Home  »  Company  »  Bimetal Bear.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Bimetal Bearings Ltd.

Mar 31, 2014

1. General information

Bimetal Bearings Limited ("The Company" or "BBL") is manufacturing Engine Bearings, Bushings, Thrust Washers, Alloy Powder and Bimetallic Strips. The Company has manufacturing plants at Coimbatore, Hosur, Chennai (Sembium and Thoraipakkam). The company is a public listed company and listed on The Bombay Stock Exchange, The Madras Stock Exchange and The National Stock Exchange.

As at 31 March 2014 31 March 2013

2. Contingent liabilities

Claim against the company not acknowledged as debt:

Income tax matters 3,18,97,244 3,07,15,057

Sales tax matters 8,88,618 8,88,618

Excise duty matters -- 93,347

Claims by workmen pending before labour court 6,65,029 --

3. Related party disclosures

(a) Name of the related parties and nature of relationship (i) Where control exists Holding Company Amalgamations Private Limited

(ii) Other related parties with whom transactions have taken place during the year Joint Venture BBL Daido Private Limited

Fellow Subsidiaries

Simpson & Company Limited Addison & Company Limited Amco Batteries Limited Amalgamations Repco Limited Associated Printers ( Madras ) Private Limited George Oakes Limited Higginbothams Private Limited India Pistons Limited IP Pins & Liners Limited L. M. Van Moppes Diamond Tools India Private Limited Shardlow India Limited Simpson & General Finance Company Limited Speed-A-Way Private Limited Sri Rama Vilas Service Limited Stanes Amalgamated Estates Limited T.Stanes & Company Limited Tractors and Farm Equipment Limited The Madras Advertising Company Private Limited Wheel & Precision Forgings India Limited Wallace Cartwright & Company Limited

Key Management Personnel Mr A Krishnamoorthy, Chairman & Managing Director

Mr. N.P. Mani, Whole Time Director*. Mr. S. Narayanan, Whole Time Director**.

* Key management personnel upto October 31, 2012 ** Key management personnel w.e.f. November 01, 2012

4. Previous year figures

The previous year figures have been reclassified wherever necessary to conform to this year''s classification.


Mar 31, 2013

1. General information

, Bimetal Bearings Limited ("The Company" or "BBL" is manufacturing Engine Bearings, Bushings, Thrust Washers, Alloy Powder and Bimetallic Strips. The Company has manufacturing plants at Coimbatore, Hosur, Sembium (Chennai) and Thoraipakkam. The company is a public listed company and listed on The Bombay Stock Exchange, The Madras Stock Exchange and The National Stock Exchange.

As at 31, March 2013 31, March 2012

2. Contingent liabilities

Claim against the company not acknowledged as debt:

Income tax matters 3,07,15,057 1,11,84,632

Sales tax matters 8,88,618 21,44,951

Excise duty matters 93,347 5,12,255

3. Segment Reporting

The Company has considered business segment as the primary segment.

The business activities reflected in the financial statements comprise of manufacture and sale of bearings, bushings and thrust washers. Accordingly, there is no other reportable primary business segment as per Accounting Standard 17 (Segment Reporting)

The Company has considered geographical segment as the secondary segment, based on the location of the customers.

4. Related party disclosures

(a) Name of the related parties and nature of relationship (i) Where control exists Holding Company Amalgamations Private Limited

(ii) Other related parties with whom transactions have taken place during the year Joint Venture BBL Daido Private Limited

Fellow Subsidiaries Simpson & Company Limited

Addison & Company Limited Amco Batteries Limited Amalgamations Repco Limited Associated Printers ( Madras ) Private Limited George Oakes Limited Higginbothams Private Limited India Pistons Limited IP Pins & Liners Limited

L. M. Van Moppes Diamond Tools India Private Limited Shardlow India Limited

Simpson & General Finance Company Limited Speed-A-Way Private Limited Sri Rama Vilas Service Limited Stanes Amalgamated Estates Limited T.Stanes & Company Limited Tractors and Farm Equipment Limited The Madras Advertising Company Private Limited Wheel & Precision Forgings India Limited Wallace Cartwright & Company Limited

Key Management Personnel Mr A Krishnamoorthy, Chairman & Managing Director

Mr. N.P. Mani, Whole Time Director*. Mr. S. Narayanan, Whole Time Director**.

* Key management personnel upto October 31, 2012 ** Key management personnel w.e.f. November 01, 2012

5 Previous year figures

The previous year figures have been reclassified wherever necessary to conform to this year''s classification.


Mar 31, 2012

1. General Information

Bimetal Bearings Limited ("The Company" or "BBL") is manufacturing Engine Bearings, Bushings, Thrust Washers, Alloy Powder and Bimetallic Strips. The Company has manufacturing plants at Coimbatore, Hosur, Sembium (Chennai) and Thoraipakkam. The Company is a public limited company and its shares are listed in Bombay Stock Exchange Limited and Madras Stock Exchange Limited.

(a) Rights, Preferences and Restrictions attached to shares

The company has one class of Equity Shares having a face value of Rs. 101- per share. Each share holders is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholder in the ensuing Annual General Meeting, except in case of interim dividend.

2. Contingent Liabilities

Claim against the Company not acknowledged as debt:

Income tax matters 1,11,84,632 61,22,556

Sales tax matters 21,44,951 21,44,951

Excise duty matters 5,12,255 -

Outstanding bank guarantees 15,17,841 41,20,971

(a) Defined benefit plan Gratuity:

The Company operates a gratuity plan through the "Bimetal Bearings Limited Employees Gratuity Fund". Every employee is entitled to a benefit equivalent to fifteen days salary last drawn for each completed year of service in line with the Payment of Gratuity Act, 1972. The same is payable at the time of separation from the Company or retirement, whichever is earlier. The benefits vest after five years of continuous service.

3. Segment Reporting

The Company has considered business segment as the primary segment.

The business activities reflected in the financial statements comprise of manufacture and sale of bearings, bushings and thrust washers. Accordingly, there is no other reportable primary business segment as per Accounting Standard 17 (Segment Reporting)

4. Previous year figures

The financial statements for the year ended March 31,2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2011

1. Employee Benefits

(a) Short Term

Short term employee benefits are recognized as expense as per the Companys Scheme based on expected obligation.

(b) Post Retirement

Post Retirement Benefits comprise of Provident Fund, Gratuity and Superannuation which are accounted as follows: (i) Provident Fund

This is a defined contribution plan and contributions made to the fund, in accordance with the applicable rules/statutes, are charged to revenue. The Company has no further obligations for future provident fund benefits other than the contributions made to the fund. (ii) Gratuity

This is a defined benefit plan. Contributions are made to the fund administered by Life Insurance Corporation of India (LIC). Gratuity liability is charged to the Profit and Loss account based on actuarial valuation using Projected Unit Credit Method. Actuarial Gains and Losses comprising of experience adjustments and the effects of changes in actuarial assumptions, are recognized immediately in the Profit and Loss account as income or expense.

(iii) Superannuation

This is a defined contribution plan and contributions in accordance with the companys scheme are made to the fund administered by LIC and charged to Profit and Loss account. The Company has no further obligations for future superannuation fund benefits other than the contributions made to the fund.

(c) Termination Benefits

Termination benefits represent compensation towards Voluntary Retirement Scheme which is expensed as incurred.

(d) Long Term

Long Term employee benefits represent compensated absences which is provided for based on actuarial valuation using Projected Unit Credit Method.

1.2. Leases

Lease rental in operating lease arrangements are charged to expense in accordance with the terms of the agreement.

1.3. Taxation

Provision for current tax is made based on the liability computed in accordance with the relevant tax rates and tax laws. Provision for deferred tax is made for timing differences arising between the taxable income and accounting income computed at the tax rates enacted or substantially enacted by the Balance sheet date. Deferred Tax assets are recognised only if there is a virtual certainty that they will be realised and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

1.4. Earnings / Loss per share

The earnings / loss considered in ascertaining the Companys Earnings / (Loss) per Share (EPS) comprises of the Net Profit / (loss) after Tax. The number of shares used in computing Basic EPS is the weighted average number of shares outstanding during the year. The number of shares used in computing Diluted EPS comprises of weighted average shares considered for deriving Basic EPS, and also the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Dilutive potential equity shares are deemed converted as of the beginning of the year, unless they have been issued at a later date.

1.5. Cash and Cash equivalents consist of all the cash balances including Time Deposits with an original maturity of three months are less.

2. Earnings Per Share Year ended Year ended March 31,2011 March 31,2010

Profit after Tax as per Profit and Loss Account (A) Rs. 913,93,626 8,93,91,271 Number of equity shares outstanding (B) 38,25,000 38,25,000

Earnings Per Share (A)/(B) Rs. 23.89 23.37

3. Segment Reporting

The Company has considered business segment as the primary segment.

The business activities reflected in the financial statements comprise of manufacture and sale of Bearings, Bushings and Thrust Washers. Accordingly, there is no other reportable primary business segment as per Accounting Standard 17 (Segment Reporting)

The Company has considered geographical segment as the secondary segment, based on the location of the customers.

Information about the secondary geographical segments

4. Related party disclosures

(a) List of related parties where control exists Ultimate Holding Company Amalgamations Private Limited * Fellow Subsidiaries Simpson & Company Limited *

Addison & Company Limited * Addisons Paints & Chemicals Limited Amco Batteries Limited Amalgamations Repco Limited * Associated Printers(Madras) Private Limited * Associated Publishers (Madras) Private Limited BBL Daido Private Limited* George Oakes Limited * Higginbothams Private Limited * India Pistons Limited * IP Pins and Liners Limited* IP Rings Limited IPL Engine Components Private Limited L M Van Moppes Diamond Tools India Private Limited * Shardlow India Limited * Simpson and General Finance Company Limited * Southern Tree Farms Limited Speed-A-Way Private Limited * Sri Rama Vilas Service Limited * Stanes Agencies Limited Stanes Amalgamated Estates Limited Stanes Motors (South India) Limited Stanes Motor Parts Limited T.Stanes & Company Limited* Tractors and Farm Equipment Limited TAFE Access Limited TAFE USA Inc TAFE International Traktor Ve Tarim Ekipmani Sanayi Ve Ticaret Limited,Sirketi TAFE Reach Limited TAFE Motors and Tractors Limited TAL Precision Parts Limited Alpump Limited The Madras Advertising Company Private Limited * Wheel and Precision Forgings India Limited * W J Groom and Company Limited Wallace Cartvyright and Company Limited *

Key Management Personnel Mr A Krishnamoorthy, Chairman & Managing Director

Mr. N.P. Mani, Whole Time Director.

Relatives of Key Management Personnel Mrs Krishnamoorthy - Wife

Mr A Sivasailam - Brother (till 12.01.2011) * Represents related parties with whom the Company had transactions during the year.

5. Previous years figures have been regrouped wherever necessary to conform to the current years presentation.


Mar 31, 2010

1. Contingent Liabilities:-

Income Tax Liability 47,04,468

Sales Tax Liability 21,44,951 21,44,951

2. Segment Reporting

The Company has considered business segment as the primary segment.

The business activities reflected in the financial statements comprise of manufacture and sale of Bearings, Bushings and Thrust Washers. Accordingly, there is no other reportable primary business segment as per Accounting Standard 17 (Segment Reporting).

The Company has considered geographical segment as the secondary segment, based on the location of the customers.

* The Companys operating facilities are located in India.

2. Related party disclosures

(a) List of related parties where control exists

Ultimate Holding Company Amalgamations Private Limited *

Fellow Subsidiaries Simpson and Company Limited *

Addison and Company Limited * Addisons Paints and Chemicals Limited Amco Batteries Limited * Amalgamations Repco Limited * Associated Printers (Madras) Private Limited * Associated Publishers (Madras) Private Limited BBL Daido Private Limited* George Oakes Limited * Higginbothams Private Limited * India Pistons Limited * IP Pins and Liners Limited* IP Rings Limited

L M Van Moppes Diamond Tools India Private Limited * Shardlow India Limited *

Simpson and General Finance Company Limited * Southern Tree Farms Limited Speed-A-Way Private Limited * Sri Rama Vilas Service Limited * Stanes Agencies Limited Stanes Amalgamated Estates Limited * Stanes Motors (South India) Limited Stanes Motor Parts Limited T.Stanes & Company Limited* Tractors and Farm Equipment Limited TAFE Access Limited TAFE USA Inc TAFE Reach Limited TAFE Motors and Tractors Limited TAL Precision Parts Limited Alpump Limited

The Madras Advertising Company Private Limited * Wheel and Precision Forgings India Limited * W J Groom and Company Limited Wallace Cartwright and Company Limited * TAFE International LLC

Key Management Personnel Mr A Krishnamoorthy, Chairman & Managing Director

Mr. N.P. Mani, Whole Time Director.

Relatives of Key Management Personnel Mrs Krishnamoorthy - Wife

Mr A Sivasailam - Brother

 
Subscribe now to get personal finance updates in your inbox!