All Time Plastics Ltd IPO
Status:
Overview
IPO date
07 Aug 2025 to 11 Aug 2025
Face value
₹ 2 per share
Price
₹ 260 to ₹275 per share
Issue Size
14,567,380 shares
(aggregating up to ₹ 400.6 Cr)
(aggregating up to ₹ 400.6 Cr)
Allotment Date
12 Aug 2025
Listing at
NSE
Issue type
Book Building
Sector
Objectives of All Time Plastics Ltd IPO
All Time Plastics Ltd IPO Strategy
About All Time Plastics Ltd
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T&C*
Strengths vs Risks of All Time Plastics Ltd
Know the pros & cons
Strengths
Our Company owns and operate strategically located and integrated manufacturing facilities, enabling high
volume, low-cost and high quality plastic consumerware production.- Our Company offers a wide and growing range of plastic consumerware products, supported by our inhouse
product and mould design teams.
- Our Company has long-standing relationships with global retailers including IKEA, Asda, Michaels and
Tesco, and Indian retailers.
- Our Company has demonstrated focus on sustainable practices and environmental responsibility, and
maintains a landfill-free policy, ensuring zero landfill waste from our operations.
- Our Company exhibits strong financial performance and financial metrics with our revenue from operations
increasing from Rs.4,434.86 million for Fiscal 2023 to Rs.5,581.67 million for Fiscal 2025.
- Our Company is led by experienced Promoters with more than 40 years of experience in plastic
consumerware manufacturing.
Risks
- Its business largely depends upon the company top four customers and in particular its top customer. For
Fiscals 2025, 2024 and 2023, the company revenue from its top customer represented 59.29% (consolidated),
60.36% and 58.54% of the company revenue from operations, respectively, and its revenue from the company's top four
customers represented 78.42% (consolidated), 83.30% and 82.65% of revenue from operations,
respectively. The loss of any of its top four customers, and in particular its top customer, or the loss
of revenue from sales to these top customers could have a material adverse effect on the company business,
financial condition, results of operations and cash flows.
- The company does not have long-term agreements for the sale of its products with a majority of the compant customers.
If its customers choose not to source their requirements from the company, it could have a material adverse
effect on its business, financial condition, results of operations and cash flows.
- In order to get better pricing by buying in larger volumes, its generally buy the primary raw materials
and packing materials the company need from few suppliers. For Fiscals 2025, 2024 and 2023, its cost of raw
materials and packing materials purchased from our top supplier represented 21.26% (consolidated),
22.86% and 23.65% of the company cost of raw materials and packing materials purchased, respectively, and
its cost of raw materials and packing materials purchased from the company top 10 suppliers represented
73.24% (consolidated), 75.24% and 75.62% of its cost of raw materials and packing materials
purchased, respectively. If any of the company top 10 suppliers ceased selling us the raw materials and packing
materials we require in the quantities the company need and its were unable to find a supplier to replace it, it
could have a material adverse effect on its business, financial condition, results of operations and
cash flows.
- Rapid increases in raw material prices, especially plastic granules prices, could have an adverse effect
on its business, results of operations, financial condition and cash flows.
- Pricing pressure from its customers could adversely affect the company gross margin and ability to increase
its prices, which could in turn have a material adverse effect on the company results of operations and
financial condition.
- The company currently manufacture plastic consumer ware products. A shift in consumer preferences away from
plastic products, changes in consumer preferences for plastic consumer ware products, regulations,
and competitive technologies could lead to a reduction in plastic consume ware purchases or could
render some of its products obsolete or less attractive, which could have a material adverse effect on
its business, financial condition, results of operations and cash flows. In an effort to remain
competitive, the company spend money on research and development. For Fiscals 2025, 2024 and 2023, its
total R&D expenses represented 0.27% (consolidated), 0.27% and 0.26% of the company revenue from
operations, respectively. Any failure to adapt to industry trends and evolving technologies to meet its
customers' demands could have a material adverse effect on the company business, financial condition, results
of operations and cash flows.
- The company is currently dependent on the continued efforts and contributions of its Promoters for the
success of its business and if they cease to be involved in or decrease their involvement in the company business
prior to it having a succession plan in place, it could have a material adverse effect its business,
financial condition, results of operations and cash flows.
- The company engage in a competitive business and if its fails to compete effectively, it would have a material
adverse effect on its business, financial condition, results of operations and cash flows.
- The Offer consists of a Fresh Issue of Equity Shares aggregating up to ?2,800.00 million and an Offer
for Sale of up to 4,385,562 Equity Shares of face value ?2 each by the Selling Shareholders. The
Company will not receive any proceeds from the Offer for Sale.
- The company is required to obtain and maintain a number of statutory and regulatory approvals for
undertaking its business. A majority of the company approvals, licenses, registrations and permits, including
the consent to operate and consent to manufacture under environmental laws, are granted for a limited
duration and require renewal from time to time. While the company plan to apply for renewal of these approvals
as and when they are due to expire, the company cannot assure you that such renewals will be issued or granted
to us in a timely manner, or at all. If its fails to obtain, keep and renew such licenses, registrations,
permits and approvals it could have a material adverse effect on its business, financial condition,
results of operation and cash flows.
- The Company is involved in certain legal and regulatory proceedings. Any adverse decision in such
proceedings may have an adverse effect on its business, results of operations, financial condition and
cash flows.
- Its may be subject to restrictions on manufacturing and selling products under the company "alltime" brand
that are similar to the products that its manufacture for the company customers under their own brands. These
restrictions could limit its ability to grow the company "alltime" brand of products, which could have an
adverse effect on the growth of its business.
- The company has entered into, and will continue to enter into, related party transactions. Its cannot assure you
that the company could not have achieved more favourable terms had such transactions not been entered into
with related parties.
- Its financing agreements contain covenants that limit the company flexibility in operating its business. Any
future failures to meet the conditions under the company financing arrangements or obtain any consents
thereunder could have a material adverse effect on its business, financial condition, results or
operations and cash flows.
- The success of its business depends greatly on the company ability to effectively manage its business and
implement the company strategies. Its may not be successful in implementing the company growth strategies, such as
increasing its production capacity, enhancing the company automation and tool development capabilities and
diversifying its product lines through the manufacturing of bamboo products, which could have a
material adverse effect on the company business, financial condition, results of operations and cash flows.
There can also be no assurance that its growth strategies, if completed or implemented, will result in
the anticipated growth in the company revenues or improvement in its results of operations. In pursuing the company
growth strategy, it will requires significant capital investments, which could have a material adverse
effect on its financial condition, results of operations and cash flows.
- Although the Company's reporting currency is in Indian Rupees, we transact a significant portion of
its business in US dollars. The company foreign currency exchange risks arise primarily from its foreign
currency receivables, import of raw materials and capital goods for its operations and export of
goods, which could materially and adversely affect the company financial condition, results of operations and
cash flows.
- Four out of its six Directors does not have prior experience of holding a directorship in a company
listed on the Stock Exchanges. Post listing of the Equity Shares on the Stock Exchanges, the Company
will be subject to the applicable regulatory requirements of a listed company, including the regulations
prescribed under SEBI Listing Regulations and the Companies Act. This lack of prior experience
could increase the chance that the Company inadvertently breaches these regulatory requirements.
Any non-compliance with the regulatory requirements, due to lack of experience or otherwise, may
subject us to adverse regulatory actions, and have an adverse effect on the price of the Equity Shares.
- We intend to utilize a portion of the Net Proceeds for funding its capital expenditure requirements,
which includes, among other things, the expansion of capacity through the purchase of equipment for
the company Manekpur Facility. Such expansion of its manufacturing capacities may be subject to
operational challenges in implementing such expansion. In addition, the company cannot assure you that the company
will be able to undertake such capital expenditure within the cost indicated by such quotations or that there will not be cost escalations. If the company is unable to successfully implement such capacity expansion within the cost indicated it could have a material adverse effect on its business, financial condition, results of operation and cash flows.
- The processes for the manufacture of plastic consumerware have changed significantly since the company
began its business, driven by advancements in technology and production techniques. If a new way
of manufacturing plastic products is discovered that results in the cost of production decreasing, in
order to compete effectively, the company could be required to replace our existing machines with new types of
machines and thereby, we will incur additional capital expenditure, which could have a material
adverse effect on its financial condition, results of operations and cash flows.
- The Statutory Auditors have included certain observations in the annexure to their reports on the
Company's audited financial statements for the years ended March 31, 2025, March 31, 2024 and
March 31, 2023, as required under the Companies (Auditor's Report) Order, 2020.
- There can be no assurance that the launch of new products or its expansion into manufacturing
bamboo consumerware products will be profitable, and even if they are profitable, it will not result in
a decrease in its Return on Equity. If the launch of new products proves to be unsuccessful or the company
expansion into manufacturing bamboo consumerware was to be unprofitable, its could be forced to
cease manufacturing such products, which would result in a loss of the company investment in developing these
products and thereby have an adverse effect on its financial condition, results of operations and cash
flows.
- The company derived 92.01% (consolidated), 94.04% and 91.27% of its revenue from operations in Fiscals
2025, 2024 and 2023, respectively, from the sale of the company top five product categories. Any decline in its
revenue from sales of these top five product categories could have an adverse effect on the company business,
financial condition, results of operations and cash flows.
- The Company proposes to utilise an estimated amount of up to ?1,430.00 million from the Net
Proceeds towards pre-payment or the scheduled repayment of all or a portion of certain term loans
and working capital facilities availed by the Company, of which an aggregate outstanding amount of
?462.39 million as at June 30, 2025 are loans that were newly sanctioned (i.e., not the renewal of a
previously sanctioned loan) less than two years prior to the date of this Red Herring Prospectus.
- The company is exposed to counterparty credit risk of its customers and any significant delay in receiving
payments or non-receipt of payments could have a material adverse effect on the company financial condition,
results of operations and cash flows.
- The company is required to make certain payments in relation to statutory dues including, employee provident
fund and employee state insurance, professional taxes, labour welfare fund and gratuity. In the past,
there have been delays in deposit of employee state insurance fund, provident fund and professional
tax payments and filing of return under the Income-tax Act, 1961, with statutory authorities. While
no action has been initiated against it, there can be no assurance that such actions will not be initiated
in the future in relation to such delayed payments.
- Any breakdown or shutdown of any its manufacturing facilities especially as the company only have three
manufacturing facilities, could have an adverse effect on its business, financial condition, results of
operations and cash flows.
- There have been certain instances of errors in the past in relation to form filings with the Registrar of
Companies, Maharashtra at Mumbai ("RoC"). For instance, the company inadvertently listed the spouses of
Bhupesh Punamchand Shah and Nilesh Punamchand Shah as joint holders of the 100 equity shares
of face value ?10 each allotted to them on May 25, 2007, as part of the relevant RoC filing. We may
be subject to regulatory actions and penalties for any such past or future non-compliance or delays or
inconsistencies, which could have an adverse effect on its reputation, business, financial condition,
results of operations and cash flows.
- The company has high working capital requirements. If the company is unable to secure funds to meet its working
capital requirements, it could have a material adverse effect on its business, results of operations, financial condition and cash flows.
- The company is subject to numerous health, safety and environmental laws and regulations in India, which
govern, among others, air emissions and waste management. If the company fails to comply with environmental
laws, regulations and permits, its could be subject to penalties, fines and/or restrictions on the company
manufacturing operations, which could result in its operations being interrupted or suspended. Any
of the above actions could have a material adverse effect on its business, financial condition, results
of operations and cash flows.
- The success of its business depends substantially on the company Key Managerial Personnel and Senior
Management Personnel. The loss of or its inability to attract or retain such persons could adversely
affect the company business, financial condition, results of operations and cash flows. In addition, any material
increase in its employee attrition rate could result in increased costs and less efficiency, thereby
adversely affecting its business, financial condition, results of operations and cash flows.
- The company could be subject to industrial unrest, slowdowns and increased wage costs, which could adversely
affect its business and results of operations.
- If the company is unable to maintain the existing level of capacity utilisation rate at its manufacturing
facilities, its margins and profitability may be adversely affected.
- If the company cannot secure skilled and unskilled contract labour at reasonable rates, it will adversely affect
its business and operations. Additionally, if independent contractors default on wage payments, the company
may be liable, which could affect its cash flows and financial condition.
- Failures or disruption of its information technology ("IT") systems or breach of data security could
adversely affect the company business, financial condition, results of operations and cash flows.
- Failures in complying with quality control processes could have an adverse effect on its business,
results of operations and financial conditions.
- Its operations are subject to various risks, including breakdowns, third party liability claims and
infrastructure failure, as well as fire, theft, robbery, earthquake, flood, acts of terrorism and other
force majeure events. If any of the foregoing risks occur, its insurance coverage may not be adequate
to protect it against all losses, which could have an adverse effect on its business, financial condition,
results of operations and cash flows.
- Its Promoters, Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand
Shah, hold 30.26%, 30.27% and 30.26% of the paid-up equity share capital of the Company as on
date of this Red Herring Prospectus, respectively. Its Promoters will continue to exercise significant
influence over the Company after the completion of the Offer, which could prevent a change in control
of the Company and could make some transactions more difficult or impossible without the support
of its Promoters.
- The company utilize a portion of its Daman Facility pursuant to a lease and use other offices and warehouses
through leases or leave and license agreements. If the company is unable to renew its license, leases or the
leave and license agreements on acceptable terms or are otherwise forced to move premises, it could
have an adverse effect on its business, results of operations and financial condition.
- Its Promoters have provided personal guarantees for loan facilities obtained by the Company, and
any failures or default by the Company to repay such loans in accordance with the terms and conditions
of the financing documents could trigger repayment obligations on them, which may impact their
ability to effectively service their obligations and thereby, impact its business and operations.
- Its Directors or Promoters may enter into ventures that could lead to conflicts of interest with the company
business.
- If the company fails to maintain an effective system of internal controls, its may not be able to prepare reliable
financial reports and effectively avoid frauds.
- If the company fails to keep its technical knowledge confidential, it could erode the company competitive advantage and
have a material adverse effect on its business, financial condition, results of operations and cash
flows.
- Any variation in the utilisation of the Net Proceeds or in the terms of any contract as disclosed in this
Red Herring Prospectus would be subject to certain compliance requirements, including prior
shareholders' approval.
- Its might unintentionally infringe upon the intellectual property rights of others, any
misappropriation of which could harm its competitive position.
- A shortage or unavailability of electricity or water could affect its manufacturing operations and
have an adverse effect on the company business, financial condition, results of operations and cash flows.
- Actual and future production levels and capacity utilization rates could differ significantly from the
estimated production capacities or historical estimated capacity information of its facilities.
Therefore, undue reliance should not be placed on the company historical and forecast capacity information
included in this Red Herring Prospectus.
- The company cannot assure payment of dividends on the Equity Shares in the future and its ability to pay
dividends in the future will depends upon future earnings, financial condition, cash flows, working
capital requirements, capital expenditures and restrictive covenants of its financing arrangements.
- The company has entered into transactions with its Promoters and certain members of the company Promoter Group,
which include payments in the form of property acquisition costs, and license fees for properties used
in its operations as well payment of interest in connection to certain borrowings availed by it. The company
cannot assure you that we could not have achieved more favourable terms had such transactions not
been entered into with its Promoters and members of the Promoter Group.
- The company currently avail benefits under certain export promotion schemes. In order to continuously avail
the benefits the company is required to export goods of a defined amount. Any failures in meeting the
obligations could adversely affect its business, results of operations and financial condition.
- Any downgrade of its credit ratings could lead to an increase in the company borrowing costs and constrain
its access to borrowings.
- All sales of the Company's products to new customers overseas shall be made by All Time Plastics
Pte. Limited, the Company's subsidiary, which will have the effect of decreasing the amount of
revenue the Company would have made if the Company made these sales directly. In addition,
Dragon Bridge Pte. Ltd, a company over which the company has no control, is responsible for global (excluding
India) sales and marketing of our products and if Dragon Bridge Pte. Ltd fails to perform its
obligations it could have a material adverse effect on its sale of products to new customers overseas.
- Its may be subject to fraud, theft or such similar incidents which may have an adverse effect on the company
business operations and financial conditions.
- Some of its Directors, Promoters, members of the Promoter Group, Key Managerial Personnel,
Senior Management Personnel and their relatives could have interest in it other than normal
remuneration benefits or reimbursements of expenses incurred.
- While the company has undertaken a bonus issue of Equity Shares in the past, there can be no assurances that
the company will undertake a bonus issue of Equity Shares going forward.
- The requirements of being a publicly listed company could strain its resources.
- Its funding requirements and the proposed deployment of Net Proceeds have not been appraised and
the company management will have broad discretion over the use of the Net Proceeds.
- The average cost of acquisition of Equity Shares by the Selling Shareholders could be less than the
Offer Price.
- The company has issued Equity Shares in the last 12 months prior to the date of this Red Herring Prospectus
at prices that could be lower than the Offer Price.
- The company has included certain non-GAAP financial measures and certain statistical information related to
its business, financial condition, results of operations and cash flows in this Red Herring Prospectus.
These non-GAAP financial measures and statistical information could vary from any standard
methodology that is applicable across the manufacturing industry, and therefore may not be
comparable with non-GAAP financial measures or statistical information of similar nomenclature
computed and presented by other companies.
All Time Plastics Ltd Peer Comparison
Understand the company’s industry standing
All Time Plastics Ltd
Shaily Engineering Plastics Limited
Cello World Limited
Face Value
2
2
5
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
558.167
786.798
2136.388
EPS-Basis
9.01
20.29
15.5
EPS-Diluted
9.01
20.23
15.5
NAV Per Share
47.39
119.18
98.12
P/E-Basic EPS
---
80.69
40.71
P/E-Diluted EPS
---
---
---
RONW(%)
19.01
17
16.82
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 07 Aug 2025 & closes on 11 Aug 2025.
All Time Plastics Ltd was incorporated as All Time Plastics Private Limited, a private limited company on March 8, 2001, and was granted the certificate of incorporation by the RoC. Pursuant to a special resolution approving the conversion of our Company into a public limited, the name of our Company was changed to 'All Time Plastics Limited', and the RoC issued a fresh certificate of incorporation on August 5, 2024.
The Company engage primarily in white-label manufacturing, where it produce consumerware for customers. The Company own and operate two fully integrated manufacturing facilities at Daman and Silvassa in the Dadra and Nagar Haveli District of Gujarat.
The Company has been selling the products to IKEA for more than 26 years, Asda Stores Ltd. for more than 13 years, Michaels Global Sourcing, LLC for more than three years, and Tesco International Sourcing Ltd. for more than 16 years. Until Fiscal 2011, sales were only made by Pyramid Plastics, whose business was acquired by the Company as a slump sale in 2015.
The Company set up a plant at Silvassa and commenced operations in 2011. It purchased the business undertaking from Pyramid Plastics during the period 2014. It expanded the Silvassa Plant in 2015 and further expanded the plant by installing a new machinery in 2017. A new warehouse was set up at Silvassa in 2019 with the installation of new machinery in 2021.
The Company incorporated All Time Plastics Pte. Ltd., as the subsidiary of the Company in FY 2024. It started operations at the Manekpur Plant in 2024. Further, Company has acquired All Time Bamboo Private Limited, as a subsidiary in FY 2025.
The Company launched the initial public offer by raising Rs 400.06 Crore and issuing 14,570,760 equity shares of face value of Rs 2 each, comprising a fresh issue of 10,185,198 equity shares aggregating to Rs 280 Cr and offer for sale of 4,385,562 equity shares aggregating to Rs 120.6 Cr in August 2025.
All Time Plastics Ltd IPO will close on 11 Aug 2025.
- Our Company owns and operate strategically located and integrated manufacturing facilities, enabling high volume, low-cost and high quality plastic consumerware production.
- Our Company offers a wide and growing range of plastic consumerware products, supported by our inhouse product and mould design teams.
- Our Company has long-standing relationships with global retailers including IKEA, Asda, Michaels and Tesco, and Indian retailers.
- Our Company has demonstrated focus on sustainable practices and environmental responsibility, and maintains a landfill-free policy, ensuring zero landfill waste from our operations.
- Our Company exhibits strong financial performance and financial metrics with our revenue from operations increasing from Rs.4,434.86 million for Fiscal 2023 to Rs.5,581.67 million for Fiscal 2025.
- Our Company is led by experienced Promoters with more than 40 years of experience in plastic consumerware manufacturing.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Kailesh Punamchand Shah | 16740174 | 30.26 | 15278320 | 23.32 |
| 2 | Bhupesh Punamchand Shah | 16745174 | 30.27 | 15283320 | 23.33 |
| 3 | Nilesh Punamchand Shah | 16740174 | 30.26 | 15278320 | 23.32 |
| 4 | Rupal Kailesh Shah | 5250 | 0.01 | 5250 | --- |
| 5 | Kajal Bhupesh Shah | 5250 | 0.01 | 5250 | --- |
| 6 | Sangeeta Nilesh Shah | 5250 | 0.01 | 5250 | --- |
| 7 | Akshay Nilesh Shah | 5000 | 0.01 | 5000 | --- |
| 8 | Dhvanit Kailesh Shah | 5000 | 0.01 | 5000 | --- |
| 9 | Viraj Raman Mehta | 20200 | 0.04 | 20200 | --- |
| 10 | Divyesh Hasmukh Mehta | 14000 | 0.03 | 14000 | --- |
| 11 | Chhaya Kiran Sheth | 41000 | 0.07 | 41000 | 0.06 |
| 12 | Jayshree Sudhir Gandhi | 8000 | 0.01 | 8000 | --- |
- Its business largely depends upon the company top four customers and in particular its top customer. For Fiscals 2025, 2024 and 2023, the company revenue from its top customer represented 59.29% (consolidated), 60.36% and 58.54% of the company revenue from operations, respectively, and its revenue from the company's top four customers represented 78.42% (consolidated), 83.30% and 82.65% of revenue from operations, respectively. The loss of any of its top four customers, and in particular its top customer, or the loss of revenue from sales to these top customers could have a material adverse effect on the company business, financial condition, results of operations and cash flows.
- The company does not have long-term agreements for the sale of its products with a majority of the compant customers. If its customers choose not to source their requirements from the company, it could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- In order to get better pricing by buying in larger volumes, its generally buy the primary raw materials and packing materials the company need from few suppliers. For Fiscals 2025, 2024 and 2023, its cost of raw materials and packing materials purchased from our top supplier represented 21.26% (consolidated), 22.86% and 23.65% of the company cost of raw materials and packing materials purchased, respectively, and its cost of raw materials and packing materials purchased from the company top 10 suppliers represented 73.24% (consolidated), 75.24% and 75.62% of its cost of raw materials and packing materials purchased, respectively. If any of the company top 10 suppliers ceased selling us the raw materials and packing materials we require in the quantities the company need and its were unable to find a supplier to replace it, it could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- Rapid increases in raw material prices, especially plastic granules prices, could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Pricing pressure from its customers could adversely affect the company gross margin and ability to increase its prices, which could in turn have a material adverse effect on the company results of operations and financial condition.
- The company currently manufacture plastic consumer ware products. A shift in consumer preferences away from plastic products, changes in consumer preferences for plastic consumer ware products, regulations, and competitive technologies could lead to a reduction in plastic consume ware purchases or could render some of its products obsolete or less attractive, which could have a material adverse effect on its business, financial condition, results of operations and cash flows. In an effort to remain competitive, the company spend money on research and development. For Fiscals 2025, 2024 and 2023, its total R&D expenses represented 0.27% (consolidated), 0.27% and 0.26% of the company revenue from operations, respectively. Any failure to adapt to industry trends and evolving technologies to meet its customers' demands could have a material adverse effect on the company business, financial condition, results of operations and cash flows.
- The company is currently dependent on the continued efforts and contributions of its Promoters for the success of its business and if they cease to be involved in or decrease their involvement in the company business prior to it having a succession plan in place, it could have a material adverse effect its business, financial condition, results of operations and cash flows.
- The company engage in a competitive business and if its fails to compete effectively, it would have a material adverse effect on its business, financial condition, results of operations and cash flows.
- The Offer consists of a Fresh Issue of Equity Shares aggregating up to ?2,800.00 million and an Offer for Sale of up to 4,385,562 Equity Shares of face value ?2 each by the Selling Shareholders. The Company will not receive any proceeds from the Offer for Sale.
- The company is required to obtain and maintain a number of statutory and regulatory approvals for undertaking its business. A majority of the company approvals, licenses, registrations and permits, including the consent to operate and consent to manufacture under environmental laws, are granted for a limited duration and require renewal from time to time. While the company plan to apply for renewal of these approvals as and when they are due to expire, the company cannot assure you that such renewals will be issued or granted to us in a timely manner, or at all. If its fails to obtain, keep and renew such licenses, registrations, permits and approvals it could have a material adverse effect on its business, financial condition, results of operation and cash flows.
- The Company is involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on its business, results of operations, financial condition and cash flows.
- Its may be subject to restrictions on manufacturing and selling products under the company "alltime" brand that are similar to the products that its manufacture for the company customers under their own brands. These restrictions could limit its ability to grow the company "alltime" brand of products, which could have an adverse effect on the growth of its business.
- The company has entered into, and will continue to enter into, related party transactions. Its cannot assure you that the company could not have achieved more favourable terms had such transactions not been entered into with related parties.
- Its financing agreements contain covenants that limit the company flexibility in operating its business. Any future failures to meet the conditions under the company financing arrangements or obtain any consents thereunder could have a material adverse effect on its business, financial condition, results or operations and cash flows.
- The success of its business depends greatly on the company ability to effectively manage its business and implement the company strategies. Its may not be successful in implementing the company growth strategies, such as increasing its production capacity, enhancing the company automation and tool development capabilities and diversifying its product lines through the manufacturing of bamboo products, which could have a material adverse effect on the company business, financial condition, results of operations and cash flows. There can also be no assurance that its growth strategies, if completed or implemented, will result in the anticipated growth in the company revenues or improvement in its results of operations. In pursuing the company growth strategy, it will requires significant capital investments, which could have a material adverse effect on its financial condition, results of operations and cash flows.
- Although the Company's reporting currency is in Indian Rupees, we transact a significant portion of its business in US dollars. The company foreign currency exchange risks arise primarily from its foreign currency receivables, import of raw materials and capital goods for its operations and export of goods, which could materially and adversely affect the company financial condition, results of operations and cash flows.
- Four out of its six Directors does not have prior experience of holding a directorship in a company listed on the Stock Exchanges. Post listing of the Equity Shares on the Stock Exchanges, the Company will be subject to the applicable regulatory requirements of a listed company, including the regulations prescribed under SEBI Listing Regulations and the Companies Act. This lack of prior experience could increase the chance that the Company inadvertently breaches these regulatory requirements. Any non-compliance with the regulatory requirements, due to lack of experience or otherwise, may subject us to adverse regulatory actions, and have an adverse effect on the price of the Equity Shares.
- We intend to utilize a portion of the Net Proceeds for funding its capital expenditure requirements, which includes, among other things, the expansion of capacity through the purchase of equipment for the company Manekpur Facility. Such expansion of its manufacturing capacities may be subject to operational challenges in implementing such expansion. In addition, the company cannot assure you that the company will be able to undertake such capital expenditure within the cost indicated by such quotations or that there will not be cost escalations. If the company is unable to successfully implement such capacity expansion within the cost indicated it could have a material adverse effect on its business, financial condition, results of operation and cash flows.
- The processes for the manufacture of plastic consumerware have changed significantly since the company began its business, driven by advancements in technology and production techniques. If a new way of manufacturing plastic products is discovered that results in the cost of production decreasing, in order to compete effectively, the company could be required to replace our existing machines with new types of machines and thereby, we will incur additional capital expenditure, which could have a material adverse effect on its financial condition, results of operations and cash flows.
- The Statutory Auditors have included certain observations in the annexure to their reports on the Company's audited financial statements for the years ended March 31, 2025, March 31, 2024 and March 31, 2023, as required under the Companies (Auditor's Report) Order, 2020.
- There can be no assurance that the launch of new products or its expansion into manufacturing bamboo consumerware products will be profitable, and even if they are profitable, it will not result in a decrease in its Return on Equity. If the launch of new products proves to be unsuccessful or the company expansion into manufacturing bamboo consumerware was to be unprofitable, its could be forced to cease manufacturing such products, which would result in a loss of the company investment in developing these products and thereby have an adverse effect on its financial condition, results of operations and cash flows.
- The company derived 92.01% (consolidated), 94.04% and 91.27% of its revenue from operations in Fiscals 2025, 2024 and 2023, respectively, from the sale of the company top five product categories. Any decline in its revenue from sales of these top five product categories could have an adverse effect on the company business, financial condition, results of operations and cash flows.
- The Company proposes to utilise an estimated amount of up to ?1,430.00 million from the Net Proceeds towards pre-payment or the scheduled repayment of all or a portion of certain term loans and working capital facilities availed by the Company, of which an aggregate outstanding amount of ?462.39 million as at June 30, 2025 are loans that were newly sanctioned (i.e., not the renewal of a previously sanctioned loan) less than two years prior to the date of this Red Herring Prospectus.
- The company is exposed to counterparty credit risk of its customers and any significant delay in receiving payments or non-receipt of payments could have a material adverse effect on the company financial condition, results of operations and cash flows.
- The company is required to make certain payments in relation to statutory dues including, employee provident fund and employee state insurance, professional taxes, labour welfare fund and gratuity. In the past, there have been delays in deposit of employee state insurance fund, provident fund and professional tax payments and filing of return under the Income-tax Act, 1961, with statutory authorities. While no action has been initiated against it, there can be no assurance that such actions will not be initiated in the future in relation to such delayed payments.
- Any breakdown or shutdown of any its manufacturing facilities especially as the company only have three manufacturing facilities, could have an adverse effect on its business, financial condition, results of operations and cash flows.
- There have been certain instances of errors in the past in relation to form filings with the Registrar of Companies, Maharashtra at Mumbai ("RoC"). For instance, the company inadvertently listed the spouses of Bhupesh Punamchand Shah and Nilesh Punamchand Shah as joint holders of the 100 equity shares of face value ?10 each allotted to them on May 25, 2007, as part of the relevant RoC filing. We may be subject to regulatory actions and penalties for any such past or future non-compliance or delays or inconsistencies, which could have an adverse effect on its reputation, business, financial condition, results of operations and cash flows.
- The company has high working capital requirements. If the company is unable to secure funds to meet its working capital requirements, it could have a material adverse effect on its business, results of operations, financial condition and cash flows.
- The company is subject to numerous health, safety and environmental laws and regulations in India, which govern, among others, air emissions and waste management. If the company fails to comply with environmental laws, regulations and permits, its could be subject to penalties, fines and/or restrictions on the company manufacturing operations, which could result in its operations being interrupted or suspended. Any of the above actions could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- The success of its business depends substantially on the company Key Managerial Personnel and Senior Management Personnel. The loss of or its inability to attract or retain such persons could adversely affect the company business, financial condition, results of operations and cash flows. In addition, any material increase in its employee attrition rate could result in increased costs and less efficiency, thereby adversely affecting its business, financial condition, results of operations and cash flows.
- The company could be subject to industrial unrest, slowdowns and increased wage costs, which could adversely affect its business and results of operations.
- If the company is unable to maintain the existing level of capacity utilisation rate at its manufacturing facilities, its margins and profitability may be adversely affected.
- If the company cannot secure skilled and unskilled contract labour at reasonable rates, it will adversely affect its business and operations. Additionally, if independent contractors default on wage payments, the company may be liable, which could affect its cash flows and financial condition.
- Failures or disruption of its information technology ("IT") systems or breach of data security could adversely affect the company business, financial condition, results of operations and cash flows.
- Failures in complying with quality control processes could have an adverse effect on its business, results of operations and financial conditions.
- Its operations are subject to various risks, including breakdowns, third party liability claims and infrastructure failure, as well as fire, theft, robbery, earthquake, flood, acts of terrorism and other force majeure events. If any of the foregoing risks occur, its insurance coverage may not be adequate to protect it against all losses, which could have an adverse effect on its business, financial condition, results of operations and cash flows.
- Its Promoters, Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand Shah, hold 30.26%, 30.27% and 30.26% of the paid-up equity share capital of the Company as on date of this Red Herring Prospectus, respectively. Its Promoters will continue to exercise significant influence over the Company after the completion of the Offer, which could prevent a change in control of the Company and could make some transactions more difficult or impossible without the support of its Promoters.
- The company utilize a portion of its Daman Facility pursuant to a lease and use other offices and warehouses through leases or leave and license agreements. If the company is unable to renew its license, leases or the leave and license agreements on acceptable terms or are otherwise forced to move premises, it could have an adverse effect on its business, results of operations and financial condition.
- Its Promoters have provided personal guarantees for loan facilities obtained by the Company, and any failures or default by the Company to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their obligations and thereby, impact its business and operations.
- Its Directors or Promoters may enter into ventures that could lead to conflicts of interest with the company business.
- If the company fails to maintain an effective system of internal controls, its may not be able to prepare reliable financial reports and effectively avoid frauds.
- If the company fails to keep its technical knowledge confidential, it could erode the company competitive advantage and have a material adverse effect on its business, financial condition, results of operations and cash flows.
- Any variation in the utilisation of the Net Proceeds or in the terms of any contract as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior shareholders' approval.
- Its might unintentionally infringe upon the intellectual property rights of others, any misappropriation of which could harm its competitive position.
- A shortage or unavailability of electricity or water could affect its manufacturing operations and have an adverse effect on the company business, financial condition, results of operations and cash flows.
- Actual and future production levels and capacity utilization rates could differ significantly from the estimated production capacities or historical estimated capacity information of its facilities. Therefore, undue reliance should not be placed on the company historical and forecast capacity information included in this Red Herring Prospectus.
- The company cannot assure payment of dividends on the Equity Shares in the future and its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements.
- The company has entered into transactions with its Promoters and certain members of the company Promoter Group, which include payments in the form of property acquisition costs, and license fees for properties used in its operations as well payment of interest in connection to certain borrowings availed by it. The company cannot assure you that we could not have achieved more favourable terms had such transactions not been entered into with its Promoters and members of the Promoter Group.
- The company currently avail benefits under certain export promotion schemes. In order to continuously avail the benefits the company is required to export goods of a defined amount. Any failures in meeting the obligations could adversely affect its business, results of operations and financial condition.
- Any downgrade of its credit ratings could lead to an increase in the company borrowing costs and constrain its access to borrowings.
- All sales of the Company's products to new customers overseas shall be made by All Time Plastics Pte. Limited, the Company's subsidiary, which will have the effect of decreasing the amount of revenue the Company would have made if the Company made these sales directly. In addition, Dragon Bridge Pte. Ltd, a company over which the company has no control, is responsible for global (excluding India) sales and marketing of our products and if Dragon Bridge Pte. Ltd fails to perform its obligations it could have a material adverse effect on its sale of products to new customers overseas.
- Its may be subject to fraud, theft or such similar incidents which may have an adverse effect on the company business operations and financial conditions.
- Some of its Directors, Promoters, members of the Promoter Group, Key Managerial Personnel, Senior Management Personnel and their relatives could have interest in it other than normal remuneration benefits or reimbursements of expenses incurred.
- While the company has undertaken a bonus issue of Equity Shares in the past, there can be no assurances that the company will undertake a bonus issue of Equity Shares going forward.
- The requirements of being a publicly listed company could strain its resources.
- Its funding requirements and the proposed deployment of Net Proceeds have not been appraised and the company management will have broad discretion over the use of the Net Proceeds.
- The average cost of acquisition of Equity Shares by the Selling Shareholders could be less than the Offer Price.
- The company has issued Equity Shares in the last 12 months prior to the date of this Red Herring Prospectus at prices that could be lower than the Offer Price.
- The company has included certain non-GAAP financial measures and certain statistical information related to its business, financial condition, results of operations and cash flows in this Red Herring Prospectus. These non-GAAP financial measures and statistical information could vary from any standard methodology that is applicable across the manufacturing industry, and therefore may not be comparable with non-GAAP financial measures or statistical information of similar nomenclature computed and presented by other companies.
The Issue type of All Time Plastics Ltd is Book Building.
The minimum application for shares of All Time Plastics Ltd is 54.
The total shares issue of All Time Plastics Ltd is 14567380.
Initial public offering of 14,570,760 equity shares of face value of Rs. 2/- each ("Equity Shares") of All Time Plastics Limited ("Company" or "Issuer") for cash at a price of Rs. 275/- per equity share (Including a Share Premium of Rs. 273/- per Equity Share) ("Offer Price") aggregating to Rs. 400.60 crores ( "Offer") comprising a fresh issue of 10,185,198 equity shares of face value Rs. 2/- each by the company aggregating to
Rs. 280.00 crores ( "Fresh Issue") and an offer for sale of 4,385,562 equity shares aggregating to Rs. 120.60 crores, by the selling shareholders (As Defined Hereinafter) ("Offer for Sale"). This offer includes a reservation of 35,750 equity shares of face value Rs. 2/- each (Constituting 0.05% of the post-Offer Paid-up Equity Share Capital) for purchase by eligible employees (the "Employee Reservation Portion"). The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer would constitute 22.24% and 22.19%, respectively, of the post-offer paid-up equity share capital. The company in consultation with the brlms, offered a discount of 9.45% (Equivalent to Rs. 26/- per Equity Share) to the offer price to eligible employees bidding in the employee reservation portion ("Employee Discount").