Time Technoplast

The Directors have pleasure in presenting the Directors Report on the
 business and operations of the company for the year ended on 31st
 March, 2008.
 
 FINANCIAL RESULTS:
 
 PARTICULARS                                        2007-08      2006-07
 
 Gross Sales and Other Income                      53548.75    40737.10
 Turnover (Net of Excise) and Other lncome         47107.70    35665.65
 Profit Before Depreciation, Interest and Tax       9421.37     7170.25
 Interest                                           1542.58      276.05
 Depreciation                                       1722.14     1346.76
 Profit Before Taxes                                6156.65     4547.44
 Provision for Taxes
 Current Tax                                         987.00      477.50
 Profit After Current Tax                           5169.65     4069.94
 Deferred Tax                                        157.05      154.35
 Net Profit for the Year                            5012.60     3915.59
 Extraordinary Income Net of Tax                    1338.91        0.00
 Profit After Extraordinary Item                    6351.51     3915.59
 Balance brought forward from last Year            13953.68    10715.69
 Provision for Taxation of earlier Years              21.62           -
 Transfer to General Reserves                        650.00      405.00
 Final/Interim Dividend                              627.80      239.07
 Tax on Dividend                                     106.69       33.33 
 Balance carried to Balance Sheet                  18899.08    13953.68
 
 FINANCIAL RESULTS:
 
 Consolidated                                              (Rs. in lacs)
 
 PARTICULARS                                        2007-08      2006-07
 
 Gross Sales and Other Income                      77766.39    45692.07
 Turnover (Net of Excise) and Other Income         68154.06    39940.16
 Profit Before Depreciation, Interest and Tax
 Before Extraordinary Income                       14472.58     7675.76
 Profit After Tax (Before Extraordinary Income)     7367.21     4109.80
 Profit After Tax (After Extraordinary Income)      8706.11     4109.80
 
 THE YEAR UNDER REVIEW:
 
 Standalone
 
 Gross Sales and other income for the stand alone entity increased to
 Rs.53549 Lacs, as against Rs.40737 Lacs in the previous year,
 registered an impressive growth of 31%. The Net Profit at Rs. 5013 Lacs
 as against Rs. 3916 Lacs represents a robust increase of 28 %, over the
 previous year.
 
 Consolidated
 
 Gross Sales and other income for the consolidated entity increased to
 Rs. 77766 Lacs, as against Rs. 45692 Lacs in the previous year,
 registered an impressive growth of 70%.The Net Profit (Before
 Extraordinary Income) at Rs. 7367Lacs as against Rs. 4110 Lacs
 represents a robust increase of 79% over the previous year.
 
 This increase is a combination of high growth in Sales along with
 optimum product mix, enhanced level of operation and overall
 improvements in the operating efficiencies achieved by the Company.
 
 DIVIDEND:
 
 The Company has performed significantly better during the year,
 therefore, your Directors are pleased to recommend 30% Dividend
 (Previous Year: 20%) on 2,09,26,500 Equity Shares of the Company
 subject to the Approval by the Shareholders and this will absorb about
 Rs. 734.49 Lacs including dividend tax and surcharge thereon (Previous
 year : Rs 272.61 Lacs).
 
 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 and Mr. Naveen Jain, Directors of the Company retire by
 rotation and being eligible, offer themselves for reappointment at the
 ensuing Annual General Meeting.
 
 SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS
 
 The Company had one Indian subsidiary TPL Plastech Limited, (a company
 listed at BSE), and two foreign subsidiaries Elan ncorporated FZE,
 Sharjah (UAE) & NovoTech Spzo.o. (Poland) at the beginning of the year.
 
 During the year, the company acquired 71.48% equity stake in NED ENERGY
 LTD. a closely held company engaged in manufacture of high technology
 Valve Regulated Lead Acid (VRLA) batteries based at Hyderabad. NED
 enjoys quality leadership for its batteries in telecom sector under
 well established brand MaxLife.
 
 NED ENERGY LTD. has during the current year, acquired Gulf Powerbeat
 WLL (GPW), Kingdom of Bahrain. GPW has state-of-the art production
 facility at South Alba Industrial Area, Manama, Bahrain for manufacture
 of high quality long life batteries.
 
 As required under the Listing Agreement with the Stock Exchanges, a
 Consolidated Financial Statements of the Company and all its
 subsidiaries is attached. The Consolidated Financial Statements have
 been prepared in accordance with Accounting Standards issued by the
 Institute of Chartered Accountants of India, and show the financial
 resources, assets, liabilities, income, profits and others 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, 2008
 to the Ministry of Corporate Affairs from attaching to its Balance
 Sheet, the individual Annual Reports of the subsidiaries.
 
 FOREIGN COLLABORATION:
 
 Your Company continues to enjoy cordial relationship and rapport with
 its collaborators Mauser Group, Germany. The Company has further
 absorbed and assimilated technology and know-how passed on by its
 collaborators who in turn have expressed satisfaction in the operation
 and quality management put in place by the Company
 
 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 Companys products and performance to conform to the latest
 international standards. Besides, employees of the Company have been
 attending in-house training programmes 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. 2351.25 Lacs (including Deemed
 exports)
 
 Total foreign exchange outgo - Rs. 20211.66 Lacs
 
 QUALITY MANAGEMENT SYSTEM:
 
 The Companys products comply with the latest international standards
 in quality and performance and your Company is in the process of
 acquiring accreditation for its additional manufacturing units, in a
 phased manner.
 
 AUDITORS:
 
 The Board of Directors was informed that from the inception of the
 Company, Raman S. Shah & Co (Proprietary Firm) are the statutory
 auditors and have carried out audit work for FY07-08 (Present Annual
 Report). Mr. Raman S. Shah (Proprietor) now propose to continue the
 audit in their Partnership Firm in the name and style of Raman S. Shah
 & Associates which has therein several other partners and additional
 manpower to cope up with audit work. Since the Companys business has
 expanded both in India and overseas, Raman S. Shah & Associates have
 offered to carry out their functions as statutory auditors effective FY
 08-09.The Company has received a letter from M/s Raman S. Shah &
 Associates 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 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 2008-09 with an 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 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.
 
 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 2008, 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 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
 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, 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 2008, on a going concern basis.
 
 APPRECIATION:
 
 Your Directors place on record their sincere appreciation of 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
 
 Place: Mumbai                        ANIL JAIN           BHARAT VAGERIA
 Date : June 27, 2008            MANAGING DIRECTOR              DIRECTOR