Time Technoplast Limited — Interim / Quarterly Report 2020

Nov 14, 2019

November 14, 2019

! BSE Limited	National Stock Exchange of India
1" Floor, New Trading Ring	Exchange Plaza,
Rotunda Building	C- 1, Block G,
PJ. Towers,	Bandra - Kurla Complex
Dalal Street Fort,	Bandra (East)
Mumbai -400 001	Mumbai - 400051
: Scrip Code: 532856.	Symbol: TIMETECHNO

	12, 00 Noon,
bie Mesting ConclusionTime_	061 3Spms

Dear Sir / Madam,

Sub: Outcome of Board Meeting held on November 14, 2019

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we wish to inform you that the Board of Directors of Time Technoplast Limited at its meeting held on Noveniber 14, 2019, inter-alia, transacted and approved the following businesses:

• 1. Considered and approved Un-audited {Standalone & Consolidated) Financial Results for the Quarter and Half year ended 30" September, 2019 (Annexure - A).
• 1. Considered Limited Review Report (Standalone & Consolidated) dated November 14, 2019, issued by the joint statutory auditor' ie. M/s. Shah & Taparia and M/s. Shah Khandelwal Jain & Associates, Chartered Accountants, for the period ended 30% September, 2019. (Annexure - B).

You are requested to take note of the same.

Thanking you,

Yours Faithfully For TIME TECHNOPLAST LIM{T EN \

MANO} KUMAR MEWARA Company Secretary & Compliance Officer

TIME TECHNOPLAST LTD. Bringing Polymers To Life

CIN : L27203D01989PLC003240

Regd. Office : 101, tst Floor, Centre Paint, Somnath Daman Road, Somnath, Dabhel, Nani Daman, Daman - 396210

Corp. Off. : 55, Corporate Avenue, 2nd Floor, Saki Vihar Road, Andheri (East), Mumbai - 400 072 INDIA Tel, : 91-22-7114 9990 / 4211 9999 Fax ; 91-22-2857 5672 E-mail - ti@limetechnoplast.com Website . www-limatechnoplast.com Bangalore (080) 26608056/61 Baroda ' (0265) 2320668 Chandigarh - (0172) 2646542 Chennai (044) 4501 0019/29 Deihi : (0120) 4393820/21 Hyderabad (040) 23410003

Annexune! A

$\frac{1}{2}$ TIME TECHNOPLAST VALLAR

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER & HALF YEAR ENDED 30 SEPTEMBER 2019 Regd. Office : 101, 1st Floor, Centre Point, Somnath Daman Road, Somnath, Dabhel, Nani Daman, Daman (U.T.) 396 210 CIN : L27203DD1989PLC003240 Website:www.timetechnoplast.com Email: investors@timetechnoplast.com Corp. Office: 55, Corporate Avenue, Saki Vihar Road, Andheri (E), Mumbai - 400 072

							₹in Lakhs)
ສ່	Particulars		Quarter Ended		Half Year Ended		Year Ended
ؤ		09.2019ဒ္က	30.06.2019	30.09.2018	30.09.2019	30.09.2018	31.03.2019
		audited)Ę	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
4	Income
ro	Revenue from Operations	51,978.39	49,850.91	49,970.24	1,01,829.30	94,992.23	2,11,663.64
م	Other Income	204.76		204.76	204.76	204.76	212.56
	Total Income (a+b)	52,183.16	49,850.91	50,174.99	1,02,034.07	95,196.98	2,11,876.20
$\sim$	Expenditure
	Cost of Materials Consumedᢛ	36,886.73	35,699.94	37,721.16	72,586.67	69,641.74	1,54,482.46
	b Change in inventories of finished goods &, work-in-progress	1,328.22	(190.61)	(569.28)	1,137.61	(76731)	(1,995.81)
	cEmployees Benefits Expenses	2,193.96	2,160.60	1,987.40	4,354.56	3,882.21	8,227.69
	d Finance Costs (Net	1,651.81	1,600.13	1,457.79	3,251.94	2,881.96	5,956.80
	e Depreciation	2,414.78	2,381.80	2,447.32	4,796.58	4,789.60	9,009.60
	fother Expenditure	4,851.04	4,727.29	4,601.08	9,578.33	8,798.79	18,909.88
	Total Expenditure	49,326.55	46,379.15	47,645.48	95,705.70	89,227.00	1,94,590.62
m	Profit before Exceptional Items & tax (1-2)	2,856.61	3,471.76	2,529.52	6,328.37	5,969.99	17,285.58
	Exceptional Items
4567	Profit Before Tax (3+4)	2,856.61	3,471.76	2,529.52	6,328.37	5,969.99	17,285.58
	Tax Expenses	792.50	1,016.50	731.02	1,809.00	1,727.56	4,662.59
	Profit After Tax (5-6)	2,064.11	2,455.26	1,798.49	4,519.37	4,242.42	12,622.99
ം	Other Comprehensive Income (Net of Tax)
	tems that will not be reclassified subsequently to Profit or Loss
Ľ.	Remeasurement of net defined benefit plan	ı	$\mathbf{I}$			$\blacksquare$	15.81
	Total Other comprehensive Income						1581
Q)	Total Comprehensive Income (7 + 8)	2,064.11	2,455.26	1,798.49	4,519.37	4,242.42	12,638.80
$\mathbf{a}$$\mathbf{1}$	Paid-up equity share capital (Face Value of ₹1/-Other Equity (excluding Revaluation Reserve)	2,261.47	2,261.47	2,261.47	2, 261.47	2,261.47	2,261.471,33,737.04
$\overline{1}$	Earnings Per Share (EPS)
t.	Earning Per Share-Basic	0.91	201	0.80			538
$\mathbf{a}$	举S.Earning Per Share-Diluted	$\frac{5}{2}$	1.08	0.80	2.00	$1.88$$1.88$	5.58
	$\overline{O}$سمجرخ

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

	STANDALONE STATEMENT OF ASSETS AND LIABILITIES		(¥ In Lakhs)
	Particulars	As at30.09.2019	As at31.03.2019
SrNo		(Unaudited)	(Audited)
(1)	ASSETS Non-Current Assets
	(a) Property, Plant & Equipment(b) Capital Work-In-Progress	92,857.865,978.86	95,907.754,888.97
	(c) Right-of-Use-Assets	3,354.5933.81	43.23
	(d) Intangible Assets(e) Financial Assets
	InvestmentsOthers Financial Assets	15,981.071,282.34	15,981.071,330.06
	(f) Other Non Current AssetsNon Current Assets	:1,19,488.53	:1,18,151.08
(2)	Current Assets(a) Inventories	44,554.34	44,140.29
	(b) Financial Assets(i) Trade Receivables	-53,071.12	-51,900.05
	(ii) Cash & Cash Equivalents(iii) Bank Balance other than above	2,374.58891.81	2,493.26833.50
	{c) Other Current Assets(i) Balances with/Due from Government Authorities	5,807.83	5,763.28
	(ii) Other Advances	19,198.31	18,779.66
	Current Assets	1,25,897.99	1,23,910.04
	Total Assets	2,45,386.52	2,42,061.12
	Equity and Liabilities
	Equity		2,261.47
	(a) Equity Share Capital(b) Other Equity	2,261.471,35,953.44	1,33,737.04
	Equity Attributable to ShareholdersTotal Equity	1,38,214.911,38,214.91	1,35,998.511,35,998.51
(1)	Liabilities Non-Current Liabilities
	{a) Financial Liabilities	25,629.92	25,255.00
	BorrowingsLease Liabilities	3,006.56	-
	Deferred Tax Liabilities (Net)	6,760.91	6,251.90
	Non-Current Liabilities	35,397.39	31,506.90
	Current Liabilities
(2)	(a) Financial Liabilities(i) Borrowings	32,719.59	34,047.12
	(ii) Trade PayablesMicro, Small & Medium Enterprises	108.24	115.03
	Other(iii) Other Financial Liabilities	24,815.117,861.08	26,248.327,496.08
	(b) Other Current Liabilities	4,573.52	2,662.74
	(c) Provisions(d) Current Tax Liabilities (Net)	396.681,300.00	338,923,647.50
	Current Liabilities	71,774.22	74,555.71

STANDALONE CASH FLOW STATEMENT

	STANDALONE CASH FLOW STATEMENT
		Half Year Ended 30]	Half Year Ended
Sr		.09.2019	30.09.2018
No	PARTICULARS	(Unaudited)	(Unaudited)
A.	CASH FLOW FROM OPERATING ACTIVITIESProfit Before Tax & Extraordinary Items	6,328.37	5,969.99
	Adjustment For:
	Depreciation	4,796.58	4,789.60
	InterestDividend Income	3,251.94(204.76)	2,881.96(204.76)
	Share Based Payment Reserve	108.80	450.47
	Operating Profit Before Working Capital Changes	14,280.93	13,887.26
	Adjustment For :
	Trade And Other ReceivablesInventories	(3,651.85)(414.05)	(3,451.77)(1,486.53)
	Trade Payable & Other Liabilites	(1,883.14)	1,692.53
	Cash Generated From OperationsTax Payment	8,331.89(1,377.63)	10,641.49(1,239.64)
	Cash Flow Before Extraordinary Items	6,954.26	9,401.85
	Net Cash From Operating Activities(A)	6,954.26	9,401.85
B.	CASH FLOW FROM INVESTING ACTIVITIES
	Purchase Of Fixed AssetsDividend Received	(2,827.15)-	(7,459.90)204.76
	Net Cash Used In Investing Activities{B)	(2,827.15)	(7,255.14)
C.	CASH FLOW FROM FINANCING ACTIVITIES
	BorrowingsNet Proceeds From	(912.51)	2,053.17
	Repayment of Lease Liability/ Finance Lease ObligationDividendPaid & Tax On Dividend	(23.03)	(2,135.80)
	Interest Paid	-(3,251.94)	(2,881.96)
	Net Cash Used In Financing Activities(C)	(4,187.48)	(2,964.59)
	Net Increase/ (Decrease) In Cash And Cash Equivatents (A+B+C}	(60.37)	(817.88)
	Cash And Cash Equivalents As At (Opening Balance)	3,326.76	3,275.17
	Cash And Cash Equivalents As (Closing Balance)	3,266.39	2,457.29

TIME TECHNOPLAST LTD.Bringing Polymers To Life TITTIEY

$\hat{\epsilon}_j$

$\ddot{\ddot{\mathbf{v}}}$

Regd. Office : 101, 1st Floor, Centre Point, Somnath Daman Road, Somnath, Dabhel, Nani Daman, Daman (U.T.) 396 210Corp. Office : 55, Corporate Avenue, Saki Vihar Road, Andheri (E), Mumbai - 400 072CIN : L27203DD1989PLC00

						(₹in Lakhs)
Sr. Particulars		Quarter Ended		Half Year Ended		Year Ended
ġ	30.09.2019	30.06.2019	30.09.2018	30.09.2019	30.09.2018	31.03.2019
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
IncomeH
Revenue from Operations'n	87,054.38	86,814.33	82,749.03	1,73,868.71	1,60,896.24	3,56,373.73
Other Incomeم	49.79	29.10	15.98	78.89	63.68	322.33
Total Income (a+b)	87,104.17	86,843.43	82,765.01	1,73,947.60	1,60,959.92	3,56,696.06
Expenditure :-$\mathbf{\hat{z}}$
a Cost of Materials Consumed	38,285.05	50,703.38	60,230.66	1,18,988.43	1,13,840.93	2,56,102.24
work-in-progressb Change in inventories of finished goods &,	2,359.95	(210.56)	(960.23)	2,149.39	624.81	(4,973.07)
dEmployees Benefits Expenses	3,957.11	3,965.92	3,781.89	7,923.03	7,468.32	16,392.30
der Costs (Net)	2,799.01	2,750.30	2388.42	5,549.31	4,657.91	9,864.77
elDepreciation	3,983.82	3,938.89	3,974.46	7,922.71	7,898.06	14,614.63
fother Expenditure	10,359.35	9,719.12	8,935.19	20,078.47	17,409.61	36,502.05
Total Expenditure	81,744.29	80,867.05	78,350.39	1,62,611.34	1,50,650.02	3,28,502.92
Profit before Exceptional Items & tax (1-2)w	5,359.88	5,976.38	4,414.62	11,336.26	10,309.90	28,193.14
Exceptional Items4
Profit Before Tax (3+4)ıη,	5,359.88	5,976.38	4,414.62	11,336.26	10,309.90	28,193.14
Tax ExpensesG	1,363.32	1,510.80	1,122.21	2,874.12	2,615.01	7,341.82
Net Profit After Tax (5-6)$\overline{ }$	3,996.56	4,465.58	3,292.41	8,462.14	7,694.89	20,851.32
Extraordinary Item (Net of Tax Expenses)$\infty$
Net Profit For the period (7+8)თ	3,996.56	4,455.58	3,292.41	8,462.14	7,694.89	20,851.32
Other Comprehensive Income (Net of Tax)$\Xi$	43.96	15.86	124.55	59.82	203.58	369.45
Total Comprehensive Income (9+10)$\sharp$	4,040.52	4,481.44	3,416.96	8,521.96	7,898.47	21,220.77
Net Profit attributable to$\mathbf{a}$
Owners	3,855.34	4,379.08	3,159.81	8,234.42	7,489.38	20,273.72
Non Controlling Interests	141.22	86.50	132.60	227.72	205.51	577.60
	3,996.56	4,465.58	3,292.41	8,462.14	7,694.89	20,851.32
Other Comprehensive Income attributable toNon Controlling InterestsOwners	43.96	15.86	124.55	59.82	203.58	368.251.20
	43.96	15.86	124.55	59.82	203.58	369.45
₿Total Comprehensive Income attributableOwners	3,899.30	PG PEE1	3,284.36	8,294.24	7,692.96	20,641.97
Non Controlling Interests	141.22	86.50	132.60	227.72	20551	578.80
	4,040.52	4,481.44	3,416.96	8,521.96	7,898.47	21,220.77
Paid -up equity share capital (Face Value of ₹1/-)g	2,261.47	2,261 47	2,261.47	2,261.47	2,261.47	2,261.47
Other Equity (excluding Revaluation Reserve)$\overline{14}$$\frac{1}{2}$						1,64,297.89
Earnings Per Share (EPS)Earning Per Share-Basic$\overline{\mathbf{u}}$	$\frac{170}{170}$	1.941.93	इ इ	डूउद्ध	고고	8.96
Earning Per Share-Diluted$\Delta$						8.96

						(₹in Lakhs)
		Quarter Ended		Half Year Ended		Year Ended
Particularsş	30.09.2019	30.06.2019	30.09.2018	30.09.2019	30.09.2018	31.03.2019
	Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Segment Revenue
(a) Polymer Products	51,033.09	61,583.13	57,977.72	1,22,616.22	1,13,493.73	2,52,703.04
(b) Composite Products	26,021.29	25,231.20	24,771.31	51,252.49	47,402.51	1,03,670.69
Total	87,054.38	86,814.33	82,749.03	1,73,868.71	1,60,896.24	3,56,373.73
Less : Inter Segment Revenue
Net Sales/Income from operations	87,054.38	86,814.33	82,749.03	1,73,868.71	1,60,896.24	3,56,373.73
2 Segment Results
Profit before tax and interest from each segment
(a) Polymer Products	5,659.82	6,230.68	4,710.61	11,890.50	10,539.92	26,655.10
(b) Composite Products	2,449.28	2,466.90	2,076.45	4,916.18	4,364.21	11,080.48
Total	8,109.10	8,697.58	6,787.06	16,806.68	14,904.13	37,735.58
Less:
i) Interest	2,799.01	2,750.30	2,388.42	5,549.31	4,657.91	9,864.77
Add
i) Other Un-allocable Income net off	49.79	29,10	15.98	78.89	63.68	322.33
Total Profit Before Tax	5,359.88	5,976.38	4,414.62	11,336.26	10,309.90	28,193.14
Segment Assets3
(a) Polymer Products	2,82,460.41	2,74,469.66	2,59,305.43	2,82,460.41	2,59,305.43	2,79,388.49
(b) Composite Products	40,783.49	43,520.24	41,845.24	40,783.49	41,845.24
(c) Unallocable						40,587.59
Total Segment Assets	3,23,243.90	3,17,989.90	3,01,150.67	3,23,243.90	3,01,150.67	3,19,976.08
Segment Liabilities₹
(a) Polymer Products	44,659.44	45,551.27	49,142.34	44,659.44	49,142.34	52,413.47
(b) Composite Products	4,443.73	5,021.78	4,961.61	4,443.73	4,961.61	4,728.75
(c) Unallocable
Total Segment Liabilities	49,103.17	50,573.05	54,103.95	49,103.17	54,103.95	57,142.22

SEGIMENT WISE REVENUE, RESULTS , ASSETS AND LIABILITIES (CONSOLIDATED) FOR THE QUARTER / HALF YEAR ENDED 30 SEPTEMBER 2019

$\hat{\mathbf{x}}_i$

$\ddot{\phantom{0}}$

$\overline{\mathsf{P}}$ . $\eta_{11}$

$\begin{array}{c} \vdots \ \vdots \end{array}$

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

	CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES		(% In Lakhs)
Sr		As at	As at31.03.2019
No	Particulars	30.09.2019(Unaudited)	(Audited)
	ASSETS
(1)	;Non-Current Assets(a) Property, Plant & Equipment	1,25,624.30	1,27,852.17
	(b) Capital Work-in-Progress	10,150.26	9,830.39
	(c) Right-of-Use-Assets(d) Intangible Assets	4,255.0244.84	55.09
	(e) Financial Assets
	Others Financial Assets(f) Other Non Current Assets	2,870.87	2,737.84:
	Non Current Assets	1,42,945.29	1,40,475.49
(2)	Current Assets
	(a) Inventories	72,756.20	73,726.88
	(b) Financial Assets{i) Trade Receivables	77,427.61	78,424.27
	(ii) Cash & Cash Equivalents	5,959.401,781.92	4,910.181,753.94
	(iii) Bank Balance other than above(c) Other Current Assets
	(i) Balances with/Due from Government Authorities	12,744.409,629.08	12,810.947,874.38
	(ii) Other AdvancesCurrent Assets	1,80,298.61	1,79,500.59
		3,23,243,90	3,19,976.08
	Total Assets
	Equity and LiabilitiesEquity
	(a) Equity Share Capital	2,261.47	2,261.47
	(b) Other EquityEquity Attributable to Shareholders	1,70,462.511,72,723.98	1,64,656.031,66,917.50
	Non - Controlling Interest	4,852.79	4,627.51
	EquityTotalLiabilities	1,77,576.77	1,71,545,01
(1)	Non-Current Liabilities
	(a) Financial LiabilitiesBorrowings	33,756.27	31,833.35
	Lease Liabilities	3,826.507,815.08	-7,298.11
	Deferred Tax Liabilities (Net)Non-Current Liabilities	45,397.85	39,131.46
(2}	Current Liabilities(a) Financial Liabilities
	(i) Borrowings	41,010.34	42,312.50
	(ii) Trade PayablesMicro Small & Medium Enterprises	112.25	118.26
	Other	39,793.61	47,378.179,906.34
	(iii) Other Financial Liabilities(b) Other Current Liabilities	10,217.115,387.42	4,518.18
	{c) Provisions	1,025.65	916.674,149.49
	(d) Current Tax Liabilities (Net)	2,722.90
	Current Liabilities	1,00,269.28	1,09,299.61
	Total Equity and Liabitities	3,23,243.90	3,19,976.08

CONSOLIDATED CASH FLOW STATEMENT

	CONSOLIDATED CASH FLOW STATEMENT
Sr		Half Year Ended Half Year Ended30 .09.2019	30.09.2018
No	PARTICULARS	{Unaudited)	(Unaudited)
A,	CASH FLOW FROM OPERATING ACTIVITIESProfit Before Tax & Extraordinary Items	11,336.26	10,309.90
	Adjustment For:Depreciation	7,922.71	7,898.06
	Interest	5,549.31225.28	4,657.92
	Minority Interest tn Subsidiary
			205.49
	Exchange Adjustment (Net)Share Based Payment Reserve	59.82108.80	203.58450.47
	Operating Profit Before Working Capital Changes	25,202.18	23,725.41
	Adjustment For:
	Trade And Other Receivables	(4,156.68)	{8,248.77}
	Inventories	970.68	(4,196.84)
	Trade Payable	(6,612.44)	4,339.66
	Cash Generated From OperationsTax Payment	15,403.74(3,215.62)	15,619.46{2,752.87}
	Cash Flow Before Extraordinary Items	12,188.12	12,866.59
	Net Cash From Operating Activities(A)	12,188.12	12,866.59
8.	}CASH FLOW FROM INVESTING ACTIVITIES
	Purchase Of Fixed AssetsNet Cash Used In Investing Activities(B)	{6,064.71)(6,064.71)	(11,108.94)(11,108.94)
C.	CASH FLOW FROM FINANCING ACTIVITIES
	Net Proceeds From Borrowings	$41.11	4,640.28
	Repayment of Lease Liability/ Finance Lease Obligation	(38.00)	-
	Dividend Paid & Tax On Dividendinterest Paid	-(5,549.31)	(2,259.63)(4,657.91)
	Net Cash Used In Financing Activities(c)	(5,046.20)	(2,277.26)
	Net Increase/ (Decrease) In Cash And Cash Equivalents {A+8+C)	4,077.21	(519.61)
	Cash And Cash Equivalents As At (Opening Balance}	6,664.11	7,400.93
	Cash And Cash Equivalents As (Closing Balance)	7,741.32	6,881.32

NOTES :-

• 1 The above results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 14th November, 2019. Limited Review of the same has been carried out by the statutory auditors of the Company in terms of Regulation 33 of SEBI (Listing and Other Disclosure Requirements) Regulations, 2015.
• The Company has adopted Ind As 116 "Leases" effective 1st April 2019 , using modified retrospective method of transition. Adoption of this standard did not have a material effect on unaudited financial results for the periods as compared to previous periods,
• Pursuant to the Taxation Law { Amendment) Ordinance , 2019 issued by Ministry of Law and Justice (Legislative Department) on 20 September 2019 which is effective from 1st April 2019 , domestic companies have the option to pay corporate income tax rate at 22% plus applicable surcharge and cess(new tax rate) subject to certain condition

The company has made an assessment of the impact of the Ordinance and decided to continue with the existing tax structure until utilization of accumulated minimum alternative tax (MAT) credit

• The resuits of the Company are available at Company's website : www.timetechnoplast.com or www.bseindia.com or www.nseindia.com.
• Figures of previous periods have been regrouped / rearranged wherever considered necessary.

Date : November 14, 2019 Place; Mumbai

Shah & Taparia Chartered Accountants

1. Navjec van Wadi, Dhobi Talan, Mambar - 100002 Tel.: 71-22-1022 030 J + 06 行入:022-3022031 f 1-Mail mlo@shahlapara.com

Shah Khandelwal Jain & Associates

Chartered Accountants Level 3, Riverside Business Day Wellesley Road, Near RTO Pune - 411001 Tel: +91-20-2622 5500 Fax: +91-20-2622 5670

Independent Auditor's Review Report on Quarterly and year to date Unaudited Standalone Financial Results of the Company under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

Review Report to The Board of Directors Time Technoplast Limited

• We have reviewed the accompanying Statement of unaudited standalone financial results of Time Technoplast $\mathbf{L}$ Limited ('the Company') for the quarter ended 30th September 2019 and year to date from April 1, 2019 to September 30, 2019 ('the Statement') attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the
• This Statement, which is the responsibility of the Company's management and approved by the Board of Directors, has $\mathbf{2}$ been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on
• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 $\overline{\mathbf{3}}$ . "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review of interim financial statement consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than as audit conducted in accordance with standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Attention is drawn to the fact that the statement of eash flows for the corresponding period from April 1, 2018 to September 30, 2018, as reported in these unaudited standalone financial results have been approved by the Board of Directors of the company, but have not been subjected to review.

Based on our review conducted as above, nothing has come to our attention that causes us to bolleve that the $\vec{a}$ accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Shah & Taparia Chartered Accountants Firm Registration No: 109463W

Ramesh Pipalawa Partner Membership Number: 103840 UDIN: 19103840AAAAQF3529 Place of Signature: Mumbai Date: 14 November 2019

For Shah Khandelwal Jain & Associates Chartered Accountants Firm Registration No: 142740W

Khan Ashish Khandelwal

Partner Membership Number: 049278 UDIN: 19049278AAAAJP9388 Place of Signature: Mumbai Date: 14 November 2019

Chartered Accountants Chartered Accountants

HA Nayeevaulads Qhobr Fabius. Level 3, Riverside Business Day Pets +9 1-20-2699 5300 fail : Hoe! shaltapariacorn Fax ¢ #9-20-2622 5670

Shah & Taparia Shah Khandelwal Jain & Associates

Wellesley Road, Near RTO Pune - 411001

independent: Auditor's Review Report on Quarterly.sad year to date Unaudited Consolidated Financial Results of the Company under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Repost to The Board of Directors Time Technoplast Limited

• 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Time Technoplast Limited. (the Parent'), Subsidiaries and associates (the Parent, subsidiaries and its associates together referred to as 'the Group') for the quarter ended 30th September 2019 and year to date from April 1, 2019 to September 30, 2019 ('the Statement'), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and' Disclosure Requirements) Regulations, 2015 as amended (the Listing Regulations'),
• Iss This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors. has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34'), prescribed under Section 133 of the Companies Act, 2613, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on tie Statement based on our review.
• 1. We conducted our review of the Statement: in accordance with the Standard on Review Engagements (SRE). 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perforin the review to obtain moderate assurance as to whether the financial statements are free of material misstatement, A review of interim financial statement consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying anatytical and other review procedures. A review is substantially tess in scope than as.audit conducted in accordance with standards on auditing and consequently does not enable us to obtain assurance that we would. become aware OC all significant matters that might be identified in-an audit. Accordingly, we do not express an audit opinion.

Attention 18 drawn to the fact that the statement of cash flows for the carresponding period from | April 2018 to 30 September 2018, as reported in these unaudited consolidated financial results have been approved by the Perent's Board of Directors, but have not been subjected to review,

The Statement includes the results nf the following entities List of Subsidiaries (VL Plastech Limited, NED Energy Limited, Elan Incorporated Fze, Kompozit Praha $ RO, Ikon Investment Holdings Limited, GNXT fnvesticnt Uniting PTF Limited, Schooler Atihort Time Molding PIT. Liuited

List of Jeint Ventures

Thi Mauser industries Private Limited

Based on our review conducted and procedures performed as stated in-paragraph 3 above and based on consideration of the review feport of ther auditors referred to in paragraph 5 below, nothing: has come 10 our'attention that causes ug te believe that the accompanying Statement, prepared in uceordance with the recognition and measurement principles: laid down in the aforesaid Indian Accounting Standard and other accounting principtes generally accepted in India. has nar disclosed the informtation required to be disclosed in terms of Regulation 33 of the Listing Regulations including the matmer in which: ip a fo be disclosed, or that it contains any material misstatement,

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Shah & Taparia chartered Accountants

12, Nayectan Wadi, Dhobi 'falio, Nuath: fad: iow shatuapariacom

Shah Khandelwal Jain & Associates Chartered Accountants

Level 3, Riverside Business Day - fonaGy Wellesley Road; Near RTO 29 OBO - OU Pune - 411001 O31 1 "Tel: +91-20-2699 5500 Fax 91-20-2699 5670

wa We did not reviewed the interim financial results and other financial information considered in the preparation of the Satemeni in respect-of One subsidiary, whose interim finaneial result reflect total assets of Rs 20,292.46 Lacs as a September 30, 2019 , total revenue of Rs 5,533.42 Lacs und Rs 10,895.00 Lacs and tutal profit of Rs. 242.07 Jace and Rs 579.78 Lacs for the quater and six months ended September 30, 2019 respectively. This interim financial result has, been reviewed by other auditor whose report has been furnished to us by the management and our report on the statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the report of the other auditor.

We did not reviewed the interim financial results and other financial information considered in the preparalion of the Statement, in respect of six subsidiaries, whose financial results reflect total assets of Rs 164,481.41 Lacs as at September 30, 2079 / Tune 30.2019 , total revenue of Rs 30,208.22 Lacs and Rs 61,538.79 Lacs and total profit of Rs. 1,906:02 Lacs and Rs 3,572.04 Lacs for the quarter and six months ended September 30, 2019-/ June 30.2019 respectively. These interim financial results and other financial information have been certified by the management and have nat been reviewed by other auditors,

The slatement also includes the Group's share of net profit of Rs. 4.52-Laes and Rs 12:36 Lac.for the quarter and six months ended September 30, 2019, in Fespect of one joint venture, whose financial result and other information have not been reviewed by other auditor and are considered in the preparation of the Statement based on their interim fmancial results / information which are certified by the management. Our report. in so fur as it relates to the affairs of such subsidiaries and joint venture, is based solely on the management accounts of these entities.

Our report on the statement is not modified in respect of this matter,

Chartered Accountants Firm Registration. do: 109463W See NON ce MOR F

Ramesh Pipalayya Partner Membership Number: 163840 UDIN No; 19103840AAAAQG2922 Place of Signature: Mumbai Date: 14 November 2019

For Shah Khandelwat Jain & Associates For Shah & Taparia Chartered Accountants Firm Registration No: 142740W

ACl.

Ashish Khandelwal Partner Membership Number: 049278 UDIN No: 19049278AAAAIQ5793 Place of Signature; Pune Date: 14 November 2619