JK Cements reduces bank debts from Rs 64.97 Crores to Rs 48.31 Crores
Srinagar: Jammu Kashmir Cements Limited has taken various steps to reduce debt liability to the level company is able to afford. During the last two years, the company reduced the liability of bank debts from Rs 64.97 Crores to Rs 48.31 Crores. The Company has managed to repay an amount of Rs 16.66 Crores and has successfully reduced the liability of bank debts.
In spite of financial crisis, the performance of the company during 1st quarter of the current financial year is highest of all in terms of sales and revenue as compared to corresponding periods of last six years.
Khrew Plant at present is in a position to produce 700 to 800 MT per day subject to availability of smooth flow of funds. An official said the flow of funds is essential to meet legitimate operational expenses so that plant operation is optimized to achieve the desired targets.
“The company requires financial assistance to cover the shortfall of Rs 125 Crores per month. The financial assistance will enable the company to achieve the annual target fixed for the year 2018-19. The company achieved highest turnover of Rs 120.00 Crores during the year 2011-12 and hopefully the company will be able to set a new record of highest turnover during current financial year.”
This year the company lost 22 working days due to strikes while during the last financial year the number of working days lost by company due to strikes and restrictions was 88. Despite this JK Cements has managed to reduce not only debt liability but has also achieved highest turnover this year.