History of Timex Group India Ltd.
YEAR EVENTS 1988 - The Comp. was incorporated on 4th October, & received the Certificate of Commencement of Business on 5th January 1989. The Comp. was originally established as a joint venture between Timex Group Limited, Bermuda & Jayna Times Industries Limited, an Indian company. The Timex Jayna Ltd., was set up with the intention to manufacture of components & to assemble, 2 million quartz analog watcher per annum.
- The Comp. was promoted by Timex Watches BV and Titan Watches limited The main objective of Comp. is to manufacture & sales of quartz based wrist watches.
1990 - During the course of implementation of project, Jayna Times Industries Limited withdrew from the project, & was replaced by Titan Watches Limited. A joint venture agreement was signed on 30th June.
1991 - The name of Comp. was changed to Timex Watches Limited on 1st January.
- Under Phase I, the Comp. has set up a plant to manufacture quartz watches having a capacity of 2.5 million watches per year. The plant is located on a leasehold land admeasuring 18732 sq. mtrs. at NOIDA. Under Phase II, the Comp. is to undertake inhouse manufacture of various watch components including bezels, dials, straps, movement components, crystals & case backs.
1992 - As per the technical collaboration agreement entered with Timex Group Ltd., [TGLs], TGL would provide technical assistance in establishing technologies & processes in India.
1993 - The latest model 'Indiglo' incorporate revolutionary electro luminescent technology was launched in November. Several new metal cases were introduced in addition to several new styles in Duramite range.
- During August, the Comp. issued 40,00,000 - 12.5% secured partly convertible debentures of Rs. 140 each as follows: firm allotment basis:
- [is] 1,40,000 debenture to Indian directors, managerial staff of the Company, promoting/associate companies;
- [iis] 1,42,850 debentures to ICICI;
- [iiis] 1,42,850 debenture to UTI.
- Of the remaining debentures, the following were reserved for allotment on preferential basis:
- [is] 1,90,000 debenture to employees of Titan Watches and limited [only 1,36,350 debentures were taken ups];
- [iis] 3,80,000 debentures to shareholders of Titan Watches, [only 1,27,875 debentures taken ups];
- [iiis] 1,50,000 debentures to FIIs;
- [ivs] 4,34,000 debentures to NRIs [all were taken ups].
- Balance 23,20,300 debentures along with 3,05,775 debentures not taken up under preferential quota were issued to the public [all were taken ups].
- Rs. 40 of face value of each debenture was to be converted into 4 equity shares of Rs. 10 each on allotment of debentures.
- Rs. 100 of face value of each debenture was to be redeemed at par at the end of seven years from the date of allotment of debentures.
- 120 equity shares issued, subscribed & paid-up 115,00,000 No. of equity shares & 95,00,000 shares of Rs. 10 each issued at par to Timex Watches BV & Titan Watches Ltd., respectively, the promoting company.
- The following were issued to Associate Promoting companies:
- [is] 20,00,000 shares to Titan Watches Ltd.,
- [iis] 3,70,000 shares to Timex Watches BV,
- [iiis] 6,29,880 shares to promoting companies & associate companies.
- 160,00,000 shares allotted on conversion of Part A of 12.5% Partly Convertible debentures.
1994 - Encouraged by instant success of its metal watches, the Comp. proposed to set up a project for metal case manufacture & vacuum plating.
- The improved performance was attributed to increased sales volume, economics of scale, cost reduction resulting from greater indigenisation, improved operating efficiencies & optimum deployment of surplus funds.
1995 - The first Comp. operated service centre was started in Noida in August.
- During the year under review, the Comp. made payments aggregating to Rs. 19.04 crores by way of Central, State and local taxes & duties.
- The Government continues to provide incentives to the watch manufacturers in the country albeit not to the extent needed and requested.
- Free imports of Electronic Circuit Boards [ECBss] for watch manufacturing was permitted in the revised Import/Export Policy announced on 31 March, 1995.
- The Comp. has participated in a representation to the GOI to reduce excise duties from the current level of 10% to 2%.
1996 - The first Comp. operated service centre in Noida started addressing after-sales-service requirements of entire Northern Region of country effective August 1995.
2000 - The Comp. intend to issue & allot 45,00,000 No. of equity shares of Rs 10/- each at a premium of Rs 14.25 per share to Timex Watches B.V. the foreign promoter of Comp. on preferential basis. It will increase to 2,78,84,100 No. of equity shares to Rs 10/- each representing 62.66% of post issue share capital & the same won't result in any further change in control over the company.
- The Comp. is issuing $7.5 million worth preferential shares to its US-parent Timex watches BV.
- The Comp. proposed to issue & allot 1,35,00,000 No. of equity shares of Rs 10 each at a premium of Rs 6.50 to Timex Watches B.V., one of promoters of company.
- The Managing Director of Comp. Mr. Richard J. Masilamani has quit, from 18th August .
- Timex Watches appointed Kapil Kapoor as managing director.
2001
-Launches its website www.timexindia.com
-Timex Watches B.V. acquires 1,70,00,000 equity shares of Rs 10/- each for cash at a premium of Rs 0.70 each on preferential basis on September 18, 2001. Their post-preferential holding in the Comp. along with the holding of its Associate Comp. [the promoters] stands at 6,43,34,100 shares [79.47%s]
-Launches Matrix collection for Indian mass market
-Bhagwan C Mirani resigns as director
-Picks up a one-year sponsorship of cricket analsysis programme, Wisden 2020, on Doordarshan
2002
-Board approves preferential allotment in favour of promoter company
-Launches its big & bold watches at a price of Rs 1,395-Rs 2,195
2003
- Timex Watches Ltd has informed that Mr Kapil Kapoor, the Managing Director of Comp. shall relocate to the corporate headquarter at Middlebury, USA effective August, 2003 & be part of corporate marketing team for better integration of Indian operations with the global operations. Further the Comp. has informed that Mr Kapil Kapoor shall continue to be the Managing Director of company
-The Board of Directors of Timex Watches Ltd at their meeting held on March 25, 2003 decided to issue & allot 25,00,000 0.1% Non-Cumulative Redeemable Preference Shares of Rs 100 each to Timex Watches B V.
- Board approves capital restructuring
-Superbrands Council, an independent body mandated to recognise excellence in branding has given a Superbrand status to Timex Watches India Ltd.
-Timex Watches Ltd has tied up with Reliance Infocomm for festive season & would be providing a Reliance India Mobile [RIMs] handset with connection free of cost, on purchase of watch priced about Rs 845.
- approval of its financial restructuring scheme [FRSs], Timex Watches Ltd, a group Comp. of Timex Corporation USA,
- Timex Watches has opened a new vendor plant in Noida, near Delhi
-FCUK ties up with Timex for marketing
2006
-Timex launches Versace in India
