SNL BEARINGS LTD.

SNL Bearings Limited, earlier known Shriram Needle Bearing Industries Limited established in 1983, is engaged in the manufacture and marketing of antifriction bearing products. SNL was promoted by then the Shriram Group of Industries in technical collaboration with INA Germany. By virtue of being associated with INA, SNL got the opportunity to have one of the finest Technologies in the world in Needle Bearing manufacturing. It became associated with India's most progressive business group in the field in June 2000 when the Holding Company, NRB Bearings Limited took over the management of the unit. The Company changed its name to SNL Bearings Limited from Shriram Needle Bearing Industries Limited in 2002. SNL is only manufacturer of needle roller bearings in Eastern India, at Ranchi. The Company operates in the anti-friction bearing industry and major user industrial of anti-friction bearings are automobiles, general engineering, railways, electrical equipment manufactures etc. It manufactures mostly needle bearing products and operates in markets such as Automotive OEMs, After Market and Exports. Stabilisation of production system, de-bottleneck in some of the existing product lines and development of new products have resulted in a remarkable uptrend in the performance of the Company in 1994-95. According to a BIFR order, interest due to financial institutions was converted into equity at par with effect from 1 Apr.'93. The company again became a subsidiary of SRF in 1994-95. Upon further conversion of loan into equity shares by financial institutions, the percentage of shareholding of SRF and its subsidiaries fell below 50% and SNBL ceased to be a subsidiary of SRF with effect from May 30, 1996. It got de-listed from BIFR with effect from June 18, 1996 consequent upon the net worth becoming positive and losses being wiped out. SNBL currently exports to customers in USA, Europe and SE Asia. The company is planning a major expansion-cum-diversification at Noida. The first production line is being commissioned at Noida, UP. It has obtained approval for renewal of technical collaboration with Industriewerk Schaeffler INA - Ingenieurdienst GmbH, Germany, upto 31.03.2000. During the year 2000-01 the company has faced slump in its offtakes from the automotive industry particularly the two wheeler,commercial vehicles and tractor segments,which experienced a slowdown in demand from the final consumers. Effective 01.06.2000, there was a change in management with earlier promoters namely SRF LTD and their associate companies having sold their entire shareholding in the company comprising 16,53,493 shares constituting 45.78% of the company's paid up equity capital to NRB Bearings Ltd., the new promoters of the company. The shareholding of NRB Bearings in the company's paid up equity capital stood at 63.98% and as such the company became a subsidiary of NRB Bearings Ltd., w.e.f. 01.06.2000.