MIRA
INFORM REPORT
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Report Date : |
12.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
TIME TECHNOPLAST LIMITED (w.e.f. 01.05.2006) |
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Formerly known
as : |
TIME PACKAGING LIMITED |
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Registered Office : |
Office No. 213, Sabari Apartments,
Building No. 1, Survey No. 387, Dungri Falia, Kachigam |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
20.12.1989 |
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Com. Reg. No.: |
3240 |
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CIN No.: |
L27203DD1989PLC003240 |
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Capital
Investment / Paid-up Capital : |
Rs. 209.265 Millions |
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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 : |
Public Limited Liability Company. The company’s shares are listed on
stock exchange. |
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Line of Business : |
Manufacture and sale of technology based polymer products |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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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 19481380 |
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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 a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal 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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Rajen Mehta |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-66029600 |
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Date : |
11.05.2011 |
LOCATIONS
|
Registered Office : |
Office No. 213, Sabari Apartments,
Building No. 1, Survey No. 387, Dungri Falia, Kachigam Daman UT, Daman and
Dui-396210, |
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E-Mail : |
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Website : |
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Area : |
10000
sq. ft. |
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Location : |
Owned
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Corporate Office / Head Office : |
102,
Todi Complex, 35, |
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Tel No.: |
91
22 28039700 / 9999/ 66029600/ 28039700/ 42119999 |
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Fax No.: |
91
22 28575672 |
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E-Mail : |
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Regional office : |
Located at : ·
·
·
·
Chennai ·
·
·
Kolkata ·
·
Sahibabad R.O. ( ·
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DIRECTORS
AS ON 31.03.2010
|
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 – Finance |
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Name : |
Mr.
Naveen Jain |
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Designation : |
Whole
Time Director- Technical |
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Name : |
Mr. Raghupathy
Thyagarajan |
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Designation : |
Whole
Time Director- Marketing |
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Name : |
Mr.
Sanjaya Kulkarni |
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Designation : |
Director
(Non Executive and Independent) |
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Name : |
Mr.
M. K. Wadhwa |
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Designation : |
Director
(Non Executive and 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 |
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Name : |
Mr.
Hans-Dieter Von Meiobom |
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Designation : |
Director
(Non Executive and Independent) |
KEY EXECUTIVES
|
Name : |
Mr.
Atul Gupta |
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Designation : |
Vice
President- Finance and 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.
and SYSTEMS |
Mr.
Boniface Mathias Mr.
Jacob Abraham Mr. Nitin Dhawa |
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ACCOUNTS
and FINANCE |
Mr.
Anil kumar Bhola Mr.
Rajen Mehta Mr. Sandeep Modi |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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17267500 |
8.25 |
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112672371 |
53.84 |
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(B) Public Shareholding |
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16909138 |
8.08 |
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21476033 |
10.26 |
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2695637 |
1.29 |
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7104799 |
3.40 |
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2846483 |
1.36 |
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194935 |
0.09 |
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2176612 |
1.04 |
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22422482 |
10.71 |
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3499010 |
1.67 |
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Total |
209265000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionsBUSINESS 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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Terms : |
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Purchasing : |
Cash, Credit (30 / 60 / 90 days) (Advance Bank
through) |
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Selling : |
Cash, Credit (30 / 60 / 90 days) (Advance Bank
through) |
PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
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Installed
Capacity |
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Plastic Products |
MT |
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105500 |
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Notes:
- Licensed capacity is not applicable in view of the company’s
products having been de-licensed as per new licensing policy announced by
the government of
- Install Capacity is as certified by the management and accepted by
Auditors as this is a technical matter.
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Raman
S. Shah and Company Chartered
Accountants |
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Associates : |
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Subsidiaries : |
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Fellow Subsidiaries : |
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Joint Ventures: |
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CAPITAL STRUCTURE
As on :
31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
2500000 |
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 :
|
No. of Shares |
Type |
Value |
Amount |
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209265000 |
Equity Shares |
Rs. 1/- each |
Rs. 209.265 Millions |
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Of the above includes:
i) 19905000 shares were allotted as fully
paid-up pursuant to the scheme of Amalgamation of erstwhile Shalimar Packaging
Private Limited and Oxford Molding Private Limited with the company without
payment received in cash.
ii) 78525000 Shares were allotted as fully
paid-up by way of Bonus shares by capitalization of share Premium Account and
General reserve.
iii) The Equity Shares of Rs. 10/- each of the
company have been sub divided in to Equity Shares of Rs. 1/- each with effect
from 6th November 2008.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
209.265 |
209.265 |
209.265 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4661.080 |
4078.017 |
3575.005 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4870.345 |
4287.282 |
3784.270 |
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LOAN FUNDS |
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1] Secured Loans |
2742.895 |
2090.358 |
1569.414 |
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2] Unsecured Loans |
338.185 |
39.626 |
38.776 |
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TOTAL BORROWING |
3081.080 |
2129.984 |
1608.190 |
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DEFERRED TAX LIABILITIES |
156.240 |
139.698 |
124.657 |
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TOTAL |
8107.665 |
6556.964 |
5517.117 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3261.756 |
2405.544 |
1540.025 |
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Capital work-in-progress |
393.324 |
222.724 |
517.485 |
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INVESTMENT |
1493.920 |
1295.622 |
1233.007 |
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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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|
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Inventories |
1279.613
|
1046.661
|
994.241 |
|
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Sundry Debtors |
1479.025
|
1342.558
|
1230.087 |
|
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Cash & Bank Balances |
309.793
|
397.282
|
89.164 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
968.362
|
498.460
|
429.126 |
|
Total
Current Assets |
4036.793
|
3284.961
|
2742.618 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
846.920
|
459.039
|
343.869 |
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Other Current Liabilities |
0.130
|
0.018
|
0.000 |
|
|
Provisions |
231.078
|
192.830
|
172.149 |
|
Total
Current Liabilities |
1078.128
|
651.887
|
516.018 |
|
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Net Current Assets |
2958.665
|
2633.074
|
2226.600 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
8107.665 |
6556.964 |
5517.117 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
6613.960 |
5224.337 |
4708.220 |
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Other Income |
37.515 |
56.835 |
136.441 |
|
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TOTAL (A) |
6651.475 |
5281.172 |
4844.661 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
4345.239 |
3413.868 |
3089.959 |
|
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|
Manufacturing & Other Expenses |
925.791 |
743.054 |
629.191 |
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Sales Tax |
60.973 |
39.274 |
49.482 |
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TOTAL (B) |
5332.003 |
4196.196 |
3768.632 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1319.472 |
1084.976 |
1076.029 |
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Less |
FINANCIAL
EXPENSES (D) |
241.421 |
188.238 |
154.259 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1078.051 |
896.738 |
921.770 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
244.188 |
192.086 |
172.215 |
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PROFIT BEFORE
TAX (E-F) (G) |
833.863 |
704.652 |
749.555 |
|
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|
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Less |
TAX (I) |
150.013 |
122.181 |
114.404 |
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|
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PROFIT AFTER TAX
(G-I) (J) |
683.850 |
582.471 |
635.151 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2331.419 |
1889.908 |
1395.368 |
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Add |
PROVISION FOR
TAX OF EARLIER YEAR |
(6.178) |
3.230 |
(2.162) |
|
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|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
67.500 |
58.500 |
65.000 |
|
|
|
Dividend |
83.706 |
73.243 |
62.779 |
|
|
|
Tax on Dividend |
13.902 |
12.447 |
10.669 |
|
|
BALANCE CARRIED
TO THE B/S |
2843.983 |
2331.419 |
1889.908 |
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
275.301 |
191.755 |
235.125 |
|
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TOTAL EARNINGS |
275.301 |
191.755 |
235.125 |
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|
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|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2165.995 |
1889.826 |
1928.863 |
|
|
|
Stores & Spares |
0.514 |
0.475 |
0.425 |
|
|
|
Capital Goods |
336.949 |
149.961 |
87.305 |
|
|
TOTAL IMPORTS |
2503.458 |
2040.262 |
2016.593 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.27 |
2.78 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.03.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
1641.030 |
1736.720 |
2271.750 |
|
Total Expenditure |
1304.940 |
1387.630 |
1793.400 |
|
PBIDT (Excl
OI) |
336.090 |
349.090 |
478.350 |
|
Other Income |
4.230 |
60.580 |
1.120 |
|
Operating
Profit |
340.320 |
409.670 |
479.470 |
|
Interest |
63.130 |
73.380 |
87.020 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
277.190 |
336.280 |
392.450 |
|
Depreciation |
74.050 |
73.280 |
77.250 |
|
Profit
Before Tax |
203.130 |
263.000 |
315.200 |
|
Tax |
42.330 |
47.900 |
74.250 |
|
Reported PAT |
160.800 |
215.100 |
240.950 |
|
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 |
160.800 |
215.100 |
241.950 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.28
|
11.03
|
13.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.61
|
13.49
|
15.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.43
|
12.38
|
17.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.16
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.85
|
0.65
|
0.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.74
|
5.04
|
5.31 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
For Micro, small and Medium enterprises |
4.556 |
3.317 |
6.316 |
|
For others |
842.364 |
455.722 |
337.552 |
|
|
|
|
|
|
Total |
846.920 |
459.039 |
343.868 |
SUBSIDIARY COMPANIES
JOINT VENTURE:
At the beginning of
the financial year, the Company had following Indian subsidiaries -TPL Plastech Limited (a Company
listed at BSE), NED Energy Limited and two
foreign subsidiaries viz Elan Incorporated FZE,
Sharjah (UAE), Novo Tech Sp z o.o. (
During the year under consideration, Elan Incorporated FZE
set up a wholly owned subsidiary
Tianjian Elan Plastech Company Limited in
Elan further acquired
100% equity of YPA (
The Company has acquired
99% equity of Kompozit Praha s.r.o.
The Company had two joint ventures viz Time Mauser Industries Pvt.
Limited, India engaged in the manufacturing of Intermediates Bulk Containers (IBCs) and steel barrels, Mauser Holding Asia Pte Limited, Singapore which own 99.36% equity of Pack Delta (Thailand), a company engaged in the manufacturing of Industrial packaging in Thailand.
The Company has also
set up a wholly owned subsidiary, IKON Investment Holdings Limited, Mauritius
(IKON).This is an investment holding company to hold worldwide investments
(excluding
As required under the Listing Agreement with the Stock Exchanges, Consolidated Financial Statement of the Company and all its subsidiaries is attached. The Consolidated Financial Statement have been prepared in accordance with the Accounting Standards issued by the Institute of Chartered Accountants of India, and show the financial resources, assets, liabilities, income, profits and other details of the Company, its associate Companies, its joint ventures and its subsidiaries after elimination of minority interest as a single entry.
The Company has applied for exemption for the year ended March 31, 2010 to the Ministry of Corporate Affairs from attaching the individual Annual Reports of the subsidiaries.
Milestone:
1992 : Humble
beginning, commenced manufacturing operations in
: New
production facility commenced at
1993 : Exclusive
collaboration with
1994 : Emerged
as pioneers, trendsetters and market leaders in rigid plastic packaging in
1995 : Established
strategic production facility in
: Awarded
MIPI "Symbol of Quality" as international recognition for product
quality and systems
1996 : Established
additional strategic production facility in
1997 : Strong
in-house Research and Developent : 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
: Substaintial
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, strngthening market position,
2003 :
Set up additional capacity of
XL-Ring durms in North India (Sahibabad,
2004 : Joint
venture with Mauser, commenced production of IBC
2005 : Development
and launch of Anti-Spray Rainflaps (3s)
: Announced
overseas operation Sharjah, UAE
2006 : Launch
of DuroSoft mattings
: Additional
manufacturing facility for XL-Ring drums at Mahad (West) and Pantnagar (North)
: Development
and launch of innovative GENEX medical devices (Auto-disable Syringes, Blood
Samplers and Face
masks)
: Took
over Pack
2007 : Commenced
Steel drum manufacturing at Pen under JV with Mauser
: Entered
into battery business - acquired NED Energy,
: Commenced
production at Sharjah, UAE
2008 : Launched
Netrix Safety and Warning Nets, DuroWipe and Composite Mats
: Commenced
production at Ploand for Automotive Components
: Expanded
battery capacity - acquired Gulf Powerbeat, WLL Bahrain
Board of Directors:
Mr.
Venkatasubramanian, Chairman
Mr. Venkatasubramanian is a chemical engineering graduate
from
During his career he was also on the board of Hindustan
Organic Chemicals Limited and Hindustan Antibiotics Limited He has served as a
Convener of the Plastics working group on Petrochemicals established by the
Department of Petroleum, Government of India for formulating the policy frame
work for petrochemicals during the 7th five year plan. He was also the Chairman
of the Sub-Committee on "Petrochemicals" constituted by the
Department of 100 Chemicals and Petrochemicals for formulating the perspective
plan for petrochemicals during the 8th and 9th plan periods. After retiring as
Chairman from IOC, he worked as independent project consultant to many
companies and currently holds several board positions.
Mr. Anil Jain
Mr. Anil Jain is a founder of TTL and right from
commencement of its business he has worked towards making Subject a leading
polymer product company in
Mr. Anil Jain joined Bharat Heavy Electricals Limited (BHEL)
in 1977 and worked in Marketing and Sales Division, Project Management and
Marketing and Planning departments at its head quarters in
Mr. Anil Jain has spent over 20 years in the field of
polymer technology and products and is one of the pioneers in introducing some
of the innovative products.
Mr. Bharat Vageria
Mr. Bharat Vageria is a commerce graduate and a Fellow of
Institute of Chartered Accountants (FCA). He has more than 23 years of
experience in the Polymer Industry. He has worked with HM-Polycontainers
Limited for 4 years as Manager - Finance responsible for Finance and Accounts
functions of the company. He left Prestige HM-Polycontainers Limited in 1991
and joined other colleagues to promote Subject (Formerly Time Packaging
Limited).
Mr. Bharat Vageria is Director - Finance. He is responsible
for Accounts, Finance, Corporate Affairs, Taxation and Legal functions of the
company. Mr. Bharat Vageria has ably led his team of fellow professionals and
has established controls and systems for multi location, multi product
operations of the company.
Mr.
Raghupathy Thyagarajan
Mr. Raghupathy Thyagarajan has a degree in Science and
Business Administration with over 15 years of industrial experience. He began
his career as Manager - Marketing at Prestige HM-Polycontainers Limited and was
responsible for Sales and Marketing activities of the company. He left Prestige
together with members of Promoter group in 1991 to participate in the start of
Subject (Formerly Time Packaging Limited) Mumbai.
As Director - Marketing, Mr Raghupathy is overseeing the
marketing and sales functions, regional operations, systems and commercial
functions of the company at the corporate level.
Mr.
Naveen Jain
Mr. Naveen Jain has a degree in Engineering with 20 years
experience in production, quality management and projects management. He began
his career with Prestige HM-Polycontainers Limited, heading their production
and technical functions and has successfully implemented projects expansion. He
left Prestige in 1991 to join his colleagues to promote Subject (Formerly Time
Packaging Limited) Mumbai.
As Director - Technical, Mr. Naveen Jain is responsible for
operations of all the plants, technical developments and technology upgradation
at the corporate level. Key technical functions such as machine building,
product development and technology integration also falls within his area of
responsibility.
Mr.
Hans-Dieter Von Meibom
Mr. von Meibom is a Managing Director of One Equity Partner
(OEP). Prior to joining OEP in 2001, Mr. von Meibom was a founding Partner of
Palladion Partners. Before that, from 1973 to 1987 he managed and developed the
M and A operations of Westdeutsche Landesbank, Düsseldorf and those of Bankhaus
Metzler,
Mr.
Sanjaya Kulkarni, Director (Non- Executive
Independent)
Sanjaya Kulkarni is a qualified professional with B. Tech
from IIT Mumbai and MBA from IIM Ahemdabad. He has over three decades of
experience in private equity, consumer finance, corporate finance, investment
banking and was associated with Citibank and co-promoted the 20TH Century
Finance Corporation Limited. He has been on the Board of the Company since
1993.
Mr.
Mahinder Kumar Wadhwa, Director (Non – Executive and Independent)
Mr. Wadhwa, aged 54 years, is a Science graduate and a
Chartered Accountant. He has served in the past as a professional in NTC in a
senior position. He has experience in Corporate Finance, Accounting System,
Personnel Management, Corporate Taxation and Management.
Mr.
Kartik C Parija, Director ( Non-Executive and Nominee)
Mr. Kartik Parija is the Managing Director of Zephyr Peacock
India Fund and a nominee director (Non - Executive) from Zephyr Peacock on
Subject's Board. Mr Kartik, aged 31years, is a graduate in Computer Science and
Mathematics from
He was a senior investment officer of an early stage Indian
venture capital company, Ventureast Fund Advisors, which managed the Ventureast
TeNet Fund, APIDC Venture Fund and the Biotechnology Fund. Prior to that, he
was part of the investment team of a
Press Release:
Time Technoplast and Schoeller Arca Systems announce a JV in
Materials Handling Systems to launch innovative products and services for the
first time in
Mumbai, June 05, 2009: Time Technoplast Limited,
(TimeTech), a leading technology driven polymer manufacturer announces a joint
venture with Netherland Headquartered Schoeller Arca Systems (SAS) to introduce
a wide range of plastic Returnable Packaging (RTP) and material handling
solutions. The products will be manufactured through the joint venture with an
initial investment of € 10 mn and would be available in Indian market before
the end of this year. The joint venture will launch a broad range of small and
large foldable containers, pallets, crates, etc. This will provide end to end
material handling systems to sectors like retail, automotive, agriculture,
beverages, processed food, apparels, pharma, FMCG , consumer durables and
logistics and help them reduce handling and transport costs. These products
will provide long term operational benefits, maximum efficiency and protection,
optimum space utilization, create better logistics and supply chain.
The initial production facilities are proposed to be set up
in Silvassa (Western region) and Pantnagar (Northern region). In the second
phase two new production facilities shall be set up in Chennai (Southern
region) and Kolkata (Eastern region). This joint venture seeks to fill in the
existing gap and offer Indian users state-of-art products of international
design, quality and standards.
Commenting at the launch conference, Mr. Anil Jain -
Managing Director, Time Technoplast Limited, said, "We recognize that
the material handling systems need to undergo revolutionary changes to make
Indian industry more efficient and cost effective. We seek to combine the
partners’ technical capabilities, experience and global relationships together
with the multi-locational low cost production facilities, expertise, strong
marketing and distribution network across the country to help this JV tap into
huge business opportunities".
Mr. Erik de Bokx - Chief Executive Officer, Schoeller Arca
Systems added, “We are very excited about growth prospects in Asia
and more particularly in
About Time Technoplast
Time Technoplast (www.Timetechnoplast.com)
is a leading technology based innovative polymer Product Company. Over the
years, TimeTech has emerged as a formidable player in the polymer space, with a
product repertoire that caters diverse segments like industrial packaging,
lifestyle, healthcare, auto components and infrastructure related products. It
focuses on replacing metals with polymers in high performance areas using
innovation and latest technology. TimeTech services wide spectrum of user
industry in each of its business verticals reducing sectoral risks and tapping
new opportunity for growth. TimeTech is Indian multinational with 25
manufacturing facilities across
About Schoeller Arca Systems
Schoeller Arca Systems (www.schoellerarcasystems.com)
are the global market leaders in Returnable Packaging solutions for material
handling products and systems such as small and large foldable containers,
pallets, crates etc for distribution, storage and retail display across user
segments like retail, automotive, agriculture, processed food, pharma, FMCG,
electronics and logistics. SAS is servicing most demanding needs of its
customers through its presence in 50 countries across the world and has strong
ongoing relationships with international customers like Ericsson, Pepsi, Coca
Cola, Carrefour, Metro, H and M, Wal-Mart, Unilever, Nestle, Heinz, Volvo, VW,
Ford, Heineken, etc. just to name a few.
SAS has strong R and D capabilities illustrated by number of
patents and international recognitions. Using its in-house designing and
product development capabilities, SAS offers specialized material handling
solutions to meet changing needs of its customers. It is no surprise that SAS
is by far the global leaders with its next competitor being less than half in
size.
PRESS REALEASE:
Brussels,
Belgium - Aug 20, 2010 : Time Technoplast Limited (TimeTech) - a
highly diversified technology based polymer product Indian Company has entered
into an agreement to make another overseas acquisition - Plastic Product
Division of Solutia Inc., in
TimeTech acquires fully
operational state-of-art production facility in
"It would allow
TimeTech to integrate their Artificial Turf, Matting and Spray Suppression
System in
"It is a great
business but does not quite fit well with Solutia's other core businesses"
- said Melissa Zona, Senior Manager, Corporate Communications, Solutia Inc.,
About Time Technoplast
TimeTech - a
multinational Company based in
About Solutia Inc.
Solutia is a
market-leading performance materials and specialty chemicals company. The
company focuses on providing solutions for a better life through a range of
products. Solutia's businesses are world leaders in each of their market
segments. With its headquarters in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 44.69 |
|
|
1 |
Rs. 73.12 |
|
Euro |
1 |
Rs. 64.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
66 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.