| (From left) Stollberg India MD S. K. Chakroborty, WBIDC chairman Somnath Chatterjee and MD Gopal Krishna in Calcutta on Saturday. Picture by Kishor Roy Chowdhury
Calcutta, Dec. 14: After a long gap of 17 years West Bengal Industrial Development Corporation (WBIDC) has turned around and has registered a net profit of Rs 3.36 crore in the first six months of the current fiscal ended September 30, 2002, as against a net loss of Rs 1.32 crore in the corresponding period of the previous year.
Addressing a press conference here today WBIDC chairman Somnath Chatterjee said, “We have kept a target of earning a net profit of Rs 5.2 crore for the entire year even after providing Rs 3.5 crore on account of non-performing assets and write-offs.”
In the first six months the corporation has earned an operating profit of Rs 4.11 crore.
Even though the corporation has made good financial progress but the high NPA of Rs 40 crore is a matter of concern.
“We had given some bad loans in the past. We are trying to recover it,” Chatterjee said.
There has been an increase in income by 22 per cent for the first half with corresponding decrease in expenses by 34 per cent. This has happened due to financial restructuring which the corporation had undertaken few months ago.
WBIDC has already disbursed about Rs 40 crore during this financial year against a disbursement of about Rs 30 crore in the previous year.
“It is expected that by the end of this year the disbursement will be about Rs 60 crore. The corporation expects to increase both its recoveries and disbursements substantially,” Chatterjee said.
He added that the executive committee of WBIDC, which met today, approved four projects in food-processing, ceramics, steel and information technology involving Rs 35 crore.
“We will be giving a loan of Rs 15 crore to these projects,” he said.
At the press conference, managing director of Stollberg India, S. K. Chakroborty shared his experience of setting up manufacturing facility at Durgapur.
Stollberg India is a 100 per cent subsidiary of Stollberg GmbH, Germany. The company has set up a manufacturing facility at Durgapur for production of casting powder and granules and continuous casting of steel. The project was formally commissioned on April 1. The plant has an installed capacity of 7,500 tonne of spray-dried granules and 1,500 tonne of powder casting flux per annum.
Chakroborty said: “Durgapur was selected after making a detailed survey of the entire eastern region of the country. We are happy to say that we were able to complete the project within time due to dedicated work of the local skilled workers. We are also now thinking of bringing in cored wire technology at Durgapur.”