NRB Catalogue

CIN : L29130MH1965PLC013251
Directors : Trilochan Singh Sahney, Chairman

Harshbeena S Zaveri – Vice Chairman & Managing Director
Tashwinder Singh
Aslesha A Gowariker
Devesh S Sahney
Ashank D Desai
Rustom J Desai
Satish C Rangani - Executive Director & Company Secretary
Bankers : BNP Paribas

Citibank N.A.
HDFC Bank
DBS Bank
Kotak Mahindra Bank
Debenture Trustees : IDBI Trusteeship Services Ltd.
Auditors : Walker Chandiok & Co. LLP
Solicitors : AZB Partners & Co.
: Dhannur, 15 Sir. P M Road, Fort

Mumbai 400 001
Works : Pokhran Road No.2, Majiwade

Thane 400 606
E-40, M.I.D.C. Industrial Area, Chikalthana
Aurangabad 431 010
C-6, Additional M.I.D.C. Industrial Area

Jalna 431 203
E-72, (I) & (II) M.I.D.C., Waluj

Aurangabad 431 133
A-5, Uppal Industrial Estate

Hyderabad 500 039
Plot No.33, Sector –II,

SIDCUL IIE Pantnagar
Udhamsingh Nagar, Uttarakhand 263153
Website : www.nrbbearings.com
Investorcare : [email protected]
Registrar & : Universal Capital Securities Pvt.td.

Share Transfer Agent (Formerly known as M/s.Mondkar Computers Pvt.Ltd.)
21, Shakil Niwas, Mahakali Caves Road
Andheri (East), Mumbai 400 093
Tel: 2836 66 20, 28207203-05
Fax: 2836 9704, 28207207
1
CONTENTS
Particulars Page No.
Notice ...................................................................................................................3
Board’s Report.........................................................................................................8
Form AOC - 1 ....................................................................................................... 15
Conservation of Energy ......................................................................................... 15
Whistle Blower Policy ............................................................................................ 17
Annual Report on CSR ........................................................................................... 19
Form AOC - 2 ....................................................................................................... 21
Secretarial Audit Report ......................................................................................... 23
Extract of Annual Return - MGT-9............................................................................ 25
Median Remuneration ............................................................................................ 37
......................................................................................... 38
Management Discussion & Analysis ......................................................................... 39
Corporate Governance ........................................................................................... 45
..................................... 55
Shareholders’ Information ...................................................................................... 56
Independent Auditors’ Report (Standalone).............................................................. 62
Balance Sheet as at 31st March 2018 (Standalone)................................................... 68
!" #$ % !'*$+; < ... 69
Cash Flow statement for the year ended 31st March 2018 (Standalone) ..................... 70
Statement of Changes in Equity for the year ended 31 March 2018 ............................. 72
= > ! ........................................................ 73
Independent Auditors’ Report (Consolidated) ........................................................ 119
Balance Sheet as at 31st March 2018 (Consolidated) .............................................. 124

for the year ended 31st March 2018 (Consolidated) ................................................ 125
Cash Flow statement for the year ended 31st March 2018 (Consolidated)................. 126
Consolidated statement of changes in equity for the year ended 31 March 2018.......... 128
= > ! .................................... 129
2
AGM NOTICE
The Members,
NRB BEARINGS LIMITED
NOTICE IS HEREBY GIVEN that the 53rd Annual General Meeting of the members of the Company will be held at M C Ghia
Hall, Dubash Marg, Mumbai 400 001 on Thursday, 9th August, 2018 at 3.30 p.m to transact the following business:
ORDINARY BUSINESS
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and the reports of the Board of Directors and the Auditors thereon.
2. To declare Final dividend on Equity Share Capital for the year ended 31st March, 2018
3. To appoint a Director in place of Mr. D S Sahney (DIN 00003956) who retires by rotation in terms of section 152(6) of
Companies Act, 2013 and being eligible, seeks re-appointment.
4. Q !>! X [ ! [ ! X ![ > "\ ]
“RESOLVED THAT M/s. Walker Chandiok & Co., LLP, Chartered Accountants, (Firm No. 001076N/N500013) be and are
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the Financial Year ending 31st March, 2023, on such remuneration plus out-of-pocket expenses as may be mutually
agreed upon between the Board of Directors and the Auditors.
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remuneration according to the scope of their services as Statutory Auditors and other permissible assignments, if any, in
line with prevailing rules and regulations made in this regard.”
SPECIAL BUSINESS
5. Q !>! X [ ! [ ! X ![ > Ordinary Resolution:
Re-appointment of Mr.Satish Rangani as Whole-Time Director
“RESOLVED THAT in accordance with the provisions of sections 196, 197 and 203 read with schedule V and all other
^ ! X'*$# ! ; ` <
Rules 2014, approval of the Company be and is hereby accorded to the re-appointment of Mr. Satish Rangani (DIN
00209069), for a further period of 12 months from the date of his appointment i.e. 24th January, 2018 as a Whole-
Time Director, designated Executive Director & Company Secretary, of the Company, on the same terms and conditions
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2013; with liberty to the Board of Directors, including the nomination and remuneration committee of the board, to
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Rangani.
RESOLVED FURTHER THAT the consent of the members be and is hereby accorded that Mr. Satish Rangani shall hold
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tenure as Company Secretary up to the close of working hours on 14th August, 2018.”
RESOLVED FURTHER THAT the board be and is hereby authorised to take all steps as may be necessary, proper and
expedient to give effect to the Resolution.
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Remuneration to the Cost Auditors
“RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies
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applicable taxes and out of pocket expenses to M/s Nanabhoy and Co., Cost Accountants (Firm Registration No.:7464)
who have been appointed by the Board of Directors of the Company, on the recommendation of the Audit Committee
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March, 2019
By Order of the Board
S C Rangani
May 21, 2018 Executive Director & Company Secretary
3
Notes
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY AND
SUCH PROXY NEED NOT BE A MEMBER OF THE COMPANY.
Proxies in order to be effective, must be received by the Company not less than 48 hours before the meeting.
2. A PERSON CAN ACT AS A PROXY ON BEHALF OF MEMBERS NOT EXCEEDING 50 AND HOLDING IN THE
AGGREGATE NOT MORE THAN 10 PERCENT OF THE TOTAL SHARE CAPITAL OF THE COMPANY. HOWEV-
ER, A MEMBER HOLDING MORE THAN 10%, OF THE TOTAL SHARE CAPITAL OF THE COMPANY CARRY-
ING VOTING RIGHTS MAY APPOINT A SINGLE PERSON AS PROXY AND SUCH PERSON SHALL NOT ACT
AS PROXY FOR ANY OTHER PERSON OR MEMBER.
3. The Register of Members of the Company and Transfer Books thereof will be closed from 3rd August, 2018 to 9th
August,2018 (both days inclusive), for the purpose of AGM and Final dividend for FY 2017-18.
4. E-voting facility to all members has been provided through the e-voting platform of CDSL and the Company has ap-
pointed Mr. Upendra Shukla, practicing Company Secretary, as Scrutiniser for the e-voting process. Instructions and
manner of the process have been detailed in the para 8 below. The Scrutiniser will make a report to the Chairman of
the Company, of the votes cast in favour and against and the results on the resolutions alongwith the scrutiniser’s re-
port will be available on the website of the Company within two working days of the same being passed. The Chairman
or a person authorized by him in writing shall declare the results of voting forth with.
5. The dividend after declaration, will be paid to those shareholders whose names appear in the Register of Members
after giving effect to all valid share transfers in physical form lodged with the Company on or before 2nd August, 2018
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position with NSDL and CDSL as on 2nd August, 2018.
The shareholders whose names appear in the Register of Members after giving effect to all valid share transfers in
physical form lodged with the Company on or before 2nd August, 2018 shall be entitled to participate in evoting/ballot
at the AGM.
Members and all others concerned are requested to lodge transfer deeds, change of address communication, man-
dates (if any) with the Company’s Share Transfer Agents Universal Capital Securities Pvt. Ltd. (Formerly known as
M/s.Mondkar Computers Pvt.Ltd.) 21, Shakil Niwas, Mahakali Caves Road, Andheri (East), Mumbai 400 093 before 2nd
August, 2018.
6. The Securities and Exchange Board of India has made it mandatory for all companies to use the bank account details
furnished by the depositories for depositing dividend through National Electronic Clearing Service (NECS) to investors
wherever NECS and bank details are available. In the absence of NECS facilities, the Company will print the bank ac-
count details if available, on the payment instrument for distribution of dividend. SEBI has also mandated the submis-
sion of PAN by every participant in the securities market. Members holding shares in electronic form are requested to
submit their PAN to the DPs with whom they maintain their demat accounts. Members holding shares in physical form
should submit their PAN to the Company.
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year ended 31st March, 2010 to the IEPF. Pursuant to the provisions of IEPF (uploading of information regarding un-
paid and unclaimed amounts lying with Companies) Rules 2012 the Company has uploaded such details as on 11th
August,2017 (date of last AGM) on the website of the Company.
Adhering to the various requirements set out in the Investor Education and Protection Fund Authority (Accounting,
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to the IEPF Authority all shares in respect of which dividend had remained unpaid or unclaimed for seven consecutive
years or more as on the due date of transfer, i.e. October 31, 2017. Details of shares transferred to the IEPF Author-
ity are available on the website of the Company and the same can be accessed through the website www.nrbbearings.
com . The said details have also been uploaded on the website of the IEPF Authority and the same can be accessed
through the link: www.iepf.gov.in.
Members may note that shares as well as unclaimed dividends transferred to IEPF Authority can be claimed back from
them. Concerned members/investors are advised to visit the weblink: http://iepf.gov.in/IEPFA/refund.html or contact
RTA M/s. Universal Capital Securities Pvt. Ltd. for lodging claim for refund of shares and / or dividend from the IEPF
Authority.
SEBI has decided that securities of listed companies can be transferred only in dematerialised form
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dematerialisation, members are advised to dematerialise shares held by them in physical form.
4
8. PROCESS FOR MEMBERS OPTING FOR E-VOTING
(i) The voting period begins on Monday 6th August, 2018 at (9.00 am IST) and ends on Wednesday 8th August, 2018
at (5.00 pm IST). During this period shareholders’ of the Company, holding shares either in physical form or in
dematerialized form, as on the cut-off date of 2nd August, 2018, may cast their vote electronically. The e-voting
module shall be disabled by CDSL for voting thereafter.
(ii) A member can opt for only one mode of voting i.e. either through e-voting or in physical form. If a member casts
his vote by both modes, then voting done through e-voting shall prevail and the vote by ballot shall be treated as
invalid.
In case of members receiving e-mail:
In case of members receiving e-mail:
(iii) Log on to the e-voting website www.evotingindia.com
(iv) Click on “Shareholders” tab.
(v) Now, select the “COMPANY NAME” from the drop down menu and click on “SUBMIT”
(vi) Now Enter your User ID
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b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
c. Members holding shares in Physical Form should enter Folio Number registered with the Company.
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(viii) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier
voting of any Company, then your existing password is to be used.
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For Members holding shares in Demat Form and Physical Form
PAN Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department (Applicable for both demat
shareholders as well as physical shareholders)
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Sr.No. which is mentioned in the EVSN covering letter.
DOB Enter the Date of Birth as recorded in your demat account or in the Company records for the
said demat account or folio in dd/mm/yyyy format.
Enter the Dividend Bank Details as recorded in your demat account or in the Company records for the
said demat account or folio.
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(x) After entering these details appropriately, click on “SUBMIT” tab.
(xi) Members holding shares in physical form will then reach directly the Company selection screen. However,
members holding shares in demat form will now reach ‘Password Creation’ menu wherein they are required to
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used by the demat holders for voting for resolutions of any other Company on which they are eligible to vote,
provided that Company opts for e-voting through CDSL platform. It is strongly recommended not to share your
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(xii) For Members holding shares in physical form, the details can be used only for e-voting on the resolutions
contained in this Notice.
(xiii) Click on the EVSN for the relevant <Company Name> on which you choose to vote
(xiv) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO” for
voting.
5
Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO
implies that you dissent to the Resolution.
(xv) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.
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accordingly modify your vote.
(xvii) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.
(xviii)You can also take out print of the voting done by you by clicking on “Click here to print” option on the Voting
page.
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code and click on Forgot Password & enter the details as prompted by the system.
(xx) Shareholders can also cast their vote using CDSL’s mobile app m-Voting available for android based mobiles. The
m-Voting app can be downloaded from Google Play Store. iPhone and Windows phone users can download the
app from the App Store and the Windows Phone Store respectively. Please follow the instructions as prompted
by the mobile app while voting on your mobile.
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www evotingindia.co.in and register themselves as corporates.
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[email protected].
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they wish to vote on.
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they would be able to cast their vote.
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have issued in favour of the Custodian, if any, in PDF format in the system for the scrutinizer to verify the
same.
In case of members receiving the physical copy:
(A) Please follow all steps from sl. no. (i) to sl. no. (xx) above to cast vote.
(B) In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions (“FAQs”)
and e-voting manual available at www.evotingindia.co.in under help section or write an email to helpdesk.
[email protected].
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meeting.
S C Rangani
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 (1) OF THE COMPANIES ACT, 2013
Item No:5
Appointment of Mr.Satish Rangani as Wholetime Director
The term of Mr. Rangani, DIN00209069 as Wholetime Director, designated as Executive Director & Company Secretary
expired on 23rd January, 2018 and his term was extended for a further period of 12 months from 24th January, 2018 by
the Board of Directors in its meeting held on 23rd January, 2018, on the same terms and conditions as the earlier contract,
subject to approval of Shareholders. These terms, including remuneration had been approved by the General Body at the
meeting held on 11th August, 2018 with liberty to the Board to alter and vary the terms and conditions, subject to the same
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6
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recommend passing of the resolution set out at item no. 5 of the accompanying notice. Except Mr. S C Rangani, none of the
other Directors, key management personnel and their relatives are interested or concerned with the resolution.
Copy of the appointment letter shall be available for inspection on all working days between 11.00 a.m. and 3.00 p.m.
Item No:6
Remuneration to the Cost Auditors
Upon the recommendation of the Audit Committee, the Board of Directors of the Company in its meeting held on May 21,
2018 has, based upon the eligibility and consent to act as such, re-appointed M/s Nanabhoy & Co, Cost Accountants (Firm
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(Rupees Ninety Eight Thousand only), excluding all taxes and reimbursement of out of pocket expenses.
Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, Members
of the Company are required to ratify the remuneration to be paid to the cost auditors of the Company.
Accordingly, consent of the members is sought by way of an Ordinary Resolution as set out at Item No. 6 of the Notice.
None of the Directors, Key Managerial Personnel of the Company or their relatives are, in any way, concerned or interested,
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The Board recommends the Resolution under Item No. 6 of the Notice for approval of the Members as an Ordinary Resolution.
Name of Director Mr. D S Sahney Mr. S C Rangani

DIN 00003956 00209069
Date of Birth 17.11.1968 13.11.1948
Nationality Indian Indian
Date of appointment on Board May 2001 October 2012
~ BA (Business Administration & Economics) B Com, MMS, ACS
from Richmond College, London and MBA Extensive experience
(General management) from the Asian across strategy and
Institute of Management (Phillipines). execution covering a wide
Experienced in the areas of Sourcing, range of Industries. His
Business Process Re-Engineering, >
Business Development. and legal & governance
His general business acumen and issues would be useful in
knowledge of operational issues in the Board proceedings.
bearings industry would be useful in Board
proceedings.
Shareholding in Company 3634583 4000
List of Directorships held in other companies NRB Industrial Bearings Ltd SNL Bearings Ltd
(excluding foreign, private and section 8
companies)
Memberships/Chairmanships of Audit and None SNL Bearings Ltd-
Stakeholders Relationship Committees across Stakeholders Relationship
public companies Committee

S C Rangani
7
BOARD’S REPORT
To
The Members
NRB BEARINGS LIMITED
Mumbai
Your Directors have pleasure in presenting their Fiftythird Annual Report together with Audited Accounts for the year ended
31st March, 2018.
1. Financial Resultss
Consolidated Standalone
Year ended 31.03.2018 31.03.2017 31.03.2018 31.03.2017
Rs. lakhs Rs. lakhs Rs. lakhs Rs. lakhs
Revenue from operations (Net) 85507.11 72554.03 83056.21 70669.11

^ ~ 13528.93 7531.93 12030.96 6757.66
Provision for taxation
Current (net) 4163.52 2216.22 3739.98 1886.33
In respect of earlier years -- (42.12) (44.76)
Deferred tax 76.83 52.68 99.64 (16.81)
~ 9070.72 5165.36 8191.34 4932.90
Add: Balance brought forward 14634.84 12241.24 17558.67 15387.60
Add: Other Comprehensive Income for the year 67.00 91.40 55.56 94.76
23772.56 17498.00 25805.57 20415.26
Appropriation:
Dividend 1356.92 1332.64 1356.92 1356.92
Q~ ^ 276.24 271.72 276.24 249.66
General Reserve -- -- -- --
Debenture Redemption Reserve 1250.00 1250.00 1250.00 1250.00
Capital Redemption Reserve -- 25.00 -- --
Outside basis Tax -- 16.20 -- --
20890.40 14634.84 22,922.41 17558.67
23772.56 17498.00 25805.57 20415.26
2. Dividend
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on 3rd April, 2018 aggregating Rs. 1633.16 lacs. Further to the declaration of Interim Dividend, Directors recommend
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Rs.1402.14 lacs.
3. Operations/Outlook
FY 2017-18 started on a weak note with the market trimming purchases in anticipation of GST which was to become
effective 1st July 2017. Thereafter, the good monsoons gave a boost to the rural economy, the global environment
turned positive and with the increased government spend on infrastructure upgradation, consumer demand revived
resulting in manufacturing activity accelerating. During the year, all vehicle segments witnessed robust growth in
double digits, except the passenger car segment which showed growth, albeit at a lower rate. Overall, industry growth
has been 15% with growth in production driven by economic activity. Your company growth at 17% has been higher
than industry growth, with passenger car, commercial vehicle and farm equipment segments growing faster. Global
8
demand in the European & American automotive markets helped exports grow by 32% to Rs 169 crores ( previous
year Rs 133 crores) and domestic sales up by 13% to Rs 650 crores (previous year Rs 576 crores). Improved overall
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(previous year Rs 49.32 crores) – the highest ever achieved by the company.
As the private sector investment cycle gains strength with the expected growth in demand in almost all segments of
the Indian automotive industry, aided by the “Make in India’’ initiative with its boost for manufacturing for defence,
aerospace, etc and concrete measures to improve ‘ease of doing business’, India has emerged as one of the most
preferred locations in the world for manufacturing high quality auto components and vehicles of all kinds. The Indian
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Globally, elevated crude prices, rising protectionism and geopolitical risks remain a threat during FY 2018-19. The
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down to 4.5%, interest rates remaining soft, increased government spends for expanding the public transport systems
and building dedicated freight corridors for movement of farm produce and goods from and to the rural areas. Strong
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will rise to 7.4 % and 7.8% in the next two years from the FY18 estimate of 6.7%. Growth estimates for 2018-19
projected by the Company, after assessing demand forecasts with all major OEMs, also highlight the optimism about
another year of good all round growth.
To retain India’s position as one of the most preferred locations in the world for manufacturing high quality auto
components, the bearings industry has to be equally relentless in its pursuit of economies of scale and in scope
of design and engineering of automobiles and components, while also pursuing low cost manufacturing processes.
Your Company continues to invest in building its R&D capabilities to develop not only product lines with improved
performance and margins, and at its Innovation Centre, on identifying and developing disruptive manufacturing
processes for long term competitive advantage
4. Finance
The company has been rated by Crisil A1+ for short term and AA- (stable) for long term borrowings.
The Company continues to focus on judicious management of its working capital. Receivables, inventories and other
working capital parameters are continuously monitored.
a. Public Deposits
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b. Non convertible debentures
During the year the Company has not raised the funds by way of non convertible debentures/ any private
placement issues.
c. Particulars loans, guarantees or investments
During the year under review, the company has advanced fresh loan of THB 80 million to its wholly owned
foreign subsidiary NRB Bearings (Thailand) Ltd @ 6.5% interest, scheduled to be repaid as a bullet payment in
April 2019. The Board has also approved further investment of THB 36.67million (approx. INR 7.25 crores) in the
Equity Capital of NRB Bearings (Thailand ) Ltd on Rights basis 1:3 – one additional share for every three shares
held, at par. This will support the subsidiary to further expand its business as planned for FY 2018-19. As on
March 31, 2018 the outstanding principal amount is USD 12,83,508 and outstanding Interest is USD 1,51,811.
Details of loans, guarantees and investments covered under the provisions of section 186 of the Companies Act,
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5. Directors
The Board of Directors has, on the recommendation of the Nomination & Remuneration Committee re-appointed
Mr. S C Rangani as Additional Director (Executive Director & Company Secretary) w.e.f. 24th January, 2018. In the
case of Mr. S C Rangani, the notice for the forthcoming Annual General Meeting (AGM) includes his appointment as
Executive Director & Company Secretary under the Companies Act, 2013 for a period of one year w.e.f. 23rd January,
2018.
All independent Directors have given declarations that they meet the criteria of independence as laid down under
section 149(6) of the Companies Act, 2013 and the provisions of the Listing Agreement.
9
Mr. D.S Sahney retires by rotation pursuant to Article 111 of the Articles of Association and is eligible for reappointment
Familiarisation Programme for Independent Directors
In order to familiarize the Independent Directors with the business, the Company makes a presentation covering
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at meetings updates are given to the Board, by the Company’s Senior Management in areas of operations, industry
and regulatory trends, competition and future outlook.
Board evaluation
The Board has carried out an annual performance evaluation of its own performance and the Directors individually.
The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.
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growth. In the coming year, the Board intends to enhance focus on exploring new drivers for continuing growth.
The independent Directors have also met separately on 28th March, 2018
Remuneration policy
The Board has on the recommendation of the Nomination & Remuneration Committee framed a policy for selection
and appointment of Directors, senior management and their remuneration. As part of its policy the company strives
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goals. The remuneration policy is posted on the company website www.nrbbearings.com. Details of remuneration paid
to Executive Directors and KMP and the independent Directors form part of the Corporate Governance Report attached
to this Report.
Meetings
During the year 6 Board meetings and 4 Audit committee meetings were convened and held (details in Corporate
Governance Report). The intervening gap between the meetings was less than 120 days. The date for the next meeting
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6. Subsidiaries
As of 31st March, 2018, the Company has three subsidiaries viz. SNL Bearings Ltd, NRB Bearings (Thailand) Ltd and
NRB Bearings Europe GmbH. The consolidated results include the working of these subsidiaries.
SNL Bearings Ltd (SNL), in which your Company holds 73.45% equity, has reported PAT of Rs. 822.02 lacs (IND AS)
(previous year Rs. 661.60 lacs IND AS) an increase of 24% on account of higher volumes and helped by lower tax
rates. Dividend at Rs 5 per share has been enhanced by 67% over the dividend of Rs 3 per share paid in previous year.
Net Sales during the year at Rs. 3831 lacs are higher by 14% over the previous year. With India’s industrial production
displaying a welcome growth revival, supported by the global economic recovery and with the Government’s thrust
on rural spending and infrastructure creation, there is optimism that there will be continued growth in the automotive
segments during the current year. SNL expects to further capitalize on the positive environment by enhancing
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NRB Bearings (Thailand) Ltd (NRBT), a wholly owned subsidiary, has increased its sales by 22% to THB 193.23 million
(Rs. 40.33 crores) (previous year THB 158.82 million – Rs.30.35 crores). The share of manufacturing revenues out
of total revenues has increased to at THB 130.00 million (Rs.27.13 crores) (previous year at THB 115.25 million)
and trading revenues are at THB 63.23 mill (Rs.13.20 crores) (previous year at THB 45.35 million). Consequently,
the Company’s EBITDA has grown from THB 27.82 million to THB 40.89 million (Rs.8.17 crores). The company has
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with global Japanese customers and manufacture of new products as well as enhanced production of needle & other
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NRB Bearings Europe GmbH, a wholly owned subsidiary was set up to support increasing exports to Europe. The
Company provides marketing and customer support services. The income during the year is EURO 208122 (Rs.1.58
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subsidiary companies has been given in Annexure 1 (AOC1) forming part of this statement.
10
7. Conservation of energy, technology absorption, foreign exchange earnings and outgo
Information pursuant to Section 134 (3) (m) of the Companies Act, 2013 and Rule no. 8 of Companies (Accounts)
Rules 2014 has been given in the Annexure 2 forming part of this report.
" "#$" '! *!" +" ;"<
During the year, the Company maintained cordial relations with the workmen’s unions at all plants. There have been
settlements with the Workmen Unions at Thane, Waluj and Jalna Plants, all with wage increases linked to productivity
improvements, multi machine working and with penalties for non-achievement of quality and productivity as agreed.
Q! X #" X[ ~ ^ ["=^ '*'*
Rs. 10.3 crores annually from FY 2018-19. These settlements, with committed productivity increases of 18-20% were
an enabling factor in the management drive for higher outputs during FY 2017-18, and are expected to help sustain
the higher outputs during FY 2018-19.
! ! [ ! !^ >-
ployees and their families to share and promote organizational values. Regular training programmes are conducted for
imparting understanding of bearing and engineering principles, modern manufacturing practices and in attitudinal and
behavioral aspects.
The Company has a Vigil Mechanism and Whistle Blower Policy which provides for adequate safeguards to employees
using such mechanism. It also allowed direct access to the Audit committee in appropriate cases. Details of the same,
given in Annexure 3 forming part of this report, are posted on the website of the Company.
"! ^" ! [ > !" ?
9. Safety, Health and Environment
The Company is committed to establish and maintain safe working environment that promotes good health and high
performance of the employees, and simultaneously takes measures to protect the environment. We also ensure that
"^! [ ^" "[! [ > !! ^" >
equipments as required.
"!^ [ ! " }?$**$]'** "
environmental impact and constantly improve the environmental performance; OHSAS: 18001:2007 occupational
health and safety management systems; and ISO/TS: 16949:2009 for Quality Management Systems. Company has
been recently audited and recommended for ISO 14001:2015, ISO 9001:2015 and IATF 16949:2016.
The commitment towards the environment preservation extends beyond regulatory compliances as per MPCB norms
and ambient, air and noise levels, waste monitoring through ETP/STP treatment is being done. Initiatives are taken
across the Company to conserve natural resources by reduction & recycling of wastes and adherence to emission
norms.
There have been numerous initiatives by NRB towards safety and environment awareness among employees:
1. Awareness on environment preservation and protection through regular monitoring of environment parameters
and employees engagement activities like environment sensitization programs, drawing competitions, tree
plantation and landscape development are some of the key initiatives undertaken last year in association with
local government bodies and NGOs. 1000 + trees were planted at our manufacturing units at different locations.
'? " [" !! >! " !"?Q! " " "
of public, employees, plant, equipment and business associates, ensuring compliance with all statutory rules and
regulations as an on-going process.
Special initiatives have been taken up such as mock drills, up-gradation of Fire protection systems, safety
training to employees, organizing safety awareness week, conducting regular mock drills, reporting of near-miss
[ ? ! ¡ Q ?
3. Setting up of Solar Lights and LED lights to replace existing CFLs in factory premises and air ventilators on factory
roof to save electricity, improve air quality and protect usage of natural resources. Waluj Plant has installed /
#**` >! >" > X ! > > > >" ?
? > !^ ! } > ! "X
of less petrochemicals, grease, turpentine, etc. Turpentine has been replaced with stansol to prevent vapour
spreading for improved health of employees.
11
5. Water conservation through re-use of waste water and rain water harvesting at plants – capacity to harvest upto
50 lac ltrs rain water every year to increase ground water levels
6. Vermiculture for making Vermicompost as nutrient-rich organic fertilizer and soil conditioner.
7. Strict policy for non-consumption of tobacco and intoxicating materials to protect the mental and physical
health of employees. Regular awareness programs like “Vyasan Mukti” & “Yoga Classes” conducted to educate
employees to get rid of evils of intoxication and stressful work life; and embrace good health and work-life
balance.
10. Corporate social responsibility
[ ! ! !_ > ! $# ! X
2013, your company has been focusing on:
Promotion of education
Promoting gender equality and empowering woman
Employment enhancing vocational skills
Promotion of social business projects
> ^ "X > ^ X X [ X
of natural resources
In terms of the above the Company has been contributing for primary education, secondary education (study of
sciences, maths and engineering) and to engineering colleges.
The Company has continued its support to the Ashoka University which is devoted to transforming Indian higher
education based on the principles of multidisciplinary education delivered by exceptional faculty members and
providing ivy-league quality education at an affordable price. The liberal education helps develop intellect, nurture
critical thinking and provides specialisation with a broader foundation of knowledge.
The Company extended further support to Aseema, an NGO, to encourage expression and creativity in the children
studying in municipal schools in Mumbai and make the curriculum more meaningful and fun. Aseema’s centre at
Igatpuri set up for development of tribal children learning needs, also provides vocational training to help them join
mainstream society.
The Company also extended support to 321 Foundation. They are currently present in Hyderabad, Bangalore and
Mumbai, and offer 2 year-long programs to school teachers/ Management staff with their training skills to achieve their
goal of creating model schools. They train teachers through a systematic program with workshops, coaching sessions,
prestige & motivation events.
The company supported social causes and impactful projects like Indian Cancer Society, Akshay Patra Foundation for
mid-day meal for school children and the H. M. Seervai Memorial Trust.
NRB has always believed in and worked towards “inclusive growth’- improving the quality of life of the people in the
communities where we operate and has on a regular basis conducted Blood Donation camps across locations. As part
of its “Go Green” policy, NRB has initiated tree planting drives in and around its factories.
Q! > ! # " [ \?+$? '¢ ! ^ ^" !
Company on CSR activities works out to Rs. 136.31 lacs during FY 2017-18. The Company has actually spent
\?$#?$ > '*$$+ ! ?Q! !~ !^
enclosed as Annexure 4 to the Directors’ Report.
11. Corporate governance
Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Management Discussion and
" X \ > >
Governance are made part of the Annual Report. Details of Board meetings held during the year under review and the
composition of the various committees are included therein.
The Code of Conduct for Directors and Senior Management personnel of the Company, as approved by the Board, has
^ ^ ^" !` ! %> !"?
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has been done by the Vice Chairman & Managing Director and the CFO of the Company.
Members desirous of receiving the full Report and Accounts of the subsidiaries will be provided the same on receipt
of a written request from them or on submission of their e-mail IDs for forwarding documents through electronic
mode. This will help save considerable cost in connection with printing and mailing of the Report and Accounts. This
12
measure would be in line with the MCAs Green initiative for paperless communications. The same shall also be kept
^" " %^ ! > ! " ! ^ " "
concerned and shall also be posted on the web site of the Company viz.www.nrbbearings.com.
12. Directors’ responsibility statement
In accordance with Section 134 of the Companies Act, 2013, the Directors state that:
i. in the preparation of annual accounts, all applicable accounting standards have been followed and no material
departures have been made from the same;
ii. accounting policies selected were consistently applied. Reasonable and prudent judgements and estimates
have been made so as to give a true and fair view of the state of affairs of the Company as on 31st March,
'*$+ ! !" ! >" ! "£
? > !^ [ !
the provisions of the Act so as to safeguard the assets of the Company and to prevent and detect fraud and
other irregularities;
iv. the Annual Accounts have been prepared on a going concern basis.
? ! ^[^" !"!^ [ [
operating effectively.
vi. proper systems have been devised to ensure compliance with the provisions of all applicable laws and all such
systems were adequate and operating effectively.
13. Related Party transactions (RPT)
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^ ?% !'*$+X^ ^" > X !^
Company owned property at Carmichael Road, Mumbai 400 026 to the Vice- Chairman & Managing Director. There are
" > \Q^" !"[ ! X` X"> ! >
persons, other than the same.
All RPT are placed before the audit committee as also the board for approval. Prior approval of the audit committee is
obtained on periodic basis for transactions which are foreseen and repetitive in nature. The compliance of the transfer
> ! ^" ! ~ ?
The policy on RPTs as approved by the board is uploaded on the Company’s website. Form for disclosure of particulars
of contracts has been enclosed as Annexure 5.
14. Auditors
Statutory Auditors
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vacancy till the conclusion of the Annual General Meeting to be held for Financial Year ended 31st March,2018.
The Audit Committee and the Board of Directors recommends the appointment of M/s. Walker Chandiok & Co., LLP,
! X; =?**$*==***$#< " X ! ! !
annual general meeting to be held for the Financial Year ending 31st March, 2023.
! !^ ! ! ! X X[^[ ! !
limits prescribed under section 139 of the Companies Act, 2013.
Cost Auditors
Pursuant to the Rules issued by MCA under Companies (Cost records and Audit) Amendment Rules 2014,
your Company is subject to cost audit during the year and M/s. R Nanabhoy & Co, Cost Accountants was
!?Q! !" #$ % !X'*$[ [ !%
11th September, 2017.
Secretarial Audit
Pursuant to the provisions of section 204 of the Companies Act, 2013 and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. U C Shukla, Practicing Company
Secretary to undertake the Secretarial Audit of the Company. The report is annexed as Annexure 6.
13
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auditors’ reports
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15. Extract of Annual Return
The details forming part of the extract of the Annual Return in form MGT 9 is annexed herewith as Annexure 7.
16. Particulars of employees
The information required pursuant to section 197(12) read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules 2014, in respect of employees of the Company will be provided upon
request. In terms of Section 136 of the Act the Report and Accounts are being sent to the Members excluding this
information.
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The Directors wish to record their appreciation of the contribution made by employees at all the levels by their hard
[ X " X ! " "![^" ?Q!` [ !
thank the shareholders, suppliers, bankers and all other business associates for the continuous support given by them
!" ! > ?
On behalf of the Board
(Ms) H S Zaveri S C Rangani

Mumbai: May 21, 2018 Vice Chairman & Managing Director Executive Director & Co.Secretary
14
ANNEXURE 1
Form AOC-1
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Part “A”: Subsidiaries
Name of the subsidiary NRB Bearings NRB Bearings SNL Bearings Ltd.
(Thailand) Ltd Europe GmbH (Rs. in lakhs)
1. Reporting period for the subsidiary concerned, if different from N.A. N.A. N.A.
the holding company’s reporting period
2. Reporting currency and Exchange rate as on the last date of the THB EURO INR
relevant Financial year in the case of foreign subsidiaries.
USD - 32.02 THB EURO - 80.45
3. Share capital (Rs.) THB 110 million EURO 25000 361.15
4. Reserves & surplus (THB 144 million) EURO 30175 2467.51
5. Total assets THB 225 million EURO 122856 3395.63
6. Total Liabilities THB 259 million EURO 72681 566.97
7. Investments -- -- 871.99
8. Turnover THB193.23 mill EURO 208122 3928.15
? ^ ~ THB 15.83 mill EURO 9917 1137.04
10.Provision for taxation -- EURO 3192 315.02
$$? ~ THB 15.83 mill EURO 6725 822.02
12.Proposed Dividend -- -- 180.58
13.% of shareholding 100 100 73.45
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1. Names of subsidiaries which are yet to commence operations – N.A.
2. Names of subsidiaries which have been liquidated or sold during the year- N.A.
Part “B”: Associates and Joint Ventures –
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to
Associate Companies and Joint Ventures
The company has no Associate or Joint Venture Companies

The following information shall be furnished:-
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For NRB Bearings Limited

Ms. H S Zaveri Mr. S C Rangani
Vice Chairman & Managing Director Executive Director & Co. Secretary
Date: May 21, 2018
ANNEXURE 2
Particulars under the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988.
A. Measures taken for Conservation of Energy
The Company has always been conscious of the need for conservation of energy. Efforts for conservation of energy
in all areas are made on a continuous basis with energy audits highlighting areas for the same - maximizing use of
" >! X > >" X } X > ^
machines, arresting leakages in compressed air piping and electrical systems, upgrading old machines and moving
^" ?Q! [! >" !^
during the year are :-
![ " ! >*? + $?** >
substantial savings in energy bills by way of rebates from the State Electricity Boards, aggregating over Rs. 100
lakhs.
15
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pumps, and machine panels / conventional tube lights with LED panels and lights to save energy costs and give
higher illumination.
X _\ >" [ !' > ^ >
30% cost savings compared to duct based centralized Air Conditioning system. Distilled drain water from all split
AC in PISCD shop collected in a chamber of 100 Ltrs., and used for machine coolant preparation.
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transferred calibration process of weld cage on Pnematic Press to save 9 H.P. of load
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work stations for better illumination.
B. Technology Absorption, Research & Development (R & D)
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There is a continuing programme to enhance its range of products & allied parts to meet the future needs of the
evolving market by providing a strong proposition for its customers & aiming to be global player in mobility business
and by providing multiple solutions for customer requirements. As part of this business programme, its engineering
and technology development centers have carried out improvements as detailed below:
1. Enhancing robustness of drawn cup CRB for low stiffness application housing, by reducing excessive misalignments,
deshaping / deformation of supporting housing and stringent controls on reliability parameters to enhance bearing
life.
2. Friction reduction and reliability improvement in engine bearings by introduction of “DESIGN FOR PERFORMANCE
(DFP)” concept. This concept has given rise to build robust QA checks with focused attention to product kinematics
in the application at running conditions.
3. Company has done and still continuing extensive studies in engine bearings in developing benchmark standards
!^ >?
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defence applications under “Make in India” movement.
5. Development of tools to understand bearing performance with effect of contamination and thus reduce the
sensitivity of the bearings towards contamination.
6. Company continued exploring set of non-conventional manufacturing processes.
Prime focus throughout the year was on :

in which R&D is ^ ;`<= ^ X! ! X !
carried out by oriented space
the Company Q >
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derived as a [ !
result of the X^ > ? ! "
above R&D problem, by following a systematic process
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16
Future plan of Q^ > \ >X >% ! -
action mance and utilization
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tion Centre
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Expenditure on During the year an amount of Rs.1246 lacs has been incurred on revenue and capital account for
R&D R & D expenses.
C. Foreign exchange earnings and outgo

Foreign exchange earnings Rs. 17019.23 lacs
Foreign exchange outgo Rs. 2528.96 lacs
On behalf of the Board

Mumbai : May 21, 2018 Vice Chairman & Managing Director Executive Director & Co.Secretary
ANNEXURE 3
VIGIL MECHANISM/WHISTLE BLOWER POLICY
1. Introduction
! "" " ! ![ ^ !
employer’s affairs, in order to bring about accountability and transparency, there should be a mechanism to enable
employees to voice their concerns where they discover information which they believe shows serious malpractice,
impropriety, abuse or wrongdoing within the organization. The employees should be encouraged and assisted to raise
concerns without any fear of victimization, subsequent discrimination or disadvantage. If the employee has acted in
good faith it does not matter if one is mistaken and the Company shall ensure protection from any harassment or
victimization of/against the disclosing employee.
2. Applicability of the policy
This policy applies to all permanent employees of the Company including those who are on probation and is in effect
from April 1, 2014.
3. Policy and Procedure for disclosure, enquiry and disciplinary action
3.1 Concerns which may be raised -illustrative list
A whole variety of issues could fall under malpractice, impropriety, abuse and wrongdoing, some of which are
listed below:
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equipment)
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Company
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17
3.2 Concerns – how to raise/whom to disclose
The concern should be disclosed through letter, e-mail, telephone, fax or any other method to any of the
following persons, who shall comprise the Corporate Compliance Committee, headed by the Vice chairman &
Managing Director reporting directly to the Audit Committee of the Board.
The Corporate Compliance Committee comprises the Vice Chairman & Managing Director, the Executive Director
& Company Secretary, the CFO and the VP-HR.
All relevant information regarding the Concern should be disclosed not later than 1 year from the date on which
the employee came to know of the Concern. Upon receipt of the disclosure, the member of the Compliance
Committee receiving the same shall furnish a copy to the Vice Chairman & Managing Director who shall decide
which member shall be responsible for the investigation.
3.3 Procedure for investigation
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from the date of disclosure of the Concern.
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Compliance Committee shall take a decision in the matter not later than 30 days from the date of the written report.
! ![ ^ ! !" ! " ! > !
defaulting employee.
All decisions of the Committee shall be by way of simple majority. In case of a tie the matter shall be referred to the
! ?
A copy of all decisions of the Compliance Committee shall be placed before the Audit Committee at the meeting held
" ! ?
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then either of the parties could prefer an appeal against this decision before the Audit Committee whose decision in the
[ ^ ^ > ! ?
The employee making the disclosure as well as all other persons involved in the investigation and the members of the
Compliance Committee shall not make public the Concern disclosed except with the prior written permission of the
Audit Committee, except where the employee is called upon to disclose this by any judicial process.
If an employee believes there has been a retaliation against him for disclosing Concern under this policy by way of an
adverse personnel action (which may include a disciplinary suspension, unsatisfactory performance evaluation which
results in loss of promotion or normal salary increase, rejection during probation, involuntary reassignment to a
position with demonstrably less responsibility or status as compared to the present position, or an unfavourable change
!> " <!" [ ! >
suitable remedy.
18
ANNEXURE 4
Annual Report on Corporate Social Responsibility (CSR) activities
[Pursuant to clause (o) of sub-section (3) of section 134 of the Act and Rule 9 of the Companies
(Corporate Social Responsibility) Rules, 2014]
Sr. Particulars Remarktt
No.
1. A brief outline of the Company’s CSR policy, including Promotion of education,
overview of projects or programs proposed to be under- Promoting gender equality and empowering women,
taken and a reference to the web-link to the CSR policy Employment enhancing vocational skills,
and projects or programs. Promoting social business projects.
Ensuring environmental sustainability, ecological
^ X X
welfare, conservation of natural resources.
2. The Composition of the CSR Committee. 1) Ms. H S Zaveri – Chairman, (E/MD)
2) Mr. Ashank Desai – Member (NE/ID)
3) Mr. S C Rangani – Member (E/WTD)
3. > ! " ! Rs. 6815.67 lacs
years
4. Prescribed CSR Expenditure (two per cent of the amount Rs. 136.31 lacs
as in item 3 above)
5. ` \ > ! " ?
;<Q ^ ! " £ Rs. 136.31 lacs
(b) Amount unspent, if any; Nil
(c) Manner in which the amount spent during the
" ^[?
(1) (2) (3) (4) (5) (6) (7) (8)

Sr. CSR project or Sector in which Projects or Amount out- Amount Cumulative Amount
No activity identi- the project is programs lay (budget) spent on the expenditure spent :
covered (1) Local project or projects or upto to the Direct or
Area or other programs programs reporting through
(2) wise Sub –heads: period implement-
Specify the (1) Direct ing agency*
state and expenditure
district where on projects
projects or or programs
programs was (2) Over-
undertaken heads
(Rs. in lakhs) (Rs. in lakhs) (Rs. in lakhs)

1. Ashoka Univer- Promotion of NCR, Haryana 75.00 75.00 75.00 Direct
sity education
2. IIT Bombay Promotion of Mumbai, 8.80 8.80 8.80 Direct
education Maharashtra
3. Aseema Chari- Promoting Mumbai, 25.00 25.00 25.00 Direct
table Trust education & Igatpuri,
employment Maharashtra
enhancing vo-
cational skills of
under privileged
children
4. 321 Education Promoting edu- Hyderabad, 25.00 25.00 25.00 Direct
Foundation cation and voca- Bangalore and
tional training Mumbai
19
(1) (2) (3) (4) (5) (6) (7) (8)
Sr. CSR project or Sector in which Projects or Amount out- Amount Cumulative Amount
No activity identi- the project is programs lay (budget) spent on the expenditure spent :
covered (1) Local project or projects or upto to the Direct or
Area or other programs programs reporting through
(2) wise Sub –heads: period implement-
Specify the (1) Direct ing agency*
state and expenditure
district where on projects
projects or or programs
programs was (2) Over-
undertaken heads
(Rs. in lakhs) (Rs. in lakhs) (Rs. in lakhs)
5. The H. M. Seer- Promoting edu- Mumbai -- 2.00 2.00 Direct
vai Memorial cation
Trust
6. The Akshay pa- Midday meal for Mumbai, 5.00 5.00 5.00 Direct
tra foundation children Maharashtra
7. Kherwadi So- Promoting Mumbai -- 0.50 0.50 Direct
ciety education &
employment
enhancing
8. MGM Social Business Chikalthana, -- 0.51 0.51 Direct
Projects Maharashtra
9. Indian Cancer Fighting cancer Mumbai, -- 0.35 0.35 Direct
Society across India for Maharashtra
underprivileged
cancer patients
10. Navjeevan Soci- Social Business Aurangabad, -- 0.50 0.50 Direct
ety for Rehabili- Projects Maharashtra
tation of Men-
tally Retarded
11. The Society for Social Business Mumbai -- 0.50 0.50 Direct
the eradication Projects
of Leprosy
Total 138.80 143.16 143.16
* Give details of implementing agency.

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! " " ! X ! "! !
spending the amount in its Board report. - Nil
7. A responsibility statement of the CSR Committee that the implementation and monitoring of
CSR Policy, is in compliance with CSR objectives and Policy of the Company.
Not Applicable
Mr. S. C. Rangani Ms. H S Zaveri ¥ ;<
(Executive Director & (Chairman CSR Committee) of sub-section (1) of section 380 of
Company Secretary) the Act]
(wherever applicable)
20
ANNEXURE 5
Form No. AOC-2
(Pursuant to clause (h) of sub-section (3)of section 134 of the Act and Rule 8(2) of the Companies
(Accounts) Rules, 2014)
" ?" # < ! ?< ! "
parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length
transactions under third proviso thereto
1. Details of contracts or arrangements or transactions not at arm’s length basis: Not Applicable
(a) Name(s) of the related party and nature of relationship: N.A.

(b) Nature of contracts/arrangements/transactions: N.A.
(c) Duration of the contracts / arrangements/transactions: N.A.
(d) Salient terms of the contracts or arrangements or transactions including the value, if any: N.A.
;< > ! > ] =??
(f) date(s) of approval by the Board: N.A.
(g) Amount paid as advances, if any: N.A.
(h) Date on which the special resolution was passed in general meeting as required
$++] =??
2. Details of material contracts or arrangement or transactions at arm’s length basis
(a) Name(s) of the related party and nature of relationship:
i) NRB Bearings (Thailand) Limited - Subsidiary Company

ii) NRB Bearings Europe Gmbh - Subsidiary Company
iii) SNL Bearings Limited - Subsidiary Company
iv) NRB Industrial Bearings Limited - Company, in which Mr. T S Sahney,

Ms H S Zaveri & Mr. D S Sahney
Directors & Shareholders of the Company,
hold shares and exercise control.
v) New Indo Trading - Firm where Chairman is partner
(b) Nature of contracts/arrangements/transactions:
i) NRB Bearings (Thailand) Limited - Sale of Finished Goods, Purchase of Raw Materials
ii) NRB Bearings Europe GmbH - Sale of Finished Goods, Sales Commission
iii) SNL Bearings Limited - Purchase of Finished Goods, Sale of Raw Materials, Dividend
iv) NRB Industrial Bearings Limited - Sale of Finished Goods, Purchase of Raw Materials
v) New Indo Trading - Service charges
(c) Duration of the contracts / arrangements/transactions:
Ongoing Related Party Transactions.
21
(d) Salient terms of the contracts or arrangements or transactions including the value, if any:
q" @# # { Z "{
Sr. Name of the Related Parties Nature of Contract/ Salient Terms of Contract/
No. arrangements/ transactions arrangements/ transactions
1. NRB Bearings (Thailand) Limited Sale/ Purchase of Goods As per Purchase Orders placed for
their requirements of Raw Materials,
Components and Finished Products.
2. NRB Bearings Europe GmbH Limited Commission on sale of goods As per terms and conditions of inter com-
and other services rendered pany agreement
3. SNL Bearings Limited Sale/ Purchase of Goods As per Purchase Orders placed for
their requirements of Raw Materials,
Components and Finished Products
4. NRB Industrial Bearings Limited Sale/ Purchase of Goods As per Purchase Orders placed for their
requirements of, Components and Fin-
ished Products
5. Directors & their relatives Remuneration/ Sitting Fees As per terms and conditions on
Mr. T S Sahney, Chairman Appointment / reappointment
Ms. H S Zaveri, Sale of Residential Flat in As per valuation report of Registered
Vice Chairman & Managing Director, Company owned property valuer
Mr. S C Rangani,
Executive Director & Company Secretary,
Mr. Devesh Sahney, Director
^ $" ! ! ! " ?{ Z "{ \? "K!^
i) NRB Bearings (Thailand) Limited - Sale of Raw materials/ Property plants & Equipments 642.93
- Purchase of raw materials 2648.58
- ICD repayment received 2263.92
- ICD interest 288.34
ii) NRB Bearings Europe Gmbh - Sales Promotion expenses 166.55
iii) SNL Bearings Limited - Sales of Raw Materials 56.37
- Purchase of Raw materials Fixed assets 2265.42
iv) NRB Industrial Bearings Limited - Sale of Raw materials 139.23
- Purchase of Raw materials 6.00
v) New Indo Trading - Service charges Nil
vi) Directors & their relatives
Mr. T S Sahney - Sitting Fees/ Commission 62.40
Ms. H S Zaveri - Remuneration/ Commission 380.05
- Sale of Residential Flat in Company owned property 1740.00
Mr. S C Rangani - Remuneration 80.42
(e) Date(s) of approval by the Board, if any: i) 26th May, 2017
ii) 11th August, 2017
iii) 6th November, 2017
iv) 12th February, 2018
v) 20th March, 2018
(f) Amount paid as advances, if any: Nil
For and on behalf of the Board of Directors

NRB Bearings Limited
H S Zaveri S C Rangani
Vice Chairman & Managing Director Executive Director & Company Secretary
Dated: May 21, 2018
22
ANNEXURE 6
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st March, 2018
[Pursuant to section 204(1) of the Companies Act, 2013 and rule no.9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]
To,
The Members,
NRB Bearings Limited,
I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by NRB Bearings Limited (hereinafter called ‘the Company’). Secretarial Audit was conducted in a
manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing
my opinion thereon.
|" !"^X X ^X !
^" !" ! ^" !"X X> ! }
during the conduct of secretarial audit, I hereby report that in my opinion, the Company has during the audit period covering
! " #$ % !X'*$+ [ ! ! " ! ! !
Company has proper Board process and compliance mechanism in place to the extent, in the manner and subject to the
reporting made hereinafter:
! ~ ! ^X X ^X ! ^" ! =\|
| > ! " #$ % !X'*$+ > ! ]
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External Commercial borrowing;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992
(‘SEBI Act’) :-
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; and
I report that during the year under review there was no action/event in pursuance of –
a) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;
b) The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
d) The Securities and Exchange Board of India (Issue and Listing of Debts Securities) Regulations, 2008;
e) The Securities and Exchange Board of India (Employees Stock Option Scheme and Employees Stock Purchase
!< X$ |;! |"| <\> X'*$?
f) The Securities and Exchange Board of India (Registrar to an Issue and Share Transfer Agents) Regulations,
1993 regarding the Companies Act and dealing with the client.
; < Q! " ^ !"]Q!> ! ! !
[ ^ !"?
I have also examined compliance with the applicable clauses of the following:
a) Secretarial Standards with regard to Meeting of the Board of Directors (SS-1) and General Meetings (SS-2)
issued by the Institute of the Company Secretaries of India; and
b) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015.
23
I report that during the year under review, the Company has complied with the provisions of the Act, Rules, Regulations,
Guidelines and Standards mentioned above.
I further report that –
Q!| ` !" " [ ! ^ ~ ` X=~
Directors and Independent Directors as on 31st March, 2018. The changes in the composition of the Board of
Directors that took place during the year under review were carried out in compliance with the provisions of the Act.
> ! !| % >X> >
[ " " >[ ! ! " ~ >^ >
! !> ^ ! > > !
meeting.
! ! > " > ^" ! ! X ! ! | [
unanimous and no dissenting views have been recorded.
I further report that there are adequate systems and processes in the Company commensurate with size and operations
of the Company to monitor and ensure compliance with the applicable laws, rules, regulations and guidelines.
! ! ! ^" !" ^ [ ~[!
^ [ ! ! ! ^ ^ [ ^" " !
designated professionals.
! ! > ! ! [ !^
laws, rules, regulations, standard and guidelines, etc. referred to above, having major bearing on the Company’s
affairs.
(U.C. SHUKLA)
COMPANY SECRETARY
Place : Mumbai FCS: 2727/CP: 1654
Date : May 21, 2018
24
ANNEXURE 7
Form No. MGT-9
EXTRACT OF ANNUAL RETURN
as on 31/03/2018
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and
Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:

i) CIN : L29130MH1965PLC013251
ii) Registration Date : 30/06/1965
iii) Name of the Company : NRB BEARINGS LIMITED
iv) Category / Sub-Category of the Company : Company Limited by Shares
< !\> ]`! X$X ?%?\X X%^ ****$X
Maharashtra.
Email id. : [email protected]
Web address : www.nrbbearings.com
Telephone No. : 022 22664160
Fax No. : 022 22660412
vi) Whether listed Company Yes / No : Yes
vii) Name, Address and Contact details of Registrar and Transfer Agent, if any
Mr. Devanand Dalvi,
M/s. Universal Capital Securities Pvt. Ltd.,
21 Shakil Niwas, Opp. Satya Saibaba Temple,
Mahakali Caves, Andheri (East), Mumbai 400 093,Maharashtra
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10 % or more of the total turnover of the Company shall be stated:-
Sr. Name and Description of main NIC Code of the % to total turnover of
No. products/ services Product/ service the Company
1. Needle roller bushes & cages 2913 44.14
2. Ball & roller bearings 2913 38.59
3. Automobile components 2913 17.27
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
Sr. Name and Address of CIN/GLN Holding/ Subsidiary/ % of shares Applicable

No. the Company Associate held Section
1. SNL BEARINGS LTD L99999MH- Subsidiary 73.45 2(46)
Dhannur,15 Sir P.M.Road, 1979PLC134191
Fort,Mumbai 400 001
2. NRB Bearings (Thailand) Foreign Company Subsidiary 100 2 (46)

Ltd.300/69,MOO1, (Incorporated outside
T:Tasit, A: Pluak Daeng, India) Registration
Province, Rayong, Thailand No.0215550000626
21140
25
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity):
^ @< q! "
Category of Shareholders No. of Shares held at the beginning of No. of Shares held at the end of the %
the year year Change
dur-
ing the
year
Demat Physi- Total % of Demat Physi- Total % of
cal Total cal Total
Shares Shares
A. Promoters
(1) Indian
a) Individual/HUF 16389585 1000 16390585 16.91 15731215 -- 15731215 16.23 -0.68
b) Central Govt. -- -- -- -- -- -- -- -- --
c) State Govt. -- -- -- -- -- -- -- -- --
d) Bodies Corp. -- -- -- -- -- -- -- -- --
e) Banks/ FI -- -- -- -- -- -- -- -- --
f) Any other(Trust) 35740266 -- 35740266 36.88 34829642 -- 34829642 35.94 -0.94
Sub-total (A) (1) 52129851 1000 52130851 53.79 50560857 -- 50560857 52.17 -1.62
(2) Foreign
a) NRIs - Individuals 850273 -- 850273 0.88 1416341 -- 1416341 1.46 0.59
b) Other - Individuals -- -- -- -- -- -- -- -- --
c) Bodies Corp. -- -- -- -- -- -- -- -- --
d) Banks/ FI -- -- -- -- -- -- -- -- --
e) Any Other ... -- -- -- -- -- -- -- -- --
Sub-total (A) (2) 850273 -- 850273 0.88 1416341 -- 1416341 1.46 0.59
Total Shareholding of 52980124 1000 52981124 54.66 51977198 -- 51977198 53.63 -1.03
Promoters
(A) = (A)(1)+(A)(2)
B. Public Shareholding
(1) Institutions
a) Mutual Funds 14209842 7000 14216842 14.67 14937458 6500 14943958 15.42 0.75
b) Banks/ FI 7651 -- 7651 0.01 41991 -- 41991 0.04 0.04
c) Central Govt. -- -- -- -- -- -- -- -- --
d) State Govt. -- -- -- -- -- -- -- -- --
e) Venture Capital -- -- -- -- -- -- -- -- --
Funds
f) Insurance Com- -- -- -- -- -- -- -- -- --
panies
g) FIIs 18533285 -- 18533285 19.12 16858813 -- 16858813 17.39 -1.73
h) Foreign Venture -- -- -- -- -- -- -- -- --
Capital Funds
i) Others (Specify) -- -- -- -- -- -- -- -- --
Sub-total (B) (1) 32750778 7000 32757778 33.80 31838262 6500 31844762 32.86 -0.94
(2) Non-Institutions
a) Bodies Corporate
i) Indian 5011510 4000 5015510 5.17 4523536 4000 4527536 4.67 -0.50
ii) Overseas -- -- -- -- -- -- -- -- --
b) Individuals
26
Category of Shareholders No. of Shares held at the beginning of No. of Shares held at the end of the %
the year year Change
dur-
ing the
year
Demat Physi- Total % of Demat Physi- Total % of
cal Total cal Total
Shares Shares
i) Individual Shareholders 4338756 492260 4831016 4.98 6148619 441760 6590379 6.80 1.82
holding nominal sharecapital
upto Rs.1 Lakh
ii) Individual Shareholders 735384 -- 735384 0.76 498595 -- 498595 0.51 -0.24
holding nominal sharecapital
in excess of Rs.1 Lakh
c) Any Other
i) NRI’s/ OCBs 283996 -- 283996 0.29 287071 -- 287071 0.30 0.00
ii) Clearing Members 317792 -- 317792 0.33 199367 -- 199367 0.21 -0.12
iii) Foreign Nationals -- -- -- -- -- -- -- -- --
iv) Trusts -- -- -- -- -- -- -- -- --
v) Foreign Portfolio Invest- -- -- -- -- -- -- -- -- --
ment Corporation
< ! -- -- -- -- 33874 -- 33874 0.03 0.03
vii) NBFC -- -- -- -- 2139 -- 2139 0.00 0.00
viii) HUF -- -- -- -- 307705 -- 307705 0.32 0.32
ix) IEPF Authority -- -- -- -- 28974 -- 28974 0.03 0.03
x) Alternate Investment Fund -- -- -- -- 625000 -- 625000 0.64 0.64
Sub-total (B) (2) 10687438 496260 11183698 11.54 12654880 445760 13100640 13.52 1.98
Total Public Shareholding (B) 43438216 503260 43941476 45.34 44493142 452260 44945402 46.37 1.04
= (B)(1) + (B) (2)
C. Shares held by Custodian -- -- -- -- -- -- -- -- --
for GDRs & ADRs
Grand Total (A+B+C) 96418340 504260 96922600 100.00 96470340 452260 96922600 100.00 0.00
(ii) Shareholding of Promoters
Sr. Shareholder’s Shareholding at the beginning of the Share holding at the end of the year
No. Name year
No of Shares % of total % of Shares No. of % of total % of Shares % change
Shares of Pledged/ en- Shares Shares of Pledged/ en- in share-
the Com- cumbered to the Com- cumbered to holding
pany total shares pany total shares during the
year
1 Aarti D. Sahney 407000 0.42 0 407000 0.42 0 0
2 Bhupinder Singh 17970 0.02 0 17970 0.02 0 0
Sahney
3 Devesh S Sahney 3634583 3.75 0 3634583 3.75 0 0
4 Hanwantbir Kaur 2867000 2.96 73.08 2867000 2.96 73.08 0
Sahney
5 Harshbeena 8454769 8.72 0 8500167 8.77 0 0.05
Sahney Zaveri
6 Jasjiv Singh De- 373495 0.39 0 303495 0.31 0 (0.08)
vinder S Sahney
7 Rajiv Devinder 817021 0.84 0 747021 0.77 0 (0.07)
Sahney
27
8 Sahir Zaveri 33252 0.03 0 19752 0.02 0 (0.01)
9 Trilochan Singh 1000 0.00 0 1000 0.00 0 0
Sahney
10 Trilochan Sants- 35740266 36.88 0 34829642 35.94 0 (0.94)
ingh Sahney
11. Aziz Y Zaveri 634768 0.65 0 649568 0.67 0 0.02
Total 52981124 54.66 73.08 51977198 53.63 73.08 (1.03)
(iii) Change in Promoters’ Shareholding (Please Specify, if there is no change)
Sr. Shareholder’s Name Shareholding at the beginning Cumulative Shareholding

No. of the year during the year
No. of Shares % of total No. of Shares % of total
Shares of the Shares of the
Company Company
1. Aarti D. Sahney
At the beginning of the Year 407000 0.42
Date wise Increase/ Decrease Nil Nil
At the End of the Year 407000 0.42
2. Bhupinder Singh Sahney
3. Devesh S. Sahney
At the End of the year 3634583 3.75
4. Hanwantbir Kaur Sahney
5. Harshbeena Sahney Zaveri
02/06/2017 Purchase 200 0.00 8454969 8.72
25/08/2017 Purchase 18420 0.02 8473389 8.74
01/09/2017 Purchase 474 0.00 8473863 8.74
08/09/2017 Purchase 4713 0.00 8478576 8.75
15/09/2017 Purchase 980 0.00 8479556 8.75
22/09/2017 Purchase 2500 0.00 8482056 8.75
30/09/2017 Purchase 10702 0.01 8492758 8.76
06/10/2017 Purchase 7247 0.01 8500005 8.77
13/10/2017 Purchase 162 0.00 8500167 8.77
At End of the Year 8500167 8.77
28
Company Company
6. Jasjiv Singh Devinder Singh Sahney
22/12/2017 Sell -70000 -0.07 303495 0.31
7. Rajiv Devinder Sahney
22/12/2017 Sell -70000 -0.07 747021 0.77
8. Sahir Zaveri
21/04/2017 Sell -8500 -0.01 24752 0.02
28/04/2017 Sell -5000 -0.00 19752 0.02
9. Trilochan Singh Sahney
At the beginning of the Year 1000 0
At the End of the Year 1000 0
10. Trilochan Santsingh Sahney
23/06/2017 Sell -367000 -0.38 35373266 36.50
21/07/2017 Sell -46530 -0.05 35326736 36.45
28/07/2017 Sell -33658 -0.03 35293078 36.42
12/01/2018 Sell -141325 -0.15 35151753 36.27
19/01/2018 Sell -234257 -0.24 34917496 36.03
26/01/2018 Sell -87854 -0.09 34829642 35.94
11. Aziz Y Zaveri
03/11/2017 Purchase 3800 0.00 638568 0.66
09/03/2018 Purchase 1000 0.00 639568 0.66
16/03/2018 Purchase 6000 0.01 645568 0.67
31/03/2018 Purchase 4000 0.00 649568 0.67
29
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs
and ADRs):

Company Company
1 Nalanda India Equity Fund Ltd.
2 SBI Magnum (various funds)
12/05/2017 Sell -4381353 -4. 53 2363948 2.44
19/05/2017 Purchase 4390492 4.54 6754440 6.98
17/11/2017 Sell -36210 -0.04 6718230 6.94
01/12/2017 Sell -43790 -0.05 6674440 6.90
12/01/2018 Sell -323784 -0.33 6350656 6.56
19/01/2018 Sell -620400 -0.64 5730256 5.92
26/01/2018 Sell -44044 -0.05 5686212 5.88
02/02/2018 Sell -1790 0.00 5684422 5.87
16/02/2018 Sell -31281 -0.03 5653141 5.84
3 ICICI Prudential Life Insurance Company
05/05/2017 Sell -9701 -0.01 4584236 4.73
12/05/2017 Sell -114233 -0.12 4470003 4.61
01/09/2017 Sell -223490 -0.23 4246513 4.38
13/10/2017 Sell -58022 -0.06 4188491 4.32
20/10/2017 Sell -9830 -0.01 4178661 4.31
27/10/2017 Sell -122 0.00 4178539 4.31
03/11/2017 Sell -85261 -0.09 4093278 4.22
10/11/2017 Sell -7178 -0.01 4086100 4.22
17/11/2017 Sell -4073 0.00 4082027 4.21
01/12/2017 Sell -50146 -0.05 4031881 4.16
08/12/2017 Sell -13733 -0.01 4018148 4.15
15/12/2017 Sell -113043 -0.12 3905105 4.03
22/12/2017 Sell -311114 -0.32 3593991 3.71
30/12/2017 Sell -9369 -0.01 3584622 3.7
19/01/2018 Purchase 223490 0.23 3808112 3.93
4 Sundaram Mutual Fund A/C s
13/03/2017 Sell -19076 -0.02 3723836 3.84
09/06/2017 Purchase 12572 0.01 3736408 3.86
16/06/2017 Purchase 137133 0.14 3873541 4.00
23/06/2017 Purchase 488118 0.50 4361659 4.50
07/07/2017 Purchase 7731 0.01 4369390 4.51
14/07/2017 Purchase 88186 0.09 4457576 4.60
21/07/2017 Purchase 494846 0.51 4952422 5.11
22/09/2017 Purchase 45000 0.05 4997422 5.16
30/09/2017 Purchase 43228 0.04 5040650 5.20
13/10/2017 Sell -21759 -0.02 5018891 5.18
20/10/2017 Sell -591 0.00 5018300 5.18
30
Sr. Name of the Director Shareholding at the beginning Cumulative Shareholding
Company Company
03/11/2017 Sell -24115 -0.02 4994185 5.15
22/12/2017 Sell -15500 -0.02 4978685 5.14
30/12/2017 Sell -150000 -0.15 4828685 4.98
19/01/2018 Purchase 249774 0.26 5078459 5.24
16/03/2018 Purchase 108758 0.11 5187217 5.35
5 Mondrian Emerging Markets Small Cap
Equity
21/07/2017 Sell -68744 -0.07 2378521 2.45
28/07/2017 Sell -93800 -0.10 2284721 2.36
04/08/2017 Sell -11000 -0.01 2273721 2.35
18/08/2017 Sell -55334 -0.06 2218387 2.29
22/09/2017 Sell -236402 -0.24 1981985 2.04
24/11/2017 Sell -95372 -0.10 1886613 1.95
01/12/2017 Sell -100000 -0.10 1786613 1.84
6 DSP Blackrock Micro Cap Fund
07/07/2017 Sell -148667 -0.15 1529962 1.58
14/07/2017 Sell -74784 -0.08 1455178 1.50
21/07/2017 Sell -401306 -0.41 1053872 1.09
04/08/2017 Sell -14873 -0.02 1038999 1.07
11/08/2017 Sell -966812 -1.00 72187 0.07
18/08/2017 Sell -72187 -0.07 0 0.00
7 Ontario Pension Board-Mondrian
8 Acacia Partners, LLP
9 Franklin Templeton Mutual Fund A/C Frank
03/11/2017 Sell -45711 -0.05 929289 0.96
10/11/2017 Sell -129289 -0.13 800000 0.83
22/12/2017 Sell -84905 -0.09 715095 0.74
30/12/2017 Sell -15095 -0.02 700000 0.72
31
Company Company
10 Acacia Institutional Partners, LLP
11 JP Morgan India Smaller Companies Fund
12 HDFC Small & Midcap Fund
13 Eastspring Investments India Infrastructure
07/04/2017 Purchase 12 0.00 645916 0.67
21/04/2017 Purchase 9508 0.01 655424 0.68
10/11/2017 Sell -30421 -0.03 625003 0.64
17/11/2017 Sell -83327 -0.09 541676 0.56
08/12/2017 Sell -24451 -0.03 517225 0.53
15/12/2017 Sell -106423 -0.11 410802 0.42
12/01/2018 Sell -341587 -0.35 69215 0.07
02/02/2018 Sell -53049 -0.05 16166 0.02
09/02/2018 Sell -16166 -0.02 0 0.00
14 Acacia Conservation Fund, LP
(v) Shareholding of Directors and Key Managerial Personnel:

Company Company
1. Trilochan Santsingh Sahney
23/06/2017 Sell -367000 -0.38 35373266 36.50
21/07/2017 Sell -46530 -0.05 35326736 36.45
28/07/2017 Sell -33658 -0.03 35293078 36.41
32
Company Company
12/01/2018 Sell -141325 -0.15 35151753 36.27
19/01/2018 Sell -234257 -0.24 34917496 36.03
25/01/2018 Sell -87854 -0.09 34829642 35.94
2. Trilochan Singh Sahney
Date wise Increase/ Decrease tNIL NIL
3. Harshbeena Sahney Zaveri
02/06/2017 Purchase 200 0.00 8454969 8.72
25/08/2017 Purchase 18420 0.02 8473389 8.74
01/09/2017 Purchase 474 0.00 8473863 8.74
08/09/2017 Purchase 4713 0.00 8478576 8.75
15/09/2017 Purchase 980 0.00 8479556 8.75
22/09/2017 Purchase 2500 0.00 8482056 8.75
30/09/2017 Purchase 10702 0.01 8492758 8.76
06/10/2017 Purchase 7247 0.01 8500005 8.77
13/10/2017 Purchase 162 0.00 8500167 8.77
4. S. C. Rangani
30/12/2017 Sell -2000 0.00 4000 0.00
5. Devesh S. Sahney
Date wise Increase/ Decrease NIL NIL 3634583 3.75
At the End of the year 3634583 3.75
6. Tashwinder Singh
At the beginning of the Year NIL NIL
Date wise Increase/ Decrease NIL NIL NIL NIL
At the End of the Year NIL NIL
8. A. A. Gowariker
9. Ashank Desai
33
Company Company
10 Rustom Desai
11 Tanushree Bagrodia
VI. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
Secured Loans Unsecured Loans Deposits Total Indebtedness

excluding deposits (Rs.in lakhs)
^ !^> > ! "
i) Principal Amount 12823.96 13159.60 - 25983.56
ii) Interest due but not paid - - - -
iii)Interest accrued but not due 52.34 349.65 - 401.99
Total (i+ii+iii) 12876.30 13509.25 - 26385.55
!> ^ > ! "
Addition 15231.99 33000.00 - 48231.99
Reduction (17537.09) (36715.79) - (54252.90)
Net Change (2305.10) (3715.79) - (6020.89)
^ ! ! "
i) Principal Amount 10537.36 9445.43 - 19982.80
ii) Interest due but not paid - - - -
iii)Interest accrued but not due 33.84 348.02 - 381.86
Total (i+ii+iii) 10571.20 9793.45 - 20364.66
VII. Remuneration of Directors and Key Managerial Personnel
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:

Sr. Particulars of Remuneration Name of MD/WTD/ Manager Total Amount
No. (in Rs.)
Ms. H. S. Zaveri Mr. S. C. Rangani
(Vice Chairman & (Executive Director &
Managing Director) Company Secretary)
1. Gross salary
(a) Salary as per provisions contained in section
17(1) of the Income-tax Act, 1961 84,49,998 71,19,000 1,55,68,998
(b) Value of perquisites u/s 17(2)
; < " $;#<
Income-tax Act, 1961 2,13,65,024 9,23,017 2,22,88,041
- - -
2. Stock Option - - -
3. Sweat Equity - - -
34
4. Commission
¢
- others, specify
5. Others, please specify 81,90,000 - 81,90,000
Sitting Fees (p.a.) - - -
Total (A) 3,80,05,022 80,42,017 4,60,47,039
Ceiling as per the Act (Sec197) 12,74,39,734
B. Remuneration to Other Directors

Sr. Particulars of Name of Directors Total
No. Remuneration Amount
(in Rs.)
Mr. T S Ms. A. A. Mr. D.S. Mr. Tashwinder Mr. Ashank Mr. Rustom
Sahney Gowariker Sahney Singh Desai Desai
Independent
Directors Fee
for
attending board
/ committee - 5,30,000 - 5,70,000 4,70,000 4,30,000 20,00,000
mtgs
Commission - 5,00,000 - 5,00,000 5,00,000 3,33,333 18,33,333
Others, please
specify
Total (1) 10,30,000 -- 10,70,000 9,70,000 7,63,333 8,33,333
Other Non-
Executive
Directors
Fee for
attending board 3,00,000 - 2,00,000 - - - 5,00,000
/ committee
meetings
Commission 59,40,000 - 4,16,667 - - - 63,56,667
Others, please
specify
Total (2) 62,40,000 -- 6,16,667 -- -- -- 68,56,667
Total (B)=(1+2) 62,40,000 10,30,000 6,16,667 10,70,000 9,70,000 7,63,333 1,06,90,000
Total 5,72,13,976
Managerial
Remuneration
Overall ceiling 12,74,39,734
as per Act
35
C. Remuneration to Key Managerial Personnel other than Managing Director, Whole-time Directors and/or Manager:
Sr. No. Particulars of Remuneration Name of Manager (KMP) Total Amount (in Rs.)
Ms. Tanushree Bagrodia
1. Gross salary
(a) Salary as per provisions con- 44,11,764 44,11,764
tained in section 17(1)
of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) 73,20,381 73,20,381
Income-tax Act, 1961
; < " - 8,09,698 8,09,698
tion 17(3) Income-tax Act, 1961
2. Stock Option -- --
3. Sweat Equity -- --
4. Commission -- --
©¢
_ others, specify…
5. Others, please specify -- --
Total (A) 1,25,41,843 1,25,41,843
VIII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type Section of the Brief De- Details of Penalty/ pun- Authority [RD/ Appeal made,
Companies Act scription ishment/ Compounding NCLT/ Court] if any (give
fees imposed details)
Penalty -- -- -- -- --
Punishment -- -- -- -- --
Compounding -- -- -- -- --
! `
Penalty -- -- -- -- --
Punishment -- -- -- -- --
Compounding -- -- -- -- --
36
Annexure 8
Disclosure of Remuneration under Section 197 (12) of Companies Act, 2013 and Rule 5(1) of the
Companies (Appointment And Remuneration) Rules, 2014.
A. STATEMENT SHOWING DETAILS OF MEDIAN REMUNERATION OF THE DIRECTOR/KMP
OF THE COMPANY:
a. The ratio of the remuneration of each Director to the median remuneration of the employees of the company for the
" '*$$+
Name of Directors Remuneration Median Ratio
(Rs. In lacs) Remuneration
(Rs. In Lacs)
Ms. H S Zaveri - Executive/Non-Independent Director 380.65 4.26 89.82
Mr. S C Rangani - Executive/ Non-Independent Director 80.42 4.26 18.88
Ms. Tanushree Bagrodia (CFO) 125.42 4.26 29.44
^? Q! > !` X! X! ~ X"
" %> X "X ! " '*$$+£
Name of Directors Percentage increase in remuneration

in the Financial year.
Ms. H S Zaveri - Executive/Non-Independent Director 33.46 *
Mr. S C Rangani - Executive, Non-Independent Director (0.37)
Ms. Tanushree Bagrodia (CFO) 9.86
* First revision in remuneration since October, 2015, when the present term commenced.
? Q! > ! " ! " £
The median remuneration of employees of the Company has increased by 14.82% during the Financial year 2017-18.
(from Rs. 3.71 lacs to Rs.4.26 lacs p.a.)
d. The Company has 1557 number of permanent employees on the rolls of company as on 31 March, 2018;
e. Average percentile increase already made in the salaries of employees other than the managerial personnel and its
[ ! ! !> ! ?
Average percentile increase in the salaries of employees other than Managerial Personnel is 10.95% while increase in
the Managerial Remuneration is 21.76%.
f. The remuneration is as per the remuneration policy of the company.
For and on behalf of the Board of Directors

NRB Bearings Limited

Vice Chairman & Managing Director Executive Director & Co. Secretary
Dated : May 21, 2018
37
CEO/CFO CERTIFICATION
The Managing Director (CEO) and the CFO of NRB Bearings Ltd hereby certify to the board that:
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and belief:
(i) these statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading;
(ii) these statements together present a true and fair view of the Company’s affairs and are in compliance with the
existing accounting standards, applicable laws and regulations
b. To the best of our knowledge and belief there are no transactions entered into by the Company during the year
whichare fraudulent, illegal or violative of the Company’s code of conduct.
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d. we have indicated to the auditors and the Audit Committee:
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reporting.
For NRB BEARINGS LTD
H S ZAVERI TANUSHREE BAGRODIA

MANAGING DIRECTOR (CEO) CFO & VP IT
Mumbai : May 21, 2018
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code of conduct
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personnel and the same has been placed on the Company’s web site. All Board Members and Senior Management personnel
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H S ZAVERI
Mumbai : May 21, 2018 VICE CHAIRMAN & MANAGING DIRECTOR
38
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Structure and Development and Outlook

The Company is in the ball and roller bearing business for the requirements of the mobility industry which has Original
Equipment Manufacturers (OEMs) accounting for 65% -70% of the demand while the rest is supplied to the Aftermarket
(12% -15%) and Exports (20% - 25%). OEMs comprise domestic and global vehicle manufacturers in the following broad
segments:
- 2/3 wheelers comprising motor cycles, scooters, mopeds, auto rickshaws ( passenger & goods) and industrial 4 stroke
engines
- passenger cars from small car hatchbacks to luxury models and utility vehicles
- commercial vehicles from LCVs, MCV/HCV to buses
- farm equipment and off highway vehicles including forklift trucks and construction equipment
- railway locomotives.
- defence vehicles including gun carriers and tanks
- aircraft and aerospace applications
Market growth in the Indian mobility industry for both people and goods has a very large potential given the geographical
spread and size of population- personal mobility is spurred by the increasing disposable incomes and higher rural incomes of
an aspirational young population, given the relatively low current penetration, while growth in the goods mobility segment
is being driven by the need to establish strong supply chains between producers and markets.
The annual production of the domestic organized sector (as represented under Ball & Roller Bearing Manufacturers
Association-BRBMA) has grown to Rs. 6300 crores for the year 2017-18. Your Company’s market share in the domestic
organized sector is 13% approximately.
FY 2017-18 started on a weak note with the market trimming purchases in anticipation of GST which was to become
effective 1st July, 2018. Thereafter, the good monsoons gave a boost to the rural economy, the global environment turned
positive and with the increased spend on infrastructure upgradation, consumer demand revived resulting in manufacturing
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expectations that GDP growth will be 6.7% in FY 18, rising to 7.4 % and 7.8% in the next two years.
Globally, elevated crude prices , rising protectionism and geopolitical risks remain a threat during FY 2018-19. The Indian
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4.5%, interest rates remaining soft, increased government spends for expanding the public transport systems and building
dedicated freight corridors for movement of farm produce and goods from and to the rural areas.
As the private sector investment cycle gains strength with the expected growth in demand in almost all segments of the
Indian automotive industry, aided by the “Make in India’’ initiative with its boost for manufacturing for defence, aerospace,
etc and concrete measures to improve ‘’ease of doing business’, India has emerged as one of the most preferred locations
in the world for manufacturing high quality auto components and vehicles of all kinds. The Indian automotive industry and
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During 2017-18, all vehicle segments witnessed robust growth in double digits, except the passenger car segment which
showed growth, albeit at a lower rate. Overall, industry growth has been 15% with growth in production driven by economic
activity upswing for the commercial vehicles, strong rural demand fueled by the income growth for 2/3 wheelers, new
model launches for passenger cars and good rainfall for the farm segment. Tabled below are growth estimates for 2018-19
projected by the Company, after assessing demand forecasts with all major OEMs:
39
Vehicle Production (Nos)
User Industry 2017-18 2016-17 % growth 2018-19
2-Wheelers
Motorcycle 15159700 13088208
Scooter 7117795 5926499
Mopeds 869562 919032
Total 23147057 19933739 16.1 ] 17
3-Wheelers 1021911 783721 30.4 ]
Passenger Cars 2739899 2711911 5.4 } 25
MUV/MPV 1270474 1089759 }
HCV/MCV 343951 342761 10.4 ) 19
LCV 467492 550600 )
Tractors 770000 625837 23.0 30
Total 29843852 25950966 15.0
Source: SIAM for 2016-17 and 2017-18 production data and Company estimates
Financials
Revenue from operations, net of levies, has increased by 18% to Rs. 83056 lacs from Rs. 70669 lacs in 2016-17. Domestic
sales increased by 13% to Rs. 65047 lacs from Rs. 57606 lacs while exports have increased by 32% to Rs.16957 lacs from
Rs. 13292 lacs in 2016-17.
The table below sets forth the key expense items as a percentage of net revenues for 2017-18 and 2016-17. Margins have
been higher owing to higher volumes leading to lower employee and expense payments.
31st March, 2018 31st March, 2017

Revenue from operations (net of excise duty) 83056 (100%) 70669 (100%)
Expenditure:
- Material (Including change in stock) % 42.78 42.10
- Employee Cost % 15.44 16.59
- Manufacturing and Other expenses (Net) % 22.20 25.29
Total Expenditure % 80.42 83.98
^ ` X Q~¢ 19.58 16.02
Depreciation % 3.37 4.14
Finance costs (Net) % 1.72 2.32
^ ~ Q~¢ 14.49 9.56
Benchmarked against other large players in the domestic bearings industry, your Company’s performance compares
favourably for certain ratios as below:
Ratio/ NRB SKF SCHAEFFLER (I) Ltd.
Year Ended 31st March, 2018 31st March, 2018 31st December, 2017
> = ¢ 18.42 17.79 18.8
RONW-PAT/Net Worth - % 21.0 16.10 15.0
ROCE –EBIT/Cap employed - % 22.8 26.68 21.4
EPS 8.45 57.3 143.2
* For SKF, FAG F. V. Rs.10/- per share and for NRB F. V. Rs.2/- per share
40
Economic Value Addition
EVA is residual income after charging the Company for the cost of capital provided by the lenders and shareholders.
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in the business.
Rs. In Lakhs
EVA 2017-18 2016-17

EBIT 13457 8396
Less: Adjusted Tax 4657 2906
=Q;= > ~< 8800 5490
Equity 39034 33632
Debt 20364 26397
Total Invested Capital 59398 60029
Post Tax Cost of Debt % 3.99 3.42
Cost of Equity % 11.50 11.30
Weighted Average Cost of Capital % (WACC) 8.93 7.87
Weighted Average Cost of Capital (WACC) 5302 4724
EVA (NOPAT – WACC) 3498 766
Notes: Tax calculation excludes deferred tax and is adjusted for tax shield on interest.
Cost of equity is based on cost of risk free return equivalent to yield on long term government bonds @ 7.0% p.a. plus equity
premium adjusted for Company’s beta variant. The equity premium is assumed @ 9% while the beta is considered at 0.5.
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Higher yields on long terms Government Bonds increased the cost of equity, but Capital Employed in the business has
reduced with lower debt levels, resulting in higher weighted average cost of capital employed. EVA is higher on the previous
year arising from 60% increase NOPAT.
Segment wise Performance
Your Company has a single reportable segment of ball and roller bearings as the primary business segment for the purpose
of AS 17. The assets and liabilities of the Company are all expended towards this business segment.
Opportunities and Threats
Opportunities
- AMP 2026 ( Automotive Mission Plan II ) envisions that by 2026 the Indian auto industry will be among the top three
in the world in terms of engineering, manufacturing and export of vehicles as well as auto components, targeting
a growth 3.5 to 4 times its current output, growing in value to over 12 percent of India’s GDP and generating an
additional 65 million jobs.
- Potential to scale up exports to the extent of 35-40% of overall output in the next 10 years and become one of the
major automotive export hubs of the world.
- Automotive industry fortunes directly impact the fortunes of several related manufacturing industries, from Iron & Steel
to Aluminium, Lead, Plastics, Rubber, Glass, Machine Tools, Moulds & Dies and also several in Services sector like
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quantum of investments from global and local OEMs as well as Government incentives.
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of public transport.It is imperative to develop quality public transportation uniformly across India, given its present
relatively poor quality and reliability, to provide a choice to the consumer to access multiple options of mobility.
- Boost for farm equipment requirements is imminent with expectations of a near normal monsoon, technology aiding
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and at lower affordable rates.
41
- Most of the world’s large vehicle manufacturers have set up base in India and are expanding capacities with a thrust on
localisation to improve competitiveness.
Your Company has the largest product range in the domestic market and has been investing in technology development and
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creative engineering and comprehensive manufacturing expertise we are well positioned to take advantage of the revival
in demand.
Threats
Spurious / Counterfeit products continue to attract price sensitive Replacement Market which accounts for 25-30% of total
demand of bearing industry. These supplies , being of inferior quality, are unsafe in use and pose a risk to people, industry
and to the economy by way of unexpected downtime and are safety hazards. In spite of industry wide efforts in educating
customers and increasing awareness about the need to use safe sources of procurement, the problem continues owing to
the slow legal process in punishing unscrupulous suppliers. There is an industry wide effort to control the same.
The next generation of cars are likely to be “computers on wheels “ with the switch to alternate fuels eg. electric/hybrid
vehicles. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) India scheme bei ng implemented
by the Government also addresses technology development and commercialization aimed at making the electric/hybrid
vehicles (xEV) market self sustaining. The entire industry will have to readjust to the changing scenarios.
Regulatory demands on emission levels and improved safety norms is driving Indian industry to shift their focus on
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manoeuvrability, lighter weight, intelligent vehicle control and of course low noise and improved reliability from their
vehicles. Company will need regular investments in R & D, new technology and even new production facilities to meet
these requirements. Indian industry will need to capitalize on its competitive advantages of an economical and large skilled
workforce for establishing R & D capabilities to leap frog into the future by getting into such hi-tech businesses.
Your Company is working continuously to mitigate these threats - leveraging its wide range of products and its Engineering
capabilities and priming its sourcing and purchasing capabilities. The Company remains committed towards implementing
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Risks and concerns
Risk management practices seek to sustain and enhance long term competitive advantage of the Company.
The Board of Directors looks at risks which are mainly reputational and where the risk grid shows criticality. For the risk grid,
the risks have been listed, then prioritised and ranked in terms of probability and impact- high/moderate/low. Wherever
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The Board also approves the risk policies and associated practices of the Company, reviews and approves risk related
disclosures. Otherwise in a normal situation, the operating team would be responsible for all operational risks. At the
operating level the core group of the Executive Management team comprising the Managing Director and the functional
Heads review enterprise risks from time to time, initiate mitigation actions and identify owners for the action to be taken.
The following broad categories of risks have been considered :
Strategy : Choices and decisions we make to enhance long term competitive advantage of the Company and value to the
stakeholders eg. the Company’s shift from bearing related products to becoming a friction solutions provider.
Industry : Relates to the inherent characteristics of our industry including competitive structure, nature of market and
regulatory environment. Eg. adding to existing segments, the emerging segments of defence, aerospace and railways and
improving its presence in the ASEAN region, thus spreading the risk in terms of geographies.
Counterparty : Risks arising from our association with entities for conducting business. These include customers, vendors
and their respective industries.
Resources : Risks arising from sub-optimal utilization of key organization resources such as capital and infrastructure.
Eg. risks further broken up into equipment risk and people risk. With insurance covers in place for the equipment, the
management of people risks by way of a cordial relationship with the employees and keeping motivation in the plants at a
high level.
42
Operations : Risks inherent to our business operations includes service & delivery to customers, business support
activities like NPD, TPM, Quality management, IT, Legal, Taxation eg. plants having detailed plant maintenance and tool
manufacturing programs, dedicated teams for managing risks relating to information security (data leakage, cyber security
attacks from malware), and technology disruption risks and constantly researching how new technologies are changing
the applications and products.
Regulations and compliance : Risks due to inadequate compliance to regulations and contractual obligations violations
leading to litigation and loss of reputation.
The business environment is expected to improve during the year, with economic performance helped by well managed
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and the ‘’Make in India’’ drive to boost manufacturing. The automotive industry, the largest consumer of bearings, has
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Various measures were deployed to continuously monitor risks and take appropriate actions to mitigate the same.
Internal Control Systems and Adequacy
Based on the nature of the business and size of operations the Company has in place adequate systems of internal control
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for
– Accurate recording of transactions with internal checks and prompt reporting
– Safeguarding assets from unauthorized use or losses
– Compliance with applicable statutes, and adherence to management instructions & policies
– Effective management of working capital
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Processes are also in place for formulating and reviewing annual and long term business plans and for preparation and
monitoring of annual budgets for all operating plants and the service functions.
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control system to provide a credible assurance to the Audit Committee. The observations arising out of audit are reviewed,
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plans are drawn up to build business processes which will eliminate repetition of deviations. Business risks are managed
through cross functional involvement, facilitated by internal audit and the results of the assessment are presented to senior
management.
The Audit Committee reviews the recommendations for improvement of the business processes and the status of
implementation of the agreed action plan.
Human Resource and Industrial Relations
Overall relations with the workmen at all plants have been cordial during the year and the Company has contained its
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volumes (net of rework) and reduction in rejection rates.
There have been settlements with the Workmen Unions at Thane, Waluj and Jalna Plants, all with wage increases linked to
productivity improvements, multi machine working and with penalties for non-achievements of quality and productivity as
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of Rs. 10.3 crores annually from FY 2018-19. These settlements, with committed productivity increases of 18-20% were an
enabling factor in the management drive for higher outputs during FY 2017-18, and are expected to help sustain the higher
outputs during FY 2018-19.
43
The primary focus of IR during the current year will continue to be on the engaging, motivating and improving the productivity
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targets budgeted for the year and its people approach, encouragement of team work should enable its achievement.
Employment of young talented GETs and Management trainees, who currently constitute over a fourth of the company’s
employees and make it a forward looking young organization (average age 39 yrs) and to harness their potential, we have
multi phased training programs imparting understanding of bearing and engineering principles, diverse bearing applications,
modern manufacturing practices, lean management and quality management and in behavioural aspects and providing an
understanding of the Company’s customers and markets. Besides developing knowhow building managerial and technical
capabilities to align with career aspirations, they also serve as a platform to interact with peers from diverse backgrounds
and spread the values of togetherness, positive thinking and mutual respect.
SPEED : System of Performance Evaluation and Employee Development, the framework for Individual Development
Planning, Career and Succession Planning maps employee competence with current and future needs of the organization
and forms the basis for developmental interventions. As part of its plan to build a bench strength of talented future leaders
of tomorrow, the company has campus recruited engineering trainees from reputed engineering colleges and Indo German
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cost control exercises through out the company.
Permanent employees directly employed by the Company currently total 1557 nos.
Cautionary Statement
Statements in this Management Discussion and Analysis describing the Company’s objectives, projections, estimates and
expectations may constitute ‘forward looking statements’ within the meaning of applicable laws and regulations.
Actual results may differ materially from those either expressed or implied.
44
CORPORATE GOVERNANCE REPORT
The Directors present the Company’s Report on Corporate Governance for the year ended March 31, 2018, in terms of
Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(The “Listing Regulations”).
COMPANY’S PHILOSOPHY
NRB Bearings Limited (“The Company”) governance philosophy is based on two basic tenets - transparency and
Accountability. Responsible corporate conduct is integral to the way to do business – at all levels within the Company,
actions are governed by our values and principles. Your Company is committed to doing things the right way which means
taking business decisions and acting in a way that is ethical and is in compliance with the applicable legal requirements. The
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corporate behavior towards everyone we work with , the communities we touch and the environment which we impact. The
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our commitment to ethical business practices, integrity and regulatory compliances.
The Company’s governance framework is based on the following principles:
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The Company continues to focus its resources, strengths and strategies to achieve the vision of providing superior quality
products with high performance and become a preferred supplier of needle roller bearings across the globe.
A Report on compliance with the principles of Corporate Governance as prescribed by The Securities and Exchange Board
of India (SEBI) in Chapter IV read with Schedule V of the Listing Regulations is given below:
GOVERNANCE STRUCTURE
The Corporate Governance structure at NRB Bearings is as follows:
1. Board of Directors: The Board is entrusted with an ultimate responsibility of the Management, directions and
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guidance, objective and independent view to the Company’s management while discharging its responsibilities, thus
ensuring that the management adheres to ethics, transparency and disclosures.
2. Committees of the Board: The Board has constituted the following Committees viz, Audit Committee, Nomination &
Remuneration Committee, Corporate Social Responsibility (CSR) Committee, Business Strategy Committee, Digitisation
Committee and the Stakeholders’ Relationship Committee. Each of the said Committee has been mandated to operate
within a given framework.
THE BOARD OF DIRECTORS
Composition and category of Directors
All Directors, including Non-Executive Directors, are professionally competent. The Board is broad-based and consists of
eminent individuals from Financial, Industrial, Technical, Legal and Marketing background. The Company is managed by
the Board of Directors in co-ordination with the Senior Management team. The composition and strength of the Board is
reviewed from time to time for ensuring that it remains aligned with statutory as well as business requirements.
As on March 31, 2018, The Company’s Board consists of 8 Directors. Besides the Chairman, the Board comprises of two
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expired on 23rd January, 2018 and has been re-appointed as Additional director designated Executive Director and Company
Secretary w.e.f 24th January, 2018. The composition of the Board is in conformity with Section 149 of the Companies Act,
2013 and Regulation 17 of the Listing Regulations.
Directors’ Attendance Record and their other Directorships/ Committee memberships
As mandated by Regulation 26(1)(b) of the Listing Regulations, none of the Directors is a member of more than ten Board
Level Committees (considering only Audit Committee and Stakeholders’ Relationship Committee) or Chairman of more than
^ ; < [! !!! ` ? ! `
45
have informed about their Directorships, Committee memberships/ Chairmanships including any changes in their positions.
Relevant details of the Board of Directors as on March 31, 2018 are given below:
Directorship / Committee Membership as on March 31, 2018
Name Date of Ap- Category of Directorships in No. of Board Com- Sharehold-

pointment Director other Indian Pub- !! ing
lic Limited Com- Chairman / Member
panies (excluding (excluding
NRB Bearings) NRB Bearings)
Chairman Member
Mr T S Sahney 30/06/1995 Chairman and 1 1 0 1000
DIN: 00003873 Non-Executive,
Non-Independent
Mrs H S Zaveri 01/10/2015 Executive, 3 1 2 8,500,167
DIN: 00003948 Non-Independent
Mr. D S Sahney 25/05/2001 Non-Executive, 1 0 1 3,634,583
Mr. S C Rangani 23/01/2018 Executive, 1 0 1 4,000
Mr Tashwinder 23/07/2013 Independent 1 0 0 -
Singh
DIN: 06572282
Ms. A A Gowariker 12/09/2014 Independent 2 0 1 -
DIN: 03634905
Mr Ashank Desai 30/03/2016 Independent 1 0 2 -
DIN: 00017767
Mr Rustom Desai 23/01/2017 Independent 0 0 0 -
DIN: 02448175
Notes:
1. Directorships exclude Private Limited Companies, Foreign Companies and Section 8 Companies.
2. Chairmanship/Membership of Committee only includes Audit Committee and Stakeholders Relationship Committee in
Indian Public Limited companies other than NRB Bearings Limited. Members of the Board of the Company do not have
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3. Details of Director(s) retiring or being re-appointed are given in notice to Annual General Meeting.
Sr. No Name of Directors Details of other Directorships Details of Committee Memberships

(Audit and Stakeholder)
1 Mr. T S Sahney NRB Industrial Bearings Ltd -
2 Ms. H S Zaveri SNL Bearings Ltd Audit Committee-Member
Stakeholder Relationship Committee-Member
NRB Industrial Bearings Ltd --
Karam Chand Thapar & Bros --
(Coal Sales) Ltd
3. Mr. S C Rangani SNL Bearings Ltd Stakeholder Relationship Committee-Member
4. Mr. Tashwinder Singh Resonance Eduventures Ltd --
5. Ms. A A Gowariker Forbes & Company Limited --
Forbes Technosys Limited Audit Committee - Member
6. Mr. D S Sahney NRB Industrial Bearings Ltd Audit Committee-Member
7. Mr. Ashank D Desai Mastek Ltd Audit Committee-Member, Stakeholder Relation-
ship Committee-Member
8. Mr. Rustom Desai -- --
46
Independent Directors
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Act, 2013 and Regulation 16(1)(b) of the Listing Regulations. A formal letter of appointment to Independent Directors as
provided in Companies Act, 2013 has been issued and disclosed on website of the Company viz. www.nrbbearings.com
Number of Independent Directorships
In compliance with the Listing Regulations, Directors of the Company do not serve as Independent Director in more than
seven listed companies. In case he/she is serving as a Whole-Time Director in any listed company, does not hold the position
of Independent Director in more than three listed companies.
Board Meetings
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performance of the Company and its subsidiaries. The Board Meetings are pre-scheduled In case of business exigencies, the
Board’s approval is taken through circular resolutions. The circular resolutions are noted at the subsequent Board Meeting.
The notice and detailed agenda along with the relevant notes and other material information are sent in advance separately
to each Director and in exceptional cases tabled at the Meeting with the approval of the Board. This ensures timely and
informed decisions by the Board. The Board reviews the performance of the Company vis-à-vis the budgets/targets.
Minimum four prescheduled Board meetings are held every year (one meeting in every calendar quarter). During the
FY 2017-18 the Board of Directors met six times i.e., on May 26, 2017, August 11, 2017, November 06, 2017, January 23,
2018, February 12, 2018 and March 20, 2018. The maximum gap between any two consecutive meetings was less than one
hundred and twenty days, as stipulated under Section 173(1) of the Act, and Regulation 17(2) of the Listing Regulations
and the Secretarial Standards issued by Institute of Company Secretaries of India.
Attendance of Directors at the Board Meetings and at the last Annual General Meeting (AGM)
Sr. Name of Directors No. of Board Meetings Attendance at the AGM

No. attended held on July 21, 2017
1. Mr. T S Sahney 6 of 6 Present
2. Ms. H S Zaveri 6 of 6 Present
3. Mr. D S Sahney 5 of 6 Present
4. Mr. S C Rangani 6 of 6 Present
5. Mr. Tashwinder Singh 6 of 6 Present
6. Ms. A A Gowariker 6 of 6 Present
7. Mr. Ashank Desai 6 of 6 Present
8. Mr. Rustom Desai 4 of 6 Present
Information placed before the Board
The Company provides the information as set out in Regulation 17 read with Part A of Schedule II of the Listing Regulations
to the Board and the Board Committees to the extent it is applicable and relevant. Such information is submitted either as
part of the agenda papers in advance of the respective Meetings or by way of presentations and discussions during the
Meetings.
Post Meeting Mechanism
The important decisions taken at the Board/Board Committee Meetings are communicated to the concerned department/
division.
Board Support
The Company Secretary attends the Board Meetings and advises the Board on Compliances with applicable laws and
governance principles applicable, as also legal provisions applicable to matters under discussion.
FAMILIARISATION PROGRAMME FOR DIRECTORS
On appointment, the concerned Director is issued a Letter of Appointment setting out in detail, the terms of appointment,
duties, responsibilities and expected time commitments. Each newly appointed Independent Director is taken through
an induction and familiarization program including visit to the plant/ Engineering Centre to familiarize them with all facts
of Roller Bearing manufacturing and interactive session with the core management team members of the Company on
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of operations e-goverance industry & regulatory trands competion and future outlook are placed before the Board committee
by way of the presentation. The details of familiarization program can be accessed from the website: www.nrbbearings.com.
47
GOVERNANCE CODES
Code of Conduct
The Board of Directors has laid down a Code of Conduct for Business and Ethics (the Code) for all the Board members
and all the employees in the management grade of the Company. The Code covers amongst other things the Company’s
commitment to honest & ethical personal conduct, fair competition, corporate social responsibility, sustainable environment,
health & safety, transparency and compliance of laws & regulations etc. The Code of Conduct is posted on the website of
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with the code. A declaration to that effect signed by the Director is attached and forms part of the Annual Report of the
Company.
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Each Director informs the Company on an annual basis about the Board and the Committee positions he occupies in other
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discussions and voting in transactions in which they have concern or interest.
Insider Trading Code
As per SEBI (Prohibition of Insider Trading) Regulation, 2015, the Company has adopted a Code of Conduct for Prevention
of Insider Trading. All the Directors, employees and third parties such as auditors, consultants etc. who could have access to
the unpublished price sensitive information of the Company are governed by this code. The trading window is closed during
the time of declaration of results and occurrence of any material events as per the code. The Company has appointed Mr. S
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and implementation of the code for trading in Company’s securities. During the year under review there has been due
compliance with the said code.
COMMITTEES OF THE BOARD
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Company and require a closer review. The Board Committees are formed with approval of the Board and function under
their respective Charters. These Committees play an important role in the overall Management of day-to-day affairs and
governance of the Company. The Board Committees meet at regular intervals and take necessary steps to perform its duties
entrusted by the Board. The Minutes of the Committee Meetings are placed before the Board for noting.
The Company has six Board Level Committees:
A) Audit Committee,
B) Remuneration and Nomination Committee,
C) Stakeholders` Relationship Committee, and
D) Corporate Social Responsibility Committee.
E) Business Strategy Committee
F) Digitisation Committee
(A) AUDIT COMMITTEE
Composition
Audit Committee of the Board of Directors (“the Audit Committee”) is entrusted with the responsibility to supervise the
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accordance with Section 177 of the Companies Act, 2013 and the provisions of Regulation 18 of the Listing Regulations.
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its authority, responsibility and reporting function. Mr. Tashwinder Singh, Independent Director is the Chairman of the Audit
Committee. The other members of the Audit Committee include independent director Ms. AA Gowariker and Managing
Director Ms. Harshbeena Sahney Zaveri.
Meetings and Attendance
The Audit Committee met four times during the Financial Year 2017-18. The maximum gap between two Meetings was not
more than 120 days. The Committee met on May 25, 2017, August 11, 2017, November 06, 2017, February 12, 2018. The
requisite quorum was present at all the Meetings. The Chairman of the Audit Committee was present at the last Annual
General Meeting of the Company held on August 11, 2017.
48
The Table below provides the attendance of the Audit Committee members:
Sr. No. Name of the Directors Position Category No. of Meetings Attended
1. Mr. Tashwinder Singh Chairman Independent Director 4 of 4
2. Mr. Ashank Desai * Member Independent Director 1 of 1
3. Ms. A A Gowariker Member Independent Director 4 of 4
4. Ms H S Zaveri Member Executive Non 4 of 4
Independent Director
* Mr Ashank Desai was a member up to 26-05-2017.
Terms of Reference
For the purpose of effective compliance of provisions of section 177 of the Companies Act, 2013 and Regulation 18 of the
>\> ?Q! ^ > !" >
[ >[ !> ! "!" " ^ ^ !| ?
Q ^ X ! ![ > " "[ ! X
information from employees and to obtain outside legal and professional advice.
Its other terms of reference, inter alia, include:
? \ [ > [ ! > ! X > " ; < ^
in the Directors’ Responsibility Statement in the Board Report (section 134(3)(c) of the Companies Act 2013) (ii)
any changes in accounting policies and practices, (iii) major accounting entries based on exercise of judgement by
> X; < X;< > > X; <
[ ! ~ !>> > ; <" "
ie. Transactions of material nature with promoters or the management , their subsidiaries or relatives , etc that may
! [ ! ! !" >?
b. Recommending for appointment, remuneration and terms of appointment of auditors, reviewing and monitoring the
auditors independence and performance and effectiveness of the audit process and discussion with internal auditors
" > >[ ! "[! ! > "
of internal control systems of material nature.
c. Scrutiny of inter corporate loans and investments
d. Valuation of undertakings or assets of the Company
? > "
f. Review functioning of the whistle blower mechanism
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Functions of Audit Committee
The Audit Committee, while reviewing the Annual Financial Statements also reviews the applicability of various Accounting
Standards (AS) referred to in Section 133 of the Companies Act, 2013. The compliance of the Accounting Standards as
applicable to the Company has been ensured in the preparation of the Financial Statements for the year ended March 31,
2018.
The Audit Committee has acted as a link between the management, external and internal auditors and the Board of
Directors. It has discussed with the Statutory Auditors their audit methodology for performing Independent audit of the
" [ ! !> " > ?
Besides the above, the statutory auditor and internal auditor’s representatives are permanent invitees to all Audit Committee
meetings. The Secretarial Auditor and Cost Auditor are invited to meetings whenever matters relating to secretarial audit or
cost audit have to be considered. The Company Secretary acts as a Secretary to the Committee as required by Regulation
18(1)(e) of the Listing Regulations.
Q!"[^ >?Q!"!^ > "^ X !z
Audited Financial Statements as required by the Regulation 33 of the Listing Regulations. The Company’s quarterly Un-
audited Standalone Financial Statements are made available on the web-site www.nrbbearings.com and are also sent to the
Stock Exchanges where the Company’s Equity Shares are listed for display at their respective websites.
49
Internal Controls and Governance Processes
The Company continuously invests in strengthening its internal control and processes. The Audit Committee along with CFO
formulates a detailed plan for the Internal Auditors for the year, which is reviewed at the Audit Committee Meetings. The
Internal Auditors attend the Meetings of the Audit Committee at regular basis and submit their recommendations to the
Audit Committee and provide a road map for the future.
(B) NOMINATION AND REMUNERATION COMMITTEE
Composition
The Nomination and Remuneration Committee comprises of Three Directors. Mr. Tashwinder Singh, Independent Director,
is the Chairman of the Committee. The other members of the Nomination and Remuneration committee include Ms. A A
Gowariker and Mr Rustom Desai. The Composition of Nomination and Remuneration Committee is in accordance with the
provisions of Section 178(1) of the Companies Act, 2013 and Regulation 19 of the Listing Regulations.
Meeting and Attendance
The Nomination and Remuneration Committee met three times during the year on August 11, 2017, August 21, 2017 and
January 16, 2018. The requisite quorum was present at the Meeting. The Chairman of the Nomination and Remuneration
Committee was present at the last Annual General Meeting of the Company. The table below provides the attendance of the
Nomination and Remuneration Committee members:
Sr. Name of the Director Position Category No. of Meetings attended

No.
1. Mr. Tashwinder Singh Chairman Independent Director 3 of 3
2. Ms A A Gowariker Member Independent Director 3 of 3
3. Mr. Rustom Desai Member Independent Director 1 of 3
Terms of Reference
The broad terms of reference of the Nomination and Remuneration Committee, as approved by the Board, are in compliance
with Section 178 of the Companies Act, 2013 and Regulation 19 of the Listing Regulations, which are as follows:
$? " [! ^ [!"^ >
in accordance with the criteria laid down, while ensuring that all pecuniary relationships or transactions of the Non-
Executive Directors vis-à-vis the Company are disclosed as also their shareholding in the Company where they are
proposed to be appointed as directors, recommend to the Board their appointment and removal.
'? ! >X X ^ ?
3. Recommend to the Board a policy relating to the remuneration for the directors, key managerial personnel and
other employees, which ensures that the level and composition of compensation of remuneration is reasonable and
" ! " !" "?
4. Ensure that the relationship of remuneration to performance is clear and meets appropriate performance benchmarks.
5. Determine remuneration to directors, key managerial personnel and senior management such that it involves a
^ ^ [ ~ " ![ > !" >?
REMUNERATION POLICY
A. Remuneration to Non-Executive Directors (including Independent Directors)
The Board has decided directors shall be remunerated by way of sitting fees of Rs 40,000/- each per meeting being
paid for the board meetings and Business strategy committee meetings, Rs 30,000/- each per meeting paid for the
Audit Committee meetings, Nomination & Remuneration Committee and CSR Committee meetings and Rs 20,000/-
per meeting paid for Stakeholders relationship committee meetings. In addition, the non-executive Directors are
entitled to commission @ 0.50%, with a ceiling of Rs.5 lakhs per Director as determined by the Board of Directors,
which will be apportioned and payable during 2017-18.
50
The details of the remuneration package of Directors / key management personnel is tabled below:
Name of Director/KMP Sitting fees Commission on Salary and Per- Total

¯ quisites
Mr. T S Sahney 3,00,000 57,50,000 ** -- 60,50,000
Ms. H S Zaveri - 87,50,000 2,98,15,022 3,85,65,022
Mr. Tashwinder Singh 5,70,000 5,00,000 - 10,70,000
Mr. D S Sahney 2,00,000 4,16,667 - 6,16,667
Ms. A A Gowariker 5,30,000 5,00,000 - 10,30,000
Mr. Ashank Desai 4,70,000 5,00,000 - 9,70,000
Mr. Rustom Desai 4,30,000 3,33,333 - 763,333
Mr. S C Rangani - - 80,42,017 80,42,017
Ms. Tanushree Bagrodia (CFO) - - 1,25,41,843 1,25,41,843
¯ =~ ` *?*¢ X[ ! >\?!??
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Executive Directors as above.
(C) STAKEHOLDERS RELATIONSHIP COMMITTEE
Composition and Attendance
The Stakeholders Relationship Committee comprises of four Directors. Ms A A Gowariker, Independent Director is
the Chairman of this Committee. The table below highlights the composition and attendance of the Members of the
Committee. The requisite quorum was present at all the Meetings.
Sr. Name of the Directors Position Category No. of Meetings attended

No.
1 Ms. A A Gowariker Chairman Independent Director 2 of 3
2 Mr. T S Sahney Member Non Executive Non Independent Director 3 of 3
3 Ms. H S Zaveri Member Executive Non Independent Director 3 of 3
4 Mr. Ashank Desai Member Independent Director 3 of 3
Terms of Reference
Review of the grievances of security holders of the Company and of the work done by the share transfer agent. During
the year there were more than 1000 shareholders, debenture holders and other security holders. The Company
holds Committee meetings on a periodical basis, as may be required to approve the transfers/transmissions/issue of
duplicate shares and/or resolve the grievances of the shareholders, if any received. During the year 3 meetings were
held.
The shareholders of the Company are serviced by the share transfer agent- M/s. Universal Capital Securities Pvt. Ltd.
As required under the SEBI (LODR) Regulations, the Company has appointed Mr. S C Rangani, Executive Director
" " ! ! [ ! ! > "
authorities.
DETAILS OF SHAREHOLDERS’ COMPLAINTS RECEIVED, SOLVED AND PENDING SHARE TRANSFERS
The total number of complaints/queries received and resolved during the year ended March 31, 2018 was 50. There
were no complaints outstanding as on March 31, 2018. The number of pending share transfers and pending requests
for dematerialization as on March 31, 2018 were Nil. Shareholders’/Investors’ complaints and other correspondence are
normally attended to within seven working days except where constrained by disputes or legal impediments. No investor
grievances remained unattended /pending for more than thirty days as on March 31, 2018.
51
Nature of queries/complaints 2017-18 Nos. Complaints Resolved.
Transfers (including stop transfer), Transmissions 01 01
` ! 02 02
> 00 00
= ! 00 00
Deletion of name 00 00
Power of Attorney 00 00
Reissue of dividend warrants 12 12
Non-receipt of dividend warrants 28 28
Change in bank details 00 00
Change of address 00 00
Change of address undelivered 00 00
Non receipt of AGM reports 7 7
Total 50 50
The above table includes Complaints received from SEBI SCORES by the Company.
(D) CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
Composition
The Corporate Social Responsibility (CSR) Committee comprises of three Directors, Mrs. H S Zaveri is the Chairman of the
Committee. The other members of the CSR Committee include Mr S C Rangani and Mr. Ashank Desai. The Composition
of CSR Committee is in accordance with the provisions of Section 135 of the Companies Act, 2013 and the Companies
(Corporate Social Responsibility Policy) Rules, 2014. As per Section 135 of the Companies Act, 2013 the Company had spent
\?$#! ! " '*$$+?
Terms of Reference
i. Formulating and recommending to the Board a CSR policy which indicates the activities to be undertaken by the
" !_ > ! > ! [!
ii. Recommending the amount of expenditure to be incurred on such activities
iii. Monitoring the CSR policy from time to time
The Company has formulated CSR Policy, which is uploaded on the website of the Company viz. www.nrbbearings.com,
[! "! ! [ ]
i. Promotion of Education – both at schools and post graduate levels
ii. Promoting gender equality and empowering women
iii. Ensuring environmental sustainability
iv. Social Business Projects
The Composition of the CSR Committee as at March 31, 2018 and the details of Meetings of the Committee
are as under:
Meetings and Attendance:
The CSR Committee met once during the year on October 11, 2017. The requisite quorum was present at the Meeting. The
Table below provides the attendance of the CSR Committee members:
Sr. No. Name Position Category No. of Meetings Attended

1. Ms. H S Zaveri Chairman Executive Non Independent Director 1 of 1
2. Mr. S C Rangani Member Executive Non Independent Director 1 of 1
3. Mr. Ashank Desai Member Non-Executive Independent Director 1 of 1
52
(E) INDEPENDENT DIRECTORS’ MEETING
During the year under review, the Independent Directors met on March 28, 2018, inter alia, to:
= ` !| ` [!£
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Executive Directors;
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that is necessary for the Board to effectively and reasonably perform its duties.
All the Independent Directors were present and participated at this Meeting.
AFFIRMATIONS AND DISCLOSURES:
@?" ! K
The Company is in compliance with all mandatory requirements under the Listing Regulations.
b. Related party transactions
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policies and notes forming part of the Financial Statements in accordance with “IND AS”. A statement in summary form
of transactions with Related Parties in ordinary course of business and arm’s length basis is periodically placed before
the Audit committee for review and recommendation to the Board for their approval.
As required under Regulation 23(1) of the Listing Regulations, the Company has formulated a policy on dealing with
Related Party Transactions. The Policy is available on the website of the Company viz. www.nrbbearings.com
= ! [ !\ [ [ ! ! "? !
! " ^ ! [ ! ! !" >
out on an arm’s length or fair value basis.
c. Details of non-compliance by the Company, penalties, and strictures imposed on the Company by Stock
Exchanges or SEBI or any statutory authority, on any matter related to capital markets, during last three
Financial Years.
Q!"! [ ! ! >\> [ ! >
and guidelines of SEBI. Consequently, there were no strictures or penalties imposed by either SEBI or Stock Exchanges
or any statutory authority for non-compliance of any matter related to the capital markets during the last three
Financial years.
$" '! # *!" +" ;"<
Pursuant to Section 177(9) and (10) of the Companies Act, 2013, and Regulation 22 of the Listing Regulations, the
Company has formulated Whistle Blower Policy for vigil mechanism of Directors and employees to report to the
management about the unethical behavior, fraud or violation of Company’s code of conduct. The mechanism provides
for adequate safeguards against victimization of employees and Directors who use such mechanism and makes provision
for access to Corporate Compliance Committee headed by Vice Chairman & Managing Director reporting directly to the
Audit Committee. The Whistle Blower Policy is displayed on the Company’s website viz. www.nrbbearings.com
q>" * K ?" \; ;! " ^ Z ]
In line with the requirements of the Act, all employees (permanent, temporary, contractual, trainees) are covered under
the Company policy in this regard.
53
Committee comprising MD, CFO ( both women) and VP-HR is set up to receive, investigate and redress any complaints.
; <!^ ! ! "
in the Act.
To date, there have been no complaints received by the Committee.
f. Disclosure of Accounting Treatment
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in the Notes to the Financial Statements.
g. Risk Management
Business risk evaluation and Management is an ongoing process within the Company. The assessment is periodically
reviewed by the Audit Committee and by the Board.
h. Commodity price risk and Commodity hedging activities
Q! " ~ ! [ [ ! >? Q! "
proactively manages its risk through forward booking Inventory management and proactive vendor development
practices. The Company’s reputation for quality, products differentiation and service, coupled with existence of powerful
^ >[ ! ^ > [ > ! !>?
i. Non-mandatory requirements
Adoption of non-mandatory requirements of the Listing Regulations is being reviewed by the Board from time-to-time.
54
INDEPENDENT AUDITOR’S CERTIFICATE ON CORPORATE GOVERNANCE
To the Members of NRB Bearings Limited
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2. We have examined the compliance of conditions of corporate governance by NRB Bearings Limited (the ‘Company’)
for the year ended 31 March 2018, as stipulated in Regulations 17 to 27, clauses (b) to (i) of Regulation 46(2), and
paragraphs C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (the ‘Listing Regulations’).
Management’s Responsibility
3. The compliance of conditions of corporate governance is the responsibility of the management. This responsibility
includes the designing, implementing and maintaining operating effectiveness of internal control to ensure compliance
with the conditions of corporate governance as stipulated in the Listing Regulations.
Auditor’s Responsibility
4. Pursuant to the requirements of the Listing Regulations, our responsibility is to express a reasonable assurance in the
form of an opinion as to whether the Company has complied with the conditions of corporate governance as stated in
paragraph 2 above. Our responsibility is limited to examining the procedures and implementation thereof, adopted by
the Company for ensuring the compliance with the conditions of corporate governance. It is neither an audit nor an
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5. We have examined the relevant records of the Company in accordance with the applicable Generally Accepted Auditing
X ! = ^" ! !
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ICAI which requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.
6. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control
for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements.
Opinion
7. Based on the procedures performed by us and to the best of our information and according to the explanations provided
to us,in our opinion, the Company has complied, in all material respects, with the conditions of corporate governance
as stipulated in the Listing Regulations during the year ended 31 March, 2018.
! ! ! ! ^ " !" ! "
effectiveness with which the management has conducted the affairs of the Company.
Restriction on use
+? Q! " ! " >[ ! ! > " ^ ^
any other purpose.
For Walker Chandiok & Co LLP

Chartered Accountants
Firm Registration No. 001076N/N500013
per Adi P. Sethna

Partner
Membership No.:108840
Place: Mumbai
Date : 21 May, 2018
55
SHAREHOLDER INFORMATION
GENERAL BODY MEETING
DETAILS OF LAST THREE ANNUAL GENERAL MEETINGS HELD
AGM Financial Year Date and Time Venue Details of Special

Resolution Passed
52nd 2016-17 August 11th, 2017 Y B Chavan Centre, Cultural Hall, No special resolution was passed
3.00 P.M. Nariman Point, Mumbai - 400021
51st 2015-16 August 23rd, 2016 M C Ghia Hall, K Dubash Marg, No Special Resolution was passed
11.00 A.M. Mumbai – 400001
50th 2014-15 July 24th, 2015 M C Ghia Hall, K Dubash Marg, Appointment of H S Zaveri as a Man-
11:00 A.M. Mumbai – 400001 aging Director for a period of 5 years
from 1st October, 2015
At the ensuing AGM, e-voting facility will be provided.
POSTAL BALLOT
During the year under review one special resolution was passed through postal ballot for issue of unsecured NCDs/
Debentures not exceeding Rs 100 crores on private placement basis. Mr. Upendra C. Shukla, Practicing Company Secretary
was appointed as the Scrutinizer for conducting the postal ballot process in fair and transparent manner Upon completion
of the scrutiny of Ballot Forms and electronic responses, the Scrutinizer had submitted his report to the Chairman of the
Company. The results of the Postal Ballot were declared on Thursday, April 27, 2017. The said results along with the
Scrutinizer’s Report was displayed on the website of the Company, i.e., www.nrbbearings.com and intimated to the Stock
Exchanges where the shares of the Company are listed.
ANNUAL GENERAL MEETING FOR THE FINANCIAL YEAR 2017-18
DAY AND DATE Thursday, 9th August, 2018

TIME 3.30 PM
VENUE M C Ghia Hall, K Dubash Marg, Mumbai - 4000021
FINANCIAL YEAR April 1, 2017 to March 31, 2018
BOOK CLOSURE DATES FOR DIVIDEND 3rd August, 2018 to 9th August, 2018
LAST DATE OF RECEIPT OF PROXY FORMS 7th August, 2018 before 3.30 P.M.
Tentative Calendar for Financial Year ending March 31, 2019
The tentative | % > " []
Sr. No. Particulars of Quarter Tentative dates

1. First Quarter Results 9th August, 2018.
2. Second Quarter & Half Yearly Results November 2018.
3. Third Quarter & Nine-months ended Results January/February 2019.
4. Fourth Quarter & Annual Results May 2019.
Dividend
The Board of Directors at their Meeting held on 20th March, 2018, declared interim dividend of Rs 1.4 per share, on equity
shares of the Company for the Financial Year 2017-18 and the same was paid out on 4th April, 2018. At their meeting
held on 21st May, 2018, the Board have recommended Final Dividend of Rs 1.20 per share for FY 2017-18 which shall be
payable, subject to approval of shareholders, to the members whose names appear on Company’s Register of Members
!" ! ! ' > X '*$+ [! ! | [
2nd August, 2018 furnished by NSDL and CDSL for this purpose.
56
< ! " " <
Q!Q^^[! >! >! !! "` ^" !" ! $* " ]
Sr. No. Financial year Date of Declaration of Dividend Amount declared per share
1 2008-09 12th August, 2009 1.60
2 2009-10 4th August,2010 2.00
3 2010-11 27th July, 2011 2.00
4 2011-12 3rd August, 2012 2.00
5 2012-13 23rd July, 2013 1.70
6 2013-14 11th August, 2014 1.10
7 2014-15 24th July,2015 1.50
8 2015-16 - Interim Dividend, 10th March, 2016 1.40
`
9 2016-17 - Interim Dividend, 13th February, 2017 1.40
`
10 2017-18 - Interim Dividend 20th March, 2018 1.40
Final Dividend Proposed 1.20
Unclaimed Dividend/ Shares

Pursuant to the provisions of Section 124(5) of the Companies Act, 2013, if the dividend transferred to the Unpaid Dividend
Account of the Company remains unpaid or unclaimed for a period of seven years from the date of such transfer then
such unclaimed or unpaid dividend shall be transferred by the Company along with interest accrued, if any to the Investor
Education and Protection Fund (‘the IEPF’), a fund established under sub-section (1) of section 125. The details of unclaimed/
unpaid dividend are available on the website of the Company viz. www.nrbbearings.com
Mandatory Transfer of Shares to Demat Account of Investors Education and Protection Fund Authority
(IEPFA) in case of unpaid/ unclaimed dividend on shares for a consecutive period of seven years
In terms of Section 124(6) of the Companies Act, 2013 read with Rule 6 of the Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, (as amended from time to time) (IEPF Rules) shares on
which dividend has not been paid or claimed by a shareholder for a period of seven consecutive years or more shall be
credited to the Demat Account of Investor Education and Protection Fund Authority (IEPFA) within a period of thirty days of
!! ^ > ^ ?z !! X^ ; ^X ?<X "X >
on such shares shall also be credited to such Demat Account and the voting rights on such shares shall remain frozen till
the rightful owner claims the shares
Shares which are transferred to the Demat Account of IEPFA can be claimed back by the shareholders from IEPFA by
following the procedure prescribed under the aforesaid rules.
The Company does not have any dividend to be transferred to IEPFA. As required under the IEPF Rules, the Company has
also published a Notice informing the Members’ who have not claimed their shares for a period of 7 years to claim the same
from the Company before they are transferred to IEPFA.
Therefore, it is in the interest of shareholders to regularly claim the dividends declared by the Company.
Details of Unclaimed Divid '! ] ""{
Sr. Financial year Date of Declaration of Unclaimed Amount Due Date for transfer
No. Dividend (Rs) to IEPF Account
1. 2010-11 July 27, 2011 311294 October 02, 2018
2. 2011-12 August 03, 2012 326518 October 09, 2019
3. 2012-13 July 23, 2013 272164.90 September 28, 2020
4. 2013-14 August 11, 2014 249,194 October 17, 2021
5. 2014-15 July 24, 2015 357,258 September 29, 2022
57
6. 2015-16 (Interim Dividend) March 10, 2016 103,433 May 16, 2023
7. 2016-17 (Interim Dividend) February 13, 2017 336,872. May 6, 2024
8. 2017-18 (Interim Dividend) March 20, 2018 1,002,468. May 26, 2025
` > !" [X'** $*?*$$ !^
10.10.2017.
As per Regulation 34(3) read with Schedule V of the Listing Regulations, there are no shares in the suspense account.
Distribution of Shareholding as on 31st March:
2018 2017
No. of Equity No. of % of No. of % share No. of % of No. of % share
Shares share share shares holding share share shares holding
holders holders held holders holders held
Upto 500 19288 87.11 2244881 2.32 8974 79.606 1243374 1.28
501- 1000 1650 7.46 1448177 1.49 1369 12.144 1230691 1.27
1001-2000 600 2.71 979215 1.01 463 4.107 774261 0.79
2001- 3000 190 0.86 507884 0.52 145 1.286 383821 0.39
3001- 4000 95 0.43 346424 0.36 72 0.639 267582 0.27
4001- 5000 69 0.31 333138 0.34 59 0.523 286226 0.29
5001- 10000 111 0.50 826936 0.86 86 0.763 661747 0.68
10001 & above 138 0.62 90235945 93.10 105 0.931 92074898 94.99
TOTAL 22141 100 96922600 100 11273 100 96922600 100.00
Categories of shareholdings as on 31st March :

2018 2017
No. of Equity No. of % of No. of % share No. of % of No. of % share
Shares share share shares holding share share shares holding
holders holders held holders holders held
Individuals/HUF 21444 96.85 23327261 24.07 10390 92.17 21956985 22.65
clearing members
Corporate 199 0.90 4563549 4.71 581 5.15 5333302 5.50
Bodies/LLP/NBFC
Partnership Firms
IEPF Suspense A/c 1 0.00 28974 0.03 - - - -
Trust 1 0.00 34829642 35.94 1 - 35740266 36.88
Foreign Collaborator - - - - - - - -
NRI/OCBs 427 1.93 287071 0.30 258 2.29 1134269 1.17
FI/FII/Banks/ 32 0.14 18317145 18.90 21 0.19 18540936 19.13
Foreign national/
Trusts/Foreign Portfo-
lio Investor
Mutual Funds/UTI 36 0.16 14943958 15.42 22 0.20 14216842 14.67
Alternate Investment 1 0.00 625000 0.64 - - - -
Fund
TOTAL 22141 100.00 96922600 100.00 11,273 100.00 96922600 100.00
Promoter holdings constituting 51977198 shares (53.63%) of the equity capital are included in the table above under
Individual Members and Trust.
58
DEMATERIALISATION OF SHARES AND LIQUIDITY
99.53 % of the equity shares of the Company have been dematerialized (NSDL 96.88% and CDSL 2.65 %) as on March
31, 2018. The Company has entered into agreements with National Securities Depository Limited (NSDL) and Central
Depository Services (India) Limited (CDSL) whereby shareholders have an option to dematerialize their shares with either
of the Depositories.
Dematerialization of Shares - Process
Shareholders who continue to hold shares in physical form are requested to dematerialize their shares at the earliest and
!^ > ! ? ! ! X ! > > !!
dematerialized is given hereunder:
a) Demat account should be opened with a Depository Participant (DP).
^< ! ! !^ !` } \ ;`\<>[ !! > X
their DP.
c) DP will process the DRF and will generate a Dematerialization Request Number (DRN).
< `[ ^ !`\ > ! !\> Q > ;\Q<X[! ! z
Capital Securities Private Limited.
< \Q[ !`\ ! `
< z X !! ! [ > ! ^ ! !
maintained with the DP
Consolidation of folios and avoidance of multiple mailing
In order to enable the Company to reduce costs and duplicity of efforts for providing services to investors, members who
have more than one folio in the same order of names, are requested to consolidate their holdings under one folio. Members
may write to the Registrars & Transfer Agents indicating the folio numbers to be consolidated along with the original shares
^ ?
RECONCILIATION OF SHARE CAPITAL AUDIT REPORT
^"|X >" " !
capital with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) and
the total issued and listed capital. This audit is carried out every quarter and the report thereon is submitted to the Stock
~ !> [! ! " ! ? Q! ! !
agreement with the aggregate of the total number of shares in dematerialised form (held with NSDL and CDSL) and total
number of shares in physical form.
@?" ! q" q
The Institute of Company Secretaries of India, a Statutory Body, has issued Secretarial Standards on various aspects of
corporate law and practices. The Company has complied with each one of them.
z! @?< ! " ! "" qK =>! ! " ! ? !
Exchanges:
Stock Exchange Stock Code

BSE Limited P.J. Towers, Dalal Street, Mumbai – 400 023 530367
National Stock Exchange of India Limited (NSE)
Exchange Plaza, 5th Floor, Plot No C/1, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400051 NRBBEARING
The Company has entered into agreements with NSDL and CDSL during the year 2000-01 and has been allotted ISIN No.
=# *$*$#?|! !"! ^ " [' ! '**$?Q!!
were split into Rs 2/- each effective 4th April, 2007 and the new ISIN No. is INE 349A 01021
Note: Listing fees for the year 2017-18 have been paid to the Stock Exchange- BSE Ltd. and National Stock Exchange of
India Ltd.
59
Share Price Data
2017-18 Bombay Stock Exchange National Stock Exchange

Month High (Rs) \^ Volume High (Rs) \^ Volume
April’17 124.80 107.25 208,761 124.30 107.30 1,057,975
May’17 128.00 109.00 172,400 128.95 107.00 5,973,772
June’17 144.00 116.05 404,662 143.40 116.50 2,133,167
July’17 157.45 122.00 1,243,644 157.20 121.15 3,815,296
August’17 126.95 110.00 720,392 125.90 108.75 2,346,241
September’17 126.30 116.05 132,836 126.45 116.60 1,403,248
October’17 147.40 122.00 298,805 141.65 115.15 2,311,372
November’17 158.55 110.00 989,994 159.20 136.05 6,056,840
December’17 182.70 116.50 1,277,417 179.95 140.65 8,564,154
January’18 179.50 118.10 1,157,549 179.55 156.60 6,147,839
February’18 178.50 135.00 407,048 168.10 130.80 2,941,019
March’18 169.00 149.75 1,289,999 165.05 148.80 1,163,751
Total 8,303,507 43,914,674
Particulars Rs.
Closing share price as on March 31, 2018 (Rs.) 153.10
Market Capitalization as on March 31, 2018(Rs. in cr) 1484 cr
NRB Bearings Equity Share performance.
30.04.2017 30.05.2017 30.06.2017 31.07.2017 31.08.2017 30.09.2017 30.10.2017 30.11.2017 31.12.2017 30.01.2018 28.02.2018 31.03.2018
NRB 121.35 117.40 128.10 124.10 121.30 118.50 139.25 151.00 172.50 163.00 159.80 153.10
SENSEX 29918 31145 30921 32514 31730 31283 33213 33149 34056 35965 34184 32968
60
MEANS OF COMMUNICATION TO SHAREHOLDERS
; < Q!z "!" " [ ! " " ! ! ?Q!
[ ! ~ "" ! ! " !
of the Listing Regulations.
; < Q! ![ ! ! ~ !> ^ ! > !
newspaper and in local language (Marathi) newspaper, within forty-eight hours of approval thereof. Presently the same
are not sent to the shareholders separately.
; < Q!" " !"^ [[[? ^^ >?
com.
(iv) Any presentation made to the institutional investors or/and analysts are also posted on the Company’s website.
(v) Management Discussion and Analysis report forms part of the Annual Report, which is sent to the shareholders of the
Company.
(vi) The quarterly results, shareholding pattern, quarterly compliances and all other corporate communication to the
~ !> }?| = "?Q!"! [ ! >^
! >!|| > = >= ?
(vii) A separate dedicated section under “Investors”, on the Company’s website gives information on unclaimed dividends,
shareholding pattern, quarterly/half yearly results and other relevant information of interest to the investors / public.
(viii) SEBI processes investor complaints in a centralized web based complaints redressal system i.e. SCORES. Through
this system a shareholder can lodge complaint against a company for his grievance. The Company uploads the action
taken on the complaint which can be viewed by the shareholder. The Company and shareholder can seek and provide
! >!|?
(ix) The Company has designated the email id [email protected] exclusively for investor relation, and the
same is prominently displayed on the Company`s website www.nrbbearings.com.
Share Transfer System
The Stakeholders Relationship Committee comprising of four Directors is authorized to consider and resolve the grievances
of security holders of the Company. The committee meets quarterly and on need basis to approve physical transfer of
shares. Share transfers in physical form are presently registered and returned within a period of 15 days from the date of
receipt in case documents are complete in all respects.
Nomination
Shareholders of physical shares can nominate a person for the shares held by them. Requisite nomination forms have
already been circulated by the Company to the shareholders who are advised to avail of this facility.
Electronic Clearing Service
The Securities and Exchange Board of India (SEBI) has made it mandatory for all companies to use the Bank account
details furnished by the Depositories for depositing dividends. While opening accounts with depository participants (DPs),
shareholders are required to give their details of their bank accounts which will be used by the Company for printing on
dividend warrants for remittance of dividend. However, members who wish to receive dividend in an account other than the
[! > ! " " " ! `^ " !> ^ ?
Service of documents through electronic mode
As a part of Green Initiative, the members who wish to receive the notices/documents through e-mail, may kindly intimate
their e-mail addresses to the Company’s Registrar and Share Transfer Agent, Universal Securities Pvt Ltd ie. info@unisec.
in or to the company to its dedicated e-mail id i.e., [email protected]
Address for Correspondence:
@?" Universal Capital Securities Pvt @? ! ! @?<
Ltd
Mr. Satish Rangani 21, Shakil Niwas, Mahakali Caves Dy. Company Secretary
Executive Director & Company Secretary Road, Andheri (East), Mumbai - NRB Bearings Limited,
Phone: 022-22664160/4998 400093 Dhannur, 15, Sir P. M. Road,
E-mail: [email protected] Tel : 022-28207203/05 Fort, Mumbai – 400001
Fax : 022-28207207 Phone: 022-22664160/4998
e-mail: [email protected] Fax :022-22660412
e-mail:[email protected]
COMPLIANCE CERTIFICATE OF THE AUDITORS:
Q! " ! ! !"! [ ! !
stipulated in the Listing Regulations and the same is annexed to this Report.
61
INDEPENDENT AUDITOR’S REPORT
To the Members of NRB Bearings Limited
Report on the Standalone Financial Statements
1. ! ! " > =\|| > ;¤ !"<X
[! ! ! | ! #$ % ! '*$+X ! ; > !
Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then
X " ! > > ! ~ " ?
Management’s Responsibility for the Standalone Financial Statements
2. The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,
'*$#;¤ ! <[ ! ! ! ! >
[ ! ; <X ; > ! !
<X ![ !> " !" [ ! ! > > "
X > ! > ;¤< $## ! ?
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding 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
^ £ >X X
that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
! ! ! > [
free from material misstatement, whether due to fraud or error.
3. Our resp ^ " ~ ! ^ ?
4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which
are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
5. [ ! ! > $#;$*< !
Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable ass ^ [! ! ! ?
6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in
! ?Q! ! > X > !
! ! X [! !
? > ! X ! !
" ! ! > [ >
audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness
of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s
Directors, a swell as evaluating ! ! ?
7. ^ ! ! [!^ ^
opinio ! ?
Opinion
8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
> ! ^" ! ! >
[ "[ ! ! > > " >
$## ! X ! ; < !" #$% !'*$+X
; > ! ! <X ![ ! !> "
for the year ended on that date.
Other Matter
9. Q! !" #$% !'*$ ! >^
! $ '*$ [ ! ! X
^ ! " " !" #$% !'*$#$% !
2016 respectively, prepared in accordance with Accounting Standards prescribed under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended) which were audited by the predecessor
62
[! '%"'*$'%"X'*$ "X~ !
X!^ ! ! >
^" !" X[! !!^ ^"?
of this matter.
Report on Other Legal and Regulatory Requirements
10. As required by the Companies (Auditor’s Report) Order, 2016 (‘the Order’) issued by the Central Government of
$#;$$< ! X[> !~ X !
paragraphs 3 and 4of the Order.
11. Further to our comments in Annexure A, as required by Section 143(3) of the Act, we report that:
a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purpose of our audit;
b) in our opinion, proper books of account as requiredby law have been kept by the Company so far as it appears
from our examination of those books;
c) the s [ !^" ! > [ ! !^ £
d) in our X ! "[ ! $##
the Act;
e) on the basis of the written representations receivedfrom the directors and taken on record by the Board of
` X ! #$% !'*$+ ^ >
Section 164(2) of the Act;
f) [! ! >;\< !" #$
% ! '*$+ [ ! ! ! " ! "
ended o ! ~ |~ X £
g) with respect to the other matters to be included inthe Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information
andaccording to the explanations given to us:
i. !"X = ;<! ! > >
in t! ?
ii. the Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses;
iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company;
iv. ! > ! >[ > ^ [ ^
for the period from 8 November 2016 to 30 December 2016 which are not relevant to these standalone
al statements. Hence, reporting under this clause is not applicable.
For Walker Chandiok& Co LLP

Firm’s Registration No.: 001076N/N500013
per Adi P. Sethna

Partner
Membership No.: 108840
Place: Mumbai
Date: 21 May 2018
63
Annexure A to the Independent Auditor’s Report of even date to the members of NRB Bearings Limited,
! " " ! < ] '!
Annexure A
| ! ! > [ !
statements of the Company and taking into consideration the information and explanations given to us and the books of
account and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we
report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and
situation of property, plant and equipment.
;^< Q! ~ !^!" " ^" !> > !"
[ ! ? X ! " ! ~ ^
having regard to the size of the Company and the nature of its assets.
(c) The title deeds of all the immovable properties (which are included under the head ‘Property, plant and
equipment’) are held in the name of the Company except for the following property which was transferred as
> = ' ! [! !
tittle deed is in the name of the erstwhile company
Nature of Total Whether Gross block Net block on Remarks

property Number leasehold / as on 31 March 2018
of Cases freehold 31 March
2018
Land at Waluj 1 Leasehold 6.23 lakhs 4.48 lakhs The lease deed is in the name of
land NRB Torrington Private Limited,
erstwhile Company that was
merged with the Company
under Section 391 to 394 of the
Companies Act, 1956 in terms
of the approval of the Honorable
High Court.
X !> ! !" " ^ > !" X
except for goods-in-transit and stocks lying with third parties. For stocks lying with third parties at the year-end, written
!^^ ^" !> ?= [ !
(iii) The Company has granted two unsecured loans (including a loan granted during the year) to only one party covered
in the register maintained under Section 189 of the Act, which is its wholly owned foreign subsidiary; and with respect
to the same:
(a) in our opinion, the terms and conditions of a loan granted during the year, is not, prima facie, prejudicial to the
Company’s interest;
(b) the schedule of repayment of principal and interest has been stipulated and repayments of the principal amount
and the receipts of interest are regular.
(c) there is no overdue amount in respect of loans granted to the party.
(iv) In our opinion, the Company has complied with the provisions of Section 186 in respect of investments, loans and
guarantees. Further, in our opinion, the Company has not entered into any transaction covered under Section 185 and
Section 186 of the Act in respect of provision of security.
(v) In our opinion, the Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and
the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the
Order are not applicable.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the
Central Government for the maintenance of cost records under sub-section (1) of Section 148 of the Act in respect of
Company’s products and are of the opinion that, prima facie, the prescribed accounts and records have been made and
maintained. However, we have not made a detailed examination of the cost records with a view to determine whether
they are accurate or complete.
64
(vii) (a) The Company is regular in depositing undisputed statutory dues including provident fund, employees’ state
insurance, income-tax, sales-tax, service tax, goods and service tax, duty of customs, duty of excise, value
added tax, cess and other material statutory dues, as applicable, with the appropriate authorities. Further, no
undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six
months from the date they become payable.
(b) There were no dues in respect of service tax, goods and service tax, duty of customs and duty of excise that
have not been deposited with the appropriate authorities on account of any dispute.
The dues outstanding in respect of income-tax, sales-tax and value added tax on account of disputes, are as follows:
Statement of Disputed Dues
Name of the Nature of dues Amount* Amount paid Period to which Forum where dispute is
statute (` in Lakhs) thereagainst the amount pending
(` in Lakhs) relates
The Income-tax Income tax 95.55 - A.Y. 2011-12 Commissioner of Income
Act, 1961 310.96 - A.Y. 2012-13 Tax (Appeals)
110.89 - A.Y. 2014-15
232.36 - A.Y. 2015-16
The Bombay Sales Value added tax 1.20 - FY 1996-97 Deputy Commissioner
Tax Act, 1959 (Appeals)
The Central Sales Sales tax 2.42 - F.Y. 1995-96 Deputy
Tax Act, 1956 214.04 - F.Y. 2011-12 Commissioner(Appeals)
51.42 - F.Y. 2012-13
46.32 - F.Y. 2013-14
The Central Sales Sales tax 7.84 - F.Y. 2012-13 Additional Deputy
Tax Act, 1956 Commissioner (Appeals)
* including interest
; < Q! " ! " ^ [ > " ^
government or any dues to debenture-holders during the year.
(ix) The Company did not raise moneys by way of initial public offer or further public offer (including debt instruments). In
our opinion, the term loans availed during the year, were applied for the purposes for which the loans were obtained.
(x) N ^" !" !"^" "!^ > !
period covered by our audit.
(xi) Managerial remuneration has been paid and provided by the Company in accordance with the requisite approvals
mandated by the provisions of Section 197 of the Act read with Schedule V to the Act.
(xii) In our opinion, the Company is not a Nidhi Company. Accordingly, provisions of clause 3(xii) of the Order are not
applicable.
(xiii) In our opinion all transactions with the related parties are in compliance with Sections 177 and 188 of Act, where
^X ! !^ ! ?X ^"
the applicable IndAS.
(xiv) During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly
convertible debentures. Accordingly, the provisions of clause 3(xiv) of the Order are not applicable.
65
(xv) In our opinion, the Company has not entered into any non-cash transactions with the directors or persons connected
with them covered under Section 192 of the Act. Accordingly, the provisions of clause 3(xv) of the Order are not
applicable.
(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.

per Adi P. Sethna

Partner
Mumbai: 21 May, 2018
Annexure B to the Independent Auditor’s Report of even date to the members of NRB Bearings Limited, on
! " " ! < ] '!
Annexure B
Independent Auditor’s report on the Internal Financial Controls under Clause (i) of sub-section 3 ofSection 143 of the
Companies Act, 2013 (the “Act”)
$? [ ! ! =\|| > ; !"<
!" #$% !'*$+X[! ! >;\<
the Company as atthat date.
Management’s Responsibility for Internal Financial Controls
'? Q!"| ` ^ ^ ! > > ^
! > ^ !^" !" > !
of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the
“Guidance Note”) issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the
>X ! [ > "
> ! " !"^ X >! " X !
safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the
> X ! " ^ X ! ?
Auditors’ Responsibility
3. Our responsibility is to express an opinion on the Company’s IFCoFR based on our audit. We conducted our audit in
accordance with the Standards on Auditing, issued by the ICAI and deemed to be prescribed under section 143(10)
of the Act, to the extent applicable to an audit of IFCoFR and the Guidance Note issued by the ICAI. Those Standards
and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate IFCoFR were established and maintained and if such controls operated
effectively in all materialrespects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the IFCoFR and their operating
effectiveness. Our audit of IFCoFR included obtaining an understanding of IFCoFR, assessing the risk that amaterial
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of
! X[! ! ?
? ^ ! ! [ ! ^ ^
opinion on the Company’s IFCoFR.
66
Meaning of Internal Financial Controls over Financial Reporting
? "\ > ^ > > ! ^ " >
! ~ [ !> " >
principles. A Company’s IFCoFR includes those policiesand procedures that (1) pertain to the maintenance of records
! X ^ X " " ! ! !"£;'<
^ ! "
in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are
being made only in accordance with authorisations of management and directors of the Company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the
" ! ! ! ?
Inherent Limitations of Internal Financial Controls over Financial Reporting
7. Because of the inherent limitations of IFCoFR, including the possibility of collusion or improper management override
of controls, material misstatementsdue to error or fraud may occur and not be detected. Also, projections of any
evaluation of the IFCoFR to future periods are subject to the risk that IFCoFR may become inadequate because of
changes inconditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
+? X !"!X X >
! >[ > " #$% !'*$+X^
! > ^ !^" !" > !
of internal control stated in the Guidance Note issued by the ICAI.

per Adi P. Sethna

Partner
Place: Mumbai
Date : 21 May, 2018
67
BALANCE SHEET AS AT MARCH 31, 2018
(Rs. in Lakhs)
Note As at As at As at
Particulars
No. March 31, 2018 March 31, 2017 April 01, 2016
I ASSETS
1 Non-current assets
Property, plant and equipment 2 22,287.31 21,144.27 22,351.94
Capital work-in-progress 1,314.82 705.08 301.92
Investment Properties 3 - - -
Intangible assets 4 62.56 29.81 82.71
Financial Assets
Investments 5 2,469.03 2,405.00 2,306.52
Loans 6 252.92 1,182.71 1,147.94
! 7 2.93 16.32 5.70
Current tax assets (net) 8 1,606.32 1,606.25 1,124.91
Other non-current assets 9 1,031.00 2,219.20 2,111.07
Total non-current assets 29,026.89 29,308.64 29,432.71
2 Current assets
Inventories 10 14,269.08 15,775.51 13,112.18
Financial Assets
Investments 11 - - 25.00
Trade receivables 12 23,575.28 20,879.44 21,117.48
Cash and cash equivalents 13 1,182.38 2,034.76 3,000.86
Bank balances other than cash and cash equivalents 14 1,492.92 85.28 77.04
Loans 15 2,829.46 1,098.37 1,637.67
! 16 380.05 299.49 59.58
Current tax assets 17 89.41 89.41 89.28
Other current assets 18 6,263.25 2,461.35 2,782.72
Total current assets 50,081.83 42,723.61 41,901.81
Total assets 79,108.72 72,032.25 71,334.52
II EQUITY AND LIABILITIES
A Equity
Equity share capital 19 1,938.45 1,938.45 1,938.45
Other equity 20 37,096.35 30,414.11 26,898.25
Total equity 39,034.80 32,352.56 28,836.70
B Liabilities
1 Non-current liabilities
Financial Liabilities
Borrowings 21 6,886.00 10,729.46 6,048.46
Deferred tax liabilities (net) 23 330.70 201.66 168.32
Other non-current liabilities 24 3.96 67.50 157.50
Total non-current liabilities 7,220.66 10,998.62 6,374.28
2 Current liabilities
Borrowings 25 9,228.03 14,589.94 16,478.32
Trade payables 26 11,149.93 9,604.16 8,519.60
! ^ 27 8,264.83 2,810.08 9,175.01
Current tax liability (net) 22 491.33 - -
Other current liabilities 28 2,824.24 936.94 845.04
Provisions 29 894.90 739.95 1,105.57
Total current liabilities 32,853.26 28,681.07 36,123.54
Total equity and liabilities 79,108.72 72,032.25 71,334.52
= $ $ > !
This is the Balance Sheet referred to in our audit report of even date
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors
Chartered Accountants T. S. Sahney H. S. Zaveri S. C. Rangani
Firm Registration No. 001076N / N500013 Chairman Vice Chairman and Executive Director and
DIN : 00003873 Managing Director Company Secretary
Adi P. Sethna DIN : 00003948 DIN : 00209069
Partner Tashwinder Singh Ashank Desai Tanushree Bagrodia
Membership No.: 108840 Director Director !
DIN : 06572282 DIN : 00017767
Place : Mumbai Place: Mumbai
Date : 21 May, 2018 Date: 21 May 2018
68
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2018 (Rs. in Lakhs)
Note Year ended Year ended
Particulars
No. 31 March, 2018 31 March, 2017
I Revenue from operations 30 84,836.09 77,431.69
II Other income 31 1,158.55 1,127.05
III Total Income (I + II) 85,994.64 78,558.74
IV Expenses
Cost of materials consumed 32 34,638.67 30,515.07
!> !>[
33 893.23 (761.69)
in progress
Excise duty on sale of goods (Refer Note 30) 1,779.88 6,762.58
"^ ~ 34 12,824.68 11,724.90
Finance costs 35 1,426.86 1,637.59
Depreciation and amortisation expense 2 to 4 2,797.70 2,925.03
Other expenses 36 19,602.66 18,997.60
Total Expenses (IV) 73,963.68 71,801.08
V ; # \"^ > \$^ 12,030.96 6,757.66
VI > >? # \@ ^{ 37

(i) Current Tax 3,739.98 1,841.57
(ii) Deferred Tax 99.64 (16.81)
3,839.62 1,824.76
VII } ; Z z> \$$^ 8,191.34 4,932.90
VIII Other comprehensive income (OCI) 38

! [ ^
\ > ;< ^
84.96 144.91
plans
- Gain/(loss) on fair value of equity instruments 68.50 94.79
- Income tax effect on above (29.40) (50.15)
124.06 189.55
IX Total Comprehensive income for the year
8,315.40 5,122.45
(VII+VIII)
X Earnings per equity share: 51

Basic & Diluted (in Rs.) 8.45 5.09
Face value per Share (in Rs.) 2.00 2.00
Notes 1 to 51 for > !
Q! !
DIN : 06572282 DIN : 00017767
Date : 21 May, 2018 Date: 21 May 2018
69
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2018
(Rs. in Lakhs)
Year ended Year ended
Particulars
31 March 2018 31 March 2017
A Cash Flow From Operating Activities
} ; > ? q ; 12,030.96 6,757.66
Adjustments for:
Depreciation and amortisation expense 2,797.70 2,925.03
Foreign exchange loss/(gain) (334.30) (81.94)
Fair valuation gain on derivative instrument measured at FVTPL (45.73) 145.55
Finance costs 1,426.86 1,637.59
Interest income (248.04) (158.93)
Dividend income (14.42) (231.61)
" ; < (11.10) (8.99)
;> < _Q 4.47 (3.69)
Provision for doubtful debts 481.62 294.18
? ? K ?" ! 16,088.02 11,274.85
Adjustment for movements in:
Changes in working capital:
Adjustment for (increase)/ decrease in assets
- Trade receivables (2,504.42) (99.70)
- Inventories 1,506.43 (2,663.33)
- Bank balances other than cash and cash equivalents (54.67) (2.33)
! 13.22 (22.22)
! (63.02) (367.06)
- Other non-current assets 743.91 193.33
- Other current assets (3,577.70) 203.07
Adjustment in increase/ (decrease) in liabilities
- Other non-current liabilities (63.54) (90.00)
! ^ 289.75 123.62
- Trade payables 1,487.55 1,121.19
- Provisions 239.90 (220.71)
- Other current liabilities 1,887.30 91.90
? ? K ?" ! 15,992.73 9,542.61
Direct taxes paid (net of refunds) (3,248.71) (2,323.03)
Net cash generated from operating activities 12,744.02 7,219.58
70
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2018
(Rs. in Lakhs)
Particulars
31 March 2018 31 March 2017
B Cash Flow From Investing Activities
Purchase of property, plant and equipment and intangible assets (3,467.79) (2,447.25)
Sale proceeds of property, plant and equipment 13.23 31.04
Sale of current investments - 25.00
Interest income received 248.04 158.93
Inter - corporate deposits to related parties (701.66) 603.49
Dividend income received 14.42 231.61
Net cash used in investing activities (3,893.76) (1,397.18)
C Cash Flow From Financing Activities
Proceeds from non-current borrowings 407.16 5,747.15
Repayment of current borrowings (net) (5,977.72) (1,727.48)
Repayment of non-current borrowings (1,072.07) (7,564.00)
Finance costs paid (net) (1,426.86) (1,637.59)
Interim dividend declared, deposited in separate bank account (1,352.96) -
Bank balances towards unclaimed dividend - (5.91)
Dividend paid (3.95) (1,351.01)
Dividend distribution tax paid (276.24) (249.66)
} ! (9,702.64) (6,788.50)
Net (Decrease) in Cash and Cash Equivalents (A+B+C) (852.38) (966.10)
Add: Balance of Cash and Cash Equivalents at the Beginning of the Year 2,034.76 3,000.86
Closing balance of Cash and Cash Equivalents (Refer note 13) 1,182.38 2,034.76
Components of Cash and Cash Equivalents:
Cash on Hand 2.73 2.57
Balances with banks on current accounts 1,179.65 2,032.19
Notes:
$? Q! ! [ ! ^ ! ! > ; <
![? $ '*$X !" ! X[! ! !
! ^ !> ^ > > X
> ^ ! !> > ! [ ! !>X >> > ^ [
! > > ^ ! | ! ^ > > X !
requirement.
= $ $ > !
This is the Statement of Cash Flow referred to in our audit report of even date
DIN : 06572282 DIN : 00017767
Date : 21 May, 2018 Date: 21 May 2018
71
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2018
A. Equity share capital (Rs. in lakhs)
Equity share capital Note No. Number of shares Amount

As at 01 April 2016 19 96,922,600 1,938.45
Changes during the year - -
As at 31 March 2017 96,922,600 1,938.45
As at 31 March 2018 96,922,600 1,938.45
B. Other equity (Refer Note 20) (Rs. in lakhs)
Other
Reserves and surplus
reserves
Secu- General Capital Debenture Retained Fair Value
rities reserve Rede- Rede- earnings Gain on
Particulars pre- mption mption Equity Total
mium reserve Instruments
through OCI
Opening balance as at 01 April 2016 847.61 9,521.20 11.10 750.00 15,387.60 380.74 26,898.25
Transactions during the year
= ;< !" - - - - 4,932.90 - 4,932.90
Other comprehensive income for the year - - - - 94.76 94.79 189.54

Less: Interim dividend - Rs. 1.4 per fully paid up
- - - - (1,356.92) -
shares for 31 March 2017 (1,356.92)
Less: Dividend distribution tax on interim dividend - - - - (249.66) - (249.66)
Less: Transfer to debenture redemption reserve - - - 1,250.00 (1,250.00) - -
Balance as at 31 March 2017 847.61 9,521.20 11.10 2,000.00 17,558.68 475.53 30,414.12
Transactions during the year
= ;< !" - - - - 8,191.34 8,191.34
Other comprehensive income for the year 55.56 68.50 124.06

Less: Interim dividend - Rs. 1.4 per fully paid up
- - - - (1,356.92) -
shares for 31 March 2018 (1,356.92)
Less: Dividend distribution tax on interim dividend - - - - (276.24) - (276.24)
Less: Transfer from retained earnings to
- - - 1,250.00 (1,250.00) - -
debenture redemption reserve
Balance as at 31 March 2018 847.61 9,521.20 11.10 3,250.00 22,922.42 544.03 37,096.36
= $ $ > !
This is the Statement of Changes in Equity referred to in our audit report of even date
DIN : 06572282 DIN : 00017767
Date : 21 May, 2018 Date: 21 May 2018
72
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018
Note
1 Corporate Information
NRB Bearings Limited (‘the Company’) is a public limited company domiciled and incorporated in India in 1965. The
> ! " `! X $X ? %? \X X %^ ** **$X
Maharashtra. The company is engaged in the manufacture of ball and roller bearings.
Q! [ ! [ ! ! ! '$
May 2018.
Basis of Preparation
Q! " ! " [ ! ! !
Companies Act, 2013 (the Act) and rules framed thereunder and the guidelines issued by Securities and Exchange
| ? [ ! ! ^" ! % " X ! " !
> ;< ! ; > <\X
2015 under Section 133 of the Act, with effect from 1 April 2017. Till 31 March 2017, the Company used to prepare
; > <\X'*$; < [ !
! ! ?Q! ! !"?Q!
from Previous GAAP to Ind AS has been accounted for in accordance with Ind AS 101 “First Time Adoption of Indian
Accounting Standards”, with 1 April 2016 being the transition date and balance for the comparative period have been
restated accordingly. AS per Ind As 101, the Company has presented a reconciliation of its transition Previous GAAP to
Ind AS of its total equity as at 1 April 2016 and 31 March 2017 and reconciliation of total comprehensive income and
![ !" #$% !'*$? + ! ?
Q! !^ ! ^ X~ ![ >
assets and liabilities:
< ^ !
< ` ^
q ?"
a. Investment in subsidiaries
^ [ !'
statements.
b. Foreign Currency Transactions
The functional currency of the Company is Indian national rupee (INR) which is also the presentation currency. All
other currencies are accounted for as foreign currency.
Transactions denominated in foreign currencies are initially recorded at the exchange rate prevailing at the date of
transaction.
Foreign currency monetary items are reported using the closing exchange rates. Non-monetary items that are measured
in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial
transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates
at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured
at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e.,
[! > > >
X "<?
~ !> " > ! [! !
they arise except for: exchange difference arising on settlement / restatement of long-term foreign currency
" > } ! !" % !#$X'*$
GAAP, are capitalized as a part of the depreciable property plant and equipments to which the monetary item
73
relates and depreciated over the remaining useful life of such assets. If such monetary items do not relate to acquisition
of depreciable property plant and equipments, the exchange difference is amortised over the maturity period / upto
! ! " X[! ! ! > ! ?
The un-amortised exchange difference is carried under other equity as “Foreign currency monetary item translation
difference account” net of tax effect thereon, where applicable.
c. Revenue Recognition
Revenue is measured at the fair value of consideration received or receivable. Revenue is recognised only when it can
^ ^" ^^ ! ^ [ [ ! "?
\ > ?\ > > [! >

risk and rewards of ownership of the goods have passed to the customer. Amounts disclosed as revenue are inclusive
of excise duty and net of returns, Goods and service tax, value added taxes and amounts collected on behalf of third
parties.
d. Other Income
Interest income for all debt instruments is recognised using the effective interest rate method. The effective interest
! ! ~ " ! ! >! !~ !
!> " > ?! > ! X ! "
!~ ![^" > ! ! ; ~X " X
extension, call and similar options) but does not consider the expected credit losses.
` > "[! ! >! " ^ !X ^^ ! !
^ [ ! ! [ [ ! "X ! ! ^
measured reliably. Interest income is recognised using effective interest method.
e. Income tax
The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on
the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary
differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end
of the reporting period.
Deferred income tax is provided in full, using the balance sheet approach, on temporary differences arising between
! ~ ^ ^ ! " > ! ? {[ X
tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also
not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business
^ ! ! ! ! > ~^ ; ~<?`
income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of
the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred
income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable
that future taxable amounts will be available to utilize those temporary differences and losses.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no
> ^^ ! ~^ [ ^ ^ [ ! ~ ^ ?
Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has
^ ^^ ! ~^ [ [ ! ~ ^ ?
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities
are offset where the company has a legally enforceable right to offset and intends either to settle on a net basis, or to
realise the asset and settle the liability simultaneously.
~ > X~ !~ ! > !
74
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or
directly in equity, respectively.
f. Leases
As a lessee
Leases where the Company is a lessee and has substantially all the risks and rewards of ownership of the leased assets
? ! ! !
property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of
! >X ^ [ > ! ^ ? !"
^ [ ! ^ " ?Q! ! > ! !
produce a constant periodic rate of interest on the remaining balance of the liability for each period.
[! ! > ! [ [ ! !"
>?" >; "
! < ! > >! ^ ! ! !"
[ !~ > ! ~ "
increases.
As a lessor
Lease income from operating leases where the Company is a lessor is recognised in income on a straightline basis over
! ! [ !~ >
!~ " ?Q! !^ ! ^ !
nature.
? "
Q! " > ! [ !| ! ! "
impairment based on internal /external factors. An impairment loss is recognised whenever the carrying amount of
an asset or a cash generating unit exceeds its recoverable amount. The recoverable amount of the assets (or where
applicable, that of the cash generating unit to which the asset belongs) is estimated as the higher of its net selling price
? > ! ?
After impairment, depreciation / amortisation is provided on the revised carrying amount of the asset over its remaining
useful life.
A previously recognised impairment loss is increased or reversed depending on changes in circumstances. However,
the carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging usual
depreciation / amortisation if there were no impairment.
h. Cash and cash equivalents
! ! ![X ! ! !!X
! [ ! X ! ! X! >!" [ ! >
! ! ! " ^ [ ![! ! ^ >
risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the
balance sheet.
i. Trade receivable
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method, less provision for impairment
j. Inventories
Raw Material and components, work in progress, Finished Goods and Traded goods are stated at cost or net realisable
value whichever is lower. Good in transit are stated at cost. Cost formulae used is weighted average cost. Due
allowance is estimated and made for defective and obsolete items, wherever necessary, based on the past experience
of the company.
Cost comprises of all cost of purchase, cost of conversion and other cost incurred in bringing the inventories to their
present location and condition.
Costs of conversion and other costs are determined on the basis of standard cost method adjusted for variances
^ [ X ! " ^X [! ! !"
in the valuation at actuals.
75
K "
@"
Q!" ![ > > ]
! ^ ^ " ; ! ! >! ! ! X ! >!
or loss), and
! ?
Q! ! "^ > > ! !
! ![?
X> [ ! ^ ! !
income. For investments in debt instruments, this will depend on the business model in which the investment is held.
For investments in equity instruments, this will depend on whether the company has made an irrevocable election at
the time of initial recognition to account for the equity investment at fair value through other comprehensive income.
Q!" ^ [!"[! ^ > > ! !>?
Measurement
> X !" X !
! >! X ! " ^ ^ ! !
?Q ! >! ~ ?
[ !^ ! "[! >[! ! ! ![
are solely payment of principal and interest.
Measurement of debt instruments
Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and
! ![ ! ! ?Q! ! > [! ! ! "
its debt instruments:
Z { ! ! ![[! ! ![
solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is
^ " !> > ! > [!
! > ? ! >
the effective interest rate method.
" !! ! ?! \$ @^{ Assets that are held for collection of contractual
![ > ! X[! ! ![ ""
interest, are measured at fair value through other comprehensive income (FVOCI). Movements in the carrying amount
are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange
> [! ! > ?! ! > X ! >
" > " > ! > ;<?
! ! > ! !?
" !! ? "{ Assets that do not meet the criteria for amortised cost or FVOCI are measured
! >! ?> ^ ! ^ "
! >! !> > ! > !
[ ! ! > ;< ! [! ! ? !
! ?
Measurement of equity instruments
Q! " ^ " " ? ! ! " > !
elected to present fair value gains and losses on equity investments in other comprehensive income, there is no
^ > ? ` !
> ! [! ! " >! " ^ !?
!> ! ! >! > ! > ;<
! ? ; < "
measured at FVOCI are not reported separately from other changes in fair value.
76
? "
The Company assesses on a forward looking basis the expected credit losses associated with its assets carried at
amortised cost and FVOCI debt instruments. The impairment methodology applied depends on whether there has been
> ?
^"X !" ! ! ^"$* X
which requires expected lifetime losses to be recognised from initial recognition of the receivables.
"
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Q!"! ! >! ![ !
! >! ! ![ ! X^ ^ >
" ! ![ ?
! !"! X ! " [! ! ! ^ "
[ [ ! ! ? ! X ! > ?! ! "
! ^ " [ [ ! ! X !
derecognised.
! !"! ! ^ " [ [ !
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! !" ! X ! ^ > !~
> ! ?
l. Derivatives
The Company enters into certain derivative contracts to hedge risks which are not designated as hedges. Such contracts
! >! ! > ;<?
"
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally
enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset
and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must
be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company
or the counterparty.
n. Property plant and equipment (including Capital Work-in-Progress)
Freehold land is carried at historical cost. All other items of property, plant and equipment are stated at historical cost
less depreciation. Historical cost are stated at cost of acquisition inclusive of all attributable cost of bringing the assets
to their working condition, less accumulated depreciation and accumulated impairment losses, if any.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only
[! ^ ! ^ [ ! ! [ [ ! " !
of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is
> [! ? ! ! > > ! >
in which they are incurred.
Schedule II to the Companies Act, 2013 prescribes useful lives for property, plant and equipments and allows Companies
to use higher/lower useful lives and residual values if such useful lives and residual values can be technically supported
! ?Q!> ^ ! !
" " ! "X ?
Depreciation/ amortisation on property plant and equipments has been provided on the straight-line method as per the
useful life assessed based on technical advice, taking into account the nature of the asset, the estimated use of the
!^ > ^ > > ^ ! ?
The Company uses its external technical expertise along with historical and industry trends for arriving at the economic
life of an asset.
77
Class of asset Revised useful life based on SLM (Range)
Leasehold land 60 - 90 years
| > $*"
##*"
~ #$*"
#$*"
'*"
Vehicles 5 years
Assets not yet ready for use are recognised as capital work in progress.
On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and
equipment recognised as at 1 April 2016 measured as per the previous GAAP and use that carrying value as the
deemed cost of the property, plant and equipment.
o. Investment Properties
Property that is held for long-term rental yields or for capital appreciation or both, and that is not used by the Company
^ X "? " " X
including related transaction costs and where applicable borrowing costs. Subsequent expenditure is capitalised to the
" > "[! ^^ ! ^ [ ! !~ [
[ ! " ! ! ^ ^"? !
~[! ?! " X ! " > !
is derecognised.
Investment properties are depreciated using the straight-line method over their estimated useful lives. Investment
properties generally have a useful life of 25-40 years. The useful life has been determined based on technical evaluation
performed by the management’s expert.
On transition to Ind AS, the Company has elected to continue with the carrying value of all of its investment properties
recognised as at 1 April 2016 measured as per the previous GAAP and use that carrying value as the deemed cost of
investment properties.
p. Intangible Assets
Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses, if any. Cost
includes expenditure that is directly attributable to the acquisition of the intangible assets.
^ > ^ > [! ^^ ! ^ ^ !
[ [ !" ! ! ^ ^" ?
Computer softwares are capitalised at the amounts paid to acquire the respective license for use and are amortised
over the period of useful lives or period of three years, whichever is less. The assets’ useful lives are reviewed at each
" ?
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net
! " > ! > ! [!
the asset is derecognised.
On transition to Ind AS, the company has elected to continue with the carrying value of all of its intangible assets as at
1 April 2016 measured as per the previous GAAP and use that carrying value as the deemed cost of intangible assets.
J + ! " ""
| [ > ! ^ " > ; <?
Difference between the fair value and the transaction proceeds on initial is recognised as an asset / liability based on
the underlying reason for the difference.
^ " ^ > ! !?
| [ > !^ ! [! !^ > ! ! >X
~ ?Q! ^ [ ! " > ^ " ! !^~ > !
to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is
78
> ?Q!> > ! " [ !! ! ?
| [ > ^ ! "! >! !
liability for at least 12 months after the reporting period.
r. Borrowing Costs
^ [ > " ^ ^ ! X " >
assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added
to the cost of those assets, until such time the assets are substantially ready for their intended use. All other borrowing
> ~ ! [! ! !" ?
s. Provisions, Contingent Liabilities and contingent assets
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event,
^^ ! [ ^" > ^ [ ^ !^ >
a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material,
provisions are discounted using equivalent period government securities interest rate. Unwinding of the discount is
> ! ? [ !^ !
! ^ ?
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which
[ ^ "^" ! [!"[ !
the control of the Company or a present obligation that arises from past events where it is either not probable that
[ [ ^ ^ ! ^?
on contingent liability is disclosed in the Notes to the Financial Statements. Contingent assets are not recognised, but
! ?{[ X[! ! " X ! !
is no longer a contingent asset, but it is recognised as an asset.
=?"< +
Z^ q! ?"< {"^ [ ! > !
! "^ ?| ! X[>X! ^ X ? !
expected cost of bonus, ex-gratia are recognised in the period in which the employee renders the related service.
+^ ; ?"<
@ ;"{ The Company’s superannuation scheme, state governed provident fund and family
! ^ ? Q! ^ "^ ! !X >
during the period in which the employee renders the related service.
ii. Gratuity: The Company has computed its liability towards future payments of gratuity to employees, on actuarial
valuation basis which is determined based on project unit credit method and the charge for current year is debited to
! ? > > ! ^ ^ >
is charged/ credited to other comprehensive income.
iii. Compensated absences: Liabilities are determined on actuarial valuation basis which is determined based on
! ! ! > " ^ ! ?
> > ! ^ ^ > ! > ?
u. Earnings per share
| > ! ^" > ! ;~ > ! ! <
the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the
year. The weighted average number of equity shares outstanding during the year is adjusted for events such as bonus
issue, bonus element in a right issue, shares split and reserve share splits (consolidation of shares) that have changed
the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating
> ! X ! ;~ > ! ! < !" ^ ^
equity share holders and the weighted average number of shares outstanding during the year are adjusted for the
effects of all dilutive potential equity shares.
v. Operating Cycle
Based on the nature of products / activities of the company and the normal time between acquisition of assets and
their realisation in cash or cash equivalents, the company has determined its operating cycle as 12 months for the
^ ?
79
w. Contributed equity
"! "?
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of
tax, from the proceeds.
x. Critical estimates and judgements
The preparation of Financial Statements in conformity with Ind AS which requires management to make estimates,
assumptions and exercise judgement in applying the accounting policies that affect the reported amount of assets,
^ > ^ ! !
and expenses during the year.
The Management believes that these estimates are prudent and reasonable and are based upon the Management’s
best knowledge of current events and actions. Actual results could differ from these estimates and differences between
actual results and estimates are recognised in the periods in which the results are known or materialised.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items
which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those
originally assessed.
i) Property, plant and equipment, Investment Properties and Intangible Assets:
Management reviews the estimated useful lives and residual values of the assets annually in order to determine the
amount of depreciation to be recorded during any reporting period. The useful lives and residual values as per schedule
II of the Companies Act, 2013 or are based on the Company’s historical experience with similar assets and taking into
account anticipated technological changes, whichever is more appropriate.
ii) Income Tax:
The Company reviews at each balance sheet date the carrying amount of deferred tax assets. The factors used in
estimates may differ from actual outcome which could lead to an adjustment to the amounts reported in the standalone
?
iii) Contingencies:
%> ! ! ^ [ ! ! > " X "X
in respect of contingencies/claim/litigations against the Company as it is not possible to predict the outcome of pending
matters with accuracy.
^ ? " {
Q! ^ ^ ~ !?
The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation,
based on Company’s past history, existing market conditions as well as forward looking estimates at the end of each
reporting period.
^ ? " {
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s
recoverable amount. An asset’s recoverable amount is the higher of an asset’s or Cash Generating Units (CGU) fair
value less costs of disposal and its value in use.
X ! > ! [ ! >"
! ! > ?! ! " > z~ ^
amount, the asset is considered impaired and is written down to its recoverable amount.
> X ! ! [ ! > ~
! ! " ! ! ?
determining fair value less cost of disposal, recent market transactions are taken into account. If no such transactions
^ X ?Q! ^ ^"
or other available fair value indicators.
80
"
Q! " ^ > ?Q! >
assumptions about discount rates, expected rate of return on assets, future salary increases and mortality rates. Due
!> ! ! ^ > "?Q!
disclosed in Note 46.
y. Standard issued but not yet effective
Ind AS 115
On 28 March 2018, the Ministry of Corporate Affairs (MCA), in consultation with the National Advisory Committee
on Accounting Standards, has issued Companies (Indian Accounting Standards) Amendment Rules, 2018 to amend
the Companies (Indian Accounting Standards) Rules, 2015. This results in introduction of Ind AS 115, Revenue from
Contracts with customers,that comprehensively revamps the revenue recognition guidance. Consequently, Ind AS 18
$$!^[ ! [X ! ^" ?Q! ^ !
Company from 01 April 2018. The Company is currently assessing the potential impact of this amendment.
Appendix B of Ind AS 21
This appendix is for determining the date of transaction where the entity has received / paid any foreign currency
advances. This appendix states that the date of transaction shall be the date on which such advance is received or
paid. Therefore these non-monetary advances will not be restated at the time of their adjustment against the particular
transaction. The Company is currently assessing the potential impact of this amendment.
81
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31,2018
2 Property, plant and equipment (Rs. in Lakhs)
Particulars Free Hold Leasehold Buildings & Plant & Furniture & Electrical Vehicles Total
Land Land Flats Machinery Fixtures equipment Installation
Gross carrying amount
As at 01 April 2016 60.00 177.43 8,285.00 42,610.80 599.21 446.60 895.55 519.52 53,594.11
Additions - - 126.11 1,205.53 23.06 275.95 55.86 - 1,686.51
Disposals - - - 140.49 - - - - 140.49
As at 31 March 2017 60.00 177.43 8,411.11 43,675.84 622.27 722.55 951.41 519.52 55,140.13
Additions 339.22 3,132.31 42.41 97.48 126.22 171.52 3,909.16
Disposals 186.59 186.59
As at 31 March 2018 60.00 177.43 8,750.33 46,808.15 664.68 820.03 1,077.63 504.45 58,862.70
Accumulated Depreciation
As at 01 April 2016 - 22.36 1,687.97 27,619.31 368.96 406.40 794.36 342.81 31,242.17
Charge for the year - - 163.89 2,483.77 95.61 44.05 35.95 48.86 2,872.13
Disposals - - - 118.44 - - - - 118.44
As at 31 March 2017 - 22.36 1,851.86 29,984.64 464.57 450.45 830.31 391.67 33,995.86
82
Charge for the year - 4.32 170.31 2,409.20 4.53 81.48 29.23 64.92 2,763.99
Disposals - - - - - - - 184.46 184.46
As at 31 March 2018 - 26.68 2,022.17 32,393.84 469.10 531.93 859.54 272.13 36,575.39
Net Carrying value
As at 01 April 2016 60.00 155.07 6,597.03 14,991.49 230.25 40.20 101.19 176.71 22,351.94
As at 31 March 2017 60.00 155.07 6,559.25 13,691.20 157.70 272.10 121.10 127.85 21,144.27
As at 31 March 2018 60.00 150.75 6,728.16 14,414.31 195.58 288.10 218.09 232.32 22,287.31
Footnotes:
$? | > ]
a. Shares in respect of residential premises of a cost of Rs. 2.25 lakhs (31.03.2017 Rs. 2.25 lakhs; 01.04.2016 Rs. 2.25 lakhs) in a co-operative society which is in the process
of being transferred in the name of the Company.
b. Cost of shares of an aggregate face value of Rs. 750 (31.03.2017 Rs. 750; 31.03.2016 Rs. 750) in co-operative housing societies viz. 5 shares of Rs. 50 each in Vile Parle
Vatika Cooperative Housing Society Limited, 5 shares of Rs. 50 each in The Ganesh Villa Co-operative Housing Society Limited and 5 shares of Rs. 50 each in Vinayak Bhavan
Cooperative Housing Society Limited.
2. The title deeds/ leasehold right of Land and Buildings, having gross carrying amount aggregating Rs.61.40 lakhs (31.03.2017 - Rs. 61.40 lakhs; 01.04.2016 - Rs. 217.86 lakhs)
and net carrying amount aggregating Rs. 59.66 lakhs as at 31.03.2018 (31.03.2017 -Rs. 59.76 lakhs; 01.04.2016 - Rs. 200.69 lakhs), have been transferred to and vested in the
Company, pursuant to the Schemes of Amalgamation/Arrangement and the procedural formalities for changing the name of the Company is in process.
3. The above amounts includes adjustment of foreign exchange loss aggregating to Rs. 5.92 lakhs (31.03.2017- Rs. 4.99 lakhs) against the carrying value of plant and
machinery. The balance amount, based on aforesaid adjustments, of plant and equipment to be amortised, as at the year-end, aggregates Rs. 1,258.17 lakhs (31.03. 2017 :
Rs. 1,436.14 lakhs).
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018
3 Investment Properties (Rs. in Lakhs)
Particulars Buildings and Total

Gross carrying value*
As at 01 April 2016 41.00 41.00
As at 31 March 2017 41.00 41.00
As at 31 March 2018 41.00 41.00
Accumulated Depreciation*
As at 01 April 2016 41.00 41.00
As at 31 March 2017 41.00 41.00
As at 31 March 2018 41.00 41.00
Net carrying value
As at 01 April 2016 - -
As at 31 March 2017 - -
As at 31 March 2018 - -
* There is no addition and disposal to the gross block and depreciation charge for the year ended 31 March 2018
and 31 March 2017.
3.1 Fair value of Investment Property (Rs. in Lakhs)
As at As at As at
Particulars
31 March 2018 31 March 2017 01 April 2016
| > 1,729.35 1,635.76 899.71
Total 1,729.35 1,635.76 899.71
3.2 Income from Investment property generating Rental Income (Rs. in Lakhs)
As at As at
Particulars
31 March 2018 31 March 2017
Rental Income derived from investment properties 117.72 108.72
Direct Operating expenses from property (including repairs and maintenance)
that generated rental income 1.24 1.28
that did not generate rental income - -
Income arising from investment properties before depreciation 116.48 107.44
Depreciation - -
Income from Investment properties (Net) 116.48 107.44
83
3.3 Estimation of fair value of investment properties:

The fair valuation is based on current prices in the active market for similar properties. The main inputs used
are quantum, area, location, demand, age of building and trend of fair market rent, ready reckoner rate etc.
This fair value is based on valuations performed by an accredited independent valuer. The fair value measurement
is categorised in level 2 fair value hierarchy.
3.4 The carrying value as at 1 April, 2016 as per previous GAAP of the Investment Properties is considered as a
deemed cost on the date of transition.
4 Intangible assets (Rs. in Lakhs)
Particulars Software Total

Gross carrying value
As at 01 April 2016 591.23 591.23
Additions - -
Disposals - -
As at 31 March 2017 591.23 591.23
Additions 66.46 66.46
Disposals - -
As at 31 March 2018 657.69 657.69
Accumulated Amortisation
As at 01 April 2016 508.52 508.52
Charge for the year 52.90 52.90
Disposals - -
As at 31 March 2017 561.42 561.42
Charge for the year 33.71 33.71
Disposals - -
As at 31 March 2018 595.13 595.13
Net carrying value
As at 01 April 2016 82.71 82.71
As at 31 March 2017 29.81 29.81
As at 31 March 2018 62.56 62.56
84
5 Investments (Non - Current) (Rs. in Lakhs)
As at March 31, 2018 As at March 31, 2017 As at April 01, 2016

Particulars Quantity Amount Quantity Amount Quantity Amount
(Nos.) (Nos.) (Nos.)
Investment in Equity shares
(fully paid-up)
(i) Investment in Foreign
subsidiary (Unquoted) (At Cost)
NRB Bearings (Thailand) Limited
(THB 10 each) 10,999,994 1,640.56 10,999,994 1,640.56 10,999,994 1,640.56
NRB Bearings Europe GmbH
(Euro 1 each) 25,000 20.48 25,000 20.48 25,000 20.48
(ii) Investment in Indian
subsidiary (Quoted) (At Cost)
SNL Bearings Limited
(Rs. 10 each) 2,652,762 239.67 2,652,762 239.67 2,652,762 239.67
(iii) Equity investment measured
at fair value through other
comprehensive income
a. Quoted
Indusind Bank Limited
(Rs. 10 each) 8,541 153.46 8,541 121.72 8,541 82.64
Eicher Motors Limited
(Rs. 10 each) 600 170.24 600 153.53 600 115.08
Hero Motocorp Limited
(Rs. 2 each) 6,250 221.42 6,250 201.37 6,250 184.11
b. Unquoted
21st Century Battery Limited
(Rs. 10 each) 10,000 1.00 10,000 1.00 10,000 1.00
Less: Provision for impairment in value (1.00) (1.00) (1.00)
Total investment in equity shares 2,445.83 2,377.33 2,282.54
(iv) Investment in mutual funds
measured at fair value through
? " \J ^
DSP Black Rock Equity Fund 50,000 23.20 50,000 27.67 50,000 23.98
Total non-current investments 2,469.03 2,405.00 2,306.52
Notes:
Aggregate amount of quoted
investments and market value
thereof 784.78 716.29 621.50
Aggregate amount of unquoted
investments (gross) 1,684.25 1,688.71 1,686.01
Aggregate amount of impairment in
the value of investments (1.00) (1.00) (1.00)
85
(Rs. in Lakhs)
As at As at As at
March 31, 2018 March 31, 2017 April 01, 2016
Non-Current
6 Loans
Unsecured, considered good
Inter - corporate deposits to related parties
- 929.96 906.79
(refer note 43)
Security Deposits 252.92 252.75 241.15
Total 252.92 1,182.71 1,147.94
7 ! "
Margin money deposits with the maturity of more
than 12 months 2.93 16.32 5.70
Total 2.93 16.32 5.70
8 Current tax assets (net)
Advance taxes paid * 1,606.32 1,606.25 1,124.91
Total 1,606.32 1,606.25 1,124.91
* net of provision for tax Rs. 18,062.31 lakhs; 31 March 2017 Rs. 18,062.31 lakhs and 1 April 2016 Rs. 16,220.75 lakhs
9 Other non-current assets
Capital Advances 501.12 945.41 643.95
Prepayments 16.48 34.88 2.24
Balance with government authorities - 684.57 993.29
Advance sales tax 476.98 517.92 419.11
Others 36.42 36.42 52.48
Total 1,031.00 2,219.20 2,111.07
Current
10 Inventories
Raw materials and components* 4,248.09 5,181.99 3,977.54
> 4,041.28 3,525.76 2,936.57
Finished goods 2,851.32 4,260.07 4,087.57
Stores & Spares 3,128.39 2,807.69 2,110.50
Total 14,269.08 15,775.51 13,112.18
* Includes Goods-in-transit Rs. 120.58 lakhs, 31 March 2017 Rs. 320.96 lakhs and 1 April 2016 Rs. 57.43 lakhs
11 Investment (Current) (At Cost)
Investments in preference shares of subsidiary - - 25.00
Company - SNL Bearings (Unquoted) 10,00,000 of
Rs. 100 each (partially redeemed)
Total - - 25.00
Footnote:
The Company had in its Board meeting dated 22nd May, 2014, accepted the proposal of its Subsidiary to change the redemption terms
of Preference Shares, earlier scheduled to be fully redeemed on 18th June, 2014. As per the revised terms, Rs. 150 lakhs was redeemed
on 18th June, 2014 and the balance of Rs 50 lakhs was redeemed equally over the period of two years on 18th June, 2015 and 18th
June, 2016 with an enhanced coupon rate of 11% p.a. effective 18th June, 2014 till its redemption. Accordingly, investment of Rs 25
! ! ^ "[ ?
86
(Rs. in Lakhs)
As at As at As at
12 Trade receivables
Secured,considered good 68.04 194.62 163.98

Unsecured, considered good 23,507.24 20,684.82 20,953.50
Unsecured, considered doubtful 2,981.19 3,219.33 2,925.15
Less : Provision for doubtful debts (2,981.19) (3,219.33) (2,925.15)
Total 23,575.28 20,879.44 21,117.48
13 Cash and cash equivalents
Balances with banks

- Current Accounts 1,010.13 1,942.37 1,661.27
- EEFC Account 169.52 89.82 16.25
Deposits with the original maturity of less than
three months - - 1,299.16
Cheques on Hand - - 21.48
Cash on Hand 2.73 2.57 2.70
Total 1,182.38 2,034.76 3,000.86
14 Bank balances other than cash and cash equivalents
Margin money deposits 116.43 61.76 52.87

(Fixed deposit pledge with banks)
Deposits with maturity of more than 3 months but - - 6.56
less than 12 months
Unpaid dividend (refer footnote below) 1,376.49 23.52 17.61
Total 1,492.92 85.28 77.04
Footnote :
Includes interim dividend declare on 20 March 2018, deposited in separate bank account Rs. 1,356.92 lakhs
15 Loans
Inter Corporate Deposit (including interest 2,597.32 848.68 1,515.11

thereon) (refer note 43)
Loans and Advances to employees 80.07 92.50 72.80
Security Deposits 152.07 157.19 49.76
Total 2,829.46 1,098.37 1,637.67
16 ! "
Derivative Assets 380.05 299.49 59.58

Total 380.05 299.49 59.58
Income tax refund 89.41 89.41 89.28

Total 89.41 89.41 89.28
87
(Rs. in Lakhs)
As at As at As at
18 Other current assets
Advances recoverable in kind for value to be received:
- Related Parties 131.98 101.17 422.09

- Others 4.62 2.01 -
Advance to suppliers 689.67 364.97 318.18
Export incentive and duty drawback receivable 924.61 528.99 353.00
Balance with government authortities 4,126.86 1,132.53 1,353.00
Prepayments 385.51 331.68 336.45
Total 6,263.25 2,461.35 2,782.72
19 Equity share capital
Authorised:
100,000,000 (31 March 2017 and 01 April 2016: 2,000.00 2,000.00 2,000.00
100,000,000) Equity Shares of Rs. 2 each
Total 2,000.00 2,000.00 2,000.00
Issued, Subscribed and Paid-Up:
96,922,600 (31 March 2017 and 01 April 2016: 1,938.45 1,938.45 1,938.45
96,922,600) Equity Shares of Rs. 2 each fully
paid up
Total 1,938.45 1,938.45 1,938.45
(i) Reconciliation of number of Equity Shares outstanding at the beginning and at the end of the year :
2017-18 2016-17 2015-16

Particulars
(In Nos.) (Rs. in lakhs) (In Nos.) (Rs. in lakhs) (In Nos.) (Rs. in lakhs)
Shares outstanding at the
beginning of the year 96,922,600 1,938.45 96,922,600 1,938.45 96,922,600 1,938.45
end of the year 96,922,600 1,938.45 96,922,600 1,938.45 96,922,600 1,938.45
(ii) Rights attached to equity shares:

a) Right to receive dividend as may be approved by the Board / Annual General Meeting.
b) The equity shares are not repayable except in the case of a buy back, reduction of capital or winding up in
terms of the provisions of the Companies Act, 2013.
c) Every member of the Company holding equity shares has a right to attend the General Meeting of the
Company and has a right to speak and on a show of hands, has one vote if he is present in person and on a
poll shall have the right to vote in proportion to his share of the paid-up capital of the Company.
88
(iii) Details of shareholders holding more than 5% shares in the company:
Name of Shareholder As at 31 March 2018 As at 31 March 2017 As at 01 April 2016

Number % of Number % of Number % of
of shares Holding of shares Holding of shares Holding
held held held
Trilochan Singh Sahney Trust 1 (held
by a trustee in his individual name) 34,829,642 35.94% 35,740,266 36.88% 36,486,909 37.65%
Hanwantbir Kaur Sahney 2,867,000 2.96% 2,867,000 2.96% 4,972,000 5.13%
Harshbeena Sahney Zaveri 8,500,167 8.77% 8,454,769 8.72% 5,165,019 5.33%
Nalanda India Equity Fund Limited 9,682,667 9.99% 9,682,667 9.99% 9,682,667 9.99%
SBI Magnum Global Fund - - 4,400,000 4.54% 5,159,663 5.32%
20 Other equity (Rs. in Lakhs)
As at As at As at
a) Reserves and surplus
Securities Premium Reserve 847.61 847.61 847.61
General Reserve 9,521.20 9,521.20 9,521.20
Capital Redemption Reserve 11.10 11.10 11.10
Debenture Redemption Reserve 3,250.00 2,000.00 750.00
Retained Earnings 22,922.42 17,558.68 15,387.60
Fair Value Gain on Equity Instruments through OCI 544.03 475.53 380.74
Total 37,096.36 30,414.12 26,898.25
i) Securities Premium Reserve As at As at

31 March 2018 31 March 2017
Opening balance 847.61 847.61
Transaction during the year - -
Closing balance 847.61 847.61
ii) General Reserve

Opening balance 9,521.20 9,521.20
Closing balance 9,521.20 9,521.20
iii) Capital Redemption Reserve

Opening Balance 11.10 11.10
Add: Transfer from retained earnings - -
iv) Debenture Redemption Reserve

Particulars
Opening balance 2,000.00 750.00
Add: Transfer from retained earnings 1,250.00 1,250.00
89
(Rs. in lakhs)
As at As at
31 March 2018 31 March 2017
v) Retained Earnings
Opening Balance 17,558.68 15,387.60
] !" 8,191.34 4,932.90
Add: Other comprehensive income for the year 55.56 94.76
Less: Interim dividend for the year Rs. 1.4 per fully paid up (1,356.92) (1,356.92)
share for 31 March 2018 (31 March 2017- Rs. 1.4 per fully
paid share)
Less: Dividend distribution tax on Interim dividend (276.24) (249.66)
Less: Transfer to debenture redemption reserve (1,250.00) (1,250.00)
b) Others:
i) Fair Value of Equity Instruments through OCI
Opening balance 475.53 380.74
Change in Fair value of FVOCI equity instrument 68.50 94.79
Nature and purpose of reserves
i) Capital Redemption Reserve
It is created on account of merger and the same will be utilised in accordance with the provision of Companies Act 2013
ii) Securities Premium Reserve
Securities premium is used to record the premium received on issue of shares. The amount will be utilised in
accordance with the provisions of the Companies Act, 2013
iii) Debenture Redemption Reserve
The Company had issued non convertible debentures and accordingly Debenture redemption reserve is required
to be created pursuant to the Companies (Share capital and debentures) Rules 2014. The same will be utilised in
accordance with the provision of Companies Act 2013
iv) General Reserve
\ ^"[" >
purpose. This reserve is a distributable reserve.
\ > ! ^" !" !" ?
vi) Fair Value Gain on Equity Instruments through OCI
The Company has elected to recognise changes in the fair value of equity investments in Other Comprehensive
Income. These changes are accumulated within the FVOCI equity investment reserves within equity and will be
transferred to retained earnings on derecognition of these equity instruments.
90
21 Long term borrowings

(Rs. in lakhs)
As at As at As at
Non convertible Debentures - Unsecured 1,983.75 4,983.75 2,989.50
(Refer note (a) below)
External commercial borrowings from bank - Secured 1,763.95 2,398.80 1,459.59
(Refere note (b) below)
Foreign Currency Term Loan from banks - Secured 2,402.89 2,396.97 -
(Refere note (c) below)
Term Loan from others - Secured - - 433.37
(Refer note (d) below)
Deferred sales tax loan - Unsecured 735.41 949.94 1,166.00
(Refer note (e) below)
Total 6,886.00 10,729.46 6,048.46
(Rs. in lakhs)
No: of in- As at As at As at
Rate of
Particulars Security Terms of repayment stallment 31 March 31 March 01 April
interest
# 2018 2017 2016
a Non-convertible
Debentures
300 Non convertible Unsecured Reedemable at par, on 03 August 1 9.93% 3,186.14 3,187.28 3,188.09
debentures of face value 2018
of Rs. 10,00,000 each
200 Non convertible Unsecured Reedemable at par, on 14 June 1 9.49% 2,157.38 2,155.98 -
of Rs. 10,00,000 each
Total 5,343.52 5,343.26 3,188.09
Comprises of
Long Term Borrowings 1,983.75 4,983.75 2,989.50
Current maturities of long 3,359.77 359.51 198.59
term borrowings*
5,343.52 5,343.26 3,188.09
b External commercial
borrowings from bank
External commercial Secured by hypothecation of Quarterly installments starting 13 6.40% 1,790.75 2,424.65 -
borrowings ! > from 04 February 2019 to be
machinery of the company completed in 04 February 2022
External commercial Secured by hypothecation of Quarterly installments completed - Libor+274 - - 872.81
borrowings ! > in February 2017 bps to
machinery of the company Libor +
350
External commercial Secured by hypothecation of Half yearly installment repaid - Libor+274 - - 3,738.93
borrowings ! > prematurely in February 2017 bps to
machinery of the company Libor +
350
Total 1,790.75 2,424.65 4,611.74
Comprises of
Long Term Borrowings 1,763.95 2,398.80 1,459.59
Current maturities of long 26.80 25.85 3,152.15
term borrowings *
1,790.75 2,424.65 4,611.74
91
No: of As at As at As at
Rate of
Particulars Security Terms of repayment install- 31 March 31 March 01 April
interest
# 2018 2017 2016
c Foreign Currency
Term Loan from banks
Term Loan Secured by hypothecation of Quarterly installments starting 15 5.95% to 3,052.42 2,403.99 -
! > from 14 June 2018 to be 6.00%
machinery of the company completed in 14 December 2021
Capex Buyer's credit Secured by hypothecation of Structured installment to be - Libor+270 - - 969.73
! > completed by June 2016 bps to Libor
machinery of the company + 290 bps
Term Loan Secured by hypothecation of Completed in November 2016 - Libor+200 - - 2,157.56
! > bps
machinery of the company
Total 3,052.42 2,403.99 3,127.29
Comprises of
Long Term Borrowings 2,402.89 2,396.97 -
Current maturities of long 649.53 7.02 3,127.29
term borrowings *
3,052.42 2,403.99 3,127.29
d Term Loans from
others
Term Loan Secured by hypothecation of Half yearly structured - 11% - 457.72 1,387.58
! > installments starting from June
machinery of the company 2015 to be completed in June
2017
Total - 457.72 1,387.58
Comprises of
Long Term Borrowings - - 433.38
Current maturities of long - 457.72 954.20
term borrowings *
- 457.72 1,387.58
e Deferred sales tax
loan
Deferred sales tax loan Unsecured Annual installments to be 9 - 949.94 1,165.99 1,383.81
completed by May, 2025
Total 949.94 1,165.99 1,383.81
Comprises of
Long Term Borrowings 735.41 949.94 1,166.00
Current maturities of long 214.53 216.05 217.81
term borrowings *
949.94 1,165.99 1,383.81
¯ "^X > " > ^ ?
22 Current tax liability (Net) (Rs. in Lakhs)
As at As at As at
Provision for tax (net of advance tax Rs. 3,248.64 491.33 - -
lakhs; 31 March 2017 Rs. Nil and 01 April 2016 Rs. Nil)
Total 491.33 - -
92
23 Deferred tax liabilities (net) (Rs. in Lakhs)
As at As at As at
Deferred tax liability on account of :
Depreciation and amortisation expense (1,752.12) (1,681.59) (1,647.85)
Financial liability at amortised cost (4.60) (4.60) (4.60)
(1,756.72) (1,686.19) (1,652.45)
Deferred tax assets on account of :
Provision for Gratuity 25.45 9.20 127.81
Amortisation of borrowing 0.86 0.86 -
Provision for doubtful debts 1,031.72 1,114.14 1,012.33
Voluntary retirement compensation 29.34 44.00 58.66
Provision for compensated absence 284.25 246.53 254.46
Fair valuation of derivative contracts 55.70 71.10 20.73
Others (1.30) (1.30) 10.14
1,426.02 1,484.53 1,484.13
Total 330.70 201.65 168.32
24 Other non-current liabilities (Rs. in Lakhs)
As at As at As at
Unearned revenue - 67.50 157.50
Others 3.96 - -
Total 3.96 67.50 157.50
25 Short Term Borrowings

Secured
Loans from banks * 4,700.00 3,003.75 6,009.61
Loans in foreign currency from banks 1,028.03 4,586.19 4,468.71
Unsecured
Commercial papers [Maximum balance outstanding 3,500.00 7,000.00 6,000.00
during the year Rs. 8,500 lakhs (31 March 2017
Rs. 8,500 lakhs; 01 April 2016 Rs. 6,000 lakhs)]
Total 9,228.03 14,589.94 16,478.32
Footnotes:
* Secured by a pari passu charge on inventories and trade receivables, present and future.
93
(Rs. in Lakhs)
Particulars Security As at As at As at
Loans in foreign currency from banks
Packing credit loan Secured by a pari passu charge on 1,028.00 4,298.14 3,517.18
inventories and trade receivables,
present and future.
Buyer’s credit Secured by a pari passu charge on - 288.05 951.52
present and future.
1,028.00 4,586.19 4,468.70
26 Trade Payables (Rs. in Lakhs)
As at As at As at
Particulars
March 31, 2018 March 31, 2017 01 April 2016
Micro and Small Enterprises (refer note below) - - -
Other than Micro and Small Enterprises 11,149.93 9,604.16 8,519.60
Total 11,149.93 9,604.16 8,519.60
The Company has not received any intimation from the suppliers regarding their status under the Micro, Small and
Medium Enterprises Development Act, 2006 hence disclosures, if any, relating to amounts unpaid as at the year
end together with interest paid/ payable as required under the said Act have been made on the basis of information
^[ ! !"?%> ^ ! > X "X[ ^ > ?
94
Q ! " "" (Rs. in Lakhs)

As at As at As at
Particulars
Current Maturities of Long-Term Borrowings (Refer
note 21)
- Non convertible debentures 3,359.77 359.51 198.59
- External commercial borrowings from bank 26.80 25.85 3,152.15
- Foreign currency term loan from banks 649.53 7.02 3,127.29
- Term loans from others - 457.72 954.20
- Deferred sales tax loan 214.53 216.05 217.81
Derivative liability 312.72 277.89 -
Security deposits 863.00 858.46 832.21
Unpaid dividends (unclaimed) (Refer footnote i) 19.57 23.52 17.61
Dividend payable (Refer footnote ii) 1,356.92 - -
Other payables
- Property plant and equipments 738.82 65.54 121.66
- Employee related liability 723.17 518.52 553.49
Total 8,264.83 2,810.08 9,175.01
Footnotes:
i. There is no amount outstanding and due as at the balance sheet date to be credited to the Investor
Education and Protection Fund.
ii. Represents interim dividend declared by the Board of Directors at their meeting dated 20 March 2018.
28 Other current liabilities (Rs. in Lakhs)
As at As at As at
Particulars
Unearned revenue 67.50 90.00 86.39
Statutory dues 2,587.40 704.34 663.80
Advances received 140.90 142.60 94.85
Others 28.44 - -
Total 2,824.24 936.94 845.04
29 Provisions (Rs. in Lakhs)
As at As at As at
Particulars
"^
- Compensated Absences 821.34 712.34 735.26
- Gratuity 73.56 27.61 370.31
Total 894.90 739.95 1,105.57
95
30 Revenue from Operations (Rs. in Lakhs)

Particulars
March 31, 2018 March 31, 2017
Sale of Products
Finished goods - Bearings 83,727.04 76,601.05
Other operating revenues

Scrap Sales 663.97 504.14
Others 445.08 326.50
Total 84,836.09 77,431.69
Note:
Excise duty on sales was included under Revenue from operations and disclosed separately under
Expenses upto 30 June 2017. Post implementation of Goods and Services Tax (GST) from 1 July 2017,
revenue from operations is reported net of GST and hence to that extent sale of products for the year
end 31 March 2018 are not comparable.
31 Other Income (Rs. in Lakhs)

Particulars
31 March 2018 31 March 2017
` _ 14.42 231.61

- From banks on deposits 23.49 9.09
- On loans and advances 224.55 149.84
!> _Q - 3.69
Fair valuation gain on derivative instrument measured at FVTPL 45.73 -
" ; < 11.10 8.99
Rent 124.61 121.02
Net gain on foreign currency transactions and translation 707.64 -
Refund of duty* - 580.00
Other non-operating income 7.01 22.82
Total 1,158.55 1,127.05
* Represents refund of taxes and duty received by the Company under the Package Scheme of Incentives - 2007.
32 Cost of material consumed (Rs. in Lakhs)

Particulars
31 March 2018 31 March 2017
Raw material consumed
Opening stock 5,181.99 3,977.54
Add: Purchases 33,704.77 31,719.52
Less: Closing stock (4,248.09) (5,181.99)
Total 34,638.67 30,515.07
96
33 @! ! K ? (Rs. in Lakhs)

Particulars
31 March 2018 31 March 2017
Work-in-progress
Opening 3,525.76 2,936.57
Closing 4,041.28 3,525.76
(515.52) (589.19)
Finished goods
Opening 4,260.07 4,087.57
Closing 2,851.32 4,260.07
1,408.75 (172.50)
Total 893.23 (761.69)
34 =?"< + =>? (Rs. in Lakhs)

Particulars
31 March 2018 31 March 2017
X[ ! ^ 10,982.41 10,040.95
Contribution to provident and other funds 736.05 597.76
Staff welfare expenses 1,106.22 1,086.19
Total 12,824.68 11,724.90
35 Finance Costs (Rs. in Lakhs)

Particulars
31 March 2018 31 March 2017
~ ^
- Borrowings 814.93 711.94
- Others 604.46 882.92
Other Borrowing Costs 7.47 42.73
Total 1,426.86 1,637.59
97
36 Other Expenses (Rs. in Lakhs)
Year ended 31 Year ended
Particulars
March 2018 31 March 2017
Consumption of stores and spare parts 5,931.66 5,724.01
Processing charges 2,104.16 1,696.98
Power and fuel 2,303.82 2,428.16
Repairs and maintenance -
Buildings 220.67 334.94
Plant and machinery 285.31 284.03
Others 85.13 54.24
Insurance 169.60 135.26
Rent 138.49 95.66
Rates and taxes 69.05 117.67
Legal and professional fees 839.00 685.33
Directors’ fees and commission 25.20 29.28
Commission on sales 872.99 686.09
Travelling and conveyance 818.62 629.49
Postage, telephone and fax 69.04 59.12
Bank charges 51.43 29.56
Advertisement and sales promotion expenses 513.16 332.90
Forwarding charges 3,190.55 2,451.20
Provision for doubtful debts 481.62 294.18
Lease rent (Refer Note 50) 72.91 69.30
Information Technology expenses 552.47 462.67
Excise duty on Increase/ (decrease) in inventories of (785.75) 71.42
!>
Net loss on foreign currency transactions and translation - 417.65
_Q 4.47 -
Fair valuation loss on Derivative contracts - 145.55
Auditors’ remuneration (refer note 36.1 below) 51.85 58.17
Expenditure on Corporate Social Responsibility 143.16 128.90
(refer note 36.2 below)
Miscellaneous expenses 1,394.05 1,575.84
Total 19,602.66 18,997.60
] Z \>" > # >^
For statutory audit (including limited review) 42.00 48.65
For tax audit 3.00 4.25
For other services 2.25 4.60
For reimbursement of expenses 0.50 0.67
Fees to erstwhile auditors' 4.10 -
Total 51.85 58.17
36.2 Details of expenditure on Corporate Social Responsibility:
> !" ! " 6,815.67 6,363.33
^ \ ~ ;'¢ ! > 136.31 127.27
computed above)
" @q >? ! " <
Q ^ ! " 136.31 127.27
Amount spent 143.16 128.90
Amount unspent - -
98
37 TAX EXPENSE (Rs. in Lakhs)
Year ended 31 Year ended
Particulars
March 2018 31 March 2017
Current tax expense
Current tax for the year 3,739.98 1,886.33
Tax adjustment in respect of earlier years - (44.76)
Total current tax expense 3,739.98 1,841.57
Deferred taxes
Change in deferred tax liabilities 99.64 (16.81)
} > >? # \ ^ 99.64 (16.81)
3,839.62 1,824.75
]Q z> " \ ? "^ (Rs. in Lakhs)
; > >? 12,030.96 6,757.66
Tax at the rate of 34.608% (for 31 March 2017 - 34.608%) 4,163.67 2,338.69
z> !! " #
taxable in calculating taxable income
Depreciation (2.08) 63.17
Non deductible expenses for tax purpose 31.47 32.32
Deduction under 80IC (121.13) (121.13)
Exempt income (3.44) (81.43)
Additional allowances for tax purpose (245.37) (347.67)
"X (3.84) (3.11)
Tax adjustment of prior years - (44.76)
Others 20.34 (11.32)
Income tax expense 3,839.62 1,824.76
37.2 Deferred tax related to the following: (Rs. in lakhs)
Recognised Recognised
As at As at
through through As at
Deferred tax liability (net) 31 March 31 March
? ? 1 April 2016
2018 2017
and loss and loss
Deferred tax liabilities on account of:
Difference between book and tax (1,752.12) (70.53) (1,681.59) (33.74) (1,647.85)
depreciation
Financial liability measured at (4.60) - (4.60) - (4.60)
amortised cost
Total deferred tax liabilities (1,756.72) (70.53) (1,686.19) (33.74) (1,652.45)
Deferred tax assets on account of:

Provision for Gratuity 26.31 16.25 10.06 (117.75) 127.81
Provision for doubtful debts 1,031.72 (82.42) 1,114.14 101.81 1,012.33
Voluntary retirement compensation 29.34 (14.66) 44.00 (14.66) 58.66
Provision for compensated absence 284.25 37.72 246.53 (7.93) 254.46
Fair valuation of derivative contracts 55.70 (15.40) 71.10 50.37 20.73
Others (1.30) - (1.30) (11.44) 10.14
Total deferred tax assets 1,426.02 (58.51) 1,484.53 0.40 1,484.13
Total deferred tax liability (net) 330.70 129.04 201.66 33.34 168.32
99
38 Other Comprehensive Income (OCI) (Rs. in Lakhs)

31 March 2018 31 March 2017
! "" " ? "
> ;< ! ^ 84.96 144.91
Fair value changes on equity instruments through other comprehensive 68.50 94.79
income
Tax on above (29.40) (50.15)
Total 124.06 189.55
39 Fair value measurements (Rs. in lakhs)

Financial instruments by category:

Particulars FVOCI FVTPL Amor- FVOCI FVTPL Amor- FVOCI FVTPL Amor-
tised cost tised cost tised cost
Financial Assets - Non-current
Investments (other then subsidiaries) 545.12 23.20 - 476.62 27.67 - 381.83 23.98 -
Non-current Loans - - 252.92 - - 1,182.71 - - 1,147.94
! - - 2.93 - - 16.32 - 5.70
Financial Assets - Current
Investments - - - - - - - - 25.00
Trade receivables - - 23,575.28 - - 20,879.44 - - 21,117.48
Cash and cash equivalents - - 1,182.38 - - 2,034.76 - - 3,000.86
Bank Balances other than cash and - - 1,492.92 - - 85.28 - - 77.04
cash equivalents
Loans - - 2,829.46 - - 1,098.37 - - 1,637.67
! - 380.05 - - 299.49 - - 59.58 -
Financial Liabilities - Non-Current
Non-current borrowings - - 11,136.63 - - 11,795.61 - - 13,698.50
(including current maturities)
Other Financial Liabilities - - - - - - - - -
Financial Liabilities - Current
Short term borrowings - - 9,228.03 - - 14,589.94 - - 16,478.32
Trade payables - - 11,149.93 - - 9,604.16 - - 8,519.60
! ^ - 312.72 3,701.48 - 277.89 1,466.04 - - 1,524.98
I. Fair value hierarchy

Q! ! ^ ! ! [^ >
or paid on transferring a liability in an orderly transaction between market participants on the measurement date.
Q! ~ !> > ! !
that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair
! ?Q ^ ! ^ " !
> X !"! ! ! ^
the accounting standard. An explanation of each level follows underneath the table.
Level 1: $ ! !" > ? ~X
equity instruments that have quoted market price.
Level 2: Q! ! ; ~X
bonds, over-the- counter derivatives) is determined using valuation techniques which maximise the use of
100
^ ^ " ^ " ? >
required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: ! > ^^ ^ X !
#?Q! ! " X >
asset included in level 3.
During the periods mentioned above, there have been no transfers amongst the levels of hierarchy.
II. Valuation techniques used to determine fair value
> ! ]
The fair value for investment in equity instrument and mutual fund is based on the quoted market prices.
" X ^ ![ >
considering company’s incremental borrowing rate. Non current borrowings are fair valued using effective
interest rates.
Fair valuation of interest rate swap and foreign currency option contracts are calculated on the basis of
estimated mid-market levels, estimated bid-side or offer side levels, or on the basis of indicative bid or offer
or unwind prices or on such other appropriate basis. It is derived from other proprietary or other pricing
models based on certain assumptions.
Fair valuation of forward exchange contracts is determined using forward exchange rates on the balance
sheet date.
The carrying amounts of Trade receivables, cash and cash equivalent, other bank balances, current
X! X ! X! ^ [ >X "^X !
^ ^ ~ " ! ?
III. Valuation Process
Q! ! ^
> ?Q! " ! ! ;<?`
processes and results are held at least once every three months, in line with the quarterly reporting
periods.
IV. Financial assets and liabilities measured at fair value - recurring fair value measurement:
(Rs. in lakhs)

Particulars
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Financial Assets
Mutual fund investments 23.20 - - 27.67 - - 23.98 - -
measured at FVTPL
Investments in equity 545.12 - - 476.62 - - 381.83 - -
instrument measured at FVOCI
Interest rate swap and foreign - 221.45 - - 140.89 - - -
currency option
Forward contract - 158.60 - - 158.60 - 59.58 -
Financial Liability
Interest rate swap and foreign - 277.89 - - 277.89 - - - -
currency option
Forward contract - 34.83 - - - - - - -
101
$ " " \ "
value hierarchy)
(Rs. in lakhs)
Particulars
Carrying Amt Fair Value Carrying Amt Fair Value Carrying Amt Fair Value
Financial Assets
Inter - corporate deposits to - - 929.96 929.96 906.79 906.79
related parties
Security deposits 252.92 252.92 252.75 252.75 241.15 241.15
Other non current assets 2.93 2.89 16.32 16.65 5.70 6.48
Non-current borrowings 11,136.63 10,500.88 11,795.61 10,618.93 13,698.50 12,554.43
40 Financial risk management

Q!" ^ ^ [ >X ! "^?Q!
! ^ !" ?Q!"
loans, trade and other receivables, investments and cash and cash equivalents that are derived directly from its
operations.
The Company is exposed to credit risk, market risk and liquidity risk. The Company’s senior management
oversees the management of these risks.
A Credit risk
The company is exposed to credit risk from its operating activities (primarily for trade receivables) and from
> ; [ !^ ! <?
Credit risk management
To manage credit risk, the Company follows a policy of providing 0-90 days credit on the basis of nature of
customers. The credit limit policy is established considering the current economic trends of the industry and
geographies in which the company is operating.
{[ X ! ^ ^ >" >
recoverability of dues and provision is created accordingly.
Bank balances and deposits are held with only high rated banks and majority of other security deposits are
placed majorly with government agencies/public sector undertakings. .
Age of receivables that are past due: (Rs. in lakhs)
As at As at As at
Particulars
Upto 3 months 15,546.22 12,421.77 11,196.32
3 - 6 months 4,075.93 2,895.44 3,073.39
6 - 12 months 3,595.77 3,084.87 4,163.08
More than one year 3,338.55 5,696.69 5,609.84
Total 26,556.47 24,098.77 24,042.63
Provision for expected credit loss created (2,981.19) (3,219.33) (2,925.15)
B Liquidity risk
Liquidity risk is the risk that the Company will not be able to settle or meet its obligations on time or at a
^ ?Q! ^ > !" ^ !
borrowings, trade payables etc.
102
Liquidity risk management
Q! " ^ " > >
settlement. In addition, processes and policies related to such risks are overseen by senior management.
Management monitors the Company’s net liquidity position through rolling forecasts on the basis of expected
![?
Q! ^^[ ! " !" ^ ^
undiscounted payments at each reporting date:
' " "" \ "K!^
Within Between 1 and Beyond
As at 31 March 2018 Total
1 year 2 years 2 years
Non-derivative
Non-current borrowings (including 4,250.63 1,864.91 5,021.09 11,136.63
current maturities)
Short term borrowings 9,228.03 - - 9,228.03
Trade payables 11,149.93 - - 11,149.93
! ^ 3,701.48 - - 3,701.48
Derivative - -
Interest rate swap, foreign currency
options and forward contract 143.73 90.19 78.80 312.72
Total 28,473.80 1,955.10 5,099.89 35,528.78
(Rs. in lakhs)
Within Between 1 and Beyond
As at 31 March 2017 Total
1 year 2 years 2 years
Non-derivative
current maturities)
Trade payables 9,604.16 - - 9,604.16
! ^ 1,466.03 - - 1,466.03
Derivative
options and forward contract 277.89 - - 277.89
Total 27,004.17 4,733.08 5,996.38 37,733.63
(Rs. in lakhs)
Within Between 1 and Beyond 2
As at 01 April 2016 Total
1 year 2 years years
Non-derivative
current maturities)
Trade payables 8,519.60 - - 8,519.60
! ^ 1,524.97 - - 1,524.97
Total 34,172.93 2,578.97 3,469.49 40,221.39
103
C Market risk
% ! ! ! ![ [ ^
of changes in market prices. Market risk comprises three types of risk: Foreign currency risk, interest rate
risk and price risk.
(i) Foreign currency risk

Q!" ~ >~ !> ! ^X"^ ! ^ >
[! ! z`Xz\XQ! |! X{ ?Q! !~ !> =\
relative to these currencies may have a material impact on the company’s assets and liabilities.
Foreign currency risk management
In respect of the foreign currency transactions, the company hedges substantial exposure via forward
contracts and foreign currency options, remaining exposures are unhedged since the management believes
! ! > [ ^ ^" ! > ^
payables which will be in the nature of natural hedge.
The group’s exposure to foreign currency risk at the end of reporting period are as under:
(Rs. in lakhs)
31 March 2018
Particulars
USD EURO THB CHF JPY
Financial liabilities
Trade payables 131.60 571.52 - 12.16 629.98
Capital creditors - 38.48 - - 648.16
Loans Payable 4,843.17 1,028.03 - - -
Foreign currency option contracts (3,364.68) - - - -
Financial assets
Trade receivables 8,083.10 8,593.99 - - -
Inter corporate deposits to related parties (including interest 932.70 - 1,664.62 - -
receivable)
Balance with govt authorities - 1,309.33 - - -
Bank balance in EEFC account 129.17 40.35 - - -
Forward contract receivable (2,476.64) (1,018.74)
} >? < # \""^ 5,058.24 7,286.90 1,664.62 (12.16) (1,278.14)
(Rs. in lakhs)
31 March 2017
Particulars
Trade payables 268.58 641.33 - 10.79 740.38
Capital creditors - 2.65 - - -
Loans Payable 4,828.64 4,586.19 - - -
Forward contract payable (46.00) (26.00) (67.00)
Foreign currency option contracts (3,356.40) - - - -
Financial assets
Inter corporate deposits to related parties (including interest 1,778.64 - - - -
receivable)
Bank balance in EEFC account 71.77 18.05 - - -
Forward contract receivable (2,016.48) (786.65) - - -
} >? < # \""^ 6,839.30 1,469.22 - (10.79) (673.38)
104
(Rs. in lakhs)
01 April 2016
Particulars
Trade payables 1,358.25 464.48 - 58.23 553.66
Capital creditors - 2.71 - - -
Loans Payable 10,878.82 1,328.92 - - -
Forward contract payable (1,014.00) - - - -
Financial assets
Inter corporate deposits to related parties (including interest 2,227.60 - 194.30 - -
receivable)
Bank balance in EEFC account 16.25 - - - -
Forward contract receivable (1,820.17) (591.56) - - -
} >? < # \""^ (1,867.48) 5,923.24 194.30 (58.23) 553.66
Sensitivity to foreign currency risk

The following table demonstrates the sensitivity in above currencies with all other variables held constant.
Q!^[ !" ^ ~ ^ !> ! !>
foreign currency monetary assets and liabilities at balance sheet date:
(Rs. in lakhs)
Currencies 31 March 2018 31 March 2017
Increase Decrease Increase Decrease
by 2% by 2% by 2% by 2%
USD 101.16 (101.16) 136.79 (136.79)
EUR 145.74 (145.74) 29.38 (29.38)
THB 33.29 (33.29) - -
CHF (0.24) 0.24 (0.22) 0.22
JPY (25.56) 25.56 (13.47) 13.47
"" > " ~ >~ !> >
term foreign currency loans of $37 lakhs equivalent to Rs. 2,404.72 lakhs (31 March 2017 - $82.42 lakhs
equivalent to Rs. 5,343.75 lakhs) that have been capitalised into the cost of the related assets and are
~ $$" ! !
charge.
\^ @! " K
Q! " " !> ^ [ > > ?
Q!" " ^ [ > ~ > [ !>
the exposure. During the year ended 31 March 2018 and 31 March 2017, the Company’s borrowing at
variable rate were mainly denominated in USD.
Q! ~ ^ [ > X! ^ !
" > ![[ ^ !> ?
The company’s borrowing structure at the end of reporting period are as follows:
(Rs. in lakhs)
As at As at As at
Particulars
Variable rate borrowings 5,871.20 9,872.55 13,595.31
Fixed rate borrowings 14,493.46 16,513.00 16,581.51
Total 20,364.66 26,385.55 30,176.82
105
As at the end of the reporting period, the Company had the following variable rate borrowings and interest
rate swap contracts outstanding: (Rs. in lakhs)
Particulars % of % of % of
Balance total Balance total Balance total
loans loans loans
Variable rate loan 5,871.20 28.83% 9,872.55 37.42% 13,595.31 45.05%
Interest rate swaps (4,843.17) -23.78% (4,828.64) -18.30% (4,611.74) -15.28%
} >? !
interest rate risk 1,028.03 5.05% 5,043.91 19.12% 8,983.57 29.77%
Sensitivity analysis - Variable rate borrowing (Rs. in lakhs)

? ? >
Interest rate
31 March 2018 31 March 2017
Increase by 50 basis points (0.76) (1.35)
Decrease by 50 basis points 0.76 1.35
Sensitivity analysis - Interest rate swap (Rs. in lakhs)
? ? >
Interest rate
31 March 2018 31 March 2017
Increase by 50 basis points 0.97 0.71
Decrease by 50 basis points (0.97) (0.71)
(iii) Price Risk

The Company is exposed to price risk from its investment in equity instruments measured at fair value
! >! ! ! ! >! ?
(Rs. in lakhs)
Sensitivity 31 March 2018 31 March 2017
^ ~ ¢ 28.42 25.21
^ ~ ¢ (28.42) (25.21)
41 Capital Management
A Risk management
The Company’s objectives when managing capital are to
> ^ " > > X ! ! !
^ ! ! X
! ?
The Company monitors its capital by using gearing ratio, which is net debt divided by total equity. Net debt
includes non-current and current borrowings net of cash and bank balances and total equity comprises of
equity share capital, security premium, general reserve, other comprehensive income and retained earnings.
B The capital composition is as follows: (Rs. in lakhs)
As at As at As at
Particulars
Gross debt 20,364.65 26,385.54 30,176.82
Less: Cash and bank balances (1,182.38) (2,034.76) (3,000.86)
Net debt (A) 19,182.28 24,350.79 27,175.96
Equity (B) 39,034.79 32,352.57 28,836.70
\Z # +^ 49.14% 75.27% 94.24%
106
C Loan covenants
! !^ [ >X ! !> ^ [ !
the Company. These covenants are monitored by the Company on a regular basis. There has been no default on
! !^" !"?
D Dividends (Rs. in lakhs)
As at As at
31 March 2018 31 March 2017
i) Equity Shares
Interim dividend - Rs. 1.4 per fully paid up shares for 31 March 1,356.92 1,356.92
2018 (31 March 2017- INR 1.4 per fully paid share)
Dividend distribution tax on interim dividend 276.24 249.66
Dividends not recognised at the end of the reporting period
! ^ X " ! ! ! "
\?$?' " "! ;#$% !'*$\?= <?Q! ^ !
approval of shareholders in the ensuing annual general meeting.
E Net debt reconciliation (Rs. in lakhs)
Non Current
Short term Cash and cash
borrowing Net Debt
Particulars borrowings equivalents
incl. current (D)
(A) (C)
maturities (B)
Net debt as on 1 April 2017 14,589.94 11,795.61 2,034.76 24,350.78
![ (5,977.72) (664.91) (852.38) (5,790.25)
Interest paid (604.46) (822.40) - (1,426.86)
Finance cost 604.46 822.40 - 1,426.86
Exchnage gain/loss 615.82 5.93 - 621.75
Net debt as on 31 March 2018 9,228.04 11,136.63 1,182.38 19,182.29
42 Investments in subsidiaries (Rs. in lakhs)
Sr. Name of the Principal Proportion Proportion Proportion Method of

No Subsidiaries place of of ownership of ownership of ownership accounting
business and interest interest interest
country of 31 March 31 March 01 April
incorporation 2018 2017 2016
1 SNL Bearings India 73.45% 73.45% 73.45% Cost
Limited
2 NRB Bearings Europe 100.00% 100.00% 100.00% Cost
Europe GmbH
3 NRB Bearings Thailand 100.00% 100.00% 100.00% Cost
(Thailand) Limited
# As on the date of transition the company has measured the investments at deemed cost i.e. previous GAAP
carrying amounts.
107
43 Related Party Disclosure:
'\ "` X [ ! ! !
Accounting Standard are given below:
I Names of related parties and description of relationship with the Company (where transactions
have taken place during the year, except for control relationships where parties are disclosed
irrespective of transactions)
Subsidiaries SNL Bearings Limited
NRB Bearings (Thailand) Limited
NRB Bearings Europe GmbH
Individual having substantial interest in the voting Mr. T. S. Sahney, Chairman
power and the power to direct by agreement, the
> !"?
Key Management Personnel (KMP) Ms. H. S.Zaveri, Vice Chairman and Managing Director
Mr. T. S. Sahney (Chairman. Executive upto 30 September 2016)
Mr. S. C. Rangani, Executive Director and Company Secretary
Mr. D. S. Sahney
Mr. Tashwinder Singh
Ms. A. A. Gowariker
Mr. Ashank D. Desai
Mr. Rustom Desai w.e.f. 23 January 2017
[! ! New Indo Trading Company
Q [! !%! > Trilochan Singh Sahney Trust 1
A Company wherein Mr. T. S. Sahney, Chairman NRB Industrial Bearings Limited
and Ms. H. S. Zaveri, Vice Chairman and Managing
Director are directors and shareholders having
Management Control.
II Transactions with related parties during the year: (Rs. in lakhs)

Volume of Receivable as at Payable as at
transaction
Name of Related Party Nature of Transaction 31 31 31 31 01 31 31 01 April
March March March March April March March 2016
2018 2017 2018 2017 2016 2018 2017
SNL Bearings Limited Sale of raw materials 47.93 17.23 - - - - - -
Purchase of raw materials 2,222.27 2,000.10 - - - 401.57 425.09 395.02
Purchase of property plant
and equipment 43.15 0.98 - - - - - -
Reimbursement of expense
by the Company 6.72 - - - - - - -
Dividend on cumulative
reedemable preference
shares - 0.59 - - - - - -
Dividend received on equity
share - 80.60 - - - - - -
Proceeds from
redemption of
cumulative redeemable
preference shares - 25.00 - - 25.00 - - -
108
Volume of Receivable as at Payable as at
transaction
Name of Related Party Nature of Transaction 31 31 31 31 01 31 31 01
March March March March April March March April
2018 2017 2018 2017 2016 2018 2017 2016
NRB Bearings
(Thailand) Limited !> 642.97 633.45 858.76 3,947.15 4,372.97 - - -
Purchase of raw materials 2,565.61 2,089.22 - - - - - -
Purchase of property plant
and equipment 83.06 - - - - - - -
Inter Corporate deposit
given 1,536.00 - - - - - - -
repayment received
(Including interest received
and foreign exchange
adjustment) 899.24 534.24 - - - - - -
Interest income on Inter
Corporate deposit 181.92 146.75 - - - - - -
Reimbursement of expenses
to the Company 27.02 - - - - - - -
Additional guarantee
given (adjusted for foreign
~ !> < 1,127.44 - - - - - - -
Guarantee receivable
- - 2,277.44 1,150.00 1,150.00 - - -
Advances receivable - - 131.98 101.17 422.09 - - -
receivable - - 2,597.32 1,778.64 2,166.13 - - -
NRB Industrial Bearings Sale of raw materials 117.30 151.37 - - - - - -
Limited
Purchase of raw materials 5.31 6.97 48.35 40.65 258.66 - - -
repayment received - 255.77 - - 255.77 - - -
Guarantee revoked 277.73 2,213.22 - - - - - -
Guarantee given by NRB
Bearings Limited - - 139.27 417.00 2,630.22 - - -
NRB Bearings Europe Sales promotion expenses 166.55 159.93 - - - 68.45 65.34 87.07
GmbH
Reimbursement of expenses 5.93 - - - - - - -
to the Company
Trilochan Singh Sahney Dividend paid 487.61 500.36 - - - 487.61 - -
Trust 1 (shares held by a
trustee in his individual
name)
Z " " ? @" @#=}#]# < ]

The Stock Exchange, Mumbai
(Rs. in lakhs)
Maximum amount outstanding
Balance as at
during the year ended
Name
31 March 31 March 01 April 31 March 31 March 01 April
2018 2017 2016 2018 2017 2016
Loans and advances (including -
interest receivable) in the nature
of loans to subsidiary company -
NRB Bearings (Thailand) Limited 2,597.32 1,778.64 2,166.13 3,109.00 2,024.41 2,421.90
No shares are held by the subsidiary in the Company.
109
Footnote:
i) No amounts pertaining to related parties have been provided for as doubtful debts. Further, no amounts
have either been written off or written back during the year.
ii) Dividend paid/received has not been considered by the Company as a transaction falling under the purview
of Accounting Standard 18 “Related Party Disclosures”.
iii) The guarantee given towards the borrowings availed by the subsidiary company was for the purpose of local sourcing of
capital goods.
IV Key managerial personnel compensation (Rs. in lakhs)
Particulars 31 March 2018 31 March 2017
! "^ 548.69 551.72
" ^ 18.68 20.42
Total compensation* 567.37 572.14
¯Q! ^ ^ ! ^
for individuals.
jj @""" # q< ?"
The carrying amount of assets pledged as security for current and non-current borrowings of the Company are as
follows: (Rs. in lakhs)
Particulars 31 March 2018 31 March 2017 01 April 2016
Property, plant and equipment 6,150.51 8,360.22 11,026.90
Inventories and trade receivables 37,844.36 36,654.95 34,229.66
Total assets pledged 43,994.87 45,015.17 45,256.56
45 Contingent liabilities, Capital and other commitments (Rs. in lakhs)

a Contingent liabilities not provided for
Income Tax 753.63 1,823.42 1,712.53
Sales Tax and Value Added Tax 323.24 283.03 316.30
Stand by letter of credit given to bank on behalf of 2,277.44 1,150.00 1,150.00
a subsidiary company
Corporate guarantees issued on behalf of the 139.27 417.00 2,630.22
Company
The Company is in further appeal in respect of
matters stated in income tax and sales tax matters
b Commitments
Estimated value of contracts remaining to be 3,389.04 2,072.14 2,808.03
executed on capital account & not provided for
(net of advances)
j =?"<
> $ ¤"| X ! "^ !
Standard are given below:
\Z^ @ ;"{ Z `Q`] "K! \; `Q`^ "K!
>? " } } ]j =?"< + =>?
(Rs. in lakhs)
31 March 2018 31 March 2017
i) Employer’s Contribution to Provident Fund 355.94 349.23
ii) Employer’s Contribution to Family Pension Fund 122.55 120.24
iii) Employer’s Contribution to Superannuation Fund 100.04 101.68
578.53 571.15
110
\+^ + ;" {
(1) Contribution to Gratuity fund (funded scheme)
In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid
^ > "^ ![ > ]
i Actuarial assumptions (Rs. in lakhs)

Expected return on plan assets 7.68% - 7.78% 7.00% - 7.39%
Discount rate (per annum) 7.68% - 7.78% 7.00% - 7.39%
Rate of salary increase 6% - 10% 6% - 10%
Rate of Employee Turnover 2% - 11% 2% - 11%
Mortality rate during employment Indian Assured Lives Indian Assured Lives
Mortality (2006-08) Mortality (2006-08)
Mortality Rate After Employment N.A. N.A.
@! ! ? " " \ "K!^

Present value of obligation at the beginning of the year 2,917.27 2,820.49
Interest cost 209.34 220.96
Current service cost 155.61 142.58
Actuarial (gain) /loss (106.82) (16.44)
Past service cost - -
| (217.46) (250.32)
Present Value of obligation at the end of the year 2,957.94 2,917.27
iii Changes in the Fair value of Plan Assets (Rs. in lakhs)

Fair value of plan assets at beginning of the year 2,890.66 2,451.19
Interest income 207.43 192.02
Contributions 26.61 369.30
Mortality charges and taxes - -
| (217.46) (250.32)
Return on plan assets, excluding amount recognised in net (21.86) 128.47
interest expense
Actuarial (gain) /loss - -
Fair Value of Plan Assets at the end of the year 2,885.38 2,890.66
111
iv Assets and liabilities recognised in the balance sheet (Rs. in lakhs)
! ^ ^ > ! !" 2,957.94 2,917.27
Less: Fair value of plan assets at the end of the year (2,885.38) (2,890.66)
Net liability recognised 72.56 26.61
Recognised under provisions
Non Current provision - -
Current provisions 72.56 26.61
(Excludes Rs. 1.00 lakh (31 March 2017: Rs. 1.00 lakh)
~ ^ <
v Net interest cost for current period (Rs. in lakhs)
_| ^ > !|> > ! 2,917.27 2,820.49
Less: Fair Value of Plan Assets at the Beginning of the Period (2,890.66) (2,451.19)
} "<#\Z^ ! + 26.61 369.30
Interest Cost 209.34 220.96
Interest Income (207.43) (192.02)
Net Interest Cost for Current Period 1.91 28.94
=>? ! q ; \ "K!^
Current Service Cost 155.61 142.58
Past Service Cost - -
Net interest (income)/ expense 1.91 28.94
Net gratuity cost recognised in the current year 157.52 171.52
#¤"^ ~ 157.52 171.52
vii Expenses recognised in the Statement of Other comprehensive income (OCI) (Rs. in lakhs)
Actuarial (gains) / losses (106.82) (16.44)
Return on Plan Assets, Excluding Interest Income 21.86 (128.47)
} \^#=>? ! ; @ (84.96) (144.91)
" } # \""<^ { \ "K!^

Net asset / (liability) recognised at the beginning of the period (26.61) (369.30)
Company contributions 26.61 369.30
| "^" " - -
Amount recognised in other comprehensive income 84.96 144.91
Expenses recognised at the end of period (157.52) (171.52)
} # \""<^ ! ! ? (72.56) (26.61)
ix Categories of Assets (Rs. in lakhs)

Insurance fund 2,885.38 2,890.66
Total 2,885.38 2,890.66
112
x Senstivity Analysis:
> ! ! ^ ^ > X
expected salary increase and mortality. The sensitivity analysis below have been determined based on reasonably
possible changes of the assumptions occurring at the end of the reporting period, while holding all other
assumptions constant. The results of sensitivity analysis is given below:
(Rs. in lakhs)
| ^ > 2,957.94 2,917.27
Delta Effect of +1% Change in Rate of Discounting (156.45) (164.61)
Delta Effect of -1% Change in Rate of Discounting 176.33 186.33
Delta Effect of +1% Change in Rate of Salary Increase 175.55 184.78
Delta Effect of -1% Change in Rate of Salary Increase (158.52) (166.20)
Delta Effect of +1% Change in Rate of Employee Turnover 8.04 3.53
Delta Effect of -1% Change in Rate of Employee Turnover (9.20) (4.27)
> '< Z"< ! + ;<{ ! { (Rs. in lakhs)
;w + ;<" ! 31 March 2018 31 March 2017
Reporting:
1st Following Year 285.92 333.02
2nd Following Year 426.73 289.34
3rd Following Year 272.09 362.07
4th Following Year 332.11 352.62
5th Following Year 1,389.88 252.43
Sum of Years 6 To 10 2,152.37 1,351.55
> " ? q ?"{

Q! " > " [! " " ! ^ ! !
Company, for each completed year of service. The same is payable on retirement or termination whichever is
? Q! ^ " " ? Q! ! [ !
company in the form of a qualifying insurance policy.
> ! z + {
^ > } ! ! " X !"
cost in Note 34, is Rs. 175.65 lakhs (31 March 2017 Rs. 139.44 lakhs).
47 Segment reporting
In accordance with Ind AS 108- ‘Operating Segment’, segment information has been given in the Consolidated
Financial Statements of the Company, therefore, no separate disclosure on Segment information is given in these
Financial Statements.
48 First time adoption of Ind AS
A First Ind AS Financial statements
Q! !" [ ! ^
31 March 2018.
Q! > $ ! ^ > ! ! "
#$% !'*$+X ! ! !" #$
March 2017 and in the preparation of an opening Ind AS balance sheet at 1 April 2016 (the date of transition).
In preparing its opening Ind AS balance sheet, the Company has adjusted the amounts reported previously in
[ ! ! > ; >
Standards) Rules, 2014 and other relevant provisions of the Act (previous GAAP or Indian GAAP).
~ ![ ! ! ! " X
![ []
113
i) Optional exemptions availed

Deemed cost
$*$ [ ! ! " > "X
> ! ! X
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
Property.
Accordingly, the company has elected to measure all of its property, plant and equipment, intangible assets
and investment property at their previous GAAP carrying value.
Business combinations
$*$ ! "$*# " !
date prior to the transition date. This provides relief from full retrospective application that would require
restatement of all business combination prior to the transition date.
Q! " ! ! ^ ^ ~
accordingly the business combinations prior to date of transition have not been restated to the accounting
^ $*#| ^ ?
Q! " ! $*#| ^ ^ ^
occurring after the date of transition to Ind AS
Investment in subsidiaries
$*$ [ ! ! " > ^
> ! ! X !
previous GAAP and use that as its deemed cost as at the date of transition.
Accordingly, the company has elected to measure all of its investments in subsidiaries at their previous
GAAP carrying value.
Long term foreign currency monetary items
" ! " > ~ !> >
> > " " > ! !
> " ^ ! ^> > ! > !
previous GAAP.
Accordingly, the company has elected to continue the current accoounting policy adopted for accounting of
exchange differences arising from translation of long-term foreign currency monetory items.
ii) Mandatory exceptions applied
Estimates
An entity’s estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent
[ ! ! [ ! ; "
difference in accounting policies), unless there is objective evidence that those estimates were in error.
Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in
conformity with previous GAAP except where Ind AS required a different basis for estimates as compared
to the previous GAAP.
" ""
$*$ " ! > $* "
> ! ?{[ X$*$[
time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the
" ! >X ! ! "$*
liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for
those transactions.
The company has applied the de-recognition provisions of Ind AS 109 prospectively from the date of
transition to Ind AS.
@" "
$*$ " !^
the facts and circumstances that exist at the date of transition to Ind AS.
114
Q! "! !^ ! ! ~ !
date of transition to Ind AS.
Government loans
$*$X X X >
government loan at a below-market rate of interest on a basis consistent with Ind AS requirements, it shall
use its previous GAAP carrying amount of the loan at the date of transition to Ind AS the carrying amount
of the loan in the opening Ind AS balance sheet. An entity shall apply Ind AS 101 to the measurement of
such loans after the date of transition to Ind AS.
The Company has applied the above exeption for it’s deferred sales tax loan and accounted the loan at it’s
previous GAAP carrying value.
B First time adoption reconciliations
Reconciliation of equity from Previous GAAP to Ind AS (Rs. in lakhs)
Equity as at Equity as at
Particluars Note
31 March 2017 01 April 2016
Equity as per previous GAAP 33,632.34 30,135.40
GAAP adjustments:
_ B.1 475.53 380.74
Impact on account of borrowings measured at amortised cost B.2 10.82 13.30
Impact on fair valuation of derivative contract B.3 (205.44) (59.90)
Impact on account of provision for expected credit loss B.4 (2,528.09) (2,526.09)
Impact on account of fair valuation of mutual funds B.5 22.67 18.98
Impact of deferred taxes on the above adjustments B.7 940.98 899.20
Others 3.76 (24.93)
Total - GAAP adjustments (1,279.77) (1,298.70)
Equity as per Ind AS 32,352.57 28,836.70
" " ?! # \"^ ! < Q \ "K!^
Particluars Note 31 March 2017

} ? # \"^ > ? ? ZZ; 5,103.53
GAAP adjustments:
% > ^ " ! >! ! B.2 (2.48)
Fair valuation of derivative contracts B.3 (145.55)
Impact on account of provision for expected credit loss B.4 (2.00)
Impact on account of fair valuation of mutual funds B.5 3.69
> > ;> < ^ ^ > B.6 (144.91)
Impact of deferred taxes on the above adjustments B.7 91.93
Others 28.69
Total - GAAP adjustments (170.63)
} ? # \"^ > ? Zq 4,932.90
_ B.1 94.79
> > > ^ ^ > ! B.6 144.91
Impact of deferred taxes on the above adjustments B.7 (50.15)
z" ?! # \"^ > ? Zq 5,122.45
All the adjustments on account of Ind AS are non-cash in nature, hence there is no material impact on the
![?
115
Explanations to reconciliations
B.1 ? " $ @

Previous GAAP – Non-current investment are measured at cost less provision for other than temporary
diminution in value.
Ind AS – "! ? ! $* X ![ ^
accounted at fair value through other comprehensive income at each reporting date.
Consequent to the change, the impact on equity at transition date and as at 31 March 2017 is Rs. 380.74
lakhs and Rs. 475.53 lakhs respectively and the impact in statement of OCI for the year ended 2016-17 is
Rs. 94.79 lakhs.
B.2 Impact on borrowings accounted at amortised cost

Previous GAAP – The borrowings are recorded at transaction value and transaction costs/processing
! > !" [! ! ! ?
Ind AS – $* X^ [ > ^ [! ! "
and subsequently at amortised cost as per effective interest rate method.
Consequent to this change, the impact on equity at transition date is and as at 31 March 2017 is Rs.13.30
! \?$*?+' ! " ! "
2016-17 is Rs. (2.48) lakhs.
B.3 Impact on fair valuation of derivative contract

Previous GAAP - Derivative contracts include foeign exchange forward contracts, interest rate swap and
foreign currency option contracts. For forward contracts the premium or discount arising at the inception
of foreign exchange forward contracts (except on contracts related to long term monetary item) entered
into to hedge an existing assets or liability, were amortised as expense or income over the life of the
?~ !> ! [ > ! !
reporting period in which the exchange rate changes.
[ X %
and when incurred and gains are ignored.
Ind AS - z X ! >!
market gains or losses are recorded in the period when incurred.
Consequent to the change, the impact on equity at the transition date and as at 31 March 2017 is
Rs. (59.90) lakhs and Rs. (205.44) lakhs respectively and subsequently an impact of Rs. (145.55) lakhs
[ ! !" #$% !'*$?
B.4 Impact on account of creation of provision based on expected credit loss model
Previous GAAP - The Company provides for doubtful debts based on the realization period and policy
framed, based on the incurred loss model i.e. when there is an objective evidence of impairment.
Ind AS - As per Ind AS 109, impairment loss shall be recognised as per the expected credit losses model
; ! ! ! <
Consequent to the change, the impact on equity at the transition date and as at 31 March 2017 is
Rs. (2,526.09) lakhs and Rs. (2,528.09) lakhs respectively and subsequently an impact of Rs. (2) lakhs
[ ! !" #$% !'*$?
116
B.5 Impact on account of fair valuation of mutual funds

Previous GAAP – [
at cost less provision for other than temporary diminution in value..
Ind AS – z X ^ >
! >! ?
Consequent to the change, the impact on equity at transition date and as at 31 March 2017 is Rs.18.98
!\?''?! " ! !"
2016-17 is Rs.3.69 lakhs.
B.6 ? " # \"^ " !

Previous GAAP - > ^ ^ > >
?
Ind AS - > ^ ^ > > ! !
income (OCI). Consequently, actuarial gain of Rs. 144.91 lakhs has been recognised in OCI during the
year ended 31 March 2017.
B.7 Impact on account of deferred taxes

The impact of transition adjustments together with Ind AS mandate of using balance sheet approach
;> ! ! < ~ !
! X[ ! ! !
subsequent periods.
Consequent to the change, the impact of Rs. 899.20 lakhs and Rs. 940.98 lakhs was made as on
#$ % ! '*$ "? ! X \? ;*?$< ! [
!" #$% !'*$?
49 Research & Development Expenses: (Rs. in lakhs)

; <! > ! 1,159.54 966.61
(ii) Capitalized to Property Plant and Equipments 86.39 18.99
50 Lease rentals
Q!"! ! >? ! > !
loss for the year ended 31 March 2018 Rs. 69.30 lakhs (31 March 2017 - Rs. 69.30 lakhs). The minimum lease
payments to be made in future as at the year end, in respect of non-cancellable lease are follows:
(Rs. in lakhs)
For a period not later than one year 46.48 57.80
!" ! " 44.65 95.43
! " - -
117
51 Earnings per share (Rs. in lakhs)

= ;< ~ !" 8,191.34 4,932.90
; # " " J< ! !" 8,191.34 4,932.90
>! > =^ " ! > > !
year (Nos.) 96,922,600 96,922,600
Basic and Diluted Earnings Per Share (Rs.) 8.45 5.09
Face Value per Share (Rs.) 2.00 2.00
Note:
The Company does not have any outstanding dilutive potential equity shares as at 31 March 2018 and 31 March
2017. Consequently, basic and diluted earnings per share of the Company remains the same.
Notes 1 to 51 for > !
Q! ! " > > ! ~ "
even date.
DIN : 06572282 DIN : 00017767
Date : 21 May, 2018 Date: 21 May 2018
118
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF NRB BEARINGS LIMITED
Report on the Consolidated Financial Statements
$? ! ! " > =\|| > ;¤ !{ >"<
and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘the Group’), which comprise
! | ! #$% !'*$+X ! ; > !
Comprehensive Income), the Consolidated Cash Flow Statement and the Consolidated Statement of Changes in Equity
!" !X " ! > > ! ~ " ?
Management’s Responsibility for the Consolidated Financial Statements
'? Q!{ >"| ` ^ ! !
in terms of the requirements of the Companies Act, 2013 (‘the Act’) that give a true and fair view of the consolidated
; <X ;
> ! ! <X ! [ !> " !
in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards
;¤< $## ! ?Q!{ >"| ` ! |
of Directors/management of the subsidiaries included in the Group, are responsible for the design, implementation
! ! !
give a true and fair view and are free from material misstatement, whether due to fraud or error. Further, in terms
of the provisions of the Act, the respective Board of Directors/management of the companies included in the Group
are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding the assets 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,
X ! [ > " >
! " ! > X ! !
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. These
!^ ! ! ^" !
Directors of the Holding Company, as aforesaid.
#? ^ " ~ ! ^ ?
? ! > ! X[! ! ! X ! > >
and matters which are required to be included in the audit report under the provisions of the Act and the Rules made
thereunder.
? [ ! ! > $#;$*< ! ?
Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
^ [! ! ! ?
6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the
?Q! ! > X > !
! ! X[! ! ? >
! X ! !{ >"
! ! > [ > !
appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates made by the Holding Company’s Board of Directors, as well as
> ! ! ?
? ^ ! ! ^ ^" ! ^ ^" ! !
! > ! ! ! % > !^[X
^ ! ?
119
Opinion
8. In our opinion and to the best of our information and according to the explanations given to us and based on the
! ! ! ^ X !
> ! ^" ! ! >
true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state
; < ! #$% !'*$+X ! ;
> ! ! <X ! ![ !> "
for the year ended on that date.
Other Matters
? ! [ ^ X [!
\? X ! #$ % ! '*$+X \? #X + ! ! [ >
\?! !" ! X ! ?Q!
statements have been audited by other auditors whose reports have been furnished to us by the management and
! X !
respect of these subsidiaries and our report in terms of sub-section (3) of Section 143 of the Act, in so far as it relates
to the aforementioned subsidiaries, is based solely on the reports of the other auditors.
! X^ ! !^ [! !^
with accounting principles generally accepted in their respective countries and which have been audited by other
auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company’s
> ! ! ! ^ >
> " ! > > " ?
have audited these conversion adjustments made by the Holding Company’s management. Our opinion in so far as it
relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors
and the conversion adjustments prepared by the management of the Holding Company and audited by us.
!^ X ! > > "
^[X ! ^ [ ! ! [ ^" !
reports of the other auditors.
$*? Q! !" #$% !'*$ !
>^ ! $ '*$ [ ! !
X ^ ! " " !" #$% !'*$
31 March 2016 respectively, prepared in accordance with Accounting Standards prescribed under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended) which were audited by the predecessor
[! ' %" '*$ ' %" '*$ "X ~ !
X!^ ! ! > ^"
!" X[! !!^ ^"? !
matter.
Report on Other Legal and Regulatory Requirements
11. As required by Section 143(3) of the Act, based on our audit and on the consideration of the reports of the other
!^ X[ X !~ ^X ! ]
a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief
[ " ! ! £
b) in our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated
!^ ~ !^ !
auditors;
< ! [ ! ^" ! > [ ! ! ^
! ! £
< X ! "[ ! $##
the Act;
120
e) on the basis of the written representations received from the directors of the Holding Company and taken on
record by the Board of Directors of the Holding Company and the reports of the other statutory auditors of the
^ " ! X ! ! #$
March 2018 from being appointed as a director in terms of Section 164(2) of the Act;
< [ ! ! " ! > !{ >"X
and its subsidiary companies covered under the Act and the operating effectiveness of such controls, refer to our
separate report in ‘Annexure A’;
g) with respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and
according to the explanations given to us and based on the consideration of the report of the other auditors on
!^ ]
? ! ! > > !
! = ! £
ii. the Group did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses;
iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Holding Company,and its subsidiary companies; covered under the Act;
? ! > ! >[ > ^ [ ^
for the period from 8 November 2016 to 30 December 2016 which are not relevant to these consolidated
?{ X > ! ^?
For Walker Chandiok& Co LLP

per Adi P. Sethna

Partner
Place: Mumbai
Date: 21 May 2018
121
Annexure A to the Independent Auditor’s Report of even date to the members of NRB Bearings Limited, on
! " " ! < ] '!
Annexure A
Independent Auditor’s report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143of the Companies Act, 2013 (“the Act”)
$? [ ! ! =\|| > ; !{ >"<
and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), as at and for the
" #$% ! '*$+X[ ! ! >;\< !
Holding Company and one of its subsidiary company, which are companies covered under the Act, as of that date.
Management’s Responsibility for Internal Financial Controls
2. The respective Board of Directors of the Holding Company andone of its subsidiary company, which are companies
! X ^ ^ ! > > ^ !
> ^ !^" !" > !
control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance
Note”) issued by the Institute of Chartered Accountants of India (“the ICAI”). These responsibilities include the design,
! [ > " >
! " ! " ^ X > ! ! " X !
safeguarding of the company’s assets, the prevention and detection of frauds and errors, the accuracy and completeness
! > X ! " ^ X ! ?
Auditors’ Responsibility
3. Our responsibility is to express an opinion on the IFCoFR of the Holding Company and its subsidiary companies, as
X^ ? [ ! ! >X ^" !
ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of IFCoFR and
the Guidance Note issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether adequate IFCoFR were
established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the IFCoFR and their operating
effectiveness.Our audit of IFCoFR includes obtaining an understanding of IFCoFR, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of
! X[! ! ?
? ^ ! ! [ ! ^ X ^
opinion on the IFCoFR of the Holding Company andoneof itssubsidiary company, as aforesaid.
Meaning of Internal Financial Controls over Financial Reporting
? "\ > ^ > > ! ^ " >
! ~ [ !> " >
principles. A company’s IFCoFR includes those policies and procedures that (1) pertain to the maintenance of records
! X ^ X " " ! ! ! "£;'<
^ ! "
in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorisations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the
" ! ! ! ?
Inherent Limitations of Internal Financial Controls over Financial Reporting
7. Because of the inherent limitations of IFCoFR, including the possibility of collusion or improper management override
of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any
evaluation of the IFCoFR to future periods are subject to the risk that the IFCoFR may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
122
Opinion
8. In our opinion, the Holding Company andone of its subsidiary company,which are companies covered under the Act,
!X X > ! [
> " #$ % ! '*$+X ^ > ^ ! ^"
the Holding Company and one of its subsidiary company, which are companies covered under the Act, considering
the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of Chartered Accountants of India.

per Adi P. Sethna

Partner
Membership No.:108840
Place: Mumbai
Date : 21 May, 2018
123
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2018
(Rs. in Lakhs)
As at As at As at
Particulars Notes
I ASSETS
1 Non-current assets
Property, plant and equipment 2 25,836 24,598 25,806
Capital work-in-progress 1,479 882 484
Investment Properties 3 - - -
Goodwill 48 48 48
Other intangible assets 4 76 49 92
Financial Assets
Investments 5 569 505 406
Loans 6 269 267 252
! 7 28 42 32
Current tax assets (net) 8 1,612 1,610 1,128
Other non-current assets 9 1,185 2,286 2,190
Total Non-Current Assets 31,102 30,287 30,438
2 Current assets
Inventories 10 15,803 17,228 14,471
Financial Assets
Investments 11 872 107 -
Trade receivables 12 23,344 19,365 19,947
Cash and cash equivalents 13 1,278 2,158 3,121
Bank balances other than cash and cash equivalents 14 1,599 90 77
Loans 15 254 273 412
! 16 383 299 60
Current tax assets 17 89 89 89
Other current assets 18 6,312 2,432 2,373
Total Current Assets 49,934 42,041 40,550
Total assets 81,036 72,328 70,988
II EQUITY AND LIABILITIES
A Equity
Equity share capital 19 1,938 1,938 1,938
Other equity 20 35,858 28,460 24,696
Equity attributable to owners of parent 37,796 30,398 26,634
Non Controlling interest 769 548 408

Total equity 38,565 30,946 27,042
B Liabilities
1 Non-current liabilities
Borrowings 21 6,886 10,733 6,153
Deferred tax liabilities (net) 23 578 359 258
Other non-current liabilities 24 4 68 158
Total Non-current liabilities 7,468 11,160 6,569
2 Current liabilities
Borrowings 25 10,469 15,732 17,557
Trade payables 26 11,872 9,942 8,435
! ^ 27 8,267 2,834 9,244
Current tax liability (net) 22 491 5 9
Other current liabilities 28 2,959 918 865
Provisions 29 945 791 1,267
Total Current liabilities 35,003 30,222 37,377
Total equity and liabilities 81,036 72,328 70,988
= $ > !
This is the Balance Sheet referred to in our audit report of even date
DIN : 06572282 DIN : 00017767
Date : 21 May, 2018 Date: 21 May 2018
124
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH 2018 (Rs. in Lakhs)
For the year ended For the year ended
Particulars Notes
31 March, 2018 31 March, 2017
I Revenue from operations 30 87,384 79,482
II Other income 31 1,217 795
III Total Income (I + II) 88,601 80,277
IV Expenses
Cost of materials consumed 32 32,005 27,975
Changes in inventories of work-in-progress,
33 864 (777)
!>
Excise duty on sale of goods (refer note 30) 1,877 6,928
"^ ~ 34 14,494 13,162
Finance costs 35 1,415 1,703
Depreciation and amortization expense 2 to 4 3,098 3,232
Other expenses 36 21,319 20,521
Total Expenses (IV) 75,072 72,744
V ; # \"^ > \$^ 13,529 7,533

VI Income tax expense: 37
(i) Current Tax 4,164 2,174
(ii) Deferred Tax 77 53
4,241 2,227
VII } ; Z z> \$$^ 9,288 5,306
VIII Other comprehensive income (OCI) 38

; < ! [ ^ 176 235
(ii) Income tax relating to these items (36) (48)
; < ! [ ^ (176) (2)
(ii) Income tax relating to these items - -
(36) 185
IX Total Comprehensive Income for the year

9,252 5,491
(VII+VIII)
^ ^ ]
- Owners 9,071 5,165
- Non controlling interest 217 141
Other comprehensive income attributable to:
- Owners (40) 186
- Non controlling interest 4 (1)
Total comprehensive income attributable to:
- Owners 9,031 5,351
- Non controlling interest 221 140
X Earnings per equity share: 54

Basic & Diluted (in Rs.) 9.36 5.33
Face value per Share (in Rs.) 2.00 2.00
= $ > !
Q! !
DIN : 06572282 DIN : 00017767
Date : 21 May, 2018 Date: 21 May 2018
125
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2018
(Rs. in Lakhs)
As at As at
Particulars
31 March 2018 31 March 2017
A Cash Flow From Operating Activities
13,529 7,533
} ; > ? q ;
Adjustments for:
Depreciation and amortisation expense 3,098 3,232
Foreign exchange loss/(gain) (333) (86)
Fair valuation gain on derivative instrument measured at FVTPL (46) 146
Finance costs 1,415 1,703
Interest income (10) (15)
Dividend income (21) (10)
" ; < (11) -
;> < _Q (8) (4)
Provision for doubtful debts 485 297
Changes in Foreign currency translation reserve (176) (2)
? ? K ?" ! 17,922 12,794
Adjustment for movements in:
Changes in working capital:
Adjustment for (increase)/ decrease in assets
- Trade receivables (3,800) 271
- Inventories 1,425 (2,757)
- Bank balances other than cash and cash equivalents (157) (2)
! 12 (25)
! (22) (498)
- Other non-current assets 743 195
- Other current assets (3,634) (177)
Adjustment in increase/ (decrease) in liabilities
- Other non-current liabilities (64) (90)
! ^ 237 269
- Trade payables 1,984 1,470
- Provisions 199 (383)
- Other current liabilities 2,042 53
? ? K ?" ! 16,887 11,120
Direct taxes paid (net of refunds) (3,539) (2,612)
Net cash generated from operating activities 13,348 8,508
126
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2018
(Rs. in Lakhs)
As at As at
Particulars
31 March 2018 31 March 2017
B Cash Flow From Investing Activities
Purchase of property, plant and equipment and intangible assets (3,951) (2,755)
Sale proceeds of property, plant and equipment 14 43
Purchase of mutual funds (752) (107)
Refund of Inter - corporate deposits granted to related parties - 250
Interest income received 10 15
Dividend income received 21 10
Net Cash From Investing Activities (4,645) (2,544)
C Cash Flow From Financing Activities
Proceeds from non-current borrowings 403 5,646
Repayment of current borrowings (net) (5,879) (1,664)
Repayment of non-current borrowings (1,072) (7,627)
Finance costs paid (net) (1,415) (1,703)
Interim dividend declared, deposited in separate bank account (1,352) -
Bank balances towards unclaimed dividend - (11)
Dividend paid (5) (1,322)
Dividend distribution tax paid (276) (254)
} ! (9,596) (6,935)
Net (Decrease) in Cash and Cash Equivalents (A+B+C) (893) (971)

Add: Balance of Cash and Cash Equivalents at the Beginning of the Year 2,158 3,121
Add: Effects of exchange rate changes on cash and cash equivalents 13 8
Closing balance of Cash and Cash Equivalents (Refer note 13) 1,278 2,158
Components of Cash and Cash Equivalents:
Cash on Hand 3 3
Balances with banks on current accounts 1,275 2,155
Notes:
$? Q! ! [ ! ^ ! ! > ; <
! [? $ '*$X ! ! X [! ! !
! ^ !> ^ > > X
> ^ ! !> > ! [ ! !>X >> > ^ [
! > > ^ ! | ! ^ > > X !
requirement.
= $ > !
This is the Consolidated Statement of Cash Flow referred to in our audit report of even date
DIN : 06572282 DIN : 00017767
Date : 21 May, 2018 Date: 21 May 2018
127
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2018
A. Equity share capital (Rs. in lakhs)
Equity share capital Note No. Number of shares Amount

As at 01 April 2016 19 96,922,600 1,938
As at 31 March 2017 96,922,600 1,938
As at 31 March 2018 96,922,600 1,938
B. Other equity (Refer note 20)
Particulars Reserves and surplus Fair Value Foreign

Total Non-
of Equity currency
Capital Debenture other controlling Total
Securities General Capital Retained Instruments translation
redemption Redemption equity interest
premium reserve reserve earnings through OCI reserve
reserve reserve
Opening balance as 848 9,475 15 986 750 12,240 382 - 24,696 408 25,104
at 01 April 2016
Transactions during the year - -
= ;< !" - - - - - 5,165 - - 5,165 141 5,306
Other comprehensive income / - - 93 95 (2) 186 (1) 185
(loss) for the year
Less: Interim dividend - - - - - (1,333) - - (1,333) - (1,333)
(Rs. 1.4 per equity share)
Less: Dividend distribution tax on - - - - - (254) - - (254) - (254)
Interim dividend
Less: Transfer to debenture - - - - 1,250 (1,250) - - - - -
redemption reserve
Less: Transfer to capital redemption - - - 25 - (25) - - - - -
reserve
Balance as at 31 March 2017 848 9,475 15 1,011 2,000 14,636 477 (2) 28,460 548 29,008
Transactions during the year -
= ;< !" - - - - 9,071 - 9,071 217 9,288
Other comprehensive income / 67 69 (176) (40) 4 (36)
(loss) for the year
Less: Interim dividend - - - - (1,357) - (1,357) (1,357)
(Rs. 1.4 per equity share)
Less: Dividend distribution tax on - - - - (276) - (276) (276)
Interim dividend
Less: Transfer from retained - - - 1,250 (1,250) - - -
earnings to debenture redemption
reserve
Balance as at 31 March 2018 848 9,475 15 1,011 3,250 20,891 546 (178) 35,858 769 36,627
= $ > !
DIN : 06572282 DIN : 00017767
Date : 21 May, 2018 Date: 21 May 2018
128
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018
Note 1
q ?" ! >?"< ! < '! ]
I. Company information
NRB Bearings Limited (‘the Company’ or the ‘Parent Company’), and it’s subsidiaries are mainly engaged in the
> >^ > ?Q! > ! "
Dhannur, 15, Sir P. M. Road, Fort, Mumbai 400 001, Maharashtra.
Q! ;! < ! " #$ % ! '*$+ [
approved by Board of Directors and authorised for issue on 21 May 2018.
II. Basis of Preparation
Q!> ! " [ ! !
the Companies Act, 2013 (the Act) and rules framed thereunder and the guidelines issued by Securities and Exchange
| ? [ ! ! ^" !% " X !> !
> ;< ! ; > <\X'*$
$## ! X [ ! $ '*$? Q #$ % ! '*$X ! >
statements as per Companies (Accounting Standards) Rules, 2014 (Previous GAAP) read with rule 7 and other relevant
! ?Q! ! !> ?Q!
to Ind AS has been accounted for in accordance with Ind AS 101 “First Time Adoption of Indian Accounting Standards”,
with 1 April 2016 being the transition date and balance for the comparative period have been restated accordingly. AS
per Ind As 101, the group has presented a reconciliation of its transition Previous GAAP to Ind AS of its total equity as
$ '*$#$% !'*$ ! ![ !"
31 March 2017. Please refer note 50 and 51 for detailed information on the transition.
q ?"

a. Principles of Consolidation of subsidiary
Q! ! =\|| > ; < ^"
parent and its subsidiaries.
Subsidiaries are all entities over which the group has control. The group controls an entity when the group
is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability
affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the group. They are deconsolidated from the
date that the control ceases.
Q!> ^ ! ! ^ X ^" > > !
like items of assets, liabilities, equity, income and expenses. Intercompany transactions, balances and
unrealised gains on transactions between group companies are eliminated. Unrealised losses are also
! ! ?Q!
statements of the parent company and its subsidiaries have been consolidated using uniform accounting
?! "X ! !^ ^ > !
> [ ! ! > ?Q! !^ "
companies used in the consolidation are drawn upto the same reporting date as that of the parent i.e. year
ended 31 March 2018.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated
X !> "^ ! "?
Refer note 43 for the list of subsidiaries considered in the CFS.
b. Foreign Currency Transactions
! ! !> > ! "
the primary economic environment in which the entity operates (‘the functional currency’). The consolidated
\ ;=\<X [! !
currency.
129
Transactions denominated in foreign currencies are initially recorded at the exchange rate prevailing at the
date of transaction.
Foreign currency monetary items are reported using the closing exchange rates. Non-monetary items that
are measured in terms of historical cost in a foreign currency are translated using the exchange rates at
the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value is determined. The gain or loss arising
on translation of non-monetary items measured at fair value is treated in line with the recognition of the
gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value
> > > X "<?
~ !> " > !
which they arise except for: exchange difference arising on settlement / restatement of long-term foreign
" " > } ! !" % !#$X'*$
X } ! ^ ~ [! ! ! "
relates and depreciated over the remaining useful life of such assets. If such monetary items do not relate
^ ~ X !~ !> ! "
upto the date of settlement of such monetary item, whichever is earlier and charged to the Statement of
?Q! ~ !> ! " > "
monetary item translation difference account” net of tax effect thereon, where applicable.
c. Revenue Recognition
Revenue is measured at the fair value of consideration received or receivable. Revenue is recognised only
[! ^ ^" ^^ ! ^ [ [ !> ?
d. Other Income
Interest income for all debt instruments is recognised using the effective interest rate method. The effective
interest rate is the rate that exactly discounts estimated future cash receipts through the expected life
! ! > " > ? ! > !
X !> !~ ![^" > ! !
; ~X " X~ X <^
the expected credit losses.
` > "[! ! >! " ^ !X ^^
! ! ^ [ ! ! [ [ ! > X ! !
dividend can be measured reliably. Interest income is recognised using effective interest method.
e. Income tax
The income tax expense or credit for the period is the tax payable on the current period’s taxable income
based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable
to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted
at the end of the reporting period.
Deferred income tax is provided in full, using the balance sheet approach, on temporary differences arising
^ [ ! ~ ^ ^ ! " > ! ?
However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a
transaction other than a business combination that at the time of the transaction affects neither accounting
~^ ; ~<?` ~ > ~ ;[< ! !
been enacted or substantially enacted by the end of the reporting period and are expected to apply when
the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it
is probable that future taxable amounts will be available to utilize those temporary differences and losses.
130
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
! > ^^ ! ~^ [ ^ ^ [ !
tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are
> !~ ! !^ ^^ ! ~^ [ [ ! ~
asset to be recovered.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax
assets and tax liabilities are offset where the group has a legally enforceable right to offset and intends
either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
~ > X ~ ! ~ !
recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in
other comprehensive income or directly in equity, respectively.
f. Leases
As a lessee
Leases where the Group is a lessee and has substantially all the risks and rewards of ownership of the
? !
the fair value of the leased property or, if lower, the present value of the minimum lease payments. The
> ^ > X ! >X ^ [ > !
^ ? !" ^ [ ! ^ " ?Q!
! > ! !
on the remaining balance of the liability for each period.
[! ! > ! [ [ ! !>
>?" >; "
! < ! > >! ^ ! !
!" [ !~ > !
~ " ?
As a lessor
Lease income from operating leases where the group is a lessor is recognised in income on a straightline
^ ! ! [ !~ >
!~ " ?Q! !
balance sheet based on their nature.
? "
Q! " > ! [ ! | ! ! "
indication of impairment based on internal /external factors. An impairment loss is recognised whenever
the carrying amount of an asset or a cash generating unit exceeds its recoverable amount. The recoverable
amount of the assets (or where applicable, that of the cash generating unit to which the asset belongs) is
estimated as the higher of its net selling price and its value in use. Impairment loss is recognised in the
?
After impairment, depreciation / amortisation is provided on the revised carrying amount of the asset over its
remaining useful life.
A previously recognised impairment loss is increased or reversed depending on changes in circumstances.
However, the carrying value after reversal is not increased beyond the carrying value that would have prevailed
by charging usual depreciation / amortisation if there were no impairment.
h. Cash and cash equivalents
! ! ![X ! ! !
!X ! [ ! X ! ! X! >!" [ !
original maturities of three months or less that are readily convertible to known amounts of cash and which
^ > !> X^ ?| ![
within borrowings in current liabilities in the balance sheet.
131
i. Trade receivable
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method, less provision for impairment.
j. Inventories
Raw Material and components, work in progress, Finished Goods and Traded goods are stated at “cost or
net realisable value whichever is lower”. Good in transit are stated at cost. Cost formulae used is weighted
average cost. Due allowance is estimated and made for defective and obsolete items, wherever necessary,
based on the past experience of the group.
Cost comprises of all cost of purchase, cost of conversion and other cost incurred in bringing the inventories
to their present location and condition.
Costs of conversion and other costs are determined on the basis of standard cost method adjusted for
^ [ X ! " ^X [! !
case they are included in the valuation at actuals.
K "
@"
Q! ![ > > ]
! ^ ^ " ; ! ! >! ! ! X ! >!
<X
! ?
Q! ! > ^ > > ! !
! ![?
X > [ ! ^ !
comprehensive income. For investments in debt instruments, this will depend on the business model in
which the investment is held. For investments in equity instruments, this will depend on whether the group
has made an irrevocable election at the time of initial recognition to account for the equity investment at
fair value through other comprehensive income.
Q! ^ [!"[! ^ > > !
changes.
Measurement
> X !> X !
! >! X ! " ^ ^ !
! ?Q ! >!
~ ?
Financial assets with embedded derivatives are considered in their entirety when determining whether their
![ "" ?
Measurement of debt instruments
Subsequent measurement of debt instruments depends on the Group’s business model for managing the
! ![ ! ! ?Q! ! > [! ! !
> ^ ]
Amortised cost: ! ! ! [ [! ! ! [
represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt
investment that is subsequently measured at amortised cost and is not part of a hedging relationship is
> [! ! > ? !
> ! !?
Fair value through other comprehensive income (FVOCI): Assets that are held for collection of
! [ > ! X [! ! ! [ "
payments of principal and interest, are measured at fair value through other comprehensive income (FVOCI).
132
Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or
X >~ !>> [! ! > ?!
! > X ! > " >
" > ! > ;<? !
assets is included in other income using the effective interest rate method.
" !! ? "{ Assets that do not meet the criteria for amortised cost or FVOCI
! >! ?> ^ ! ^ "
! >! !> > ! >
! [ ! ! > ;< ! [! !
? ! ! ?
Measurement of equity instruments
Q! > ^ " " ? ! ! > !
present fair value gains and losses on equity investments in other comprehensive income, there is no
^ > ?` !
> ! [! ! >! " ^ !?
!> ! ! >! > ! >
;< ! ? ; < "
investments measured at FVOCI are not reported separately from other changes in fair value.
? "

The Group assesses on a forward looking basis the expected credit losses associated with its assets carried
at amortised cost and FVOCI debt instruments. The impairment methodology applied depends on whether
! !^ > ?
^ "X ! ! ! ^" $*
Instruments, which requires expected lifetime losses to be recognised from initial recognition of the
receivables.
` >
> "[!
Q! ! ! >! ![ !
! >! ! ! [ ! X ^
^ > " ! ![ ?
! ! ! X !> [! ! ! ^ "
[ [ ! ! ? ! X ! > ?
! ! "! ^ " [ [ ! ! X
! > ?
! ! ! ! ^ " [
[ ! ! X ! > ! !
! ?! ! ! X ! ^
> !~ > ! ?
l. Derivatives
The Group enters into certain derivative contracts to hedge risks which are not designated as hedges. Such
! >! ! > ;<?
"
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there
is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net
basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be
contingent on future events and must be enforceable in the normal course of business and in the event of
default, insolvency or bankruptcy of the group or the counterparty.
133
n. Property plant and equipment (including Capital Work-in-Progress)

Freehold land is carried at historical cost. All other items of property, plant and equipment are stated at
historical cost less depreciation. Historical cost are stated at cost of acquisition inclusive of all attributable cost
of bringing the assets to their working condition, less accumulated depreciation and accumulated impairment
losses, if any.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
"[! ^ ! ^ [ ! ! [ [ ! !
cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate
> [! ? ! ! > > !
reporting period in which they are incurred.
Schedule II to the Companies Act, 2013 prescribes useful lives for property, plant and equipments and allows
Companies to use higher/lower useful lives and residual values if such useful lives and residual values can be
! " ! ?Q!>
^ ! ! " " !
values of property, plant and equipment.
` ~ !^ ! >! ! !
life assessed based on technical advice, taking into account the nature of the asset, the estimated use of the
!^ > ^ > > ^ ! ?
The group uses its external technical expertise along with historical and industry trends for arriving at the
economic life of an asset.
Revised useful life based on SLM (Range)

Class of asset Parent SNL Bearings NRB Bearings Ltd
Ltd (Thailand)
Leasehold land 60 - 90 years NA NA
| > | >! $*" 15-50 years 30 years
Plant and equipment ##*" 4 - 30 years NA
~ #$*" 6 years 5 years
" #$*" 3 - 10 years 5 years
Electrical installations '*" 15 years 10 years
Vehicles 5 years 6 - 8 years NA
Land improvement NA NA 10 years
Machinery NA NA 20 years
Computers NA NA 5 years
Intangibles 3 years 3 years 5 years
Assets not yet ready for use are recognised as capital work in progress.
On transition to Ind AS, the Group has elected to continue with the carrying value of all of its property, plant
and equipment recognised as at 1 April 2016 measured as per the previous GAAP and use that carrying
value as the deemed cost of the property, plant and equipment.
o. Investment Properties
Property that is held for long-term rental yields or for capital appreciation or both, and that is not used by
! ^ X "? "
initially at its cost, including related transaction costs and where applicable borrowing costs. Subsequent
expenditure is capitalised to the asset’s carrying amount only when it is probable that future economic
^ [ ! !~ [ [ !> ! ! ^
^"? ! ~[! ?!
property is replaced, the carrying amount of the replaced part is derecognised.
Investment properties are depreciated using the straight-line method over their estimated useful lives.
Investment properties generally have a useful life of 25-40 years. The useful life has been determined based
on technical evaluation performed by the management’s expert.
134
On transition to Ind AS, the Group has elected to continue with the carrying value of all of its investment
properties recognised as at 1 April 2016 measured as per the previous GAAP and use that carrying value as
the deemed cost of investment properties.
p. Intangible Assets
Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses, if
any. Cost includes expenditure that is directly attributable to the acquisition of the intangible assets.
^ > ^ > [! ^^ ! ^ ^
! [ [ !> ! ! ^ ^" ?
Computer softwares are capitalised at the amounts paid to acquire the respective license for use and are
amortised over the period of useful lives or period of three years, whichever is less. The assets’ useful lives
[ ! " ?
Gains or losses arising from derecognition of an intangible asset are measured as the difference between
! ! " > ! > !
and loss when the asset is derecognised.
On transition to Ind AS, the group has elected to continue with the carrying value of all of its intangible
assets as at 1 April 2016 measured as per the previous GAAP and use that carrying value as the deemed
cost of intangible assets.”.
J + ! " ""
| [ > ! ^ " > ;
incurred). Difference between the fair value and the transaction proceeds on initial is recognised as an
asset / liability based on the underlying reason for the difference.
^ " ^ > ! !?
| [ > !^ ! [! !^ > ! ! >X
~ ? Q! ^ [ ! " > ^ " ! ! ^
extinguished or transferred to another party and the consideration paid, including any non-cash assets
^ X > ?Q!> > ! "
in case of transaction with shareholders.
| [ > ^ !> ! >!
of the liability for at least 12 months after the reporting period.
r. Borrowing Costs
^ [ > " ^ ^ ! X
qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their
intended use, are added to the cost of those assets, until such time the assets are substantially ready for their
? ! ^ [ > > ~ ! [! !
they are incurred.
s. Provisions, Contingent Liabilities and contingent assets
Provisions are recognised when the group has a present obligation (legal or constructive) as a result of
X ^^ ! [ ^" > ^ [ ^
settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the
time value of money is material, provisions are discounted using equivalent period government securities
?z[ > ! > ! ?
[ !^ ! ! ^ ?
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence
[! ![ ^ "^" !
not wholly within the control of the group or a present obligation that arises from past events where it
! ^^ ! [ [ ^ ^ !
amount cannot be made. Information on contingent liability is disclosed in the Notes to the Financial
? > > X^ ! ?{[ X[!
the realisation of income is virtually certain, then the related asset is no longer a contingent asset, but it is
recognised as an asset.
135
=?"< +
! ^ > ]! "^ > ~ !
! !" [! ! ! ?
! > "^ ^ > ]
Compensated absences: The Group provides for the encashment of leave or leave with pay subject to certain
rules. The employees are entitled to accumulate leave subject to certain limits for future encashment/
availment. The Group makes provision for compensated absences based on an actuarial valuation by
"? > > ! ^ ^ > ! >
?
Post employment obligations:
The Group operates the following post employment schemes:
` ^ ]
< "]Q! !^ > [ > "X ^ > > ^
employees. The plan provides a lump sum payment to vested employees at retirement, death while in
employment or on termination of employment of an amount equivalent to 15 days salary payable for each
" ?_ > " ?Q! !^
insurance policies with the Life Insurance Corporation of India (LIC) and makes an annual contribution to
LIC. The Group makes provision for gratuity based on an actuarial valuation done as per projected unit credit
!^" "? > > ! ^ ^ >
is charged/ credited to other comprehensive income.
ii) Provident fund: For certain employees, the monthly contribution for Provident Fund is made to a Trust administered
by the Group. Both the eligible employees and the Group make monthly contributions to the provident fund equal
> ! " "?Q! ^ !"
Q ;¤Q! <?Q! > ^"
[?Q! [! ! ! "^ !^ ^" ! ^ >
by the Government. The Group has an obligation to make good the shortfall, if any, between the return from
! ! ! ?Q!
based on an actuarial valuation done as per projected unit credit method by an actuary. Actuarial gains and
! X "X > ! ^ ^ > ! >
other comprehensive income.
` ^ ]
< " ]` ^ ! "
! > ! ? Q! ^
" ^ ~ > ! > ^" "
! > ! ^ ? Q! ^ `
^ ! > ! ?Q! !"
obligation other than the contribution made to the fund administered by the government.
u. Earnings per share
| > ! ^" > ! ;~ > ! !
income) for the year attributable to equity shareholders by the weighted average number of equity shares
outstanding during the year. The weighted average number of equity shares outstanding during the year
is adjusted for events such as bonus issue, bonus element in a right issue, shares split and reserve share
splits (consolidation of shares) that have changed the number of equity shares outstanding, without a
> !> ? ! > > ! X !
or loss (excluding other comprehensive income) for the year attributable to equity share holders and the
weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive
potential equity shares.
v. Operating Cycle
Based on the nature of products / activities of the Group and the normal time between acquisition of assets
and their realisation in cash or cash equivalents, the Group has determined its operating cycle as 12 months
! ^ ?
136
w. Contributed equity
"! "?
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
x. Critical estimates and judgements

The preparation of Consolidated Financial Statements in conformity with Ind AS which requires management
to make estimates, assumptions and exercise judgement in applying the accounting policies that affect
! X ^ > ^ !
statements and the reported amounts of income and expenses during the year.
The Management believes that these estimates are prudent and reasonable and are based upon the
Management’s best knowledge of current events and actions. Actual results could differ from these estimates
and differences between actual results and estimates are recognised in the periods in which the results are
known or materialised.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and
of items which are more likely to be materially adjusted due to estimates and assumptions turning out to
be different than those originally assessed.
i) Property, plant and equipment, Investment Properties and Intangible Assets:

The Group reviews the estimated useful lives and residual values of the assets annually in order to determine
the amount of depreciation to be recorded during any reporting period. The useful lives and residual values
as per schedule II of the Companies Act, 2013 or are based on the Group’s historical experience with similar
assets and taking into account anticipated technological changes, whichever is more appropriate.
ii) Income Tax:
The Group reviews at each balance sheet date the carrying amount of deferred tax assets. The factors used
in estimates may differ from actual outcome which could lead to an adjustment to the amounts reported in
! ?
iii) Contingencies:
Q! ! ! ^ [ ! ! >
year, if any, in respect of contingencies/claim/litigations against the Group as it is not possible to predict the
outcome of pending matters with accuracy.
^ ? " {
Q! ^ ^ ~
cash loss. The Group uses judgement in making these assumptions and selecting the inputs to the impairment
calculation, based on past history, existing market conditions as well as forward looking estimates at the
end of each reporting period.
^ ? " {
The Group assesses at each reporting date whether there is an indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required,
the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher
of an asset’s or Cash Generating Units (CGU) fair value less costs of disposal and its value in use.
X ! > ! [ !
>" ! ! ? ! ! " >
an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount.
> X ! ! [ ! >
~ ! ! " !
! ? > X
? ! ^ X ?
These calculations are corroborated by valuation multiples or other available fair value indicators.
137
vi) "

Q! " ^ > ? Q!
involves making assumptions about discount rates, expected rate of return on assets, future salary increases
" ? ` ! > ! ! ^ >
uncertainty. The assumptions used are disclosed in Note 48.
x. Standard issued but not yet effective
Ind AS 115
On 28 March 2018, the Ministry of Corporate Affairs (MCA), in consultation with the National Advisory
Committee on Accounting Standards, has issued Companies (Indian Accounting Standards) Amendment
Rules, 2018 to amend the Companies (Indian Accounting Standards) Rules, 2015. This results in
introduction of Ind AS 115, Revenue from Contracts with customers,that comprehensively revamps the
revenue recognition guidance. Consequently, Ind AS 18 and Ind AS 11 have been withdrawn, and other
^" ?Q! ^ !> *$ '*$+?Q!>
is currently assessing the potential impact of this amendment.
Appendix B of Ind AS 21
z! ?? > ! ! ! < ! # ?
any foreign currency advances. This appendix states that the date of transaction shall be the
date on which such advance is received or paid. Therefore these non-monetary advances will
not be restated at the time of their adjustment against the particular transaction. The group is
currently assessing the potential impact of this amendment.
138
2 Property, plant and equipment (Rs. in Lakhs)
Particulars Free Hold Lease hold Buildings & Plant & Furniture & Electrical Vehicles Total
Land Land Flats Machinery Fixtures equipment Installation
Gross carrying amount
As at 01 April 2016 258 179 9,128 47,080 919 458 1,116 527 59,665
Additions - - 126 1,446 46 303 98 - 2,019
Foreign currency translation reserve - - (1) (5) (1) - (1) - (8)
Disposals - - 9 297 - 12 73 - 391
As at 31 March 2017 258 179 9,244 48,224 964 749 1,140 527 61,285
Additions - - 347 3,239 45 99 128 172 4,030
Foreign currency translation reserve 21 1 70 299 32 2 20 - 445
Disposals - - - - - 1 - 187 188
As at 31 March 2018 279 180 9,661 51,762 1,041 849 1,288 512 65,572
Accumulated Depreciation
As at 01 April 2016 - 26 1,984 29,515 617 415 955 347 33,859
Depreciation charge for the year - - 187 2,709 127 53 49 50 3,175
139
Foreign currency translation reserve - - (1) 2 (1) - 1 - 1
Disposals - - 7 259 - 12 70 - 348
As at 31 March 2017 - 26 2,163 31,967 743 456 935 397 36,687
Depreciation charge for the year - 4 194 2,629 21 83 60 66 3,057
Foreign currency translation reserve - 1 25 109 27 2 13 - 177
Disposals - - - - - - - 185 185
As at 31 March 2018 - 31 2,382 34,705 791 541 1,008 278 39,736
Net Carrying value
As at 01 April 2016 258 153 7,144 17,565 302 43 161 180 25,806
As at 31 March 2017 258 153 7,081 16,257 221 293 205 130 24,598
As at 31 March 2018 279 149 7,279 17,057 250 309 280 234 25,836
Footnotes:
$?| > ]
a. Shares in respect of residential premises of a cost of Rs. 2 lakhs (31.03.2017 Rs. 2 lakhs; 31.03.2016 Rs. 2 lakhs) in a co-operative society which is in the process of being transferred in the name of the Holding
Company.
b. Cost of shares of an aggregate face value of Rs. 750 (31.03.2017 Rs. 750; 31.03.2016 Rs. 750) in co-operative housing societies viz. 5 shares of Rs. 50 each in Vile Parle Vatika Cooperative Housing Society Limited, 5
shares of Rs. 50 each in The Ganesh Villa Co-operative Housing Society Limited and 5 shares of Rs. 50 each in Vinayak Bhavan Cooperative Housing Society Limited. .
2. The title deeds/ leasehold right of Land and Buildings, having gross carrying amount aggregating Rs.61 lakhs (31.03.2017 - Rs. 61 lakhs; 01.04.2016 - Rs. 218 lakhs) and net carrying amount aggregating Rs. 60 lakhs
as at 31.03.2018 (31.03.2017 -Rs. 60 lakhs; 01.04.2016 - Rs. 201 lakhs), have been transferred to and vested in the Company, pursuant to the Schemes of Amalgamation/Arrangement and the procedural formalities for
changing the name of the Company is in process.
#? Q! ^ > ~ !> >> > > \? \? ! ;#$ % ! '*$ \? !< > ! " > ~ ? Q! ^ X ^
adjustments, of plant and machinery to be amortised, as at the year-end, aggregates Rs. 1,258 lakhs (31 March 2017- Rs. 1,436 lakhs).
3 Investment Properties (Rs. in Lakhs)
Particulars Buildings and Total

Gross carrying amount values *
As at 01 April 2016 41 41
As at 31 March 2017 41 41
As at 31 March 2018 41 41
Accumulated Depreciation *
As at 01 April 2016 41 41
As at 31 March 2017 41 41
As at 31 March 2018 41 41
Net carrying value
As at 01 April 2016 - -
As at 31 March 2017 - -
As at 31 March 2018 - -
* There is no addition and disposal to the gross block and depreciation charge for the year ended 31 March 2018
and 31 March 2017.
3.1 Fair value of Investment Property (Rs. in Lakhs)

As at As at As at
Particulars
| > 1,729 1,636 900
Total 1,729 1,636 900
3.2 Income from Investment property generating Rental Income (Rs. in Lakhs)
As at As at
Particulars
31 March 2018 31 March 2017
Rental Income derived from investment properties 118 109
that generated rental income 1 1
that did not generate rental income - -
Income arising from investment properties before depreciation 116 107
Depreciation - -
Income from Investment properties (Net) 116 107
3.3 Estimation of fair value of investment properties:
The fair valuation is based on current prices in the active market for similar properties. The main inputs used are
quantum, area, location, demand, age of building and trend of fair market rent, ready reckoner rate etc.
This fair value is based on valuations performed by an accredited independent valuer. The fair value measurement
is categorised in level 2 fair value hierarchy.
3.4 The carrying value as at 1 April, 2016 as per previous GAAP of the Investment Properties is considered as a
deemed cost on the date of transition.
140
4 Intangible assets (Rs. in Lakhs)
Particulars Software Total

Gross carrying value
As at 01 April 2016 647 647
Additions 14 14
Foreign currency translation reserve * - -
Disposals - -
As at 31 March 2017 661 661
Additions 71 71
Foreign currency translation reserve (2) (2)
Disposals - -
As at 31 March 2018 730 730
Accumulated Amortisation
As at 01 April 2016 555 555
Charge for the year 57 57
Foreign currency translation reserve * - -
Disposals - -
As at 31 March 2017 612 612
Charge for the year 41 41
Foreign currency translation reserve * 1 1
Disposals - -
As at 31 March 2018 655 655
Net carrying value
As at 01 April 2016 92 92
As at 31 March 2017 49 49
As at 31 March 2018 76 76
* Amount lower than Rs. 100,000
141
5 Investments (Rs. in Lakhs)
As at March 31, 2018 As at March 31, 2017 As at April 01, 2016

Particulars Quantity Amount Quantity Amount Quantity Amount
(i) Investment in Equity shares
(fully paid-up)
Equity investment measured
at fair value through other
a. Quoted
Indusind Bank Limited
(Rs. 10 paid up each) 8,541 155 8,541 122 8,541 83
Eicher Motors Limited
(Rs. 10 paid up each) 600 170 600 154 600 115
Hero Motocorp Limited
(Rs. 2 paid up each) 6,250 221 6,250 201 6,250 184
b. Unquoted
21st Century Battery Limited
(Rs. 10 paid up each) 10,000 1 10,000 1 10,000 1
Less: Provision for impairment in value (1) (1) (1)
Total investment in equity shares 546 477 382
(ii) Investment in mutual funds
measured at fair value through
? " \J ^
DSP Black Rock Equity Fund 50,000 23 50,000 28 50,000 24
Total non-current investments 569 505 406
Notes
Aggregate amount of quoted
investments and market value
thereof 547 477 382
Aggregate amount of unquoted
investments (gross) 24 29 25
Aggregate amount of impairment
in the value of investments (1) (1) (1)
142
(Rs. in Lakhs)
As at As at As at
NON CURRENT
6 Loans

Security Deposits 269 267 252
Total 269 267 252
7 ! "
Margin money deposits with the maturity of more

than 12 months 2 16 6
Security deposits 26 26 26
Total 28 42 32
Advance taxes paid * 1,612 1,610 1,128

Total 1,612 1,610 1,128
*Net of provision for tax 31 Mar 2018 Rs. 18,692 lakhs; 31 Mar 2017 Rs. 18,852 lakhs and 1 April 2016 Rs. 16,428 lakhs
9 Other non-current assets
Capital Advances 655 1,013 722

Prepayments 17 34 4
Balance with government authorities - 685 993
Advance sales tax 477 518 419
Others 36 36 52
Total 1,185 2,286 2,190
CURRENT
10 Inventories
Raw materials and components * 4,478 5,406 4,124

> 4,421 3,817 3,196
Finished goods 3,577 5,045 4,889
Stores & Spares 3,327 2,960 2,262
Total 15,803 17,228 14,471
* Includes Goods-in-transit as on 31 March 2018 Rs. 129 lakhs, 31 March 2017 Rs. 326 lakhs and 1 April 2016 Rs. 58 lakh
143
11 Investments (Current) (Rs. in Lakhs)
As at As at As at
Quantity Amount Quantity Amount Quantity Amount
Investment in Mutual Funds
Meausured at fair value through
? " \J ^{
HDFC liquid fund - regular plan - Dividend - - 3,475 35 - -
- Daily reinvest
Kotak Low Duration Fund Standard weekly 3,674 37 3,513 36 - -
dividend (Regular plan)
Reliance liquid fund - treasury plan - daily 2,433 37 2,330 36 - -
dividend option dividend reinvestment
Aditya Birla Sun Life Floating Rate Fund - 112,471 261 - - - -
Growth
Aditya Birla Sun Life Short Term Fund 152,384 102 - - - -
HDFC Treasury Advantage Plan fund 4,318,271 435 - - - -
Total 872 107 -
(Rs. in Lakhs)
As at As at As at
12 Trade receivables
Secured,considered good 68 195 164

Unsecured, considered good 23,276 19,170 19,783
Unsecured, considered doubtful 2,987 3,232 2,935
Less : Provision for doubtful debts (2,987) (3,232) (2,935)
Total 23,344 19,365 19,947
13 Cash and cash equivalents (Rs. in Lakhs)
As at As at As at
Balances with banks
- Current Accounts 1,105 2,065 1,780
- EEFC Account 170 90 16
Deposits with the original maturity of less than
three months - - 1,300
Cheques on Hand - - 22
Cash on Hand 3 3 3
Total 1,278 2,158 3,121
144
(Rs. in Lakhs)
As at As at As at
14 Bank balances other than cash and
cash equivalents
Margin money deposits
(Fixed deposit pledge with banks) 116 61 52
Deposits with maturity of more than 3 months but
less than 12 months 102 - 7
Unpaid dividend (refer note below) 1,381 29 18
Total 1,599 90 77
Footnote:
Includes interim dividend declared on 20 March 2018, deposited in separate bank account Rs. 1,357 lakhs.
15 Loans
Inter Corporate Deposit (Refer note 45) - - 250

Loans and Advances to employees 85 96 76
Security Deposits 152 157 50
Other Loans and Advances 17 20 36
Total 254 273 412
16 ! "
~ 3 - -
Derivative Assets 380 299 60
Total 383 299 60
17 Current tax assets
Income tax refund 89 89 89

Total 89 89 89
18 Other current assets

Advances recoverable in kind for value to be
received 6 4 -
Export incentive and duty drawback receivable 925 529 353
Advance to suppliers 698 367 285
Balance with government authortities 4,245 1,177 1,377
Prepayments 416 355 358
Gratuity (Refer note 48) 22 - -
Total 6,312 2,432 2,373
145
(Rs. in Lakhs)
As at As at As at
19 Equity share capital
Authorised:
100,000,000 (31 March 2017 and 01 April 2016: 2,000 2,000 2,000
100,000,000) Equity Shares of Rs. 2 each
Total 2,000 2,000 2,000
Issued, Subscribed and Paid-Up:
96,922,600 (31 March 2017 and 01 April 2016: 1,938 1,938 1,938
96,922,600) Equity Shares of Rs. 2 each fully
paid up
Total 1,938 1,938 1,938
(i) Reconciliation of number of Equity Shares outstanding at the beginning and at the end of the year:
2017-18 2016-17 2015-16

Particulars
(In Nos.) (Rs. in lakhs) (In Nos.) (Rs. in lakhs) (In Nos.) (Rs. in lakhs)
beginning of the year 96,922,600 1,938 96,922,600 1,938 96,922,600 1,938
end of the year 96,922,600 1,938 96,922,600 1,938 96,922,600 1,938
(ii) Rights attached to equity shares:

a) Right to receive dividend as may be approved by the Board / Annual General Meeting.
b) The equity shares are not repayable except in the case of a buy back, reduction of capital or winding up in
terms of the provisions of the Companies Act, 2013.
c) Every member of the Company holding equity shares has a right to attend the General Meeting of the
Company and has a right to speak and on a show of hands, has one vote if he is present in person and on a
poll shall have the right to vote in proportion to his share of the paid-up capital of the Company.
(iii) Details of shareholders holding more than 5% shares in the company:
Name of Shareholder As at 31 March 2018 As at 31 March 2017 As at 01 April 2016

Number % of Number % of Number % of
of shares Holding of shares Holding of shares Holding
held held held
Trilochan Singh Sahney Trust 1 (held
by a trustee in his individual name) 34,829,642 35.94% 35,740,266 36.88% 36,486,909 37.65%
Hanwantbir Kaur Sahney 2,867,000 2.96% 2,867,000 2.96% 4,972,000 5.13%
Harshbeena Sahney Zaveri 8,500,167 8.77% 8,454,769 8.72% 5,165,019 5.33%
Nalanda India Equity Fund Limited 9,682,667 9.99% 9,682,667 9.99% 9,682,667 9.99%
SBI Magnum Global Fund - - 4,400,000 4.54% 5,159,663 5.32%
146
20 Other equity (Rs. in Lakhs)
Reserves and surplus As at As at As at

Securities Premium Reserve 848 848 848
General Reserve 9,475 9,475 9,475
Capital Reserve 15 15 15
Capital Redemption Reserve 1,011 1,011 986
Debenture Redemption Reserve 3,250 2,000 750
Retained Earnings 20,891 14,636 12,240
Fair Value of Equity Instruments through OCI 546 477 382
Foreign currency translation reserve (178) (2) -
Total 35,858 28,460 24,696
As at As at
31 March 2018 31 March 2017
i) Securities Premium Reserve
Opening balance 848 848
Closing balance 848 848
ii) General Reserve

Opening balance 9,475 9,475
Closing balance 9,475 9,475
iii) Capital Reserve

iv) Capital Redemption Reserve

Opening Balance 1,011 986
Add: Transfer from retained earnings - 25
v) Debenture Redemption Reserve

Opening balance 2,000 750
Add: Transfer from retained earnings 1,250 1,250
147
(Rs. in lakhs)
As at As at
31 March 2018 31 March 2017
vi) Retained Earnings
Opening Balance 14,636 12,240
] !" 9,071 5,165
Add: Other comprehensive income for the year 67 93
Less: Interim dividend for the year ended 1.4 per fully paid (1,357) (1,333)
up shares for 31 March 2018 (31 March 2017- INR 1.4 per
fully paid share)
Less: Dividend distribution tax on dividend on Interim (276) (254)
dividend
Less: Transfer to debenture redemption reserve (1,250) (1,250)
Less: Transfer to capital redemption reserve (25)
vii) Fair Value Gain on Equity Instruments through OCI

Change in Fair value of FVOCI equity instrument 69 95
viii) Other comprehensive income (items which will

" ? "^{
Foreign currency translation reserve
Opening balance (2) -
Add: Addition during the year (176) (2)
Closing balance (178) (2)
Nature and purpose of reserves

i) Securities Premium Reserve
Securities premium is used to record the premium received on issue of shares. The amount will be utilised in
accordance with the provisions of the Companies Act, 2013.
ii) General Reserve
\ ^" [" >
purpose. This reserve is a distributable reserve.
iii) Capital Redemption Reserve
It is created on account of merger and the same will be utilised in accordance with the provision of Companies Act
2013.
iv) Debenture Redemption Reserve
The Group had issued non convertible debetures and accordingly Debenture redemption reserve is required to be
created pursuant to the Companies (Share capital and debentures) Rules 2014. The same will be utilised in accordance
with the provision of Companies Act 2013.
148
\ > ! ^" !> !" ?
vi) Fair Value of Equity Instruments through OCI
The Group has elected to recognise changes in the fair value of equity investments in Other Comprehensive Income.
These changes are accumulated within the FVOCI equity investment reserves within equity and will be transferred to
retained earnings on derecognition of these equity instruments.
vii) Foreign currency translation reserve
The exchange differences arising on translation of foreign operations are recognised in other comprehensive income
[ ! "?Q! " [! !
foregin operation is disposed off.
21 Borrowings (Non-Current)
(Rs. in lakhs)
As at As at As at
Non convertible Debentures - Unsecured
(Refer note (a) below) 1,984 4,983 2,989
External commercial borrowings from bank - Secured
(Refere note (b) below) 1,764 2,403 1,460
Foreign Currency Term Loan from banks - Secured
(Refere note (c) below) 2,403 2,397 -
Term Loan from others - Secured
(Refer note (d) below) - - 538
Deferred sales tax loan - Unsecured
(Refer note (e) below) 735 950 1,166
Total 6,886 10,733 6,153
Terms of No: of
As at As at As at
repayment of principal install- Rate of
Particulars Security 31 March 31 March 01 April
ment interest
2018 2017 2016
#
a Non-convertible
Debentures
300 Non convertible Unsecured Reedemable at par, on 03 August 1 9.93% 3,187 3,187 3,188
of Rs. 10,00,000 each
200 Non convertible Unsecured Reedemable at par, on 14 June 1 9.49% 2,157 2,156 -
of Rs. 10,00,000 each
Total 5,344 5,343 3,188
Comprises of
Long Term Borrowings 1,984 4,983 2,989
Current maturities of long 3,360 360 199
term borrowings*
5,344 5,343 3,188
149
b External commercial
borrowings from bank
External commercial Secured by hypothecation of Quarterly installments starting 13 6.40% 1,791 2,428 -
borrowings ! > from 04 February 2019 to be
machinery of the company completed in 04 February 2022
External commercial Secured by hypothecation of Quarterly installments completed - Libor+274 - - 873
borrowings ! > in February 2017 bps to Libor
machinery of the company + 350
External commercial Secured by hypothecation of Half yearly installment repaid - Libor+274 - - 3,739
borrowings ! > prematurely in February 2017 bps to Libor
machinery of the company + 350
Total 1,791 2,428 4,612
Comprises of
Long Term Borrowings 1,764 2,403 1,460
Current maturities of long 27 25 3,152
term borrowings *
1,791 2,428 4,612
c Foreign Currency Term
Loan from banks
Term Loan Secured by hypothecation of Quarterly installments starting 15 5.95% to 3,051 2,404 -
! > from 14 June 2018 to be 6.00%
machinery of the company completed in 14 December 2021
Capex Buyer's credit Secured by hypothecation of Structured installment to be - Libor+270 - - 970
! > completed by June 2016 bps to Libor
machinery of the company + 290 bps
Term Loan Secured by hypothecation of Completed in November 2016 - Libor+200 - - 2,157
! > bps
machinery of the company
Total 3,051 2,404 3,127
Comprises of
Long Term Borrowings 2,403 2,397 -
Current maturities of long 648 7 3,127
term borrowings*
3,051 2,404 3,127
d Term Loans from
others
Term Loan Secured by hypothecation of Half yearly structured - 11% - 458 1,388
! > installments starting from June
machinery of the company 2015 to be completed in June
2017
Term Loan Secured against property plant Monthly instalments up to 12% - - 167
and equipment's purchased out December 2018.
of the borrowings.
Total - 458 1,555
Comprises of
Long Term Borrowings - - 538
Current maturities of long - 458 1,017
term borrowings*
- 458 1,555
e Deferred sales tax loan
Deferred sales tax loan Unsecured Annual installments to be 9 - 950 1,166 1,384
completed by May, 2025
Total 950 1,166 1,384
Comprises of
Long Term Borrowings 735 950 1,166
Current maturities of long 215 216 218
term borrowings*
950 1,166 1,384
¯ "^X > " > ^ ?
150
22 Current tax liability (Net) (Rs. in Lakhs)

As at As at As at
Particulars
Provision for tax (net of advance tax Rs. 3,249 lakhs 491 5 9
(31 March 2017 - Rs. Nil and 01 April 2016 Rs. 268 lakhs)
Total 491 5 9
23 Deferred tax liabilities (net) (Rs. in Lakhs)

As at As at As at
Particulars
Deferred tax liability on account of :
Depreciation and amortisation expense (1,900) (1,830) (1,776)
Outside basis tax (182) (77) (27)
Financial Liability at amortised cost (5) (5) (5)
(2,087) (1,912) (1,808)
Deferred tax assets on account of :
Provision for Gratuity 27 11 132
Amortisation of borrowing 1 1 -
Provision for doubtful debts 1,036 1,118 1,016
Voluntary retirement compensation 29 44 59
Provision for compensated absence 299 262 269
Fair valuation of derivative contracts 56 71 21
z " 62 47 43
Others (1) (1) 10
1,509 1,553 1,550
Total 578 359 258
24 Other non-current liabilities

Unearned revenue - 68 158
Others 4 - -
Total 4 68 158
25 Short Term Borrowings

Secured
Loans from banks * 4,700 3,004 6,010
Cash credit 1,241 1,142 1,078
Loans in foreign currency from banks 1,028 4,586 4,469
Unsecured
Commercial papers [Maximum balance outstanding 3,500 7,000 6,000
during the year Rs. 8,500 lakhs (31 March 2017
Rs. 8,500 lakhs; 01 April 2016 Rs. 6,000 lakhs)]
Total 10,469 15,732 17,557
Footnotes:
* Secured by a pari passu charge on inventories and trade receivables, present and future.
151
(Rs. in lakhs)
Particulars Security As at As at As at
Cash credit - Secured by a pari passu charge on 19 81 16

repayable on demand trade receivable and inventories.
Cash credit - Secured by Irrevocable Standby 1,222 1,061 1,062
repayable on demand Letter of Credit (SBLC) issued by
Citibank N.A, India.
1,241 1,142 1,078
Loans in foreign currency from banks
Packing credit loan Secured by a pari passu charge on 1,028 4,298 3,517
present and future.
Buyer’s credit Secured by a pari passu charge on - 288 952
present and future.
1,028 4,586 4,469
26 Trade Payables (Rs. in Lakhs)
As at As at As at
Particulars March 31, 2018 March 31, 2017 01 April 2016
Micro and Small Enterprises [Refer note (a) below] 4 1 4
Other than Micro and Small Enterprises 11,868 9,941 8,431
Total 11,872 9,942 8,435
(a) Disclosures under the Micro, Small and Medium Enterprises Development Act, 2006:
(i) An amount of Rs. 4 lakhs (31 March 2017 Rs. 1 lakh, 01 April 2016 Rs. 4 lakhs) was due and outstanding to
suppliers as at the end of the accounting year on account of principal and interest respectively.
(ii) No interest was paid during the year in terms of section 16 of the Micro, Small and Medium Enterprises
Development Act, 2006 and no amount was paid to the supplier beyond the appointed day.
(iii) No amount of interest is due and payable for the period of delay in making payment but without adding the
!% X% ` X'**
(iv) No interest was accrued and unpaid at the end of the accounting year.
(v) No further interest remaining due and payable even in the succeeding years for the purpose of disallowance
of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act,
2006
The above information regarding Micro and Small Enterprises has been determined to the extent such
!^ !^ s of information available with the Group.
152
Q ! " "" (Rs. in Lakhs)
As at As at As at
Particulars
Current Maturities of Long-Term Borrowings (Refer note 21)
- Non Convertible debentures 3,360 360 199
- External commercial borrowings from bank 27 25 3,152
- Foreign currency term loan from banks 648 7 3,127
- Term loans from others - 458 1,017
- Deferred sales tax loan 215 216 218
Derivative Liability 313 278 -
Security deposits 863 865 838
Unpaid dividends (unclaimed) (Refer footnote i) 24 29 18
Dividend payable (Refer footnote ii) 1,357 - -
Other Payables
- Property plant and equipments 739 79 122
- Employee related liability 721 517 553
Total 8,267 2,834 9,244
Footnotes:
i. There is no amount outstanding and due as at the balance sheet date to be credited to the Investor Education
and Protection Fund.
ii. Represents interim dividend declared by the board of directors at their meeting dated 20 March 2018.
28 Other current liabilities (Rs. in Lakhs)
As at As at As at
Particulars March 31, 2018 March 31, 2017 01 April 2016
Unearned revenue 68 90 86
Statutory dues 2,656 732 680
Advances received 204 96 96
Others 31 - 3
Total 2,959 918 865
29 Provisions
"^
- Compensated Absences 863 758 778
- Gratuity 74 33 384
Others 8 - 105
Total 945 791 1,267
153
30 Revenue from Operations (Rs. in Lakhs)

Particulars
March 31, 2018 March 31, 2017
Rendering of services
Sale of Products
Finished goods 86,217 78,605
Other operating revenues
Scrap Sales 721 550
Others 446 327
Total 87,384 79,482
Note:
Excise duty on sales was included under Revenue from operations and disclosed separately under
Expenses upto 30 June 2017. Post implementation of Goods and Services Tax (GST) from 1 July 2017,
revenue from operations is reported net of GST and hence to that extent sale of products for the year
end 31 March 2018 are not comparable.
31 Other Income (Rs. in Lakhs)
Particulars
31 March 2018 31 March 2017
` _ 14 8
` _Q 7 2

- From banks on deposits 10 15
!> _Q 13 4
Fair valuation gain on derivative instrument measured at FVTPL 46 -
" ; < 11 -
Rent 125 121
Net gain on foreign currency transactions and translation 909 10
Refund of duty* - 580
Other non-operating income 82 55
Total 1,217 795
* Represents refund of taxes and duty received by the Group under the Package Scheme of Incentives - 2007.
32 Cost of material consumed (Rs. in Lakhs)

Particulars
31 March 2018 31 March 2017
Raw material consumed
Opening stock 5,406 4,125
Add: Purchases 31,077 29,256
Less: Closing stock (4,478) (5,406)
Total 32,005 27,975
154
33 @! ! K?

(Rs. in Lakhs)

Particulars
31 March 2018 31 March 2017
Work-in-progress
Opening 3,817 3,196
Closing 4,421 3,817
(604) (621)
Finished goods
Opening 5,045 4,889
Closing 3,577 5,045
1,468 (156)
Total 864 (777)
34 =?"< + =>? (Rs. in Lakhs)

Particulars
31 March 2018 31 March 2017
X[ ! ^ 12,256 11,160
Contribution to provident and other funds 837 816
Staff welfare expenses 1,401 1,186
Total 14,494 13,162
35 Finance Costs (Rs. in Lakhs)

Particulars
31 March 2018 31 March 2017
~ ^
- Borrowings 620 627
- Others 605 884
Other Borrowing Costs 190 192
Total 1,415 1,703
155
36 Other Expenses (Rs. in Lakhs)

Particulars
31 March 2018 31 March 2017
Consumption of stores and spare parts 6,470 6,161
Processing charges 2,179 1,780
Power and fuel 2,698 2,758
Repairs and maintenance - - -
Buildings 234 353
Plant and machinery 458 401
Others 108 86
Insurance 176 139
Rent 156 116
Rates and taxes 76 123
Legal and professional fees 899 751
Directors’ fees and commission 72 49
Commission on sales 883 696
Travelling and conveyance 940 767
Postage, telephone and fax 76 66
Bank charges 87 48
Advertisement and sales promotion expenses 366 166
Forwarding charges 3,260 2,502
Provision for doubtful debts 485 297
Lease rent (Refer Note 53) 77 69
IT expenses 552 463
~ " ; < ! (803) 76
goods
Net loss on foreign currency transactions and translation - 507
_Q 5 -
Fair valuation loss on Derivative contracts - 146
Auditors’ remuneration (refer note 36.1 below) 68 71
Expenditure on Corporate Social Responsibility 159 142
Miscellaneous expenses 1,638 1,788
Total 21,319 20,521
] Z \>" > # >^
For statutory audit (including limited review) 53 57

For tax audit 5 6
For other services 1 7
For reimbursement of expenses 2 1
Fees to erstwhile auditors' 7 -
Total 68 71
156
37 TAX EXPENSE (Rs. in Lakhs)

Particulars
31 March 2018 31 March 2017
Current tax expense
Current tax for the year 4,161 2,216
Tax adjustment in respect of earlier years 3 (42)
Total current tax expense 4,164 2,174
Deferred taxes
Change in deferred tax liabilities 77 53
} > >?# \ ^ 77 53
4,241 2,227
]Q z> " \ ? "^
; > >? 13,529 7,533

Tax at the rate of 34.608% (for 31 March 2017 - 34.608%)* 4,682 2,607
z> !! " # >"
calculating taxable income
Depreciation (2) 71
Non deductible expenses for tax purpose 34 39
Deduction under 80IC (121) (121)
Exempt income (6) (82)
Additional allowances for tax purpose (245) (360)
"X (4) (3)
Adjustment due to change in tax rates (121) 129
Tax adjustment of prior years 3 (42)
Others 21 (11)
Income tax expense 4,241 2,227
* The tax rate used for reconciliation above is the Corporate tax rate of 34.608% payable by parent entity in India on
~^ ~[?
38 Other Comprehensive Income (OCI)

31 March 2018 31 March 2017
! "" " ? "
> ;< ! ^ 107 140
Fair value changes on equity instruments through other comprehensive 69 95
income
Tax on above (36) (48)
140 187
! "" " ? "
~ !> > ! > (176) (2)
operation
Tax on above - -
(176) (2)
Total (36) 185
157
39 Fair value measurements (Rs. in lakhs)
Financial instruments by category:
Particulars Amor- Amor- Amor-

FVOCI FVTPL tised FVOCI FVTPL tised FVOCI FVTPL tised
cost cost cost
Financial Assets - Non-current
Investments 546 23 - 477 28 - 382 24 -
Non-current Loans - - 269 - - 267 - - 252
! - - 27 - - 42 - - 32
Financial Assets - Current
Trade receivables - - 23,344 - - 19,365 - - 19,947
Cash and cash equivalents - - 1,278 - - 2,158 - - 3,121
Bank Balances other than cash and - - 1,599 - - 90 - - 77
cash equivalents
Investments - 872 - - 107 - - - -
Loans - - 254 - - 273 - - 412
! - 380 3 - 299 - - 60 -
Financial Liabilities - Non-Current
Non-current borrowings (including - - 11,136 - - 11,799 - - 13,866
current maturities)
Financial Liabilities - Current
Short term borrowings - - 10,469 - - 15,732 - - 17,557
Trade payables - - 11,872 - - 9,942 - - 8,435
! ^ - 313 3,704 - 278 1,490 - - 1,531
I. Fair value hierarchy
Q! ! ^ ! ! [ ^
selling an asset or paid on transferring a liability in an orderly transaction between market participants on
the measurement date. This section explains the judgements and estimates made in determining the fair
! ! ;< > ;^<
[! ! ! ?Q
^ ! ^ " ! > X ! > !
instruments into the three levels prescribed under the accounting standard. An explanation of each level
follows underneath the table.
Level 1: $! !" > ? ~X
equity instruments that have quoted market price.
Level 2:Q! ! ; ~X
bonds, over-the- counter derivatives) is determined using valuation techniques which maximise the use of
^ ^ " ^ " ? >
required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: ! > ^^ ^ X !
#?Q! ! " X >
asset included in level 3.
During the periods mentioned above, there have been no transfers amongst the levels of hierarchy.
158
II. Valuation techniques used to determine fair value
> ! ]
The fair value for investment in equity instrument and mutual fund is based on the quoted market prices.
" X ^ ! [ >
considering incremental borrowing rate. Non current borrowings are fair valued using effective interest rates.
Fair valuation of interest rate swap and foreign currency option contracts are calculated on the basis of
estimated mid-market levels, estimated bid-side or offer side levels, or on the basis of indicative bid or offer or
unwind prices or on such other appropriate basis. It is derived from other proprietary or other pricing models
based on certain assumptions.
Fair valuation of forward exchange contracts is determined using forward exchange rates on the balance sheet
date
The carrying amounts of Trade receivables, cash and cash equivalent, other bank balances, current investments,
! X ! X! ^ [ >X "^X !
liabilities are considered to be approximately equal to the fair value.
III. Valuation Process

Q! ! ^
> ?Q! " ! ! ;<?`
processes and results are held at least once every three months, in line with the quarterly reporting periods.
IV. Financial assets and liabilities measured at fair value - recurring fair value measurement:
(Rs. in lakhs)

Particulars
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Financial Assets
Mutual fund investments 895 - - 135 - - 24 - -
measured at FVTPL
Investments in equity 546 - - 477 - - 382 - -
instrument measured at FVOCI
Interest rate swap and foreign - 221 - - 140 - - - -
currency option
Forward contract - 159 - - 159 - - 60 -
Financial Liability
Interest rate swap and foreign - 278 - - 278 - - - -
currency option
Forward contract - 35 - - - - - - -
$ " " \ "
value hierarchy)
(Rs. in lakhs)
Particulars
Carrying Amt Fair Value Carrying Amt Fair Value Carrying Amt Fair Value
Financial Assets
Security deposits 269 269 267 267 252 252
Other non current assets 28 28 42 42 32 32
Non-current borrowings 11,136 10,501 11,799 10,623 13,866 12,722
(including current maturities)
159
40 Financial risk management
Q! > ^ ^ [ >X ! "^? Q!
! ^ ! > ? Q! >
loans, trade and other receivables, investments and cash and cash equivalents that are derived directly from its
operations.
The group is exposed to credit risk, market risk and liquidity risk. The group’s senior management oversees the
management of these risks.
A Credit risk
The group is exposed to credit risk from its operating activities (primarily for trade receivables) and from its
> ; [ !^ ! <?
Credit risk management
To manage credit risk, the group follows a policy of providing 0-90 days credit on the basis of nature of
customers. The credit limit policy is established considering the current economic trends of the industry and
geographies in which the group is operating.
{[ X ! ^ ^ >" >
recoverability of dues and provision is created accordingly.
Bank balances and deposits are held with only high rated banks and majority of other security deposits are
placed majorly with government agencies.
Age of receivables that are past due: (Rs. in lakhs)
As at As at As at
Particulars
Upto 3 months 15,249 10,813 9,924
3 - 6 months 4,124 2,920 3,104
6 - 12 months 3,611 3,152 4,232
More than one year 3,347 5,712 5,622
Total 26,331 22,597 22,882
Provision for expected credit loss created (2,987) (3,232) (2,935)
B Liquidity risk
Liquidity risk is the risk that the Group will not be able to settle or meet its obligations on time or at a
^ ? Q! ^ > ! ^ !
borrowings, trade payables etc.
Liquidity risk management
Q!> ^ " >> ?
In addition, processes and policies related to such risks are overseen by senior management. Management
!> " ! >! > !^ ~ ![?
Q! ^ ^[ ! " ! ^ ^
undiscounted payments at each reporting date:
' " "" \ "K!^
Between 1 and Beyond 2
As at 31 March 2018 Within 1 year Total
2 years years
Non-derivative
Non-current borrowings (including 4,250 1,865 5,021 11,136
current maturities)
Short term borrowings 10,469 - - 10,469
Trade payables 11,872 - - 11,872
! ^ 3,704 - - 3,704
Derivative - -
option and forward contract 144 90 79 313
Total 30,437 1,955 5,100 37,494
160
(Rs. in lakhs)
As at 31 March 2017 Within 1 year Total
2 years years
Non-derivative
current maturities)
! ^ 1,490 - - 1,490
Derivative
Interest rate swap, foreign
currency option and forward 278 - - 278
contract
Total 28,647 4,484 6,250 39,381
(Rs. in lakhs)
As at 01 April 2016 Within 1 year Total
2 years years
Non-derivative
current maturities)
! ^ 1,531 - - 1,531
Total 35,236 2,517 3,636 41,389
C Market risk
% ! ! ! ![ [ ^
of changes in market prices. Market risk comprises three types of risk: Foreign currency risk, interest rate
risk and price risk.
(i) Foreign currency risk

Q!> ~ >~ !> ! ^X"^ ! ^ >
[! ! z`Xz\X{ ?Q! !~ !> =\
these currencies may have a material impact on the Group’s assets and liabilities.
Foreign currency risk management
In respect of the foreign currency transactions, the Group hedges substantial exposure via forward contracts
and foreign currency options, remaining exposures are unhedged since the management believes that the
> [ ^ ^" ! > ^"^[! !
will be in the nature of natural hedge.
161
The group’s exposure to foreign currency risk at the end of reporting period are as under:
(Rs. in lakhs)
31 March 2018
Particulars
USD EURO CHF JPY
Trade payables 132 639 12 630
Capital creditors - 38 - 648
Loans Payable 4,843 1,028 - -
Foreign currency option contracts (3,365) - - -
Financial assets
Trade receivables 7,224 8,603 - -
Balance with government authorities - 1,309 - -
Bank balance in EEFC account 129 41 - -
Forward contract receivable (2,477) (1,019) - -
} >? < # \""^ 3,266 7,229 (12) (1,278)
(Rs. in lakhs)
31 March 2017
Particulars
USD EURO CHF JPY
Trade payables 269 626 11 740
Capital creditors - 3 - -
Forward contract payable (46) (26) - (67)
Foreign currency option contracts (3,356) - - -
Financial assets
Bank balance in EEFC account 72 18 - -
Forward contract receivable (2,016) (787) - -
} >? < # \""^ 2,837 1,410 (11) (673)
(Rs. in lakhs)
01 April 2016
Particulars
USD EURO CHF JPY
Trade payables 1,372 427 58 554
Capital creditors - 3 - -
Forward contract payable (1,014) - - -
Financial assets
Bank balance in EEFC account 16 - - -
Forward contract receivable (1,820) (592) - -
} >? < # \""^ (5,762) 5,943 (58) (554)
162
Sensitivity to foreign currency risk

The following table demonstrates the sensitivity in above currencies with all other variables held constant.
Q!^[ !> ^ ~ ^ !> ! !> >
currency monetary assets and liabilities at balance sheet date:
(Rs. in lakhs)
Currencies 31 March 2018 31 March 2017
Increase Decrease Increase Decrease
by 2% by 2% by 2% by 2%
USD 65 (65) 57 (57)
EUR 145 (145) 28 (28)
CHF (0) 0 (0) 0
JPY (26) 26 (13) 13
"" > " ~ >~ !> >
foreign currency loans of $37 lakhs equivalent to Rs. 2405 lakhs (31 March 2017 - $82.42 lakhs equivalent to
\?#!< ! !^ ! ! ~
or loss over a period of 7 to 11 years in the form of adjustment to the depreciation charge.
\^ @! " K
Q!> " !> ^ [ > > ?
Q!> " ^ [ > ~ > [ ! !
when necessary. During 31 March 2018 and 31 March 2017, the Group’s borrowing at variable rate were
mainly denominated in USD.
Q! ~ ^ [ > X! ^ !
" > ![[ ^ !> ?
The group’s borrowing structure at the end of reporting period are as follows:
(Rs. in lakhs)
As at As at As at
Particulars
Variable rate borrowings 7,111 11,018 14,841
Fixed rate borrowings 14,494 16,513 16,582
Total 21,605 27,531 31,423
As at the end of the reporting period, the group had the following variable rate borrowings and interest rate
swap contracts outstanding: (Rs. in lakhs)
Particulars % of % of % of
Balance total Balance total Balance total
loans loans loans
Variable rate loan 7,111 33% 11,018 40% 14,841 47%
Interest rate swaps (4,842) -22% (4,829) -18% (4,612) -15%
} >? !
interest rate risk 2,269 10% 6,189 22% 10,229 33%
Sensitivity analysis - Variable rate borrowing (Rs. in lakhs)

? ? >
Interest rate
31 March 2018 31 March 2017
Increase by 50 basis points (0.76) (1.35)
Decrease by 50 basis points 0.76 1.35
163
Sensitivity analysis - Interest rate swap (Rs. in lakhs)

? ? >
Interest rate
31 March 2018 31 March 2017
Increase by 50 basis points 0.97 0.71
Decrease by 50 basis points (0.97) (0.71)
(iii) Price Risk
The Group is exposed to price risk from its investment in equity instruments measured at fair value through
! ! ! >! ?
(Rs. in lakhs)
Sensitivity 31 March 2018 31 March 2017
^ ~ ¢ 72 31
^ ~ ¢ (72) (31)
41 Capital Management
A. Risk management
The Group’s objectives when managing capital are to
> ! ^ " > > X ! !"
! ! ^ ! ! X
! ?
The Group monitors its capital by using gearing ratio, which is net debt divided to total equity. Net debt includes
non-current and current borrowings net of cash and bank balances and total equity comprises of Equity share
capital, security premium, general reserve, other comprehensive income and retained earnings.
B. The capital composition is as follows: (Rs. in lakhs)
As at As at As at
Particulars
Gross debt 21,605 27,531 31,423
Less: Cash and bank balances (1,278) (2,158) (3,121)
Net debt (A) 20,327 25,373 28,302
Equity (B) 38,565 30,946 27,042
\Z # +^ \^ 52.71% 81.99% 104.66%
C. Loan covenants
! !^ [ >X ! !> ^ [ !
the Group. These covenants are monitored by the Group on a regular basis. There has been no default on the
!^" ! ?
D. Dividends (Rs. in lakhs)

As at As at
31 March 2018 31 March 2017
i) Equity Shares
Interim dividend - Rs. 1.4 per share for each fully paid up share 1,357 1,333
for 31 March 2018 (31 March 2017- Rs. 1.4 per share for each
fully paid share)
Dividend distribution tax on interim dividend 276 254
Dividends not recognised at the end of the reporting period
In addition to the above dividends, since year end the directors 1,163 -
! !" \?$?'
" "! ;#$% !'*$\?= <?Q!
dividend is subject to the approval of shareholders in the ensuing
annual general meeting.
164
42 Net debt reconciliation (Rs. in lakhs)

Non Current
borrowing Cash Net Debt
Short term
including and cash (D)
Particulars borrowings
current equivalents
(A)
maturity (C)
(B)
Net debt as on 1 April 2017 15,732 11,800 2,158 25,374
![ (5,879) (670) (893) (5,665)
Interest paid (605) (810) - (1,415)
Finance cost 605 810 - 1,415
Exchange gain/loss 616 6 13 609
Net debt as on 31 March 2018 10,469 11,136 1,278 20,327
43 Interest in other entities

The Consolidated Financial Statements present the Consolidated Accounts of NRB Bearings Limited with its
following subsidiarie (Rs. in lakhs)
Sr. Name of the Principal place Activities Proportion Proportion Proportion
No Subsidiaries of business of ownership of ownership of ownership
and country of interest interest interest
incorporation 31 March 2018 31 March 2017 01 April
2016
1 SNL Bearings India Manufacture and 73.45% 73.45% 73.45%
Limited marketing of
bearing products
2 NRB Bearings Europe Marketing of 100% 100% 100%
Europe GmbH bearing products
and customer
support services
3 NRB Bearings Thailand Manufacture and 100% 100% 100%
(Thailand) marketing of
Limited bearing products
44 Non controlling interests (NCI) (Rs. in lakhs)

|[ ! =| > ! > !
material to the group. The amount disclosed is before inter-company elemination:
As at As at As at
Summarised balance sheet
Current assets 2,448 1,564 1,349
Current liabilities 442 420 504
Net current assets 2,006 1,144 845
Non - Current assets 947 974 916

Non - Current liabilities 124 127 211
Net non-current assets 823 847 705
Net assets 2,829 1,991 1,550
Accumulated NCI 769 548 408
165
(Rs. in lakhs)
q ? "
31 March 2018 31 March 2017
Revenue 3,928 3,766
!" 822 662
Other comprehensive income 16 (3)
Total comprehensive income 838 658
= 217 141
Other comprehensive income allocated to NCI 4 (1)
(Rs. in lakhs)
q !
31 March 2018 31 March 2017
![ > 975 643
![ > (914) (225)
![ > (62) (483)
} # \ ^ ! ! J" (1) (65)
45 Related Party Disclosure:

'\ "` X [ ! ! !
Accounting Standard are given below:
(I) Names of related parties and nature of relationship where control exists:
Individual having substantial interest in the voting
power and the power to direct by agreement, the Mr. T. S. Sahney, Chairman
> !"?
Key Management Personnel Ms. H. S.Zaveri, Vice Chairman & Managing Director
Mr. T. S. Sahney (Chairman. Executive upto 30 September 2016)
Mr. S. C. Rangani, Executive Director & Company Secretary
Mr. Sumit Mitra (Director in NRB Bearings, Europe, GmbH)
Mr. A.S. Kohli (Executive director in NRB Bearings (Thailand), Limited
Mr. D. S. Sahney
Mr. Tashwinder Singh
Ms. A. A. Gowariker
Mr. Ashank D Desai
Mr. J. D. Diwan
Mr. Vivek Sahai w.e.f. 08 November 2017
Mr. J. S. Maini
Mr. V. S. Iyer upto 12 January 2017
Mr. Rustom Desai w.e.f. 23 January 2017
[! ! New Indo Trading Company
Q [! !%! > Trilochan Singh Sahney Trust 1
A Company wherein Mr. T. S. Sahney, Chairman and
Ms. H. S. Zaveri, Vice Chairman & Managing Director
NRB Industrial Bearings Limited
are directors and shareholders having Management
Control.
166
(II) Transactions with related parties during the year: (Rs. in lakhs)
Volume of
Name of Related Party Nature of Transaction Receivable as at Payable as at
transaction
31 31 31 31 01 31 31 01
March March March March April March March April
2018 2017 2018 2017 2016 2018 2017 2016
[ ! 117 151 21 4 3 - - -
goods
Purchase of raw materials 5 7 - - - 48 41 259
Inter Corporate deposit - 256 - - - - - -
repayment received (including
NRB Industrial Bearings interest repayment)
Limited Inter Corporate deposit - - - - 256 - - -
receivable (including interest
receivable)
Guarantee revoked 278 2,213 - - - - - -
Guarantee given by NRB - - 139 417 2,630 - - -
Bearings Limited
Trilochan Singh Sahney Trust 1 Dividend paid 488 500 - - 488 - -
(shares held by a trustee in his
individual name)
Mr. T. S. Sahney Remuneration and commission - 175 - - - - 41 46
(as Executive Chairman)
Sitting fees and commission (as 62 - 59 - -
Non-executive Chairman)
Ms. H. S. Zaveri Remuneration and 380 287 - - - 82 51 46
commission
Mr. S. C. Rangani Remuneration 80 81 - - - - - -
Mr. D. S. Sahney Sitting fees and commission 6 5 - - - 4 - 1
Mr. A. S. Kohli Remuneration 26 25 - - - - - -
Others Sitting fees and 59 30 26 22 4
commission to non-
executive directors
Dividend paid 170 142 170 - -
New Indo Trading Company Service charges - 5 - - - - - 1
Footnote:
i) No amounts pertaining to related parties have been provided for as doubtful debts. Further, no amounts have
either been written off or written back during the year.
(III) Key managerial personnel compensation (Rs. in lakhs)

! "^ ´ 467 548
" ^ 19 20
Total compensation* 486 568
¯ Q! ^ ^ ! ^
for individuals.
j @""" # q< ?"
The carrying amount of assets pledged as security for current and non-current borrowings of the group are as
follows: (Rs. in lakhs)
Property, plant and equipment 6,151 8,360 11,915
Inventories and trade receivables 39,147 36,592 34,418
Total assets pledged 45,298 44,952 46,333
167
47 Contingent liabilities, Capital and other commitments (Rs. in lakhs)

a Contingent liabilities not provided for
Income Tax 754 1,823 1,713
Sales Tax & Value Added Tax 339 302 316
Corporate guarantees issued on behalf of group 139 417 2,630
Company
The group is in further appeal in respect of
matters stated in income tax and sales tax
matters
The Indian Subsidiary Company had received an Order dated 6th September, 2004 from the Employees
Provident Fund Organisation raising a demand of Rs. 161.36 lakhs including interest of Rs. 46.73 lakhs
for default in making payment of Employees Provident Fund and allied dues for the period April, 1986 to
^ "X '**#? Q! ^ " " ! ^ > ^ ! ¤=
Fund Trust’ and ‘SNL Employee’s Provident Fund Trust’, being Trusts formed by the Subsidiary Company in
earlier years; these Trusts have net assets of Rs. 162.40 lakhs and Rs. 92.25 lakhs respectively as at 31st
% !X'*$ ! ^ ! ? ! X !~ ! Q
! [ ! > " ! "~ > ! "
~ ^" ! " % X $ 'X ! ^
of the Act. The authorities had attached one of the subsidiary Company’s bank accounts and had recovered
an amount of Rs. 2.75 lakhs in an earlier year. The subsidiary Company has contested the above demand
[ ^" ! ^ " " ! { >! ! !X \ ! X ! { >!
Court has directed the authorities not to take coercive steps till the disposal of the petition. The Subsidiary
Company denies all the allegations made against it since the Subsidiary Company had made the necessary
applications to grant exemption to the Trusts which was neither granted nor rejected in spite of several
reminders from time to time. In view of the facts of the case, the Subsidiary Company does not expect any
liability in this regard.
b Commitments
Estimated value of contracts remaining to be 6,422 2237 4463
executed on capital account & not provided for
(net of advances)
j =?"<
> $ ¤"| X ! "^ !
Standard are given below:
\Z^ @ ;"{

Z ` \; ^ "K! >? " } } ]j
=?"< + =>? (Rs. in lakhs)
31 March 2018 31 March 2017
i) Employer’s Contribution to Provident Fund 364 362
ii) Employer’s Contribution to Family Pension Fund 141 138
iii) Employer’s Contribution to Superannuation Fund 100 102
605 602
\+^ + ;" {

Q!> ! ![ > ^ ]
Particulars Remarks
Gratuity Funded through LIC
Provident Fund (PF) Funded through Trust
168
(1) Contribution to Gratuity fund (funded scheme)

^ > "^ ![ > ]
i Actuarial assumptions

Expected return on plan assets 7.68% - 7.78% 7.00% - 7.39%
Discount rate (per annum) 7.68% - 7.78% 7.00% - 7.39%
Rate of salary increase 6% - 10% 6% - 10%
Rate of Employee Turnover 2% - 11% 2% - 11%
Mortality rate during employment Indian Assured Lives Indian Assured Lives
Mortality Rate After Employment N.A. N.A.
@! ! ? " " \ "K!^

Present value of obligation at the beginning of the year 3,197 3,076
Interest cost 229 241
Current service cost 167 154
Actuarial (gain) /loss (129) (8)
Past service cost 9 -
| (237) (266)
Present Value of obligation at the end of the year 3,236 3,197
iii Changes in the Fair value of Plan Assets

Fair value of plan assets at beginning of the year 3,164 2,693
Interest income 227 211
Contributions 52 394
| (237) (266)
Return on plan assets, excluding amount recognised in net (22) 132
interest expense
Actuarial (gain) /loss - -
Fair Value of Plan Assets at the end of the year 3,184 3,164
iv Assets and liabilities recognised in the balance sheet

! ^ ^ > ! !" 3,236 3,197
Less: Fair value of plan assets at the end of the year (3,184) (3,164)
Net liability recognised 52 33
Recognised under provisions
Current assets (22)
Current provisions 74 33
169
=>? ! q ; \ "K!^

Current Service Cost 167 154
Past Service Cost 9 -
Net interest (income)/ expense 2 30
Net gratuity cost recognised in the current year 178 184
#¤"^ ~ 178 184
vi Expenses recognised in the Statement of Other comprehensive income (OCI)

Actuarial (gains) / losses (129) (8)
Return on Plan Assets, Excluding Interest Income 22 (132)
} \^#=>? ! ; @ (107) (140)
" } # \""<^ {

Net asset / (liability) recognised at the beginning of the period (33) (383)
Company contributions 52 394
| "^" " - (0)
Amount recognised in other comprehensive income 107 140
Expenses recognised at the end of period (178) (184)
} # \""<^ ! ! ? (52) (33)
viii Categories of Assets

Insurance fund 100% 100%
Total 100% 100%
170
ix Senstivity Analysis:
> ! ! ^ ^ > X
(Rs. in lakhs)

Delta Effect of +1% Change in Rate of Discounting (446) (459)
Delta Effect of -1% Change in Rate of Discounting 441 453
Delta Effect of +1% Change in Rate of Salary Increase 465 479
Delta Effect of -1% Change in Rate of Salary Increase (423) (433)
Delta Effect of +1% Change in Rate of Employee Turnover 14 9
Delta Effect of -1% Change in Rate of Employee Turnover (15) (10)
> '< Z"< ! + ;<{ ! { (Rs. in lakhs)
;w + ;<" ! 31 March 2018 31 March 2017
of Reporting:
1 year 325 368
2 to 5 years 2,421 1,256
6 to 10 years 2,304 1,505
> " ? q ?"{
Q!> > "[! "" !^ ! !> X
for each completed year of service. The same is payable on retirement or termination whichever is earlier. The
^ " " ?Q! ! [ ! " !
form of a qualifying insurance policy.
(2) Provident Fund (PF) :
^ ^ ![ > ]
i Actuarial assumptions (Rs. in lakhs)

Mortality rate Indian Assured Lives Indian Assured Lives
Discount rate (per annum) 7.70% 7.00%
Interest rate guarantee (per annum) 8.55% 8.65%
Attrition rate based on ages :
Upto 30 years 3.00% 3.00%
31 to 40 years 2.00% 2.00%
Above 40 years 1.00% 1.00%
171
ii Assets and liabilities recognised in the balance sheet (Rs. in lakhs)

! ^ ^ > ! !" 273 267
Less: Fair value of plan assets at the end of the year (274) (267)
Net liability (1) -
iii Major categories of Plan Assets (as percentage of Total Plan Assets)

Government of India securities 8% 8%
State Government securities 23% 20%
High quality corporate bonds 28% 26%
Equity shares of listed companies 9% 10%
Special Deposit Scheme 26% 26%
Funds managed by Insurer 2% 6%
Bank balance and others 4% 4%
Total 100% 100%
iv Senstivity Analysis:
> ! ! ^ ^ > X
(Rs. in lakhs)
31 March 2018 31 March 2017

Particulars
Decrease Increase Decrease Increase
Change in Discount Rate by - / + 1% 274 272 267 266
Change in Interest Rate guarantee by - / + 1% 269 278 263 271
'< ; " + "{
31 March 2018 31 March 2017

>! > ;^ ![< 7 years 7 years
\@^ ! z + {
^ > } ! ! " X !
employee cost in Note 34, is Rs. 184 lakhs (Year ended 31st March 2017 Rs. 151 lakhs).
172
49 Segment reporting
a) Primary segment: Business segment
The Group is primarily enagaged in manufacturing of roller and ball bearings and other activities having
similar economic characteristics, primarily operated out of India and regularly reviewed by the Chief
Operating Decision Maker for assessment of Group’s performance and resource allocation. For the purpose
of disclosure of segment information, the Group considers these operations as a single business segment
as all the product Groups are mainly having similar risks and returns.
The information relating to revenue from external customers and location of non-current assets of its single
reportable segment has been disclosed as below:
b) Secondary segment: Geographical segment
"> !^ [ ! >> ! [! ! ?
Composition of secondary segments is as follows:
i) within India
ii) outside India

Particulars
31 March 2018 31 March 2017
1) Segment revenue
! 69,770 62,776
- Outside India 17,614 16,706
2) Carrying amount of segment assets
! 25,611 25,042
- Outside India 3,013 2,821
None of the customers contribute materially to the revenue of the Group.
50 First time adoption of Ind AS

A First Ind AS Financial statements
Q! ! [ ! ^ #$
March 2018.
Q! > $ ! ^ > ! ! "
#$% !'*$+X ! ! !" #$
March 2017 and in the preparation of an opening Ind AS balance sheet at 1 April 2016 (the date of transition).
In preparing its opening Ind AS balance sheet, the Group has adjusted the amounts reported previously in
[ ! ! > ; >
Standards) Rules, 2014 and other relevant provisions of the Act (previous GAAP or Indian GAAP).
~ ![ ! ! ! X
![ []
i) Optional exemptions availed
Deemed cost
$*$ [ ! ! " > "X
> ! ! X
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 Group has elected to measure all of its property, plant and equipment, intangible assets
and investment property at their previous GAAP carrying value.
173
Business combinations
$*$ ! "$*# " !
date prior to the transition date. This provides relief from full retrospective application that would require
restatement of all business combination prior to the transition date.
Q! ! !^ ^ ~ >"
the business combinations prior to date of transition have not been restated to the accounting prescribed
$*#| ^ ?
Q! ! $*# | ^ ^ ^
occurring after the date of transition to Ind AS
Investment in subsidiaries
$*$ [ ! ! " > ^
> ! ! X !
previous GAAP and use that as its deemed cost as at the date of transition.
Accordingly, the Group has elected to measure all of its investments in subsidiaries at their previous GAAP
carrying value.
Long term foreign currency monetory items
" ! " > ~ !> >
> > " " > ! !
> " ^ ! ^> > ! > !
previous GAAP.
Accordingly, the Group has elected to continue the current accoounting policy adopted for accounting of
exchange differences arising from translation of long-term foreign currency monetory items.
Cumulative translation differences
Ind AS 21 requires translation differences arising on translation of foreign operations to be accumulated
in the separate reseve within equity. Applying these requirements retrospectively would require an entity
to determine the cumulative translation differences at the date of transition and separately classify these
[ ! "? ! ! "[ ! ! !
and can reset the cumulative transition differences to zero at the date of transition.
Accordingly, the Group has elected to reset the cumulative translatiion differences to zero at the date of
transition.
ii) Mandatory exceptions applied
Estimates
An entity’s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with
! [ ! ; "
difference in accounting policies), unless there is objective evidence that those estimates were in error.
Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in
conformity with previous GAAP except where Ind AS required a different basis for estimates as compared
to the previous GAAP.
" ""
$*$ " ! > $* "
> ! ?{[ X$*$[
time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the
" ! >X ! ! "$*
liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for
those transactions.
The Group has applied the de-recognition provisions of Ind AS 109 prospectively from the date of transition
to Ind AS.
@" "
$*$ " !^
the facts and circumstances that exist at the date of transition to Ind AS.
174
Q! ! !^ ! ! ~ !
of transition to Ind AS.
Government loans
$*$X X X >
government loan at a below-market rate of interest on a basis consistent with Ind AS requirements, it shall
use its previous GAAP carrying amount of the loan at the date of transition to Ind AS the carrying amount
of the loan in the opening Ind AS balance sheet. An entity shall apply Ind AS 101 to the measurement of
such loans after the date of transition to Ind AS. Under the previous GAAP, loans are carried at an amount
which the loan will be repaid. Accordingly, the Group applies this exception and does not make any changes
to the interest free deferred sales tax loans outstanding as at the date of transition.
51 First time adoption reconciliations
Reconciliation of equity from Previous GAAP to Ind AS (Rs. in lakhs)
Equity as at Equity as at
Particluars Note
31 March 2017 01 April 2016
Equity as per previous GAAP 32,255 28,324
GAAP adjustments:
_ B.1 477 382
Impact on account of borrowings measured at amortised B.2 10 12
cost
Impact on fair valuation of derivative contract B.3 (204) (60)
Impact on account of provision for expected credit loss B.4 (2,528) (2,526)
Impact on account of fair valuation of mutual funds B.5 23 19
Tax impact due to above adjustments B.7 910 916
Others 3 (25)
Total - GAAP adjustments (1,309) (1,282)
Equity as per Ind AS 30,946 27,042
" " ?! # \"^ ! < Q \ "K!^
Particluars Note 31 March 2017
} ? # \"^ > ? ? ZZ; 5,538
GAAP adjustments:
Impact on borrowings accounted at amortised cost B.2 (2)
Fair valuation of derivative contracts B.3 (145)
Impact on account of provision for expected credit loss B.4 (2)
Impact on account of fair valuation of mutual funds B.5 4
> > ;> < ^ ^ > B.6 (140)
Deferred tax on undistributed reserves B.7 (52)
Deferred tax on intercompany inventory B.7 4
Tax impact due to above adjustments B.7 74
Others 27
Total - GAAP adjustments (232)
} ? # \"^ > ? Zq 5,306
_ B.1 95
> > > ^ ^ > B.6 140
other comprehensive income
Impact of deferred taxes on the above adjustments B.7 (48)
Others (2)
z" ?! # \"^ > ? Zq 5,491
All the adjustments on account of Ind AS are non-cash in nature, hence there is no material impact on the
![
175
Explanations to reconciliations
B.1 ? " $ @

Previous GAAP – Non-current investment are measured at cost less provision for other than temporary
diminution in value.
Ind AS – " ! ? ! $* X !
will be accounted at fair value through other comprehensive income at each reporting date.
Consequent to the change, the impact on equity at transition date and as at 31 March 2017 is Rs. 381
lakhs and Rs. 476 lakhs respectively and the impact in statement of OCI for the year ended 2016-17 is
Rs. 95 lakhs.
B.2 Impact on borrowings accounted at amortised cost
Previous GAAP – The borrowings are recorded at transaction value and transaction costs/processing
! > !" [! ! ! ?
Ind AS – $* X^ [ > ^ [! ! "
and subsequently at amortised cost as per effective interest rate method. Consequent to this change, the
impact on equity at transition date and as at 31 March 2017 is Rs. 12 lakhs and Rs. 10 lakhs respectively
!" '*$$ \?;'<!?
B.3 Impact on fair valuation of derivative contract
Previous GAAP - Derivative contracts include foreign exchange forward contracts, interest rate
swap and foreign currency option contracts. For forward contracts the premium or discount arising
at the inception of foreign exchange forward contracts (except on contracts related to long term
monetory item) entered into to hedge an existing assets or liability, were amortised as expense
or income over the life of the contract. Exchange difference on such contract were recognised
in the statement of profit and loss in the reporting period in which the exchange rate changes.
[ X %
and when incurred and gains are ignored.
Ind AS - z X ! >!
to-market gains or losses are recorded in the period when incurred. Consequent to the change, the
impact on equity at the transition date and as at 31 March 2017 is Rs. (60) lakhs and Rs. (205) lakhs
"^ " \?;$<![ !
for the year ended 31 March 2017.
B.4 Impact on account of creation of provision based on expected credit loss model
Previous GAAP - The Group provides for doubtful debts based on the realization period and policy
framed, based on the incurred loss model i.e. when there is an objective evidence of impairment.
Ind AS - As per Ind AS 109, impairment loss shall be recognised as per the expected credit losses model
; ! ! ! < ! !>X !
equity at the transition date and as at 31 March 2017 is Rs. (2,526) lakhs and (2,528) lakhs respectively
^ " \? ;'< ! [ ! ! "
B.5 Impact on account of fair valuation of mutual funds
Previous GAAP – [
at cost less provision for other than temporary diminution in value..
Ind AS –z X ^ >
! >! ?
Consequent to the change, the impact on equity at transition date and as at 31 March 2017 is Rs.19 lakhs
\?'#! " ! !" '*$$
Rs. 4 lakhs.
176
B.6 ? " # \"^ " !

Previous GAAP - > ^ ^ > >
?
Ind AS - > ^ ^ > > ! !
income (OCI). Consequently, actuarial gain of Rs. 140 lakhs has been recognised in OCI during the year
B.7 Impact on account of deferred taxes
The impact of transition adjustments together with Ind AS mandate of using balance sheet approach
;> ! ! < ~ !
! X[ ! ! !
subsequent periods.
Consequent to the change, the impact of Rs. 916 lakhs and Rs. 910 lakhs was made as on transition date
and as at 31 March 2017 respectively. It also includes tax impact on undistributed reserves, unrealised
intercompany inventory of subsidiary and other tax impact of Rs. (52) lakhs, Rs. 4 lakhs and 74 lakhs
"[! ! > !" #$% !'*$? ! X
\? ;+< ! [ ! " #$ % !
2017.
52 Research & Development Expenses:

; <! > ! 1,160 967
(ii) Capitalized to property plant and equipments 86 19
53 Lease rentals
Q! ! ! > ? ! > !
loss for the year ended 31 March 2018 is Rs. 69.30 lakhs (31 March 2017 - Rs. 69.30 lakhs). The minimum lease
payments to be made in future as at the year end, in respect of non-cancellable lease are as follows:
Year ended 31 Year ended 31

Particulars
March 2018 March 2017
For a period not later than one year 46 58
!" ! " 45 95
! " - -
177
54 Earnings per share (Rs. in lakhs)
For the year For the year

Particulars ended ended
31 March 2018 31 March 2017
= ;< ~ !" 9,071 5,165
; # " " J< ! !" 9,071 5,165
>! >=^ "! > > ! 96,922,600 96,922,600
year
Basic and Diluted Earnings Per Share (Rs.) 9.36 5.33
Face Value per Share (Rs.) 2.00 2.00
Note:
The group does not have any outstanding dilutive potential equity shares as at 31 March 2018 and 31 March
2017. Consequently, basic and diluted earnings per share of the group remains the same.
= $ > !
Q! ! " > > ! ~ "
of even date
DIN : 06572282 DIN : 00017767
Date : 21 May, 2018 Date: 21 May 2018
178

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CIN : L29130MH1965PLC013251

Directors : Trilochan Singh Sahney, Chairman

Bankers : BNP Paribas

Debenture Trustees : IDBI Trusteeship Services Ltd.

Auditors : Walker Chandiok & Co. LLP

Solicitors : AZB Partners & Co.

  : Dhannur, 15 Sir. P M Road, Fort

Works : Pokhran Road No.2, Majiwade

C-6, Additional M.I.D.C. Industrial Area

E-72, (I) & (II) M.I.D.C., Waluj

A-5, Uppal Industrial Estate

Plot No.33, Sector –II,

Registrar & : Universal Capital Securities Pvt.td.

Particulars Page No.

Form AOC - 1 ....................................................................................................... 15

Conservation of Energy ......................................................................................... 15

Whistle Blower Policy ............................................................................................ 17

Annual Report on CSR ........................................................................................... 19

Form AOC - 2 ....................................................................................................... 21

Secretarial Audit Report ......................................................................................... 23

Extract of Annual Return - MGT-9............................................................................ 25

Median Remuneration ............................................................................................ 37

   ......................................................................................... 38

Management Discussion & Analysis ......................................................................... 39

Corporate Governance ........................................................................................... 45

            ..................................... 55

Shareholders’ Information ...................................................................................... 56

Independent Auditors’ Report (Standalone).............................................................. 62

Balance Sheet as at 31st March 2018 (Standalone)................................................... 68

=   >  !      ........................................................ 73

Independent Auditors’ Report (Consolidated) ........................................................ 119

Balance Sheet as at 31st March 2018 (Consolidated) .............................................. 124

       

Name of Director Mr. D S Sahney Mr. S C Rangani

By Order of the Board

Revenue from operations (Net) 85507.11 72554.03 83056.21 70669.11

b. Non convertible debentures

c. Particulars loans, guarantees or investments

On behalf of the Board

(Ms) H S Zaveri S C Rangani

z! ""   !""  ! {

The company has no Associate or Joint Venture Companies

For NRB Bearings Limited

   Prime focus throughout the year was on :

C. Foreign exchange earnings and outgo

On behalf of the Board

(Ms) H S Zaveri S C Rangani

(1) (2) (3) (4) (5) (6) (7) (8)

(Rs. in lakhs) (Rs. in lakhs) (Rs. in lakhs)

* Give details of implementing agency.

(a) Name(s) of the related party and nature of relationship: N.A.

2. Details of material contracts or arrangement or transactions at arm’s length basis

(a) Name(s) of the related party and nature of relationship:

i) NRB Bearings (Thailand) Limited - Subsidiary Company

iv) NRB Industrial Bearings Limited - Company, in which Mr. T S Sahney,

v) New Indo Trading - Firm where Chairman is partner

(b) Nature of contracts/arrangements/transactions:

(c) Duration of the contracts / arrangements/transactions:

Ongoing Related Party Transactions.

For and on behalf of the Board of Directors

: Dhannur, 15 Sir. P M Road, Fort

......................................................................................... 38

..................................... 55

= > ! ........................................................ 73

z! "" !"" ! {

Prime focus throughout the year was on :

% > " "

$" '! # *!" +" ;"<

V ; # \"^ > \$^ 12,030.96 6,757.66

VI > >? # \@ ^{ 37