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Timken India Ltd.

BSE: 522113 | NSE: TIMKEN |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE325A01013 | SECTOR: Bearings

BSE Live

Dec 07, 16:00
1960.00 -2.35 (-0.12%)
Volume
AVERAGE VOLUME
5-Day
8,384
10-Day
5,072
30-Day
4,251
2,161
  • Prev. Close

    1962.35

  • Open Price

    2009.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 07, 15:46
1948.90 -13.40 (-0.68%)
Volume
AVERAGE VOLUME
5-Day
130,274
10-Day
79,527
30-Day
70,009
45,415
  • Prev. Close

    1962.30

  • Open Price

    1972.60

  • Bid Price (Qty.)

    1948.90 (48)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2010

Auditor's Report

We have audited the attached Balance Sheet of Timken India Limited, as at 31 st December 2007 and also the Profit and Loss Account and the cash flow statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. Further to our comments in the Annexure referred to above, we report that: i) We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purposes of our audit; ii) In our opinion, proper books of account as required by law have been kept by the company, so far as appears from our examination of those books; iii) The Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by this report are in agreement with the books of account; iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; v) On the basis of written representations received from the directors, as on 31st December 2007, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st December 2007 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a. in the case of the Balance Sheet, of the state of affairs of the Company as at 31 st December, 2007; b. in the case of the Profit and Loss Account, of the profit for the year ended on that date; and c. in the case of cash flow statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF TIMKEN INDIA LIMITED REFERRED TO IN OUR REPORT OF EVEN DATE (i) The Company maintains proper records showing full particulars, including quantitative details and situation of fixed assets. Fixed assets have been physically verified by the management during the year based on a phased programme of verifying all the assets over three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. No material discrepancies were noticed on verification. There was no substantial disposal of fixed assets during the year. (ii) The management has conducted physical verification of inventory at reasonable intervals. The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. The Company maintains proper records of inventory and no material discrepancies were noticed on physical verification. (iii) (a) As informed to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii) (b), (c) and (d) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the Company. (b) As informed to us, the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii) (f) and (g) of the Companies \Auditors Report) Order, 2003 (as amended) are not applicable to the Company. (iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls in respect of these areas. (v) According to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act that need to be entered into the register maintained under section 301 have been so entered. The company interalia, undertakes transactions of purchase and sale of Goods, Materials, and services with associate and group companies, in pursuance of contracts / arrangements entered in the register maintained under section 301 of the Companies Act, 1956. As such transactions relate to proprietary items manufactured by the Timken Group and Raw Materials in connection thereto, and / or specialized services rendered, comparative rates are not always available; however, consideration of the selling price of such goods, in the market, and relevant transfer pricing guidelines, prima facie indicate that the transactions are at reasonable prices. For services received, there are no comparatives since as per managements explanations, such services are highly specialized in nature. (vi) The Company has not accepted any deposit from public within the meaning of sections 58A and 58AA of the Companies Act, 1956. (vii) The Company has an internal audit system, which in our opinion, is commensurate with the size and nature of its business. (viii) We have broadly reviewed the books of account maintained by the Company pursuant to the order made by the Central Government for the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. (ix) (a) The Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues with the appropriate authorities. As informed to us, the provisions of Employees State Insurance Act are not applicable to the Company. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty, Excise Duty, Cess and other undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. As informed to us, the provisions of Employees State Insurance Act are not applicable to the Company. (c) There are no dues outstanding of Sales Tax, Income Tax, Custom Duty, Wealth tax, Service Tax, Excise Duty and Cess on account of any dispute, other than the following: Name of Statute Nature of dues Amount (Rs.) Income Tax Act, 1961 Income Tax 2,17,84,470 Demands Jharkhand Finance Local Sales Tax 1,78,92,893 (Amendment) Act, Demands 2001 Jharkhand Finance Central Sales Tax 8,84,28,694 (Amendment) Act, Demands 2001 UP Trade Tax Act, Local Sales Tax 9,05,229 1948 Demands UP Trade Tax Act, Local Sales Tax 1,07,064 1948 Demands Period to which Forum where dispute is it relates pending 1991 -92,1998-99, Commissioner of Income Tax 2000-01,2001 -02, (Appeals), Jamshedpur 2004-05 1999-2000 to Joint Commissioner (Appeals), 2002-03 Jamshedpur 1995-96 to 2002-03 Joint Commissioner (Appeals), Jamshedpur 1994-95 to 1996-97 Allahabad High Court, Tribunal Bench, Ghaziabad (UP) 2004-05 Deputy Commissioner Appeal, Noida(UP) Name of Statute Nature of dues Amount (Rs.) UP Trade Tax Central Sales Tax 48,552 Act, 1948 Demands UP Trade Tax Central Sales Tax 9,942 Act, 1948 Demand HaryanaVAT Central Sales Tax 1,92,000 Act, 2003 Demands Kerela General Sales Central Sales Tax 9,82,206 Tax Act, 1963 Demands Madhya Pradesh Local Sales Tax 3,04,368 Commercial Tax Demands Act, 1994 West Bengal Sales . Central Sates Tax 48,21,200 Tax Act, 1994 Demands Orissa Sales Tax Central Sales Tax 1,71,563 Act, 1947 Demands Central Excise Act, Excise Duty 65,21,761 1944 Demands Central Excise Act, Excise Duty 2,90,89,596 1944 Demands Period to which Forum where dispute is it relates pending 2003-04 Deputy Commissioner Appeal, Noida(UP) 1996-97 Allahabad High Court, Tribunal Bench, Ghaziabad (UP) 2003-04 Excise & Taxation Officer, Faridabad 2001-02 Deputy Commissioner Appeals, Emakulam 1998-99 Commissioner of Sales Tax, Raipur, Chattisgarh 2003-04 to 2004-05 Commissioner of Commercial Taxes (Appeals), Kolkata 2003-04 to 2004-05 Joint Commissioner (Appeals), Cuttack 1998-99 to 2001-02, Assistant Commissioner, Central 2005-06 Excise, Division 2, Jamshedpur CESTAT 2004-05 to 2005-06 Deputy Commissioner, Central Excise, Division 2, Jamshedpur CESTAT (x) The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current and immediately preceding financial year. (xi) As per books and records maintained by the Company and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution or bank or debenture holders. (xii) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the Company. (xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the Company. (xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. (xvi) The Company did not have any term loans outstanding during the year. (xvii) According to the information and explanations given to us and on an overall examination of the balance sheet and cash flow statement of the Company, we report that no funds raised on short-term basis have been used for long-term investment. (xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956. (xix) The Company did not have any outstanding debentures during the year. (xx) The Company has n ot raised any money through a public issue during the year. (xxi) Based upon the audit procedures performed for the purpose of reportina the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit. S. R. BATLIBOI & CO. CHARTERED ACCOUNTANTS Per RAHUL ROY Place : Kolkata Partner Date : 22 February, 2008 Membership No. 53956