SKF wins the Dun & Bradstreet – Rolta Corporate Awards 2009
2010 April 01, 08:03 CET
SKF wins the Dun & Bradstreet - Rolta Corporate Awards 2009
Mumbai, March 26, 2010: Dun & Bradstreet (D&B), the world's leading provider of global business information, knowledge and insight, announced the Dun & Bradstreet - Rolta Corporate Awards 2009.The awards felicitated 53 of India's leading corporate names across sectors. The occasion also marked the launch of the ninth edition of Dun & Bradstreet's premier publication, India's Top 500 Companies2009.
SKF was honored with the Dun & Bradstreet - Rolta Corporate Awards 2009 in the Bearing sector.
The D&B-Rolta Corporate Awards 2009, closely tied to D&B's study on India's Top 500 Companies 2009, seek to recognize the twin virtues of size and growth in corporate India.
Speaking at the Awards ceremony, Dr. Manoj Vaish, President & CEO - India, Dun & Bradstreet said, "FY09 will be most remembered for the resilient performance of India Inc even as it faced subdued demand in the domestic and international market. Volatile oil prices, huge foreign fund outflows, manufacturing slowdown, passive export demand, spiralling inflation rates, unstable liquidity conditions and the consequent uncertainty clouded expansion plans of companies. However, in spite of this, a 19.2% growth in the aggregate total income of the Top 500 Companies in FY09 underscores India's high degree of recovery in the face of the economic crisis of the previous year. In FY10, the iimprovement in industrial activity coupled with the various economic stimuli packages of the government seemed to have borne a positive result, and there are signs of economic revival, which will bode well for corporate India.
"The heads of India Inc have managed these challenging times admirably. This is indeed commendable - particularly as we see a world around us that is changing so quickly. I would like to congratulate all the award winners tonight as well as all those companies that have featured in the Top 500," he added
D&B's India's Top 500 Companies 2008 was released by Mr R Bandyopadhyay, IAS, Secretary, Ministry of Corporate Affairs, who graced the occasion as the Chief Guest, while Mr K K Singh, CMD, Rolta India Ltd. and Mr. Alok Bharadwaj, Senior Vice President, Canon India delivered the key note address at the event.
About Dun & Bradstreet - Rolta Corporate Awards 2009
The 'Dun & Bradstreet - Rolta Corporate Awards 2009' seeks to recognise and felicitate corporate India's leading companies from various sectors. The Awards event is closely tied to the publication, India's Top 500 Companies 2009. Therefore, the base universe of the companies considered for the Dun & Bradstreet - Rolta Corporate Awards 2009 comprised of the top 500 companies of India as covered under the publication.
The awards methodology was applied to this list of top 500 companies, duly classified in their respective sectors. D&B India developed a proprietary financial model for identifying the top companies in each sector. The model is based on the premise of recognising the twin virtues of size and growth of the companies while awarding them. The analyst team identified pertinent financial parameters to fulfill this premise and assigned weights to them. Winners were chosen on the basis of a composite score of these weighted parameters. The eight parameters considered for ranking the companies include - total income, net profit, net worth, net profit margin, return on net worth, average market capitalisation for FY09, growth in total income and growth in net profit.
SKF is a leading global supplier in the areas of bearings, seals, mechatronics, services and lubrication systems. The Group's service offer includes technical support, maintenance services, engineering consultancy and training. SKF is represented in more than 130 countries and has 15,000 distributor locations worldwide. The Group's annual sales 2009 were SEK 56,227 million. The number of employees was 41,172. www.skf.com.
For more information please contact:
Corporate Communications, +91 22 66337716
Corporate Communications, +91 22 66337777