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JKSIDCO turn over drops by 40% | Fails to provide cover to MSMEs | | Early Times Report SRINAGAR, Sept 24: Once a profit making government unit, J&K Small Scale Industries Development Corporation Limited has a fall of commercial turn over from one thousand crore to 600 crores, resulting in 40% drop in the business. The corporation is a nodal agency of the state government for providing developed infrastructure, testing of finished products, raw materials and marketing support to the small scale industries in the State. As per the official information available with early TIMES, The financial data has been concluded by the corporation as on march 2016, wherein it has been found that the corporation could not take off the short falls, as a result, it has registered a downward trend in the overall working and support to small scale industrial units. Sources said that these huge losses are due to poor management, planning & implementation of the corporation. Sources said that in the recent board of directors meeting the target of one thousand core was fixed based on the achievement of 904 crores,but the corporation could do the business of only 6 hundred crores which is the ever lowest business done in last four years. Sources said that the net profit has also reduced to 1.50 crores which are again 40% when compared with the preceding years. Sources said that the cash loss has been attributed to the casual and negligent approach of the management in achieving the target. Sources further stated that heavy burden on various incidental and salary wages have also contributed in incurring the losses. As per its officials the JK government has failed to pay attention to save the sinking ship of this corporation. They accuse the management of plundering the wealth of the company by purchasing substandard items and raw materials. "Corrupt officials are being handed over plum postings; non-technical officers are heading technical departments. This is the state of affairs of the said corporation. The company is on verge of closure," sources said. The employees alleged that the political interference, "illegal" appointments at the behest of the politicians and "mismanagement" have given severe blow to the PSU. Sources said that the corporation is marred by various corruption cases where the corporation has lost considerably in the profit making. Sources said that one of the recent cases is that a tender was floated for construction of building with the clear cut terms and conditions of 10% of profit to this corporation, but after finalization of the contract the corporation surprisingly chose to take 5 % profit on the construction work, thereby losing a profit of 40 lake rupees in the process. The tender was floated by marketing section, Divisional Office Kashmir headed by General Manger and the Deputy General Manager who choose to 5% profit as against approved tender of 10% profit. Sources disclosed that case of quality of the construction of said building is under active investigation with the vigilance organization Kashmir who has seized the concern record form the office of the corporation. |
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