Bimetal Bearings Directors Report, Bimetal Bearing Reports by Directors
Bimetal Bearings
BSE: 505681|NSE: BIMETAL|ISIN: INE469A01019|SECTOR: Bearings
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Directors Report Year End : Mar '14    « Mar 13
Dear Members,
 The Directors have pleasure in presenting the Fifty Third Annual
 Report covering the operations for the year ended 31st March 2014
 together with the accounts and Auditors'' Report thereon.
                                      Year Ended        Year ended
                                      31-03-2014        31-03-2013
                                     (rs in Lacs)      (rs in Lacs)
 Net Revenue                           15115.88          16595.32
 Profit before 
 Interest, Depreciation and 
 Taxation                                971.11           1361.48
 Less : Interest                          27.26             30.38
 Depreciation                            441.11            422.57
 Profit before Tax                       502.74            908.53
 Less : Taxation 
 (including Deferred Tax)                116.99            232.83
 Profit after Tax                        385.75            675.70
 Add : Balance brought forward 
 from previous year                      287.25            264.31
 Profit available for appropriation      673.00            940.01
 Less : Transfer to :
 Proposed Dividend                       267.75            344.25
 Dividend Tax                             45.50             58.51
 General Reserve                         150.00            250.00
 Balance carried to Balance Sheet        209.75            287.25
 During the year under review the net revenue showed a decline of around
 9% due to adverse market conditions impacted by sluggishness in the
 economy. Though it affected the economy as a whole, the impact on
 automobile industry was severe, particularly in the Commercial Vehicles
 Barring the tractor segment, all other segments of the market were
 affected resulting in reduction in demand.
 The consequential effect on the Company was under utilisation of
 capacity and with increased input costs, the results were affected.
 Effective steps were taken to contain and minimise the impact through
 control measures on material and energy costs.
 Emphasis on exports and diversifying the product range should show
 results in the coming year.
 Your Directors recommend a Dividend of Rs. 7/- per share, (Previous Year:
 Rs. 9/- per share) on the Paid-up capital for the year ended 31-03-2014.
 Statement under Section 217(2AA) of the Companies Act, 1956:
 (a) The applicable accounting standards had been followed with no
 material departure.
 (b) The Accounting policies that have been selected have been applied
 consistently and the judgments and estimates based on them are prudent
 and reasonable to give a true and fair view of the state of the affairs
 of the company as on 31-03-2014 and of the profit for the year ended on
 that date.
 (c) Proper and sufficient care have been taken for maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956 for safeguarding the assets of the company and for
 preventing and detecting fraud and other irregularities.
 (d) The Accounts have been prepared on a going concern basis.
 The matters relating to Corporate Governance as per the Listing
 Agreement are given in the Annexure forming part of this Report.
 The Company has adopted a code of conduct for the Board of Directors
 and senior management of the Company and all of them have affirmed
 compliance of the same.
 As contemplated under Clause 49 of the Listing Agreement, a certificate
 from Mr.A.Krishnamoorthy, Chairman & Managing Director and
 Mr.N.Venkataraman, Chief Financial Officer was placed before the Board
 at the meeting held on 26-05-2014 which was read and taken on record.
 The information required under Section 217(1)(e) of the Companies Act,
 1956 read with the Companies (Disclosure of Particulars in the Report
 of Directors), Rules 1988 is given in the Annexure forming part of this
 Mr.S.Narayanan was appointed as a Whole-time Director effective
 01-11-2012. In order to comply with the provisions of the Companies
 Act, 2013 his term of appointment was changed to provide for retirement
 by rotation.
 Mr.N.P.Mani is retiring at the ensuing Annual General Meeting and being
 eligible, offers himself for re-appointment.
 Independent Directors, Mr.P.M.Venkatasubramanian, Mr.Krishna Srinivasan
 and Mr.R.Vijayaraghavan are proposed to be appointed as independent
 directors at the ensuing Annual General Meeting for a period of five
 years from 23.07.2014. They are not liable to retire by rotation. The
 necessary resolutions are placed before the members for consideration
 and approval.
 Mr. A.B.Avery submitted his resignation vide his letter dated
 27.05.2014. He joined the Board on 01.08.1975 Mr.A.B.Avery is a
 Certified Public Accountant and was the former Chairman of Automotive
 Components Limited, Australia. Mr. A.B.Avery had vast experience in the
 automobile and its ancillary industries and had been associated closely
 with the Company and had contributed significantly to the growth of the
 Company.  Your directors wish to place on record the valuable
 contribution made by Mr.A.B.Avery during his tenure as a director.
 M/s. Price Waterhouse, Chennai the retiring Auditors are eligible for
 re-appointment. The Audit Committee had recommended to the Board for
 their re-appointment.
 Pursuant to Section 148 of the Companies Act, 2013, M/s.S.Mahadevan &
 Co., Coimbatore, practicing Cost Accountants have been appointed as
 Cost Auditors of the Company based on the recommendations of the Audit
 Committee. The remuneration payable to them has to be ratified by the
 members at the ensuing Annual General Meeting.
 Your Directors wish to thank the Customers, Employees, Suppliers and
 Bankers for their support and co-operation extended during the year.
 Our thanks are due to Daido Metal Company for their co-operation. We
 wish to particularly thank our Shareholders for the continued support
 extended by them.
                                        For and on behalf of the Board
 Chennai                                       A. Krishnamoorthy
 6th June 2014                            Chairman & Managing Director
Source : Dion Global Solutions Limited
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