Press Information Bureau

Government of India

Ministry of Finance

08-October-2012 17:53 IST

Shri M.S. Rana, CMD Security Printing & Minting Corporation of India Limited (SPMCIL) presented the cheque for Rs.116,49,31,916/- to the Union Finance Minister Shri P. Chidambaram towards the Dividend declared by SPMCIL for the financial year 2011-12 at a brief function hereon last Friday. On this occasion, the Directors of SPMCIL and Officers of Ministry of Finance and SPMCIL were also present. The Govt. of India is holding the total equity capital in the Company. SPMCIL is the country’s sole supplier of coins, passports, postal stationeries, Non Judicial stamp papers & other security products and leading supplier of circulating notes has announced a dividend of 20% of post tax profit of the company for the Financial Year 2011-12.

Shri Rana, CMD briefed about the operational and financial performance of the Company during the fiscal year 2011-12. He said that sales of the Company has increased to
Rs.3422.68crores during financial year 2011-12 from Rs.3164.49 crores in financial year 2010-11. The operating profit (PBDIT) of the Company has increased to
Rs.984.41croresas against Rs.942.75 crores in previous year 2010-11. PAT during the year has increased to Rs. 582.46 crore as against  Rs. 577.19 crore during the previous year. The Profit After Tax (PAT) per employee has increased from Rs.4.28 lakh to
Rs.4.54 lakh thus increasing by 6%. SPMCIL has now become a debt free Company after paying the last instalment of Rs. 175 crore of the working capital loan of Rs.700 crore taken from the Ministry of Finance during Corporatisation. Company has created reserves of Rs.2370.33 crore as on 31^st March, 2012.

Shri Rana, CMD further informed that the Company has a modernization plan of about Rs.2500 crores during 6 years from 2009-10 to 2014-15.  This will go a long way in bringing economy and self-sufficiency in the production of critical raw-materials needed for production of state of the art, currency, coins and security products in the country.

Security Printing & Minting Corporation of India Limited (SPMCIL) was created in January, 2006 and the nine units (consisting of four mints, two security presses, two currency note presses and one security paper mill) functioning under Department of Economic Affairs, Ministry of Finance were transferred to SPMCIL in February 2006. SPMCIL was created with an objective of improved decision making leading to enhanced productivity, efficiency and improved financial health of those nine units.  The main business of SPMCIL is production of currency, circulating coins, commemorative coins, medals and medallions, weights & measures, various security products like production of passports, travel documents, non-judicial stamp papers, postal products and other security products and production of the security paper. The Company has been granted ‘Mini Ratna Category-I’ status in 2008. Company has achieved Excellent rating in MoU for the year 2009-10 & 2010-11 and is again poised for Excellent rating for 2011-12.

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Dividend declaration signals government receipt after state-owned company presents cheque following strong financial performance. SPMCIL declared a dividend of twenty percent of post tax profit for 2011-12 and presented the dividend cheque to the government as sole equity holder. The company reported increased sales, higher operating profit and PAT per employee, elimination of a working capital loan making it debt free, creation of substantial reserves, and a multi year modernization plan; it was formed by transfer of nine units into a corporate entity and holds Mini Ratna Category I status with strong MoU ratings.