MIRA
INFORM REPORT
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Report Date : |
31.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
TIME TECHNOPLAST LIMITED |
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Formerly known
as : |
TIME PACKAGING LIMITED |
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Registered Office : |
213, Sabari, Kachigam, Daman - 396210, Union Territory |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.12.1989 |
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Com. Reg. No.: |
3240 |
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CIN No.: [Company
Identification No.] |
U27203DD1989PLC003240 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT08803E |
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PAN No.: [Permanent
Account No.] |
AAACT2783J |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacture and sale of technology based polymer products |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 8300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Available information indicates satisfactory financial responsibility of
the company. Trade relations are reported as fair. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
213, Sabari, Kachigam, Daman - 396210, Union Territory, India |
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E-Mail : |
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Website : |
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Corporate Office / Head Office : |
102, Todi Complex, 35, Saki Vihar Road, Andheri (East), Mumbai 400072. |
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Tel No.: |
91 22 2803 9700 / 9999 |
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Fax No.: |
91 22 2857 5672 |
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E-Mail : |
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Regional office : |
Located at : Bangalore Baroda Chandigarh Chennai Hyderabad Indore Kolkatta Nagpur Sahibabad R.O. (Delhi) Trivandrum |
DIRECTORS
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Name : |
Mr. K. N. Venkatasubramanian |
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Designation : |
Chairman (Non Executives Independent) |
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Name : |
Mr. Anil Jain |
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Designation : |
Managing Director |
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Name : |
Mr. Bharat Vageria |
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Designation : |
Whole Time Director |
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Name : |
Mr. Naveen Jain |
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Designation : |
Whole Time Director |
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Name : |
Mr. Raghupathy Thyagarajan |
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Designation : |
Whole Time Director |
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Name : |
Mr. Sanjaya Kulkarni |
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Designation : |
Director (Non Executive & Independent) |
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Name : |
Mr. M. K. Wadhwa |
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Designation : |
Director (Non Executive & Independent) |
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Name : |
Mr. Kartik C Parija |
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Designation : |
Director (Non Executive) |
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Date of Appointment : |
09.03.2007 |
KEY EXECUTIVES
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Name : |
Mr. K. Venkataraman |
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Designation : |
Company Secretary |
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KEY MANAGERIAL PERSONS |
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MARKETING : |
Mr. Anil Agni Mr. J.A. Patwe Mr. Karunakar Menon Mr. Prabhakar Huddar Mr. Shiva Subramaniam |
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TECHNICAL, PROJECTS & PURCHASE |
Mr. JayeshAsher Mr. Mangesh Sarfare Mr. Prashant Joshi Mr. Sanjay Mutha Mr. Subhash Belekar |
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OPERATIONS |
Mr. Hari Menon Mr. K.K. Singh Mr. S.R. Gavankar Mr. Sandeep Jain Mr. Sanjeev Sharma Mr. Tushar Mishra |
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H.R. & SYSTEMS |
Mr. Boniface Mathias Mr. Jacob Abraham Mr. Nitin Dhawa |
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ACCOUNTS & FINANCE |
Mr. Anil kumar Bhola Mr. Rajen Mehta Mr. Sandeep Modi |
BUSINESS DETAILS
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Line of Business : |
Manufacture and sale of technology based polymer products |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Plastic Products |
MT |
42850 |
38492 |
GENERAL
INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raman S. Shah & Company Chartered Accountants |
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Associates : |
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Subsidiaries : |
·
TPL Plastech Limited ·
Elan Incorporated FZE
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,50,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
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25,00,000 |
Redeemable Preference Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
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Total |
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Rs. 275.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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17,005,000 |
Equity Shares |
Rs. 10/- each |
Rs. 170.050 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
170.050 |
78.525 |
58.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1920.471 |
1260.198 |
743.400 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2090.521 |
1338.723 |
802.000 |
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LOAN FUNDS |
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1] Secured Loans |
1259.603 |
1014.813 |
647.300 |
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2] Unsecured Loans |
187.441 |
433.750 |
28.100 |
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TOTAL BORROWING |
1447.044 |
1448.563 |
675.400 |
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DEFERRED TAX LIABILITIES |
108.953 |
93.518 |
0.000 |
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TOTAL |
3646.518 |
2880.804 |
1477.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1331.812 |
843.374 |
596.700 |
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Capital work-in-progress |
193.264 |
333.877 |
60.900 |
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INVESTMENT |
466.720 |
41.194 |
34.300 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
788.030
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725.115 |
459.800 |
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Sundry Debtors |
934.632
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709.064 |
427.200 |
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Cash & Bank Balances |
70.916
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382.114 |
50.100 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
217.401
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120.159 |
77.300 |
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Total
Current Assets |
2010.979
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1936.452 |
1014.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
328.119
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234.740 |
199.900 |
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Provisions |
47.750
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43.361 |
36.900 |
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Total
Current Liabilities |
375.869
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278.101 |
236.800 |
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Net Current Assets |
1635.110
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1658.351 |
777.600 |
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MISCELLANEOUS EXPENSES |
19.612 |
4.008 |
7.900 |
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TOTAL |
3646.518 |
2880.804 |
1477.400 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
3557.215 |
2627.798 |
1667.900 |
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Other Income |
9.350 |
0.444 |
2.700 |
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Total Income |
3566.565 |
2628.242 |
1670.600 |
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Profit/(Loss) Before Tax |
454.744 |
298.052 |
101.400
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Provision for Taxation |
63.185 |
52.807 |
22.400
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Profit/(Loss) After Tax |
391.559 |
245.245 |
79.000
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Earnings in Foreign Currency : |
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Export Earnings |
272.871 |
154.547 |
NA |
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Total Earnings |
272.871 |
427.418 |
NA |
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Imports : |
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Raw Materials |
759.619 |
476.081 |
NA |
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Stores & Spares |
0.376 |
0.110 |
NA |
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Capital Goods |
62.059 |
55.131 |
NA |
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Total Imports |
822.054 |
531.322 |
NA |
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Expenditures : |
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Material Cost |
2334.187 |
1693.922 |
976.800
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Manufacturing
& Other Expenses |
474.633 |
397.624 |
177.400
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Finance Cost |
127.606 |
110.777 |
82.300 |
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Provision for
Payment of Sales Tax & Deferred Tax Liability |
40.719 |
26.832 |
0.000 |
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Depreciation |
134.676 |
101.035 |
76.900
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Other Expenses |
0.000 |
0.000 |
255.800 |
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Total Expenditure |
3111.821 |
2330.190 |
1569.200 |
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QUARTERLY RESULTS
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PARTICULARS |
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30.06.2007 |
30.09.2007 |
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Type |
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1st
Quarter |
2nd
Quarter |
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Sales Turnover |
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948.700
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1086.700
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Other Income |
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0.000
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133.900
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Total Income |
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948.700
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1220.600
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Total Expediture |
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749.900
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869.300
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Operating Profit |
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198.800
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351.300
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Interest |
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36.300
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28.100
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Gross Profit |
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162.500
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323.200
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Depreciation |
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37.400
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39.800
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Tax |
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15.500
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26.200
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Reported PAT |
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106.100 |
257.200
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
10.98
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9.33 |
4.73 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.78
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11.34 |
6.08 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.60
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10.72 |
6.29 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22
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0.22 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.87
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1.29 |
1.14 |
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Current Ratio (Current Asset/Current Liability) |
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5.35
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6.96 |
4.28 |
LOCAL AGENCY
FURTHER INFORMATION
MILESTONES
1992 : Humble beginning,
commenced manufacturing operations in western India
1992 : New production facility
commenced at Daman : successfully launched internationally acclaimed
XL-Ring drums
1993 : Exclusive collaboration
with Mauser, Germany, access to international technology and patented
world class products
1994 : Emerged as pioneers,
trendsetters and market leaders in rigid plastic packaging in India
1995 : Established strategic
production facility in South India (Hosur. Tamilnadu)
1995 : Awarded MlPP Symbol of
Quality' as international recognition for product quality and systems
1996 : Established additional
strategic production facility in North India (Baddi, Himachal Pradesh)
1997 : Strong in-house Research
and Development; obtained over several design patents / registration for
products/auxiliaries
1998 : Lifestyle products
launched Synthetic Matting and Turf
1999 : Lifestyle product launched
Regal Brand moulded furniture
1999 : Substantial capacity
expansion in industrial packaging 2000 : Consumer Packaging : commenced
manufacturing PET sheet
2000 : Added new plant for garden
furniture at Sahibabad
2001 : Commenced sophisticated
manufacture of Conical Pails
2002 : Increased manufacturing
capacity of XL-Ring drums at Daman, strengthening market position,
India's largest manufacturer
2003 : Set up additional capacity
of XL-Ring drums in North India (Sahibabad, Delhi)
2004 : Joint venture with Mauser.
Commenced production of lBC
2005 : Development and launch of
Anti-Spray Rain flaps (3S)
2005 : Announced overseas
operation Sharjah. UAE
2006 : Launch of Durosoft soft
mattings
2006 : Additional manufacturing
facility for XL-Ringdrumsat Mahad (West) and Pantnagar (North)
2006 : Development and launch of
innovative GENEX medical devices (Auto-disable Syringes, Blood
Samplers and Face masks)
2006/2007: Overseas activities commenced in Thailand and Poland
THE
YEAR UNDER REVIEW:
The Company continues to see strong and profitable growth in the Financial Year
2006-07 across all its product segments in existing and new areas of growing
business.
During the year, the Company achieved Gross turnover &
other income of Rs. 4073.710 Millions, an increase of 33.55% over the previous
year's Rs. 3050.213 Millions. As per consolidated Accounts, the Gross turnover
and other income achieved is Rs. 4569.207 Millions, an increase of 49.79% over
the previous year's Rs. 3050.213 Millions.
Net Profit of the Company for the year increased to Rs. 391.559 Millions an
increase of 59.66% over the previous year's Rs. 2452.45 As per consolidated
Accounts Net Profit for the year was Rs. 410.980 Millions an increase of 67.58%
over the previous year's Rs. 245.245 Millions.
During the year under review also the Company achieved substantial growth in
it's operations, a result of dedicated efforts, better planning and improved
working strategies.
The company continues to maintain it's leadership position in the rigid plastic
packaging industry and as a part of growth plan, new products in the Healthcare
sector were launched during later part of the year under review. The growing
needs in other sectors are creating potential business avenues for the company
in the years ahead.
The volatility of polymer (main raw material) price and its
availability in their region are continuously monitored and is addressed by
taking appropriate steps to absorb the impact of the same by revisiting the
prices of it's products and by taking other suitable economic measures.
EXPANSION CUM DIVERSIFICATION:
During the year
Company successfully completed / commissioned several projects which include
project at Baddi (HP) for Healthcare Products, at Thane (HP) for Lifestyle Products,
at Mahad (Maharashtra) for Industrial Packaging and at Pantnagar (Uttarakhand)
for Industrial Packaging and Auto Components. To keep up with growing demand of
Company's products, production facilities at Daman undertook capacity expansion
for Industrial Packaging and set up a new facility for multi layer PET
sheets.
In FY'08
Company expects to start up some of its new projects in India and overseas
including one in Pantnagar (Uttarakhand) for Lifestyle Products, Baddi (HP) for
manufacturing of Construction Related Products , Baddi (HP) for expansion of
its Healthcare Products and at Silvassa (UT) for Auto Components, Industrial
Packaging, etc. In addition the Company's new project at Sharjah (UAE) for
Industrial Packaging and Poland (Europe) for Auto Components shall also go on
stream during the year.
Company has
drawn ambitious growth plan based on its consolidated technology platform by
creating innovative and technology based polymer products targeting high growth
sectors of Indian economy. Up gradation of existing production facilities and
setting up new capacities in strategic locations for meeting the growing demand
of its products to achieve sustainable growth continues in the ensuing years.
Company is continuously looking for growth opportunities in new geographies
overseas to replicate their successful business model as apart of its growth
strategy.
Being aware
that such ambitious expansion and diversification plans would need qualified
and experienced work force with multi-tasking abilities, the Company has
embarked upon an induction programme to bring in people of proven competence
and rich experience at all levels. The Directors are confident that
implementation and commissioning of on going and new projects shall take the
company further on growth path and prosperity.
PERFORMANCE OF SUBSIDIARIES:
Indian Subsidiary:
In the month of
July 2006, the Company has taken Management control of TPL Plastech Limited
(formerly known as Tainwala Polycontainers Limited) by acquiring 75% of it's
equity. The directors are pleased to inform that inspite of part period of the
Management control, this subsidiary Company has performed exceedingly well and
achieved Gross turnover and Other Income Rs. 514.371 Millions, an increase of
20% over the previous year of Rs 428.005 Millions. The Net Profit of the
subsidiary company is Millions, an increase of 111.39% over the previous year's
Rs 12.564 Millions. TPL Plastech Limited has undertaken the expansion project
for increase in the installed capacity to 8000 M.T. as against 6000 M.T. in
previous year, which is successfully completed. During the Financial Year
2007-08 Company is estimating better performance than the FY.2006-07.
Foreign Subsidiaries:
ELAN INCORPORATED FZE, SHARJAH (UAE):
The Company has
completed new project in Mid East (Sharjah UAE) for packaging (plastic drums
and containers and conipails) and life style products (garden furniture). The
total project cost estimated is Rs 275 Millions, for installed capacity
of 4800 M.T. p.a. This project is financed by way of Term Loan of Rs.165
Millions
and share capital of Rs.110 Millions. The project of the Company is completed
without any cost overrun and estimating to start production very shortly.
Novo Tech Spz o.o (Poland):
The Company is setting up new production facility in Poland (Europe) for Auto
Components (Anti Spray Devices) and Lifestyle Products (Turf) with capital
outlay of approx Rs 120 Millions. The project is in advanced stage of
completion and is expected to commence production in the second half of FY'08.
This project is being financed out of IPO proceeds.
JOINT VENTURES' PERFORMANCE:
Time Mauser Industries Private Limited:
Time Mauser
Industries Private Limited (TMIPL), joint venture between Mauser Group (51%) and
the Company (49%) is engaged in manufacture of Intermediate Bulk Containers
(IBCs). In the calendar year ended 31st December, 2006, the Company has
achieved further growth recording gross turnover and other income of Rs 144.950
Millions, an increase of 29.14% over the previous year Rs.112.246 Millions. The
Net Profit of the Company for the year increased to Rs. 10.930 Millions, an
increase of 173.18% over the previous year's Rs 4.001 Millions.
TMIPL is
currently setting up new production facility at PEN (Maharashtra) for metal
drums which shall commence production by September '07.
Mauser Holding Asia Pte. Limited:
One of the
Promoters of the Company i.e. Time Securities Services Private Limited (TSSPL)
has a joint holding company together with Mauser Group at Singapore (Mauser -
51% & TSSPL -49%) in the name of Mauser Holding Asia Pte. Limited (MHAPL),
who in turn acquired 92% holding in Pack Delta Public Company Limited leading
Industrial Packaging Company listed on Stock Exchange at Thailand. The Company
has acquired 49% holding of MHAPL from TSSPL, at cost, out of IPO proceeds.
FOREIGN COLLABORATION:
The Company
continues to enjoy cordial relationship and rapport with its collaborators
Mauser Maschinentechnik GmbH, Germany. The Company has further absorbed and
assimilated technology and know-how passed on by its collaborators who in turn
have expressed satisfaction in the operation and quality management put in
place by the Company.
MANAGEMENT DISCUSSION & ANALYSIS
The Directors
are pleased to present the Management Discussion and Analysis Report for the
year ended March 31, 2007.
The company's
consolidated revenues increased by 50% to Rs. 4565 Million, Operating Revenues
(EBIDTA) by 51% to Rs. 768 Million and Profit After Tax by 68% to Rs. 412 Million.
Whereas they have acquired, sustained and further consolidated their dominant
market shares in some of their key business areas, they are zealously pursuing
their newer businesses to create niches. Their products, services and brands
have received overwhelming response from its user segments and have helped grow
their businesses to newer heights.
The Company, is
engaged in the business of manufacturing technology based innovative polymer
products serving the growing sectors of the Indian Economy i.e namely
Industrial& Consumer Packaging Solutions (Plastic Drums, Containers, Pails,
PET Sheets), Automobile Components (Fuel tanks, Anti Spray Systems, De aeration
tanks) , Healthcare Products (Auto Disable Syringes, Blood Sampling Devices,
Chamber Masks), Lifestyle Products Entrance Mattings Turf, Garden Furniture)
and Construction related Products (Safety & Warning Nets). They have common
thread running across their business segments polymer innovation and
technology. They have continuously mapped their capabilities with aspirations
of end users in their chosen verticals and have leveraged their technology
platform and their knowledge and experience in polymer processing to create
newer products with high growth potential.
After having
attained market leadership in their major businesses, they have now embarked
upon replicating their successful business model in new geographies to tap
business potential and accelerate company's growth and profitability. Their
business strategy has paid rich dividends in the past and they pursue them in
ensuing years with renewed determination.
TIME TECHNOPLAST AN OVERVIEW:
Time
Technoplast Limited (TTL) started operations in 1991 as a SSI unit in single
product segment Industrial Packaging and in 1993, technology partner Mauser,
Germany joined with a vision to grow and establish TTL as a leading polymer
products company. In the following years the company setup production
facilities at six different locations.
Pursuant to the order of High Court of Bombay, dated June 30, 2006 flied with
RoC on July 15, 2006, approving the scheme of amalgamation, effective from
April 01, 2005,the company merged two group companies Shalimar Packaging
Private Limited and Oxford Moulding Private Limited to catering Lifestyle
Products and Healthcare Products.
To further consolidate the market share and to serve the user industry more
efficiently and cost effectively in the Industrial Packaging, the company
acquired 75% stake in it's next competitor TPL Plastech Limited formerly known
as Tainwala Poly containers Limited with effect from July 14, 2006, a company
listed on Bombay Stock Exchange.
The Company over the years developed a nationwide marketing and distribution
infrastructure for sale and distribution of it's products to institutional and
retail customers. The products are sold under brands recognised by the
company's institutional and retail customers.
Business Overview:
Overseas Projects
The Company has
set up new projects overseas to replicate the successful business mode). viz..
(1) A 100% Incorporated FZE in Sharjah Airport Free trade Zone (UAE) for
manufacturing Packaging products (plastic drums and containers and conipails)
and Lifestyle products (garden furniture) and (2) a 100% subsidiary Novo Tech
SP Z O.O. in Kostryzyn Slubice Special Economic Zone, Poland (Europe) for
manufacturing Auto Components (Anti Spray Devices) and Lifestyle Products
(Turfs)
JOINT VENTURES:
Time Mauser Industries Private Limited:
Time Mauser
Industries Private Limited (TMIPL) joint venture between Mauser Group 51%) and
the Company (49%) is engaged in manufacture of Intermediate Bulk Containers
(IBCs). TMIPL is currently setting up new production facility at PEN
(Maharashtra) for metal drums which shall commence production in 2007.
Mauser Holding Asia Pte. Limited
One of the
Promoters of the Company i.e. Time Securities Services Private Limited (TSSPL)
has a joint holding company together with Mauser Group at Singapore (Mauser -
51% & TSSPL-49%) in the name of Mauser Holding Asia Pte. Limited
(MHAPL), who in
turn acquired 92% holding in Pack Delta Public Company Limited leading
industrial Packaging Company listed on Stock Exchange at Thailand. The Company
has acquired 49% holding of MHAPL from TSSPL, at cost, out of IPO
proceeds.
INDUSTRY STRUCTURE & DEVELOPMENT :
Over the years polymers have become material of choice to replace metal in most
areas of everyday's life. With new polymer technology and processing
capabilities, polymer products have gained significant presence in engineering,
automobile, chemicals & petrochemicals, consumer goods, healthcare,
infrastructure & construction, pharmaceutical and food industries. By
virtue of offering long useful life, lower Costs, superior performance and
convenience to use, these polymer products are there to stay and grow.
They, as a
company, recognized business potential and innovated, designed, developed
technology based polymer products to meet aspirations of users in the chosen
sphere of their business. Their product portfolio across the verticals reflects
how a simple idea combined with innovation and technology can create niche
products which can continuously drive and grow their businesses in India and
overseas.
STRENGTHS:
Strengths of Time Technoplast Limited
* Polymer focus
Focus on polymer
products and processes continue to enable the company to develop new products
by expansion in the technology platform, aimed at growth sectors. The company
is able to achieve economy of scale and the cost efficiencies. Besides, with
polymer finding increased use in new applications and value additions, the
Company is well positioned to avail the new growth opportunities.
* Diversified product portfolio
Over the years
the company has developed and produced broad range of products comprising of industrial
and consumer packaging solutions, lifestyle products, automotive components,
healthcare products and construction related products. The broad range of
products allows customers to source most of their product requirement from a
single vendor and enables the company to expand business from existing
customers, as well as address a larger base of potential new customers.
* National Presence
The company is
a national player with manufacturing facilities spread over six locations,
eleven regional / area marketing offices and distribution / dealer network
spread over 345 cities and towns to offer product range across the country. The
multi-location operations benefits the company with competitive advantages of
just-in-time delivery to institutional customers and requisite logistic
capabilities to feed distribution and dealer network efficiently and cost
effectively.
* The Brands
In each of
major business avenues, the company has built brands for it's products .. viz..
'Time Mauser' for packaging products, 'Ecopet' for PET sheets, 'Meadowz 'for
Turf,'Duro Turf' & 'Durosoft'for mattings,' Regal' for garden furniture, '
3S' for Anti Spray Devices (Automotive component) and 'Genex' for Healthcare
products. All these brands are distinctly recognized and well accepted.
* Consolidated technology platform
While remaining
focused on products made out of polymers, the company built a consolidated
technology platform of three main technologies in polymer processing viz blow
moulding, injection moulding and extrusion. Knowledge of these technologies
enables the company to develop innovative products and produce them in a cost
efficient manner.
* Marketing & Distribution Network
The Company developed marketing and distribution network to reach more than 500
institutional clients and retail consumers. The team of Marketing & Sales
professionals with widespread network across the length and breadth of the
country caters to the diverse needs of various institutional clients and
distributors and dealers. This marketing and distribution network enables the
Company to launch new products within a short time at less cost clubbed with
better logistics management.
* The sourcing ability
Polymers,
constituting the major part of input cost, experience volatility in pricing.
Over the years the company developed understanding of polymer price and market
trends and built relationships with polymer suppliers in India and overseas.
The size of operation and experience in polymer business enables company to
source inputs at appropriate times and at competitive prices.
* Research & Development Capabilities
Unrelented
efforts of the dedicated R & D team of the company contribute very
significantly to the growth of the company. Consistent focus on R & D
enables the company to evolve improved technologies, better processes and user
friendly designs resulting in value addition for the customer besides enabling
the company explore into new lines of business with cost advantages.
* Customers confidence
The company
enjoys an established and long-term relationship with it's customers, enabling
the company introduce new products not only to meet the additional business
requirements from existing customers but also build clientele of many potential
customers in the expanding areas of business.
* Professional Management
The company is
accredited with a team of well qualified and widely experienced professionals
and employees of more than 1700, at all levels, who are totally dedicated and
focused to the goals of the organization. The company believes that the
professional management team would continue to take steps to move the company
to higher scales.
* Improved value chain
The company
always shares it's vision with everyone in the value chain. viz.. Customers,
Vendors, Bankers, Employees, shareholders etal. This creates along term
association between the company and it's stakeholders.
FIXED ASSETS
- Land
- Factory
Buildings
- Office
Premises
- Plant &
Machinery
- Furniture
& Fixtures
- Office
Equipments
- Vehicles
- Computers
AS PER WEBSITE
Business Overview
TTL is engaged in manufacture and sale of technology based polymer
products serving growing sectors of Indian economy viz., Industrial and
Consumer Packaging Solutions, Lifestyle Products, Auto Components, Healthcare
Products and Construction and Infrastructure related products.
TTL started its operations in 1991 as an SSI unit in a single product
segment Industrial Packaging, with technology partner Mauser, Germany joining
in 1993. The Company had a vision to grow and establish itself as a leading
polymer product company. In the years that followed, TTL set up production
facilities at six different locations and thus established a national presence.
Apart from growth in Industrial Packaging, the Company developed
Automotive Components business. The Company then merged its group companies
Shalimar Packaging Private Limited and Oxford Moulding Private Limited catering
to Lifestyle Products and Healthcare Products. TTL believes this merger will
bring in further efficiency in the operation by integration of all polymer
based businesses and create a diversified product portfolio and create
consolidated technology platform for all products.
Overseas Operations
TTL is now setting up projects overseas to replicate their business
model. A 100% subsidiary Elan Incorporated FZE in Sharjah Airport Free Trade
Zone - U.A.E. for production of Packaging products and Life Style products
(Garden Furniture). It has also settup a 100% subsidiary Novo Tech Sp Z O.O. in
Kostryzn Slubice Special Economic Zone, Poland for manufacturing Auto
Components (Anti Spray Device) and Life Style Products (Mattings and Turfs).
Acquisition
To further consolidate its market share and to serve user industry more
efficiently and cost effectively in Industrial Packaging, TTL acquired 75%
stake in TPL Plastech Limited (formerly known as Tainwala Polycontainers
Limited,) a company listed on Bombay Stock Exchange.
Joint Venture
The company's technology partner Mauser in industrial packaging joined
hands with TTL in 2004 to form a joint venture under the name of Time Mauser
Industries Private Limited (www.timemauser.com) (TMIPL) in India where
Mauser Group holds 51% and TTL holds 49 % for manufacture of Intermediate Bulk
Containers (IBC) of 1000 ltr capacity. TTL is now setting up a manufacturing
facility for high quality Mild Steel drums of 200 ltr capacity in the same
joint venture company.
Expanding Overseas
TTL's understanding with Mauser is now extended to set up and acquire businesses
in the Asian Region. TTL's promoter company "Time Securities Services
Private Limited"(TSSPL) and Mauser Holding, Netherelands B.V. have formed
a joint venture company styled as Mauser Holding Asia Pte. Limited Singapore
(MHA). MHA has acquired 91.88% of Pack Delta Public Company Limited (PDPL) an
established industrial packaging company based at Bangkok, Thailand. PDPL is
listed on Market For Alternative Investments.
Time Technoplast Limited, offers a wide range of industrial packaging
products like drums, containers, pails and PET sheets for varied packaging
requirements. Technical collaboration with Mauser of Germany enables it to
access all the technologies involved in the manufacture of Mauser's
internationally acclaimed and patented products.
Over the years, Time Technoplast Limited (TTL) has built several
recognized brand in each of its major business segments. They include Time
Mauser for packaging products, Conipails for pails and Ecopet for PET Sheets in
Industrial Packaging segment.
Industrial Packaging products offered by TTL are
Drums and Containers
Narrow Mouth Polycans / Drums
Open Top Drums
Classic Open Top Drums
Conipack Pails / Buckets
PET Sheets
Total Packaging Solutions
Press Release
Time Technoplast Limited acquires NED Energy
Limited
Mumbai 1st October 2007 -
Time Technoplast Limited (TIME) announces acquisition of 74% share holding
in NED Energy Limited (NED) – closely held
company , engaged in manufacture of high technology Valve
Regulated Lead Acid (VRLA) batteries based at Hyderabad . Working closely with
India's premier institutions; Indian Institute of Science (IISC), Bangalore and
Central Electrochemical Research Institute (CECRI), Karaikudi, NED has
designed, developed and innovated corrosion resistant, high performance, long
life batteries with much improved energy density and cyclic life most suited
for harsh Indian environment – high temperatures and prolonged power failures.
NED enjoys quality leadership for its batteries in telecom sector under well
established brand “MAXLIFE”.
NED has been accredited with ISO 9001:2000 and ISO 14001:2004 by TUV
Suddeutschland and its products are duly approved by Dept of Telecommunications
(DOT), Govt. of India . Whereas NED is currently supplying its products to the
top players in Telecom sector, it has made a break through into high
performance maintenance free, corrosion resistant VRLA batteries for automotive
segment.
TIME is a leading technology based, innovative polymer product company,
servicing growth sectors of Indian economy such as Packaging, Lifestyle,
Healthcare , Automotive & Construction Products. Mumbai based TIME is a
listed entity on BSE and NSE (public issue in May '07) and had recorded a
turnover of Rs 4569 mn in FY '07. The Company is engaged in business expansion
both in India and overseas in high growth verticals with special focus on
healthcare and auto components. Through the acquisition, TIME plans to leverage
NED's technology in automotive batteries to achieve significant growth for its
well established automotive segment where it enjoys strong relationships with
major OEMs as Tier-I supplier.
Promoted by a group of Technocrats, NED commenced their operations in
2001 at Hyderabad facility to produce and supply cost effective, reliable, most
advanced technology based batteries for industrial and automotive applications.
Over the years NED has developed new processes and products with improved
performance and low costs. Through its association with India 's premier
institutions IISC and CECRI, NED is in the process of getting 5 patents as
co-inventor with an exclusive right for commercial exploitation of these
innovations. Besides several accreditations and approvals, NED has presented
well acclaimed technical papers in international journals and won standing
ovation for its technologies in the 9th & 10th European Lead Acid Battery Conferences at
Berlin & Athens , respectively.
Modern automotive vehicles are now moving from present ‘flooded (Acid) batteries'
to ‘maintenance free VRLA batteries' due to high charge acceptance, safety and
high corrosion resistance. NED has designed, developed and fully tested most
suited batteries for this application which are ready to be launched shortly.
In addition, NED has developed and is ready to commercialize VRLA batteries for
EV (Electric Vehicle) and HEV (Hybrid Electric Vehicle) applications which have
tremendous export possibilities. NED also sees a huge business potential for
its newly developed highly compact, leak proof GEL batteries with long
discharge cycle.
NED had successively increased their capacities in FY '07 and '08 (
present day capacity 100 mn AH) and has recorded sustained growth in its financial
performance with FY '07 turnover reaching Rs 451 mn with EBIDTA of Rs. 60 mn
and Net Profit of Rs. 33 mn. Company is expecting to record substantial growth
in its sales and profits in FY '08. Strong Research & Development team at
NED is on threshold of developing revolutionary ‘Green Batteries' which
significantly reduce the quantity of lead and acid used in present day
batteries. NED has developed battery grids out of special polymers ( patent
obtained) to replace lead, cutting down the weight of the battery by approx 30%
and improving its Energy Density (Wh/kg ) by over 25%. “At NED, we strongly
believe that in future polymers will largely replace most of the lead currently
used in batteries “, said Mr. Gaffoor , Director & COO of NED.
To meet huge surge in demand of its products and to further bring new
products for fast growing automotive sector, NED proposes to triple its annual
capacity to 300 mn AH with capital outlay of Rs 300 mn which shall be funded by
present infusion of equity by TIME, internal accruals and term loan. The
expansion is expected to come on stream from Q-2 FY '09.
“NED is poised to grow exponentially and with a strong partner in TIME
who shares the same vision and commitment to high growth, NED would be able to
realize full potential of its new technologies and products”, said Mr. Gautam,
Managing Director of NED.
Through the purchase of NED's shares from the present promoters and
further subscription to share capital for business expansion, TIME shall
acquire 74% holding with balance 26% remaining with the existing promoters who
continue to participate in further growth of the company. NED's Enterprise
Value is estimated at Rs 650 mn.
“TIME finds strong synergies with NED - both driven by innovation and
technology. It has very exciting business in telecom sector which promises huge
growth. With the launch of high performance, long life, maintenance free
automotive batteries through NED's well established brand, TIME sees multiple
growth to its key auto component vertical”, said Mr. Anil Jain , Managing
Director of TIME.
News
Time Technoplast
buys 74% stake in NED Energy
Time Technoplast (TTL), a Mumbai based polymer and industrial packaging
product company, has acquired a 74% stake in Hyderabad- based NED Energy, manufacturer
of high-technology valve regulated lead acid (VRLA)batteries. The acquisition
is valued at Rs. 500 Millions.
The promoters of NED will continue to hold the balance 26% stake in the
company. “The acquisition will boost NED’s expansion of battery production from
100 million to 300 million ampier hours by the second quarter of 2009. We
expect a turnover of Rs. 600 Millions from NED this year”. Said TTL MD, Anil
Jain. NED’s acquisition is expected to strengthen TTL’s automotive component
segment which is worth Rs. 800 Millions. TTL is tier-I supplier to major
automobile OEMs like Ashok Leyland, Tata, Punjab Motors and Eicher.
The synergies between NED and TTL will help contribute to production of
the next generation polymer grid batteries. TTL is undertaking business
expansion both in India and overseas with special focus on healthcare and auto
components.
NED is working closely with premier institutions such as the Indian
Institute of Science (IISc), Bangalore and Central Electrochemical Research Institute
(CE-CRI), Kariakudi, for enchancing next generation battery technology. NED has
a four acre facility with 30,000/- sq.ft built up area in the outskirts of
Hyderabad.
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 records 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 records 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.39.40 |
|
UK Pound |
1 |
Rs.81.12 |
|
Euro |
1 |
Rs.56.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|