I have much pleasure to inform that the Company has ended its Financial Year 2008-09 with the following turnover, by registering growth of about 61% and 66% in Production and Sales respectively, as compared to achievement of previous year i.e. 2007-08:-
(Rs in Crore)
Production : 89.63
Sale : 86.82
This is highest Production and Sales ever achieved by the Company. Though the Company has not been able to earn Net Profit during 2008-09, yet Gross Margin of the Company has improved and loss has been reduced substantially over last few years due to enhanced Production and Sale. This has been possible due to active co-operation of all corners.
The Company has signed Memorandum of Understanding (MOU) for the Financial Year 2009-10 to achieve Production and Sales Target of Rs 120.00 Crores and Rs 108.00 Crores respectively with the Department of Pharmaceuticals, Government of India. With co-operation from all I am confident that the Company will exceed the above targets.
Salient Features of Revival Plan
Cabinet Committee of Economic Affairs (CCEA) approved Revival Plan and provided fund fdor Upgradation/Modernisation Projectrs to make all the Unit of BCPL Schedule ‘M’ / WHO-GMP compliant. The Schemes are under implementation in full swing. The Plan, inter-alia, consists of the following elements :-
(Rs in Crore)
(a) Infusion of funds by Government of India : 207.19
(b) Waiver of loans and interests on past loans as on
31.03.2005 : 233.41
© Waiver of loan/interest by Government of India
not to be treated as Income in terms of the Income
Tax Act : Not quantified
Total : 440.60
Out of Cash Infusion of Rs 207.19 Crores, Rs 145.00 Crores (Rs 55.00 Crores during the year 2006-07 as Equity and Rs 90.00 Crores from 2007-08 to 2011-12 as intrest-free loan) is meant for continuous upgradation of the plant and machinery and technology, Schedule ‘M’ /WHO-GMP compliance and Joint Venture Projects and Schemes
Interest-free Loan of Rs 107.49 Crores released by Government of India is to meet the (i) settlement of Kolkata Municipal Corporation, (ii) inter-corporate loan of IPCl & NFL, (iii) West Bengal Sales Tax Dues and additional support was also given by Government of India in the form of one-time Grant for (i) reduction of manpower by VRS and (ii) payment of arrears on account of Pay Revision.