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Timex Group India Ltd. Company History and Annual Growth Details

YEAR EVENTS
1988 - The Company was incorporated on 4th October, and received the
Certificate of Commencement of Business on 5th January 1989.
The company was originally established as a joint venture between
Timex Group Limited, Bermuda and Jayna Times Industries Limited,
an Indian company. The Timex Jayna Ltd., was set up with the
intention to manufacture of components and to assemble, 2 million
quartz analog watcher per annum.

- The company was promoted by Timex Watches BV & Titan Watches Ltd.
The main objective of the company is to manufacture and sales of
quartz based wrist watches.

1990 - During the course of implementation of the project, Jayna Times
Industries Limited withdrew from the project, and was replaced by
Titan Watches Limited. A joint venture agreement was signed on
30th June.

1991 - The name of the company was changed to Timex Watches Limited on
1st January.

- Under Phase I, the Company has set up a plant to manufacture
quartz watches having a capacity of 2.5 million watches per year.
The plant is located on a leasehold land admeasuring 18732 sq.
mtrs. at NOIDA. Under Phase II, the company is to undertake
inhouse manufacture of various watch components including bezels,
dials, straps, movement components, crystals and case backs.

1992 - As per the technical collaboration agreement entered with Timex
Group Ltd., (TGL), TGL would provide technical assistance in
establishing technologies and processes in India.

1993 - The latest model "Indiglo" incorporate revolutionary electro
luminescent technology was launched in November. Several new
metal cases were introduced in addition to several new styles in
Duramite range.

- During August, the Company issued 40,00,000 - 12.5% secured
partly convertible debentures of Rs. 140 each as follows: firm
allotment basis:

- (i) 1,40,000 debenture to Indian directors, managerial staff of
the Company, promoting/associate companies;

- (ii) 1,42,850 debentures to ICICI;

- (iii) 1,42,850 debenture to UTI.

- Of the remaining debentures, the following were reserved for
allotment on preferential basis:

- (i) 1,90,000 debenture to employees of Titan Watches & Ltd. (only
1,36,350 debentures were taken up);

- (ii) 3,80,000 debentures to shareholders of Titan Watches, (only
1,27,875 debentures taken up);

- (iii) 1,50,000 debentures to FIIs;

- (iv) 4,34,000 debentures to NRIs (all were taken up).

- Balance 23,20,300 debentures along with 3,05,775 debentures not
taken up under preferential quota were issued to the public (all
were taken up).

- Rs. 40 of the face value of each debenture was to be converted
into 4 equity shares of Rs. 10 each on allotment of debentures.

- Rs. 100 of the face value of each debenture was to be redeemed at
par at the end of seven years from the date of allotment of
debentures.

- 120 equity shares issued, subscribed and paid-up 115,00,000 No.
of equity shares and 95,00,000 shares of Rs. 10 each issued at
par to Timex Watches BV and Titan Watches Ltd., respectively, the
promoting company.

- The following were issued to Associate Promoting companies:

- (i) 20,00,000 shares to Titan Watches Ltd.,

- (ii) 3,70,000 shares to Timex Watches BV,

- (iii) 6,29,880 shares to promoting companies and associate
companies.

- 160,00,000 shares allotted on conversion of Part A of 12.5%
Partly Convertible debentures.

1994 - Encouraged by the instant success of its metal watches, the
company proposed to set up a project for metal case manufacture
and vacuum plating.

- The improved performance was attributed to increased sales
volume, economics of scale, cost reduction resulting from greater
indigenisation, improved operating efficiencies and optimum
deployment of surplus funds.

1995 - The first company operated service centre was started in Noida in
August.

- During the year under review, the Company made payments
aggregating to Rs. 19.04 crores by way of Central, State and
local taxes and duties.

- The Government continues to provide incentives to the watch
manufacturers in the country albeit not to the extent needed and
requested.

- Free imports of Electronic Circuit Boards (ECBs) for watch
manufacturing was permitted in the revised Import/Export Policy
announced on 31 March, 1995.

- The Company has participated in a representation to the GOI to
reduce excise duties from the current level of 10% to 2%.

1996 - The first Company operated service centre in Noida started
addressing after-sales-service requirements of the entire
Northern Region of the country effective August 1995.

2000 - The Company intend to issue and allot 45,00,000 No. of equity
shares of Rs 10/- each at a premium of Rs 14.25 per share to
Timex Watches B.V. the foreign promoter of the company on
preferential basis. It will increase to 2,78,84,100 No. of
equity shares to Rs 10/- each representing 62.66% of the post
issue share capital and the same will not result in any further
change in control over the company.

- The Company is issuing $7.5 million worth preferential shares to
its US-parent Timex watches BV.

- The Company proposed to issue and allot 1,35,00,000 No. of equity
shares of Rs 10 each at a premium of Rs 6.50 to Timex Watches
B.V., one of the promoters of the company.

- The Managing Director of the Company Mr. Richard J. Masilamani has
quit, from 18th August .

- Timex Watches appointed Kapil Kapoor as managing director.

2001

-Launches its website www.timexindia.com

-Timex Watches B.V. acquires 1,70,00,000 equity shares of Rs 10/- each for cash at a premium of Rs 0.70 each on preferential basis on September 18, 2001. Their post-preferential holding in the Company along with the holding of its Associate Company (the promoter) stands at 6,43,34,100 shares (79.47%)

-Launches Matrix collection for the Indian mass market

-Bhagwan C Mirani resigns as director

-Picks up a one-year sponsorship of a cricket analsysis programme, Wisden 2020, on Doordarshan

2002

-Board approves preferential allotment in favour of promoter company

-Launches its big and bold watches at a price of Rs 1,395-Rs 2,195

2003

- Timex Watches Ltd has informed that Mr Kapil Kapoor, the Managing Director of the company shall relocate to the corporate headquarter at Middlebury, USA effective August, 2003 and be part of the corporate marketing team for better integration of Indian operations with the global operations. Further the company has informed that Mr Kapil Kapoor shall continue to be the Managing Director of the company

-The Board of Directors of Timex Watches Ltd at their meeting held on March 25, 2003 decided to issue and allot 25,00,000 0.1% Non-Cumulative Redeemable Preference Shares of Rs 100 each to Timex Watches B V.

- Board approves capital restructuring

-Superbrands Council, an independent body mandated to recognise excellence in branding has given a Superbrand status to Timex Watches India Ltd.

-Timex Watches Ltd has tied up with Reliance Infocomm for the festive season and would be providing a Reliance India Mobile (RIM) handset with connection free of cost, on purchase of a watch priced about Rs 845.

- approval of its financial restructuring scheme (FRS), Timex Watches Ltd, a group company of Timex Corporation USA,

- Timex Watches has opened a new vendor plant in Noida, near Delhi

-FCUK ties up with Timex for marketing

2006

-Timex launches Versace in India

2007

- Company name has been changed from Timex Watches Ltd to Timex Group India Ltd.

2009

- Timex Group India Ltd has informed that Mr. Pradeep Mukherjee has been appointed as an Additional Director of the Board.

The above changes are effective July 30, 2009.

2011

- Appointed Mr. Kapil Kapoor as Chairman of the Company.

2012

- Mr. Sachin Selot has been appointed as Chief Financial Officer of the Company.

2013

-Gary Piscatelli has been appointed as the Chairman of the company.

-Timex Group India Ltd -Registered Office of the Company has shifted to:JA - 1203, 12th Floor, DLF Tower A, Jasola, New Delhi - 110025.

2014

-Mr. Ryan Todd Roth has been appointed as an Additional Director and Vice Chairman of the Company.

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