TTK PRESTIGE LTD

TTK Prestige Limited, a TTK Group Company, is India's number one kitchen and home appliance company. The Company has 5 state of the art manufacturing plants at Hosur, Coimbatore, Karjan, Roorkee and Khardi. It has 2 dedicated Research and Development centers. The Company has a strong distribution network. It has more than 620 Prestige Xclusive stores in over 363 cities covering 28 states. TTK Prestige Limited was incorporated in October 22, 1955 at Madras, as TT Pvt. Ltd. It became a deemed public company in Jun.'88. Its name was changed to the present one in Jun.'94. It established facilities at Bangalore to manufacture a wide range of domestic and industrial appliances and commenced the manufacture of pressure cookers in 1959 with technical support from Prestige Group, UK. In 1992, the Company expanded its operations by setting up it's second plant at Hosur, Tamilnadu, With state-of-the-art facilities, the company successfully launched its product under the Manttra brand name in the US market, thus becoming one of the first organised Indian corporate entities to sell pressure cookers in the US under Indian-owned brand names. TTK Prestige raised Rs 33.5 cr in Sep.'94 through a public issue at a premium of Rs 80, to modernise its manufacturing facilities at Bangalore and Hosur; to part-finance the capital expenditure requirement for completion of the non-stick cookware project; to establish a full-fledged corporate outfit -- TTK Manttra, in the US to support the marketing of Manttra brand pressure cookers and to meet the long-term working capital requirements of the company. The company entered into a tie-up with the world-renowned Braun, Germany, for marketing its products in India. In 1999-2000, the Company launched Omega range of non-stick cookware and model pressure cooker Nugen. The company is having subsidiary Mantra Inc. In 2000-01 the company initiated necessary steps to launch Domestic Electrical Appliances. Accordingly the company acquired 26% strategic equity stake in Softel Machines Ltd, which will be a dedicated design, development and manufacturing arm of the company and facilitate its foray into the Electrical Appliances business. On June 2001, it launched four products in this range. On 7 June 2003, TTK Prestige informed the stock exchanges that it will be opening its first exclusive retail outlet 'Prestige Smart Kitchen' in Coimbatore and the company intends to open 100 such stores across the country. The store would not only showcase the entire repertoire of Prestige products, but also change the way consumers buy kitchen appliances. On 16 May 2005, TTK Prestige informed the stock exchanges that the company has obtained the license for 'Prestige' brand for use in USA. This will enable the company to use the Prestige brand in USA where there is significant demand for Prestige branded pressure cookers from the ethnic population. The company will continue to sell its 'Manttra' branded products in USA which brand caters to the non-ethnic population. On 7 June 2005, TTK Prestige informed the stock exchanges that the company has launched the new range of products 'Modular Kitchens' during the month of June 2005. The Modular Kitchens will be sold through the company's exclusive outlets 'Prestige Smart Kitchens'. The initial launch is made in Bangalore outlets. On 6 February 2006, TTK Prestige announced that the company's wholly owned subsidiary Manttra Inc. USA has obtained a license from the renowned Celebrity Chef Rocco De Spirito to use the trade and service mark 'Rocco' On 3 May 2006, TTK Prestige announced that the commercial production of pressure cookers at its manufacturing facility at Myleripalyam, South Coimbatore, which commenced during end of April, 2006. The Board of Directors of TTK Prestige at its meeting held on 20 June 2006, has taken decision to develop the property of the company at Bangalore as the manufacturing facility situated therein will be phased out in the next 12 months. The company has engaged international consultants for advising the company in development of the property and sharing of revenues in the best interest of the shareholders. On 3 July 2007, TTK Prestige announced the commencement of commercial production at its new undertaking at Roorkee, Uttarakhand. On 30 January 2008, TTK Prestige announced the launch of 'Prestige Kitchen Boutique' - an exclusive retail initiative that showcases a gamut of designer modular kitchens. Riding on the success of over 180 Prestige Smart Kitchen retail outlets across 110 cities in India, Prestige Kitchen Boutique' is the second retail format that is being announced by the company. The Prestige Kitchen Boutique is a complete, end to end kitchen solution store with an appealing ambience & unique modular layout. Currently there are two stores in Bangalore situated at Koramangala & J P Nagar. The store is equipped with a full-fledged design studio that allows the customer to get a look & feel of each kitchen exclusively. On 28 April 2008, TTK Prestige informed the stock exchanges that the company has transferred its holdings in Manttra Inc., a subsidiary in USA, to another entity in the TTK Group. TTK Prestige Ltd continues to own the brand 'MANTTRA' and will continue to have trade relationship with Manttra Inc. to service the US market. On 29 March 2010, TTK Prestige announced the commencement of commercial production at its new unit (UNIT II) situated at Roorkee, Uttarakhand. This new unit is established to produce a wide range of Kitchen appliances including Gas stoves, Induction cook tops, Mixer grinders, Rice Cookers and a wholly new range of pressure cookers/cookware. On 31 March 2010, TTK Prestige informed the stock exchanges that it is launching an entirely in-house researched and developed product namely Micro Wave Pressure Cooker. TTK Prestige is the first company in India to produce a micro wave pressure cooker. The company has applied for worldwide patent for this product. Manufacturing of this product has commenced at the new unit in Uttarakhand and at Hosur. On 12 January 2011, TTK Prestige informed the stock exchanges that the company is signing an MOU with Government of Gujarat for establishing a state of art facility for manufacture of Pressure Cookers and Kitchenware. On 18 August 2011, TTK Prestige informed the stock exchanges that its Board of Directors has considered and approved the proposal for amalgamating Prestige Housewares India Limited (PHIL), a TTK Group Company, with TTK Prestige Ltd. PHIL is an unlisted company. PHIL is in the business of Kitchenware and has certain landed property and manufacturing assets. For the sake of operational and administrative convenience and to consolidate all the manufacturing assets in TTK Prestige Limited, the above proposal was approved. On 14 February 2012, TTK Prestige Ltd informed the stock exchanges that the company has concluded business relationship arrangements with World Kitchen, a US based corporation. Pursuant to this relationship, TTK Prestige will be able to enhance its presence in high end Tableware, Glassware and Store-ware range of products. The products will be marketed and distributed on the strength of the brands of both the parties. The international brands that will be dealt with in India consist of CORELLE, CORNINGWARE, VISION, PYREX and SNAPWARE. The relationship consists of providing a platform of Pan-India distribution to start with and eventually getting into manufacture/finishing of select products in India. On 10 April 2012, TTK Prestige Ltd signed a Business Collaboration arrangement with Vestergaard Frandsen, Switzerland. This agreement envisages introduction of household water purification devices in India with the support of LifeStraw technology provided by Vestergaard Frandsen. The products will carry the brands of both the partners and will be manufactured/assembled, marketed and distributed through the company. On 25 May 2012, TTK Prestige launched a range of world class high quality cooking appliances in the brand name 'Prestige PREMIA' in association with German specialty glass producer and technology company SCHOTT AG. The Sub Committee of the Board of Directors of TTK Prestige at its meeting held on 27 November 2012 approved a Scheme of Arrangement between TTK Prestige Limited and Triveni Bialetti Industries Private Limited (TBI) subject to the approval of shareholders in general meeting and confirmation by the High Courts of Chennai and Mumbai. The above Scheme of Arrangement if approved and confirmed by the Courts shall demerge the Kitchen Appliances Division of TBI and vest the same with TTK Prestige Limited. On 7 January 2013, TTK Prestige announced that the company has received Japan patent for its microwave pressure cooker. On 11 February 2013, TTK Prestige announced that the company has received Canadian patent for its Microwave Pressure Cooker under Patent No. 2707930. On 24 May 2013, TTK Prestige announced that its R&D Centre at Hosur has received recognition from Government of India, Department of Scientific and Industrial Research, which will enable the company to avail certain benefits under direct and indirect tax laws subject to prescribed conditions. On 4 June 2013, TTK Prestige announced that it will issue on a preferential basis 3 lakh equity shares of Rs 10 each at a premium of Rs 3,540 per share to Cartica Capital Ltd., a Mauritius domiciled entity. About Rs 106.50 crore raised from this preferential allotment will be used for general corporate purposes including retirement of debt. Together with 3.5 lakh shares acquired from promoters at the same price, Cartica will hold 5.6% of TTK Prestige, while promoters will own about 70%. Cartica is a global emerging markets fund manager established in 2008. On 13 November 2013, TTK Prestige launched its 500th Prestige Smart Kitchen store in Chennai. Prestige Smart Kitchen is the largest network of kitchen retail stores across the country. On 27 May 2014, TTK Prestige announced its entry into the water purifier market with the launch of a non-electric gravity based offline water purifier. The company has partnered with Lifestraw SA, a Swiss based renowned company for providing technology. In April 2016, TTK Prestige launched Prestige Clean Home' a range of innovative home cleaning solutions. On 12 April 2016, TTK Prestige announced the acquisition of Horwood Homewares Ltd, a British company. Established in 1896, Horwood Homewares is one of the largest table and cookware suppliers in the UK. It has four internationally renowned brands - Judge, Stellar, Horwood and Kaufmann. This acquisition has made TTK Prestige a multinational company, with access to high-value international markets. The acquisition also enables the TTK Group to use its innovation, design, and manufacturing capabilities to expand in the European markets. On 28 April 2016, TTK Prestige announced its foray into the Indian home cleaning market. The new initiative, being launched under the Prestige Clean Home' banner, will feature a slew of unique products, including, India's first Electric Mop, Vacuum cleaner cum floor polisher and an all-purpose steam cleaner. The home cleaning category, like kitchen appliances, will have at its core, the wellbeing of the Indian homemaker and market products that can potentially enhance the everyday lives of millions of women in the country. On 31 May 2016, TTK Prestige announced that it has achieved a milestone of Rs 1500 crore in annual sales during the year ended 31 March 2016. The Board of Directors of TTK Prestige at its meeting held on 30 May 2017 proposed buyback of 1 lakh equity shares representing 0.86% of the total number of equity shares of the company at a price of Rs 7,000 per share for an aggregate amount of Rs 70 crore through the tender offer route. Members of the Promoter and Promoter Group of the company indicated their intention to participate in the proposed buyback. On 21 August 2017, TTK Prestige announced the launch of leading UK brand 'JUDGE' Kitchen Appliances into India. The new brand which is part of the TTK Prestige owned Horwood Homewares, will offer the SEC B and C demographic across Tier 3, 4 and 5 cities in India, quality kitchen solutions at lower price points. The new brand will allow TTK Prestige to expand reach and tap into an entirely new segment of consumers. On 7 December 2017, Prestige Clean Home, a division of TTK Prestige, announced the launch of India's first domestic electric mop for floor cleaning and a new range of water purifiers. On 23 April 2018, TTK Prestige Ltd. announced that it has signed up Bollywood actress Vidya Balan as its brand ambassador for its leading brand Prestige. The association will start with a national brand campaign this month. On 24 May 2018, TTK Prestige Ltd. announced that its retail chain Prestige Smart Kitchen will now be known as Prestige Xclusive. During the FY2019, the Company has issued and allotted 23,10,233 equity shares of Rs 10/- each as Bonus shares in the ratio of one equity share for five equity shares held by the members on May 16, 2019, pursuant to the special resolution passed by the shareholders by Postal Ballot on May 3, 2019. During the year 2018-19,the Company invested an additional amount of Rs 19.19 Crore in the wholly owned UK subsidiary. During the year 2018-19,the company spent Rs 59.30 crore towards capital expenditure. The company bagged the Superbrand Award for 2018-2019. During the FY2020,the company spent Rs 70 crore towards capital expenditure(CAPEX). During the year,the Company invested an additional amount of Rs 44.48 Crore in the wholly owned UK subsidiary. The Company has an overseas subsidiary by name TTK British Holdings Limited (TTK Brit) which was incorporated in the United Kingdom on 24th March 2016 and capitalized during the FY 16-17. TTK British Holdings Ltd. entire share capital of Horwood Homewares Limited which is the operating subsidiary. During the year 2019-20, Horwood Homewares Limited established a subsidiary Horwood Life Limited in which it holds 51% equity. This subsidiary was formed to acquire Ecosoul life business in Australia. Due to COVID-19 outbreak and subsequent nationwide lockdown from 24 March 2020,there was no sales in April 2020, and primary sales started from 4th May 2020 on partial lifting of lockdown. On and after 6th May 2020 manufacturing operations started in all locations in compliance with the regulations applicable to each of the units. In early Dec 2020, the company's wholly owned stepdown subsidiary, Horwood Homewares Limited UK, divested its 51% stake in Horwood Life Limited,UK. During the year 2020-21, Company introduced around 127 new SKUs covering Pressure Cookers, Induction Cook tops, Mixer Grinders, Rice Cookers, Gas Stoves and other Small Electric/Non-Electric Appliances and Cleaning Solutions. The number of outlets as at March 31, 2021 was 620. Service network was significantly expanded to 464 centres. During year 2021-22, the Company invested Rs. 20 Crores in Ultrafresh Modular Solutions Ltd. through primary and secondary acquisition for a shareholding of 41% and became an Associate Company from February 16, 2022. The number of outlets as at March 31, 2022 was 665, which now covers a network of 28 States and 374 Towns. The Company also expanded service network to 504 centres. During the year 2021-22, Company introduced around 150 new SKUs covering Pressure Cookers, Induction Cook tops, Mixer Grinders, Rice Cookers, Gas Stoves and other Small Electric/Non-Electric Appliances and Cleaning Solutions. On 4th January 2023, the Company further invested around Rs 10 Crores in Ultrafresh and increased its shareholding to 51% and Ultrafresh became subsidiary of the Company from that date. The Company introduced around 80 new SKUs covering Pressure Cookers, Induction Cook tops, Mixer Grinders, Rice Cookers, Gas Stoves and other Small Electric / NonElectric Appliances and Cleaning Solutions. The number of outlets as at March 31, 2023 was 681.