Press Release
Tinplate makes highest ever profits - 85th AGM on
28th July, 2004
 The Tinplate
Company of India Limited (TCIL) held its 85th Annual General Meeting at the Williamson
Magor Hall of The Bengal Chamber of Commerce & Industries on 28th July, 2004 in
Kolkata.
Addressing the Shareholders, the Chairman
Mr.Shashi S Prasad highlighted the performance of the Company during the financial year
2003-04 which had shown unprecedented improvements in all areas and resulted in all time
best performance in the history of the Company.
SALES & PROFITS
The company's underlying turnover from Sales and
Conversion business and profit after tax was Rs 573 Crs and Rs 21.34 Crs, respectively,
compared to Rs 471 Crs and Rs 2.02 Crs in the previous year, an increase of 22% in the
underlying turnover. Overall sales of tinplate at 130,610 MT was 10% higher than previous
year and production at 127,984 MT was 13% higher than the previous year, both being new
records.
The Company achieved EVA Positive
status for the first time during the year ended on 31st March 2004 of Rs 10 Crs. Gross
Profit of Rs. 75.03 Crs. and Net Profit of Rs.21.34 Crs were the highest ever recorded in
the Company's history.
The Company earned a Net Profit of Rs.7.45 Cr
in the 1st quarter of FY 2004-05 compared to Rs.3.02 Crs. in the corresponding quarter of
the previous year, approved by the Company's Board at its meeting held just before the
AGM.
The Company is continuously ploughing back its
earnings towards productive investments for capacity enhancement and is optimizing
existing facilities to the fullest extent especially for more value added products.
Exports continued to be a major thrust area for
the Company with new end user customers being acquired in the Far East in addition to the
existing clientele in S.E.Asia, Middle East, Europe and the neighboring countries.
Despite of difficult market conditions owing to
sharp rise in input costs, the Company has been able to achieve successes in operational
improvements through continued thrust on the initiatives like Total Plant Maintenance
(TPM), Total Operational Performance (TOP), Six Sigma etc. which are in focus under the
overall umbrella of pursuit of excellence using Tata Business Excellence Model (TBEM).
This year the Company shall be challenging the TPM Award in September 2004.
The Company's ongoing Growth Plans to stretch
the capacity to 145,000 tpa at an estimated investment of Rs.36 Crs. is on schedule. Fresh
initiatives are being taken for ramping up capacity further to 163,000 tpa with the help
of Nippon Steel at a capital outlay of Rs. 39 Crs. to be funded through internal accruals.
The Company is firming up plans for further
organic growth by setting up a new state-of-art Tinning/TFS Line to be dove-tailed with
Tata Steel's expansion plans for additional requirement of Tin Mill Black Plate (TMBP).
Apart from the abovementioned investments, the
Company has progressed considerably towards its mission of becoming a cost effective
packaging solution provider with focus on edibles and beverages, is planning for
investments in downstream value added facilities and is in the midst of finalizing a
Memorandum of Understanding with strategic partners.
The Chairman also informed the share holders that
due to personal reasons he was unable to continue as a Director in the company & was
therefore not offering himself for re-election. He would therefore relinquish his position
as Chairman at the conclusion of the AGM. He was happy to announce that Mr B Muthuraman,
Managing Director, TATA STEEL would take over the Chairmanship, and he said that the
Company's performance would rise to even greater heights under his leadership.
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