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President’s Report

Dear Members, I am pleased to place before you the 180th Annual Report of the Madras Chamber of Commerce & Industry. I am privileged to be the President of this historical Chamber for the past two years which have been an extremely satisfying period to me, personally. I have witnessed diverse activities ranging from delegations, MOU signing, Meetings with Ministers and more than 100 seminars, workshops catering to the needs of various industries and members. With our 180th AGM round the corner, we happily recall the excellent 179th AGM which had Chief Guest Mr. Mohandas Pai, Chairman, Manipal Global Education Services enthralling the audience with facts and figures of the Indian Economy. He shared the dais with Mr. Rajiv Lochan, MD, Kasturi & Sons, who was as good as the Chief Guest. You would all agree that the AGM set the momentum for a fulfilling year. The Chamber, which had earlier done the Study on “Manufacturing in Tamil Nadu – A Regulatory road map” with an aim to provide useful reforms for ensuring ease of doing business, continued in its unstinted efforts by organizing an interaction meeting with Mr. Jayant Sinha, Hon’ble Minister of State for Finance, Government of India. This meeting was to give the views and suggestions of members on the reforms required on taxation, finance for fast tracking our economic growth and to hear the Government’s plans for ensuring ease of doing Business. The Minister’s acumen and the Government’s pro active steps to achieve robust sustainable growth were apparent in his address and overall it was a lively interactive meeting. We did not stop with the above effort. The Chamber was a proud partner to the Government of Tamil Nadu in organizing the spectacular Global Investors Meet 2015 which attracted investments worth Rs.2,42,160 crores. We had the special privilege of organizing the Important Seminar, immediately after the grand inaugural session, on “Think Tamil Nadu – Ease of Doing Business”, with eminent speakers from different sectors sharing their considered views about the advantage of investing in the State and coming out with suggestions to improve the ecosystem. This gave us an opportunity to interact closely with the State Government Officials, and reiterate our support to the Government of Tamil Nadu in reaching its goal to make the State “Numero Uno”.

The Chamber Day was a momentous occasion this year, as we launched one of the unique initiatives of the Chamber – SEE, meaning Start up Entrepreneurial Eco System. This is a platform to support and encourage budding entrepreneurs, especially the non IT start ups which include manufacturing and services apart from IT Start ups. We had the honor of Mr. Satya Narayan Bansal, CEO ,India Barclays launching SEE amidst speakers who were venture capitalists and entrepreneurs. The Chamber day witnessed an exceptional panel discussion by entrepreneurs and investors who shared their experiences and expectations. The Chamber’s efforts to make Tamil Nadu, a Start Up Capital for Non IT Industries continues through the SEE Boards, set up with numerous experts to handhold and mentor the budding entrepreneurs. As the centre of attention for the coming years is on Start ups, the Chamber would need your support and guidance and I am definite that you would also been keen to take this initiative forward. Our 11 member Delegation to South Korea headed by the Chairman, Logistics Committee was a great success. It paves way for more such delegations in future to explore business and collaboration opportunities with business counterparts in other nations, besides helping us to understand good and innovative practices. Another distinct program this year which received a positive feedback was the “Conference on Corporate Social Responsibility - The Next Phase”. This Conference organized under the auspices of the newly formed CSR Committee, helped us to understand the Challenges and opportunities faced by the Corporate and other institutions while implementing CSR. It had a galaxy of speakers from the Government, NGO’s, CSR Consultants, Corporate, sharing their experiences and expectations on CSR. The Flagship activities – Two day All India Workshop on Indirect Taxes and Post Budget Workshop attracted a huge turnout proving that the Chamber is still a class apart when it comes to such programs. We had several visiting Delegations during the year, notably, the 22 member delegation from Busan Chamber of Commerce with whom the Chamber has entered a MOU to foster economic development between the two regions and the interactions with Hon’ble Minister of Trade Industry and Tourism, FIJI.

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Our regular Joint Programs which includes Trade Meet with Kamarajar Port Ltd, ICICI Bank CEO Knowledge Forum, Profit Mantra for Businesses with FISMI were well received. This year we also had Conference on Make in India with Indo French Chamber of Commerce, 3rd Edition of Cargo Scope with Exim India Shipping Times, Presentation by Krishnapatnam Port, Workshop on Foreign Trade Policy among others which enhanced our relationship with other Corporates, Chambers, Institutions proving the strength of collaborations and joint efforts . The Chamber, in association with a few like minded organisations such as, Governance Regulation Anti Corruption through Education (GRATE), Anti Corruption Academy, (ACA) New Delhi and Institute of Directors (IOD), organised an exclusive International Conference on “Connecting Voices to Combat Corruption” with an aim to create a common platform to discuss this important subject among the different stakeholders including policy makers, businesses, professionals, Academia, and the civil society and suggest an action plan. It was a grand success with eminent speakers from overseas, Government and other Institutions sharing their perceptions to combat this systemic issue. Apart from the above, we have had number of seminars, workshops, Conferences, round table meetings, interactive sessions on a wide range of topics and sectors of relevance today ,exceeding the mark of 120 programs an year and raising the bar further. We have had the privilege and opportunity to interact with many eminent persons such as Justice Mr. R. V. Eshwar, Chairman of Committee constituted by GoI for simplifying IT Act 1961, Dr. Sunder Ramaswamy, Officiating Director & Visiting Distinguished Professor, Madras School of Economics, Dr. Atul Chaturvedi, Joint Secretary, DIPP, Mr. T.S. Mahalingam , Former CFO, TCS & Member TARC, Committee Mr. M.Damodaran, IAS Retd. Former Chairman, SEBI, Mr. K. Rajaraman, IAS, Principal Commissioner for Commercial Taxes, GoTN among others. While we were smoothly sailing with our activities, we also need to remember the catastrophe which all of us faced in the month of December – the unprecedented floods in Chennai. It had tremendous impact on the Industries, especially the SME’s. The Chamber immediately initiated a Back 2 Business Help Desk and proactively wrote to the Government, (State and Central) for considering relief measures for the businesses. A survey of the impact of floods on our member industries was commissioned and a few programs on disaster management, few interactive meetings with stake holders and the like were organized to lend a helping hand. The Vocational Training and Skill Development Centre had its regular programs this year. The

Chamber has formed an Action Committee to review and strengthen the activities of the Skill Development Centre and initial action has been taken to tie up with Colleges for conducting Finishing School programs for engineering and ITI students to make them employment ready. The Chamber organized a Joint Diploma Course in Global Trade Management with the University of Madras, Chennai, with an exclusive curriculum that would encourage employment for the participants in the companies in supply chain, either Importer/Exporter or Service Providers. This was followed up by courses in Industrial Relations. The Chamber continues to provide skill oriented courses to strengthen the gap between education and employment. We are in touch with the agencies and Government of Tamil Nadu who are keen to develop Chennai as a Smart City. The Chamber is analyzing its role and would come up with plans to play an active role in the development of Chennai as a Smart City . While we march towards our 200th Anniversary, the Chamber’s focus would be on 4 S’s. - Start Ups, Skill Development, Smart Cities and Sustainability. I take this opportunity to thank all the members for their support and I sincerely hope that you would continue to be the pillars of strength to the Chamber to achieve its targets and help it to scale to greater heights. On a personal note, I should say that I have had a great time as President of the Chamber which was both extremely gratifying and enriching to me. I believe that I contributed my best to the varied activities of the Chamber, while enjoying thoroughly the term of my office. It has been an honor and a privilege to lead this prestigious institution. A special thanks to my colleagues on the General Committee and Expert Committees for their valuable contribution and support. We have not only crossed 100 programs every year in the last two years, but showed our class in the quality of programs. Thanks to the drive of every member in the committee that the Chamber is progressing towards its target of 1000 members by 2020. I would like to thank the Secretariat for their wonderful efforts and utmost cooperation in making the last two years very special and memorable ones. I assure my continued support to the Chamber and all its activities in the coming years. Wishing the Chamber and the Members a long and cherished relationship! Best Wishes

S.G. Prabhakharan President

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OUR MISSION vvv It is our Mission to proactively influence public policy and practice on issues which impact economy, trade, commerce and industry besides social processes such as education and health, infrastructure and environment. Reliability, timeliness, innovation and work ethic of a high order is our offer to support and serve our Members. vvv VALUES AND BELIEFS We v will function with sincerity, dedication and commitment v will provide the best quality service to our members v will empower employees to fulfill our objectives v will maintain a working atmosphere conducive to building trust and developing team work v will be alive to competition and constantly upgrade our services to be a leader v will act as a responsible law abiding Chamber and will make effective contribution to the society v will jointly work with members continuously for improving the quality of work life

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GENERAL COMMITTEE 2015-2016 President:

Mr. S. G. Prabhakharan

Chairman, XS Real Properties Private Limited

Vice-President:

Mr. Ram Venkataramani Managing Director IP Rings Ltd.

Members (Elected) : Mr. R. Anand

Partner - Tax & Markets Ernst & Young Pvt. Ltd.

Mr. N. S. Balachandra Datta Asst.Vice President Hyundai Motor India Ltd.

Ms. Gayathri Sriram Managing Director Ucal Auto Pvt.Ltd.

Mr.Ishwar Achanta

Managing Director Portman India Private Limited

Mr.K.Suresh

President & CEO India Cements Capital Ltd.

Mr. K. Vaitheeswaran

Advocate & Tax Consultant K.Vaitheeswaran & Co.,

Mr Vijay Sankar

Deputy Chairman The Sanmar Group

Mr. Vijay P Chordia

Director Stonecolour Exim Private Limtied

Mr. R. Vittal Raj Partner Kumar & Raj

Mr. P. Viswanathan

Secretary & Compliance Officer Sundaram Finance Ltd.

Ex-Officio Mr. T. Shivaraman

Managing Director & CEO Shriram EPC Ltd.

Mr. P. Kaniappan Managing Director Wabco India Ltd.

Members (Co-opted)

Mr J Krishnan

Mr.V.A.George

Partner S Natesa Iyer & Co.

Managing Director Thejo Engineering Ltd.

Mr. S. Parthasarathy

Dr. S. Gurusamy

Chief Executive Officer Rane (Madras) Ltd.

Professor and Head – Department of Commerce University of Madras

Mr. G. V. Raman

Dr. R. Mahadevan

Executive Chairman Shriram Group of Companies

Group Technology Director India Pistons Ltd.

Dr. K. V. Rajendran

Dr. K. Nirmala Prasad

Advisor Neophyll Agrisciences Pvt.Ltd.

Former Principal, M.O.P. Vaishnav College for Women

Mr. Ramkumar Ramamoorthy

Mr.Partha Purkayashta

Sr.Vice – President – Corp. Marketing, Research & Communications Cognizant Technology Solutions India Pvt.Ltd.

Managing Director Amec Foster Wheeler India Private Limited

Mr. A. R. Subramanian

Managing Director ICRA Management Consulting Services Limited

Executive Director-Finance & Company Secretary Schwing Stetter India Pvt. Ltd.

Mr.R.Subramanian

Managing Partner R.Subramanian & Co.,

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Mr. R. Raghuttama Rao

Mr. Ramkumar Shankar Executive Director Chemplast Sanmar Ltd.


Mr. N. K. Ranganath

Mr. N. Ramachandran

Mr. V. Ranganathan

Mr. L. Sabaretnam

Mr.S.Seetharaman

Mr. N. Sankar

Mr. M. R. Venkatesh

Mr. Srinivasan K Swamy

Special Invitees (Past Presidents)

Mr. N. Srinivasan

Managing Director Grundfos Pumps India Ltd.

Chairman Results Investments Pvt Ltd

Partner, TCE Tax & Regulatory Services Ernst & Young Pvt. Ltd. Chairman & Managing Director Super Auto Forge Private Ltd.

( Director Coromandel Sugars Ltd.) Chairman The Sanmar Group

Partner GSV Associates

Chairman & Managing Director R K Swamy BBDO Pvt. Ltd.

Mr. V. Balaraman

Former Chairman CAMS .

Mr. Hari Eswaran Chairman Easun Group

Senior Partner (Retd.) F & R

Mr. N .Srinivasan

Vice-Chairman & Managing Director The India Cements Ltd.

Mr. T. T. Srinivasaraghavan Managing Director Sundaram Finance Ltd

Ms. Mallika Srinivasan

Chairman & Chief Executive Officer Tractors & Farm Equipment Ltd.

Mr. N. Venkataramani

Chairman & Managing Director India Pistons Ltd.

Mr. Murali Venkatraman

Vice-Chairman & Managing Director W S Industries (I) Ltd.

PROGRAMS AT A GLANCE Special Programs

6

Flagship Activity

2

Doing the Honors (Visit of Delegations)

4

Sowing the Seeds (Seminars/Workshops & Training Programs)

11

Together we grow (Joint Programs)

20

Food For Thought

3

Sustainable Chennai Forum Activities

4

Back 2 Business

2

General Committee Meetings

12

Expert Committee Meetings & Seminars

57

Representations made to Government

4

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PROGRAMS APRIL 2015 - MARCH 2016 7th April 2015

18th April 2015

Discussion on “The Union Budget 2015: Reform Challenges – Lessons from International Experience” by Mr.Subra Ramamurthy

Follow up Session on Finance for Women Directors Forum

7th April 2015 Program on SAP Ambition Express with SAP India and HTC Global Service.

April 23rd 2015

Resource Experts : Mr.P.Kaniappan, MD, Wabco India Ltd

Consultative Meeting with State Government Officials on Labour Laws/ Factories Act

16th April 2015

Chief Guest : Ms.P.Amudha, IAS., Commissioner of Labour

3rd Trade Meet with Kamarajar Port Limited Chief Guest : Mr.S.Anantharaman, IRTS, Chief Operating Officer, Southern Railway Special Address : Mr.Hidehiro Ishiura, Director General, JETRO & Mr.P.K.Behra, IRS, Commissioner of Customs, Chennai Speakers : Mr.Senthil Kumar, KPL, Capt.Ramnath, APSEZ, Ennore Container Terminal, Mr.N.Suresh, Chettinad Bulk Terminal, Mr.G.R.Balakrishnan, OGPL, Mr.G.Sridhar,NTC, Mr.S.Pradeep, Puyvast Maritime & Mr.N.S.Vijay, Toyoto Kirloskar.

16th April 2015 Workshop on Green Freight jointly with IIT Madras and Clean Air Asia. Chief Guest : Mr.K.Skandan, IAS., Chairman, TNPCB Speakers : Dr.Gitakrishnan, IITM, Dr.Shiv Nagendra, IITM, Mr.Sameera Kumar, Clean Air Asia, Mr.Sugumar Rajendran, President, Transport Owners Association & Mr.Kumar, TNPCB

18th April 2015 Workshop on Foreign Trade Policy with FIEO Special Address : Mr.Rafeeque Ahmed, Immediate Past President, FIEO & Mr.J.V.Patil, Joint Director General, Foreign Trade, Ministry of Commerce, Chennai Speakers : Mr.B.Sriram, Partner, Ernst & Young & Mr.S.Murugappan, Advocate and Exim Consultant

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Resource Person : Dr.Suresh Srinivasan, Visiting Professor, Great Lakes Institute of Management

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April 23rd 2015 In-house Training Program on Attitude Building for Professional Growth Resource Expert : Mr.Akbar Khan, Trainer

28th April 2015 “Doing Business with Indonesia & Trade Expo, Indonesia” jointly with Consulate General of Indonesia Chief Guest : Mr Saut Siringoringo, Consul General of the Republic of Indonesia, Mumbai

13th May 2015 MCCI Vocation Training and Skill Development Centre at Tiruvallur – Data Entry Operators Course - Valedictory Session

14th May 2015 Interactive meeting with Mr. Damodaran Retd. IAS Former Chairperson, SEBI

16th May 2015 L a u n c h o f D i p l o m a i n G l o b a l Tr a d e Management Course - MCCI jointly with University of Madras

18th May 2015 Conference on Make in India – Indo French Collaboration jointly with IFCCI, Chennai Chief Guest : Mr.Atul Chaturvedi, Joint Secretary, DIPP, New Delhi & Mr.C.V.Sankar, IAS., Additional Chief Secretary, Industries Department, GoTN


Speakers : Mr.Atul Renavikar, Site Director, Michelin Tyres Tamil Nadu Ltd, Mr.Bharat Salhotra, Managing Director, Alstom Transport India Ltd., Mr.Denis Bauer, Managing Director, Areva Renewable Energies India P.Ltd., Mr.Nitin Seth, President, LCV & Defence, Ashok Leyland & Mr.S.Chandramouli, Business Head – International Business, TAFE Ltd.

20th June 2015 Seminar on Works Contract-Taxing Principles and Issues Chief Guest : Mr Arvind P Dattar, Sr.Advocate & Mr.B.Ramakrishnan, Executive Vice President (F&A), L&T Construction

Resource Expert : Mr.Aravamudhan, Trainer

Speakers : Mr.N.Venkataraman, Senior Advocate, Mr.K.Sivarajan, Chartered Accountant, Mr.K.Vaitheeswaran, Advocate & Tax Consultant, Mr.P.R.Subramaniyan, Head – Indirect Taxation, L&T Construction, Mr.P.Purushothaman, Advocate & Mr.Satish Sangameswaran, Director – Indirect Taxes, PWC, Mumbai.

5th June 2015

23rd June 2015

21st May 2015 Inhouse Training Program on “Business Changes and Challenges, Role of Shop Floor Managers/Supervisors

FFT on Climate Change – Is it a Hype or a Reality? Speakers : Dr.K.Palanivelu, Director, Centre for Climate Change and Adoption Research, Anna University, Ms.Vidya Soundararajan, Senior Regional Advisor, Climate & Energy Growth, BDHC, chennai and Ms.P.Tara, Joint Managing Director, Ultramarine & Pigments Ltd, Chennai.

6th June 2015 Legal Conclave 2015 – March of Jurisprudence Chief Guest : Hon’ble Justice Mr.T.Raja, Judge, High Court, Chennai Special Guest : Mr.G.Masilamani, Senior Counsel, High Court, Chennai Speakers : Mr. Anirudh Krishnan, Founder Partner, A.K. Law Chambers, Mr. Rahul Balaji, Advocate, Madras High Court, Mr.Saif Jamali, Regional Legal Manager, Hindustan Unilever Limited, Judge Mr.S.F.Akbar, State Information Commissioner, Tamil Nadu Information Commission, Ms. Madhuri Guruswamy, Advocate, T.S.Gopalan & Co, Mr.P Ragunathan, Partner, T.S.Gopalan & Co., Ms. V. Karthika, Head – Legal, Ford India Private Ltd.

Recent E initiatives by PF DepartmentInteraction Meeting with Mr.S.D.Prasad, Regional PF Commissioner, Chennai

24th June, 2015 Program on the Impact of Companies Amendment Act 2015 – Exemptions & Implications Speakers : Ms.B.Chandra, Practising Company Secretary, Ms.C.S.Swetha Subramanian, Practicing Company Secretary & Mr.CS.P. Sriram, Practicing Company Secretary

25th June 2015 Interactive Meeting with Mr.Cho Sung Je, President, Busan Chamber of Commerce & signing of MoU

1st July 2015 179th Annual General Meeting Chief Guest : Mr.Mohandas Pai, Chairman, Manipal Global Education Services & Mr.Rajiv C Lochan, MD & CEO, Kasturi & Sons Ltd.

3rd July 2015 Seminar on IND-AS jointly with Deloitte Speakers from Deloitte : Mr.Vikas Bagaria, Mr.K .N.Krishnan, Mr.V.P.Manikandan & Ms.Gayathri

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6th July 2015

26th August 2015

Seminar on Corporate Governance

Interactive Meeting with Regional Director & Registrar of Companies, Chennai

Speakers : Mr.M.Damodaran, IAS., Retd. and former Chairman, SEBI, Mr.N.Srinivasan, Senior Partner (Retd.,), Fraser & Ross and Past President, MCCI; Mr.S.Ramakrishnan, Partner, PKF Sridhar & Santhanam, Mr.N.Ramanathan, MD, Ponni Sugars Ltd.

Chief Guests : Mr.B.K.Bansal, Regional Director, Ministry of Corporate Affairs & Mr.Sridhar Parmarthi, ICLS, Registrar of Companies, Ministry of Corporate Affairs.

27th August 2015 10th & 11th July 2015 3rd CARGO SCOPE 2015 – An International Conference

11th July 2015 Meeting with Mr.Jayant Sinha, Hon’ble Minister of State for Finance, Government of India

24th July 2015 MCCI – ICICI Bank CEO Knowledge Forum Resource Expert : Mr.S.Varadarajan, Promoter & Director, VA Tech Wabag Ltd.

Chief Guest : Ms.Chitra Venkataraman, Retd. Judge, Madras High Court Speakers : Mr.P.V.S.S.Prasad, Managing Director, Prasad & Prasad, Chartered Accountants, Hyderabad ; Mr.Rounak Chordia, Senior Manager, Tax & Regulatory Services, E&YLLP, Mr.V.P.Manikandan, Director-Global Business Tax, Deloitte Haskins & Sells & Mr.M.P.Vijayakumar, Chief Financial Officer, SIFY Ltd.

2nd September 2015

31st July 2015

Program on Transfer Pricing jointly with E & Y

MCCI & KPCL – Business Meeting and Presentation

Speakers : Mr.Ashwin Viswanathan, Executive Director, EY India; Mr.Vijay Iyer, Partner & National Transfer Pricing Leader, EY India; Mr.Miller Williams, Partner, EY, USA & Mr.Ameet Kapoor, Executive Director, EY India, New Delhi.

Resource Experts : Mr.Anil Yendluri, Director & CEO, KPCL & Ms.Vinita Venkatesh, Director KPCL

18th

August

2015

Seminar under CCCCC on “Invest in Brussels” Chief Guest : Dr.Bart De Groof, Consul General, Consulate General of Belgium, Chennai Resource Expert : Ms.Kathlijn Fruithof, First Secretary, Trade & Investment, Consulate General of Belgium, Chennai

22nd August 2015 Food For Thought Program on “Black Money Story – A global growth and a global disaster” Speakers : Mr.N.Ranganathan, Partner, E&Y LLP and MCCI’s General Committee Member & Mr.N.Venkataraman, Senior Advocate

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Seminar on “Income Computation and Disclosure Standards”

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9th & 10th September 2015 Tamil Nadu Global Investors Meet 2015 – New Policy Initiatives by Tamil Nadu Government Seminar on “Think Tamil Nadu – Ease of Doing Business” Speakers : Mr Shailendra Singh, IAS., JS & CVO, DIPP ; Mr.Riuji Kawashima, Deputy Managing Director, India Yamaha Motor Pvt. Ltd.,; Mr Ratin Basu, Country President, Alstom India and South Asia; Mr.Gopal Srinivasan, Chairman and Managing Director, TVS Capital Funds Ltd. ; Mr.Vijay Sankar, Deputy Chairman, Sanmar Group, Mr.T.Kannan, Chairman & MD, Thiyagarajar Mills Ltd. & Mr.N.Lakshmi Narayanan, Vice Chairman, Cognizant Technology Solutions.


14th September 2015 Discussion on the follow up on TARC Report with Mr.S.Mahalingam, Former CFO, TCS & a Member of the Commission

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th

September 2015

C H A M B E R DAY & L a u n c h o f S t a r t u p Entrepreneurial Ecosystem (SEE) Chief Guest : Mr.Satya Narayan Bansal, CEO India, Barclays Wealth & Investment Management and Mr.Sarath Naru, Managing Director, Ventureeast

30th September 2015 Bilateral Opportunities between India and Qatar & GCC Speakers : Mr.Rashid Bin Ali Al Mansoori, CEO, Qatar Exchange; Mr.Ramkumar Shankar, Deputy Managing Director, Chemplast Sanmar Ltd ; Dr.Seetharaman, Chief Executive Officer, Doha Bank & Mr.Ganesan Ramakrishnan, Head of International Banking, Doha Bank

9th & 10th October 2015 All India Workshop on Indirect Taxes Chief Guest : Mr.S.Ramesh, IRS, Chief Commissioner of Customs, Chennai Customs Zone & Mr.K.Rajaraman, IAS., Principal Secretary & Commissioner, Commercial Taxes, GoTN for Inaugural and Valedictory Sessions respectively. Speakers : Mr.K.Vaitheeswaran, Advocate & Tax Consultant & Chairman, MCCI Indirect Tax Committee; Mr.K.K.Sekar, Head-Indirect Taxes, Ashok Leyland Ltd., ; Mr.C.V.S.Krishnakumar, Director – Corporate Affairs, Kone Elevator India Pvt.Ltd., ; Mr.K.Sivarajan, Partner-Indirect Taxes, PWC; Mr.B.Sriram, Partner-Tax & Regulatory Services, E&Y LLP, Mr.Girish Raman, Chartered Accountant, Mr.N.Venkataraman, Senior Advocate, A.R.Krishnan & Co., Mumbai ; Mr.P.Purushothaman, Advocate & Consultant, Mr.P.R.Subramaniyan, DGM – Corp, Indirect Taxes, L&T Construction & Charman, MCCI VAT Committee, Mr.R.L .Ramani, Senior Advocate, Ms.Aparna Nandakumar, Advocate

& Ms.Jayashree Parthasarathy, Partner, BMR Advisors, Bengaluru.

14th to 16th October 2015 EA Water Global Conference on Water and Waste Management Inaugural Address & Chief Guest : Ms.Shanta Sheela Nair, Vice Chairperson, State Planning Commission, Chennai Speakers : Mr Achim Fabig, Consul General, Germany; Mr.Vijay Kumar, Chief Representative, NBSO; Mr.Rajiv Mittal, MD & Group CEO, VA tech Wabag Ltd., & Dr.S.Prabhakar, Member, Executive Committee, India Desalination Association.

14th October 2015 2nd Edition – Profit Mantras for Business jointly with FISME & HP Speakers : Mr Abhijeet Bhandari, Co-Founder & Director, GREX, Mr.Mohammed Nazir, Hewlett Packard, Mr Ravi Guria, Dy-Program Director – Media & Communication, Digital Empowerment Foundation & Mr.Rajiv Khurana, CEO & Founder.

15th October 2015 Program on Imports / Exports Procedures Resource Expert : Mr.J.Krishnan, General Committee Member, MCCI

19th October 2015 Interactive meeting with Mr.Martin Garatt, Chief Executive, Cambridge Cleantech, U.K.

26th to 31st October 2015 MCCI Delegation to Korea

5th November 2015 Interactive Meeting with Dr.Rashid Shaikh, Director of Science, Health Effects Institute (HEI), Boston, USA jointly with US Consulate

12th November 2015 Round table meeting to discuss the Draft Civil Aviation Policy ANNUAL REPORT 2015-16

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28th November 2015 Food for Thought on “Social Media – Not for Me” Speakers : Mr.R.Vittal Raj, Partner, Kumar & Raj, Mr.J.Raghunathan, Chairman, MCCI Expert Committee on IT/ITES, Mr.Sorav Jain, Thinker in Chief, echoVME, & Ms.Subhasri Sriram, Executive Director & CFO, Shriram City Union Finance Ltd.

30th November 2015 Interactive meeting with Dr.Oskar Andesner, Australian Trade Commissioner

22nd January 2016 Workshop on Domestic Enquiry Speakers : Mr.Anand Gopalan, Partner, TSG & Co., & Chairman, MCCI HR & Legal Committee, Mr.Akbar Khan, HR Consultant, Formerly General Manager (P&A), Ashok Leyland & Mr.Ravindran, Advocate

22nd January 2016 Workshop on Crisis Management jointly with Deloitte Resource Expert : Mr.Amry Junaideen, President, Enterprise Risk Services, Deloitte India & Mr.Senthil Ramasamy, VP – Global Head of BCM Speakers in Panel Discussion : Mr.R.Vaidyanathan, Director & Head – BCM CoE & Client Services, Cognizant Technology Solutions, Mr.S.Vaitheeswaran, Executive Director – Sales & Support Services, Sundaram BNP Paribas Fund Services Ltd., Mr.G.Ananda Narayanan, India Cements Ltd., Mr.N.Ramakrishnan, Senior Vice President, CAMS & Mr.George Ittyerah, Director, Enterprise Risk Services, Deloitte India.

23rd January 2016 International Summit on Innovation & Leadership DNA’2016 – MOP Vaishnav College for Women – MCCI Supporting Partner Chief Guest Mr. C V Subba Rao, Deputy Managing Director (Shipping) – Sanmar

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ANNUAL REPORT 2015-16

Speakers : Dr. Rekha Shetty, Managing Director, Minds Power and Ms. Gowri Thiyagarajan Mukherjee, CMO & Co-Founder – Creditmantri, Mr. Venu Srinivasan, Managing Director – Leo Coffee, Mr.T N Manoharan, Chairman MCA Group, Mr. N K Ranganath, Managing Director & CEO – Grundfos India,Mr. Sunil Subramanian, Head Cricket Coach – TNCA Academy,Mr. Arun Kumar, Assistant Editor - DT Next, Dr. Goda Venkateswaran Sastrigal, Spiritual leader, Mr. Y Rama Rao, CEO – Spark Capital & Mr. Mahalingam Krishnamurthy, Partner & Director – TSM Group of Companies

30th January 2016 Certificate Course on “Industrial Relations for Industrial Harmony” Chief Guest : Ms.Kalaivani, Joint Labour Commissioner, Dept. of Labour, GoTN Faculties : Mr.Akbar Khan, HR Consultant, Mr.Anto Vincent, HR Consultant, Mr.Anand Gopalan, Partner, TSG & Co.,& Chairman, MCCI Expert Committee on HR & Legal, Mr.Sridhar Rajagopalan, Country Head, HR & LR, Caterpillar

1st February 2016 Interactive Session on GOI’s new Guidelines for LOCs to Overseas Government organized by EXIM Bank – MCCI Supporting Partner

4th February 2016 Discussion on Recent Amendments on the Payment of Bonus Act 2015 Resource Expert : Mr. Anand Gopalan, Chairman, MCCI Expert Committee on HR & Legal

5th February 2016 Program on Annual Change Makers Day jointly with Unltd Tamil Nadu & IIT

5th February 2016 Interactive meeting with Hon’ble Minister of Trade, Industry & Tourism, Republic of Fiji Chief Guest : Mr.Faiyaz Koya, Hon’ble Minister of Trade, Industry & Tourism, Fiji & Mr.Truman Bradley, Chairman, Tourism, Fiji


10th February 2016 Interactive Meeting with Justice Mr.R.V.Easwar (Retd.) - Discussion on Simplifying the Provisions of the Income Tax Act 1961

12th February 2016 India South East Asia Relationship Business Summit 2016 - Jointly with LIBA Guest of Honour : Mr.Saut Siringoringo, Consul General, Republic of Indonesia Special Guest : Dr. Jebamalai Vinanchiarachi Chairman, Experience Foundation and Former Principal Adviser to the Director General – UNIDO Chief Guest : Dr Daniel Babu Paul, IAS- Former Chief Secretary, Government of Kerala

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th

February 2016

Program on “COP 21- India’s commitments and Possible Business Opportunities” Speakers : Mr.V.Subramaniam, Former Secretary, MNRE, GoI, Mr Bharat Joshi, Dy.High Commissioner, British High Commission, Prof Sudhir Chella Rajan, Head – IGST, IIT, Madras, Dr.C.K.Subramanian, Professor, VIT, Mr.K.Venugopal, Director, Kasturi & Sons, Mr.Boovarahan Thiurmalai, CEO, Aspiration Energy

Conference on “Corporate Social Responsibility – The Next Phase” Chief Guest : Mr.Lakshmi Narayanan, Vice Chairman, Cognizant Technology Solutions Speakers : Mr.Santosh Jayaraman, Director, Climate Change & Sustainability, KPMG, Mr.Ashesh Ambasta, VP, Head of Social Investments, ITC, Ltd., Ms.Gayathri Subramanian, Convenor & Chief Program Executive, IICA, New Delhi, Mr.P.S.Kaushik, Senior Market Manager, NextGen & Mr.Ashoke Joshi, Chairman, Srinivasan Services Trust.

2nd March 2016 Workshop on Central Budget and the Finance Bill 2016-17 Speakers : Mr.Sriram Seshadri, Partner, PWC, Mr.K.Vaitheeswaran, Advocate & Tax Consultant & Mr.M.R.Venkatesh, Partner, GSV Associates

3rd – 5th March 2016 Water Today’s 10th Edition of Water Expo

11th March 2016 Workshop on Health & Safety Measures for Automobile & Engineering Sector jointly with DGFASLI

Discussion with the VC, State Planning Commission

Resource Experts : Mr.R.Kulothungan, Chairman, MCCI Expert Committee on Environment, Water Conservation, Pollution & Prevention Control, Dr.R.K.Elangovan, Deputy Director General, DFGFASLI, Ministry of Labour & Employment, Govt. of India, Mr. P. Rajmohan, Toshiba JSW Power Systems, Mr.N.Subramonia Pillai, General Manager (Retd), NLC, Mr.T.Jaganathan, HSE Safety Consultant, Dr.T.Thamizharasi, Occupational Health Specialist.

24th February 2016

24th March 2016

Program on Negotiating Skills jointly with Business Standard

Valedictory and Distribution of Certificates – Diploma in Global Trade Management – MCCI & UNOM

20th February 2016 Training & Practical session on New e-C Tax Project by Officials of the Commercial Taxes Dept. GoTN

23rd February 2016

Resource Expert : Mr.Balaji Bharadwaj, Director, Air Sea Forwarders India Pvt.Ltd.

26th February 2016 ANNUAL REPORT 2015-16

11


indian economy India, which is considered as one of the fastest growing economies in the world, saw its growth rate improving to greater than 7 percent in the past two years.India is now the seventh largest economy in the world with GDP of US$ 2.09 trillion. In purchasing power parity (PPP) terms, India is already the third largest economy with GDP of US$ 8 trillion, accounting for 7% of world total. GDP Growth India’s economic growth as measured by GDP improved from 7.2 percent in 2014-15 to 7.6 percent in 2015-16. Growth has been driven by strong growth in electricity and manufacturing sector. Growth in services sector has decelerated in 2015-16 because of slower growth in construction. Despite two years of deficient monsoons, agriculture growth has been positive at 1.2 percent in 2015-16. ANNUAL GDP AND GROWTH IN CONSTANT (2011-12) PRICES

What is however worrisome is the continued slowdown in industrial production with growth slowing down from 2.8 percent in 2014-15 to 2.4 percent in 2015-16. Manufacturing continued to underperform and capital goods production declined 2.9 percent in 2015-16. ANNUAL GROWTH RATES OF INDEX OF INDUSTRIAL PRODUCTION Industrial production increased only 0.2 percent in the fourth quarter of 2015-16, with manufacturing sector recording a decline of 1.1 percent. Manufacturing’s share of GDP has stagnated around the 15-18 percent mark for almost three decades now. The past four years have been particularly hard on manufacturing. However there is now greater focus on increasing the share of manufacturing in GDP. Performance of Core Industries

India’s fourth quarter GDP growth stood at 7.9 percent. Compared with the previous quarter, higher growth was recorded in almost all subsegments. India is now the fastest growing major economy. Average growth in the emerging markets and developing economies including China declined from 4.6 per cent in 2014 to 4per cent in 2015 (calendar-year basis). Growth in advanced economies improved from 1.8 percent in 2014 to 1.9 percent in 2015.

The combined index of core industries stood at 183.7 in May 2016 indicating slow growth of 2.8 percent. On an annual basis, the growth in index slowed down from 4.5 percent in 201415 to 2.7 percent in 2015-16. Growth has been higher for coal, electricity, cement, fertilizers, and cement. However, the index declined for crude oil, gas, and steel. Fourth quarter growth improved to 5 percent reflecting higher growth in electricity generation, cement, and refinery production.

GROWTH IN EIGHT CORE INFRASTRUCTURE INDUSTRIES Quarterly Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Annual (FY) 2014 2015 2016

12

Overall

Coal

Crude Oil

Natural Gas

Refinery Prod.

Fertilizers

Steel

Cement

Electricity

6.0% 4.2% 6.8% 1.3% 2.4%

6.6% 8.8% 12.5% 5.2% 7.3%

-0.1% -2.3% -0.2% -0.8% -0.8%

-3.9% -7.6% -3.1% -5.2% -4.2%

-1.3% -4.1% 6.1% 0.7% 4.2%

8.6% -6.8% -3.9% 4.0% 2.4%

7.2% 5.9% 7.7% -1.3% 2.3%

9.6% 9.9% 4.2% -0.5% 1.3%

11.3% 9.5% 9.4% 3.7% 1.9%

2.3% 0.9% 5.0%

0.9% 5.3% 4.7%

1.7% -3.2% -3.1%

0.1% -4.0% -8.6%

3.1% 0.1% 7.9%

13.1% 14.2% 14.7%

-3.7% -4.7% 0.0%

1.6% 4.3% 11.4%

6.6% 3.9% 8.8%

4.2% 4.5% 2.7%

1.3% 8.1% 4.6%

-0.2% -0.9% -1.4%

-13.0% -4.9% -4.2%

1.5% 0.3% 3.8%

1.5% -0.1% 11.3%

11.5% 4.7% -1.5%

3.1% 5.6% 4.7%

6.0% 8.4% 5.3%

ANNUAL REPORT 2015-16


Inflation Inflation pressures have been subsiding since mid-2014 because of sharp decline in commodity prices. The wholesale price index (WPI) fell 2.5 percent in 2015-16 because of 11.7 percent decline in prices of fuel and power, and negligible 0.3 percent increase of prices of primary articles. Manufactured products prices fell 1.1 percent in 2015-16. Retail inflation, as measured by consumer price index (CPI) was higher than WPI at 4.9 percent in 2015-16 indicating high intermediation costs. Based on WPI, there was deflation for 17 months from November2014 to March 2016 with minerals and energy being the largest contributor. Food inflation was also low at 3.4 percent in 2015-16. However, inflation rates have edged up in 2016-17 because of recent rebound in world commodity prices and larger than expected seasonal increase in food prices.

third successive year of contraction. The share of exports in GDP declined from 15.2 percent in 2014-15 to 12.6 percent in 2015-16, while the share of imports declined from 21.9 percent in 2014-15 to 18.3 percent in 2015-16. This resulted in a lowering of trade deficit from 6.7 percent of GDP in 2014-15 to 5.7 percent in 2015-16. The sharp decline in imports and imports during 2015-16 resulted in a decline in India’s trade deficit from US$ 137.7 billion in 2014-15 to US$ 118.4 billion in 2015-16 contributing to a lower current account deficit (CAD). BALANCE OF PAYMENT INDICATORS

QUARTERLY GROWTH RATES OF WHOLESALE PRICE INDEX

WPI increased 0.8 percent in May 2016 caused by high increase in food prices. Retail inflation increased from 4.8 percent in March 2016 to 5.8 percent in May 2016 mainly due to high inflation rates for vegetables and pulses. Domestic production of rice and pulses has fallen for a second consecutive year in 2015-16. However, retail inflation for fuel and light has remained low at 2.9 percent in May 2016. The External Sector The external sector witnessed a substantial slowdown in 2015-16 with sharp decline in trade volumes and value. Exports in value terms (Rs. ) declined 9.6 percent in 2015-16 with growth forecast at 2-3 percent in 2016-17. Import value fell 9.2 percent in 2015-16 and growth is expected at 4-5 percent in 2016-17. The decline is because of lower prices and weak global growth. India’s merchandise exports reached US$ 262 billion (on customs basis) in 2015-16, registering a decline of 15.6 percent, compared to a contraction of 1.3 per cent during the previous year. Imports also declined 15.1 percent in 2015-16 to US$ 380.4 billion, representing the

Foreign exchange reserves increased by US$ 17.9 billion to US$ 360.2 billion at end-March 2016, and aggregated US$360.8 billion on June 24, 2016. These developments on external account have generated optimism that the Indian economy is better prepared to confront the challenges of subdued global growth. Other risks include possible increase in interest rates in the US; slowdown and rebalancing of the Chinese economy; geopolitical risks arising out of Brexit. Improvement is also observed on the fiscal front, with the fiscal deficit declining from 4.4 per cent of GDP in 2013-14 to 4.1 per cent in 2014-15 and 3.9 per cent in 2015-16. Much of this improvement has beenachieved by reduction in expenditure rather than from increasedrevenue. Nevertheless, the corrections in fiscal and current account deficits augur well for macroeconomic stabilization. According to the World Economic Forum, India was ranked 55th in the Growth Competitiveness Index of the World Economic Forum’s Global Competitiveness Report, 2015-16. India’s ranking improved from 71st in 2014-15. Quality of institutions is now judged more favourably, though corruption remains biggest obstacle to doing business. India’s ranking by Transparency International improved from 94 in 2013 to 85 in 2014 and to 76 in 2015. Fiscal Health The Union budget 2016-17 has budgeted for lower central government deficit indicators. Gross fiscal deficit as percent of GDP is expected to decline from 3.9 percent in 2015-16 (as per ANNUAL REPORT 2015-16

13


revised estimates) to 3.5 percent in 2016-17. The budget has continued on the policy of fiscal consolidation with revised roadmap (target GFD at 3 percent by 2017-18). Growth in tax revenues is budgeted to increase from 4.9 percent in 2015-16 to 11.2 percent in 201617. States’ share in central taxes is budgeted to increase 50 percent in 2015-16 and 13 percent in 2016-17 following recommendations by the 14thFinance Commission. Revenue deficit is budgeted to fall from 1.5 percent in 2015-16 to 1.2 percent in 2016-17 because of increase in non-debt receipts. Subsidies as percent of GDP are budgeted to decline from 1.9 percent in 2015-16 to 1.7 percent in 2016-17 because of reduction in petroleum subsidy; and budgeted decline in food and fertilizer subsidy.

the 3rd most promising host economy for FDI by multinational enterprises (MNEs). Value of announced greenfield investment projects in India jumped from US$ 25.5 billion in 2014 to US$ 63.4 billion in 2015, and exceeded precrisis (2005-07) annual average of US$ 40.2 billion. This follows the various measures such as increasing of FDI cap in various sectors; increasing the thresholds of inward FDI projectsthat require prior approval; and abolishing the sub-ceilings between variousforms of foreign investment. FOREIGN DIRECT INVESTMENT INFLOWS BY SECTOR

Foreign Direct Investment Foreign Direct Investment (FDI) into India grew from US$ 30.9 billion in 2014-15 to US$ 40 billion in 2015-16, representing a growth of 29 percent in 2015-16. FDI inflows have however declined from US$ 4.98 billion in January 2016 to US$ 2.47 billion in March 2016. In 2015-16, the highest FDI came in services (US$6.89 billion), followed by computer software and hardware (US$ 5.90 billion), and trading (US$ 3.85 billion). Singapore led the FDI inflows into India with US$8.36 billion, followed by Mauritius (US$8.36 billion), the US (US$ 4.19 billion), and the Netherlands (US$2.64 billion). UNCTAD survey of Investment Promotion Agencies (IPA) indicate India has been ranked

Foreign Institutional Investment Foreign Institutional Investors (FII) inflows in the equity and debt markets in India declined during 2015-16. Overall, FII outflows were Rs. 181.75 billion ($2.53 billion) during 2015-16, compared with record inflows of Rs. 2,775 billion ($45.70 billion) in 2014-15. Inflows rebounded however to $2.94 billion in March 2016, following four months of outflows.

NET INVESTMENT BY FIIS Key Indicators: Data categories 1. GDP and Related Indicators GDP (current market prices) Growth Rate GDP (factor cost 2011-12 prices) Growth Rate Savings Rate Capital Formation Rate Per Capita GDP 2. Production Food grains Index of Industrial Production (growth) Electricity Generation (growth) 3. Prices Inflation (WPI) (average) Inflation CPI (average)

14

ANNUAL REPORT 2015-16

Unit ` Crore % ` Crore % % of GDP % of GDP `

2013-14

2014-15

2015-16

11,272,764 13.3% 9,839,434 6.6% 32.3 31.6% 90,110

12,488,205 10.8% 10,552,151 7.2% 32.3 30.8% 98,565

13,576,086 8.7% 11,350,249 7.6%

Million tonnes % %

265.04 -0.1% 6.0%

252.02 2.8% 8.4%

252.23a 2.4% 5.3%

% %

6.0% na

2.0% 5.9%

-2.5% 4.9%

29.3% 105,815


4. External Sector Export (in US$ terms) Import (in US$ terms) Current Account Balance (CAB/GDP) Foreign Exchange Reserves Average Exchange Rate 5. Money and Credit Broad Money (M3) (annual) Scheduled Commercial Bank Non Food Credit 6. Fiscal Indicators (Centre) Gross Fiscal Deficit Revenue Deficit Primary Deficit 7. Population

% change % change % US$ Billion `/US$

4.7% -8.3% -1.7% 304.2 60.5

-1.3% -0.5% -1.3% 341.6 61.1

-15.6% -15.1% 1.1% 360.2 65.5

% change

13.4%

10.9%

10.5%

% change

14.3%

7.9%

9.1%

% of GDP % of GDP % of GDP Million

4.4 3.2 1.1 1,251

4.1 2.9 0.8 1,267

3.9 2.5 0.7 1,283

Note: na: not available. a Third advance estimates. At end March. d Average exchange rate (RBI’s reference rate). e Fiscal indicators for 2015-16 are based on revised estimates. India” have been launched in the recent years . All these will work well if and only if, more reforms happen on the ground and our Ease of Doing Business ranking improves. According to Goldman Sachs Research’s Timothy Moe, chief Asia Pacific regional equity strategist the current cyclical recovery in India– coupled with improvements in the ease of doing business that have largely flown “beneath the radar” – as positive signs for India’s long-term growth and corporate earnings environment. According to recent estimates by the International Monetary Fund, the Indian economy is poised to overcome India forecast to grow faster than global average in medium term. Growth is expected at 7.5 percent in 2016, and range between 7.5 percent and 7.8 percent during 2017 to 2021. Growth is expected to be driven by pick up in private consumption, low inflation and higher real incomes; and expected revival of investment and pickup in industrial activity. India’s share of world GDP (PPP terms) forecast to increase from 7 percent in 2015 to 8.8 percent in 2021. Our recent Union budget has set certain ambitious targets with the goal of ‘Transform India’ through the nine pillars of agriculture welfare, rural employment, social welfare, education and job creation, infrastructure and investments, financial sector reforms, ease of doing business, fiscal discipline and tax reforms. There are also a number of initiatives like “Make in India”, “Skill India “, “Start Up India”, “Digital

According to the IMF, the Indian economy is the “bright spot” in the global landscape. Internationally, India’s strategic, political and economic presence has grown multifold. India is a crucial member of a number of regional and international organizations, trading blocs and agreements such as the Commonwealth of Nations, the South Asian Association for Regional Cooperation (SAARC), the G20, the International Monetary Fund, the World Bank, the World Trade Organization, the United Nations, the BRICs etc., to name a few. The long-term growth prospective of the Indian economy is positive due to its young population, corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. The Indian economy has the potential to become the world’s 3rd-largest economy by the next decade, and one of the largest economies by mid-century as per many popular studies, if timely and bold reforms are pursued.

(Source: Ministry of Finance, GOI, Economic Survey - 2016-17; RBI; IMF ) (Courtesy : ICRA Management Consulting Services Ltd.) ANNUAL REPORT 2015-16

15


TAMIL NADU ECONOMY Tamil Nadu is one of the progressive states of the country with laudable socio-economic indicators.It is among the most industrialized states in the Country and boasts of a diverse mix of sector and product portfolios. TN is the second largest state of India in terms of the economy, and contributed 9 percent to India’s GDP in 2014-15. The State is committed to achieve higher sustainable economic and inclusive growth.

Investments (FDI), establishing Special Economic Zones (SEZ) and Industrial Parks.Tamil Nadu has a well established transportation system that connects all parts of the State, which has been a significant factor in attracting investments and ensuring all round development.

The State enjoys a leadership position in the country with regard to automobiles, auto components, heavy engineering and general engineering industries and also readymade Textiles and Hosiery that have been generating huge employment. The State aspires to attain global leadership and linkages in these sectors.

GSDP per capita of Tamil Nadu at current Prices ( Rs.) The State has witnessed a slowdown in the last few years in its manufacturing sector. Issues like power and land availability besides regulatory and procedural hurdles have impeded the growth of the economy to its optimum potential. While the share of Agriculture has remained constant, the share of industry has declined by 2 percentage points while services have increased by 2 percentage points. However, the state has managed to retain its position in attracting Foreign Direct Investment (FDI)

GSDP of Tamil Nadu at Current Prices (Rs. Crore) Tamil Nadu continues to be an attractive investment destination for investors and is in the forefront of attracting Foreign Direct

The slow growth of population at less than 1% per annum has resulted in a 13.2% increase in per capital income.

(Source -Central Statistical Organisation, IMaCS Analysis)

16

ANNUAL REPORT 2015-16


(NHAI). The district centres are linked through 187 state highways. Tamil Nadu is one of the first states in India to have 100 per cent metalled road connectivity even in the rural areas. Railways:

FDI Inflows & Investments 1. Cumulative FDI inflows Rs. 937.25 billion (April 2000 to May 2015) 2. Ranked third behind Maharashtra and National Capital Region 3. Outstanding Investments were Rs. 9,999.44 billion at end of June 2015 4. Incremental investments during April 2011 to June 2015 were Rs. 2,617.10 billion. 5. Cumulative investment attractedby Tamil Nadu through IndustrialEntrepreneurs Memorandum (IEM) duringthe period May 2011 to June 2015 wasRs.1,337.53 billion Infrastructure Port: Tamil Nadu has three major ports, at Chennai, Ennore and V O Chidambaranar; it has 23 minor ports. Ports at Cheyyur (Panaiyur), Marakkanam and a combined port facility at Sirkazhi Taluk are under development. The Chennai port mainly handles container cargo, while the Ennore and V O Chidambaranar ports handle coal, ores and other bulk minerals. In 2015-16, the total traffic handled at Chennai, Ennore and V O Chidambaranar ports was 50.1 million tonnes, 32.2 million tonnes and 26.8 million tonnes, respectively. Together, the three ports accounted for about 20 per cent of the total traffic handled at all major ports across the country. Between 2012-13 and 2015-16, traffic at all majorports in India increased at an average rate of 3.6 per cent. Major ports in Tamil Nadu recorded higher growth of 6.2 percent. Roads: Tamil Nadu has 28 national highways running through it. The state is also an important terminus in the Golden Quadrilateral road link of the National Highways Authority of India

Tamil Nadu presently has a 6,031 km rail network, with 536 railway stations. Chennai also has a well-established suburban railway network connecting it to the suburbs and neighboring cities. Mass-Rapid-Transit System (MRTS) is an elevated line of the suburban railway in Chennai. It runs from the Chennai beach to the Velachery suburb, covering a distance of 25 km over 21 stations. It is owned by the Southern Railways. The Metro Rail system under construction in Chennai will cover a distance of 45 Kms of which 10 kms is operational. The second phase of the metro rail project is expected to increase the coverage to 130 kms. Airports: The State has international airports at Chennai, Coimbatore and Trichy & domestic airports at Madurai, Salem, Tuticorin & a non operational airport at Vellore. In 2015-16, Chennai Airport recorded passenger traffic of 15.2 million & handled cargo of 316 million tonnes.Chennai airport plans to increase the passenger capacity to 30 million and the aircraft movement from 29 per hour to 40. Electronic data interchange (EDI) facility for customs clearance is available at the Chennai Airport. A new integrated terminal building has been constructed at Madurai Airport. Industrial Profile of Tamil Nadu: The Industrial Infrastructure in Tamil Nadu is jointly developed by TIDCO, SIPCOT, TIIC, TANSIDCO.Tamil Nadu Industrial Guidance & Export Promotion Bureau has been constituted with the objective of attracting major investment proposals into Tamil Nadu. As of March 2014, the state had 967,517 registered micro, small and medium enterprises (MSMEs), providing employment to around 6.4 million persons with a total investment of around Rs. 811 billion. As per Annual Survey of Industries, 2013-14, Tamil Nadu had 37,378 factories with total output of Rs. 6,779,573 million and invested capital of Rs. 3,805,337 million. The State has made impressive strides over the years to carve out a niche for itself in the fields of Automobile, Engineering, Information Technology,Textiles, Leather, Electronic Hardware and Hi-Tech. ANNUAL REPORT 2015-16

17


Key Sectors: Automobiles & Auto Components Tamil Nadu has the largest auto components industry base & accounts for 30 per cent share each in the Indian automotive and auto components industries, 17 per cent in the trucks segment, and 20 per cent each in the passenger cars and two-wheelers segments. Tamil Nadu’s strong performance in the auto industry is because of the presence of skilled manpower with strong engineering capabilities. Chennai is dubbed as the ‘Detroit of India’ for its large-scale auto production infrastructure. Chennai has over 350 Tier I to III suppliers apart from more than 4000 SMEs under Tier IV segment.Chennai is fast emerging as a major export hub of cars for the Southeast Asian and South African markets & has the capacity to produce 12.8 lakh cars and 3.5 lakh commercial vehicles annually. Chennai has a potential to double the automobile production within the next 3 years and the potential to emerge as one of the Top 10 Auto clusters in the world Ta m i l N a d u G o v e r n m e n t h a s s i g n e d memorandums of understanding (MoUs) with five auto companies (Daimler India Commercial Vehicles, India Yamaha Motor, Ashok LeylandNissan, Eicher Motors and RPG Group company Philips Carbon Black) for an investment of upto US$ 1.7 billion in the state. The recent Automobile and auto parts policy focuses on further development and consolidation of automobile and components industry where Tamil Nadu enjoys a comparative advantage and to strengthen this industry as a key driver of economic growth. The objectives are to promote new auto clusters, competitiveness and cutting costs for the industry, encourage Small and Medium Enterprise vendors, Encourage Public-PrivatePartnership initiatives and Industry-Institution partnerships in skill development& to generate additional employment potential for about 5 lakh persons by 2015 in automobile and components industry, double exports by 2016 by ensuring harmonious industrial relations and to make Tamil Nadu “numero uno” in Asia in Automobile and Components Industry.

18

the overall socio -economic development of a State. As per Central Electricity Authority's (CEA) statistics for March 2016, Tamil Nadu has a total installed capacity of 25,394 MW. Of this the central sector accounts for 12,653 MW, while the state sector accounts for 7,599 MW. The balance installed capacity of 5,142 MW is accounted for by private power companies in the state.The installed capacity includes about 2,182 MW of hydro power, which is normally used to meet the peak-hour load. Tamil Nadu is a leader in renewable energy, more specifically the wind power. The installed capacity of renewables as of March 2016 is around 9,511 MW. TN - Power Demand and Deficit The recent Solar policy of the Government is trying to give a thrust to the solar energy projects in the State. Tamil Nadu Vision 2023 envisages an investment of US$ 39.6* billion to expand generation capacity by 30,000 MW.

Textiles: Tamil Nadu is the largest producer of cotton yarn& is known as “Yarn Bowl” of the Country. The State accounts for 40 per cent of India’s installed capacity. The state has a notified SEZ for textiles in Erode district with an area of 103.64 hectares.

Power:

Coimbatore and Tirupur are the major textile centers in Tamil Nadu. Tirupur is known as the ‘Knitting City’, while Coimbatore is called the ‘Manchester of South India’. Karur, Madurai and Rajapalayam are the other textile centers in the state. The TiruPpur cluster contributes nearly 56 per cent of India’s total knitwear production and about 90 per cent of cotton knitwear exports.

The success of economic growth in an economy with sustainable development critically depends upon the macro economic environment coupled with infrastructural development. As such, power development is one of the key inputs for

The government of Tamil Nadu plans to set up a textile park at Eraiyur village on the TiruchiChennai national highway in Perambalur district. The textile park would be an export-oriented facility and is aimed at increasing the pace of

ANNUAL REPORT 2015-16


industrialisation in Perambalur district. Engineering: The state has network of nearly 3,000 engineering units, employing over 250,000 skilled workforce with a strong base at Chennai, Coimbatore & Salem. State Industries Promotion Corporation of Tamil Nadu (SIPCOT) has set up an engineering products SEZ spanning across 263 acres in Perundurai district. It has also set up a sectorspecific SEZ for engineering spanning 260 acres in Ranipet. TIDCO has proposed to set up a sector-specific SEZ for the engineering sector on about 280 acres of land, at an estimated cost of around US$ 219.0 million in Phase-1 of the project. Chemical and Pharmaceuticals: Tamil Nadu has the fourth largest concentration of chemical industries and offers great potential for biotechnology due to its diverse natural resources and human resources. The State accounts for nearly 11% of the pharmaceuticals market in the country. The major chemical centres in TN are Chennai, Cuddalore and Tuticorin.

Technology (IIIT) in Tamil Nadu has been identified in SethurapattI, near Tiruchirapalli. The number of software units in Tamil Nadu has increased from 1,437 in 2006-07 to 1,780 in 2012-13. Banking & Financial Services Tamil Nadu houses approximately 7.5 % of India’s total bank offices. The state had a total of 9,939 (Scheduled commercial banks) banking offices as of March 2016, out of which 1,460 are located in Chennai. As of March 31, 2016, total deposits were Rs. 6,045 billion out of which Chennai accounted for Rs. 2,698 billion. Total credit was Rs. 6,823 billion with Chennai accounting for Rs. 3,454 billion. Financial services industry contributed 5 per cent to the GSDP of Tamil Nadu in 2014-15. The industry, valued at Rs. 560 billion in 2014-15, increased at a CAGR (in INR terms) of 11.7 per cent between 2011-12 and 2014-15. Chennai is a key financial centre in south India with major Indian financial institutions and foreign banks having a strong presence in the capital city. Exports

Tamil Nadu promoted TICEL BioPark in Taramani through TIDCO in 2004. The park provides specialized infrastructure for Biotech industry. A second TICEL park was promoted in 2009.The State has manufacturing facilities for fertilizers, paints, carbon black, pesticides, pharmaceuticals, organic and inorganic chemicals etc.

According to the Federation of Indian Exports organisation (FIEO), total exports from Tamil Nadu during 2013-14 was Rs.2,154 billion. Tamil Nadu is ranked Third among Indian States. The percentage of exports from Tamil Nadu in the total exports from India rose from 9 percent in 2010-11 to 11.6 percent in 2014-15.

IT /ITES

Conclusion :

Tamil Nadu is ranked 2nd in software exports from India after Karnataka.

The ambitious Vision 2023 document of the Government has identified few thrust areas with certain important Social & Economic Objectives likebecoming Poverty free by 2023 Achieving an average growth rate in GSDP of 11% per annum, Improving per capita income to US$ 10,000 etc. The growth of the manufacturing sector will be a major force in achieving the targets under Vision 2023.

The State has 22 approved IT Parks and has emerged as a key destination for IT investments. There are 15 operational SEZs for IT/ITeS in the state & has a talent pool of nearly 375000 professionals. The TIDEL Park in Chennai is spread over 1.28 million sq ft. It is the largest IT facility in India, promoted by TIDCO and ELCOT. Electronics Corporation of Tamil Nadu Limited (ELCOT) has established eight Information Technology Special Economic Zones (ELCOSEZs) in Chennai and seven in Tier-II locations. The land for setting up first International Institute of Information

In line with Vision 2023, the state aims to step upinfrastructure investment from 4-5 per cent of GSDPcurrently to 10 per cent by 2015 and about 11.5 percent by 2019. Roads & highways, ports, railways,education and healthcare are likely to see majorinvestments. (Courtesy : ICRA Management Consulting Services Ltd.) ANNUAL REPORT 2015-16

19


GENERAL COMMITTEE MEETINGS The Committee met every month regularly and held 12 meetings during the year under review. Apart from the various regular reviews, consultations and discussions, the deliberations centered around some of the items as follows:Skill Development The Chamber’s efforts to strengthen the activities of the vocational training and skill development centre were discussed and a special Action Committee headed by Mr. Ram Venkataramani, Vice President was formed to take necessary action.

Start up Entrepreneurial Eco System – SEE A major initiative of the Chamber this year is the launch of the Startup Entrepreneurial Eco System (SEE) which is a unique platform for facilitating start ups and promoting entrepreneurship in non IT Sectors, especially in manufacturing and other sectors. Based on the various discussions by the Committee and spearheaded by a subcommittee headed by Mr. S.G. Prabhakharan, SEE Boards have been formed with experts from varied sectors to provide the necessary support and guidance to the Start Ups. Apart from providing mentoring and handholding

During the discussion by the Action Committee,

support start ups through the SEE Boards, the

an excellent presentation was made by

Chamber proposes to organize seminars/

Mr. Narayanan, National Education Vertical

awareness programs to promote start ups.

Head, KPMG, about the current status of the Skill Development followed by sharing of the background work and study done in 2010 when

Chennai Floods – Chamber’s Back 2 Business Help Desk

Skill Development Activities were initiated,

As per the discussion in the General Committee,

by Mr.Santosh Sridhar, Avalon Consulting P.

the Chamber initiated a Back 2 Business Help

Ltd. The Action Committee’s decision to be

Desk under the aegis of the Sustainable Chennai

Industry Agnostic and to initially concentrate on

Forum to provide the necessary support and

Finishing School programs for engineering and

guidance to members, who have been affected

ITI students to make them employment ready,

by the unprecedented floods in Chennai in

were informed to the General Committee and

the month of December 2015. The Chamber

it was agreed that the Chamber would identify

had sent a representation to the Government

suitable resource persons and proceed with the

of Tamil Nadu to consider giving certain relief

Finishing School Program. The Program would

measures for the businesses and also to suggest

have a comprehensive curriculum that would

a few corrective measures for future.

include soft skills and cognitive skills required

Further, the Chamber had sent the representation

for any engineering graduate to enter the

to Central Government seeking extension of time

Corporate World.

for statutory compliances and to the Insurance

Further, as part of the Skill Development activities and as discussed in earlier Meetings,

Companies to favorably consider the claims, settlements etc.

a specialized Diploma Course in Global Trade

The Chamber also held awareness program

Management was conducted jointly with the

for Disaster Management and would continue

University.

to provide the necessary support to the members.

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special programs

1st July 2015 179th Annual General Meeting The 179th AGM of the Chamber was held on 1st July 2015 at Hotel ITC Grand Chola, Chennai. Business Session Mr. S.G. Prabhakharan, President, chaired the meeting and conducted the proceedings. He apprised the members about the various activities of the Chamber during the last one year. A few important resolutions were passed and the newly constituted Committee for the year 2015-16 was announced. Public Session In the Public session of the 179th AGM, Mr.S.G.Prabhakharan, President gave the welcome address.

Ms. K.Saraswathi, Secretary General, MCCI announcing the names of General Committee Members for the year 2015- 2016 in the Business Session. Others in the picture – L to R: Mr.S.G. Prabhakharan, President and Mr. Ram Venkataramani, Vice President, MCCI

He extended a warm welcome to the Chief Guest, Mr. Mohandas Pai, Chairman, Manipal Global Education Services and Special Guest, Mr. Rajiv Lochan, MD & CEO, Kasturi & Sons. Ltd. He briefed the participants on a few major activities conducted during the year. He touched upon a few activities of the Chamber during the last one year. Mr. Rajiv Lochan, MD, Kasturi & Sons, the guest speaker, highlighted on the 3 major discontinuity that are present today – Demographic, Technological and attitudinal. He stated that if these discontinuities are taken advantage of, to accelerate prosperity, lots of good things will happen to different parts of the society. If the large democracy embraces prosperity and drives it thoughtfully, the path to success is simpler.

Mr. S.G. Prabhakharan welcoming the Chief Guests and the participants

He urged all the participants to embrace prosperity that is available to us and in respective spheres, sow the seeds, fertilize to encourage prosperity and to nurture the start ups. He requested the Chamber and organizations to act as catalysts in driving young talent with values and nurture them to accelerate growth The Chief Guest Mr. T.V. Mohandas Pai, Chairman, Manipal Global Education Services

Mr. Rajiv C Lochan, MD & CEO, Kasturi & Sons delivering the Special Address

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delivered the Chief Guest address. He compared our Indian Economy with various countries in the world. He said, India needs to innovate and create products that have a competitive edge in terms of design and technology. Further, he added that India needs to invest more on research and development to move forward and compete with the rest of the world. The educational institutions need to focus more on research than just teaching, in this age of technology where every piece of information is available at the click of a mouse, he said. Start-ups are important and should be encouraged since the revolution which is capable of creating three million jobs in the next 10 years could change the Indian economy.

He said, that in the next 10 years, we would have the start up revolution that is going to change the country. He further informed that Business to Customer (B to C) is going to create new ways of reaching customers and cutting cost. Costs will come down, middlemen will be eliminated and price discovery will be much easier. He concluded by stating that the whole of India is going to be part of this entire revolution. Mr. Ram Venkataramani, Vice President, MCCI delivered the vote of thanks. Both the Business Session and Public Sessions were well attended by nearly 200+ participants.

Mr. Mohandas Pai, Chairman, Manipal Global Education Services, Chief Guest addressing the audience.

Mr. Ram Venkataramani delivering the vote of thanks

A view of the audience

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MCCI team with the Guests at the 179th AGM


11th July 2015 Meeting with Mr.Jayant Sinha, Hon’ble Minister of State for Finance, Government of India The Chamber organized an Interactive Meeting with Mr. Jayant Sinha, Hon’ble Minister of State for Finance, Government of India, during his visit to Chennai on Saturday, July 11, 2015. The Objective of the Interaction Meeting was to give our views and suggestions for improving the ease of doing business, more particularly on the reforms required on taxation, finance, etc., and further to hear the Government’s plans for ensuring ease of doing business. Mr. Raghuttama Rao made a quick presentation on the concerns of Industries and its expectations followed by Mr.Vaitheeswaran on the GST. Mr. Jayant Sinha informed that most of the issues raised were relevant to the current situation and as he is continuously dealing with the same, he would answer them in the Q & A session.

Mr. S.G. Prabhakharan, President, MCCI welcoming the Hon’ble Minister and gathering. Others in the picture – L to R : Ms.K. Saraswathi, Mr. K. Vaitheeswaran, Hon’ble Minister Mr. Jayant Sinha, Mr. Ram Venkataramani and Mr. R. Raghuttama Rao

Mr. Jayant Sinha in his address informed that he would highlight the cardinal principals that underline the economic policy making, the achievements of the present Government in the last year and the growth drivers and the risk factors. He informed that the overall objective is to build India’s productive capacity and the approach of the present government to policy making, is supply side investment driven view. They have a clear set of policies to drive the economic growth, he said.

Mr. S. G. Prabhakharan welcoming the Hon’ble Minister with a bouquet of flowers

The first policy is to build India’s hard assets which includes road, bridges, highways, factories and the manufacturing capacity and capabilities that are required The second aspect is to improve the soft assets which are the skills and capabilities of the young force as India has the advantage of a big demographic dividend. The third is to build the Innovation ecosystem, research and entrepreneurship.

Mr. R. Raghuttama Rao making a presentation on the concerns of the Industry

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The fourth is to increase the capabilities of Institutions such as SEBI, RBI, IIRD, TRAI, and Competition Commission of India that ensure the rule of law. He added that to sustain high GDP growth, it is essential to create jobs and remove the bottlenecks that inhibit the growth and improve the lives of every Indian through 4 Policies., viz., to be Pro poor, to be a Pro market govt, to ensure Minimum Government - Maximum governance to drive down corruption, crony capitalism and to ensure cooperative federalism by giving importance to all States and have a Team India.

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1. Easing phase - Bringing down the Interest rate. 2. Encouraging Major investments. 3. Structural reforms which include FDI, labour etc. He concluded by stating that this is the broad economic landscape of the Country and asked the participants to seek clarifications in the Question and Answer session. There was a lively interaction with pertinent questions raised by the participants and duly answered by the Hon’ble Minister.

He also elaborated on the 3 parameters set by the Government for robust sustainable growth which are as follows:-

Mr. Ram Venkataramani, Vice President, MCCI delivered the vote of thanks. The Minister joined the participants for Dinner.

Hon’ble Minister of State for Finance, GoI Mr. Jayant Sinha, addressing the gathering

Mr. K. Vaitheeswaran raising a query to the Minister.

A view of the audience

Mr. Ram Venkataramani, Vice President, MCCI – proposing the vote of thanks.

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9th & 10th September 2015 Tamil Nadu Global Investors Meet 2015 Seminar on “Think Tamil Nadu – Ease of Doing Business” - 9th September 2015 The Government of Tamil Nadu conducted the first Global Investors Meet 2015 in a spectacular manner which attracted investments worth Rs.2.42,160 crores. The Hon’ble Chief Minister of Tamil Nadu was present on both days, during the Inauguration and Valedictory and inspired the business community by her speeches. The Meet brought a positive vibration to the State leading a new thought process to bring in investments. The key highlights of the GIM 2015 include 5000+ delegates with more than 1000 foreign delegates. 8 Partner Countries participating in this huge event wherein 98 MoUs were signed exceeding the cumulative investments attracted through all MoUs signed by the Tamil Nadu Government over the past 20 years.

The Chamber had the privilege of being one of the Partner Organizations in this mega event. Further, the Chamber organized the first important Seminar on “Think Tamil Nadu – Ease of Doing Business” with eminent speakers from different sectors including the Department of Industrial Promotion & Policy, Government of India wooing the investors to invest in Tamil Nadu. The speakers included:Mr. Shailendra Singh IAS, JS & CVO, DIPP Mr. Riuji Kawashima – Deputy Managing Director, India Yamaha Motor Pvt Ltd Mr. Rathin Basu, Country President, Alstom India and South Asia Mr. Vijay Sankar, Deputy Chairman, Sanmar Group.

Seminar on Think Tamil Nadu – Ease of doing business in India and Chennai @ Tamil Nadu GIM 2015 Mr. Lakshmi Narayanan VC, Cognizant Technology Solutions answering a query. Others in the picture – L to R : Mr. Shailendra Singh, IAS, JS & CVO, DIPP, Mr. S.G. Prabhakharan, President, MCCI, Ms. Paromita Chatterjee, Senior Editor, ET Now, Moderator, Mr. Gopal Srinivasan, Chairman and MD, TVS Capital Funds Ltd., Mr.Vijay Sankar, Deputy Chairman, Sanmar Group, Mr. Riuji Kawashima, Deputy Managing Director, India Yamaha Motor Pvt. Ltd. Mr. T. Kannan, Chairman & MD, Thiyagarajar Mills Ltd and Mr. K. Skandan IAS, Chairman, Tamil Nadu Pollution Control Board.

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Mr. T.Kannan, Chairman & MD, Thiyagarajar Mills Ltd Mr. N. Lakshmi Narayanan, VC, Cognizant Technology Solutions. Mr. S.G.Prabhakharan, President, MCCI Ms. Paromita Chatterjee, Senior Editor, ET NOW, moderated the Seminar and the Panel Discussion. The Seminar was telecast live in ET NOW.

The speakers gave a positive feedback about Tamil Nadu and extended a warm welcome to new investors. The Seminar had more than 300+ participants. The Chamber expressed its appreciation to the Government of Tamil Nadu for the resounding success of TNGIM 2015 by placing an advertisement in Times of India reiterating its support to the Government of Tamil Nadu for its mission to make the State “Numero Uno�.

A view of the Audience

Mr. Vijay Sankar, General Committee Member addressing the gathering

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MCCI Stall at the Tamil Nadu GIM 2015


29th September 2015 Chamber Day The Chamber celebrated its 179th Chamber Day on 29th September 2015 at Hotel Hyatt Regency, Chennai. The pattern of this program was unique with speakers ranging from Venture capitalists to entrepreneurs to share their experiences. As the focus of MCCI for this year is Startups, the Chamber launched the Start up Entrepreneurial Ecosystem (SEE), a platform to support and encourage budding entrepreneurs, especially the non IT startups which includes manufacturing and services apart from IT start ups.

Mr. Satya Narayan Bansal launches the Start up Entrepreneurial Eco System (SEE)

Mr. S.G. Prabhakharan, President, MCCI welcomed the participants. He briefed about the activities of the Chamber last year. He then narrated his personal journey from an advocate to an entrepreneur as he is a first gen entrepreneur. He further informed that this Chamber is all set to create an eco system which would serve as a platform to encourage the entrepreneurs, especially for the Non IT services which include manufacturing and services. Mr Sarath Naru, Managing Director, Ventureast, a leading venture capital firm, stated it is a great opportunity for India to be in customized production than to be in mass production. He added that the entrepreneurial revolution is one of the biggest opportunities for us to partake. The e-commerce business will change significantly in the next 5 to 10 years.

Mr. S.G. Prabhakharan welcoming the audience at the Chamber Day Celebrations.

Mr. Satya Narayan Bansal, CEO India, Barclays Wealth and Investment Management delivering the Chief Guest address.

Mr. Satya Narayan Bansal, CEO India, Barclays Wealth and Investment Management, launched the Startup Entrepreneurs Ecosystem, a platform for the Chamber to mentor the entrepreneurs In his special address, he urged the participants to look at an entrepreneur not just as a businessman but as a Change Agent of the Society. He stated that if this becomes the mindset of people, a lot of persons would enter the mainstream of entrepreneurs. He requested the Chamber and the participants to relate to even small genuine businesses and not look only at start ups. Further, he suggested 3 vital tools that the Corporate and Chambers could adopt : To provide risk capital to the budding entrepreneurs, to mentor during difficult times of an entrepreneur and steer the ANNUAL REPORT 2015-16

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entrepreneur in the right direction to provide market access and network.

Ms. Hemalatha Annamalai, CEO, Ampere Vehicles Pvt Ltd.

He was definite that if the above tools are put into practice, it can change the scale for the Change Agent of the society.

Mr. Dave Mukherjee, CEO, Artison Investments Pvt Ltd

This was followed by a panel discussion having the following speakers moderated by Mr. S.G. Prabhakharan, President, MCCI Mr. Karthik Reddy, CTO, Bang the table

Mr. Vikram Gupta , Founder and Managing Partner, Ivy Cap Ventures, Mumbai They were joined by Mr. Sarath Naru and Mr. Satya Bansal. The Panel discussion enabled the speakers to share their experiences as entrepreneurs and as venture capitalists and the questions and answers session threw light on the initial struggles, achievements, how failures lead to success, qualities of an entrepreneur, criteria for releasing funds to the entrepreneur, expectations from VCs, and what it takes to climb the ladder of success. Mr. S.Sankaranarayanan, Deputy Secretary, MCCI was given an award for completing 30 years of service and Mr. P.Mohan, ManagerAccounts was awarded for completing 15 years of service in the Chamber. Mr. Ram Venkataramani, Vice President proposed the vote of thanks

Mr. Sarath Naru, Managing Director, Venture east addressing the participants.

The meeting was attended by over 200 members and invitees.

The Panelists @ the 179th Chamber Day – from L to R: Mr. Karthik Reddy, CTO, Bang the Table, Ms. Hemalatha Annamalai, Founder & CEO, Ampere Vehicles Pvt. Ltd. Mr. Sarath Naru,CEO, Ventureeast, Mr. Satya Narayan Bansal, CEO India, Barclays Wealth and Investment Management, Mr. S.G.Prabhakharan, President, MCCI, Mr. Ram Venkataramani, VP, MCCI, Mr. Dave Mukherjee, President & CEO, Artison Invesments Ltd. and Mr. Vikram Gupta, Founder & Managing Partner, Ivycap Ventures Advisors Pvt. Ltd.

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Mr. Ram Venkataramani proposing the vote of thanks

Mr. S. Sankaranarayanan, Deputy Secretary receiving the Service Award for completing 30 years of service in the Chamber

Mr.P.S. Mohan, Manager – Accounts receiving the Service Award for completing 15 years of service in the Chamber

The Panelists with the Chief Guest Mr. Satya Narayan Bansal.

Mr. S.G. Prabhakharan cutting the cake to celebrate the 179th Birthday of the Chamber.

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26th to 31st October 2015 Delegation to South Korea The Chamber took a 11 member delegation led by Mr.Udaybhaskara Reddy, Chairman, Expert Committee on Logistics to South Korea and Hongkong from October 26th to October 31st 2015. The objective of the delegation was to explore business and collaboration opportunities particularly in the manufacturing and logistics sector.

The Delegation started its official program with a visit to the Samsung Innovation Museum (SIM) at Seoul, where they had the privilege of visiting the Prologue Theatre which showcases Samsung’s spirit of innovation and their approach towards that. The next highlight of the program was the visit to Hyundai car factory at Ulsan. Ulsan known as Korea’s Industrial Capital has the best industries

MCCI Delegation headed by Mr. Udayabhaskar Reddy,Chairman, Logistics Committee at the Samsung Innovation Museum (SIM)

Delegation at Hyundai Car Factory

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in shipbuilding, petrochemical and automotive sectors. Mr.Seokjoong Kang, Assistant Manager, Ulsan Plant took the delegates around the factory and showed the various Process centres such as Stamping, Welding, Painting, Assembling, Inspection etc. The delegation also had the opportunity to visit the i30 car manufacturing facility inside the plant. The MCCI delegation had a meeting with the officials of Busan Chamber of Commerce & Industry at Busan. Mr.Lee IL –JAE, Executive Director and Mr.Kim Eui Woong, Team Leader, International business promotion team, welcomed the delegation. Ms.Park See Kim, official interpreter was also present at the meeting. This meeting was the outcome of the MoU which was signed with the Busan Chamber

and MCCI during their visit to Chennai in June 2015 for developing business relationship between India, particularly Tamil Nadu and Busan. The Delegation also visited the world class cargo terminal of Cathay Pacific at Hongkong. The members had the opportunity to visit the customs clearance centre, cargo handling area, etc and get a first hand information about their various operating systems and procedures , the good practices followed to improve operational efficiency etc. On the whole, it was another successful delegation. Mr.Anil Yendluri, CEO, Krishnapatnam Port & Mr.Kedarnath, Director – Operations from Krishnapatnam Port also joined the Delegation.

MCCI Delegates with representatives of Busan Chamber of Commerce & Industry

Delegation’s visit to Cathay Pacific

Mr. Udayabhaskar Reddy presenting a memento to Mr. Thomas Yu, Commercial Manager, Cathay Pacific Group

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26th February 2016 Conference on “Corporate Social Responsibility - The Next Phase The Chamber, under the auspices of the CSR Committee organized the Conference on “Corporate Social Responsibility – The Next Phase” on Friday, 26th February 2016 at Hotel ITC Grand Chola, Guindy, Chennai. The objective of this Conference was to understand the path of CSR post 2013 regime and the challenges and opportunities faced by the

Corporate and the other Institutions while carrying out their CSR activities. Mr. S.G. Prabhakaran w e l c o m e d t h e participants. Ms. Rama Kashyap, Chairperson, Expert Committee on CSR gave the overview of the Conference.

Mr.S.G. Prabhakharan, President, MCCI welcoming the Chief Guest Mr. Lakshmi Narayanan, Vice Chairman, Cognizant Technology Solutions with a bouquet of flowers

A section of the audience

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Mr. Lakshmi Narayanan, Vice Chairman, Cognizant Technology Solutions inaugurated the Conference and addressed the audience. In his address, he stated that CSR should be based on 3Ts, namely Technology, Transparency and Trust. He further added that there has been a gradual evolution of CSR and the idea of CSR is to promote the growth of private involvement and turn into a development model along with social improvement. Ms. Gayathri Subramanian, Convener & Chief Programme Executive, IICA, made a presentation on the CSR applicability with effect from April 1,


Galaxy of speakers : L to R Ms. K. Saraswathi, Secretary General, MCCI, Mr. P. S. Kaushik, Sr. Product Manager, Next Gen, Mr. Santhosh Jayaraman, Director, Climate Change & Sustainability, KPMG, Ms.Gayathri Subramanian, Convenor & Chief Program Executive, IICA, New Delhi, Mr.S.G. Prabhakharan, President, MCCI, Mr. Lakshmi Narayanan, Vice Chairman, Cognizant Technology Solutions, Ms. Rama Kashyap, Chairperson, MCCI Expert Committee on CSR & Head-CSR, The Indian Cements Ltd., Mr.Ashoke Joshi, Chairman, Srinivasan Services Trust, Mr. Mr.Ashesh Ambasta, VP, Head of Social Investments, ITC, Ltd.,Mr.V.S. Ramana, Member, MCCI Expert Committee on CSR & GM –CSR & Construction Skills Training, L & T Ltd., and Mr. V.M. Rajasekaran,Co Chairman, MCCI Expert Committee on CSR & CEO, ITC Ltd.

2013, the implementation process of CSR and on the CSR spend of the Companies in the year 2014-2015. Mr. Santosh Jayaram, Director, Climate Change & Sustainability, KPMG made a presentation about CSR on the road travelled so far. He elaborated on why CSR became a part of the Companies Act. He stated that CSR was included to improve governance in the Companies and develop the trust with the public at large. Mr. Ashesh Ambasta, VP, Head of Social Investments, ITC Ltd., made a presentation on CSR through Corporate lens and about ITC Ltd’s., CSR activities.

NGO’s in CSR followed by Mr Ashoke Joshi, Chairman, Srinivasan Services Trust, who made a presentation on the activities of the Srinvasan Services Trust and how to link corporate and beneficiaries through CSR. The questions and answers session was moderated by Mr.V.S.Ramana, G M – CSR & Construction Skills Training, L & T Ltd. and member of the CSR Expert Committee. Mr. V.M. Rajasekharan, CEO, ITC Ltd. and Co Chair of the Expert Committee summarized the day’s events and delivered the vote of thanks. The Conference was attended by more than 70 participants who gave an excellent feedback.

Mr. P.S Kaushik Senior Market Manager, NextGen, made a presentation on the role of

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flag ship activities

October 9th & 10th, 2015 Two Day All India Workshop on Indirect Taxes Under the auspices of the Expert Committee on Indirect Taxes and VAT, the above workshop was organized on 9th and 10th October 2015 at Hotel Crowne Plaza. This is one of the flagship events of the Chamber, being organized every year for the last few decades. Mr. Vaitheeswaran, Chairman, Expert Committee on Indirect Taxes welcomed the gathering and gave an overview of the two day workshop. He briefly introduced the topics and the Speakers and set the tone for the workshop. Mr. S.Ramesh, IRS, Chief Commissioner of Customs, Chennai Customs Zone was the

Chief Guest who inaugurated the workshop. In his address, he appreciated the efforts of the Chamber to organize this two day workshop on Indirect Taxes. He informed that there is a sea change in direct and indirect taxation. He stated that the department is becoming more customer focused as they are aware that the tax department exists because of the tax payers. In a lighter vein he quoted the Former President of USA, Mr. Ronald Reagan who stated that the Tax Payers are those “who work for the government but, does not have to take the civil exam.� He recorded his special appreciation for the gamut of subjects, galaxy of speakers of this workshop and informed that the tax laws are dynamic and one needs to constantly update oneself and the best way to equip oneself is to attend such workshops which are done in a professional manner. Mr. P.R.Subramaniyan Joint General Manager, Indirect Taxes, L & T Construction Chennai & Chairman, MCCI VAT Committee delivered the Vote of Thanks.

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Mr. S.Ramesh IRS, Chief Commissioner of Customs, Chennai Customs Zone delivering the Inaugural Address.

This was followed by 4 technical sessions on a variety of topics pertaining to Indirect taxes. Some of the important topics covered included:-

K.Vaitheeswaran, Chairman, Expert Committee on Indirect Taxes welcoming the Chief Guest and participants

Mr. K.Rajaraman IAS, Principal Commissioner for Commercial Taxes, GoTN, delivering the Special Address

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Mr. P.R.Subramaniyan, Chairman, Expert Committee on VAT proposing the vote of thanks

Technical Session - I: Mr. Y.V. Sravan Kumar clarifying a query. (second from left) Others Speakers in the picture – L to R: Mr. K.Vaitheeswaran, Mr. K.K.Sekar and Mr. C.V.S. Krishnakumar

Technical Session - II: Mr. Ramdas Iyer addressing the audience. Other Speakers – L to R: Mr. K.Sivarajan, Mr. B. Sriram and Mr. Girish Raman

Technical Session III: Mr. N.Venkataraman and Mr.G. Balakrishnan

Technical Session IV: Mr. R.L. Ramani, Ms. Aparna Nandakumar and Ms. Jayashree Parthasarathy addressing the gathering

• GST – Manufacturing Sector – Cost Savings – Value Creation and Elimination of Cascading Effects of Taxes

• Services Provided to SEZ Units/ Developers/ Co-Developers – Current and Possible GST Scenario

• Job Work Transactions – Excise Duty, Service Tax, VAT and GST Scenario

• GST –Telecom, Banking and Insurance – Impact and Possible Scenarios

• Cenvat Credit – Time Limits – Pre Registration I s s u e s – I s s u e s i n Re v e r s e C h a r g e Mechanism

• Export and Import of Services – Commission, Consultancy, Repairs and Maintenance – POP Rules and possible GST Scenario ANNUAL REPORT 2015-16

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• Larsen & Toubro Decision – Service Tax – Impact • Works Contract – TNVAT – Issues and Possible GST Scenario • Works Contract – Service Tax – Free Supply – Practical Issues – Advances – POT Rules • Stock Transfer – CST Sale – Recent Developments and Possible GST Scenario • Border Controls – Check Post Issues – Is free movement of goods a myth? • Valuation – Service Tax – Reimbursements – Cost Sharing These topics were addressed by some eminent Speakers such as Mr. K. Vaitheeswaran, Advocate & Tax Consultant & Chairman, MCCI Indirect Taxes Committee, Mr. K.K. Sekar, HeadIndirect Taxes,Ashok Leyland Ltd. Mr. C.V.S Krishnakumar,Director – Corporate Affairs Kone Elevator India Pvt Ltd., Mr.K.Sivarajan, Partner – Indirect Taxes, PWC, Mr. B.Sriram, Partner-Tax & Regulatory Services, Ernst & Young LLP, Mr. Girish Raman, Chartered Accountant A R K r i s h n a n & C o , M u m b a i , M r. N. Venkataraman,Senior Advocate, New Delhi, Mr. P.Purushotham, Advocate & Consultant, Mr. P.R. Subramaniyan, Joint General Manager-Indirect Taxes L&T Construction, Mr. R.L. Ramani, Senior Advocate, Ms. Aparna Nandakumar, Advocate, Ms. Jayashree Parthasarathy, Partner, BMR Advisors, Bengaluru The special session was addressed by Mr. K .Rajaraman IAS Principal Secretary & Commissioner, Commercial Taxes, Government

A section of the audience

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of Tamil Nadu on 10th October 2015. He lauded the efforts of the Chamber in arranging such workshops to create awareness for the members to understand the law, as ignorance of law will not be accepted and non compliance leads to complications. He added that in a democratic nation, reforms are not easy, but steps are being taken to make our laws simpler. He elaborated on the Central Government and the State Governments’ efforts to ensure ease of doing business of which the main component is taxation. He added that online procedures have been introduced to address a few practical difficulties. To move up in the rating scale in the World Bank’s report of ease of doing business, it takes a lot of effort, willingness, and collaboration and this has gained momentum paving the way to move towards the roads to progress. He further stated that while the larger goal is to ensure ease of doing business, the Commercial Tax Department has to ensure that its collection reach the goal by making the compliance less burdensome and less costlier for the tax payer. He elaborated on the multiple taxes being charged with a few case laws and informed that consultation process is on for bringing an uniform tax system and hoped that GST would resolve a lot of such issues. He concluded by requesting the participants to provide a feedback on the commercial tax department’s work and welcomed suggestions as well. The presentation and interactions were greatly appreciated by the delegates. The program was attended by more than 70 participants.


2nd March 2016 Workshop on Central Budget and the Finance Bill 2016-17 As a practice of the Chamber, a Workshop on Central Budget & Finance Bill 2016-17 was organized at Hotel Raintree, Anna Salai, following the release of the Union Budget on 29th February by the Finance Minister, Government of India. Mr. Ram Venkataramani, Vice President, MCCI welcomed the audience and touched upon the impact of the budget in general and more particularly on the auto industry and its ancillaries. Dr. Sunder Ramaswamy, Special Guest for this program gave a global perspective of the budget. He made an analysis on select aspects which captured the essence of the budget, which when implemented would impact the growth of the economy not just in 2016-17, but continuously for a long term. His approach towards the budget was positive and he called it a pragmatic budget. He interacted with the participants and answered their queries. Mr. Sriram Seshadri, Partner, PWC and Chairman, MCCI Expert Committee on Direct Taxes made a succinct analysis of the entire range of issues concerning Direct Taxes which helped the participants gain a comprehensive understanding of the recent changes effected and their likely impact.

Mr. Ram Venkataramani, Vice President, Dr.Sunder Ramaswamy, Officiating MCCI welcoming the Chief Guest and the Director & Visiting Distinguished Professor, participants Madras School of Economics, Chief Guest addressing the audience

Mr.K.Vaitheeswaran, Advocate & Tax Consultant and Chairman, MCCI Expert Committee on Indirect Taxes made the analysis of the gamut of complex issues in the Indirect Taxes proposals armed by Oscar films and other films analogy, which provided an interesting and easy understanding to the participants. Mr. M.R. Venkatesh, Partner, GSV Associates & Chairman, MCCI Expert Committee on Economic Affairs summed up the program and delivered the vote of thanks. The program was very well attended by 90 participants.

The Three Speakers – L to R: Mr. K.Vaitheeswaran, Chairman, Expert Committee on Indirect Taxes, Mr. M.R.Venkatesh, GC Member and Mr. Sriram Seshadri,Chairman, Expert Committee on Direct Taxes

A view of audience.

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sowing the seeds 7th April 2015 Discussion on “The Union Budget 2015: Reform Challenges – Lessons from International Experience” by Mr.Subra Ramamurthy The Chamber organized an interactive Discussion on Union Budget 2015- Reform Challenges – Lessons from International Experience by Mr. Subra Ramamurthy, Economist on April 7, 2015 at the Chamber. Mr. Subra Ramamurthy made a detailed presentation on the similarities between 2005 budget and 2015 budget and explained the four aspects of the Fiscal Management Reforms. His perspectives were very different, and his experiences in different Countries added value to the discussion.

Mr. Subra Ramamurthy interacting with select members in the Conference room of the Chamber

18th April 2015 Follow up Session on Finance for Women Directors Forum The Chamber organized the first follow up Session on Finance on April 18th 2015 at the Chamber’s Conference room for the Women Directors Forum. This was a practical session working ‘hands on’ with mock financial statements and learning

to interpret and understand the financial statements through this exercise. This session was conducted by Dr. Suresh Srinivasan, Visiting Professor – Great Lakes Institute of Management and attended by 12 Participants. The feedback was excellent.

23rd April 2015 In-house Training Program on Attitude Building for Professional Growth The Chamber, as part of its regular Trainings, organized a workshop on Attitude Building for Professional Growth, exclusively for the HR Personnel in the Industries. Mr.Akbar a renowned Trainer on HR Skills conducted the program. Around 19 participants took an active part in the training program and the feedback was positive. Mr. Akbar Khan, Trainer interacting with the participants during the training.

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13th May 2015 MCCI Vocational Training and Skill Development Centre @ Tiruvallur T h e Va l e d i c t o r y function of the Data Entry Operators course was held on May 13, 2015. Certificates were distributed to the 30 Participants who had enrolled for this training, after the completion of the Course.

Participants of the Data Entry Operators course offered by SDC

14th May 2015 Interactive meeting with Mr.M. Damodaran Retd. IAS Former Chairperson – SEBI The Chamber arranged an interactive meeting with Mr. M. Damodaran,Retd. IAS, Former Chairperson –SEBI at the Chamber’s premises on 14th May 2015. Mr.N.Srinivasan, Member, General Committee welcomed Mr. Damodaran and Ms. Divyani Garg, VP, Excellence Enables Pvt. Ltd., and set the tone by elaborating on the concerns expressed by the Chamber on behalf of the Industries with regard to the Companies Act 2013.

Mr. M. Damodaran interactive with select members of the Chamber on Companies Act 2013 and Corporate Governance

Mr. Damodaran’s interpretation of certain provisions of Companies Act 2013, particularly Corporate Governance with amusing anecdotes made the interaction session very lively.

and give suggestions based on practical difficulties, to the Ministry of Corporate Affairs, for consideration.

He requested the Chamber to take up 4 or 5 critical issues in Companies Act 2013

The participants enthusiastically clarified their queries relating to Companies Act 2013.

21st May 2015 Inhouse Training Program on “Business Changes and Challenges, Role of Shop Floor/Managers/Supervisors The Chamber, as part of its regular Trainings organized a training program on Business Changes and Challenges, Role of Shop Floor/ Managers/Supervisors exclusively for the shop floor personnel. Mr.Aravamudan, a renowned Trainer conducted the program. Around 17 participants took an active part in the training program and the feedback was positive.

Mr. A.Aravamudan, Trainer with the participants during the training session

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14th September 2015 Discussion on the follow up on TARC Report with Mr. S. Mahalingam The Chamber organized a discussion on TARC report and the follow up needed for its implementation at Hotel GRT Grand, Chennai. Mr. S. Mahalingam, the former CFO of Tata Consultancy Services, and a member of the Commission, made a presentation on the salient features of the Report and initiated the discussion with a select group of members. In his presentation, Mr. Mahalingam covered the constitution of TARC, the overall Terms of Reference, the fault in Indian Tax system, the collobarative and consultative effort taken to prepare a report of 1370 pages with 15 chapters, a summary of recommendations and findings and a way forward. He further divided the Chapters into Operations, Enablers, Platform and Support to Policy and elaborated on each aspect. He concluded his presentation with the process for change for a transformed Tax Governance

Mr. S. Mahalingam, Former CEO, TCS addressing the audience on the TARC report

and showed the participants how a reformed tax system would function. The presentation was followed by an interactive session. It was agreed by the Chamber that a follow up of this discussion would be taken forward with a larger audience and necessary steps would be taken to bring about the desired change that is required in tax administration.

15th October 2015 Program on Imports /Exports Procedures The Chamber under the auspices of Logistics Committee organized a one day Training program on Imports/Exports Procedures with the objective of educating the participants on the basics of Export /Import Management and

to update their knowledge about the latest changes. Mr. U. Udayabhaskar Reddy, Chairman, Expert Committee on Logistics welcomed the gathering. Mr. J. Krishnan, GC Member, resource person for this program elaborated on the importance of documentation and enlightened the participants on the following topics:• Introduction and importance of Export & Import Documentation • Export Documentation procedures • Terms of Delivery and Terms & Payments with L/C terms with examples, case laws etc.

Mr. J. Krishnan, GC Member, Resource Person explaining the concepts of Import Export Procedures to the participants

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Excellent feedback was received from the 60 participants of the program.


10th February 2016 Interactive Meeting with Justice Mr.R.V.Easwar The Chamber organized an interactive meeting with Justice Mr. R.V.Easwar, Chairman of the Committee constituted for simplifying the provisions of the Income Tax Act 1961, at Hotel GRT Convention Centre. Mr. S.G. Prabhakharan, President, MCCI welcomed the audience and gave an international perspective of Taxes and set the context for the discussion. M r. S r i r a m S e s h a d r i , Chairman, Direct Taxes Committee made a presentation on the representations of the Chamber for income tax simplification. This presentation was a culmination of the efforts of the Direct Tax Committee which had a series of meetings/con calls with the committee members and external experts to include all the concerns in our representation.

Justice Mr. R.V. Easwar answering a query from the participants. Others in the picture – L to R : Mr. Sriram Seshadri, Chairman, Expert Committee – Direct Taxes & Mr. S.G. Prabhakharan, President, MCCI

Justice Mr. R.V.Easwar spontaneously answered all the queries during the presentation in the question and answer session. He said that he was impressed with the informative session on tax reforms and expressed appreciation for the commendable work of the Direct Taxes Committee. The memorandum containing the Chamber’s comments and suggestions was submitted to Justice Mr. R.V. Easwar. The participants took an active part in the questions and answers session and gave an excellent feedback for the meeting organized by the Chamber.

24th February 2016 Program on Negotiation Skills jointly with Business Standard The Chamber in association with Business Standard Ltd. organized a program on “Negotiation Skills” on 24th February 2016 at the Conference room of the Chamber. This was part of the series of training programs to be organized by Business Standard under its banner “Primer” for the Trade Associations and Industry bodies focusing on skill development, particularly for SMEs. The Resource person was Mr. Balaji Bharadwaj, Director, AirSea Forwarders India Pvt. Ltd., There was positive feedback from the 26 participants of the program.

Mr. Balaji Bharadwaj interacting with the participants during the training session

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doing the honours 25th June 2015 Meeting with Busan Chamber of Commerce & signing of MoU The Madras Chamber had a meeting with a 22 member delegation led by Mr. Cho Sung Je, President, Busan Chamber of Commerce & Industry on 25th June 2015 at the Chamber. An MoU was signed between the Chamber and Busan CCI to foster economic development between the two regions. The MoU between the Madras Chamber and the Busan Chamber was to strengthen the cooperation in promoting trade and investment flows between Tamil Nadu and Republic of Korea through knowledge sharing, holding joint trade and investment promotion events, establishing direct contacts and developing business relations, seeking potential investors and business partners. The President, Mr S G Prabhakharan, while addressing the delegates said that the Chamber was keen to expand its business relations with Korea, especially with Busan, the second largest city of South Korea termed as the “City of Tomorrow.”

Mr. S.G. Prabhakharan, President, MCCI and Mr. Cho Sung Je, President, BCCI with the MoU signed between MCCI and Busan Chamber of Commerce & Industry

MCCI Team with Delegates from BCCI

30th November 2015 Meeting with Dr. Oskar Andesner Austrian Trade Commissioner in India The Chamber organized an interactive meeting with Dr. Oskar Andesner who has taken over as the Austrian Tr a d e C o m m i s s i o n e r i n India during his first official visit to Chennai on 30th November 2015 in the President’s office. Mr. S.G. Prabhakharan, President and Ms. Saraswathi, Secretary General had a meeting withDr. Oskar Andesner, Trade Commissioner, Austria who was accompanied by Mr. Ravishankar, Director, Marketing, Austria Trade O f i c e , C h e n n a i , M r.

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Dr. Oskar Andesner, Austrian Trade Commissioner and Mr. Ravishankar, Director, Marketing, Austria Trade Office interacting with Mr. S.G. Prabhakharan, President, MCCI and Ms. K. Saraswati, Secretary General

S.G.Prabhakharan briefed about the advantages of Tamil Nadu and the Chamber. Ms. Saraswathi mentioned the new initiatives of the Chamber. Dr.Oskar Andesner briefed about the businesses in Austria and invited the Chamber members to visit Austria.


5th February 2016 Interaction Meeting with Mr. Faiyaz Koya, Hon’ble Minister of Trade, Industry & Tourism, Fiji The Chamber organized an interactive meeting with Mr. Faiyaz Koya, Hon’ble Minister of Industry & Trade, FIJI, who was accompanied by Mr. Truman Bradley, Chairman, Tourism FIJI at Hotel Raintree, Alwarpet, Chennai. Mr. J.Krishnan welcomed the Hon’ble Minister. The Minister and the Chairman addressed the participants about the prospects of doing trade in FIJI and answered various queries relating to doing business with FIJI. They welcomed the participants to the “Paradise on Earth”. Mr.S.N. Srikanth, Senior Partner, Hauer Associates, Member of Expert Committee on Logistics has been appointed as the Honorary Consul of FIJI.

Mr. Faiyaz Koya, Hon’ble Minister of Trade & Industry, FIJI addressing the audience. Others in the picture – L to R : Ms. K. Saraswathi, Secretary General, MCCI, Mr. J. Krishnan, GC Member, MCCI, Mr. Truman Bradley, Chairman, Tourism, FIJI and Mr.S. N. Srikanth, Senior Partner, Hauer Associates

21st March 2016 Visit of Thai Delegation A delegation from Thailand visited the Chamber Ms Jittima Nakamano, Director, Royal Thai Trade Consulate, Chennai was accompanied by Ms. Marisa Phaekwamdee, Consultant and Ms. Phakin Chiraacharareak and a few more delegates during the visit to the Chamber to understand the Chamber’s role in promoting business partnerships and to explore the

business opportunities between Thai and Indian Companies. Ms. K.Saraswathi, Secretary General, MCCI briefed the delegation about the activities of the Chamber. They appreciated the discussion and the hospitality extended and offered to be in touch with the Chamber for follow up action.

7th April, 2015 Program on SAP Ambition Express The Madras Chamber, in association with SAP India and HTC Global Services organized a Program on “SAP Ambition Express” on 7th April, 2015 at Hotel Hyatt Regency. In the Inaugural Session, Mr. P. Kaniappan, MD, Wabco India Ltd., and Member-General Committee gave the welcome address on behalf of MCCI. He explained the advantages of using SAP, and how his office using SAP solutions is connected globally. MCCI, SAP India & NTC Global Services representatives and participants with SAP Ambition Express bus that has travelled 10000 kms throughout India This was followed by technical ANNUAL REPORT 2015-16

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together we grow sessions wherein the general advantages for SMEs were elaborated. After the technical sessions, the participants were given a live demo in the SAP Ambition Express. The program was well attended by 70 participants .

Mr. P. Kaniappan, MD,Wabco India Ltd., and General Committee Member welcoming the participants on behalf of MCCI

16th April, 2015 3rd Trade Meet The Chamber, in association with Kamarajar Port Ltd (KPL), organized the 3rd Annual Trade Meet under the auspices of Logistics Committee on April 16th, 2015. Keeping in line with the success of the previous Trade Meets, this event too saw good participation from the various stakeholders. M r. S . G . P r a b h a k a r a n , President, MCCI, welcomed the gathering and outlined the proactive efforts taken by the Chamber towards The Speakers in the Dias include - L to R : Ms. K.Saraswathi, Secretary General, MCCI, Mr. R. Senthil Kumar, General Manager, ports development.

KPL, Mr. Hidehiro Ishiura, Director General, JETRO,Chennai, Mr. M.A. Bhaskaraachar, CMD, KPL, Mr.S.Anantaraman, IRTS , Mr.M.A. Bhaskarachar, Chief Operations Manager, Southern Railway, Mr. S.G. Prabhakharan, President, MCCI, Mr. P.K. Behera, IRS, Commissioner of Customs, Chennai & Mr. J. Krishnan, Chairman, Logistics Committee

CMD, KPL, assured that by the 4th Trade Meet, most of the proposed projects would be functioning. In particular, the multi-cargo terminal and the cargo container will be completed by next year. He added that we can expect KPL to become a $200 million cargo port in the future and that both the State and the Central Governments

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are being supportive. He concluded by mentioning that the KPL management is open to suggestions and grievance redressals. Mr.Hidehiro Ishiura, Director General JETRO, elaborated on IndoJapan business relations and highlighted the role of JETRO in promoting it. He made a special request to KPL to resolve the space constraints and congestion problems. Mr. PK. Behra, IRS, Commissioner of Customs, Chennai pointed out that trade facilitation has not caught up with growth in trade. He proceeded to highlight some of the recent measures taken by customs to facilitate trade including the accredited planned program, use of digital signatures and the authorised economic operators program.


He concluded with a list of suggestions as to how the stakeholders can help the customs perform better. Mr. S.Anantharaman, IRTS, Chief Operating Officer, Southern Railways, provided the perspective of Southern Railways which is a critical component of the EXIM trade. He mentioned that the Ennore port is a positive development towards reaching global standards. The last segment of the inaugural had the following presentations • Mr.Senthil Kumar, KPL, on the features and achievements of KPL • Captain Ramnath, APSEZ, on the Ennore Container Terminal • Mr.N.Suresh on the Chettinad Bulk Terminal

The inaugural session of the trade meet concluded with Mr Sanjay Kumar, Director (Operations), KPL, proposing the vote of thanks. The technical session was moderated by Mr.J.Krishnan, Chairman, Logistics Committee, and had the following presentations • Mr. G R Balakrishnan on the Indian windmill scenario • Mr. Sridhar, NTC, in break bulk in India • Mr. S Pradeep, Puyvast Maritime, on break bulk vessels in India • Mr. N S Vijay, Toyota Kirloskar, on the car manufacturer perspective The event concluded with a Q&A session with the representatives from KPL and the vote of thanks was proposed by Mr.Udayabhaskar Reddy, CoChairman, MCCI Logistics Committee.

18th April 2015 Workshop on Foreign Trade Policy The Chamber and the Federation of Indian Export Organizations (FIEO) jointly organized a Workshop on Understanding Foreign Trade Policy 2015-2020 under the auspices of Logistics Committee on 18th April 2015 . Mr.J.Krishnan, Chairman, Logistics Committee, welcomed the gathering. Mr. Rafeeque Ahmed, Immediate Past President, FIEO, in his special address, stated that the recent export figures were shocking. He added

Mr. J.V. Patil, Joint Director General, Foreign Trade, Ministry of Commerce, Chennai interacting with the participants. Others in the picture – L to R: Mr. J.Krishnan, Chairman, MCCI Expert Committee on Logistics, Mr, Rafeeque Ahmed, Immediate Past President, FIEO & Mr. Unnikrishnan, Joint Director General, FIEO

that the decrease in trade deficit has been due to external factors and not because of increase in exports and this is a cause for concern. With respect to the new FTP, he mentioned that it had no consultation processes during its formulation and this must be rectified in future by increasing consultations with the exporters. He concluded by reiterating FIEO’s long-standing demand for a Market Development Fund. In his Special Address, Mr.J.V Patil Joint Director General of Foreign Trade, Ministry of

Panelists answering the Q & A Session – L to R : Mr. J.Krishnan, Chairman, MCCI Expert Committee on Logistics, Mr. B.Sriram, Partner, Ernst & Young, Mr.S.Murugappan, Advocate & Exim Consultant and Mr. K. Unnikrishnan, Joint Director General, FIEO

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Commerce, Chennai, gave an overview of the new FTP by highlighting the new provisions. He further elaborated on the changes with respect to MEIS and discussed other aspects such as status certificates, SEZs and quality complaints. He concluded by mentioning that there were proposals to initiate new exporters into trade and assured that concerns of exporters will be taken into account. This was followed by a brief interactive session with Mr.J.V. Patil where he answered questions and clarified doubts regarding the new FTP.

28th April 2015 Indo Indonesian Business Seminar The Chamber joined hands with the Consulate General of the Republic of Indonesia, Mumbai, Embassy of the Republic of Indonesia, New Delhi and the Indonesian Trade Promotion Centre (ITPC), Chennai, in organising a Seminar on “Doing Business with Indonesia & Trade Expo, Indonesia ” on April 28, 2015 at Hotel Rain Tree. Mr. S.G. Prabhakharan gave the welcome address and compared India’s and Indonesia’s GDP with relevant statistics and stated that both the country’s economic growth matched with one another. He informed that in the recent years, the trade relations between the two countries had been increasing at a faster pace than what was anticipated.

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The inaugural session concluded with Mr.K.Unnikrishnan, Joint Deputy Director General, FIEO, proposing the vote of thanks. The technical session consisted of presentations by • Mr.B.Sriram, Partner, Ernst & Young, Chennai, on the Export Incentive Schemes • Mr. S.Murugappan, Advocate and EXIM consultant, on the various procedural changes and compliance with laws in respect of EXIM The event concluded with a Q&A session. invited the Delegation from Indonesia to attend the Global Investors Meet 2015 which was held on 9th and 10th September 2015. Mr. Saut Siringoringo, Consul General of the Republic of Indonesia, Mumbai while addressing the participants, expressed his appreciation for the Chamber’s efforts in organising this meeting. He gave an overview of the opportunities available in Indonesia through a video presentation. He then proceeded to make a detailed presentation on “Doing Business with Indonesia”. He also invited the Chamber to take a delegation to Indonesia to visit the Trade Expo. Mr. R. Anand, General Committee Member proposed the vote of thanks.

He urged the participants to take part in the Trade Expo Indonesia which was to be held in Jakarta in October and hoped that this would strengthen the relationship between the two countries. He

The program was well attended by 60 participants. A few participants shared their experiences of working with Indonesia. The queries raised with respect to import and export procedures, were answered by the Consul General and, his team of officers.

Mr.S.G. Prabhakharan, President, MCCI presenting the Coffee Table Book to Mr. Saut Siringoringo, Consul General of Republic of Indonesia

Mr. Saut Siringoringo, Consul General of Republic of Indonesia addressing the audience.

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18th May, 2015 Conference on Make in India – Indo French Collaboration The Chamber joined hands with Indo French Chamber of Commerce in organizing a Seminar on “Make in India – Business opportunities between India & France” on 18th May 2015 at Hotel ITC Chola.

in his address covered the various schemes of the Government which has paved way for the Make in India Initiative to attract more investments for the growth of the Economy. He added that the main objective of this initiative was to become job creators and not job seekers and it was targeted to domestic and foreign investors to invest in India in not only manufacturing sector, but also in services. He elaborated on the 4 pillars of Make in India, namely, Processes, Infrastructure, Investments and Mindset.

The main objective of the Seminar was to have the French and Indian Companies share their views with regard to doing business in Tamil Nadu, the business strategies, the bilateral opportunities, infrastructure facilities and the skills available. Ms. K.Saraswathi gave the welcome address wherein she quoted the White Paper on French Companies in India, prepared by the French Embassy which states that “there are now 1051 establishments or French entities in India which are linked to 394 major French conglomerates.” M r. P h i l i p e J a n v i e r Kamiyama, Consul General of France gave the inaugural address wherein he briefed about the French Companies setting up business in India, especially in Tamil Nadu and Pondicherry. He added that with the Make in India initiative, the business relations between the two countries would flourish. He expressed his appreciation for a first of its kind program in Chennai. Mr.Atul Chaturvedi, Joint Secretary, DIPP, New Delhi,

Mr.C.V. Sankar IAS, Additional Chief Secretary, Industries Department, GoTN addressing the audience. Others in the picture – L to R :, Ms. K. Saraswathi, Secretary General, MCCI, Dr. Philip Janvier-Kamiyama, Consul General of France, Mr. Atul Chatuvedi, Joint Secretary, DIPP, New Delhi, Ms. Laura Prasad, Secretary General, IFCC and Ms. Merlin Simon, Regional Director, Southern Chapter, Indo French Chamber of Commerce & Industry

Mr.Arun Subramanian, Moderating the Panel Discussion. Others in the picture – L to R : Mr. Nith Seth, President, (LCV & Defence) Ashok Leyland, Mr. Atul Renavikar, Site Director, Michelin Tyres Tamil Nadu Ltd., Mr. Bharat Salhotra, Managing Director, Alstom Transport India Ltd., Mr. S. Chandramouli, Business Head – International Business, TAFE Ltd. & Mr. Dennis Bauer, Managing Director, Areva Renewable Energies India P. Ltd.

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Mr. C.V. Sankar, IAS., Additional Chief Secretary, Industries Department, GoTN made a detailed presentation on Tamil Nadu – An Opportunity beckons. He detailed the various e-measures taken by the State Government for the ease of doing business. Further, he gave statistics of Tamil Nadu’s strength in various sectors and explained the scope of business. He invited the Delegation from France to attend the Global Investors Meet 2015 to be held on Sept 9th and 10th, 2015. Ms. Laura Prasad, Secretary General, IFCCI felicitated the Chief Guests and thanked the Chamber for its support. The inaugural was followed by a Panel Discussion on Infrastructure, skill/manpower, Governance framework, Collaborations, case studies. Senior

officials from French based Companies and Indian Companies shared their experiences with the participants. 1. Mr. Atul Renavikar - Site Director, Michelin Tyres Tamil Nadu Ltd. 2. Mr. Bharat Salhotra - Managing Director, Alstom Transport India Ltd. 3. Mr. Denis Bauer - Managing Director, Areva Renewable Energies India P. Ltd. 4. Mr. Nitin Seth - President (LCV & Defence), Ashok Leyland 5. Mr. S. Chandramouli, Business Head – International Business, TAFE Ltd. The Seminar was attended by 70 participants. There was a good interactive session after the panel discussion.

3rd July 2015 Seminar on IND-AS jointly with Deloitte

The Chamber organised a full day program on the Overview of Indian Accounting Standards (Ind AS) on July 3, 2015 at Hotel Savera, Chennai. Deloitte was the Knowledge Partner for this program. The Ministry of Corporate Affairs notified the Companies (Indian Accounting Standards) Rules,

2015 on Feb 16, 2015. Indian Accounting Standards (Ind AS) conversion is a strategic issue. The rules specify the Indian Accounting Standards (Ind AS) applicable to certain class of companies and set out dates of applicability. Conversion to Ind AS is challenging, and the board of directors and management need to explain to the stakeholders on the changes and impact arising from the Ind AS conversion. Hence this program was organized to understand the challenges in the transition to Ind AS, and to strengthen the controls, formulate policies and procedures and enhance the knowledge on Ind AS. Mr. N.Srinivasan, Past President, MCCI in his opening remarks gave an insight on Ind AS and Ms. Bhavani Balasubramanian, Chairman, Expert Committee on Company Law introduced the speakers and topics to the participants.

Ms. Bhavani Balasubramanian, Chairperson, Expert Committee on Company Law/ Corporate Affairs introducing the topic and speakers. Others in the picture – L to R : Ms. K.Saraswathi, Secretary General, MCCI and Mr. N.Srinivasan, Past President, MCCI.

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Speakers from Deloitte, namely, Mr. Vikas Bagaria, Mr. K.N. Krishnan, Mr. V.P.Manikandan and Ms. Gayathri addressed the participants.


10th & 11th July 2015 3rd Cargo Scope 2015 – An International Conference The Chamber and Exim India Shipping Times jointly organized an International Conference & Exhibition concurrent with 7th South East Cargo & Logistics Awards 2015 on 10th& 11th July, 2015 at Chennai Trade Centre, Conventional Centre, Chennai. The theme of this conference was Ease of Doing Business in Maritime & Logistics Sector.

the Chamber and past Chairman of the Logistics committee delivered the vote of thanks . There were three technical sessions held on both the days having the following topics for discussion. 1. Ensuring seamless connectivity in port & logistics sector in South East India challenges & solutions

The central idea of organizing this conference was to discuss the ease of doing business in Maritime & Logistics Sectors and to chart the action plan for the benefit of trade. The Chamber was the Conference Partner for this event.

2. Ease of doing business in project cargo & other cargoes

The participants of this conference were from the logistics industry handling export- import goods. All categories from Shipping lines to Container owners and Equipment suppliers participated in this conference. The 7th South East Cargo and Logistics Awards - 2015 was also held.

After the first technical session an open house with the participants was organized by FIEO. The session was addressed by officials from Director General of Foreign Trade’s office.

The Exhibition was inaugurated by Shri A. Sakthivel, Southern Regional Chairman of Federation of Indian Export Organisation (FIEO). This was followed by the inaugural session of the conference. Shri S.G.Prabhakaran, President, MCCI welcomed the participants. The Chief Guest of the conference, Mr. Atulya Misra, IAS, Chairman, Chennai Port Trust, addressed the gathering and declared the conference open. Mr. J. Krishnan, General Committee Member of

3. Ease of doing business in dry bulk sector & growing importance of education and training

The South East Cargo & Logistics Award 2015 was conducted in a grand ceremony on 10th July 2015 . The regional players in the logistics industry were duly recognized for their performance in this event that covered various categories of the EXIM Logistics activities. The meeting witnessed the coming together of all logistics players across South India and both the conference and exhibition provided an excellent networking opportunity. The technical sessions also provided critical insight on the conference theme “Ease of doing business in Maritime and Logistics sector“.

Mr. S. G. Prabhakharan, President, MCCI welcoming the gathering in the Inaugural Session

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24th July 2015 MCCI – ICICI Bank CEO Knowledge Forum CEO Knowledge Forum is one of ICICI Bank’s flagship programs in the Beyond Banking Space. The Chamber in association with ICICI Bank organized the third edition of ICICI Bank –CEO Knowledge Forum on 25th July at Hotel Park, Chennai. The theme for the third edition was “Leadership in Volatile Times”.

Mr. Ram Venkataramani, Vice President, MCCI gave the welcome address. Mr. S.Varadharajan, CFO, VA Tech Wabag, representing the Chamber was one of the speakers in the Panel Discussion.

Mr. Ram Venkataramani, Vice President, MCCI welcoming the gathering

Mr. S. Varadharajan, Promoter & Director, VA Tech Wabag Ltd., interacting in the panel discussion. (third from left)

31st July 2015 Presentation by Krishnapatnam Port & Meeting The Business presentation with the Officials from Krishnapatnam Port was organized under the auspices of Logistics Committee on July 31, 2015 at Hotel Taj Vivanta, Chennai. M r. S. G. Pr a b h a k h a r a n w e l c o m e d t h e Participants. Mr. Anil Yendluri, Director & CEO, KPCL addressed the participants. Ms. Vinita Venkatesh, Director, KPCL made a detailed presentation on the facilities and services offered by Krishnapatnam Port. Mr. Suresh Anand, Executive Director of East Coast Logistics supplemented Ms. Vinita’s presentation on the advantages of KPCT. The meeting was followed by an interactive session with 60 + participants.

Mr.A.V. Vijaykumar, MD, Paramount Shipping Services shares his experiences with Krishnapatnam Port while Mr. Anil Yendluri, Director & CEO, KPCL looks on

18th August 2015 Seminar under CCCCC on “Invest in Brussels” The Chamber organized a “Seminar on Invest in Brussels” under the CCCCC jointly with SAS Partners, who is promoting investments in Brussels on 18th August 2015 at Hotel Savera.

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Ms. Indira Dutt, President, Andhra Chamber of Commerce chaired the session and welcomed the participants. Mr. Chozha Naachiar Rajasekar, President, Tamil Chamber of Commerce, Mr. Muneer Ahmed,


Dr. Bart De Groof, Consul General, Consulate of Belgium, Chennai addressing the gathering. Others in the picture – L to R : Mr. Chozha Naachiar Rajasekar, President, Tamil Chamber of Commerce, Ms. Kathlijn Fruithof, First Secretary, Trade & Investment, Consulate General of Belgium, Ms.V.L.Indira Dutt, President, Andhra Chamber of Commerce, Dr. N.R.Dave, Presiden, Hindustan Chamber of Commerce & Mr. Syed Muneer Ahmed, President, The National Chamber of Commerce

President, National Chamber of Commerce and Mr. N.Dave, President, Hindustan Chamber of Commerce briefly addressed the participants. Dr. Bart De Groof, Consul General, Consulate General of Belgium in Chennai, Chief Guest, traced the history of trade relations between India and Belgium right from 18th century through their east India company. He briefed about “Why we should go to Brussels”?. He

Ms. Kathlijn Fruitof, First Secretary, Trade & Investment, Consulate General of Belgium making a presentation

thanked the organizers for arranging this meeting and requested the participants to make use of this opportunity to know more about Brussels. Ms.Kathlijn Fruithof, First Secretary Trade & Investment, Consulate General of Belgium, Chennai made a detailed presentation on the topic “Brussels – The perfect destination for your growth in Europe” and highlighted the advantages of doing business in Europe. The program was attended by 40 persons.

2nd September 2015 Program on Transfer pricing jointly with EY The Chamber organized a program on Transfer Pricing on 2nd September 2015 at Hotel Crowne Plaza,Chennai. EY was the Knowledge Partner. Mr. T.Shivaraman, Immediate Past President of the Chamber welcomed the participants. He pointed out that Indian Tax system is very complex and hence there is always a need for Chambers like ours to repeatedly organize such workshops. He requested the participants to make use of the EY experts’ knowledge on this complicated subject.

Mr. Miller Williams Principal, Transfer Pricing Controversy Services EY Global addressing the audience. Others in the picture- L to R: Mr. Ameet Kapoor, ED, Transfer Pricing, EY India, Mr. T. Shivaraman, MD & CEO, Shriram EPC Ltd. and immediate Past President, MCCI , & Mr. Vijay Iyer, Partner & National Leader- Transfer Pricing EY India

The Technical session had the following speakers from EY, followed by a panel • Mr. Miller Williams Partner, EY USA discussion moderated by Mr. Ashwin Viswanathan, Executive Director, EY • Mr. Ameet Kapoor Executive Director, EY India, New India, Chennai Delhi

• Mr. Vijay Iyer, Partner & National There was a vibrant interactive session with more than Transfer Pricing Leader, EY India 70 participants who took part in the event. ANNUAL REPORT 2015-16

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30th September 2015 Bilateral Opportunities between India and Qatar & GCC The Chamber and the Doha Bank jointly organized a program on “Bilateral Opportunities between India and Qatar & GCC on 30th September at Hotel Taj Coromandal. Mr. S.G.Prabhakharan, President, MCCI, gave the welcome address. He briefed about the Chamber’s activities and stated Doha, Qatar and GCC regions offer immense potential for the Indian Business Community. Mr. Rashid bin Ali Al Mansoori, CEO, Qatar Exchange, in his special address, said that Qatar has emerged as the second biggest stock exchange in the Middle East after Saudi Arabia. The Qatar economy always remain stable, and it is virtually a home away from home for several Indians. Mr. Ramkumar Shankar, Deputy Managing Director, Chemplast Sanmar Ltd. and a General Committee Member shared his experience about his group’s business relationship with Qatar from which it imports almost 60 per cent of its raw materials for petrochemical business. He informed that though the company entered Qatar in a small way, it has now become a big trading partner with the country and gave confidence to potential investors. Dr. Seetharaman, Chief Executive Officer, Doha Bank addressed the audience on the present economy and said that emerging markets like India, China, Brazil and Russia, which are in a formidable position, are attracting huge foreign investments in different sectors. During Prime Minister Modi’s visit to the UAE in August, he was able to secure $60 billion business, fully

Mr. S.G. Prabhakharan, President, MCCI presenting the coffee table book to Dr. K.Seetharaman, Group CEO, Doha Bank

Mr. Ramkumar Shankar, Deputy Managing Director, Chemplast Sanmar Ltd. & GC Member, MCCI addressing the audience.

reflecting India’s close partnership with GCC nations. He urged the business community to make huge investments in Doha, Qatar & GCC region. M r. G a n e s a n Ra m a k r i s h n a n , H e a d o f International Banking, Doha Bank, in his concluding remarks, gave an assurance to all the businessmen and investors that they would provide necessary support for investments in Qatar and GCC.

14th to 16th October 2015 EA Water Global Conference on Water and Waste Management The Chamber extended its support to “Everything about Water” Global Conference on Water and Waste Management held in Hotel Le Royal Meredian, Chennai between 14th and 16th October 2015. The conference was inaugurated by Ms.Shanta Sheela Nair, Vice Chairperson, State Planning

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Commission, Chennai. Ms. Saraswathi, Secretary General was one of the speakers in the inauguration. She made a presentation on the Sustainable Chennai Forum activities of the Chamber. The other speakers in the inauguration session were Mr.Achim Fabig, Consul General, Germany, Mr.Vijay Kumar,


Chief Representative, NBSO, Mr.Rajiv Mittal, MD & Group CEO, VA Tech Wabag Ltd., and and Dr.S.Prabhakar, Member Executive Committee, Indian Desalination Association. The Conference had the following topics addressed by eminent speakers. • Opportunities and challenges in improving water efficiency under the prevailing socioeconomic background.

• Global development in technology & instrumentation for water conservation and 24 x 7 water supply. • Policy framework and international experiences in this sector. • Industrial and municipal waste water management.

14th October 2015 2nd Edition – Profit Mantras for Businesses The Chamber, in association with FISME & HP, organized the 2nd edition on Profit Mantras for Businesses with focus on “Drivers of Growth for SME’s” at Sheraton Towers, Chennai. This is part of a series of programs organized by FISME in different cities, wherein eminent speakers from HP, Google spoke on the above subject. M r. S . G. P r a b h a k h a r a n w e l c o m e d t h e gathering. Mr Abhijeet Bhandari, Co-founder & Director, GREX addressed the gathering on the topic “How to benefit from New Financial Ecosystem” followed by Mr Mohammed Nazir,HewlettPackard (HP) on the New Style of Information Technology. Mr. Ravi Guria, Dy. Programme Director- Media & Communication, Digital Empowerment Foundation elaborated on Digital Clusters Development Initiative. This presentation was followed by a Special Address by Mr. Rajiv

Mr. S.G. Prabhakharan welcoming the audience

Khurana, CEO & Founder, The Personnel Lab, on the topic “Fostering Innovation in Small & Medium Enterprises”. Mr. Mukesh Kalra Joint Secretary (International Trade), Federation of Indian Micro and Small & Medium Enterprises (FISME) gave the concluding remarks. Ms.K.Saraswathi, Secretary General, MCCI proposed the vote of thanks. The program was attended by 60 participants.

23rd January 2016 International Summit on Innovation & Leadership DNA'2016 The Chamber, jointly with MOP Vaishnav College for Women, Chennai, organized the “Innovation and Leadership DNA Summit 2016” @ MOP College Auditorium. The objective of this conference was to understand India’s leadership DNA and to educate to implement talent management tools and practices, in an organization for identifying and investing in future leaders.

In the Inaugural Session, Mr.S.G. Prabhakharan addressed on the topic” Innovative leadership – An evolving and dynamic process”. He stated that leadership evolved in two dimensions – Innovative thinking and Business Thinking and gave examples and set the tone for the Summit. The Chief Guest Mr. C V Subba Rao, Deputy Managing Director (Shipping) – Sanmar ANNUAL REPORT 2015-16

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sports, media, spirituality, business, trading and education such as : Mr. N K Ranganath, Managing Director & CEO – Grundfos India Mr. Sunil Subramanian, Head Cricket Coach – TNCA Academy Mr. Arun Kumar, Assistant Editor - DT Next Dr. Goda Venkateswaran Sastrigal, Spiritual leader Mr. C.V. Subba Rao, Deputy MD (Shipping) Sanmar, Chief Guest addressing the participants. Others in the picture – L to R : Ms. K.Saraswathi, Secretary General, MCCI and Mr. S.G. Prabhakharan, President, MCCI

narrated a few live innovative leadership stories that focused on people centricity and simplicity. He made it clear that the unique innovative leadership traits required for success are responsibility, simplicity, inspiration and understanding customer needs. The first technical session on “Trait Identification in Leaders”, had two women leaders, Dr. Rekha Shetty, Managing Director, Minds Power and Ms. Gowri Thiyagarajan Mukherjee, CMO & Co-Founder – Creditmantri sharing very innovative insights on leadership traits such as commitment, perseverance, motivation and out of the box thinking. The second technical session on “Leading Through change” by Mr. Venu Srinivasan, Managing Director – Leo Coffee, showed how social media has brought a change to leadership.

Mr. Y Rama Rao, CEO – Spark Capital Mr. Mahalingam Krishnamurthy, Partner & Director – TSM Group of Companies All the speakers spoke about inspirational and influential leadership in their respective fields. The panel discussion moderated by Dr. Vaidya Subramaniam, Dean – Planning & Development, Sastra University rightly set the platform for the future of Indian leadership. The Valedictory session topic was “Investment in future leaders” Mr. T. Shivaraman, Managing Director & CEO - Shriram EPC Ltd. & Immediate Past President, MCCI stated that the present generation should concentrate on teamwork to achieve common objectives of the organization. He further added that it is essential to learn about work discipline from the Western countries to balance work and personal life.

In the third technical session on “Crisis Management by Leaders”, Mr. T N Manoharan, Chairman MCA Group, clearly defined the solutions for managing crisis by highlighting a few cases. He highlighted the fact that determination and dedication is the key for a successful leader. The post lunch panel discussion on “Testing times – The Indian leadership forecast” hosted a dynamic array of speakers from fields of

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Mr. T. Shivaraman, MD & CEO, Shriram EPC Ltd. and immediate Past President, MCCI addressing the gathering at the valedictory session


1st February 2016 Interactive Session on GOI’s new Guidelines for LOCs to Overseas Government organized by EXIM Bank The Chamber was a Partnering organization for the “Interactive Session on GOI’s new Guidelines for LOCs to Overseas Government” organized by EXIM Bank at Hotel Raintree, Anna Salai, Chennai. On behalf of MCCI, Mr. J.Krishnan, GC Member made a presentation on the Guidelines for New Lines of Credit and the Chamber’s role. He highlighted on the advantages Mr. J.Krishnan, Member, General Committee, MCCI addressing the participants of the new LOC, elaborated on The other sessions had presentations on New IDEAS Guidelines, the priorities for selection under highlighting Changes and improvements by Shri Arun Sobti, LOC, dissemination and the Under Secretary [IDEAS], Department of Economic Affairs, existing projects. He added that the Ministry of Finance, Government of India and Shri Ajit Gupte, Chamber could play a major role Joint Secretary, Development Partnership Administration in dissemination of information Division, Ministry of External Affairs, Government of India. to potential Industries for availing LOC through its contacts. His Mr. David Rasquinha, Deputy Managing Director, Exim Bank p r e s e n t a t i o n w a s g r e a t l y concluded the session with a presentation on Operational appreciated by the Participants. aspects of New IDEAS Guidelines and Success Stories.

5th February 2016 Program on Annual Change Makers Day The Chamber was the Industry Partner for the Annual Change Makers Day 2016, jointly organized by UNLtd Tamil Nadu and IIT at IIT Madras. Ms. Saraswathi addressed the participants on the Chamber’s role in Change Process and briefed the participants about the SEE initiative of the Chamber. The Inaugural Session had the key note address by Mr.Sriram Iyer, Ashoka Fellow & Founder, Nalandaway Foundation, followed by speakers from Ashoka Youth Venture, Associate Professor from IIT, etc speaking on the different dimensions, such as Youth, Gender, Technology, Health and Agriculture. Besides extending support for the program, the Chamber had also made available experts for the Content Carousel, which was a platform for potential entrepreneurs to seek guidance

and support in specific domains like marketing, resource mobilization etc on a one to one basis with experts. The following experts provided necessary guidance to potential entrepreneurs who sought clarification on taking their initiatives forward. • Mr. J. Raghunathan, Founder, KGIG and Chairman, Expert Commitee on IT/ITes • Ms. Sareetha Sugunan, Founder, Pepcom communications (who does the designs for our flyers, annual report etc) • Mr. S. Gopal, Ex MD, Chemplast Sanmar Ltd., • Ms. Rosy Fernando, Founder, Startup The feedback received from UN Ltd Tamil Nadu for the guidance provided was positive.

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12th February 2016 India South East Asia Relationship Business Summit 2016 The Chamber was the Industry Partner for the Business Summit 2016 – India South East Asia Relationship: Business & Beyond organized by the Loyola Institute of Business Administration on 12th February 2016. This Annual Summit focused on India South East Asia. Dr.T.A Sivasubramaniam, Director, LIBA, in his welcome address gave an overview on Global Economy and emerging opportunities for Entrepreneurs Mr. S.G. Prabhakharan, President – MCCI, addressed the gathering bringing to light the potential business opportunities that ASEAN countries offer. He added that it is time that we “Act East”. Guest of Honour Mr. Saut Siringoringo, Consul General of the Republic of Indonesia, drew attention to the current business ties with Indonesia and the future key prospects for business between the two countries. He highlighted the tremendous technological leaps achieved by sectors like IT, Biotech, Health Care & Automobiles. Special guest Dr. Jebamalai Vinanchiarachi Chairman, Experience Foundation and Former

Principal Adviser to the Director General – UNIDO deliberated on the East Asian model of Development and best business practices in Hong Kong, Singapore, Korea, Indonesia, Thailand and Malaysia. The key note address was delivered by the Chief Guest - Dr Daniel Babu Paul, IAS- Former Chief Secretary, Government of Kerala The Business Summit had two sessions, one to share the business environment and policy of the South East Asian Countries and the other to share the best practices of doing business with South East Asia. Mr. A.M. Rafiq, AMR Energy an exporter to Indonesia agreed to the Chamber’s request to share his experiences of doing business with Indonesia and addressed the participants. Faculty & Students of LIBA and delegates from various industries attended the summit. The Business Summit laid a path to business opportunities, job opportunities and social relations among India and South - East Asian countries.

Mr. Saut Siringoringo, Consul General – Republic of Indonesia, addressing the participants. Others in the picture – L to R : Dr. T.Sivasubramanian, Director, LIBA, Rev. Fr. A. M. Francis Jayapathy, Rector, Loyola College, - Dr Daniel Babu Paul, IAS- Former Chief Secretary, Government of Kerala, Mr. S.G. Prabhakharan, President-MCCI, Dr. Jebamalai Vinanchiarachi - Chairman, Experience Foundation and Former Principal Adviser to the Director General – UNIDO, Dr.U.Srinivasa Raghavan, Professor, Strategic Management and Marketing, LIBA

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16th February 2016 Program on "COP 21- India's commitments and Possible Business Opportunities" The Chamber joined hands with Waterfalls Institute of Technology Transfer (WITT) , New Delhi and organized a Seminar under its SCF banner on “India’s Commitments in COP21 and emerging opportunities for Businesses” at Hotel GRT Convention Centre. The initial talks made by Mr S G Prabhakaran, President of MCCI and Dr K V Swaminathan, founderChairman, WITT set the stage for fruitful discussions directed towards future actions. This was followed by Six Expert Lectures:

These were followed by a panel discussion led by Mr N.R.Krishnan, former Secretary, Ministry of Environment, GoI, followed by Mr.P.B.Varadarajan, President-REHENA, Dr. S Gomathinayagam, Director, National Institute of Wind Energy, . S Venkatachalam, MD, Orient Green Power Co. Ltd., Mr V Subramaniam and Mr K Venugopal. Several participants interacted actively with the Panellists and Expert speakers. The discussions revealed several facets that need to be addressed in detail as Entrepreneurs, Academic Institutions and Industrial organisations enter the field to operationalise the technological advancements & developments and become gainful participants in the opportunities that have emerged. The program was attended by 100 participants

(i) Mr. V.Subramaniam, former Secretary (MNRE, Govt. of India) “Updates from the Paris Climates Summit 2015 and its impact in the Indian context”; (ii) Mr. Bharat Joshi, Dy. High Commissioner, British High Commission, “Highlights from COP21 deliberations and Global Cooperation Possibilities”; (iii) Prof. Sudhir Chella Rajan, H e a d - I G S T ( I I T- M a d r a s ) , “Energy Transition initiative in Germany and their relevance to India”;

Mr.S.Prabhakharan, President, MCCI welcoming the gathering. Others in the picture – L to R : Mr.Bhoovaraham Thirumalai, Dr Sudhir Chella Rajan, Mr.Bharat Joshi, Dr.K.V.Swaminathan, Mr.V.Subramanian, Mr.K.Venugopal, Dr.C.K.Subramanian

(iv) D r. C . K . S u b r a m a n i a n , Professor, VIT “Development in Solar power Technology and Distribution Energy System”; (v) Mr. K.Venugopal, Director – Kasturi & Sons, “Renewable Energy Sustainability”; and (vi) Mr. Boovarahan Thirumalai, CEO – Aspiration Energy & Solar, “Industry readiness to explore the opportunities and assessing the concerns”.

Mr.S.Venkatachalam interacting during the Q & A Session of the Panel Discussion Others in the picture – L to R :, Dr.S.Gomathinayagam, Dr. K.V. Swaminathan, Mr.N.R.Krishnan, Mr. V. Subramanian, Mr.K.Venugopal & Mr.P.B.Varadarajan

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11th March 2016 Workshop on Health & Safety Measures for Automobile & Engineering Sector The Chamber jointly with Directorate General Factory Advice Service & Labour Institutes (Mumbai), Ministry of Labour & Employment, Govt. of India (DGFASLI) organized a one day Workshop on Health & Safety Measures for Automobile and Engineering Sector” at the Conference room of the Chamber on 11th March 2016 The objective of the workshop was to understand the policy changes in the Health & Safety Act, the various precautionary measures to be followed at the workplace and responsibilities of the Employers & Employees at the workplace. Dr. R K Elangovan, Deputy Director General, DGFASLI, Mumbai and his team were the faculty.

Dr. R.K. Elangovan, Deputy Director General, DGFASLI interacting with the participants

• Machine operations, grinding & safety measures

The range of topics included

• Overall Plant and Machinery safety

• Overview of the Factories Act 1948

• Emergency planning

• National Policy in Workplace

• Fire safety requirements

• Safety & Robots • Concerns on Electrical safety • Material handling • Chemical Safety • Welding gas & Cutting safety measures

• Noise elimination & vibration • Joint Certificate would be issued to the participants. The workshop was attended by 21 participants from the manufacturing sector and the feedback was positive.

5th June 2015 “Climate Change – Is it a Hype or a Reality?” Ms. K. Saraswathi, Secretary General of the Madras Chamber kick-started the program with an introduction to the Food For Thought (FFT) series. This FFT on Climate Change was organized to commemorate World Environment Day on June 5th. The focus of Dr. Palanivelu’s presentation was on the science of climate modelling and its application in climate change studies. He began his presentation with an overview of global trends in temperature changes, temperature extremities, sea level rise and changes in precipitation patterns.

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After a brief look at the latest IPCC report and its analysis of natural resources impact, Dr. Palanivelu proceeded to illustrate climate models specific to India and Tamil Nadu, with predictions of warmer summers and decreased rainfall. He concluded by stating that India needs better adaptation capabilities to cope with climate change. Ms. Vidya Soundararajan began by quoting IPCC, “we have evidence that climate change is real” and proceeded to cite studies by the World Bank and the Met Office. She flagged changes in agricultural productivity and the melting of


food for thought 1. Businesses reliant on coal, oil and gas should expect more regulation of use and less regulation of price 2. Cost of capital for carbon intensive projects will increase 3. Cost of credit will increase due to credit downgrading She concluded by listing the possible solutions that businesses should consider:Ms. Vidya Soundararajan, Senior Regional Advisor, Climate and Energy Growth, BDHC, Chennai interacting with the audience. Others in the picture L to R: Ms. K. Saraswathi, Secretary General, MCCI Dr. K. Palanivelu, Director, Centre for Climate Change and Adaptation Research,Anna University and Ms. P. Tara, Joint Managing Director, Ultramarine & Pigments Ltd, Chennai.

the Greenland ice sheet as some of the critical issues that require immediate attention. After discussing the world view on climate change and the UNFCCC negotiations, she concluded by stating that solutions are common sense actions and that it will be beneficial to adopt them even if we assume that climate change is a hype. Ms. P. Tara spoke on the topic “Coping with climate change – a starting point for businesses” and began by stating that we have missed the boat on prevention but mitigation is still possible. The focus of her presentation was on businesses and she made the following observations:-

1. Diversify into less resource intensive products and services 2. Invest in efficiency and climate resilient infrastructure 3. Identify risks and take necessary steps to mitigate 4. Diversify product streams 5. More investment from People in finance more in companies that have planned resilience The FFT concluded with a lively interaction session with the panelists. The discussions were mainly on the theme of how individuals can contribute to mitigation efforts.

22nd August 2015 “Black Money Story – A global growth and a global disaster” The FFT on Black Money Story – A global growth and a global disaster was organized by the Chamber at Hotel Crowne Plaza. Mr.S.G.Prabhakharan while welcoming the participants gave an introduction about Black Money and set the tone for the FFT. Mr.V.Ranganathan, Partner, E & Y LLP and a General

A view of the audience.

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Committee Member, gave an insight on the story of Black Money based on his experience of being in the Industry for several decades in various capacities.

Ranganathan left and elaborated on the origin, creation, movement and use of black money for legitimate or illegitimate purpose which enable global growth or disaster.

He stated that there are two streams which are globally considered for the movement of the black money. One is from transactions that are per se illegal and violating of some law, such as gambling, corruption and terrorism. The largest source of black money is from trafficking drugs and contraband. However, credible data is not available on this aspect. The other source is through purely legitimate sources that are perfectly legal , namely misinvoicing, hotmoney flows and overinvoicing. He elaborated on the above perfectly legal transactions which lead to the generation of black money.

As for origin, in 2009, the OECD report states 11.8 trillion as the Blackmoney and IMF states 18 trillion. In 2015, the conservative estimate is 25 trillion which is the quantum of black money that exists.

The Global Financial Integrity has given a figure of 542 billion dollars as black money in the Indian economy over a period of 10 years. Where does this money go? Mr. Ranganathan informed that it is ultimately put back to productivity. The recycling of black money to legitimate form has been done in 3 phases :When Government provided relief for exports in 1980’s, Indian GDRs when companies were allowed to float its stock in overseas exchanges in the 1990’s and through FDI’S and PEs in the recent years. He concluded by stating that this black money enables the economy to grow and does not lie in cupboards. Mr. N.Venkataraman, Senior Advocate, in his address stated that he will gradually improve his story on black money from where Mr.

Mr. N.Venkataraman , Senior Advocate addressing the audience.

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When it comes to the next stage of movement, there are 2 tools – Tax havens and auxiliary tools to Tax haven which is the banking secrecy laws. The tax havens exists in 3 forms in the world: first Zero tax jurisdiction where the funds are kept safely, second the fund managers, where the funds are used and the managers secure a percentage for the services rendered and the third being entrepreneurial which exists in middle east and far east where the money is managed for its own growth. The auxiliary is the banking secrecy laws, for every country has its own laws which protect the country. He gave a few examples of litigations that arise due to these laws. Mr. Venkataraman added that crime and corruption are like Siamese twins which go hand in hand as the blackmoney is used for illegitimate use. With regard to legislation on Black Money, he detailed on the Money Laundering Act, Income Tax Act and gave a comparison of Income Tax Act and Black Money Act. He added as to how and why it would be difficult to get people to disclose under the Black Money Act, since as

Mr. V. Ranganathan,Partner,EY LLP addressing the audience .


an independent legislation, it does not give immunity to voluntary disclosure and there is every possibility of prosecution under the Act. The Supreme Court cases of Asadi, Vodafone,Ram Jethmalani and Hassan Ali were also briefly

discussed with regard to interpretation on black money. The FFT concluded with a vibrant interaction and there were more than 100 participants.

28th November 2015 “Social Media – Not for me...” The Chamber, under the auspices of the Expert Committee on IT/ITES, organized the Food for Thought program on “Social Media – Not for me” on 28th November 2015. The FFT was moderated by Mr. Raghunathan, Chairman, Expert Committee on IT/ITes. Mr. S.G.Prabhakharan welcomed the participants and gave an overview about the Social Media and its impact and set the tone for FFT. Mr. Sorav Jain, Thinker in Chief, echoVME, stated that Social Media enabled personal branding and provided opportunities for more interaction with a larger population. He added that recruiters are able to find potential employees through targeted advertising on social media sites. He concluded that instead of completely shunning it, we need to focus on how to be more responsible and safe online. Mr. R.Vittal Raj, Partner, Kumar & Raj and member of ISACA and General Committee Member of MCCI, made an excellent address stating social media is not for everyone. He informed that the “virtual presence” of many had begun to grow, which has led to the decrease in personal interaction. He cautioned that there is a need for more safety and monitoring with increasing number

Mr. S.G. Prabhakharan , President, MCCI welcoming the participants. Others in the picture : L to R : Ms. Subashri Sriram, ED & CFO, Shriram City Union Finance Ltd., Mr. R. Vittal Raj, Partner, Kumar & Raj & General Committee Member, MCCI, and Mr. Sorav Jain, Thinker in Chief, echoVME

of children using social media platforms. Ms. Subhasri Sriram, Executive Director & CFO of Shriram City Union Finance Ltd. said that while social media boom had brought in cheaper products due to decrease in marketing costs, the fact that one’s personal information is no more confidential raises concern. She concluded that while some of us might have reservations, we have to accept that social media is here to stay and it depends on how we use it to our advantage. The FFT concluded with a vibrant interaction and there were more than 80 participants

A view of audience.

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Sustainable Chennai Forum On the Occasion of World Habitat Day (9th November 2011), the Chamber launched the Sustainable Chennai Forum (SCF). The SCF will assist and promote a business case for sustainable development. Its aim is to develop and demonstrate the contribution of business and industry to sustainable development solutions and share leading edge practices among member companies.

16th April 2015

Workshop on Green Freight The Chamber, under the Sustainable Chennai Forum, organised a workshop on Green Freight, in collaboration with Clean Air Asia and Indian Institute of Technology, Madras. The welcome address was delivered by Mr.S.G.Prabhakaran, President of the MCCI. The special address for the inaugural session was by Mr.K. Skandan, IAS, Chairman, TNPCB, GoTN. In his address, he emphasized on the need for a paradigm shift in urban growth and added that solutions need to be out-of-the-box, innovative and above all, sustainable in the long-run. He also added that the canals of Chennai need to be revived as a means of goods shipment as they are a clean alternative. Mr.J.Krishnan, Chairman, MCCI Logistics Committee, presented the vote of thanks for the inaugural session. The technical session witnessed three highly interesting presentations by

Mr. J. Krishnan Chairman, MCCI Committee delivering the vote of thanks during the inaugural session. Others in the picture – L to R: Mr. Sameera Kumar, Transport Researcher, Clean Air Asia, India Office, Mr. S.G. Prabhakharan, President, MCCI, Chief Guest Mr. K.Skandan, IAS, Chairman, TNPCB and Mr. Gitakrishnan, Associate Professor, IIT – M

Dr.Gitakrishnan (IITM), Dr. Shiv Nagendra(IITM) and Mr. Sameera Kumar(Clean Air Asia). Some of the topics covered include green logistics, eco-driving, urban freight, AQ monitoring and online brokerage platform, with global examples. This was followed by a panel discussion with panellists Mr.Sugumar Rajendran (President, Transport Owners Association), Mr.Kumar (TNPCB) and the technical session speakers. This session saw a very active exchange of ideas on green freight and also on other related topics such as drivers training and transport policy. The workshop concluded with a lively Q&A session between the audience and the panellists.

19th October 2015 Interaction with Mr. Martin Garatt, Chief Executive, Cambridge Cleantech, UK The Chamber organized an interaction meeting with Mr.Martin Garatt, Chief Executive, Cambridge Cleantech, UK at the Chamber’s Conference room. Cambridge Cleantech is a cluster organization supporting the growth of environmental goods and services of “Cleantech” companies, in the Greater Cambridge area. Mr.R.Kulothungan, Sr.Vice President, Orient Green Power & Chairman, Expert Committee on Environment welcomed the Guest and Members. Mr. Martin Garatt made a presentation on the activities of Cambridge Cleantech and shared the best practices followed.

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Mr. Martin Garatt, Chief Executive, Cambridge Cleantech, UK interacting with the participants

The meeting was attended by 25 persons including the former President of the Chamber Mr. Hari Eswaran and the interaction was fruitful. The Chamber and Cambridge Clean Tech is working on a possible MOU for taking the collaboration further.


5th November 2015 Interactive meeting with Mr.Rashid Shaikh, Health Effects Institute, Boston, USA The Chamber, jointly with US Consulate General, Chennai, organized an Interaction meeting with Dr. Rashid Shaikh, Director of Science at Health Effects Institute, (HEI) Boston, USA as part of its SCF activities at Hotel Residency Towers, Chennai. The Objective of this meeting was to discuss whether the air pollution regulations which are currently in vogue, effectively address the health, safety and environmental aspects of Industries and society.

Mr.Rashid Shaikh addressing the participants

M r. S . G. P r a b h a k h a r a n w e l c o m e d t h e gathering. Mr. Rashid Shaikh made a presentation about HEI’s mission, a few best practices followed in UK and USA. The presentation was followed by a Q & A Session and Hi Tea. The meeting was well attended by 40 participants.

Dr. R. Mahadevan raising a query

24th February 2016 Program on Negotiation Skills jointly with Business Standard The Chamber in association with Business Standard Ltd. organized a program on “Negotiation Skills” on 24th February 2016 at the Conference room of the Chamber. This was part of the series of training programs to be organized by Business Standard under its banner “Primer” for the Trade Associations and

Industry bodies focusing on skill development, particularly for SMEs. The Resource person was Mr. Balaji Bharadwaj, Director, AirSea Forwarders India Pvt. Ltd., There was positive feedback from the 26 participants who took part in this program.

3rd – 5th March 2016 Water Expo – 2016 Water Today Pvt. Ltd. organized the 10th Edition of Water Expo from 3rd to 5th March, 2016 at Chennai Trade Centre, Nandambakkam, Chennai. The Chamber which has been one of the supporting organizations in the earlier three editions of water expo in Chennai, as part of its Sustainable Chennai Forum (SCF) activities, extended its support for this edition

as well. MCCI had a stall space to showcase its activities under Sustainable Chennai Forum (SCF), which helped in creating awareness about the Chamber’s activities under SCF to the visitors. The Chamber had the opportunity to interact with the other exhibitors who are active in water management. ANNUAL REPORT 2015-16

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back 2 business The Chamber has initiated steps in its Back 2 Business Help Desk mission to provide the necessary support and guidance to members who have been affected by the recent unprecedented floods in Chennai. The Chamber has made a representation to the Government of Tamil Nadu to consider giving certain relief measures for the businesses and the Government has accepted a few of the Chamber’s suggestions. Further a few awareness programs have been organized

22nd January 2016 Workshop on Crisis Management The Chamber organized a Workshop on “Crisis Management in an Age of Uncertainty” as the first activity under the Back 2 Business Help Desk at Hotel GRT Grand with Deloitte as the Knowledge Partner. The objective of the workshop was to obtain a holistic understanding of crisis management and to discuss practical aspects, particularly in the aftermath of the recent floods. The Resource person Mr. Amry Junaideen, President, Enterprise Risk Services from Deloitte India, who has more than 20 years of diversified global experience shared his experiences of crisis management at different situations in different countries. Mr. Senthil Ramasamy, VP – Global Head of BCM at Cognizant Technology Solutions made a presentation followed by a panel discussion moderated by Mr.Ravi Veeraraghavan, Partner, Deloitte Haskins & Sells and Co Chairman, Expert Committee on IT/ITes . The Panel Discussion had the following speakers share their views on Crisis Management. Mr. R. Vaidyanathan, Director & Head - BCM CoE & Client Services, Cognizant Technology Solutions

Ms. K. Saraswathi, Secretary General welcoming the speakers and the audience

Mr. S. Vaitheeswaran, Executive Director - Sales and Support Services, Sundaram BNP Paribas Fund Services Ltd. Mr. G. Ananda Narayanan, India Cements Ltd Mr. N. Ramakrishnan, Senior Vice President, Computer Age Management Service India Private Limited. Mr. George Ittyerah, Director, Enterprise Risk Services, Deloitte India The resource person and the panelists answered the queries of the participants. The general feedback was good and the participants expressed their interest to have more of such programs.

Meeting with IIT Professors regarding Chennai Floods Dr.K. Murali , Professor, Department of Ocean Engineering, IIT Madras, Chennai and Dr. Balaji Narasimhan, Department of Civil Engineering had a discussion with Mr. S.G. Prabhakharan, President, MCCI, Mr.T. Shivaraman,Immediate Past President, MCCI Ms. K. Saraswathi, Secretary General, MCCI Mr. P.B. Varadharajan,Co Chairman, Expert Committee on Energy and Mr.

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S. Sankaranarayanan, Deputy Secretary, MCCI at the President’s office on 20th January 2016 regarding the Chennai Floods - Short and Long Term measures. Dr. Balaji made a presentation on the quantity of water on the land and overflow from reservoirs and Dr. Murali made the presentation on flood simulation, drainage and coastal flooding.


Expert Committees for the year 2015-16 Name of the Committee Company Law/Corporate Matters Banking, Finance & Insurance Corporate Social Responsibility (CSR) Direct Taxes Economic Affairs

Education & Skill

Chairmen Mrs. Bhavani Balasubramanian Partner Deloitte Haskins & Sells Mr.V.Sriram Chief Operating Officer ICRA Management Consulting Services Ltd. Ms.Rama Kashyap Head – CSR The India Cements Limited Mr. Sriram Seshadri Partner – Tax & Regulatory Services Price Waterhouse & Co.LLP Ms.Lakshmi Kumar Chairperson, PGDM Institute for Financial Management & Reserarch Dr. S. Venkataraman Vice President (Education & Training) The India Cements Ltd.

Energy

Mr. S. Venkatachalam Managing Director Orient Green Power Co.Ltd.

Environment, Water Conservation, Pollution Prevention & Control HR & IR

Mr. R. Kulothungan Sr. Vice President Orient Green Power Co. Ltd. Mr. Anand Gopalan Partner TS Gopalan & Co.,

Indirect Taxes

Mr. K. Vaitheeswaran Advocate &Tax Consultant K.Vaitheeswaran & Co., Mr Anand Madhavan Deputy General Manager ICRA Management Consulting Services Ltd. Mr. J. Raghunathan Founder – Director Knowledge Capital Investment Group Mr. Anand Gopalan Partner TS Gopalan & Co., Mr. U. Udayabhaskar Reddy Wholetime Director Sanco Trans Ltd. Mr.P.Jegannathan Vice President – Manufacturing & Logistics

Industrial Development / Infrastructure IT/ITES Legal Affairs Logistics Manufacturing

Co-Chairman Mr. P. Viswanathan Secretary & compliance Officer, Sundaram Finance Ltd. Mr.P.Gopalakrishnan Sr.Vice President & CFO TVS & Sons Mr.V.M.Rajasekharan CEO ITC Ltd. Ms.Vidya Nagarajan Partner Ernst & Young LLP Mr. V. Balasubramanian Vice President – Corporate Communication The India Cements Ltd. Mr.Karaiadiselvan Managing Director CADD Centre Training Services Pvt. Ltd. Mr.P.B.Varadarajan President Renewable Energy Harvesting Environment Network Association (REHENA) Mr Dananjaya GM – Environment TVS Motor Co.Ltd. Mr.P.S.Ponnapa Sr.VP Employee Relations Management TVS Motor Co.Ltd. Mr. K. K. Sekar Head -Indirect Taxes Ashok Leyland Ltd.

Mr.Ravi Veeraraghavan Partner Deloitte Haskins & Sells Mr.Lakshmi Narayanan Senior Associate – Advocate Altacit Global Mr.Pankaj Gadhia CEO Lee & Muirhead Pvt.Ltd. Mr.Ravi Shankar Director – Commercial Super Auto Forge Ltd. VAT

Mr. T. Amarnath Mr. P. R. Subramaniyan Jt. General Manager & Head - Indirect Sr.General Manager – Indirect Taxes Taxes Tractors & Farm Equipment Ltd. L & T Construction

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expert committee programs The following programs have been held under the auspices of various Expert Committees.

24th June 2015 Program on the Impact of Companies Amendment Act 2015 – Exemptions & Implications The Chamber organized a Program under the auspices of Company Law / Corporate Affairs Committee on the Impact of Companies Amendment Act 2015 and Notifications issued on the Applicability of the Act to Private, Section 8, Nidhi and Government Companies by the Ministry of Corporate Affairs (MCA) on June 24th 2015 at Hotel Savera, Chennai The Companies (Amendment) Bill 2015 was published in the Official Gazette of India after getting the assent from the President of India,

Mr.P. Viswanathan, Member – General Committee answering the queries of the participants. Others in the picture - L to R : Dr. B. Ravi, Mr.CS P. Sriram, & Ms. Bhavani Balasubramanian, Chairman, MCCI Company Law Committee

became Law as Companies (Amendment) Act, 2015. This program was organized to understand the implications and to discuss the positive/negative aspects of the above mentioned notifications & amendments. Ms. Bhavani Balasubramanian, Chairman, Company Law Committee welcomed the participants and Mr. P.Viswanathan delivered the vote of thanks. The following presentations were made in the program Exemption to Private Companies and its Impact Exemption to Section 8 and Government Companies and its impact Exemption to Nidhi Companies and its impact

Ms B Chandra Practicing Company Secretary Ms CS Swetha Subramanian Practicing Company Secretary Mr CS P.Sriram Practicing Company Secretary

6th July 2015 Seminar on Corporate Governance The Chamber organised a Seminar under the auspices of Company Law / Corporate Affairs Committee on “Corporate Governance – The next Steps” on Monday, the 6th July 2015 at Hotel Crowne Plaza Chennai Adyar Park (formerly Park Sheraton), Chennai. Mr. Damodaran IAS Retd. and former Chairman SEBI were the key speakers. This was a follow up of the interactive session with Mr. M.Damodaran, held in May. Following the important points deliberated, the Chamber decided

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Mr. S. G. Prabhakharan welcoming the gathering. Others in the picture - L to R: Ms. Bhavani Balasubramanian, Mr. S. Ramakrishnan, Mr. N.Srinivasan, Mr. M. Damodaran & Mr. N. Ramanathan


Evaluation, Roles and Responsibilities of Audit Committee. He gave a broad framework for a Board Evaluation, discussed the summary of Qualitative and Quantitative assessment of Board, Effectiveness evaluation in detail and explained the Board Competencies. The Practical aspects of the Audit Committee were addressed while presenting the Roles and Responsibilities of Audit Committee. Mr. M. Damodaran IAS. Retd., Former Chairman, SEBI addressing the audience

to have a more focussed Seminar on Corporate Governance. M r. S. G. Pr a b h a k h a r a n w e l c o m e d t h e participants. In his address, he congratulated Mr. Damodaran, special guest, for getting the Lifetime Achievement Award in Ethics in Leadership and Governance from the Asian Centre for Corporate Governance and Sustainability apart from his other awards. He stated that Corporate Governance is the pivot which helps Corporate in turnover, profitability, sustainability. Corporate Governance is nothing but simple ethic taught to us by our forefathers about what is right and wrong, he added. Mr. N. Srinivasan addressed on the Role of Independent Directors. He elaborated on the definition of Independent Directors in clause 149(6) of the Companies Act 2013. He added that though it says abide by the court, if things are not brought to the notice of the Board through the board process, the Independent Directors can escape. However, schedule IV which has been made an integral part of Companies Act 2013 has a code for Independent Directors though it is not available for promoters, whole time directors etc. The preamble of Schedule IV talks about guidelines and standards. However, there is no clarity about the code. He informed that if an Independent Director is a professional abiding by the norms of the profession, then Schedule 4 will be irrelevant. He stated that Schedule 4 is a sad reflection on Independent Directors and shared the concerns and responsibilities of Independent Directors. Mr. S. Ramakrishnan, Partner, PKF Sridhar & Santhanam LLP made a presentation on Board

Mr. N. Ramanathan, Managing Director, Ponni Sugars Ltd., made a presentation on the Emerging Trend and Challenges of Corporate Governance. He analysed the broad framework of Corporate Governance in Clause 49. He explained about the Related Party Transactions and compared the same between CS 2013 and SEBI Mandate under Clause 49. He also covered the broad based and additional disclosures under Companies Act 2013. He concluded by stating that Governance is the linchpin of Corporate. Mr. M. Damodaran, IAS Retd., & Former Chairman, SEBI, Key Speaker, in his address stated that as the 3 eminent speakers have touched upon everything in Corporate Governance, he would strike a different note and strengthen the opinions by taking a contract view. He commented that the Committee set up to review the most criticized Companies Act 2013, would only pick on a few major sources of discord and amend the same and hence it would not be proper to anticipate major changes. He quoted “With friends like this you don’t need enemies’ while referring to the new Companies Act 2013 which seeks to improve the ease of doing business. All the intentions are honorable. They have addressed stakeholder’s democracy. If the objective is to protect the interests of stakeholders he stated that he was reminded of the phrase ‘The path to hell is paved with good intentions’ as there is a huge disconnect between what they wanted to do while drafting companies Act and what they have done. He added that it is not possible to legislate for honesty as those that are honest will follow the values and ethics while dishonest people will find ways to do what they want to do. There are several loopholes in the Act which will be taken advantage of, by dishonest people. ANNUAL REPORT 2015-16

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All laws must address issues of conflict of interest and issues of asymmetry of information. Though this act seeks to address, we discover that there is a huge disconnect between what is intended and what is achieved, he said. He gave examples of how communication is totally lost if complex sentences are used and stated that though fraud is defined, it is not complete. He touched upon Schedule IV which is a guide to Professional Conduct for Independent Directors. He stated that it should not be in Companies Act for various reasons as it is a knee jerk reaction to Satyam. One of the Changes that you would need in Companies Act is to junk Schedule IV. He elaborated on the Board Evaluation process which would destroy the cohesiveness of the Board by giving an example. Further, he analyzed the inconsistencies in the Act with respect to Terms of Nomination/ Remuneration Committee. He mentioned that the 4 Committees, namely Audit committee, Nominat ion/Re mune ration commi tte e / stakeholder relations committee/ CSR committee

have not been given the importance in terms of their constitution as the act or rules does not define who should be appointed etc. With respect to Protection for Independent Directors, the provision in Companies Act protects the Director but, he is not protected under other Acts such as Negotiable Instruments Act, Packaging Act, Shops and Establishment Act, Factories Act, etc.. Hence the Companies law should be amended to protect them from other acts also, to have Independent Directors in Boards. He added that Company Law needs Clarity, Continuity and Certainty. It would be difficult to follow and implement if the rules are changed often. Further, he stated that investing in investor education which is the ultimate safeguard for the company’s interest would definitely take us to the next steps in Corporate Governance. The Program was well received by 60 participants.

26th August 2015 Interactive Meeting with Regional Director & Registrar of Companies, Chennai The Chamber organized an Interactive Meeting with the Regional Director & Registrar of Companies, MCA, Chennai under the auspices of the Company Law Committee at the Conference room of the Chamber. Mr. B.K.Bansal, Regional D i r e c t o r, M i n i s t r y o f Corporate Affairs and Mr. Sridhar Parmarthi,ICLS, Registrar of Companies, Ministry of Corporate Affairs interacted with the members of the Chamber who attended the meeting.

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Mr. B.K.Bansal, Regional Director, Ministry of Corporate Affairs and Mr. Sridhar Parmarthi, ICLS, Registrar of Companies, Ministry of Corporate Affairs interacting with the participants

Various queries were raised which were clarified by Mr. Bansal and Mr. Parmarthi. The meeting was attended by 15 persons.


27th August 2015 Seminar on “Income Computation and Disclosure Standards” The Chamber organized a Seminar under the auspices of Direct Taxes Committee on Income Computation and Disclosure Standard (ICDS) on 27th August 2015 under the auspices of Expert Committee on Direct Taxes. Mr. T.Shivaraman, Immediate Past President, MCCI welcomed the participants. Ms. Chitra Venkataraman, Retd. Judge, Madras High Court inaugurated the Seminar. The Technical Session had the following experts addressing the audience on various issues of the ICDS. • Mr. PVSS Prasad, Managing Director, Prasad & Prasad, Chartered Accountants, Hyderabad

M r . T. S h i v a r a m a n , I m m e d i a t e Pa s t Pr e s i d e n t , M C C I w e l c o m i n g t h e p a r t i c i p a n t s . Others in the picture – L to R : Ms. K.Saraswathi, Secretary General, MCCI, Chief Guest Ms. Chitra Venkataraman, Retd. Judge, Madras High Court and Ms. Vidya Nagarajan

• Mr. Raunak Chordia, Senior Manage, Tax & Regulatory Services, E & Y LLP • Mr. V.P. Manikandan, Director- Global Business Tax, Deloitte Haskins & Sells • Mr. M.P. Vijaykumar, Chief Financial Officer, SIFY Ltd. The program was well attended by 45 participants.

22nd January 2016 Workshop on Domestic Enquiry The Chamber organized a workshop on Domestic Enquiry under the auspices of the HR/ IR Committee on 22nd January 2016 at Hotel Savera, Chennai This workshop was arranged to understand the practical and field level procedures for scientifically handling domestic enquiries which is a very important component of Industrial relations. Mr. Anand Gopalan, Partner, TS Gopalan & Co & Chairman, MCCI Expert Committee on HRD & Legal, welcomed the participants Mr. Anand Gopalan, Chairman, MCCI Expert Committee Mr. Akbar Khan, Trainer interacting with the and gave an introduction about on HRD & Legal & Partner, T.S. Gopalan & Co., making participants a presentation the Workshop. ANNUAL REPORT 2015-16

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Mr.Akbar Khan, HR Consultant, Formerly General Manager (P & A),Ashok Leyland Ltd., Mr. Ravindran, Advocate and Mr. Anand Gopalan handled the sessions covering topics

such as handling misconduct, the nuances and procedures of conducting domestic enquiry. The feedback from 30 participants was excellent.

23rd April 2015 Consultative Meeting with State Government Officials on Labour Laws/Factories Act under the auspices of HR/IR Committee The Chamber released the Study on “Manufacturing in Tamil Nadu – A Regulatory Roadmap”, in February 2014 and followed it up with presentation to the various departments of the Government of Tamil Nadu. The Labour Department, Government of Tamil Nadu responded positively to the follow up study to be done on Labour Law reforms. Based on the outcome of the discussion with the Labour Department, the Chamber, jointly with EFSI, convened an interactive meeting on 23rd April 2015 at Hotel Savera, with the Government Officials and select HR Representatives from Industries to present the industry views and highlight the immediate solutions for the Labour Law reforms. Ms. P. Amudha, IAS, Commissioner of Labour and the Senior officials of the Labour Department, Mr.Gnanasekara Babu Rao, Director, Directorate of Industrial Safety & Health, and a few Officials from DISH participated in the interactive

Ms. P. Amudha, IAS, Commissioner of Labour addressing the participants

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meeting. Senior Corporate Executives in HR & IR from MCCI & EFSI fold also participated at the meeting. Mr.Anand Gopalan, Chairman of the HR & Legal Committee of the Chamber made a detailed presentation listing out the procedural and substantial changes required in the labour Laws . Ms Amudha responded to all the points and suggestions given by the Chamber in a positive note and requested the Chamber to proactively help the Labour department in areas where amendments are required in the laws. Senior HR executives representing different industries shared their views and interacted with the officials. Based on the feedback received, the Chamber is in the process of preparing a detailed study on reforms of Labour Laws.


January 2016 – April 2016 Industrial Relations Course The HR/IR Committee headed by Mr. Anand Gopalan and ably assisted by Mr. P.S. Ponnapa made a concerted effort to do course on Industrial Relations . Various discussions were held among the members and a course curriculum was prepared to offer the Certificate course on Industrial Relations for working professionals. The theme chosen for the Course is “Proactive Industrial Relations for Enhanced Productivity and Harmony. The Course was covered in 36 sessions with each session for 90 minutes. The classes were conducted on every Saturday for 3 hours commencing from 30th January to 9th April 2016. The course curriculum included Factories Act, Industrial Democracy, ID Act and Collective Bargaining, Contract Labour Act etc

Nadu inaugurated the course on 30th January 2016 and addressed the participants. 25 participants attended the course. In the valedictory function held on 16th April 2016, the Chief Guest Mr.T.S.Gopalan, Senior Advocate, Madras High Court, after a brief address, delivered the certificates to all 25 participants. Special awards were given to participants who managed to achieve 100 percent attendance.

Experienced faculty in the field of Industrial Relations, such as Mr. Akbar Khan, Mr. Anto Vincent and Mr. Sridhar Rajagopalan were the resource persons. Ms. Kalaivani, Joint Labour Commissioner, Department of Labour, Government of Tamil

Mr. Anto Vincent interacting with the participants during the Industrial Relations Course

6th June 2015 Legal Conclave 2015 – March of Jurisprudence The Chamber, under the auspices of the Legal Affairs Committee organized “Legal ConclaveMarch of Jurisprudence” on June 6,2015. The objective of the Legal Conclave 2015 was to bring to light the changes in law and jurisprudence on selected topics viz., arbitration & conciliation, right to information etc. to the corporate sector. Mr.S.G.Prabhakharan gave the welcome address. Mr. Anand Gopalan, Chairman, Legal Affairs Expert Committee briefed the participants about the theme of this Legal Conclave.

Mr. Anand Gopalan, Chairman, Legal Affairs Committee presenting the theme for the Legal Conclave

The key note address was by Mr. G.Masilamani, Senior Counsel, HC, Chennai. Mr. Masilamani thanked the Chamber for inviting him and said it was his privilege to address the members. ANNUAL REPORT 2015-16

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He quoted various case laws from his experience and shared his views on the amendments and interpretations of laws in recent times. He urged the participants to be aware of the changes in law to avoid stringent penalties that are imposed. He requested the Chamber to analyse the Land Acquisition Amendment Bill and present the representations of the Industries with respect to the bill. The Chief Guest Hon. Justice Mr. T.Raja, Judge, HC, Chennai, in his address expressed his appreciation to the Chamber for arranging this conclave with varied topics. He reiterated Mr. Masilamani’s words to be aware of the changes in the various laws to implement and to avoid legal hassles. He wished success for the program. The 5 Technical Sessions were addressed by eminent Advocates as given below:-

Technical Session 1: Arbitration and Conciliation Act, 1996 - Approaches and Interpretations Mr. Anirudh Krishnan, Founder Partner, A.K. Law Chambers

Mr. Rahul Balaji, Advocate, Madras High Court

Technical Session 2: A look into the Legal Metrology Act, 2009 Mr.Saif Jamali, Regional Legal Manager, Hindustan Unilever Limited

Technical Session 3: Right to Information Act 2005 – a tool or bane? J u d g e M r. S. F. A k b a r, S t a t e I n f o r m a t i o n Commissioner, Tamil Nadu Information Commission Ms. Madhuri Guruswamy, Advocate, T.S.Gopalan & Co

Technical Session 4: Consumer Protection – Quo vadis? Mr.P Ragunathan, Partner, T.S.Gopalan & Co

Technical Session 5: Privacy laws and global practices Ms. V. Karthika, Head – Legal, Ford India Private Ltd. The program was well received by 40 participants.

23rd June 2015 Recent E initiatives by PF Department-Interaction Meeting with PF Commissioner, Chennai The Chamber under the auspices of the Legal Affairs Committe organized an interactive program with the PF Department to bring awareness to the members regarding the recent e-initiatives from the PF Office at Hotel Savera on 23rd June 2015. Mr. P.Viswanathan, Co Chairman, Company Law Committee welcomed the participants.

Shri.S.Sankar, Accounts officer from the PF Department made presentations on the recent e-initiatives to the participants. Mr. Mr.S.D.Prasad, Regional P F Commissioner-I, Chennai clarified the queries raised by the participants. The program was attended and appreciated by 48 participants.

Mr.V.Chandrasekhar, Asst.Director (IS) and

4th February 2016 Discussion on Recent Amendments on the Payment of Bonus Act 2015 The Chamber had organized a meeting under the auspices of the Legal Committee on the Recent Amendments on the Payment of Bonus Act 2015 on February 4, 2016. Mr. Anand

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Gopalan, Chairman, Expert Committee on Legal made a presentation on had a discussion with 35 participants from different sectors


May 2015 – March 2016 Diploma in Global Trade Management (Under the auspices of the Logistics Committee) The Madras Chamber and the University of Madras had extensive discussions regarding a course on Global Trade Management to enable participants to get employment in companies in the supply chain, either Importer/Exporter or Service Providers. The curriculum was approved by Syndicate of the University of Madras and the course was offered under the University Industry Community Interaction The participants who took part in the Global Trade Management Course along with faculty and MCCI team Centre, University of Madras. The Chamber, jointly with University of Madras (UNOM) launched the Diploma course in Global Trade Management formally at a function on 16th May, 2015. The course schedule was for 145 hours on Saturdays and Sundays and covered 4 modules. 17 persons undertook the course. Apart from the regular

classes conducted by Experts identified by the Chamber, site visits were also arranged to Chennai Port Trust, Container Freight Station of Sattva Group and Air Cargo Division to impart practical exposure to the participants. In the month of March 2016, the Chamber in association with the University of Madras arranged for a meeting with the participants for distribution of Certificates. Dr. S. Gurusamy, Professor and Head, Department of Commerce UNOM addressed the participants and distributed the Certificates

23rd February 2016 Discussion with the State Planning Commission The Chamber, represented by the key members of the Logistics Committee, had a meeting at the State Planning Commission which was chaired by the Vice Chairperson of the State Planning Commission and attended by few other Senior Officials including Mr.Rajiv Ranjan, IAS, Principal Secretary to Government, Highways & Minor Ports Department, Capt. M.Anbarasan, State Port Officer, Tamil Nadu Maritime Board, Mr. Cyril George, Deputy Chairman, Port of Chennai on 23rd February 2016. The presentation was a follow up of the Chamber’s study carried out in 2014 for the SPC , to identify a Multi user non major green field port in Tamil Nadu. While the Government seemed to favour a brown field port at Cuddalore, the Chamber wanted to reiterate that Silambimangalam , the location identified by the Chamber would be more advantageous looking it from a long term perspective.

A detailed presentation was made by Mr. Ishwar Achanta whose firm had helped the Chamber in conducting the study and the discussions were assisted by Mr. J.Krishnan, GC member. The pros and cons were discussed in detail like whether there would be adequate volume of cargo for the port to be economically sustainable was questioned keeping in mind the huge investments required for the Greenfield port and the other concern was regarding the environmental issues that may arise. On the other side, it was pointed out that we had to look at it at a long term perspective in terms of draft depth and hinterland size , as infrastructures like development of ports have to be planned keeping in mind the future needs for at least 15 -20 years ahead. The Vice Chairman SPC thanked the Chamber for the extensive and in-depth analysis presented by the Chamber and said that the final decision by the Government might take some more time. Nevertheless, the views of the Chamber would be closely studied, she said. ANNUAL REPORT 2015-16

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20th June 2015 Seminar on Works Contract-Taxing Principles and Issues The Chamber organized a full day Conference on Works Contract on the auspices of the VAT and Indirect Taxes Committee on June 20th 2015 at Hotel Savera. The welcome address was delivered by Mr.T.Shivaraman, immediate Past President, MCCI The key note address was by Mr. B Ramakrishnan, Executive Vice President (F&A), L & T Construction, Chennai. He elaborated on the concepts of works contract and the implications. The Chief Guest for the seminar Mr. Arvind Dattar, Senior Advocate, HC, Chennai, stated

Mr. Arvind Dattar, Senior Advocate, High Court, Chief Guest for the Seminar addressing the audience. Others in the picture – L to R : Mr. T. Shivaraman, immediate Past President, MCCI, Mr. B. Ramakrishnan, Executive Vice President (F & A) L & T Construction, Chennai & Mr. P.R. Subramaniyan, Head – Indirect Taxes, L & T Construction, Chennai and Chairman, MCCI Expert Committee – VAT

that he was honored to be invited to address the participants. He cited a few case laws on works contract which created an impact on the industries and gave his candid remarks on the implementation of GST.

Sale or Works contract – An analysis with reference to latest Supreme Court decisions in L&T & Kone Elevators case, GD Builders and L&T 5 member decision. Taxation of Works contracts (indivisible contracts, divisible contracts, composite contracts, single bid but split contracts, split contracts involving multiple legal entities) & analyzing transactions of: 1. Local procurements within project State 2. Imports including sale in the course of import and high seas sale 3. Inter-state procurement from outside project State including in-transit (E-1) sale 4. BOT and BOOT contracts VAT and service tax challenges on some typical contracts 1. Joint development agreement with land owners for residential construction 2. AMC contracts 3. Software implementation contracts Valuation of works contract and eligibility to input tax credits under different options for payment of VAT and service tax (actual values, abatements, composition schemes)

Mr. N Venkataraman Senior Advocate Mr. K Sivarajan Chartered Accountant

Mr. K Vaitheeswaran Advocate & Tax Consultant, Chennai & Chairman, MCCI Indirect Taxes Committee

Mr.P R Subramaniyan Head – Indirect taxation, L&T Construction, Chennai & Chairman, MCCI VAT Committee Compliance requirements under the VAT and service tax laws for Mr. P Purushotham project owner, main contractor and sub-contractor & liability to Advocate, Chennai tax in case of sub-contracts, exemptions to sub-contractor if main contract exempt, sub contracts for SEZ projects GST – Current status of Implementation Mr.Satish Sangameswaran Director-Indirect Taxes PwC, Mumbai Concluding remarks Mr.P R Subramaniyan

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Mr. B. Ramakrishnan delivering the key note address

A view of the audience

The inaugural was followed by Technical Sessions wherein presentations were made on specific topics by the experts. The Program was attended by 70 participants.

20th February 2016 Training & Practical session on New e-CTax Project by the officials of the Commercial Taxes Dept. Government of Tamilnadu The Chamber under the auspices of the VAT Committee, organized a Training and Practical session on New e-CTax Project by the officials of the Commercial Taxes Department, Government of Tamil Nadu at the E-hotel, Chennai Mr. P.R.Subramaniyan, Chairman,VAT Committee welcomed the Officials of the Commercial Taxes Department and presented the concerns of the Industries and suggested changes for easing the transactions and implementation. The following Officials from the Department took part in the training session. They made presentations and interacted with the participants and answered their queries. • M r. S . R a m a s w a m y, D e p u t y Commissioner (System), Commercial Taxes, Govt. of TN • M r. M . S . I f t h i k a r A h a m e d , Deputy Commissioner (System), Commercial Taxes, Govt. of TN

Mr. Venkat Prakash, Resource person from TCS interacting with the participants

• Mr.Ramandeep Goyal, Tata Consultancy Services (TCS) The VAT Committee members agreed to consolidate the requests made by the Industries and send a representation to the Officials to consider factoring the same in the software. The meeting was well attended by 97 participants and the feedback was positive as they had an opportunity to interact directly with the Officials.

• M r. V e n k a t P r a k a s h , Ta t a Consultancy Services (TCS) ANNUAL REPORT 2015-16

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trade services Trade Information and Library Trade enquiries received by the Chamber during the year related to imports, exports, joint venture possibilities, foreign collaborations and they have been replied accordingly The Chamber has a compact library. Additions to the library are being intimated to the members through the Bulletin The Chamber issues certificate of origins for goods being exported to other countries, attests export documents, invoices, agreements, sales contracts, etc., The Chamber also issues letters to the various Embassies, Consulates recommending grant of visa for business travel. This service is provided only to members.

Advisory Services Arbitration The Chamber undertakes arbitration between members and also between members and non- members on request. It has a panel of arbitrators. The Chamber is a life member of the Indian Council of Arbitration, New Delhi ASSOCHAM The Madras Chamber is a Promoter Affiliate of The Associated Chambers of Commerce & Industry of India (ASSOCHAM), New Delhi. FICCI The Chamber is also a member of the Federation of Indian Chambers of Commerce & Industry, New Delhi

CCCCC Consultative Committee of City Chambers of Commerce (CCCCC) was formed to act as a collective forum for taking up common issues of Industry and Trade with the State and Central Government. It comprises of 6 Chambers namely, Andhra Chamber of Commerce, Hindustan Chamber of Commerce, National Chamber of Commerce, Southern India Chamber of Commerce & Industry Tamil Chamber of Commerce and The Madras Chamber of Commerce of Commerce & Industry. The Chairmanship of the CCCCC is given on rotation basis to the Chambers to take up activities as a collective forum as and when required. MCCI which had taken up the Chairmanship of CCCCC on 29th April 2014 handed over the Charge to Mrs.Indira Dutt, President, Andhra Chamber of Commerce on 29th December 2015 Media Releases The Chamber issued the following media releases during the year 10.12.2015 Recent Floods in Chennai 25.02.2016 Railway Budget 29.02.2016 Union Budget

Representations to Government The Chamber sent the following representations to various bodies: Date 21 July 2015 st

9th November 2015

18th November 2015

2nd February 2016

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Representation Addressed to Suggestions for Companies Act Ministry of Corporate Affairs, GoI 2013 Recent Amendments under TN Principal Commissioner VAT Act Commercial Taxes GoTN Revised Civil Aviation Policy Ms.Gargi Kaul Joint Secretary & Financial Adviser Ministry of Civil Aviation New Delhi Place of Effective Management The Director – Comments and (Tax Policy & Legislation)-1 Recommendation on POEM Central Board of Direct Taxes New Delhi


members speak Interactive meeting with the Hon’ble Minister Mr. Jayant Sinha, Minister of State for Finance, GoI on 11th July, 2015

Thank you very much for the effort you put in in getting the time limit extended for a month.

This was a wholly eventful and inspiring meeting.

Regards,

Sincerely, Ramachandran, India Grow

K.Balasubramanian Accounts Officer, Britannia Industries Ltd,

Dear Madam,

Waiver of Demurrage charges by AAI

One of the best interactive session I have attended which was refreshingly different from such normal programmes.

Excellent news for industries and it is the need of the hour.

Undoubtedly, our economy will scale new heights if not at the anticipated speed of Bullet train as of now but at the safe pace of Rajdhani.

Prabhu, PECPL

Thank you for inviting me.

Great job by the MCCI Team and I am sure there will be follow up with the Minister to derive maximum mileage out of the meeting, Regds, Raghu, ICSA Legal Conclave 2015 March of Jurisprudence - Saturday, June 6, 2015 I am delighted to share the excellent feedback from a law student whom I referred for the seminar. Congrats to MCCI for the great initiative. Looks like it is a great opportunity for the Chamber to address an untapped domain that is young professional course students for its future programmes. Best thing is to personally take up such programmes at the college level for participation. Thanks & Regards V.Balasubramanian, Vice-President- Corporate Communication Editor: Compass, In House Journal The India Cements Ltd Last date for Submission of TNVAT Audit Report extended to 31st January, Thanks for your efforts, With Warm Regards Venkatesh P TVS

Regards

That is indeed commendable success! Wonderful initiative by the MCCI! For sure this brings a lot of relief to companies that would have otherwise had to pay high demurrage. Kudos to you and your team. Best regards, Meenakshi, NBSO Workshop on Domestic Enquiry - 22nd January 2016 We have enjoyed a very nice Workshop on Domestic Enquiry conducted by Mr.Anand Gopalan and Mr. Akbar Khan GM –Personnel of Ashok Leyland. We have gained knowledge of a lot of things and have a very magnificent interaction with all over industries in and around of Chennai. Thanks to all for this opportunity C.Lakshmanan Asst. General Manager- HR E.I.D. PARRY (INDIA) LIMITED Conference on “Corporate Social Responsibility - The Next Phase” on Friday, 26th February 2016 Congratulations on a splendid conference yesterday. You had the choicest of panellists, topics were very current and informative and there was never a dull moment during the conference. Congratulations once again and wish you all the very best for your future events. Sincerely, Sandhya Kumar - Head Corporate Communications –SFL ANNUAL REPORT 2015-16

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guest speaks

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chamber in the news

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July OUR BUREAU

Invest more in R&D, says Mohandas Pai – BL – 2nd

TV Mohandas Pai, Chairman, Manipal Global Education Services Pvt Ltd

‘Design is a critical component of innovation’

CHENNAI, JULY 1:   India needs to invest more on research and development to move forward and compete with the rest of the world, said TV Mohandas Pai, Chairman, Manipal Global Education Services. Particularly, he said, educational institutions need to focus more on research than just teaching, in this age of technology where every piece of information is available at the click of a mouse. Addressing the 179{+t}{+h} Annual General Meeting of the Madras Chamber of Commerce and Industry here on Wednesday, Pai said India needs to innovate and create products that have a competitive edge in terms of design and technology. “An iPhone costs Rs.30,000, and people are ready to buy it because of its unique design. Design is a critical component in innovation and if we want to move forward, we have to invest in design, research and creative people.” India has an enormous pool of engineering talent with high design capabilities; it should leverage that talent, he said. Demographic dividend Pointing to India’s demographic dividend, he said while most other countries, including Japan, Russia and several European nations , are grappling with an ageing population, India should cash in on its strength. Start-ups are important and should be encouraged since the revolution which is capable of creating three million jobs in the next 10 years could change the Indian economy. India currently has 16,000 start-ups, and in the next 10 years it is expected to cross the 1,00,000-mark, translating to over $500 million business, he said. Earlier, Rajiv C Lochan, Managing Director and CEO, Kasturi and Sons Ltd, said organisations should act as catalysts in driving young talent and nurture them to accelerate growth. SG Prabhakharan, President, the Madras Chamber of Commerce and Industry, said the problem the country faces is that it does not have enough skilled talent pool, and hence the objective should be to skill people and make them employable. Creating an ecosystem that encourages entrepreneurship by funding and mentoring is the need of the hour, he said.

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Talking to government for policy to raise number of start ups to 1 lakh in 10 years, says Mohandas Pai – Business Standard – 2nd July India has 16,000 start ups out of which 3,500-4,000 start ups are created every year, he said BS Reporter |  Chennai   July 1, 2015 Last Updated at 17:14 IST

The startup environment in the country is expected to see a growth to 100,000 start up firms employing three million people and creating a value of $500 billion in next 10 years and a recommendation to implement a nine-point policy to promote the start up growth has been made to the government in this regard, said T V Mohandas Pai, chairman, Manipal Global Education Services and chairman of Aarin Capital Partners. Delivering his speech as the chief guest of 179th Annual General Meeting of Madras Chamber of Commerce and Industry (MCCI), he said, “In the next 10 years, we are going to have this start up revolution and that is going to change the country. India has 16,000 start ups, 3,500-4,000 start ups happen every year. This, we believe in 10 years is going to go up to 100,000.” “We are talking to the government and telling that we want a nine-point policy to increase start ups to 1,00,000, create $500 billion value in 10 years and 3 million young people to be employed. If 1,00,000 new firms come up, may be 5,00,000 entrepreneurs come up it is going to change,” he added. “Business to Customer (B to C) is going to create new ways of reaching customers and cutting cost. Costs are going to come down, middlemen are going to be eliminated and price discovery is going to be much easier. The whole of India is going to be a part of this entire revolution happening,” he said. He added that in 1998, the National Democratic Alliance (NDA) wrote a 108 point programme for IT, which lead to the creation of a $160 billion industry, 3.5 million people employed and $100 billion of software, and 60 per cent of the world’s outsourcing come to India.

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MCCI Representation on Public Bodies Organisation Central Excise Commissionerate I Regional Advisory Committee

Central Excise Commissionerate II Regional Advisory Committee Central Excise Commissionerate III

Representative Mr. K. Vaitheeswaran Advocate & Tax Consultant Mr. P. R. Sudhakar Brakes India Ltd. Mr. P. R. Subramaniyan Price Waterhouse & Co.LLP Mr. K. K. Sekar Ashok Leyland Ltd

Regional Advisory Committee CE – Public Grievance Committee Central Excise Commissionerate IV Regional Advisory Committee Regional Direct Taxes Advisory Committee Sales Tax Commissionerate

Mr. P. R. Sudhakar Brakes India Ltd. Mr. Sriram Seshadri Price Waterhouse Coopers Mr. K. Vaitheeswaran Advocate & Tax Consultant

Regional Advisory Committee Member, Airport Users’ Consultative Committee (AUCC) Board of Trustees, Chennai Port Trust Ennore Port Advisory Board Chennai Trade Coordination Committee Customs Advisory Committee Cargo Facilitation Committee – AAI Sustainable Chennai Research Consortium University of Madras – Oikos Chennai Chapter Voluntary Health Services – Central Committee

Mr. J. Krishnan S.Natesa Iyer & Co.

Ms. K. Saraswathi Secretary General

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the organisation

PRESIDENT

VICE PRESIDENT

GENERAL COMMITTEE

SECRETARY GENERAL

Specialized Committees Support Services - - - - - - - - - - - - - - - -

Company Law /Corporate Matters Banking, Finance & Insurance Corporate Social Responsibility (CSR) Direct Taxes Economic Affairs Education & Skill Energy Environment, Water Conservation, Pollution Prevention & Control - Commercial Arbitration HR & IR Indirect Taxes - Visa Recommendation Industrial Development / Infrastructure IT & ITES Legal Affairs Logistics - Issue of Certificate of Origin Manufacturing VAT

Trade Information: - Publications - Members’ database - Information database - Website

- Membership - Accounts - Establishment

Auditors: Messrs. RGN Price & Co., were re-appointed as Auditors of the Chamber for the year 2014-15 Madras Chamber Secretariat:

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Ms. K Saraswathi Mr. S. Sankaranarayanan Ms. Madhumathi C Ms. B Highland Mr. P. S. Mohan Ms. D. Vasumathi Ms. R.Jayalakshmi

Support Staff

Mr. A. Elumalai Mr. R. Suresh

ANNUAL REPORT 2015-16

Secretary General Deputy Secretary Deputy Secretary Manager (Trade Facilitation) Manager (Accounts) Executive (Admin & Programs) Executive (Member Services)


corporate members A 4 I Apps Solutions Pvt. Ltd. Aapt Distribution Pvt. Ltd. (formerly Tionale Impex ) A J Trust Educational Consultancy ASA & Associates LLP A S Shipping Agencies Pvt. Ltd. A V Thomas & Co. Ltd. Abirami Soaps Works (formerly Power Soaps) Acrastyle Power India Limited Adayar Gate Hotel Ltd. (ITC Sheraton Park) Addison & Co. Limited. Adrenalin eSystems Limited Agaram Infotech Pvt. Limited AGP International Services Akzo-Nobel India Limited. Alcatel-Lucent India Limited Alfanar Engineering Services India Pvt. Ltd. Alliance Infrastructure Projects Pvt. Ltd. Allison Transmission India Pvt. Ltd. Alpharithm Technologies Pvt Ltd. Allsec Technologies Limited. Alpha Water Technologies India Pvt. Ltd. Alstom T & D India Limited Altacit Global Amalgamations Private Limited. Ambattur Clothing Private Limited. Amec Foster Wheeler India Pvt. Ltd. Amman Try Sponge & Power (P) Ltd. Amrutanjan Health Care Limited Anand Automotive Pvt. Limited Anand and Anand Anand, Samy & Dhruva Andritz Technologies Pvt. Ltd. Apex Laboratories Private Limited. Aqua Designs India Private Limited Aquatherm Engineering Consultants (India) Pvt. Ltd. Argus Partners (formerly Udwaidia Udeshi) Arjun Chemicals Limited. Arkema Peroxides India Private Limited. Armstrong International Pvt Ltd Ashok Leyland Limited. Ashok Leyland Nissan Vehicles Limited. Aspiration Energy Private Limited.

Aumund Engineering Pvt. Ltd. Auromira Energy Company Private Limited AVA Cholayil Health Care Private Limited. Avalon Consulting Avant-Garde Engineers and Consultants (P) Ltd Avant Garde Systems and Controls Pvt. Ltd. Ayan Tech Solutions Pvt. Ltd. B B&G Infrastructure Co. Pvt. Ltd. Basco India Bashgo Maintenance Services Pvt. Ltd. Beardsell Limited. Beva Silicones Private Limited. Beyontec 2nable Solutions Pvt. Ltd. BGR Energy Systems Limited. Bhaha Engineering Service Bharat Petroleum Corporation Limited. Bharti Airtel Limited. Blackstone Group Technologies Pvt. Ltd. BMR & Associates LLP BNP Paribas Brakes India Limited. Britannia Industries Limited. Broekman Logistics India Pvt. Ltd. BS & B Technologies (P) Ltd. BSD Associates BSR & Company Buildcraft Interior Pvt. Ltd. C CADD Centre Training Services Pvt. Ltd. Calibre Lubricon Pvt. Ltd. Cameo Corporate Services Limited Capricorn Food Products India Limited. Cargotec India Pvt. Ltd (formerly Navis India Technologies) Caravel Logistics Pvt. Ltd. Carvalho Associates LLP Castrol India Limited. Cauvery Power Generation Pvt Ltd. CavinKare Private Limited CBRE South Asia Pvt Ltd. Chain-Sys India Pvt. Ltd. Chakiat Agencies Pvt. Ltd. ANNUAL REPORT 2015-16

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Chemplast Sanmar Limited. Chennai Petroleum Corporation Limited. Chettinad Cement Corporation Limited. Chevron Petroleum India Pvt. Ltd. Chidambaram Shipcare Pvt. Ltd. Cholayil Pvt. Ltd. CIG Asia Business Services Pvt. Ltd. CIG Softech India Pvt. Ltd. City Union Bank Limited. Cogent Innovations Pvt. Ltd. Cognizant Technology Pvt. Ltd. Computer Age Management Services Pvt. Ltd Computer Sciences Corporation India Pvt. Ltd. Conscientia Consultancy Pvt. Ltd. Contemporary News Private Limited Corporate Consulting Group Corporation Bank CSB Services Asia Pvt. Ltd.(form I-foodtech solutions I Pvt Ltd. CSS Corp Ltd. Cyril Amarchand Mangaldas D DHL Express (India) Pvt. Ltd. Daimler India Commercial Vehicles Private Limited Damodar Trade Links Pvt Ltd. Datacert Consulting Pvt Ltd. Datif Map Solutions Darts India Private Ltd Deloitte Haskins & Sells Delphi –TVS Diesel Systems Ltd. Dharmic Solutions Pvt. Ltd. Dharsan Dredging & Construction Diana Shutters Pvt. Ltd. DORMA India Private Ltd. Durr India (P) Ltd. Dynamic Netsoft Technologies Pvt. Ltd. Dyrocon Airtech Pvt. Ltd. E Easun - MR Tap Changers (P) Ltd. Easun Reyrolle Limited. Easy Solutions EBMS Solutions Pvt. Ltd. Economic Laws Practice 88

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Emerald Resilient Tyre Manufacturing Pvt. Ltd. Engenius Erectors Pvt. Ltd. Enmas Andritz Private Limited. Enmas O & M Services Pvt. Ltd. E Novas Control & Automation Ltd. Entvent Tools & Services Ernst & Young Pvt. Ltd. . ESAB India Limited. ETA Engineering Private Limited ETA Star Property Developers Limited. Ethical Intelligent Technologies LLP Eurocon Tiles Eveready Industries India Limited. Everest Industries Limited. Excel Optics (P) Ltd. Express Infrastructure Pvt. Ltd. F Far N Par India Pvt. Ltd. Farm Implements (I) Pvt. Ltd. Federal Bank Fichtner Consulting Engineers Fiducial Insurance Brokers India Pvt. Ltd. Fincare International First Engineering Plastics India Pvt. Ltd. Floking Pipes Pvt. Ltd. FLSmidth Private Limited Fluidtherm Technology (P) Ltd. Forbes & Company Limited. Ford India Private Limited Foress Impex Pvt. Ltd. Fox Mandal & Associates Frendi Fashions Pvt. Ltd. Futurenet Technologies India Pvt. Ltd. G G M Pens International Limited. GBA Consulting (P) Ltd. G Natesan & Company Galipoglu Hidromas India Mfg. Pvt. Ltd. Gates Unitta India Company Pvt. Ltd. GE Power Conversion Technology Pvt. Ltd. (Formerly Converteam) Gemini Fertilizers Gemini Iron and Steel Pvt. Ltd.


Gemini Sea Air Freight Services Gencor Pacific Organics India (P) Ltd. Globelink WW India Private Ltd. GMV Engineering Pvt Ltd. (formerly GMV Projects and Systems) Good Care Enviro System Pvt. Ltd. Greaves Cotton Limited.( Ranipet) Greta Investments Pvt. Ltd. Group Fio India Pvt. Ltd. Grundfos Pumps India Pvt. Ltd. GSV Associates Guardian Anti Corrosives (P) Ltd. H Haribhakti & Co Hariharan Foundations Pvt. Ltd Hauer Associates Hermes I Tickets Pvt. Ltd. Hindalco Industries Limited Hinduja Foundries Limited. Hindustan Unilever Limited. HLL Biotech Ltd. HP Valves and Fittings India Pvt. Ltd. Housing Development Finance Corporation Limited. HVK Systems and Marketing Pvt. Ltd. Hyundai Motor India Limited. I Iacharya Silicon Limited. ICRA Management Consulting Services Limited IDBI Bank Limited. IL&FS Education and Technology Services Limited. ImageGrafix Engg. Services Pvt. Ltd. iNautix Technologies India Private Ltd. India Cements Capital Limited India Pistons Limited Indian Additives Limited Indian Bank Indian Oil Corporation Limited. Indian Overseas Bank Indian Potash Limited. Info-Drive Analytics Pvt. Ltd. Information Dynamics India Pvt. Ltd. Integrated Foods & Consumer Products (India) Pvt. Ltd. Intellect Design Arena Ltd.

International Clearing & Shipping Agency International Flavours & Fragrances India Pvt. Ltd. International Services Invensys India Private Ltd. IP Rings Limited. ITC Limited J J Cynergy Global (formerly J Cynergy Dental & Medical) J Sagar Associates (formerly Vichar Partners) Jones Lang Lasalle Property (India) Pvt. Ltd Johnson & Johnson Limited. Johnson Lifts Pvt. Ltd. Jumbo Bag Limited. K K Steamship Agencies Pvt. Ltd. K Vaitheeswaran K.I (International) Limited. Kalco Agro Products Pvt. Ltd. Kaleesuwari Refinery Private Limited Kannan Fibre Industries Karnataka Bank Limited. Kasturi & Sons Limited. KCP Sugar & Industries Corporation Limited. Keld Ellentoft (I) Pvt. Ltd. Kemin Industries South Asia Private Limited Kerns Aeroproducts Pvt. Ltd. Kilburn Electricals Limited. Kiran Global Chems Limited Knowledge Capital Investment Group Kochhar & Co Kone Elevator India Pvt. Ltd. Kothari Safe Deposits Limited. Krebs Engineering Pvt. Ltd. Krishnan & Natarajan Kriti Kare India Pvt. Ltd.(formerly GR Medi Corp) Kriyaa Consultants and Engineers Pvt. Ltd. Kumar & Raj Kumar & Velayudham L L & T Valves (formerly Audco India Ltd.) L & T Shipbuilding Ltd. ANNUAL REPORT 2015-16

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LA Freightlift Pvt. Ltd. Lakshmi Machine Works Limited Larsen & Toubro Ltd. (ECC Division) Lee & Muirhead Pvt. Ltd. Leitwind Shriram Mfg. Limited. LNV Technology Private Ltd. Logic Information Systems India Pvt. Ltd. Logictree Capital Advisors Pvt. Ltd. Logitrans Technology Pvt. Ltd. Lovelock & Lewes Lucas Indian Service Limited. Lucas TVS Limited. M M K Raju Consultants Private Limited Macmillan Publishers India Limited Madras Auto Service (TVS Group) Madras Consultancy Group Magtaan Travels & Holidays Pvt. Ltd. Mahindra World City Developers Limited. Management & Governance Consulting Pvt. Ltd.(form NCR consultants) Mark Softech Private Limited Market Simplified India Limited Marwa Impex Pvt. Ltd. Maveric Systems Limited MB Metallic Bellows Pvt. Ltd. Mecaplast India Pvt. Ltd. Medopharm Metallic Bellows (I) Pvt. Ltd. Metronic Engineering Pvt. Ltd. Mitsubushi Elevator India Pvt Ltd. Monarch Scientific Works MRF Limited. MTL Instruments Pvt. Ltd. N N C Rajagopal & Co. N Venkataraman & Associates Namakkal Transport Carriers Pvt. Ltd. Nanchil Infrastructure Pvt. Ltd. NAV Indus Food Machine Pvt. Ltd. NBC Weldmesh Pvt. Ltd. NFA Life Secure Pvt. Ltd. 90

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Neophyll Agrisciences Pvt. Ltd. Nevera Infratech Pvt.Ltd. nice Neotech Medical Systems Pvt. Ltd. Nile Marine Services Nippon Paint (India) Pvt. Ltd. Nist Institute Pvt. Ltd. NPS Technology & Engineering Services Pvt. Ltd. Nubiola India (P) Ltd. Nutra Specialities Pvt. Ltd O Object Frontier Software Pvt. Ltd. Oceanic Edibles International Limited Ocrim International Technologies Pvt. Ltd. Ojus Power and Technologies Pvt. Ltd. Olam Information Services Private Ltd. Omnex India Pvt. Ltd. Open Source Webcare (P) Ltd. Orchid Pharma Ltd. (formerlyOrchid Chemicals & Pharmaceuticals) Oren Hydrocarbons Pvt. Ltd. Orient Green Power Co. Ltd. Oriental Hotels Limited.(Taj Coromandel Hotel) Oriental Hydraulics Pvt. Ltd. Oriental Solutions Pvt. Ltd. Origin ITFS Private Limited P P K Power Appliances Private Ltd. P S Associates Paragon Polymer Products (P) Ltd. Paramount Shipping Services Pvt. Ltd. Parry Agro Industries Limited. Patel Mohan Ramesh & Co. Pavo Power Engineering Pvt. Ltd. Peirce Leslie India Limited. Pentland India Trading Pvt. Ltd. Petrofac Engineering Services India Pvt. Ltd. Philips Electronics India Limited. Piramal Enterprises Limited PKF Sridhar & Santhanam PL Worldways Limited. Polaris Consulting & Services Ltd.(form PolarisFinancial Technology Ltd.) Portman India Private Limited


PPM Associates Prakash Foods & Feed Mills Private Ltd. Precia Molen India Limited. Precision Equipments (Chennai) Pvt. Ltd. Price Waterhouse Cooper Pvt. Ltd. Prince Gold & Diamonds India Pvt. Ltd. Print Plus Proactive Solutech (India) Pvt. Ltd. Protech Consultants Pvt. Ltd. Protechsoft Systems Pvt. Ltd. Protechsoft Technologies Pvt. Ltd. Protection Engineering and Research Laboratories Prou India Engineering Private Limited PSL Limited. Q QH Talbros Ltd.(formerly Talbros Automotive Components Limited) R R K Swamy BBDO Private Ltd. RVK & Co. R Subramanian & Co. R Sundararaman & Co. Radisson Radiators Raj Petro Specialities Pvt. Ltd. Ram E&I Systems Pvt. Ltd. Ramesh and Ramachandran Rane (Madras) Limited. Rane Brake Lining Limited. Rane Engine Valve Limited. Rane TRW Steering Systems Limited. Raqmiyat Information Technology Pvt. Ltd. Raunaq Steels Trading Private Limited Redington (India) Limited Regal Interiors Private Limited Repute Infotech and Enterprises Limited. REV Consulting Reva Phoenix Engineers & Consultants Revathi Equipment Limited. RGN Price & Co. Rotork Controls India Private Ltd. Royal Sundaram Alliance Insurance Co. Ltd. RRB Energy Limited. Ryan Logitech Pvt. Ltd.

S S Natesa Iyer & Co. SNC Associates S Venkatraman & Co. Saint-Gobain India Private Limited. Saipem India Project Services Private Limited Same Deutz Fahr India Pvt. Ltd. Samsung India Electronics Pvt. Ltd. Samvad Partners(formerly Narasappa Dorasamy & Raja) San Media India Limited. Sanco Trans Limited. SAS Partners Corporate Advisors Pvt. Ltd. Sattva Logistics Pvt. Ltd. SB SB and Associates Schneider Electric Infrastructure Limited. Schwing Stetter (India) Pvt. Ltd. Scope International Private Ltd. Sensiple Software Solutions Pvt Ltd. Semanoor Technologies (P) Ltd. Semanoor Software Solutions (P) Ltd. Shardlow India Limited Shiloh Industries Pvt. Ltd. Shriram EPC Limited. Shri Govindaraja Textiles Pvt. Ltd. Shri Kailash Logistics Ltd. Shriram Transport Finance Co. Limited. Simpson & Co. Limited. Skanda IT Consulting Pvt. Ltd. Skylift Cargo (P) Limited. Softeon India Pvt. Ltd. Sofgen India Pvt. Ltd. Solverminds Solutions & Technologies Pvt. Ltd. Spark Capital Advisors (I) Pvt. Ltd. SPI Cinemas Pvt. Ltd. Spudweb Technologies Pvt Ltd. Sri & Sri Associates Sri City (P) Limited Sri Krishna Sweets Srinivasan & Shankar Stahl India Pvt. Ltd. Standard Chartered Bank State Bank of India Stonecolour Exim Private Limited ANNUAL REPORT 2015-16

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Stud India Subbaraya Aiyar Padmanabhan & Ramamani, Advocates Sudit K Parekh & Co. Sundaram & Srinivasan, Sundaram Asset Management Co. Limited. Sundaram BNP Paribas Home Finance Limited. Sundaram Clayton Limited. Sundaram Finance Limited. Sundram Fasteners Limited. Super Auto Forge Private Limited. Supreme Petrochem Limited. Surana & Surana International Attorneys Swiss Garnier Life Sciences Switzer Process Instruments Private Ltd. Symbiotic Infotech Pvt. Ltd. Symrise Pvt. Ltd. T T A Taylor Pvt. Ltd. T S Gopalan & Co. T V Sundram Iyengar & Sons Limited. T&B International Pvt. Ltd. TAFE Access Limited. Tenova India Private Ltd (Formerly Takraf India Pvt. Ltd.) TANFAC Industries Limited. Tebma Shipyards Limited. Technology Associates Temenos India Private Limited. The Hongkong & Shanghai Banking The India Cements Limited. The Karur Vysya Bank Limited. The Lakshmi Vilas Bank Limited. The Ramco Cements Limited Thejo Engineering Limited. Thomson Press (India) Limited. Thyssenkrupp Industries India Pvt. Limited Tianjin Tianshi India Pvt. Ltd. Tidal Wave Infotech Private Ltd. Tide Water Oil Co. (I) Limited. Tirwin Management Service Pvt. Ltd. Titanium Equipment and Anode Mfg Co. Limited. ToCheungLee Stationery Mfg. Co. Tonglit Autogistic Pvt. Ltd. 92

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Toshiba Machine (Chennai) Pvt. Ltd.(formerly L&T Plastic Machines) Tractors & Farm Equipment Limited. Translink Logistics Pvt. Ltd. Treeline Business Solutions Private Limited Treyaa Newtech Limited. Trivitron Healthcare Private Ltd. TTK Protective Devices Limited Turbo Energy Limited. TVS Logistics Services Limited. TVS Motor Company Limited. U Ucal Auto Private Limited Ultra Tile Private Limited Ultratech Cement Limited. United India Insurance Company Limited. United India Insurance Company Limited (Regional Office) Unity Forge Private Limited. V V Ramachandran, Advocates V V Titanium Pigments Pvt. Ltd. VA Tech Wabag Limited. Vaishnavi Freight Logistics (P) Ltd. Valmet Chennai Pvt. Ltd. (formerly Metso Power India) Valeth Hightech Composites (P) Ltd. Valiant Technologies Pvt. Ltd. Vanilla Holdings & Investments Pvt. Ltd. Victor Grace & Co. Victoria Technical Institute Viking Shipping (Chennai) Pvt. Ltd. Virgo Polymers (I) Limited. Vistasoft India Pvt. Ltd. Visteon Automotive Systems India Vivid Edge Software Solutions Pvt. Ltd. Voicesnap Services Pvt. Ltd. Voltas Limited. Vadim Infrastructure Pvt Ltd.(form Voltech Infrastructure Pvt. Ltd). Vyosoft Solutions Pvt. Ltd. W W S Industires (I) Limited WE 45 Solutions Pvt. Ltd. WABCO India Limited


Walker, Chandiok & Co. Waves Telecom Pvt Ltd. Wavin India Limited. Weiss Rohlig India Pvt. Ltd. Wheels India Limited. William Hare (India) Pvt. Ltd. Winsar Infosoft Pvt. Ltd. X XS Real Properties Private Limited. Y Yazaki Wiring Technologies India Pvt. Ltd. Yalee Inc Yes Bank Z Zamil Steel Engineering India Pvt. Ltd. Zeal Direct & Reinsurance Broking Services Pvt. Ltd. Affiliate Members Ambattur Industrial Estate Army Welfare Placement Node ASSIST Association of Multimodal Transport Operators of India British Business Group Chennai Trust Dharmamurthi Rao Bahadur Calavala Cunnan Chetty’s Hindu College Energy and Fuel Users’ Association Great Lakes Institute of Management Golden Jubilee Biotech Park for Women Society Industrial Waste Management Association Institute for Financial Management and Research Japanese Chamber of Commerce & Industry, Chennai KCG College of Technology Loyola-ICAM College of Engineering and Technology

Ministry of Foreign Affairs Denmark (Trade Comm. Of Denmark) MOP Vaishnav College for Women Nani Palkhiavala Arbitration Centre Renewable Energy Harvesting Environment Saveetha Engineering College Seawaves Institute of Logistics Sri Chandrasekharendra Saraswathi Viswa Mahavidyalaya Sri Kanyaka Parameswari Arts & Science College For Women SRM University St. Joseph’s College of Engineering St. Joseph’s Institute of Technology T Stanes & Co. The Cocanada Chamber of Commerce The Karur Textile Manufacturers Exporters Association The Madras Electric Trades Association The Madras Piecegoods’ Merchants Association The Malabar Chamber of Commerce The Netherlands Business Support Office The Planters’ Association of Tamil Nadu The South India Sugar Mills’ Association The United Planters’ Association of Southern India The United Nilgiri Tea Estates Limited. Tuticorin Chamber of Commerce VIT University, Chennai VIT University, Vellore Women’s Christian College Honorary Members: The Chief Post Master General, Tamil Nadu General Manager, Southern Railway Chief General Manager, ChennaiTelephones Chairman,Port Trust Chief Commissioner of Customs, Chennai Mr.C.S.Krishnaswami, Chennai

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PAST CHAIRMEN / PRESIDENTS (From the year 1996 the designation of Chairman was changed to President)

1868

1836 1837

1869

Mr Mr Mr 1838 Mr Mr 1839 Mr Mr 1840 Mr Mr 1841 Mr 1842 Mr Mr 1843 Mr Mr 1844 Mr 1845 Mr Mr 1846 Mr Mr 1847 Mr Mr 1848 Mr 1849 Mr 1850 Mr Mr 1851 Mr 1852 Mr 1853 Mr Mr 1854 Mr Mr 1855 Mr 1856 Mr Mr 1857 Mr 1858 Mr 1859-60 Mr 1861 Mr Mr 1862 Mr Mr 1863 Mr 1864 Mr Mr 1865 Mr Mr 1866-67 Mr

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John Alves Arbuthnot John Alves Arbuthnot John Williams Dare John Williams Dare William Scott Binny William Scott Binny John Line John Line James Scott James Scott James Scott John Utley Ellis John Utley Ellis J Ouchterlony J Ouchterlony J Ouchterlony James Thomson James Thomson John Binny Key John Binny Key George Arbuthnot George Arbuthnot Henry Nelson William Mc Taggart William Urquhart Arbuthnot J Ouchterlony Joseph Goolden James Scott J Ouchterlony James Scott Robert Orr Campbell Robert Orr Campbell J Ouchterlony John Binny Key William Hamilton Crake John Vans Agnew Henry Nelson Alfred John Byard William Reirson Arbuthnot William Reirson Arbuthnot Robert Orr Campbell William Hamilton Crake Alfred John Byard Henry Tolputt Henry Tolputt John Young Alexander Forrester Brown

ANNUAL REPORT 2015-16

1870-71 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881-82 1883-84 1885 1886 1887 1888 1889-90 1891-92 1893-94 1895 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1910-11 1912 1913

Mr Alexander Forrester Brown Mr William Reirson Arbuthnot Mr Alfred John Byard Mr John Charles Loch Mr Patrick Macfadyen Mr Robert Chillingworth Walker Mr Alexander Forrester Brown Mr Patrick Macfadyen Mr Clement Simpson Mr Patrick Macfadyen Mr Patrick Macfadyen Mr John Jones Mr Alexander Mackenzie Mr Alexander Mackenzie Mr Patrick Macfadyen Mr Clement Simpson Mr James Charles Shaw Mr John Alexander Boyson Mr George Gough Arbuthnot Mr S R Tumbull Mr S R Tumbull Mr D Rasbotham Mr J A Boyson Mr S R Tumbull Mr J A Boyson Mr G G Arbuthnot Mr G L Chambers Mr G L Chambers Mr G G Arbuthnot Mr G G Arbuthnot Mr S R Tumbull Mr S R Tumbull Mr E P Vans Agnew Mr G G Arbuthnot Sir George Arbuthnot Mr A J Yorke Mr A J Yorke Sir George Arbuthnot Mr H Scott Sir George Arbuthnot Mr A J Yorke Mr A J Yorke Mr V G Lynn Mr V G Lynn Mr Hugh Fraser Mr A D Jackson Mr A D Jackson Mr W B Hunter


1914 1915-17 1918-19 1920-21 1922 1923 1924-25 1926-27 1928 1929-30 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941-43 1944 1945-46 1947 1948 1949 1950 1951 1952-53 1954 1955 1956 1957 1958 1959 1960 1961

Mr A D Jackson Sir Hugh Fraser Mr Gordon Fraser Mr C E Wood Mr Gordon Fraser Mr C E Wood Mr James Simson Sir James Simson Mr W Alexander Sir Gordon Fraser Mr C E Wood Mr T M Ross Mr C E Wood Mr K Kay Mr H F P Hearson Mr F Birley Mr K Kay Mr W M Browning Mr W M Browning Sir William Wright, O.B.E Mr F Birley Mr G A Bambridge Mr D M Reid, O.B.E Sir Gerald Hodgson Sir Robert Denniston Mr J Nuttal Mr C Elphinston Mr H S Town Mr W T Williams Mr H I Wonfor, C.B.E. Mr B W Batchelor Mr H I Wonfor, C.B.E. Mr H S Macqueen Mr H I Wonfor, C.B.E. Mr R E Castell, C.B.E. Mr T Rogers Mr J R Galloway Mr G N Noel – Tod, C.B.E. Mr E J M Leigh Mr P Hadfield Mr E F G Hunter Mr R M King

1962 Mr B B Dod 1963 Mr M J Edwards, O.B.E 1964 Mr D M Law 1965 Mr A M Murugappa Chettiar (till 31st October 1965) Mr A W Stansfeld 1966 Mr A W Stansfeld 1967 Mr John K John 1968 Mr E W D Jeffares, M.C 1969 Mr A M M Arunachalam 1970 Mr M E Bourcier 1971 Mr C P Featherstone 1972 Mr N S Bhat 1973 Mr A K Sivaramakrishnan 1974 Mr M M Muthiah 1975 Mr P D Whiteley 1976 Mr C D Gopinath 1977-78 Mr J K Clubwala 1979-80 Mr A Sivasailam 1981-82 Mr M K Kumar 1983-84 Mr K V Sitaram 1985-86 Mr N Sankar 1987 Mr M V Murugappan 1988 Mr Hari Eswaran 1989-91 Mr V Chidambaram 1991-93 Mr N Venkataramani 1993-94 Mr N Srinivasan (F&R) 1994-96 Mr L Lakshman 1996-98 Mr N Srinivasan (ICL) 1998-99 Ms Mallika Srinivasan 1999-2000 Mr G K Raman 2000-2001 Mr L Sabaretnam 2001-2002 Mr N Ramachandran 2002-2003 Mr K V Sheety 2003-2004 Mr B Natraj 2004-2005 Mr Murali Venkatraman 2005-2006 Mr V Balaraman 2006-2007 Mr A Sankarakrishnan 2007-2008 Mr Arun Bewoor 2008-2010 Mr Srinivasan K Swamy 2010-2012 Mr T T Srinivasaraghavan 2012-2014 Mr T Shivaraman

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R.G.N. PRICE & CO.

Chartered Accountants Phone: Telefax: E-mail: Offices at:

28413633 & 28583494 28544569 price@vsnl.com Mumbai, Bangalore, New Delhi, Ernakulam, Quilon and Calicut

Ref. No.:

Simpson’s Building Post Box No.335 861, Anna Salai Chennai 600 002

27th May 2016

To the Members of The Madras Chamber of Commerce and Industry We have audited the accompanying financial statements of The Madras Chamber of Commerce and Industry (the Chamber) which comprise the Balance Sheet as at March 31, 2016, and the Income and Expenditure Account for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements The Chamber is responsible for the preparation of these financial statements that give a true and fair view of the financial position.This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Chamber’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Chamber’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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Opinion In our opinion and to the best of our information and according to the explanations given to us, we report that: i. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. ii. In our opinion, proper books of account as required by law have been kept by the Chamber, so far as appears from our examination of those books. iii. The Balance Sheet and Income and Expenditure Account dealt with by this report are in agreement with the books of account. iv. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Tamil Nadu Societies Registration Act, 1975, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India. a) In the case of Balance Sheet, of the state of affairs of the Chamber as at March 31, 2016; b) In the case of Income and Expenditure Account, of the excess of income over expenditure for the year ended on that date;

For R.G.N. Price & CO Chartered Accountants Sd/ S. Subramanian Partner M. No. 16252 FR No. 002785S

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THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

BALANCE SHEET AS AT MARCH 31, 2016 Schedule

As at March 31, 2016 Rs

As at March 31, 2015 Rs

SOURCE OF FUNDS General Fund

1

68264917

61772161

Total

68264917

61772161

APPLICATION OF FUNDS Fixed Assets

2

Gross Block

32108622 32068123

Less : Depreciation

12015525 11747816

Net Block

Investments

3

20093097

20320307

46743147

40731661

Current Assets, Loans and Advances Sundry Debtors

4

104503

35338

Cash and Bank balances

5

994207

871404

Other Current Assets

6

3470677

2687343

Loans and Advances

7

730653

535734

5300040

4129819

3871367

3409626

Less : Current Liabilities and Provisions Liabilities

8

Net Current Assets

Total

Notes on accounts

1428673

68264917

720193 61772161

12

The schedules referred to above form an integral part of the Balance Sheet

98

President Vice President Secretary General

This is the Balance Sheet referred to in our report of even date For R.G.N. PRICE & CO. Chartered Accountants

Chennai 14 th May 2016

Sd/S. Subramanian Partner M.No. 16252 FR No. 002785S

ANNUAL REPORT 2015-16


THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2016 Schedule

Year ended March 31, 2016 Rs

Year ended March 31, 2015 Rs

INCOME Subscription

7450500

7015500

Entrance Fee

288500

244000

Seminar Income

2121282

3373588

12002095

11377154

21862377

22010242

Other Income

9

EXPENDITURE Employee Costs

10

8766674

8663837

Other Expenses

11

6335238

7083790

Depreciation

267709

2876460

15369621

18624087

Excess of Income over Expenditure for the year

6492756

3386155

Transfer to General Fund

6492756

3386155

Notes on accounts

12

The schedules referred to above form an integral part of the Income and Expenditure account President Vice President Secretary General Chennai 14 th May 2016

This is the Income & Expenditure Account referred to in our report of even date For R.G.N. PRICE & CO. Chartered Accountants Sd/S. Subramanian Partner M.No. 16252 FR No. 002785S

ANNUAL REPORT 2015-16

99


THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

SCHEDULES FORMING PART OF ACCOUNTS

As at March 31, 2016 Rs

As at March 31, 2015 Rs

SCHEDULE 1 GENERAL FUND As per last Balance Sheet Add

Surplus from Income & Expenditure account transferred

100

ANNUAL REPORT 2015-16

61772161

58386006

6492756

3386155

68264917

61772161


ANNUAL REPORT 2015-16

101

Furniture and Fixtures Office equipment Computers Vehicles

Land & Development Freehold Buildings Electrical Installations

Decsription

FIXED ASSETS

SCHEDULE 2

461579 467214 861767 32068123 40499

11999

2038230

2242426

5761726

Upto 31.3.2015

473578 394660 467214 449009 861767 861765 32108622 11747816

2526888

2296658

2268158

2526888

5761727

5761727 28500

19720790

Cost as at 31.3.2016

19720790

Cost as at 01.04.2015

Gross Block Additions Deletions

(Figures in Rupees)

267709

39565 13057

199394

15693

289264

38539

1

434225 39353 462066 5148 861765 2 12015525 20093097

2237624

2258119

5761726

19720790

66919 18205 2 20320307

488658

25732

1

19720790

Depreciation Net Block For the Deletions Upto As at As at Year 31.3.2016 31.3.2016 31.3.2015

SCHEDULES FORMING PART OF ACCOUNTS

THE MADRAS CHAMBER OF COMMERCE & INDUSTRY


THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

SCHEDULES FORMING PART OF ACCOUNTS

SCHEDULE 3

As at March 31, 2016 Rs

As at March 31, 2015 Rs

Investments Fixed Deposits with

Sundaram BNP Paribas Home Finance Ltd

5000000

5000000

Tamil Nadu Power Finance & Infrastructure Development Corporation Limited

--

1000000

Term Deposit held with Banks

41743147

34731661

46743147

40731661

Debts Outstanding for a period exceeding six months

10500

--

Other Debts

94003

35338

104503

35338

Cash on hand

4177

4613

Balance with Scheduled Banks on Current Account

990030

866791

994207

871404

Interest accrued on Investments

850835

592225

Tax deducted at source

1872830

1348106

747012

747012

3470677

2687343

Deposits

387309

387309

Prepaid expenses

168044

141925

Advance

175300

6500

730653

535734

2203374

1784992

347993

304634

Rent Deposit

1320000

1320000

3871367

3409626

SCHEDULE 4

SUNDRY DEBTORS (Unsecured- Considered Good)

SCHEDULE 5

CASH AND BANK BALANCES

SCHEDULE 6

OTHER CURRENT ASSETS (Unsecured- Considered Good)

Advance Tax (Refer- Note 2(a) of Notes on Account)

SCHEDULE 7

LOANS AND ADVANCES (Unsecured- Considered Good)

SCHEDULE 8 LIABILITIES Sundry Creditors Subscription, Advertisement & Seminar Fees received in advance

102

ANNUAL REPORT 2015-16


THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

SCHEDULES FORMING PART OF ACCOUNTS

Year ended March 31, 2016 Rs

Year ended March 31, 2015 Rs

SCHEDULE 9 OTHER INCOME Interest on Investments

4069588

3612262

Rent

2662000

2640000

Fees for Certificate of Origin

4383471

3948930

Advertisement Income

77500

112500

Miscellaneous Income

809536

1063462

12002095

11377154

7774248

7857876

Contribution to Provident & other funds

710286

623025

Staff Welfare

282140

182936

8766674

8663837

306500

297754

Expenses on seminars and conferences

1305934

2257867

Meeting expenses

1608812

1947355

Printing & Stationery

587044

608299

Electricity Charges

271124

230484

Telephone Charges

135453

142875

Travel Expenses

68936

68525

Rates and Taxes

356710

295682

Repairs and Maintenance

738646

666286

Postage and courier

108601

107433

72308

68585

Audit Fee

40075

39326

Other services

28500

22472

1315

843

Legal & Professional Fees

431000

--

Rent

192000

192000

82280

138004

6335238

7083790

SCHEDULE 10 EMPLOYEE COSTS Establishment cost

SCHEDULE 11 OTHER EXPENSES Subscription to Associations

Insurance Payment to Auditors

Reimbursement of Expenses

Miscellaneous Expenses

ANNUAL REPORT 2015-16

103


THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

SCHEDULES FORMING PART OF ACCOUNTS SCHEDULE 12 Notes on Accounts 1.Significant Accounting Policies : Accounting Convention : The financial statements are prepared under historical cost convention. Revenue Recognition : Accrual basis of accounting is followed except for subscription income, which is accounted on receipt basis. Fixed Assets : Fixed assets are stated at cost. Cost includes acquisition and installation expenses. Depreciation : Depreciation is provided on straight line method on the basis of the estimated useful lives as determined by the Chamber. In respect of additions and deletions, depreciation is restricted to the period of use. The rates of depreciation are as under. Building Electrical Installations Furniture & Fixtures Office Equipment Computers Vehicles

10% 25% 25% 25% 33% 25%

Investments : Investments are stated at cost. Retirement benefits : Liability towards gratuity and superannuation are determined in accordance with the schemes formulated by the Chamber and contribution is made to the respective funds administered by the Life Insurance Corporation of India as per the rules of the aforesaid scheme. All contributions are charged to revenue when due. With regard to leave encashment, provision is made on the basis of encashment of leave up to a maximum of 180 days at the time of retirement or reaching the age of superannuation calculated at the last drawn salary rates as per Chamber policy. 2. Notes a. The Income Tax Appellate Tribunal ‘C’ Bench Chennai in its order dated 25 th February 2016 has restored the registration for the Chamber under section 12A of the Income-tax Act 1961. The Income tax appeals for the assessment years 2009-10 & 2010-11 have also been allowed by the same bench confirming that the Chamber is exempt u/s 11 of the Income Tax Act 1961. Accordingly the tax demand for those years as well as for subsequent years aggregating to Rs 35.32 lakhs is not payable. Based on the same ratio of the decision the demand for Asst. Year 2012-13 amounting to Rs 16.86 lakhs may not be sustainable in law. b. In view of the decision of Income Tax Appellate Tribunal referred to above, there is no tax liability for the Chamber. c. Expenditure of the Skill Development Centre amounting to Rs 2,94,936/ ( Previous Year –Rs 7,97,144/-) has been allocated under the respective heads of accounts. d. Previous year’s figures have been regrouped /reclassified wherever necessary to conform to the presentation of current year’s accounts.

104

ANNUAL REPORT 2015-16


Mcci annual report 15 - 16  

Mcci annual report 15 - 16

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