Mr. Rajas R. Doshi - Chairman & Managing Director Board of Directors Mr. Ajit Gulabchand Ms. Jyoti R. Doshi Mr. Rajendra M. Gandhi Mr. Rameshwar D. Sarda Mr. N. Balakrishnan Ms. Anima B. Kapadia Mr. Vijay Kumar Jatia Company Mr. S. M. Mandke Secretary Executives Mr. P. D. Kelkar - Sr. General Manager Mr. P. R. Bhat - Sr. General Manager Mr. Ajay Asthana - General Manager Mr. Mayur R. Doshi - General Manager Mr. G. Pundareekam - General Manager Mr. Shashank J. Shah - General Manager Mr. M. S. Rajadhyaksha - Controller of Accounts & Finance Mr. S. G. Khaladkar - Sr. General Manager - Corporate Affairs Mr. B. S. Narkhade - Chief Internal Auditor Mr. A. B. Joshi - Chief Personnel Manager Auditors M/s. K. S. Aiyar & Co., Chartered Accountants F-7, Laxmi Mills, Shakti Mills Lane, (Off. Dr. E. Moses Road), Mahalaxmi, Mumbai – 400 011 Solicitors & M/s. Daphtary Ferreira & Divan, Mumbai Advocates M/s. Kanga & Co., Mumbai State Bank of India Bankers Bank of Baroda State Bank of Hyderabad HDFC Bank Ltd. Corporation Bank Registrar & M/s. Link Intime India Pvt. Ltd. Share C-13, Pannalal Silk Mills Compound, Transfer Agent L.B.S. Marg, Bhandup (W), Mumbai – 400 078 Tel No.022-25946970-78 Fax No.022-25946969 Construction House, 2nd Floor, Registered 5, Walchand Hirachand Road, Office Ballard Estate, Mumbai – 400 001 Tel No.: 022-22618091 / 92, 022-40748181 Fax No.:022-22656863, email : [email protected] Website : www.indianhumepipe.com Annual Thursday, 29th July, 2010, at 4.00 P.M. General Walchand Hirachand Hall, Meeting Indian Merchants’ Chamber Building, 4th Floor, Indian Merchants’ Chamber Marg, Churchgate, Mumbai – 400 020  ANNUAL REPORT 2009-2010 NOTICE NOTICE NOTICE is hereby given that the EIGHTY FOURTH ANNUAL GENERAL MEETING of the Company will be held as scheduled below :- DAY : Thursday DATE : 29th July, 2010 TIME : 4.00 P. M. PLACE : Walchand Hirachand Hall, Indian Merchants’ Chamber Building, 4th floor, Indian Merchants’ Chamber Marg, Churchgate, Mumbai - 400 020 To transact the following business: ORDINARY BUSINESS : 1. To consider and adopt the Audited Balance Sheet as at 31st March, RESOLVED FURTHER THAT the Board of Directors of the Company 2010, Profit & Loss Account for the year ended on that date and the be and is hereby authorised to do all such acts and things as may be Reports of the Board of Directors and the Auditors thereon. necessary, desirable and expedient to give effect to this resolution.” 2. To declare a Dividend on Equity Shares of the Company. 7. To consider and if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution: 3. To appoint a Director in place of Ms. Jyoti R. Doshi, who retires by rotation and being eligible, offers herself for re-appointment. “RESOLVED THAT pursuant to the provisions of Sections 4. To appoint a Director in place of Mr. Rajendra M. Gandhi, who retires 16 and 94 and other applicable provisions, if any, of the Companies by rotation and being eligible, offers himself for re-appointment. Act, 1956 (including any modification or re-enactment thereof) and the provisions of the Memorandum of Association of the Company 5. To consider and if thought fit, to pass with or without modification(s), and subject to such other approvals / permissions / sanctions as may the following resolution as an Ordinary Resolution: be necessary, consent of the Company be and is hereby accorded for “RESOLVED THAT pursuant to the provisions of Section 224 and sub-division of the nominal face value of existing one Equity Share of other applicable provisions, if any of the Companies Act, 1956, Rs.10/- into five Equity Shares of Rs.2/- each fully paid-up. M/s. K. S. Aiyar & Co., Chartered Accountants, bearing ICAI RESOLVED FURTHER THAT the existing Clause No.V of the Registration No.100186W, the retiring Auditors of the Company, be Memorandum of Association be and is hereby altered to read as and they are hereby re-appointed as the Auditors of the Company, to follows: hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting, to do Statutory “V. The Capital of the Company is Rs.10,00,00,000 (Rupees Ten Audit of the Company’s accounts including its branches for the Crores only) comprising of 5,00,00,000 (Five Crores) Equity Shares Financial Year 2010-11 on a remuneration as may be fixed by the of Rs.2/- each with power to increase and reduce the capital and Board of Directors of the Company and that they be paid, in addition, to divide the shares in the capital for the time being into several out of pocket and/or travelling expenses they may incur in carrying classes and to attach thereto respectively such preferential, deferred out their duties as such Auditors.” or special right, privileges or conditions as may be determined by or in accordance with the regulations of the Company and to vary, SPECIAL BUSINESS : modify or abrogate any such rights, privileges and conditions in such 6. To consider and if thought fit, to pass with or without modification(s), manner as may for the time being be provided by the Regulations of the following resolution as an Ordinary Resolution: the Company.” “RESOLVED THAT subject to the provisions of Section 228 of the 8. To consider and if thought fit, to pass with or without modification(s), Companies Act, 1956 and other provisions if any, consent of the the following resolution as an Special Resolution : Company be and is hereby accorded to the re-appointment of M/s. Brahmayya & Co., Chartered Accountants, Hyderabad, retiring “RESOLVED THAT pursuant to the provisions of Section 31 and other Branch Auditors of the Company to carry out Branch Audit, Limited applicable provisions, if any, of the Companies Act, 1956 (including Review and Tax Audit of the Company’s Factories,Projects and any modification or re-enactment thereof), the Clause No.6 (Capital Project Offices in the State of Andhra Pradesh, as Branch Auditors Clause) of the Articles of Association of the Company be altered by for the financial year 2010-11 and to hold office from the conclusion substituting the following new Clause No.6 in place of the existing of this Annual General Meeting until the conclusion of the next Annual Clause No.6. General Meeting, on a remuneration to be decided by the Board of New Clause No. 6 Directors in consultation with the Branch Auditors plus reimbursement of out of pocket expenses as may be incurred by them. “The Authorised Share Capital of the Company is Rs.10,00,00,000/- (Rupees Ten Crores only) consisting of 5,00,00,000 (Five Crores) RESOLVED FURTHER THAT the consent of the Company be and is Equity Shares of Rs.2/- each.” hereby accorded to the Board of Directors to appoint any person or persons qualified for appointment as Auditors of the Company under RESOLVED FURTHER THAT the Board of Directors of the Company, Section 226 and/or 228 of the Companies Act, 1956 for auditing (hereinafter referred to as the “Board” which expression shall also accounts of such other locations of the Company in other State(s), include any Committee thereof duly authorised in this behalf) be if required to be audited under Section 228 of the Companies Act, and is hereby authorised to fix the Record Date and take necessary 1956, on such terms and conditions, as they may deem fit. actions to give effect to the above resolution. ThE INdIAN hUmE PIPE COmPANy LImITEd  NOTICE RESOLVED FURTHER THAT for the purpose of giving effect to the authorities as may be necessary from time to time and to delegate above resolution, the Board be and is hereby authorised to take such all or any of the powers to any Director / Authorised Person(s) to steps and actions and give such directions as it may in its absolute give effect to the above resolution and to comply with necessary discretion deem necessary and to issue new share certificates, in formalities in this regard.” cancellation of existing shares without physically exchanging the By Order of the Board of Directors, share certificates by treating the old share certificates as deemed to be cancelled and invalid, subject to the rules as laid down in the Companies (Issue of Share Certificates) Rules, 1960 and Articles S. M. Mandke of Association of the Company and to settle any question that may Company Secretary arise in this regard and to finalise and execute all documents, deeds Registered Office: and writings as may be necessary, which includes but not limited Construction House, 2nd floor, to preparing, executing and filing necessary applications/ forms / 5, Walchand Hirachand Road, returns / documents with Registrar of Companies, Stock Exchanges Ballard Estate, Mumbai - 400 001 (BSE & NSE), National Securities Depository Limited (NSDL), Central Date : 26th May, 2010 Depository Services (India) Limited (CDSL) and / or such other NOTES:- (a) A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS M/s. Ratanchand Investment Pvt. Ltd., Ratanchand Foundation, ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD Walchand Foundation and Walchand Trust. She is associated OF HIMSELF / HERSELF AND THE PROXY NEED NOT BE A with various Social Charitable activities. She has been District MEMBER OF THE COMPANY. Proxies in order to be effective must Chairman and President of Inner Wheel Club of Bombay. She be received at the Registered Office of the Company not less than has served as a Chair Person of Maharashtra Chamber of 48 hours before the time for holding the Annual General Meeting. Commerce & Industry - Ladies Wing for two years. She is also (b) The relevant Explanatory Statement pursuant to Section 173 of the a trustee of Society for Rehabilitation of Crippled Children. She Companies Act, 1956 in respect of the Special business under item is a member of the Executive Committee of Indian Merchants’ Nos.6 to 8 above, to be transacted at the meeting is annexed hereto. Chamber - Ladies Wing and also shoulders the responsibility (c) The Register of Members and the Share Transfer Books of the of the prestigious Exhibition Committee as Chairperson. Company will remain closed from Tuesday, 20th July, 2010 to Ms. Jyoti R. Doshi holds 31,333 shares of the Company. Thursday, 29th July, 2010 (both days inclusive). ii) Mr. Rajendra M. Gandhi (63) is Bachelor of Engineering (d) The Dividend for the year ended 31st March, 2010, as recommended (Metallurgy) from University of Pune and MBA from Michigan by the Board, if sanctioned at the meeting, will be payable to those University, U.S.A., having good financial knowledge. He is Members whose names appear in the Register of Members as on associated with the Company since 1996 and has industry 20th July, 2010. In respect of shares held in Electronic (Demat) form, experience of more than 36 years as the Proprietor of the dividend will be payable on the basis of beneficial ownership M/s. Navbharat Automobiles, Solapur. He is the Chairman of as per details furnished by National Securities Depository Limited the Audit Committee of the Company. (NSDL) and Central Depository Services (India) Limited (CDSL) for Mr. Rajendra Gandhi does not hold any shares of the this purpose. Company. (e) Shareholders who hold Shares in dematerialised form may please (g) Transfer of funds to Investor Education & Protection Fund: note that as advised by the Securities and Exchange Board of India, i) In terms of the provisions of Section 205A read together the Company will be mandatorily printing on the dividend warrants, the with Section 205C of the Companies Act, 1956, unpaid and Shareholder(s) Bank Account details as furnished by the respective unclaimed dividend for the financial year ended 31st March, Depositories to the Company. 2002 had been transferred by the Company to the Investor In order to avoid the risk of loss/interception of dividend warrants in Education & Protection Fund (IEPF) established by the Central postal transit and/or fraudulent encashment of dividend warrants, the Government under Section 205C of the Act. shareholders are advised to avail of ECS facility, whereby the dividend ii) It may be noted that pursuant to the provisions of above amount will be directly credited to their respective Bank Accounts mentioned section, the amount of dividend which has remained electronically. This will also ensure speedier credit of dividend. You unclaimed and unpaid for a period of 7 years from the date may write to the Company’s Registrar & Share Transfer Agent or when it became due for payment is required to be transferred your Depository Participants directly to avail benefit of this service / to the IEPF constituted by the Central Govt. facility. Accordingly, the amount of dividend for the financial year (f) As required under the Listing Agreement, a brief write up is given 2002-2003 which remain unclaimed and unpaid as aforesaid below in respect of the two Directors whose re-appointment is placed shall be due for transfer to the IEPF on 31-08-2010 and no before this AGM. claim shall against the IEPF or the Company in respect of such i) Ms. Jyoti R. Doshi (56) is B.A. (Hons) from University of Delhi. amounts. We therefore request the members who have not She is associated with the Company as Director since 1996. yet encashed their dividend warrants for the financial year She has experience of more than 14 years in the Industry. She 2002-03 and onwards to write to the Company claiming is also a Director of M/s. IHP Finvest Ltd., M/s Raj Jyoti Trading dividends declared by the Company for the said financial & Investment Pvt. Ltd., M/s. Mobile Systems India Pvt. Ltd., years.  ANNUAL REPORT 2009-2010 NOTICE MANAGEMENT DISCUSSION AND ANALYSIS REPORT iii) It may be noted that unpaid dividend for the following financial Further the Members consent is also sought for appointment of Branch Auditors years is due for transfer to IEPF on the following respective due u/s 226 and/or 228 of the Companies Act, 1956, in other State(s), if required, dates : on such terms & conditions, as the Board of Directors may deem fit. Financial Date of Date of Due date None of the Directors of the Company is concerned or interested in this year declaration of Payment of of transfer Resolution. Dividend Dividend to IEPF Your Directors recommend the above resolution at item No.6 for your 2002-03 26-07-2003 04-08-2003 31-08-2010 approval. 2003-04 30-01-2004 * 12-02-2004 06-03-2011 2003-04 30-07-2004 03-08-2004 04-09-2011 Item No.7 & 8 : 2004-05 31-01-2005 * 08-02-2005 08-03-2012 Presently the authorised share capital of the Company is Rs.10,00,00,000/- 2004-05 29-07-2005 04-08-2005 03-09-2012 (Rupees Ten Crores only) comprising of 1,00,00,000 (One Crore) equity 2005-06 31-07-2006 07-08-2006 05-09-2013 shares of Rs.10/- each. The paid-up share capital is Rs.4,84,47,170 2006-07 30-07-2007 07-08-2007 04-09-2014 (Rupees Four Crores Eighty Four Lacs Forty Seven Thousand One Hundred 2007-08 30-07-2008 06-08-2008 04-09-2015 Seventy only) comprising of 48,44,717 equity shares of Rs.10/- each. After 2008-09 27-07-2009 01-08-2009 01-09-2016 sub-division of equity shares, there will be 2,42,23,585 (Two Crores Forty * Interim Dividend Two Lacs Twenty Three Thousand Five Hundred Eighty Five) equity shares of (h) As per the provisions of the Companies Act, 1956, facility for making Rs.2/- each fully paid-up. The paid-up share capital will remain unchanged. nomination is now available. Nomination forms in this respect can With a view to increase the liquidity of the shares in the stock market and be obtained from the Secretarial Department of the Company or to make it more affordable to the investors at large and also to have better Registrar & Share Transfer Agent of the Company, M/s. Link Intime comparability with share prices of other companies, the Board has decided India Pvt. Ltd. to sub-divide the nominal face value of existing one equity share of Rs.10/- (i) Members are requested to immediately notify change in their into five equity shares of Rs.2/- each fully paid-up. registered address, if any, to the Secretarial Department of the Consequent to the sub-division of shares, it is necessary to alter the Capital Company or Registrar & Share Transfer Agent of the Company, clause of the Memorandum and Articles of Association of the Company. The M/s. Link Intime India Pvt. Ltd., for shares held in physical mode. For special resolution at Item No.7 and Item No.8 seek to make corresponding shares held by the Members in demat mode they are requested to amendments in Clause V of the Memorandum of Association and Article No. immediately notify change in their registered address, if any, to their 6 of the Articles of Association of the Company respectively to give effect respective Depository Participant. to the above resolutions. (j) Members are requested to bring copy of the Annual Report at the time The Company will fix a Record Date for sub-division of shares. Shareholders of attending the Annual General Meeting. holding shares in electronic form will receive sub-divided shares in electronic (k) Members / Proxy-holders are requested to produce Admission Slip form (Demat mode) and those holding shares in physical form will receive forwarded to them, duly completed and signed, at the entrance of the sub-divided shares by way of physical share certificates against their Hall for admission to the Meeting Hall. holdings as of the record date. The Company’s shares are tradable only in the demat mode. EXPLANATORY STATEMENT As required by Section 173 of the Companies Act, 1956 The sub-division of equity shares is expected to result in overall benefits of creating more liquidity and broad basing of small investors. Item No.6 : The Directors of the Company may be deemed to be interested in the proposed Pursuant to the provision of Section 228 of the Companies Act, 1956, the resolutions to the extent of their entitlement to the sub-divided shares on accounts of the Branches of the Company may be audited otherwise than by their respective shareholding, if any, in the Company and shareholding in the Company’s Statutory Auditors, provided the Company in General Meeting Company of their relatives and/ or concerns, companies/bodies corporate in authorise the Board of Directors to appoint such person or persons who are which they may be interested, directly or indirectly, either as a shareholder qualified for appointment as Branch Auditors of the Company under Section and/or as a director and/or otherwise. 226 and/or 228 of the Companies Act, 1956 for auditing accounts of the Company’s Branches. Memorandum and Articles of Association of the Company is available for inspection to the Members at the Registered Office of the Company between In the Annual General Meeting held on 27th July, 2009, the Members 11.00 a. m. to 1.00 p.m. on any working day up to 29th July, 2010. had appointed M/s. Brahmayya & Co., Chartered Accountants as Branch Auditors for the State of Andhra Pradesh u/s 228 of the Companies Act, Your Directors recommend the above resolutions at item No.7 & 8 for your 1956 for the financial year 2009-10. approval. The Board of Directors in their meeting held on 26th May, 2010 has recommended the re-appointment of M/s. Brahmayya & Co., Chartered By Order of the Board of Directors, Accountants, having their office at Flat No.403 & 404, Golden Apartments, Irrum Manzil Colony, Somajiguda, Hyderabad – 500 082 to carry out the Branch Audit in the State of Andhra Pradesh for the financial year 2010-11 S. M. Mandke commencing from 1st April, 2010 at a remuneration to be decided by the Company Secretary Board of Directors in consultation with Branch Auditors plus out of pocket Registered Office: expenses as may be incurred by them. The Branch Auditors will carry out the Construction House, 2nd floor, Branch Audit, Limited Review, Tax Audit and prepare a report on examination 5, Walchand Hirachand Road, of the accounts of the Company’s Factories, Projects and Project Offices Ballard Estate, Mumbai - 400 001 in the State of Andhra Pradesh and forward their report to the Company’s Date : 26th May, 2010 Statutory Auditor, who shall in preparing the Auditors’ Report, deal with the same in such manner as they may consider fit and proper. ThE INdIAN hUmE PIPE COmPANy LImITEd 4 MANAGEMENT DISCUSSION AND ANALYSIS REPORT . INDUSTRY STRUCTURE & DEVELOPMENT: like ductile iron pipes, spirally welded steel pipes, G.R.P. and H.D.P. E. pipes are perceived as one of the threat / competition to your We all know that water is a prime natural resource and a basic human Company. Another cause is prices of key raw materials namely steel, need for survival and existence. Indeed water is fundamental to our steel wires, HT wires and cement, which has remained volatile and life. In view of the vital importance of water for human, animal & uncertain for last two years. plant life, for maintaining ecological balance and for economic and developmental activities of all kinds and considering its increasing . SEGMENT-WISE ACTIVITY: scarcity, the planning and management of this resource and its The Company is considered a pioneer in the field of water industry, it optimal economical and equitable use has become a matter of is in this line for last more than 83 years. The Company’s presence is national importance. there in almost all water supply related activities, viz. Urban & Rural Your Company has been in the business of manufacturing, laying and Water Supply, Penstock for Hydro Power Generation, Tunnel Lining, jointing of pipelines of various pipe materials such as RCC pipes, Steel Large diameter Irrigation pipelines, Head Works including pumping pipes, Prestressed Concrete pipes, Penstock pipes, Bar Wrapped machinery, Treatment Plants, Overhead Tanks and other allied Civil Steel Cylinder pipes (BWSC), Prestressed Concrete Cylinder pipes Construction. The Company also supplies Concrete Railway sleepers (PCCP) etc., which provide infrastructure facility and development to Indian Railways. The segment wise report is as under: for drinking water supply projects, irrigation projects, Hydro Electric (A) WATER SUPPLY AND SEWERAGE PROJECTS: Projects, Sanitation and Sewerage Systems. For over a decade as a part of nation building, your Company has also been undertaking (i) Some prominent Water Supply Projects successfully completed by infrastructure development programmes by way of executing on your Company valued more than Rs.000 Lacs each during the turnkey basis the combined water supply projects i.e. undertaking year are:- the complete job of water supply from source to distribution centers which apart from manufacturing, laying and jointing of pipelines 1. From TWAD Board, Southern Region, Madurai for included construction of intake wells, water sumps, water treatment implementation of Combined Water Supply Scheme to plants, water pumping stations, installation of pumping machineries, 5 Municipalities, 11 town panchayats and 3163 rural electro-mechanical works, branch mains, ground level reservoirs, habitations in Ramanathapuram, Sivagangai and Pudukkottai elevated reservoirs, leading to executions of complete systems for Districts for package III & VI - All components in between water supply to various towns and villages of India. Sump at Alavayal to Sump at Kalayarkoil and between R. S. Mangalam Cross to Rameswaram Cross of the combined . OPPORTUNITIES AND THREAT: value of Rs.15,271 Lacs. The population of the country is expected to reach a level of around 139 Crores by year 2025 (Source :- National Water Policy 2002) which will further aggravate the scarcity of water to the people of India. As it is with the growing population demanding more food, more products and higher standards of living, the shortage of drinking water can only get worse. Thus there is a vast scope for improvement in Infrastructural developmental activities in water supply, drainage schemes and sewerage schemes in sanitation segments leading to good scope for Company’s manufacturing & contracting activities in this field. Growth of population and the expansion of economic activities inevitably lead to increasing demands for water for diverse purposes i.e. domestic, industrial, agricultural, hydro-power, thermal power, navigation, recreation etc. Domestic and Industrial water needs have been largely concentrated in or around major cities, however the demand in rural areas is expected to increase sharply as the development programmes of State Governments improve the economic conditions of the rural mass. Demand for water for hydro and thermal power generation and for other industrial uses is also increasing substantially. As a result water which is already scarce will become even scarer in future. This underscores the need for the utmost efficiency in water utilisation and its distribution. Through awareness of efficient water supply system and water quality, we can 0 Lacs litre capacity overhead tank for Water supply scheme for keep our water supply adequate and provide clean & healthy water Ramanathapuram, Sivagangai and Pudukkottai Districts for our children. It is their fundamental right. Hence there is a good scope for many water supply projects coming up in near future and 2. From Superintending Engineer, Public Health Circle, Anantpur this auger well for your Company. for Anantpur Water Supply Improvement Scheme with PABR as source under UIDSSMT Scheme - Construction of Intake Increased competition from medium/large scale construction entities well cum Pump house with Foot bridge, Clear Water sump, and availability of substitutes such as alternative pipe materials Pump House, Watchman quarters, Compound wall, ELSR’s  ANNUAL REPORT 2009-2010 MANAGEMENT DISCUSSION AND ANALYSIS REPORT MANAGEMENT DISCUSSION AND ANALYSIS REPORT and Filtration Plant, Laying of Pumping mains, gravity mains 6. From The Superintending Engineer, Rural Water Supply & and providing of pump sets with all electrical and mechanical Sanitation, Sangareddy Circle, Sadashivpet for Gajwel Water equipments of the value of Rs.6,728.55 Lacs. Supply Scheme for CPWSS to Gajwel, Narsapur, Ramayampet and Dommat constituencies in Medak District for supplying, lowering, laying, jointing, testing and commissioning of 600mm dia BWSC & PSC pipes, 21.00 KM alongwith allied civil work of the value of Rs.1,453.45 Lacs. 7. From Maharashtra Krishna Valley Development Corporation for Wangana Lift Irrigation Scheme of the value of Rs.1,300 Lacs. 8. From The Superintending Engineer, Rural Water Supply & Sanitation, Kadapa for Augmentation of CPWS Scheme to Mylavaram and other Habitations consisting different pipe materials with allied civil work, of the value of Rs.1,295.35 Lacs. Intakewell with Pump House & footbridge for Anantpur EPC 9. From Greater Vishakhapatnam Municipal Corporation, Project Vishakhapatnam in Joint Venture with M/s. Vishwa 3. From TWAD Board, Western Region, Coimbatore for Combined Infrastructure & Services Pvt. Ltd. for supplying, lowering, Water Supply Scheme to Kurichi, Kuniamuthur Municipalities laying, jointing, testing and commissioning of 900 mm and Kinathukaavu Special Village Panchayat in Coimbatore dia and 600 mm dia MS / BWSC pipes of the value of District of the value of Rs.2,576 Lacs Rs.1,102.30 Lacs. 10. From Surat Municipal Corporation for drainage work of 1100mm & 1400mm dia PSC pipes of the value of Rs.1,027 Lacs. 11. In addition to the above we have successfully completed 11 projects amounting to Rs.5,260.88 Lacs of the value less than Rs.1000 Lacs each at various locations in India. (ii) Company’s works on many water supply projects valued more than Rs.00 Lacs each are progressing well and/or nearing completion and the noteworthy amongst them are :- 1. From The Superintending Engineer, Irrigation & CAD Dept. AVR HNSS Circle No.3, Madanapalli for survey, Clarifloculator at Combine Water Supply Scheme to kurichi, investigation, designs, drawings, estimation, construction kuniamuthur and kinathukaavu in Coimbatore District and commissioning on turnkey basis including maintenance for 15 years (including 2 years liability period) of Pulikanuma 4. From TWAD Board, Southern Region, Madurai for L.I Scheme on right bank of Tungabhadra river near Satanur providing water supply scheme to Tsunami affected (V), Kosigi (M) in Kurnool district 2000mm dia PSC pipes, coastal 113 habitations in Tirunelveli District of the value of 28 KM alongwith with two stage pumping consisting of (a) Rs.2,451 Lacs. Construction of approach Channel (b) Jack-well cum Pump 5. From Public Health Engineering Department (PHED) Region, House including manufacture, supply, erection of Pumps, Ajmer for the execution of Ajmer Water Supply Scheme involving Motors, Panels, Soft Starters, Capacitors, E.O.T & H.O.T MS pipe supply, laying, jointing, testing and commissioning Cranes and all other electrical equipment (c) 33/11 KV Sub- with civil works of the value of Rs.2,044 Lacs. Stations (d) H.T Power Lines (e) Pressure mains (f)Cisterns (g) Reservoir/Storage tank of capacity 1.232 TMC including Head Regulator and Surplus arrangements (h) Approach and Link Canal to join the T.B.P L.L.C main canal @ Km 270.00 etc., complete in Joint Venture with M/s. Flowmore Pvt. Ltd of the value of Rs.22,626.53 Lacs. 2. From The Superintending Engineer, RWS&S, Anantapur for J.C.Nagi Reddy Drinking Water Supply Scheme Phase II & III in Ananthapur District. Consisting of 500mm dia 114 KM. BWSC pipes and 32 KM MS pipes 600mm dia to 1000mm dia of the value of Rs.13,592.90 Lacs. 3. From Panchayat Raj Engineering Department, Anantpur for supply, laying, jointing, testing and commissioning of Ajmer Water Supply Scheme involving MS pipe line in BWSC, DI, GRP and MS Pipes with allied civil works including Rajasthan State construction of sumps, intake well cum pump house with Foot ThE INdIAN hUmE PIPE COmPANy LImITEd 6 MANAGEMENT DISCUSSION AND ANALYSIS REPORT Bridge and ground level balancing reservoir etc. for J. C. Nagi basis under JNNURM - Package-I in Joint Venture with M/s. Reddy Drinking Water Supply Project in Anantpur District of the Vishwa Infrastructure & Services Pvt. Ltd. and M/s. Modern value of Rs.11,589.71 Lacs. Construction Co of the value of Rs.5,763.24 Lacs. 4. From Superintending Engineer, Public Health Department, 11. From The Superintending Engineer (XVIII) Circle, U.P. Jal West Circle, AC Guards, Hyderabad, Mahaboobnagar – WSIS Nigam, Ghaziabad for – UIDSSMT for laying of 900, 800, 600 & 500mm dia BWSC supply, laying, jointing, pipes, 300 & 200mm dia DI feeder mains in different localities testing & commissioning with Koilsagar as source of the value of Rs.9,689.17 Lacs. 2000 mm dia PSC pipes 5. From Andhra Pradesh Industrial Infrastructure Ltd, Parishrama 18 KM from Upper Ganga Bhavan, Basheerbagh, Hyderabad, Andhra Pradesh for Canal for Noida to THA Manufacturing, supplying, lowering, laying, jointing, testing Ghaziabad of the value of and commissioning of 2200mm dia MS pumping main Rs.5,443.28 Lacs. with cement mortar factory inlining and outcoating and other appurtenances from proposed Intake Well near Old Madhavaram on foreshore of Somasila Reservoir to the proposed Sump at Kanumalonipalli (on Kadapa – Rajampet Highway) including manning & operation for a period of 24 months (defect liability period)- Package-I (Somasila) in Joint Venture with M/s. Megha Infrastructure Ltd., M/s. Koya & Co. 000 mm dia PSC pipe line for Construction Pvt. Ltd., M/s. Bhoorathnom Construction Co. U.P. Jal Nigam Ghaziabad Pvt. Ltd. and M/s. Tahir Ali Industries & Projects (P) Ltd of the value of Rs.7,486.84 Lacs. 12. From The Superintending Engineer, Public Health Division, 6. From Superintending Engineer, Public Health Circle, Nellore Ananthapur for investigation, survey, design and execution for Tirupati Municipal Corporation UIDSSMT Scheme: Part I: of Dhone Water Supply Scheme with Sanjeevaiah Sagar investigation, survey, design and execution of Under Ground (Gajuladinne Reservoir) as source under UIDSSMT Scheme of Drainage Scheme on eastern side of Tirumala Bye Pass Road. the value of Rs.5,303.65 Lacs. Part II: investigation, survey, design and execution of storm 13. From Superintending Engineer, Public Health West Circle, water drainage scheme for Tirupati Municipal Corporation of AC Guards, Hyderabad for investigation, survey, design and the value of Rs.6,798.95 Lacs. execution for Mahaboobnagar Water Supply, under UIDSSMT 7. From The Superintending Engineer, Public Health Circle, construction of intake well cum pump house, vertical turbine Ananthapur for investigation, survey, design and execution pumpsets, laying of Pumping mains. GLBR and gravity mains of Dharmavaram Water Supply Scheme with Chitravathi and providing of pump sets with all Electrical and Mechanical Balancing Reservoir as source under UIDSSMT Scheme of the equipments of the value of Rs.4,614.97 Lacs. value of Rs.6,553.80 Lacs. 14. From Superintending Engineer, Public Health West Circle, AC 8. From Public Health Engineering, Project Division, Raipur, Guards, Hyderabad for Siddipet Water Supply Improvement Chhattisgarh for design, manufacturing, providing, laying, Scheme with Manuru river at Yashwada as source including jointing, testing, commissioning and one year operation intake structure, transmission mains, filtration plant, sumps, & maintenance of Steel Cylinder pipeline with concrete pump house, pumping machinery including generators, feeder lining and coating under Raipur Augmentation Water Supply mains, ELSR and GLSR and all other appurtenant works of the Scheme consisting 1700 mm dia and 1400 mm dia M. S. value of Rs.4,554.39 Lacs. Pipeline 15.20 kms and 3.60 kms, respectively of the value of 15. From The Superintending Engineer, Public Health Circle, Rs.6,147 Lacs. Ananthapur for investigation, survey, design and execution 9. From The Superintending Engineer, I & CAD Dept., GRP of Rajampeta Water Supply Scheme with Annamayya Circle, Yemmiganoor, for investigation, Design, Estimation and Project as Source under UIDSSMT Scheme of the value of execution of 3 Nos of Lift Irrigation Schemes, supply water Rs.3,885.87 Lacs. to 13,700 acres by lifting water all along Tunghabhadra River 16. From Maharashtra Jeevan Pradhikaran, Sangamner for under Guru Raghavendra Project namely Duddi, Madhavaram Sangamner Water Supply Scheme for providing, laying, and Basala Doddi (Two Stage) near Mantralayam, Kurnool jointing & commissioning of 711 mm dia MS and 600 & 700 District of the value of Rs.5,999.23 Lacs. mm dia BWSC pipes of the value of Rs.3,773 Lacs. 10. From H. M. W. S. & S. B., S. R. Nagar, Hyderabad for rehabitation, 17. From Chief Engineer, Greater Vishakapatnam Municipal strengthing and improvement of sewerage system in old Corporation, Vishakhapatnam for augmentation of drinking city area for laying mains, sub-mains, laterals and transfer water supply to Gajuwaka Area in Vishakapatnam under of house service connections including manufacturing, Sub-Mission on Urban Infrastructure and Governance under supply of 150mm / 200mm / 300mm dia SWG pipes Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and 350mm / 400mm / 450mm / 500mm / 600mm / 700mm/ Package-1 of the value of Rs.3,356.62 Lacs. 800mm / 900mm / 1100mm / 1200mm / 1400mm dia RCC 18. From The Superintending Engineer, Public Health West Circle, NP3 class pipes with SR cement including lowering, laying, Hyderabad for Sadasivapet WSIS - with Manjira river at jointing, testing and commissioning of sewers on turnkey Etigadda Sangam as source under UIDSSMT - providing intake 7 ANNUAL REPORT 2009-2010 MANAGEMENT DISCUSSION AND ANALYSIS REPORT MANAGEMENT DISCUSSION AND ANALYSIS REPORT well cum pump house of RCC including providing BWSC raw (iii) Some of the New Orders secured by the Company valued more water and clear water pumping mains to different ELSRs and than Rs.000 Lacs each during the year are:- HDPE distribution lines, providing filtration plant (10.20 MLD), 1. From The Superintending Engineer, Rural Water Supply & 500 KL clear water sump and pump room, and construction of Sanitation Ananthapur, for J.C. Nagi Reddy Drinking Water ELSRs including protection walls and providing of pump sets Supply Scheme in Ananthapur District (Phase-IV) of the value with all electrical and mechanical equipments and providing of Rs.15,384.57 Lacs. road restoration and service road with 2 years defect liability period under EPC system of the value of Rs.3,273.84 Lacs. 2. From Bangalore Water Supply & Sewerage Board, Bangalore for Replacement / Rehabilitation of existing Sewerage System 19. From The Chief Engineer, Greater Vishakhapatnam Municipal in Hebbal Valley (S2A) and in Challagatta Valley (S2B) in Corporation, Vishakhapatnam for replacement of existing Bangalore consisting of RCC Pipes. The Drainage Pipelines are Thatipudi pipeline from i) Thatipudi reservoir to existing water to be lined using polyurea for the first time in India in a large treatment plant at Krishnapuram and from balancing reservoir project. Pipeline is lined with polyurea for corrosion protection at Uttarapalli to Vepugunta with 900 mm dia BWSC pipes ii) & chemicals resistance. Project consists of 400mm dia to Vepugunta to Baji Junction with 800 mm dia BWSC pipes 2400mm dia NP3 class RCC pipes of the total 17.34 Kms of and iii) Baji Junction to town service reservoir with 700 mm the combined value of Rs.10,021 Lacs. dia BWSC pipes under Greater Vishakapatnam Water Supply Improvement Scheme (JNNURM) package – I of the value of Rs.3,053.68 Lacs. 20. From H. M. W. S. & S. Board, S. R. Nagar, Hyderabad for providing water supply to IT & other sectors in and around Gachibowli and Manikonda areas by laying 900 / 800 / 600 mm dia MS & 600 / 500 / 300 mm dia DI K7 water supply pipeline from Prashasan Nagar GLSR to Financial District, Manikonda including various civil works of the value of Rs.2,969.33 Lacs. 21. From Superintending Engineer, Public Health Circle, Nellore for investigation, design, execution of Nagari Water Supply Scheme by construction of storage tank, treatment plant, erection of pumping machinery, construction of pump houses, laying of raw water / clear water pumping mains / gravity mains, construction of clear water sump at treatment plant, construction of ELSRs’, including trial run and commissioning of the scheme with GNSS as source of the value of 400 mm dia RCC NP class pipe for Bangalore Rs.2,917.33 Lacs. water supply and Sewerage Board Bangalore. 22. From Superintending Engineer, Public Health Circle, Warangal 3. From Nagarjuna Construction Company Limited, Bangalore for Warangal Water Supply Improvement Scheme under for Cauvery WSS stage IV Phase-II BWSSB W5d Project for UIDSSMT - Construction of Jack well, providing MS raw drinking water supply to Bangalore. This involves supply & water conduit to the earthen bund of Dharmasagar Reservoir laying of 2125mm, 1825mm & 1025mm dia M.S. Pipes of the by tunneling and jacking, MS/BWSC raw water gravity mains, value of Rs.5,400 Lacs. DI / BWSC pumping mains and Railway crossing arrangements, Additional off-take arrangements on Kakatiya Canal, Raw 4. From Maharashtra Jeevan Pradhikaran, Sangamner for water Pump Houses Souse in Warangal Municipal Corporation augmentation to Sangamner Water Supply Scheme for in Joint Venture with M/s. Nagarjuna Construction Co. Ltd. and providing, laying, jointing & commissioning of BWSC pipes M/s. Megha Infrastructure Ltd of the value of Rs. 2,781 Lacs. consisting of 700 & 600mm dia BWSC pipes, 19.8 Kms and 711mm dia M. S. pipes 20 Kms. This project is the largest 23. From The Superintending Engineer, Public Health Circle Nellore, length BWSC pipes project in Maharashtra of the value of Andhra Pradesh for Kandukur Water Supply Improvement Rs.3,773 Lacs. Scheme with Ramathertham Balancing Reserviour as source under UIDSSMT for manufacture, supply, delivery, 5. From TWAD Board, Southern Region, Madurai for CWSS to laying, jointing and testing of 800 mm dia PSC 10 KSC Gravity Vasudevanallur Package I to VI involving 13.65 KMs of 700mm Main from Ramathertham Balance Reservoir to proposed dia BWSC pipes and 54 Kms of 350 to 600 mm dia PSC pipes SS Tank at Kandukur of the value of Rs.2,636.57 Lacs of the value of Rs.3,362.76 Lacs. 24. From TWAD Board, Coimbatore for implementation of 6. From Shegaon Municipal Council, Shegaon for Shegaon Water Combined Water Supply Scheme to Madathukulam of the Supply Scheme, consisting of 600mm & 500mm dia 49.055 value of Rs.2,590.95 Lacs. Kms PCC Pipeline. This project is the largest PCC Pipline project in India of the value of Rs.3,327 Lacs. 25. In addition to the above, 32 projects are progressing well amounting to Rs.33,175.96 Lacs of the value less than 7. From The Vice-Chairman and Managing Director, APSIDC Rs.2500 Lacs each at various locations in India Limited, Banjara Hills, Hyderabad, for Construction and Commissioning on turnkey basis of Morjampadu Lift Irrigation ThE INdIAN hUmE PIPE COmPANy LImITEd 8 MANAGEMENT DISCUSSION AND ANALYSIS REPORT scheme on right back of Krishna River near Govindapuram (C) Bar Wrapped Steel Cylinder (BWSC) Pipes: Village in Machavaram Mandal of Guntur District including The BWSC pipes introduced by the Company as an alternative pipe operation of the scheme for one year of the value of material to M. S. and D.I. pipe has become popular amongst various Rs.3,059.30 Lacs. Government authorities. The Company has undertaken / undertaking 8. From M/s Pratibha Industries Limited, Mumbai for supply, several projects involving BWSC pipes. To meet the demand of BWSC laying and jointing 19.50 KMs of 500mm to 1500mm dia PSC pipes, the Company had specially set up a new manufacturing plant pipes for their Meerut Water supply Project under U. P. Jal at Choutuppal in Andhra Pradesh in the year 2005 and this plant is Nigam of the value of Rs.2,037 Lacs. running continuously with better productivity yields. During the year under review, this plant had produced 115 Kms of BWSC pipes valued 9. From The Chief General Manager (Engg) P & W Circle, at Rs.5,575.35 Lacs. During the year under review the Company as HMWS&SB , Maitrivihar, Ameerpet, Hyderabad for providing a whole produced BWSC pipes valued at Rs.12,560 Lacs as against inlet, outlet and distribution system for 7.5ML capacity new Rs.12,178 Lacs last year. GLSR at Chilkalguda in Chilkalguda zone of the value of Rs.1,938.03 Lacs. During the year the Company has received orders worth Rs.25,861 Lacs for BWSC pipes along with other civil works. The Company 10. From Malgegaon Municipal Council for Augmentation to has commissioned another plant in March, 2009 at Chillamathur in Malegaon Water Supply scheme, consisting of supply and Andhra Pradesh to manufacture BWSC pipes for catering to increased installation of BWSC pipes of 800, 900, 1000 & 1200mm dia demand for these pipes. 5.02 Kms of the value of Rs.1,850 Lacs. (D) National Rifle Division: 11. From The Chief General Manager (Engg) Project Construction The National Rifle Division, at Ahmedabad had introduced two new Circle-I, HMWS&SB Maitrivihar, Ameerpet, Hyderabad for models last year namely 0.177 “Compressed Air Rifle” and 0.177 providing outlet and distribution Mains to the 2 ML GLSR “Compressed Air Pistol” to enable shooters to acquire efficiency at Bandlaguda under Maisaram water supply zone by in target shooting and gain recognition in the State, National and manufacturing, supply, lowering, laying, jointing, testing and International shooting competitions. The Company proudly announces commissioning of 600mm and 500mm dia MS outlet main the success of 0.177 Compressed Air Rifle in the Interstate level from 2 ML capacity. GLSR at Bandlaguda and 400mm, competition held in October, 2009 at Asansol, West Bengal wherein 300mm, 200mm, 150mm and 100mm dia DI K7 class pipes 2 participants among 250 eligible shooters who used this new distribution mains in command area of Bandlaguda of the value model in the competition have won Gold and Silver medal by scoring of Rs.1,375.63 Lacs. 360 / 400 marks and 354 / 400 marks respectively. Both the above 12. From The Chief General Manager (Engg) Project Construction shooters had broken old record of 353/400 marks recorded during Circle-III, HMWS&SB S. R. Nagar, Hyderabad for providing G. V. Mavlankar Shooting Championship 2002. The Company is inlet, outlet and distribution system for 13ML capacity new already manufacturing 8 types of air rifles and air pistols for last more GLSR at MS Miralam in Miralam zone JNNURM of the value of than 21 years which are marketed by our reputed Distributors all over Rs.1,363.98 Lacs. India. 13. From The Chief General Manager (Engg), Project Construction 4. Outlook: Circle-I, HMWS&SB Maitrivihar, Ameerpet, Hyderabad A.P. for With the recent Budget focus on infrastructure development, the States providing outlet and distribution Mains to the 5 ML GLSR at and Central Government are giving more emphasis on infrastructure Barkas under Maisaram water supply zone by manufacturing, development in the country. Water supply has always been a very supply, lowering, laying, jointing, testing and commissioning important infrastructure activity for any populous location. of 900mm, 600mm and 500mm dia MS outlet main from 5 For urban & rural water supply projects the main customers have ML capacity. GLSR at Barkas and 400mm, 300mm, 200mm always been Public Health Engineering Department and Panchayat Raj and 150mm DI K7 class pipes distribution mains in command Engineering Department of various State Governments, Corporations, area of Barkas reservoir under JNNURM of the value of Municipalities, Water & Sewerage Boards, etc. There is huge potential Rs.1,297.23 Lacs. for water supply, sewerage disposal, head works, treatment plants 14. From M/s P. C. Snehal Construction Co., Ahmedabad for Jetpur etc. In urban areas about over 40% of the population does not have Navagadh Nagarpalika, consisting of 700 & 600mm dia 23.95 access to drinking water while in rural area about over 60-65% of the Kms BWSC pipes supply of the value of Rs.1,239 Lacs. population does not have access to drinking water. 15. In addition to the above we have secured 14 orders amounting Considering the above factors, outlook for the Company in the water to Rs.8,357.19 Lacs of the value less than to Rs.1,000 Lacs supply, drainage and sewerage segments are encouraging and each at various locations in India. good. (B) Railway Sleepers: . Risks & Concerns: The Company has received an order from Ministry of Railways, The Company’s activities and prospects largely depend on the Railway Board, New Delhi for manufacture of 2,15,000 sleepers implementation of various water supply related projects undertaken amounting to Rs.2,567.10 Lacs. by various States / Central Government Agencies. The Company is doing the business with various State Governments and it depends During the year the Company has manufactured 1,48,596 sleepers upon their policy on approval of finance and allocation of funds as amounting to Rs.1,888.73 Lacs, out of which 43,720 sleepers were well as their ability to raise funds to undertake such water supply manufactured against the above order.  ANNUAL REPORT 2009-2010 MANAGEMENT DISCUSSION AND ANALYSIS REPORT DIRECTORS’ REPORT projects amongst various infrastructure related projects being Aid to needy patients and Institutions / Hospitals by Ratanchand implemented by them. Adverse changes and lack of funds delays Foundation. Further the Foundation is funding the salary of the nurse the works resulting in higher cost and can also affect the business working in Human Milk Bank in Lokmanya Tilak Municipal Medical prospects of the Industry and the Company. Severe competition from College & General Hospital, Sion, Mumbai. the manufacturers of alternative pipes like Ductile Iron, Glassfibre During the year Ratanchand Foundation had donated Rs.5 Lacs to Reinforced Plastic, PVC, H. D. P. E. and Spirally Welded Steel pipes is the Balwantrai Mehta Panchaytiraj existing and can affect Company’s business prospects. Jagruti Kendra, Kushtarog Niwaran In the last quarter of the year under review, the prices of one of the Samiti, Shantivan, Panvel, which is key raw material used by the Company i.e. steel increased. However running a residential tribal school the prices of cement during the year under review declined. having 565 students. This donation will Volatility in the prices of key raw materials especially steel has be utilized for its Language Laboratory become a major area of concern for your Company. Language Laboratory for students project for adivasi students to improve to improve communication skills communication skills for upliftment of 6. Internal Control Systems: villagers steeped in poverty, ignorance, The Company has adequate internal control procedures commensurate blind beliefs and bring them at par with educated citizens. with its size and nature of business that ensures control over various functions of the organisation. The internal control system provides for Similarly, the Walchand Foundation has provided Educational Grants to guidelines, authorisation and approval procedures. 59 students and 6 Institutions including donation to SOS Children’s Villages of India, Medical Aid The internal audit reports, post audit reviews are carried out to ensure to needy patient and Institutions / Hospitals. compliance with the Company’s policies and procedures. Further, Ventilator System costing around 7. Financial Performance with respect to Operational Performance: Rs.9.62 Lacs was also donated to Lokmanya For the year ended 31st March 2010, the Company has achieved an Tilak Municipal Medical College & General adjusted turnover of Rs.67,564.54 Lacs as compared to last year’s Hospital, Sion, Mumbai (LTMG Hospital, Sion). Ventilator System adjusted turnover of Rs.66,534.80 Lacs. The Walchand The profit before tax & before prior year’s charge is Rs.5,060.54 Foundation had also donated Lacs as against Rs.3,341.36 Lacs achieved last year. The order 1 set of F. M. Hearing System of the book position as on 31st March, 2010 is Rs.1,31,528.89 Lacs as value of Rs.4.25 Lacs to Sanskardham compared to Rs.1,49,851.59 Lacs in the previous year. Vidyalaya for the Hearing Impaired, Goregaon, Mumbai to facilitate learning 8. Human Resources and Industrial Relations: process of the children with hearing Phonak FM system for children The Company has total strength of 1711 employees as on 31st March, impairment. having hearing impairment 2010 working at various locations such as Factories / Projects / Head Office and Research & Development Department. In all, these Foundations had donated over Rs.50 Lacs towards charitable purpose during the financial year under review. The management has successfully negotiated and settled the demands of workmen working at its factories at Kekri, Yelhanka, 0. Cautionary Statement: Kanhan, Choutuppal and Pattancheru. Statements in this Management Discussion and Analysis Report The Company had conducted training programmes to create describing the Company’s objectives, projections, estimates awareness about importance of industrial safety measures at work and expectations may be ‘forward looking statements’ within the places at various factories viz. Hyderabad, Pattancheru, Choutuppal, meaning of applicable laws and regulations. Actual results might Kovvur, Chillamathur, Yelhanka, Rajkot and Kekri. differ substantially or materially from those expressed or implied. Important developments that could affect the Company’s operations The industrial relations with the workmen at various units of the include a schedule of implementation of various water supply related Company by and large remained peaceful and normal. projects undertaken by various State / Central Government Agencies, . Corporate Social Responsibility: significant changes in political and economic environment in India, In keeping with the noble and rich tradition of charity inculcated by exchange rate fluctuations, prices and availability of key raw materials our founder Late Seth Walchand Hirachand an Industrialist and a like steel and cement, tax laws, litigation, labour relations and interest Legendary, Visionary and Philanthropist of his era, the Company had costs. donated monies to Walchand Foundation and Ratanchand Foundation promoted and sponsored by the Promoters of the Company, for For and on behalf of the Board of Directors, carrying out charitable activities such as Educational Grant to needy students and Institutions, Medical Aid to the patients as well as to the Hospitals / Charitable Trusts and donation of costly medical equipments to the municipal hospitals. Rajas R. Doshi Chairman & Managing Director During the financial year under review, the Company had donated Rs.50 Lacs to Walchand Foundation and Ratanchand Foundation, as Dated : 26th May, 2010 a corpus donation. Some part of the income earned out of the corpus donation made by the Company in the past as well as this year was applied for payment of Educational Grants to 39 students and 3 Institutions and Medical ThE INdIAN hUmE PIPE COmPANy LImITEd 0