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Citco – foundation and financial results
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The Chandigarh Industrial and Tourism Development Corporation Limited (CITCO) was incorporated as a Company under the Companies Act 1956 on 28.03.1974. It was originally known as Chandigarh Small Industries Development Corporation (CSIDC) and started functioning as such from 20.09.1974. The Corporation was given additional functions of promotion of Tourism and other related activists in the year 1982. As a result of which, its name was changed to Chandigarh Industries and General Development Corporation Limited.(CIGDC). In 1982, the Management of Hotel Mountview, Sector 10, Chandigarh and Hotel Parkview (then Chandigarh Yatri Niwas) was transferred to the Corporation. In addition the Corporation was given the responsibility for managing the Community Centres and Clubs,(this activity was later transferred to Municipal Corporation, Chandigarh). In 1988, the incomplete building of Hotel Shivalikview, (the then Janta Hotel) was transferred to CITCO for construction and management. This hotel was put in commercial use on 01.01.1990. In 1992, the Corporation was allotted land in Sector 9, Chandigarh for setting up a Petrol Pump. CITCO tied up with BPCL & the Petrol Pump is running as one of the most preferred outlet in the City. In 1993, CITCO was appointed as C&F Agent for IPCL (taken over by Reliance Industries Limited). In 2000, CITCO was allotted space at Kalagram on Chandigarh Shimla Highway to set up a Restaurant. The unit is designed as an ethnic Punjabi outlet. In 2002, CITCO was allotted space for running fast food outlet in the hub of the Sub City Centre, Sector 34, Chandigarh. The outlet 'Drop-In created there at is very popular with office goers. The Indian Oil Corporation offered its Sector 56 Petrol Station to CITCO for its management w.e.f. 18th December, 2009. The UT Administration licensed out space to CITCO in Sector 38 W. CITCO set up a Petrol Station and LPG outlet thereat in collaboration with Indian Oil Corporation who agreed to spend Rs.3.65 Crore on creation of “State of Art” Petroleum Infrastructure making this outlet the largest Petrol Station with LPG facilities in Chandigarh. The outlet was commissioned on 16.02.2011 for LPG. The Petrol sales started on 16.04.2011. Further, renovation of Hotel Shivalikview at a cost of Rs. 875.00 lacs was undertaken in 2010. The work is to be carried out in two phases. In the first phase, a restaurant and bar, Cloud 9 on the west side terrace has been commissioned on 23.06.11. Also a rain forest theme based party hall has been created on the east terrace at 6th floor. This was commissioned on 23.09.11 along with 2 multipurpose hall of 100 pax capacity and 1 conference room for 20 pax. These areas have been created on the Ground floor by doing away with the vast shopping arcade existing earlier. 4 shops have been created in the vicinity on the ground floor to meet requirement of the hotel guests. In the 2nd phase already undertaken, the entire ground floor will be renovated to enhance the lobby area by creating a double height portion. The porch will also get a new look. In this phase, the existing Bazm Restaurant will be expanded and given a total new look. While a Swimming pool is being created in the back lawn area, a modern Health club is being created on the first floor. 24 Rooms were added in Hotel Parkview making it the biggest budget hotel in Chandigarh. The IDFC Centre is being upgraded as a modern Test & Calibration Centre with NABL accreditations to assist the SSI Units to have their equipments calibrated and tested as per BIS certification. Investment worth Rs.80.00 lacs have been made on purchase of high technology machinery and equipments. To meet the demand of the Industry, Multipurpose Industrial Community Centre (MICC) was upgraded to provide food facilities and other services to the Industrial workers and the entrepreneurs at special rates.
FINANCIAL RESULTS
The following is the statement of Sales/Profit etc. for the last 04 years:-
(Rs. in lacs)
| S. No. |
Particulars |
2007-2008 |
2008-2009 |
2009-2010 |
2010-2011 |
| 1. |
Share Capital |
1503.46 |
1503.46 |
1503.46 |
1503.46 |
| 2. |
Turnover |
31876.04 |
31230.27 |
27907.80 |
34397.44 |
| 3. |
Cost of Goods sold |
26484.76 |
25689.11 |
21891.80 |
27151.02 |
| 4. |
Gross Profit |
5391.28 |
5541.16 |
6016.00 |
7246.42 |
5.
A |
Employee
Remuneration |
2495.78 |
3014.25 |
3337.93 |
4662.04 |
| B |
Arrears |
|
|
934.00 |
0 |
| 6. |
Administrative, Selling & Misc. Expenses |
1129.69 |
1190.70 |
1268.00 |
1521.00 |
| 7. |
Profit before Dep. Interest & Taxes |
1765.80 |
1336.21 |
476.07 |
1063.38 |
| 8. |
Interest |
9.32 |
24.32 |
21.79 |
18.62 |
| 9. |
Profit before Dep.& Taxes |
1756.48 |
1311.89 |
454.28 |
1044.76 |
| 10. |
Depreciation |
244.04 |
281.64 |
311.61 |
305.32 |
| 11. |
Profit before adjustments and taxes |
1512.44 |
1030.25 |
142.67 |
739.44 |
| 12. |
Prior Period Adjustments |
28.69 |
143.95 |
119.48 |
236.40 |
| 13. |
Profit before Taxes |
1541.13 |
1174.20 |
262.15 |
975.84 |
| 14. |
Income Tax |
564.93 |
496.38 |
195.37 |
491.37 |
| 15. |
Net Profit |
976.20 |
677.82 |
66.78 |
484.47 |
The unit wise turnover of the Corporation is given as under:-
(Rs.in lacs)
| Unit |
2007-2008 |
2008-2009 |
2009-2010 |
2010-2011 |
| Steel Depot |
21838.36 |
20365.65 |
15550.10 |
18235.68 |
| I.D.F.C. |
10.45 |
9.46 |
10.79 |
9.03 |
| Emporium |
15.31 |
20.24 |
21.09 |
21.33 |
| Mountview |
2500.97 |
2370.01 |
2498.83 |
3201.30 |
| Shivalikview |
1539.69 |
1611.26 |
1687.31 |
1869.46 |
| Parkview |
504.52 |
671.50 |
937.33 |
1202.93 |
| Tour& Travel |
5.34 |
7.40 |
5.70 |
6.68 |
| Canteens |
736.16 |
852.93 |
834.60 |
887.40 |
| Petrol Pump |
4200.48 |
4860.26 |
5864.85 |
8385.01 |
| Others |
524.76 |
461.56 |
496.79 |
578.62 |
| Total |
31876.04 |
31230.27 |
27907.80 |
34397.44 |
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