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Ingersoll-Rand (India) Limited 86th Annual Report 2007-2008
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INGERSOLL - RAND (INDIA) LIMITED
BOARD OF DIRECTORS
Mr. Daljit L. Mirchandani Chairman
Mr. Dean Iacopetti
Mr. Hemraj C. Asher
Mr. Darius C. Shroff
REGISTERED OFFICE & OFFICERS
CORPORATE OFFICE
106/10-11-12, Amruthahalli, Mr. Daljit L. Mirchandani President (upto April 30, 2008)
Byatarayanapura, Bellary Road,
Bangalore - 560 092 Mr. Jaideep Wadhwa Vice President & General Manager
(Manager under the Companies Act, 1956 w.e.f. May 1, 2008)
Mr. B. Jayaraman Vice President - Finance
Mr. Prasad Y. Naik Vice President - Information Technology
COMPANY SECRETARY
Mr. P. R. Shubhakar
AUDITORS
Price Waterhouse, Bangalore
REGIONAL AND OTHER OFFICES SOLICITORS
Ahmedabad-Bangalore-Chennai- Crawford Bayley & Co., Mumbai
Indore-Jamshedpur-Kolkata-Mumbai-
Nagpur-New Delhi-Pune-
Secunderabad-Surat BANKERS
Bank of America Bank of India
Citibank N. A. Central Bank of India
Standard Chartered Bank
MANUFACTURING FACILITY REGISTRAR AND SHARE TRANSFER AGENTS
22-29, G.I.D.C. Estate, TSR Darashaw Limited
Naroda, 6-10, Haji Moosa Patrawala Ind. Estate,
Ahmedabad - 382 330 20, Dr. E. Moses Road, Mahalaxmi,
Mumbai - 400 011.
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HIGHLIGHTS OF THE YEAR
2007-08 2006-07
Domestic Sales Rs. 4,339.41 million Rs. 5,468.42 million
Export Sales Rs. 967.16 million Rs. 1,004.80 million
Total Sales Rs. 5,306.57 million Rs. 6,473.22 million
Profit before tax Rs. 3,756.89 million Rs. 749.26 million
As a % of sales 70.80 11.57
Profit after tax Rs. 2,805.33 million Rs. 464.83 million
As a % of sales 52.87 7.18
Return on total
resources (%) 33.73 7.24
Net worth per share Rs. 222.49 Rs. 140.64
Earnings per share Rs. 88.87 Rs. 14.72
Price earnings ratio 3.02 times 18.87 times
Dividend per share Rs. 6.00 Rs. 6.00
Cover 14.8 times 2.5 times
Net sales/total assets 0.6 times 0.9 times
Profit after tax/gross
fixed assets (%) 450.31 47.28
No. of employees 556 822
No. of shareholders 21,235 17,775
DISTRIBUTION SCHEDULE OF SHAREHOLDINGSDISTRIBUTION SCHEDULE OF SHAREHOLDINGS
Number of Shares Percentage(%)
Principals 23,360,000 74%
Institutional Investors 1,853,307 6%
(Includes Govt./Govt. sponsored
Financial Institutions/Foreign Banks/
Other Banks/Mutual Funds)
Bodies Corporate & Trusts 980,871 3%
Directors and their relatives 86,600 0%*
Others 5,287,222 17%
Total 31,568,000 100%
* Less than 1%
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NOTICE
Notice is hereby given that the Eighty-sixth Annual General Meeting
of Ingersoll - Rand (India) Limited (the Company) will be held at
Goldfinch Hotel, 32/3, Crescent Road, High Grounds, Off. Kumara
Krupa Road, Bangalore 560 001 at 12.30 p.m. on Friday, August 22,
2008 to transact the following business: -
ORDINARY BUSINESS
1. To receive, consider, approve and adopt the audited balance
sheet as at March 31, 2008 and profit and loss account for the
year ended on March 31, 2008 and the reports of the Directors
and the Auditors.
2. To declare a final dividend for the year ended on March 31, 2008.
3. To appoint a Director in place of Mr. Dean Iacopetti, who retires
by rotation, and, being eligible, offers himself for reappointment.
4. To appoint M/s. Price Waterhouse, Chartered Accountants, as
the auditors of the Company to hold office from the conclusion
of this Annual General Meeting until the conclusion of the next
Annual General Meeting of the Company on such remuneration
as agreed upon by the Board of Directors and the Auditors, in
addition to reimbursement of all out of pocket expenses in
connection with the audit of the Accounts of the Company for
the year ending March 31, 2009.
SPECIAL BUSINESS
5. To consider, and, if thought fit, to pass, with or without
modifications, the following resolution as an Ordinary Resolution:-
RESOLVED THAT pursuant to the provisions of Sections 198,
269, 309 and other applicable provisions, if any, of the
Companies Act, 1956, read with Schedule XIII to the Companies
Act, 1956, approval of the Company be and is hereby accorded
to the reappointment and terms of remuneration of
Mr. Daljit L.Mirchandani as the Managing Director of the
Company, designated as Chairman and President for the period
April 15, 2008 to April 30, 2008 upon the terms and conditions
(including the remuneration to be paid in the event of loss or
inadequacy of profits in the financial year during the aforesaid
period) as set out in Agreement dated April 8, 2008 entered into
between the Company and Mr. Daljit L. Mirchandani, with liberty
to the Board of Directors of the Company to alter, modify and
vary the terms and conditions of the said reappointment and/or
Agreement and remuneration, so as not to exceed the limits
specified in Schedule XIII to the Companies Act, 1956 or any
statutory modification/re-enactment thereof, as may be agreed
to between the Board of Directors and Mr. Daljit L. Mirchandani.
RESOLVED FURTHER THAT the Board of Directors be and is
hereby authorised to do all such acts, deeds, matters and things
as may be considered necessary, desirable or expedient for
giving effect to this resolution.
6. To consider, and, if thought fit, to pass, with or without
modifications, the following resolution as an Ordinary Resolution:-
RESOLVED THAT pursuant to the provisions of Sections 198,
269, 309 and other applicable provisions, if any, of the
Companies Act, 1956, read with Schedule XIII to the Companies
Act, 1956, approval of the Company be and is hereby accorded
to the appointment and terms of remuneration of
Mr. Jaideep Wadhwa as the Manager of the Company, designated
as Vice President and General Manager for the period of 5
years i.e from May 1, 2008 to April 30, 2013 upon
the terms and conditions (including the remuneration to
be paid in the event of loss or inadequacy of profits in the
financial year during the aforesaid period) as set out in Agreement
dated April 28, 2008 entered into between the Company and
Mr. Jaideep Wadhwa, with liberty to the Board of Directors of
the Company to alter, modify and vary the terms and conditions
of the said appointment and/or Agreement and remuneration, so
as not to exceed the limits specified in Schedule XIII to the
Companies Act, 1956 or any statutory modification/re-enactment
thereof, as may be agreed to between the Board of Directors and
Mr. Jaideep Wadhwa.
RESOLVED FURTHER THAT the Board of Directors be and is
hereby authorised to do all such acts, deeds, matters and things
as may be considered necessary, desirable or expedient for
giving effect to this resolution.
7. To consider, and, if thought fit, to pass, with or without
modifications, the following resolution as a Special Resolution:-
RESOLVED THAT, pursuant to the provisions of Sections 17,
146 and other applicable provisions, if any, of the Companies
Act, 1956, the Registered office of the Company be changed
from 106/10-11-12, Amruthahalli, Byatarayanapura, Bellary Road,
Bangalore- 560 092 to Plot No. 35, KIADB Industrial Area, Bidadi,
Ramanagaram Taluk, Bangalore - 562 109 which falls within
the State of Karnataka but outside the local limits of the City of
Bangalore.
RESOLVED FURTHER THAT the Company Secretary be and is
hereby authorized to make an application with the Registrar of
Companies seeking its confirmation and to do all such acts,
deeds, matters and things as may be necessary in connection
therewith or incidental or ancillary thereto.
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NOTES: -
(a) The Explanatory Statement pursuant to Section 173 of the
Companies Act, 1956, (the Act) in respect of item nos. 5, 6
and 7 is annexed hereto.
(b) A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING
IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE
INSTEAD OF HIMSELF, AND THE PROXY NEED NOT BE A
MEMBER OF THE COMPANY. A PROXY, IN ORDER TO BE
EFFECTIVE, MUST BE LODGED AT THE REGISTERED OFFICE OF
THE COMPANY NOT LESS THAN 48 HOURS BEFORE THE
COMMENCEMENT OF THE MEETING.
(c) As per Section 192A of the Act, read with the Companies (Passing
of the Resolutions by Postal Ballot) Rules, 2001, consent of the
shareholders is required to be obtained by means of voting by
postal ballot in respect of item no. 7 of this notice (Postal
Ballot). A postal ballot form and self-addressed postage
pre-paid envelope is enclosed. The Company has appointed
Ms. Bhumika Batra of the Law firm of M/s Crawford Bayley &
Co. as scrutinizer (the Scrutinizer) for conducting the Postal
Ballot process in a fair and transparent manner.
Shareholders are advised to read carefully the instructions printed
in the Postal Ballot form and return the form duly completed in
all respects in the enclosed self-addressed postage pre-paid
envelope so as to reach the Scrutinizer on or before the close of
working hours on July 28, 2008.
The Scrutinizer will submit her report to the Chairman after
completion of scrutiny and the result of the voting by Postal
Ballot will be announced by the Chairman at the Annual General
Meeting.
(d) The Register of Members and the Share Transfer Books of the
Company will remain closed from August 1, 2008 to August 8,
2008, both days inclusive.
(e) The final dividend on equity shares as recommended by the
Directors for the year ended 31st March, 2008 if declared at the
meeting will be made payable on August 26, 2008 to those
members whose names appear in the register of members of
the Company on August 1, 2008. In respect of shares held in
electronic form, the dividend will be paid to the beneficial owners
of the shares whose names appear in the list furnished by National
Securities Depository Limited and Central Depository Services
(India) Limited for this purpose as on August 1, 2008.
(f) Members holding shares in electronic form may please note
that their bank details as furnished by the respective Depositories
to the Company will be printed on their dividend warrants as per
the applicable regulations of the Depositories and the Company
will not entertain any direct request from such members for
change/deletion in such bank details. Further, instructions, if
any, already given by them in respect of shares held in physical
form will not be automatically applicable to the dividend paid
on shares held in electronic form. Members may therefore give
instructions regarding bank accounts in which they wish to receive
dividend, to their Depository Participants.
(g) Under Section 205A read with Section 205C of the Companies
Act, 1956, the amount of dividend remaining unpaid or unclaimed
for a period of seven years from the date of payment is required
to be transferred to the Investor Education and Protection Fund
of the Central Government.
Members who have not encashed the dividend warrant(s) so far
for final dividend of financial year 2000-2001 or any subsequent
dividend payment(s) are requested to make their claims to the
Company / Registrars and Share Transfer Agents immediately.
Please note that as per Section 205C of the Companies Act,
1956, no claim shall lie against the Company or the said Investor
Education and Protection Fund in respect of individual amounts
which remain unclaimed or unpaid for a period of seven years
from the due date of payment and no payment shall be made in
respect of any such claims.
(h) Members are requested to bring the copy of their Annual Report
and the Attendance Slip at the Annual General Meeting.
(i) Members desirous of obtaining any information concerning the
accounts and operations of the Company are requested to address
their questions to the Secretary of the Company so as to reach
atleast seven days before the date of the meeting, so that the
information required may be made available at the meeting, to
the best extent possible.
(j) As required under Clause 49 of the listing agreement of the
Stock exchanges, the relevant details of person seeking
re-appointment as Director are furnished in the Corporate
Governance Report forming part of this Annual Report.
By Order of the Board of Directors,
For INGERSOLL - RAND (INDIA) LIMITED
P. R. SHUBHAKAR
General Manager - Corp. Finance and
Bangalore, April 28, 2008 Company Secretary
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ANNEXURE TO NOTICE
EXPLANATORY STATEMENT
Pursuant to Section 173(2) of the Companies Act, 1956
ITEM NO. 5:-
At the meeting of the Board of Directors of the Company (the Board)
held on April 8, 2008, the Board has, subject to your approval at this
meeting re-appointed Mr. Daljit L. Mirchandani as the Managing
Director of the Company, designated as the Chairman and President
from April 15, 2008 to April 30, 2008.
The terms and conditions set out in the agreement dated April 8,
2008 executed between the Company and Mr. Daljit L. Mirchandani
(the Chairman and President) on re-appointment are as under:-
(i) (a) Salary of Rs. 6,92,015/- per month for the Chairman and
President.
Bonus / Commission at such rate of the net profits of the
Company as the Board may decide from time to time.
(b) Minimum salary and perquisites as mentioned in
Schedule XIII of the Companies Act, 1956, (the Act)
shall be paid in the event of absence or inadequacy of
profits in any year.
(c) Monetary equivalent of stock options offered by
Ingersoll Rand Company Limited, USA (IR-USA), as and
when exercised by the Chairman and President shall be
paid to him by the Company. The value of stock options
will be determined at prevailing rates.
(ii) In addition to salary and commission as per (i) above, the
Chairman and President shall be entitled to the following
perquisites:-
(a) Housing I : The expenditure on hiring unfurnished
accommodation will be subject to a ceiling of 60% of the
salary; or
Housing II : The Company shall provide unfurnished
residential accommodation to the Chairman and President;
or
Housing III : In case no accommodation is provided by the
Company, a house rent allowance will be paid subject to
the ceiling as set out in Housing I above.
Explanation : The expenditure incurred on gas, electricity,
water and furnishings shall be valued as per the Income
Tax Rules, 1962. It shall be subject to a ceiling of 10% of
the salary.
The Company shall be entitled to use one third of the
accommodation in all the aforesaid three cases.
(b) Medical benefit : The benefit of Companys group medical
benefit scheme or any other scheme for the time being in
force for the Chairman and President and his family
including reimbursement of other medical expenses outside
the purview of the above scheme provided that the total
expenses thereof shall not exceed one months salary in a
year.
(c) Leave Travel Benefit : Leave travel benefit once for every
year of service for the Chairman and President and his
family by way of return fare for travel to any place in India
by air or air conditioned coach as per rules of the Company.
(d) Personal Accident Insurance : Personal accident insurance
for a maximum sum assured of Rs. 3,50,00,000/-.
(e) Fees of Clubs : Membership of two clubs in which the
Company has corporate membership as Companys
nominee, the monthly subscription thereto being borne
and paid by the Company.
(iii) The Chairman and President shall also be entitled to the benefit
of provident fund, superannuation fund and gratuity as per
Companys rules, provided that the Companys contribution to
the Superannuation Fund shall be upto 15% of the salary,
provided further that such contribution together with contribution
to the Provident Fund shall not exceed 27% of the salary as laid
down in the Income-tax Rules, 1962. Gratuity shall be payable
at the rate of one months salary for service upto fifteen years
and one half months salary for the balance years of service.
(iv) Reimbursement of actual travelling, entertainment and other
expenses reasonably incurred in or about the business of the
Company.
(v) Provision of a motor car and the services of a driver for which
all the expenses for maintenance and running of the car to be
borne and paid by the Company for use on Companys business.
The use of motor car as aforesaid shall not to be considered as
a perquisite. Use of car for private purposes shall be billed by
the Company to the Chairman and President.
(vi) Provision of telephone at the residence. The use of telephone
shall not to be treated as a perquisite. Long distance personal
calls will be recovered by the Company.
(vii) Earned / privilege leave and sick leave in accordance with the
rules of the Company.
OTHER CONDITIONS OF APPOINTMENT OF THE CHAIRMAN AND
PRESIDENT :
(i) He shall not engage himself directly or indirectly in any other
business, occupation or employment provided that he may hold
any other directorships of any other company or companies not
competing with the business of the Company.
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(ii) He shall not divulge or disclose any confidential information orknowledge obtained during the course of employment as to thebusiness or affairs of the Company.
(iii) He shall not be directly or indirectly concerned or interested inany selling agency of the Company without the prior approval ofthe Central Government.
(iv) His employment shall forthwith determine if he becomesinsolvent or makes any composition or arrangement with hiscreditors or ceases to be a director of the Company. He shallcease to be a director if this agreement is terminated or otherwisefor any reason he ceases to be Managing Director.
(v) He shall not be entitled to any fees for attending meetings of theBoard of Directors or Committee thereof.
(vi) Either party entitled to terminate the Agreement by giving threedays notice in writing.
(vii) The Company to have the right to terminate his appointmentwith immediate effect, if he be guilty of such inattention to ornegligence in the conduct of the business or of any other act oromission inconsistent with his duties or any breach of theagreement as in the opinion of all other Directors for the timebeing of the Company renders his retirement desirable.
Your Directors consider that the remuneration and perquisites proposedto be paid to Mr. Daljit L. Mirchandani are commensurate with hisduties and responsibilities and therefore recommend the resolutionfor your approval.
In compliance with the applicable provisions of the Act, ordinaryresolution in terms as set out in item no. 5 of the accompanyingnotice is now placed before the members in the general meeting fortheir approval.
The agreement dated April 8, 2008 between the Company andMr. Daljit L. Mirchandani is open for inspection by the members atthe registered office of the Company on all days between 10.30 a.m.and 12.30 p.m. except Saturdays, Sundays and holidays until the dateof the Annual General Meeting.
An abstract of agreement dated April 8, 2008 and memorandum ofinterest under section 302 of the Act, has been circulated to allmembers of the Company.
None of the Directors, except Mr. Daljit L. Mirchandani, is concernedor interested in the said ordinary resolution.
ITEM NO. 6: -
At the meeting of the Board of Directors of the Company (the Board)held on April 8, 2008, the Board has, subject to your approval at thismeeting appointed Mr. Jaideep Wadhwa as the Manager of theCompany, designated as the Vice President and General Managerfor a period of 5 years from May 1, 2008 to April 30, 2013.
The terms and conditions set out in the agreement dated April 28,2008 executed between the Company and Mr. Jaideep Wadhwa(the VP & GM) are as under :-
(i) (a) Salary of Rs. 5,44,847/- per month for the VP & GM.
Bonus / Commission at such rate of the net profits of theCompany as the Board may decide from time to time.
(b) Minimum salary and perquisites as mentioned inSchedule XIII of the Companies Act, 1956, (the Act)shall be paid in the event of absence or inadequacy ofprofits in any year.
(c) Monetary equivalent of stock options offered byIngersoll Rand Company Limited, USA (IR-USA), as andwhen exercised by the VP & GM and shall be paid to himby the Company. The value of stock options will bedetermined at prevailing rates.
(ii) In addition to salary and commission as per (i) above, the VP &GM shall be entitled to the following perquisites:-
(a) Medical benefit : The benefit of Companys group medicalbenefit scheme or any other scheme for the time being inforce for the VP & GM and his family includingreimbursement of other medical expenses outside thepurview of the above scheme provided that the totalexpenses thereof shall not exceed Rs. 100,000/- in a year.
(b) Leave Travel Benefit: Leave travel benefit once for everyyear of service for the VP & GM and his family by way ofreturn fare for travel to any place in India by air or airconditioned coach as per rules of the Company.
(c) Personal Accident Insurance: Personal accident insurancefor a maximum sum assured of Rs. 2,25,00,000/-.
(d) Fees of Clubs: Membership of one club in which theCompany has corporate membership as Companysnominee, the monthly subscription thereto being borneand paid by the Company.
(iii) The VP & GM shall also be entitled to the benefit of providentfund and gratuity as per Companys rules. Gratuity shall bepayable at the rate of one months salary for service upto fifteenyears and one half months salary for the balance years of service.
(iv) Reimbursement of actual travelling, entertainment and other expensesreasonably incurred in or about the business of the Company.
(v) Provision of a motor car and the services of a driver for whichall the expenses for maintenance and running of the car to beborne and paid by the Company for use on Companys business.The use of motor car as aforesaid shall not to be considered asa perquisite. Use of car for private purposes shall be billed bythe Company to the VP & GM.
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(vi) Provision of telephone at the residence. The use of telephoneshall not to be treated as a perquisite. Long distance personalcalls will be recovered by the Company.
(vii) Earned / privilege leave and sick leave in accordance with therules of the Company.
OTHER CONDITIONS OF APPOINTMENT OF THE VP & GM:
(i) He shall not engage himself directly or indirectly in any otherbusiness, occupation or employment provided that he may holdany other directorships of any other company or companies notcompeting with the business of the Company.
(ii) He shall not divulge or disclose any confidential information orknowledge obtained during the course of employment as to thebusiness or affairs of the Company.
(iii) He shall not be directly or indirectly concerned or interested inany selling agency of the Company without the prior approval ofthe Central Government.
(iv) His employment shall forthwith determine if he becomesinsolvent or makes any composition or arrangement with hiscreditors.
(v) Either party entitled to terminate the Agreement by giving threemonths notice in writing.
(vi) The Company to have the right to terminate his appointmentwith immediate effect, if he be guilty of such inattention to ornegligence in the conduct of the business or of any other act oromission inconsistent with his duties or any breach of theagreement as in the opinion of the Board renders his retirementdesirable.
Your Directors consider that the remuneration and perquisites proposedto be paid to Mr. Jaideep Wadhwa are comensurate with his dutiesand responsibilities and therefore recommend the resolution for yourapproval.
In compliance with the applicable provisions of the Act, ordinaryresolution in terms as set out in item no. 6 of the accompanyingnotice is now placed before the members in the general meeting fortheir approval.
The agreement dated April 28, 2008 between the Company and Mr.Jaideep Wadhwa is open for inspection by the members at theregistered office of the Company on all days between 10.30 a.m. and12.30 p.m. except Saturdays, Sundays and holidays until the date ofthe Annual General Meeting.
An abstract of agreement dated April 28, 2008 and memorandum ofinterest under section 302 of the Act, has been circulated to allmembers of the Company.
None of the Directors is concerned or interested in the said ordinaryresolution.
ITEM NO. 7: -
The Registered Office of the Company, which was previously locatedat Peenya, Bangalore was changed to Bellary Road, Bangalore uponsale of road development business.
The Company has taken office space on lease from its associateCompany. This office is located at Plot No. 35, KIADB Industrial Area,Bidadi, Ramanagaram Taluk, Bangalore 562 109. Bidadi falls outsidethe local limits of Bangalore City.
The Corporate Office of the Company is located at this address andthe Companys senior personnel are now working at this office. YourDirectors believe that not only the Companys business interests andcontacts with the business community as a whole are best served byhaving the registered office at the location of the executive managementof the Company but also it would be more economical and moreefficient to manage the entire operations if the registered office isalso situated at Bidadi, Bangalore.
Section 146(2) of the Companies Act, 1956 (the Act) provides thatthe registered office of the Company shall not be removed outside thelocal limits of any city, town or village except with the authority of aspecial resolution passed by the shareholders. Section 192A of theAct read with Companies (Passing of the Resolutions by Postal Ballot)Rules 2001 provides that change in place of the registered officeoutside the local limits of any city, town or village as specified insub-section (2) of Section 146 shall be passed through postal ballot.The change in registered office within the State of Karnataka butoutside the local limits of the city of Bangalore does not result inchange in jurisdiction of the Registrar of Companies.
This resolution has been proposed under Section 146 and Section192A of the Act, read with Companies (Passing of the Resolutions byPostal Ballot) Rules 2001, which require passing of a special resolutionfor the changing of the registered office within the State of Karnatakabut outside the local limits of the City of Bangalore.
Your Directors recommend the Special Resolution for your approval.
None of the Directors is concerned or interested in the said resolution.
By Order of the Board of Directors,
For INGERSOLL - RAND (INDIA) LIMITED
P. R. SHUBHAKARGeneral Manager - Corp. Finance and
Bangalore, April 28, 2008 Company Secretary
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DIRECTORS REPORTToTHE MEMBERS,INGERSOLL - RAND (INDIA) LIMITED
Your Directors have pleasure in submitting the Eighty-sixth Annual Report along with the AuditedBalance Sheet and Profit and Loss Account for the year ended March 31, 2008.
1. FINANCIAL RESULTS
(Rupees in Million)
2007-2008 2006-2007
Gross Profit 1,004.44 813.87Less: Depreciation 42.45 62.69Less: Interest 8.77 9.12
Profit before taxation and extra ordinaryand prior period items 953.22 742.06Less: Provision for Current Tax 310.79 290.70
Deferred Tax for the year (61.44) (15.77)Fringe Benefit Tax 15.41 264.76 7.94
Net Profit after taxation and before extra ordinaryand prior period items 688.46 459.19Extra Ordinary and Prior Period ItemsAdd: Profit on sale of
- climate control business 7.70- road development business 1,873.17 - utility equipment, attachments
& bobcat business 917.46 - investments 37.50
Less: Voluntary retirement compensation 0.50Gratuity charge for prior years 24.46 Taxation on above 686.80 2,116.87 1.56
Net Profit 2,805.33 464.83Add: Balance brought forward from Balance Sheet 1,787.85 1,588.81
4,593.18 2,053.64
Appropriations:Interim Dividend 94.70 94.70Tax thereon 16.10 13.29Proposed Final Dividend 94.70 94.70Tax thereon 16.10 16.10
Total Dividend 189.40 189.40Total tax thereon 32.20 29.39
Total for the year 221.60 218.79General Reserve Account 281.00 47.00Balance carried to Balance Sheet 4,090.58 1,787.85
4,593.18 2,053.64
PROFIT BEFORE TAX(in Millions of Rs.)
0
500
1000
1500
2000
2500
3000
3500
3757
0807060504
SALES(in Millions of Rs.)
Export
Total Sales
08070605040
1000
2000
3000
4000
5000
5307
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2. MANAGEMENT DISCUSSION AND ANALYSIS
(a) Industry Structure and Development: The industry witnessed continued buoyancy duringthe year under review. The growth of the manufacturing sector augurs well for the long-term outlook of your Company.
(b) Segment-wise operational performance: The continuing operations of your Companyrelate to Air Solutions segment only.
The Air Solutions business grew by 26% in the period under review, aided by strongperformance in domestic sales. The business of providing total solutions to the customerin the field of compressed air systems continued to show strong performance.
The profit before tax and extra ordinary and prior period items is Rs. 953 million asagainst Rs. 742 million in the previous year.
(c) Outlook: The outlook for the Air Solutions segment continues to be strong. Air Solutionsbusiness is expected to grow from capacity expansions in the manufacturing sector andrecurring revenue from after-market area.
(d) Threat and concerns: The markets for all your Companys products continue to beextremely competitive. Material cost escalations on metals and other inputs continue tohave an impact on the profitability. With strong focus on operational efficiency andimprovement in productivity, your Company should be able to retain its position as thepreferred choice of customers.
(e) Internal control systems and their adequacy: Your Company has effective and adequateinternal control systems, which ensure reliable financial reporting, safeguarding of assetsand adherence to management policies.
As a subsidiary of an American publicly listed company, your Company complies withthe requirements of the Sarbanes Oxley Act of 2002. The internal audit team and aninternal team of managers check the adequacy of internal controls and its implementationonce in each quarter.
The internal audit team regularly reports to the Management and the Audit Committee ontheir findings and also on the steps to be taken with regard to deviations, if any.
(f) Risk Management: The Companys internal control process covers, amongst others,process for identification, assessment and mitigation of various risks, including operational,product and financial risks. Such risks are reviewed and discussed at regular managementreview meetings, where in members of the senior management are present. The risks thatare continuously monitored include, but are not limited to, product, price, cost trends,competition, financing, technical changes, product liability, warranty and insurance risks.
Normal foreseeable risks to the Companys assets are adequately covered bycomprehensive insurance. Risk assessments, inspections and safety audits are conductedregularly.
3. SALE OF ROAD DEVELOPMENT, UTILITY EQUIPMENT AND BOBCAT BUSINESSES
Pursuant to the approval given by the members, your Directors completed the sale of the roaddevelopment business and utility equipment & bobcat business to Volvo India Private Limitedand Doosan International India Private Limited respectively during the year under review.
4. EXPORTS
Exports for the year has decreased to Rs. 967 million as against Rs. 1,005 million in theprevious year.
PROFIT AFTER TAX(in Millions of Rs.)
0
500
1000
1500
2000
2500
2805
0807060504
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5. DIVIDEND
Your company declared an interim dividend at the rate of Rs. 3/- per share, absorbing
Rs. 94.70 million. Your Directors now recommend payment of a final dividend for the year
ended March 31, 2008 at the rate of Rs. 3/- per share, bringing the total dividend for the year
to Rs. 6/- per share (60%).
The total dividend, if approved by the shareholders at the Annual General Meeting, would
absorb Rs. 189.40 million out of the profits for the year (previous year Rs. 189.40 million).
Dividend distribution tax payable by the company amounting to Rs. 32.20 million (previous
year Rs. 29.39 million) has been appropriated out of profits.
6. FIXED DEPOSITS
Fixed deposits were not accepted during the year. There are no unclaimed deposits as on
March 31, 2008.
7. DIRECTORS AND MANAGEMENT
In accordance with the provisions of the Companies Act, 1956 and the Companys Articles of
Association, Mr. Dean Iacopetti retires by rotation, and being eligible, offers himself for re-
appointment. As required, details concerning the Director retiring by rotation has been included
in the Corporate Governance Report.
Mr. Daljit L. Mirchandani has been reappointed as Managing Director, designated as Chairman
and President of the Company. This reappointment is effective April 15, 2008 upto April 30,
2008. Mr. Mirchandani has expressed his desire to retire from the services of the Company.
He will relinquish office as Managing Director of the Company with effect from close of office
hours on April 30, 2008. An appropriate resolution in regard to re-appointment of
Mr. Mirchandani has been set out at item no. 5 of the Notice. He has consented to continue as
Chairman of the Board effective May 1, 2008.
Consequent to the retirement of Mr. Mirchandani, Mr. Jaideep Wadhwa has been appointed as
Manager under the Companies Act, 1956 effective May 1, 2008, for a period of 5 years.
Mr. Jaideep Wadhwa will discharge duties as Manager subject to the superintendence,
control and direction of the Board of Directors. An appropriate resolution in regard to appointment
of Mr. Jaideep Wadhwa has been set out at item no. 6 of the Notice.
7. DIRECTORS RESPONSIBILITY STATEMENT
To the best of their knowledge and belief, and according to the information and explanations
provided to them, your Directors make the following statement, pursuant to Section 217 (2AA)
of the Companies Act, 1956.
(a) that in the preparation of annual accounts, the applicable accounting standards have
been followed;
(b) that appropriate accounting policies have been selected and applied consistently, and
judgements and estimates that are reasonable and prudent made so as to give a true and
fair view of the state of affairs of the Company as at March 31, 2008 and of the profit of
the Company for the year April 1, 2007 to March 31, 2008;
(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, 1956 for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
and
(d) that the annual accounts have been prepared on a going concern basis.
GROSS BLOCK(in Millions of Rs.)
08070605040
200
400
623600
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8. CORPORATE GOVERNANCE
As per Clause 49 of the Listing agreement with the stock exchanges, a separate section on
Corporate Governance, together with a certificate from the Companys auditors confirming
compliance, is set out in the Annexure forming part of this report.
9. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGO
The information required under Section 217 (1) (e) of the Companies Act, 1956 read with the
Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 is
annexed hereto and forms part of this Report.
10. AUDITORS
Members are requested to appoint auditors for the period from the conclusion of the ensuing
annual general meeting till the conclusion of the next annual general meeting, and to authorise
the Board of Directors to fix their remuneration. Messrs. Price Waterhouse retire, and being
eligible, offer themselves for reappointment.
Messrs. Price Waterhouse have furnished a written certificate to the Company certifying that, if
they are appointed auditors of your Company, such appointment would be within the limits
specified in Section 224 (1) (B) of the Companies Act, 1956.
11. EMPLOYEES
The particulars of employees required under Section 217(2A) of the Companies Act, 1956,
read with Companies (Particulars of Employees) Rules, 1975, as amended, are given along
with and form part of this Report.
12. APPRECIATION
Your Board takes this opportunity to express its sincere appreciation of the excellent contribution
made by all its employees towards the overall performance of your Company. Your Directors
also thank all the shareholders, distributors, suppliers, bankers and other business associates
for their valuable service and support during the year.
For and on behalf of the Board of Directors
Daljit L. Mirchandani
Bangalore, April 28, 2008 Chairman and President
NET WORTH(in Millions of Rs.)
2000
4000
6000
08070605040
7023
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REPORT ON CORPORATE GOVERNANCE
(Pursuant to Clause 49 of the Listing Agreement)
The following is a report on Corporate Governance code as implemented by your Company.
A. MANDATORY REQUIREMENTS
1. COMPANYS PHILOSOPHY ON CORPORATE GOVERNANCE
Ingersoll Rand (India) Limited as a part of the Ingersoll Rand group is committed to the highest standards of Corporate Governance and
has over the years practiced good corporate governance and is committed to provide value to all its stakeholders. The Company believes in
managing its affairs with diligence, transparency, accountability and responsibility. Good Corporate Governance is an integral part of the
Companys value system. Corporate Governance as a whole entails the conduct and the manner in which the Company deals with its
stakeholders. The Company is committed to conducting business in accordance with the highest legal and ethical standards, superior
product quality and services to its customers.
2. BOARD OF DIRECTORS
As at March 31, 2008, the Companys Board of Directors headed by its executive Chairman, Mr. D. L. Mirchandani, comprised of 4 Directors,
out of which, two are independent directors.
Composition, Status, Attendance at the Board Meetings, and the last Annual General Meeting (AGM):
Status i.e. Executive No. of Board Attendance
Name of Director and Non-Executive Meetings at the
& Independent Held during Attended during last AGM
the year the year
Mr. D. L. Mirchandani
(Chairman & Managing Director) Executive 7 7 Yes
Mr. Hemraj C. Asher Non - Executive &
Independent 7 7 Yes
Mr. Darius C. Shroff Non - Executive &
Independent 7 7 Yes
Mr. Dean Iacopetti Non-Executive 7 1 No
Number of other Companies or Committees the Director (being a Director as on the date of the Directors Report) is a Director or member /
Chairman respectively:
Name of Director No. of other Companies on which No. of Committees*
Director (other than Private [other than Ingersoll-Rand
Limited Companies) (India) Limited] in which member
Mr. D. L. Mirchandani
(Chairman & Managing Director) 2 2
Mr. Hemraj C. Asher 9 7
Mr. Darius C. Shroff 7 6
Mr. Dean Iacopetti NIL NIL
* Audit Committee and Shareholders / Investors Grievance Committee
Number of Board Meetings:
Seven Board Meetings were held during the year 2007-08 on April 28, 2007, June 19, 2007, July 30, 2007, September 7, 2007, October 22,
2007, January 28, 2008 and March 27, 2008.
The Company has adopted Codes of Conduct for Executive Directors & Senior Management and Non Executive Directors separately. The
Managing Director has given a declaration to the effect that all the Directors and Senior Management personnel of the Company have
affirmed compliance with the Code.
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3. REMUNERATION TO DIRECTORS
The details of remuneration paid to Directors for the year ended March 31, 2008 is as follows:
Name of Director Sitting Fees Salaries and Perquisites Commission Total
(Rs.) (Rs.) (Rs.) (Rs.)
Mr. D. L. Mirchandani
(Chairman & Managing Director) NIL 29,579,597 6,789,646 36,369,243
Mr. Hemraj C. Asher NIL NIL 700,000 700,000
Mr. Darius C. Shroff NIL NIL 700,000 700,000
Mr. Dean Iacopetti NIL NIL NIL NIL
Criteria for payments to Executive Directors:
The fixed component of remuneration to executive directors is paid as recommended by the Remuneration Committee and approved by the
Board of Directors.
Executive Directors are paid annual performance related commission based on their performance and achievement of the financial parameters
such as sales, profits before tax, return on capital and cash generation.
The Company does not have any scheme for grant of stock options to the Directors. However, the Chairman and Managing Director is entitled
to stock options offered to him by Ingersoll Rand Company Limited, USA.
Service Contract / Notice Period:
The agreement with the Chairman & Managing Director is for a period upto April 30, 2008. Either party to the agreement is entitled to
terminate the agreement by giving three working days notice to the other party.
Criteria for payments to Non-executive Directors:
Non Executive Directors are paid remuneration by way of fixed commission, which will be determined by the Board of Directors in terms of
the special resolution passed by the shareholders at the Annual General Meeting held on August 23, 2004. The criterion for payment of
remuneration is the advice given by Non Executive Directors to the Management from time to time on strategic matters.
4. REMUNERATION COMMITTEE
The remuneration committee comprises of Mr. Hemraj C. Asher, Mr. Darius C. Shroff and Mr. Dean Iacopetti. Mr. Dean Iacopetti is the
Chairman of the Committee. The Committee met three times during the year on April 28, 2007, June 19, 2007 and January 28, 2008.
Name of Director No. of meetings held No. of meetings attended
Mr. Dean Iacopetti, Chairman 3 Nil
Mr. Hemraj C. Asher 3 3
Mr. Darius C. Shroff 3 3
The terms of reference of remuneration committee, inter alia consists of
Review the remuneration package, service agreement and other employment conditions of Managing Director
Decide the actual salary, allowances, perquisites, retirals and increments of Managing Director
Decide the amount of commission payable to Managing Director
Periodically review and suggest revision of the total remuneration package of Managing Director;
In determining the remuneration package of the Managing Director, the Committee evaluates the remuneration paid by comparable organisations
within the industry and across various industries before making its recommendations to the Board of Directors. The compensation is also
linked to individual and Company performance.
5. AUDIT COMMITTEE
The Audit Committee held four meetings during the year on April 28, 2007, July 30, 2007, October 22, 2007 and January 28, 2008. The
details of composition of the present Audit Committee and attendance of Members are as follows:
Name of Director No. of meetings held No. of meetings attended
Mr. Hemraj C. Asher, Chairman 4 4
Mr. Darius C. Shroff 4 4
Mr. D. L. Mirchandani 4 4
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Mr. P. R. Shubhakar, Gen. Manager Corp. Finance & Company Secretary, acts as the Secretary of the Committee.
The terms of reference of the Audit Committee are set out in accordance with the requirement of Clause 49 of the Listing Agreement and
Section 292A of the Companies Act, 1956 and, inter alia consists of
Oversight of the Companys financial reporting process and disclosure of financial information to ensure it is correct, sufficient and
credible;
Compliance with accounting standards and changes required, if any, in accounting policies and practices
Review with the management the quarterly financial statements before submission to the Board
Reviewing with the management the annual financial statements before submission to the Board for approval, primarily focusing on
Changes in accounting policies
Significant adjustments made in financial statements arising out of audit findings
Review of the adequacy of the internal control systems with the management, internal auditors and statutory auditors
Recommending to the Board, the appointment / re-appointment of statutory auditors and fixation of fees
Approval for payment to statutory auditors for other services
Reviewing the adequacy of internal audit function
Review with internal auditors of any significant findings and follow-ups thereon
Review of the Companys financial risk and management policies
Review functioning of the Whistle Blower mechanism
6. INVESTORS/SHAREHOLDERS GRIEVANCE COMMITTEE
As of March 31, 2008, the Investors/Shareholders Grievance Committee comprises of
Mr. Darius C. Shroff, Chairman
Mr. Hemraj C. Asher
Mr. Dean Iacopetti
The Committee meetings are held as and when required, usually fortnightly. 13 meetings of the Committee were held during the year.
The terms of reference of investors/shareholders grievance committee, inter alia consists of
expeditious redressal of investors grievances;
transfer and transmission of shares;
issue of duplicate share certificates;
approving of split and consolidation requests;
review of shares dematerialised;
all other matters related to shares.
The Board of Directors have delegated the powers to approve transfer and transmission of shares, issue of duplicate shares and approving
of split and consolidation requests upto 500 shares to Mr. P. R. Shubhakar, Gen. Manager Corp. Finance & Company Secretary or
Mr. B. Jayaraman, Vice President -Finance.
Mr. P. R. Shubhakar, Gen. Manager Corp. Finance & Company Secretary is the Compliance Officer. The Registrar and Share Transfer Agents
of the Company - TSR Darashaw Limited, attend to all grievances of the shareholders and investors received.
During the year, 775 grievances/correspondences were received from shareholders/investors and 3 complaints were received from Securities
Exchange Board of India (SEBI). All investor grievances/correspondences, including 3 complaints from SEBI, have been redressed to the
satisfaction of the investors. There was no outstanding complaint as of April 28, 2008.
All valid requests for share transfers received during the year have been acted upon. However there were three share transfer requests pending
as on March 31, 2008. The same was received on and after March 26, 2008 and have been processed on April 7, 2008.
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7. GENERAL BODY MEETINGS
The location and time of the General Meetings held during the last three years is as follows: -
AGM/EGM Date Venue Time No. of special
resolutions passed
EGM October 22, 2007 Goldfinch Hotel,32/3, Crescent Road, High Grounds, 12.30 P. M.
Off. Kumara Krupa Road, Bangalore 560 001
AGM July 25, 2007 Goldfinch Hotel,32/3, Crescent Road, High Grounds, 12.30 P. M.
Off. Kumara Krupa Road, Bangalore 560 001
EGM April 28, 2007 Goldfinch Hotel,32/3, Crescent Road, High Grounds, 12.00 Noon
Off. Kumura Krupa Road, Bangalore 560 001
AGM June 28, 2006 Taj Gateway Hotel on Residency Road,No. 66, 3.00 P. M.
Residency Road,Bangalore 560 025
EGM September 23, 2005 Hotel Atria, No. 1, Palace Road, Bangalore 560 001 10.30 A.M 1
AGM July 20, 2005 Hotel Atria, No. 1, Palace Road, Bangalore 560 001 3.00 P. M.
POSTAL BALLOT:
The Company had successfully completed the process of obtaining the approval of its Members on the Ordinary Resolution giving consent in
terms of Section 293(1)(a) of the Companies Act, 1956 to sell, transfer, assign or otherwise dispose of the whole of the undertaking of the
Company relating to Utility Equipment, Attachments and Bobcat business to an Indian subsidiary of Doosan Infracore Co. Ltd. vide Postal
Ballot.
Ms. Bhumika Batra, of the law firm of M/s Crawford Bayley & Co. was appointed as the Scrutinizer, who had carried out the Postal Ballot
process in a fair and transparent manner. The results of the Postal Ballot were announced by the Chairman at the Extraordinary General
Meeting on October 22, 2007.
Voting pattern and procedure for Postal Ballot:
1. The Board of Directors of the Company had at its meeting held on September 7, 2007 authorized the Chairman to appoint the
Scrutinizer for conducting the postal ballot voting process. Accordingly, Ms. Bhumika Batra was appointed as the Scrutinizer.
2. The Company had completed on September 17, 2007 the dispatch of the postal ballot forms alongwith postage prepaid envelopes to
its members whose names appeared on the Register of Members /List of Beneficiaries as on September 7, 2007.
3. Particulars of the Postal Ballot forms received from the members had been entered in a register separately maintained for the purpose.
4. All postal ballot forms received up to the close of working hours on October 18, 2007, the last date fixed by the Company for receipt
of the forms, had been considered by her in her scrutiny.
5. Envelopes containing postal ballot forms received after close of working hours of October 18, 2007 had not been considered for her
scrutiny.
6. The results of the Postal Ballot were announced on October 22, 2007 at the Extraordinary General Meeting as per the Scrutinizers
Report as under :
Postal Ballot Summary:
Number of postal ballot forms posted 17,425
Number of valid postal ballot forms received 606
Number of invalid postal ballot forms received 63
Forms not received 16,756
Votes in favour of the resolution 23,592,221
Votes against the resolution 8,003
Invalid votes 15,629
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POSTAL BALLOT:
The Company had also successfully completed the process of obtaining the approval of its Members on the Ordinary Resolution giving
consent in terms of Section 293(1)(a) of the Companies Act, 1956 to sell, transfer, assign or otherwise dispose of the whole of the
undertaking of the Company comprising of the Road development business to Volvo India Private Limited vide Postal Ballot.
Ms. Bhumika Batra, of the law firm of M/s Crawford Bayley & Co. was appointed as the Scrutinizer, who had carried out the Postal Ballot
process in a fair and transparent manner. The results of the Postal Ballot were announced by the Chairman at the Extraordinary General
Meeting on April 28, 2007.
Voting pattern and procedure for Postal Ballot:
1. The Board of Directors of the Company had at its meeting held on March 16, 2007 authorized the Chairman to appoint the Scrutinizer
for conducting the postal ballot voting process. Accordingly, Ms. Bhumika Batra was appointed as the Scrutinizer.
2. The Company had completed on March 22, 2007 the dispatch of the postal ballot forms alongwith postage prepaid envelopes to its
members whose names appeared on the Register of Members /List of Beneficiaries as on March 16, 2007.
3. Particulars of the Postal Ballot forms received from the members had been entered in a register separately maintained for the purpose.
4. All postal ballot forms received up to the close of working hours on April 24, 2007, the last date fixed by the Company for receipt of the
forms, had been considered by her in her scrutiny.
5. Envelopes containing postal ballot forms received after close of working hours of April 24, 2007 had not been considered for her
scrutiny.
6. The results of the Postal Ballot were announced on April 28, 2007 at the Extraordinary General Meeting as per the Scrutinizers Report
as under :
Postal Ballot Summary:
Number of postal ballot forms posted 17,646
Number of valid postal ballot forms received 734
Number of invalid postal ballot forms received 46
Forms not received 16,866
Votes in favour of the resolution 23,565,699
Votes against the resolution 61,980
Invalid votes 10,816
8. NOTES ON DIRECTORS SEEKING RE-APPOINTMENT/APPOINTMENT
Mr. Dean Iacopetti
Mr. Dean Iacopetti, aged 52 years, is an Engineer. He is the head of Global Operations for Industrial Technologies Sector of Ingersoll Rand
Group. He has been with Ingersoll Rand group for seven years and has held operations leadership positions in Security Technologies Sector.
He was also the Vice President Operational Excellence with responsibility for leading the enterprises operational excellence initiatives.
He is not a director on the Board of Directors of any company in India other than Ingersoll-Rand (India) Limited and does not hold any shares
in Ingersoll- Rand (India) Limited.
9. DISCLOSURES
There are no materially significant related party transactions entered into by the Company with its Promoters, Directors or Management, their
subsidiaries or relatives etc. which had potential conflict with the interest of the Company at large. The register of contracts containing the
transactions in which Directors are interested is placed before the Board regularly for its approval.
Transactions with the related parties are disclosed in Note 18 of Schedule 14 to the financial statements in the Annual Report.
During the last three years, there were no instances of non-compliance on any matters related to capital markets. Consequently, no strictures
or penalties were imposed by either the Securities Exchange Board of India or the Stock Exchanges or any statutory authority.
10. CEO/CFO CERTIFICATION
The Chairman and Managing Director and Vice President Finance have certified to the Board compliance in respect of all matters specified
in sub clause V of Clause 49 of the Listing Agreement.
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11. MEANS OF COMMUNICATION
Half yearly report sent to each household of shareholders No
Quarterly Results
Which newspapers normally published in The Business Standard
Vijay Karnataka / Kannada Prabha
Any Web site, where displayed Yes. As per clause 51 of the Listing Agreement, the quarterly results are
displayed on the Electronic Data Information Filing and Retrieval (EDIFAR)
web site maintained by National Informatics Centre (NIC). The name of
the website is http://sebiedifar.nic.in
The domain name of the Companys website is www.ingersollrand-
india.com and the quarterly results are available on this website.
Presentation made to Institutional Investors or to Analyst No
Whether Management Discussion and Analysis
Report is a part of annual report or not Yes
12. GENERAL SHAREHOLDER INFORMATION
AGM - Date August 22, 2008
- Time 12.30 P. M.
- Venue Goldfinch Hotel,
32/3, Crescent Road, High Grounds,
Off. Kumura Krupa Road,
Bangalore 560 001
Financial Calendar April 2008 to March 2009
(a) First Quarter Results Last week of July 2008
(b) Second Quarter Results Last week of October 2008
(c) Third Quarter Results Last week of January 2009
(d) Results for the year ending March 2009 April / May 2009
Date of Book Closure August 1, 2008 to August 8, 2008
(Both days inclusive)
Dividend Payment Date August 26, 2008
Listing on Stock Exchange Bombay Stock Exchange Limited
Ahmedabad Stock Exchange Limited
National Stock Exchange of India Limited.
Listing fees for the period 2007 - 2008 has been paid to the stock
exchanges.
Stock Code
Bombay Stock Exchange Limited 500210
Ahmedabad Stock Exchange Limited 26610
National Stock Exchange of India Ltd. INGERRAND EQ
Demat ISIN No. for NSDL and CDS INE177A01018
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Monthly Highs and Lows for the period April 2007 to March 2008
(in Rupees)
Bombay Stock Exchange Limited (BSE) National Stock Exchange of India Limited (NSE)
High Low High Low
April 2007 292.35 264.65 305.00 264.00
May 2007 339.65 285.70 350.00 282.65
June 2007 328.95 303.15 342.00 323.80
July 2007 348.00 301.20 355.30 296.50
August 2007 364.90 330.15 378.85 322.15
September 2007 354.85 310.25 360.00 309.50
October 2007 317.95 288.60 323.90 231.85
November 2007 327.25 282.10 342.40 268.10
December 2007 413.95 312.65 426.80 299.15
January 2008 422.10 287.25 434.00 252.10
February 2008 325.55 279.85 334.00 276.60
March 2008 296.20 251.25 304.80 247.00
Registrars & Share Transfer Agents TSR Darashaw Limited
6-10, Haji Moosa Patrawala Ind. Estate, 20, Dr. E. Moses Road,
Mahalaxmi, Mumbai 400 011
Share Transfer System Share transfers are registered and returned within 15 days from the date
of receipt, if the relevant documents are complete in all respects. Requests
for dematerialization of shares are processed and confirmation is given to
the respective depositories i.e. National Securities Depository Limited
(NSDL) and Central Depository Services (India) Limited (CDSL) within
15 days.
The total number of shares transferred in the physical form during the
year under review was 29,904
Stock Performance in comparison to BSE Sensex
INGERSOLL RAND SHARE PRICES BSE SENSEX
100
200
300
400
500
Mar-08Feb-08Jan-08Dec-07Nov-07Oct-07Sep-07Aug-07Jul-07Jun-07May-07Apr-070
5000
10000
15000
20000
25000
14,229
292
14,544 14,65115,795 15,319
17,291
19,978 19,976 20,376 20,87318,663
16,678340 329
348365
355
318 327
414 422
326296
SHARE PRICE v/s BSE (SENSEX)
ING
ERS
OLL
-RA
ND
SH
AR
E P
RIC
E
BS
E S
ENS
EX
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Distribution and Shareholding Pattern as on March 31, 2008
No. of equity shares held No. of folios % No. of shares %
Upto 500 18,601 87.60 2,189,701 6.94
501 1000 1,869 8.80 1,449,169 4.59
1001 2000 452 2.13 678,008 2.15
2001 3000 109 0.51 276,952 0.88
3001 4000 58 0.27 199,945 0.63
4001 5000 37 0.17 174,531 0.55
5001 10000 61 0.29 452,648 1.43
10001 and above 48 0.23 26,147,046 82.83
TOTAL 21,235 100.00 31,568,000 100.00
No. of shareholders in physical mode 2,681 24,015,867
No. of shareholders in electronic mode 18,554 7,552,133
Shareholding pattern as on March 31, 2008 is as follows
Category No. of shares %
Ingersoll-Rand Company, New Jersey, U.S.A. 23,360,000 74.00
Foreign Institutional Investors 6,100 0.02
Non Resident Indians 123,328 0.39
Unit Trust of India 200 *0.00
Insurance Companies 1,220,446 3.87
Nationalised Banks and other Banks 7,833 0.02
Foreign Banks 400 *0.00
Mutual Funds 618,328 1.96
Domestic Companies 976,721 3.10
Trusts 4,150 0.01
Directors and Their Relatives 86,600 0.27
General Public 5,163,894 16.36
31,568,000 100.00
*Less then 0.01%
The number of shares held by Directors of Ingersoll - Rand (India) Limited are as follows:
Name of Director No. of shares held as on March 31, 2008
Mr. D. L. Mirchandani(Chairman & Managing Director) NIL
Mr. Hemraj C. Asher 8,000
Mr. Darius C. Shroff 10,000
Mr. Dean Iacopetti NIL
Dematerialisation of shares and liquidity 23.92% of the paid-up capital has been dematerialised as on 31.03.2008.However, 74% of the paid-up capital held by Ingersoll-Rand Company,New Jersey, U.S.A. has not been dematerialised.
Outstanding GDRs/ADRs/Warrants or any ConvertibleInstruments, conversion dates and like impact on equity Not issued
Plant Location Ahmedabad
Address for correspondence Shareholders correspondence should be addressed to the Registrars andShare Transfer Agents or to the Compliance Officer at the following address:
Registrars & Share Transfer AgentsTSR Darashaw Limited6-10, Haji Moosa Patrawala Ind. Estate,20, Dr. E. Moses Road, Mahalaxmi, Mumbai 400 011
Compliance OfficerThe Company SecretaryIngersoll-Rand (India) Limited106/10-11-12, Amruthahalli,Byatarayanapura, Bellary Road, Bangalore 560 092
Shareholders holding shares in electronic mode should address all theircorrespondence to their respective Depository Participant.
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NON-MANDATORY REQUIREMENTS
1. Shareholder rights
The half-yearly declaration of financial performance As the Companys half-yearly results are published in English newspapersincluding summary of the significant events in last having circulation all over India and in Kannada newspaper (havingsix months should be sent to each household of circulation in Karnataka), companys website and EDIFAR website, theshareholders same is not being sent to the shareholders separately. There are no
second half-yearly results as the audited results are taken on record bythe Board of Directors and then communicated to the shareholders throughthe Annual Report.
2. Code of Conduct for Prevention of Insider Trading Pursuant to the requirements of SEBI (Prohibition of Insider Trading)Regulations, 1992, as amended, the Company has adopted a Code ofConduct for Prevention of Insider Trading with effect from August 1,2002. This Code of Conduct is applicable to all Directors and suchemployees of the Company who are expected to have access to Companysunpublished price sensitive information.
3. Disclosure Practices for Prevention of Insider Trading As required by SEBI regulations, the Company has adopted a Policy forCorporate Disclosure Practices for Prevention of Insider Trading with effectfrom August 1, 2002. This policy is applicable to all Directors andemployees of the Company.
4. Secretarial Audit As stipulated by SEBI, a qualified Company Secretary carries out theSecretarial Audit to reconcile the total admitted capital with NationalSecurities Depository Limited (NSDL) and Central Depository Services(India) Limited (CDSL) and the total issued and listed capital. This auditis carried out every quarter and the report is submitted to the stockexchanges as well as placed before the Board of Directors. The auditconfirms that the total listed and paid-up capital is in agreement with theaggregate of the total number of shares in dematerialised form (held withNSDL and CDSL) and total number of shares in physical form.
5. Whistle Blower Policy The Company has adopted a Whistle Blower Policy as a mechanism foremployees to report to the management concerns about unethicalbehaviour, actual or suspected fraud or violation of the Companys codeof conduct and it affirms that no personnel have been denied access tothe Audit Committee.
Auditors Certificate regarding compliance of conditions of Corporate Governance
To the Members of Ingersoll-Rand (India) Limited
We have examined the compliance of conditions of Corporate Governance by Ingersoll-Rand (India) Limited, for the year ended March 31, 2008, as
stipulated in Clause 49 of the Listing Agreements of the said Company with stock exchanges in India.
The compliance of conditions of Corporate Governance is the responsibility of the Companys management. Our examination was carried out in
accordance with the Guidance Note on Certification of Corporate Governance (as stipulated in Clause 49 of the Listing Agreement), issued by the
Institute of Chartered Accountants of India and was limited to procedures and implementation thereof, adopted by the Company for ensuring the
compliance of the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has complied with the
conditions of Corporate Governance as stipulated in the above mentioned Listing Agreements.
We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the
management has conducted the affairs of the Company.
S. Dutta
Partner
Membership No.: F50081
For and on behalf of
Place: Bangalore PRICE WATERHOUSE
Date: April 28, 2008 Chartered Accountants
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ANNEXURE TO DIRECTORS REPORT
INFORMATION REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988
(A) CONSERVATION OF ENERGY
(a) The following energy conservation measures were taken:-
i. Automatic power factor control unit is installed by which power factor is controlled above 0.9.
ii. Ordinary fluorescent lamps are being progressively replaced with T5 energy efficient lamps.
iii. Automatic level controller and dry run protection for bore well pumps.
iv. Independent control switches at each location to switch on only required lights.
v. Energy meters installed for individual load centers for monitoring electricity utilization as well as energy conservation.
vi. Energy savers installed for air conditioners.
vii. Transformers are loaded at optimum efficiency.
viii. LED indicator lamps provided on power panels.
ix. Shutting down all electrical machines and appliances when not in use.
x. Outdoor factory lights are replaced by metal halide lamps of low wattage and Hi-lumen.
xi. Electronic fan regulators are used in place of conventional regulators.
xii. Electronic chargers used in place of conventional chargers for batteries.
xiii. Solar heater used in canteen to save energy.
xiv. Natural gas used instead of LPG in canteen.
xv. Air cooled rotary screw compressors used instead of water cooled reciprocating compressors.
xvi. Submersible pumps used in underground tanks to pump up water to overhead tanks.
xvii. Simplair pipes installed in compressed air distribution to avoid leakage.
xviii. FRP roof sheets installed to save light during daytime.
xix. Mirror reflectors installed for tube lights.
xx. Old window air conditioners replaced with new energy efficient air conditioners.
(b) Additional investments and proposals, if any, being implemented for reduction of consumption of energy:
Gas operated heater to replace electrical heater at component cleaning machines.
(c) Impact of (a) and (b) above for reduction of energy consumption and consequent impact on the cost of production of goods:
Our total energy cost is around one per cent of total sales and considering the nature of our production process, further conservation
could at best be marginal.
(d) Total energy consumption and energy consumption per unit of production as per Form A in respect of industries specified in the
schedule thereto:
Not applicable in case of your Company.
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(B) TECHNOLOGY ABSORPTION
(e) Efforts made in technology absorption as per Form B is given below:
FORM B
FORM FOR DISCLOSURE OF PARTICULARS WITH REGARD TO ABSORPTION
RESEARCH AND DEVELOPMENT (R & D)
1. Specific areas in which R & D is carried out by the Company:
COMPRESSORS
Types (i) Reciprocating air cooled single and multi stage
(ii) Reciprocating water-cooled
(iii) Rotary Screw
(iv) Centrifugal
AREAS (i) Thermodynamics
(ii) Energy Efficiency
(iii) Fluid flow
(iv) Multi-user application adoption
(v) Manufacturing technology CNC
(vi) Modulation and control systems
(vii) Digital pulsation analysis for acoustic and mechanical vibrations
(viii) Microprocessor based control
(ix) Torsional Vibration Analysis of different drives
2. Benefits derived as a result of the above R & D:
(i) Improved efficiency of products and better customer satisfaction.
(ii) Upgrading our existing machines and introducing new products consuming less energy to the user.
(iii) Continuously exploring possibilities of indigenisation without compromising on quality and thereby saving valuable
foreign exchange.
(iv) Expanding the range of our existing product lines by adding new products.
(v) Offering optimum product choice at home and abroad for diverse applications.
(vi) Unique status of worldwide single source manufacturer of certain compressors.
(vii) Have developed a resident technology base that has quick response to changing scenarios.
(viii) With installation of Quality System and Total Quality Management, we have been able to get ISO-9001 certification for
the Air Solutions Plant at Ahmedabad. Additionally, the plant has been certified to ISO 14001 for its environment
management systems.
3. Future Plan of Action:
(i) Introduce, develop and also export higher efficiency air compressor and packages.
(ii) Introduce larger sizes of centrifugal compressors.
(iii) Introduce comprehensive range of stationary screw compressors for industrial use.
4. Expenditure of R & D : Rs. Million
(a) Capital Rs.
(b) Recurring Rs. 2.38
(c) Total Rs. 2.38
(d) Total R & D expenditure as a percentage of total turnover 0.04%
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TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATI0N
1. Efforts, in brief, made towards technology absorption, adaptation and innovation:
(i) Being constantly in touch with our principals, Ingersoll-Rand Company and various divisions in New Jersey, U.S.A.,
we are able to keep up-to-date with technology changes.
(ii) State of art design / development of new line up of non-lubricated air-cooled reciprocating compressors, both, single
and two stage.
(iii) Export base for centrifugal compressor parts.
(iv) Development of large water-cooled reciprocating compressors.
(v) Absorbing CNC manufacturing technology in-house, and applying it to diverse products.
(vi) Import substitution on several mechanical transmissions, valve components, control panels and also progressive
indigenisation of all product lines.
(vii) Setting up a development laboratory in-house to validate processes before commencing production.
2. Benefits derived as a result of the above efforts:
(i) Upgrading products constantly with modern features in consultation with our principals.
(ii) Product improvement through high efficiency and reduction in cost per unit.
(iii) Better raw material usage.
(iv) Simplified processes.
(v) Product made efficient through adaptation of modern technology to save energy and also to be more environment
friendly.
(vi) Timely response with the help of in-house engineering analysis.
(vii) More efficient use of raw material using nesting techniques to cut down wastage of resources.
(viii) Reduction in manufacturing cost through improvement in productivity and thereby offset general cost escalation in
inputs.
(ix) More accurate designs and reduction in cycle time for custom built machines.
3. In case of imported technology [imported during the last 5 years reckoned from the beginning of the financial year],
following information is furnished:
Technology Imported Year Status
Energy efficient air compressors 2004 Fully absorbed
Technology imported earlier has assisted us in upgrading our products and ushering in latest technological advances made
in the developed countries. Constant dialogue takes place with our parent company in the U.S.A. for adapting to the most
modern technology available in the World.
FOREIGN EXCHANGE EARNINGS AND OUTGO
(f) Total foreign exchange used and earned: (Rs. Million)
(i) Earnings in foreign exchange on account of exports,
deemed exports, income from services rendered and
recovery of expenses and engineering fees. 981.22
(ii) Value of imports calculated on C.I.F. basis 1,010.02
(iii) Expenditure in foreign currency on account of travelling
and others 9.57
(iv) Remittance in foreign exchange on account of dividend 140.16 1,159.75
Net Earnings / (Outgo) in Foreign Exchange (178.53)
For and on behalf of the Board of Directors
Daljit L. Mirchandani
Bangalore, April 28, 2008 Chairman and President
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ANNEXURE TO THE BOARD OF DIRECTORS REPORTInformation as per Section 217(2A) of the Companies Act, 1956, for the year ended March 31, 2008
Name and Age Designation, Nature of duties and Qualification/ Gross Last Employmentdate of commencement of Experience Remuneration Designation/Name of Company/Periodemployment Rs.
** (A) EMPLOYED THROUGH THE YEAR1 Jaideep Wadhwa (44) Vice President & General Manager B.A. Maths (Hons), MBA, Gen Mgmt 10,753,552 Executive Director,
Industrial Technologies (22) Ingersoll-Rand Wadco Tools P Ltd. (15)(01-05-2005)
2 Jayaraman B (54) Vice President - Finance B.Com., A.C.A. 9,074,461 Chief Finance Officer &(17-05-2000) (32) Assistant Finance Manager (Asia Pacific)
Delphi Automotive Systems Ltd. (5)
3 Mirchandani D.L. (60) Chairman & President B.Sc. Engineerring (Elec) 36,369,243 Executive Director(15-04-1998) (37) Kirloskar Oil Engines Ltd. (17)
4 Naresh V (39) General Manager, Finance B. Com, A.C.A., A.C.S. 2,641,826 Finance & Administration Manager(17-08-2005) (16) Schneider Electric India P Ltd; (2)
5 Prasad Naik (49) Vice President B.Com,., D.B.M., D.F.M., M.M.S 5,733,361 General Manager, MISInformation Technology (19) Kirloskar Ferrous Industries Ltd. (6)(01-04-1999)
6 Shubhakar P R (43) General Manager, Corp. Finance & B. Com, A.C.A., A.C.S. 2,923,782 Sr. Manager Finance, & Company Secretary,Company Secretary (16) BC Components India P Ltd; (2)(17-08-2000)
7 Shailesh Thakkar (55) Group Controller CA, LLB, ICWA, ICS 3,396,761 Manager AccountsAir Solutions (20) Calico Mills (8)(01-08-1988)
8 Pravin Shah (43) General Manager, Operations B.E. (Mech) 3,487,432 Workshop InchargeAir Solutions (20) Elite Engg Company (-)(13-06-1988)
** (B) EMPLOYED FOR PART OF THE YEAR:1 Adiga B N M (43) Incharge B.Com. 266,732 Typist/Clerk
Construction Technologies (21) Adarsh Traders (2)(05-03-1988)
2 Aggarwal N K (60) General Manager, Drilling Solutions B Tech, (Hons) 1,197,502 Trainee, Associated Instruments P Ltd; (-)Construction Technologies (36)(19-03-1971)
3 Ameerjohn B (49) Manager - Drilling Solutions DME., B.E. 640,295 InspectorConstruction Technologies (29) Fouress India Ltd. (1)(15-05-1980)
4 Anand C (44) Business Manager - Aftermarket B.Tech 728,831 -Construction Technologies (21)(01-01-1988)
5 Ananthamurthy N (52) Senior Engineer-Production DME 361,911 OperatorConstruction Technologies (31) Sharly Industries (1)(15-09-1979)
6 Anthony Ravindranath (37) Senior Fitter SSLC 269,461 -Construction Technologies (19)(01-04-1988)
7 Anthony Doss M (58) Incharge - C.R.F BA 377,140 -Construction Technologies (29)(01-03-1978)
8 Anto Suresh G (44) Executive - Strategic Sourcing DME 343,985 -Construction Technologies (20)(01-03-1989)
9 Arjun K R (55) Assistant Manager Stores B.Sc 574,950 RepresentativeConstruction Technologies (40) Anish Metal Industries (3)(01-12-1979)
10 Asgar Ahmed M (44) Designer ITI, SSLC 2,075,879 DraughtsmanConstruction Technologies (25) Girish Circular Looms (-)(07-06-1987)
11 Ashirvadam K G (48) Senior Storesman SSLC 269,212 SupervisorConstruction Technologies (29) OM Murugan Enterprises (9)(18-06-1987)
12 Ashok (49) Manager - Process Engineering BE, M.Tech 571,889 Management TraineeConstruction Technologies (21) Mysore Kirloskar India Ltd. (1)(29-10-1987)
13 Ayyappan A (52) Senior Technician SSLC 2,235,901 WelderConstruction Technologies (34) Sona Fabrication (1)(02-07-1979)
14 Balasubramaniam P M (51) Senior Technician ITI, 9TH Std. 363,054 FitterConstruction Technologies (30) Lakshmi Automatic Looms Works Ltd. (1)(02-05-1979)
15 Balasubramanian R (49) Head- Utility Equipment, Attachments B.E. 2,342,378 General Manager,and Bobcat business (27) Thermo King India P Ltd; (2)(01-05-2007)
16 Balasubramanya (44) Manager - Strategic Sourcing B.E. 448,066 Works ManagerConstruction Technologies (16) Concord Steel Works P. Ltd. (2)(01-09-1993)
17 Ballal N R (50) Manager - Product Engineering B.E. 689,650 EngineerConstruction Technologies (26) System Project P. Ltd. (2)(10-12-1982)
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CMYK
18 Balu V (51) Executive - Paint Shop B.Sc 367,687 Sr. Tech. AssistantConstruction Technologies (26) Simpson & Co.Ltd. (4)(08-06-1985)
19 Chandrappa G C (53) Senior Technician ITI, NAC, 8TH 2,311,161 ApprenticeConstruction Technologies (31) Hindustan Aeronautics Limited (2)(06-01-1978)
20 Chandrasekhar D K (51) Incharge B.Sc 345,959 Commercial Trainee ApprenticeConstruction Technologies (28) Hindustan Machine Tools Ltd. (1)(01-01-1981)
21 Chikkamath S B (49) Senior Technician TCH, SSLC 378,634 -Construction Technologies (29)(01-03-1978)
22 Christian J M (45) Manager - Engineering B.Sc. (Engineerring) 549,858 -Construction Technologies (22)(16-06-1987)
23 Dasaratha K D (55) Senior Technician ITI, SSLC 377,340 FitterConstruction Technologies (29) Fouress India P. Ltd. (1)(06-02-1978)
24 David Samuel (44) Assistant Manager - Process Engineering B.E. 470,117 ExecutiveConstruction Technologies (25) EID Parry India Ltd. (5)(01-09-1987)
25 Dayananda B E (48) Executive - Aftermarket B.E. (Industrial Production) 240,040 Site EngineerConstruction Technologies (12) Elegant Enterprises (3)(01-06-1995)
26 Deepak D (46) Senior Technician SSLC 2,213,377 -Construction Technologies (27)(19-01-1980)
27 Deshpande B V (46) Senior Engineer-Production DME 278,817 TraineeConstruction Technologies (22) Widia India Pvt. Ltd. (1)(01-07-1987)
28 Desouza D C (46) Senior Technician ITI, SSLC 2,101,136 FitterConstruction Technologies (25) DO ALL Service Station (1)(30-07-1986)
29 Devananda S (49) Senior Shipper SSLC 393,275 -Construction Technologies (29)(01-03-1978)
30 Dhanagaradass S (56) Senior Technician ITI, NAC, SSLC 394,335 FitterConstruction Technologies (31) Madras Dial Gauges & Measuring Instruments Co. (11)(01-01-1978)
31 Dias A A (42) Business Manager - Utility Equipment B.E (Mech) 735,903 Sales EngineerConstruction Technologies (20) Industrial & Marine Maintenance (1)(02-05-1989)
32 Dinesh V (42) Manager - Special Projects Cadd B.E. 624,184 LecturerConstruction Technologies (20) M S Ramaiah Institute of Technology (2)(14-07-1989)
33 Durgesh Nandan S (41) Executive - Materials B.E. 235,712 Production EngineerConstruction Technologies (14) Roll-on Bearings P. Ltd. (-)(04-08-1995)
34 Durairaj M (43) Officer B.Sc 281,627 Junior ChemistConstruction Technologies (26) The Tamil Nadu Florine Allied Chemicals Ltd. (2)(15-05-1986)
35 Elumalai A (53) Senior Operator NAC, SSLC 2,306,234 Millwright Maintenance FitterConstruction Technologies (31) Systems Manufacturing Pvt. Ltd. (-)(08-03-1978)
36 George Jaivanth (51) Engineer DME, NAC 337,360 FitterConstruction Technologies (28) N C Jain & Co. (4)(01-12-1981)
37 Girish A. Dixit (41) Executive - Engineering B.E. 262,936 Assistant ManagerConstruction Technologies (18) BPL Sanyo Utilities & Appliances Ltd. (1)(22-07-1996)
38 Glenville da Silva (51) Vice President & General Manager B.E. (Chem)., DMM,, MFM 3,721,559 Production TraineeConstruction Technologies, (28) Zuari Agro Chemicals Ltd. (1)Compact Vehicle Technologies(09-06-1980)
39 Gnanam G (44) Executive - Materials BE, DME 383,642 Jr. Purchase OfficerConstruction Technologies (21) Tube Products of India (1)(17-09-1986)
40 Gonsalves C K (50) Territory Manager B.A., D.A.M. 659,977 Office AssistantConstruction Technologies (26) Lion Pencils Pvt. Ltd., Mumbai (-)(01-07-1981)
41 Gopala Krishna B S (58) Manager - ESH BE (Elec.), DEE, DIS 555,037 Engineer - SafetyConstruction Technologies (39) Hindustan Aeronautics Limited (18)(03-03-1989)
42 Gopalakrishna R (46) Executive - Process Engineering AMIE, DME 328,055 InstructorConstruction Technologies (17) Sir M.Visveswaraiah Institute of Technology (2)(15-03-1992)
43 Gopalakrishnan M (53) Incharge B.Com. 260,681 Admin AssistantConstruction Technologies (30) Machinery Manufacturers Corpn. Ltd. (7)(05-06-1988)
Name and Age Designation, Nature of duties and Qualification/ Gross Last Employmentdate of commencement of Experience Remuneration Designation/Name of Company/Periodemployment Rs.
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44 Govindaraju B S (53) Assistant Manager - Accounts B.Com. 641,131 Sr. Accounts Assistant(23-01-1978) (34) Bengal Elec.Lamp Works (4)
45 Govindaraju N (58) Senior Technician ITI, SSLC 379,659 WelderConstruction Technologies (30) Shivmoni Steel Tubes Ltd. (5)(23-01-1978)
46 Gowda B M S (44) Incharge - Sales Support B.Com. 254,244 StenographerConstruction Technologies (25) Powerflow Ltd. (1)(03-05-1988)
47 Gregory Lewis (51) Senior Technician ITI, SSLC 2,286,305 WelderConstruction Technologies (29) KIMCO, Bangalore (-)(01-08-1980)
48 Gundu Rao T N (49) Senior Fitter SSLC 360,743 Contract LabourConstruction Technologies (28) Veesons Industries Structural Engineers (1)(03-03-1980)
49 Gururaj T R (43) Assistant Manager - Vendor Q.A B.E. 346,707 Sr. EngineerConstruction Technologies (18) Avasarala Automation Ltd. (6)(11-12-1995)
50 Halapeti A G (49) Technician ITI 268,684 -Construction Technologies (20)(01-07-1987)
51 Hebbar R K (40) General Manager, Internal Audit B.Com, I.C.W.A, A.C.A., CISA, 486,642 GM Finance & New Business Dev.(17-01-2008) (18) Jyoti Laboratories Ltd;. (2)
52 Indusehkar B R (44) Business Manager - Drilling Solutions B.E. 680,815 -Construction Technologies (20)(01-02-1989)
53 Iniyan V (54) Senior Technician ITI, SSLC 374,424 Maintenance FitterConstruction Technologies (31) Lakshmi Automatic Looms Works Ltd. (2)(01-01-1979)
54 Jayakar B (42) Senior Technician NAC, SSLC 280,665 -Construction Technologies (30)(29-07-1986)
55 Jayaprakash R (54) Senior Technician ITI, SSLC 375,029 FitterConstruction Technologies (29) Mysore Electrical Industries Limited (6)(23-06-1978)
56 Jayaprakash V (48) Executive - Network & Communication DE&TC 288,994 Sr. Customer Support EngineerConstruction Technologies (21) Zenith Computers Ltd. (5)(02-06-1994)
57 Jayaramaiah C (50) Senior Technician PUC 2,264,545 -Construction Technologies (29)(01-03-1978)
58 Joseph M V (49) General Manager, Engg (Asia Pacific) DME, BE, (Mech), MBA Mktg 1,217,764 Design EngineerRoad Development Business (32) Larsen & Toubro Ltd. (2)(18-07-1979)
59 Julian M. Reuben (40) Assistant Manager - Product Development BE (Elec.) 361,655 -Construction Technologies (17)(01-07-1992)
60 Kambar S S (48) Senior Technician ITI, NAC, SSLC 359,123 FitterConstruction Technologies (28) Sikka N Sikka Engineering P. Ltd. (-)(06-08-1980)
61 Kamdar J D (60) Assoc. Vice President - Projects B.Sc. Engg. Mech. 1,505,402 -Air Solutions (38)(07-10-1968)
62 Karuppaiah S (52) Senior Technician SSLC 2,236,668 HelperConstruction Technologies (32) Widia India Limited (1)(27-03-1978)
63 Kothandapani Y (56) General Manager, Operational Excellence BE, 759,671 ManagerConstruction Technologies (28) Larsen & Toubro Ltd. (16)(18-07-1996)
64 Kothanda Reddy A R (47) Senior Fitter SSLC 2,051,474 -Construction Technologies (21)(01-01-1986)
65 Krishna Kumar (42) Territory Manager B.Sc.(EngineerringMech) 596,726 Superintendent-EngineeringConstruction Technologies (23) Coal India Ltd. (13)(17-01-1996)
66 Krishnan G (42) Manager - Accounts AMIE, DME, MBA 518,766 CNC ProgrammerConstruction Technologies (20) Roopa Electronics P.Ltd. (3)(02-05-1990)
67 Kulkarni P V (47) Supervisor - Imports B.Com., DMM, DBM, DCS 541,509 Typist/ClerkConstruction Technologies (25) Raptakos Brett (2)(19-08-1983)
68 Kumar R N (50) Senior Engineer PDIE, DME 274,023 Industrial EngineerConstruction Technologies (27) Bombay Productivity Council (1)(08-02-1987)
69 Kumar S V (48) Senior Fitter ITI, SSLC 229,854 FitterConstruction Technologies (16) Vijay Construction Co. (1)(16-08-1991)
70 Kushalappa P M (52) Senior Technician SSLC 2,273,515 Office ClerkConstruction Technologies (30) Prasad Enterprises (1)(27-03-1978)
Name and Age Designation, Nature of duties and Qualification/ Gross Last Employmentdate of commencement of Experience Remuneration Designation/Name of Company/Periodemployment Rs.
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71 Lakshmana V (54) Senior Technician NAC, SSLC 2,274,779 FitterConstruction Technologies (31) Usha Martin Black (2)(08-11-1978)
72 Lakshminarasimhan S (43) Assistant Manager - Materials DME 390,552 Technical AssistantConstruction Technologies (24) Beard Sell Satec Ltd. (4)(03-06-1988)
73 Lakshminarayan N M (48) Technician NAC, SSLC 2,212,186 FitterConstruction Technologies (28) Venkatachalapathy Engineering Works (2)(19-01-1981)
74 Latheesan N (46) Ma
