About
Timken India Ltd
Timken India Limited (TIL) (previously known as Tata Timken) is primarily into manufacture, distribution and sale of anti-friction bearings primarily tapered roller bearings, other roller bearings, components, accessories, and mechanical power transmission products for diverse customer base. The Company provides maintenance contract and refurbishment services. The Company's manufacturing plants are located at Jamshedpur in Jharkhand & Bharuch in Gujarat and distribution centers are located in various parts of the country.
The Company's active operations are in anti-friction bearings, mechanical power transmission products and related services business. The parent organization, The Timken Company is a 120-year-old US-based organization with operations in 41 countries around the world keeping industries in motion. The journey started when Henry Timken, founder of the Timken Company, designed and patented world's first tapered roller bearing. Today, it is synonymous with innovation, cutting-edge technology, and quality.
Presently, the Company caters to an entire gamut of bearings including Tapered Roller Bearings, Cylindrical Roller Bearings, Spherical Roller Bearings and Slewing Bearings with focus on localized manufacturing having facilities in Jamshedpur and Bharuch. Its dedicated focus has been towards providing technical value and customer experience with an unbeatable and unquestioned quality standard. With the strong supplier network and localized manufacturing facilities, it aims at providing state-of-the-art products and services in India with means of a solid workforce and world-class manufacturing facilities. It stands tall with the 'Make in India' concept by not only localizing finished goods but also raw material sourcing, reducing the dependency on imports.
Company's expertise in the domains of metallurgy, tribology and mechanical systems enable collaboration with OEMs to customize solutions based on customer's requirements and diverse applications with an in-house design and development. With strong footprint of channel partners across India, it reaches out to end-markets for its product & services and assist customers in improving the reliability and efficiency of equipment, machinery, and vehicles.
The company was incorporated on 15 June 1987 under the provisions of the erstwhile Company's Act, 1956. It came with a rights issue in Feb.'94 to part-finance the overrun in the project cost.
To extend the product range, the company embarked upon a small bearings project for Rs 16 crore to manufacture TRBs with a bore size of 35mm and less which has been completed within the budgeted cost in fiscal 2001. During the fiscal it introduced a new concept in technical problem solving and roll shop management, drawing heavily from the expertise in its steel rolling mill as well as its strong base of knowledge in bearing. The service envisages round the clock management of customer's roll shop and the associated chock and bearing maintenance. It is also pursuing new business activities that enhance the value adding propositions of the company's existing businesses.
During the year 2001-02, The Company had shut down 2 plants (in UK and USA) and as a part of the products of those plants has been transferred permanently to Timken India. This will result in an important growth of manufacturing volumes of Jemshedpur plant.
TIL has completed the acquisition of The Torrington company in 2002. This acquisition offers a fit and will bring a broader line of engineered products and services.
During the year 2004, the company undertook an expansion project of installing a new 8' cone line. This new line is expected to produce a little over five lacs tapered single cones annually necessitating an approximate investment of Rs.1.65 Crores. It also has undertaken a new project for manufacture of double extended cones for the purpose of export to US. This double extended cone project envisages an investment of Rs 10.50 Crores. This project is expected to be completed by the end of the first quarter of 2007.
TIL continued to drive Lean Six Sigma Projects across all parts of its operations and business processes. In 2004 TIL was awarded a special award for excellence in Lean Six Sigma at the Indian Manufacturing Excellence Awards (IMEA) announced by Frost & Sullivan.
During the year 2004, the installed capacity of AP Cartridge Tapered Roller Bearings, units including components and accessories has been increased by 45000 Nos. Due to this expansion the installed capacity of AP Cartridge Tapered Roller Bearings, unit including components and accessories is 150000 Nos for this year.
In 2006, the company undertook an expansion project of installing large size cup line. This new line was installed and commercial production started on May 15, 2006. The actual investment for this project was around Rs 4.50 Crores.
In FY 2008, the company acquired two strategic services' contracts in steel industry.
During FY 2015, the company fully commenced its operation of Industrial Service plant in Raipur, Chhattisgarh and completed its Roller expansion project at a cost of Rs. 163 Million.
During FY 2018, the Board of Directors of the Company at its meeting held on 4 July, 2017, approved a Scheme of Amalgamation and Arrangement between ABC Bearings Limited and Timken India Limited and their respective shareholders and creditors. Subsequently, pursuant to an Order of the National Company Law Tribunal (NCLT), Bengaluru Bench, meetings of the shareholders and creditors were held on 1 February 2018. At the said meetings, the proposed Scheme was approved by the shareholders and creditors and thereafter the Company has received approval of NCLT, Bengaluru Bench.
With acquisition of ABC Bearings, the Company made significant progress with a variety of new product lines. The acquisition helped to expand capacity, customer base and ability to increase participation in local and export markets during the FY 2018-19.
In 2021, the Company introduced Wheel-Pac repair kit for the first time and revamped the grease range for its aftermarket business. At Jamshedpur plant, it made Roller facility operational and enabled the Rail facility with automation technology to serve the high-speed rail market. Besides this, rail bearing services were made operational along with all related utilities at the plant. The Bharuch Plant implemented integration of vital internal systems to align itself with Timken processes.
In FY 2021-22, Company made significant headway in service business with MillTec adding five new sites and achieving a business growth of approx. 50% in the year. This was achieved by penetrating new segments including public sector and nonferrous rolling. It grew progressively in the industrial distribution, Indian Railways and Renewable Energy Segment.
A new manufacturing facility for spherical and cylindrical roller bearings and related components was set up in Bharuch, Gujarat during 2022-23.
Timken India Ltd
Chairman Speech
Dear Shareholders,
I am pleased to present your Company's Annual Report for FY 2022-23. We achieved strong
financial results during the year while continuing to advance our strategic initiatives to
create long-term value for our stakeholders.
The Company continued to perform exceptionally well despite the dynamic macroeconomic
environment, delivering record revenue and building on our position as a leading player in
the Indian bearings industry.
During the year, we remained focused on delivering value to our customers and
strengthening our position in key markets. Our engineered bearings and industrial motion
businesses performed well, with growth in both domestic and export markets. We also made
significant investments in our manufacturing facilities, technology and people to enhance
our capabilities and improve our competitiveness.
Our focus on innovation and technology has been a key driver of our success. We
continued to invest in research and development resulting in significant improvements in
our product technologies and manufacturing efficiencies, including innovative solutions
that meet the evolving needs of our customers across a range of industries. We also
strengthened our partnerships with key customers, further cementing our reputation as a
trusted and reliable supplier.
We are also expanding our footprint in India to support further growth expected in the
coming years. Notably, we recently announced a new manufacturing facility for spherical
and cylindrical roller bearings and related components in Bharuch, Gujarat. Expected to
commence operations in January 2025, this new facility will help us deliver more Made In
India products to our customers and increase our speed to market.
At Timken, we believe that innovation and sustainability are key drivers of long-term
success. We continue to contribute to the global shift to renewable energy production and
are proud to be a leading supplier to some of world's largest wind and solar projects.
Timken manufactures bearings and industrial motion products for wind turbines and critical
drive systems for solar equipment. Across the board, Timken technology continues to make
renewable energy more efficient, more reliable and more competitive.
Good governance is core to our business and operations. In addition to our business
success, we remain committed to our social responsibility and sustainability efforts. Our
initiatives in this area include reducing our carbon footprint, supporting local
communities and promoting employee health and well-being. We recognize that our long-term
success depends not only on financial performance, but also on creating a positive impact
on society and environment.
Looking ahead, we remain optimistic about the Company's future with a strong allocation
pipeline, clearly differentiating ourselves from competitors. Our strong financial
position, focus on customer value and investments in innovation and sustainability,
position us well for continued growth and success. Our portfolio is strategically focused
to deliver higher growth and margins and we expect to continue to diversify our products
and industries into attractive and complementary spaces. We, at group level, are investing
in R&D and application engineering to advance equipment designs of tomorrow.
We will continue to prioritize our strategic initiatives to create additional long-term
value for all our stakeholders. We will remain focused on our strategy of innovation,
operational excellence, and customer-centricity while also maintaining a strong commitment
to sustainability and social responsibility.
In closing, I would like to thank our employees, customers, partners, shareholders and
members of the Board for their continued support and trust in the Company. Our objective
at Timken has always been to outgrow the markets. We have been successful in this pursuit
and expect to grow profitably in the years to come by continuing to shift to higher growth
market sectors and focus on newer technological trends. We are well-positioned to achieve
stronger performance and deliver significant value in the years to come. I look forward to
your continued support as we embark on the next phase of our journey.
| Sincerely, |
| Sd/- |
| Sanjay Koul |
| Chairman & Managing Director |
| DIN: 05159352 |
  Â
Timken India Ltd
Company History
Timken India Limited (TIL) (previously known as Tata Timken) is primarily into manufacture, distribution and sale of anti-friction bearings primarily tapered roller bearings, other roller bearings, components, accessories, and mechanical power transmission products for diverse customer base. The Company provides maintenance contract and refurbishment services. The Company's manufacturing plants are located at Jamshedpur in Jharkhand & Bharuch in Gujarat and distribution centers are located in various parts of the country.
The Company's active operations are in anti-friction bearings, mechanical power transmission products and related services business. The parent organization, The Timken Company is a 120-year-old US-based organization with operations in 41 countries around the world keeping industries in motion. The journey started when Henry Timken, founder of the Timken Company, designed and patented world's first tapered roller bearing. Today, it is synonymous with innovation, cutting-edge technology, and quality.
Presently, the Company caters to an entire gamut of bearings including Tapered Roller Bearings, Cylindrical Roller Bearings, Spherical Roller Bearings and Slewing Bearings with focus on localized manufacturing having facilities in Jamshedpur and Bharuch. Its dedicated focus has been towards providing technical value and customer experience with an unbeatable and unquestioned quality standard. With the strong supplier network and localized manufacturing facilities, it aims at providing state-of-the-art products and services in India with means of a solid workforce and world-class manufacturing facilities. It stands tall with the 'Make in India' concept by not only localizing finished goods but also raw material sourcing, reducing the dependency on imports.
Company's expertise in the domains of metallurgy, tribology and mechanical systems enable collaboration with OEMs to customize solutions based on customer's requirements and diverse applications with an in-house design and development. With strong footprint of channel partners across India, it reaches out to end-markets for its product & services and assist customers in improving the reliability and efficiency of equipment, machinery, and vehicles.
The company was incorporated on 15 June 1987 under the provisions of the erstwhile Company's Act, 1956. It came with a rights issue in Feb.'94 to part-finance the overrun in the project cost.
To extend the product range, the company embarked upon a small bearings project for Rs 16 crore to manufacture TRBs with a bore size of 35mm and less which has been completed within the budgeted cost in fiscal 2001. During the fiscal it introduced a new concept in technical problem solving and roll shop management, drawing heavily from the expertise in its steel rolling mill as well as its strong base of knowledge in bearing. The service envisages round the clock management of customer's roll shop and the associated chock and bearing maintenance. It is also pursuing new business activities that enhance the value adding propositions of the company's existing businesses.
During the year 2001-02, The Company had shut down 2 plants (in UK and USA) and as a part of the products of those plants has been transferred permanently to Timken India. This will result in an important growth of manufacturing volumes of Jemshedpur plant.
TIL has completed the acquisition of The Torrington company in 2002. This acquisition offers a fit and will bring a broader line of engineered products and services.
During the year 2004, the company undertook an expansion project of installing a new 8' cone line. This new line is expected to produce a little over five lacs tapered single cones annually necessitating an approximate investment of Rs.1.65 Crores. It also has undertaken a new project for manufacture of double extended cones for the purpose of export to US. This double extended cone project envisages an investment of Rs 10.50 Crores. This project is expected to be completed by the end of the first quarter of 2007.
TIL continued to drive Lean Six Sigma Projects across all parts of its operations and business processes. In 2004 TIL was awarded a special award for excellence in Lean Six Sigma at the Indian Manufacturing Excellence Awards (IMEA) announced by Frost & Sullivan.
During the year 2004, the installed capacity of AP Cartridge Tapered Roller Bearings, units including components and accessories has been increased by 45000 Nos. Due to this expansion the installed capacity of AP Cartridge Tapered Roller Bearings, unit including components and accessories is 150000 Nos for this year.
In 2006, the company undertook an expansion project of installing large size cup line. This new line was installed and commercial production started on May 15, 2006. The actual investment for this project was around Rs 4.50 Crores.
In FY 2008, the company acquired two strategic services' contracts in steel industry.
During FY 2015, the company fully commenced its operation of Industrial Service plant in Raipur, Chhattisgarh and completed its Roller expansion project at a cost of Rs. 163 Million.
During FY 2018, the Board of Directors of the Company at its meeting held on 4 July, 2017, approved a Scheme of Amalgamation and Arrangement between ABC Bearings Limited and Timken India Limited and their respective shareholders and creditors. Subsequently, pursuant to an Order of the National Company Law Tribunal (NCLT), Bengaluru Bench, meetings of the shareholders and creditors were held on 1 February 2018. At the said meetings, the proposed Scheme was approved by the shareholders and creditors and thereafter the Company has received approval of NCLT, Bengaluru Bench.
With acquisition of ABC Bearings, the Company made significant progress with a variety of new product lines. The acquisition helped to expand capacity, customer base and ability to increase participation in local and export markets during the FY 2018-19.
In 2021, the Company introduced Wheel-Pac repair kit for the first time and revamped the grease range for its aftermarket business. At Jamshedpur plant, it made Roller facility operational and enabled the Rail facility with automation technology to serve the high-speed rail market. Besides this, rail bearing services were made operational along with all related utilities at the plant. The Bharuch Plant implemented integration of vital internal systems to align itself with Timken processes.
In FY 2021-22, Company made significant headway in service business with MillTec adding five new sites and achieving a business growth of approx. 50% in the year. This was achieved by penetrating new segments including public sector and nonferrous rolling. It grew progressively in the industrial distribution, Indian Railways and Renewable Energy Segment.
A new manufacturing facility for spherical and cylindrical roller bearings and related components was set up in Bharuch, Gujarat during 2022-23.
Timken India Ltd
Directors Reports
Timken India Ltd
Company Background
| Incorporation Year | 1987 |
| Registered Office | 39-42 Electronic City,Phase II Hosur Road
Bangalore,Karnataka-560100 |
| Telephone | 91-80-41362000,Managing Director |
| Fax | 91-80-41362010 |
Sanjay KoulSanjay Koul| Company Secretary | Mandar Vasmatkar |
| Auditor | Deloitte Haskins & Sells LLP |
| Face Value | 10 |
| Market Lot | 1 |
| Listing | BSE,MSEI ,NSE, |
| Registrar | CB Management Services Ltd
P-22,Bondel Road, ,Kolkata-700019 |
Timken India Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| P S Dasgupta | Independent Director | 2023 |
| Sanjay Koul | Chairman & Managing Director | 2023 |
| Avishrant Kehava | Whole Time Director & CFO | 2023 |
| Mandar Vasmatkar | Company Sec. & Compli. Officer | 2023 |
| Douglas Smith | Director | 2023 |
| George J Ollapally | Independent Director | 2023 |
| Veerappan V | Independent Director | 2023 |
| Hansal Patel | Director | 2023 |
| Ajay Sood | Independent Director | 2023 |
| Dr. Lakshmi Lingam | Independent Director | 2023 |
| Soumitra Hazra | Independent Director | 2023 |
Timken India Ltd
Listing Information
| Listing Information |
|---|
| BSE_500 |
| BSE_CG |
| CNX500 |
| BSESMALLCA |
| CNX_MNC |
| BSEALLCAP |
| INDUSTRIAL |
| BSESMALLSE |
| MID150 |
| LMI250 |
| MSL400 |
| NFTYLM250 |
| NFTYMC150 |
| NFTYMSC400 |
| NF500M5025 |
| NFTYTOTMKT |
Timken India Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Sale of Goods | NA | 0 | 0 | 0 | 1533.914 |
| Services | NA | 0 | 0 | 0 | 65.919 |
| Other Operating Revenue | NA | 0 | 0 | 0 | 17.918 |
| Excise Duty | Rs. | 0 | 0 | 0 | 0 |
| Trade Discount | Rs. | 0 | 0 | 0 | 0 |
| Greases | Kg | 0 | 0 | 0 | 0 |
| Adhesives & Sealants | No | 0 | 0 | 0 | 0 |
| Bearings | No | 0 | 0 | 0 | 0 |
| Bearings-Traded | No | 0 | 0 | 0 | 0 |
| Dental Handpiece Cartridge | No | 0 | 0 | 0 | 0 |
| Special Roller Bearings | No | 0 | 0 | 0 | 0 |
| AP Cartridge Tapered Bearings | No | 0 | 0 | 0 | 0 |
| Tapered Roller Bearings | No | 0 | 0 | 0 | 0 |
| Bearing Accessories & Maintain | NA | 0 | 0 | 0 | 0 |
| Bearing Accessories-Traded | NA | 0 | 0 | 0 | 0 |
| Components | No | 0 | 0 | 0 | 0 |
| Components-Traded | No | 0 | 0 | 0 | 0 |