Mar 31, 2023
Your Directors are pleased to present the 33rd Annual Report of Time Technoplast Limited ("the Company") along with the Audited Financial Statements for the Financial Year ended March 31, 2023.
FINANCIAL RESULTS: |
(Rs. in Mn.) |
||||
Particulars |
Standalone |
Consolidated |
|||
2023 |
2022 |
2023 |
2022 |
||
Revenue from Operations |
22,425.04 |
20,314.89 |
42,894.43 |
36,498.40 |
|
ii. |
Profit before Interest, Depreciation & Tax |
3,113.40 |
2,830.21 |
5,808.74 |
5,087.60 |
iii. |
Interest & Finance Cost |
560.52 |
526.46 |
1,051.83 |
919.96 |
iv. |
Depreciation |
1,058.29 |
969.48 |
1,709.13 |
1,574.00 |
v. |
Profit before Tax |
1,494.59 |
1,334.27 |
3,047.78 |
2,593.65 |
vi. |
Tax Expenses |
382.40 |
342.32 |
810.11 |
671.61 |
vii. |
Profit for the Year |
1,112.19 |
991.95 |
2,237.67 |
1,922.04 |
STATE OF COMPANY''S AFFAIRS:Consolidated
Net Revenue from operations for the consolidated entity stood at ? 42,894.43 Mn., as against ? 36,498.40 Mn. in the previous year, (growth of 17.52 %). However, the Net Profit stood at ? 2,237.67 Mn. as compared to the previous year ? 1,922.04 Mn.
Net Revenue from operations for the standalone entity stood at ? 22,425.04 Mn., as against ? 20,314.89 Mn. in the previous year, (growth of 10.39%). However, the Net Profit stood at ? 1,112.19 Mn. as compared to the previous year ? 991.95 Mn.
Detailed information on the operations of the different business segments of the Company are covered in the Management Discussion and Analysis Report, which forms part of the Annual Report.
The Board of Directors has recommended a Dividend of ? 1.25 (125%) per share (previous year ? 1 per share) on Face Value of ? 1 each for the Financial Year ended March 31, 2023. The Final Dividend entails cash outflow of ? 282.68 Mn (previous year ? 226.15 Mn). Dividend is subject to approval of members at the ensuing annual general meeting and shall be subject to deduction of income tax at source.
Pursuant to Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Listing Regulations"), the Board of Directors formulated and adopted the Dividend Distribution Policy. The Policy is available on the website of the Company and can be accessed at www.timetechnoplast.com/pdf/shareholder-centre/policies/TTL-Dividend-Distribution Policy.pdf
Your Directors do not propose to transfer any amount to the reserves for the year under review.
The Paid up Equity Share Capital of the Company as on March 31, 2023 was ? 226,146,750 comprising of 226,146,750 equity shares of face value of ? 1 each. During the year under review, your Company has neither issued any shares with differential voting rights nor has granted any stock options.
The equity shares of the Company continue to remain listed on BSE Limited and National Stock Exchange of India Limited (collectively "Stock Exchanges"). The listing fees for financial year 2023-24 have been paid to the Stock Exchanges.
SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
As on 31st March, 2023, the Company has below mentioned subsidiaries and associate Companies:
Sr No. |
Name of the Company |
Country |
Relation |
% of shares held |
|
1 |
TPL Plastech Limited |
India |
Subsidiary |
74.86 |
|
2 |
NED Energy Limited |
India |
Subsidiary |
97.04 |
|
3 |
Elan Incorporated FZE |
Sharjah (UAE) |
Subsidiary |
100.00 |
|
4 |
Kompozit Praha S R O |
Czech Republic |
Subsidiary |
96.20 |
|
5 |
Ikon Investment Holdings Limited |
Mauritius |
Subsidiary |
100.00 |
|
6 |
GNXT Investment Holdings Pte. Ltd. |
Singapore |
Subsidiary |
100.00 |
|
7 |
Schoeller Allibert Time Materials Handling Solutions Limited |
India |
Subsidiary |
100.00 |
|
8 |
Schoeller Allibert Time Holding Pte. Ltd. |
Singapore |
Subsidiary |
50.10 |
|
9 |
Time Mauser Industries Private Limited |
India |
Joint Venture |
49.00 |
The Company''s policy for determining material subsidiaries, as amended from time to time, approved by the Board, is uploaded on the Company''s website at https://www.timetechnoplast.com/pdf/shareholder-centre/policies/policy-for-determining-material-subsidiaries.pdf
A separate statement containing the salient features of financial statements of subsidiaries, associates, joint venture companies of the Company in the prescribed Form AOC-1 forms a part of Consolidated Financial Statements ("CFS") in compliance with Section 129(3) and other applicable provisions, if any, of the Act read with Rules.
COSOLIDATED FINANCIAL STATEMENTS
The Directors also present the audited consolidated financial statements incorporating the duly audited financial statements of the subsidiary, associate and joint venture prepared in compliance with the Act, applicable Accounting Standards and the SEBI Listing Regulations and they form part of this Report.
Pursuant to Section 136 of the Companies Act, 2013 the Audited Financial Statements, including the consolidated financial statements & related information of the Company & Audited Accounts of its Subsidiaries Companies are available on the website www.timetechnoplast.com. These documents will also be available for inspection during business hours at the Corporate Office of the Company on all the working days upto the date of the Annual General Meeting (AGM). Any member desirous of obtaining a copy of the said financial statement may write to the Company Secretary at the Corporate Office of the company.
In line with the requirements of the Act and SEBI Listing Regulations, the Company has formulated a Policy on Materiality of Related Party Transactions which is also available on the Company''s website at www.timetechnoplast.com. The Policy intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and its Related Parties.
All related party transactions are placed before the Audit Committee for review and approval. Pursuant to the provisions of the Act and SEBI Listing Regulations with respect to omnibus approval, prior omnibus approval is obtained for related party transactions on a yearly basis for transactions which are of repetitive nature and entered in the ordinary course of business and are at arm''s length. Transactions entered into pursuant to omnibus approval are verified and a statement giving details of all related party transactions are placed before the Audit Committee and the Board for review and approval on a quarterly basis.
All transactions entered with related parties for the year under review were in ordinary course of business and at arm''s length basis. No Material related party transactions, i.e. transactions exceeding ? 1,000 crores or 10% of the annual
consolidated turnover as per the last audited financial statement, were entered during the year by the Company. Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Act, in Form AOC-2 is not applicable. Further, there are no material related party transactions during the year under review with the Promoters, Directors or Key Managerial Personnel, which may have a potential conflict with the interest of the Company at large.
All related party transactions are mentioned in the notes to the accounts. The Directors draw attention of the members to Note No. 35 to the standalone financial statements which set out related party disclosure.
DIRECTORS AND KEY MANAGERIAL PERSONNELA) DIRECTORS
The Board of Directors on the recommendation of Nomination and Remuneration Committee approved the appointment of Mr. Sanjeev Sharma as the Whole Time Director of the Company at its meeting held on November 12, 2022, for a period of 3 (three) years from November 12, 2022 upto November 11, 2025, members have ratified his appointment as Whole Time Director through Postal Ballot on February 04, 2023.
In accordance with the provisions of Section 152 of the Act and the Company''s Articles of Association, Mr. Raghupathy Thyagarajan (DIN: 00183305) is liable to retire by rotation at the forthcoming AGM and being eligible offers himself for re-appointment.
The Board recommends re-appointment of Mr. Raghupathy Thyagarajan for the consideration of the Members of the Company at the forthcoming AGM. The relevant details including profile of Mr. Raghupathy Thyagarajan is included separately in the Notice of AGM.
As on the date of this Report, the Company''s Board comprises of nine (9) Directors, out of which, four (4) are NonExecutive Independent Directors including one (1) Woman Director. The composition of the Board is in conformity with Regulation 17 of the SEBI Listing Regulations and also with the provisions of the Act.
All Independent Directors of the Company have given declarations under Section 149(7) of the Act that they meet the criteria of independence as laid down under Section 149(6) of the Act and Regulation 16(1)(b) and other applicable provisions of the SEBI Listing Regulations. In terms of Regulation 25(8) of the SEBI Listing Regulations, the Independent Directors have confirmed that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence. The Independent Directors hold office for a fixed term of five years and are not liable to retire by rotation. In the opinion of the Board, the Independent Directors, fulfill the conditions of independence specified in Section 149(6) of the Act and Regulation 16(1)(b) and other applicable provisions of the SEBI Listing Regulations.
The terms and conditions of appointment of the Independent Directors are placed on the website of the Company at www.timetechnoplast.com.
In compliance with the requirement of SEBI Listing Regulations, the Company has put in place a familiarisation programme for the independent directors to familiarise them with their role, rights and responsibility as directors, the working of the Company, nature of the industry in which the Company operates, business model, etc. The details of familiarisation programme are explained in the Corporate Governance Report and the same are also available on the website of the Company at www.timetechnoplast.com.
Pursuant to the provisions of Sections 2(51) and 203 of the Act, read with the Rules framed thereunder, the following are the Key Managerial Personnel of the Company:
- Mr. Bharat Kumar Vageria, Managing Director & CFO
- Mr. Naveen Kumar Jain, Whole Time Director
- Mr. Raghupathy Thyagarajan, Whole Time Director
- Mr. Sanjeev Sharma, Whole Time Director
- Mr. Manoj Kumar Mewara, Sr. VP Finance & Company Secretary
The Company has Seven Board Committees as on March 31, 2023:
1) Audit Committee
2) Nomination and Remuneration Committee
3) Stakeholders Relationship Committee
4) Risk Management Committee
5) Corporate Social Responsibility Committee
6) Committee of Directors
7) Compensation Committee
During the year, all recommendations made by the committees were approved by the Board.
Details of all the committees along with their main terms, composition and meetings held during the year under review are provided in the Report on Corporate Governance, a part of this Annual Report.
E) NOMINATION AND REMUNERATION POLICY
The Board of Directors has framed a policy which lays down a framework in relation to appointment and remuneration of Directors, Key Managerial Personnel, Senior Management and other employees of the Company ("Policy"). The Policy broadly lays down the guiding principles, philosophy and the basis for payment of remuneration to Executive and Nonexecutive Directors (by way of sitting fees and commission), Key Managerial Personnel, Senior Management and other employees. The Policy also provides the criteria for determining qualifications, positive attributes and independence of Director and criteria for appointment of Key Managerial Personnel/Senior Management and performance evaluation which are considered by the Nomination and Remuneration Committee and the Board of Directors whilst taking a decision on the potential candidates.
The salient features of the Nomination and Remuneration Policy of the Company are outlined in the Corporate Governance Report which forms part of this Annual Report. The Policy is also available on the website of the Company at www.timetechnoplast.com
Pursuant to the provisions of the Act and the SEBI Listing Regulations, the Board has carried out the annual performance evaluation of the Directors individually as well as evaluation of the working of the Board and of the Committees of the Board, by way of individual and collective feedback from Directors. The manner in which the evaluation was conducted by the Company and evaluation criteria has been explained in the Corporate Governance Report which forms part of this Annual Report.
The Board of Directors has expressed its satisfaction with the evaluation process.
G) NUMBER OF MEETINGS OF THE BOARD
The Board of Directors of the Company met five (5) times during the previous financial year on 28th May, 2022, 13th August, 2022, 12th November, 2022, 03rd January, 2023 and 14th February 2023. The particulars of attendance of the Directors at the said meetings are detailed in the Corporate Governance Report of the Company, which forms a part of this Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
H) REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT
The remuneration paid to the Directors, Key Managerial Personnel and Senior Management is in accordance with the Nomination and Remuneration Policy formulated in accordance with Section 178 of the Act and Regulation 19 read with Schedule II of the Listing Regulations. Further details on the same are given in the Corporate Governance Report which forms part of this Annual Report.
Members of the Company at the AGM held on 28th September, 2022, approved the appointment of M/s. Shah & Taparia, Chartered Accountants, Mumbai (Firm Registration No. 109463W) and M/s. Shah Khandelwal Jain & Associates, Chartered Accountants, Pune (Firm Registration No. 142740W), as the Joint Statutory Auditors of the Company for a second term of two years to hold office from the conclusion of the 32nd Annual General Meeting till the conclusion of 34th Annual General Meeting.
Further the remuneration to be paid to Joint Statutory Auditors shall be mutually agreed between the Board of Directors and the Statutory Auditors, from time to time.
The notes on the Audited Financial Statements referred to in the Auditor''s Report are self explanatory and hence do not call for any further comments.
The Auditor''s Report does not contain any qualifications, reservations, adverse remarks or disclaimer.
Pursuant to the provisions of Section 148 of the Act read with the Rules framed thereunder, the cost audit records maintained by the Company in respect of its manufacturing activities are required to be audited. Darshan Vora & Co., Cost Accountants carried out the cost audit for applicable businesses during the year.
Based on the recommendation of the Audit Committee, the Board of Directors have appointed Darshan Vora & Co., Cost Accountants as Cost Auditors for the financial year 2023-24. The Company has received a certificate from Darshan Vora & Co., confirming that they are not disqualified from being appointed as the Cost Auditors of the Company.
The remuneration payable to the Cost Auditors is required to be placed before the members in the general meeting for their ratification. Accordingly, a resolution seeking members'' ratification for the remuneration payable to Darshan Vora & Co., Cost Accountants, is included at Item No. 4 of the Notice of the ensuing AGM.
As per Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, the Company is required to maintain cost records and accordingly, such accounts and records are maintained.
The Board had appointed Arun Dash & Associates, Practicing Company Secretaries (Membership No. F9765 & C P No. 9309) as Secretarial Auditor to conduct the Secretarial Audit of the Company for the financial year ended March 31, 2023, as per the provisions of Section 204 of the Act read with Rules framed thereunder. The Secretarial Audit Report in Form MR-3 is given as Annexure - B and forms part of this Report. The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.
Pursuant to the provisions of Regulation 24A of the SEBI Listing Regulations read with SEBI Circulars issued in this regard, the Company has undertaken an audit for the financial year 2022-23 for all applicable compliances as per SEBI Regulations and Circulars/Guidelines issued thereunder. The Annual Secretarial Compliance Report duly signed by Arun Dash & Associates, Practicing Company Secretaries (Membership No. F9765 & C P No. 9309) has been submitted to the Stock Exchanges within 60 days of the end of the Financial Year.
The Annual Return of the Company as on 31st March, 2023 in Form MGT - 7 in accordance with Section 92(3) of the Act read with the Companies (Management and Administration) Rules, 2014, is available on the website of the Company at www.timetechnoplast.com
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed herewith as Annexure - D.
Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed to this Report as Annexure - A.
The statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this report. In terms of Section 136 of the Companies Act, 2013 the Report and Accounts are being sent to the Members and others entitled thereto, excluding the aforesaid information which is available for inspection by the Members at the Corporate Office of the Company during business hours on working days of the Company and any member interested in obtaining such information may write to the Company Secretary and the same will be furnished on request.
PARTICULARS OF EMPLOYEES STOCK OPTION SCHEME (ESOP)
The Stock Options have been granted to the employees under ESOP-2017. The said scheme is in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 as amended from time to time (SEBI Regulations). The details and disclosures with respect to ESOP as required under SEBI Regulations are provided on the website of the Company at www.timetechnoplast.com.
LOANS, GUARANTEES & INVESTMENTS
Pursuant to the provisions of Section 186 of the Act and the rules framed thereunder, the particulars of the loans given, investments made or guarantees given or security provided are given in the Notes to the standalone financial statements.
During the year under review, the Company has not accepted any deposits covered under Chapter V of the Act. Accordingly, no disclosure or reporting is required in respect of details relating to deposits.
DIRECTORS'' RESPONSIBILITY STATEMENT
The Directors confirm that:
a) in the preparation of the Annual Accounts for the year ended March 31, 2023, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
b) they have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profits of the Company for that period;
c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities;
d) they have prepared the annual accounts on a going concern basis;
e) they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and
f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
The Audit Committee comprises of three Directors viz. Mr. M. K. Wadhwa as the Chairman of the Committee, Mr. Sanjaya Kulkarni and Mr. Bharat Kumar Vageria, as the members of the Committee.
During the year under review all the recommendations of the Audit Committee were accepted by the Board. Details of the role and responsibilities of the Audit Committee, the particulars of meetings held and attendance of the Members at such Meetings are given in the Report on Corporate Governance, which forms part of the Annual Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
In line with Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Company has constituted a CSR Committee and adopted a CSR Policy based on the recommendation of the CSR Committee. The CSR Policy of the Company is available on the Company website at www.timetechnoplast.com
The composition of the CSR Committee is disclosed in the Corporate Governance Report which forms part of this Annual Report. The report on CSR activities undertaken during the year by the Company in accordance to the Companies (Corporate Social Responsibility) Rules, 2014 is annexed to this Report at Annexure - C.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review, as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is presented in a separate Section forming part of this Annual Report.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
Regulation 34(2) of the SEBI Listing Regulations, inter-alia, provides that the Annual Report of the top 1000 listed entities based on market capitalisation (calculated as on March 31 of every financial year), shall include a Business Responsibility and Sustainability Report ("BRSR").
The Company, being one of such top 1000 listed entities, has included BRSR for financial year 2022-23, as part of this Annual Report, describing initiatives taken from an environmental, social and governance perspective.
Maintaining high standards of Corporate Governance has been fundamental to the business of the Company since its inception.
As per Regulation 34(3) read with Schedule V of the SEBI Listing Regulations, a separate section on corporate governance practices followed by the Company, together with the declarations/certifications forms an integral part of this Corporate Governance Reporting.
VIGIL MECHANISM/WHISTLE BLOWER''S POLICY
The Company believes in conducting its affairs in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behavior. In order to achieve the same, the Company has formulated a Whistle Blowers'' Policy to provide a secure environment and to encourage all employees and Directors of the Company to report their concerns about unethical behaviour, actual or suspected fraud or violation of the Company''s Code of Conduct. The Policy provides for adequate safeguards against victimization of employees, who avail of the mechanism and provides to employees'' direct access to the Chairman of the Audit Committee. It is affirmed that no personnel of the Company have been denied access to the Audit Committee. The Whistle Blower Policy has been posted on the Website of the Company at www.timetechnoplast.com
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
As per the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("Prevention of Sexual Harassment Act"), the Company has formulated a Policy on Prevention of Sexual Harassment at Workplace for prevention, prohibition and redressal of sexual harassment at workplace and an Internal Complaints Committees has also been set up to redress any such complaints received.
The Company is committed to providing a safe and conducive work environment to all of its employees. The Company periodically conducts sessions for women employees across the organization to build awareness about the Policy and the provisions of Prevention of Sexual Harassment Act.
Detailed disclosure required as per Section 21 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013 is as follows:
Number of complaints of Sexual harassment received in the year |
Nil |
||
Number of complaints disposed off during the year |
Nil |
||
Number of cases pending for more than ninety days |
Nil |
||
Number of workshops or awareness programme against sexual harassment carried out |
3 |
||
Nature of action taken by the employer or district officer |
NA |
The Company recognizes that the emerging and identified risks need to be managed and mitigated to -
* Protect its shareholders and other Stakeholders'' interest
* Achieve its business objectives
* Enable sustain able growth
Pursuant to the requirement of Regulation 21 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies Act, 2013, the Company has a Risk Management Framework in place. The committee ensures that:
* Identified risks are taken prudently so as to plan for the best and be prepared for the worst
* Execution of decided strategies and plan with focus on action
* Unidentified risks like performance, incident, process and transaction risks are avoided, mitigated, transferred (like in insurance) or shared (like through sub-contracting). The probability or impact thereof is reduced through tactical and executive management, policies, processes, inbuilt systems controls, MIS, internal audit reviews etc.
TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)a) Transfer of unclaimed dividend to IEPF
As required under Section 124 of the Act, the Unclaimed Dividend amount aggregating to ? 62,280/- lying with the Company for a period of seven years were transferred during the year 2022-23, to the Investor Education and Protection Fund (IEPF) established by the Central Government.
As required under Section 124 of the Act, 730 equity shares, in respect of which dividend has not been claimed by the members for seven consecutive years or more, have been transferred by the Company to the Investor Education and Protection Fund Authority (IEPF) during the Financial Year 2022-23. Details of shares transferred to IEPF have been uploaded on the website of IEPF as well as the Company.
MATERIAL CHANGES AND COMMITMENT - IF ANY, AFFECTING FINANCIAL POSITION OF THE COMPANY FROM THE END OF THE FINANCIAL YEAR TILL THE DATE OF THIS REPORT
There has been no material change and commitment, affecting the financial performance of the Company which occurred between the end of the Financial Year of the Company to which the financial statements relate and the date of this Report.
There was no instance of fraud reported during the year under review, which required the Statutory Auditors, Cost Auditor or Secretarial Auditor to report the same to the Audit Committee of the Company under Section 143(12) of Act and Rules framed thereunder.
COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.
The Company''s internal control systems are commensurate with the nature of its business and the size and complexity of its operations. These are routinely tested and certified by Statutory as well as Internal Auditors and cover all offices, factories and key business areas. Significant audit observations and follow up actions thereon are reported to the Audit Committee. The Audit Committee reviews adequacy and effectiveness of the Company''s internal control environment and monitors the implementation of audit recommendations, including those relating to strengthening of the Company''s risk management policies and systems.
Based on the report of the Statutory Auditors, the internal financial controls with reference to the financial statements were adequate and operating effectively.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNALS
During the year under review, there have not been any significant or material orders passed by the Regulators/Courts/ Tribunals which will impact the going concern status and operations of the Company in future.
HUMAN RESOURCES AND INDUSTRIAL RELATIONS
The Company takes pride in the commitment, competence and dedication shown by its employees in all areas of its business. The Company considers people as its biggest assets and hence has put in concerted efforts in talent management and succession planning practices, strong performance management and learning, coupled with training initiatives to ensure that it consistently develops inspiring, strong and credible leadership. Apart from continued investment in skill and leadership development of its people, the Company has also focused on employee engagement initiatives and drives aimed at increasing the culture of innovation and collaboration across all strata of the workforce. These are discussed in detail in the Management Discussion and Analysis Report forming part of the Annual Report.
The relations with the employees of the Company have continued to remain cordial.
ENVIRONMENT, HEALTH AND SAFETY
The Company is conscious of the importance of environmentally clean and safe operations. The Company''s policy requires conduct of operations in such a manner so as to ensure safety of all concerned, compliances of environmental regulations and preservation of natural resources.
a. There was no revision of financial statements and Boards'' Report of the Company during the year under review;
b. No application has been made under the Insolvency and Bankruptcy Code; hence the requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year is not applicable;
c. The requirement to disclose the details of difference between amount of the valuation done at the time of onetime settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.
d. Neither the Managing Director nor the Whole Time Directors of the Company receive any remuneration or commission from any of the subsidiary companies. Further the Company doesn''t have any Holding Company;
Statements in this Boards'' Report and Management Discussion and Analysis Report describing the Company''s objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied.
The Directors express their deep sense of gratitude to all employees of the various divisions for their commitment and dedicated efforts. The Directors also record their appreciation for the support and co-operation received from Banks, Financial Institutions, Government Departments and all other stakeholders. Last but not the least, the Directors wish to thank all shareholders for their continued support.
FOR AND ON BEHALF OF THE BOARD FOR TIME TECHNOPLAST LIMITEDBHARAT KUMAR VAGERIA RAGHUPATHY THYAGARAJANDate: May 29, 2023 MANAGING DIRECTOR WHOLE TIME DIRECTOR
Place: Mumbai DIN: 00183629 DIN: 00183305
Mar 31, 2018
To
The Members,
The Directors are pleased to present their Report on your Companyâs business operations along with the Audited Statement of Accounts for the financial year ended March 31, 2018.
FINANCIAL RESULTS:
(Rs. in Mn.)
Particulars |
Standalone |
Consolidated |
|||
2018 |
2017 |
2018 |
2017 |
||
1. |
Revenue from Operations |
18076.88 |
15961.44 |
31027.42 |
27546.12 |
2. |
Profit before Interest, Depreciation & Tax |
2930.00 |
2492.70 |
4752.21 |
4064.61 |
3. |
Interest & Finance Cost |
542.22 |
559.51 |
875.38 |
901.09 |
4. |
Depreciation |
851.95 |
663.75 |
1372.48 |
1154.98 |
5. |
Profit before Tax |
1535.82 |
1269.43 |
2504.34 |
2008.53 |
6. |
Tax Expenses |
402.90 |
320.46 |
651.59 |
494.10 |
7. |
Profit for the Year |
1132.92 |
948.97 |
1852.76 |
1514.43 |
THE YEAR UNDER REVIEW:
Consolidated
Net Revenue from operations for the consolidated entity increased to Rs.31027.42 Mn, as against Rs.27546.12 Mn in the previous year, registered growth of 12.64%. The Net Profit stood at Rs.1852.76 Mn as compared to the previous year Rs.1514.43 Mn showing an increase 22.34%
Standalone:
Net Revenue from operations for the standalone entity increased to Rs.18076.88 Mn, as against Rs.15961.44 Mn in the previous year, registered a growth of 13.25%. The Net Profit stood at Rs.1132.92 Mn as compared to the previous year Rs.948.97 Mn showing increase of 19.38%.
Dividend:
Your Directors are pleased to recommend 80 % Dividend (being Rs.0.80 per share) (Previous Year: 65% - final) on 226,146,750 Equity Shares of Rs.1/- each, subject to the approval by the Shareholders and this will absorb about Rs.218.11 Mn including dividend tax and surcharge thereon. (Previous Year Rs.173.34 Mn)
SHARE CAPITAL:
Company have 226,146,750 equity shares of Rs.1/- each. There were no further issue during the year.
SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES:
A separate statement containing the salient features of financial statements of all subsidiaries of the Company forms a part of consolidated financial statements in compliance with Section 129 and other applicable provisions, if any, of the Companies Act, 2013. In accordance with Section 136 of the Companies Act, 2013, the financial statements of the subsidiary and associate companies are available for inspection by the members at the corporate office of the Company during normal business hours on all the working days upto the date of the Annual General Meeting (AGM).
Pursuant to Section 136 of the Companies Act, 2013 (âthe Actâ), the Company is exempted from attaching to its Annual Report, the Annual Report of the Subsidiary Companies. The Company shall provide the copy of the financial statement of its subsidiary companies to the shareholders upon their request.
The Companyâs policy on material subsidiaries, as approved by the Board, is uploaded on the Companyâs website at the link: https://www.timetechnoplast.com/investor-center/shareholder-center/policies/
RELATED PARTY TRANSACTIONS:
All related party transactions entered into during FY 2017-18 were on an armâs length basis and in the ordinary course of business and were in compliance with the applicable provisions of the Companies Act, 2013 (âthe Actâ) and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (âListing Regulationsâ). Further, there were no transactions with related parties which qualify as material transactions under the Listing Regulations. All transactions with related parties were reviewed and approved by the Audit Committee.
The policy on materiality of related party transactions and dealing with related party transactions as approved by the Board is available on the Companyâs website.
The details of the transactions with related parties are provided in the accompanying financial statements.
DIRECTORS:
A) RETIREMENT BY ROTATION:
In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Companyâs Articles of Association, Mr. Anil Jain (DIN- 00183364), Director of the Company, retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re- appointment for your approval.
The aforesaid re-appointment with a brief profile and other related information of Mr. Anil Jain forms part of the Notice convening the Annual General Meeting and the Directors recommend the said re-appointment for your approval.
B) INDEPENDENT DIRECTORS:
The Company has received declaration from all the Independent Directors of the Company confirming that they fulfill the criteria of independence specified in Section 149 (6) of the Companies Act, 2013 and under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Terms and conditions of appointment of Independent Directors are placed on the website of the Company.
C) NOMINATION AND REMUNERATION POLICY:
The Company has adopted a Policy on Directorsâ appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Section 178 (3) of the Companies Act, 2013. The remuneration paid to the Directors is as per the terms laid out in the Nomination and Remuneration policy of the Company.
D) BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and the SEBI Listing Regulations, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration Committees.
Independent Directors also reviewed the performance of non-independent Directors and the Board as a whole in line with the Companyâs policy on Board Evaluation.
E) NUMBER OF MEETINGS OF THE BOARD:
The Board of Directors of the Company met four (4) times during the previous financial year on 27th May, 2017, 11th August, 2017, 13th November, 2017, and 14th February, 2018. The particulars of attendance of the Directors at the said meetings are detailed in the Corporate Governance Report of the Company, which forms a part of this Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
AUDITORS:
A) STATUTORY AUDITOR:
M/s. Shah & Taparia, Chartered Accountants, Mumbai (Firmâs Regn No. 109463W) and M/s. Shah Khandelwal Jain & Associates, Chartered Accountants, Mumbai (Firmâs Regn No. 142740W) have been the Joint Statutory Auditors of the Company for the period of five years upto the Conclusion of the AGM to be held for year 2021-2022, Subject to ratification by members at every Annual General Meeting of the Company. They have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed thereunder for reappointment as Auditors of the Company.
B) COST AUDITOR:
The Board had appointed Darshan Vora & Co., Cost Accountant, Mumbai (Firm Registration No. 103886) for conducting the audit of Cost Accounting Records maintained by the Company for the Financial year ended 31st March ,2018.
The Board of Directors on recommendation of the Audit Committee, appointed Darshan Vora & Co., Cost Accountant, Mumbai (Firm Registration No. 103886) as the Cost Auditors of the Company to conduct the Audit of the Cost Accounting Records maintained by the Company for the Financial Year commencing from 1st April 2018 under section 148 of the Companies Act, 2013.
The Cost Auditors have confirmed that their appointment is within the limits of section 141(3) (g) of the Companies Act, 2013 and have also certified that they are free from any disqualifications specified under section 141(3) and proviso to section 148(3) read with section 141(4) of the Companies Act, 2013.
The Audit Committee has also received a Certificate from the Cost Auditor certifying their independence and Armâs Length Relationship with the Company.
As per the provisions of the Companies Act, 2013, the remuneration payable to the Cost Auditor is required to be placed before the Members in the ensuing Annual General Meeting for their ratification. Accordingly, a Resolution seeking Membersâ ratification for the remuneration payable to Darshan Vora & Co., Cost Accountant, Mumbai is included in the Notice convening the Annual General Meeting.
C) SECRETARIAL AUDITOR:
In accordance to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Arun Dash & Associates, Practicing Company Secretaries (Membership No. ACS18701 & C P No. 9309) to conduct Secretarial Audit for the financial year 2017-18. The Report of the Secretarial Auditor is annexed hereto as Annexure B. The said Report does not contain any qualification, reservation or adverse remark.
EXTRACT OF ANNUAL RETURN:
The extract of Annual Return as provided under sub-section (3) of section 92 of the Companies Act, 2013 (âthe Actâ) in prescribed Form MGT-9 is enclosed as Annexure A to this report.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, is annexed herewith as Annexure D.
PARTICULARS OF EMPLOYEES:
Information pursuant to Section 197 of the Companies Act 2013 and Rule 5(1) & (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as Annexure E and forms part of this Report.
PARTICULARS OF EMPLOYEES STOCK OPTION SCHEME (ESOS)
The Stock Options have been granted to the employees under ESOP -2017. The said schemes are in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 as amended from time to time (SEBI Regulations). The details and disclosures with respect to ESOS/ ESPS as required under SEBI Regulations are provided on the website of the Company and web link for the same is http://www.timetechnoplast.com
LOANS, GUARANTEES & INVESTMENTS:
The particulars of loans, guarantees and investments have been disclosed in the financial statements.
PUBLIC DEPOSITS:
The Company has not accepted any deposit from the Public during the year under review, under the provisions of the Companies Act, 2013 and the rules framed thereunder.
DIRECTORSâ RESPONSIBILITY STATEMENT:
The Directors hereby confirm:
a) that in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.
b) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period.
c) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
d) that the Directors have prepared the annual accounts on a going concern basis.
e) that the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively.
f) that the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
AUDIT COMMITTEE COMPOSITION:
The details pertaining to composition of Audit Committee are included in the Corporate Governance Report which forms a part of this Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES:
The Company has constituted a CSR Committee and adopted a CSR Policy pursuant to the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, based on the recommendations of the CSR Committee. The CSR Policy is available on the website of the Company.
The composition of the CSR Committee is disclosed in the Corporate Governance Report which forms part of this Annual Report. The report on CSR activities undertaken by the Company in accordance to the Companies (Corporate Social Responsibility) Rules, 2014 is annexed to this Report at Annexure C.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management Discussion and Analysis Report for the year under review, as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is presented in a separate Section forming part of this Annual Report.
CORPORATE GOVERNANCE:
The Companyâs philosophy is based on the values of transparency, customer satisfaction, integrity, professionalism and accountability. The Company adheres to corporate culture of integrity and consciousness. Corporate Governance is a journey for constantly improving sustainable value creation.
As required under the provisions of Regulation 34(3) read with Schedule V of the SEBI Listing Regulations, a separate report on Corporate Governance forms part of this Annual Report, together with a Certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance.
VIGIL MECHANISM-WHISTLE BLOWERâS POLICY:
The Company believes in conducting its affairs in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behavior. In order to achieve the same, the Company has formulated a Whistle Blowersâ Policy to provide a secure environment and to encourage all employees and Directors of the Company, shareholders, customers, vendors and/or third party intermediaries to report unethical, unlawful or improper practices, acts or activities in the Company and to prohibit managerial personnel from taking any adverse action against those employees who report such practices in good faith. The Policy has been uploaded on the website of the Company.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on prevention, prohibition and redressal of sexual harassment at workplace. Detailed disclosure required as per Section 21 of the Sexual Harassment of Women at Workplace (Prevention and Redressal) Act 2013.
During the year under review, no cases filed pursuant to Sexual harassment of women at workplace.
RISK MANAGEMENT POLICY:
The Company is committed to high standards of business conduct and good risk management to:
- Protect the Companyâs assets
- Safeguard shareholder investment
- Avoid major surprises relating to overall control environment
- Achieve sustainable business growth
- Ensure compliance with applicable legal and regulatory requirements.
The Board has adopted a policy on risk management to mitigate inherent risks and help accomplish the growth plans of the Company. Accordingly, various potential risks relevant to the Company has been identified by the Audit Committee. The Board reviews the same periodically and suggests measures to mitigate and control these risks.
MATERIAL CHANGES AND COMMITMENTS, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR & THE DATE OF REPORT:
There have not been any material changes/commitments affecting the financial position of the Company from the end of the financial year till the date of this Report.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:
The Board of Directors has adopted a policy on Internal Financial Controls to ensure orderly and efficient conduct of the business of the Company including the Companyâs policies. The said Policy is adequate and is operating effectively.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND THE COMPANYâS OPERATIONS IN FUTURE:
During the year under review, there have not been any significant and material orders passed by the Regulators/Courts/ Tribunals which will impact the going concern status and operations of the Company in future.
ACKNOWLEDGEMENTS:
The Directors express their appreciation to all employees of the various divisions for their diligence and contribution to performance. The Directors also record their appreciation for the support and co-operation received from Banks, Financial Institutions, Government Departments and all other stakeholders. Last but not the least, the Directors wish to thank all shareholders for their continued support.
FOR AND ON BEHALF OF THE BOARD
ANIL JAIN BHARAT VAGERIA
DATE: 24th May, 2018 MANAGING DIRECTOR DIRECTOR- FINANCE
PLACE: MUMBAI DIN-00183364 DIN- 00183629
Mar 31, 2017
To
The Members,
The Directors are pleased to present their Report on your Company''s business operations along with the Audited Statement of Accounts for the financial year ended March 31, 2017.
FINANCIAL RESULTS:
(Rs,in Mn.)
Particulars |
Standalone |
Consolidated |
|||
2017 |
2016 |
2017 |
2016 |
||
1. |
Revenue from Operations |
15961.44 |
13670.34 |
27546.12 |
24227.39 |
2. |
Profit before Interest, Depreciation & Tax |
2492.70 |
2468.98 |
4064.61 |
3499.61 |
3. |
Interest & Finance Cost |
559.51 |
620.69 |
901.09 |
962.27 |
4. |
Depreciation |
663.75 |
548.48 |
1154.98 |
988.34 |
5. |
Profit before Tax |
1269.43 |
1299.81 |
2008.53 |
1548.99 |
6. |
Tax Expenses |
320.46 |
309.62 |
494.10 |
325.54 |
7. |
PAT Before Extraordinary item/ Discontinued operations |
948.97 |
650.43 |
1471.02 |
1186.03 |
8. |
PAT After Extraordinary item/ Discontinued operations |
948.97 |
990.19 |
1471.02 |
1381.29 |
THE YEAR UNDER REVIEW:
Consolidated
Net Revenue from operations for the consolidated entity increased to Rs, 27546.12 Mn, as against Rs, 24227.39 Mn in the previous year, registered growth of 13.69%. The Net Profit stood at Rs, 1471.02 Mn as compared to the previous year Rs, 1186.03 Mn showing an increase of 24.03%.
Standalone:
Net Revenue from operations for the standalone entity increased to Rs, 15961.44 Mn, as against Rs, 13670.34 Mn in the previous year, registered a growth of 16.76%. The Net Profit stood at Rs, 948.97 Mn as compared to the previous year Rs, 650.43 Mn showing increase of 45.90%.
Dividend:
Your Directors are pleased to recommend 65% Dividend (being Rs, 0.65 per share) (Previous Year : 55% - final) on 226,146,750 Equity Shares of Rs, 1/- each, subject to the approval by the Shareholders and this will absorb about 176.92 Mn including dividend tax and surcharge thereon (Previous year : Rs, 139.09 Mn).
SHARE CAPITAL:
Issue of Equity Shares on Preferential basis to Non-Promoter:
During the year under review, the Company has allotted 16,029,000 Equity shares of Re. 1 each for cash at a price of Rs, 93.58/- per Issue Share aggregating up to Rs, 149,99,93,820/-, including premium of Rs, 92.58/- per Issue Share on a preferential basis to NTAsian Discovery India Fund (Non-Promoter - Foreign Bodies Corporate).
SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES:
A separate statement containing the salient features of financial statements of all subsidiaries of the Company forms a part of consolidated financial statements in compliance with Section 129 and other applicable provisions, if any, of the Companies Act, 2013. In accordance with Section 136 of the Companies Act, 2013, the financial statements of the subsidiary, Joint Venture and associate companies are available for inspection by the members at the corporate office of the Company during normal business hours on all the working days up to the date of the Annual General Meeting (AGM).
Pursuant to Section 136 of the Companies Act, 2013 ("the Actâ), the Company is exempted from attaching to its Annual Report, the Annual Report of the Subsidiary Companies. The Company shall provide the copy of the financial statement of its subsidiary companies to the shareholders upon their request.
The Company''s policy on material subsidiaries, as approved by the Board, is uploaded on the Company''s website at the link:
http://www.timetechnoplast.com/pdf/Policy-on-Policy-for-Determining-Material-Subsidiaries.pdf
RELATED PARTY TRANSACTIONS:
All related party transactions entered into during FY 2016-17 were on an arm''s length basis and in the ordinary course of business and were in compliance with the applicable provisions of the Companies Act, 2013 (''the Act'') and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (''Listing Regulations''). Further, there were no transactions with related parties which qualify as material transactions under the Listing Regulations. All transactions with related parties were reviewed and approved by the Audit Committee.
The policy on materiality of related party transactions and dealing with related party transactions as approved by the Board is available on the Company''s website. There are no transactions to be reported in Form AOC-2.
The details of the transactions with related parties are provided in the accompanying financial statements.
EXTRAORDINARY GENERAL MEETING (EGM):
During the year under review, EGM of the Company was held on Saturday, 7th January, 2017 at 12.30 PM at Hotel Mirasol, Kadaiya Village, Daman (U.T.) - 396210. Members of the Company have passed the Special Resolution for further issue of equity shares on Preferential Basis to Non-Promoter.
SHIFTING OF REGISTERED OFFICE OF THE COMPANY
For administrative convince, Company has shifted its registered office within Daman at 101, 1st Floor , Centre Point, Somnath Daman Road, Somnath, Dabhel, Nani Daman, Daman UT - 396210.
DIRECTORS:
A) RETIREMENT BY ROTATION:
In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Company''s Articles of Association, Mr. Naveen Jain (DIN- 00183948), Director of the Company, retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re- appointment for your approval.
The aforesaid re-appointment with a brief profile and other related information of Mr. Naveen Jain forms part of the Notice convening the Annual General Meeting and the Directors recommend the said re-appointment for your approval.
B) INDEPENDENT DIRECTORS:
The Company has received declaration from all the Independent Directors of the Company confirming that they fulfill the criteria of independence specified in Section 149 (6) of the Companies Act, 2013 and under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Terms and conditions of appointment of Independent Directors are placed on the website of the Company.
C) NOMINATION AND REMUNERATION POLICY:
The Company has adopted a Policy on Directors'' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Section 178 (3) of the Companies Act, 2013. The remuneration paid to the Directors is as per the terms laid out in the Nomination and Remuneration policy of the Company.
D) BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and the SEBI Listing Regulations, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration Committees.
Independent Directors also reviewed the performance of non-independent Directors and the Board as a whole in line with the Company''s policy on Board Evaluation.
E) NUMBER OF MEETINGS OF THE BOARD:
The Board of Directors of the Company met five (5) times during the previous financial year on 28th May, 2016, 11th August, 2016, 12th November, 2016, 13th December, 2016 and 11th February, 2017. The particulars of attendance of the Directors at the said meetings are detailed in the Corporate Governance Report of the Company, which forms a part of this Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
AUDITORS:
A) STATUTORY AUDITOR:
M/s. Raman S. Shah & Associates, Chartered Accountants, Mumbai (Firm''s Regn No. 119891W), have been the Statutory Auditor from the inception of the Company. M/s. Raman S. Shah & Associates were appointed as Statutory Auditors of the Company for the period of three years, up to the conclusion of this ensuing AGM, in accordance with Section 139 and other applicable provisions, If any, of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment(s) therefore for the time being in force).
The Board places on records, its appreciation for the Contribution of M/s. Raman S. Shah & Associates, Chartered Accountants, during their tenure as a Statutory Auditor of the Company.
The Auditors'' Report for the year ended March 31, 2017 does not contain any qualification, reservation or adverse remark. The Board of Directors of the Company has appointed Shah & Taparia and Shah Khandelwal Jain & Associates, Chartered Accountants, as Joint Statutory Auditors of the Company for the period of five years subject to approval of the members in this ensuing AGM, in place of the existing Statutory Auditors Raman S. Shah & Associates, in compliance with mandatory rotation of Statutory Auditors as per the provisions of Section 139 of the Companies Act, 2013.
The Company has received written consent(s) and the certificate(s) of eligibility in accordance with Section 139, 141 and other applicable provisions.
B) COST AUDITOR:
The Board had appointed Darshan Vora & Co., Cost Accountant, Mumbai (Firm Registration No. 103886) for conducting the audit of Cost Accounting Records maintained by the Company for the Financial year ended 31st March ,2017.
The Board of Directors on recommendation of the Audit Committee, reappointed Darshan Vora & Co., Cost Accountant, Mumbai (Firm Registration No. 103886) as the Cost Auditors of the Company to conduct the Audit of the Cost Accounting Records maintained by the Company for the Financial Year commencing from 1st April 2017 under section 148 of the Companies Act, 2013.
The Cost Auditors have confirmed that their appointment is within the limits of section 141(3) (g) of the Companies Act, 2013 and have also certified that they are free from any disqualifications specified under section 141(3) and proviso to section 148(3) read with section 141(4) of the Companies Act, 2013.
The Audit Committee has also received a Certificate from the Cost Auditor certifying their independence and Arm''s Length Relationship with the Company.
As per the provisions of the Companies Act, 2013, the remuneration payable to the Cost Auditor is required to be placed before the Members in the ensuing Annual General Meeting for their ratification. Accordingly, a Resolution seeking Members'' ratification for the remuneration payable to Darshan Vora & Co., Cost Accountant, Mumbai is included in the Notice convening the Annual General Meeting.
C) SECRETARIAL AUDITOR:
In accordance to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Arun Dash & Associates, Practicing Company Secretaries (Membership No. 18701 & C P No. 9309) to conduct Secretarial Audit for the financial year 2016-17. The Report of the Secretarial Auditor is annexed hereto as Annexure B. The said Report does not contain any qualification, reservation or adverse remark.
EXTRACT OF ANNUAL RETURN:
The extract of Annual Return as provided under sub-section (3) of section 92 of the Companies Act, 2013 (''the Act'') in prescribed Form MGT-9 is enclosed as Annexure A to this report.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, is annexed herewith as Annexure D.
PARTICULARS OF EMPLOYEES:
Information pursuant to Section 197 of the Companies Act 2013 and Rule 5(1) & (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as Annexure E and forms part of this Report. LOANS, GUARANTEES & INVESTMENTS:
The particulars of loans, guarantees and investments have been disclosed in the financial statements.
PUBLIC DEPOSITS:
The Company has not accepted any deposit from the Public during the year under review, under the provisions of the Companies Act, 2013 and the rules framed there under.
DIRECTORS'' RESPONSIBILITY STATEMENT:
The Directors hereby confirm:
a) that in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.
b) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period.
c) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
d) that the Directors have prepared the annual accounts on a going concern basis.
e) that the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively.
f) that the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
AUDIT COMMITTEE COMPOSITION:
The details pertaining to composition of Audit Committee are included in the Corporate Governance Report which forms a part of this Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES:
The Company has constituted a CSR Committee and adopted a CSR Policy pursuant to the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, based on the recommendations of the CSR Committee. The CSR Policy is available on the website of the Company.
The composition of the CSR Committee is disclosed in the Corporate Governance Report which forms part of this Annual Report. The report on CSR activities undertaken by the Company in accordance to the Companies (Corporate Social Responsibility) Rules, 2014 is annexed to this Report at Annexure C.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management Discussion and Analysis Report for the year under review, as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is presented in a separate Section forming part of this Annual Report. CORPORATE GOVERNANCE:
The Company''s philosophy is based on the values of transparency, customer satisfaction, integrity, professionalism and accountability. The Company adheres to corporate culture of integrity and consciousness. Corporate Governance is a journey for constantly improving sustainable value creation.
As required under the provisions of Regulation 34(3) read with Schedule V of the SEBI Listing Regulations, a separate report on Corporate Governance forms part of this Annual Report, together with a Certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance.
VIGIL MECHANISM-WHISTLE BLOWER''S POLICY:
The Company believes in conducting its affairs in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behavior. In order to achieve the same, the Company has formulated a Whistle Blowers'' Policy to provide a secure environment and to encourage all employees and Directors of the Company, shareholders, customers, vendors and/or third party intermediaries to report unethical, unlawful or improper practices, acts or activities in the Company and to prohibit managerial personnel from taking any adverse action against those employees who report such practices in good faith. The Policy has been uploaded on the website of the Company.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on prevention, prohibition and redressal of sexual harassment at workplace. Detailed disclosure required as per Section 21 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013 is as follows:
Number of complaints of Sexual harassment received in the year |
Nil |
Number of complaints disposed off during the year |
Nil |
Number of cases pending for more than ninety days |
Nil |
Number of workshops or awareness programme against sexual harassment carried out |
2 |
Nature of action taken by the employer or district officer |
NA |
RISK MANAGEMENT POLICY:
The Company is committed to high standards of business conduct and good risk management to:
- Protect the Company''s assets
- Safeguard shareholder investment
- Avoid major surprises relating to overall control environment
- Achieve sustainable business growth
- Ensure compliance with applicable legal and regulatory requirements.
The Board has adopted a policy on risk management to mitigate inherent risks and help accomplish the growth plans of the Company. Accordingly, various potential risks relevant to the Company has been identified by the Audit Committee. The Board reviews the same periodically and suggests measures to mitigate and control these risks.
MATERIAL CHANGES AND COMMITMENTS, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR & THE DATE OF REPORT:
There have not been any material changes/commitments affecting the financial position of the Company from the end of the financial year till the date of this Report.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:
The Board of Directors has adopted a policy on Internal Financial Controls to ensure orderly and efficient conduct of the business of the Company including the Company''s policies. The said Policy is adequate and is operating effectively.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND THE COMPANY''S OPERATIONS IN FUTURE:
During the year under review, there have not been any significant and material orders passed by the Regulators/Courts/ Tribunals which will impact the going concern status and operations of the Company in future.
ACKNOWLEDGEMENTS:
The Directors express their appreciation to all employees of the various divisions for their diligence and contribution to performance. The Directors also record their appreciation for the support and co-operation received from Banks, Financial Institutions, Government Departments and all other stakeholders. Last but not the least, the Directors wish to thank all shareholders for their continued support.
FOR AND ON BEHALF OF THE BOARD
ANIL JAIN BHARAT VAGERIA
DATE: 27.05.2017 MANAGING DIRECTOR DIRECTOR- FINANCE
PLACE: MUMBAI DIN-00183364 DIN- 00183629
Mar 31, 2016
To
The Members,
The Directors are pleased to present their Report on your company''s business operations along with the Audited Statement of Accounts for the financial year ended March 31, 2016.
FINANCIAL RESULTS:
(Rs. in Mn.)
Particulars |
Standalone |
Consolidated |
||||
2016 |
2015 |
2016 |
2015 |
|||
Gross Income from Sales |
15,594.47 |
14,867.18 |
26,407.32 |
26,381.57 |
||
ii |
Net Income from Sales |
14,072.78 |
13,430.84 |
24,720.78 |
24,761.30 |
|
iii |
Profit before Interest, Depreciation & Tax |
2,470.28 |
2,030.04 |
3,501.01 |
3,421.46 |
|
v |
Interest & Finance Cost |
620.69 |
649.13 |
962.27 |
1,042.95 |
|
v |
Depreciation |
548.48 |
440.87 |
988.34 |
874.70 |
|
vi |
Profit before Tax |
1,301.11 |
940.04 |
1,550.40 |
1,503.81 |
|
vii |
Tax Expenses |
309.62 |
239.30 |
325.54 |
372.31 |
|
viii |
Minority Interest |
- |
- |
37.42 |
35.42 |
|
ix |
Net Profit for the Year |
991.50 |
700.74 |
1,382.69 |
1,096.09 |
THE YEAR UNDER REVIEW:
Consolidated
Gross sales and other income for the consolidated entity increased to Rs. 26,407.32 Mn, as against Rs. 26,381.57 Mn in the previous year, registered growth of 0.10% .The Net Profit stood at Rs. 1,382.69 Mn as compared to the previous year Rs. 1,096.09 Mn showing an increase of 26.15%.
Standalone:
Gross sales and other income for the standalone entity increased to Rs. 15,594.47 Mn, as against Rs. 14,867.18 Mn in the previous year, registered a growth of 4.90%. The Net Profit stood at Rs. 991.50 Mn as compared to the previous year Rs. 700.74 Mn showing an increase of 41.49%.
Dividend:
Your Directors are pleased to recommend 55% Dividend (being Rs. 0.55 per share) (Previous Year : 50% - final) on 210,117,750 Equity Shares of Rs. 1/- each, subject to the approval by the Shareholders and this will absorb about 139.09 Mn including dividend tax and surcharge thereon (Previous year : Rs. 126.45 Mn).
Reserves:
The Board of Directors proposes to transfer Rs. 135 Mn to Reserves (Previous year Rs. 135 Mn).
Directors:
In accordance with the provisions of the Companies Act, 2013, Mr. Raghupathy Thyagarajan (DIN- 00183305) retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for reappointment.
On the recommendation of the Nomination and Remuneration Committee, Mr. Praveen Kumar Agarwal (DIN 07294581) was appointed as an Additional Independent Director of the Company with effect from 13th February, 2016. In accordance with Section 161 of the Act, Mr. Praveen Kumar Agarwal holds office upto the date of the forthcoming AGM of the Company and being eligible, offer his candidature for appointment as Director. Your approval for his appointment as Director has been sought in the Notice convening the forthcoming AGM of the Company.
On the recommendation of the Nomination and Remuneration Committee, Ms. Triveni Makhijani (DIN 07284192) was appointed as an Additional Independent Director of the Company with effect from 13th February, 2016. In accordance with Section 161 of the Act, Ms. Triveni Makhijani holds office upto the date of the forthcoming AGM of the Company and being eligible, offer his candidature for appointment as Director. Your approval for his appointment as Director has been sought in the Notice convening the forthcoming AGM of the Company.
Mr. Kartik Parija (DIN- 00177115) was appointed as an Independent Director of the Company for the period of 5 years up to 28th September, 2019. Mr. Parija resigned as director effective close of business on 13th February, 2016. Your Directors wish to place on record their appreciation for the valuable contribution made by Mr. Parija during his tenure as Independent Director.
Ms. Monika Srivastava (DIN- 02055547) was appointed as (Non Executive Woman Director) in the Annual General Meeting of the Company held on 29th September, 2014. Ms. Srivastava resigned as director effective close of business on 13th February, 2016. Your Directors wish to place on record their appreciation for the valuable contribution made by Ms. Srivastava.
Subsidiaries, Associates and Joint Ventures:
The Company has Subsidiaries and Joint Venture Companies. As per sub-section (3) of Section 129 of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing salient features of the financial statements and performance of the Company''s subsidiaries, associate company and joint ventures for the year ended March 31, 2016, is included as per the prescribed format in this Annual Report.
During the year, following structural changes are undertaking by the Company.
a) During the year, company has disinvested its entire holding of Novotech S.p z.o.o., Poland and its subsidiary Grass Tech SRL, Romania.
b) The Company has discontinued manufacturing operation in South Korea and North China.
c) The Company also sold 50% equity of Joint Venture Company Guangzhou Fanshun Elan Plastech Co. Ltd., South China and acquired balance 50% equity in Joint Venture Company Nile Egypt Plastech Industries S.A.E., Egypt.
Pursuant to Section 136 of the Companies Act, 2013 ("the Actâ), the Company is exempted from attaching to its Annual Report, the Annual Report of the Subsidiary Companies. The Company shall provide the copy of the financial statement of its subsidiary companies to the shareholders upon their request.
The Company''s policy on material subsidiaries, as approved by the Board, is uploaded on the Company''s website at the link: http://www.timetechnoplast.com/pdf/Policy-on-Policy-for-Determining-Material-Subsidiaries.pdf
The financial statement of the subsidiary company is kept open for inspection by the shareholders at the Corporate Office of the Company. The Company shall provide the copy of the financial statement of its subsidiary company to the shareholders upon their request.
Policy on Directors Appointment and Remuneration:
For the purpose of selection of any Director, the Nomination & Remuneration Committee identifies persons of integrity who possess relevant expertise, experience and leadership qualities required for the position and also takes into consideration recommendation, if any, received from any member of the Board.
The Committee also ensures that the incumbent fulfills such other criteria with regard to age and other qualifications as laid down under the Companies Act, 2013 or other applicable laws.
Number of Meetings of the Board:
The Board of Directors of the Company met four times during the previous financial year on 30th May, 2015, 12th August, 2015, 13th November, 2015 and 13th February, 2016. The particulars of attendance of the Directors at the said meetings are detailed in the Corporate Governance Report of the Company, which forms a part of this Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
Board Evaluation:
Pursuant to the provisions of the Companies Act, 2013 and the SEBI Listing Regulations, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration Committees.
Independent Directors also reviewed the performance of non-independent Directors and the Board as a whole in line with the Company''s policy on Board Evaluation.
Auditors:
Statutory Auditor
The Company''s Auditors, M/s. Raman S. Shah & Associates, Chartered Accountants, Mumbai (Firm''s Regn No. 119891W), were appointed as the Statutory Auditors of the Company for a period of three years, up to the conclusion of the AGM to be held for F.Y. 2016-17, subject to ratification by members at every Annual General Meeting of the Company. They have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed there under for reappointment as Auditors of the Company. M/s. Raman S. Shah & Associates have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.
Cost Auditor
Pursuant to Section 148 of the Companies Act, 2013 read with The Companies (Cost Records and Audit) Rules, 2014, as amended from time to time the cost audit records maintained by the Company is required to be audited. In the previous AGM of the Company, members had appointed M/s. C.G. Pampat & Co. as cost auditor for the F.Y. 2015-16. However, consequent to the casual vacancy caused by the sudden death of Mr. Chandrakant G. Pampat, Board of Directors had appointed M/s Darshan Vora & Co., Cost Accountant, as Cost Auditor of the Company to fill the Casual Vacancy for the F.Y. 2015-16.
Your directors had, on the recommendation of audit committee appointed M/s Darshan Vora & Co., Cost Accountant, as Cost Auditor of the Company for the financial year 2016-17. The members will be required to ratify the remuneration proposed to be paid to cost auditor in terms of relevant provisions of the Companies Act, 2013.
Secretarial Auditor
Pursuant to the provisions of Section 204 of the Companies Act, 2013, and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Arun Dash & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Report of the Secretarial Auditor is annexed herewith as "Annexure B". The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.
Statutory Auditorsâ Report:
The Auditors'' Report for the year ended March 31, 2016 does not contain any qualification, reservation or adverse remark. Loans, Guarantees & Investments:
The particulars of loans, guarantees and investments have been disclosed in the financial statements.
Related Party Transactions:
All related party transactions entered into during FY 2015-16 were on an arm''s length basis and in the ordinary course of business and were in compliance with the applicable provisions of the Companies Act, 2013 (''the Act'') and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (''Listing Regulations''). Further, there were no transactions with related parties which qualify as material transactions under the Listing Regulations. All transactions with related parties were reviewed and approved by the Audit Committee.
The policy on materiality of related party transactions and dealing with related party transactions as approved by the Board is available on the Company''s website. There are no transactions to be reported in Form AOC-2.
The details of the transactions with related parties are provided in the accompanying financial statements.
Material Changes:
There is No Material Changes affecting the financial position of the company which have occurred between the end of the financial year of the company to which this financial statement relate on the date of this report.
Risk Management:
The risk management includes identifying types of risks and its assessment, risk handling and monitoring and reporting. Your Company follows well-established and detailed risk assessment and minimization procedures, which are periodically reviewed by the Board. The Company''s Risk Management Policy has been developed to include various categories such as Human Resources, Financial, Business Processes and Systems, Corporate Governance, Compliance and Information Security.
A detailed exercise has been carried out to identify, evaluate, manage and monitor the risks which shall help the Company to take pro-active decisions and avoid all financial implications. The Board periodically reviews the risks and suggests steps to be taken to control and mitigate the same through a properly defined framework.
Audit Committee Composition:
The details pertaining to composition of Audit Committee are included in the Corporate Governance Report which forms a part of this Report.
Corporate Social Responsibility:
In compliance with the requirements of section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility) Rules, 2014, the Board of Directors have constituted a Corporate Social Responsibility Committee. Details of the CSR contribution spent by the Company for the F.Y. 2015-16 is provided in the CSR report which is annexed herewith as "Annexure C".
Directorsâ Responsibility Statement:
Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory, cost and secretarial auditors and external consultant(s), including audit of internal financial controls over financial reporting by the statutory auditors and the reviews performed by Management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the Company''s internal financial controls were adequate and effective during the FY 2015-16.
Accordingly, pursuant to Section 134(5) of the Act, the Board of Directors, to the best of their knowledge and ability, confirm that:
a) In the preparation of the annual accounts for the financial year ended 31st March 2016, the applicable accounting standards have been followed along with proper explanation relating to material departures;
b) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March 2016 and of the loss of the Company for the year ended on that date;
c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) The Directors have prepared the annual accounts on a going concern basis; and
e) The Directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.
f) The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
Corporate Governance:
The Company''s philosophy is based on the values of transparency, customer satisfaction, integrity, professionalism and accountability. The Company adheres to corporate culture of integrity and consciousness. Corporate Governance is a journey for constantly improving sustainable value creation.
As required under the provisions of Regulation 34(3) read with Schedule V of the SEBI Listing Regulations, a separate report on Corporate Governance forms part of this Annual Report, together with a Certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance.
Management Discussion and Analysis:
In terms of the provisions of Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (hereinafter referred to as ''SEBI Listing Regulations''), the management''s discussion and analysis is set out in this Annual Report.
Public Deposits:
The Company has not accepted any deposit from the Public during the year under review, under the provisions of the Companies Act, 2013 and the rules framed there under.
Whistle Blower Policy:
To create enduring value for all stakeholders and ensure the highest level of honesty, integrity and ethical behaviour in all its operations, the company has formulated a Vigil Mechanism/ Whistle Blower Policy. This Policy aspires to encourage all employees to report suspected or actual occurrence(s) of illegal, unethical or inappropriate events (behaviors or practices) that affect Company''s interest / image. The Policy is available on the website of the Company.
Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:
The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on prevention, prohibition and redressal of sexual harassment at workplace. Detailed disclosure required as per Section 21 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013 is as follows:
Number of complaints of Sexual harassment received in the year |
NIL |
Number of complaints disposed off during the year |
N.A. |
Number of cases pending for more than ninety days |
N.A. |
Number of workshops or awareness programme against sexual harassment carried out |
NIL |
Nature of action taken by the employer or district officer |
N.A. |
Conservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo:
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, is annexed herewith as "Annexure D".
Extract of Annual Return:
The extract of Annual Return as provided under sub-section (3) of section 92 of the Companies Act, 2013 (''the Act'') in prescribed Form MGT-9 is enclosed as Annexure "A" to this report.
Acknowledgements:
The Directors express their appreciation to all employees of the various divisions for their diligence and contribution to performance. The Directors also record their appreciation for the support and co-operation received from Banks, Financial Institutions, Government Departments and all other stakeholders. Last but not the least, the Directors wish to thank all shareholders for their continued support.
For and on behalf of the Board
ANIL JAIN BHARAT VAGERIA
Place : Mumbai MANAGING DIRECTOR DIRECTOR- Finance
Date : 28.05.2016 DIN-00183364 DIN- 00183629
Mar 31, 2014
Dear Members,
The Directors are pleased to present their Report on your companys
business operations aIongwith the Audited Statement of Accounts for the
financial year ended March 31.2014.
Financial Results:
(RS.in Mn )
Particulars Standalone Consolidated
2014 2013 2014 2013
i: Gross Income from Sales 13507.96 11807.76 23683.99 19563.48
ii Net Income from Sales 12180.26 10665.58 21863.07 17974.08
iii Other Income 234.85 43.04 60.01 52.57
iv Totat lncome 12415.11 10708.62 21923.08 18026.65
v Operating Expenditure 10348.26 8725.61 18788.09 15057.60
vi Profit before interest,
Depreciations. Tax 2066.85 1983.01 3142.99 2969.05
vii Interest 413.97 563.91 989.78 885.76
viii Depreciation 439.80 402.44 869.27 674.95
ix Profit before Tax 1013.08 1016.65 1283.94 1408.34
X Tax Expenses 209.70 261.19 295.61 341.04
Xi Minority Interest and
shares of Loss/Profit) - - 34.06 32.58
of Associates
Xii Net Profit for the Year 803.38 755.46 954.27 1034.72
Xiii Balance brought forward
from previous year 4557.52 4022.03 5596.01 4793.82
Xiv Provision for taxation
of earlier years 14.44 (25.65) 11.58 (24.40)
Xv Amount Available for
Appropriation 5346.45 4803.14 653B.03 5852.94
a. Proposed Dividend 94.55 94.55 98.45 98.45
b. Tax on Oividend 16.07 16.07 16.73 16.73
c Transfer to General
Reserves 135.00 135.00 142.42 141.75
d. Balance carried to Balance
Sheet 5100.83 4557.52 6281.09 5596.01
THEYEAR UNDER REVIEW;
Consolidated
Gross sales and other income for the consolidated entity increased to Rs.
23483.99 Mn. as against Rs. 19563,48 Mn in the previous year, registered
an impressive growth of 21.06% .The Nel Profit stood at Rs. 954.27 Mn as
compared to the previous yearRs. 1034.72 Mn showing a decrease of 7.77X.
Standalone
Gross sales and other income for Ihe standalone entity increased to *
13507.96 Mn. as against Rs. 11B07.76 Mn in the previous year, registered
a growth of 14.39%. The Net Prof itatRs. 803.38 Mnas against Rs. 755.46 Mn
represents an increase of 634°; as compared to the previous year.
DIVIDEND:
Your Directors are pleased to recommend 45% Dividend (being Rs. 0.45 per
share] (Previous Year : 45% - final] on 210,117,750 Equity Shares of Rs.
1/- each, subject to the approval by the Shareholders and this will
absorb about Rs.110.62 Mn including dividend tax and surcharge thereon
(Previous year : Rs. 110.62 Mn].
MANAGEMENT''S DISCUSSION & ANALYSIS REPORT:
A detailed review of the progress of the Company and the future outlook
of the Company and its business, as stipulated under clause 49 of the
Listing Agreement with the Stock Exchanges, is presented in a separate
section forming part of the Annual Report.
DIRECTORS:
Mr. Hans- Dieter von Meibom tendered his resignation as director of the
Company w.e.f. 28.01.2014.The Board of Directors wish to place on
record their appreciation for the valuable guidance during his tenure
as Director of the Company.
The Companies Act, 2013 provides for appointment of independent
directors. Sub-section (10] of Section 149 of the Companies Act, 2013
(effective April 1, 2014] provides that independent directors shall
hold office for a term of upto five Consecutive years on the Board of a
company and shall be eligible for re-appointment on passing a special
resolution by the share holders of the company.
Pursuant to Section 149 and Section 152 of the Companies Act 2013 read
with the Companies (Appointment and Qualification of Directors] Rules,
2014, Mr. K. N. Venkatasubramanian, Mr. Sanjaya Kulkarni, Mr. M.K.
Wadhwa and Mr. Kartik Parija retire at the forthcoming Annual General
Meeting of the Company and are eligible for appointment for a term of
five consecutive years as Independent Directors in accordance with the
Companies Act 2013.
In order to give effect to the applicable provisions of Sec 149 and Sec
152 of the Act, it is proposed that these directors be appointed as
Independent Directors, to hold office for five consecutive years, w.e.f
the date of the forthcoming AGM and they shall not be liable to retire
by rotation.
Mr. Naveen Jain, Director of the Company retires by rotation and being
eligible; offer themselves for reappointment at the ensuing Annual
General Meeting.
Mr. Bharat Vageria, Whole time Director was appointed as Chief
Financial Officer of the Company as required under Sec 203 of the
Companies Act 2013 w.e.f 29th May 2014.
CONSTITUTIONS OF BOARD COMMITTEES/ REDEFINING THEIR ROLES:
The role, powers and terms of reference of the Audit Committee were
revised w.e.f. 29th May 2014, so as to align it with the requirements
of Revised clause 49 of the Listing Agreement as well as provisions of
Sec 1 77 of the Companies Act, 2013.
The Shareholders''/Investors'' Grievance Committee constituted by the
Board was renamed as Stakeholders Relationship Committee on 29th May
2014 and its scope was enhanced to align it with the scope and powers
as set out in Sec 1 78 of the Companies Act 2013.
The Remuneration Committee constituted by the Board was renamed as
Nomination and Remuneration Committee on 29th May 2014 and its scope
was enhanced to align it with the scope and powers as set out in Sec 1
78 of the Companies Act 2013 and the Amended Clause 49 of the Listing
Agreement. In order to meet the requirements of the Companies Act 2013,
Mr. Sanjaya Kulkarni was appointed as Chairman of the Committee in
place of Mr. K. N. Venkatasubramanian w.e.f 29th May 2014.
The Corporate Social Responsibility Committee was constituted on 29th
May 2014 in accordance with the Sec 135 of the Companies Act 2013 to
formulate and recommend to the Board of directors, the CSR Policy and
to indicate the activities to be undertaken by the Company to meet the
objectives of the CSR Policy.
SUBSIDIARY COMPANIES, JOINT VENTURE AND CONSOLIDATED FINANCIAL
STATEMENTS:
As on 31st March 2014, the Company has following subsidiaries TPL
Plastech Limited, India; NED Energy Limited, India; Elan Incorporated
FZE, Sharjah UAE; Novo Tech Spz o.o. Poland; Kompozit Praha S.R.O.
Czech Republic; GNXT Investment Holdings Pte Ltd, Singapore and Ikon
Investment Holdings Ltd, Mauritius.
The Company also has the following step down subsidiaries through its
subsidiary Elan Incorporated FZE, Gulf Power Beat W.L.L. Bahrain
through Technika Incoporation FZE, Sharjah; Tianjin Elan Plastech Co.
Limited, China and Pack Delta Pte Limited, Singapore.
The Company has also following step down subsidiaries through its
subsidiary GNXT Investment Holdings Pte, Limited- Pack Delta Public
Co.Limited, Thailand YPA (Thailand] Limited, Thailand ; PT Novo
Complast, Indonesia; Tech Complast, South Korea; Exel Plastech Co Ltd,
Vietnam; QPACK Industries SDN BHD, Malaysia and Yung Hsin Contain
Industries Co Ltd, Taiwan.
The Company has also following step down subsidiaries through its
subsidiary Novo Tech Spz o.o.- Grass Tech SRL, Romania and Grass Tech
BVBA, Belgium
The NED Energy Limited has one subsidiary Powerbuild Batteries Pvt.
Ltd., India
As on 31st March 2014, the Company has following Joint Venture
Companies Time Mauser Industries Pvt Ltd, India; Schoeller Allibert
Time Holdings Pte Ltd, Singapore; and Nile Egypt Plastech Industries
S.A.E. and JV step down subsidiary , Schoeller AllibertTime Materials
Handling Solutions Limited, India.
In terms of the General Circular no 2/2011 dtd 8.2.2011 issued by the
Ministry of Corporate Affairs, in respect of Section 212 of the
Companies Act, 1956 the Board of Directors of the Company had accorded
their consent for not attaching the Balance Sheet of the subsidiaries
with the accounts of the Company.
Pursuant to aforesaid Circular, the financial data of the subsidiaries
have been furnished under "summary of Financial nformation of
Subsidiary Companies" and forms part of this Annual Report.
The Annual Accounts of the subsidiary companies and the related
detailed information, shall be made available to the shareholders of
the Company, seeking such information.
As required under the Listing Agreement with the Stock Exchanges,
Consolidated Financial Statement of the Company and all its
subsidiaries have been prepared in accordance with the Accounting
Standards issued by the Institute of Chartered Accountants of India,
and show the financial resources , assets , liabilities, income,
profits and other details of the Company, its associate Companies, its
joint ventures and its subsidiaries after elimination of minority
interest, as a single entry.
PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any deposits
within the meaning of Section 58-A of the Companies Act, 1956.
ENERGY CONSERVATION:
Your Company continues to emphasize on energy conservation at the early
stage of plant design and in selection of plant and equipment,
electrical motors /designs for optimizing energy consumption by
installation of necessary equipment to improve the power factor with a
view to achieve better energy efficiency at all levels of operations.
TECHNOLOGY ABSORPTION:
The Joint Venture partners offer periodical training to improve the
quality of the Company''s products and performance to conform to the
latest international standards. Besides, employees of the Company have
been attending in-house training programs designed and developed with
the help of Joint Venture partners for better understanding of the
technology and the Joint Venture partners continue to express their
full satisfaction and appreciation with the level of technology
absorption in the Company.
FOREIGN EXCHANGE EARNINGS & OUTGO:
Total foreign exchange earnings - Rs. 517.02 Mn.(including deemed
exports]
Total foreign exchange outgo - Rs. 3956.7 Mn ( including value of imports
on CIF basis]
AUDITORS:
The Auditors M/s Raman S. Shah & Associates, Chartered Accountants,
will retire at the conclusion of the forthcoming Annual General Meeting
and are eligible for re-appointment.
As required under the provisions of Section 139and141ofthe Companies
Act 2013, the Company has received written consent and certificate from
M/s. Raman S. Shah & Associates , Chartered Accountants, to the effect
that their re-appointment, if made, would be in conformity with the
limits specified in the said Section and it is proposed to re-appoint
them as Auditors upto the conclusion of the Annual General Meeting of
the Company to beheld in 2017, subject to ratification of the
appointment by the members at AGM.
Members are requested to consider their re-appointment and authorize
the Board to fix their remuneration.
COST AUDITOR
As per the requirement of the Central Government and pursuant to
Section 233B of the Companies Act, 1956 and the Rules thereunder, the
Company''s Cost Records for the year ended March 31, 2014 are being
Audited by Cost Auditors, M/s. C. G. Pampat & Co. The Cost Audit Report
for the year ended March 31, 2013 was filed within the stipulated due
date. The Board of Directors of the Company has, at its meeting held on
29th May 2014 appointed M/s. C. G. Pampat & Co. as the Cost Auditors
for the year ending March 31, 2015. The members will be required to
ratify the remuneration proposed to be paid to the Cost Auditors in
terms of relevant provisions of the Companies Act, 2013.
CORPORATE GOVERNANCE:
During the year under review, your Company has taken adequate steps to
ensure that all mandatory provisions of Corporate Governance as
stipulated in clause 49 of the Listing Agreement have been complied
with. A separate Report on Corporate Governance along with the
Auditors'' Certificate on its compliance is given in "Annexure" to this
Report.
PARTICULARS OF EMPLOYEES:
Particulars of employees in accordance with the provisions of Section
217(2A] of the Companies Act, 1956 read with the Companies (Particulars
of Employees] Rules, 1975 as amended, are not given, as none of the
employees qualify for such disclosure.
EMPLOYEE STOCK OPTIONS SCHEME:
During the Year only 200,000 options were vested and no options were
exercised or granted under TTL EMPLOYEES STOCK OPTION PLAN 2006
PERSONNEL AND INDUSTRIAL RELATIONS:
During the year under review, the industrial relation scenario at all
the operating plants of the Company was satisfactory.
DIRECTORS REPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA] of the Companies
Act, 1956 with respect to Directors'' responsibility statement, it is
hereby confirmed:
a. That in the preparation of the annua I accounts for the financial
year ended 31st March 2014, the applicable accounting standards have
been followed along with proper explanation relating to material
departures;
b. That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the Company for that period;
c. That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
d. That the Directors had prepared the accounts for the financial year
ended 31st March 2014, on a going concern" basis.
ACKNOWLEDGMENTS:
Your Director wish to express their appreciation of the continued
support and co-operation received from the Banks, Financial
nstitutions, Government Departments, Vendors, Customers and Employees
of the Company.
For and on behalf of the Board
ANIL JAIN BHARAT VAGERIA
MANAGING DIRECTOR DIRECTOR-Finance
Place : Mumbai
Date : 29th May 2014
Mar 31, 2013
To The Members,
The Directors are pleaded to presenl their Report on ynur company''s
business operations alonov.''jth the Audited Eitalement of Accounts for
the financial year ended March 31,2013,
FINANCIALRESULTS:
Praticulars Standalone Consolidated
2013 2012 2013 2012
i Gross Income
from Sales 11807.76 9942.67 19316.73 15101.57
ii Net Income from
Sales 10665.58 920739 17974.08 15281.91
iii Other Income 43.04 53.42 52.57 3.58
iv Total Income 10708.62 9265 61 16026.65 15.321.06
v Operating
Expenditure 6725.61 7487.18 15057.60 128.81
vi Profit before
Interesl,
Depreciation & Tan 1983.01 1,779.63 2969.05 2470.02
#: Interest 563.91 444,56 635.76 634.63
viii Depreciation 402.44 356.03 674.95 556.23
ix Profit before Tax 1016.65 973.04 1406.34 1229.11
k j Tax Expenses 261.19 24196 341.04 307.95
xi Minority Interest
and shares of
Loss/[Profit] of
Associates 32.58 23.26
xi Net Profit
for the Year 755 46 736 04 1034-72 897.90
xiii Balance brought
forward from
previous year 4022.04 3521.85 4793.82 4150.61
xiv i Provision
for taxation of
earlier years 25.65 9.03 24.40 8.76
xv Amount Available
for Appropriation 4803.14 4266.93 5852.94 5039.74
ia. Proposed Dividend 94.55 94.55 96.45 98.45
Tax on Dividend 16.07 15 34 16.73 15.97
Transfer id General
Reserves 135.00 135.00 141.75 131.50
d. Balance carried
to Balance Sheet 4557.52 4022 04 5596.01 4793.82
THE YEAR UNDER REVIEW: Consolidated
Grass sales and other income for the consolidated entity increased to RS.
19348.73 Mn, as against RS. 1540t.57 Mn in the previous yar. registered
an impressive growth of 25.63% .The Net Profit stood atRS. 1034.72 Mn as
compared to the previous yearRS. 697.90 Mn showing an increase of 15.26%.
Standalone
Grass sales and other income lor the standatone entity increased to Z
11807.76 Mn, as against 7 9942.BRS. Mn in Ihe previous year, registered a
growth of 16.76%. The Net Profit at RS. 755.46 Mn as against t 736.04 Mn
represents an increase of 2.64 % as compared to the previous year
DIVIDEND:
Your Directors are pleased to recommend 45 % Dividend [being RS. 0.45 per
share] (Previous Year : 45% - hnall on 210.117,750 Equily Shares ol the
Company subject to the Approval by the Shareholders and this will
absorb about 7 110.62 Mn including dividend lax and surcharge thereon
[Previous year: RS. 109.89 Mn].
MANAGEMENT''S DISCUSSION & ANALYSIS REPORT:
A detailed review of the progress of the Company and the future outlook
of the Company and its business, as stipulated under clause 49 Dt the
Listing Agreement with Ihe Stock Exchanges, is presented in a separate
section terming pari of the Annual Report.
DIRECTORS:
Mr. Raghupathy Thyaganajan. Mr. Kartik Parija and Mr. M. K.Wadhwa
Directors of the Company retire by relation and being eligible; offer
themselves for reappointment at the ensuing Annual General Meeting.
SUBSIDIARY COMPANIES, JOINT VENTURE AND CONSOLIDATED FINANCIAL
STATEMENTS:
Asa purposeful strategy, your Company carries all its business
operations through several subsidiary and associate companies which are
formed either directly or as step-dawn subsidiaries or in certain cases
by acquisition ol a majority slake in existing enterprises.
During the year under review:
Incorporation /re-organization
Indian Companies:
1. During the year under review, NED Energy Limited, subsidiary of Time
Technoplast Limited, has further acquired 7% equily in Power Build
Batteries Private Limited, its subsidiary company.
Overseas Companies
1. The 51% shareholding of Mauser Holding Nelherland BV in Mauser
Holding Asia Pte Limited IMHAPLI, Singapore was transferred to GNXT
Investment Holdings PTE Ltd, Singapore [a wholly owned subsidiary of
TTL]. The 49 % shareholding of Time Technoplast Limited ITTL] In MHAPL
was also transferred to GNXT. MHAPL became a wholly owned subsidiary of
GNXT. MHAPL was thereafter merged with GNXT in compliance with ihe
local laws w.e.f 3G;I'' September 2012.
2- Pack Detta Pte Ltd [originally incorporated as ACME Flastech Pte
Limited!. Singapore engaged in wholesale trading activities was
incorporated through our 100% subsidiary Elan Incorporated FZE.
Sharjah.
3. Elan Incorporated FZE, Sharjah [100% subsidiary of TTL] was holding
100% shares on YPA Thailand Limited. Pack Delta
Public Company Limited. Thailand (subsidiary of GNXTl acquired 100%
equity held by Elan Incorporated FZE. Sharjah in VPA Thailand Limited.
As required under the Listing Agreement with the Stock Exchanges,
Consolidated Financial Statement ol the Company and
all its subsidiaries have been prepared in accordance wilh the
Accounting Standards issued by the Institute of Chartered Accountants
of India, and show Ihe financial resources, assets, Liabilities,
income, profits and other details of the Company, its associate
Companies, ils joint ventures and its subsidiaries after elimination of
minorily interest, as a single entry.
As per the general exemption granted vide General Circular no 2/2011
did 8.2.2011 issued by Ihe Ministry of Corporate Affairs, to all the
companies under the Sec 212 at the Companies Act, 1956, Ihe Company has
passed necessary Board resolution for exemption for the year ended
March 31. 2013 from attaching to its Balance Sheet, the individual
Annual Reports of the subsidiaries. A Consolidated Financial statement
of ihe Company and all ils subsidiaries has been attached wilh the
annual report of Ihe Company. The Annual Accounts d1 the subsidiary
companies and Ihe related detailed information. shall be made available
to the shareholders of the Company, seeking such information.
PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any deposits
within the meaning of Section 58-A of the Companies Act, 1956.
ENERGY CONSERVATION:
Your Company continues to emphasize on energy conservation at the early
stage of plant design and in selection of plant and equipment,
electrical motors /designs for optimizing energy consumption by
installation of necessary equipment to improve the power factor with a
view to achieve better energy effciency at all levels of operations.
TECHNOLOGY ABSORPTION:
The Joint Venture partners offer periodical training to improve the
quality of the Company''s products and performance to conform to the
latest international standards. Besides, employees of the Company have
been attending in-house training programs designed and developed with
the help of Joint Venture partners for better understanding of the
technology and the Joint Venture partners continue to express their
full satisfaction and appreciation with the level of technology
absorption in the Company.
FOREIGN EXCHANGE EARNINGS & OUTGO:
Total foreign exchange earnings - Rs. 739.24 Mn (including deemed
exports)
Total foreign exchange outgo - Rs. 3695.70 Mn (including value of imports
on CIF basis)
QUALITY MANAGEMENT SYSTEM:
The Company''s products comply with the latest international standards
in quality and performance. All the major units of the company are ISO
Certifed as on date.
AUDITORS:
The Statutory Auditors of the Company, M/s Raman S . Shah & Associates,
Chartered Accountants retire at the ensuing Annual General Meeting and
being eligible offer themselves for reappointment. The Company has
received a letter from to the effect that their appointment if made
would be within the prescribed limit under sec 224(1B) of The Companies
Act 1956, and that they are qualifed to be so appointed.
The Directors recommend the appointment of Raman S. Shah & Associates,
Chartered Accountants Mumbai as Statutory Auditors of the Company for
the fnancial year 2013-14 with the authority to the Board of Directors
to fx their remuneration.
COST AUDITORS:
In terms of the Notifcation F No 52/26/CAB-2010 dated January 2012
issued by the Ministry of Corporate Affairs, Government of India, the
Company has appointed M/s C G pampat & Co, Cost Accountant as Cost
Auditor for the audit of the Cost Accounting records for the fnancial
year 2012-13.
The Company has appointed M/s C G pampat & Co, Cost Accountant as Cost
Auditor for the audit of the Cost Accounting records for the fnancial
year 2013-14. It is in the process of making necessary application to
the Central Government for seeking its approval to the appointment of
Cost Auditor.
CORPORATE GOVERNANCE:
During the year under review, your Company has taken adequate steps to
ensure that all mandatory provisions of Corporate Governance as
stipulated in clause 49 of the Listing Agreement have been complied
with. A separate Report on Corporate Governance along with the
Auditors'' Certifcate on its compliance is given in "Annexure to this
Report.
PARTICULARS OF EMPLOYEES:
particulars of employees in accordance with the provisions of Section
217(2A) of the Companies Act, 1956 read with the Companies (particulars
of Employees) Rules, 1975 as amended, are not given, as none of the
employees qualify for such disclosure.
EMPLOYEE STOCK OPTIONS SCHEME:
pursuant to the approval of the shareholders of the Company in the
Extra Ordinary General Meeting held on October 20, 2006, the Company
has implemented the "TTL EMPLOYEES STOCK OPTION PLAN 2006 (ESOP plan)Â.
The number of shares offered under the said scheme was 10,50,000 equity
shares of Rs. 10/- each (now 105,00,000 equity shares of face value Rs.
1/-, after the equity shares of Rs. 10/- each were split into 10 equity
shares of Rs. 1/- each on the Record Date of 6th November, 2008).
The Compensation Committee approved the initial grant of 7,37,200
options of Rs. 10/- each (now 73,72,000 options of Rs. 1/- each), to
various employees of the company, under the said ESOp plan.
The Company allotted 8,52,750 equity shares of Rs. 1/- to all those
eligible employees who exercised their options under the TTL ESOp -
2006 Scheme during 2011-12.
During the Financial Year 2012-13:
a. The Compensation Committee extended the exercise period upto 30th
June 2013, for the options vested on 15.11.2007 and 15.11.2008.
b. Number of options granted: Nil Number of options exercised: Nil
The applicable disclosures as stipulated under the SEBI Guidelines as
at March 31, 2013 are provided in the notes to accounts.
PERSONNEL AND INDUSTRIAL RELATIONS:
The relations with the employees were cordial during the year.
DIRECTORS RESPONSIBILITY STATEMENT: pursuant to the requirement under
Section 217(2AA) of the Companies Act, 1956 with respect to Directors''
responsibility statement, it is hereby confrmed:
a. That in the preparation of the annual accounts for the fnancial
year ended 31st March 2013, the applicable accounting standards have
been followed along with proper explanation relating to material
departures;
b. That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the fnancial year and of the
proft of the Company for that period;
c. That the Directors had taken proper and suffcient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
d. That the Directors had prepared the accounts for the fnancial year
ended 31st March 2013, on a "going concern basis.
APPRECIATION:
Your Directors place on record their sincere appreciation to the
employees of the Company who worked untiringly and relentlessly. Your
Directors are grateful to shareholders, collaborators, customers and
suppliers of the Company for their valuable support. Above all, the
Directors are indebted to Financial Institutions, Banks, Government and
semi Government Authorities without whose help the Company could not
have come this far.
For and on behalf of the Board
ANIL JAIN BHARAT VAGERIA
MANAGING DIRECTOR DIRECTOR
Place : Mumbai
Date : 28.05.2013
Mar 31, 2012
The Directors have pleasure in presenting the Directors report on the
business and operations of the Company for the year ended on 31st
March, 2012.
FINANCIAL RESULTS:
(Rs.in Mn.)
Praticulars Standalone Consolidated
2012 2011 2012 2011
i Gross Income from Sales 9,942.87 8,805.99 15,401.58 12,833.89
ii Net Income from Sales 9,207.39 8,218.93 15,281.91 12,752.68
iii Other Income 58.42 63.64 39.15 22.70
iv Total Income 9,265.81 8,282.57 15,321.06 12,775.38
v Operating Expenditure 7,487.18 6,521.05 12,851.04 10,392.52
vi Profit before Interest,
Depreciation & Tax 1,778.63 1,761.52 2,470.02 2,382.86
vii Interest 444.56 318.11 684.68 451.24
viii Depreciation 356.03 301.86 556.23 439.92
ix Profit before Tax 978.04 1,141.55 1,229.11 1,524.73
x Extraordinary item - - - 33.03
xi Provision for Taxes 200.58 204.73 256.14 294.23
xii Minority Interest and
shares of Loss/(Profit)
of Associates - - 23.26 58.84
xiii Net Profit for the Year 777.46 936.82 949.71 1,171.66
xiv Deferred Tax (41.41) (35.45) (51.81) (61.52)
xv Balance brought forward
from previous year 3,521.85 2,843.98 4,150.61 3,325.88
xvi Provision for taxation
of earlier years 9.03 20.95 (8.76) 20.74
xvii Amount Available for
Appropriation 4,266.93 3,766.29 5,039.74 4,456.77
a Proposed Dividend 94.55 94.17 98.45 117.15
b Tax on Dividend 15.34 15.27 15.97 19.01
c Transfer to General
Reserves 135.00 135.00 131.50 170.00
d Balance carried to Balance
Sheet 4,022.04 3,521.85 4,793.82 4,150.61
THE YEAR UNDER REVIEW:
Consolidated
Gross sales and other income for the consolidated entity increased to Rs.
15,402 Mn, as against Rs.12,833 Mn in the previous year, registered an
impressive growth of 20.01% .The Net Profit stood at Rs. 949.71 mn as
compared to the previous year Rs. 1,171.66 Mn showing an decrease of
18.94%.
Standalone
Gross sales and other income for the standalone entity increased to Rs.
9,942.87 Mn, as against Rs. 8,805.99 Mn in the previous year, registered
a growth of 12.91%. The Net Profit at Rs. 777.46 Mn as against Rs. 936.82
Mn represents an decrease of 17.01%, as compared to the previous year.
DIVIDEND:
Your Directors are pleased to recommend 45 % Dividend ( being Rs. 0.45
per share) (Previous Year : 45% - final) on 210,11,77,500 Equity Shares
of the Company subject to the Approval by the Shareholders and this
will absorb about Rs.109.89 Mn including dividend tax and surcharge
thereon (Previous year :Rs.109.45 Mn).
MANAGEMENTS DISCUSSION & ANALYSIS REPORT:
A detailed review of the progress of the Company and the future outlook
of the Company and its business, as stipulated under clause 49 of the
Listing Agreement with the Stock Exchanges, is presented in a separate
section forming part of the Annual Report.
DIRECTORS:
Mr.Bharat Vageria, Mr. Sanjaya Kulkarni and Mr. K.
N.Venkatasubramanian, Directors of the Company retire by rotation and
being eligible; offer themselves for reappointment at the ensuing
Annual General Meeting.
SUBSIDIARY COMPANIES, JOINT VENTURE AND CONSOLIDATED FINANCIAL
STATEMENTS:
As a purposeful strategy, your Company carries all its business
operations through several subsidiary and associate companies which are
formed either directly or as step-down subsidiaries or in certain cases
by acquisition of a majority stake in existing enterprises.
Incorporation /re-organization:-
- Excel Plastech Co Limited, Vietnam and QPACK Industries SDN BHD,
Malaysia for the manufacture of plastic products were incorporated
through our 100% subsidary GNXT Investment Holding Pte, Ltd, Singapore.
- Time Technoplast Limited acquired the entire shareholding of GNXT
Investment Holdings Pte. Limited, Singapore from IKON Investment
Hondings Ltd., Mauritius.
- The entire shareholding of Technika Corporation FZE was transferred
from NED Energy Limited to Elan Incorporated FZE., Sharjah (wholly
owned subsidiary).
- The entire share holding of Schoeller Arca Time Material Handling
Solutions Limited, India held by the Company was transferred to
Schoeller Arca Time Holdings Pte. Limited, Singapore as per the Joint
Venture Agreement .
In the current year, the company acquired 51% shareholding of Mauser
Holding Asia Pte Limited, Singapore from Mauser Holding Netherland BV
through GNXT Investment Holdings Pte. Ltd, Singapore ( a wholly owned
subsidiary).
As required under the Listing Agreement with the Stock Exchanges,
Consolidated Financial Statement of the Company and all its
subsidiaries have been prepared in accordance with the Accounting
Standards issued by the Institute of Chartered Accountants of India,
and show the financial resources, assets, liabilities, income, profits
and other details of the Company, its associate Companies, its joint
ventures and its subsidiaries after elimination of minority interest,
as a single entry.
As per the general exemption granted vide General Circular no 2/2011
dtd 8.2.2011 issued by the Ministry of Corporate Affairs, to all the
companies under the Sec 212 of the Companies Act, 1956 ,the Company has
passed necessary Board resolution for exemption for the year ended
March 31, 2012 from attaching to its Balance Sheet, the individual
Annual Reports of the subsidiaries. A Consolidated Financial statement
of the Company and all its subsidiaries has been attached with the
annual report of the Company. The Annual Accounts of the subsidiary
companies and the related detailed information , shall be made
available to the shareholders of the Company , seeking such
information.
PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any deposits
within the meaning of Section 58-A of the Companies Act, 1956.
ENERGY CONSERVATION:
Your Company continues to emphasize on energy conservation at the early
stage of plant design and in selection of plant and equipment,
electrical motors /designs for optimizing energy consumption by
installation of necessary equipment to improve the power factor with a
view to achieve better energy efficiency at all levels of operations.
TECHNOLOGY ABSORPTION:
The Collaborators offer periodical training to improve the quality of
the Company's products and performance to conform to the latest
international standards. Besides, employees of the Company have been
attending in-house training programs designed and developed with the
help of Collaborators for better understanding of the technology and
the Collaborators continue to express their full satisfaction and
appreciation with the level of technology absorption in the Company.
FOREIGN EXCHANGE EARNINGS & OUTGO:
Total foreign exchange earnings - Rs. 819.28 Mn(including deemed exports)
Total foreign exchange outgo - Rs. 3267.02 Mn ( including value of
imports on CIF basis)
QUALITY MANAGEMENT SYSTEM:
The Company's products comply with the latest international standards
in quality and performance. All the major units of the company are ISO
Certified as on date.
AUDITORS:
The Statutory Auditors of the Company, M/s Raman S .Shah & Associates,
Chartered Accountants retire at the ensuing Annual General Meeting and
being eligible offer themselves for reappointment. The Company has
received a letter from to the effect that their appointment if made
would be within the prescribed limit under sec 224(1B) of The Companies
Act 1956 ant that they are qualified to be so appointed.
The Directors recommend the appointment of Raman S. Shah & Associates,
Chartered Accountants Mumbai as Statutory Auditors of the Company for
the financial year 2012-13 with the authority to the Board of Directors
to fix their remuneration.
Cost Auditors : In terms of the Notification F No 52/26/CAB-2010 dated
January 2012 issued by the Ministry of Corporate Affairs, Government of
India, the Company has appointed Mr. Giri Krishna S. Manior as the Cost
Auditor for the audit of the Cost Accounting records for the financial
year 2012-13. It is in the process of making necessary application to
the Central Government for seeking its approval to the appointment of
Cost Auditor.
CORPORATE GOVERNANCE:
During the year under review, your Company has taken adequate steps to
ensure that all mandatory provisions of Corporate Governance as
stipulated in clause 49 of the Listing Agreement have been complied
with. A separate Report on Corporate Governance along with the
Auditors' Certificate on its compliance is given in "Annexure" to this
Report.
PARTICULARS OF EMPLOYEES:
Particulars of employees in accordance with the provisions of Section
217(2A) of the Companies Act, 1956 read with the Companies (Particulars
of Employees) Rules, 1975 as amended, are not given, as none of the
employees qualify for such disclosure.
EMPLOYEE STOCK OPTIONS SCHEME
Pursuant to the approval of the shareholders of the Company in the
Extra Ordinary General Meeting held on October 20, 2006, the Company
has implemented the TTL EMPLOYEES STOCK OPTION PLAN 2006 (ESOP plan).
The number of shares offered under the said scheme was 10,50,000 equity
shares of Rs. 10/- each ( now 105,00,000 equity shares of face value Rs.
1/-, after the equity shares of Rs. 10/- each were split into 10 equity
shares of Rs. 1/- each on the Record Date of 06th November, 2008 ).
The Compensation Committee approved the initial grant of 7,37,200
options of Rs. 10/- each ( now 73,72,000 options of Rs. 1/- each) , to
various employees of the company, under the said ESOP Plan .
During the Financial Year 2011-12:
a. The Compensation Committee extended the exercise period upto 31st
March 2012 for the options vested on 15.11.2007.
b. The Company allotted 8,52,750 equity shares of Rs. 1/- to all those
eligible employees who exercised their options under the TTL ESOP -
2006 Scheme.
c. The Compensation Committee granted 600,000 options to independent
directors.
PERSONNEL AND INDUSTRIAL RELATIONS:
The relations with the employees were cordial during the year.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors' responsibility statement, it is
hereby confirmed:
a. That in the preparation of the annual accounts for the financial
year ended 31st March 2012, the applicable accounting standards have
been followed along with proper explanation relating to material
departures;
b. That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the Company for that period;
c. That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
d. That the Directors had prepared the accounts for the financial year
ended 31st March 2012, on a Ãgoing concernà basis.
APPRECIATION:
Your Directors place on record their sincere appreciation to the
employees of the Company who worked untiringly and relentlessly. Your
Directors are grateful to shareholders, collaborators, customers and
suppliers of the Company for their valuable support. Above all, the
Directors are indebted to Financial Institutions, Banks, Government and
semi Government Authorities without whose help the Company could not
have come this far.
For and on behalf of the Board
ANIL JAIN BHARAT VAGERIA
MANAGING DIRECTOR DIRECTOR
Place : Mumbai
Date : 26th May, 2012
Mar 31, 2011
The Members,
The Directors' have pleasure in presenting the Directors' report on
the business and operations of the Company for the year ended on 31st
March, 2011.
FINANCIAL RESULTS: (Rs.in Mn.)
Standalone Consolidated
2011 2010 2011 2010
i Gross Income from Sales 8805.99 7026.39 13665.53 10750.05
ii Net Income from Sales 8218.93 6613.96 12752.68 10113.54
iii Other Income 63.64 37.51 22.70 16.47
iv Total Income 8282.57 6651.47 12775.38 10130.01
v Operating Expenditure 6521.05 5332.00 10392.52 8163.61
vi Profit before Interest,
Depreciation & Tax 1761.52 1319.47 2382.86 1966.40
vii Interest 318.11 241.42 451.24 332.56
viii Depreciation 301.86 244.18 439.92 355.24
ix Profit before Tax 1141.55 833.87 1491.70 1278.60
x Provision for Taxes 204.73 133.47 355.75 295.98
xi Minority Interest and
shares of Loss/(Profit)
of Associates - - 58.84 73.86
xii Net Profit for the Year 936.82 700.40 1077.12 908.75
xiii Deferred Tax (35.45) (16.54) - -
xiv Balance brought forward
from previous year 2843.98 2331.41 4456.77 2646.48
xv Provision for taxation
of earlier years 20.95 (6.18) 20.74 (62.38)
xvi Amount available
for Appropriation 3766.29 3009.09 3549.00
a Proposed Dividend 94.17 83.71 117.15 106.37
b Tax on Dividend 15.27 13.90 19.01 17.74
c Transfer to General
Reserves 135.00 67.50 170.00 99.00
D Balance carried to
Balance Sheet 3521.85 2843.98 4150.61 3325.88
THE YEAR UNDER REVIEW:
Consolidated
Gross sales and other income for the consolidated entity increased to
Rs.13665.53 Mn, as against Rs.10750.05 Mn in the previous year,
registered an impressive growth of 27.12%. The Net Profit stood at
Rs.1077.12 mn as compared to the previous year Rs.908.75 Mn showing an
increase of 18.53%.
Standalone
Gross sales and other income for the standalone entity increased to
Rs.8805.99 Mn, as against Rs.7026.39 Mn in the previous year,
registered a growth of 25.32%. The Net Profit at Rs.936.82 Mn as
against Rs.700.40 Mn 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.
DIVIDEND:
The Company has performed significantly better during the year,
therefore, your Directors are pleased to recommend 45 % Dividend (
being Rs. 0.45 per share] (Previous Year: 40% - final] on 20,92,65,000
Equity Shares of the Company subject to the Approval by The
Shareholders and this will absorb about Rs..109.45 Mn including
Dividend Tax and surcharge thereon (Previous year :Rs.97.60Mn].
MANAGEMENTS DISCUSSION &ANALYSIS REPORT:
A detailed review of the progress of the Company and the future outlook
of the Company and its business, as stipulated under clause 49 of the
Listing Agreement with the Stock Exchanges, is presented in a separate
section forming part of the Annual Report.
DIRECTORS:
Mr. M.K.Wadhwa, Mr. Naveen Jainand Mr. Hans Dietervon Meibom, Directors
of the Company retire by rotation and being eligible; offer themselves
for reappointment at the ensuing Annual General Meeting.
SUBSIDIARY COMPANIES.
JOINT VENTURE AND CONSOLIDATED FINANCIAL STATEMENTS:
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 Pvt. Limited, India engaged in the manufacturing of
Intermediates Bulk Containers (IBCs] & 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, Time Technoplast
Limited has entered into Share Purchase Agreement with IKON for
acquiring it sentire shareholding in GNXT.
ii GNXT acquired 90% stake in Yung Hsin Contain Industry Co. Ltd.,
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 Ltd,
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
-"Astro Turf" and "Clear Pass" and well organized distribution net work
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
Time Techno plast Limited has been transferred to Schoeller Area Time
Holding PTE Limited, Singapore.
As required under the Listing Agreement with the Stock Exchanges,
Consolidated Financial Statement of the Company and all its
subsidiaries have been prepared in accordance with the Accounting
Standards issued by the Institute of Chartered Accountants of India,
and show the financial resources, assets, liabilities, income, profits
and other details of the Company, its associate Companies, its joint
ventures and its subsidiaries aftere limination of minority interest,
as a single entry.
As per the general exemption granted vide General Circular no 2/2011
dtd 8.2.2011 issued by the Ministry of Corporate Affairs, to all the
companies under the Sec 212 of the Companies Act, 1956, the Company has
passed necessary Board resolution for exemption for the year ended
March 31, 2011 from attaching to its Balance Sheet, the individual
Annual Reports of the subsidiaries. A Consolidated Financial statement
of the Company and all its subsidiaries has been attached with the
annual report of the Company. The Annual Accounts of the subsidiary
companies and the related detailed information, shall be made available
to the shareholders of the Company. seeking such information.
PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any deposits
within the meaning of Section 58-A of the Companies Act, 1956.
ENERGYCONSERVATION:
Your Company continues to emphasize on energy conservation at the early
stage of plant design and in selection of plant and equipment,
electrical motors /designs for optimizing energy consumption by
installation of necessary equipment to improve the power factor with a
view to achieve better energy efficiency at all levels of operations.
TECHNOLOGYABSORPTION:
The Collaborators offer periodical training to improve the quality of
the Company's products and performance to conform to the latest
international standards. Besides, employees of the Company have been
attending in-house training programs designed and developed with the
help of Collaborators for better understanding of the technology and
the Collaborators continue to express their full satisfaction and
appreciation with the level of technology absorption in the Company.
FOREIGN EXCHANGEEARNINGS&OUTGO:
Total foreign exchange earnings - Rs.605.70 Mn (in cluding deemed
exports]
Total foreign exchange outgo - Rs.2607.49 Mn (in cluding value of
imports on CIF basis]
QUALITY MANAGEMENT SYSTEM:
The Company's products comply with the latest international standards
in quality and performance. All the major units of the Company are ISO
Certified as on date.
AUDITORS:
The Statutory Auditors of the Company, M/s Raman S .Shah & Associates,
Chartered Accountants retire at the ensuing Annual General Meeting and
being eligible offer themselves for reappointment. The Company has
received a letter from to the effect that their appointment if made
would be within the prescribed limit under sec 224(1 B] of The
Companies Act 1956 and that they are qualified to be so appointed.
The Directors recommend the appointment of Raman S. Shah & Associates,
Chartered Accountants Mumbai as Statutory Auditors of the Company for
the financial year 2011-12 with the authority to the Board of Directors
to fix their remuneration.
CORPORATEGOVERNANCE:
During the year under review, your Company has taken adequate steps to
ensure that all mandatory provisions of Corporate Governance as
stipulated in clause 49 of the Listing Agreement have been complied
with. A separate Report on Corporate Governance along with the
Auditor's Certificate on its compliance is given in "Annexure" to this
Report.
PARTICULARS OF EMPLOYEES:
Particulars of employees in accordance with the provisions of Section
217|2A] of the Companies Act, 1956 read with the Companies (Particulars
of Employees] Rules, 1975 as amended, are not given, as none of the
employees qualifies for such disclosure.
EMPLOYEE STOCK OPTIONS SCHEME:
Pursuant to the approval of the shareholders of the Company in the
Extraordinary General Meeting held on 0ctober20, 2006, the Company has
implemented the TTL EMPLOYEES STOCK OPTION PLAN 2006 (ESOP Plan]. The
number of shares offered under the said scheme was 1,050,000 equity
shares of Rs. 10 each ( now 105,00,000 equity shares of face value Rs.
1, after the equity shares of Rs.10each were split into loequity shares
of Rs.1eachontheRecord Date of 06th November.2008].
The Compensation Committee approved the initial grant of 737,200
options of Rs. 10 each (now 7,372,000 options of Rs. 1 each, to Various
employees of the company. Under the said ESOP Plan.
During the Year
i] The Company obtained in principle approval of NSE and BSE for the
listing upto a maximum 10,500,000 equity shares of Rs.1 each to be
issued under the TTL Employees Stock Option Scheme - 2006 .
ii] The Compensation Committee extended the exercise period up to 31st
July,2011 for the options vested on 15.11.2007.
iii] Number of options granted: Nil; Number of options exercised: Nil
PERSONNEL AND INDUSTRIAL RELATIONS:
The relations with the employees were cordial during the year
DIRECTORS'RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA] of the Companies
Act, 1956 with respect to Directors' responsibility statement, it is
hereby confirmed:
a. That in the preparation of the annual accounts for the financial
year ended 31st March 2011, the applicable accounting standards have
been followed along with proper explanation relating to material
departures;
b. That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the Company for that period;
c. That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
d. That the Directors had prepared the accounts for the financial year
ended 31st March 2011, on a "going concern" basis.
APPRECIATION:
Your Directors place on record their sincere appreciation to the
employees of the Company who worked untiringly and relentlessly. Your
Directors are grateful to shareholders, collaborators, customers and
suppliers of the Company for their valuable support. Above all, the
Directors are indebted to Financial Institutions, Banks, Government and
Semi-Government Authorities without whose help the Company could not
have come this far.
For and on behalf of the Board
ANIL JAIN BHARAT VAGERIA
MANAGING DIRECTOR DIRECTOR
Place : Mumbai,
Date : 27th May, 2011
Mar 31, 2010
The Directors have pleasure in presenting the Directors Report on the
business and operations of the Company for the year ended
on 31st March,2010.
FINANCIAL RESULTS: (Rs. in Mn.)
Standalone Consolidated
2009-10 2008-09 2009-10 2008-09
i Gross Income from Sales 7026.39 5902.40 10750.05 8882.94
ii Net Income from Sales 6613.96 5224.34 10113.54 7897.47
iii Other Income 37.51 56.83 16.47 3.92
iv Total Income 6651.47 5281.17 10130.01 7901.39
v Operating Expenditure 5332.00 4196.20 8163.61 6339.62
vi Profit before Interest,
Depreciation & Tax 1319.47 1084.97 1966.40 1561.77
vii Interest 241.42 188.24 332.56 271.08
viii Depreciation 244.18 192.08 355.24 259.45
ix Profit before Tax 833.87 704.65 1278.60 1031.24
x Provision for Taxes 133.47 107.14 295.98 269.34
xi Minority Interest and
shares of Loss/(Profit)
of Associates - - 73.86 71.83
xii Net Profit for the Year 700.40 597.51 908.75 690.06
xiii Deferred Tax <16.54> (15.04) - -
xiv Balance brought forward
from previous year 2331.41 1889.90 2583.96 2095.99
xv Provision for taxation
of earlier years <6.18> 3.23 (6.24) 3.87
xvi Amount available for
Appropriation: 3009.09 2475.60 3486.47 2789.92
a.Proposed Dividend 83.71 73.24 106.37 94.25
b Tax on Dividend 13.90 12.44 17.74 16.02
c Transfer to General Reserves67.50 58.50 99.00 95.68
D Balance carried to Balance
Sheet 2843.98 2331.42 3263.36 2583.96
THE YEAR UNDER REVIEW:
Consolidated
Net Income from the consolidated entity increased to Rs. 10113.54 Mn,
as against Rs.7897.47 Mn in the previous year, registered an impressive
growth of 28.06%. The Net Profit stood at Rs. 908.75 mn as compared to
the previous year Rs. 690.06 Mn showing an increase of 31.69%.
Standalone
Net Income from the standalone entity increased to Rs 6613.96 Mn, as
against Rs.5224.34 Mn in the previous year, registered a growth of
26.60%. The Net Profit at Rs. 700.40 Mn as against Rs. 597.51 Mn
represents an increase of 17.22 %, over the previous year. The
performance of the company may be considered satisfactory in the wake
of overall challenging conditions prevailing in the market.
DIVIDEND:
The Company has performed significantly better during the year,
therefore, your Directors are pleased to recommend 40 % Dividend (being
Re 0.40 per share) (Previous Year: 35% - final) on 20,92,65,000 Equity
Shares of the Company subject to the Approval by the Shareholders and
this will absorb about Rs.97.60 Mn including dividend tax and surcharge
thereon (Previousyear:Rs85.69 Mn).
MANAGEMENTS DISCUSSIONS ANALYSIS REPORT:
A detailed review of the progress of the Company and the future outlook
of the Company and its business, as stipulated under clause 49 of the
Listing Agreement with the Stock Exchanges, is presented in a separate
section forming part of the Annual Report.
DIRECTORS:
Mr. K. N. Venkatasubramanian and Mr. Raghupthy Thyagarajan, Directors
of the Company retire by rotation and being
eligible;offerthemselvesforreappointmentattheensuingAnnualGeneral
Meeting.
SUBSIDIARY COMPANIES JOINT VENTURE AND CONSOLIDATED FINANCIAL STATEMENTS:
At the beginning of the financialyear, the Company had following Indian
subsidiaries -TPL Plastech Limited (a Company listed at BSE), NED
Energy Limited and two foreign subsidiaries viz Elan Incorporated FZE,
Sharjah (UAE), Novo Tech Sp z o.o. (Poland). In addition to that the
Company had a step down subsidiaries i.e Technika Corporation FZE, UAE,
subsidiary of NEDEnergyand Gulf
PowerBeatWLLBahrainwhichisasubsidiaryofTechnika Corporation FZE.
During the year under consideration, Elan Incorporated FZE set up a
wholly owned subsidiary Tianjian Elan Plastech Company Limited in China
to Manufacture Packaging products& Intermediate Bulk Containers(IBCs).
Elan further acquired 100% equity of YPA (Thailand) Limited -
Industrial Packaging Company. YPAs capacity and product portfolio is
being expanded to caterto ASEAN region more effectively.
The Company has acquired 99% equity of Kompozit Praha s.r.o. Czech
Republic, a company engaged in the business of manufacturing Composite
Cylinders. Through this acquisition Time Tech shall be able to bring
for the first time state of theartCompositeCylindersin Indiaandwill
explore business opportunities in other countries in Asia and Middle
East.
The Company had two joint ventures viz Time Mauser Industries Pvt.
Limited, India engaged in the manufacturing of Intermediates Bulk
Containers (IBCs) and steel barrels, Mauser Holding Asia Pte Limited,
Singapore which own 99.36% equityof Pack Delta (Thailand), a company
engaged in the manufacturing of Industrial packaging inThailand.
The Company has also set up a wholly owned subsidiary, IKON Investment
Holdings Limited, Mauritius (IKON).This is an investment holding
company to hold worldwide investments (excluding Mauritius and India)
with its principal focus in Middle East and Asian countries including
Thailand and Singapore and other emerging markets countries.
As required under the Listing Agreement with the Stock Exchanges,
Consolidated Financial Statement of the Company and all its
subsidiaries is attached. The Consolidated Financial Statement have
been prepared in accordance with the Accounting Standards issued by the
Institute of Chartered Accountants of India, and show the financial
resources, assets, liabilities, income, profits and other details of
the Company, its associate Companies, its joint ventures and its
subsidiaries after elimination of minority interest.as a single entry.
The Company has applied for exemption for the year ended March 31, 2010
to the Ministry of Corporate Affairs from attaching the individual
Annual Reports of the subsidiaries.
PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any deposits
within the meaning of Section 58-A of the CompaniesAct,1956.
ENERGYCONSERVATION:
YourCompany continuesto emphasize on energy conservation at the early
stageof plant design and in selection of plant and equipment,
electrical motors /designs for optimizing energy consumption by
installation of necessary equipment to improve the power factor with a
view to achieve better energy efficiency at all levels of operations.
TECHNOLOGY ABSORPTION:
The Collaborators offer periodical training to improve the quality of
the Companys products and performance to conform to the latest
international standards. Besides, employees of the Company have been
attending in-house training programs designed and developed with the
help of Collaborators for better understanding of the technology and
the Collaborators continue to express their full satisfaction and
appreciation with the level of technology absorption in the Company.
FOREIGN EXCHANGE EARNINGS & OUTGO:
Total foreign exchange earnings - Rs 275.30 Mn (including deemed
exports]
Total foreign exchange outgo - Rs2507.68Mn
QUALITY MANAGEMENTSYSTEM:
The Companys products comply with the latest international standards
in quality and performance. All the major units of thecompanyare ISO
Certified asondate.
AUDITORS:
The Statutory Auditors of the Company, M/s Raman S .Shah & Associates,
Chartered Accountants retire at the ensuing Annual General Meeting and
being eligible offerthemselves for reappointment. The Company has
received a letter from to the effect that their appointment if made
would be within the prescribed limit under sec 224(1 B) of The
Companies Act 1956 ant that theyare qualified to be so appointed.
The Directors recommend the appointment of Raman S. Shah & Associates,
Chartered Accountants Mumbai as Statutory Auditors of the Company for
the financial year 2010-11 with the authority to the Board of Directors
to fix their remuneration.
CORPORATE GOVERNANCE:
During the year under review, your Company has taken adequate steps to
ensure that all mandatory provisions of Corporate Governance as
stipulated in clause 49 of the Listing Agreement have been complied
with. A separate Report on Corporate Governancealong with
theAuditors-Certificateon its complianceisgiven in "Annexure"to this
Report.
PARTICULARS OF EMPLOYEES:
Particulars of employees in accordance with the provisions of Section
217(2A) of the Companies Act, 1956 read with the Companies (Particulars
of Employees) Rules, 1975 as amended, are not given, as none of the
employees qualify for such disclosure.
PERSONNEL AND INDUSTRIAL RELATIONS:
The relations with the employeeswere cordial during theyear.
DIRECTORS RESPONSIBILITYSTATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors responsibility statement, it is
hereby confirmed:
a. That in the preparation of the annual accounts for the financial
year ended 31st March 2010, the applicable accounting standards have
been followed along with proper explanation relating to material
departures;
b. That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair viewof the state
of affairs of the Company at the end of the financial year and of the
profit of the Company for that period;
c. That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and
otherirregularities;
d. That the Directors had prepared the accounts for the financial year
ended 31 st March 2010, on a "going concern" basis.
APPRECIATION:
Your Directors place on record their sincere appreciation to the
employees of the Company who worked untiringly and relentlessly. Your
Directors are grateful to shareholders, collaborators, customers and
suppliers of the Company for their valuablesupport.Aboveall, the
Directorsareindebted to Financial Institutions, Banks, Governmentand
semi Government Authorities withoutwhose help theCompany could not have
come this far.
For and on behalf of the Board
ANIL JAIN BHARATVAGERIA
MANAGING DIRECTOR DIRECTOR
Place : Mumbai,
Date : 25th May, 2010