PEC Ltd. was incorporated as a separate Company in 1971. At the time of incorporation it was called as The Projects & Equipment Corporation of India Ltd. and was a subsidiary of the State Trading Corporation of India Ltd. It was created as a subsidiary, to take over the canalised business of STC’s Railway Equipment Division and also to diversify in exports of engineering equipment and turnkey projects. The Corporation became an independent Company, directly under Ministry of Commerce, w.e.f. 27.3.1991.
The export of railway equipment (which was canalised through PEC) was de-canalised in 1991 under liberalisation policy of the Govt. The Corporation, therefore, diversified in other areas like exports and imports of commodities etc. Its diversification was allowed by the Ministry of Commerce in order to enable it remain profitable and grow its business operations.
STRUCTURE:
PEC is headed by Chairman-cum-Managing Director and two whole time Directors. The Board consists of the following members:
1. Sh. A.K. Mirchandani, CMD
2. Sh. Rajiv Chaturvedi, Director (Marketing)
3. Sh. Ravi Kumar, Director (Marketing)
4. Ms. Aditi Das Rout , Director, Ministry of Commerce – Part Time Director
5. Ms. Amrit Raj , Director, Ministry of Commerce – Part Time Director
The total manpower of the Corporation is 197, including 163 Officers and remaining 34 staff.
PEC’s Headquarter is at Hansalaya, 15-Barakhamba Road, New Delhi – 110 001 and has 14 branch offices spread all over India including 7 Port Offices.
PERFORMANCE:
The last 3 years’ financial performance is as under:
| Year |
Turnover (  Crore) |
Profit Before Tax( Crores) |
2007-2008 |
5672 |
63.17 |
2008-2009 |
10275 |
112.26 |
2009-2010 |
11026 |
102.89 |
Since its inception, PEC has been continuously in profit and has paid dividend to the Govt. regularly. PEC is an MOU signing Company. The performance of PEC against MOU during the last 3 years has been rated as under:
| YEAR |
RATING |
2007-2008 |
Excellent |
2008-2009 |
Excellent |
2009-2010 |
Excellent(Provisional) |
The financial parameters for the years 2007-08 to 2009-10 are given below :-
| |
|
2007-08 |
2008-09 |
2009-10 |
Paid up Equity |
( Crores) |
2.00 |
20.00 |
20.00 |
Sales |
( Crores) |
5672 |
10275 |
11026 |
Profit Before Tax |
( Crores) |
63.17 |
112.26 |
102.89 |
Net Worth |
( . Crores) |
126.07 |
180.69 |
232.03 |
Return on Net Worth |
(%) |
32.82 |
39.94 |
29.19 |
Sales/Employee |
( Crores) |
31.16 |
51.63 |
55.97 |
PEC received Prime Minister’s MOU Award for achieving excellence in performance and was adjudged one of the top 10 Public Sector Undertakings in India by the Department of Public Enterprises, for the years 1998-99, 1999-2000, 2000-2001, 2001-02, 2002-03 and 2003-04. PEC has also received MOU excellence certificate for the years 2006-2007 and 2007-2008.
PEC’s OPERATIONS:
EXPORTS:
A) Engineering Equipment:
As far as the exports of projects and equipment are concerned, PEC concentrates on exports from small and medium sector. Its major markets are in Bangladesh, Nepal, Bhutan, Sri Lanka, Myanmar, Vietnam, Mauritius, Syria, Zambia, Ethiopia, Suriname, Brazil, etc. It exports engineering items like conductors, line-hardware, transformers, buses, defence stores, bulk handling equipment, etc. PEC also exports small projects like tea factories, textile mills, C ement units, Transmission Line and Associated Sub-Station, Pre-Fabricated steel Structures etc.
B) Commodities & Industrial Raw Materials:
The Corporation undertakes export of agro commodities viz. wheat, rice, corn & soyameal and industrial raw materials like iron ore, ferrochrome, finished steel, etc.
IMPORTS:
The Corporation undertakes import of agro commodities like wheat, sugar, pulses, edible oils, etc. Import of industrial raw materials & chemicals include coal/coke, steel, petro-products, steel, manganese & zinc concentrates, penicillin crystals, soda ash, sulphur. The Corporation also undertakes import of bullion.
DOMESTIC:
The Corporation undertakes domestic trading of agro commodities like wheat, pulses, edible oils, etc. Domestic trading also includes coal/coke, steel and other items like cotton yarn, home appliances, defence equipments, etc.
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