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Bimetal Bearings Ltd. Company History and Annual Growth Details

YEAR EVENTS
1961 - The Company was incorporated as a Pvt. Ltd. Co. on 19th April,
1961 it was converted into a Public Limited Company, on 5th
September. It was promoted by India Pistons Ltd. with the
financial and technical collaboration of Clevite Corporation,
U.S.A. and financial collaboration of Repco, Ltd., Australia.
The Company is a member of the Amalgamations Group.

- The Company manufacture of shell back bearings, bushings and
thrust washers. The Company markets its products to both the
original equipment manufacturers and the replacement market.

1969 - On 31st July, Clevite Corporation, U.S.A. merged with Gould Inc.
U.S.A. and hence the shares held by Clevite in the Company were
transferred to Gould.

- The Company entered into a technical aid agreement for technical
know-how with Clevite Corporation, U.S.A. When Clevite
Corporation merged with Gould Inc. U.S.A., 'Gould' became
successors to Clevite. This agreement expired on 31st December,
1973.

1974 - 3,50,000 Bonus shares issued in prop. 7:10.

1975 - The Co. entered into a patent and technical service agreement
with Gould Inc., U.S.A. This agreement was valid for 5 year from
1-1-1974. The Company was permitted to manufacture such items
after the expiry of collaboration without any additional
payments.

1978 - In Jan. 4,25,000 shares offered to public (prem. Rs 10 per
share).

1981 - 6,37,500 Bonus equity shares issued in prop. 1:2.

1983 - However its working was adversely affected due to labour unrest
during November 83 to Feb. 84.

- The Company signed an export contract with Auto Exports of
U.S.S.R., for the supply of thin walled engine bearings.

- The second phase of expansion at the bearings plants at house
was implemented and commercial production commenced in June 1985.

1987 - On 27th April, the Company privately placed with UTI, LIC, GIC
and its subsidiaries, 2,25,000-15% redeemable non-convertible
debentures of Rs 100 each.

1989 - 19,12,500 Bonus equity shares issued in prop. 1:1.

1991 - The Company partially developed infrastructure facilities for
manufacture of heavy and large diameter bearings to cater to the
requirements of railways.

- The Company revalued its plant and machinery as at 31st March,
and the net surplus of Rs 871.53 lakhs arising out of this was
credited to capital reserves.

1996 - The operations in the first four months of the year were affected
by labour problems faced at the Hosur plant, restricting the
company from taking full advantage of the favourable market
conditions.

1997 - Sales declined to Rs.52.02 crores due to accentuated trend of
demand contraction in the Automobile Industry.

1998 - The Company's performance was adversely affected due to strong
pressure on price on the components industry.

2000 - The Company has signed agreement with CDSL and NSDL for dematerialisation.

2006

-Bimetal Bearings Ltd has appointed Mr N P Mani as Whole-time Director

2009

- Bimetal Bearings Ltd has informed that the Board of Directors of the Company at its meeting held on March 30, 2009, inter alia, has appointed the following Additional Directors:

1. Mr. S Krishnan

2. Mr. Krishna Srinivasan.

2010

- Bimetal Bearings Ltd has appointed Mr. R. Vijayaraghavan as Additional Director and he would be holding the position of an Independent and Non-Executive Director in the Company.
 
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