COMPETITORS OF TRF LIMITED IN INDIA

Company

Current
Price

Book Value P/E Ratio Market Cap

(Rs. Cr.)

Stovec Industries Ltd.

2,257.45

339.41

22.95

471.36

CMI FPE Ltd.

400.00

307.07

15.05

197.51

Windsor Machines Ltd.

35.60

11.38

16.15

231.16

Cranex Ltd.

9.55

8.48

17.57

5.73

International Combustion
(India) Ltd.

281.00

384.15

0.00

67.17

Praj Industries Ltd.

94.55

36.56

25.23

1,683.44

Veejay Lakshmi
Engineering Works Ltd.

49.50

114.89

0.00

25.10

Sanghvi Movers Ltd.

272.70

178.17

10.10

1,180.46

Brady & Morris Engg Co

Ltd.

46.60

-1.92

51.52

10.48

Inox Wind Ltd.

237.75

86.44

10.96

5,276.11

BALANCE SHEET OF TRF LIMITED

Mar' 14

Mar' 13

Mar' 12

11.00

11.00

11.00

11.00

11.00

Share Application Money

0.00

0.00

0.00

0.00

0.00

Peference Share Capital

0.00

0.00

0.00

0.00

0.00

-22.78

62.04

88.83

165.72

157.05

335.84

333.69

340.22

281.82

236.45

10.00

0.00

6.00

20.00

0.00

334.06

406.74

446.06

478.54

404.51

75.36

77.87

74.85

73.63

62.02

0.00

0.00

0.00

0.00

0.00

Less: Accumulated Depreciation

37.45

34.84

31.90

28.64

30.86

Net Block

37.91

43.04

42.95

44.99

31.16

0.00

0.04

2.18

0.61

10.91

185.06

185.06

109.11

109.48

109.86

Current Assets, Loans & Advances

780.00

731.13

908.50

764.00

710.96

Less : Current Liabilities & Provisions

668.91

552.54

616.69

440.54

458.38

Total Net Current Assets

111.09

178.60

291.81

323.46

252.58

0.00

0.00

0.00

0.00

0.00

334.06

406.74

446.06

478.54

404.51

Mar' 15

Mar' 11

SOURCES OF FUNDS
Owners' Fund
Equity Share Capital

Reserves & Surplus

Loan Funds
Secured Loans
Unsecured Loans
Total
USES OF FUNDS
Fixed Assets
Gross Block
Less: Revaluation Reserve

Capital Work-in-progress
Investments
Net Current Assets

Miscellaneous Expenses not written

Total

Bulk materials handling

Bulk Materials Handling specializes in equipment for loading, unloading and
storing bulk products such as coal, iron ore, limestone, wood chips, potash,

grain, fertilizer and a sundry of other bulk materials.

The core product line is the result of mergers between several major bulk
materials handling companies. Serving customers since 1889, we are the
Original Equipment Manufacturer for McNally Wellman, Stephens-Adamson,
Cable Belt, Strachan & Henshaw (BMH), Dravo Wellman, McDowell Wellman,
McNally Pittsburg, NICO, Mead Morrison, MKT Corporation, PECO, Nolan
HCM and Svedala
With over 150 designers and engineers, a comprehensive product line and
an unparalleled range of services, Metso customers large and small can
expect positive results. Our main office is located in Pittsburgh,
Pennsylvania, with (3) three additional engineering and design offices
located in Sorocaba, Brazil, Johannesburg, South Africa, and Mumbai, India.

Introduction to companies.

For over two decades now, Indiana Conveyors has been

manufacturing bulk material handling equipment and systems.
The companys vast and in-depth experience in this area is widely
accepted by our prestigious client base worldwide.
Today Indiana is well-known as a SINGLE SOURCE for complete
bulk material handling equipment and systems.
Our products are manufactured in-house in our ultramodern
facility in Jejuri (40 Kms from Pune), enabling us to ensure
consistently high quality of our products.
Indiana's marketing activities and after sales services are
supported by branch offices in all major cities in INDIA and we
often execute projects in other countries by supplying all the
major equipments.
GROWING CAPABILITIES
The bulk material handling skills at Indiana are down to the hard
work and intelligence of the companys engineers who continue to
learn as the work.
Behind Indiana's proven knowledge base are carefully
accumulated studies and analyses of the shape, dynamics and
quantity management of various materials for projects in Steel,
Cement, Coal, Chemical, Fertilizers and Other engineering
industries. Repeat orders from satisfied customers are one of the
secrets of Indiana Conveyors rapid growth.
DESIGN & ENGINEERING
A highly experienced team of innovative design engineers is
equipped with latest computer aided drafting stations (AutoCAD)
and several software programmes, many of which are custom
developed.

MANUFACTURING PROGRAMME
Bulk material handling equipment/systems include:
Belt conveyors / feeders, screw conveyors / feeders, bucket
elevators, slat conveyors, apron conveyors, chain conveyors,
roller conveyors, bag filters, rotary feeders & airlock valves, bin
activators, air slides, jaw crushers, hammer mills, impact crusher,
vibrating screens, reciprocating feeders, all types of gates and
other related products.
EXPERIENCE
India-based consultants
JACOBS ENGINEERING / JACOBS
HUMPHERY & GLASGOW
ENGINEERS INDIA LIMITED
KAVERNER POWERGAS
UHDE INDIA (THYSSENKRUPP)
TOYO ENGINEERING
MECON
TATA CONSULTING ENGINEERS
M N DASTUR & CO
DEVELOPMENT CONSULTANTS
TECHNIMONT ICB
HOLTEC ENGINEERING
LURGI INDIA
KREBBS & LIE
PDIL
DORR OLIVER
CHEMTEX ENGINEERING
AND MANY OTHERS
International consultants
JACOBS INTERNATIONAL
SERGENT & LUNDY INC. USA
AND BECHTEL INTERNATIONAL INC.

Indiana has successfully

executed projects
through most Indian and
several international
engineering
consultants/companies
such as:
QUALITY
MANAGEMENT
Indiana Conveyors
observes a strict quality
control system and
testament to our
improvement is the high
performance of our
products and services.
All of our raw materials
are procured from a

reputed and reliable supplier base and undergo a thorough

inspection process.

Trends and Technologies in Material Handling Industry

Importance of Material Handling Industry
Slowly but surely, India is getting back on a smooth growth path that was
partly full of potholes for the better part of the past 12 months. With this a
focus is back on expanding capacities in the market. Expanding capacities
mean more factories and warehouses. A simple point of fact is that the
moment one digs a hole for building a factory or a warehouse, the person
needs to scour around for material handling equipment. We in the industry
prefer to call material handling as an unavoidable evil. Evil because no value
is added as material is being handled and unavoidable because no matter
the excess time and resources involved, one simply cant function without
the material handling equipment. From real estate, retail and hotel industries
to shipping, aviation and steel, capacity expansions are ongoing phenomena
and thus there is a boom in the market for material handling equipment.

The Material Handling Equipment (MHE) industry has a wide array of

products on offer to the industry depending on the needs of the particular
industry. As the name suggests this sector deals with equipments that relate
to the movement, storage, control and protection of materials, goods and
products throughout the process of manufacturing, distribution, consumption
and disposal. Material handling sector is a critical intermediary in the
economy of a country today. MHE may not directly contribute towards
production of goods but it brings about efficiency in handling, transport and
storage of goods. In fact, the MHE industry practically complements the
manufacturing industry by ensuring smooth and efficient distribution of
goods. Thus it is a vital aspect and hence the role of MHE in any set-up
cannot be overlooked. Broadly, MHE can be classified as catering to two
different needs of material handling Unit load handling and Bulk load
handling.
For catering to the requirements of unit load handling, one typically finds
equipment like forklifts, cranes, hoists, roller conveyors, walking beam
conveyors, pallet trucks, scissor lifts, goods lifts, and transfer trolleys, pick
and place robots.
For catering to the requirements of bulk load handling, one typically finds
equipment like belt conveyors, screw conveyors, stacker reclaimers, bucket
elevators, grabbing cranes, wheel loaders.
Each different type of equipment in turn has a huge variety of different
specifications and as such the whole universe of MHE is quite big.
Demand and Growth
India has a few key factors in its favors that will ensure the continuing growth
of the material handling sector. The election result is one of them. In addition
to this, the resumption of a steady inflow of investments from foreign

multinationals, increase in domestic spending on infrastructure construction

and power projects, robust domestic growth rates, strong internal
fundamentals and a healthy banking system make India an extremely
attractive destination for companies that are facing shrinking sales in other
economies. Consequently, India is emerging as one of the best global
investment options. And as long as industrial investments continue to be
made, the demand for capital goods such as material handling systems will
grow. Hence, contrary to popular perception, the global slowdown will be
good for India.

One of the most important factors that can help one to understand the
development of the material handling sector is by mapping its growth over
the years. The size of the Indian MHE industry is estimated around Rs 5,000
crore and is likely to grow at 20% year-on-year over the next five years, in
keeping with overall economic growth (Source: Project Monitor 2009). The
reason of this growth is driversdomestic production and foreign trade.
Since MHE is closely associated to the countrys imports and exports, its
importance to the logistics industry cannot be denied. The report titled World
Material Handling Products states that the global demand for material
handling products will grow 5 percent annually by 2012 (Source: Freedonia

Market Research ACM). It also predicts that growth in the nondurable goods
sectors will outpace the large durable goods manufacturing market, and that
advanced/ automated products will grow the fastest.
The demand for material handling equipment will continue to grow in:
Manufacturing, Logistics, warehousing, General Engineering related to power
plants, Metro or irrigation projects and Government sectors like the railways,
ordnance factories, armed forces etc. The Indian material handling
equipments industry is now poised for a healthy growth.
Trends in MH Industry
The general trend in the MHE industry is towards increasing automation,
enhancing productivity and maximizing safety. A lot of innovations are also
taking place to develop equipment specifically to one sub-sector of a
particular industry and in turn provide a highly customized solution for a very
niche requirement.
Technologies have progressed rapidly in the past decade. We see superior
control methodologies in terms of accuracy, repeatability and efficiency in
the market today. Advanced mechanisms and use of electrical sensors,
invertors help ensure safety while using these equipments.
As the production processes gets more evolved and with increased exposure
of the Indian industrialists to modern manufacturing techniques and global
best practices, there is a definite shift towards adoption of newer
technologies for industries as well. For example, the industrial cranes
industry in India was traditionally dominated by the old 1960s type Russian
crane design. However, companies like ElectroMech are at the forefront in
convincing people to dump the old technology and move towards the more
modern and contemporary crane technology that is prevalent in Western
Europe.
With the fast changing business landscapes clients today demand an MHE
model that yields a quicker ROI than ever before. Even companies who are
replacing or upgrading their existing range of material handling equipment
are inclined towards technology that is efficient, faster, safer and cost
effective.
Technology Solutions

In the past, many considered material handling control systems simply a

collection of mechanical and control devices that cause objects to be moved
from one place to another within the walls of a manufacturing, warehouse or
distribution facility.
In days of yore, there was hardly any effort to connect material handling
equipment units to the other departments or functions in the factory. This
was essentially true for the manufacturing industry. Particularly in
manufacturing, the material handling controls were not connected to the
companys upper-level software. Thus this entire system required to facilitate
smoother flow of goods, majorly lacked consistency and organized
connectivity in its approach.
However with the advent of superior technology and introduction of highlevel softwares such as warehouse management system (WMS),
manufacturing execution system (MES) the isolated connectivity of MHE is
being replaced by comprehensive interfaces. The more-advanced material
handling control systems that provide a single point interface with upperlevel software are often called warehouse control systems (WCS). Such latest
equipment control softwares are making the automation of MHE a breeze.
Another trend in material handling equipment is the growing popularity of
voice-recognition systems. People understand the benefits of using a handsfree communication system and being trained to use this technology for
minimal error in operations thereby leading to increased productivity. The
voice-recognition system aides direct communication with a computer via a
headset. While receiving instructions from the computer, operators are able
to keep both hands on the equipment which results in a safer working
environment.

One new exciting emerging area is the M2M communications space which
allows communications to happen between Machines. An example is the
solution being rolled out by ElectroMech wherein a crane installed in any
corner of the world can be monitored remotely at a centralized location
through GPRS & Internet links. The crane has a Black Box installed on it
which collates signals from various sensors that monitor the condition of
various components. This Black Box then transmits data to a centralized
server where it is analyzed for abnormalities. In case of an abnormal trend in
measurements emerging, an SMS or an email is sent out immediately to the
designated maintenance contact that then proceeds to look into the problem
before it gets out of hand and brings the equipment to a grinding halt. This
unique tool enables predictive maintenance and enhances productivity by
reducing possible downtime as well as maximizes safety by preventing
potentially hazardous failures.
Recession was a good teacher and has surfaced the criticality of supply chain
visibility. Manufacturing houses have realized that cost reduction can be
completely achieved only through a holistic approach. Today companies seek
technologies that connect with each other. This offers greater visibility,
information sharing and performance throughout the supply chain. This is
relevant to industries such as retail and pharmaceuticals where the uptime
and responsiveness are critical on the shop floor and warehouses. A real-time
status check of material in the shop floor also facilitates smart decision
making. Adjustments to schedules, manpower and other resources can be
made proactively instead of reactively. For us the best take-away is the fact
that these systems can be linked into existing technology.
Apart from advances in automation and controls, a lot of development is also
being made in ensuring that the products are environmentally-friendly
without sacrificing the cost competitiveness. An example is the distinct shift
taking place in several industries in eliminating hydraulics and moving
towards purely electrical drives. Hydraulic systems by their virtue are quite
inefficient in converting energy into useful work. Typically in a hydraulic
system an electrical motor first drives a power pack which then compresses
hydraulic fluid which in turn rotates hydraulic motors or presses hydraulic
cylinders. These systems were preferred due to their inherent compactness
and smooth operational features. However, with the advent of sophisticated
electrical controls through various sensors and inverter drives, it is possible
to achieve the same level of control and smoothness of operations using
electrical drives. The basic advantage of electrical drives is the higher

efficiency in converting energy into useful work by directly driving the motors
or actuators and the elimination of hydraulic fluids. The environment thus
benefits due to better usage of valuable energy as well as due to elimination
of problems caused by ruptured hydraulic hoses and the subsequent oil
spillages. An example of this trend can be effectively seen in case of Marine
Deck Cranes which are definitely moving away from the age old hydraulic
technology and embracing electrical drives.
Conclusion
As outlined before the trends and technological innovations are all pointing
towards equipment which will enhance productivity multifold on the shop
floor and in warehouses and at the same time enhance safety of the people
working with it and do so in an environmentally-friendly manner. The MHE
industry will soon see a lot of exciting new developments in the near future
and as always will help its customers to maximize their return on the
investments.