Press Information Bureau

Government of India

Ministry of Finance

 

17-March-2011 13:15 IST

Spmcil Sets Sales Target of Rs. 2,800 Crore for 2011-12

Security Printing and Minting Corporation of India Limited (SPMCIL), has signed a Memorandum of Understanding (MoU) with the Department of Economic Affairs (DEA), Ministry of Finance, setting an ambitious sales target of Rs.2800 crores for itself for the fiscal 2011-12. The MoU was exchanged between Secretary, Department of Economic Affairs, Shri R. Gopalan and Chairman and Managing Director of SPMCIL, Shri M.S. Rana. The MOU has been signed based on the targets and the parameters negotiated by a Department of Public Enterprises (DPE) appointed Task Force (TF). Shri Bimal Julka, Director General, Directorate of Currency and Shri Pradeep Rao, JS&FA from Ministry of Finance and Shri Ashwini Kumar, Director (Technical), Shri Madan Mohan, Director (Finance), Dr. Manoranjan Dash, Director (HR), Shri Ajay Nath, CVO from SPMCIL were also present among others.

The MOU is based on the premise of a growth charter in a globally competitive environment and forward looking approach of SPMCIL and incorporates new parameters and weightages for evaluation of performance with focus on profitability, new schemes, market & product diversification as well as optimization of its various resources. DPE has prescribed new parameters in the areas of Research and Development, Sustainable Development, Corporate Social Responsibility, Corporate Governance and Human Resources Management which have been duly incorporated in MoU for 2011-12. The MoU also contains commitments in the areas of development of new products, participation in international tenders, Environment, safety and project implementation.

SPMCIL was formed after corporatisation of nine units including four mints, four presses and one paper mill which were earlier functioning under the Ministry of Finance. The Company was incorporated on 13.01.2006 under the Companies Act, 1956 with its headquarters at 16th Floor, Jawahar Vyapar Bhawan, Janpath, New Delhi. SPMCIL, a Miniratna Category-I CPSE, and wholly owned Schedule ‘A’ Company of Government of India, is engaged in the manufacture of security paper, minting of coins, printing of currency and bank notes, non-judicial stamp papers, postage stamps, travel documents, etc. SPMCIL has obtained excellent rating in its MoU performance for the year 2009-10 for the first time.

DSM /BY/GN

Memorandum of Understanding sets sales target and revised performance parameters for a government manufacturing enterprise. The Memorandum of Understanding sets an annual sales target for SPMCIL and establishes a revised performance-evaluation framework based on Task Force recommendations, linking targets to profitability, market and product diversification, resource optimisation, and commitments on new product development, international tender participation, environment, safety and project implementation; it incorporates DPE-prescribed parameters for Research and Development, Sustainable Development, Corporate Social Responsibility, Corporate Governance and Human Resources Management.