That level is really a huge difficulty spike. It gave me a lot of trouble as well. I managed to finish it in just under 40 seconds when I got the first part under 9 seconds, the second under 19 (total), and the third under 30.
I found everything except the second part fairly easy to do fast enough, so here's how I did the second part:
1. Ground-pound the first toad as close to his starting position as possible: right on the edge of the breakable part. Don't break it yet!
2. While you're in the air from the blast, go right and ground-pound the middle of the breakable part. This will kill the second toad and you'll bounce up again.
3. Kick the third toad so you slow down enough to land on the platform.
4. Jump onto the ring, jump and kick the giant.
5. Jump over Dark Rayman to the right and ground-pound the toad.
6. Kick the giant and run to the door.
Hope that helps at least a little for those who are having trouble with it.
