R & D to introduce better products with innovative features. He also stressed that SPMCIL must strive to introduce best quality security products with lesser cost so as to be competitive in the International Market.

Shri Meena, Mos(Finance) also inaugurated state-of-the-art BPS 2000 Machine at CNP Nashik and laid foundation stone for Six Colour Offset Printing Machine at ISP Nashik. Later, Sh. Meena felicitated the individual employees for their outstanding performance during 2011-12 He also felicitated the SPMCIL units for their excellent contribution in the year 2011-12. He felicitated CNP Nashik with CMD Cup for the best performing SPMCIL unit. He also felicitated BNP Dewas and CNP Nashik as winner and runner up team respectively of inter unit cricket tournament held at ISP Nashik.

Sh. Meena, Mos(Finance) congratulated SPMCIL employees and management on the occasion of the Foundation Day and appreciated that the Corporation has realized the key objectives of corporatisation namely speedy decision making, fostering efficiency and higher productivity, reduction of expenditure with optimal resource utilization and increasing the pace of modernization and indigenization to make the country self reliant in the production of state of the art security products. He stated that SPMCIL has repaid all the loans of RBI and Ministry of Finance and it is now a debt free company. It has been granted Miniratna category- I status besides because of its excellent performance. It has achieved excellent rating in MoU for 3 years in succession which has been possible due to sheer dedication, hard work and efficiency of the employees and the management of SPMCIL.

Sh. Meena, Mos(Finance) also commended the excellent performance of the company in terms of production, industrial peace and impressive financial performance. The minister expressed pleasure over the commissioning of one line of currency printing machine at BNP Dewas and appreciated the SPMCIL efforts in employing the state of the art machine with higher speed and having capability for incorporating sophisticated print base security feature which would certainly reduce the menace of counterfeiting of currency notes. He was glad to learn about the plan of the corporation to introduce two bank note printing lines at one each at CNP Nashik and BNP Dewas which would increase the printing capacity by 800 mpcs besides introducing sophisticated high security feature in new series of bank notes.

Earlier, Sh. M.S. Rana, CMD SPMCIL welcomed Sh. Namo Narain Meena, Minister of State for Finance and other distinguished guests and highlighted the progress made by the company over the last six years. He added that the performance of the Corporation in terms of production, turnover, profitability and other financial and physical parameters has improved significantly over the last six years. He also added at the formation of SPMCIL there were about 18380 employees which has reduced to about 12500 now. The corporation has settled pro rata pension cases of about 11,000 employees in record time and the pension trust, EPF trust and GPF Trust etc have been operationalized. Sh. Rana informed that the turnover of the company has increased to Rs.3423 crore and profit after tax (PAT) has increased to Rs.582.46 crore. During 2011-12, PAT per employee has increased to Rs.4.54 lakh. SPMCIL has paid the highest ever dividend of Rs.116.49 crore during 2011-12. During the year end 31st March, 2012, IGMs have minted the ever highest circulating coins of 6282 mpcs & the Currency Presses have printed Bank Notes of 6541 mpcs and the Security Paper Mill, Hoshangabad has produced 2925 MT of CWBN paper which is the ever highest.

Sh. Rana further informed that SPMCIL has been able to double the production of coins, increase the Bank Notes production by 60% from the existing resources while manpower has been reduced by about one third. By process re-engineering, reduction in the wastes of raw materials and procurement of raw materials and consumables through the competitive processes, SPMCIL has been able to generate surplus year after year, with minimum increase in prices of Currency and Coinage products. CMD stressed that the SPMCIL must get reasonable price for its products.

Security Printing and Minting Corporation of India Ltd. (SPMCIL) was incorporated as a company on 13.01.2006 and started functioning w.e.f. 10.02.2006 as a wholly owned corporation of the Government of India after transfer of four India Government Mints, four Security Presses and one Security Paper Mill which were earlier functioning under the Currency and Coinage Division of the Department of Economic Affairs, Ministry of Finance, Govt. of India.

DSM/RS/ka

(Release ID :92158)