Tokyo Plast International is fundamentally a manufacturer that turns plastic into everyday insulated containers - lunch boxes, coolers, and drinkware - and sells them under its own **Pinnacle** brand, mostly to customers outside India. Incorporated in 1992 in Daman and run by three generations of the Velji Shah family, the company has spent three decades perfecting a single craft: injection- and blow-moulding thermoware that competes on design rather than price. The recurring approach is to own the brand, control the factory floor, and reach export markets directly - a model it is now extending from plastic into stainless steel through a dedicated subsidiary. # Business segments Two businesses at different stages - a plastic thermoware export engine that has carried the company for over thirty years, and a stainless-steel drinkware bet being built inside a new subsidiary, both sold under the same Pinnacle brand. ## 1. Plastic thermoware: the factory that built the brand **Every Pinnacle container starts as plastic pellets moulded on the company's own machines in Daman - a single-site manufacturer that sells finished goods, not components, and earns most of its revenue from overseas corporate buyers.** - **One factory, two moulding technologies** - the company uses injection moulding and blow moulding with a large library of design moulds, which lets it produce a wide range of thermo food containers, coolers, and insulated drinkware from a single location in Daman. No R&D expenditure is incurred; innovation comes from mould variety and machine capability rather than lab work. - **Exports are the mainstay** - the majority of revenue comes from outside India, with named destinations including the United States, Australia, Germany, and New Zealand. This exposes the business to foreign-currency swings in USD, GBP, AUD, and EUR, which it manages without foreign-currency borrowings. - **Sold to large corporates on short credit** - the customer base consists largely of big corporate buyers who pay partly in advance and settle the balance within 0 to 90 days of shipment. Many have been buying for years and pay regularly, so credit risk is handled through letters of credit and internal exposure limits rather than aggressive provisioning. - **Competes against cheaper reprocessed goods** - unorganised players offer similar-looking products made from lower-grade recycled plastic at lower prices, while multinationals and large domestic firms compete at the quality end. The company's answer is brand equity under the Pinnacle name and operational efficiency on its own machinery, not a price war. - **Revenue is one-time, per-unit** - control of goods passes to the customer at a point in time, and the company recognises revenue net of returns and allowances; there is no subscription, licensing, or recurring model. A small traded-goods activity appeared in FY22 but the core remains manufactured finished goods. ## 2. Pinnacle Drinkware: the stainless-steel extension **A wholly owned subsidiary created to move the Pinnacle brand beyond plastic into stainless steel vacuum bottles and sustainable drinkware, with its own factory under construction and a retail distribution arm being set up.** - **A new material for the same brand** - the subsidiary's product range covers stainless steel vacuum bottles and insulated drinkware, alongside sustainable lines, all carrying the Pinnacle "Style with Substance" tagline. This extends the brand into a higher-value material while keeping the same end-user promise of insulated containers. - **Own factory, built from scratch** - in October 2024 the board approved a new manufacturing facility on company-owned land at Chanvai, Valsad, Gujarat, dedicated entirely to Pinnacle Drinkware. Tokyo Plast funded the subsidiary with a ₹847 lakh loan and a small equity investment during FY25, signalling that the parent is financing the build-out. - **Retail arm being carved out** - in June 2026 the board approved a second subsidiary, a proposed wholly owned subsidiary, to handle trading, retail, and distribution of both stainless steel and plastic drinkware. Tokyo Plast will own it entirely, subscribing to 49,999 shares for about ₹5 lakh, creating a dedicated sales channel separate from the factory. # Group structure and partners **A family-controlled listed company with a clean holding structure - two defunct overseas shells have been dissolved, leaving one active subsidiary and a second on the way, all under the Velji Shah family's sole control since a 2021 family settlement.** - **Velji Group holds sole control** - a Deed of Family Arrangement in December 2021 saw three other family branches irrevocably release all rights and claims, leaving the Velji Group (Velji L. Shah, Haresh V. Shah, and their line) in exclusive charge of all assets, liabilities, and intellectual property. This was preceded by nine promoter-group shareholders reclassifying to the public category in March 2021. - **Three-generation management** - the board is led by Managing Director Velji L. Shah, with his son Haresh V. Shah as Whole-time Director & CFO, and grandson Priyaj H. Shah as Whole-time Director. Three independent directors, including one woman, round out a six-member board. - **Overseas subsidiaries wound up** - two UAE entities (Tokyo Plast Global FZE and Vimalnath Impex FZE) that had nil activity and nil revenue for years were dissolved, with Tokyo Plast Global FZE deregistered during FY2023-24 and Vimalnath Impex wound up during FY2022-23, and their investments and receivables already fully provided for in earlier years. The group now has no overseas subsidiaries. - **Related-party ecosystem** - key management personnel have significant influence over entities including Tokyo Finance Limited, Tokyo Constructions Limited, and Siddh International, from whom the company rents premises for ₹70.8 lakh per year. Loans were historically extended to Tokyo Constructions Limited. - **Listed on two exchanges, exiting five** - shares trade on BSE and NSE, while delisting applications for five regional exchanges (Ahmedabad, Calcutta, Madras, Vadodara, Delhi) have been pending since shareholder approval in 1999.