Discussion: Activities of SPMCIL

[Bimat]

Bad news for those who collect Indian coins.

SPMCIL sets sales target of Rs 2,800 cr

Press Trust of India / New Delhi March 17, 2011, 14:53 IST

State-owned SPMCIL, engaged in minting of coins and printing of currency, has set an ambitious sales target of Rs 2,800 crore for the next fiscal.

Sales of major products, including bank notes, coins and medals, by Security Printing and Minting Corporation of India (SPMCIL) stood at Rs 1,997 crore during April-December, 2010.

"SPMCIL has signed a Memorandum of Understanding (MoU) with the Department of Economic Affairs setting an ambitious sales target of Rs 2,800 crore for itself for the fiscal 2011-12," the Ministry of Finance said in a statement.

The total income and expenditure for the year 2009-10 stood at Rs 3,206.05 crore and Rs 2,409 crore, respectively.

The MoU has been signed based on the targets and the parameters negotiated by a Department of Public Enterprises appointed Task Force, the statement said.

"The MoU is based on the premise of a growth charter in a globally competitive environment and forward looking approach of SPMCIL," it said.

It further said the MoU also contains commitments in the areas of development of new products, participation in international tenders, Environment, safety and project implementation.

The MoU was exchanged between Secretary, Department of Economic Affairs R Gopalan and Chairman and Managing Director of SPMCIL M S Rana.

SPMCIL, a miniratna public sector unit, is engaged in the manufacture of security paper, minting of coins, printing of currency and bank notes, non-judicial stamp papers, postage stamps, travel documents.

The MoU, as applicable to public sector enterprises, is a negotiated document between the government and the management of the enterprise specifying clearly the objectives of the agreement and the obligations of both the parties.

The main purpose of the MoU system is to ensure a level playing field to the public sector enterprises vis-a-vis the private corporate sector.

Source : Business Standard

[Coinsforever]

SPMCIL not only engaged in printing of currency & minting of coins .

Their other areas of activities  are printing of passports, special tickets for occasion like commonwealth games, ICC World cup tickets etc.

Here is complete list of products :


      Medals & Momentos
      Momentos
      Medals
      Postal Stationery
      Registration Envelopes
      Aerogrammes
      Inland Letter Cards
      Embossed envelopes
      Post Cards of all varieties
      Envelopes
      Postal Orders
      Latest in the range
      E-Passport
      Currency
      Indian Rupees
      Indian Coins
      Stamps
      Public Postage Stamps
      Commemorative stamps
      Non-Judicial Stamps
      Court Fee Stamps
      Central Recruitment fee stamps
      GOI Custom Revenue Stamps
      Old Non-Judicial Stamps
      Central Excise Stamps
      Weights and Measures
      Weights
      Gold Processing and Refining
      Gold

details are avaible at SPMCIL site .

This target for sale of Rs 2500 crore must  be to cover all the products , hence impact on coin prices & medals (NCLT/NCNLT) would be not  so much  , but recent experience at Indipex shows new trends of their marketing.

Cheers

[Abhay]

One of the sources for the Extra Income for SPMCIL could be the Sale of "REPLICA MEDALS". There are many medal collectors in India. Presently, the Mints do not sell medals directly to the General Public. In many countries, USA for example, the mints officially sell the medals to the collectors. The only difference is that these medals have the word "REPLICA" or "COPY" engraved on them, but otherwise, they are exectly the same as the originals.

I am quite sure, there will be great demand for the replica "Bharat Ratna" and "Padma Bhushan"

Abhay

[Bimat]

Printing and selling postage stamps/miniature sheets is not as profitable as selling coins. If you look at recent decisions by SPMCIL, they have increased the costs of unc/proof sets. Single unc sets are more expensive now (earlier, they used to sell them for 150 INR, now they are selling them for 432 INR). Number of people interested in buying Indian coins has increased a lot in last 2-3 years, and even some international dealers are now ordering them for their sell in US and Europe. I was shocked when a friend told me recently that a big European dealer is ordering 100 sets each of unc and proof sets directly from Indian mints.

Aditya

[The Oracle]

Printing and selling postage stamps/miniature sheets is not as profitable as selling coins. If you look at recent decisions by SPMCIL, they have increased the costs of unc/proof sets. Single unc sets are more expensive now (earlier, they used to sell them for 150 INR, now they are selling them for 432 INR). Number of people interested in buying Indian coins has increased a lot in last 2-3 years, and even some international dealers are now ordering them for their sell in US and Europe. I was shocked when a friend told me recently that a big European dealer is ordering 100 sets each of unc and proof sets directly from Indian mints.

Aditya

which european dealer? olaf? 

[Bimat]

No idea...

Aditya

[The Oracle]

No idea...

Aditya

get idea   

sorry couldnt resist

[Coinsforever]

Printing and selling postage stamps/miniature sheets is not as profitable as selling coins. If you look at recent decisions by SPMCIL, they have increased the costs of unc/proof sets. Single unc sets are more expensive now (earlier, they used to sell them for 150 INR, now they are selling them for 432 INR). Number of people interested in buying Indian coins has increased a lot in last 2-3 years, and even some international dealers are now ordering them for their sell in US and Europe. I was shocked when a friend told me recently that a big European dealer is ordering 100 sets each of unc and proof sets directly from Indian mints.

Aditya

As said previously , I have different view point  again after referring Annual report of SPMCIL ,Export order or foreign exchange earning for 2008-09 - 4.95 Cr , 2009-10- Nil  , only export order won of Nepal Rastra Bank  for printing of Bank Notes.

SPMCIL reports also indicates :
None of the mints in India acquired ISO 9000 certification except security paper mill, hence no more criticism & blame to Mints for producing such  error coins.

Cheers

[kansal888]

Coin card of 5Rs Tanjavour coin was sold recently by SPMCIL at Indipex for Rs 432 each.  I heard the rumour that 5Rs Tanjavour Coin Card may come out at reduced price.

[nomadbird]

get idea  

sorry couldnt resist

hahahahahhaha

[The Oracle]

Coin card of 5Rs Tanjavour coin was sold recently by SPMCIL at Indipex for Rs 432 each.  I heard the rumour that 5Rs Tanjavour Coin Card may come out at reduced price.

yes pvt cards will cost 50 rs from local dealers on ebay

[Coinsforever]

BTW  Bollywood actor :
Abhishek Bachchan is brand ambassador of Idea mobile .

What he would do with Numismatics.

Cheers

[repindia]

I just hope a target increase in revenue would not mean increase in cost and rather the mint go more creative and get innovative ideas to market more sets to newer collectors.

[nomadbird]

Collecting Indian Coins or Indian Medals ? The yare not legal tenders is what we were contemplating last week and half.

[Bimat]

I just hope a target increase in revenue would not mean increase in cost and rather the mint go more creative and get innovative ideas to market more sets to newer collectors.

Let's hope so. I think it's very unlikely, though. Increasing revenue by 800 crore rupees can be achieved only if :

1. There's a very large increase in sale OR

2. Increase in cost OR

3. Combination of 1+2.

They have already shown what's there in their mind. The single unc coins which were made available for 150 rupees until recently now cost 400+ rupees..

Aditya