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Kohinoor Mandal

SBL Industries was earlier owned by Mr Arun Bharat Ram of the Shriram group. In late 1999, 70 per cent of its stake was purchased by Mr P.C. Sen, who was formerly Chairman of Peerless General Finance.

KOLKATA, May 13

SBL Industries Ltd, which was earlier known as Shriram Bearings Ltd, has changed its accounting period from October-September to April-March.

The company also hopes to reopen its production unit located at Ranchi in Jharkhand in the next few months. The unit is closed for over 10 months now.

Mr P.C. Sen, Chairman of SBL Industries, said that the newly-formed Jharkhand Government was co-operating with the company. "We hope to reopen the unit within the next two months. The Government and workforce have given tremendous support to our efforts for reopening the unit,'' Mr Sen told Business Line.

Meanwhile, he said that the company had extended its accounting period to 18 months and would close its accounts on March 31, 2002. The company headquarters is still registered in Delhi.

SBL Industries was earlier owned by Mr Arun Bharat Ram of the Shriram group. In late 1999, 70 per cent of its stake was purchased by Mr Sen, who was formerly Chairman of Peerless General Finance. The rest 30 per cent is widely held by the public.

For the year ended September 30, 2000, SBL registered a turnover of Rs 17.23 crore and a net loss of Rs 5.50 crore. The sick company was expecting to break even in the next two to three years, but the process was interrupted by the closure of the factory.

However, Mr Sen still appeared quite confident. "First, I wish to reopen the unit, and thereafter, I have other plans which would certainly ensure a turnaround of the company. We may consider diversification into related activities in the future,'' he said.

He reiterated the support he was getting from the Jharkhand Government. "It is not just SBL Industries. Even other companies in that region such as Fusion Engineering and Bihar Sponge Iron are receiving similar Government support. Industrialisation is the top priority of the Government,'' he said.

For the accounting period ended March 31, 2002, SBL Industries will report a loss, but it will be lower as the factory remained close for a considerable time.

The 39-year old company is listed on the Kolkata, Mumbai and Delhi stock exchanges.

SBL's Ranchi manufacturing unit, which employs about 700 people, has a capacity to produce 15 lakh ball- bearings every month for the automobile and consumer electrical sectors.

The company used to enjoy a market share of 5-6 per cent in the retail ball-bearings market. In the electric fans industry, it held about 10 per cent share. Ball-bearings for fans account for about 75 per cent of the Ranchi unit's capacity.

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