MIRA INFORM REPORT

Report Date :

23.01.2012

IDENTIFICATION DETAILS

Name :	TIME TECHNOPLAST LIMITED (w.e.f. 01.05.2006)
Formerly known as :	TIME PACKAGING LIMITED
Registered Office :	Office No. 213, Sabari Apartments, Building No. 1, Survey No. 387, Dungri Falia, Kachigam Daman UT, Daman and Diu – 396 210
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.12.1989
Com. Reg. No.:	56-3240
CIN No.:	L27203DD1989PLC003240
Capital Investment / Paid-up Capital :	Rs.209.265 Millions
TAN No.: [Tax Deduction & Collection Account No.]	MUMT08803E
PAN No.: [Permanent Account No.]	AAACT2783J
Legal Form :	Public Limited Liability Company. The company’s shares are listed on stock exchange.
Line of Business :	Manufacture and sale of technology based polymer products
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

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

Maximum Credit Limit :	USD 23000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Rajen Mehta
Designation :	Accounts Manager
Contact No.:	91-22-66029600

LOCATIONS

Registered Office :	Office No. 213, Sabari Apartments, Building No. 1, Survey No. 387, Dungri Falia, Kachigam Daman UT, Daman and Diu – 396 210, India
Tel No.:	Not Available
Fax No.:	Not Available
E-Mail :	ttl@timemauser.com tpl@timemauser.com ttl@timetechnoplast.com
Website :	www.timetechnoplast.com
Area :	10000 sq. ft.
Location :	Owned
Head Office :	102, Todi Complex, 35, Saki Vihar Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
Tel No.:	91-22-28039999 / 28039700 / 42119999 / 66029600
Fax No.:	91-22-28575672
Corporate Office :	55, Corporate Avenue, Saki Vihar Road, Andheri (E), Mumbai - 400 072, Maharashtra, India
Tel No.:	91-22-42119999 / 28039999 / 28039700 / 71119999
Fax No.:	91-22-28575672
Regional Office :	360/9, Shree Ganesh Industrial Estate Kachigam, Daman (UT), Daman and Diu – 396 210, India Also Located at : · Bangalore · Vadodara · Chandigarh · Chennai · Hyderabad · Indore · Kolkatta · Sahibabad R.O. (Delhi) · Trivandrum

DIRECTORS

As on 31.03.2011

Name :	Mr. K. N. Venkatasubramanian
Designation :	Chairman (Non Executives and Independent)
Name :	Mr. Anil Jain
Designation :	Managing Director
Name :	Mr. Bharat Vageria
Designation :	Whole Time Director – Finance
Name :	Mr. Naveen Jain
Designation :	Whole Time Director- Technical
Name :	Mr. Raghupathy Thyagarajan
Designation :	Whole Time Director- Marketing
Name :	Mr. Hans-Dieter Von Meiobom
Designation :	Director (Non Executive and Independent)
Name :	Mr. Sanjaya Kulkarni
Designation :	Director (Non Executive and Independent)
Name :	Mr. M. K. Wadhwa
Designation :	Director (Non Executive and Independent)
Name :	Mr. Kartik C Parija
Designation :	Director (Non Executive)

KEY EXECUTIVES

Name :	Mr. Atul Gupta
Designation :	Vice President - Finance and Company Secretary
KEY MANAGERIAL PERSONS
MARKETING :	Mr. Anil Agni Mr. J.A. Patwe Mr. Haresh Pillay Mr. L.P. Panda Mr. N. Venkateshwarn Mr. Prabhakar Huddar Mr. Rajiv Puri Mr. Sanjay Patil Mr. Subhasish Dey Mr. V.M. Vasishta
TECHNICAL, PROJECTS AND PURCHASE :	Mr. Deepak Mishra Mr. Girish Nitsure Mr. M.P. Rajgopalan Mr. Madhusudan Kamat Mr. Mangesh Sarfare Mr. Rajendra Badve Mr. Ram Nayak Mr. Subhash Belekar
OPERATIONS	Mr. C.P. Hubert Mr. Girish Pundilik Mr. Mathew Ninan Mr. Mukesh Patani Mr. Prashant Joshi Mr. R.E. Ghorpade Mr. Rajesh Sethi Mr. Ranjan Jain Mr. Ravi Kumar Derhgawan Mr. Sandeep Jain Mr. S.R. Gavankar Mr. Sanjeev Sharma Mr. Surendra Ghondali
H.R. AND SYSTEMS AND LOGISTICS :	Mr. Boniface Mathias Mr. Jacob Abraham Mr. Nitin Dhawan Mr. Satyeshwar Sharma
ACCOUNTS AND FINANCE	Mr. Ajay Kumar Bohra Mr. Manoj Kumar Mewara Mr. Murarilal Jangid Mr. Sandeep Modi Mr. Upesh Karanpuria

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	17,267,500	8.22
Bodies Corporate	112,672,371	53.62
Sub Total	129,939,871	61.84
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	129,939,871	61.84
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	23,415,561	11.14
Financial Institutions / Banks	1,400	-
Foreign Institutional Investors	20,660,602	9.83
Sub Total	44,077,563	20.98
(2) Non-Institutions
Bodies Corporate	2,607,488	1.24
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	5,487,615	2.61
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	2,353,589	1.12
Any Others (Specify)	25,651,624	12.21
Clearing Members	126,680	0.06
Non Resident Indians	757,906	0.36
Foreign Corporate Bodies	20,847,482	9.92
Trusts	3,500,593	1.67
Office Bearer	418,963	0.20
Sub Total	36,100,316	17.18
Total Public shareholding (B)	80,177,879	38.16
Total (A)+(B)	210,117,750	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	210,117,750	-

BUSINESS DETAILS

Line of Business :

Manufacture and sale of technology based polymer products

Products :

Item Code No.	Product Description
3923	Articles for the conveyance or Packaging goods of Plastics.
3926	Other Articles of Plastics
9403	Plastic Moulded Furniture and Parts thereof.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Production
Plastic Products	MT	126850	83463

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 India

· Install Capacity is as certified by the management and accepted by Auditors as this is a technical matter.

GENERAL INFORMATION

No. of Employees :

300 (Approximately) 

Bankers :

· Bank of Baroda

· ING Vysya Bank Limited

· Axis Bank Limited

· The Royal Bank of Scottland N V

· Industrial Development Bank of India Limited

· Standard Chartered Bank

· DBS Bank Limited

· Kotak Mahindra Bank

· Citibank NA

Facilities :

Secured Loan	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Term Loans -
- From Financial institution / Banks	2085.514	1393.910
Cash Credit
- From Banks	1308.482	1348.985
Total	3393.996	2742.895
Notes · The Term Loans from Financial Institutions / Banks are secured by first charge ranking pari passu on related immovable assets and hypothecation of related movables (Save and Except Current Assets) of the company. Amount repayable within next one year Rs.422.600 Millions (Previous Year Rs.377.700 Millions). · The Cash credit facilities from Banks are secured by hypothecation of stocks and book debts (present and future) of the company
Unsecured Loan	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Deferral Sales Tax Liabilities	7.967	9.185
Sales Tax Deferred	23.419	25.956
Short Term Loans	250.000	303.044
Total	281.386	338.185

Banking Relations :

--

Auditors :

Name :

Raman S. Shah and Associates

Chartered Accountants

Common Key Managerial Persons :

· Avion Exim Private Limited

· Vishwalaxmi Trading and Finance Private Limited

· Time Exports Private Limited

· Apex Plastics

· Time Securities Services Private Limited

· Ace Moulding Private Limited

Subsidiaries :

· TPL Plastech Limited

· Elan Incorporate FZE

· Nova Tech Sp Z.o.o.

· NED energy Limited

· Kampozit Praha s.r.o

· Schoeller Arca Time Material Handling Solution Limited

· Ikon Investment Holdings Limited

Fellow Subsidiaries :

· Gulf Powerbeat W.L.L

· Technika Corporation F.Z.E

· Tianjin Elan

· YPA (Thailand) Limited

· Pack Delta Public Company Limited

· Powerbuild Batteries Private Limited

· Yung Hsin Contain Industry Company Limited

· GrassTech SRL

· GNXT Investment Holdings Pte Limited

· PT Novo Complast

· Tech Complast

Joint Ventures:

· Mauser Holding Asia Pte. Limited

· Time Mauser Industries Private Limited

CAPITAL STRUCTURE

After 24.09.2011

Authorised Capital : Rs.275.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.210.118 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Re.1/- each	Rs.250.000 Millions
2500000	Redeemable Preference Shares	Rs.10/- each	Rs.25.000 Millions
	Total		Rs.275.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
209265000	Equity Shares	Re.1/- each	Rs.209.265 Millions

Of the above includes

· 19905000 shares were allotted as fully paid-up pursuant to the scheme of Amalgamation of erstwhile Shalimar Packaging Private Limited and Oxford Mouldings Private Limited with the company without payment received in cash.

· 78525000 Shares were allotted as fully paid-up by way of Bonus shares by capitalization of share Premium Account and General reserve.

· The Equity Shares of Rs.10/- each of the company have been sub divided in to Equity Shares of Re.1/- each with effect from 6^th November 2008.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		209.265	209.265	209.265
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5473.951	4661.080	4078.017
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5683.216	4870.345	4287.282
LOAN FUNDS
1] Secured Loans		3393.996	2742.895	2090.358
2] Unsecured Loans		281.386	338.185	39.626
TOTAL BORROWING		3675.382	3081.080	2129.984
DEFERRED TAX LIABILITIES		191.691	156.240	139.698
TOTAL		9550.289	8107.665	6556.964
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3646.724	3261.756	2405.544
Capital work-in-progress		966.972	393.324	222.724
INVESTMENT		1499.106	1493.920	1295.622
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1520.422	1279.613	1046.661
	Sundry Debtors	1847.396	1479.025	1342.558
	Cash & Bank Balances	235.915	309.793	397.282
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1163.505	968.362	498.460
Total Current Assets		4767.238	4036.793	3284.961
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1015.360	846.921	459.039
	Other Current Liabilities	0.215	0.129	0.018
	Provisions	314.176	231.078	192.830
Total Current Liabilities		1329.751	1078.128	651.887
Net Current Assets		3437.487	2958.665	2633.074
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9550.289	8107.665	6556.964

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Related Income	8218.931	6613.960	5224.337
		Other Income	63.646	37.515	56.835
		TOTAL (A)	8282.577	6651.475	5281.172
Less	EXPENSES
		Material Cost	5326.771	4345.239	3413.868
		Manufacturing and Other Expenses	1090.128	925.791	743.054
		Sales Tax	104.159	60.973	39.274
		TOTAL (B)	6521.058	5332.003	4196.196
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1761.519	1319.472	1084.976
Less	FINANCE COST (D)		318.115	241.421	188.238
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1443.404	1078.051	896.738
Less/ Add	DEPRECIATION/ AMORTISATION (F)		301.857	244.188	192.086
	PROFIT BEFORE TAX (E-F) (G)		1141.547	833.863	704.652
Less	TAX (H)		240.181	150.012	122.181
	PROFIT AFTER TAX (G-H) (I)		901.366	683.851	582.471
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2843.983	2331.419	1889.908
Add	PROVISION FOR TAX OF EARLIER YEAR		20.950	(6.178)	3.230
Less	APPROPRIATIONS
		Transfer to General Reserve	135.000	67.500	58.500
		Proposed Dividend	94.169	83.706	73.243
		Dividend Tax	15.277	13.903	12.447
	BALANCE CARRIED TO THE B/S		3521.853	2843.983	2331.419
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	605.702	275.301	191.755
	TOTAL EARNINGS		605.702	275.301	191.755
	IMPORTS
		Raw Materials	2232.171	2165.995	1889.826
		Stores & Spares	0.932	0.514	0.475
		Capital Goods	369.099	336.949	149.961
	TOTAL IMPORTS		2602.202	2503.458	2040.262
	Earnings Per Share (Rs.) Basic Diluted		4.31 4.23	3.27 3.23	2.78 2.77

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011
Type	1^st Quarter	2^nd Quarter
Net Sales	2007.210	2099.150
Total Expenditure	1599.100	1721.610
PBIDT (Excl OI)	408.110	377.540
Other Income	0.000	58.420
Operating Profit	408.110	435.960
Interest	95.440	105.450
Exceptional Items	0.000	0.000
PBDT	312.670	330.510
Depreciation	83.150	86.370
Profit Before Tax	229.520	244.140
Tax	50.630	47.310
Provisions and contingencies	0.000	0.000
Profit After Tax	178.890	196.830
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	178.890	196.830

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.88	10.28	11.03
Net Profit Margin (PBT/Sales)	(%)	13.89	12.61	13.49
Return on Total Assets (PBT/Total Assets}	(%)	13.57	11.43	12.38
Return on Investment (ROI) (PBT/Networth)		0.20	0.17	0.16
Debt Equity Ratio (Total Liability/Networth)		0.88	0.85	0.65
Current Ratio (Current Asset/Current Liability)		3.59	3.74	5.04

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS

STANDALONE

Gross sales and other income for the standalone entity increased to Rs.8805.990 Millions, as against Rs.7026.390 Millions in the previous year, registered a growth of 25.32%. The Net Profit at Rs.936.820 Millions as against Rs.700.400 Millions represents an increase of 33.74 %, over the previous year. The performance of the company may be considered satisfactory in the wake of overall challenging conditions prevailing in the market.

SUBSIDIARY COMPANIES, JOINTVENTURE

At the  beginning of the financial year, the Company had the following Subsidiaries/Joint Ventures:
 
A. Indian Subsidiaries: viz TPL Plastech Limited (a Company listed at BSE], NED Energy Limited and Schoeller Area Time Materials Handling Solutions Limited
 
B. Foreign Subsidiaries: Elan Incorporated FZE, Sharjah (UAE], Novo Tech Spz o.o. (Poland], Kompozit Praha s.r.o. Czech Republicand IKON Investment Holdings Limited, Mauritius
 
In addition to that the Company had step-down subsidiaries i.e
 
a] Technika Corporation FZE, UAE, subsidiary of NED Energy and Gulf Power Beat WLL Bahrain subsidiary, Technika Corporation FZE and
 
b] Tianjin Elan Plastech Company Limited (China] and YPA (Thailand] Limited, subsidiaries of Elan Incorporated FZE, Sharjah.
 
C. Joint Ventures : The Company had three joint ventures viz Time Mauser Industries Private 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 and Schoeller Area Time Holdings Pte Limited, Singapore to initially establish a wholly owned subsidiary in India for carrying on the business of manufacturing, marketing and selling of certain plastic material handling containers and in future to establish subsidiaries in other countries in the Middle East and elsewhere in the Australian and Asian region.
 
During the financial year, the following acquisitions/incorporations were made by the Company:

a. In India:
 
NED Energy Limited acquired majority stake in Power Build Batteries Private Limited, Bengaluru, Karnataka. This Company is engaged in the manufacture of tubular batteries. With this acquisition, NED will be synergizing the manufacturing and marketing facilities of both the companies in the existing Telecom segment as well as new segments viz., UPS, Inverter and Railways and will be able to consolidate its position in competing with Big 
companies in the market in less time.
 

b. Overseas:
 
i] GNXT Investment Holdings PTE Limited, Singapore (GNXT] was set up as a subsidiary company of IKON Investment Holdings Limited, Mauritius (IKON], for holding investments overseas.
 
During the current year, in a re-structuring exercise, subject has entered into Share Purchase Agreement with IKON foracquiring its entire shareholding in GNXT.
 
ii. GNXT acquired 90% stake in Yung Hsin Contain Industry Company Limited, largest plastic industrial packaging company in Taiwan.
 
iii] PT Novo Complast, Indonesia and Tech Complast, Korea, were incorporated as subsidiary of GNXT Investment Holdings Pte Limited, Singapore for the manufacture of Polymer Products and other Composite Products.
 
iv] Time Technoplast Limited acquired the plastic product division of Solutia Europe having state-of-the-art production facility in Romania.This acquisition brings to Company internationally renowned brands - "AstroTurf" and "Clear Pass" and well organized distribution network across Asia, Europe and South America.
 
v] Nile Egypt Plastech Industries S.A.E, Egypt was incorporated as a subsidiary of IKON Invetment Holdings Limited, for the manufacture of Industrial Packaging Products.
 
During the current financial year, the entire shareholding of Schoeller Area Time Material Handling Solutions Limited, India, which was held by subject has been transferred to Schoeller Area Time Holding PTE Limited, Singapore.
 
MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW
 
The current year has been bittersweet for the Indian Economy. From growth rates in excess of nine percent (9.3%) in Q1, in Q4, 2010-2011, GDP growth rates hit rates of below eight percent (7.8%) highlighting an unmistakable downward trend. Manufacturing sector has also seen considerable erosion of growth momentum (12.7% in Q1, 2010 - 2011 to 5.5% Q4, 2010 - 2011) over the last one year. Also witnessed was a sharp decline in growth on investments. On top of this inflation has been over nine percent since December growing to 9.1% in May. However everything is not grey and there was a silver lining in the form of the national manufacturing policy which seeks to increase the share of manufacturing in the GDP from the current 16 percent to 25 percent by 2025 through reforms in various sectors and a look at quarterly GDP figures by expenditure class shows that growth in private final consumption expenditure is maintained at a robust 8 percent even in the fourth quarter of the fiscal 2010-11. How things progress from here on largely depends on how RBI and Government of India manage growing inflation. Given the evolving situation RBI has pegged the growth rate in 2011-2012 to be close to eight percent mark (8.2%). International Monetary Fund (IMF) projects India`s growth rate for 201 1 - 2012 a modest 7.8%.
 
Despite the challenges of inflation and slowdown in economic growth the Indian plastic industry has a lot to look forward to in 2011 - 2012 with reforms in FDI in retail sector, increased investment in basic infrastructure and an acceptance by manufacturers of plastics as a suitable replacement for metal.

COMPANY OVERVIEW
 
Subject is an innovation-led market leader in rigid polymer products. The Company has an excellent product repertoire catering to fastest growing segments of the economy; Industrial Packaging, Technical Products (Automotive components and Lifestyle Applications), Infrastructure, Material Handling Systems and Composite Cylinders. Subject possesses a consolidated technological platform encompassing polymer processing technologies i.e. blow moulding, extrusion and injection moulding. The Company manufactures a wide array of products under 20 well recognized brands using these well recognized polymer-based technologies. It has a remarkable cost-efficient model as the locations of manufacturing facilities are closer to demand. The Company has an in-house R and D team and employs the most advanced polymer processing technologies. The Company’s multi-location manufacturing set-up comprises of 14 locations across India and 9 global locations. Subject has 500 institutional clients and a well-knit dealer network across 350 cities and towns. The Company has such a widespread marketing and distribution network in India and overseas.
 
Subject has successfully consolidated its leadership position in India and now has plans to elevate to greater heights by targeting severalAsian markets via organic and inorganic routes.

TIMETECHS HIGH GROWTH VERTICAL: INDUSTRIAL PACKAGING

Within this vertical, Time Tech offers Drums and Containers, conipack pails, pet sheets, intermediate bulk containers (IBC). These products are of internationally acclaimed designs. This vertical is likely to be a key growth driver on the back of a shift in preferences amongst end-consumers towards an effective substitute for metal drums.
 
It may be pertinent to mention here that whereas they have seen the Polymer Drums penetration in India at 50% of the total drum market, the penetration level of Polymer Drums in rest of Asia is only 6-7%. This gives the company a huge opportunity in terms of targeting various Asian markets and makes the Polymer Packaging available to the discerning customers at competitive costs. Their growth strategy for the years ahead is to replicate the Indian model in other Asian /African countries where they see large demand of the drums with low penetration for Plastic Drums / IBCs.
 
This vertical is bound to show further improvement in the light of expanding manufacturing capabilities via organic and inorganic routes on a consistent basis. During the year, they have commenced commercial production at the Company’s Green Field projects at Kolkata, Ahmedabd and Gummidipoondi, near Chennai. In addition, we commence operations at greenfield project for Industrial Packaging at Tianjin in China. On the inorganic front, they have consolidated their presence in the Asian market by acquiring Yung Hsin (Taiwan), the largest polymer packaging business in Taiwan.

TECHNICAL PRODUCTS
 
A. Automotive Components
 
Subject provides anti-spray rain flaps, radiator tanks, fuel tanks and air ducts under this vertical. With an anticipated uptick in the commercial vehicle sales, anti-spray flaps  and polymer-based radiator tanks are projected to witness steady volume growth.
 
B. Lifestyle
 
Subject provides artificial turfs and chairs under this vertical. Subject’s technology capability, quality of goods coupled with an attractive price point prompts good volumes for its product offerings.
 
In August 2010, subject acquired Plastic Products Division of Solutia Inc. Through this acquisition subject gets proprietary technology and know-how for manufacture of number of high-tech products including AstroTurf and Clear Pass in the space of Entrance Mattings, Artificial Turf for indoor and outdoor application, Mats for Petcare, Incubatorand Spray Suppression, etc

INFRASTRUCTURE
 
Subject provides High Density Polyethylene (HDPE) pipes, VRLA batteries, Prefabs Structures and Shelters under this vertical. They expect the market of High Pressure pipes to perform well in the years to come on the back of increased funding allocation by the Government of India towards the water distribution and irrigation schemes under the 5 year plan - 2007-2012. In the batteries space, during the year, the company acquired majority stake in Power Build Batteries Private Limited, Bengaluru, Karnataka. This Company is engaged in the manufacture of tubular batteries. With this acquisition, NED will be synergizing the manufacturing and marketing facilities of both the companies in the existing Telecom segment as well as new segments viz., UPS, Inverter and Railways and will be able to consolidate its position in competing with Big companies in the market in less time.

NEW PRODUCTS DIVISION- CHARTING NEWGROWTH AREAS
 
A. Material Handling Products
 
In F.Y. 2010, subject joined hands with Schoeller Area Systems, Netherlands, a leading company in Material Handling, to introduce new concepts of Returnable material handling systems to India. Subject also launched large diameter HDPE pipes for pressure and non-pressure applications, most successfully.
 
B. Composite Cylinders
 
Composite Gas Cylinders offer tremendous business opportunities across the world but more particularly in Asia and Middle East. Owing to its superior performance lighter weight, explosion-proof, translucent, non-corrosive, these high tech Composite Cylinders are all set to replace a mammoth population of metal cylinders currently in use. Several gas distributors in India, Thailand, Bangladesh, Qatar, Dubai and Bahrain have evinced huge interest in introducing Composite Cylinders as a replacement of metal cylinders. Time Tech is setting up state-of-the-art production facility in India and hope to replicate the same in other potential markets in coming 
years. This business offers huge potential for growth.
 
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF (As on 31.03.2011) 
 
Letter of credit issued by banks on behalf of the Company Rs.610.047 millions.
Guarantee given by the banks on behalf of the Company Rs.51.941 millions
Disputed Direct Taxes Rs.9.502 millions
Disputed Indirect Taxes Rs.1.647 millions 
Corporate Guarantees given to banks for Loans taken by Subsidiaries / Joint Venture companies Rs.3487.500 millions against which outstanding as on 31st March 2011 is Rs.2067.400 millions. 
 

FIXED ASSETS

· Land

· Factory Buildings

· Office Premises

· Plant and Machinery

· Furniture and Fiuxtures

· Office Equipments

· Vehicles

· Computers

STATEMENT OF ASSETS AND LIABILITIES

(Rs. in millions)

Particulars	Six Months Ended 30.09.2011 (Unaudited) Standalone
1. SHARE HOLDERS' FUNDS:
(a) Capital	210.117
(b) Reserves and Surplus	5871.989
(c) Minority Interest	0.000
2. LOAN FUNDS
(a) Secured Loan	3945.301
(b) Unsecured Loan	277.245
3. Differed Tax Liability – Net	207.247
TOTAL	10511.899
1. FIXED ASSETS (INCLUDING CWIP)	5135.302
2. GOODWILL ON CONSOLIDATION	0.000
3. INVESTMENTS	1598.893
4. CURRENT ASSETS, LOANS AND ADVANCES
(a) Inventories	1514.203
(b) Sundry Debtors	1879.531
(c) Cash and Bank balances	228.045
(d) Loans and Advances	1261.669
Less: Current Liabilities and Provisions
(a) Liabilities	1023.362
(b) Provisions	82.382
NET CURRENT ASSETS	3777.704
5. MISCELLANEOUS EXPENDITURE (NOT WRITTEN OFF OR ADJUSTED)	0.000
TOTAL	10511.899

WEB DETAILS

BUSINESS DESCRIPTION

Subject is an India-based polymer product company. It is engaged in manufacturing polymer-based products. The Company has products in packaging, auto components, healthcare, infrastructure and lifestyle. It operates in South Asia, Thailand, Middle East and East Europe. Its brands include Time Tech for packaging, Ecopet for pet sheet, Coni Pails for pails, Meadows for Turf, Duro Turf and Duro Soft for entrance matting, Regal for garden furniture, 3S for anti spray flaps and Genex for healthcare products. During the fiscal year ended March 31, 2010 (fiscal 2010), it announced setting up of a manufacturing facility for hi-tech Composite Cylinders in India. The Company has business across 350 cities and towns in India. The Company also services over 500 institutional clients directly. During fiscal 2010, the Company, through Elan Incorporated FZE, acquired YPA (Thailand) Limited. During fiscal 2010, it acquired 99% interest in Kompozit Praha s.ro. Czech Republic. For the nine months ended 31 December 2010, Subject's revenues increased 27% to RS8.97B. Net income before extraordinary items increased 23% to RS851.5M. Revenues reflect an increase in income from Polymer products segment and a rise in other income. Net income was partially offset by an increase in consumption of raw material, higher employee cost, a rise in depreciation cost and higher interest cost.

BOARD OF DIRECTORS

Mr. K. N. Venkatasubramanian - Non-Executive Independent Chairman

Mr. K. N.Venkatasubramanian serves as Non-Executive Independent Chairman of the Board of subject. He is a chemical engineering graduate from University of Madras and a Post Graduate from IIT Kharagpur. He has more than 45 years of work experience in the industry, having worked with international oil companies like Standard Vacuum, EXXON, and Phillips Petroleum for over a decade and then in 1973 joined IPCL where he held several positions, including that of Director (Operations) handling Production, Engineering, Materials and Employee Relations and also as it’s Executive Director. He was also a director on the Board of the State Trading Corporation of India Limited (STC) for 2 years from May 1982. He was also the chairman cum managing director of Engineers India Limited (EIL). He was the Chairman of Indian Oil Corporation Limited from 1991 from where he retired in the year 1996. 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 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.

Education

M, Indian Institute of Technology, Kharagpur

Chemical Engineering, Indian Institute of Technology, Kharagpur

Anil Jain - Managing Director

Mr. Anil Jain serves as Managing Director, Executive Director of subjcet. He has an academic background with degrees in Science from Meerut University, Engineering from Punjab Engineering College, Chandigarh and Business Management from Delhi University. He has experience of about 28 years. 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 Delhi. In 1983 he joined Voltas Limited, at Mumbai in Project Engineering Division, responsible for special Projects. In 1986 Mr. Anil Jain switched over to Prestige HM-Polycontainers Limited, at Mumbai and became responsible for operations of the company. He left Prestige in 1991 and promoted the Company together with other colleagues who are the Promoter Director’s of Company. Mr. Jain has spent over 20 years in the field of polymer technology and products. He has participated / addressed various conferences, seminars and symposiums, both in India and abroad.

Education

BS, Meerut University

Engineering, Punjab Engineering College

Business Management, University of Delhi

Mr. Naveen Jain - Whole-Time Director

Mr. Naveen Jain serves as Whole-Time Director - Technical, Director of subject. He is one of the Promoter Director of the Company. He is a B.Tech Electrical from lIT Delhi, and has more than 20 years of experience,in production, quality management and projects management. He began his career with Prestige HM-Polycontainers Ltd., as ManagerTechnical and was responsible for the production and technical aspects of the company. He left Prestige in 1991 and promoted subject with other colleagues who are the Promoters Directors of the Company (formerlyTime Packaging Limited), at Mumbai. As Director Technical, Mr. Naveen Jam is responsible for operations of alI the plants, technical developments and technology upgradation at the corporate leyel. Key technical functions such as machine building, product development and technology integration also falls within his area of responsibility.

Education

B, Indian Institute of Technology, Delhi

Mr. Sanjaya Kulkarni - Non-Executive Independent Director

Mr. Sanjaya Kulkarni is Non-Executive Independent Director of subject. He is a qualified professional with B. Tech from IIT Mumbai and MBA from IIM Ahmedabad. 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. His other directorships includes TPL Plastech Limited., UTV Software Communications Limited, Agro Tech Foods Limited., NED Energy Limited. and UTV Global Broadcasting Limited.

Education

MBA , Indian Institute of Management, Ahmedabad

B , Indian Institute of Technology, Mumbai

Mr. Kartik C. Parija - Non-Executive Independent Director

Mr. Kartik C. Parija has been appointed as Non-Executive Independent Director of subject with effect from August 09, 2010. He served as Non-Executive Director of the Company from March 2007 to June 2010. He was Nominee Director of Zephyr Peacock, India. He is a graduate in Computer Science and Mathematics from Drake University and a Post graduate in Computer and Electrical Engineering from the University of Maryland. He has worked as a senior investment officer at an Indian Venture capital company Ventureeast Fund Advisors which managed Ventureast TeNet Fund, APIDC Venture Fund and the Biotechnology Fund. Prior to that, he was part of the investment team of a Washington based venture capital fund under management. He co-founded an e-commerce transaction processing company targeted at small business and began his career in technology as a member of NASA’s Jet Propulsion Laboratory. He has experience in venture capital funding and management.

Education

Computer Science and Mathematics, Drake University

Electrical Engineering and Computer Science, University of Maryland

Mr. Ragupathy Thyagarajan - Whole-Time Director - Marketing, Director

Mr. Ragupathy Thyagarajan serves as Whole-Time Director - Marketing, Director of subject. He is a Science graduate from Mumbai University and Post Graduate in Business Administration from Mumbai University 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 HM-Polycontainers Limited and promoted Company together with other colleagues who are the Promoter Director’s of Time. As a Director a Marketing of the Company he is overseeing the marketing and sales functions, regional operations, systems and commercial functions of Company at the corporate level.

Education

Science, Mumbai University

Business Administration, Mumbai University

Mr. Bharat Vageria - Whole-Time Director

Mr. Bharat Vageria serves as Whole-Time Director - Finance, Director of subject. He is a commerce graduate from Rajasthan University and is a Fellow of Institute of Chartered Accountants of India (FCA). He has experience in the Polymer Industry exceeding 23 years. He worked with an Industrial Packaging company for 4 years as Manager a Finance responsible for Finance and Accounts functions of the company. He left Prestige HM-Polycontainers Limited in 1991 and promoted Company together with other colleagues who are the Promoter Director’s of Time. Mr. Bharat Vageria is Director a Finance. He is responsible for Accounts, Finance, Corporate Affairs, Taxation and Legal functions of the Company.

Education

Commerce, Rajasthan University

Mr. Hans-Dieter von Meibom - Non-Executive Independent Director

Mr. Hans-Dieter von Meibom serves as Non-Executive Independent Director of subject. Mr. von Meibom is the Managing Director of One Equity Partners Europe GmbH, a Private equity arm ofJP Morgan Chase. Mr. von Meibom is a Managing Director of One Equity Partners Europe GmbH. Prior to joining OEP in 2001, Mr. von Meibom was a Founder Partner of Palladion Partners. Before that, from 1973 to 1987 he managed and developed the M & A operations of Westdeutsche Landesbank, Dasseldorf and those of Bankhaus Metzler, Frankfurt. He is Chancellor of the order of St. John in Germany. Mr. von Meibom studied Law at the Universities of Heidelberg and Munich and later at the University of Wuerzburg where he graduated with a Law degree.

Education

Law, Universitat Heidelberg

Mr. Mahinder Kumar Wadhwa - Non-Executive Independent Director

Mr. Mahinder Kumar Wadhwa serves as Non-Executive Independent Director of subject. He is a Science Graduate and a member of the Institute of Chartered Accountants of India. He has experience in Corporate Finance, Accounting Systems, Personnel Management, Corporate Taxation and Management Consultancy. He serves as Director of TPL Plastech Limited.

Education

Punjab Agricultural University, Ludhiana

PRESS RELEASES

CORPORATE COMMUNICATION- UPDATE ON MAJOR PROJECT

India, January 04 -- Time Technoplast Limited has submitted to BSE a copy of Corporate Communication being released with regard to update on major projects implemented in CY2011.

INDIA'S TIME TECH TO SET UP PACKAGING PLANT IN MALAYSIA

NEW DELHI, September 19 Asia Pulse - Indian polymer products company Time Technoplast (BSE:532856) on Friday said it will set up an industrial packaging plant in Malaysia.

"The project is likely to commence production at the end of Q1, 2012," Time Technoplast said in a filing to the BSE.

The company will manufacture plastic packaging products, including intermediate bulk containers, plastic drums and containers, in Malaysia.

"This project is a part of our Asian vision. We have aggressive plans to be in all major markets in Asia and to become a dependable one stop shop for polymer based industrial packaging products," Time Technoplast chief of international business Mr. C. Hubert said.

The company also has plans for setting up reconditioning, rebottling plant in the same premises, it added.

TIME TECHNOPLAST TO SET UP INDUSTRIAL PACKAGING PROJECT IN MALAYSIA

India, September 19 -- Time Technoplast is now setting up an industrial packaging project in Malaysia about 140 kilometers south of Kuala Lumpur, after successfully starting its operations in North China (Tianjin), Taiwan and Indonesia. The company will manufacture their well established Plastic Packaging Products including Intermediate Bulk Containers (IBC), Plastic Drums and Containers to service its international customers and local industry in Malaysia and Singapore. The project is likely to commence production at the end of Q1, 2012.Time Technoplast shall also be setting up Reconditioning / Re-bottling plant in the same premises to provide full range of products and services to its customers. This project is a part of the company's Asian vision. It has aggressive plans to be in all major markets in Asia and to become a dependable one-stop-shop for polymer based industrial packaging products. Time Technoplast is the leading plastic product company based in India and is engaged in manufacture of technology based innovative products in the space of Industrial Packaging, Infrastructure, Lifestyle, Automobile, Healthcare, Material Handling and Composites. It has expanded its operations outside of India in UAE, Bahrain, Thailand, China, Taiwan and Indonesia. The company is also expanding its operations in South Korea, Vietnam, Turkey and Egypt.

TIME TECHNOPLAST TO SET UP INDUSTRIAL PACKAGING MANUFACTURING FACILITY IN CHINA

India, September 19 -- Time Technoplast is now setting up an industrial packaging manufacturing facility about 130 kilometers North West of Shanghai after successfully starting its operations in North China (Tianjin) and making substantial progress on its expansion in South China (Guangzhou) which starts in October 11. This is the company's 3rd project in China. This unit will produce company's well established intermediate bulk containers (IBCs) and plastic drums of different sizes to meet exacting requirement of multinationals and local industry in China. The plant is located close to major chemical industrial parks for improved logistics. The company will also be setting up Reconditioning / Re-bottling plant for IBCs in the same premises to provide full range of products and services to its customers. Both these operations shall go commercial latest by March 2012.The company is hugely encouraged by the response of its valued customers in China. Its state-of-art reconditioning plant would be a major step towards lifecycle management of packaging products in line with environmental sustenance policy of the company. Time Technoplast is the leading plastic product company based in India and is engaged in manufacture of technology based innovative products in the space of industrial packaging, infrastructure, lifestyle, automobile, healthcare, material handling and composites. It has expanded its operations outside of India in UAE, Bahrain, Thailand, China, Taiwan and Indonesia. The company is also expanding its operations in South Korea, Vietnam, Turkey and Egypt.

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.50.33
UK Pound	1	Rs.77.97
Euro	1	Rs.65.31

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	-

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

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