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TVS LOGISTICS SERVICES LIMITED

ANNUAL REPORT 2006 - 2007

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TVS LOGISTICS SERVICES LIMITED

BOARD OF DIRECTORS Suresh Krishna

S Ram
R Dinesh
Gopal Srinivasan

PRESIDENT S Ravichandran
(Manager under the Companies
Act, 1956)

SECRETARY Raghunath Ravi

AUDITORS M/s SUNDARAM & SRINIVASAN

Chartered Accountants

BANKERS STATE BANK OF INDIA

REGISTERED OFFICE TVS Building

7-B, West Veli Street
Madurai - 625 001

SUBSIDIARY COMPANIES TVS Automotive Europe Limited, UK

ACCOUNTS TVS C J Components Limited, UK
TVS Logistics Iberia S L., Spain
TVS Logistics Siam Limited, Thailand
TVS Autoserv GmbH, Germany

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TVS Logistics Services Limited

DIRECTORS' REPORT TO THE SHAREHOLDERS

Your Directors have pleasure in presenting their Third Annual Report of the Company
together with the Audited Accounts for the year ended 31st March 2007

BUSINESS REVIEW

The operating income of the Company for the year under review amounts to Rs 189 .76
cores as against Rs 141. 18 crores reported in the previous year . The results are
detailed in the Profit & Loss Account attached hereto. The Company had a substantial
growth in volume of business. However, there has been a slight reduction in profits
mainly due to higher revenue expenditure on starting new businesses and projects,
benefits of which would be derived in the coming years .

In order to conserve resources for business needs and expansion, the directors do not
recommend any dividend for the year under review.

PROSPECTS
During 2007-2008 , it is expected that the rate of growth of the Automobile industry will
slow down as compared to previous year but the company is confident that the various
initiatives being taken will help in achieving satisfactory results. . The Board is actively
considering several plans to achieve growth by tapping various business opportunities .
These, coupled with the measures being taken for raising the long term resources
required for the business should enable the company achieve better performance both
in terms of volume of business and profitability and maintain its pace of growth in the
years to come

SUBSIDIARIES

The audited accounts together with the Directors' Report of the following subsidiaries
viz.,
TVS Automotive Europe Limited, UK
TVS CJ Components Limited , UK
TVS Logistics Iberia S L, Spain ,
TVS Logistics Siam Limited, Thailand
TVS Autoserv GmbH, Germany
and the Statement as required under Section 212 of the Companies Act 1956 are
attached. The accounts of the subsidiaries redrafted in accordance with the provisions of
the Companies Act 1956 are also enclosed

DIRECTORS

In accordance with the provisions of the Companies Act 1956, , Sri R Dinesh and Sri
Gopal Srinivasan Directors retire at the ensuing Annual General Meeting and being
eligible, offer themselves for re-appointment

The Audit Committee consists of Sri Suresh Krishna, Sri S Ram and Sri R Dinesh

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STATUTORY STATEMENTS
The Company has not accepted any deposits from public within the meaning of Section
58A of the Companies Act 1956.

The Company has no activity relating to conservation of energy or technology absorption

Details of foreign exchange earnings and outgo are shown in the Notes on Accounts
attached

Information in accordance with the provisions of Section 217 (2A) of the Companies Act
read with the Companies ( Particulars of Employees ) Rules 1975 and forming part of
the Directors' Report is given as Annexure

DIRECTORS' RESPONSIBILITY STATEMENT

The Directors confirm that
a) in the preparation of the annual accounts, the applicable accounting standards
have been followed;
b) appropriate accounting policies have been selected and applied consistently and
judgments and estimates that have been made are reasonable and prudent so
as to give a true and fair view of the state of affairs of the Company as at 31st
March, 2007 and of the profit of the Company for the year ended on that date;
c) proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act,
1956, for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities; and
d) the annual accounts have been prepared on a going concern basis.

AUDITORS

The Auditors of the Company, M/s Sundaram & Srinivasan, Chartered Accountants,
retire at the conclusion of ensuing Annual General Meeting and are eligible for re-
appointment

ACKNOWLEDGEMENTS
1 ,ie Parent company has been extending comprehensive support to the Company and
your directors wish to express their sincere appreciation of the commitment extended by
M/s T V Sundram lyengar & Sons Ltd . Your Directors thank the Bankers for their
support and co-operation . The Directors wish to record their appreciation of the services
of all the employees of the Company.

For and on behalf of the Board

Chennai S Ram
July 13, 2007 R Dinesh

Directors

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TVS Logistics Services Limited

Balance sheet as at 31.03.2007

Rs. In lacs
Schedules 31.03.2007 31.03.2006

SOURCES OF FUNDS
SHAREHOLDERS' FUNDS
Share Capital 1 1,200.00 1,200.00
Reserves & Surplus 2 691.59 426.49
LOANS
Secured Loan 3 1,627.53 1,188.25
Unsecured Loan 4 1,892.16 1,004.06

Deferred Tax Liability ( Net) 15.48 16.21

TOTAL 5,426.76 3,835.01

APPLICATION OF FUNDS
Fixed Assets 5
Gross Block 1,022.59 685.12
Less: Accumulated Depreciation 340.42 179.76
Net Block 682.17 505.36
Add: Capital work-in-progress 206.41 -
888.58 505.36
Investments 6 645.51 476.13

Deferred Tax Asset 13.09

Current assets, Loans and advances

Sundry Debtors 7 5,368.80 4,067.68
Cash and Bank balances 8 46.81 164.58
Loans & Advances 9 1,587.92 1,255.01
7,003.53 5,487.27
Less: Current Liabilities 2,660.30 2,341.26
Provisions 10 463.65 292.49
Net current assets 3,879.58 2,853.52
TOTAL 5,426.76 3,835.01
Significant accounting policies and notes on
accounts 15

Schedules 1 to 10 and 15 annexed form part of the Balance Sheet

RAGHUNATH RAVI S RAM

SECRETARY RDINESH

As per our report annexed DIRECTORS

FOR SUNDARAM & SRINIVASAN
Chartered Accountants
KS NARAYANASWAMY S RAVI C HAND RAN
Partner PRESIDENT

Chennai
13.07.2007
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TVS Logistics Services Limited

Profit and loss account for the year ended 31.03.2007

Rs in Lacs
Year ended Year ended
Schedules
31.03.2007 31.03.2006

REVENUE
Income - Logistic Services 18,960.52 14,099.63
Other Income 11 15.67 18.45
TOTAL 18,976.19 14,118.08
EXPENSES
Employee Cost 12 3,638.50 2,531.07
Interest 13 284.67 108.13
Other expenses 14 14,460.07 10,897.23
Depreciation 160.67 115.03
TOTAL 18,543.91 13,651.46
Net profit before tax 432.28 466.62
Less:
Provision for taxation 161.00 154.00
Deferred Tax Liability (0.73) 13.40
Deferred Tax Asset (13.09)
Fringe Benefit Tax 20.00 32.00
Net profit after tax 265.10 267.22
Balance brought forward 410.84 120.36
Add: Net Balances relating to transferror company
TVS Lean Logistics Ltd 33.10
Amount available for appropriation 675.94 420.68

Less:Provisions for contingencies 9.84

Balance in Profit and loss account carried to

Balance Sheet 675.94 410.84

Significant accounting policies and notes on

accounts 15

Schedules 11 to 15 annexed form part of the Profit & Loss Account

RAGHUNATH RAVI S RAM

SECRETARY R DINESH

As per our report annexed DIRECTORS

FOR SUNDARAM & SRINIVASAN
Chartered Accountants
KS NARAYANASWAMY S RAVICHANDRAN
Partner PRESIDENT

Chennai
13.07.2007

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