Himachal Pradesh General Industries Corporation continues to be in Red


HPGIC, a state run PSU,  tabled its annual Accounts Report 2010-11 today in the state assembly. The report was presented by its Chairman and Industries Minister, Kishan Kapoor. The company continues to be in red after incurring loss of Rs 4.66 lakh for the current financial year with the total accumulated lossed having gone up to Rs 390.85 lakh.

HPGIC stated in its report that firm registered turnover of Rs 26.97 Crore in 2010-11, whereas two assets out of five, suffered losses. HPGIC operates two liquor bottling plant, a mining project and three furniture factories in Bilaspur, Chambaghat in Solan and Shimla.

The Shale mining unit suffered losses to the tune of RS 18.84 lakh corresponding to loss or Rs 23.06 lakh of year 2009-2010. The PSU had supplied 69890 metric tonne of Shale to ACC cement company against annual target of 90,000 MT.s. The company has now decided to close down Shale mine at Dalag in Bilaspur having failed to compete with the operators from the private sector.

The  country liquor brand ‘Una No 1’ made profits this year unlike previous year thanks to the 20% quota set aside by the Excise department in favour of the company. The company earned a profit of Rs 1.86 Cr for the year 2010-11. The report finds that brewery earned profit this year owing to 20 percent quota earmarked by excise department in favour of HPGIC. Despite all constrains and intense competition in the market from private winery, these bottling units at Mehatpur and Una had been able to manufacture and sell 38.40 lakh liters out of total quota of 1.92 crore liters. The units had incurred a loss of Rs 89.59 lakh during year 2009-2010.

HPGIC also owns Nurpur silk mills, which suffered losses to the tune of Rs. 28.75 lakhs. The company also runs a silk yarn composite unit for the reeling of silk yarn from cocoon and production of silk fabric. The report said that the activity of reeling silk yarn was closed in March 2000 as it had become unviable due to competition from Chinese silk yarn as well as sudden increase in wages due to regularization of daily waged workers.

As regards to production of silk fabric, this unit had been producing Chiffon cloth mainly. The production of silk cloth in the year 2010-11 was 5877.50 meters against target of 10,000 meters and the sales were Rs 29.73 lakh compared to the target of Rs 42 lakh.

Meanwhile the companies furniture units at Bilaspur and Solan achieved sales of Rs 5.46 Crore against the target of Rs 6.30 Crore thus earning a profit of Rs 26.65 Lakh corresponding to profit of Rs 38.54 lakh during corresponding 2009-10. Efforts are being made by the company to tap into educational institutions and universities.

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