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Tube Investments of India Ltd Directors Report.
Dear Shareholders,
The Directors take pleasure in presenting the 12th Annual Report together with the audited financial statements of the Company for the year ended 31st March 2020.
1. Business Environment
The countrys growth softened in 2019 as corporate and environmental regulatory uncertainty together with concerns about the health of the non-banking financial sector weighed on demand and applied the brakes on economic growth. Demand slowed more sharply than expected amid stress in the non-banking financial sector and a decline in credit growth. Added to this, the Novel Coronavirus (COVID-19) has come to cast a long shadow over the much-anticipated recovery, albeit expected to be a mild one, in the Indian economy in 2020-21, with the World Health Organisation (W.H.O.) declaring the virus outbreak a pandemic.
Indias GDP decelerated to its lowest in over 6 years during 2019-20 and just that when there were signs of mild recovery of the economy with corporate tax rate cut, the outbreak of the COVID-19 has imposed fresh challenges. Steps taken to contain its spread such as nationwide restrictions/lockdown have brought economic activity to a standstill, with serious implications for both consumption and investment. Three major contributors to GDP- private consumption, external trade and investments are already affected. As per the projections of the International Monetary Fund (IMF), Indias growth rate is seen sliding all the way to 1.9% in 2020.
For the global economy too, the COVID-19 pandemic is inflicting high and rising human costs worldwide. As a result, the global economy is projected to contract sharply by 3% in 2020, much worse than during the 200809 financial crisis.
The automobile industry was on the brink of a revival after a torrid year. Looking forward, the expectation was that of a decent current year with a revival from the second quarter onwards. However, the pandemic inflicted lockdown has dealt a decisive blow to the growth of automobile industry. As per the Society of Indian Automobile Manufacturers (SIAM), the Indian auto sector which contributes 9%-10% to the nations
GDP has delivered below potential growth over the last 5 years with a CAGR of ~1.5% for passenger vehicles (PVs) and two-wheelers (2Ws). During the year under review, Indian auto sector witnessed a de-growth of 18% in sales. In the four-wheeler segment, the passenger vehicle and commercial vehicle sale volumes were down by 18% and 29% respectively. In the two-wheeler segment, scooters sales and motorcycles were down by 17% and 18%.
2. Standalone Financial Highlights
|Sale of Products
|Profit Before Exceptional
|Items and Tax
|Profit on Shares tendered
|under Buyback Scheme
|Provision for Employee
|Voluntary Retirement
|Scheme Expense
|Provision for Impairment on
|Investments (Net)
|Profit Before Tax
|Tax Expense
|Profit After Tax
No transfer to the General Reserves has been proposed for the year under review.
3. Performance Overview
During 2019-20, the Company achieved a turnover of 4,053 Cr., registering a de-growth of 19% over the previous year due to slowdown in the auto industry. The Profit before Depreciation, Interest, Exceptional Items and Tax was at 610 Cr. as against 563 Cr. in the previous year. The Profit before Tax and Exceptional Items was at 421 Cr. as against 371 Cr. in the previous year, registering an impressive growth of 13%. The Company focused on reducing fixed costs, working capital and spending capital expenditure prudently on critical growth projects.
During the year, the Company tendered 49 lakh shares in the Buyback Scheme announced by Shanthi Gears Limited (SGL) to all its eligible shareholders at a consideration of 140/- per share, of which, 32.39 lakh equity shares were accepted on a proportionate basis by SGL. The Company received a consideration of 45.35 Cr. and recognised a profit of 19.11 Cr., shown as exceptional profits.
During the year, the Company implemented voluntary retirement schemes in certain locations at a cost of 21.97 Cr. to improve the productivity and competitiveness of its business. This is shown as exceptional loss in the financial statements.
The Cycles and Accessories segment recorded revenue of 781 Cr. as compared to 1,238 Cr. during 2018-19, a de-growth of 37%, since the Cycles market continues to be sluggish and also because of exit from institutional business. The operating profit before interest and tax stood at 26 Cr. as compared to 11 Cr. during the previous year, registering a growth of 128%.
The Engineering segment registered revenue of 2258 Cr. as compared to 2896 Cr. during the previous year. The operating profit before interest and tax stood at 264 Cr. as compared to 254 Cr. during 2018-19, registering a growth of 4%.
The Metal Formed Products segment recorded revenue of 1,399 Cr. as compared to 1,360 Cr. during the previous year, a growth of 3%. The operating profit before interest and tax stood at 123 Cr., remained flat as compared to previous year.
4. COVID-19 and its impact
Consequent to the outbreak of the COVID-19 pandemic and the lockdown/curfew introduced by the Central and State Governments, the operations in the Companys manufacturing plants situated across various locations of the Country had to be shut down or were disrupted towards the latter half of the second fortnight of March 2020 onwards and which continued through the month of April 2020.
With the easing in the lockdown/curfew and the Governments permitting operations to be resumed with necessary permission from the local authorities, the Company from end April 2020 onwards has resumed operations, in a partial manner, in almost all the plants barring very few which are also expected to commence operations shortly as customers start placing their orders. As the situation improves, the
Company expects to scale up operations to the full levels over time.
As the pandemic is ongoing, the Company continues to take various measures to safeguard the health and safety of its employees and further to ensure total adherence to the guidelines issued by the Central and the respective State Governments besides the local authorities at all its business locations.
The Company has considered the possible effects/ impact arising from COVID-19 on its financial results for the year 2019-20 and at this stage, it has concluded that no material adjustments are required to the same. The Company will continue to closely monitor any material changes to future economic conditions. A note in this regard is included in the Standalone Audited Financial Statements for the year under review vide Note 32 Significant Accounting Judgements, Estimates and Assumptions forming part of this Annual Report for the financial year 2019-20.
5. Business Review Standalone 5.1. Cycles and Components TIs Presence
The Cycles and Components segment of the Company comprises of bicycles of the Standard and Special variety including alloy bikes & specialty performance bikes, cycling accessories, bicycle components sold as spares and home fitness equipment.
Industry Scenario
Bicycles fall under two distinct categories - Standards and Specials. While Standard cycles are largely used for commuting, especially in small towns & rural areas, Special cycles cater to recreational usage, where the product is used for fun, fitness and leisure activities. During the financial year, the Trade industry witnessed a sharp drop of 17% as against the previous year majorly due to the economic slowdown and lower discretionary spends. Standards have de-grown by 17% and Specials have de-grown by 18%. However Premium Cycles Group as a subset of Specials have declined by 38% due to lower affinity for premium products in general. In addition to this, movements by the unorganized players based on economy offerings have also impacted the organized trade (All India Cycle Manufacturers Association-AICMA) players sales volume.
Over 79% of the countrys requirements are met by four major players. The smaller regional players and imports constitute the balance. TI Cycles enjoys a share of 24% of the total organised trade market with a much higher share in the premium segment.
Review of Performance
TI Cycles sold 19.8 lakh bicycles during the year in Trade, which is 16% lower as compared to 2018-19. Overall Trade bicycle industry itself registered a negative growth of 17% over the previous year. The thrust on Specials segment was driven by a concerted effort to enhance consumer experience through exclusive retail outlets under the exclusive retail brand Track & Trail. Moreover the expansion of export business and domestic spares business is considered to be a new avenue of business to the Company. To participate in the growing economy sub-segment, 14 low cost products were launched in major categories like Kids and Mountain Terrain Bikes (MTB).
In 2019-20, 70 new model bicycles were launched, and 53 older models were refreshed. 38% of the trade sales volume came from new products. Multiple innovations were introduced for the first time in the industry, notable among them being the night vision handlebar on Hercules Jackal bicycle. The night vision handlebar is a ground-breaking innovation in the categoryextremely easy to assemble and use the integrated headlight. This feature is aimed at ensuring that the adventurous youngster has no worries about riding at night or in low visibility. Design registration was also filed to protect this idea from imitation. In addition, patented anti-slip chain technology was brought to the market in a new avatar last year BSA Ladybird Summer ASC bicycle to create more buzz in the marketplace.
On the consumer outreach front, the business consistently ran digital campaigns for its major brands, BSA Ladybird, Hercules, Roadeo, Mach City and Montra delivering a significant lift in brand awareness. A television commercial campaign "Hercules-Made For More" was launched wherein it was showcased on how the rugged & fierce Hercules bicycle enables teenagers to do more by pushing boundaries and emerge victorious. The objective of the campaign was to increase brand awareness and product consideration among the target group. In addition, the Disney licence has been renewed to continue offering premium range of bicycles with Disney/Marvel characters.
The operating profit before interest and tax (PBIT) stood at 26 Cr., as compared to 11 Cr. in the previous year, a growth of 128%.
5.2. Engineering
TIs Presence
The Engineering Segment of the Company consists of cold rolled steel strips and precision steel tubes viz., Cold Drawn Welded tubes (CDW) and Electric Resistance Welded tubes (ERW). These products primarily cater to the needs of the automotive, boiler, bicycle, general engineering and process industries. The Company is further engaged in the manufacture of large diameter welded tubes mainly for non-auto application which are largely imported.
Industry Scenario
During 2019-20, the automotive industrys production volume was lower by 15%.
Across all segments of automotive industry, there was a de-growth over the last fiscal year. Passenger vehicle, commercial vehicle and two-wheeler segments were lower by 15%, 32% and 14% respectively over the last fiscal year.
The lower industry growth was mainly due to the following factors:
BS IV to BS VI transition being mandatory from 1st April 2020 brought in a sense of cautious approach both from the consumers and the auto majors.
Increase in truck load norms by the Government enabling the transporters to increase the per trip truck loads.
Increase in insurance premium and compulsory ABS leading to increase in cost of acquisition of vehicles for the consumer.
NBFC debacle leading to lower loans disbursement.
General consumer sentiments being low leading to lower demand.
With the Government, in the second quarter of the financial year under review, ahead of the festival season, announcing measures to spur growth through reduction in income tax rates for corporates and increase in Government spend on infrastructure etc, a marginal improvement in the growth rates was witnessed in the second half of the financial year.
Globally also, with all countries witnessing slowdown in each of their economies, they started initiating actions to protect their own markets. US continued with its tariff barriers imposed on various countries and products including steel. Europe brought in quota system to restrict imports into the region.
Review of Performance
The Engineering segment revenues were impacted due to the de-growth in the automotive industry.
During the year, volumes of the tubes business de-grew by 21%, cold rolled steel strips business de-grew 16% and large diameter tubes by 26%.
During the year under review, the segment registered revenue of 2,258 Cr. as compared to 2,896 Cr. during the previous year. The operating profit before interest and tax stood at 264 Cr., as compared to 254 Cr. during 2018-19, registering a marginal growth of 4%.
Given the situation of a lower demand, the business focused on internal measures to control cash fixed expenses, flexing manpower and other fixed expenses to partially offset the drop on account of lower volumes.
The business focused on reducing working capital and spending capital expenditure prudently on critical growth projects.
A greenfield Tube Manufacturing plant in Rajpura, Punjab was inaugurated in November 2019 to cater to the increased demand from the customers in the northern region.
The business continued to focus on Total Quality Management (TQM) journey to improve its quality and focused on employee development. Career path initiatives were taken up to provide opportunities to employees within the organization for new openings and to enable cross function exposure and growth.
With regard to the ongoing investigation on the Companys exports to the US market for the Countervailing Duty (CVD) and Anti-dumping Duty (AD) by the US Department of Commerce (USDOC) on complaint of alleged dumping of cold-drawn steel mechanical tubes from India and some other countries, the Company has participated in the first review and filed all the responses as per timelines to USDOC. The outcome is expected during the current financial year.
5.3. Metal Formed Products
TIs presence
Automotive & industrial chains, fine blanked products, stamped products, roll-formed car doorframes and cold rolled formed sections for passenger coaches constitute the Metal Formed Products segment.
Industry scenario
During 2019-20, production of two-wheeler segment and passenger vehicles de-grew by 14% and 15% respectively.
This segment is one of the major players manufacturing roller chains and fine blanked parts for the automotive industry in India. The replacement market for chains and sprockets continued to register a good growth due to the increasing two-wheeler population.
With international car majors continuing to invest in the country and increasingly using India as an export base, many component manufacturers have the opportunity to cater to the global needs of automobile manufacturers and their Tier-1 suppliers. The passenger coach segment witnessed good growth as the Ministry of Railways is focussing on passenger safety by initiating conversion of all old type coaches into stainless steel coaches. This segment has achieved considerable volume growth over previous year, supplying to various customers.
Review of Performance
Sale of automotive chains dropped by 12% and industrial chains grew by 10% when compared to
2018-19 in volume terms. The Company continued to expand its presence in the aftermarket segment benefiting from the two-wheeler population growth. In spite of challenging external environment, industrial chains recorded growth. Despite de-growth in passenger vehicles segment, fine blanked components volumes had a nominal growth, primarily through new parts developed for the four-wheeler segment.
Doorframe sale volumes were lower by 16% during 2019-20, as against the passenger car segments de-growth of 15% due to higher sales on select models with two of the renowned auto majors. The focus is on generating more business from the auto Original Equipment Manufacturers (OEMs), leveraging the Tier-1 position with specific emphasis on roll form products and other tubular parts used in passenger cars. In addition, strengthening the current position in respect of coach parts and expanding the customer base are some of the opportunities that are looked into closely to sustain the drive towards growth.
The chains business segment will continue its core business processes to handle both volume fluctuations and change in the product mix to meet customers demand. The replacement market continues to provide opportunities for growth notwithstanding good competition and the business expects to strengthen on the sales structure, deepen its coverage and launch new products for new categories.
During the year under review, the segment recorded revenue of 1,399 Cr. as compared to 1,360 Cr. during the previous year, a growth of 3%. The operating profit before interest and tax which stood at 123 Cr. remained flat as compared with the previous year.
6. Dividend
The Board of Directors declared an Interim Dividend of 3.50 per share on equity share of face value of 1 each for the financial year 2019-20, which was paid on 18th March 2020 to all the eligible shareholders. A Dividend Distribution Tax (DDT) of 12.60 Cr. was remitted to the Government in respect of the said Interim Dividend. No Final Dividend has been proposed by the Board for the said financial year and the Interim Dividend of 3.50 per equity share, already declared and paid, in respect of the financial year 2019-20 will be considered as the Dividend for the said financial year.
The dividend pay-out is in accordance with the Companys policy on Dividend Distribution. The said Policy as approved by the Board is uploaded and is available on the following link on the Companys website, http://www.tiindia.com/article/values/601. Details thereof also form part of this Annual Report for the information of shareholders as AnnexureA.
7. Share Capital
The paid-up Equity Share Capital as on 31st March 2020 was 18.79 Cr.
8. Finance
Cash and Cash Equivalents as at 31st March 2020 were 21.64 Cr. In addition, the Company has investments in Liquid Schemes of Mutual Funds for 90 Cr. The Company continues to focus on judicious management of its working capital. The Company has taken many steps during the year to improve the working capital turns. The working capital parameters were kept under strict check through continuous monitoring.
8.1. Non-Convertible Debentures
During the year, Non-Convertible Debentures (NCDs) aggregating 100 Cr. were redeemed and no fresh NCDs were issued during the year. As on 31st March 2020, NCDs aggregating 100 Cr. were outstanding.
8.2. Deposits
The Company has not accepted any fixed deposits under Chapter V of the Companies Act 2013 and as such no amount of principal and interest were outstanding as on 31st March 2020.
8.3. Particulars of Loans, Guarantees or Investments
During the year under review, the Company has not given any loans or guarantees under the provisions of Section 186 of the Companies Act 2013. The Company purchased 9,05,250 Equity Shares of the face value of 10 each, fully paid up, at par, of M/s. Watsun Infrabuild Private Limited, for an aggregate amount of 0.91 Cr. during the year.
As part of treasury management, the Company also deploys any short-term surplus in units of mutual funds, the details relating to which form part of the Notes to the financial statements provided in this Annual Report.
8.4. Consolidated Financial Highlights
|Revenue from contract with customers (net)
|Profit Before Exceptional items and Tax
|Exceptional items
|Profit Before Tax and
|exceptional items
|Tax Expense
|Profit for the year before
|Minority Interest and
|share of profit from
|Share of loss from Associate
|Net Profit for the Year
9. Business Review Subsidiaries and Joint Venture
9.1. Shanthi Gears Ltd (SGL)
SGL, a subsidiary of the Company, recorded revenue of 242 Cr. in 2019-20 in line with previous year. Profit before tax was 33 Cr. (previous year: 42 Cr.). During the year, SGL renewed its focus on re-establishing itself in the market and gaining new customers.
SGL continued to look at enlarging its market presence, create a robust channel, enhance its process capabilities and launch new products to meet the growing expectations of customers.
During the financial year 2018-19, Buyback Scheme was announced by SGL to all its eligible shareholders to purchase up to 50 lakh shares at a consideration of 140/- per share. Under the Scheme, the Company tendered 49 lakh shares, of which, 32,38,958 equity shares were accepted on a proportionate basis by SGL, considering the overall response to the Buyback. The Company received a consideration of 45.35 Cr. as Buyback consideration during the year under review viz., on the 5th April 2019 from SGL. Post-Buyback, the Company holds 70.47% of SGLs paid up share capital as against 70.12% held pre-Buyback.
SGL also declared and paid an Interim Dividend of 2 per share for the financial year 2019-20.
9.2. Financire C10 SAS (FC10)
FC10, the Companys wholly owned subsidiary in France, recorded consolidated revenue of Euro 32 Mn. in 2019 (previous year: Euro 34 Mn.). The loss after tax for the year was Euro 0.70 Mn. as compared with the profit of Euro 0.39 Mn. in the previous year. The consolidated results of FC10 include results of its subsidiaries viz., Sedis SAS, Sedis GmbH and Sedis Co Ltd in UK.
9.3. TI Tsubamex Private Limited (TTPL)
TTPL is a joint venture of the Company with M/s. Tsubamex Company Limited, Japan to engage in the business of design and engineering of sheet metal dies and fixtures and providing related services.
Arising from operational challenges that TTPL had to face in terms of winning new orders, and also in meeting rising customer expectations on quality and price parameters vis--vis its small size of operations and high working capital intensity, TTPL had sold, during the financial year 2018-19, its identified manufacturing assets to the identified buyer and fully utilised the amount realised through the sale and from the collections from supplies made earlier for repaying its creditors during the financial year under review.
Necessary impairment in the entire investment has already been recognized in the books of account of the Company for the financial years, 2017-18 and 2018-19.
9.4. Great Cycles (Private) Limited (GCPL)
GCPL is the Companys subsidiary in Sri Lanka acquired in March 2018. The Company holds 80% of GCPLs equity capital.
During the year under review, GCPL recorded revenue of 3 Cr. (previous year: 16 Cr.) and registered loss before tax of 1 Cr. (previous year profit before tax: 2 Cr.)
9.5. Creative Cycles (Private) Limited (CCPL)
CCPL is the Companys subsidiary in Sri Lanka acquired in March 2018. The Company holds 80% of CCPLs equity capital.
During the year under review, CCPL recorded revenue of 8 Cr. (previous year: 55 Cr.) and registered loss before tax of 2 Cr. (previous year profit before tax: 1 Cr.).
The statement containing salient features of the financial statements of the Companys Subsidiaries/ Joint Venture is attached as Annexure-B. The Consolidated Financial Statements of the Company and its subsidiaries, prepared in accordance with the Indian Accounting Standards, form part of the Annual Report.
10. Financial Review
10.1. Profits & Profitability
The Profit before Tax and exceptional items registered a growth of 13%, through better operating efficiencies, input and fixed cost reduction initiatives and reduction in interest costs.
All the business segments of the Company maintained their focus on servicing customers, improving efficiencies, controlling working capital and reducing resources employed in the business.
10.2. Capital Expenditure
The Company continues to assess the trends emerging in industry and the changing requirements of its customers and invests appropriately for the long-term, with a view to servicing its customers in a more timely and efficient manner.
10.3. Interest Cost
The Companys interest cost reduced to 29 Cr. in the financial year 2019-20 from 52 Cr. in the previous year mainly on account of lower borrowing and better management of net working capital. With strong focus on cash generation, the Company achieved a significant level of net debt reduction of 342 Cr. during the year. The total borrowings (net of Cash, Debt Securities and Current investments) were reduced to 149 Cr. as on 31st March 2020 from 491 Cr. as on 31st March 2019.
10.4. Financial Ratios
The key financial ratios of the Company in which there were significant changes (more than 25%) during the financial year compared to the previous financial year, with reasons therefor, are as under:
|Sl. No. Financial Ratio*
|% change over previous year
|1. Interest Coverage Ratio
|Reduction in borrowing & finance charges and increase in the Profit before Interest, Tax and Depreciation.
|2. Debt-Equity Ratio
|Reduction in debt and increase in net worth due to higher profits.
|3. Net Profit Margin
|Improvement in profits, reduction of fixed costs, reduction of interest cost and reduction of tax rate.
|4. Revenue Growth
|Lower sales on account of de-growth in auto industry.
*Ratios are tracked by the Company on a standalone basis
10.5. Internal Control Systems
Internal control systems in the organisation are looked at as the key to its effective functioning. The Company believes that internal control is one of the key pillars of governance which provides freedom to the management within a framework of appropriate checks and balances. Given the nature of business and size of operations, the Company has designed and instituted a robust internal control system that comprises well-defined organisation structure, roles and responsibilities, documented policies and procedures to reduce business risks through a framework of internal controls and processes. These controls ensure:
Recording of transactions are accurate, complete and properly authorised;
Adherence to Accounting Standards, compliance to applicable Statutes, Company policies and procedures and timely preparation of financial statements;
Effective usage of resources and safeguarding of assets;
Prevention and detection of frauds/errors;
Efficient conduct of operations.
To ensure efficient internal control systems, the Company has a well-established, independent and multi-disciplinary in-house Internal Audit function that carries out periodic audits across locations and functions. The scope and authority of the Internal Audit function is derived from the Internal Audit charter duly approved by the Management.
The Internal Audit function reviews compliance vis-a-vis the established design of the internal control, as also the efficiency and effectiveness of operations. Internal Audit function is responsible for providing, assurance on compliance with operating systems, internal policies and legal requirements as well as suggesting improvements to systems and processes. It reviews and reports to management and the Audit Committee about compliance with internal controls and the efficiency and effectiveness of operations as well as the key process risks. The Company also has established whistle-blower mechanism operative across the Company.
The Audit Committee of the Board of Directors, comprising of independent directors, regularly reviews the audit plans, significant audit findings, adequacy of internal controls, compliance with Accounting Standards as well as reasons for changes in accounting policies and practices, if any.
The summary of the Internal Audit findings and status of implementation of action plans for risk mitigation are submitted to the Audit Committee every quarter for review and concerns, if any, are reported to the Board. This process ensures robustness of internal control system and compliance with laws and regulations including resource utilisation and system efficacy.
Revenue and capital expenditures are governed by approved budgets and the levels are defined by a delegation of authority mechanism. Review of capital expenditure is undertaken with reference to benefits expected in line with the policy for the same.
Investment decisions are subject to formal detailed evaluation and approved by the relevant authority as defined in the delegation of authority mechanism. The Audit Committee reviews the plan for internal audit, significant internal audit observations and functioning of the Companys Internal Audit department on a periodic basis.
10.6. Internal Financial Control Systems with reference to the Financial Statements
The Company has complied with the specific requirements of the Companies Act 2013 which call for establishment and implementation of an Internal Financial Control framework that supports compliance with requirements of the said Act in relation to the Directors Responsibility Statement.
The Companys business processes are enabled by an Enterprise-wide Resource Platform (ERP) as its core IT system. The operating management is not only responsible for revenue and profitability, but for also maintaining financial discipline and accountability. The systems and processes are continuously improved by adopting best in class processes, automation and implementing latest Information Technology tools.
The Company has a formal system of internal financial control to ensure the reliability of financial and operational information, and regulatory and statutory compliances. This is reviewed regularly and tested by Internal Audit Team. The Companys business processes are enabled by the ERP for monitoring and reporting processes resulting in financial discipline and accountability.
11. Enterprise Risk Analysis and Management
The Company has an established risk assessment and minimisation framework. This framework provides a mechanism to identify the risk, evaluation of likelihood of happening and consequences. It also provides for assessment of options to mitigate the risk and develop appropriate risk management plans. There are normal constraints of time, efficiency and cost.
The Risk Management Committee of the Board of Directors reviews the risk mitigation plans periodically to monitor the key risks of the Company and evaluate the management of such risks for effective mitigation.
During the year under review, the Risk Management Committee met on 23rd July 2019 and 31st October 2019 and reviewed the risks and mitigation plans of the SBUs of the Company.
Some of the risks associated with the business and the related mitigation plans are discussed hereunder. The risks given below are not exhaustive and the evaluation of risk is based on managements perception.
11.1. Bicycles and Components
|Why considered as Risk
|Mitigation Plan / Counter Measure
|Product Obsolescence Risk
| Availability of alternatives
| Higher variety in all sub-segment, Economy, Mass and Premium
| Increased affordability for motorised vehicles
| Shrinking road space for cycling
| E-bike will be introduced to reduce cycling effort
| Cycling as a concept beyond commuting - leisure, fitness, fun and recreation
|Sourcing Risk
| Dependence on vendor base
| Continuous upgrading of vendor capability
| Consistent quality and supplies
| Relationship building
| 25% of vendors located in residential area
| Reduce import dependency
| Rationalize vendor base
|Competition Risk
| Competition from domestic suppliers
| Enhancing the Brand awareness
| Imports
| Introducing new models with a healthy
|innovation funnel
| Consistent quality and timely delivery
| Enhancing price competitiveness
|Volume & Profitability Risk
| Rapid decline in Standards segment
| Drive growth in Premium cycles segment
| Low price competition in Specials segment
| Build capability to compete in Specials segment at various price points
| Growth in Premium segment not sufficient to offset the overall drop in volume
| Cost reduction measures to enhance profitability
| Closure of all warehouses and optimize logistics costs
|Technology Risk
| Lack of capacity and capability to handle large scale shift to alloy bikes
| Capability building for manufacture and assembly of alloy bikes
| Establishing reliable source for high end bikes
11.2. Engineering
|Why considered as Risk
|Mitigation Plan / Counter Measure
|User Industry Concentration Risk
| Significant exposure to auto sector
| New products / applications to existing customers
| Time lag in pass through of input cost changes
| Introduction of new products catering to non- auto users
| Leverage application engineering skills for tubular solutions
| Drive operational efficiencies vigorously
|Technology Obsolescence Risk
| Cheaper alternatives for auto applications affecting revenue streams
| Imbibing new and relevant technologies
| Equipment upgradations
|Raw Material Risk
| Volatility in steel price
| Alliance with steel producers
| Inconsistency in quality
| Global sourcing
| High inventory holding
| Strategic sourcing
| Rationalization and standardization of grades
| Move to products with higher value addition
|Competition Risk
| Competition from integrated steel mills
| Consistent quality and timely delivery
| New entrants with financial strength
| Import substitution, development of new grades
| Imports
| Product range of offering leveraging all businesses of the Company
| Innovate on products, process and applications
| Leveraging metallurgy skills
|Export related risks
| Increased trade protectionism and import
| Identification of new export markets and
| Global competition
| Capability building
| Need for higher capability
| Enhanced domestic sales
11.3. Metal Formed Products
|Why considered as Risk
|Mitigation Plan / Counter Measure
|Product Risk
| Revenues are model specific
| Indigenization of equipment
| Pursue options for other business using the same facilities
| Model specific investments to be done by
| More rigorous analysis of risks before taking
|up the project
|User Industry
| Dependence on auto sector
| Diversification into non-auto business
|Concentration Risk
| Impact of slow down
| Focus on industrial applications
| Develop range of power transmission products
|Customer Retention
| Availability of alternative source
| Cost competitiveness through Operational
| Disruption in supplies
|Excellence initiatives
| Leverage design strength
| Leverage proximity to customer
| Build technology superiority
| Product - plant rationalization
|Entry of competition
| Low technology barrier
| Leverage position with customer as technology leader
| Impact on profit
| Continuous upgrading of technical specifications
| Cost reduction
| Concentration in focus markets
|Entry of
| Better product range
| Enhance product portfolio leveraging
| Tie-up with local player/end user
|established players
| Leverage leadership and competitive position
| High quality image
|in domestic market
|in industry
| Strengthen collaboration with R&D team of
| Pursue opportunities in systems/components
| Pursue options for collaborating with other
|multi-national player(s) of repute
|Sourcing Risk
| Dependence on a few vendors for certain
| Vendor relationship building
| Enhancing vendor base, both locally as well
|as overseas
| Leveraging strength of combined entity
|Pricing risk
| Year-on-year price reduction expectation
| Utilisation of existing assets, optimal
| Price recovery due to dependence on a few OEMs
|investment assumptions and reduced cost of operations
| Value engineering and value analysis in
|business re-engineering process
| Claims from customer for lower volumes
11.4. General
|Why considered as Risk
|Mitigation Plan / Counter Measure
|Human Resource
| Ability to attract talent, especially people with
| Corporate Brand Building
|domain knowledge for new projects
| Robust recruitment process
| Retention of talent
| Structured induction and on the job training
| Availability of adequate flexible workforce post COVID-19
| Coaching and team building
| Individual career and development plan
| Effective communication exercises
| Continuous engagement with identified talent pool
| Deskill operations
| Continuously engage with contractors and contract labour for their wellness & engagement
| Making policy changes in line with government directives for health and safety & keeping the workforce safe without disruption to business
|Currency Risk
| Foreign currency exposure on exports, imports and borrowings
| Early identification and monitoring of exposures
| Hedging of exposures based on risk profile
|IT/Cyber Related
| Confidentiality, integrity and availability
| Access controls
| Secure Network Architecture
| Infrastructure redundancies & disaster
|recovery mechanism
| Audit of controls
| Delay in implementation
| Effective project management
|Management Risk
| Increase in cost
| Pre-implementation planning
| Potential delay in stabilization of production
| Deployment of adequate resources
| Effective monitoring
12. Corporate Social Responsibility (CSR)
The Company, being part of the Murugappa Group, is known for its tradition of philanthropy and community service. The Companys philosophy is to reach out to the community by establishing service-oriented philanthropic institutions in the field of education and healthcare as the core focus areas. The CSR Policy of the Company is available on the Companys website at the following link, http://www.tiindia.com/article/values/467.
As per the provisions of the Companies Act 2013, the Company was required to spend 4.94 Cr., during the financial year 2019-20. The Company incurred
5.29 Cr. but spent for 5.13 Cr. in cash towards the identified CSR projects in the fields of education, health care and public infrastructure during the year.
The Annual Report on CSR for 2019-20 is annexed to and forms part of this Report as AnnexureC as well as in the Companys website at the following link, http://www.tiindia.com/article/values/546
13. Alteration of Memorandum of Association
During the financial year 2019-20, with the approval of the Members by means of a Special Resolution passed with the requisite majority, through postal ballot and electronic voting, a new sub-clause 10 was inserted in III(A) [Main Objects Clause] of the Memorandum of Association to facilitate the Companys foray into the business of vision products and components.
During the year under review, the Company identified a suitable location in the Sri City Special Economic Zone (SEZ), Chittoor District, Andhra Pradesh for the aforesaid vision products and components project and after entering into necessary agreements with the Sri City SEZ authority for lease of the land, the installation of machinery and other civil work have been completed. Production is expected to commence in the second quarter of the current financial year.
14. Corporate Governance
The Company is committed to maintaining high standards of corporate governance.
The Company was wholly in compliance with the requirements of the Listing Agreement with the Stock Exchanges as well as the SEBI Listing Regulations.
A report on corporate governance together with a certificate from the Auditors is annexed in accordance with the terms of the SEBI Listing Regulations and forms part of the Boards Report as Annexure-D. The Managing Director and the Chief Financial Officer have submitted a certificate to the Board regarding the financial statements and other matters in terms of Part B of Schedule II [Corporate Governance] of the SEBI Listing Regulations.
The Report further contains details as required to be provided in the Boards Report on the policy on Directors appointment and remuneration including the criteria, annual evaluation by the Board and Directors, composition and other details of Board committees, implementation of risk management policy, whistle-blower policy/vigil mechanism, dividend policy etc.
15. Business Responsibility Reporting
As required under the SEBI Listing Regulations which mandate the inclusion of a Business Responsibility Report as part of the Annual Report for the top 500 listed entities, the Business Responsibility Report forms part of the Annual Report as Annexure-E.
The Business Responsibility Policy of the Company is displayed in the Companys website at the following link, http://www.tiindia.com/article/values/667.
16. Human Resources
The Company continued to lay emphasis on a high performing work culture to achieve organisational goals of the present as well as those of the future in a sustainable way by establishing a culture of process discipline, organisational oneness and achievement orientation across its businesses through simplification and digitization, empowerment, project-based working, customer centricity and process discipline. The initiatives taken by the Company are in line with its long-term Human Resources Strategy which has been drawn up with three broad thrust areas - capability building, improved accountability and high-performance work culture.
As part of the capability building initiatives, a leadership program to create and develop a talent pool for managing the various growth businesses of the Company enabling the identified leaders to operate with greater speed, efficiency and capability aligned to the Companys structure and strategy was initiated during the year under review. All critical positions have been mapped to ensure a smooth succession planning. A structured career path framework for those with high potential by mapping them to business-critical projects as well as for grooming internal talent among the management staff was piloted during the year under review.
A framework covering building of trust, role clarity, technical capability, change champions and recognition/reward for high performers was conceptualized in order to develop and improve ownership and accountability among the blue collared employees and rolled out during the year. The framework is presently under implementation.
In order to achieve a high-performance work culture through a systematic approach to managing performance of organisations, teams and individuals, various actions were implemented across three themes viz., better, faster and more efficient.
The initiatives launched with the help of Japanese consultants in the form of Total Quality Management (TQM) for the Chains and the Tubes Divisions and the Toyota Production System (TPS) for the Cycles Division are making good progress, with a strong emphasis on reduction in the overall plant rejections and improvement in product capability.
The total number of permanent employees on the rolls of the Company as on 31st March 2020 is 3302.
Industrial relations continued to remain cordial at all the Companys units during the period under review.
The information relating to employees and other particulars required under Section 197 of the Companies Act 2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules 2014 will be provided upon request. In terms of Section 136 of the Companies Act 2013, the Report and Accounts are being sent to the Members excluding the information on employees, particulars of which are available for inspection by the Members at the Registered Office of the Company during business hours on all working days of the Company up to the date of the forthcoming Annual General Meeting. If any Member is interested in obtaining a copy thereof, such Member may write to the Company Secretary in the said regard.
The disclosure with regard to remuneration as required under Section 197 of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is attached and forms part of this Report as Annexure-F.
17. Prevention of sexual harassment at workplace
The Company has policy on prevention of sexual harassment at workplace in line with the requirement of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act 2013. An Internal Complaints Committee (ICC) to redress complaints received regarding sexual harassment has been constituted in compliance with the requirements of the said Act. The policy extends to all employees (permanent, contractual, temporary and trainees). Employees at all levels are being sensitized about the new Policy and the remedies available thereunder. No complaints were received and disposed of during the year under review.
18. Employee Stock Option Scheme
During the year under review, the Company has granted 38,684 stock options to eligible employees under its Employee Stock Option Plan viz., ESOP 2017.
Details in respect of the ESOP 2017 as required under the relevant SEBI Regulations are displayed in the Companys website at the following link, http://www.tiindia.com/article/values/554
19. Sale of shares held by Employees Trust
TII Employees Share Purchase Scheme, a trust, was holding 7,03,680 equity shares or 2 each of the erstwhile Tube Investments of India Limited (Demerged Company under the Scheme of Arrangement for demerger approved by the Honble National Company Law Tribunal, Chennai in July 2017). Consequent to the demerger of the manufacturing business from the Demerged Company, the Trust was allotted 7,03,680 equity shares of 1 each of the Demerged Company and 7,03,680 equity shares of 1 each of the Company (being the Resulting Company under the demerger). These shares are treated as treasury shares in the standalone financial statements of the Company. During the year under review, the Trust had, in compliance with the SEBI (Share Based Employee Benefits) Regulations 2014 sold these shares as they were not backed by any ESOP grants. The net gain from sale of such shares aggregating 56.56 Cr. net of tax has been credited to retained earnings in the Companys books of account for the financial year ended 31st March 2020.
20. Directors Responsibility Statement
The Board of Directors confirm that the Company has in place a framework of internal financial controls and compliance system, which is monitored and reviewed by the Audit Committee and the Board besides the statutory, internal and secretarial auditors. To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act 2013:
a) that in the preparation of the annual Financial Statements for the year ended 31st March 2020, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any; b) that such accounting policies as mentioned in the Notes to the Financial Statements have been selected and applied consistently and judgment and estimates have been made that 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 2020 and of the profit of the Company for the year ended on that date;
c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) that the annual Financial Statements have been prepared on a going concern basis;
e) that proper internal financial controls to be followed by the Company have been laid down and that the financial controls are adequate and were operating effectively; &
f) that proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
21. Auditors
M/s. S R Batliboi & Associates LLP, Chartered Accountants (LLP Identity no.AAB-4295) were appointed as Statutory Auditors at the 9th Annual General Meeting held on 6th November 2017 for a period of five years viz., from the conclusion of the said 9th Annual General Meeting till the conclusion of the 14th Annual General Meeting.
In terms of the resolution passed by the Members with regard to the appointment of the Statutory Auditors, the said appointment is subject to ratification by the Members at every Annual General Meeting and their remuneration will be recommended to the Shareholders at the time of taking up such ratification of appointment each year. In the said regard, by an amendment to the Companies Act 2013 under the Companies (Amendment) Act 2017, the requirement for ratification of appointment of the Statutory Auditors at each Annual General Meeting has been done away with. Accordingly, there is no requirement under the law for ratification of appointment of the Statutory Auditors by shareholders and hence, the same is not proposed. The remuneration payable to them in respect of their remaining term viz., for FYs 2020-21 and 2021-22 needs to be fixed at the Annual General Meeting as required under Section 142 of the Companies Act 2013.
Accordingly, the Board recommends the terms of remuneration payable to the Statutory Auditors as set out in the resolution contained in the Notice of the ensuing Annual General Meeting.
The Company is required to maintain cost records in respect of Steel Products, Metal Formed Products and parts & accessories of auto components of the Company and such accounts and records are made and maintained. M/s. S Mahadevan & Co., (firm no.000007), Cost Accountants were appointed as the Cost Auditors of the Company for auditing the cost accounting records maintained by the Company in respect of the applicable products for the financial year 2020-21. Necessary resolution for ratification of their remuneration in respect of the aforesaid terms of appointment for financial year 2020-21 forms part of the Notice for the ensuing Annual General Meeting.
22. Related Party Transactions
All related party transactions that were entered into during the financial year under review were on an arms length basis and were in the ordinary course of business. There are no materially significant related party transactions during the year which may have a potential conflict with the interest of the Company at large. Necessary disclosures as required under the Indian Accounting Standards have been made in the notes to the Financial Statements.
The policy on Related Party Transactions as approved by the Board is uploaded and is available on the following link on the Companys website, http://www.tiindia.com/article/values/476. None of the Directors had any pecuniary relationships or transactions vis--vis the Company.
23. Directors
Mr. M M Murugappan, Director will retire by rotation at the ensuing Annual General Meeting under
Section 152 of the Companies Act 2013 ("the Act") and being eligible, he offers himself for re-appointment.
The Board takes pleasure in recommending the re-appointment of Mr. M M Murugappan as Director at the forthcoming Annual General Meeting.
All the Independent Directors of the Company have furnished necessary declaration in terms of Section 149(6) of the Act affirming that they meet the criteria of independence as stipulated thereunder. In the opinion of the Board, all the Independent Directors have the integrity, expertise and experience including the proficiency as required to effectively discharge their roles and responsibilities in directing and guiding the affairs of the Company.
Mr. Pradeep V Bhides term as Independent Director ends at the conclusion of the ensuing Annual General Meeting. The Board places on record its appreciation of the distinguished services rendered by Mr. Pradeep V Bhide during his long association, since October 2010, as Director of TII, before and after its demerger.
24. Declarations/Affirmations
During the year under review:
- there were no material changes and commitments affecting the financial position of the Company, which have occurred between the end of the financial year of the Company to which the financial statements relate viz., 31st March 2020 and the date of this Report; &
- there were no significant material orders passed by the regulators or courts or tribunals impacting the Companys going concern status and its operations in future.
25. Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the Company has appointed Mr. R Sridharan of Messrs R. Sridharan & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit Report is annexed herewith and forms part of this Report as Annexure-G.
The Company has ensured compliance of the Secretarial Standards issued by the Institute of Company Secretaries of India during the period under review. Accordingly, no qualifications or observations or other remarks have been made by the Secretarial Auditor in his said Report.
26. Annual Return
Extract of the Annual Return of the Company is annexed and forms part of the Report as Annexure-H. The same is also available on the website of the Company at the following link, http://www.tiindia.com/investors/750
27. Key Managerial Personnel
Mr. Vellayan Subbiah, Managing Director, Mr. K Mahendra Kumar, Chief Financial Officer and Mr. S Suresh, Company Secretary are the Key Managerial Personnel (KMPs) of the Company as per Section 203 of the Companies Act 2013.
28. Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3) (m) of the Companies Act 2013 read with Rule 8 of The Companies (Accounts) Rules 2014 is annexed herewith and forms part of this Report as Annexure-I.
The Directors thank all Customers, Vendors, Financial Institutions, Banks, State Governments, Joint Venture Partners and Investors for their continued support to your Companys performance and growth. The Directors also wish to place on record their appreciation of the contribution made by all the employees of the Company resulting in the good performance during the year under review.
|On behalf of the Board
|M M Murugappan
|27th May 2020


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'As a leader you cannot be successful without good people around you'
When Gloria Rowland joined the maternity team at a Norfolk trust morale was low, staff were not learning from clinical incidents, and the unit was losing money every year. She used her skills as a transformational leader to take the 'amazing' team with her on a journey that turned the struggling unit around
I never wanted to be a head of midwifery I found myself in that position by default after I took a secondment role at a London trust that had previously been placed in special measures. I enjoyed the challenge and found my passion, myself even, as a transformational leader.
My first head of midwifery job at the trust was a great learning curve. Admittedly I made some mistakes, which was difficult for me because I am a perfectionist. My expectation then was that...
When Gloria Rowland joined the maternity team at a Norfolk trust morale was low, staff were not learning from clinical incidents, and the unit was losing money every year. She used her skills as a transformational leader to take the 'amazing' team with her on a journey that turned the struggling unit around
I never wanted to be a head of midwifery – I found myself in that position by default after I took a secondment role at a London trust that had previously been placed in special measures. I enjoyed the challenge and found my passion, myself even, as a transformational leader.
My first head of midwifery job at the trust was a great learning curve. Admittedly I made some mistakes, which was difficult for me because I am a perfectionist. My expectation then was that every clinician had to be perfect, but the reality is that clinicians are humans and mistakes do happen.
I reflected on my leadership approach, learned a lot and adopted new techniques for managing people - helped by the mentoring I received from trust executives, coaches and externally from the Mary Seacole and Florence Nightingale scholar networks.
New post
I was determined to make the maternity unit work but I learned that as a leader you cannot be successful without good people around you. I was able to bring that insight to my appointment, in January 2015, as head of midwifery at James Paget University Hospitals NHS Foundation Trust's maternity unit, in Norfolk, whose subsequent transformation has been a team achievement.
Throughout my transformation programme at James Paget, I ensured that staff were involved and engaged with the process. I had to make them realise the situation we were in and share my vision for improvement.
When I arrived I could see the scale of the trust's problems; internal and external reports pointed to the need for a review of service delivery.
I realised that the immediate focus would have to be on strengthening weak governance arrangements, as well as tackling inter- and intra-professional relationships and cultural issues. Different professionals did not speak to each other. There was no structural process for patient complaints or feedback – nobody was learning from clinical incidents nor benefiting from service user involvement. Staff morale was low, leadership poor and the unit was losing money every year.
Following a short evaluation phase to confirm areas of concern, I developed a structured approach to implement improvements across all areas, with clear accountability and implementation milestones.
I used my experience of best practice elsewhere to identify and communicate the vision of where the unit needed to improve. Most importantly, I provided guidance on the tools and techniques required to achieve this vision.
Following standards
I decided to prioritise safety, then tackle the unit's culture. It made sense to use the fundamental standards of the Care Quality Commission (CQC) for transformation work, known as SRECW: safe, responsive, effective, caring and well-led (see box below). These standards give direction on how to approach issues.
The SRECW approach
S Safe – governance and quality and safety
R Responsive – feedback/service development
E Effective – culture/efficiency/financial
C Caring – service user's engagement and women's experience
W Well-led – leadership/workforce/personal development planning
I looked at governance arrangements, reviewing structure and strategy. I established a weekly serious incident panel meeting and the investigation of near-misses, as well as setting goals for safeguarding investigations and closures.
I began to build user engagement so that feedback could improve our service. I rejuvenated the Maternity Services Liaison Committee – a service-user forum. I conducted a local service-user survey and used the feedback to improve services. A midwife was appointed to a women's experience and debriefing role to seek feedback, resolve concerns at the lowest level and identify further areas for improvement.
To make the service more responsive, we set up a 24-hour triage system. This was led by a band 6 member of staff. I supported her but she did all the work, took the project on and ran with it. Now she has become a band 7.
Another example of our response to feedback was allowing partners to stay overnight during labour, birth and postnatal stays.
Praising staff
I began to analyse incidents and would pick a 'message of the week' for the staff. Compliments are important and I would write to members of staff when they did something right. I would use examples of good practice, gradually turning the blame culture into a learning culture.
And it was the culture that was the biggest struggle. I reviewed the relationships between the different groups of staff in midwifery, obstetrics and gynaecology. It was difficult at first because I was brought in from outside, but the executive team was supportive. Representation from all staff groups and the service users helped to develop the unit's vision, and our teamworking improved drastically.
The biggest challenge was posed by the consultants: some of them believed that, because they were doctors, they held more power on the unit than midwives. However, they soon discovered that I know my stuff and am very visible on the floor. I find it easy to go from suit to scrubs and I gain respect from that. My clinical work gives me credibility and I am on the floor supporting staff during difficult periods.
Central to the consultants' acceptance was involving them in everything I did. I sought their views first and asked to join their weekly consultant meeting, which they welcomed.
We established the Eden Team, which has clear accountability and responsibility for improving the experience of vulnerable women and their families. I also oversaw a refurbishment of the delivery suite, involving staff and service users in the process.
Improving efficiency
We were losing money on the maternity unit and I looked for ways to improve efficiency. The unit now contributes to the trust's cost-effectiveness agenda by managing resources – staff pay and non-pay budgets – effectively and efficiently while providing quality care.
I undertook a review of the midwifery management structure, focusing on ensuring roles were clear. I then conducted a staff survey and devised an education, training and development plan. I also supported the review of the consultants' job plans, and reviewed workforce planning, mandatory training and development, and staff establishment on the unit. The need to review staffing levels and the acuity of the women using our service was urgent – the previous in-depth review had been done in 2004.
The transformation had other challenges, such as the rapidly changing NHS, financial constraints and the introduction of revalidation. There were other national drivers including the Kirkup Report, Francis Report and the National Maternity Review.
And it was not just a case of developing the staff and the unit but learning to develop myself too. I learned that I needed to slow down to make sure I took people with me on the journey. And they accepted me as one of them, even though I was the only black midwife on the unit.
I expected to be there for 6 months but I stayed for more than a year. The unit scored 'good' overall in the CQC inspection I led before leaving the trust.
It would not be right to give myself all credit for the achievements – it really was a team effort. My management team (Jayne, Karen, Pip, Fiona and Daniela) was amazing. My job was to guide them through. I could see the midwives growing and now they are flourishing.
The vision for the maternity unit
The vision is to lead and develop excellent maternity and gynaecology services, by following principles of providing holistic nursing/midwifery/obstetric care to women, partners, babies and their families based on six domains of providing high quality care:
1) Patient safety and reliability of care
2) Patient experience
3) Efficiency of care via financial stewardship
4) Positive staff wellbeing/morale
5) Innovations and service improvements
6) Evaluation of care via audit and research.
Also providing an optimal gynaecology service by exploring new ways of working and embracing the ambulatory care model.
Gloria Rowland is associate director for midwifery and gynaecology nursing, West Hertfordshire Hospitals NHS Trust
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Added by Tim Griggs on October 20, 2013 at 12:48am — No Comments
If you feel like a laugh, take a look at this link: http://tinyurl.com/ca9zod9 - my contrib to multi-author 'novel' WHO IS MURDERING CRIME FICTION...? staged by the Linked-In group for crime writers of which I'm a member....You can read the first three chapters too, if you're hard enough (mine's Chapter 4).
Added by Tim Griggs on May 15, 2013 at 7:09am — No Comments
Just by way of introducing myself, I thought members would be interested to know that my million-seller of ten years ago REDEMPTION BLUES has just been re-edited and issued for the first time as an e-book. You can find it at http://tinyurl.com/cgpjhr9
The novel was a huge hit in mainland Europe ten years ago, but - while that was very gratifying - that means it's hardly been read in English. Which is odd, because it's a…Continue
Added by Tim Griggs on March 1, 2013 at 7:00pm — No Comments


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Rice Packaging will partner with you to develop the best packaging solution for your product.
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HUD.gov / U.S. Department of Housing and Urban Development (HUD) – You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage. How about manufactured housing and mobile homes? Yes, FHA has financing for mobile homes and factory-built housing. We have two loan products – one for those who own the land that the home is on and another for mobile homes that are – or will be – located in mobile home parks. Ask an FHA lender to tell you more about fha loan products.
An FHA Loan is a mortgage that's insured by the Federal Housing Administration. They allow borrowers to finance homes with down payments as low as 3.5% and are especially popular with first-time homebuyers. FHA loans are a good option for first-time homebuyers who may not have saved enough for a large down payment.
FHA loans bring home ownership into reach for buyers who might have a hard time getting approved with conventional lenders. These loans.
Fha Loan Grants The downpayment, like with FHA loans, can also be a gift from a friend or family member. 7. good neighbor Next Door Program. This first time home buyer program offered by HUD provides homes for 50% off for teachers, firefighters and police officers. A $100 down payment is all that is required for this great program.
FHA Loan Articles and Mortgage News. August 9, 2018 – FHA home loans feature a minimum required investment, also known as a down payment, of 3.5% of the adjusted value of the home. This down payment is required for new purchase FHA mortgages. The FHA home loan origination fee is another expense charged to the borrower.
Can You Still Get a Mortgage with Bad Credit? – Many home buyers remember the housing collapse and mortgage crisis. If your credit score is below 580, you can still find.
Fha Mortgage Inspection Fha Mortgage Pmi florida fha loan Calculator fha loans florida: How to Qualify for One in Florida. – FAQs about FHA loans in Florida. Here are answers to several frequently asked questions about FHA loans and first time home buyer program in Florida. Is there a Florida FHA loan calculator? When applying with lenders, such as Quicken Loans, they will often provide a loan calculator during the application process.removing fha monthly mortgage insurance Fha Pmi Rates 2015 Fha pmi removal 2015 – Lake Water Real Estate – In other words, When Does FHA PMI Stop ? The good news is that unlike the USDA loan program (that also saw recent changes to it's PMI rates) you actually CAN "get rid of FHA PMI!" Hud Fha Loan Guidelines An FHA loan is a mortgage that's insured by the Federal Housing Administration (FHA). The FHA program was created in response to.A rise in home values is helping people to get rid of their FHA mortgage insurance premiums (FHA MIP) forever. Home equity is making is it possible, and today's U.S. homeowners have a lot of it. Since hitting a bottom in late-2012, the housing market has turned in a series of strong years.This Federal Housing Administration (FHA) mortgage insurance premium (MIP) calculator accurately displays the cost of mortgage insurance for an FHA-backed loan. Unlike most private mortgage insurance (PMI) policies, FHA uses an amortized premium, so insurance costs change along with your loan amount.FHA Removes Ten-Year Protection Plan and Inspector Roster Requirements – Also, on March 12, 2019, FHA issued mortgagee letter 2019-04, that streamlines inspection requirements for FHA single family mortgage insurance by eliminating the FHA Inspector Roster. This policy.Fha Loans In California FHA loan limits are different than those for conventional mortgages, as they use a formula based on median home prices; as such, FHA loan limits are reset each year, and vary from county to county in each state. The 2019 FHA loan limits for each county in California are below.
FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio. Note that the FHA has maximum mortgage limits based on the place you live. To find out how much house you can buy with an FHA loan use LendingTree's FHA loan limit tool.
An FHA loan is a mortgage loan that's backed by the Federal Housing Administration. Borrowers are required to pay a mortgage insurance premium, which reduces the lender's risk if a borrower defaults.
FHA Appraisal Guidelines in 2019 – What the Appraiser Looks for – Note: This page was updated in January 2019 and to include the latest information on FHA appraisal guidelines and requirements for 2019. If you use an FHA loan to buy a house, the property will have to be appraised and inspected by a HUD-approved home appraiser.
Can I Have 2 Fha Loans Fha First Time Home Buyer Loans Fha Pmi Rates 2015 Obama Directs FHA To Reduce Mortgage Insurance Premiums – In an effort to make home mortgages more affordable for first-time buyers and lower-income families, President Obama is directing the federal housing administration (fha), by executive order, to.FHA Loans | First Time Home Buyer MN.com – FHA home loans are some of the most popular home loans in the market. FHA was created as part of the National Housing Act of 1934. Your parents, and even your grandparents probably bought their first home with an FHA loan. By obtaining an FHA loan, Minnesota residents can obtain a very low down payment government insured home loan, that also.I have a FHA Loan. Can I have two FHA Loans? Important things. – What I am seeing now is the confusion about whether you can have 2 fha loans because loan officers and lenders are giving the wrong information on the basic guidelines. And yes, you can have two, and even more, FHA mortgages .
The loan is insured by the Federal Housing Administration. Because of that insurance, the credit and income requirements for an FHA loan are more lenient. To help fund the FHA program, in most cases you'll pay mortgage insurance, which is added on to your monthly payment.


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Geometry: Transformations Practice
Graph transformations, write rules to describe transformations, find coordinates of vertices after given transformations: geometers practice these skills on a two-page activity in 14 problems. No answers are provided.
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Your learners connect the new concepts of transformations in the coordinate plane to their previous knowledge using the solid vocabulary development in this unit. Like a foreign language, mathematics has its own set of vocabulary terms...
9th - 12th Math CCSS: Designed
A Transformation's Adventure with Patty Paper: Exploring Translations, Reflections and RotationsLesson Planet
Patty paper isn't just for separating meat. The lesson uses an inexpensive way to experiment with rigid transformations. Pupils use patty paper to create images after a translation, reflection, and rotation. Given a formative assessment,...
7th - 10th Math CCSS: Designed
Investigating Transformations Using CoordinatesLesson Planet
Use transformations to coordinate the coordinates! After graphing a transformation, class members examine the patterns in the coordinates. They repeat the process for each type of transformation and end by generalizing their conclusions....
7th - 9th Math CCSS: Designed
Transformation Golf ActivityLesson Planet
Play a game of golf while practicing transformations. The activity uses an online game that requires pupils to describe transformations that move a golf ball to the location of the hole. The goal is to find the smallest number of...
7th - 9th Math CCSS: Designed
Composing Transformations: LessonLesson Planet
Double the transformations, double the fun! Using the knowledge of transformations, the video combines two transformations of figures on the coordinate plane. The segment of a geometry playlist, finds a single transformation that will...
5 mins 7th - 11th Math
Transformations of GraphsLesson Planet
Geometric transformations in algebra ... what? Given four transformations, the narrator explains how each affect the graph of the original function. The transformations involve translations and reflections, both horizontally and...
11 mins 9th - 12th Math CCSS: Adaptable
Transformations and IsometriesLesson Planet
Give your class a solid foundational understanding of transformations. The instructor in a concept video describes each type of transformation and transformation notation. He also identifies the types of transformations that are isometries.
3 mins 9th - 12th Math CCSS: Adaptable


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LUCIO FULCI'S ZOMBIE #4 With EIBON SLEEVE - DOCTOR MENARD EDITION - Only 500!
Here's what you get:
Beautiful full-color 36 page comic book Featuring BEAUTIFUL art by Michael Broom and Pat Carbajal, inks by Derek Rook, and colors by Fatboy! With highest quality printing and paper! This issue features the climax of our film adaptation, with over 10 BONUS PAGES depicting the fall of New York City to the un-dead! There are no ads or articles in this issue---just cover-to-cover zombie mayhem! NOW YOU CAN OWN THE ENTIRE FILM IN COMIC BOOK FORM! Get issue 1-3 and complete your collection!Sealed and stickered by hand in shrink-wrap in our special variant cover Eibon Sleeve!
Plus, you get all these awesome extras:
- A SPECIAL CHASE TRADING CARD! This exclusive card has been manufactured especially for this edition and is NOT AVAILABLE IN ANY OTHER EDITION. The card contains a sneak peek at the rise of DOCTOR MENARD from the dead in ZOMBIE #5. This is the only trading card available in this issue and only 500 have been printed! It's a SUPER RARE collectible you can only get in the DOCTOR MENARD EDITION!
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MC Mountain Home Apartelle Tagaytay
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Location Address: 7050 Gall Boulevard Zephyrhills, Florida 33541
The Nurse Manager (NM) is responsible for daily operations and inclusive of staffing and patient flow in the assigned unit(s). The NM must be able to assist as needed at the bedside and maintain clinical competencies. The NM designs, directs, integrates, coordinates the nursing care for the respective services, inclusive of specific age groups dependent on the service standard of care. Incumbent in the position are the leadership responsibilities for providing collaborative processes to facilitate development of the hospitalâ™s mission, vision, and values within the department. Assist Leadership with strategic planning and operational plans, service designs, resource


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March 28th, 2012
The host and crew of Trout Unlimited's "On the Rise" TV show made a soggy, rain-soaked visit to the Juneau, AK area last fall to shoot footage of the natural beauty and excellent fishing opportunities that abound in the Tongass National Forest. "On the Rise" is kicking off a new season of shows, and the first of what is now two half-hour episodes focusing on the Tongass is airing this week at 2:30am (AK time) Thursday March 29, 12:30pm Friday March 30, and 10am Saturday March 31 on the Sportsman Channel (go to www.thesportsmanchannel.com for details on providers). Below is a trailer from this episode. Part 2 of "Jed's Alaskan Adventure" should be airing in the 2nd half of April, so stay tuned!
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September 2020


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06 January 2020
Its special properties mean it could be useful in the development of quantum computing.A team of ultra-low temperature physicists at Lancaster University decided to place a LEGO figure and four LEGO blocks inside their record-breaking dilution refrigerator.This machine – specially made at the University – is the most effective refrigerator in the world, capable of reaching 1.6 millidegrees above absolute zero (-273.15C), which is about 200,000 times colder than room temperature and 2,000 times colder than deep space.The results – published in the prestigious journal Scientific Reports – were surprising.Dr Dmitry Zmeev, who led the research team, said: "Our results are significant because we found that the clamping arrangement between the LEGO blocks causes the LEGO structures to behave as an extremely good thermal insulator at cryogenic temperatures."This is very desirable for construction materials used for the design of future scientific equipment like dilution refrigerators." Invented 50 years ago, the dilution refrigerator is at the centre of a global multi-billion dollar industry and is crucial to the work of modern experimental physics and engineering, including the development of quantum computers.The use of ABS plastic structures, such as LEGO, instead of the solid materials currently in use, means that any future thermal insulator could be produced at a significantly reduced cost.Researchers say the next step is to design and 3D print a new thermal insulator for the next generation of dilution refrigerators.
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Vegetable oil for frying
4 dozen Ispich clams, shucked
Essence, recipe follows
1 cup milk
1 cup cornmeal
1 cup flour
1 egg
1 tablespoon minced garlic
2 tablespoons fresh lemon juice
1 tablespoon chopped parsley
1 tablespoon capers
2 tablespoons chopped green onions
1 cup olive oil
1/4 teaspoon cayenne
1 tablespoon Creole or whole-grain mustard
1 teaspoon salt
4 hot dog like rolls (about 6 to 8 inches long)
1 cup shredded lettuce
2 pieces of parchment paper, cut in half
2 1/2 tablespoons paprika
2 tablespoons salt
2 tablespoons garlic powder
1 tablespoon black pepper
1 tablespoon onion powder
1 tablespoon cayenne pepper
1 tablespoon dried leaf oregano
1 tablespoon dried thyme
Indulge in our decadent chocolate desserts, from cookies and cakes to puddings, souffles and truffles.
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Make this classic and elegant French dessert using our step-by-step guide.
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Lots of recipes call for melted chocolate. Follow these step-by-step instructions to do it properly.
It's officially American Chocolate Week. Check out photos of mind-blowing chocolate creations.
Learn how to make a chocolate lover's favorite treat: the classic truffle made from smooth chocolate ganache.


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Ats Rhapsody Enjoy Luxury And Comfortable Lifestyle
Ats Rhapsody is the best residential place to invest your money. It is located in Noida Extension and the value of the property will increase day by day. This project is going to be the international standard quality and luxurious project of Noida.
By: Ats Group
Features offered in ATS Rhapsody
The Residetntial project Noida Extension is designed with unique and modern features. It is loaded with a huge range of the amenities such as swimming pool, car parking, clubhouse, Center Park, sports facility, constant water supply and power backup, yoga area, meditation area and others. The centre park is designed with a different theme that enhances the beauty of the project. The developer designed the project by considering the needs of the customers. These features provide a luxurious lifestyle to everyone.
Residential project Locality
The ATS Rhapsody is situated in Noida Extension. It is closely located to most of the sectors in Noida. Within a few minutes, you can reach the International airport, Schools, Bank, IT hubs, college, University, Hospital, shopping mall, NH 24 and others. The project has different floor size and plan is the main benefits of the project.
For more details about Ats Rhapsody at https://www.ats.org.in/
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If you have any questions, or want to have a chat about your next modelling shoot or portfolio, feel free to get in touch. You can either email me, call, or just fill in the contact form below.
Email: firstname.lastname@example.com
Telephone: 07960 89 35 22 (I don't pick up phone when working!)


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My son takes a welding class through a local Baptist church. He enjoys his class very much and is fond of his teachers. The problem is some of his classmates there are constantly trying to tell him what the Catholic Church teaches.
Lately, he has been hit with the whole Catholics believe that they are saved by works argument.
I've tried to help him. He would like to respond in a charitable manner-remember, these are high schoolers- but still explain his faith well.
He doesn't want to stop taking the class but he does want to defend his faith. The evanglical attempts of these kids seem to be turning him against any desire to ever be Baptist, so there is a plus there.
I will have him read over this thread tonight. Can you think of some explanations of the Catholic view of faith that 15 year old kids would understand?


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Below is the association contact information for the management company and each board member. We are posting it to aid in an emergency since it is listed as Public Record as PPines Emergency Contact. It is also available on the internet through Google by searching for the names and contact information.
Jose Fabregas, Property Keepers LLC manager – 954-586-5111
Brett Barnes, Property Keepers owner, hours 8:30 am – 5 pm
Terry Moody, President – 954-850-5515, email firstname.lastname@example.com
Julie Brito, Vice-President – 754-715-0727, email firstname.lastname@example.com
Tammy Wyant, Treasurer – firstname.lastname@example.com
Tony Migliore, Corresponding Secretary firstname.lastname@example.com
Kerri Parker, Recording Secretary – 954-448-3009


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BHE314 Module2 Case Study (Essay Sample)
BHE314 – Module 2 Case Study Write a 2-3 page paper in which you respond to the following two questions: Food Safety Question 1: There have been several complaints in your community about dirty restaurants. Several restaurants are no longer in business as a result of a television expose. You are the head of a citizen task force and have been asked to make recommendations for improved food safety. The members of the task force are at odds over which approach to food safety best serves the interests of the community. Please provide a response to the following questions: a. Explain which of the following two approaches to enhance food safety would be more effective in the long run, a stronger enforcement program by the local health department, or a mandatory food safety training requirement for all restaurant employees. b. Describe worker behaviors may promote or compromise food safety. Please be sure to justify your opinion with the literature. Vectors Question 2: Recently there have been numerous reports on increased mosquito bites in several neighborhoods in your community. Your staff has investigated these reports and have found them to be justified. In fact, there have been an increasing number of complaints that mosquitoes are preventing people from staying out in the early mornings and evenings. Additionally, the local health department has informed you that there has been an increase in reported cases of encephalitis and a few deaths related to West Nile Virus. Unfortunately, your health department is very limited in its personnel and its financial resources. You have to chose the most efficient methods to control this problem. Based on the information concerning mosquitoes in this scenario: a. Describe the top one recommendation you would give the public to prevent being bit by mosquitoes that may transmit West Nile Virus. Justify your choice. b. Describe the top one recommendation you would give the community to control the mosquito population in the community. Ensure that each question separated by Question 1(a); 1(b) and Question 2(a); 2(b). source..
Running Head: LITERATURE AND LANGUAGE Foot Safety Name: University: Tutor: Course: Date: Food safety Q1 (a) Though the enforcement program by the local health department on food safety measures may seem to be an appropriate measure to enhance food safety, mandatory training of restaurant employees about food safety can be utilized successfully to enhance food safety. This is because the restaurant employees are part of the community and the knowledge about food safety they are going to gain from the program can easily be passed on to other residents of the community. In the long run, you will find that most people in the community are practicing food safety techniques which have been passed on to them by the restaurant employees through observation on the manner in which they operate after being trained on food safety ( Wilkinson, 2006). Stronger enforcement by the local health department may not help much in bringing awareness on issues related to food safety since the employees will not have gained any useful knowledge concerning food safety. ...
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