ABC Bearings Limited Registered Office : 402 B, Poonam Chambers, Dr. Annie Besant Road, Worli;Mumbai - 400 018. CIN: L29130MH1961PLC012028 ABC Phone : +91 22 2496 4500 Fax: +91 2224950527 E-mail: regdoff@abcbearings.com Website : www.abcbearings.com SEC/ABC/BSE/SBD/RKf047/2018 29 th May, 2018. BSE Limited, P.J. Towers, Dalal Street, Fort, Mumbai - 400 001. Dear Sir, Sub: Audited Financial Results for the quarter and year ended 31.03.2018 Ref. Scrip Code No. 505665. Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are forwarding herewith a copy of Audited Financial Results for the quarter and year ended 31.03.2018 along with Statement of Assets and Liabilities for the year ended 31.03.2018. The abov~ results have been reviewed by the Audit Committee and approved by the Board of DirectOrs of the Company at their meeting held on 29 th May, 2018. A declaration pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with respect to Auditor's Report with unmodified Clpinion to the aforesaid Audited Financial Results is also enclosed. The Meeting concluded at 6.20 p.m. Kindly take the above on record. y, ings Limited.,. S.B. Desai Company Secretary Encl: As above. PLANT NARMADA NAGAR, BHARUCH 392015 Tel.: (02642) 248222/23/24 Fax: (02642) 247591
ABC Bearings Limited Regd. Office: 402-B, Poonam Chambers, Dr. Annie Besant Road, Worli, Mumbai - 400 018. CIN:L29130MHI961PLCO 12028 Phone :+91 2224964500: Fax:+91 222495 0527: E-mail:regdbff@abcbearings,com: Website:www.abcbearings,com AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2018 (Rs. in Lacs) Quarter ended Year ended Sr. No. 31.03.2018 31.12.2017 31.03.2017 31.03.2018 31.03.2017 Audited Un-audited Audited Audited Audited I Revenue from operations 5800.74 5,004.30 5,670.59 19,346.02 20618.22 II Other Income (Refer note 3) 204.25 2.79 6.74 229.49 57.50 rn Total Income (I+ll) 6,004.99 5,007.09 5,677.33 19,575.51 20,675.72 IV Expenses a) Cost of Materials Consumed 2,695.01 2,350.14 2,474.93 8,615.00 9,040.78 b) Purchase ofstock -in-trade 63.86 21.11 40.52 116.39 57.49 c) Change in inventories of finished goods, work-in-progress and stock-in-trade. (30.20) (19.36) 157.20 267.44 (201.55) d) Employee Benefit Expenses 595.02 617.45 529.24 2,360.77 2,121.08 e) Finance costs 38.72 62.86 127.34 222.38 518.24 f) Depreciation and Amortisation Expenses 289.55 299.93 306.04 1,184.80 1,247.72 g) Excise duty on sale ofgoods - - 537.50 406.75 2,091.25 h) Other Expenses 1,459.90 1,120.18 1,217.16 4,515.84 4397,07 Total Expenses (IV) 5,111.86 4452.31 5,389.93 17689.37 19,272.08 V Profit/CLoss) before exceptional items and tax (III-IV) 893.13 554.78 287.40 i 1,886.14 1403.64 VI Exceptional Items - - - - - VII Profit/CLoss) before Tax t 893.13 554.78 287.40 1,886.14 1,403.64 vrn Tax Expense (i) Current Tax 219.88 226.87 (6.47) 625.93 232.02 (ii) Deferred Tax 0.82 (31.55) 123.51 (55.66) 274.84 I(iii) Income Tax for earlier years written back (6.42) (6.42) IX Profit for the ~eriod 678.85 359.46 170.36 1,322.29 896.78 X Other Comprehensive Income Items that will not be reclassified to profit or loss Fair value ofinvestments and Remeasurement ofthe defined benefit plan 15.79 (3.72) 494.55 12.07 522.31 Income tax (5.49) 1.31 (54.33) (4.18) (64.0J Xl Total Comprehensive Income (IX+X) 689.15 357.05 610.58 1,330.18 1,355.06 XII Paid up Equity Share Capital (Face value Rs. 101 per share) 1,155.00 1,155.00 1,155.00 1 155.00 1,155.00 Reserves Excluding Revaluation Reserves as per balance sheet of Xlll!previous accounting year - - - 13,597.48 12,545.33 XlV Earnings Per Share i) Basic & diluted EPS before Extraordinary items for the period (Not Annualised) 5.88 3.11 1.47 11.45 7.76 ii) Basic & diluted EPS after Extraordinary items for the period (Not Annualised) 5.88 3.11 1.47 1I.45 7.76 Notes: 1 The above Financial Results, reviewed by the Audit Committee, have been approved by the Board ofdirectors at its meeting held on 29.05.2018. The statutory auditors have audited the results and have issued an unqualified report. 2 The Sharehlders at its meeting held on 15.01.2018 have approved the merger ofthe Company into Timken India Limited through a scheme of Amalgamation and Arrangement for which an application has been filed before Hon'ble NCLT. Hearings have been completed by Hon'ble NCLT after the year end and the Order is awaited. 3 Other Income includes net profit on sale of Bharuch Colony ~. 201.60 lacs 4 Beginning 1st April 2017, the Company has for the first time adopted Indian Accounting Standard (Ind AS) with a transition date of 1st April 2016 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 Interim Financial Reporting prescribed under Section 133 ofthe Companies Act, 2013 read with relevant rules issued thereunder. 5 The Company is primarily engaged in the business of Bearings and accordingly there are no separate reportable segments pursuant to IND AS-I08.
6 Statement of Assets and Liabilities as at 31st March, 2018 are as under: (Rs. in lacs) ASSETS (1) Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Intangible assets (d) Financial assets (i) Investments (ii) Others (e) Income tax Assets (net) (f) Other Non-Current assets (2) Current assets (a) Inventories (b) Financial assets As at March 31, 2018 13,101.05 332.35 104.63 As at March 31,2017 14,310.72 306.75 122.58 - - 221.93 143.46 347.35 340.93 780.15 900.35 14,887.46 16,124.79 3,093.34 3,122.99. (i)~ Trade Receivables 2,771.43 2,741.69 (ii) Cash and cash equivalents 291.27 304.86 (iii) Bank balance other than (ii) above 31.75 33.75 (iv) Other financial assets 1,101.91 23.23 (c) Other Current assets 235.37 260.73 7,525.07 6,487.25 TOTAL ASSETS 22,412.53 22,612.04 EQUITY AND LIABILITIES Equity (a) Equity share capital (b) Other equity Total equity Liabilities (1) Non-current liabilities (a) Financial liabilities 1,155.00 1,155.00 13,597.48 12,545.33 14,752.48 13,700.33 (i) Borrowings 131.00 652.49 (b) Provisions 60.09 124.01 (c) Deferred tax liabilities 1,751.61 1,807.27 1,942.70 2,583.77 (2) Current liabilities (a) Financial liabilities (i) Borrowings 1,625.52 1,926.75, (ii) Trade payables 2,092.03 2,361.68 (iii) Other financial liabilities 1,531.93 1,722.57 (b) Other Current Liabilities 317.41 297.29 (c) Provisions 117.96 19.65 (d) Income tax liabilities (Net) 32.50-5,717.35 6,327.94 TOTAL EQUITY AND LIABILITIES 22,412.53 22,612.04
7 A reconciliation of financial results to those reported under previous Generally Accepted Accounting Principles (GAAP) is summarised as follows: (Rs. In Lacs) Quarter ended Year Ended Profit after tax as reported under previous GAAP Add/(Less)-: Effect of transition to Ind As 31.03.2017 31.03.2017 487.58 1,184.70 Impact of measuring investments as Fair Value through OCI (Net of GainILoss on Foreign Currency Fluctuation on Forward Contract Change in value of depreciation due to derecogntion of forward Impact on Finance Charges - Effective Interest Method 179.84 (71.83) 1.53 (1.01) 222.31 (65.05) 6.12 (4.87) Tax Adiustments (Net) 14.47 11.85 Profit after tax as reported under Ind AS 610.58 1,355.06 8 A reconciliation ofequity between those reported under previous Generally Accepted Accounting Principles (GAAP) and IND AS as at 31st March, 2017 is summarised as follows: (Rs. In Lacs) As at! '. 31.03.2017 Equity and Reserves as per previous GAAP 13,880.87 Add/(Less)-: Effect of transition to Ind As Fair Value measurement of borrowings 1.23 GainlLoss on Foreign Currency Fluctuation on Forward Contract (22.66) Change in value of Property, Plant and Equipment due to, detecognition of forward premium on forward contract (79.99) receivablelpayable(net of depreciation ofrs. 6.12 Lacs) Deferred tax impact on adjustments (net) (79.12) Equity and Reserves as Ind As 13700.33 9 Post implementation of Goods and Service Tax (GST) w.e.f. 01 July 2017, revenue from operations is disclosed net of GST. Accordingly, revenue from operations for the quarter and year ended 31st March, 2018 are not ~omparable with those of the previous periods presented in the results. 10 The formats for audited quarterly results are as prescribed under SEBI's Circular CIR/CFD/CMDIl5/2015 dated November 30, 2015, as modified by Company with the requirements of SEBI's Circular dated July 5, 2016. 11 The figures of quarter ended 31st March, 2018 are the balancing figures between audited figures of the full financial year up to 31 st March, 2018 and the unaudited published year-to-date figures up to 31 st December,2017 which were subjected to limited review. 12 The figures ofthe previous period have been regrouped I reclassified / restated wherever necessary. Place: Mumbai Date: 29.05.2018 For and on behalf of Board of Directors tv ~Jb p.6atel
CHOKSHI & CHOKSHI LLP Chartered Accountants ---------------------------------------------------------- To, The Board of Directors ABC Bearings Limited Mumbai Independent Auditor's Report Report on the Ind AS Interim Financial Statements We have audited the accompanying Ind AS interim financial statements of ABC Bearings Limited ("the Company"), which comprise the balance sheet as at 31 March 2018, the statement of profit and loss (including other comprehensive income) for the three months and year then ended and a summary of the significant accounting policies and other explanatory information ( "the interim financial statements"). Management's Responsibility for the Interim Financial Statements The Company's Board of Directors is responsible for the preparation of these interim financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income in accordance with the accounting principles generally accepted in India, indud~g the Indian Accounting Standards (Ind AS) 34, Interim Financial Reporting as specified under section 133 of the Companies Act, 2013 ('the Act') read with relevant rules issued there-under. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the interim financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. This interim financial statement is being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. Auditor's Responsibility Our responsibility is to express an opinion on these interim financial statements based on our audit. We conducted our audit of the interim financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the interim financial statements are free from material misstatement. An audit involves performing procedures to obtain JlUdit evidence about the amounts and disclosures in the interim financial. statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the interim financial statements, whether due to fraud or error. 15/17, Raghavji 'B' Bldg., Ground Floor, Raghavji Road, Gowalia Tank. Off Ke er, Mumbai - 400 036.. Tel. : +91-22-2383 6900 Fax: +91-22-23636901 Web :www.chokshiandchokshlcom. E-mail :contact@chokshiandchokshlcom
In making those risk assessments, the auditor considers internal financial controls relevant to the Company's preparation of the interim financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the op~ating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the interim financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the interim financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid interim financial statements give a true and fair view mconformity with the accounting. principles generally fa,ccepted in India induding Ind AS 34, Interim Financial Reporting, of the financial position of the Company as at 31 March 2018 and its financial performance including. other comprehensive income for the three months and year then ended. For Chokshi &Chokshi LLP Chartered Accountants FRN - 101872W /W100045 Place: Mumbai Date: 29 May 2018 ~hta Partner M. No. 426718
ABC Bearings Limited Registered Office : 402-B, Poonam Chambers, Dr. Annie Besant Road.Worli, Mumbai - 400018. crn: L29130MH1961PLC012028 ABC Phone : +91 22 2496 4500 Fax: +91 2224950527 E-mail: regdoff@abcbearings.com Website : www.abcbearings.com DECLARATION Declaration on Audit Report with unmodified opinion pursuant to Regulation 33(3) (d) ofsebi (Listing Obligations & Disclosure Requirements) Regulation. 2015 We hereby declare and confirm that the Statutory Auditors M/s.Chokshi & Chokshi, Chartered Accountants (Firm Reg. No.: 101872W-W100045) have issued the Audit Report with Unmodified Opinion on the Standalone Audited Financial Results for the year ended 31st March, 2018. This declaration is furnished pursuant to Regulation 33 (3) (d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI circular No. CIR/CFD/CMD/56/2016 dated May 27,2016. Kindly take the information on record. Thanking You, Yours faithfully, Date: 29.05.2018 PLANT NARMADA NAGAR, BHARUCH-392015 Tel.: (02642) 248222/23/24 Fax: (02642) 247591