India, a country the world is looking up to with rapt attention and renewed respect. Poised to catapult itself into scaling heights unfathomable a decade ago, the next twenty five years promise to be the most transfor¬mative Indian history has ever witnessed. We can become a $40 trillion economy by 2047 and the path to the future holds both daunting and rewarding challenges ahead.
Industrial grade fasteners witnessed a valued business of $88.43 billion in 2021 and the next ten years hold promise to see a rise at a CAGR of 4.5 percent. The business is staring at strong influences by a steadfastly growing demand for industrial fasteners in the Automotive and Aerospace industries backed up by significant developments in the construction industry, increased infrastructure building and spending amidst a growing population. Technological advancements are used to manufacture cutting edge lightweight products used in multiple industrial applications. There is a surge in the demand for hybrid fasteners which combine injection molded plastic components with metal elements driven by these advancements.
Riding on a rock solid foundation, Precise Fasteners is an ISO 9001:2015 certified ferrous and non-ferrous fastener supplying firm in the business for fifty five years. The business manufactures and supplies more than 10,000 varieties of premium quality fasteners and are proud to be amongst the chosen few who provide high end industrial fasteners for practically every engineering need and application.
At the Helm
Founded in 1967 by Prakash Shah, Precise Fasteners started as a modest trading business and slowly and steadily made inroads into multiple reputed clients; joined by his son Parag Shah in 1990, the business quickly took giant leaps towards expansion. They set up a modest manufacturing facility which was gradually expanded and today Precise holds stake in different manufacturing facilities in and around Mumbai, Maharashtra. The Micro and Medium ministry went on to name them as one of the Top 100 SME’s and they have accumulated several accolades and awards in their quest to excel. Team Precise has raised the stock of the company with their products and professionalism, a deadly combination not manageable by all.
Early in the 21st century, fasteners were not regarded as valuable or important but just a part which had its limited use; to create awareness, Parag organized a one of its kind Fastener trade show in 2001. He has co-founded the Fastener Association of India and is currently serving as Honorary Secretary and is also part of the PGD 37 committee which is the government body for fasteners in India. The concept is to share the knowledge to identify and use the right fasteners for the right engineering need.
Today Precise Fasteners caters to more than 500 clients pan India and overseas. It can boast of being on the approved vendor list with some mammoth government departments like Indian Railways, BHEL, HAL, GAIL, BEML and ISRO to mention a few. Within the private industry, Precise proudly caters to conglomerates like ABB, Reliance, Godrej, L&T, Nilkamal, Tata Steel among others across various industry segments. Presently exporting to fifteen countries, Precise is actively participating in overseas exhibitions across Europe and the USA and staying in sync with developments and trends across the globe ensuring they remain pro active in their line of business.
India claims ownership to having one of the largest economies in the world. Its own utilization strength is enormous and fasteners with a variety of applications have a sizeable market and demand across the country. The government has launched and introduced several schemes like the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives which enhances and strengthens infrastructure which has only fuelled the need and demand for fasteners.
Although a substantial portion of fasteners are standard, Precise Fasteners take pride in specializing in non-standard/ customized/made to engineering specifications fasteners and has created several essential and critical components. The company offers various types of products such as machine screws, socket products, wood screws, hex wrenches, self tapping and drilling screws, bolts, rivets, pressure lugs, nuts, headless screws, star lock washers, bearings and much more. “Our USP lies in offering high grade fasteners which last for decades without any need for replacement”, says Parag. “We assist our clients with the design process when our expertise is asked and provide them with solutions making it easier for them to assemble their products. We offer multiple types of plating/finishing with SST (Salt Spray test) withstanding even a rigorous 2000 hours test”, adds Parag.
Precise also offers clients the convenience of a VMI and 2 bin systems in addition to comprehensive fastener solutions. The company lays a strict emphasis with on time deliveries and does not commit to delivery schedules which cannot be maintained. “Haste hampers quality, affects delivery and ultimately impacts the trust and faith the client has in you and we ensure we don’t walk down that road”, states Parag.
Clients need timely supplies in the right quality which is the calling card for Precise with the experience they have in abundance. Their production goes through the rigors of comprehensive quality checks at every stage right from raw material to final product during production by a very sound and capable QA team. The administrative team ensures individual client requirements are addressed and adhered to in accordance to purchase order terms and the Shipment and
Logistics team adapt to individual client packing norms and ever changing needs. By virtue of being in a very competitive and relatively disorganized market segment to some extent, Precise Fasteners holds the advantage by regularly updating it’s facilities and services covering sectors from manufacturing to logistics, administration to technology to meet and rise up to the required industry norms and international trade standards. This is exactly why Precise Fasteners enjoys holding the position they do across OEM’s and clients pan India and the world over.
Been there, Done that, Now What?
Emerging from relatively humble beginnings, Precise Fasteners has earned its reputation as one of the biggest and most dependable players in the industry through sheer grit and toil. The ability to foresee and implement upcoming market trends on the basis of growth in infrastructure and implementation of policies is what makes them virtual pioneers.
Emerging From Relatively Humble Beginnings, Precise Fasteners Has Earned Its Reputation As One Of The Biggest & Most Dependable Players In The Industry Through Sheer Grit And Toil
Precise has developed a complete range of fasteners for the EV segment and caters to the Two/Three/Four wheeler segment. The huge boost in the construction industry saw a whole new approach towards the building facades and Precise zeroed in on providing all related fasteners instantly to the facade companies. Metro Rail, Furniture, Oil & Gas, Solar power – Precise has what its clients need, always!
“The number of uses for fasteners is on a rapid incline and due to this we are optimistic about future growth. We are expanding our network and have already set up office and warehouse in North India. We are looking at a base in South India as well this year and have daily deliveries to Pune and Nasik”, says Parag. “We are also in the process of setting up yet another manufacturing unit with IATF approval in the first quarter of 2023. We are also simultaneously creating an exhaustive showroom like a walk through exhibition for clients to address their needs and requirements. Every aspect of the business is constantly monitored and upgraded in accordance with emerging technology and demands. Our next growth cycle will be innovation driven”, signs off Parag.
Precise Fasteners has a unique approach towards their goals – they make short 90 day plans in which they set targets, goals and chalk out a road map to achieve these targets and goals. They quickly review their status after the completion of the cycle and make the next 90 day plan which they set into motion. Short term plans are easier to monitor and achieve and a focused vision always simplifies matters.
Domestic sales in the current year are already 30 percent higher than the previous financial year whilst exports are up by almost 300 percent. Precise is aggressively working towards an additional 50 percent jump in figures for the next financial year, numbers which they are confident are within their grasp. The future clearly beckons!