TVS Electronics Ltd

TVS Electronics Ltd is one of the premier IT Peripherals companies in India. The company is a part of the 99yearold, USD 3.5 billion TVS Group, one of Indias oldest most trusted business groups. The Company has two business verticals viz. Products Solutions Group and Customer Support Services. In the Products Solutions Group (PSG), the Company design, manufacture, assemble, market, sell and service various transaction automation products like Dot Matrix Printers, Thermal Printers, Label Printers, Mechanical Keyboards, Membrane Keyboards, Mouse, Barcode Scanners, Electronic Cash Registers, Currency Counting Machines. In the Customer Support Services (CSS) business vertical, it coverthe entire lifecycle of aftersale service catering to both OEMs and end customer services include break fix, repair engineering, Installation, demo, protection plans, IT infra management, remote tech support, call centre services etc.The company is headquartered in Chennai. The company is having their manufacturing unit located at in Dehradun, Uttarakhand. They are having the partner network comprising of 3500+ authorized dealer partners and 400+ authorized service partners covering 450+ towns. The companys principal products include computer peripherals and IT management services. Their other products include receipt printers, which includes RP45 Shoppe, RP35, RP3160 and RP3200 automatic identification and data capture/collection (AIDC) products, which includes LP44, LP46, BSC101 Star, BSL1010 Platina, and point of sale (POS) accessories, which includes PDVFD, MSR104, POS60, Cash Drawer and Paper Roll.TVS Electronics Ltd was incorporated on September 15, 1995. The company was formerly known as TVS eTechnology Ltd. Initially, the company was a national player in the customer support, technology support and maintenance services (TMS) areas. They offered field customer support to products of TVSE. Also, they acted as a preferred outsourced strategic partner for various Brand Owners / Service Providers.In the year 2002, the company launched two new products, namely TVS Sprint, a retail automation product and TVS Proton, Worlds quickest Bill printer. Also, the company acquired ICL Foundries Ltd, Sundram Telematics Ltd and Auctionindia.com Ltd and thus these three companies became the subsidiary company. The company changed their status form a deemed public limited company to a fullfledged public limited company with effect from September 20, 2002.During the year, the company carried out a major structural change. Three subsidiaries, namely ICL Foundries Ltd, Sundram Telematics Ltd and Auctionindia.com Ltd were amalgamated with the company with effect from November 1, 2002. Also, Harita Technical Services Ltd merged with the company with effect from November 1, 2002.As per the scheme of amalgamation, the erstwhile TVS Electronics Ltd was amalgamated with the company with effect from December 9, 2002. Also, the company changed their name from TVS eTechnology Ltd to TVS Electronics Ltd.Consequent to the holding company, Sundaram Infosel Ltd, a subsidiary of TVS Investments Ltd transferred their entire share holding in the company to TVS Investments Ltd, a subsidiary of SundaramClayton Ltd. Thus, the company became a subsidiary of TVS Investments Ltd.In the year 2003, the company formed a new division, namely International Marketing Division to focus on the exports of the price competitive products in new geographies. During the year 200405, the company entered into the Direct Home Access products segment and successfully launched Set Top Boxes.During the year 200506, the company acquired 100% of the equity share capital of Sravanaa Properties Ltd, which is engaged in property development. Thus, Sravanaa Properties Ltd became a wholly owned subsidiary company. Also, the company transferred their unutilized property at Nandambakkam to Sravanaa Properties Ltd for a sum of Rs 45 crore with a purpose to develop the property in view of burgeoning real estate market for IT Park in Chennai.During the year 200607, the company promoted TVSE Servicetec Ltd as a wholly owned subsidiary, which is engaged in Contract Customer Support Services Business (CCS). Also, the company restructured their business during the year. In May 31, 2007, the company sold the CMS division operating at Tumkur together with all their assets and business to Incap Contract Manufacturing Services Pvt Ltd for a total consideration of Rs 42.42 crore. During the year 200708, the company launched a series of new products especially in the Point of Sale category and key boards. The company set up a new plant at Sela Qui, near Dehradun, Uttarakhand. Also, they established a Unit II near the plant, in Uttarakhand and moved the production lines from Kala Amb, Himachal and Guindy, Chennai. Thus, the manufacturing operations at Kala Amb, Himachal and Guindy, Chennai ceased.In July 1, 2007, the company transferred their CCS Business to their wholly owned subsidiary company, TVSE Servicetec Ltd. In October 11, 2007, the company transferred the shareholdings in TVSE Servicetec Ltd to TVS Investments Ltd. Also, they sold the entire shareholdings in TVS Finance and Services Ltd to TVS Investments Ltd at cost. A part of the shareholdings in Modular Infotech Pvt Ltd was also transferred at par to TVS Investments Ltd.In October 11, 2007, as part of restructuring the business, the entire shareholding in Sravanaa Properties Ltd was transferred to TVS Capital Funds Ltd. Also, the company promoted Tumkur Property Holdings Ltd and Prime Property Holdings Ltd on October 24, 2007 and November 9, 2007 respectively to acquire the non core assets at Tumkur and Chennai.During the year 200809, the company expanded their presence in the supplies business by starting a fresh revenue stream of Rs 1 crore. They made renewed efforts on cost reduction to combat the adverse impact of Forex volatility and price erosion especially in the Enterprise and Government segment of the business.As a part of overall consolidation for efficiency, the company invested in a second plant at Dehradun, (Uttarakhand) expanding their capacity to manufacture printers, keyboards and print heads across the range of products. They have also invested in the Tamil Nadu SEZ (Oragadam) for long term strategic options.During the year 200910, the company continued their focus on fulfillment of customer needs by continuous and extensive engagement with customers and launched Scanners and Thermal Mini Printers in the market. In November 2010, the company launched the next generation Point of Sale printers in association with Citizen Systems Japan. The new range of POS printers includes direct thermal and dot matrix technology. With the introduction of these printers TVSE has further raised the bar of transaction printing. The new range of POS printers consists of RP 3300, RP 4150, RP 3200 gold and RP 35 Gold.During 201415, the Company focused on reengineering service delivery processes by introducing new initiatives which led to substantial improvement in the turnaround time (TAT), customer satisfaction score(CSat) and parts efficiency index (PEI). Apart from this, a sharper focus on cost management through productivity enhancement initiatives helped the Company improve its financials through multiple strategies ranging from (i) expanding the retail footprint for reputed brands, (ii) setting up additional repair refurbishment factories for mobile phones and (iii) commencing management services for large service outlets.During year 201718, the Companys wholly owned subsidiary Prime Property Holdings Limited (PPHL) was amalgamated with itself, effective from 29th March, 2018. The footprint for the Companys retail walkin services extended to 119 partner centers and 54 own centers. The Company renewed Distribution Contract for the year and commenced selling TV sets in addition to mobile phones and accessories. The Technical Services Business Unit (BU) expanded network of installing and servicing a range of white goods like Air conditioners and Televisions.In March 2019, the Company divested equity in its subsidiary M/s Benani Foods Pvt Ltd. In 2020, the Company expanded its service footprint across more than 427 districts in India for onsite services and around 200 retail centers for customer walkin services. In FY 21, it setup a Repair and Refurbishment Factory in Tumakuru, Karnataka for Printed Circuit board assembly (PCBA), display panel repair and refurbish Large and Small Appliances. Further, it ventured into Audio and lifestyle products in FY21 by on boarding two Marquee brands for providing repair and maintenance services. The Company deployed more than 4000+ agents pan India, for offering services in the IT, Telecom and Consumer electronics segments. New service offerings in areas of extended warranty plans and BioMedical equipment services were piloted during FY2021.During 202122, the Members of TVS Family had entered into a Memorandum of Family Arrangement (MFA) dated 10th December 2020 to align and synchronize the ownership/ control over various companies/ businesses with the management of the respective companies, as is being currently done by the respective branches/ subbranches of the TVS Family. In the context of the above, a Composite Scheme of Amalgamation and Arrangement was filed with Honble National Company Law Tribunal, Chennai Bench (NCLT) and an order was pronounced on 6th December 2021 sanctioning the Scheme by the NCLT, which became effective on 6th January 2022. Consequent to the same, TVS Investments Private Limited (TVSI) amalgamated with Geeyes Family Holdings Private Limited (GFHPL) with effect from 4th February 2022. As a result, 1,11,60,093 equity shares representing 59.84% shareholding of the Company held by TVSI were vested with GFHPL. Hence, GFHPL and Mr. Gopal Srinivasan, holding majority stakes in GFHPL became Promoters of the Company. Subsequently, Geeyes Family Holdings Private Limited (GFHPL) was renamed as TVS Investments Private Limited.