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Notes to Accounts of Bimetal Bearings Ltd.

Mar 31, 2017

Level 1:

Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, traded bonds and mutual funds that have quoted price. The fair value of all equity instruments (including bonds) which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV.

Level 2:

The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3:

If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities included in level 3.

There are no transfers between levels 1 and 2 during the year.

During the year ended March 31, 2017, the Company transferred an unquoted equity investment from level 3 to level 2 as there was an observable market data available in the form of a buyback offer.

The company s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.

1. Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include: the use of quoted market prices or dealer quotes for similar instruments the fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date. the fair value of certain financial instruments have been determined based on the buyback offer made by the originator of the instrument. the fair value of the remaining financial instruments is determined using discounted cash flow analysis.

All of the resulting fair value estimates are included in level 2 except for unlisted equity securities where the fair values have been determined based on present values and the discount rates used were adjusted for counterparty or own credit risk.

2. Valuation processes

The company performs the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values

The main level 3 inputs for unlisted equity securities used by the Company are derived and evaluated as follows:

Discount rates are determined using a capital asset pricing model to calculate a post tax rate that reflects current market assessments of the time value of money and the risk specific to the asset.

Risk adjustments specific to the counterparties.

Earnings growth factor for unlisted equity securities are estimated based on market information for similar types of companies.

Changes in level 2 and 3 fair values are analyzed at the end of each reporting period during the quarterly valuation discussion. As part of this discussion the team presents a report that explains the reason for the fair value movements.

3. Credit risk

Credit risk arises from cash and cash equivalents, investments carried at amortized cost and deposits with banks and financial institutions, as well as credit exposures to customers including outstanding receivables.

4. Credit risk management

Credit risk is managed on a Company basis. For banks and financial institutions, only high rated banks/institutions are accepted.

For other financial assets, the Company assesses and manages credit risk based on internal credit rating system. The finance function consists of a separate team who assess and maintain an internal credit rating system. Internal credit rating is performed on a group basis for each class of financial instruments with different characteristics. The company assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the class of financial assets.

5 : High-quality assets, negligible credit risk

6 : Doubtful assets, credit-impaired

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Especially the following indicators are included Internal credit rating

External credit rating (as far as available)

Actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the borrower s ability to meet its obligations

Actual or expected significant changes in the operating results of the borrower Significant increase in credit risk on other financial instruments of the same borrower

7. Transition to Ind AS

These are the Company s first financial statements prepared in accordance with Ind AS.

The accounting policies set out in Note 1 have been applied in preparing the financial statements for the year ended March 31, 2017, the comparative information presented in these financial statements for the year ended March 31, 2016 and in the preparation of an opening Ind AS balance sheet at April 1, 2015 (the Company s date of transition). In preparing its opening Ind AS balance sheet, the Company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act (previous GAAP or Indian GAAP).

An explanation of how the transition from previous GAAP to Ind AS has affected the Company s financial position, financial performance and cash flows is set out in the following tables and notes.

8. Exemptions and exceptions availed

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

9. Ind AS optional exemptions A.1.1 Deemed cost

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets and investment property covered by Ind AS 40 Investment Properties.

Accordingly, the Company has elected to measure all of its property, plant and equipment and intangible assets at their previous GAAP carrying value.

10. Designation of previously recognized financial instruments

Ind AS 101 allows an entity to designate investments in equity instruments at FVOCI on the basis of the facts and circumstances at the date of transition to Ind AS. The Company has elected to apply this exemption for its investment in equity investments.

11. Leases

Appendix C to Ind AS 17 requires an entity to assess whether a contract or arrangement contains a lease. In accordance with Ind AS 17, this assessment should be carried out at the inception of the contract or arrangement. Ind AS 101 provides an option to make this assessment on the basis of facts and circumstances existing at the date of transition to Ind AS, except where the effect is expected to be not material. The Company has elected to apply this exemption for such contracts/arrangements.

12. Investments in joint ventures and associates

If a first-time adopter measures investments in subsidiary, joint venture or associate at cost in accordance with Ind AS 27, Ind AS 101 allows the entity to measure such investments at one of the following amounts in its separate opening Ind AS Balance Sheet (a) Cost determined in accordance with Ind AS 27; or (b) Deemed cost.

The deemed cost of such an investment shall be its:

13. fair value at the entity s date of transition to Ind ASs in its separate financial statements; or

14. previous GAAP carrying amount at that date.

. The above options can be selected each investment wise. Accordingly, the Company has elected to measure all investments in its joint venture and associate at their previous GAAP carrying value.

15. Ind AS mandatory exceptions A.2.1 Estimates

An entity s estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at 1 April 2015 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:

Investment in equity instruments carried at FVPL or FVOCI;

Investment in debt instruments carried at FVPL; and Derivative transactions carried at FVPL.

16. Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification and measurement of financial assets (investment in debt instruments) on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

17. Impairment of financial assets

Ind AS 101 provides that if at the date of transition the determination of increase in credit risk since initial recognition is difficult, loss allowance to be provided at an amount equal to lifetime expected credit losses at each reporting date until de-recognition.

18. Notes to first-time adoption:

19. Fair valuation of investments

Under the previous GAAP, investments in equity instruments and mutual funds were classified as long-term investments or current investments based on the intended holding period and reliability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under Ind AS, these investments (other than investments in associates and joint ventures) are required to be measured at fair value. The resulting fair value changes of these investments (other than equity instruments designated as at FVOCI) have been recognized in retained earnings as at the date of transition and subsequently in the profit or loss for the year ended March 31, 2016. This increased the retained earnings by INR 68.20 lakhs as at March 31, 2016 (April 1, 2015 - INR 127.82 lakhs). Fair value changes with respect to investments in equity instruments designated as at FVOCI have been recognized in FVOCI Equity investments reserve as at the date of transition and subsequently in the other comprehensive income for the year ended March 31, 2016. This increased other reserves by INR 1,338.64 lakhs as at March 31, 2016 (April 1, 2015 - INR 1389.16 lakhs).

Consequent to the above, the total equity as at March 31, 2016 increased by INR 1,406.84 lakhs (April 1, 2015 - INR 1,516.98 lakhs) and profit and other comprehensive income for the year ended March 31, 2016 decreased by INR 59.62 lakhs (represented by reduction in other income by INR 42.12 lakhs and increase in other expenses by INR 17.50 lakhs) and INR 50.52 lakhs, respectively.

Consequent to the above reversals there has been an decrease in cost of materials consumed amounting to INR 5.26 lakhs representing the change in excise duty between closing and opening stock with a corresponding increase in excise duty expenses for the year ended March 31, 2016. There is no impact on the total equity and profit.

Under the previous GAAP, revenue from sale of products was presented exclusive of excise duty. Under Ind AS, revenue from sale of products is presented inclusive of excise duty. The excise duty paid is presented on the face of the statement of profit and loss as part of expenses. This change has resulted in an increase in total revenue and total expenses for the year ended March 31, 2016 by INR 1583.96 lakhs. There is no impact on the total equity and profit.

Under the previous GAAP, discounts in the nature of cash and volume discount were presented as items of expense in the statement of profit and loss account. However under Ind AS revenue is to be recognized at the fair value of consideration received or receviable after considering such discounts. Consequently, revenue from operations for the year ended March 31, 2016 has decreased by INR 237.93 lakhs with a corresponding decrease in other expenses. There is no impact on the total equity and profit.

20. Forward Contracts not designated as hedging instruments

Under the previous GAAP, the Company applied the requirements of Accounting Standard 11 The effects of changes in foreign exchange rates to account for forward exchange contract for hedging foreign exchange risk related to recognized trade payables and trade receivables. At the inception of the contract, the forward premium was separated and amortized as expense over the tenure of the contract. The underlying trade payables, trade receivables and the forward contract were restated at the closing spot exchange rate.

Under Ind AS, derivatives which are not designated as hedging instruments are fair valued with resulting changes being recognized in Statement of profit and loss. The above transition resulted in a net gain of INR 3.09 lakhs for the year ended March 31, 2016. Consequently, other financial assets as at March 31, 2016 has increased by INR 9.62 lakhs (April 1, 2015 - INR 6.53 lakhs).

21. Proposed Dividend

Under the previous GAAP, dividends proposed by the Board of Directors after the balance sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognized as a liability. Under Ind AS, such dividends are recognized when the same is approved by the shareholders in the general meeting. Accordingly, the liability for proposed dividend (including dividend distribution tax) of INR 345.28 lakhs as at March 31, 2016 (April 1, 2015 INR 345.28 lakhs) included under provisions has been reversed with corresponding adjustment to retained earnings. Consequently the amount approved by the shareholders amounting to INR 345.28 lakhs for the period 2014-15 has been recognized in the year ended March 31, 2016.

22. Re-measurements of post-employment benefit obligations

Under Ind AS, re-measurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognized in other comprehensive income instead of profit or loss. Under the previous GAAP, these re-measurements were forming part of the profit or loss for the year. As a result of this change, the profit for the year ended March 31, 2016 increased by INR 30.61 lakhs. There is no impact on the total equity as at March 31, 2016.

23. Deferred tax

Deferred tax has been recognized on the adjustments made on transition to Ind AS.

24. Retained earnings

Retained earnings as at April 1, 2015 has been adjusted consequent to the above Ind AS transition adjustments.

25. Other comprehensive income

Under Ind AS, all items of income and expense recognized in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognized in profit or loss but are shown in the statement of profit and loss as other comprehensive income includes re-measurements of defined benefit plans and fair value gains or (losses) on FVOCI equity instruments. The concept of other comprehensive income did not exist under previous GAAP.


Mar 31, 2016

(b) Rights, preferences and restrictions attached to share

The Company has one class of Equity share having a par value of Rs. 10 per share. Each share holder 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. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Notes:

(i) Cost of Buildings includes

(a) Rs.7,45,837 (Previous year Rs.7,45,837) representing cost of HIG and MIG flats at Hosur acquired in earlier years pending execution of conveyance

(b) Rs.23,12,756 (Previous year Rs.23,12,756) representing cost of an apartment

(c) Rs.64,63,728 (Previous year Rs.64,63,728) being cost of buildings on leasehold land

(ii) Plant and Machinery, Equipment etc. were revalued as on March 31,1991

(iii) Refer Note 2.3

(iv) Figures in brackets represent previous year figures

1. 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.

2. Investment in IPL Green Power Limited

The Company holds investment in IPL Green power limited for generation of clean energy by means of Bio gas. The Company has applied to the Tamil Nadu Electricity Board and Tamil Nadu pollution control board for the requisite approval which is pending.

3. Previous year figures

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


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

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