State trading corporation

STC is a premier international trading company that was set up in 1956. Presently, 90% of its equity is owned by the Government of India. STC was set up in 1956 primarily with a view to undertake trade with East European Countries.

Mission

Vision

STC at a Glance

NAME– The State Trading Corporation of India Ltd. (STC)

INCORPORATION:- 18^th May, 1956 under Indian Companies Act, 1956

REGISTRATION NO :-2674

CORPORATE IDENTITY NUMBER L74899DL1956GOI002674

ADDRESS (CORPORATE OFFICE):- Jawahar Vyapar Bhawan, Tolstoy Marg, New Delhi – 110001 (India)

PHONE:- +91-11-23313177

FAX:- +91-11-23701123, 23701191

E-MAIL:- co@stclimited.co.in

WEBSITE:- www.stclimited.co.in

PRINCIPAL ACTIVITIES:- Ministry of Commerce and Industry Government of India

PRESENT STATUS:- International Trading

ADMINISTRATIVE MINISTRY:- 1. Schedule ‘A’ Central Public Sector Enterprise of the Govt. of India. 2. Recognised by the Govt. of India as a Four Star Export House

LISTING:- National Stock Exchange Bombay Stock Exchange

BRANCHES:- STC in addition to its Corporate Office at New Delhi has eleven branch offices (including sub-branch and representative office) in India.

MANPOWER (AS ON 31.03.2018) 1.Managers 402. 2.Staff 189 Total 591

EQUITY (AS ON 31.03.2018):- 60 Crore

RESERVES (AS ON 31.03.2018): – 870.81 Crore

TURNOVER (2017-18):- 10,825.04 Crore

STC :- our business

STC has been in international trade for over five decades. Till 1990, the basket of STC’s trade predominantly comprised bulk agro products, such as, rice, wheat, castor oils, sugar, edible oils, etc. However, to meet the challenges posed by liberalisation and globalisation of trade policies, STC has diversified into new areas of trade over last two decades. Such areas in which the Corporation has diversified include bullion, hydrocarbons, metals, minerals, ores, fertilisers and petro-chemicals. In fact, some of these areas have today grown into major business lines of the company.

Organisational Structure of STC

The Board of Directors of STC comprises of whole time Chairman-cum-Managing Director, five whole-time Directors(three Marketing, one Finance and one Personnel), two ex-officio Directors from Ministry of Commerce and independent Directors appointed by the Govt. from time to time.

The Corporate office of the Corporation at New Delhi is organised into a number of trading and services groups. These groups are headed by Chief Managers/General Managers who in turn report to their respective Chief General Managers/Directors.

STC has eight branch offices in India, the major ones being at Mumbai, Kolkata, Chennai, Ahmedabad and Bangalore. The total manpower of the Corporation as on 31.03.2018 is 591 including 402 officers and 189 staff members. STC has own tank farms, warehouses, godowns at various locations of the country for storage of liquid/dry cargo.

STC has a wholly owned subsidiary, namely, STCL Ltd., which is based at Bangalore and is engaged in spices trading/ auctions.

Let us make an in-depth study of the S.T.C (1956) State Trading Corporation:-

History and Introduction of the STC:

The idea of STATE TRADING was first evolved during Second World War when a supply department was set up under the control of Shri M.S.A. Haider on the pattern of United Kingdom Commerce Corporation in the U.K.
Both these organisations worked together till the war was over.
Again in 1949, the Ministry of Commerce considered a proposal for setting up a corporation for international trade. The proposal was given a serious thought after the devaluation of rupee in September 1949. The government appointed a committee to consider the question of state trading in India under the Chairmanship of Dr. P. S. Deshmukh.
The committee submitted its report in 1950 but due to changes in economic conditions of the country, the government again set up a Three Member Committee in 1956 under Shri S. V. Krishna Murti Rao. The committee recommended the setting up of the State Trading Corporation in India. Consequently, the State Trading Corporation of India was set up in 1956.
On the recommendation of the Deshmukh Committee chaired by Dr. P. S. Deshmukh and the review committee headed by Shri S.V. Krishna Murti Rao. The Government accepted the proposal of establishing the State Trading Corporation a registered body under Indian Companies Act.
The State Trading Corporation of India Ltd. (STC) is a premier International trading company of the Government of India engaged primarily in exports, and imports operations. It was set up in 1956 primarily with a view to undertake trade with East European Countries and to supplement the efforts of private trade and industry in developing exports from the country. The Corporation is registered as an autonomous company under the Companies Act, 1956 and functions under the administrative control of the Ministry of Commerce & Industry, Govt. of India.

Establishment:

The State Trading Corporation (STC) was set up by the Government in May 1956 incorporated under the Indian Companies Act, 1956. It was designed as the sole import export agency as may be decided by the Government of India from time to time. Initially, it was established to deal with bilateral trading partners largely in the socialist block. It has now become a wholly owned holding company of the Project and Equipment Corporation of India Limited.

The Cashew Corporation of India Ltd., The Handicrafts and Handlooms Export Corporation of India Ltd. Before October 1963, the foreign trade of minerals and metals was also with STC but with the establishment of the Minerals and Metals Trading Corporation of India (MMTC) Ltd. w.e.f. October 1, 1963, this part of trading activities was handed over to the newly set up corporation.

Management Of STC

The State Trading Corporation is a registered company under Indian Companies Act and managed by a Board of Directors including both executive and non-executive directors. It is headed by a Chairman.

Corporate Objectives

To develop core competencies in selected areas and exploit the market opportunities in these areas to the best advantage of the Corporation.
To continuously undertake horizontal and vertical diversifications thereby enabling sustained growth of business.
To make best use of financial strength of the Corporation in expanding its business.
To lay emphasis on quality of services to customers so as to develop long-term business relationship with buyers and suppliers in and outside the country.
To undertake market intervention operation as and when advised by the Government of India.
To create new infrastructure and make optimum utilisation of infrastructure available with the Corporation.
To strive to pay adequate returns to the stakeholders.
To fulfil Corporation’s social responsibility by following ethical business practices and reinforcing commitment to customers, employees, partners and communities.
To undertake on a continuous basis training / re-training of existing manpower and induct professionally qualified young talent so as to create a cadre of highly professional and motivated managers.
To ensure an efficient and streamlined system of operations, with minimum transaction costs.
To act as a facilitator to small and medium exporters and importers.

Workings of STC:

The State Trading Corporation has completed 54 years of its existence. It has played a commendable role in achieving its objectives for which it was established.

Its workings can be evaluated by the facts written below:

1. The Turnover of the STC:

The turnover of the STC over the years has increased. Before 1971-72 the turnover was quite insignificant but after that the increase was significant. The exports reached to the highest peak during 1980-85 and started declining afterwards.

In the beginning the STC efforts were guided by the policies of the Government. But in latter years it has developed the non-canalized exports such as of items marine products, garments, engineering goods and products and textiles.

2. Important Products:

It deals in nearly 3000 commodities including agricultural and consumer items and items of construction materials, software, miscellaneous engineering items, fresh and processed food, leather and leather products, meat and marine products. The major imports of STC are edible oils, cement, explosives, natural rubber standard and glazed newsprint. Its trade is stretched over 115 countries.

Progress in Other Fields:

The STC has taken various steps in different fields. These are:

1. It has diversified its product range and continued to add new items to its export basket like orthopedic shoes, sports shoe; upper compressors. H.D. Pipe etc.

2. Trying to spearhead the national effort to identify new markets for Indian commodities and manufactured goods and establish itself in these markets on long-term basis.

3. It has established 100 per cent export oriented production units mainly with foreign collaboration and equity participation and 100 per cent buy-back arrangements.

4. It has developed a reliable supply base for production of quality goods in association with the state undertakings, co-operative organisations and other in selected and identified sectors. If necessary STC shall undertake investments for development of such production base.

5. It has taken steps for improvement in quality grading, packing etc.

6. The STC also performs serving functions thereby bringing, buyers and sellers together and assisting them in fulfilling business contracts. It assists Government departments and industrial concerns in procuring supplies of plant and machinery from abroad. In some cases, it settles trade disputes amicably between Indian and foreign parties.

7. The original idea of its setting up was to develop foreign trade with socialist countries. It has therefore improved relations with countries of socialist block but at the same time, its operations are wider with non-communist countries.

8. The STC marketing expertise has been of particular advantage to small industries because they are unable to participate in foreign trade without STC support.

OBJECTIVES OF The STC

The objects of the STC as specified in its memorandum of association are given below:

1. Organizing and undertaking trade in socialist countries as well as other countries in commodities entrusted to the company from time to time by the Government of India; undertaking the purchase, sale and transport of such commodities in India or elsewhere in the world.

2. Undertaking at the instance of the Union Government of India import or internal distribution of any commodity in short supply with a view to stabilizing prices and rationalizing distribution.

3. Implementing such special arrangements for imports, exports, international trade and or distribution of particular commodities as the Union Government may specify in the public interest.

4. Checking the declining trend in exports or to boost export by introducing new products in new markets.

5. Assisting export oriented organizations in their export and financial and organizational activities.

6. To enlarge exports,

7. To facilitate trade (imports) in specific commodities,

8. To augment the revenue of the State,

9. To bring about greater economic equality,

10. To regulate trade (imports and exports) in certain commodities, and

11. To regulate and overcome difficulties of trade with communist countries.

EVALUATION OF STC

The State Trading Corporation has played a significant role in achieving its objectives for which it was created. Its functioning may be evaluated on the following lines:

1. Turnover

In the initial stage, the STC’s efforts were guided by the policies of the government. But later it developed the non-canalized exports of marine products, garments, engineering goods, food products, textiles, etc.

2. Range of products

The STC deals in a wide variety of goods. It includes nearly 300 items such as agricultural items, consumer items, construction materials, software, miscellaneous engineering goods, processed foods, leather and leather products, meat and marine products. However, other products include edible oil, cement, explosives, natural rubber, standard and glazed new prints. It has dealings with more than 84 countries.

3. Other related fields

Apart from dealing in a wide range of commodities, the STC has concentrated on the following activities:

1. Diversification

The STC has taken steps to add new items to its export basket like orthopedic shoes, sports shoes upper, compressors, H.D pipes etc.

2. Market expansion

The STC has spearheaded the national efforts to cultivate new markets for Indian commodities and manufactured goods. The STC has established itself in the new markets on long term basis.

3. Export Oriented Units

The STC has promoted 100 percent export oriented production unites mainly with foreign collaboration and equity participation and 100 percent buy back arrangements.

4. Strong supply base

The STC has developed a reliable supply base for the manufacture of quality goods in association with state undertakings, cooperative organizations and others in selected and identified sectors.

5. Facilitating function

The STC brings together both the buyer and the seller and assist them in fulfilling business contracts. It helps government departments and industrial concerns in procuring supplies of plant and machinery abroad. It also settles disputes in trade that arise between Indian and foreign parties.

6. Trade with socialist countries

Originally, the STC was formed with the objective of developing foreign trade with socialist countries. So, it has improved trade relations with countries of socialist bloc and at the same time, stepping up its operations with non-Communist countries.

7. Marketing expertise to small industry

The marketing expertise offered by the STC to industry has been advantageous to the industry in developing its trade. Without the support of STC, small industrial units will be unable to participate in foreign trade.

WEAKNESSES OF STC

There are certain inherent weaknesses of the STC, pointed out in a study conducted by Indian Institute of Management, Ahmedabad were:

1. STC was formed with its own objectives. But the management of the STC has rarely taken decisions independently.

2. The STC management has not followed clear cut criteria for the choice of the new products.

3. The STC has not developed much expertise to locate and develop sources of supply for exportable products.

4. Not much expertise is developed to utilize the sources of supply abroad.

5. The STC lacked expertise in operating as an agent, in processing indents and tenders and in transportation and distribution.

The other weaknesses which are also important are:

(a) It is guided by the bureaucrats who lack business experience and initiative, businessmen with practical knowledge should replace them.

(b) The interlocking of the activities of the Government of India and the STC makes possible the concealment of inefficiency under intricate official procedure. There is an urgent need of coordinating the trade of Private Traders and the STC.

Initially, it dealt with bilateral trading partners, largely in the socialist block. It has now become a wholly owned holding company of the Projects and Equipment Corporation of India Ltd. The Cashew Corporation of India Ltd; the Handicrafts and Handlooms Export Corporation of India Ltd.

Prior to October 1963, STC looked after the foreign trade of minerals and metals. But with the establishment of Minerals and Metals Trading Corporation of India Ltd (MMTC) in October 1963, the STC has handed over the trading activities in minerals and metals to the newly set up corporation.

STEPS TAKEN BY STC TO IMPROVE PERFORMANCE

State Trading Corporation has taken the following steps to improve its performance:

1. The STC has added new items to its export basket like moccasins, orthopedic shoes, sports shoe uppers, compressors, HD pipes, coca beans, peacock feathers, and clutch and security bags.

2. The STC has taken efforts to identify new markets for Indian commodities and manufactured goods. Moreover, it has established itself in the new markets on a long-term basis.

3. The STC has developed a strong production base and manufacture quality goods. With the help of state undertakings, cooperative organizations and other sectors, the STC has a reliable supply base.

4. The STC has established 100 per cent export oriented production units.

Their product range includes leather products, processed fruits and vegetables, meat and marine products, sports goods and engineering goods.

Functions of STC:

To fulfil the objectives as stated above, STC has the following functions to carry out:

1. Improving overall trade, domestic as well as international.

2. Augmenting the national resources of the country for promoting trade.

3. Undertaking of trading generally with State trading countries and private foreign traders too.

4. Exploring of new markets for traditional export items and developing exports of new items.

5. Stabilisation of price and traditional distribution by importing at the Government’s instance any commodity in short supply.

6. Handling of such internal trade as promotes foreign trade.

7. Ensuring the quantity and quality of various commodities to foreign buyers at competitive rates.

8. Assisting in the settlement of trade disputes between exporters and importers in different countries wherever, India is directly concerned.

9. Implementation of all trade agreements entered into by the Government of India with other nations.

In practice, however, the STC in India has currently acted:

1. As a direct trader in mineral ores.

2. As a servicing agent for bringing together importers and exporters in the world market, assisting them in implementing their contracts and solving their disputes.

3. As a distributing agent to the Government in various commodities like cement and fertilizers.

4. As an agency for promoting new lines of trade such as exports of shoes, handicrafts, woollen fabrics, etc.

It is thus, claimed that the STC has succeeded in diversifying and supplementing India’s foreign trade

It has all striven wherever, possible in securing better terms of trade and economies in handling imports and distribution of essential raw materials.

Defects of STC:

It is disheartening to note that the State Trading Corporation has the following defects in its working as found by the Economist Intelligence Unit (EIU) London and by other critics:

1. It is generally, observed that deliveries from STC side have been constantly behind schedule.

2. STC is found to be extremely slow in taking decisions and actions.

3. STC could not work fruitfully with buyers and producers to solve the technical problems involved in foreign trade.

4. STC lacks a business point of view. Its activities are governed by bureaucratic attitudes and systems.

5. Periodic changes in staff of STC seem to have affected the efficiency and continuity of functions.

6. STC has been crowned with failure in executing foreign orders fully and carefully, e.g., Russian shoe order in the fecent past.

7. STC is entrusted with the task of canalisation of imports of important raw materials in the belief that it would be able to secure supplies at a lower cost through bulk buying. But, the Corporation has not been able to arrange the import of raw materials at competitive prices and supply them to industry at the right time.

Head Office

New DelhiJawahar Vyapar Bhawan, Tolstoy Marg,
New Delhi – 110 001
Phone No. : +91-11-23313177
Fax : +91-11-23701123/23701191
E-MAIL: co@stclimited.co.in

Branch Offices

STC in Indian Economy

The year 2017-18 was marked with strong Macro-Economic fundamentals. However, the growth of gross domestic product (GDP) moderated in 2017-18 vis-à-vis 2016-17. There was an improvement in export growth, fiscal trends remained attuned to the consolidation plans and inflation remained within the limits. The year also witnessed an increase in global confidence in Indian economy as well as improvement in ease of doing business ranking.

As per the estimates released by the Central Statistics Office, GDP is estimated to grow at 6.6 per cent in 2017-18, as compared to the growth of 7.1 per cent achieved in 2016-17. The growth in agriculture, industry and services is estimated at 2.1 per cent, 4.4 per cent and 8.3 per cent respectively in 2017-18 as opposed to 4.9 per cent, 5.6 per cent and 7.7 per cent respectively in 2016-17. Growth rate of industry sector declined in 2017-18 mainly on account of moderate growth in manufacturing sector. It was the services sector that contributed to more than half of the overall GVA growth rate of 6.1 per cent in 2017-18. From the demand side, the final consumption expenditure has been the major driver of GDP growth.

The production of food grains during 2017-18 is estimated at 277.5 million tonnes, as compared to 275.1 million tonnes in 2016-17. Procurement of Rice during Kharif Marketing Season 2017-18 was 30.1 million tonnes, whereas procurement of wheat during Rabi Marketing Season 2017-18 was 30.8 million tonnes. The production of pulses during kharif season 2017-18 is estimated at 8.7 million tonnes, sugarcane at 337.7 million tonnes, oilseeds at 20.7 million tonnes and cotton at 32.3 million bales of 170 kgs each. Agricultural credit in India has been growing consistently at above 17 percent annually during the last decade.

The eight core infrastructure supportive industries, viz. coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity, that have a total weight of nearly 40 per cent in IIP, registered a cumulative growth of 4.3 per cent in 2017 as compared to 5.1 per cent in 2016. The combined Index of Eight Core Industries stands at 138.0 in March, 2018, which was 4.1 per cent higher as compared to the index of March, 2017. Its cumulative growth during April to March, 2017-18 was 4.2 per cent. Coal production increased by 2.5 per cent during 2017-18 over previous year. Crude Oil production declined by 0.9 percent during 2017-18 over the previous year. Fertilizer production increased by 0.03 percent during 2017-18 over previous year. Steel production increased by 5.6 percent during 2017-18 over previous year.

In 2017-18, value of India’s exports was US$ 303.38 billion as against US$ 275.85 billion registering a positive growth of 9.98 percent over the previous year. Non-petroleum and Non Gems & Jewellery exports during 2017-18 were valued at US$ 222.45 billion as compared to US$ 200.55 billion for the corresponding period in previous year, registering an increase of 10.92%. Imports for 2017-18 were US$ 465.58 billion as against US$ 384.35 billion, registering a positive growth of 21.13 per cent over the last year. Oil imports during 2017-18 were valued at US$ 109.11 billion, which was 26.21 per cent higher than the oil imports of US$ 86.45 billion in the corresponding previous year. Non-oil imports during 2017-18 were valued at US$ 350.56 billion, which was 17.88 per cent higher than the level of such imports valued at US$ 297.39 billion in 2016-17.

The trade deficit for 2017-18 was estimated at US$ 162.2 billion, which was about 50 percent higher than the deficit of US$ 108.5 billion in 2016-17.

According to Department of Industrial Policy and Promotion (DIPP), the total FDI investments in India during April-December 2017 stood at US$ 35.94 billion, indicating that government’s effort to improve ease of doing business and relaxation in FDI norms is yielding results. Data for April-December 2017 indicates that the telecommunications sector attracted the highest FDI equity inflow of US$ 6.14 billion, followed by computer software and hardware – US$ 5.16 billion and services – US$ 4.62 billion. Most recently, the total FDI equity inflows for the month of December 2017 touched US$ 4.82 billion. During April-December 2017, India received the maximum FDI equity inflows from Mauritius (US$ 13.35 billion), followed by Singapore (US$ 9.21 billion), Netherlands (US$ 2.38 billion), USA (US$ 1.74 billion), and Japan (US$ 1.26 billion). Indian impact investments may grow 25 percent annually to US$ 40 billion from US$ 4 billion by 2025.

Foreign exchange reserves stood at US$ 424.4 billion on 30th March 2018, as compared to US$ 370.0 billion at end-March 2017.

The CPI inflation declined to 3.3% during 2017-18 with a broad-based decline in inflation across major commodity groups except housing and fuel & light. The economy has witnessed a gradual transition from a period of high and variable inflation to more stable prices in the last four years.STC is a premier international trading company that was set up in 1956. Presently, 90% of its equity is owned by the Government of India. STC was set up in 1956 primarily with a view to undertake trade with East European Countries.

Conclusion:

State Trading Corporation (STC)

STC was set up on 18th May 1956 primarily with a view to undertake trade with East European countries and to supplement the efforts of private trade and industry in developing exports from the country. Since then, STC has played an important role in country’s economy. It has arranged imports of essential items of mass consumption (such as wheat, pulses, sugar, edible oils, etc.) and industrial raw materials into India and also contributed significantly in developing exports of a large number of items from India. The core strength of STC lies in handling exports/imports of bulk agro commodities. Over the years, STC has also diversified into exports of steel, iron ore, molasses and imports of bullion, hydrocarbons, minerals, metals, fertilizers, petro-chemicals, etc. This has helped STC to achieve high level of performance in the recent years. STC is today able to structure and execute trade deals of any magnitude, as per the specific requirement of its customers.

Ever since liberalisation of trade policies in 1991, the Corporation carries out most of its business operations purely on commercial terms in the competitive global trading environment.

STC has a paid up equity capital of ` 60 crore. As on 31.03.2014, the share of Govt. of India in STC’s equity was 90%. The balance 10% of the equity is held by mutual funds, financial institutions and public. STC has contributed a sum of about ` 1200 crore till date to the public exchequer by way of payment of dividends and corporate taxes. The net worth of STC amounted to ` 98 crore as on 31.03.2014

The Board of Directors of STC comprises of whole time Chairman-cum-Managing Director, five whole-time Directors, two ex-officio Directors from Ministry of Commerce and independent Directors appointed by the Govt. from time to time. Presently, STC has five independent directors on its Board.

STC has thirteen branch offices in India, the major ones being at Mumbai, Kolkata, Chennai, Ahmedabad, Bangalore and Hyderabad. Recently, STC has also decided to open branch offices at Puducherry and Silvassa to take advantage of the potential of trade existing in/around these areas. The total manpower of the Corporation as on 31.03.2014 was 795. STC has its own tank farms, warehouses, godowns at various locations of the country for storage of liquid/dry cargo.

STC’s subsidiary, STCL Ltd., which is based at Bangalore, is in the process of being wound up.

On the whole, the STC has developed a sound infrastructure for development of exports through it about 20 branches in India and 18 overseas offices and a large force of trained marketing personnel. Foreign offices provide market intelligence and can pursue the STC business matters with the various parties concerned.

With this sound infrastructure, STC should not only act as a casualising agency but should also make efforts to create an image of an effective trading house on lines of Japanese trading houses. It should provide new dimensions and leadership as the biggest export house in the country. It has stepped forward towards achieving its objectives of boosting exports.

MMTC Limited

The MMTC Limited was created in 1963 as an independent entity on separation from State Trading Corporation of India Ltd. primarily to deal in exports of minerals and ores and imports of non-ferrous metals. In 1970, MMTC took over imports of fertilizer raw material and finished fertilizers. Over the years, import and export of various other items like steel, diamonds, bullion, agro, hydrocarbon, etc. were progressively added to the portfolio of the company.

MMTC has been following the mantra of strategic diversification for progress with much success, exploiting opportunities to expand base and open up new business prospects. It endeavors constantly to explore emerging opportunities by synergizing and blending them with its own core competencies, thereby creating new epicenters of growth and expanding its role as a trade organizer and facilitator. The company has participated in various value-multiplier initiatives to enhance its future sustainability through the JV and PPP route. MMTC has grown over the years to become one of the largest trading organizations in India.

It is the first Public Sector Enterprise to be accorded the status of “FIVE STAR EXPORT HOUSE” by Government of India for long term contribution to exports. MMTC continues to be a zero long-term debt company.

Subsidiary Company

MMTC Transnational Pte Ltd., Singapore (MTPL) is a wholly owned subsidiary company of MMTC and was incorporated in October 1994 under the laws of Singapore with a share Capital of USD 1 million.

Since inception, the company has been engaged in commodity trading and has established itself as a credible and reputable trading profit in Singapore.

MTPL continues to enjoy prestigious “Global Trader Programme” (GTP) status awarded to it by International Enterprise, Singapore since FY 2000.

To expand and give impetus to growing trade between India and Africa, MMTC has opened an office at Johannesburg, South Africa in January, 2011.

Metals and Minerals Trading Corporation of India Limited

Type :- State-owned enterprise
Public (BSE: 513377, NSE: MMTC)

Industry:- Trading Company

Founded:- 26 September 1963

Headquarters:- New Delhi, India

Key people:-Mr. Ved Prakash
(Chairman & MD)

PEC Limited

PEC Ltd (formerly – The Project and Equipment Corporation of India Ltd.) was carved out of the STC in 1971-72 to take over the canalized business of STC’s (State Trading Corporation of India Ltd.) railway equipment division, to diversify into turn-key projects especially outside India and to aid and assist in promotion of exports of Indian engineering equipment. With effect from 23rd May, 1990, PEC Ltd. became a subsidiary of the then newly formed Holding Company, Bharat Business International Ltd. Thereafter, from 27th March, 1991, PEC Ltd. became an independent company directly owned by Government of India. The main functions of PEC Ltd. includes export of projects, engineering equipment and manufactured goods, defence equipment & stores, import of industrial raw materials, bullion and agro commodities, consolidation of existing lines of business and simultaneously developing new products and new markets; diversification in export of non-engineering items eg. coal and coke, iron ore, edible oils, steel scraps, etc.; and structuring counter trade/ special trading arrangements for further exports.

Over the years, business of PEC Ltd. has diversified with industrial raw materials, commodities and bullion constituting major part of its turnover and profit. Some of the key initiatives have been consolidation of existing line of business and selective diversification into sustainable business areas improving operational efficiency and cost effectiveness.

PEC Ltd. continues to strive in its efforts to capture new opportunities in international as well as domestic trade to sustain. PEC Ltd. looks forward optimistically to achieve higher targets in future.

PEC Ltd., over last four decades has expanded its role to become an international trading company and a provider of integrated trade facilitating services.

MITCO

MITCO is a Trust and Corporate Services Group duly licensed by the Mauritius Financial Services Commission since 1993.

The MITCO Group has built a reputation for providing value added services which enables their clienteles to attain their objectives.

Their services are tailor made for:

Corporates, Institutions and Funds
Entrepreneurs, Private clients and Family offices

The services offered by the MITCO Group encompass advisory, structuring, set-up, administering, company secretarial, compliance, professional outsourcing and back-office.

To achieve their goals and objectives, they have dedicated teams of professionals with extensive experience internationally, as well as a long-standing business relationship with professional partners worldwide.

The main role of MITCO Group is to guide their clients with their projects and provide reengineered and restructuring solutions adaptable to the changing environments, determining factors and times, to suit and match each and every client’s requirements and ambition.

The headquarter of MITCO Group is in Mauritius, with foreign offices in South Africa (Durban and Johannesburg), Côte d’Ivoire (Abidjan), Kenya (Nairobi) .

MITCO’s Vision

At the heart of MITCO is the desire to embrace our differences and make connections not just down the hall or around the corner, but also across business units and around the globe. Our vision is to develop enduring relationships with clients across the globe, by providing highly professional and streamlined services at cost effective and competitive prices. Our enduring passion for the development and application of our technologies allows us to create complete solutions that make our customers more productive and successful.

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