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Time is cyclical in meaning that no one is expected to be on time, mainly because traffic is a huge problem in the big cities and often there is no public transportation option. Also, if there are any adverse weather conditions, then the traffic becomes even worse and being on time is highly unlikely.
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Being a bit late, either in a business or a social situation is acceptable. If you are going to be more than 15 minutes behind schedule, it might be a good idea to call and forewarn your counterparts of your delay.
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If you are a punctual person, beware, some people might consider you a bit odd if you arrive early.
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