MIRA
INFORM REPORT
|
Report Date : |
07.06.2013 |
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 : |
|
|
|
|
|
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. 210.117 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 (64) |
|
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.
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 |
04.04.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
AA – [Cash Credit] |
|
Rating Explanation |
High degree of safety it carry very low credit risk. |
|
Date |
04.04.2012 |
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.
INFORMATION DECLINED BY
Management non co-operative
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 : |
|
|
Website : |
|
|
Area : |
10000
sq. ft. |
|
Location : |
Owned
|
|
|
|
|
Head Office : |
2nd Floor, 55, Corporate
Avenue, Saki Vihar Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
|
|
Tel No.: |
91-22-28039999
/ 28039700 / 42119999 / 66029600 |
|
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: ·
·
Vadodara ·
·
Chennai ·
·
·
Kolkatta ·
Sahibabad R.O. ( ·
|
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Kuthoore
Natarajan Venkatasubramanian |
|
Designation : |
Chairman
(Non Executives and Independent) |
|
Address : |
D4/D5, Ashok Swetha, 173, Avvai Shanmugam Salai, Royapettah,
Chennai-600014, Tamilnadu, India |
|
Date of Birth/Age : |
14.04.1938 |
|
Date of Appointment : |
14.12.2000 |
|
DIN No.: |
00007392 |
|
|
|
|
Name : |
Mr.
Anil Paraslal Jain |
|
Designation : |
Managing
Director |
|
Address : |
311/312, Lokhandwala Complex, Andheri (West), Mumbai-400053,
Maharashtra, India |
|
Date of Birth/Age : |
03.01.1955 |
|
Date of Appointment : |
17.10.1991 |
|
DIN No.: |
00183364 |
|
|
|
|
Name : |
Mr.
Bharat Kumar Ratanlal Vageria |
|
Designation : |
Whole
Time Director – Finance |
|
Address : |
101-102, Nandalaya Khandalwal Complex, Evershine Nagar, Malad (West),
Mumbai-400064, Maharashtra, India |
|
Date of Birth/Age : |
10.12.1959 |
|
Date of Appointment : |
21.03.1990 |
|
DIN No.: |
00183629 |
|
|
|
|
Name : |
Mr.
Naveen Mahendrakumar Jain |
|
Designation : |
Whole
Time Director- Technical |
|
Address : |
RNA Royal Park, 1107C, M G Road, Hindustan Naka, Kandivili (West),
Mumbai-400067, Maharashtra, India |
|
Date of Birth/Age : |
19.01.1966 |
|
Date of Appointment : |
20.12.1989 |
|
DIN No.: |
00183948 |
|
|
|
|
Name : |
Mr.
Raghupathy Payyalore Thyagarajan |
|
Designation : |
Whole
Time Director- Marketing |
|
Address : |
A9/36, Sunder Nagar, Kalina, Santacruz (East), Mumbai-400098,
Maharashtra, India |
|
Date of Birth/Age : |
07.11.1964 |
|
Date of Appointment : |
21.03.1990 |
|
DIN No.: |
00183305 |
|
|
|
|
Name : |
Mr.
Hans-Dieter Von Meiobom |
|
Designation : |
Director
(Non Executive and Independent) |
|
Address : |
Buchweg 12, 63303, Dreieich, Buchschlag |
|
Date of Birth/Age : |
27.10.1941 |
|
Date of Appointment : |
31.07.2008 |
|
DIN No.: |
02313038 |
|
|
|
|
Name : |
Mr.
Sanjay Shrikrishna Kulkarni |
|
Designation : |
Director
(Non Executive and Independent) |
|
Address : |
A/12, Technocrat Co-Operative Housing Society, Near Twin Tower,
Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Date of Birth/Age : |
30.05.1949 |
|
Date of Appointment : |
25.03.2003 |
|
DIN No.: |
00102575 |
|
|
|
|
Name : |
Mr. Mahinder
Dayanand Wadhwa |
|
Designation : |
Director
(Non Executive and Independent) |
|
Address : |
204-A, Landsend Lokhandwala Complex, Andheri (West), Mumbai-400053,
Maharashtra, India |
|
Date of Birth/Age : |
13.10.1952 |
|
Date of Appointment : |
01.06.1995 |
|
DIN No.: |
00064148 |
|
|
|
|
Name : |
Mr.
Kartik Chandra Parija |
|
Designation : |
Director
(Non Executive) |
|
Address : |
3D, SPL Enderly, 26, Cubbon Road, Bangalore-560001, Karnataka, India |
|
Date of Birth/Age : |
27.10.1941 |
|
Date of Appointment : |
31.07.2008 |
|
DIN No.: |
00177115 |
KEY EXECUTIVES
|
Name : |
Mr.
Atul Gupta |
|
Designation : |
Vice
President - Finance and Company Secretary |
|
Address : |
Flat No.724, Thakur Village, Chandrama Building, VAsundhara
Co-Operative Housing Society, Kandivili (East), Mumbai-400101, Maharashtra,
India |
|
Date of Birth/Age : |
07.07.1966 |
|
Date of Appointment : |
01.10.2007 |
|
PAN No.: |
ADFPG4380B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
17267500 |
8.22 |
|
|
112672371 |
53.62 |
|
|
81806 |
0.04 |
|
|
81806 |
0.04 |
|
|
130021677 |
61.88 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
130021677 |
61.88 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
18165996 |
8.65 |
|
|
6227 |
0.00 |
|
|
21768303 |
10.36 |
|
|
39940526 |
19.01 |
|
|
|
|
|
|
9435379 |
4.49 |
|
|
|
|
|
|
5580435 |
2.66 |
|
|
2759803 |
1.31 |
|
|
22379930 |
10.65 |
|
|
129318 |
0.06 |
|
|
1025048 |
0.49 |
|
|
17345739 |
8.26 |
|
|
3496567 |
1.66 |
|
|
383258 |
0.18 |
|
|
40155547 |
19.11 |
|
Total Public shareholding (B) |
80096073 |
38.12 |
|
Total (A)+(B) |
210117750 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
210117750 |
0.00 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
Sr. No. |
Name of the
Shareholder |
Details of
Shares held |
Encumbered
shares (*) |
|||
|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
||
|
grand total |
||||||
|
(A)+(B)+(C) of
sub-clause (I)(a) |
||||||
|
1 |
Time Securities Services Private Limited |
4,21,77,098 |
20.07 |
1035000 |
2.45 |
0.49 |
|
2 |
Vishwalaxmi Trading and Finance Private Limited |
3,97,72,667 |
18.93 |
5705000 |
14.34 |
2.72 |
|
3 |
Time Exports Private Limited |
2,85,47,606 |
13.59 |
25020000 |
87.64 |
11.91 |
|
4 |
Anil Jain |
40,20,000 |
1.91 |
0 |
0 |
0 |
|
5 |
Bharat Vageria |
40,20,000 |
1.91 |
0 |
0 |
0 |
|
6 |
Raghupathy Thyagarajan |
40,20,000 |
1.91 |
0 |
0 |
0 |
|
7 |
Naveen Mahendra Kumar Jain |
40,20,000 |
1.91 |
0 |
0 |
0 |
|
8 |
Time Capital Limited |
16,75,000 |
0.8 |
0 |
0 |
0 |
|
|
Arun Jain Huf |
5,75,000 |
0.27 |
0 |
0 |
0 |
|
|
Arun Jain |
5,00,000 |
0.24 |
0 |
0 |
0 |
|
11 |
Kalinga Technologies Private Limited |
3,25,000 |
0.15 |
0 |
0 |
0 |
|
12 |
Time Securities and Guarantees Limited |
1,75,000 |
0.08 |
0 |
0 |
0 |
|
13 |
Sushila Jain |
1,12,500 |
0.05 |
0 |
0 |
0 |
|
14 |
Aruna Vageria |
81,806 |
0.04 |
0 |
0 |
0 |
|
|
Total |
13,00,21,677 |
61.88 |
31760000 |
24.43 |
15.12 |
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares
held |
Shares as % of Total
No. of Shares |
|
|
1 |
HDFC Trustee Company Limited HDFC Equity Fund |
18165996 |
8.65 |
|
|
2 |
American Funds Insurance Series Global Small Capitalization Fund |
11888000 |
5.66 |
|
|
3 |
Core International FZC |
10719900 |
5.1 |
|
|
4 |
Kotak India Focus Fund |
3796689 |
1.81 |
|
|
5 |
IL and FS Trust Company Limited (Trustee of Business Excellence Trust
India Business |
3496547 |
1.66 |
|
|
6 |
Zephyr Peacock India I |
3398257 |
1.62 |
|
|
7 |
India Business Excellence Fund I |
3227582 |
1.54 |
|
|
8 |
Max New York Life Insurance Company Limited A/c ULIF01311/02/0/
LIFEHIGHGR104-High Growth Fund |
2746091 |
1.31 |
|
|
9 |
Kotak Mahindra (UK) Limited A/c Kotak India Focus Fund II |
2500000 |
1.19 |
|
|
10 |
Emerging Market Management LLC A/c The EMM Umberella Funds - Emerging
Markets South Asian Stars Fund |
2377231 |
1.13 |
|
|
11 |
Bajaj Allianz Life Insurance Company Limited |
2371154 |
1.13 |
|
|
|
Total |
64687447 |
30.79 |
Shareholding
of securities (including shares, warrants, convertible securities) of persons
(together with PAC) belonging to the category “Public” and holding more than 5%
of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s)
and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
|
1 |
HDFC Trusteee Company Ltd HDFC Equity Fund |
18165996 |
8.65 |
|
2 |
American Funds Insurance Series Global Small
Capitalization Fund |
11888000 |
5.66 |
|
3 |
Core International FZC |
10719900 |
5.1 |
|
|
Total |
40773896 |
19.41 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Polymer Based Products |
||||||||
|
|
|
||||||||
|
Products : |
|
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 : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Raman
S. Shah and Associates Chartered
Accountants |
|
|
|
|
Subsidiaries : |
·
TPL Plastech Limited CIN NO.:-
L25209DD1992PLC004656 ·
NED Energy Limited CIN NO.:-
U31909DD1998PLC004665 ·
Elan Incorporated FZE ·
Nova Tech SP Z.o.o. ·
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 CIN NO.:-
U01122DD2003PTC003276 ·
Schoeller Arca Time Holdings Pte. Limited CIN NO.:-
U25200DD2009PLC004671 |
|
|
|
|
Other Related Parties : |
·
Avion Exim Private Limited CIN NO.:-
U51900MH1999PTC119909 ·
Time Exports Private Limited CIN NO.:-
U51900MH1991PTC063915 ·
Ace Mouldings Private Limited CIN NO.:- U28992MH1999PLC119981 ·
Apex Plastics ·
Time Securities Services Private Limited ·
Vishwalaxmi Trading and Finance 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
|
|
|
|
|
|
NOTES
Of the Above
Includes
(I)
19,905,000 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.
(II)
78,525,000 Shares were allloted as fully paid-up by
way of Bonus shares by capitalisation of Share Premium Account and General
Reserves.
(III) 8,52,750 Shares
were allloted as fully paid-up under ESOP scheme.
(IV) The Equity Shares
of Rs. 10/- each of the Company have been sub divided into Equity Shares of Rs.
1 each with effect from 6th November 2008.
b) Rights of
Equity Shareholders
The Company has only
one class of Equity Shares having par value of Rs. 1 each, holder of equity
shares is entitled to one vote per share. In the event of liquidation of the
Company, the holder of equity shares will be entitled to receive any of the
remaining assets of the Company
c) Reconciliation
of numbers of equity shares
|
Particulars |
As at 31st March 2012 |
|
|
Number |
RS. In Millions |
|
|
Shares
outstanding at the beginning of the year |
209,265,000 |
209.265 |
|
Shares issued
during the year |
852,750 |
0.853 |
|
Shares
outstanding at the end of the year |
210,117,750 |
210.118 |
d) Details of
members holding equity shares more than 5%
|
Name of Shareholder |
As at 31st March 2012 |
|
|
No. of Shares Held |
% of Holding |
|
|
(a) Time
Securities Services Private Limited |
42,177,098 |
20.07% |
|
(b) Vishwalaxmi
Trading and Finance Private Limited |
39,772,667 |
18.93% |
|
(c) Time Exports
Private Limited |
28,547,606 |
13.59% |
|
(d) HDFC Trustee
Company Limited – HDFC Equity Fund AAATH1809A |
18,165,996 |
8.65% |
|
(e) American
Funds Insurance Series Global Small Capitalization Fund |
11,888,000 |
5.66% |
|
(f) Core
International FZC |
11,319,900 |
5.39% |
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 |
58.422 |
63.646 |
37.515 |
|
|
|
TOTAL (A) |
9265.813 |
8282.577 |
6651.475 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
6235.272 |
5415.906 |
|
|
|
|
Employee Benefit Expense |
315.891 |
253.971 |
5332.003 |
|
|
|
Other Expenses |
1070.258 |
940.316 |
|
|
|
|
Changes in inventories of finished goods, Work-in-progress and
Stock-in-Trade |
(134.234) |
(89.135) |
|
|
|
|
TOTAL (B) |
7487.187 |
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 |
3521.856 |
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 |
31.12.2012 |
31.03.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2292.900 |
2563.600 |
2875.600 |
2933.500 |
|
Total Expenditure |
1879.000 |
2092.000 |
2332.900 |
2421.800 |
|
PBIDT (Excl OI) |
413.900 |
471.600 |
542.700 |
511.700 |
|
Other Income |
0.000 |
12.900 |
0.000 |
30.100 |
|
Operating Profit |
413.900 |
484.600 |
542.700 |
541.800 |
|
Interest |
130.500 |
140.200 |
145.100 |
148.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
283.500 |
344.400 |
397.500 |
393.700 |
|
Depreciation |
97.800 |
98.500 |
104.500 |
101.600 |
|
Profit Before Tax |
185.600 |
245.900 |
293.100 |
292.100 |
|
Tax |
45.900 |
56.200 |
66.600 |
92.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
139.700 |
189.700 |
226.500 |
199.500 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
139.700 |
189.700 |
226.500 |
199.500 |
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 |
Yes |
|
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) |
Yes |
|
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 |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
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 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
1112.312
|
871.462 |
|
|
For Micro, Small and Medium Enterprises |
-- |
-- |
4.556 |
|
For Others |
-- |
-- |
842.365 |
|
|
|
|
|
|
TOTAL |
1112.312
|
871.462 |
846.921 |
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
AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED
31st MARCH, 2013
Rs. in Millions
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2013 (Unaudited) |
31.12.2012 (Unaudited) |
31.03.2013 (Audited) |
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
2933.486 |
2875.604 |
10665.580 |
|
|
Other Operating
Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
2933.486 |
2875.604 |
10665.580 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Consumption
of Raw Materials |
2228.412 |
1924.526 |
7224.118 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(82.362) |
(29.501) |
(152.898) |
|
|
Employee
benefits expenses |
101.176 |
107.524 |
391.493 |
|
|
Depreciation
and amortization expenses |
101.623 |
104.454 |
402.444 |
|
|
Other
expenses |
374.520 |
330.372 |
1262.899 |
|
|
Total Expenses |
2523.368 |
2437.376 |
9128.056 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
410.118 |
438.228 |
1537.524 |
|
|
|
|
|
|
|
4. |
Other
Income |
30.107 |
0.000 |
43.040 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
440.225 |
438.228 |
1580.564 |
|
|
|
|
|
|
|
6. |
Interest |
148.164 |
145.141 |
563.915 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
292.061 |
293.087 |
101.649 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
292.061 |
293.087 |
101.649 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
92.538 |
66.604 |
261.192 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
199.524 |
226.482 |
755.457 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
199.524 |
226.482 |
755.457 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Re.1/- Each) |
210.118 |
210.118 |
210.118 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
6802.687 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.95 |
1.08 |
3.60 |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.93 |
1.07 |
3.52 |
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 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.56.86 |
|
|
1 |
Rs.87.64 |
|
Euro |
1 |
Rs.74.51 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.