MIRA INFORM REPORT

Report Date :

15.03.2013

IDENTIFICATION DETAILS

Name :	TIMKEN INDIA LIMITED (w.e.f.  16.07.1999)
Formerly Known As :	TATA TIMKEN LIMITED
Registered Office :	39-42, Electronic City, Phase II, Hosur Road, Bangalore – 560 100, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.12.1996
Com. Reg. No.:	08-048230
Capital Investment / Paid-up Capital :	Rs.637.226 Millions
CIN No.: [Company Identification No.]	L29130KA1996PLC048230
TAN No.: [Tax Deduction & Collection Account No.]	BLRT01413G
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Bearings and related Components.
No. of Employees :	587 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (59)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 13000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Timken Singapore Pte Limited’. It is a well established company having a fine track record. Financial position of the company appears to be sound. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	39-42, Electronic City, Phase II, Hosur Road, Bangalore – 560 100, Karnataka, India
Tel. No.:	91-80-41362000
Fax No.:	91-80-41362010/ 28521039
E-Mail :	soumitra.hazra@timken.com santosh.kumar@timken.com
Website :	http://www.timken.com
Corporate Office :	At P.O. Tathwade, Taluka Mulshi-Pune, Pune – 411 033, Maharashtra, India
Factory :	Bara, P.O. Agrico, Jamshedpur - 831 009, Jharkhand, India
Tel. No.:	91-657-2210293
Fax No.:	91-657-2210290
Regional Sales Office :	Located at: · New Delhi · Kolkata · Pune · Bangalore

DIRECTORS

As on 31.03.2012

Name :	Mr. James R. Menning
Designation :	Chairman
Date of Birth/ Age :	06.11.1959
Qualifications :	Bachelor Degree in Computer Science and Business Management from Wittenberg University Masters of Business Administration from the University of Akron
Date of Appointment :	28.10.2010
Name :	Mr. Ajay K. Das
Designation :	Managing Director
Name :	Mr. Niroop Mahanty
Designation :	Director
Date of Birth/ Age :	12.01.1950
Qualifications :	BA (Hons.) – St. Stephans College, Delhi University MBA – University of Colorado, USA
Date of Appointment :	24.04.2004
Name :	Mr. J.S. Pathak
Designation :	Director
Name :	Mr. P.S. Dasgupta
Designation :	Director
Date of Birth/ Age :	30.06.1955
Qualifications :	Bachelor of Law, Faculty of Law, Delhi University BA, Econ (Hons.) Post Graduate Diploma in Corporate Laws and Labour Laws - Indian Law Institute, Delhi
Date of Appointment :	28.04.2006
Name :	Mr. Deepak Rastogi
Designation :	Director

KEY EXECUTIVES

Name :	Soumitra Hazra
Designation :	Company Secretary and Chief-Compliance
Audit Committee :
Name :	Mr. P.S. Dasgupta
Designation :	Chairman
Name :	Mr. N. Mahanty
Designation :	Member
Name :	Mr. J.S. Pathak
Designation :	Member
Name :	Mr. Deepak Rastogi
Designation :	Member
Remuneration Committee :
Name :	Mr. N. Mahanty
Designation :	Chairman
Name :	Mr. Ajay K. Das
Designation :	Member
Name :	Mr. J.S. Pathak
Designation :	Member
Investors Grievance Committee :
Name :	Mr. N. Mahanty
Designation :	Chairman
Name :	Mr. Ajay K. Das
Designation :	Member
Name :	Mr. Deepak Rastogi
Designation :	Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	50999988	80.02
Sub Total	50999988	80.02
Total shareholding of Promoter and Promoter Group (A)	50999988	80.02
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	829604	1.30
Financial Institutions / Banks	62743	0.10
Foreign Institutional Investors	592707	0.93
Sub Total	1485054	2.33
(2) Non-Institutions
Bodies Corporate	1566730	2.46
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	8470224	13.29
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	945193	1.48
Any Others (Specify)	267661	0.42
Non Resident Indians	145837	0.23
Clearing Members	118174	0.19
Trusts	3650	0.01
Sub Total	11249808	17.65
Total Public shareholding (B)	12734862	19.98
Total (A)+(B)	63734850	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	63734850	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bearings and related Components.

Products :

Item Code No. (ITC Code)	84822001 and 84822002
Product Description	Tapered Roller Bearings
Item Code No. (ITC Code)	84822003
Product Description	AP Cartridge Tapered Roller Bearings
Item Code No. (ITC Code)	84828000
Product Description	Other including Combined Ball/ Roller Bearings

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Installed Capacity
i) Standard Roller Bearings including components	4000000 Nos.
ii) Special Roller Bearings including components	370000 Nos.

Particulars	Production
i) Standard Roller Bearings	5996806 Nos.
ii) Special Roller Bearings	155859 Nos.
iii) Components (manufactured for sale)	12991533 Nos.

1) Licensed Capacity is not furnished as it is not applicable in terms of Government of India's Notification No.S.O.477(E) dated 25^th July, 1991.

2) The above installed capacity represents existing manufacturing facilities for respective products and are certified by the Management.

3) The above installed capacity is fixed with reference to the specific bearing size. Actual production may vary depending on the sizes that are produced in specific year.

GENERAL INFORMATION

No. of Employees :	587 (Approximately)
Bankers :	Bank of Baroda State Bank of India

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	22, Camac Street, Block - C, 3^rd Floor, Kolkata – 700 016, West Bengal, India
Tel No.:	91-33-66153400
Fax No.:	91-33-22817750
Holding Company :	Timken Singapore PTE. Limited (with effect from 26th March 2012) Timken (Mauritius) Limited* (with effect from October 5, 2010 till 25th March 2012)
Ultimate Parent Company :	The Timken Company, USA
Fellow Subsidiary :	Timken UK Limited Timken Do Brasil Com.E.Ind.Ltda Timken Korea LLC Timken South Africa Limited Timken Romania Yantai Timken Company Limited Australian Timken Proprietary Limited Timken Polska Timken (China) Holding Company Timken Wuxi Company Limited — China Timken (Shanghai) Distribution and Sales Company Limited — China Timken India Manufacturing Private Limited Timken Engineering and Research India Private Limited Timken DE Mexico S A DE CV Jiangsu TWB Bearing Company Limited Timken Canada LP Timken Argentina S R L Timken Italia SRL Timken (Mauritius) Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs.750.000 millions
2600000	9% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.260.000 millions
	Total		Rs.1010.000 millions

Issued Capital :

No. of Shares	Type	Value	Amount
63750000	Equity Shares	Rs.10/- each	Rs.637.500 millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
63734850	Equity Shares	Rs.10/- each	Rs.637.349 Millions
	Less: Calls in Arrears - others than directors		Rs.0.123 Million
	Total		Rs.637.226 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012 (15 Months)	31.12.2010 (12 Months)	31.12.2009 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		637.226	637.209	637.208
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2494.032	3168.685	2658.111
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3131.258	3805.894	3295.319
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		147.753	0.000	0.000
TOTAL BORROWING		147.753	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3279.011	3805.894	3295.319
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		796.545	581.827	567.609
Capital work-in-progress (including capital advances)		104.560	24.960	108.554
INVESTMENT		658.988	2103.471	1690.945
DEFERRED TAX ASSETS		26.937	36.633	4.494
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1475.829	1052.773	672.689
	Sundry Debtors	1089.009	822.725	507.256
	Cash & Bank Balances	117.807	31.427	75.439
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	320.637	234.696	262.126
Total Current Assets		3003.282	2141.621	1517.510
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1026.017	789.609	483.648
	Other Current Liabilities	189.642	143.118	54.615
	Provisions	95.642	149.891	55.530
Total Current Liabilities		1311.301	1082.618	593.793
Net Current Assets		1691.981	1059.003	923.717
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3279.011	3805.894	3295.319

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012 (15 Months)	31.12.2010 (12 Months)	31.12.2009 (12 Months)
	SALES
		Sale of Products (Net)	7875.044	4433.164	2970.799
		Income from Services	339.689	196.200	189.588
		Other Income	296.218	190.389	145.010
		TOTAL (A)	8510.951	4819.753	3305.397
Less	EXPENSES
		(Increase)/Decrease in Stock of Finished Goods and Work in Progress	(329.423)	(271.532)	121.716
		Excise Duty & Cess on Stocks	46.032	50.183	(18.890)
		Manufacturing and other expenses	7527.699	4190.230	2645.646
		Expenses Relating to Prior Period (net)	0.000	16.029	0.220
		TOTAL (B)	7244.308	3984.910	2748.692
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1266.643	834.843	556.705
Less	INTEREST (D)		12.218	8.906	4.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1254.425	825.937	552.505
Less/ Add	DEPRECIATION/ AMORTISATION (F)		148.806	112.455	103.402
	PROFIT BEFORE TAX (E-F) (G)		1105.619	713.482	449.103
Less	TAX (H)		299.049	202.908	123.757
	PROFIT AFTER TAX (G-H) (I)		806.570	510.574	325.346
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2908.685	2398.111	2072.765
Less	APPROPRIATIONS
		Transfer to General Reserve	80.657	0.000	0.000
		Dividend	1274.435	0.000	0.000
		Tax on Dividend	206.788	0.000	0.000
	BALANCE CARRIED TO THE B/S		2153.375	2908.685	2398.111
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of exports	2025.276	1165.770	1049.763
		Agency commission	76.618	65.716	49.767
	TOTAL EARNINGS		2101.894	1231.486	1099.530
	IMPORTS (including in transit)
		Raw Materials and components	1260.978	700.323	218.427
		Stores and spare parts	43.969	32.868	47.950
		Finished Products for re-sale	732.121	155.031	6.801
		Capital Goods	290.721	15.434	13.886
	TOTAL IMPORTS		2327.789	903.656	287.064
	Earnings Per Share (Rs.)		12.66	8.01	5.10

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Sales Turnover	1709.100	1682.800	1748.100
Total Expenditure	1590.300	1477.700	1587.500
PBIDT (Excl OI)	118.800	205.100	160.600
Other Income	15.200	20.800	08.100
Operating Profit	134.000	225.900	168.700
Interest	02.800	03.000	02.600
Exceptional Items	0.000	0.000	0.000
PBDT	131.200	222.900	166.100
Depreciation	34.500	35.300	34.800
Profit Before Tax	96.700	187.600	131.300
Tax	27.600	54.600	42.200
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	69.100	133.000	89.100
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	69.100	133.000	89.100

KEY RATIOS

PARTICULARS		31.03.2012 (15 Months)	31.12.2010 (12 Months)	31.12.2009 (12 Months)
PAT / Total Income	(%)	9.48	10.59	9.84
Net Profit Margin (PBT/Sales)	(%)	14.04	16.09	15.12
Return on Total Assets (PBT/Total Assets}	(%)	29.10	26.20	21.54
Return on Investment (ROI) (PBT/Networth)		0.35	0.19	0.14
Debt Equity Ratio (Total Debt/Networth)		0.05	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.29	1.98	2.56

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

DETAILS OF UNSECURED LOANS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Short Term Loans from Bank	147.753	0.000
Total	147.753	0.000

FINANCIAL RESULTS

During the 15 months period ended on 31 March 2012, Total Income grew by 76% primarily due to increase in net sale of products by 77% and a 73% increase in sale of services compared to 12-months year ended on 31 December 2010. Expenditures on the other hand registered an increase of 82% due to increase in costs of materials and also due to increased volume of products purchased for resale.

Increase in depreciation was due to capitalization of new plant and machinery for the expansion project.

Increase in interest was on account of short term loan taken during the year.

Profit before tax went up by 55% to Rs.1106.000 Millions primarily due to increased sales volume in rail, heavy truck, industrial aftermarket and exports.

The Company's Plant at Jamshedpur operated at capacity.

BEARING INDUSTRY STRUCTURE AND DEVELOPMENT

After a strong 2010, the Indian economy logged in a modest growth of 7% in 2011 primarily due to subdued investor sentiments caused by increase in interest rates to contain inflation, a weak Rupee. While power sector grew strongly attracting foreign equipment manufacturers to set up manufacturing base or form joint ventures with local Indian Companies, many power producers ran below full capacity due to scarcity of raw materials. The construction industry grew steadily in 011-12 however, with drop in further investments expected in the construction sector in the near future. Capacity expansion and increased investment in other end-user sectors like mining are required to aid the growth in demand. A moderation in domestic automobile production after two years of strong growth is expected to lead to moderation in OEM demand for auto components. In 2011-12, growth in domestic commercial vehicle sales was moderated compared to earlier years and is expected to stay moderate in the near future.

The current size of anti-friction bearing market, inclusive of imports, would be approximately Rs. 75 billion. With rapid industrialization, the Indian bearing industry has doubled over the last five years and has registered annual gains well above both the regional and global averages. However, unless there is an acceleration in infrastructure and industrialization spends, this trend may not continue in future years.

The prospects of the bearing industry are directly linked to the performance of two key sectors viz., automotive and infrastructure. The bearing industry comprises mainly ball and roller bearings. In India, to a large extent, roller bearings account for about 50% of the total bearing market.

Close to 40% of the total demand is met through imports with the balance being met by indigenous products. Bearing imports share is slated to come down considering a slew of capacity addition by OEMs more so to manufacture large size bearings which hitherto were being imported.

BUSINESS REVIEW

The Company manufactures Tapered Roller Bearings in its Jamshedpur Plant. These bearings cater to medium and heavy trucks, off highway markets in India, railways and The Timken Company's global requirements. The Company meets the demand for other types of bearings viz., large size tapered roller bearings, spherical roller bearings, cylindrical roller bearings and specialty ball bearings by sourcing these from other Timken Company plants globally.

During the 15 months period ended 31 March 2012, the Company achieved total income of Rs.8511.000 Millions – an increase of 76% over the 12-month accounting year ended 31 December 2010. Such an increase in total income could be made possible because of a 77% increase in net sales. The domestic sales during the period increased by 93% and export sales grew by 42%. The Company's Plant in Jamshedpur operated at capacity.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2012 (Rs. in millions)	31.12.2010 (Rs. in millions)
A. Demands raised by Sales Tax/Income Tax/Excise authorities
i) Demand of sales tax for non-availability/non-consideration by Assessing Officer of various sales tax declaration forms.	238.852	225.219
ii) Demand of sales tax on account of non-deduction of various allowances and consequent enhancement of Gross turnover.	2.018	2.018
iii) Demand of sales tax on method of valuation of Goods.	1.222	1.222
iv) Demand for Denial of Input Credit	0.000	2.426
v) Demand of Service tax consequent to change in service classification	18.028	0.000
vi) Demand of Income Tax due to disallowance of certain business expenses and incentives by the Assessing Officer.	74.778	73.714
vii) Demand of excise duty on CVD credit for imported components of railway bearings.	0.000	5.245
viii) Denial of Cenvat credit of service tax on outward transportation of goods beyond the place of removal	1.441	1.441
B. Other Claims against the Company not acknowledged as debts
i) Demand towards ESI contribution on employees at Kolkata office of the Company. The Company has contested on the applicability of ESI for such employees and the issue is pending before the Assistant Regional Director, ESI Corporation, Kolkata.	2.002	0.614
ii) Demands arising out of suits filed by Shareholders on account of short/non refund of Application Money for which shares have not been allotted and/or non-receipt of Share Certificates etc. Company’s appeals against these issues are pending before relevant District Forums/State Commission/Civil Courts.	0.508	0.508
iii) Claims for recovery arising out of suit filed by a contractor before the Calcutta High Court	5.800	5.800

Based on discussions with the solicitors/favourable decisions in similar cases/legal opinions taken by the Company, the management believes that the Company has a good chance of success in above-mentioned cases (both under (A) and (B) categories) and hence, no provision there against is considered necessary.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31^ST DECEMBER 2012

(Rs. In Millions)

	Particulars	(Unaudited)
		3 Months Ended		9 Months Ended
		31.12.2012	30.09.2012	31.12.2012
1.	Income from operations
	(a) Net Sales / income from operations	1732.700	1648.800	5073.500
	(Net of Excise duty)
	(b) Other operating Income	15.400	34.000	66.600
	Total Income from operations (net)	1748.100	1682.800	5140.100
2.	Expenses
	(a) Cost of materials consumed	694.100	663.400	2142.300
	(b) Purchase of stock-in-trade	425.900	391.600	1188.200
	(c) Changes in inventories of finished goods, work- in-progress, stock-in-trade	(64.900)	(25.200)	(163.900)
	(d) Employee benefit expenses	137.300	122.500	385.300
	(e) Depreciation	34.800	35.300	104.600
	(f) Other expenses	395.100	324.800	1102.500
	Total Expenses	1622.300	1512.400	4759.000
3.	Profit from Operations before Other Income, finance cost & exceptional items (1-2)	125.800	170.400	381.100
4.	Other Income	8.100	20.800	44.100
5.	Profit from ordinary activities before finance costs and exceptional items (3+4)	133.900	191.200	425.200
6.	Finance costs	2.600	3.600	9.700
7.	Profit from ordinary activities before Tax (5-6)	131.300	187.600	415.500
8.	Tax Expense -Current	52.600	55.500	137.300
	- Deferred	(10.400)	(0.900)	(12.900)
		42.200	54.600	124.400
9.	Net Profit for the period (7-8)	89.100	133.000	291.100
10.	Paid-up share capital - Equity (of Rs. 10/- each)	637.200	637.200	637.200
11.	Reserves excluding revaluation reserves as per balance sheet of previous accounting year	N.A.	N.A.	N.A.
12.	Earnings per Share (Basic & Diluted) Rs. *	1.40	2.09	4.57
1.	Public Shareholding
	(a) Number of Shares (b) Percentage of Shareholding	12,734,862 19.98	12,734,862 19.98	12,734,862 19.98
2.	Promoters & promoter group shareholdings (a) Pledged / Encumbered
	(i) Number of Shares (ii) Percentage of shares (as a % of total shareholding of promoter & promoter group) (iii) Percentage of shares (as a % of total share capital of the company)	NIL N.A. N.A.	NIL N.A. N.A.	NIL N.A. N.A.
	(b) Non-encumbered
	(i) Number of Shares (ii) Percentage of shares (as a % of total shareholding of promoter & promoter group) (iii) Percentage of shares (as a % of total share capital of the company)	50,999,988 100.00% 80.02%	50,999,988 100.00% 80.02%	50,999,988 100.00% 80.02%
	INVESTOR (QUERIES)
	Pending at beginning of the quarter	NIL
	Received during the quarter	238
	Disposed of during the quarter	238
	Remaining unresolved at the end of the quarter	NIL

* Not Annualised

Notes:

1. The Company manufactures and trades in bearings and related components which is a single business segment. Accordingly, no separate segment information is furnished.

2. There were no exceptional / extra ordinary item during the respective periods reported above.

3. Previous period's figures have been regrouped, wherever necessary.

4. Timken India Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, a public issue of its equity shares only to qualified institutional buyers by way of an institutional placement programme and intends to file a Red Herring Prospectus with the Registrar of Companies.

5. Mr. Sanjay Koul has been appointed as the Managing Director of the Company effective 26 October 2012 pending approval of such appointment by the Central Government and the Company's shareholders.

6. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 12 February 2013.

FIXED ASSETS:

· Buildings

· Plant and Machinery (Including Tools)

· Office Equipment

· Computers

· Furniture and Fixtures

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.44
UK Pound	1	Rs.81.33
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		59

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.