Chairman and director Gopal Srinivasan addressed the meeting.

• Net sales grew 5% to Rs 272.42 crore in FY 2007. However, the profits were impacted by a drastic decline in other income by a whopping 87% to Rs 5.30 crore and rise in interest cost by 13% to Rs 8.22 crore. Profit before tax (PBT) reduced 35% to Rs 1.86 crore. The fall in the reported net profit was 41% amounting to Rs 1.86 crore.
• Topline stepped up 5% to Rs 53.84 crore in the quarter ended June 2007. Its operating loss margin worsened from 0.3 % in quarter ended Jun ’06 to 0.7% quarter ended Jun ’07 leading to rise in the operating loss by 150% to Rs 0.35 crore. However growth in the other income by 166% to Rs 3.59 crore and accounting of profit on sale of CMS business (net of expenses) of Rs 7.99 crore led to turnaround of profits. The net profit grew from Rs (-2.17) crore in quarter ended Jun ’06 to Rs 6.33 crore in quarter ended Jun ’07.
• The board of directors have declared dividend of 7.5% for one equity share of Rs 10 each for the financial year 2007.
• The company carried out composite restructuring activity in order to focus on its Transaction Automation business. The restructuring activity involved sale of Contract Manufacturing Service business at Tumkur to Incap Contract Manufacturing Services Pvt, a Subsidiary of Incap Corporation, Finland for a consideration of Rs 41.12 crore. Also its non-core businesses i.e. TVS Finance and services, Sarvanna properties and TVS E servicetec were divested. The net amount raised with the restructuring activity was Rs 100 crore.
• The decision towards preferential offer of 36 lakh warrants in favour of the promoters has been waived as the company has raised funds through the restructuring activity.
• It would be launching 4 new models of printers over period of Oct ’07 to Dec ’07.
• The company plans to enter the Sri Lankan and Nepal markets soon. The company plans to expand its presence in Dot matrix printing (DMP) by entering into new markets.
• The company will delist its shares from the following stock exchanges: Ahmedabad Stock Exchange, Bangalore Stock Exchange, Cochin Stock Exchange, Madras Stock Exchange, Calcutta Stock Exchange Association, and Delhi Stock Exchange Association. The equity shares of company would continue to be traded on Bombay Stock Exchange and National Stock Exchange of India.