Poised for growth Rane Holdings Limited | Annual Report 2009-10

Rane Holdings Limited Forward-looking statement

In this annual report, we have disclosed forward-looking We cannot guarantee that these forward-looking statements information to enable investors to comprehend our prospects will be realised, although we believe we have been prudent and take informed investment decisions. The report and in assumptions. The achievement of results is subject to risks, other statements, written and oral, that we periodically make uncertainties and the underlying assumptions undergoing contain forward-looking statements that set out anticipated change. Should known or unknown risks or uncertainties results based on the management’s plans and assumptions. materialise, or should underlying assumptions not We have tried, wherever possible, to identify such statements materialise, actual results could vary materially from those by using words like ‘anticipates’, ‘estimates’, ‘expects’, anticipated, estimated or projected. Readers should bear this When the global slowdown happened in ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar in mind. substance in connection with any discussion on future We undertake no obligation to publicly update any forward- 2008, most companies responded by performance. looking statements, whether as a result of new information, future events or otherwise. seeking growth from the outside. Rane Group looked within to sharpen its competencies instead. Training people. Refining processes. Strengthening efficiencies. Now that the global and Indian economies are both reviving, the principal message we want to send out to our stakeholders is simple.

Contents Rane Group is poised Our Visiting Card 02 Milestones 04 Chairman’s Overview 06 Highlights, 2009-10 09 Products, Companies for growth. and Markets 10 Report of the Directors 18 Corporate Governance 25 Financial Information of Subsidiary

Companies 34 Financial Highlights and Balance Sheet Summary 36 Auditors’ Report 37

Balance Sheet 40 Profit and Loss Account 41 Cash Flow Statement 55 Balance Sheet Abstract 56

Consolidated Financial Statements 57 Our visiting card Background Technology Founded in 1929 to cater to automobile and spare parts Leveraged technology alliances with renowned auto industry distribution players:

Diversified into auto-component manufacture in 1959 – TRW Automotive US LLC (the US),

Consolidated into Rane Holdings Limited in 2008 (parent – NSK Ltd. (Japan) and company to Group companies - Rane (Madras) Limited, – Nisshinbo Brakes Inc. (Japan) Rane Engine Valve Limited, Rane Brake Lining Limited, Rane Strengthened competencies through internationally Diecast Limited, Kar Mobiles Limited and Joint Ventures - benchmarked technology transfer agreements and Rane TRW Steering Systems Limited and Rane NSK Steering continuous training Systems Limited )

Promoters’ stake of 42.90% in the Company’s equity as on Clientele 31st March 2010 Reputed international companies like Case New Holland (the UK), Deutz and Volkswagen (Germany), GM Electromotive Location Division and John Deere (the US), among others Pan- presence with 25 manufacturing facilities across Brand-enhancing Indian clients include , seven states; manufacturing plants located in , Eicher, Escorts, , FIAT, Ford, Hero Honda, Trichy, Hyderabad, Bangalore, Puducherry, Mysore, Bawal, , Honda, Hyundai, Mahindra, Maruti Pantnagar and Sanand. Suzuki, Renault, Swaraj Mazda, TAFE, TATA, Toyota, TVS Headquartered in Chennai, India and Yamaha, among others

Listed on the Ltd and the National Performance Stock Exchange of India Ltd Achieved a compounded five-year topline growth of 9%

Products Awards, 2009-10 Driven by a philosophy of continuous improvement and Awarded the ISO 27001 ISMS certification by TUV for specialisation in automotive component design and information technology manufacture Received the Gold Award for ‘Excellence in Cost Diverse product portfolio of steering gear products (manual Efficiency’ and power steering gear), steering linkage products, engine valves, friction material products (brake lining, disc pad and Won the Ashok Leyland Best Supplier Award clutch facing) and occupant-restraint products (seat belts) Received an award for warranty improvement from India Ltd Market presence Globally benchmarked technological capabilities and Conferred the award for outstanding performance from continuous quality improvement reinforce domestic and Mahindra & Mahindra, FES global footprint Recognised as the ‘Best Cost Improved Supplier’ from Marketing network comprises dedicated marketing teams Ltd. for domestic and export markets. The Group exports more Received the Kaizen award from Maruti Suzuki India Ltd. than 11% of its manufactured products Received the Award for Technology Upgradation from Enduring product supply relationships with 55 OEM Brakes India (for 2008-09) customers in India; products offered to 124 customers in 32 countries

2 Rane Holdings Limited Annual Report 2009-10 3 Milestones

1929 1959 1960 1964 1974 1975 1987 1991

Incorporated to cater to the Diversified into the Extended into tie-rod end Initiated friction materials Founded Kar Mobiles Initiated manual steering Formed joint venture with Formed joint venture with distribution of automobiles manufacture of IC engine manufacture manufacture Limited for automotive and gears manufacture TRW to manufacture power JMA for auto component and spare parts valves large valve manufacture steering systems distribution

1995 2000 2003 2005 2006 2007 2008

Initiated occupant-restraint Institutionalised TQM under Received the prestigious Awarded the Deming Prize for Implemented ERP across all Awarded the prestigious Completed the remaining system manufacture the guidance of JUSE, Japan Deming Prize for Rane Brake Rane Engine Valve Ltd. and Group companies Deming Prize for Rane group restructuring activities Lining Ltd Rane TRW Steering Systems Ltd. (Madras) Ltd. the fourth to achieve a clean holding (Steering Gear Division) Group to receive the structure Invested in high-pressure coveted international aluminium die casting products recognition Embarked on a group Commissioned new restructuring and consolidation facilities in Haryana and of shareholding exercise Uttaranchal resulting in the creation of Rane Holdings Ltd

4 Rane Holdings Limited Annual Report 2009-10 5 Chairman’s overview “The Rane Group is attractively placed components just-in-time, resulting in Advanced Management Program) Rane Group also strengthened its enhanced customer convenience. The around business management. We product mix through the introduction to capitalise on the auto industry Group widened product lines in strengthened our training initiatives of the following products during the anticipation of market and customer by working closely with universities year under review: rebound optimism.” growth, resulting in anytime product and business schools. Tilt and telescopic steering column for availability. The Group recruited, trained heavy commercial vehicles From the desk of Mr. L Lakshman, Executive Chairman, Rane Holdings Limited These initiatives yielded desired results and retained effectively, resulting in a and even as the external environment Direct pull retractor seat belt rich accretion of intellectual capital. weakened, Rane Group emerged Pre-tensioner and ALR seat belts stronger. What initiatives sustained Rane (production increased in 2009-10) Group’s growth in 2009-10? the industry is likely to report a What corporate decisions in How did Rane Group strengthen Were you pleased with the How is the Rane Group Even as 2009-10 started hesitantly with compounded annual growth rate 2009-10 strengthened Rane its international presence? performance of the Rane Group addressing this encouraging consumers – and hence companies - (CAGR) of 11% in the 2008-15 period, Group’s working? Even though the international markets during the year under review? reality? preferring to wait and watch, we leading to probable industry revenues of Rane Group strengthened its customer were tentative, Rane Group entered We were pleased with the Group’s Rane Group is attractively placed to utilised the opportunity to look within US$40 billion by 2015-16. relationships through the introduction new geographies and added the performance in 2009-10 for reasons of capitalise on this industry optimism by and improve our efficiency through the of new production capacities: following customers during the year volume and value. While our topline leveraging its longstanding business following initiatives: Why is India emerging as a grew a significant 21% to Rs 17,277 presence, scale, market share, Rane TRW Steering Systems Limited under review: Renault in Romania, preferred global automobile and Value analysis or Value million, our EBIDTA margin grew 63% reputation and competitiveness. Rane (RTSSL) commissioned its fifth Indian Piaggio in Italy, Polaris Industries in the automotive component engineering (VA/VE): This initiative and our post-tax profit rose 205% to Rs Group is a dominant player in its plant at Pantnagar (Uttarakhand) in US, Benteler Automotive in Brazil, outsourcing destination? helped us address customer 770 million. products across segments. Rane Group March, 2010. RTSSL invested Rs. 140 Volkswagen in Brazil and Poland, According to the Investment is also the preferred supplier to most expectations and enhance profitability Cummins in the US, Audi in Hungary, This increase in turnover was catalysed million in this world-class facility to Commission of India, India is among OEMs in India. through procedural decision-making. Nissan in Mexico, Ideal Freins in Tunisia, by a demand recovery across all of manufacture power steering gears the world’s most competitive auto This differentiated approach helped Gung Lun inTaiwan and Al Rowad in India’s automotive segments as well as Also, leveraging the country’s (80,000 per annum) and pumps component manufacturers for good us deliver alternatives to customers Egypt. a correspondingly steady revival in attractiveness in terms of a rising (50,000 per annum) for Ashok reasons: with the greatest holistic value as Leyland’s heavy and medium automotive components demand. As a domestic demand for passenger cars opposed to mere cost reduction. Where does India’s automobile Substantial production cost commercial vehicles and Tata Motors’ progressive organisation, we leveraged and farm equipment, the Rane Group industry go from here? this volume increase with productivity advantage over overseas locations has progressively shifted from a Brand strengthening: We Tata Ace model. The Indian automobile industry is enhancement and cost-control, World-class design, engineering and dependence on few fast-moving enhanced our visibility through Rane Engine Valve Limited expected to grow 12-15% year-on-year resulting in superior numbers. technical skills products to a healthy mix of revenues participation in fairs (domestic and commissioned a dedicated engine over the next few years, higher than the across consumer profiles and international), features and Respect for and compliance with valves line for Hyundai in its Trichy global average. This growth is expected How did the Indian automobile applications. The Group’s turnover advertisements in trade magazines, demanding quality systems plant starting February, 2010. REVL to sustain for an important reason: industry perform in 2009-10? comprised 72% from OEMs, 17% from sponsorship of ACMA events, media Abundant indigenous availability of also commissioned a dedicated India’s car ownership of about seven Even though the Indian automotive the replacement segment and 11% exposure of the Rane Group senior various inputs, resources and raw engine valves manufacturing line for vehicles per thousand heads of component industry has been in from exports. management and an overhaul of the materials Mahindra & Mahindra in March, population will grow in line with a rise existence for a number of decades, we Rane website. Over the years, Rane Group 2010. Following the introduction of in disposable incomes, relatively poor consider its prospects to be sunrise or Adaptability to emerging progressively derisked its business Training: This initiative was lean manufacturing practices, the public transportation system and per nascent for a number of reasons. From technologies through proactive investments in conducted in Rane Group’s corporate valve manufacturing line for capita benchmarks already achieved in a low-key component supplier to the Automobile manufacturers (GM, Ford people, plants and processes. The university, introducing managers to Mahindra & Mahindra’s farm peer countries (China 22 vehicles per country’s automobile market, the and Toyota, among others) and auto Group diversified from mere product emerging disciplines like reliability equipment models reported an 18% 1,000 population). Besides, economic country’s component industry is now component manufacturers have manufacture to product co- engineering, multiple regression productivity improvement, 80% growth and investments in the recognised as a key auto component established International Purchasing development while shrinking the mind- analysis and lean production systems, inventory reduction, 50% space country’s public transport infrastructure outsourcing destination and a Offices in India to source material for to-market cycle. The Group selected to among others. We customised a reduction and 200% material travel will catalyse the growth of its bus and significant player in the global their global operations. co-locate capacities to provide curriculum called RAMP (Rane distance reduction. truck industry. automotive supply chain. Going ahead,

6 Rane Holdings Limited Annual Report 2009-10 7 Highlights, 2009-10

However, this optimism comes with car sales are picking up. Motorisation in industry turnover to US$145 billion, Corporate The Group invested in HR initiatives, widened managerial challenges. Although the Indian market rural areas is increasing rapidly. increase export revenue to US$35 Rane TRW Steering Systems Limited’s Pantnagar plant was bandwidth and created a robust leadership pipeline of is perceived as unique by most OEMs, Improving road conditions will ensure billion, provide employment to an inaugurated to supply power steering gears and pumps for people, plants and processes. there is a growing incidence of the that inter-village travel increases. additional 25 million individuals and Ashok Leyland’s heavy and medium commercial vehicles and consumer demanding ‘more for less’, Domestic demand will be fuelled mainly grow the automotive sector’s GDP Tata Motors’ Tata Ace model. Financial A 21% increase in turnover from Rs. 13,657 million in 2008- which in turn, is prioritising the need by the rural market, where car contribution to 10%. Rane Engine Valve Limited [REVL] commissioned a dedicated for low-cost design without penetration is low. In rural areas, fewer 09 to Rs 16,629 million Rane Group’s strategy is in line with this line in its Trichy plant for the manufacture of engine valves corresponding performance than 10 of every 1,000 people own A 192% increase in PAT from Rs. 256 million in 2008-09 to policy direction. It will continue to stay for Hyundai. REVL also commissioned a dedicated line for compromises. Besides, the industry cars. In big cities, the figure is between Rs. 748 million proactively ahead of the market, the manufacture of engine valves for Mahindra & Mahindra; needs to address the threat of cheaper 30 and 40 per 1,000, according to a All listed Rane Group companies (except Kar Mobiles) leverage core competence, exercise the technology at the state-of-the-art engine valve plant at imports from China, exchange rate PwC report. Trichy was updated; REVL achieved 22% growth in the reported an increase in market capitalisation over the indices responsible governance and enhance movements, commodity price volatility domestic replacement market. for BSE 500, BSE Small Cap and BSE Auto. Collective Rane According to CRISIL estimates, the new shareholder value. and tightening emission norms. Group market capitalisation increased from Rs.1.71 billion price point reduces the cost of The Group collaborated with Ashimori, Japan, for state-of- (as on 31st March 2009) to Rs.5.31 billion (as on ownership of an entry level car in India the-art seat belt technology. How will these challenges play 31st March 2010). by 30 per cent, and to below three The Group extended into the production of tilt and out for the country’s auto India's auto component times the cost of owning a motorcycle. telescopic steering columns (for heavy commercial vehicles), component industry in general position in the world This will make the car affordable to an direct pull retractors, pre-tensioner and ALR seat belts. and Rane Group in particular? Well-developed, globally additional 14 million families, including India’s auto-component sector needs competitive auto ancillary industry a section of the 58 million two-wheeler an estimated US$1.5 billion a year in owners. Asia’s fourth largest passenger car new investments for at least eight Turnover Exports Profit after tax Return on Return on net straight years to address the growing There is excited speculation that India is market (in millions) (in millions) (in millions) operating assets (%) worth (%) demand for auto-components and all set to become the small car-hub of World's second largest two-wheeler

‘product-cum- process technology’. the world. The National Council of manufacturer 33 1,164 27 27

Considering that not all of this will be Applied Economic Research, a New 31

World's fifth largest commercial 16,629 provided for from within the country, Delhi-based economic research group, 2,155 vehicle manufacturer globally 1,022 the government undertook various predicted that car sales would rise to 963 1,964

initiatives to promote foreign direct one million vehicles a year by 2012. World’s largest tractor 14,021 13,766 21 13,657 investment (FDI) like the following: India has been gaining significance as a manufacturer 1,829 1,660 11,933

small car manufacturing hub with small 748 Granted automatic approval for World’s second largest two-wheeler car exports of 0.43 million in 2009-10. foreign equity investments up to market 1,379

Small car exports grew at a CAGR of 15 100% in automobiles and component 17 17 21% during the last five years and are World’s eleventh largest passenger manufacture expected to more than double by 2013- car market Delicensed the domestic automobile 14. This growth was enabled by industry World’s seventh largest auto increasing manufacturing industry by 2016 Permitted the import of components competitiveness across the board, as 8 256

Among the world’s lowest-cost 5 Along with rising personal disposable well as continuous improvements in steel producers incomes owing to the improving quality and productivity. economy, organised retail is also Besides, the government drew out an Established automobile testing and picking up, helping farmers earn more overarching Automotive Mission Plan R&D centres for their produce. Consequently, rural 2005-06 2006-07 2007-08 2008-09 2009-10 2005-06 2006-07 2007-08 2008-09 2009-10 2005-06 2006-07 2007-08 2008-09 2009-10 2016 to achieve the following: increase 2005-06 2006-07 2007-08 2008-09 2009-10 2005-06 2006-07 2007-08 2008-09 2009-10

8 Rane Holdings Limited Annual Report 2009-10 9 Shareholding pattern and services Leveraging technology alliances to deliver superior Rane Holdings Limited (RHL) is the holding company of the Rane Group. A listed entity, it owns equity stakes in eight Rane performance Group companies. A Group restructuring exercise led to the creation of the Company in 2005, with a view to consolidate and Relationships with our technology partners like TRW Automotive US LLC (the US), NSK Ltd. (Japan) and Nisshinbo Brakes Inc. eliminate Group cross-holdings. (Japan) helped reinforce our competence and product offerings. The Company’s Board of Directors drive the Rane Group’s vision, value system, direction and management practices. RHL is also engaged in business development, information system support, training, development and investor-related services.

Promoters TRW Automotive US LLC NSK Ltd., Japan Nisshinbo Brakes Inc., Japan Rane Holdings Ltd. Power steering systems, ball joints, Energy absorbing steering columns Brake linings, disc pads, clutch facings seat belt systems, engine valves and manual RCB steering gears Rane (Madras) Ltd. – 54% Rane TRW Steering Kar Mobiles Ltd. – 37% electric power assisted steering Systems Ltd. – 50% Rane Engine Valve Ltd. – 54% systems Rane NSK Steering Rane Diecast Ltd. – 79% Systems Ltd. – 50% TRW Automotive is a leading NSK Ltd is recognised as a leader Nisshinbo Brakes Inc. is a reputed

Rane Brake Lining Ltd. – 42% Associates automotive supplier with a US$ in the manufacture of bearings, manufacturer of friction materials

Subsidiaries JMA Rane Marketing Ltd. – 49% Joint ventures 11.6-billion turnover in 2009. automotive components and for automotive brakes, brake Automotive component manufacture – our core competence The growing size of its precision machinery and parts. It assemblies and anti-lock brake transaction volume vindicates its recorded a robust ¥588 billion systems. The Company generated a The Rane Group’s philosophy of continuous improvement and specialisation comprises the design and manufacture of global client-servicing capabilities turnover in 2009. Its global ¥24 billion turnover in 2009-10. automotive components like steering gear products (manual and power steering gear), steering linkage products, engine valves, (40 major vehicle manufacturers) clientele is spread across 25 friction material products (brake lining, disc pad and clutch facing) and occupant-restraint products (seat belts). emerging as a leader in all countries and manufacturing Rane Group of Companies and their products primary product categories. operations are conducted from 30 international locations. Group companies Activities / products Listed companies Rane Holdings Ltd. Holding company

Rane (Madras) Ltd. Manual steering and suspension systems Benefits of our alliances Rane Brake Lining Ltd. Brake linings, disc pads and The various alliances with global technology leaders enriched the Rane Group’s knowledge repository, viability and technology composite brake blocks access.

Rane Engine Valve Ltd. Valves, valve guides and tappets The Rane Group’s global OEM customer base expanded to include companies like Case New Holland (the UK), Deutz (Germany), Volkswagen (Germany), GM Electromotive Division (the US) and John Deere (the US). During the year under review, exports Kar Mobiles Ltd. Engine valves for large marine/diesel constituted 11% of total revenues. engines, including electromotive application Joint venture Rane NSK Steering Solid and energy absorbing steering companies Systems Ltd. columns and intermediate shafts, among others

Rane TRW Steering Power steering systems and Systems Ltd. seat belt systems

Unlisted companies Rane Diecast Ltd. Machined diecast products

JMA Rane Marketing Ltd. Distribution company for auto components (Rane and others)

10 Rane Holdings Limited Annual Report 2009-10 11 Our manufacturing excellence represents the basis of our optimism.

GLOBAL AUTO MAJORS’ ENTRY INTO INDIA IN THE NINETIES NECESSITATED THE ACHIEVEMENT OF GLOBAL STANDARDS IN QUALITY, COST, DELIVERY, TECHNOLOGY AND SERVICES.

At Rane Group, we responded to this by adopting TQM principles, namely:

Customer focus

Process orientation

Continuous improvement

Systematic, structured way of identifying and solving problems

Companywise involvement of all employees These inputs translated into global standards at Rane Group.

The first step in our TQM journey was taken in 2000 and since then we have not looked back. This has resulted in the Rane companies becoming preferred suppliers to OEMs.

Our relentless pursuit of TQM translated into four Rane Group companies achieving the coveted Deming Award and are now working towards the prestigious Japanese Quality Medal (JQM).

12 Rane Holdings Limited Annual Report 2009-10 13 THE ENGINE OF RANE GROUP’S GROWTH IS ITS PEOPLE, TRANSLATING INTO IMPROVEMENTS IN EFFICIENCY, INNOVATION, PROFITS AND PRODUCTS.

In line with this strategic importance, the Company’s HR vision is to ‘stimulate and nurture the intrinsic desire in people to learn, grow and enhance performance to achieve business success and goal’.

The Rane Group’s HRD goals comprise the following:

Recruitment and retention of high-calibre employees

Encouragement and recognition of outstanding contributions Operators Competency Enhancement (ROCE) programme. Creation of opportunities for professional growth Training covered around 600 employees and 1800 person- days) across four locations covering change management, Development of leadership capabilities across all managerial social skills and techno-quality competence levels Tied up with the Indian Institute of Management (Bangalore) Fostering a sense of employee involvement and developing for an advanced leadership programme for senior managers Our superior a work ethos that creates dignity and pride Worked on Employer Brand Promise in collaboration with Rane Group’s people management practices are geared the Great Places to Work Institute (Mumbai) for enhanced towards catalysing the organisation for a decade of healthy employee engagement people profitable growth. The Group’s initiatives for 2009-10 comprised the following initiatives: Promoted collaboration between Rane Institute for Employee Development (RIED) and Group companies to Created a strong architecture of people development across management institutionalise lean production, Theory of Inventive Problem the junior, middle and senior management levels with focus Solving (TIPS), Low Cost Automation (LCA) and Advanced on leadership development and domain excellence Statistical Process Control (SPC) through training and post- practices and Launched RAMP (Rane Advanced Management Programme) training support. RIED enhanced the conceptual knowledge to identify individuals with potential and competence. These on lean management by expanding on-site support in members were trained in a classroom environment at the stabilising lean management principles across facilities. leadership Rane Institute for Employee Development (RIED) on business Experts from RIED worked in tandem with operations and issues coupled with post-programme mentoring design layout teams to provide hands-on training at Developed competencies through a keen assessment and manufacturing facilities, assisting implementation reinforced our development of existing skill sets with a focus on the The result: retention levels increased from 80% in 2008-09 to creation of a supervisory cadre 85% in 2009-10 (industry average 80%) and a good 50% of Enhanced business awareness and institutionalised the Group’s senior management personnel now possess prospects. participatory growth for workmen through the Rane multiple-business and multiple-geography experience.

14 Rane Holdings Limited Annual Report 2009-10 15 RHL’s environment sensitivity and community development

AT RANE, OUR SOCIAL RESPONSIBILITY VISION IS “TO BE A Active participation in running of Ganapathy Iyer Girls High initiatives encouraged SOCIALLY AND ENVIRONMENTALLY RESPONSIVE School, Gopalapuram, Chennai, a Tamilnadu Government ORGANISATION COMMITTED TO IMPROVE THE QUALITY OF aided High School LIFE WITHIN AND OUTSIDE”. Understanding of various rural education initiatives adjacent long-term growth We believe that long term growth of the economy and to plant locations industry can be sustained only through environment friendly During the year under review, Rane Foundation has embarked initiatives at the macro and micro levels. It is also our on a project of setting up a Polytechnic College near Trichy, in prospects. experience that initiatives taken to improve the environmental Tamil Nadu, with contributions from the Rane companies. The impact of a given business process inevitably have a positive first academic year of the Polytechnic is expected to effect on the cost economics of the process. Therefore, we commence in June 2011 continuously review our processes making them cost effective and at the same time environmentally sustainable. Healthcare Various initiatives pertaining to occupational health and Management of water and its prudent use is a priority for our safety awareness programmes to promote health business. We undertook various water conservation initiatives consciousness within the organisation across our various manufacturing facilities which include: Promotion of rural health at Plant locations through various Rain water harvesting at plants medical outreach programmes such as free health camps, Water Conservation through check dams and stop dams among others Promotion of watershed development Financial support to non profitable healthcare organizations Percolation/Irrigation tanks for the storage and recycle of like Sankara Nethralaya, Hindu Mission Hospital, Public disposable water Health Centre, Chennai and Margaret Sydney Hospital, a community health centre in the suburbs of Chennai On the community development front, Rane has created sustainable partnerships with civil society, the government and Women Empowerment corporates to support solutions addressing livelihoods. Rane’s Promotion of Women employment directly and indirectly, initiatives on community development are channelized within the organisation to maintain a healthy diverse through our non-profit partner, Rane Foundation, which is a workforce Public Charitable and Educational Trust. Promotion of Women Self Help Groups (SHG) at Plant These initiatives in the social and environmental spectrum are locations to increase awareness of existing and emerging classified as below: opportunities Education Financial Support to NGOs such as “The Banyan” in Chennai Promotion of education at all levels within the organisation Interaction with Educational institutions regularly for knowledge sharing and exchange programs for employees with potential

16 Rane Holdings Limited Annual Report 2009-10 17