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Timken India Ltd. Company History and Annual Growth Details


- The Company was incorporated on 15th June, and obtained the
Certificate of Commencement of business on 10th September. The Company
manufacture tapered roller bearings and AP cartridge roller bearings.
It was promoted by Tata Iron & Steel Co. Ltd., and Timken Co., USA.

- The major portion of the plant and machinery comprised imported
remanufactured equipment to be supplied by Timken Company retrofitted
with the state-of-the-art electronic controls, in-process gauging and
other proprietary apparatus.

- The Company entered into a technical and financial collaboration with
Timken Company, USA for technical information, material specification
and other documentation pertaining to manufacture of tapered roller
bearings and AP cartridge roller bearings.

- The Company was given a licence to market, sell and service the
Timken Company's products produced in other countries, in India, Sri
Lanka, Nepal Bhutan and Bangladesh.


- The Company issued 13,00,000-12.5% secured partly convertible
debentures of Rs 150 each of which 65,000 debentures were reserved for
allotment on a preferential basis to employees (including Indian
working directors)/workers of the Company and those of promoter
companies (all were taken up). The remaining 12,35,000 debentures were
offered to the public (all were taken up).

- Rs 50 of the face value of each debenture was converted into 5 No. of
equity shares of Rs 10 each on 4th November. Accordingly 65,00,000 No.
of shares were allotted Rs.100 of the face value of each debenture was
to be redeemed at par on the expiry of 8 years from the date of
allotment of debentures.

- 7 No. of equity shares subscribed for by signatories to the
Memorandum of Association. 359,99,993 No. of equity shares, then
issued at par of which the following were reserved for allotment; (i)
170,00,000 shares to Timken Co., USA and (ii) 169,99,993 shares to
TISCO. Of the remaining 20,00,000 shares, 18,00,000 shares reserved
for allotment on a preferential basis to employees (including Indian
working directors)/workers of the Company as also promoter companies.
Balance 2,00,000 shares were offered for public subscription during


- Due to lack of order from the railways production of AP cartridge
bearings reduced to 18,887 nos.

- 21,250,000 shares offered to the existing shareholders on right basis
in prop. 1:2. Out of which 17,200 shares held in abeyance, 3,160
shares could not be allotted due to stock invest lost in transit,
267,529 shares yet to be allotted.


- Production of AP cartridge bearings reduced to 337 nos. due to lack
of orders from Railways.

- The Company issued 26,00,000-9% cumulative redeemable preference
shares of Rs 100 each on private placement basis to meet the working
capital requirements.

- 2,70,689 shares allotted on April 1994. 1,350 shares allotted out of
shares kept in abeyance. Preference shares allotted to the promoters
on private placement basis.


- The Company has issued 26,00,000 9% Cumulative Redeemable Preference
Shares of Rs. 100/- each to The Tata Iron & Steel Co. Ltd. (13,00,000
shares) and The Timken Company, USA (13,00,000 shares) on 14 March.
The Preference Shares shall be redeemed at the expiry of 10 years from
the date of allotment with an option to the Company to redeem the same
earlier after giving one month's notice.


- 700 No. of Equity shares allotted out of shares kept in abeyance.

- During the year Mr. J. H. Mayer had resigned as Managing Director and
in his place Mr. Gordon William Robinson has been appointed by the


- The Company undertook a project to complete indigenisation of the A P
Bearing components.


- The Company feels proud of the Railway business team who won The
Timken Company's coveted award of 'Dedication to Excellence'. This
award is given to one team worldwide as recognition of the dedication
to achieve excellence leading to outstanding customer satisfaction and
shareholder value.

- As part of the constant endeavour of the Company to improve the
environment and maintain clean Steel City, the Company had installed a
Pilot Membrane System for treatment of oily waste fluid.


- As per terms of the issue, the entire outstanding amount of the
Non-Convertible part of 1300000 12.5% Secured Redeemable
Non-Convertible Debentures of Rs. 100/- each (the Debentures) have been
redeemed on 4th November, 1999.

- Consequent to the approval of the Members accorded at the Extra
Ordinary General Meeting held on 31st May, the name of the Company has
been changed from Tata Timken Limited to Timken India Limited with the
requisite approval of the Central Government with effect from 2nd July.

- The Company launched a tactic to achieve QS 9000 Certification to
further upgrade the quality systems.

- Another Project initiated by the Company for indigenisation of Rail
Road Bearing had successfully been completed. The project has been
completed ahead of schedule and within the budget.

- Mr. Vinod Kumar Dasari has been appointed as the Managing Director of
the Company with effect from 1st January, consequent to the resignation
of Mr. Gordon William Robinson (Mr. Robinson) as the Managing Director
of the Company with effect from the said date.

- Dr. J J Irani has recently stepped down as the Chairman of the Board
and the Board, at its meeting held on 13th April.

- Mr. Shyamal Kumar Sinha, Director (Finance & Systems) has been
appointed as an Alternate Director to Mr. Jon T Elsasser effective 13th
April, 1999.


- ICRA has assigned an A1+ rating to the enhanced Rs 15 crore
Commercial Paper programme of the company.

- The Company achieved certification from American Association of
Railroad (AAR). This would help the Company in quick acceptance of its
products in USA without testing. The Company is the first Company in
India to achieve Certification from AAR.

- The Company issued 13% Unsecured Redeemable Non-Convertible
Debentures for a sum of Rs. 2 Crores redeemable in 18 months on private
placement basis with ABN Amro Bank after complying with all the
necessary formalities.

- Mr. Vinod Ku mar Dasari who was appointed as the Managing Director of
the Company has resigned with effect from 8th April. Mr. Charles
Joseph DeVirgilio, has been appointed by the Board as an Additional
Director and also as Managing Director of the Company with effect from
the conclusion of the Board Meeting held on 8th April.

- Mr. Joseph F Toot, Jr. has resigned as a Director of the Company and
in the casual vacancy created by such resignation, the Board has
appointed Mr. Scott A Scherff as a Director of the Company. The


-Mr Mantosh Sondhi, director of the company expired on Oct 29th.


-Reports a 81% increase in its second quarter net profit over the last year.


-Timkin, the alloy steel and bearing company opened its second biggest research and development centre in the world near Bangalore. Timken Engineering and Research India is a wholly owned subsidiary of Timken India in which Timken holds 80 per cent stake; the rest is with the public.


-Indian Oil has inked a MoU with Timken India Ltd to manufacture and market 'Timken Premium Automotive Grease' in the country.
Oct 26, 4:01 pm
Oct 26, 4:14 pm
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