Insight

By Parag Shah, managing director, Precise Fasteners Pvt Ltd

India is a country the world is looking up to with rapt attention and renewed respect – with it poised to catapult itself into scaling heights – unfathomable only a decade ago. The next twenty-five years promise to be the most transformative Indian history has ever witnessed, with the potential to become a US$40 trillion economy by 2047 – but this path to the future holds both daunting and rewarding challenges ahead.

Industrial grade fasteners witnessed a valued business of US$88.43 billion (€81.8 million) in 2021 and the next ten years hold promise to see a rise at a CAGR of 4.5%. The sector 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, such as increased infrastructure building and spending amidst a growing population. 

Technological advancements are also being used to manufacture cutting edge lightweight products used in multiple industrial applications. This is leading to a surge in the demand for hybrid fasteners, which combine injection moulded 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 supplyer that has been established for over 55 years. The business manufactures and supplies more than 10,000 varieties of premium quality fasteners and is proud to be amongst the chosen few companies that can provide high-end industrial fasteners for practically every engineering need and application.

At the helm

Founded in 1967 by Prakash Shah, Precise Fasteners Pvt Ltd started as a modest trading business that 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. Initially the company set-up a modest manufacturing facility, which was gradually expanded and today Precise Fasteners holds a stake in different manufacturing facilities in and around Mumbai, Maharashtra. 

India’s Ministry of Micro, Small and Medium Enterprises even named Precise Fasteners as one of the Top 100 SMEs and the company has accumulated several accolades and awards in its quest to excel. Precise Fasteners has also raised the stock of the company thanks to its products and professionalism, which has proved to be a strong combination.

Today, Precise Fasteners caters to more than 500 clients in India and overseas. It can also boast of being on the approved vendor list with some significant government departments, including Indian Railways, BHEL, HAL, GAIL, BEML and ISRO. Within the private industry, Precise Fasteners proudly caters to conglomerates including ABB, Reliance, Godrej, L&T, Nilkamal, as well as TATA Steel among others – across various industry segments. Presently exporting to fifteen countries, the company is also actively participating in overseas exhibitions across Europe and the USA – helping it to stay in sync with developments and trends across the globe.

A ‘one stop shop’

Although a substantial portion of fasteners are standard, Precise Fasteners takes pride in specialising in non-standard/customised/made to engineering specification fasteners and has created several essential and critical components. The company can offer various types of products, such as machine screws, socket products, woodscrews, hex wrenches, self-tapping and drilling screws, bolts, rivets, pressure lugs, nuts, headless screws, star lock washers, bearings and much more. 

The company’s USP lies in offering high-grade fasteners, which last for decades without any need for replacement. As a business it can also assist clients with the design process thanks to its expertise and provide solutions that making it easier for customers to assemble their products. The company can also offer multiple types of plating/finishing with SST (salt spray test) withstanding a rigorous 2,000 hours of testing.

Precise Fasteners also offers clients the convenience of a VMI and two bin system in addition to comprehensive fastener solutions. The company lays a strict emphasis with on time deliveries and does not commit to delivery schedules that cannot be maintained. Trying to rush deliveries only hampers quality, affects the delivery itself and ultimately impacts the trust and faith the client has in the business. Clients need timely supplies in the right quality, which is the calling card for Precise Fasteners – especially with the experience it has within the business.

This is underlined by the company’s production, which goes through the rigors of comprehensive quality checks at every stage – from raw material to final product – by a very capable QA team. The administrative team ensures individual client requirements are addressed and adhered to in accordance to purchase order terms, with the shipment and logistics team adapting to individual client packing norms and ever changing needs. 

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 enables the business to stand out from the crowd. For instance, the company has developed a complete range of fasteners for the EV segment and can cater to the two, three and four wheeler segment. The huge boost in the construction industry also saw a whole new approach towards building faÇades – providing all related fasteners instantly to the façade companies. Precise Fasteners also has clients across multiple industries including rail, furniture, oil & gas, solar power, amongst others.

The number of uses for fasteners is on a rapid incline and due to this Precise Fasteners is optimistic about future growth. It is expanding its network and is in the process of setting up offices across India. It is also setting up another manufacturing unit with IATF approval in the first half of 2024. Simultaneously, it is creating an exhaustive showroom, which will act as a walk through exhibition for clients to address their needs and requirements. Plus, every aspect of the business is constantly monitored and upgraded in accordance with emerging technology
and demands.