The company was incorporated as ‘Precision Camshafts Private Limited’ on June 8, 1992 under the Companies Act, 1956 (“Companies Act 1956”), with the Registrar of Companies, Maharashtra at Mumbai. Pursuant to conversion of the company into a public limited company, its name was changed to ‘Precision Camshafts Limited’ and a fresh certificate of incorporation consequent upon change of name on conversion to public limited company was issued by the Registrar of Companies, Maharashtra at Mumbai on August 1, 1997. Pursuant to a resolution of the board of directors of the company dated January 10, 2001, the registered office of the company was shifted from 51, Sarvodaya Housing Society, Hotgi Road, Solapur, 413 003, Maharashtra, India.
A majority of the company’s revenue comes from export of camshafts to various OEMs directly and indirectly. It has long term relationships with several marquee global OEMs, such as General Motors, Ford Motors, Hyundai, Maruti Suzuki, Tata Motors and Mahindra and Mahindra. The company currently has two state-of-the-art manufacturing facilities -- an EOU unit and a domestic unit -- both situated at Solapur, Maharashtra. The EOU unit consists of four foundries and two machine shops and products manufactured at the EOU unit are primarily exported to its overseas customers. The domestic unit consists of one foundry and one machine shop and it caters to its domestic customers from this manufacturing facility.
In order to strengthen its business operations in Asia, the company has entered into two joint ventures with NSPCL, the first, Ningbo Shenglong PCL Camshafts Company, for machining of camshafts and the second, PCL Shenglong (Huzhou) Specialised Casting Company, for setting up a foundry in China. Further, the company continues to invest in technologies, designing capabilities and research and development activities. The company uses different technologies in its engineering and manufacturing operations including shell sand molding process technology, special (AI203/ ceramic sand care) technology and GBQII process technology which the company provides it a cost competitive advantage among its competitors. The company also has a dedicated design and development team of nine engineers along with a well-equipped inspection laboratory and a calibration laboratory. The company has also entered into an exclusive agreement with EMAG, a German machining and tooling process company, for transfer of certain know-how and technology in order to strengthen its foray into assembled camshafts and expand its business operations in the European market.
Business area of the company
The company is one of the world’s leading manufacturers and supplier of camshafts, a critical engine component, in the passenger vehicle segment based on its estimated global market share by volume. The company supplies over 150 varieties of camshafts for passenger vehicles, tractors, light commercial vehicles and locomotive engine applications from its manufacturing facilities in Solapur, Maharashtra.
Milestones
1992: Incorporation of the company.
1997: Expanded its machine shop and foundry operations pursuant to an investment by a private equity investor Commonwealth Development Corporation, United Kingdom (CDC).
1997: Subscription of 66,360 equity shares of the company by Nandi Investments Limited, a private equity investor.
1999: Signed a technical and financial joint venture with G. Clancey Limited, United Kingdom, an European manufacturer of camshafts.
1999: Incorporation of a joint venture company, Clancey Precision Components Private Limited (CPCPL) with G. Clancey Limited to manufacture 1,800,000 camshaft castings per year as an Export Oriented Unit (“EOU”).
1999: Merger of Precision Shellcast Limited (“PSL”) with the company pursuant to a scheme of amalgamation as approved by an order of the High Court of Bombay dated February 11, 1999.
2006: Acquired 100% ownership in CPCPL by acquiring the stake of its joint venture partner G. Clancey Limited, United Kingdom thereby changing the name of such company to Precision Valvetrain Private Limited (“PVPL”).
2007: Purchase of 123,197 equity shares of the company held by Nandi Investments Limited, a private equity investor by TML Financial Services Limited.
2008: Merger of PVPL with the company pursuant to a scheme of amalgamation as approved by an order of the High Court of Bombay dated February 1, 2008.
2008: Transfer of 123,197 equity shares by TML Financial Services Limited to Tata Capital Limited pursuant to a deed of adherence dated February 26, 2008.
2008: Purchase of 39,919 equity shares of the Company by Tata Capital Limited pursuant to a Share sale and purchase and Shareholders Agreement dated July 31, 2008.
2011: Incorporation of the wholly owned subsidiary ‘PCL (Shanghai) Company Limited’ in China.
2012: Signed a joint venture agreement with Shenglong Automotive Powertrain Company Limited, China for setting up a camshaft machining facility in China.
2013: Signed a joint venture agreement with Shenglong Automotive Powertrain Company Limited, China and ZMM Technology Limited, to set up a Foundry for manufacturing 4,000,000 camshaft castings per annum at Huzhou in China.
2014: An exclusive agreement with EMAG, a German machining and tooling process company, for transfer of certain know-how and technology for manufacturing of assembled camshafts.
Awards, certifications and recognitions
2007: Received ‘Indian Exporters Excellence Award’ from Dun and Bradstreet India.
2007: Received ‘India Western Region Award’ from Export Promotion Council of India.
2008: Received ‘Excellence in Export Award’ in general category by DHL - CNBC TV18.
2008: Received ‘Award for Outstanding Exporter in Engineering Category’ by DHL - CNBC TV18.
2008: Received ‘Indian Exporters Excellence Award’ from Dun and Bradstreet India - Export Credit Guarantee Corporation of India Limited for being the winner in the engineering goods sector under the small exporters category.
2008: Granted membership with Dun and Bradstreet.
2008: Received ‘Customer Relationship Award’ from Tata Capital Limited.
2008: Received ‘Indian Exporters Excellence Award’ from Dun and Bradstreet India - Export Credit Guarantee Corporation of India Limited in small exporters category.
2009: Received ‘Excellence in Exports Award’ in silver category by Automotive Component Manufacturers Association of India.
2010: Received ‘Excellence in Exports Award’ in gold category by Automotive Component Manufacturers Association of India.
2011: Received ‘JRD Tata Udyog Ratna Award’ by Maharashtra Rajya Audyogik Vikas Parishad.
2013: BS OHSAS 18001:2007 certification issued by TUV SUD Management Service GmbH.
2013: ISO 14001:2004 certification issued by TUV SUD Management Service GmbH.
2013: Received ISO / TS 16949 : 2002 certification issued by TUV SUD Management Service GmbH.
2013: Received ISO/TS 16949:2009 certification issued by TUV SUD Management Service GmbH.
2013: Granted Automotive Component Manufacturers Association of India Membership.
2014: Received ‘Pitstop Overall Performance Award’ by Maruti Suzuki.
2015: Received ‘Best Overall Exporter Award’ from Dun and Bradstreet India - Export Credit Guarantee Corporation of India Limited Indian Exporters’ Excellence Awards under the medium exporters category.
2015: Received ‘Best Manufacturer Exporter Award’ from Dun and Bradstreet India - Export Credit Guarantee Corporation of India Limited Indian Exporters’ Excellence Awards under the medium exporters category.
Comment