EQUITY RESEARCH ON TUBE INVESTMENT OF INDIA Ltd.

 Tube Investments of India Limited was formerly known as TI Financial

Holdings Limited. The company was originally incorporated as TI Financial
Holdings Limited on 6th October 2008 under the Companies Act 1956.
 Tube Investments of India has manufacturing locations across the country
and has three product segments namely Cycles and Accessories Engineering
and Metal Formed Products.
 Tube Investments of India Limited (Initially established as TI Cycles of India
Limited, Madras) is a Murugappa Group company that specializes
in engineering, bicycles, metal formed products, and chains. It is based
in Chennai. It was incorporated as TI Cycles of India Limited in 1949, as
a joint venture company.

 1949: Established TI Cycles of India Limited present day Tube Investments of

India Limited) in association with Tube Investments Limited.

 1955: Established Tube Products of India Limited in association with Tube

Products (Old Bury) Limited, UK

 1960:Established TI Diamond Chains Limited in association with Diamond

Chain Company (Usa)

Established TI Miller in association with Miller, UK

 1965: Established TI Metal Forming

 1990: Acquired Press Metal Corporation

 1993: TIDC acquired Satavahana Chains

 1999: TPI acquired Steel Strips And Tubes Limited

 2001:TII acquired Cholamandalam Investment and Finance Company

LimitedEstablished Cholamandalam MS General Insurance Company Ltd

 2010: TI India acquired French chain manufacturer.

 In 2012, Tube Investments bought a 44.12% controlling stake in Coimbatore-

based Shanthi Gears for ₹ 292 crore.

 Tube Investments invested an aggregate Rs.10 Cr. in the equity share capital

of TI Absolute Concepts Private Limited (TIACPL) with the joint venture

partner also making an equal contribution as envisaged under the Joint

Venture Agreement.The Company's Large Diameter Tube manufacturing

plant got stabilized during the FY 2017.

 .During FY 2018 the Company had invested in the aggregate Rs.3.75 Cr. in

the equity share capital of TIACPL with the joint venture partner also making

an equal contribution as envisaged under the Joint Venture Agreement.

 Ciclo Cafes operated by TIACPL are functioning at Kotturpuram (Chennai)

Hyderabad and Bengaluru.The Scheme of Arrangement between the

company and TI Financial Holdings Limited formerly known as Tube

Investments of India Limited (Demerged Company) and their Shareholders

under Sections 230 to 232 and other applicable provisions of the Companies

Act 2013 was approved by the Board of Directors of both the Companies on 3

November 2016.

 The Company established a Global Depository Receipts (GDR) Programme

by executing a Depository Agreement on 29th January 2018 with Bank of

New York Mellon New York USA (BNYM) pursuant to which BNYM acts as

the Depository for the GDRs issued in respect of 4223460 (representing

2.25% of the Company's paid up capital) underlying equity shares of the

Company allotted pursuant to the Scheme of Arrangement for Demerger

 between TI Financial Holdings Limited (formerly Tube Investments of India

Limited - Demerged Company) and the Company (the Resulting Company).

 On 9 March 2018 the Group acquired 80% shares in Great Cycles (Private)

Limited and Creative Cycles (Private) Limited bicycle and component

manufacturing companies based out of Sri Lanka for a consideration of

Rs.16.98 Cr. (USD 2.61 Million) and Rs.6.47 Cr. (USD 0.99 Million)

respectively and accounted a capital reserve of Rs.0.38 Cr.

Current major divisions

The major divisions now are:

 TI Cycles of India (TICI)

 BSA Motors (BSAM)
 Tube Products of India (TPI)
 TI Diamond Chains (TIDC)
 TI Metal Forming (TIMF)
 Shanti Gears

TI Cycles of India[edit]
TI Cycles of India (a unit of Tube Investments of India Ltd.) is a bicycle manufacturer based in
India. Established in 1949 by the Murugappa Group and Sir Ivan Stedeford of Tube Investments
Group in UK, TI Cycles is the maker of brands like Hercules, BSA and Philips cycles. Currently it
is the first largest cycle manufacturer in India and number one manufacturer in special segments
like mountain bikes, sports lite roadsters, racing bikes etc. It has a manufacturing capacity of
around three million bicycles per year. Of late, TI Cycles has begun to sponsor a variety of
cycling events, one of them being the 900+ km Tour of Nilgiris, through its brand BSA. TI Cycles
of India brands:

 TI Cycles
 BSA Cycles
 Hercules Cycles
 Philips Cycles
 Track & Trail Cycles
 Montra Cycles
Track and Trail India is an initiative of TI Cycles India with the objective to bring brands such as
Bianchi, Schwinn, Cannondale, Ducati, etc. to the Indian market.
TI Cycles of India has manufacturing plants at:

 Ambattur, Chennai
 Nasik, Maharashtra
 Noida, Uttar Pradesh
 Rajpura, Punjab

Tube Products of India (TPI)

Tube Investments of India is a flagship company of Murugappa Group. Tube Products of
India was established in collaboration with Tube Products (Old Bury) Limited, UK to
produce Electric resistance welding (ERW) and Cold Drawn Welded (CDW) tubes also
called as Drawn Over Mandrel tubes.
The International Business Division (IBD) gearing TPI to compete with global tube
manufacturers. The most recent addition to TPI is the Tubular Components Division (TCD),
which manufactures high strength tubular auto components, providing the advantage of
weight reduction, higher component efficiency and cost reduction.
TPI produces CRCA strips including special extra deep drawing, high tensile, medium
carbon, high carbon finding application in industries such as Bearings, Automobile, Auto
Ancillaries, white goods, fine blanking and General Engineering.
The manufacturing locations of Tube Products of India are located at:

 Avadi, Chennai, Tamil Nadu

 Shirwal, Maharashtra
 Mohali, Punjab
 Tiruttani, Tamil Nadu (Large Diameter Plant)