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Bengal Chemicals hopes to clear all debts by 2017-18
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SME Times News Bureau | 22 May, 2017
Bengal Chemicals and Pharmaceuticals Ltd. hopes to clear its existing
debts through improvement of cash generation and sale of surplus land by
end of the 2017-18 Fiscal Year, a top company official said on Sunday.
The
state-run pharmaceuticals company has an outstanding debt of Rs 200
crore from the Centre and Rs 13 crore debt from the public sector lender
United Bank of India (UBI). It expects to obtain Rs 300 crore from the
land sale.
"The objective of the land sale is to reduce the
liability. We have got approval from the Centre to sell surplus land of
25.07 acres at our Panihati manufacturing plant. A tender... has already
been floated," Managing Director and Director (Finance) P.M. Chandraiah
said.
"According to the present circle rate, we expect to
realise around Rs 300 crore from land sale in the current fiscal and
hope to repay the Rs 200 crore debt taken from the Centre," he said.
Due
to the improvement in the financial position and net cash generation in
2016-17, the company managed to repay half of its bank loan to the UBI
in March.
"Out of the total bank loan of Rs 26 crore, 50 per cent
loan has been repaid. We are planning to fully repay the balance amount
of Rs 13 crore by December 31, 2017, from the cash generation of the
company," Chandraiah said.
Founded by Acharya Prafulla Chandra
Ray, the Father of Indian Chemistry, the company had reported a net
profit of Rs 4.51 crore in 2016-17 for the first time in six decades.
The company is looking to log a net profit Rs 10 crore in the current financial year.
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