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Bimetal Bearings Directors Report, Bimetal Bearing Reports by Directors
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Download Annual Report PDF Format 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '13    « Mar 12
The Directors have pleasure in presenting the Fifty Second Annual
 Report covering the operations for the year ended 31st March 2013
 together with the accounts and Auditors'' Report thereon.
 
 FINANCIAL RESULTS:
 
                                 Year Ended      Year ended
                                 31-03-2013      31-03-2012
                                (Rs. in Lacs)   (Rs. in Lacs)
 
 Net Revenue                     16595.32         17855.88
 
 Profit before Interest, 
 Depreciation and Taxation        1361.48          2334.07
 
 Less: Interest                     30.38            48.66
 
 Depreciation                      422.57           405.73
 
 Profit before Tax                 908.53          1879.68
 
 Less: Taxation [including 
 Deferred Tax                      232.83           594.63
 
 Profit after Tax                  675.70          1285.05
 
 Add: Balance brought 
 forward from previous year        264.31           216.65
 
 Profit available for 
 appropriation                     940.01          1501.70
 
 Less:Transfer to:
 
 Proposed Dividend                 344.25           420.75
 
 Dividend Tax                       58.50            66.64
 
 General Reserve                   250.00           750.00
 
 Balance Carried to Balance Sheet  287.26           264.31
 
 OPERATIONS:
 
 The revenue for the year was lower by about 7% when compared to
 previous year. This was due to significant reduction in the off-take by
 the segments of some Original Equipment Manufacturers in the domestic
 market which was partly made up the increased presence in the
 after-market. The export of company''s products which are alloy powders
 and bearings were affected with substaintial reduction due to market
 conditions.
 
 The significant impact on the profitability was conditioned by
 increased cost of inputs including power and limited opportunities to
 compensate them from the market. Continued efforts to control costs and
 further rationalise the production with emphasis on material
 utilisation-are expected to progressively relfect better perofmance.
 
 DIVIDEND:
 
 Your Directors are happy to recommend a Dividend of ? 9/- per share,
 (Previous Year: ? 11 /- per share) on the Paid-up capital for the year
 ended 31-03-2013.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 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 -03-2013 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.
 CORPORATE GOVERNANCE:
 
 The matters relating to Corporate Governance as per the Listing
 Agreement are given in the Annexure forming part of this Report.
 
 CODE OF CONDUCT:
 
 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.
 
 CEO/CFO CERTIFICATION:
 
 As contemplated under Clause 49 of the Listing Agreement, the
 certificate from Mr.A.Krishnamoorthy, the Chief Executive Officer, and
 Mr.N.Venkatarman, Chief Financial Officer was placed before the Board
 of Directors at their meeting held on 22-05-2013 which was read and
 taken on record.
 
 DISCLOSURE OF PARTICULARS:
 
 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
 Report.
 
 DIRECTORS
 
 Mr. S. Narayanan was appointed as Additional Director and also as
 Whole-time Director effective 01-11-2012. Mr. N.P. Mani ceased to be a
 Whole-time Director effective 01 -11 -2012 and continues to be a
 Director on the Board. Dr. R. Mahadevan ceased to be a Director with
 effect from 01-11-2012.
 
 Mr.N.Venkataramani and Mr. R.Vijayaraghavan, Directors are retiring at
 the ensuing Annual General Meeting and being eligible, offer themselves
 for re-appointment.
 
 AUDITORS:
 
 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.
 
 COST AUDIT:
 
 In terms of circular issued by the Government of India in respect of
 the products of the Company, cost audit is to be carried out.  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.
 
 ACKNOWLEDGEMENT:
 
 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 share-sholders for the continued support
 extended by them.
 
                              For and on behalf of the Board
 
                              Chennai A. Krishnamoorthy
 
 22nd May 2013                Chairman & Managing Director
Source : Dion Global Solutions Limited
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