‘Our productivity per employee has risen considerably’
NEW DELHI: Security Printing and Minting Corporation of India Ltd (SPMCIL) is a Miniratna Category-I central public sector enterprise (CPSE). It produces currency notes, postal stamps, passport and visa stickers, cheques, bonds, security inks, commemorative coins and medallions and is currently on a major expansion plan. MS Rana, its chairman and managing director, is confident of improving the financial performance, despite limited clients. Excerpts:
What were the organisation’s big achievements in 2013-14?
During the year 2013-14, while achieving the highest-ever targets, SPMCIL also increased productivity per employee considerably. Production of the bank notes per employee has increased to 2.01 million pieces as against 1.83 million pieces achieved during the previous year. SPMCIL produced 8,018 million bank notes and supplied 7,941 million to the Reserve Bank of India. This is 8.05% higher than the production of 7,421 million bank notes in the year before.
What has the organisation’s growth rate been?
Our sales tur nover has increased to ` 3,797.62 crore in 2013-14 from ` 3,625.34 crore in 2012-13, registering a growth of 4.75%. The sales per employee during 2013-14 has increased by 7.72% to
` 30.98 lakh from ` 28.76 lakh during the year 2012-13. This was primarily due to increase in the production.
But there has been a decline in profit…
There is decline in the profit during financial year 2013-14 vis-à-vis 2012-13 mainly due to increase in cost of paper — by about ` 50 crore — due to appreciation in the Euro and due to increase in wages — by about ` 126 crore — and because of price adjustment of coins and postal items for about ` 130 crore.
Is the attrition rate high at SPMCIL?
Attrition of employees at SPMCIL during the year 201314 was only 0.16%, which is a reflection of the employees’ contentment level with the organisation. The employees’ strength has come down to 12,257 as on March 31, 2014, in comparison to previous year’s strength of 12,606. But that has got more to do with the change in work culture in the last few years.
What have been your major achievements this year?
SPMCIL was granted the ‘excellent rating’ by the department of public enterprises (DPE) for its MoU evaluation in 2012-13. The MoU rating of 1.03 is the highest among the 24 CPSEs in the syndicate. This is the fourth year in succession that SPMCIL has been adjudged excellent in its MoU evaluation. For the year 2013-14, the self-evaluation report of MoU has been sent to DPE. As per self-evaluation, the company is poised for an excellent rating for the fifth year in succession.