MIRA INFORM REPORT

Report Date :

09.02.2013

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-396210, Union Territory
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.12.1989
Com. Reg. No.:	56-003240
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 of Polymer Based Products
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

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 25300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. There appears some dip in the profitability of the company. However, networth of the company is satisfactory. Financial position of the company is good. Trade relations are reported as fair Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A1 + [Letter of Credit]
Rating Explanation	Very strong degree of safety it carry lowest credit risk.
Date	05.04.2012

Rating Agency Name	CRISIL
Rating	AA – [Cash Credit]
Rating Explanation	High degree of safety it carry low credit risk.
Date	05.04.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Office No. 213, Sabari Apartments, Building No. 1, Survey No. 387, Dungri Falia, Kachigam Daman UT, Daman and Diu-396210, Union Territory, India
Tel No.:	Not Available
Fax No.:	Not Available
E-Mail :	investors@timetechnoplast.com 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-396210, Union Territory, India Also Located At: · Bangalore · Vadodara · Chandigarh · Chennai · Hyderabad · Indore · Kolkatta · Sahibabad R.O. (Delhi) · Trivandrum

DIRECTORS

AS ON 31.03.2012

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2012

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	17267500	8.22
Bodies Corporate	112672371	53.62
Any Others (Specify)	45390	0.02
Persons Acting in Concert	45390	0.02
Sub Total	129985261	61.86
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	129985261	61.86
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	18241206	8.68
Financial Institutions / Banks	6101	0.00
Foreign Institutional Investors	21781357	10.37
Sub Total	40028664	19.05
(2) Non-Institutions
Bodies Corporate	9320811	4.44
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	5559238	2.65
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	2759803	1.31
Any Others (Specify)	22463973	10.69
Clearing Members	393655	0.19
Non Resident Indians	733029	0.35
Foreign Corporate Bodies	17447482	8.30
Trusts	3496567	1.66
Office Bearer	393240	0.19
Sub Total	40103825	19.09
Total Public shareholding (B)	80132489	38.14
Total (A)+(B)	210117750	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	210117750	0.00

BUSINESS DETAILS

Line of Business :

Manufacture of Polymer Based 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 Scotland N V

· Industrial Development Bank of India Limited

· Standard Chartered Bank

· DBS Bank Limited

· Kotak Mahindra Bank

· Citibank NA

· Indus-Ind Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loan
From Banks 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.	1715.105	1667.205
Working Capital Facilities * From banks * Working capital facilities from Banks are secured by hypothecation of stocks and book debts (both present & future) of the Company.	1568.702	1308.482
TOTAL	3283.807	2975.687
Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
From Bank	300.000	250.000
Deferral Sales tax Liability	25.292	31.386
TOTAL	325.292	281.386

Banking Relations :	--
Auditors :
Name :	Raman S. Shah and Associates Chartered Accountants
Associates/Subsidiaries :	· TPL Plastech Limited · Elan Incorporated FZE · Nova Tech SP Z.o.o. · NED Energy Limited · Kampozit Praha s.r.o. · GNXT Investment Holdings Pte. Limited · Ikon Investment Holdings Limited
Fellow Subsidiary :	· Gulf Powerbeat W.L.L · Technika Corporation F.Z.E · Tianjin Elan Plastech Company Limited · YPA (Thailand) Limited · Pack Delta Public Company Limited · Powerbuild Batteries Private Limited · Yung Hsin Contain Industry Company Limited · GrassTech SRL · PT Novo Complast · Tech Complast
Joint Venture :	· Mauser Holdings Asia Pte. Limited · Time Mauser Industries Private Limited · Schoeller Arca Time Holdings Pte. Limited
Other Related Parties :	· Avion Exim Private Limited · Vishwalaxmi Trading and Finance Private Limited · Time Exports Private Limited · Apex Plastics · Time Securities Services Private Limited · Ace Mouldings Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
210117750	Equity Shares	Re.1/- each	Rs.210.117 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		210.117	209.265	209.265
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6132.205	5473.951	4661.080
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6342.322	5683.216	4870.345
LOAN FUNDS
1] Secured Loans		3283.807	2975.687	2742.895
2] Unsecured Loans		325.292	281.386	338.185
TOTAL BORROWING		3609.099	3257.073	3081.080
DEFERRED TAX LIABILITIES		233.103	191.691	156.240
TOTAL		10184.524	9131.980	8107.665
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4399.157	3646.723	3261.756
Capital work-in-progress		953.466	966.973	393.324
INVESTMENT		1605.476	1499.106	1493.920
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1731.491	1520.421	1279.613
	Sundry Debtors	1983.148	1847.396	1479.025
	Cash & Bank Balances	216.627	235.915	309.793
	Other Current Assets	5.966	7.866	0.000
	Loans & Advances	1457.427	1155.639	968.362
Total Current Assets		5394.659	4767.237	4036.793
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1112.312	871.462	846.921
	Other Current Liabilities	662.691	509.368	0.129
	Provisions	393.231	367.229	231.078
Total Current Liabilities		2168.234	1748.059	1078.128
Net Current Assets		3226.425	3019.178	2958.665
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		10184.524	9131.980	8107.665

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	9207.391	8218.931	6613.960
		Other Income	58.423	63.646	37.515
		TOTAL (A)	9265.814	8282.577	6651.475
Less	EXPENSES
		Cost of materials consumed	6235.272	5415.906
		Manufacturing and Operating Costs	447.900	400.557
		Employee Benefit Expense	327.767	265.735	5332.003
		Other Expenses	610.483	527.994
		Changes in inventories of finished goods, Work-in-progress and Stock-in-Trade	(134.234)	(89.134)
		TOTAL (B)	7487.188	6521.058	5332.003
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1778.626	1761.519	1319.472
Less	FINANCIAL EXPENSES (D)		444.555	318.115	241.421
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1334.071	1443.404	1078.051
Less/ Add	DEPRECIATION/ AMORTISATION (F)		356.035	301.857	244.188
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		978.036	1141.547	833.863
Less	TAX (H)		241.992	240.181	150.012
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		736.044	901.366	683.851
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3521.850	2843.980	2331.419
Add/ Less	TAXATION OF EARLIER YEARS		9.030	20.950	(6.178)
	APPROPRIATIONS
		Transfer to General Reserve	135.000	135.000	67.500
		Proposed Dividend	94.550	94.170	83.706
		Tax on Dividend	15.340	15.270	13.903
	BALANCE CARRIED TO THE B/S		4022.034	3521.860	2843.983
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	819.275	605.702	275.301
	TOTAL EARNINGS		819.275	605.702	275.301
	IMPORTS
		Raw Materials	2784.645	2232.171	2165.995
		Stores & Spares	1.145	0.932	0.514
		Capital Goods	478.613	369.099	336.949
	TOTAL IMPORTS		3264.403	2602.202	2503.458
	Earnings / (Loss) Per Share (Rs.)
	Basic		3.51	4.31	3.27
	Diluted		3.43	4.23	3.23

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012
Type	1^st Quarter	2^nd Quarter
Net Sales	2292.900	2563.600
Total Expenditure	1879.000	2092.000
PBIDT (Excl OI)	413.900	471.600
Other Income	0.000	12.900
Operating Profit	413.900	484.600
Interest	130.500	140.200
Exceptional Items	0.000	0.000
PBDT	283.500	344.400
Depreciation	97.800	98.500
Profit Before Tax	185.600	245.900
Tax	45.900	56.200
Provisions and contingencies	0.000	0.000
Profit After Tax	139.700	189.700
Other Adjustments	0.000	0.000
Net Profit	139.700	189.700

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.94	10.88	10.28
Net Profit Margin (PBT/Sales)	(%)	10.62	13.88	12.61
Return on Total Assets (PBT/Total Assets}	(%)	9.99	13.57	11.43
Return on Investment (ROI) (PBT/Networth)		0.15	0.20	0.17
Debt Equity Ratio (Total Debt/Networth)		0.57	0.57	0.85
Current Ratio (Current Asset/Current Liability)		2.49	2.73	3.74

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS:

Gross sales and other income for the standalone entity increased to Rs. 9942.870 Millions, as against Rs. 8805.990 Millions in the previous year, registered a growth of 12.91%. The Net Profit at Rs. 777.460 Millions as against Rs. 936.820 Millions represents an decrease of 17.01%, as compared to the previous year.

MANAGEMENT DISCUSSION and ANALYSIS:

GLOBAL SCENARIO:

The world witnessed fair bit of challenges during fiscal 2011-12 with the deepening debt crisis in Europe, political upheavals in parts of Middle East and rising tensions between Iran and the West. These events had a significant impact on global risk appetite and crude oil prices, though towards the end of the year, there have been liquidity infusions by European central banks and this combined with recovery in the U.S. have revived global risk appetite and emerging markets such as India may benefit. India also witnessed its share of the challenges during fiscal 2011-12 with macro headwinds such as high inflation, currency depreciation and deceleration in GDP growth rates. During the year, the Reserve Bank of India hiked repo rates several times to combat inflation. The high interest rates did not bode too well for industrial production as reflected in the deceleration of IIP and GDP growth. GDP growth rate slowed down from 8.4% in FY11 to 6.9% in FY12. The country was swept by persistent double digit inflation during the year and WPI based inflation remained close to 10% for most part of the year. Inspite of these blips, India's long term growth story continues to remain intact. India which was the tenth largest economy in terms of Purchasing Power Parity (PPP) in 1991 has even overtaken Japan and is now the third largest economy in terms of PPP. As per a recent study by Knight Frank and Citi Private Bank, the North American and Western European share of world real GDP will fall from 41% to 49% in 2050. China will overtake the U.S. to become the world's largest economy by 2020, which in turn will be overtaken by India in 2050.

COMPANY OVERVIEW:

Time Technoplast Limited (TimeTech) 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. TimeTech possesses a consolidated technological platform encompassing polymer processing technologies i.e. blow molding, extrusion and injection molding. The Company manufactures a wide array of products with 25 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 14 Global locations. TimeTech has more than 500 institutional customers and a well-knit dealer network across more than 350 cities and towns in India alone. The Company has a widespread marketing and distribution network in India and overseas.

TIMETECH'S HIGH GROWTH VERTICALS:

INDUSTRIAL PACKAGING:

Time Tech's Industrial packaging range of products (TECHPACK) is the outcome of technological perfection honed over the years. Meeting the exacting needs of demanding customers has led to industry breakthroughs in product development. The products Offerings include Narrow mouth, Wide mouth and Open top drums, Conipails and Jerry cans of various sizes conforming to internationally acclaimed designs. Another powerhouse from the Time Tech stable is GNX brand of IBCs (Intermediate Bulk Containers). These are designed with added features for efficient performance even in rugged terrain and rough handling conditions. Time Mauser Industries Private Limited, India – JV between TimeTech and Mauser was engaged in manufacture of Mauser design of IBCs and Steel drums. With mutual consent, the JV's business has since been reorganized to include only Steel drums. However, TimeTech has commenced manufacture of its own design GNX IBCs in India.

INFRASTRUCTURE:

The infrastructure division has a wide range of products catering to myriad industries. The product bouquet includes High Pressure Pipes, Prefabricated Shelters, Waste/Refuse Bins . The High Pressure Pipes cater to the requirements of water supply management, Sewerage and drainage systems, effluent treatment plantsand Telecom ducting etc. During the year, they started HDPE pipes manufacturing from Ghummidipoondi ( Near Chennai ), Amta (near Kolkotta) and Gadarpur (near Pantnagar)locations and offer the product at competitive costs in the region markets. Prefab Shelters has wide range of application, such as site offices, security cabins, workshops, mobile shelters, and health center and has huge potential for supplies under social infrastructure schemes initiated by State Governments. Dumpo Bins are European designed and EN standards approved waste bins. They are the first indigenously manufactured waste management binns in the country Energy Storage Devices comprise of VRLA batteries for the telecom sector and UPS, Inverter and Hybrid batteries for Industrial Applications. With the slowdown in the telecom segment, battery business was adversely affected. However, they are gradually de-risking the dependence on telecom segment by augmenting capacity for applications into Industrial applications like UPS, Inverters and Railways etc.

NEW PRODUCTS DIVISION:

MATERIAL HANDLING DIVISION (RETURNABLE TRANSIT PACKAGING SOLUTIONS)

Under this vertical, they manufacturer vast range of stackable, nestable and foldable containers, plastic pallets for use in various Industries like Automotive, retail, Fruits and Vegetables, Food Processing etc. The products and solutions offered generate savings year after year due to its sturdy construction which offers it longer life multiple users. The solution offered reduces costs at various stage of the supply chain thus providing an excellent Return on Investment.

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 Middle East, Far East and Brazil have evinced huge interest in introducing Composite Cylinders as a replacement of metal cylinders. TimeTechhas now fully functional astate-of-the-art production facility in India and has the requisite product approvals already from international testing/ accreditation agencies for making supplies of Cylinders. On the other side, they have relocated their Czech Republic Operations to Bahrain so as to serve their Middle East markets efficiently where most of the customers are located.

INTERNATIONAL OPERATIONS:

A key element of Time Tech's growth is its strong commitment to the global marketplace. The groups' emergence as an industry change and thought leader, has resulted over the years owing to its impeccable strategy and commercial sagacity that has pre-empted needs, foreseen changes on the business horizon and harnessed technology to offer quality coupled with flawless service consistently for nearly two decades. The Company has now manufacturing facilitiesin North China (Tinajin) South China (Guangzhou), Indonesia, South Korea, Vietnam, Egypt, Taiwan, Thailand, UAE, Romania, Poland and Bahrain. During the year, Company consolidated its presence in the Thailand market by acquiring remaining 51% shareholding from Mauser Group in Pack Delta Public Company Limited.

FUTURE OUTLOOK:

Whereas Asia accounts for almost 50% of the Global Industrial packaging requirements, the penetration levels of polymers drums in most of these markets is still below 10% except India, where they have seen the penetration level going upto 50%. Therefore, Asian markets offer them tremendous growth opportunities. Their growth strategy for the years ahead is to replicate the Indian model in key Asian countries where they have set up the operations.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

1. Letter of credit issued by banks on behalf of the Company Rs. 821.994 Millions (Previous year Rs. 610.047 Millions).

2. Guarantee given by the banks on behalf of the Company Rs. 45.321 Millions (Previous Rs. 51.941 Millions).

3. Disputed Direct Taxes Rs. 0.759 Million (Previous Year Rs. 9.502 Million).

4. Disputed Indirect Taxes Rs. 1.129 Millions (Previous Year Rs. 1.647 Millions).

5. Corporate Guarantees give to banks for Loans taken by Subsidiaries / Joint Venture companies Rs. 5231.700 Millions against which outstanding as on 31st March 2012 is Rs. 3500.400 Millions.

FIXED ASSETS

· Land

· Factory Buildings

· Office Premises

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Computers

WEBSITE DETAILS:

PROFILE:

Subject (Time Tech) is a multinational conglomerate with operations in Bahrain, Belgium, China, Egypt, Indonesia, India, Korea, Malaysia, Poland, Romania, Singapore, Sharjah, Taiwan, Thailand, Vietnam is a leading manufacturer of polymer products.

The company's portfolio consists of technically driven innovative products catering to growing industry segments like, Industrial Packaging Solutions, Lifestyle Products, Automotive Components, Healthcare Products, Infrastructure / Construction related products, Material Handling Solutions and Composite Cylinders.

Time Tech group operates more than 40 production facilities across the globe and is recognized for its innovative plastic products.

Since its inception in 1992, Time Tech has set itself apart from its competition by focusing on research and development, futuristic product designing, superior customer service by setting up 28 manufacturing units and 10 regional and marketing offices to meet the growing demand of Indian customers and further to fill the need gap for global customers.

Time Tech is promoted by qualified professionals with decades of experience who believe in working hard for the company, its customers, its suppliers, its employees and its shareholders.

HISTORY/MILESTONE:

1992: Production facility commenced at Daman, launched internationally acclaimed XL-ring Drums

1994: Emerged as pioneers, trend-setters and market leaders in rigid plastic packaging in India

1995: Established strategic production facility (packaging) in South India (Hosur, Tamil Nadu).

1996: Established additional strategic production facility (packaging) in North India (Baddi, Himachal Pradesh)

1997: Strong in-house R and D; obtained several design patents/ registration.

1998: Lifestyle products launched - entrance mattings (DuroTurf and Meadowz) based on special product technology.

2000: Commenced manufacturing of PET Sheet and Conical Pails (Consumer packaging)

2002: Increased manufacturing capacity of XL-Ring Drums at Daman.

2003: Set up additional capacity of XL-Ring drums in North India (Sahibabad, Delhi)

2005: Development and launch of Anti-Spray Rainflaps (3S)

Started overseas operations, Sharjah, UAE

2006: Launch of DuroSoft Mattings

Additional manufacturing facility for XL-Ring Drums at Mahad (West) and Pantnagar (North)

Acquired Pack Delta, Thailand

2007: Commenced Steel Drum manufacturing at Pen under JV with Mauser

Entered into battery business - acquired NED Energy, Hyderabad

Commenced steel Drum manufacturing at Pen

2008: Launched DuroWipe and Composite Mats

Commenced production at Poland for Automotive Components

Expanded battery capacity - acquired Gulf Powerbeat, WLL, Bahrain

Development and launch of innovative GENEX medical devices (Auto-Disable Syringes, Blood Samplers

and Face Masks)

2009: Expanded battery operations in India, new facility at Panoli (Gujarat)

Set up additional manufacturing facility (packaging) in Eastern India (Amta, West Bengal)

Acquired competing business in Thailand, YPA (Thailand) Ltd. - Industrial Packaging

Implemented Prefab and Shelters project at Silvassa

Started HDPE and FRP/ GRP pipes manufacturing unit at Silvassa

Signed Joint Venture with Schoeller Arca Systems, Netherland for launch of Returnable Transit Packaging

(RTP) and Materials Handling Solutions in India

2010: Acquired composite gas cylinder business in Czech Republic, Komposite-Praha, advanced production facility in Pilsen

· TimeTech announce setting up of manufacturing facility for hi-tech Composite Cylinders in India

· Setting up Greenfield packaging project in Tianjin (North China), Guangzhou (South China)

· Undertook expansion of manufacturing facility at Mahad - Industrial Packaging

· Commenced manufacturing facility at Gummidipundi (Tamil Nadu) and Ahmedabad (Gujarat) - Industrial Packaging

· Adding Industrial Packaging manufacturing operations in Bahrain

· Commenced project for Industrial Packaging at Attaka (Egypt)

· Embarked project into Waste Management business

· Greenfield expansion plans rolled out for South Korea, Indonesia (Iksan City)

· TimeTech acquires largest Industrial Packaging company (Yung Hsin Container Industry Co. Ltd.,) in Taiwan

· TimeTech acquires Plastic Product divn of Solutia Inc., Europe along with reputed brands Astroturf ^® and Clearpass ^®

· Signed a MOU with Forster, Austria for Sound Barrier business

2011: Commenced manufacturing facility at Attaka (Egypt) - Industrial Packaging

· Started Industrial Packaging units in Pantnagar and Jammu, India

· Completed a Greenfield Industrial Packaging project ( Drums, Jerry Cans, IBCs, Pallets and Accessories) in Tianjin (North China)

· Implemented a pilot project for Composite Gas Cylinders in India

· Greenfield plans rolled out for Busan (South Korea),

· Commissioned Greenfield Industrial Packaging unit for Drums and Jerrycans, Jakarta (Indonesia)

· Commissioned Greenfield Industrial Packaging unit for IBCs, Drums and Jerrycans, Bahrain

· Capacity expansion for high pressure PE pipes in North and East India

2012: Commenced IBC manufacturing facility at Guangzhou (South China) - A Joint Venture

· Commenced GNX IBCs manufacturing unit in Daman, India

· Greenfield capacity expansions for Industrial Packaging at Hyderabad and Bhuj (Gujarat, India)

· Greenfield project for Industrial Packaging products in Malaysia (Drums and Jerrycans)

· Embarked on a new and Independent manufacturing facility for Schoeller Arca Time material handling system at Talasari (Maharashtra, India)

· Setting up a new manufacturing facility for Industrial Packaging at Panoli (Gujarat, India)

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30^TH SEPTEMBER, 2012

Rs. in Millions

Sr. No.	Particular	Quarter Ended		Half Year Ended
		30.09.2012 (Unaudited)	30.06.2012 (Unaudited)	30.09.2012 (Unaudited)
1.	Net Sales/Income from Operations	2563.624	2292.866	4856.490
	Other Operating Income	0.000	0.000	0.000
	Total Income	2563.624	2292.866	4856.490
2.	Expenditure
	Cost of materials consumed	1705.736	1444.670	3271.180
	Purchase of stock in trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work in progress and stock in trade	(10.300)	90.040	(41.035)
	Employee benefits expenses	95.988	86.805	182.793
	Depreciation and amortization expenses	98.531	97.836	196.367
	Other expenses	300.570	257.436	558.007
	Total Expenses	2190.525	1976.787	4167.312
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	373.099	316.079	689.178
4.	Other Income	12.933	0.000	12.933
5.	Profit Before Interest and Exceptional Items (3+4)	386.032	316.079	702.111
6.	Interest	140.161	130.449	270.610
7.	Profit After Interest but before Exceptional Items (5-6)	245.871	185.630	431.501
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	245.871	185.630	431.501
10.	Tax Expense
	a) Current tax	49.000	39.500	88.500
	b) Deferred tax	7.151	6.399	13.550
11.	Net Profit from Ordinary Activities after Tax (9-10)	189.720	139.731	329.451
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	189.720	139.731	329.451
14.	Paid-up Equity Share Capital (Face Value of Re.1/- Each)	210.118	210.118	210.118
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	0.91	0.68	1.59
	b) Basic and diluted EPS after extraordinary items	0.89	0.67	1.57

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 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 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.53.57
UK Pound	1	Rs.84.25
Euro	1	Rs.71.79

INFORMATION DETAILS

Report Prepared by :

TPT

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	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		62

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.