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BSE: 505790 | NSE: FAGBEARING | ISIN: INE513A01014 Market Cap: [Rs.Cr.] 2,558 | Face Value: [Rs.] 10 Industry: Bearings
F A G Bearings India Ltd. was incorporated in 1962, by a private foreign party. The company mainly produces Ball or roller bearings. The company has a plant at Maneja near Vadodara, Gujarat, producing Ball & cylindrical roller bearings.
FAG Bearings India Ltd is a leading player in the Indian Bearing industry. The company manufactures a very wide range of bearings conforming to the stringent international quality standards. They are the leading OEM supplier to the automotive industry, mechanical and electrical engineering industry, besides the Railways. Their manufacturing plants are located at Vadodara in Gujarat. FAG Bearings India Ltd was incorporated as Precision Bearings India Ltd in the year 1962. In the year 1986, the company changed their name to FAG Precision Bearings Ltd and in the year 1999, they got their present name FAG Bearings India Ltd. In the year 1993 and 1998, they became the first Indian Bearing company to achieve ISO 9001 and QS 9000 certification respectively and in the year 1999, they received ISO 14001 certification.
In the year 2000, the company set up India's first production facilities to produce hub bearings. In the year 2001, the company entered a joint venture agreement with FAG Kugelfischer Georg Schaefer AG of Germany and formed FAG Roller Bearings Private Ltd for manufacture of taper roller bearings at Pune in Maharashtra. The Pune plant has the production capacity of 2 million tapered tapered roller bearings of world class quality for automotive and industrial applications and in April 2002, they launched their product in the Indian Market. The company increased their production capacity of Ball & Roller Bearings by 50000 Nos in the year 2002, 3178000 Nos in 2003, 1153000 Nos in 2004, 3793000 Nos in 2005, 13164000 Nos in 2006 and 3765000 in 2007. Thus the total production capacity increased to 47103000 Nos at the end of the financial year December 2007.
According to the Individual - Audited financial statement for the Year of 2011, total net operating revenues increased with 25.72%, from INR 1,065.35 tens of millions to INR 1,339.4 tens of millions. Operating result increased from INR 194.66 tens of millions to INR 284.81 tens of millions which means 46.31% change. The results of the period increased 42.42% reaching INR 175.97 tens of millions at the end of the period against INR 123.56 tens of millions last year. Return on equity (Net income/Total equity) went from 21.55% to 24.18%, the Return On Asset (Net income / Total Asset) went from 21.44% to 24.10% and the Net Profit Margin (Net Income/Net Sales) went from 11.60% to 13.14% when compared to the same period of last year. The Debt to Equity Ratio (Total Liabilities/Equity) was 100.30% compared to 100.51% of last year. Finally, the Current Ratio (Current Assets/Current Liabilities) went from 3.12 to 3.12 when compared to the previous year.
YEAR EVENTS 1962 - The Company was incorporated on 27th April, at Bombay. The Manufacture of and dealers in antifriction ball and roller bearings and components thereof.
1990 - The company received an endorsement from the Government on its manufacturing license enhancing capacity to 14.9 million numbers per annum.
1993 - The Company is among the very few companies in the country who have received ISO 9001 certification.
1996 - The company has a 100% Export Oriented Unit (EOU) Project for manufacture of Cylindrical Roller Bearings.
1997 - FAG Precision Bearings Ltd. the third largest bearings manufacturer in the country with a market share of around 10 per cent, has commissioned a 100 per cent EOU to manufacture cylindrical roller bearings at Baroda.
1998 - The Company has also decided to set up a production line for DRACBB (Double Row Angular Contact Ball Bearing) which will commence production in early 1999.
- The Company became the first bearing manufacturing Company in India to be certified for "QS 9000" Quality Standard by TUV CERT Certification body of RWTUV e.V. Germany.
1999 - FAG Kugelfischer the name of the Indian subsidiary is set to be changed from FAG Precision Bearings to FAG Bearings India Ltd.2000 - The company had introduced a voluntary retirement scheme effective from 2nd April 1999.
- FAG Kugelfischer George Schafer Aktiengesellschaft has they are holding 8,474,805 No. of equity equivalent to 51% of the issued share capital of the company.
2001- the following persons have resigned from the Board of the Company. 1) Mr. J R Patel - Chairman w.e.f. Novemeber 18, 2001.
2) Mr. B N Vidholia - Director w.e.f. November 24, 2001 and
3) Mr. S V Joglekar - Director w.e.f. September 02, 2001.
-launched its e-commerce platform - www.fag.com - mainly for Europe
2002-Mr. H R Shukla, Company Secretary(CS) has been appointed as 'Compliance Officer'(CO).
-The following changes in the BOD w.e.f. July 25, 2002:
1) Mr. A P Gandhi - Appointed as Director and then elected Chairman of the BoD in place of Dr. V Sagar.
2) Dr. V Sagar - Ceased to be the Chairman of the BOD and will continue to be a Director on the Board.
3) Mr. M D Garde - New Nominee of GIC in place of Mr. B P Deshmukh.
4) Mr. R Sampath Kumar - Appointed as Alternate Director to Mr. F Huber.
5) Dr. M Kunzmann - Resigned from the Board.
2002-Templeton Mutual Fund purchases 873832 shares (5.26%) of the Company
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