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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 01, 16:00
2008.60 -17.90 (-0.88%)
Volume
AVERAGE VOLUME
5-Day
4,709
10-Day
3,603
30-Day
3,953
7,653
  • Prev. Close

    2026.50

  • Open Price

    2050.00

  • Bid Price (Qty.)

    2008.60 (4)

  • Offer Price (Qty.)

    2008.00 (5)

NSE Live

Dec 01, 15:57
2010.55 -10.35 (-0.51%)
Volume
AVERAGE VOLUME
5-Day
66,353
10-Day
47,992
30-Day
71,405
80,969
  • Prev. Close

    2020.90

  • Open Price

    2039.90

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    2010.55 (235)

Annual Report

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

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Timken India Limited (the Company), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards notified under the Companies Act, 1956, read with General Circular 8/2014 dated 4 April 2014 issued by the Ministry of Corporate Affairs. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to Fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Companies Act, 1956 (the Act) 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 3 1, 2014; (b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act, we report that: (a) We have 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 required by law have been kept by the Company so far as appears from our examination of those books; (c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account; (d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Companies Act,1956, read with General Circular 8/2014 dated 4 April 2014 issued by the Ministry of Corporate Affairs; (e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 3 1, 2014, from being appointed as a director in terms of clause (g) of sub- section (1) of section 274 of the Companies Act, 1956. Annexure to the Auditors'' Report to the Members of Timken India Limited [Referred to in our Report of even date] (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) Fixed assets have been physically verified by the management during the year 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. (c) There was no disposal of a substantial part of fixed assets during the year. (ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year. (b) 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. (c) 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, and read with our comments in clause (v) below, 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 any major weakness in the internal control system of the Company 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 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 of certain fixed assets, 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 year, relate to proprietary items manufactured by the Timken Group and fixed assets 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. We have not, however, made a detailed examination of the same. (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, the provisions of Employees'' State Insurance Act are not applicable to the Company. i. 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. ii. 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 Dues Amount Period to which the Forum Statute (Rs) amount relates Income Tax Income Tax Demands 39,737,835 2002-03, 2005-06 to Income Tax Appellate Act, 1961 2007-08 Tribunal 47,913,479 1998-99, 2004-05, 2008-09 to Commissioner of 2010-11 Income Tax (Appeals), Jamshedpur Various State Demand relating to non- 2,412,670 1995-96 to 1996-97 Jt. Commissioner (Appeals) Sales Tax Acts submission of local forms & 2010-11 Jamshedpur and other documents/ dispute related to VAT 1,688,660 2009-10 & 2013-14 Commissioner Commercial credit/ dispute relating to Tax, Ranchi classific ation of goods 250,813,755 1999-00 to 2008-09 Deputy Commiss ioner Commercial Tax, Ranchi 915,171 1994-95 to 1996-97 Appeal filed in Allahabad High Court 351,716 2003-04, 2004-05 & Pending with Deputy 2008-09 Commissioner (Appeal) 356,643 2006-07, 2007-08 & Pending with Assessing 2011-12 Authority 304,368 1995-1996 Commissioner Sales Tax, Raipur, Chattisgarh 2,533,324 2003-04, 2004-05, Joint Commissioner 2005-06, 2008-09 & (Appeal) 2009-10 691,809 2009-10 & 2010-11 Deputy Commissi oner (Appeal) Central Excise Service Tax demands 27,787,040 2003-2009 Central Excise and Act, 1944 Service Tax Appellate Tribunal, Kolkata Central Excise Excise duty demands 665,362 2008-09 Central Excise and Act, 1944 Service Tax Appellate Tribunal Central Excise Excise duty demands 2,803,139 2008-2011 Commissioner of Act, 1944 Central Excise Customs Act, Custom duty demands* 5,342,875 2007 High Court, Ranchi 1962 * The Company has received stay order from the High Court against this demand (x) The Company has no accumulated losses at the end of the financial year and it has not incurred 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 bank. The Company did not have any outstanding dues in respect of a financial institution or debenture holders during the year. (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) 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 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 year 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) We have verified that the end use of money raised by public issue is as disclosed in the notes to the financial statements. (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 year. For S R B C & CO LLP Chartered Accountants ICAI Firm Registration Number: 324982E per Kamal Agarwal Place of Signature: Bangalore Partner Date: May 9, 2014 Membership Number: 058652