Indian Bearing Industry

This Ball is on a Roll...

Ajay Shethiya +(91 22) 2685 0101

October 18, 2003

Dealing (+91 22)2685 0505 Sandeepa Vij 98201 92387 Biren Patel 98204 43920

It’s all about money, honey!

Indian Ball Bearing Industry : This Ball is on a Roll...

Indian Bearing Industry

Investment Perspective
Bearing Industry is likely to witness good times ahead riding on auto sector boom, economic revival and export growth. Valuations of bearing companies have not seen the kind of run up seen by Auto Ancillary peer group due to concerns over industry demand-supply dynamics and huge presence of unorganized sector. However we expect the leading players in the bearing industry to report a better performance over the next two years, as demand growth in key user industries is expected to rise sharply. The automobile industry is the largest user segment for Indian bearing market accounting for almost 45% of total demand. The sector grew 16.5% yoy in FY03 and registered a similiar growth of 16.5% yoy in September 2003 . We expect all segment of automobile industry to report strong growth in the coming year. Infrastructure has received a fillip in last 2 years through N-S-E-W corridor and Golden Quadrilateral projects. The transformation of road transport through these initiatives as well as higher economic growth would lead to higher demand for commercial vehicle industry. Passenger Cars continue to grow in double digit driven by rising aspirations and cheap and easy availability of finance. Within two wheelers, we expect motorcycle industry growth to continue on its growth path. After two bad years, the tractor industry is also likely to witness a turnaround with completion of inventory correction phase and good monsoons is likely to drive demand. The engineering sector is the second largest user segment for Indian bearing market accounting for 28% of bearing sales. The manufacturing sector has grown at 6% in FY03 and capital goods have shown a robust growth of 10.5% in FY03. The Indian economy is expected to grow by 6.5-7% in FY03-04. The overall revival in industry and manufacturing will drive capital investments and spur growth in the engineering industry – the second largest customer for bearings industry. Exports of bearing companies has increased at a CAGR of 13% during the last 5 years. The domestic players are sensing the outsourcing opportunity and have initiated the process of producing a range of bearings for meeting the requirement of the parent or other global customers.

October 17, 2003



FAG Bearings CMP Rs: 98 ABC Bearings CMP Rs: 15 SKF Bearings CMP Rs: 84 NRB Bearings CMP Rs: 114

October 18, 2003


Exhibit 1 shows the industry structure of bearing industry. Industry Structure SECTOR RESEARCH The Indian bearing industry is estimated at Rs30bn. The remaining demand to the tune of 30% is being imported. Exhibit1: Industry Structure Industry Structure 30% 15% 55% Domestic Organized Domestic Unorganized Imports Organized Sector The organized sector comprises of 12 leading manufacturers who contribute to over 55% of the total turnover. The total investment in the organized sector is about Rs17bn with an annual installed capacity of 234mn bearings and employs more than 14000 people.Australia Suspension. The replacement. which are predominantly automotive. essentially for industrial applications and special purpose. International collaboration gives access to best technology in the world. The organized sector primarily caters to the OEM segment.. market is dominated by unorganized sector. USA Clevite Corp. Japan Timken. 2003 3 . railways and other industrial users. unorganized sector and imports.France NSK. Exhibit2: Global collaboration Sl. The Industry has established a highly diversified product range of around 1000 types of bearings.Sweden Nadella.USA Repco. having high volume demand.Italy Domestic Presence Spherical Roller Bearing Ball Bearing Needle Roller Bearing Taper Roller Bearing Ball & Roller Bearing Engine Bearing Bimetal Bearing Source: CompanyAnnual Report /India Infoline Research October 18. Exhibit 2 represents the strong domestic presence and international collaboration of few big domestic players..No 1 2 3 4 5 6 7 Company FAG Bearing India SKF India NRB ABC Bearings Ltd Timken India Bimetal Bearings Ltd.Indian Ball Bearing Industry : This Ball is on a Roll. Bearing Industry in India can be divided into three segments – the organized sector. Most of the big players are having either technical or financial collaboration with leading auto manufacturers.Germany SKF. Gabriel India Collaboration FAG. The domestic industry caters to almost 70% of total demand for common varieties and sizes of bearings.

The unorganized sector contributes to almost 15% of total industry turnover. The unorganized sector players have a strong regional presence and mainly cater to the needs of the replacement market. Exhibit3: Present Duty Structure Category Ball bearings Tapered roller bearings. including combined ball/roller bearings Balls.. needles and rollers Other Source: nic. It becomes uneconomical to manufacture such type of bearings as it includes huge capital expenditure. including cone and tapered roller assemblies Spherical roller bearings Needle roller bearings Other cylindrical roller bearings Other. domestic manufacture is not viable due to the small size of the market segment. In the past. illegal imports via smuggling and under invoicing of imports was the order of the day. Exhibit3 shows the current duty structure on bearigns. Russia. Legal Imports generally represent the specialized bearings not manufactured in India.. there is also a huge volume of illegal imports. Illegal imports generally represent the entry of spurious imports of bearings. While a part of the imports come through official channels. Imports 30% of total demand for bearing industry is met by imports. each holding a small market share in India. Though.Indian Ball Bearing Industry : This Ball is on a Roll.budget Rate of Duty 30% 30% 30% 30% 30% 30% 30% 30% October As a result . While duty rates have come down over the last few years. There are a large variants of imported bearings. encouraging imports. a few countries like China. the Indian bearings industry was highly protected on account of very high import duties ranging from 150% to 240% ad valorem. SECTOR RESEARCH Huge Unorganized Sector The unorganized sector includes the small-scale manufacturers and manufacturers of spurious bearings. This leads to a huge price differential between domestic and imported bearings (almost 40-50%). accounting for a high 45-50% of total imports. the quality of bearings manufactured by large players in India is comparable to world standards. Eastern Europe dump their excess production at a very low rate. 2003 4 .

This has led to lower growth in OEM segment and higher growth in replacement demand. continue to exert price pressure on the local bearing suppliers. Exhibit 4: Bearing Demand Per Sector. The organized players have been concentrating on improving share in the replacement market. This market is characterized by requirements of high quality. 2003 5 . The bearing capacity available in the country is in excess of demand. October 18. resulting in price reduction. OEM’s have been facing price competition in their own markets. stringent delivery norms and lower margins. The OEM bearing market is likely to witness better days ahead on account of up swing in automobile industry and manufacturing sector. The demand for the OEM market directly depends upon the growth in user industry. Market Dynamics OEM Market 60% Replacement Market 40% Source: Industry In the last two years. The size of replacement market is dependent on equipment population and frequency of maintenance.Indian Ball Bearing Industry : This Ball is on a Roll.. OEM market accounts for 40% of total demand of bearing industry. Market Dynamics SECTOR RESEARCH Original Equipment Manufacturers (OEM) Market The OEM market for bearing represent the demand arising out of the original vehicle and industrial manufacturers. The margins in this market are relatively higher placed as compared to OEM market. Indian automobile and industrial sectors were facing a slowdown. The replacement market is highly price sensitive and has higher share of unorganized players and cheaper imported bearings. Replacement Market The replacement market represents the demand arising on account of replacing the used and worn-out bearings.. Replacement market accounts for 40% of total demand for bearing industry. Exhibit4 represent the bearing demand per sector.

63 1.38 0.31 3.95 4.25 4.18 ARB Bearings 0.34 6.52 5.72 3.69 0.97 1.41 74.88 0.53 1.62 2.10 0.80 1.69 3. 1.31 1.92 10.22 1.84 Imports 24.00 100.08 % to total market size SKF Bearings India 15.72 5.92 2.03 2.55 Total for above companies 71. Exhibit 5: Changing Industry Trends Trends in Market Share 95-96 96-97 97-98 98-99 99-00 00-01 01-02 12.73 SBL Industries 1.99 15.82 4.00 0. 2003 6 .19 Others 3.32 HMT Bearings 2.88 1.93 Mipco Seamless Rings (Gujarat) 0.63 Texspin Bearings 0. Exhibit5 represents the trend in market share of leading bearing manufacturers.17 0.39 8.56 6.65 Mahindra Sintered Products 3.00 100. as seen from the table.98 1.81 Source: CMIE/ India Infoline Research October 18.14 1.00 0.23 7.85 1.62 1.08 32.43 5.90 65.98 4.03 3.00 0.30 2.85 2.06 0.99 2.79 2.00 100.68 70.86 Gabriel India 1.31 14.06 2. SECTOR RESEARCH Key Industry Players The bearing industry in India is dominated by 12 organized players accounting around 55% of industry sales.80 12.06 0.89 3.81 1.02 5.36 68. 4.62 1.Indian Ball Bearing Industry : This Ball is on a Roll.42 1.53 6.04 73.10 1.26 2.50 3.00 100.22 4.53 0.29 FAG Bearings India 5.10 1.78 13.47 4.02 0.59 25.62 0.39 1.36 1.77 4.43 71.41 1.71 4.73 NRB Bearings 3.89 1.88 3.57 28.01 4.26 67.29 Sujana Industries 0.56 0.40 TISCO 4.19 2.51 3.00 0.19 2.00 0.92 3..98 8.54 3.13 10.74 ABC Bearings Ltd.73 4.24 0.88 0.96 Austin Engineering Co.00 100.90 Harsha Engineers 0.14 5.53 13.96 26..12 25.39 15. However. SKF Bearing is the major player in the Indian bearing industry with a market share of 12%.00 67.18 76.27 6.52 Bimetal Bearings 2.14 3.14 3.13 Kirloskar Oil Engines 3.81 0.06 0. indicating entry of small payers and imports into the industry.62 1.48 66.00 0.58 0.90 12.94 Timken India 4.23 3.00 1.32 National Engineering Inds 13. the share of major players has been declining.81 2.01 3.00 Total Domestic Production 75.14 3.82 23.47 4.88 74.00 100.19 3.00 0.04 2.52 4.97 Total 100.34 2.35 3.41 4.69 2.77 Asian Bearing 1.50 1.47 3.03 1.41 1.01 1.78 5.92 3.69 1.29 4.05 5.19 5.84 12.29 72.20 2.86 1.

6 3637 2812 1406 1110..5 3416.5 1296 1436 1406 1110 1036 943 990 690 1160 763 717 669 661 498 341 336 415 414 288 193 17139 14394 1639.8 633.3 Total of aboveCo.5 3130 1197 1564 1197 1013 836 717 670 521 261 338 149 14898 2753 17651 6190 1692 23841 99-00 3491 2953 1480 1714 1480 1209 999 1050.Indian Ball Bearing Industry : This Ball is on a Roll. Co. SECTOR RESEARCH Sales Revenue of Key Players Company 95-96 SKF Bearings Ind 3449 National Engg Inds 2871 Timken India 904 FAGBearings India 1172 Timken India 904 NRB Bearings 824 TISCO 1016 ABC Bearings Ltd. 14291 Other 1922 Total Sales 16214 Total Imports 5354 Exports 588 Total Market Size 21568 Source: India Infoline Research 96-97 97-98 3781. 2003 7 .3 1304 1912 1304 1212 1031 1007 694 640 324 255 211 16130 3663 19794 7772 2616 27566 01-02 3334 2418 1139 2023 1139 1427 1080 752 647 533 319 241 220 15278 2779 18057 8863 2540 26920 02-03 3824 2349 1509 2146 1139 1678 1102 819 692 573 325 235 46 16442 3417 19860E 10100E 2870E 29960E October 18.4 770.. 1028 Kirloskar Oil Engines 653 Bimetal Bearings 602 Gabriel India 303 Austin Engg.3 2084 18779 16478 5799 5528 692 1285 24578 22006 98-99 3300.9 307 297 238 16627 3240 19867 7189 2198 27056 00-01 3396 2836. 350 Mipco Seamless Rings209.

holds the second growth driver.8%.Indian Ball Bearing Industry : This Ball is on a Roll. Passenger cars continue to grow in double digit driven by rising aspiration levels and easy availability of cheap finance. which has steadily cut prices of automobile loans as interest rates went down. After two bad years. accounting for 21% of total bearing market. intermediated by a competitive financial sector. the tractor industry is also likely to witness a revival with completion of inventory correction phase and good monsoons likely to drive demand.. heavy earth moving equipments and other heavy machinery. two/three wheelers and tractors has performed extremely well in FY03. which accounts for 28% of total share. Infrastructure has received a fillip in last 2 years through N-S-E-W corridor and Golden Quadrilateral projects. rolling mills. October 18. passenger cars.Exhibit 6 shows the contribution of various user segments to the total bearing industry demand.5% in FY03 contributed by export growth of 65. Exhibit6: User-Segments to Bearing Industry Heavy Industries including railways 21% User-Segments Electrical equipment & other 6% General Engineering 28% Automobile 45% Source: BRBMA/India Infoline Research Up Swing in Automobile Sector The Indian Automobile sector has grown 16. The automobile industry comprising of commercial vehicles.. we expect motorcycle industry growth to continue on its growth path. Within two wheelers. However demand in the latter category is met through imports and therefore does not have significant impact on domestic growth . 2003 8 . multi-utility vehicles. The automobile industry is the largest growth driver for OEM market as it accounts for almost 45% of total bearing market. The sharp growth of this sector has been partly driven by the impact of lower interest rate on demand. The demand of bearing is also linked to heavy-duty industrial application in rolling stock. Considering the high reliance of bearing industry on automobile sector. the fate of bearing industry is largely dependent on production of vehicles. The transformation of road transport industry through these initiatives will lead to higher demand for commercial vehicle industry. Engineering sector. Growth Drivers SECTOR RESEARCH The demand for bearing industry is derived from demand in two key user segments automobile and industrial sector growth. The positive outlook for auto sector augur well for bearings demand and we expect all segment of automobile industry to report strong growth in the coming year.3% and domestic growth of 14.

Timken India. October 18. Exhibit7: Export Trends Export Trend 3500 3000 Exports (Rs mn) 2500 2000 6 1500 1000 500 0 1995-96 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 4 2 0 12 10 8 Exports Exports/Market Size Source : CMIE/India Infoline Reasearch Export revenues contributes more than 20% to net sales of FAG Bearings..Indian Ball Bearing Industry : This Ball is on a Roll.. It has set up a 100% EOU in Vadodara to cater to the growing export market. especially the companies having technical/ financial collaboration with global players like SKF Bearings. The Indian bearing industry. Exhibit7 shows the export trend of bearing companies over the years. ABC Bearings and NRB Bearings are expected to garner higher pie in export market. FAG Bearings. SECTOR RESEARCH Export Potential Exports of bearings companies has increased at a CAGR of 13% in last seven years from 1995-96 to 2001-02 at Rs2. which presently accounts for 6% of its net sales. Domestic players are already sensing the outsourcing opportunity and have initiated the process of manufacturing a range of bearings for meeting the requirements of global customers. 2003 Exports/Market Size 9 .5bn. NRB Bearing is also planning to achieve exports share of 10% in coming year. Europe etc.Big players in Indian ball and roller bearing have been already exporting a part of their production to developed countries like US.

9 28272. They use material. which are of inferior quality and the workmanship is also poor..9 1.5 1.3 4.4 Sweden 114.9 (4.5 2. which is price sensitive. spurious components accounted for about 40%.3 103.3 183.0) 14.0 0. The imported bearings are targeted mainly at the replacement market .2 2..0 16.8 676. imports are also routed from countries such as Russia and Romania. Import Threat The custom duty on imported bearings has reduced from 35% to 30% in FY03 and is expected to come down further in line with WTO agreements.9 2886.8 1.0 Korea RP 71.0 16.9 14.9 5.7 133.7 16.6) Infoline Reasearch Country % Share 24.0 16.6 158.5 (14.6 2.9 141.3 China PR 465.2 525. Spurious products mainly cater to the replacement market.8 38.9 Romania 94.0 68.4 (5. Coupled with inflow of spurious products the organized sector is also facing threat from smuggling of goods.7 65.0 122. The presence of unorganized sector in the bearing industry poses a real threat to the organized players.2 2.0 3.1 1. original equipment components for about 33% and unbranded products for the rest 25%. Threats SECTOR RESEARCH Spurious Products Spurious products form a significant part of the Indian bearing market. Imports are widespread in the case of ball bearings. Major imports of ball bearing are from China and have been rising. 2003 10 .Indian Ball Bearing Industry : This Ball is on a Roll.2 2.ieport.4 438.4 12.6 98.3 3.9 93. According to the study of National Council of Applied Economic Research (NCAER) on auto components.6 7.0 German FR 459.5 Russia 178.2 3.8) 4.7 92.4 1.0) 49.5 4.1 4.5 Other 2681.6 Singapore 175.2 6.5 USA 98.1 5.9 99.7 October 18.4) 46.8 UK 72. Reduction in import duty is likely to attract more imports in the future.4 100 yoy % (2. Exhibit 8: Imports of Ball Bearing (Amt in Mn) 2001-02 2002-03 Japan 689.1 6.8 Sloval RP 44. Apart from China.0 53.3 59.4 Italy 69.6 Total of above co’s 26065.4 Czech Republic 27.2 Total 28747.2 Belarus 29.8 31158.9 57.3 24.7 (11.4 3.3 6. it stated that out of Rs64bn worth auto component market.3 3.7 Source: www.7 100 21.0 France 91.9 3. Exhibit 8 represents imports of Ball Bearing in India and each Country’s share in total imports to India. Spurious bearings are of poor quality and are relatively unsafe and unreliable.

Exhibit9 shows the HR & CR coil price in successive nine quarters. Exhibit 9: Price Trend October 18. SECTOR RESEARCH Increase in Raw Material Prices Steel and alloy steel forms the basic material for the manufacturing of bearings.. account for almost 45% of total net sales.Indian Ball Bearing Industry : This Ball is on a Roll. We expect the steel prices to show an upward trend or atleast remain firm in the coming future. The significant increase in steel prices have resulted in pricing and margin pressure on bearing manufacturers. Steel prices have appreciated 40% since January 2002. A look at the price trends in last nine successive quarters shows an increasing trend in HR and CR coil prices. 2003 11 . Steel prices therefore has significant impact on margins..

.as precision Bearings India Ltd.In this move the company has already created dealer network and upgraded their facilities. It has an annual installed capacity of 22mn. This will mitigate the product risk and generate additional revenues. This will help the company to tap highly competitive taper roller bearing segment of Rs4000mn. it has a manufacturing unit and a 100% EOU in Vadodara. Volvo. Ltd.10 Cylindrical Roller Bearing 31% Investment Rationale Export Drive FAG Bearing India Ltd. launched their first indigenously produced tapered roller bearings unit in Indian market at Chakan. it will cater to the complete range of bearings. Volkswagon. Pune.. segment respectively. apart from the railways.1mn in 2002 contributed to more than 20% to net sales. The company is also planning to set up two more plants in Vadodara.00 13.. At present. Otis and General Dynamics.It is a subsidiary of INA Schaeffler KG. In the spherical roller bearing segment FAG Bearings commands market leadership with around 52% of market share and notable market share of 31% and 17% in the cylindrical roller bearing and ball bearing. set up the country’s first 100% export-oriented unit for bearings. Germany. 2003 12 .73 11.17 24.Indian Ball Bearing Industry : This Ball is on a Roll..FAG Bearing is a leading OEM supplier to the automotive industry.Exports of Rs444. Germany. Renault. Share Price Chart 250000 200000 150000 100000 50000 11-Nov-02 0 10-Oct-02 08-Jan-03 04-Jun-03 02-Jul-03 06-Mar-03 05-Feb-03 10-Dec-02 04-Apr-03 30-Jul-03 28-Aug-03 07-May-03 25-Sep-03 120 100 80 60 40 20 0 October 18. FAG Bearings SECTOR RESEARCH Recommendation BUY CMP 52 week H/L Market Cap Rs 98 Rs 101/44 Rs 1. rechristened as FAG Bearing India Ltd.. Bearings manufactured from EOU plant have already received staggering recognition from European and US customers such as Daimler Chrysler. in the year 1999.The manufacturing plant of the company is located at Maneja in Vadodara. Voith. and FAG.6bn Incorporated in 1962.The plant has the annual installed capacity of 2mn tapered roller bearings sets. Contribution from EOU and company’s initiative to upgrade non-EOU plant in order to meet export needs will further supplement the company to achieve higher exports. Entry in Taper Roller Segment FAG Bearings in joint venture with FAG Roller Bearing Pvt. Segment-Wise Share Ball Bearing 17% Spherical Roller Bearing 52% Share Holding Pattern Promoters Institutional Investors Other Investors General Public % 51. mechanical and electrical engineering industry. With entry into taper rolling bearings.

2 790. Financials Highlights Period to Rs mn Sales Other income Total income Expenditure Operating profit Interest Depreciation PBT Tax PAT Extraordinary items APAT OPM (%) Equity EPS (Rs) H103 (6) 1235 8..5) (82.9 in 2001 to Rs.3mn in H1 F12/02. The EPS has registered a growth of 32% increasing from Rs.0 1133.5) 136.6 166.0 0. Valuation At the current price of Rs98.5mn in H1 F12/03 from Rs39.Interest burden has significantly dipped 50. the stock is trading at P/E of 7.0 16. We expect the company to show better results.0 100. net profit grew 31.2 35. 2003 13 . For FY02.0) 112.6 (50.5 0.0 (35..2 10.2x FY03E earnings of Rs13.5) 100. FAG Bearing has signed a new technical know-how agreement with FAG Hanwha Bearing Corporation.11.9 October 18.5 16.6% yoy to Rs197.7 11. Financial Review FAG Bearings has maintained consistent growth in spite of intense competitive pressure on prices. FAG has maintained the same increase in topline for H1 F12/03. margins and low volumes of orders from customers.0 9. the ROCE and ROE stood at 24.0 16.1 H102 (6) 1133 1.0 166.0 86.6 21. the sales has increased to Rs1235 in H1 F12/03 from Rs1133mn in H1 F12/02.0 20.5 (39.9% and 17.3) (76.4% to Rs19.7 (906.6) 238.2 12.9 (7.5.5 18.0 (19.6 (1005.2mn in 2001.9 in the 2002. Korea for few special bearings and with its parent for Arcanol greases. on account of export potential and product diversification.9 0.9 1243. SECTOR RESEARCH Expanding Product portfolio It has established a milestone in product development by developing 84 types of bearings in the year and plans to add more to the portfolio.2% to 2472mn while.6% respectively.2 (26.2) 86.7mn in 2002 as against Rs150.2) 0.2) 227. The net sales of the company grew 9. The company was able to achieve better profits on account of extensive cost reduction measures and focussed product mix planning.3 Growth (%) 9.Indian Ball Bearing Industry : This Ball is on a Roll. FAG Bearings has declared a dividend of 40% for 2002.0 4.4) 8.

0) (170.2 15.8 2484.2 11.1 (84.0) 192.8) (161.0) (185.0) 512.2 18.5 (72..9 (2400.9 2003E (12) 2694 14.5 166.8) 575.0 2708.2 0.8) 253.8 (2001. SECTOR RESEARCH Period to Rs mn Sales Other income Total income Expenditure Operating profit Interest Depreciation PBT Tax PAT Extraordinary items APAT OPM (%) Equity EPS (Rs) 2001 (12) 2274 6.0 2002 (12) 2472 12.2 (42. 2003 14 .9 (56.8 19.0 2975.(Mn) Components Rs.2 13.0) 297.0) 344.2 9.6 18.5) 483.6 0.0 150.7 19.0 166.1 (46.9 2281.0 197.9) 224.(Mn) October 18.6) (169.7 0..0 259.7 166.3 (59.8 0.2) 197.0) 433.0) 150.6 Production Trends and Segmentwise Revenues Capacity Bearings (Ball & Roller) Production Bearings (Ball & Roller) Components Sales Volumes Bearings & Components (Traded) Bearings (Ball & Roller) Components Units 000 Units 000 000 Units ‘000 ‘000 ‘000 1999 20371 1999 17449 114 1999 23 17487 119978 1999 120 1714 5 2000 20371 2000 20686 149 2000 28 20315 136343 2000 139 1912 6 2001 22000 2001 21733 104 2001 51 22455 133528 2001 193 2024 10 2002 22050 2002 24656 139 2002 66 23823 89077 2002 290 2146 7 Sales Value Units Bearings & Components (Traded) Rs.0 (1848.3) 259.5 2004E (12) 2964 12.0 166.Indian Ball Bearing Industry : This Ball is on a Roll.0 224.5 (2196.(Mn) Bearings (Ball & Roller) Rs.5 (45.0 (79.

During February ... Investment Rationale Strong Turnaround ABC Bearings made a strong turnaround in FY03 reporting a profit of Rs14.2bn Incorporated in 1961. The steps towards reorganization of plant layout. there is possibility of equity participation from NSK. NSK Alliance Paying Off NKS Ltd.March 2003. Any increase in further utilization of existing capacity will generate higher profits as the company has already turned around.In 1998.25 22. Anti Friction Bearing Corporation Ltd. The current supply to Toyota Kirloskar was possible only due to NSK entered strategic alliance with NSK.. Japan. reduction in labor cost and severe reduction in fixed cost will help the company to earn higher operating margins in the coming years. ABC Bearings SECTOR RESEARCH Recommendation BUY CMP 52 week H/L Market Cap Rs 15 Rs 25/4 Rs 0. Cost Cutting Initiatives During the current year.. It has annual installed capacity of 8.The plants are located at Lonavala and Bharuch.while the fresh order is expected to commence from FY04 adding Rs100-200mn every year to companys topline.22 29.The company is currently under utilizing its capacity to the extent of 60%.5mn in FY02. ABC already enjoys being the exclusive indigenous supplier of Taper Roller bearing for TKM’s Qualis vehicles.3mn.02 22.This will further strengthen the alliance and help ABC Bearing to explore new markets and clients. company is currently in the process of installing the machinery. Being the only lucrative player in organized bearing sector. New Order from TKM ABC Bearings has been identified as sole supplier of specialized bearings for application in their transmission by Toyota Kirloskar Motor Limited. Japan has been rendering valuable technical support and guidance to the company in the field of technical-upgradation and system improvements. utilization of cost-effective measures.6mn as against a loss of Rs47. ABC Bearings has undertaken major initiatives in order to reduce the cost structure. This initiative has enabled operating margins to increase from 10% in FY02 to 16% in FY03.Indian Ball Bearing Industry : This Ball is on a Roll. 2003 15 . it swapped expensive debt with lower interest bearing debt. Share Holding Pattern Promoters Institutional Investors Other Investors General Public % 26. renamed itself to ABC Bearings in the 2002. Efficient working capital management. In order to meet the fresh requirement.51 Share Price Chart 180000 160000 140000 120000 100000 80000 60000 40000 20000 0 30 25 20 15 10 5 15-Nov-02 0 03-Jan-03 28-Jan-03 06-Jun-03 30-Jun-03 21-Feb-03 11-Dec-02 11-Apr-03 22-Jul-03 13-Aug-03 05-Sep-03 15-May-03 29-Sep-03 October 18. reduction of excess work force. ABC Bearing manufacturers tapered roller bearing and cylindrical bearing. surrogating of expensive loans has assisted the company to put itself in black and see a strong turnaround for itself.

1 186. Financial Highlights Period to Sales Other income Total income Expenditure Operating profit Interest Depreciation PBT Tax PAT Extraordinary items APAT OPM (%) Equity EPS (Rs) Q1FY04 (3) 183 3. The setback in the tractor sector has affected the sales volume of the company.4 (16.7 (51.8 115.8) 13.8) 38.6 (8.8) 7.3 2.2.5x FY04E earnings of Rs4.7) (186.5 3.5mn as against the loss of Rs.5 (189. We expect the company to show better results.47.9 (144.3 (10.1) 4.7) (197.The net sales of the company grew 12% yoy to Rs725mn in FY03 as against Rs649mn in FY02.6 (4. The net profits of the company for Q1FY04 grew 186% to Rs9.7% respectively. the stock is trading at P/E of 3.Indian Ball Bearing Industry : This Ball is on a Roll.2) (16.0 9.1mn in Q1FY03. the ROCE and ROE stood at 21% and 7.3mn in FY02.. SECTOR RESEARCH Financial Review Annual Analysis For the FY03 ABC Bearing has shown a remarkable recovery with net profits standing at Rs14.7.1mn from Rs8.9) (12.The annualized EPS for the same period has increased to Rs3. Exports of the company have marginally to Rs24.3 115.3 19.2 from Rs -3.2 Q1FY03 (3) 157 2. Valuation At the current price of Rs15.7) Growth % 16.8 52.4) 33. For the FY03.2) 9.0 (10.5) 14. 2003 16 .8) 0.5) - October 18.5) 0.3 168.5mn in FY02.4 17.1 158..3mn as against a loss of Rs10.4 (147.00 (186.3 0.5 (3.6) (15. on account of effective turnaround and better utilization of existing capacity.

6) 1.0 APAT (53.3 15.5 115.0 1035.6 0.3) PBT (28.7) (67.0) Depreciation (40.5 (29.0) 67.7 Expenditure (582.3) Operating profit 86.0) 96.3 Production Trends and Segmentwise Revenues OPM (%) 10.8 69.3) (7. SECTOR RESEARCH FY02 FY03 FY04E (12) (12) (12) Sales 649 725 856 Other income 19.0 0.3 22. 2003 17 .0) (70.5 EPS (Rs) (4.9) (54.9 Capacity Bearings (Ball & Roller) Production Bearings (Ball & Roller) Components Sales Volume Bearings (Ball & Roller) Components Sales Value Bearings (Ball & Roller) Components Units 2000 ‘000 15300 Units ‘000 ‘000 Units ‘000 ‘000 Units Rs.3 4.0 67.0 Equity 115.(Mn) Rs.2) 21.5 (44.5 5.3 Interest (73.8 16.2) (20.Indian Ball Bearing Industry : This Ball is on a Roll.7) (60.0 115.2 Period to FY05E (12) 1018.6 48.0 0.6 19.3 Extraordinary items 0.7 Total income 668.0) 210.7) PAT (53.9) (693.8) (43.6 17.6 (825.3 137.6 748.(Mn) 2000 6623 2000 6444 2000 1050 - 2001 8300 2001 4584 2001 5223 2001 1008 - 2002 8300 2002 3010 2002 3315 2002 752 - 2003 8300 2003 3331 439 2003 3280 436 2003 820 20 October 18.1 Tax (19.8 19.3 179.6 48.3) (610.2 872...4) 14.4) 14.5 115.

clutch release bearing kits. The company currently caters to the needs of automotive. 90 80 70 60 50 40 30 20 10 0 Share Price Chart 1200000 1000000 800000 600000 400000 200000 0 12-Nov-02 13-Jan-03 16-Jun-03 11-Feb-03 13-Mar-03 12-Dec-02 15-Apr-03 15-Jul-03 13-Aug-03 16-May-03 12-Sep-03 10-Oct-02 Innovative Product Launch Company is planning to launch a series of new products in the Indian replacement market.In order to further increase it presence in the same segment.. Machine Tool Spindle maintenance etc. SKF Bearings SECTOR RESEARCH Recommendation BUY CMP 52 week H/L Market Cap Rs 84 Rs 86/33 Rs 3.5:1 in 2002. The company has annual installed capacity of the company is 71mn ball and roller bearings. Approximately 60% of the total sales of bearings are from the Original Equipment Manufacturers (OEM) sector while the remaining 40% are after market/replacement sales.02 22. is a subsidiary of SKF. It serves to almost each and every segment of the industry.. SKF Bearing made right issue in the FY01. In addition to its comprehensive range of bearings it is also offering a wide range of bearing related products and systems. sleeves. October 18. such as Condition Monitoring Systems for Trouble-free Operations. bearing accessories like housings. the leading global supplier of rolling bearing and seals.22 29. which accounts for 40% of total market. which is likely to reduce further.25 22. 2003 18 . Secured redeemable non convertible debentures of Rs200mn were due to retire in August 2003. The company manufactures a product range comprising about 60 sizes of deep groove ball bearings. electrical and industrial OEMs and aftermarket customers.1:1 in 1999 to 0.3% in total 23mn industry. The debt/equity ratio for the company has decreased from 2. it plans to offer imported wheel bearing kits. This move will prove instrumental in increasing its revenue share in the market for automobile spare parts. Linear Motion products.Capital restructuring resulting in reduction of interest cost burden is likely to improve the company’s profitability. it is planning to introduce similar kits for Sumo Model. The company has successfully launched a new wheel-bearing kit for Maruti 800. 70 sizes of taper roller bearings. Sweden. which holds 54% stake in the company. textile machinery components. automotive specials. timing belt kits and other products from its groups overseas plant in Indian market. Automobile industry accounts for 35% of its total revenue. etc. SKFs strong presence coupled with growth in automobile industry is likely to improve companys growth. Investment rationale Strong Presence SKF Bearings has strong presence in the Indian bearing industry.Simultaneously. commanding highest share of 12.Indian Ball Bearing Industry : This Ball is on a Roll.This move resulted in significant reduction of interest burden.51 SKF Bearing India. Debt Re-Structuring In order to retire high cost debt instruments.7bn Share Holding Pattern Promoters Institutional Investors Other Investors General Public % 26.

the stock is trading at P/E of 15x FY03E earnings of Rs5. on account of its strong presence and implementation of growth strategies.0 87. The company increased its production capacity by 17% in 2002 (62mn Nos.6 2.6 (66.).0) 0.7) 113.0 H102 (6) 1995 61.5bn in 2001.8 Tax (59. down 48 % from Rs32.. an increase of 9%.6) 63.5 452.8 October 18.5 (49. We expect the company to exhibit better results.5) (136. as well as savings from the debt restructuring undertaken earlier.Indian Ball Bearing Industry : This Ball is on a Roll.0 10.0 2056.8) PBT 184.4) 316. is the result of increased volumes in the automotive and industrial sectors.7 Equity 452.8mn in H1F12/02.0 Interest (33.3) PAT 125.0 (1739. SECTOR RESEARCH Valuation At the current price of Rs87.6 EPS (Rs) 5. Net interest payments for H1 F12/03 stood at Rs17mn.1) Operating profit 350. The robust increase in the net profit recorded for H1 F12/03.8) (3. Financial Highlights Period to H103 Rs mn (6) Sales 2171 Other income 139.The topline grew by 13.1mn.0) 87.2mn in 2001.5 against EPS of Rs2 in 2001. Net profits for the 2002 stood at Rs204.The net profits of the company has shown a remarkable growth of 128%.5 Extraordinary items (13.7 0..5% to Rs4.4) APAT Financial Highlights 112.2mn against net profit of Rs89. Net profit after tax for the same period was at Rs112mn against Rs59.) as compared to 2001 (53mn Nos.7mn for the corresponding period of 2002.2 12.4 (53.4 12.4) Depreciation (131.0 59.1 Expenditure (1961.a significant increase of against RS3.6 Growth (%) 9 129.8 Total income 2311.8 (62.2 (100. Sales for the H1 F12/03 stood at Rs2171mn as against Rs1995mn in H1 F12/02.7 10.Working capital of the company have significantly improved and huge focus is given on receivable front. EPS for 2002 stood at Rs4.7 25. Financial Analysis SKF Bearings has for the first time crossed the Rs4bn.4 110.1 OPM (%) 9. 2003 19 .7) 59.

4) (3485..(Mn) Rs.2) 329.0 4642.6 452.0) (24. Components & Accessories For Textile Machinery Sales Value Bearing Accessories & Maintenance Products (Traded) Bearings (Ball & Roller) Spares.(Mn) Rs.0 4198.9) (125.4) 269.(Mn) 2000 56576 1961 2000 54039 1961 2000 9 3396 213 2001 52987 1559 2001 52634 1539 2001 60 3335 178 2002 62052 1318 2002 62586 1398 2002 56 3824 177 October 18.8 (12.9 323.6) (37.0 4.1) 742..7 7.8 452.2 10.0) (275.5 2003E 2004E (12) (12) 4463 4976 180.2 204.6 5.5 (3210.8 12.6 12.6 452.1) (4340.0 141.0) (152.0 255.3 3721.0) 396.1 (71.0 89.Indian Ball Bearing Industry : This Ball is on a Roll.0) 0.5 (203.1 (127.0 160.3 0.8 (14.0) (280. Components & Accessories For Textile Machinery Unit ‘000 ‘000 Unit ‘000 ‘000 Unit Rs.6 2.0) (40.2 (3900.6) (274.6 713.2) (109.7) (331. 2003 20 .1 452.2 Production Trends & Segmentwise Revenues Production Bearings (Ball & Roller) Spares.9 5136. Components & Accessories For Textile Machinery Sales Volumes Bearings (Ball & Roller) Spares.2 126. SECTOR RESEARCH Period to Rs mn Sales Other income Total income Expenditure Operating profit Interest Depreciation PBT Tax PAT Extraordinary items APAT OPM (%) Equity EPS (Rs) December ending Company 2001 2002 (12) (12) 3573 4057 148.9 476.1 14.0) 510.1) 204.9 323.9 796.

France. crank pins and wide inner ring bearings. The company renamed itself to NRB Bearings Ltd. Telco. Waluj. NRB manufactures over 600 different types of bearings at its plants located at Thane. in view of diversified range and types of bearings being manufactured..Indian Ball Bearing Industry : This Ball is on a Roll. Aurangabad and Hyderabad.. This has resulted in NRB Bearings to achieve leadership in the Indian needle roller bearing markets with the market share of 70%. Jalna. 2003 21 . NRB expects the Share of exports to contribute 10% of total sales by 2004.39 1. NRB Bearings SECTOR RESEARCH Recommendation BUY CMP 52 week H/L Market Cap Rs 115 Rs 130/52 Rs 1. With a continual drive on tailoring bearings to meet specific needs. Segment-Wise Share Ball & Roller Bearing 14% Share Holding Pattern Promoters Institutional Investors Other Investors General Public % 84.1bn Incorporated in 1966. In this move. Sona Needle Roller Bearing Company in joint venture with Nadella. NRB has already entered talks with some of the major OEMs.13 Cylindrical Roller Bearing 16% Needle Roller Bearing 70% Investment Rationale Share Price Chart 250000 200000 150000 100000 50000 10-Oct-02 11-Nov-02 0 08-Jan-03 06-Mar-03 04-Jun-03 02-Jul-03 10-Dec-02 05-Feb-03 30-Jul-03 28-Aug-03 07-May-03 25-Sep-03 04-Apr-03 120 100 80 60 40 20 0 Diversified Product Range NRB has most diversified and specialized bearing and manufacturers almost all types of bearing. NRB has successfully developed customization and applications expertise as their strength. it has already started getting its facilities QS 9000 certified being prerequisite to supply to many markets.91 4. NRB is focussing on manufacturing of ‘specials’ for selected customers like Maruti.It the first company in India to manufacture Needle Roller bearings.which presently accounts for only 6% of total sales. cylindrical roller bearings. Export Potential The company is eyeing on the export market.. It is into manufacturing of needle roller bearings. In tapered roller bearings and in ball bearings.57 9. Mahindra & Mahindra.It is also manufacturing ball bearings for two and three wheeler segments. ball bearings. NRB is also exploring the possibility of tapping replacement market October 18. The wide product range has confirmed it strong position in virtually each segment of the industry. The company has also taken up the manufacturing of ball and taper roller bearings. tapered roller bearings. spherical roller bearings. In the needle roller bearing segment NRB Bearings commands market leadership with around 70% of market share and notable market share of 16% in the cylindrical roller bearings.

In order to increase its penetration in replacement market it is focusing on market development. Financial Analysis The net profits of the company grew 42% yoy to Rs130. Valuation At the current price of Rs114. Eyeing penetration in replacement market The company is all set to garner higher share in replacement market.4mn in Q1FY03. the stock is trading at P/E 8x FY04 of Rs14..The bottom line of has increased by 19% from Rs381mn in FY02 to Rs321mn in FY03. These initiates will aid the company to increase its penetration in lucrative areas and margins being higher in case of replacement market will translate in higher margins.5 in FY02 to Rs13.The interest burden has dipped by 56. The EPS increased from Rs9. It plans to develop new products to cater to the requirements of international market.4 in FY03. We expect the company to show better results.The EPS for the same period has significantly increased from Rs7. Technical collaboration with Nadella.7mn in FY02 .The net sales of the company increased from Rs1284mn to Rs1454mn for the same period. At present Renault Vehicle Industries .1.5mn as compared to net profit of Rs49. on account its strong dominance in market and diversified product portfolio.1mn in FY03 as against Rs91. October 18.2. The net profits of the company for Q1FY04 have increased from Rs22..4% from Rs5. France will prove significant in achieving the export targets.1mn in Q1FY03. 2003 22 . SECTOR RESEARCH in Asian and European countries. Interest expenses have significantly decreased by 36%.France is sourcing components for its truck division from NRB.6 to Rs12.5mn in Q1FY04 to Rs2. The company is also increasing to expand its dealer network in the lucrative regions of semi-urban and rural market In order to increase the overall reach it is planning to set up country wide plan.Indian Ball Bearing Industry : This Ball is on a Roll.

7) 395.9 14.7 (56.4) Depreciation (25.0) 118.6) (105.6 (52.5 17.1) 175.9 Equity 96.0 (17.7 1318.0 96.3 FY03 (12) 1454 27..0) 30.6 18.9 13.7 (1051.0) 278.9 9.4) 267.5 326.0 175.0) 61.4) 130.5 (1702.1 96.5 (10.7 Total income 386.0) 218.0 130.5 0.Indian Ball Bearing Industry : This Ball is on a Roll.8 96.4) PBT 57.5 October 18.0) 137.4 96.2 (100.7) 330.5 (5.7 38.4) 8.5 Tax (8.9 18.3 OPM (%) 20.0 1752.3 (27.1 FY02 (12) 1284 34.0) (108.8) (94.4 (1418.0 22.4 13.9 0.5 (265.4 Growth % 19 3.3 Interest (2.4) Operating profit 85.5 (9.6 0.1 0.5) 32.1 76..2 FY05E 2076 22.0 96. SECTOR RESEARCH Financial Highlights Period to Q1FY04 Rs mn (3) Sales 381 Other income 5.9 EPS (Rs) 12.0 137.9 (81. 2003 23 .6 1481.9) 144.7 (1151.0) 22.7 Expenditure (301.7 18.2 FY04E 1730 22.9 18.4) PAT 49.0 2098.8) (103.9 9.7) 208.1 Period to Rs mn Sales Other income Total income Expenditure Operating profit Interest Depreciation PBT Tax PAT Extraordinary items APAT OPM (%) Equity EPS (Rs) December ending Company Q1FY03 (3) 321 5.9) 91.9 (16.5) (23.1 Extraordinary items (19.0 91.7 0.8) APAT 29.1 20.6 18.8 (103.9) 333.8 (9.5 (78.

(Mn) 2000 8025 1500 2001 10000 1500 2002 10500 2500 2003 10500 2500 500 500 2029120 2029120 32794 32794 2000 2001 6377 7110 1233 640 1223077 1174353 23554 21977 2000 6531 1126 589481 22777 2000 689 39 109 520 2001 6540 664 486525 20948 2001 717 24 91 496 25 500 500 2029120 2029120 35294 35294 2002 2003 7289 8230 1314 1674 1041570 1198754 23644 21299 2002 7310 1367 525232 22594 2002 785 54 100 536 1 2003 7835 1661 593815 20344 2003 878 83 110 605 1 October 18..(Mn) Rs. SECTOR RESEARCH Production Trends & Segmentwise Revenues Capacity Bearings (Ball & Roller) Components (Automobile) Electrical Steel Stamping And Laminates Loose Needle Rollers Needle Roller Brushes & Cages Production Bearings (Ball & Roller) Components (Automobile) Loose Needle Rollers Needle Roller Brushes & Cages Sales Volumes Bearings (Ball & Roller) Components (Automobile) Loose Needle Rollers Needle Roller Brushes & Cages Sales Value Bearings (Ball & Roller) Components (Automobile) Loose Needle Rollers Needle Roller Brushes & Cages Others Unit ‘000 ‘000 MT ‘000 ‘000 Unit ‘000 ‘000 ‘000 ‘000 Unit ‘000 ‘000 ‘000 ‘000 Unit Rs.(Mn) Rs..(Mn) Rs.(Mn) Rs.Indian Ball Bearing Industry : This Ball is on a Roll. 2003 24 .

or rolling elements. Thrust bearings and other special application bearings. The bearings are meant to reduce the friction between the moving part of an engine crankshaft or camshaft and its associated support surface. The automobile industry is the major user segment for bearings. followed by general engineering. Anti friction bearings includes ball bearing and roller bearing. Roller bearings can be further sub divided into Tapered Roller. the cage and the seals. It is critical component of any equipment that rotates. The taper angles allow the bearing to handle a combination of radial and thrust loads. Taper roller bearings accounts for of 30% to total production of bearings. 2003 25 . The main component of an anti-friction bearing are the inner ring. the greater the ability of the bearing to handle thrust loads. the cup. the precision in dimensions form a key factor to the performance of the machines as whole.. the tapered rollers. Bimetal bearings (also known as engine bearings) are primarily used in the engines of automobiles or machines.Indian Ball Bearing Industry : This Ball is on a Roll. or outer ring. SECTOR RESEARCH Annexure1 Basics of Bearing Bearing are used in the rotating parts of virtually every machine. Rotation movement is an indispensable characteristic in utilizing mechanical power. Needle Roller. Cylindrical Roller.Tapered Roller Bearing Tapered roller bearings consist of four interdependent components: the cone. or inner ring. the outer ring. and the cage. Distrubution of Produc tion 6% 3% 7% 30 % 54 % Ball Bearing Needle Roller Taper Roller S pherical Roller Cylindrical Roller 1. Bearings can be broadly classified into two segments: 1. The steeper the cup angle.Bimetals 2.Anti-friction Bearings. or roller retainer.. October 18. the rolling elements. heavy industries and railways.

the cylindrical roller bearings have very high radial load carrying capacity as compared to ball bearings of the same size. October 18. Double row angular contact ball bearings.Ball Bearing In this type of Bearing the steel ball are used in cage. 3.. SECTOR RESEARCH 2.Needle Roller Bearing Needle roller bearings comprise of special form of cylindrical roller bearings in which the rollers are of a very small diameter and comparatively long therefore. 2003 26 . Double row self aligning ball bearings. contamination. gear drives rolling mills etc. Bearings magneto type ball bearing. Ball Bearings have a point contact on the races whereas all types of cylindrical roller bearings have a line contact. Ball bearings market has highest production and accounts for 54% of total production of bearings. Due to line contact. accounts for 3% of total production of baerings. oil field. Double row deep groove ball. mining and aggregate processing wind turbines. The different types of Ball bearings are Single row deep groove ball bearings. extreme speeds and critical-application stress are present. they have the advantage of a very small difference bet. These bearings are detachable and suitable for carrying only radial loads. Angular contact ball bearing.Cylindrical Roller Bearing In this type of bearings. the rollers racetracks are essentially cylindrical. even when marginal lubrication. It accounts for 6% of total production of bearings. Potential applications of SRB are seen in power generation.Indian Ball Bearing Industry : This Ball is on a Roll.. 5. It accounts for 7% of total production of bearings. however they may be ground slightly curved in order to achieve small degree of flexibility. 4.Spherical Roller Bearing They are designed to manage high radial loads and perform consistently. lowest in the industry. The rollers are guided between two lips on either the inner race or the outer race.

2003 27 . SECTOR RESEARCH Annexure2 Manufacturing Process Step1 Rolled / Forged Rings are procured from the suppliers. bearings are put in the pillow wrapping machine and puch packed and sealed.Finished Grinding of the Tracks 6. After this.Indian Ball Bearing Industry : This Ball is on a Roll.Rough Grinding of the Tracks 5. the cone assembly and cup will be thoroughly washed in the washing machine by Kerosene by pressure jets and then dipped in anti rust preventive oil.Finished Grinding of outer Dia and Bore 4.Grinding of End Surfaces 3. Step 6 Packing: After the above steps... The assembly of the bearings consists of putting finish-graded rollers in the cage along with cone and closing with closing die in the press. who are specialized in bearing races turning. October 18. The cup is separately put on the cone assembly. The process involves: Preheating—>Hardening—>Marquenching—>Annealing (Tempering)—>Washing Step3 Grinding 1. Step2 Heat Treatment: Turned races are heat treated on salt bath furnaces for hardening and tempering.Superfinsihing Grinding of the Tracks Step4 Demagnetizing and cleaning Step 5 Inspection and Assembly All the components are again checked thoroughly in different specified checks and segregated for different tolerance levels. after this the process of TURNING is provided by the outside vendors at the premises of the suppliers only.Rough Grinding of outer Dia and Bore 2. then will be put in the cartoon manually.

legal or taxation advice. honey! . All rights reserved.October 16. 2003 Tamilnadu Newsprint & Papers Ltd : Strong Growth Ahead . a wholly owned subsidiary of India Infoline Ltd. IISPL is a member of the National Stock Exchange of India (NSE) and The Stock Exchange. IISPL is also a Depository Participant with NSDL. 2003 Indian Banking Sector : Where the Money Is! . financial or otherwise in the securities mentioned in this report. We have exercised due diligence in checking the correctness and authenticity of the information contained herein. IIL or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this publication. The recipients of this report should rely on their own investigations. India Infoline Ltd. Mumbai -63. Fax 2685 0585 it’s all about money. 2003 Toll Free 1600-22-6555 Email info@5pmail. Goregaon(E). Off Western Exp. but do not represent that it is accurate or complete. It is not intended as an offer or solicitation for the purchase and sale of any financial instrument. 2003 Jyoti Structures Ltd : Power Your Portfolio . Any action taken by you on the basis of the information contained herein is your responsibility alone and India Infoline Ltd(hereinafter referred as IIL) and its subsidiaries or its employees or associates will not be liable in any manner for the consequences of such action taken by you. © India Infoline Ltd 2003-4. Reference No: IIL/SR04/03/01 Published in October 2003.October 16. IIL and/or its subsidiaries and/or employees or associates may have interests or is the trade name of India Infoline Securities Pvt Ltd (IISPL).com 5paisa. This report is for information purposes only and does not construe to be any investment. Tel 2685 0101 / 0505. Our research reports are available on First Call Research Direct/ Thomson Financial and Bloomberg (code: IILL). Highway.October 11. Mumbai (BSE).October 07. 24 Nirlon Complex.Our Recent publications D-Link India Ltd : Connecting Profits .

Sign up to vote on this title
UsefulNot useful