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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

Oct 26, 16:00
1650.85 -36.90 (-2.19%)
Volume
AVERAGE VOLUME
5-Day
3,791
10-Day
9,535
30-Day
12,459
2,978
  • Prev. Close

    1687.75

  • Open Price

    1680.00

  • Bid Price (Qty.)

    1650.85 (100)

  • Offer Price (Qty.)

    1673.90 (2)

NSE Live

Oct 26, 15:57
1657.15 -26.30 (-1.56%)
Volume
AVERAGE VOLUME
5-Day
98,345
10-Day
101,157
30-Day
87,618
28,946
  • Prev. Close

    1683.45

  • Open Price

    1680.00

  • Bid Price (Qty.)

    1657.15 (349)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

1. We have audited the attached Balance Sheet of Timken India Limited (the Company) as at March 31, 2012 and also the Profit and Loss account and the cash flow statement for the 15 months period ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with 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. 3. As required by the Companies (Auditor''s 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. 4. 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 the written representations received from the directors, as on March 31, 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2012 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 March 31, 2012; b) in the case of the profit and loss account, of the profit for the 15 months period ended on that date; and c) in the case of cash flow statement, of the cash flows for the 15 months period 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 period based on a phased programme of verifying all the assets over a period of 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 such verification of fixed assets. There was no substantial disposal of fixed assets during the period. (ii) The management has conducted physical verification of inventory at reasonable intervals during the period. 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) According to the information and explanations given 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)(a) to (d) of the Order are not applicable to the Company and hence not commented upon. (b) According to information and explanations given 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)(e) to (g) of the Order are not applicable to the Company and hence not commented upon. (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 control system in respect of these areas. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the Company. (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 Companies Act, 1956 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 components, and services with associate and group companies, in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956. As these transactions, exceeding value of Rupees five lakhs entered into during the financial period, relate to proprietary items manufactured by the Timken Group and raw materials and components in connection thereto, and / or specialized services rendered, comparative rates thereof are not always available; however as informed, considering the selling prices of such goods, in the market, and margins earned by the company on purchases from associate and group companies on an overall basis in accordance with the group''s internal transfer pricing guidelines, prima facie these transactions have been done at reasonable prices. For services received, there are no comparatives since as per the management''s explanation such services are highly specialized in nature. (vi) The Company has not accepted any deposits from the public. (vii) In our opinion, the Company has an internal audit system commensurate with the size of the Company and nature of its business. (viii) 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 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 generally 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, 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, employees'' state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and other material undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. c) According to the records of the Company, the dues outstanding of income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty and cess on account of any dispute, are as follows : Name of the Nature of Amount (Rs.) Period to which Forum Statute dues the amount relates Income Tax Act, 1961 Income Tax 22,086,626 2002-03 Income Tax Appellate Tribunal Demands Income Tax Act, 1961 Income Tax 52,692,276 1998-99, 2004-05 to Commissioner Of Income Tax Demands 2008-09 (Appeals), Jamshedpur Jharkhand Finance Local & Central Sales 244,191,491 1995-96 to 1996-97, Jt.Commissioner (Appeals), (Amendment) Act, Tax Demands 2004-05 to 2008-09 Jamshedpur 2001 915,171 1994-1995 to Appeal filed in Allahabad H''Court UP Trade Tax Act, Local & Central Sales 1996-1997 1948 Tax Demands 128,985 2004-05, 2006-07 & Pending with Dy.Commissioner 2007-08 (Appeal) Haryana VAT Sales Tax 208,016 2003-04 & 2006-07 Pending with Dy.Commissioner Act, 2003 Demands (Appeal) Rajasthan Sales Tax Sales Tax 193,374 2007-08 Pending with Assessing Authority Act Demands Madhya Pradesh Sales Tax 304,368 1995-1996 Commissioner of Sales Tax, Commercial Tax Demands Raipur, Chattisgarh Act, 1994 West Bengal Sales Sales Tax 1,126,623 2006-07 Jt. Commissioner (Tribunal) Tax Act Demands 1,404,375 2008-09 Jt. Commissioner (Appeal) Orissa Sales Tax Sales Tax 171,563 2003-04 & 2004-05 Jt. Commissioner (Appeal) Act Demands Central Excise Act, Service Tax 1,441,114 2009-2010 Commissioner of Central 1945 Demands Excise, Ranchi Central Excise Act, Service Tax 18,027,789 2007-2010 Central Excise and Service Tax 1945 Demands Appellate Tribunal, Kolkata (x) The Company has no accumulated losses at the end of the financial period and it has not incurred any cash losses in the current and immediately preceding financial year. (xi) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution, 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 Order are not applicable to the Company. (xiv) In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order 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) Based on the information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained. (xvii) According to the information and explanations given to us and on an overall examination of the balance sheet 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 during the period 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 period. (xx) The Company has not raised any money through a public issue during the period. (xxi) Based upon the audit procedures performed for the purpose of reporting 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 period. For S.R. BATLIBOI & CO. FIRM REGISTRATION NO. 301003E CHARTERED ACCOUNTANTS SANJOY K. GUPTA Place: Kolkata Partner Date: 2nd May, 2012 Membership No. 54968