Chairman-cum-managing director SP Sinha told The Financial Express that the paint major has been able to achieve a growth of nearly 10 per cent in 1998-99.

"A 15-20 per cent growth this year would help the company to consolidate its position in both the decorative and industrial segments," Sinha said.

The company had roped in consultancy major PriceWaterhouseCoopers to advise it on restructuring.

Ruling out an increase in capital at present, Sinha said the company would try to increase its turnover by 2.5 times with the existing capital.

"The company has no plans of replacing its debt with equity as this will lead to a depletion of its profitability, which is not called for in the present circumstances when the company is attempting to get itself back on the fast track along with its closest competitors," the CMD felt.

"Although much of the paintindustry is volume-driven, it is also essential to add value. The company has been striving towards increasing operational efficiencies by way of cost effectiveness and quality consciousness as well," Sinha said.

As part of its increased marketing activities, the company would combine an adequate product mix with a larger distribution network which would translate into an improved turnover, Sinha said. Jenson has also identified an industrial paint division to deal with three main areas of powder paints and heavy-duty marine paints. Upgradation of products is also on the company agenda.

Marketing thrusts in the forms of direct marketing and increasing the dealer network by 30 per cent are also being worked out by the company.

The company has recently come out with its new brand Special Effect Exterior in the decorative segment. Decentralisation of work practices is also slated to push forward the growth rates of the company's volumes and profitability levels.

At present, eastern India accounts for 37per cent of its sales, followed by 26 per cent in the south. The north acounts for some 25 per cent while the balance of 9 per cent sales is from the west.

The company in the year ended March 31, 1999 posted a net profit of Rs 4.85 crore as against Rs 4.67 crore in the previous year. The turnover increased to Rs 164.8 crore in 1998-99 as compared to Rs 150.3 crore the previous year. The company was able to increase its operating profit to Rs 12.4 crore last year (Rs 7.95 crore).

During the year, the company made a private placement of 7,00,000 redeemable preference shares of Rs 100 each at 14 per cent.