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Bimetal Bearings Ltd.

BSE: 505681 Sector: Engineering
NSE: BIMETAL ISIN Code: INE469A01019
BSE LIVE 12:49 | 06 Dec 385.00 -0.05
(-0.01%)
OPEN

388.90

HIGH

397.00

LOW

385.00

NSE LIVE 00:00 | 29 Jan Stock Is Not Traded.
OPEN 388.90
PREVIOUS CLOSE 385.05
VOLUME 157
52-Week high 450.00
52-Week low 258.00
P/E 26.66
Mkt Cap.(Rs cr) 147.45
Buy Price 385.00
Buy Qty 3.00
Sell Price 397.00
Sell Qty 1.00
OPEN 388.90
CLOSE 385.05
VOLUME 157
52-Week high 450.00
52-Week low 258.00
P/E 26.66
Mkt Cap.(Rs cr) 147.45
Buy Price 385.00
Buy Qty 3.00
Sell Price 397.00
Sell Qty 1.00

Bimetal Bearings Ltd. (BIMETAL) - Chairman Speech

Company chairman speech

BIMETAL BEARINGS LIMITED ANNUAL REPORT 2008-2009 CHAIRMAN'S REPORT Ladies and Gentlemen, I have great pleasure in extending a warm welcome to all of you for the Forty Eighth Annual General Meeting. I would like to introduce Mr.S. Krishnan a leading Chartered Accountant who was co-opted as an Additional Director on 30th March, 2009. I would also like to introduce Mr. Krishna Srinivasan a leading advocate who was co-opted as an Additional Director on 30th March 2009. Their experience would be of great assistance during the deliberations of the Board. The Audited Balance Sheet of the Company as at 31.03.2009 together with Profit and Loss Account for the year ended that date along with the Directors' Report thereon have been with you for sometime and with your permission I shall take them as read. As you are aware the first half of the financial year 2008-09 witnessed a robust growth with significant increase in export segment of the market supported by substantial increase in export of alloy powders and strips with resultant benefits. The market buoyancy was reflected in other market segments also resulting in the overall sale for the first half of the financial year increasing by Rs.24.81 Crores (56%) from Rs.44.13 Crores recorded during the previous year. However, the second half of the financial year, following the unprecedented economic crisis, resulted in Original Equipment Manufacturers, both domestic and overseas, drastically reducing their schedules resulting in under utilization of capacity. While the passenger car segment of the market recorded a small increase in sales the commercial vehicle segment recorded a sharp decline to the extent of around 32%, a segment in which our company has significant presence. The high cost of raw materials like steel and non-ferrous metals and the increase in cost of imports due to adverse exchange rates together with limitations on power availability had adverse impact on the profitability of operations. The income from Treasury operations was also less. During the difficult year under review the company could achieve profit before tax and after tax of Rs. 1149.71 lakhs and Rs.734.79 lakhs respectively. Your Directors have recommended a dividend of Rs.7/- per share of Rs.10/- each. The Auto Component Industry has been exposed to many risks of varying intensity. The economic slow down has affected the sentiments across the continents affecting export to a large extent. The contraction of demand, volatility of prices of raw material with currency fluctuations, competitive pressures are having to be addressed effectively. The Company is well positioned on the materials and process facilities. The project for indigenous manufacture of new and highly rated Aluminum alloy materials has been successfully completed and commercial production is expected to commence during the second half of this year. The Company has also developed new specifications of copper alloy powders. For Large Bearings, machines for different operations, have been built in-house and commissioned to strengthen the transfer line system. The new materials already developed and under development are fully meeting the emerging emission norms and load capacities asked for. The focus on cost control measures, quality and reliability of supplies to customers, close pursuit of business opportunities for our products are expected to support us during the current year. Mr.K.V.Shetty, who joined the Board on 30.03.2000 resigned on 30.03.2009 and on behalf of the Board I would like to place on record the valuable contribution made by him as Director. Mr.A.B.Avery, your Overseas Director and Mr. N. Venkataramani one of the senior most Directors retire by rotation and being eligible offer themselves for re-election. Mr. S. Krishnan and Mr.Krishna Srinivasan, Directors co-opted during the year as Additional Directors retire at this Annual General Meeting and being eligible offer themselves for re-election. M/s. Price Water House, Chennai the retiring Auditors are eligible for reappointment. I would like to take the opportunity to thank my colleagues on the Board for their valuable contribution. I would like to place on record our appreciation for the sustained efforts made by all employees during the difficult year. I also would like to thank the Government, our Bankers, Customers, Distributors and Dealers for their continued support. The Company thankfully acknowledge the continued support from Daido Metal Company, Japan. Concluding, let me also take the opportunity to offer my special thanks to all our Shareholders for their continued confidence reposed by them in the company. Thank you Ladies and Gentlemen for being here with us for the meeting today. Source: AGM Notice A. KRISHNAMOORTHY Dated : 20th July, 2009 Chairman & Managing Director

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