SPMCIL has signed a growth oriented Memorandum of Understanding (MoU) with the Department of Economic Affairs (DEA), Ministry of Finance, setting an ambitious Sales target of Rs. 3407 crores and Gross Operating Margin target of Rs. 511 crores for the fiscal 2013-14. The MoU was exchanged between Additional Secretary, Department of Economic Affairs, Ministry of Finance, Shri Shaktikanta Das and CMD, SPMCIL, Shri M.S. Rana here today. SPMCIL is a Miniratna Category-I CPSE, wholly owned Schedule ‘A’ Company of Govt. of India. It is engaged in the minting of Coins, printing of Bank Notes, Passport and other Travel Documents, Postal Stationery, Non-Judicial Stamp Papers, etc.

The MoU has been signed based on the targets and the parameters negotiated by a Department of Public Enterprises (DPE) appointed Task Force (TF). The MoU is based on the premise of a growth charter in a globally competitive environment and forward looking approach of SPMCIL and incorporates various parameters and weightages for evaluation of performance with focus on Profitability, Increase in Efficiency, Quality / Safety, Growth/Sustainability, Project Implementation, Human Resource Management (HRM), Research & Development (R&D), CSR & Sustainable Development etc. SPMCIL has committed in above MoU for increase in its manpower efficiency in production of Coins, Bank Notes and Security Paper. It has also committed for modernization of its plant & machinery and indigenization of security products. SPMCIL has also committed to provide training to its employees on leadership development, new/advanced technology, preventive maintenance, SAP handholding, risk management, etc. Under R&D, SPMCIL has set targets, among others, to improve the wet and dry strength of Bank Note paper and study on developing indigenous technology for plating of coins. Under CSR & Sustainable Development, SPMCIL has committed to provide education to poor children in villages with focus on education of girls, plantation of trees, etc.

DSM/ka

(Release ID :94285)

Memorandum of Understanding sets growth and performance targets; SPMCIL commits modernization, R&D, and training measures. SPMCIL entered a growth-oriented Memorandum of Understanding for 2013-14 fixing sales and gross operating margin targets and adopting Task Force-negotiated parameters and weightages to evaluate Profitability, Efficiency, Quality/Safety, Growth/Sustainability, project implementation, Human Resource Management, Research and Development, and CSR. The company commits to improve manpower efficiency, modernise plant and machinery, indigenise security products, provide targeted employee training, pursue R&D to strengthen banknote paper and coin plating technology, and undertake education and plantation initiatives under CSR.