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| Exchange Disseminated Time | Technocraft Industries (India) Ltd has submitted to BSE a Press Release regarding the future prospects of the Company's financial growth namely-
> Commencement of Commercial Production in China (100% Subsidiary)
> 15MW Power Plant
> Joint Venture with Canadian Company
> Future Prospectus of Company
Press Release :
- Commencement, of Commercial production in China (100% Subsidiary)
Technocraft Industries (India) Ltd. (Technocraft) announced the start of commercial production in its wholly owned subsidiary factory Anhui Reliable Steel Technology Co., Ltd. (ARST) in Anhui Province in China. ARST has successfully commenced production of scaffolding components from January 1, 2010 and has achieved stable commercial production. The rated capacity will be achieved in about one month. ARST is likely to give substantial support to Technocraft Scaffolding Division by increasing both top line and bottom line,
- About 15MW power plant
Technocraft also announced the commissioning of 15 MW power plant- About 50% capacity will be consumed internally and balance 50% will be sold to MSTCL.
The present sale will be done on 22 KV line. Technocraft is also erecting suitable Switch Yard with an investment of about Rs. 10 crores (financed internally) for supplying power to the grind on open access basis on 100 KV line. This will give substantially better sale price. Captive power plant is likely to add approximately Rs. 10 crores to the PAT of the company. Plans are afoot for doubling the capacity of power plant by installing another 15 MW power plant at the same site as an independent power plant for supplying power to the grid. Necessary coal linkage permission has also been received.
- About Joint Venture with Canadian Company
Technocraft has signed a joint venture with world famous Canadian form work company Tabla Construction Systems Inc., who has developed one of the most modern form work systems in the world. With the present spurt in infrastructure projects, Tabla System is likely to be highly successful. This system of form work is one of the fastest and most economical to erect.
The Tabla JV will substantially expand the base of Technocraft Scaffolding Division, since now the company will be able to offer scaffolding and form work to the clients under one roof.
- Future Prospectus of Company
Technocraft is further pleased to announce significant growth in Drum Closure sales with a strong order book. The increased sale is due to substantial de-bottlenecking and improvement in efficiency of Drum Closure manufacturing facility.
The textile division of Technocraft consisting of yam mill and garment division has also registered substantial growth in production and sale and is now enjoying a strong order book. Technocraft is getting the benefit of increased manufacturing costs in Tirupur.
According to Managing Director Mr. S. K. Saraf, the company is expecting Substantial improved working results in 2010-2011. The results for the last fiscal year 2009-10 have also shown substantial improvement and will be released shortly after the Board of Directors Meeting to be held in first week of May. |
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