Technocraft Industries (India) Ltd Company Summary

Technocraft Industries (India) Ltd Summary

Technocraft Industries (India) Limited was incorporated on Oct 28, 1992 by two brothers Mr. S.K. Saraf and Mr. S.M. Saraf. The Company is well diversified having its business Interest in Drum Closures (2nd Largest in the World), Scaffolding & Formworks, Yarn, Fabrics & Garments. Until 1976 Technocraft focused on the domestic market. India was not recognized as reliable export nation those days, against all the odds, the company launched a major export drive in 1977. Technocraft was recognised as an export house by government of India in 1979. Technocraft initially captured the Middle East export market. Gradually Technocraft moved to USA and Europe. Since customers in USA and Europe were used to buy Drum Closures from the Companys competitors based in Europe and USA, on a very short notice, Technocraft established several foreign subsidiary companies for facilitation of the stock flow to their customers in Europe and USA.At the initial stages the groups strengths were in manufacturing of Drum closures. From inception till 1994,Technocraft continued developing and increasing the production of Drum Closures until it became one of the world largest and most recognized suppliers of Drum Closures. The company subsequently in 1994 acquired a sick unit Maharashtra Steel Tubes Ltd from SICOM, which was into the manufacture of Steel Pipes. The initial production in the early years post acquisition was 500 metric ton per month and in those days Europe was a major importer of steel pipe. Technocraft opened an office in United Kingdom (UK) so as to tap the European market. This was the turning point in its expansion program.In 1997, Technocraft diversified into manufacturing of Cotton Yarn. The Unit was accorded a 100% EOU status. The cotton yarn division is into Manufacturing & Exporting of high quality 100% Cotton Ring Spun Yarn. From NE 20 to NE 40, the spinning mill is equipped with world class Swiss, Japanese and other equipment. The cotton yarn division employs highly trained technical experts in all aspects of yarn spinning. It also has a Captive power generation plant in the yarn division to cater to its power requirements.Technocraft as a group has been a predominant player in the precision engineering sector & it has done a forward integration of Tube Division by producing high precision scaffolding systems for building construction. The cotton yarn division has also forward integrated its operations by production & export of Garments through its subsidiary Technocraft has been constantly upgrading its capacity & improving its standards to meet the ever-increasing expectations of its customers. The strategy adopted by the company comprises of growth through constant innovation, enter new categories, and focus both on domestic as well as foreign markets.Currently, the company has having ten subsidiaries out of that three are Indian companies and balance are foreign companies. Viz. Technosoft Information technologies (I) Limited, Techno Exports Private Limited, Danube Fashions Limited, Technocraft Trading Spolka, Z.O.O Poland, Technocraft (Hungary) KFT, Technocraft International Ltd, Bopp A. G., CAE Systems GmbH, Impact Engineering Solutions Inc., and Technocraft Australia Pty. Ltd.January 2007, the company has entered into capital market. The company has issued 83,20,000 Equity shares to the public. Issue price is Rs.105/- per share.During the year 2007-08, the I.T.Division of BMS Industries Limited, a promoter Group Company was demerged into Technosoft Information Technologies (India) Limited, Subsidiary Company of the Technocraft Industries (India) Limited (Holding Company), through the Scheme of Demerger made effective from 1st April, 2007, the Appointed Date of Scheme. Danube Fashions Limited, a wholly owned subsidiary got amalgamated with the Company effective from 1 April 2007.During the year 2009-10, Mulox Sacks Private Limited (Mulox), a wholly owned subsidiary and the Company got amalgamated with appointed date, April 1, 2008. The Company commissioned 15 MW power plant in 2009-10. Anhui Reliable Steel Technology Co., Ltd. (ARST) commenced the commercial production of Scaffolding components effective from 1st January 2010. During the year 2010-11, Technocraft Export Private Limited, a 100% subsidiary of the Company, was amalgamated on 06 May, 2011. The Company acquired 100% subsidiary company Technosoft Information Technology Ltd. specializing in Engineering, Procurement, Construction and Management Services in Calgary, Canada during the financial year 2012-13.Highmark International Trading FZE, UAE became subsidiary during the year 2014-15. AAIT / Technocraft Scaffold Distribution LLC, USA was made the subsidiary Company during the year 2015-16. New Defence Division was started at Murbad Factory in 2016-17. Products like Canister for missiles, Metal Part for Parachute, Hanger door for Navy, JT Cooler etc. were developed.During the Financial Year 2017-18, Technosoft Engineering Projects Limited sold its entire holding in Swift Engineering Inc., Canada (i.e. 59%) to Highmark International Trading FZE, UAE (step down subsidiary of the Company), and Highmark International Trading FZE purchased remaining 41% holding from the other shareholders and thus Swift Engineering became 100% step down subsidiary. Technosoft Engineering UK Ltd, 2045690 Alberta Ltd, CANADA and Technosoft Services, INC.,USA became the New Subsidiaries during the year 2017-18. Swift Engineering Inc., Canada has sold its entire holding in Swift Projects Inc., USA (i.e. 100%) to 2045690 Alberta Ltd, CANADA [Step Engineering] (step down subsidiary of the company), on arms length price. Ownership of AAIT / Technocraft Scaffold Distribution LLC was transferred from HITF-UAE to TIL-UK. Technocraft NZ Limited became the New Subsidiary during the year 2018-19; TIL Marketing Private Limited, Paithan Eco Foods Private Limited and Swift Engineering Inc., Canada have ceased to be subsidiaries of the Company in 2018-19. A New Manufacturing Unit having capacity of 31008 spindles was started at Amravati, Maharashtra during the year 2019-20. During the year 2019-20, Shivale Infraproducts Private Limited was made the new Subsidiary. Benten Technologies LLP became the new Joint Venture Company in 2020. Technocraft Fashions Limited became the new Subsidiary during the financial year 2020-21.During the Financial Year 2021-22, Technocraft Textiles Limited and Technomatic Packaging Private Limited became the New Subsidiaries and Technocraft Australia Pty Ltd, ceased to be subsidiary of the Company.