Chairman K.K.Nohri addressed the shareholders on the performance of the company in the previous financial year.

• Net sales rose 40% to 245.63 crore in FY 2007. Operating profit margin (OPM) gained 220 basis points (bps) to 5.2% leading to an operating profit of Rs 12.71 crore - shot up 145%. Interest expense surged 85% to Rs 10.34 crore and depreciation jumped 35% to Rs 8.10 crore, which restricted the growth in profit. However, after considering extraordinary income of Rs 9.89 crore, representing profit on sale of investment in subsidiary companies, the net profit soared 442% to Rs 6.07 crore.
• Achieved export growth of 31% to Rs 220.43 crore in FY 2007. The geographical break up of the exports in financial year 2007: USA (31%), Europe (42%) and Asia (27%).
• The client list includes Arvin Meritor, Delphi, Visteon, Bosch, Magneti Marelli, Mikuni and Siemens.
• The topline stepped up 15% to Rs 65.87 crore in the quarter ended June 2007. Its operating margin crashed by 380 bps to 3.8% leading to a 42% decline to Rs 2.52 crore in its operating profit. Further, spurt in interest cost and depreciation by a whopping 67% to Rs 2.40 crore and by 31% to Rs 2.46 crore, respectively, increased the loss. Net loss was Rs 2.53 crore in the quarter ended June 2007 as against net profit of Rs 0.93 crore in the corresponding quarter last year.
• Declared dividend of Rs 1.50 (15%) per equity share of Rs 10/- each for FY 2007.
• Decided to extend employee stock option plan-2006 to the employees of its subsidiary companies.
• Established a vendor base with the suppliers (BUY side) within a kilometer radius from the unit in MPEZ – SEZ, Chennai. Currently there are plans to establish a strategic alliances on the SELL side, which wili help to meet the growing demand in the global automotive industry.