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Elecon Engineering Company Ltd.

BSE: 505700 | NSE: ELECON |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE205B01023 | SECTOR: Engineering - Heavy

BSE Live

Sep 28, 16:00
166.25 -1.15 (-0.69%)
Volume
AVERAGE VOLUME
5-Day
87,567
10-Day
126,519
30-Day
172,612
97,026
  • Prev. Close

    167.40

  • Open Price

    167.30

  • Bid Price (Qty.)

    166.25 (100)

  • Offer Price (Qty.)

    166.25 (250)

NSE Live

Sep 28, 15:55
166.05 -0.90 (-0.54%)
Volume
AVERAGE VOLUME
5-Day
538,193
10-Day
646,598
30-Day
1,198,496
333,691
  • Prev. Close

    166.95

  • Open Price

    167.20

  • Bid Price (Qty.)

    166.05 (6102)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2010 2006

Chairman's Speech

Barely fifty years ago, the worlds environment was largely in balance. Modern man in the name of progress has polluted his way towards a global catastrophe. The starkness of environmental degradation looms us everywhere. We have been preposterously spoiling it bit by bit and now the rate of our exploitation is becoming too much to handle for the environment and it has slowly started giving up. The insane selfish activities of humans like deforestation, bottom trawling, and wide spread pollution (toxic and non toxic as well as ground, water and air) has led us to a point where working in unison to protect it is our only option. We here at Elecon believe that it is the right of our children and theirs to witness the environment in all its glory, which unfortunately we just read about now because of our actions, Having awakened to the facts for over 35 years now we have made it the theme of our publications spread the message to preserve the environment. Through this, we would like to request you once again to show environment concern and be a step ahead in preventing the deterioration of our mother nature. Lets Preserve Our Environment - Board of Directors From left to right : Shri Chirayu R. Amin, Shri Prashant Amin, Shri Prayasvin Patel (Chairman and Managing Director), Shri Pradip M. Patel, Shri Hasmukhlal S. Parikh and Dr. Amritlal C. Shah Elecon at a Glance Elecon is one of Indias largest manufacturers of Material Handling Equipments, providing a wide product range that are only being offered by a few companies throughout the world. We are also amongst the largest manufacturers of Industrial Gears and Power Transmission products in India and are the supplier of choice when it comes to customized gears. Our expertise in the manufacturing of gears helps us to manufacture wind turbine gearboxes for the alternate energy sector and we enjoy a significant presence both in India and abroad. Elecon has designed and implemented several landmark projects throughout the globe and is a well respected name in the products and services it offers. With more than 50 years of experience combined with superior state of the art infrastructural facilities and a highly skilled work force, we are able to successfully decipher the changing requirements of the industry and provide them with superior products from time to time. We successfully cater to, and enjoy a respectable position in core sectors like Steel, Fertilizer, Cement, Coal, Lignite, Iron Ore Mines, Power Stations, Sugar, Chemical, Fertilizer, Plastic Extrusion and the Rubber industry. This year we are proud to be associated with the Indian Navy by providing them with CODOG gearbox for their new generation stealth warship, the INS Shivalik. These gearboxes are made in technical collaboration with Renk Gmbh, Germany, world leaders in marine gear technology to meet the stringent requirement of quality and reliability. We are committed to technological enhancement and industrial prowess which gives us the motivation to always strive harder and harder to attain new technological milestones, to stand true on our maxim Always a step ahead in technology. Chief Financial Officer Shri Hemendra C. Shah Shri Paresh M. Shukla Bankers State Bank of India Bank of Boroda EXIM Bank of India Axis Bank Limited Citi BankN.A HDFC Bank Limited IDBI Bank Limited Auditors Thacker Butala Desai Chartered Accountants Navsari Registered Office Anand Sojitra Road Vallabh Vidyanagar-388120 Gujarat, India - Management Insight Our expertise in engineering industries is giving us an opportunity to expand our global presence and to create a relationship across the globe to spread our maxim of being Always a step ahead in technology. - Prayasvin Patel Chairman & Managing Director The ever growing market needs effective strategies formation and speedy execution. Our openness to changes helps us in marching towards our commitment of becoming a complete solution provider in the engineering industry. Combined with a robust team spirit we are able to flow the clients needs while attaining a winrwin situation for our customers and stakeholders. - Prashant Amin Elecon- Group Director We endeavour to think ahead and prepare for the future. We will remain focused on our disciplined approach to manage our capital base efficiently in a manner that leads to a high return on equity and continual enhancement of stakeholdersvalue. - Hemendra Shah Vice-President (Commercial) & CFO With fluctuating input costs, the key to stability and growth is speedy completion of projects. We are committed to work towards this goal and further strengthen our team to achieve excellence in project execution. - G.S. Kaira, CEO, MHE Division After darkness of recession, the dawn is really breaking out and the Indian Industries have started with a real boom. In Steel, Sugar and Infrastructure Sector, as well the need of Power and that too of green energy is being felt by each one of us, for which many new players are emerging out, though a bit late in the race where Eleconsdreams are also coming true after a lot of tough waiting. - Vilas Kalyankar, CEO, Gear Division - Corporate Social Responsibility We at ELECON believe that its one of our core responsibility as a Corporate to give back to the society in which we operate. Year on year we have been actively involved in upliftment activities focusing majorly in the areas nearby apart from employees development activities. Our yearly commitments include developmental activities in Indiranagar (the village that we have adopted) near Napad, maintenance of the Bhanubhai and Madhuben Patel cardiac centre that was built by us at Shri Krishna Hospital along with other medical facilities, we contribute in a positive way to 3 schools and 3 parks that we have built in and around Vallabh Vidyanagar, Gujarat. Through our social service wing ELCARE and ELF we try to reach out and offer help wherever possible. Some of our community involvement this year were: Mega Blood Donation Camp: India needs around 400 million units of blood each year out of which it is only able to collect around 5 million units.This leads to a severe shortage of blood and in many cases deprives people in acute need of it, causing fatalities. We organize blood donation camps with the IRS (Indian Red Cross Society) on a regular basis for our employees and organized a Super Mega Blood Donation Camp for everyone to come and donate for this cause. We were able to successfully collect 1067 Units of blood in a single day which is a record number for collection in Anand and Kheda District. Scholarship to Students: We believe that right education is the foundation that the India of tomorrow will be built upon. So, not letting money be a constraint for the deserving students to pursue higher education, we give scholarships to meritious students that cover their food, hostel and tuition fees. The selection is made by considering the financial situation of the applicant amongst other things. Last year we offered 45 scholarships with the number set to increase to 60 students this year. Apart from these, we have also actively participated in various other small activities like donation of computers to a school in a nearby village, organizing various sports events, organizing various cultural events and creative activities, helping a school for the differently able (visually impared) children, providing training to students to help them develop a good and thorough understanding of their fields of education and reaching out to other societal causes through our social service wings EL CARE and ELF. - Material Handling Equipment Division With around 6 decades of experience Elecon has grown to become the single largest company having a composite range of almost all types of Bulk Material Handling Equipments and products to choose from. We were one of the first companies to introduce the concept of mechanized bulk material handling in India and have supplied hi-tech material handling equipments to core sectors like Steel, Fertilizer, Cement, Power, Coal, Lignite & Iron ore Mines and Port Mechanization across the globe. Milestones Designed, manufactured, supplied and erected a 7.5 kms relocatable-type Belt Conveyor System in Thailand Designed, manufactured, supplied and erected a 70 kms long conveying system at Neyveli Lignite Corporation Manufacturing Strength The division has a manufacturing facility spread over 1,17,000 sq. mts., housing CNC machine tools for manufacturing and state of the art test equipment for quality control. Elecon made a technical collaboration with M/S CKIT Conveyors Engineers - Johannesburg, SA. Through this collaboration Elecon will avail technical support in Pipe Conveyor, Long Distance Through Conveyor, High Speed Conveyors and Curve Conveyors. Noteworthy Achievements Various orders worth Rs. 608 Mn received fromTecpro Systems Ltd., Chennai for the supply of unidirectional bucket wheel Net Sales for MHE Division increased by 10.66% from Rs. 5607 Mn in 2008-09 to Rs. 6205 Mn in 2009-10 type stacker cum reclaimer, supply of equipment for coal handling package (including stacker reclaimer), supply of Slewing and Luffing stacker, bucket wheel type reclaimer and drive units, supply of reversible bucket wheel type stacker cum reclaimer with hydraulic drive and its spares and drive units and its spares. Order worth Rs. 199.9Mn received from ABG Cement, Mumbai for the supply of stacker and reclaimers. Orders worth Rs. 165 Mn received from Anrak Aluminum Ltd. Hyderabad for the suppy of equipments for coal & limestone handling system Co-generation Power Plant at Rachapalli village, Visakhapatnam, A.P. Growth Drivers The demand for infrastructural projects has always been amongst the top agendas of the government and will remain the same, which results in high demand for material handling solution.Thanks to the government policy and stimulus packages, more and more investments are expected to pool in with the implementation of mega projects. An equal contribution in the growth of the MHE is from the power, steel, coal, ports and similar industries. Main Hoist Drive Gearbox For Laddie Crane Elecon is one of the largest manufacturers of industrial gears and was the first company in India to introduce modular design concept, case hardened and ground gear technology. Elecon is the gear supplier of choice to core sectors like Sugar, Cement, Steel, Fertilizer, Plastic Extrusion and Rubber. Elecon was the first industrial gear manufacturer in India to achieve ISO 9001 in 1994, the first to achieve ISO 9001:2000 in 2001 and again the first to achieve the ISO 9001:2008 version in 2010. Manufacturing Strength The manufacturing facility at Gear Division of Elecon is one of the largest in Asia and we manufacture the largest range of gear in Asia. Our plant is acknowledged as one of the most modern facility and has received appreciation throughout the globe. Net Sales for Gear Division increased by 8 % from Rs. 3944 Mn in 2008-09 tons, 4259 Mn in 2009-10 Elecon is the only manufacturer in India to build MW Class Gearboxes and is the first one to do so. We are also the only manufacturers of Vertical Roller Mill Gear for the power and cement industry. Growth Drivers Our years of experience and technical expertise helps us understand the needs of various sectors and to provide them with superior solutions through which we are able to create a niche in the industry. - Directors Report Prayasvin B. Patel Chairman & Managing Director