Time Technoplast Management Discussions


? Global Economy

Global growth is projected to fall from an estimated 3.5% in 2022 to 3.0% in both 2023 and 2024 as per International Monetary Funds (IMF) World Economic Outlook (WEO) July 2023. While the current forecast for 2023 is modestly higher than predicted in the April 2023 WEO, it remains weak by historical standards. Global headline inflation is expected to fall from 8.7% in 2022 to 6.8% in 2023 and 5.2% in 2024. Underlying (core) inflation is projected to decline more gradually, and forecasts for inflation in 2024 have been revised upward.

The recent resolution of the US debt ceiling standoff and, earlier this year, strong action by authorities to contain turbulence in US and Swiss banking, reduced the immediate risks of financial sector turmoil. This moderated adverse risks to the outlook. However, the balance of risks to global growth remains tilted to the downside. Inflation could remain high and even rise if further shocks occur, including those from an intensification of the war in Ukraine and extreme weather-related events, triggering more restrictive monetary policy.

Financial sector turbulence could resume as markets adjust to further policy tightening by central banks. Sovereign debt distress could spread to a wider group of economies. On the upside, inflation could fall faster than expected, reducing the need for tight monetary policy, and domestic demand could again prove more resilient.

In most economies, the support for the most vulnerable. Improvements to the supply side of the economy would facilitate fiscal consolidation and a smoother decline of inflation toward target levels.

? Indian Economy

According to the IMF, growth in India is projected at 6.1% in 2023, a 0.2% point upward revision compared with the April 2023 projection, reflecting momentum from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment.

Although significant challenges remain in the global environment, India is the one of the fastest growing economies in the world. According to World Bank, Indias growth continues to be resilient despite some signs of moderation. Growth was underpinned by strong investment activity bolstered by the governments capex push and buoyant private consumption, particularly among higher income earners.

Inflation remained high, averaging around 6.7 percent in FY23 but the current-account deficit narrowed in Q3 on the back of strong growth in service exports and easing global commodity prices. Although headline inflation is elevated, it is projected to decline to an average of 5.2 percent in FY24, amid easing global commodity prices and some moderation in domestic demand. The Reserve Bank of Indias has withdrawn accommodative measures to rein in inflation by hiking the policy interest rate. Indias financial sector also remains strong, buoyed by improvements in asset quality and robust private-sector credit growth.

The central government is likely to meet its fiscal deficit target of 5.9 percent of GDP in FY24 and combined with consolidation in state government deficits, the general government deficit is also projected to decline. As a result, the debt-to-GDP ratio is projected to stabilize. On the external front, the current account deficit is projected to narrow to 2.1 percent of GDP from an estimated 3 percent in FY23 on the back of robust service exports and a narrowing merchandise trade deficit.


? Plastic Industry

According to Market research, the global plastic market is expected to grow at the compounded annual growth rate of 4% from the period of 2023 to 2030. The role of plastics is extremely imperative in the modern industry. This is owing to its characteristics that have gained prominence across an array of sectors including the packaging industry, the automotive industry and the manufacturing industry. The overall market demand is expected to grow exponentially due to the rising demand for recycled plastics and bio plastics.

Regulations to decrease gross vehicle weight to improve fuel efficiency and eventually reduce carbon emissions are driving plastic consumption as a substitute for metals, including aluminium and steel, for manufacturing automotive components. The growth of the market can also be attributed to increased foreign investment in the domestic construction markets, as a result of easing FDI norms and requirements for better public and industrial infrastructure. The growth of the construction industry in emerging markets such as Brazil, China, India, and Mexico has been instrumental in fuelling the demand for plastics.

Regulations over the use of plastic products will subsequently affect market growth rate. Government policies in response to the damage caused by single use plastic products will dampen the industry, but this is effectively combated by the rising demand for plastic from the packaging industry that is driving the demand for the commodity. The industry is segmented into several types, with the primary ones being polyethylene and polypropylene.

The Indian plastic industry employs close to 4 million workers and comprises around 30,000 processing unites across the country. The Government of India intends to take the plastic industry from a current level of ? 3 lakh crore (US$ 37.8 billion) of economic activity to ? 10 lakh crore (US$ 126 billion) in four-five years.

The plastics market has consistently expanded in India owing to the vastly developing nature of the country. The industry provides a backdrop for understanding the policy framework that directs the future of the same, which is clearly geared towards enhancing the export of plastics. Even as ESG norms become common and lucrative, the contemporary structure of the economy is such that it will only induce the necessity of plastic into everyday use.

? Packaging Industry

The global packaging industry is expected to reach US$ 1.33 trillion by 2028. Favourable Consumer trends coupled with great strides in the industry are the primary drivers of this growth. Following consistent growth in the last decade, the industry is expected to register a CAGR of 3.94% during 2023 to 2028.

Similar to the plastic industry, the packaging market is witnessing several trends with crucial sections of the industry being the imperative forces of the growth. Paper packaging products are one such niche that is benefiting the most out of the increasing trend of online retail environmental regulations on non-biodegradable packaging solutions. Owing to government regulations, the consumption of recycled PET as flexible packaging is replacing traditional packaging methods.

According to the Flexible Packaging Association, flexible packaging is mainly used for food, which accounts for more than 60% of the total market. Since it could incorporate new solutions for various packaging issues, the flexible packaging industry is experiencing robust growth. In addition, with the rising consumption of sweets and confectionery, several flexible plastic packaging providers are offering packaging solutions, specifically catering to this demand, and are further driving their sales and revenues.

The India Packaging Market is expected to reach US$ 204.81 Bn by 2025, registering a CAGR of 26.7% during the period of 2020-2025. Growth in this sector is primarily driven by factors like growing pharmaceutical, food processing, manufacturing industry, FMCG, healthcare sector and ancillary in the emerging economies like China, India, Brazil, Russia and few other East European countries.

Plastic Packaging is expected to have a significant market share, with PET and HDPE being the preferred materials for manufacturing bottles and jars. Furthermore, the shift towards sustainable plastic products has driven innovations in the plastic packaging market for the country. This trend is expected to be continued in the future during the forecasted period and revolutionize the industry as a whole.

Rigid Packaging

The global rigid packaging market is projected to grow at CAGR 4.58% and forecasted to reach US$ 740 billion by 2030. Rigid packaging constitutes usage of materials such as rigid plastics, metals and glass for packaging applications. The demand for the market is largely driven by an increase in demand for consumer goods and improving packaging recycling rates.

The market is segmented based on end-user industries and has been classified into different sectors like pharmaceuticals, food & beverages and others. The growth in these sectors is mainly driven by advancements in research and technological innovations in order to minimize and optimize packaging costs. Geographically, the Asia Pacific region is the market leader in this industry, largely by induced demand owing to an increasing level of income.

The Indian Rigid Packaging industry is expected to grow at CAGR 9.36% over the next 5 years. This demand is subsequently driven by a shift from traditional packaging types to rigid plastic packaging that is light weight with low comparative cost, flexible design and easily recyclable. As India moves towards becoming a manufacturing hub, its exports are expected to increase as well and the rigid packaging industry is in prime position to take advantage of the same.

? Chemical Industry

India is the 6th largest producer of chemicals in the world and 3rd in Asia, contributing 7% to Indias GDP. Indias chemical sector, which is currently estimated to be worth US$ 220 billion in 2022 and is anticipated to grow to US$ 300 billion by 2025 and US$ 1 trillion by 2040.

Globally, India is the fourth-largest producer of agrochemicals after the United States, Japan and China. India accounts for 16-18% of the world production of dyestuffs and dye intermediates. Indian colorants industry has emerged as a key player with a global market share of ~15%. The countrys chemicals industry is de-licensed, except for few hazardous chemicals. India holds a strong position in exports and imports of chemicals at a global level and ranks 14th in exports and 8th in imports at global level (excluding pharmaceuticals).

? Infrastructure - Pipes Segment

PVC as the third largest produced synthetic polymer, is widely used in the fabrication of pipes to thereby replace metal pipes in several segments. This is mainly due to its lightweight, resistance to corrosion and super tensile strength. The Indian plastic pipe market is anticipated to grow at a CAGR of 10.3% from 2022 to 2027, reaching an estimated $10.9 billion. The expansion of government infrastructure investment, rising home and business building, industrial production, the irrigation sector, and the replacement of deteriorating pipes are the main growth drivers for this market.

Despite the effects of the pandemic, the polymer pipes sector has been performing well in the new normal India. The demand for metal to polymer pipes has significantly changed in a number of industries, including plumbing and piping applications in the construction industry. The use of CPVC pipes in the hot- and cold-water plumbing industry has increased significantly during the past several years. With government initiatives like "Har Ghar Jal Yojna" and "Jal Jeevan Mission", the demand for pipes through these channels will increase.

? Auto Component Industry

India has become the fastest-growing economy in the world in recent years. This fast growth, coupled with rising incomes, a boost in infrastructure spending and increased manufacturing incentives, has accelerated the automobile industry. Significant demand for automobiles also led to the emergence of more original equipment and auto components manufacturers. As a result, India developed expertise in automobiles and auto components, which helped boost international demand for Indian automobiles and auto components. Hence, the Indian automobile industry has a considerable impact on the auto component industry.

Indias auto component industry is an important sector driving macroeconomic growth and employment. The industry comprises players of all sizes, from large corporations to micro entities, spread across clusters throughout the country. The auto components industry accounted for 2.3% of Indias GDP and provided direct employment to 1.5 million people. By 2026, the automobile component sector will contribute 5-7% of Indias GDP. The Automotive Mission Plan (2016-26) projects to provide direct incremental employment to 3.2 million by 2026. Due to the high development prospects in all vehicle industry segments, the auto component sector is expected to see double-digit growth in 2022. The industry is expected to stand at US$ 200 billion by 2026.

? Energy Storage Device

The global market for battery energy storage device Industry is expected to grow at a CAGR of 27% while the Indian battery storage systems market is forecasted to grow by a CAGR of 10.5% from the period of 2022 to 2027. Grid modernization along with an increase in penetration of lithium-ion batteries in the renewable energy sector powered this demand.

A surge in the number of rural electrification projects and an increase in the need for constant power supply have offset the requirement of high capital expenditure required for installing these storage systems. The Indian market on the other hand is expected to be dominated by the Lithium-ion Battery segment owing to the high demand in renewable power projects. The country has set a target to reach around 500 GW of renewable capacity by 2030 and this means that these renewable projects create significant opportunities for the market. Several government projects like the Ramagiri Solar-Wind-Hybrid project owned by the Solar Energy Corporation of India (SECI) are the main drivers of this demand.

? Liquefied petroleum gas (LPG)

As Cooking gas LPG experienced some pressure owing to price hikes, the historic Pradhan Mantri Ujjawal Yojana (PMUY) initiative was completed in 2021, and Indias LPG penetration rate reached 99.5 percent; it is now aimed to reach 100 percent by the end of the fiscal year. As full LPG penetration in all states, the monthly LPG demand in the residential/ commercial segment has increased.

The global LPG market is expected to grow at a CAGR of 4.4% by 2027 as growing awareness about its environmental benefits drives the demand for the same. The growing population of the country coupled with different benefit programs by the government boost this demand in India. Over 70% of household works are done by LPG in India and although the country is developing towards pipe gas usage, the industry will remain strong owing to the commercial and household usage of the gas.

? Compressed Natural Gas (CNG)

Natural gas is there environment friendly conventional fuel available today and hence can play a critical role in Indias transition towards a low carbon clean fuel based economy. The government is taking a number of initiatives with a vision to usher a gas based economy. One of the primary initiatives in this regard has been a rapid expansion of gas infrastructure including natural gas grid, liquefied natural gas (LNG) import terminals and city gas distribution (CGD) network in the country. The upcoming infrastructure will facilitate in creating robust gas ecosystem with multi-fold increase in investment as well as employment opportunities across skilled, semi-skilled and un-skilled areas. Expansion of large infrastructure projects will also ramp up "Make in India" opportunities for manufacturing sector across India, in-tern boosting the state economy.


Incorporated in 1992, Time Technoplast Limited (TTL) is an Indian multinational conglomerate and one of the leading manufacturers of technology-based polymer and composite products globally. It is the flagship Company of the Time group and has subsidiary companies (including set-down subsidiaries) operating across the globe. The Group has a strong presence in Asia, and the Middle East, and North Africa regions with a presence in 10 countries outside India, including the U.S. Globally, Time group is the largest manufacturer of large size plastic drums, the second-largest manufacturer of composite cylinders, and third largest intermediate bulk container manufacturer. Extensive R&D capabilities have enabled the Group to develop new innovative products as a replacement for metal products by using polymers and employing plastic processing technologies (blow, injection & extrusion).

Time group has state-of-the-art manufacturing facilities at 30 locations across the globe (including 20 within India) with a wide range of technology-based polymer and composite products catering to various industry segments.

? Products

Time groups portfolio consists of technology-driven innovative products catering to growing industry segments like Industrial packaging solutions, Lifestyle products, Material handling solutions, Composite cylinders, Infrastructure/ Construction related products, and Automotive components. The Group has over 14 recognised brands and works with more than 900 institutional customers globally.

FY23 Revenues by product category (% of value)

Established Products

The established products portfolio constitutes 77% (P.Y. 79%) of total revenue in fiscal 23. This product basket is broadly divided into 3 categories: Industrial Packaging (Drums, Jerry cans & Pails), Infrastructure (HDPE Pipes, DWC Pipes, and Energy Storage Devices), Technical & Lifestyle (Turf & Matting, Disposable Bins & Auto Components). The Company generated ? 33,210 million from this segment in fiscal 23 as against ? 28,964 million in the previous year. The EBITDA margin for this segment stood at 12.4%.

l Industrial packaging

Time group manufactures Polymer drums/barrels, Jerry cans and Pails for varied packaging requirements. It is the largest manufacturer of large size plastic drums, globally. The Group uses technologies of polymer processing such as blow moulding, injection moulding and extrusion moulding to produce a wide range of products. These are made through a fully automated continuous process without any welds or joints. They are fitted with special stoppers, plugs, bungs, inserts, caps, handles to meet specific design & requirements. The Group caters to varied sectors like chemicals, paints and pigments, food & beverage, petrochemicals, industrial coatings, agricultural, pharmaceutical, mineral, automotive and building products.

In coming year, we anticipate strong demand for Industrial Packaging products from chemical industry driven by migration of chemical companies out of China and increase in chemical exports. The Group also anticipates benefiting significantly from various infrastructure developments initiated by Government and planned chemical expansion projects in India.

l Pipes (Infrastructure)

With good orders in hand, new product launches and various central government infrastructure schemes, the management is highly optimistic about this segment. Various central government infrastructure schemes like ‘Nal Se Jal- the last mile connectivity for drinking water, Smart City mission, and affordable housing etc. provides substantial business potential over the medium term.

l Technical and Lifestyle

This segment includes three divisions; Turf & Matting, Disposal bins and Auto components. Time group is one of the leading players in the matting segment and has been delivering value for money solutions across industries and customers. These Lifestyle Products are not only functional but also add to the aesthetics. Disposal Bins - a necessity for hygienic life and made from recyclable material, adhere to stringent international quality standards. Its superior design ensures easy handling. The group supply a number of products to automobile industry including rain flap, fuel tanks and air ducts.

Value Added Products

The value added products which includes Intermediate Bulk Container (IBC), Composite Cylinder and multi-layer multi oriented X cross laminate film (MOX Film), contributed 23% (P.Y. 21%) towards total revenue in fiscal 2023 and generated ? 9,722 million as compared to ? 7,564 million in previous year.

l Intermediate bulk container (IBC)

IBCs are designed for efficient performance even in rugged terrains and with rough handling. They are estimated to save about 75% of storage and transportation costs as compared to drums. The Group is the third largest manufacturer of IBCs in the world.

The demand for HDPE-bottled Rigid IBCs is increasing in the global chemical industry due to their strong resistivity to chemicals. With evolving chemicals, the IBC market is rapidly expanding. In addition, the adoption of IBCs for storage and transportation of corrosive chemicals is increasing owing to their environmental stress cracking resistance. Share of Composite IBCs are projected to increase substantially in terms of market value share owing to highly durable and efficient handling systems.

l Composite Cylinders

Composite cylinders are superior alternatives to traditionally used metal cylinders. These cylinders are extremely lightweight, rust and corrosion proof, U.V. resistant, attractive in colour & shape and most importantly are 100% explosion proof. The Group is the second largest manufacturer of composite cylinders in the world.

The Time group supplies to more than 40 countries and has approval to supply in more than 50 nations. The Group continues to increase its market penetration for LPG composite cylinders- ‘LiteSafe. It has the largest range of composite cylinders raging from 2KG-22KG. The Composite cylinders have unique advantage over metal cylinders such as safety, ease of use, and high corrosion resistance which makes a positive impact upon the demand for LPG cylinders globally. We are supplying Composite Cylinders to Private LPG Distributors in India and creating more and more awareness in order to penetrate the Indian market.

In March 2022, the Company was awarded one of the most awaited single largest order of over 0.75 million Type-IV LPG Composite cylinders from Indian Oil Corporation Limited (IOCL), supplies for which are ongoing. In addition, supply for same order quantity for a further period of up to 12 months, on same terms and conditions is expected to begin soon.

Time group aims to be the market leader and preferred global supplier with mass-production at low cost and also strives to achieve high-capacity utilization, stable production and efficient and cost-effective operations. The Group will accomplish this by expanding its market share across geography including India. Among several benefits, the distributor focuses on its corrosion-free feature, as humidity in the region is an issue for most Asian and African geographies.

For CNG Composite Cylinders, during fiscal 23, the Company achieved a revenue of ? 1,539 Mn. During the year, the Company enhanced its annual CNG cascade manufacturing capacity by 300 cascades (18,000 cylinders) under Phase I expansion. With this expansion, the total annual cascade manufacturing capacity has increased to 480 cascades (28,800 cylinders). Furthermore, due to overwhelming response and existing enhanced capacity sold out completely, the Company has undertaken Phase Il expansion plan for increasing the manufacturing capacity by 600 nos. cascades per annum. Subsequent to this expansion, which will be completed by end of fiscal 24, total manufacturing capacity will be 1080 nos. cascades per annum. Under this Phase ll expansion, Company can utilise the facility to manufacture cylinders both for CNG and Green Hydrogen.

During the month of April 2023, the Company has finally received approval from PESO for manufacturing of Carbon Fibre Reinforced Composite Cylinder (Type III) for Medical Oxygen and Breathing air. Our Company is the first and only Company in India to receive such approval. These Cylinders are used by fire fighters, mountain climbers, portable home oxygen bottles, mobile ambulance Hospitals, Defence sector and for under water activities. The Company has currently developed a 6.8 Litre water capacity cylinder which is the most popular size in this segment.

l MOX Films

The MOX film (Multi-layer Multi axis Oriented Cross Laminated Film) launched in FY17 under the brand ‘Techpaulin has received good response from the industry. The Group has over 25 super distributors across the country. We are continuously finding new and innovative applications of the MOX films and are launching new products in the market like Truck covers, Pond Liners, Mulching Film & Poly house Films. In addition, greater focus on new export markets of Thailand, Malaysia, Germany, UK & USA.

? Overseas Business

Time group has manufacturing presence in 10 countries apart from India that cater to industrial packaging segment. The overseas business contributed ? 14,705 million to the overall top line of the Group during fiscal 2023, which translated to 34% (P.Y. 32%) of total revenues. EBITDA margin for domestic operations is about 13.8% while the same in overseas in 13.1%.

Going forward, we expect significant growth in exports as a number of multinational companies are trying to shift their manufacturing base from China to countries like India, Indonesia, Thailand etc., where Time group already has significant presence thus providing good opportunity.

Consolidation cum Restructuring of Overseas business

The Board of Directors during their meeting on April 9, 2022, accorded their approval for consolidation cum restructuring of overseas business subject to the approval of members to capture the growth in Asian Countries, Middle East and USA through Joint Venture/Special Purpose Vehicle by onboarding strategic partner/investor partner by way of sale/transfer/ disposal of part of assets/investments of subsidiaries/material subsidiaries/step down subsidiaries. The same was approved by the members of the Company by requisite majority on May 10, 2022 through postal ballot.

The Company will benefit by utilizing proceeds of the consolidation cum restructuring for Repayment of debt, Capex for Composite Cylinders (LPG/CNG/Hydrogen) & Core Business in India to meet huge market demand. The proceeds will also be utilised to provide benefit to the shareholders.

The Company has appointed JP Morgan India and Ernst & Young India as Advisors to handle entire process of consolidation cum restructuring. The process is still under discussion on the terms and conditions of the transaction.


Consolidated performance for the year ended March 31, 2023

( ? Million)

FY 23 FY 22
Total Income 42,932 36,528
Cost of material consumed 31,015 25,771
Other expenses 6,108 5,669
EBITDA 5,809 5,088
Finance Cost 1,052 920
Depreciation 1,709 1,574
PAT 2,238 1,922
Key Ratios (Consolidated)
S. No. Particulars FY 23 FY 22
1 EBITDA to Sales 13.5% 13.9%
2 PAT to Sales 5.2% 5.3%
3 Total Debt to Equity 0.36 0.40
4 Net Debt to EBITDA 1.22 1.44
5 Return on Capital Employed 13.5% 12.3%
Standalone performance for the year ended March 31, 2023
FY 23 FY 22
Total Income 22,450 20,340
Cost of material consumed 16,186 14,527
Other expenses 3,150 2,983
EBITDA 3,113 2,830
Finance Cost 561 526
Depreciation 1,058 969
PAT 1,112 992


Total capital expenditure incurred for the year was ? 2,235 million. Capacity expansion, re-engineering and automation of established products accounted for ? 866 million while capital expenditure towards value added products was ? 1,369 million. Time group continues to focus on Brownfield expansion in India and overseas for future growth and leveraging of existing infrastructures.

? Firm Footsteps towards Sustainable Growth

Since the day we started our journey, we have consciously endeavoured to adopt sustainable product development and manufacturing. The outcome is that we have now risen as a main polymer based inventive items organization. Development stays at the centre of all activities at Time Technoplast and subsequently the Company has kept putting resources into R&D. The Company has a committed group of in excess of 30 people for R&D. We reliably centre on cost proficiency in existing items and forms; and enlarge our item portfolio through advancement and innovation.

The Company is centred on embraced committed R&D in territories which have seen development potential. It applies an efficient way to deal with determination of items, which includes assessment of specialized, and business possibility information. Combined with client criticism, it has brought about commercialization of imaginative items, for example, Antistatic Drums and IBCs, Ball/Butterfly Valves for IBCs, Composite Cylinders, and Plastic Fuel Tanks and De-air circulation tanks and as of late propelled MOX film and new generation multilayer PE pipes for power/communication cable duct with silicon in-lining.


? Raw material availability

We have not experienced any significant difficulty in obtaining our principal raw materials. The principal raw material for all our business segments is PE granules which are derivative products of oil and natural gas. We import majority of our raw materials from nearby countries and balance are purchased from local manufacturers. We satisfy most of our needs through purchases on the open market or under short-term and long-term supply agreements. The world order for recycling plastics is rearranging and we anticipate more demand will be needed to be met by virgin polyethylene. Countries such as China, India, Vietnam, Indonesia, the United States and Europe recycled investments have increased and it will likely result in an overall no demand change in the longer term.

? Commodity price risk

The Company is exposed to fluctuations in polymer prices which are determined by the supply and demand in the Indian and international markets. Since polymers are crude derivatives, the prices also tend to follow crude prices which are volatile and this volatility has an effect on Companys income and net profit.

? Foreign exchange and other risk

Operating in countries outside India exposes us to general different risks like currency devaluation, import/export, customs, changes in government policies and regulations which has commonly been associated with developing countries, labour instability, invasion, war, civil disturbance or acts of terrorism, defaults in certain countries, and hyperinflation. Payments by overseas subsidiaries are impacted by limitations on conversions of currencies into United States dollars, changes in the tax policy and other trade compliance regulations.


People development has always been a focus area for the Company. Over the past couple of years, the business environment has become increasingly complex and challenging. Efforts are on-going to make Time Group an aspirational and preferred employer of choice for our current and future employees.

Learning is part of the Company culture. Each employee, at all levels, is conscious of the need to upgrade continuously her/his knowledge and skills. The willingness to learn is therefore a non-negotiable condition to be employed by the Company. The objective is to retain and motivate employees by offering attractive but realistic career moves allowing them to develop their skills over a long-term period within the framework of economic reality and a changing environment.

Industrial relations are a clear responsibility of local management and will be handled at the appropriate level: first at site level (factories, warehouse) subsequently at regional or national level, according to local law and practices.


The Company is committed to protect the Health and Safety of everyone in its operations and the sustainability of the environment in which it operates. The collective attempt of the employees at all levels is directed towards supporting and continuously improving standards of environment, occupational health and safety in a bid to attain and exceed defined benchmarks. The Companys EHS policy not only meets all applicable statutory requirements but also focuses on motivation, learning and training of employees. External audits are concluded to ensure effectiveness of the EHS policy and initiatives, and recommendations are considered for future improvement in the policy.


The Company has internal control systems commensurate with the size and nature of the business and has experienced personnel positioned adequately in the organization to ensure internal control processes and compliances.

Internal control is an important component of the Companys operations and addresses all those operating methods and procedures whose objective it is to ensure:

- the reliability and integrity of the Companys financial and management information, - effective and profitable operations that are in line with the Companys strategy, - that the Companys assets are protected,

- that applicable legislation, guidelines, regulations, agreements and the Companys own governance and operating guidelines are complied with.

Internal Auditors comprising of professional firms of Chartered Accountants have been entrusted the job to conduct regular internal audit at all units/location and report to the management the observation, if any. The Audit findings are reported on quarterly basis to the Audit Committee of the Board headed by a Non-executive Independent Director.


Statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimates and expectation may be "forward-looking" within the meaning of applicable laws and regulations. Actual results might differ materially from those expressed or implied.