This document provides an equity analysis of Time Technoplast Ltd. It discusses the company's background, operations, product segments, facilities, financial performance, industry and competitors. Some key points: - Time Technoplast is a leading manufacturer of technologically advanced polymer products with 46 facilities across 13 countries. - It has a diverse product portfolio including industrial packaging, infrastructure products, automotive products, lifestyle and healthcare products. - Financial analysis shows revenues grew 19.92% in FY2012 while profits declined due to lower margins. Ratio analysis tracks company's performance over time. - The plastic industry in India is growing at 15% annually but Time faces challenges from competitors and dependence on polymer-based manufacturing.

1. Equity Analysis
Presented by- Nilima Patil
Santosh Phad
Vaishali Chinchore
Harshada Patil
Snehal Vibhandik
Nilesh Sandhanshiv

3. About Time Technoplast Ltd;
 Time was Incorporated in the year 1989, started
its operations as a small scale unit in Daman in
1991.
 Mr. Anil Jain, Promoter and M.D of TTL.
 It started its production with the manufacture
of polymer drums.

4.  But now has a diverse product portfolio by
continuously adding newer products.
 It currently boasts of 46 Manufacturing facilities
across 13 countries like India, the Czech
Republic, Poland, UAE, China and etc.
 Product offered by TTL is under five broad
segments- Industrial packaging, Infrastructure
products, Automotive products, Lifestyle and
Healthcare products.

5. Industrial Packaging:

6. Auto component:

7. Healthcare:

8. Lifestyle:

9. Infrastructure:

10. Economic Analysis Of Plastic
Industry

11. • GDP rate 5%
• Inflation rate 1.69%
• Well positioned in Industrial packing to
benefit domestic end-user- 60% market
share
•Expected revenue to grow 18%.

12. • Operating margins to remain stable
• Has established footprints in Asia
•ROE under stress in short term
•Total foreign exchange earnings-
Rs. 275.30 Mn
•Total foreign exchange outgo-
Rs. 2507.68 Mn

13. ECONOMIC ANALYSIS OF TIME
TECHNOPLAST
REVENUE CONTRIBUTIONS ARE AS
FOLLOWSIndustrial
packaging
Infrastructure Lifestyle
product
product
62%
18%
20%

14. Cont.…
 Strong growth in end user industries including
FMCG, chemicals, pharmaceuticals etc.
 Market leader in India with 70% market share.
 With 60-65% of its revenue from industrial
packaging, Time continues to be the leader in the domestic
market.
 Time’s EBITD margin declined by ~2.6% y-o-y in FY12
to 16.2% due to (a) low capacity utilization levels of the
international facilities, and (b) forex loss of Rs 130 mn
due to unhedged foreign exchange payables.

15. Cont.…..
EBITD margin to stay low...
FY08- 21.5%
FY09- 19.9%
FY10- 19.5%
FY11 -18.8%
FY12 - 16.2%

17. Industry Analysis

18. Size of the Plastic Industry
 In India there are about 25000 plastic processing
units and about 250 plastic processing machinery
manufactures.
 The Machinery units supply over 2500 machineries
per annum.

19. Role of Plastic Industry in the Indian
Economy
2010
Consumption of Plastic polymer
6.7 Million Tonnes
Employment in Plastic Industry
4 Millions
Plastic Industry’s Turnover
Rs 50,ooo Crores
Export of Plastic Products
US$ 2500 Millions
Contribution of Polymers and Plastic Products
to the Exchequer
Rs. 7000
Crores
Source : Indian Plastics Industry

20. Polymer products/Industry
 India’s per capita consumption of polymer is
one of the lowest in the world at nearly 6kgs
compared to Asia’s per capita consumption of
nearly 18kgs.
 United States per capita consumption is nearly
28kgs.
 As India’s economy is growing at a rapid
pace, the industry has ample opportunities to
tap increased consumption levels.

21. Packaging Industry:
 Indian packaging industry is currently a US$14
billion market growing at 15% p.a.
 Industry is expected to double gradually in the
coming years.

22. Infrastructure:
 Development of numerous residential, commercial
& industrial project and vital infrastructures has
boosted the demand for primary raw material viz.
Cement, steel etc. as well as facilitating material &
equipment viz. glass, plastics.
 In the next five years, Government of India( GOI)
estimates investments to step up to $90 billion in
the infrastructure sector.

23. Automobile Sector:
 Indian Automobile component industry valued
above US$ 20 bn in terms of turnover.
 Automobile sector which is currently growing at
30% is also expected to continue the growth
momentum.

24. Composition of Indian Auto Component
Industry
Sales
10%
Engine Parts
8%
Others
40%
7%
Suspension &
Broking Parts
Equipment
12%
Electrical Parts
23%
Drive Transmission
Source: Crisil Research

25. Health Care:
 The Indian Healthcare Industry (i.e. health care
delivery, pharmaceuticals, medical and
diagnostic equipment) is estimated to be above
US$ 40.2 bn in terms of revenue of which above
10% is accounted for by medical consumables
viz. syringes, gloves, face masks and other
disposable items.
Source: E & Y Survey

26. Competitors of TTL:
Product/
Segment
Industrial
Packaging
Key
Competitors
Domestic:
Balmer Lawrie,
Van Leer,
Sintex
Industries.
Infrastructu
re Products
Pipes: Jain
Irrigation,
Supreme
Industries
Lifestyle
Products
Highly
fragmented
industry with
many
unorganized
Battery: HBL players
International Power, Amara
: Grief, Shutz
Raja, Exide
and Mauser
Industries.
Automotive
Component
s and others
Highly
fragmented
industry with
many
unorganized
players

27. Peer Comparison:
P/E
EBITDA
ROE(%)
Company
M Cap
FY
12
FY13E
FY 12
FY13E
FY12
FY13E
Time
Technoplast
Ltd.
9,140
10.2
8.4
6.8
6.0
12.2
13.1
Sintex
Industries
Ltd.
16,762
7.6
5.1
6.0
5.2
12.15
11.95
Supreme
Industries
Ltd.
31,852
13.2
11.7
7.5
6.9
38.8
34.8

28. Company Analysis

29.  To understanding the internal working of
the company and its relationship to its
external environment.
 Company’s Analysis can be done in
- Financial Analysis
- Non Financial Analysis

30. Ratio Analysis of TTL

31. Profitability Ratios:Gross Profit
Ratio
GP Ratio
17.5
17
16.5
16
15.5
15
14.5
14
13.5
FY08
FY09
FY10
FY11
FY12

32. Net Profit Ratio:
NP Ratio
16
14
12
10
8
6
4
2
0
FY08
FY09
FY10
FY11
FY12

33. Leverage Ratio: Debt Equity Ratio
Total Debt-Equity Ratio
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
FY08
FY09
FY10
FY11
FY12

34. Asset Management Ratio:
Fixed Assets Turnover Ratio
Fixed Asset Turnover Ratio
2
1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
FY08
FY09
FY10
FY11
FY12

35. Liquidity Ratio: Current Ratio
Current Ratio
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
FY08
FY09
FY10
FY11
FY12

36. Quick Ratio:
Quick Ratio
3
2.5
2
1.5
1
0.5
0
FY08
FY09
FY10
FY11
FY12

37. Market Based Ratio:
Earning per share
Earning Per Share
30
25
20
15
10
5
0
FY08
FY09
FY10
FY11
FY12

38. Dividend Payout Ratio
0.135
0.13
0.125
0.12
Dividend Payout
Ratio
0.115
0.11
0.105
0.1
FY08 FY09 FY10
FY11
FY12

39. Profit and Loss A/c Statements
Particulars
FY’ 2011
FY’ 2012
Shift%
Net Sales
12,775
15,321
19.92%
EBITDA
2,383
2,470
3.65%
Profit Before Tax
1,525
1,229
-19.41%
Profit After Tax
1,169
921
-21.21%
59
23
-61.02%
1,110
898
-19.10%
Minority Interest
Net Profit

40. SWOT
ANALYSIS

41. Strengths:
 Unique business model
 Association with Mauser
 Wide Range of product Solutions:
Reputation of “ ONE STOP SHOP”

42. Weaknesses:
 Bulk of revenues come from packaging: The IP
division currently contributes above 65% of TTL’s
revenue and the emergence of a cost- competitive
substitute product could impact revenues and
profits.
 Profitability of International Operations

43. Opportunities:
 Spiraling Price of metal
 Bright prospects of end- user segments:
Sectors like telecom, chemicals, automobiles etc.
Demand for a product like batteries, high volume
polymer containers, fuel/radiator tanks etc.

44. Threats:
 Entire Manufacturing capacity is polymer based.
 Elongation of working capital cycle:
TTL enhances its scale of operations, the scope and
duration of working capital will go up. Strains the
company’s resource and leads to drop in profitability
of operations.

45. TECHNICAL ANALYSIS

46. Content
 Line Chart of Time Technoplast.
 Analysis with the help of Technical Indicator.
 Average Volatility of Time Technoplast.
 Share Price Movement of Technoplast.
 Conclusion & Prediction of Technoplast Share Prices.

47. One Month Chart for Time Technoplast Limited

49. Average Volatility of Time Technoplast Ltd
Date
Closing Prices
Returns
St. Dev
02-Sep-13
03-Sep-13
04-Sep-13
05-Sep-13
06-Sep-13
10-Sep-13
11-Sep-13
12-Sep-13
13-Sep-13
16-Sep-13
17-Sep-13
18-Sep-13
19-Sep-13
20-Sep-13
23-Sep-13
24-Sep-13
25-Sep-13
26-Sep-13
27-Sep-13
30-Sep-13
01-Oct-13
29.45
30.1
30.75
31.05
30.65
31.3
31.5
31.8
31.4
30.05
29.35
29.5
29.7
33.3
31.9
31.95
31.1
31.45
32.9
32.65
32.8
0.022071307
0.021594684
0.009756098
-0.012882448
0.021207178
0.006389776
0.00952381
-0.012578616
-0.042993631
-0.023294509
0.005110733
0.006779661
0.121212121
-0.042042042
0.001567398
-0.026604069
0.011254019
0.046104928
-0.007598784
0.004594181
-1
0.0136486
0.0125994
0.0135956
0.0227608
0.0238333
0.0207332
0.020794
0.0580061
0.0613528
0.0570542
0.057473
0.0574016
0.0589079
0.0307826
0.0240755
0.4112162
Volatility in %
6 days
21.66646 21.67% for 6 days
20.000888
21.582299
36.131663
37.834184
32.91299
33.009524
92.081771
97.394481
90.570711
91.235492
91.122294
93.513396
48.865834
38.218644
652.78556

50. Share Price Movement of Technoplast Ltd
Date
Price
25-Oct-13
24-Oct-13
23-Oct-13
22-Oct-13
21-Oct-13
18-Oct-13
17-Oct-13
15-Oct-13
14-Oct-13
11-Oct-13
10-Oct-13
09-Oct-13
08-Oct-13
07-Oct-13
04-Oct-13
03-Oct-13
01-Oct-13
30-Sep-13
27-Sep-13
26-Sep-13
34.9
34.45
35.25
32.6
33.8
33.7
35.2
35.2
34.55
34.3
34
32.4
32.95
33.8
33.9
33.9
33.9
32.9
31.95
31.9
High Price Low Price Close Price No. of Trade Turnover in Lakh
34.9
35
35.5
34.9
34.25
34
35.2
35.2
35.1
34.85
34.3
33.25
33.75
33.8
33.9
33.9
33.9
35
34
31.9
32.6
33.3
33.55
32.6
32.25
32.75
32.25
34.5
33.5
34.05
33.1
32.05
32.1
31.65
31.65
32.15
32
32.5
30.1
30.2
33.45
33.5
33.7
34.15
33.75
33.3
33
34.7
35
34.55
33.95
32.9
32.25
32.2
32.25
32.7
32.7
32.75
32.65
31.25
332
146
124
254
249
199
634
80
169
287
315
102
223
230
172
147
175
355
337
123
3.71
2.52
3.85
176.63
168.22
2.85
8.72
0.87
6.34
7.82
13.17
2.65
2.87
3.94
2.94
2.81
3.25
7.69
4.52
0.83

51. Conclusion:
 Over the past 3 years, Time has aggressively
expanded in 10 countries and has set up
manufacturing facilities for its industrial packaging
products in these regions.
 Time’s management is well focused; gives due
attention to innovate new products.

52.  Domestic packaging revenue is expecting to grow
above 16% CAGR in the next two years driven by
strong end-user demand.
 We suggest that, TTL is a good company to invest in.
It will give good returns in the future and those who
want to sell it hold the share.

53. Thank you.......