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Annual Report 2006 - 07

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Annual Report 2006 - 07 10-Year Financials Rupees in Crores 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 OPERATING RESULTS Sales (Including Excise Duty) 607.93 677.35 979.93 1,090.02 1,074.47 1,197.13 1,257.34 1,562.58 1,584.18 1,761.84 Profit before Depreciation, Interest & Tax 60.21 65.69 92.80 104.09 98.53 105.82 147.39 178.50 307.09 256.99 Profit before Interest & Tax 40.52 43.46 63.22 70.50 70.72 77.65 117.79 140.69 258.53 206.60 Profit before Tax (PBT) 17.44 21.50 41.34 50.91 55.34 62.45 105.30 126.18 245.63 195.31 Profit after Tax (PAT) 16.01 21.08 32.84 36.16 36.27 45.89 82.49 98.55 182.93 155.78 Dividends 4.92 6.16 9.85 12.31 13.54 16.63 18.47 25.87 86.84 27.71 Dividend Tax 0.49 0.65 1.08 1.26 - 2.13 2.37 3.63 12.18 4.71 Retained Profits 10.60 14.27 21.91 22.59 22.73 27.13 61.65 69.05 83.91 123.36 SOURCES AND APPLICATION OF FUNDS SOURCES OF FUNDS : Share Capital 24.62 24.62 24.62 24.62 24.62 18.47 18.47 36.95 36.95 36.95 Reserves & Surplus 318.96 318.59 340.33 362.75 347.01 315.18 376.83 411.24 495.15 618.90 Net Worth 343.58 343.21 364.95 387.37 371.63 333.65 395.30 448.19 532.10 655.85 Debt 145.09 137.73 181.16 174.27 174.25 262.20 215.64 228.12 244.30 206.45 Deferred Tax Liability (Net) ----35.82 31.98 31.79 32.71 41.50 41.83 Funds Employed 488.67 480.94 546.11 561.64 581.70 627.83 642.73 709.02 817.90 904.13 APPLICATION OF FUNDS : Gross Fixed Assets 310.55 368.30 391.68 419.06 418.72 406.08 432.30 566.43 626.01 734.06 Depreciation 102.65 124.06 139.02 164.41 175.46 180.75 206.65 282.96 324.44 369.82 Net Fixed Assets 207.91 244.24 252.66 254.65 243.26 225.33 225.65 283.47 301.57 364.24 Capital Work-In-Progress 35.38 5.01 6.68 9.85 2.14 2.93 13.66 21.42 80.49 105.54 Investments 83.16 52.68 66.21 58.58 97.13 174.55 204.17 189.71 235.86 190.55 Gross Current Assets 283.83 288.18 393.48 392.41 412.17 449.78 440.77 516.91 539.62 596.62 Current liabilities & Provisions 122.97 118.20 178.76 165.67 205.96 256.46 262.95 302.49 339.64 352.82 Net Current Assets 160.86 169.98 214.72 226.74 206.21 193.32 177.82 214.42 199.98 243.80 Deferred Revenue Expenditure 1.36 9.03 5.85 11.82 32.96 31.70 21.43 - - - Net Assets Employed 488.67 480.94 546.11 561.64 581.70 627.83 642.73 709.02 817.90 904.13 RATIOS : ROCE (%) # 8.29 9.04 11.58 12.55 12.16 12.37 18.33 19.84 31.61 22.85 PBT To Sales (%) 2.87 3.17 4.22 4.67 5.15 5.22 8.37 8.08 15.51 11.09 Return on Networth (%) (+) 4.75 6.41 9.27 9.75 10.71 15.20 22.06 21.99 34.38 23.75 Earnings Per Share (Rs.) 6.50 8.56 13.34 14.69 14.73 19.46 22.32 26.67 9.90 8.43 Dividend Per Share (Rs.) 2.00 2.50 4.00 5.00 5.50 9.00 10.00 7.00 4.70 1.50 Book Value Per Share (Rs.) 136.80 133.64 143.83 150.58 137.55 163.46 202.39 121.28 28.80 35.49 Debt Equity Ratio(%) @ (+) 43.07 41.85 51.15 47.00 51.45 86.83 57.68 50.90 45.91 31.48 Fixed Assets Turnover (times) 2.92 2.77 3.88 4.28 4.42 5.31 5.57 5.51 5.25 4.84 Net Working Capital Turnover (times) 3.78 3.98 4.56 4.81 5.21 6.19 7.07 7.29 7.92 7.23 # Return on capital employed (ROCE) is profit before interest and taxation divided by the capital employed as at the end of the year. @ Debt-equity Ratio is Total Debt as a percentage of Shareholders’ Funds (+) Ratios have been computed after adjusting for Revaluation Reserve & Deferred Revenue Expenditure. 10 year financials.p65 1 7/3/2007, 9:42 AM Corporate Information M M Murugappan, Chairman BOARD OF DIRECTORS Amal Ganguli D Jayavarthanavelu Pradeep Mallick Ram V Tyagarajan S Sandilya N Srinivasan R Srinivasan Tapan Mitra S Suresh COMPANY SECRETARY ‘Dare House’ REGISTERED OFFICE 234, N S C Bose Road, Chennai 600 001 Tube Products of India, Avadi, Chennai PLANTS Tube Products of India, Ambattur, Chennai Tube Products of India, Shirwal, Satara District Tube Products of India, Mohali TIDC India, Ambattur, Chennai TIDC India, Kazipally, Medak District TI Metal Forming, Nemilicherry, Chennai TI Metal Forming, Kakkalur TI Metal Forming, Bawal TI Metal Forming, Halol TI Metal Forming, Pune TI Cycles of India, Ambattur, Chennai TI Cycles of India, Nashik TI Cycles of India, NOIDA DELOITTE HASKINS & SELLS AUDITORS Chartered Accountants Bank of America BANKERS Bank of Baroda Standard Chartered Bank State Bank of India The Hongkong & Shanghai Banking Corporation Limited 1 TI AR directors.p65 1 7/9/2007, 3:09 PM Directors’ Profile Mr. M M Murugappan, Chairman Mr. Ram V Tyagarajan, Non-Executive Director Mr. M M Murugappan (51 years) holds a Bachelors degree Mr. Ram V Tyagarajan (56 years) is a Chemical Engineer. in Chemical Engineering. He is also a Master of Science He also holds a Masters degree from the Sloan School in Chemical Engineering from the University of Michigan, of Management, Massachusetts, USA. He joined the USA. He joined the Board in March 2002. He is currently Board in August 1997. He is presently Chairman and Chairman of Carborundum Universal Limited. He is also Managing Director of Thiru Arooran Sugars Ltd. He is on the Board of various companies including Mahindra on the Board of various companies including Terra Energy & Mahindra Limited and Wendt India Limited. Limited and Shreevastava Industries Ltd. Mr. S Sandilya, Non-Executive Director Mr. Amal Ganguli, Non-Executive Director Mr. S Sandilya (59 years) is a Commerce Graduate with Mr. Amal Ganguli (67 years) is a Fellow of The Institute of an MBA from The Indian Institute of Management, Chartered Accountants of England & Wales and The Ahmedabad. He joined the Board in January, 2005. He Institute of Chartered Accountants of India. He joined is presently Group Chairman and Chief Executive, Eicher the Board in June 2003. He was formerly Chairman and Group. He is on the Board of various companies including Senior Partner, PriceWaterhouse Coopers, India. He is Rane Brake Lininings Ltd and GMR Industries Ltd. on the Board of various companies including Maruti Udyog Limited and Videsh Sanchar Nigam Limited. Mr. N Srinivasan, Non-Executive Director Mr. N Srinivasan (49 years) is a Chartered Accountant Dr. D Jayavarthanavelu, Non-Executive Director and Company Secretary. He joined the Board in January, Dr. D Jayavarthanavelu (66 years) is a graduate in 2007. He is on the Board of Cholamandalam DBS Engineering. He also holds B.S. Textiles from Philadelphia Finance Ltd. College of Textiles and Science, USA. He joined the Board Mr. R Srinivasan, Non-Executive Director in August 1997. He is currently Chairman and Managing Mr. R Srinivasan (65 years) is a Graduate in Mechanical Director of Lakshmi Machine Works Limited. He is also Engineering. He joined the Board in June 2004. He was on the Board of various companies including Lakshmi formerly Managing Director of Widia India Limited. He is Electrical Control Systems Limited and Lakshmi Mills on the Board of various companies including Sundaram Limited. Fastners Limited and Cholamandalam MS General Insurance Company Limited. Mr. Pradeep Mallick, Non-Executive Director Mr. Pradeep Mallick (64 years) holds a Bachelors degree Mr. Tapan Mitra, Non-Executive Director in Engineering from IIT, Madras and a diploma in Business Mr. Tapan Mitra (67 years) is a Fellow of Institute of Management (UK). He is a Fellow of the Institution of Chartered Accountants of India and holds a Masters Electrical Engineers, London. He joined the Board in June degree in Business Administration from the University of 2003. He was formerly Managing Director of Wartsila Geneva. He joined the Board in October 2000. He is India Limited. He is on the Board of various companies currently Member of West Bengal State Planning Board. including Blue Star Limited and Avaya GlobalConnect He is also on the Board of Thermax Limited and Essel Limited. Propack Limited. 2 TI AR directors.p65 2 7/9/2007, 3:09 PM Management Discussion and Analysis OVERVIEW Governments have recognised the power of the bicycle to give mobility and independence to children, especially The Company has two distinct businesses viz. the bicycle girl children, from economically deprived families, and business and the engineering business.
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