Mumbai: For the past two months V S Sundararajan, chief executive officer, TIL Studios (earlier Total Infotainment) was in a state of suspended animation.
He did not know from where the animation company would get money while fobbing off equipment suppliers and others clamouring for payment. In addition, he had to cajole his clients to part with cheques that don't bounce. Adding to his woes were the banks that didn't want to touch the company even with a bargepole because of its lineage. The company is part of the DSQ Software group. Sundararajan is no more a hassled man today. With the company changing hands, he is heaving a sigh of relief. "I will now be able to settle my dues before 18th of this month," he assures.
There is reason for him to be happy. Some UK-based investors are set to buy out Anil Jhunjhunwala's stake in TIL Studios, putting in $ 4.2 million in the company. "This will take care of my working capital requirements," Sundararajan says.
According to Sundararajan, the company's order book position is $28 million that would enable him to double his second-year turnover target of $8 million. Last fiscal, TIL Studios closed its books with a turnover of just half a million dollars against a target of $1.5 million. That is because some of the orders promised earlier fructified only this fiscal. Sundararajan is pinning his hopes also on the Kamalahasan-starrer Tamil film Alavandan, in which TIL Studios has done 20 minute of special effects work for this venture. "We bagged the contract despite canards spread by our competitors and their friends in the Tamil cine world," he says.
TIL Studios is also expecting sizeable orders from Europe and has floated a European subsidiary called TIL Studios Europe. The company has also signed an agreement with ToonCity, USA, to execute three relatively large animation projects.
Out of the total order book position, $12 million are from the UK and $6 million are from the US, he claims. According to Stewart Bill, CEO, TIL Studios, Europe, the company has bagged a gaming order from a French company.
In addition, TIL Studios has started focusing on web animation to facilitate purchase on the Net for some jewellery companies. TIL Studios is palming off part of its orders to Philippines-based animation companies to derive cost benefits.
With signs of better times ahead, the company is increasing its employee strength from 300 to 450 by this yearend. The company has also expanded its office space to 17,500 sq ft and had added a motion capture studio for its use.
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