Incorporated on 20 Mar.'65, Precision Fasteners went public on 6 Nov.'65. It was jointly promoted by SPS Technologies, US, along with Sudhir B Shah, Sanjay B Shah and Pallonji Shapoorji Mistry.
The company manufactures high-tensile fasteners, screws, bolts, nuts, studs and forged components at its plant at Kalwa, near Bombay. It also has a steel wire drawing unit at Mahad (cap. : 4800 tpa), partly for captive consumption and the balance for bearing manufacturers. A third plant (inst. cap. : 2400 tpa), set up at Silvassa in 1993, went on stream in 1995. 40% of its sales goes directly to OEMs and the remaining is sold through the dealer network which is one of the largest in the fastener industry.
During the year 1995-96 Company's Fastener and Steel Wire divisions of Kalwe and Mahad respectively were awarded certificates of approval for ISO 9002 by RWTUV Germany. The company introduced a new line of fasteners in Europe under the brand name "UNILOK" and the products were well received by the customers.
The company has also completed its project to expand manufacturing capacity from 11000 TPA to 19000 TPA with the financial assistance from IDBI.
During the year 1999-2000, the company losses and erosion has been more than 50% of its peak networth and hence the company is a sick industrial company under SICA, 1985, and will be reporting the fact of the erosion to the BIFR.