INDO-AMERICANCHAMBER OF COMMERCE

th38 Annual Report

2006-2007

th38 Annual Report

2006-2007

www.iaccindia.comMumbai New Delhi Chennai Kolkata Ahmedabad Bangalore Bhubaneshwar Cochin Hyderabad Jaipur Pondicherry Pune

Varanasi Vishakhapatnam

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INDO-AMERICANCHAMBER OF COMMERCE

“To be the principal bilateral Chamber committed to the promotion of industrial, economic, business

and commercial activities between the United States of America and India”

• To serve the business needs of our members.

• To act as a catalyst in promoting economic growth between the two countries.

• To protect and promote the collective bilateral needs and interests of the Indo-US business community.

• To effectively lobby with the two Governments on significant bilateral issues affecting Indo-US commerce.

IACC

Notice is hereby given that the Thirty- Eighth Annual General Meeting of the Members of the Indo-American

Chamber of Commerce will be held on Friday, September 28, 2007 at 10:30 a.m. in the Lotus Room, Hilton Towers,

Mumbai. The agenda is as follows:

1. To approve and adopt the Report of the Executive Council and the Audited Statement of Accounts for the year

ended March 31, 2007.

2. To elect Members to the Executive Council for the year 2007-08 in accordance with the Provision of Articles 43, 44

and 45 (A).

In accordance with Article 44, the Nominating Committee has nominated the following 11 (eleven) gentlemen for

election to the Executive Council for the year 2007-08:

1. Mr. Vinod Madhok Dalmia (Bros) Pvt. Ltd.

2. Mr. Farokh T. Balsara Ernst & Young Pvt. Ltd.

3. Mr. V Ramakrishna HCL Technologies Ltd.

4. Mr. S. Chandrasekar International Infrastructure Consultants Pvt. Ltd.

5. Mr. Suresh Kumar Jain LMJ International Ltd.

6. Mr. Ashank Desai Mastek Ltd.

7. Mr. Mike Shah M. S. Enterprises

8. Mr. H. K. Shah Shavo Technologies Pvt. Ltd.

9. Mr. Prashant Krishnan S'Tronics Pvt. Ltd.

10. Mr. Govind Baldva Sugam Fashions Pvt. Ltd.

11. Mr. Manish Modi Flora Projects Pvt. Ltd.

No other nominations were received.

To appoint auditors from the conclusion of this meeting to the conclusion of the next Annual General Meeting and to

fix their remuneration.

By order of the Executive Council

R. K. Chopra

Secretary General

Registered Office:

1-C, Vulcan Insurance Building

Veer Nariman Road, Churchgate

Mumbai 400 020

September 5, 2007

N.B. Any member entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of himself and

such proxy need not be a member of the Chamber.

NOTICE

IACC

It is my privilege to place before you the highlights of the activities of the Indo-American Chamber of Commerce (IACC) for the year 2006-07. IACC has been in existence for the last 38 years. It has, indeed, been a great honour for me to be at the helm of affairs of IACC during the past year, a year which has been eventful with lot of activities. Overall the membership of the Chamber has gone up and the financial status further strengthen.

With the Indian economy growing at over 9 percent and increased Foreign Direct Investment, the trade between India and United States is growing at 20 percent. Our trade and investment are at an all time high. US exports to India have increased so also the US investments. Similarly, lots of Indian companies have acquired businesses or are investing in the United States. We at IACC from its very inception have strived relentlessly to realize these cherished goals.

As a proactive Chamber, we are endearing ourselves to help our membership with value added information and guidance to forge ahead their economic relations with the US. One such measure is the construction of an Indo-US Business Confidence Index which will be launched during the 4th Indo-US Economic Summit in Delhi on September 18, 2007.

The zeal of American enterprises to do business with India was evident as IACC hosted several inbound business delegations from the States of Alabama, Pennsylvania & Oklahoma; Detroit Regional Chamber, Indo-US Education Partnership Delegation, Greater Seattle Business & Trade Mission and the high profile US Business Development Mission led by Under Secretary of Commerce Franklin L. Lavin with over 200 US companies.

On its part, IACC also mounted a high-powered delegation to the US, which had fruitful interaction with Indian Embassy, US Dept. of Commerce, USTR and State officials, businessmen and other organizations in the States of Ohio, Idaho, and Washington. IACC participated in USIBC annual meeting in Washington D.C. and also the International Trade's Annual Senator Conference in Seattle. We also sent sectoral specific delegations in the areas of Agri & Food Processing, Environment and Information Technology.

Recognizing the imperatives of proactively engaging each other and the advantages that lay in such an approach, IACC organized an interactive session with the US Embassy Officials. “Let's Work Together”. At the same time we organized the largest ever participation of the Past National Presidents. Subsequently, we were able to draw on most of them on one or more occasions who provided their full support and actively participated in Chambers activities during the year, we look forward to their continuous patronage. My personal conviction is that the chamber can grow to tremendous heights through strong “team work”, and I would like to place on record my deep appreciation for the well synchronized team that I found in the Secretary General and my four Regional Presidents.

IACC also signed Memorandum of Understanding with World Trade Center of Rhode Island for Business matchmaking program.

In our constant endeavor to increase outreach we tied up with several international organizations such as USIBC, The Economist, The center for American & International Law (CAIL), Green Power Conferences, and Foundation for International Taxation (FIT) for major programs. Several IACC members have benefited by participating in these programs.

The Indo-American Corporate Excellence (I-ACE) awards 2007 were given for the third year to American companies for outstanding contribution towards promotion of Indo-US Trade, Financial Excellence, Corporate Social Responsibility and development of Human Capital. This year, IACC Tamil Nadu Branch instituted the IACC-Sanmar Indo-US Business Co-operation Award, which was presented to Flowserve Corporation, USA.

PRESIDENT’S REPORT

IACC

IACC submitted a pre-budget memorandum to the Finance Ministry detailing some of the problem areas in both direct and indirect tax structure and suggestions for their redressal. The recommendations, were drawn up by professional tax experts which received due attention from the Ministry and were taken into account while preparing the Budget 2007-08.

IACC hosted an interactive luncheon meeting with Mr. Franklin L. Lavin, US Under Secretary of Commerce for International Trade, one of the highest-ranking officials in the American Government. We suggested signing of Totalization Agreement between India and the US to avoid double taxation on social security and formation of a special body for co-operation among SMEs in India under the aegis of IACC.

IACC appointed Perfect Relations as the PR Agency with a pan-Indian presence to ensure wider media exposure not only in metros but also in stations where IACC has presence. IACC issued several press releases on policy matters including tourism, human resources, reactions to Economic Survey, Railway and Union Budget, inflation, steps for enhancing intra SAARC trade & investment, rupee hardening, monetary policy, etc.

One of the key areas of concern for our members has been getting timely visas for business visits to USA. IACC has been closely working with the U.S. Embassy and the Consulate Generals in various regions to help our members. After the success of the Business Express Program (BEP) which was implemented in the Southern Region, the same has now been implemented on all India bases.

Last year IACC hosted its new website www.iaccindia.com. The website is regularly being updated with information on both the countries including the economic situation, policies, trade statistics, trade shows, useful contacts etc. Our membership represents a cross-section of large, medium and small organizations interested in Indo-US trade. The membership has gone up from 2117 to 2318 as on 31st March 07. We added 15 new Patron members. We also published an all India members directory and CD which was released by Hon'ble Minister Pranab Mukherjee and Ambassador David Mulford during the 3rd Indo-US Economic Summit in Delhi. We have refurbished our bimonthly newsletter Indo-US Business with more exhaustive coverage of IACC events, articles, pictorials and important information related to business & industry. These are very useful tools for companies that are looking for doing business with Indian and American companies.

During the year 2006-07, IACC organized several programs and events' encompassing a range of sectors of the economy, major one's being Indo-US Economic Summit, GOOS 2006, Legal Conference on Business in and between India and US and a conference on Intellectual Property Rights. The ensuing pages of the report will take you through the highlights of this year's events.

I am grateful to all the Chairmen of various committees and events for lending their unstinted support for making this year's activities constructive, meaningful and result-oriented.

I would like to place on record my sincere thanks and appreciation for the support and guidance received from the Executive Vice President and commend the Regional Presidents and Branch Chairmen for their active contribution in carrying out the activities of the Chamber. I would like to thank the Secretary General and the Secretariat staff at HO and branches for their unstinted support and their zealous efforts to make each program at IACC a success story. I would also like to place on record my grateful appreciation to the U.S. diplomatic missions in India for their valuable support to IACC.

With best wishes,

Deepak Pahwa

President, IACC

IACC

The Chamber organized its 3rd Indo-US Economic Summit: Accelerating Growth on September 13 & 14, 2006 at Hotel Le Meridien, New Delhi.

Pranab Mukherjee, Hon'ble Minister for Defence, inaugurated the Summit. Dr. David C. Mulford, US Ambassador to India delivered a Special Address. B. Prabhakar, the then President, delivered the welcome address while Deepak Pahwa Summit Chairman & then Executive Vice President, made the theme presentation. Baljit Sobti, then Regional President proposed the vote of thanks.

The Summit focus was on Infrastructure for Growth and India-A Design & Engineering and Manufacturing Destination.

The Summit brought together Indian and US corporate leaders, eminent personalities, financial experts and policy makers to exchange ideas on some of the important sectors.

The Summit was led by Deepak Pahwa, Summit Chairman and the then Executive Vice President and Prem Behl, Summit Co-Chairman and Chairman and Managing Director, Exhibitions India Pvt. Ltd. assisted by a Steering Committee consisting of K.N. Memani, Chairman, KNM Advisory Pvt. Ltd.; Dr M.K. Modi, Managing Director, Modipon Ltd.; Kamal Meattle, Chief Executive Officer, Paharpur Business Centre; Vinod Chandiok, Managing Partner, Walker Chandiok & Co.; Dr. Vivek Lall, Managing Director, Boeing International Corp.; S. Chandrasekar, Chairman, IACC Infrastructure Committee; Gautam Mahajan, President, Inter-Link Services (P) Ltd.; Vikram Madhok, Managing Director, Abercrombie & Kent Ltd. and Baljit Sobti, Managing Director, Systems Tek India Ltd.

The Summit was supported by the Ministry of Civil Aviation, Department of Industrial Policy & Promotion, Department of Road Transport & Highways and endorsed by US Embassy. +

3rd Indo-US Economic Summit

IACC

Deepak Pahwa Managing Director, Bry-Air (Asia) Pvt. Ltd. and the Group Chairman, Pahwa Enterprises, was elected as President of the Chamber for the year 2006-07.

thThe Executive Committee of the Chamber, at its 37 Annual General Meeting (AGM) held on September 29, 2006 in Mumbai, also elected Farokh T. Balsara and Ashok Aikat as Executive Vice Presidents of the Chamber.

Chamber’s outgoing President B. Prabhakar welcomed the members who were present for the AGM and mentioned some of the achievements of IACC during his tenure as President.

Dr. Ashok Ganguly, Chairman of ICICI OneSource Ltd., spoke on “Opportunities, Challenges and Issues”. US Consul General Michael Owen and Carmine D'Aloisio, Minister-Counselor For Commercial Affairs were also present at the meeting. +

thDeepak Pahwa elected as President at 37 AGM

Out going President B Prabhakar greets Deepak Pahwa

Michael Owen US Consul General addressing the meeting

Dr. Ashok Ganguly spoke on “Opportunities, Challenges & Issues” during AGM Audience in the AGM

Dr. Harry Harris, a global management

consultant, spoke on “Globalisation & Indo-US

Trade Opportunities” at a lecture organized by

Gujarat branch on 22 September 2006.

Discussing the global issues of economic growth

and market trends during the breakfast meet, Dr.

Harris stressed on the strong Indo-US relations

prevalent currently and urged the IACC members

to take advantage of the same.

Globalization &

Indo-US Trade

IACC

Eminent speakers participating in an engineering Rafique Somani, Regional Director (India), Parametric industry conference in Mumbai recently have repeatedly Technology Corporation (PTC) said product stressed on the huge opportunities waiting to be tapped development was the next frontier for globalization. in the United States by Indian players.

Zia Sorabjee Mody, Partner, AZB & Partners, in her The conference was organized by the WIC in presentation on legal and regulator issues involved in association with Engineering Export Promotion Council. doing business with America referred to two routes

available to Indian companies investing in the US, In her presentation, Harshbeena Sahney Zaveri,

namely automatic and approval, and said the former President, NRB Bearings Ltd., who was the Conference

required a total financial commitment of up to 200 Chairperson, said India was emerging as one of the top

percent of net worth. global economies and would be a key player in the future. In his presentation, Joe Mansour of CSM Worldwide

provided a market analysis of the automotive sector, Brian Brown of Citigroup said the US market was

saying that the US offered a robust market with demand generally considered to be the largest with a huge high-

driving sales to touch 17 million units by 2008. end demand and companies desiring to enter it needed a clearly well defined strategy.

+

L to R: Deepak Malaviya, Dy. General Manager

Marketing, NRB Bearings Ltd.; Kamal Master,

Asst . Regional Di rector , WIC-IACC;

Harshbeena Zaveri, Conference Chairperson,

President NRB Bearings Ltd.; Zia Mody,

Partner, AZB & Partners; Brian Brown, Vice

President, WIC-IACC; Ashank Desai,

President, WIC-IACC; Joe Mansour, Sales

Director, Global Sales & Marketing (USA); R.K.

Chopra, Secretary General, IACC; Chris Skiba,

Account Manager, Global Sales & Marketing,

USA; Rafiq Somani, Regional Director India,

Parametric Technology Corporation

Engineering Industry: Doing Business with America

The Orissa chapter organized an interactive meeting for its members with Mark Ginsberg, Senior Executive Board Member, Board of Di rec tors , Department of Energy, the United States, during his visit to Bhubaneswar on August 29, 2006 at Hotel New Marion.

The meeting was supported by the Fede ra t i on o f I nd ian E xpo r t Organizations (FIEO) and attended by as many as 75 people, comprising members of both IACC and FIEO, officials of the state government, power generation and distribution companies based in the state, representatives of the print and electronic (TV) media.+

Meeting with USEn rgy eOffici l Ma k Ginsberga r

IACC

On assuming office as the

newly-elected President for the

year 2006-2007, Deepak

Pahwa hosted a dinner at his

farm house in New Delhi on

2nd November, 2006 in

honour of the Chamber's new

Executive Council.

The dinner was attended by

11 past national Presidents of

the Chamber and a large

number of Executive Council

Members. The Economic,

Commerc ia l and V i sa

Consulars , along with other

officials of the US Embassy

also attended the dinner. +

President hosts dinner for new EC Members, Past Presidents

L R M K. Mod , n d n io , Pra a a Ra i en Rames aa De a Pa wa m nto . i Vi o Cha d k B. bh k r, nj t S , hD l l, ep k h , He a t So wa ,R. e m n a g j M z m a .V.Raj s waraRana la Ve ra a i,V . R n ara , A. au d r, M e h o

of expanding business volumes. On the occasion of the

Annual General Convention, S.K. Jain, Managing Director, LMJ International took over charge from Vikram

a meeting was organized on Swarup, Managing Director of Paharpur Cooling Towers Ltd., as the Regional

October 30 at the Bengal President of East India Council, Sutanu Ghosh, Director, Ghosh & Associates

Club, Kolkata. The change and Shourya Mandal, Partner, Fox & Mandal became the two R egional Vice

of Regional Presidentship and Presidents of the East India Council for 2006-07.

the Regional Committee with

the beginning of a new term

was announced.

Rakesh Surampudi, Consular

Off icer, US Consulate

General, Kolkata was the

special guest. The Chamber

announced the membership

increase by 20 percent

ref lect ing the growing

presence of the US based

companies in the Eastern

Region. Surampudi and Ms.

Aileen Crowe Nandi, US

Principal Commercial Officer

sa id tha t desp i te the

imbalance in Indo-US trade

there was considerable scope

+

EIC - Annual General Convention

IACC

North India Council organized an interactive meeting President Deepak Pahwa welcomed the participants and on ‘How do we work together' with US Embassy officials said that the Chamber was happy to welcome the new on November 3, 2006 at Hotel Taj Palace, New Delhi. team of officials at the US Embassy. Since the objective The meeting was attended by Executive Council of the US Embassy and the IACC was to expand business members, four Regional Presidents and Past Presidents ties between India and the US, this interaction would of the Chamber. identify the areas and means of working together.

From the US Embassy, the following officials were Vinod Madhok, Regional President NIC; S.K. Jain, present at the meeting: Geoffrey R. Pyatt, Deputy Chief Regional President, EIC; Atul Nishar, Regional of Mission; Carmine D' Alosio, Minister Counselor for President, WIC and Vinay Kumar, Regional President, Commercial Affairs; Larry Schwartz, Minister Counselor SIC made presentations on 'How do we work together?'for Public Affairs; Peter Kaestner, Minister Counselor for Geoffrey Pyatt introduced his team of officials and Consular Affairs; John Davison, Minister Counselor for requested Carmine D' Alosio, John Davison, Ted Osius , Economic Affairs; Theodore G. Osius, Counselor for Peter Kaestner and Larry Schwartz to make brief Political Affairs; Randall Fiertz, FAA Representative; Ms. observations on how the US Embassy and IACC could Tejal Shah, First Secretary-Economic Affairs; Rajinder work together in the areas of commercial, economic, Singh, Economic Officer; Ms. Marianne Drain, political, consular and public affairs. Commercial Officer; Yash Kansal, Senior Commercial

At the conclusion of the interactive session, Vinod Specialist and Ms. Preetha Nair, Senior Commercial Madhok proposed vote of thanks. Officer. +

Interactive Session With US Embassy Officials

On the podium: John Davison,

Minister Counselor for Economic

Affairs. Sitting L to R: Ted Osius,

Counselor for Political Affairs; Carmine

D' Alosio, Minister Counselor for

Commercial Affairs; Vinod Madhok,

Regional President, NIC; Geoffrey

Pyatt, Deputy Chief of Mission; Deepak

Pahwa; Peter Kaestner, Minister

Counselor for Consular Affairs; Larry

Schwartz, Minister Counselor for Public

Affairs

The Gujarat branch had a breakfast meeting with Dr

Elizabeth Kauffman, the new Director of American

Center on 8 September 2006 to foster further ties and

evolve a stronger working relationship between IACC

and the American Center. This was a positive step

towards delivering value to IACC members. In times to

come, this translates into more interactive programs,

lectures and meetings, giving impetus to Indo-US ties.

Meeting with Dr. Elizabeth Kauffman

IACC

GOOS 06: Future of the KPO

The Global Offshore Outsourcing Summit (GOOS) 2006, organized by West India Council at the ITC Grand Central, has unveiled the future of the Knowledge Process Outsourcing (KPO) industry in India. In an engrossing day, the industry captains spelt out the mantras for success that will enable India to transcend the boundaries from being a Business Process Outsourcing (BPO) destination and moving up the value chain to become a KPO hub.

“Achieving domain expertise, evolving a global delivery model, ensuring data security and retaining talent have emerged as the critical needs to make India a force to reckon with in the KPO segment,” summed up Manish Modi, Conference Chair.

US Consul General Michael Owen, who was the web.” the Guest of Honour, inaugurated the one-

day summit. Owen also unveiled an Ernst & Avinash Vashishtha, Chairman & CEO, Tholons, underscored the Young Survey Report, titled 'Global Sourcing need for the KPO industry to brand itself to create a visible of Knowledge Services' concentrating on the differentiating factor.supply side priorities for leadership.

At the round table conference titled, 'India's leadership advantages In his keynote speech, Pramod Bhasin, in KPO Challenges & Trends', industry leaders got together to President & CEO, Genpact, underlined the identify trends and opportunities that India needs to seize. Atul need for retaining talent at the top level to Nishar, Founder & Chairman, Hexaware Technologies, and inspire confidence among customers. Regional President, WIC-IACC, said, “It is expected that by 2010

out of $17 billion global KPO business, India is likely to corner a During a panel discussion, called 'Learning significant market share like it did in the IT and BPO segment.” from the Masters of the Game', Anand Desai,

Managing Partner, DSK Legal, talked about Overall, GOOS 2006 highlighted the fact that there exist huge Legal Process Outsourcing (LPO) in India, opportunities for KPO in India, and now is the right time to seize and gave an idea about the huge them.opportunities that exist in this segment of the IT industry.

Drawing a parallel between the American and Indian healthcare sectors, Divya Sehgal, COO, Apollo Health Street, shared his vision as to how India could become a hotspot for healthcare outsourcing, provided it acquired strong domain expertise.

During a session that dwelt on Market Research & Analytics, Mihir Kittur, COO, Ugam Solutions, said, “Customers are always in search of holistic consumer insights that unfold several opportunities, especially

+

Light of the Lamp at GOOS 2006. L-R Michael Owen, US Consul General, Mumbai, Atul Nishar, Regional President, WIC-IACC lighting the lamp, Sanjay Singh, President, HP BPO India, R.K. Chopra, Secretary General, IACC, Manish Modi, Conference Chair GOOS 2006

IACC

thIACC (WIC) celebrated its 38 Foundation day on the Honor at the fun-filled event, electrified by the 10th November 2006 with the theme - Grand Las performances of Shveta Salve and Longi. A large Vegas Nite - appropriately in the evening. US Consul number of IACC members, including the region's Past General Michael Owen was the Chief Guest and Presidents, besides top executives from trade and Bollywood celebrity Urmila Matondkar, the Guest of industry, attended the function.

WIC Celebrated its Foundation day

Varanasi branch, celebrated its

Annual Day on 5 and 6

November, 2006. A number of

events were organised on both

days in which senior officials

from the US Embassy in India,

La r r y Schwar t z , M in i s t e r

Counselor for Public Affairs,

Richard Sherman, Counselor for

Consular Affairs, Adnan Siddiqi,

Counselor for Cultural Affairs

and Ms. Maneep Kaur, Principal

Programme Coordinator, Public

Affairs Section participated. +

Annual Day celebrated at Varanasi

IACC

A 32-member delegation from Trade Development Chamber members interacted with representatives of Alliance of Greater Seattle lead by US Congressman Boeing, Microsoft, Commissioners of Ports of Tacoma, from House of Representatives Jim McDermott and Seattle and Everett; Attachmate, University of Washington State President for US Bank Kenneth M. Washington, Bandwidth Advisors and other members of Kirkpatrick visited India from 24 November to 6 the delegation.December, 2006. Bill Stafford, President, Trade Development Alliance of Chamber along with Hemant Sonawala, Past President Greater Seattle said, “India is a significant current and of the chamber and Chairman Hinditron Group of future trading partner for our region, with Washington Companies hosted a networking cocktails and dinner exports to India exceeding $ 400 million. Top export on November 27, 2006 at the Malabar Club in commodities from Washington State to India are Mumbai. transportation equipment, computers and electronic

products and wood/paper products.”

Many small to medium sized companies from the Greater Seattle region have significant business interest in India and some are already actively doing business with the country. The Greater Seattle region has a large professional Indian community in industries such as software and aviation. More than 140,000 Indian Americans live in the region.

“This follow-up mission will continue to establish and foster business and trade relationships between India and the Greater Seattle area,” Stafford said. +

Chamber hosts Greater Seattle Business & Trade Mission

West India Council organized an Interactive breakfast

meeting with Glen Keiser, Consular Chief and Ms.

Amanda Zafian, Vice Consul, US Consulate General,

Mumbai on 15 December, 2006.

Addressing lACC members, Keiser said the Consulate

had received IACC's application on becoming a member

of the Business Executive Program (BEP).

bouquets at the start of the meeting, held in Taj Mahal Atul Nishar, President, WIC earlier welcomed both Mr.

Palace & Tower, Mumbai.Keiser and Ms. Amanda and presented them floral +

Interactive meeting with Consular Chief over breakfast

Karnataka branch in co-ordination with Customer Value Foundation, organized a one-day workshop on "Customer Value Management" (CVM) by Gautam Mahajan on December 20, 2006 at Hotel Le-Meredien, Bangalore.

Workshop on Customer Value Management

India led by Dennis Yablonsky, Secretary Department of Bangalore branch, BCIC and Pennsylvania's

Trade Office in Bangalore jointly organized a Community and Economic Development, Commonwealth of meeting with Pennsylvania Trade Mission to Pennsylvania, on 17 November, 2006.

Eight Pennsylvania companies participated in the Mission and

met with several Indian counterparts to explore possibilities of

collaboration.

The goal of the Department of Community and Economic

Development is to foster opportunities for businesses and

communities to succeed and thrive in a global economy,

thereby enabling Pennsylvanians to achieve a better quality of

life. Headed by Yablonsky, the Department ensures growth

and development in businesses and communities across

Pennsylvania. +

Pennsylvania Trade Mission explores tie-up opportunities

Ms. Priya Chetty Rojagopal, EC MemberIACC addressing the Pennsylvania Trade Mission

Lecture on “Doing Business In USA”

Gujarat branch organized a lecture and interactive session

jointly with Gujarat Institute of Civil Engineers & Architects

on "Doing Business In USA" by Robert McCollom,

Management Consultant from Kansas, USA at Gajjar Hall,

Ahmedabad on December 6, 2006. The delegates of

IACC & GICEA were delighted to listen to the latest

happenings in the stone industries and the demand for

architects in the US. The lecture was well received and

appreciated by members.

On December 1, 2006, Gujarat branch & Exim Club

jointly organized a Seminar on “How to Incorporate a

Company in USA and Transfer People to Work There A

Road to American Dream” at Hotel Taj Residency,

Vadodara.

Dr. Sudhir Shah, a renowned advocate and expert on the

visa formalities of the US was the keynote speaker. He

provided solutions for how a corporate can have their

employees' placement in the US through L-1 visa.

Seminar on How to Incorporate a

Company in US

+

IACC

IACC

Keiser from Mumbai. Members of the Pune branch celebrated their

'Annual Fellowship Nite' on 19 December 2006 at Raghavendra Ponkshe, the outgoing Chairman of Pune

Hotel Le Meridien, where they interacted with US branch, while handing over the charge to Shekhar Agharkar,

Consular Chief and acting Consul General Glen the new Chairman for 2006-07, presented a synopsis of the

concluding year's activities and achievements. He highlighted

the focus area, namely SMEs, which benefited from 30 odd

business get-togethers arranged by the Branch during the year.

The branch achieved a record 50 percent growth in

membership besides 100 percent renewals.

Ponkshe made a special mention of the untiring efforts of

Prafull Mokashi, the Executive Secretary in accomplishing

various activities.

The members had substantial opportunity to personally

interact with Keiser at the event, which was attended by media

persons. +

Interactive meet at Annual 'Fellowship Nite'

Shekhar Agharkar greets Glen Keiser

Indo-US Education Partnership Vital to Further Forge Economic Ties

- Ambassador Karen Hughes

representing the best in Ambassador Karen Hughes, Undersecretary of State,

Public Affairs/Public Diplomacy, has said that partnership American research,

teaching, and training in education between the US and India is vital for further

ins t i tu t ions led by forging relations between the two countries. She was

Ambassador Hughes.speaking at a luncheon organized by the Western India

Council in honour of a visiting higher education Ambassador Hughes was accompanied by Thomas delegation from the United States on 26 March 2007 at Farrell, Deputy Assistant Secretary of State; Dr. Mark the Taj Mahal Hotel, Mumbai. A. Emmert-President, University of Washington

(Seattle, WA); Dr. Margaret B. Lee, President, Oakton The US delegation comprised presidents of six universities, Community College (Des Plaines, IL); Dr. John M.

Lilley, President and CEO, Baylor University (Waco,

TX); Dr. James L. Oblinger, Chancellor, North

Carolina State University (Raleigh, NC); Dr. Eileen

Wilson-Oyelaran, President, Kalamazoo College

(Kalamazoo, MI) and Dr. John J. Bowen- President,

Johnson and Wales University (Providence, RI).

The purpose of the luncheon was to facilitate

networking opportunities between the delegates and

IACC members for exploring business opportunities

in the education field. It provided an excellent

platform for Indian entrepreneurs to forge alliance

with these reputed universities. +

IACC

West India Council and the United States Consulate taken up the mission to create an AIDS-free India. We

General, Mumbai co-hosted “AIDS Free India”, an will motivate corporate members to come together to event organized to spread HIV/AIDS awareness in India fight the spread of AIDS. This is the first major social at the US Consulate Lawns in Mumbai on 15 March responsibility project undertaken by the Chamber, 2007. The evening saw an elite gathering of over 250

which has so far solely been focusing on Indo-US people from the corporate sector, senior government

trade.”officials, socialites and Bollywood celebrities.

During the evening, Punj Lloyd, Ltd. was recognized by The attraction for the evening was Hollywood film star the Corporate Fund partners and the Consul General and Youth AIDS Ambassador, Ashley Judd who had

for the company's leadership in launching a new specially come to Mumbai to spread awareness about

HIV and AIDS and find solutions to control it. initiative to fight HIV. This award acted as a stimulant for

other industries to contribute to the HIV/AIDS work.Michael Owen, US Consul General, Mumbai, pledged

broader support for HIV programs, the United States Bollywood actors Suresh and Vivek Oberoi, father and has committed $15 billion for the President's Emergency

son, along with their family pledged support and spoke Plan for AIDS Relief and is spending approximately $30

passionately about the cause.million on HIV in India this year. However, governments

The event's highlights included performances by alone are not enough to combat HIV. Everyone can play

a role in education, prevention, or care for those Sandeep Soparkar and Jesse Randhawa and for the affected. finale it had the Rock band, Infra-Red making everybody

WIC President Atul Nishar said, “the Chamber has rock. +

IACC Committed to Strive for AIDS-free India

Taking the pledge for AIDS FREE INDIA are Michael Owen, US Consul General,Ashley Judd, Hollywood St. & Atul Nishar

Left to Right: Kaizar Mahuwala, S.A. Dula, Jane Perkins, President, Indo-American Chamber of Commerce of Okhaloma, Madhavi Gargesh, Chairperson, IACC (Gujarat) Krishna Bhaya, O.P. Pahuja, Darshan Gharekhan.

The Gujarat branch organized a "Vibrant Gujarat 2007 Summit" at Science City in Ahmedabad on 13 January 2007 coinciding with the visit to the western Indian city a business delegation from Oklahoma.

Members of the visiting delegation, led by Ms. Jane Perkins, President, Indo-American Chamber of Commerce of Oklahoma, had one-to-one meetings with IACC members on the occasion.

Madhavi Gargesh, Chairperson of the Gujarat branch, presided over the meeting the meetings supported by the branch secretariat.

Delegates from the Oklahoma, led by Ms. Perkins held discussions on a one- to- one basis with the IACC members representing companies such as Royal Industries, Gurjar Images, Aastha Energy Technovision, United Consultants &

Interactive Session with Visiting Oklahoma Business Delegation

Cagsons. Both sides made commitments to continue discussions further. +

IACC

inspection methods in the areas like yarn, fabric, A seminar on Product Testing and Quality Certification-garment and home textiles etc. He also explained about Focus Indian exports to the US market was held on 27 the quality certification advantages for exporting textiles March 2007 at Hotel Savera, Chennai. The speakers at and garments to the US market.the seminar included Chandrakumar from Underwriters

Laboratories Inc (UL), Bhupalam Ajit from DNV India Sandeep Singh, Technical Services Manager, from and Shyam Sundar from SGS India. R. Anand, Cooper Bussman India, Puducherry, Ms. Radha Chairman, Tamil Nadu, welcomed the participants and Ramabadran and Palanivelu from Intimate Fashions, introduced the speakers at the seminar, which focused Chennai, shared their experiences about the quality on three industries - engineering components, food & management systems, quality standards and agro products and textiles and garments. certifications etc., in their organizations.Chandrakumar made a presentation on engineering components, touching the areas of conformity assessment system, quality standards for the engineering sector, requirements for the certification etc.

Ajit talked about Quality Certification for the food & agro products, safeguarding life, property, and the environment, core competence, management system certification product certification, assessments and solutions, research and innovation, food and safety standards etc.

Sundar elaborated on product testing and Quality Certification for the textiles and garments sector, like the standards and the quality management systems,

(From Right) Hiren Sha, Vice-Chairman, IACC-TN; Bhupalam Ajit, Station Manager, DNV India (Pvt.) Ltd.; S. Chandrakumar, Sr. Project Engineer, UL India Pvt. Ltd.; R. Anand, Chairman, IACC-TN; Ravi Sundaram, EC Member, IACC-TN; D. Shyam Sundar, CTS-Manager, SGS India Pvt. Ltd.; D.V. Venkatagiri, Regional Secretary, South India Council

Seminar on Quality Certification for Exports to US Market

IACC

From R to L: Maureen Kross, Oakland Count; Richard E. Blouse, Jr. President, Detroit Regional Chamber; Alan Whitman, Partner, Virchow Krause & Company, LLP; John W. Caroll, Jr., Executive Director, Detroit Regional Economic Partnership and Sunil Pathe, Garware Wallropes at the 'Breakfast Meet’

Linda Earhardt, Oakland County; Shekhar Agharkar, Regina, Arthtech Consultants and Suresh Joshi at the 'Breakfast Meet' with the visiting US Delegation

The Pune branch has facilitated a two-day visit to the city by a

high-powered US delegation, led by Richard E. Blouse, Jr.

President, Detroit Regional Chamber.

Blouse, Jr. and John W. Caroll, Jr. Executive Director, Detroit

Regional Economic Partnership, expressed complete

satisfaction over the business meetings arranged by the Pune

branch on 26 and 27 March 2007. They promised to return

with a larger contingent towards year-end to broaden

interactions between members of the IACC and Detroit

Regional Chamber, one of the largest of its kind in the US with

over 23000 companies as members.

Pune Branch & Detroit Chamber Join Hands

Shekhar Agharkar, Chairman, Pune branch, pointed out

the similarities between Pune and Detroit both of which

boast huge and flourishing engineering and automotive

sectors. He said Michigan ranked second in the US in R&D

spending while the Oakland County had more than a third

of the state's R&D facilities.

Leaders of both the Detroit Chamber and Pune IACC

decided to immediately launch the next steps to fortify the

initiatives taken during this visit, to benefit industries in both

Pune and Detroit. +

Seminar on Pune as a Global R&D Hub

launching of a 'Resource Book' in coming months to A seminar on “Pune as a Global R&D HUB” organized consolidate relevant details about Pune to serve as a by the Pune Branch successfully projected Pune as 'the reference book for R&D initiatives in various sectors. destination' for research in various sectors.

The immense potential and opportunities were highlighted by Dr. Arun Nigavekar, former Chairman, University Grants Commission, who was the Chief Guest and the Keynote Speaker. The presentations made by John O'Halloran, CEO and Managing Director, Cummins Research and Technology India Limited (CRTI); Ashutosh Parasnis, Vice President and Managing Director of PTC Software (India) Pvt. Ltd.; Krishna Lawande, Managing Director, Lawande Consultancy Services and Firoz Poonawalla, Managing Director, Fila Rozil Exports Pvt. Ltd.

Shekhar Agharkar, Chairman, Pune branch, announced

+

Farokh Balsara, Deepak Pahwa, Dr. Arun Nigavekar,

Shekhar Agharkar, R.K. Chopra, on dias at the seminar

IACC

with the Alabama companies and focused on the A 15-member Business Delegation from Alabama, USA business development areas between Alabama and visited India in February 2007 to explore opportunities India. The audience also interacted with the speakers. for joint ventures and two-way investment.

On February 15, the North India Council organized an The Delegation, led by Ms. Hilda Lockhart, Director, interactive session in New Delhi, between the visiting International Trade, Alabama Development Office,

Mumbai, Chennai and delegates and members of the Chambers.visited three Indian cities - New Delhi where the respective branches of the Ms. Lockhart, on being informed about the IACC Chamber organized business meetings for the visitors. annual flagship event, Indo-US Economic Summit, In Mumbai, IACC organized one-on-one meetings for the delegates on February 12 and arranged a breakfast meeting the following day.

The purpose of this business mission to India was to access and explore business opportunities and foster partnerships between India and the Alabama area, Roger Wehner, Project Manager, Alabama Power Company said.

The Alabama delegation visited the southern Indian city of Chennai in Tamil Nadu state on February 14 for a expressed her commitment to mount a delegation to business meeting. India for attending this year's event scheduled from 18

to 20 September in New Delhi.Ms. Lockhart, explained the scope of doing business developments in Alabama, and said that Indian Krishan Malhotra, Partner, RSM & Co. made a companies would benefit by doing business with presentation on “Emergent India: An Ideal Business Alabama companies. Destination.”Wehner presented the advantages of doing business The delegates were unanimous in underlining the

potential that lay in promoting joint business ventures between companies in India and Alabama in civil aviation, aerospace, oil and natural gas, agriculture and many more sectors.

IACC also organized one-to-one meetings between the delegates and representatives of Indian companies.

Deepak Pahwa, President, IACC hosted cocktails for the delegation in the evening. +

Alabama Business Delegation Visits Mumbai, Chennai & New Delhi

WIC mounted its first ever Indo-US IT Outsourcing Delegation in

August '07. Chamber had tied up as International Partners with two

of the most Coveted Events in the American Information Technology

Domain. The delegation visited both the events to gain the insight

perspective about the current trends in the US IT industry. First Event

was 37th Annual Forum Organized by TAWPI in Boston and focused

on Papered Data Processing domain of the KPO segment of IT. In

Chicago the delegation attended the 2007 Business & Technology

Solutions Show portraying the latest Technology deployed for Data

Processing in the American Financial Sector.

Indo-US IT Outsourcing Delegation

Vipul Tamhane, Manager International Relations WIC & Shabina Patel, Regional Director WIC at the 2007 Business & Technology Solutions Show at Chicago.

IACC

Interactive meeting on Use of IT in Knowledge Management

capturing knowledge, storing it, allowing users to search the system for North India Council organized an

relevant knowledge, making knowledge available to them and interactive meeting in New Delhi on

communication, collaboration, storage and retrieval of Knowledge,” he 13 March 2007 for renowned

added. businessmen to discuss the issues

relating to the 'Use of IT in Knowledge Avasarala in his presentation pointed out that the success of any

Management for Businesses and enterprise depended upon adopting advanced technology, mass

Industries'. customization and targeting towards complex manufacturing. He talked

about the role which IT sector could play in the development of The meeting was addressed by Dr.

Businesses and Industries. Martin Grossman, Assistant Professor

in the Department of Management at

Bridgewater State College, Clayton

Bond (Second Secretary US Embassy),

and Pantulu Avasarala (Director,

Cincom Development Center).

Dr. Grossman referred to the

recognition that Blogs and Wikipedia

were gaining in today's scenario and

said that in 1997 not a single Blog

existed in the world and in the year

2006 there number was 60 million,

e m p h a s i z i n g t h e i r g r o w i n g

importance and adoption by different

companies.

Dr. Grossman said the use of modern

information technology (IT) could be

made to systematize, enhance and

expedite knowledge management

inside and outside a firm. “It involves

+

Clayton Bond, Second Secretary US Embassy; Dr. Prasad Medury, Regional Vice President, IACC; Dr. Martin Grossman, Assistant Professor in the Department of Management at Bridgewater State College and Pantulu Avasarala, Director, Cincom Development Center

An interactive session to “promote trade and expand Rosales said he was happy to announce that on 24

business network between small and medium January 2007, a letter of intent was signed between

enterprises (SME's) in India and the US,” has been himself and Jawhar Sircar, Additional Secretary and

organized in New Delhi recently by the Northern India Development Commissioner, Ministry of Small Scale

council. Industries (SSI) to promote trade and strategic

opportunities for the small and medium enterprises The session, in which Mauel A. Rosales, Associate

(SME) in India and the US.Administrator for International Trade, US Small Business

Administration from Washington D.C. participated, was The fields in which the two would work together include

conducted jointly with the Small Industries Service exchange of technical expertise, identification of

Institute, Ministry of Small Scale Industries, Government investment opportunities and sharing information on

of India, at the Institute's premises on 29 January 2007. small business products and services.

Indo-US Initiative to Build Strategic SME Alliance

IACC

recognized the growing potential of India as an ideal Tamil Nadu branch organized a function to host the first business partner and would look to enhancing its IACC- SANMAR INDO-US BUSINESS CO-operations in the country by employing more people. OPERATION AWARD on 11 April 2007 at Hotel Taj

Coromandel, Chennai. The Award was presented to K.V. Rangaswami, Sr. Executive Vice President, Larsen & Flowserve Corporation, USA. The chief guest for the Toubro Ltd., felicitated Flowserve Corporation. event was David T. Hopper, Consul General, Chennai. Flowserve has been associated with India through some R. Anand, Chairman Tamil Nadu branch, in his of their predecessor companies, as a joint venture welcome address said the Award was expected to partner with leading industrial houses, such as L & T, propel further the growth of business with the US and Sanmar Group, Microfinish etc.recognize successful Indo-US joint ventures.

Consul General Hopper said that combination of good infrastructure, efficient governance, and more importantly availability of talented manpower, has made South India one of the best destinations for American businesses. Americans realized the benefits of doing business with India as it was emerging as a fast growing economy, he said, conferring the first Indo-US Business Cooperation Award on US based Flowserve Corporation.

N. Sankar, Chairman Chemplast Sanmar Ltd., said Indo-US relations in general and business relations in particular were set to grow manifold. The award would be open to individuals and institutions for contributing to the growth of Indo-US business.

Lewis Kling, President and CEO, Flowserve Corporation, accepting the award, said that Flowserve

+

Kerala branch organized a lecture on 'An Overview of Developing Indo-US Bilateral Relations' addressed by Dr. Stephen F. Dachi on 4 April 2007 at Cochin.

Dr. Dachi is a Foreign Policy Specialist and international consultant who served as a diplomat in the US Foreign Services for 30 years.

Dr. Dachi said that bilateral relations between India and the US were much more meaningful and deeper than ever before. This is a unique relationship envied by many others, he said. He spoke also on the emerging strengths of India in the global context.

Frederick Kaplan, Consul, Public Affairs Department, US Consulate, Chennai was also present on the occasion. +

Indo-US Ties Stronger & Deeper Now

Tamil Nadu Branch instituted new Award

R.Anand, Chairman IACC (TN) and N.Sankar, Chairman the Sanmar Group, presenting the lACC-Sanmar Indo-US Business Cooperation Award to Lewis Kling, President and CEO, Flowserve Corporation, USA. David Hopper, US Consul General, Chennai, Hiren Shah, Vice Chairman, IACC and Rangaswamy, President, L & T are also in the picture.

Dr. Stephen F. Dachi addressing lACC-Kerala members on Indo-US bilateral trade,. on his right C.P. Sebastian. Chairman, lACC-Kerala and on his left, Frederick Kaplan, Consul, Public Affairs Dept. US Consulate Chennai & Dr. Lee Dachi

IACC

Legal Conference was organized by the Legal Affairs Committee of the Chamber under the Chairmanship of Lalit Bhasin, Advocate, Bhasin & Company and President of The Society of Indian Law Firms (SILF) from 4th to 6th May, 2007 at New Delhi. The Center for American and International Law (CAIL) and American Law Institute / American Bar Association (ALI-ABA) were the co-organizers of the Conference and The Society of Indian Law Firms (SILF) was the supporting organization.

The Conference was inaugurated by Mr. Pranab Mukherjee, Union Minister for External Affairs. Lalit Bhasin delivered the welcome address. The inaugural session was also addressed by Deepak Pahwa, National President; Fali Nariman, Senior Advocate & President, The Bar Association of India and Former Member of Parliament; Mark Smith, Vice President, CAIL; Carmine D ’Alosio, Minister Counselor for Commercial Affairs, US Embassy.

11 senior speakers from the US made presentations on legal aspects of doing business in and between India and the US during the 3-day Conference.

Vinod Madhok, Regional President of IACC proposed the vote of thanks.

Legal Conference on Business

in and between India and the US:

Legal and Regulatory Framework

IACC

Seminar on Unleashing Women's Power

plans as well as the need to focus on women The Women's Business Council of the Chamber organized a

leadership issues by corporates today. conference in Bangalore on Women Leader's Centrestage.

Increased globalization had put such pressures Sponsored by Motorola India, Lakme and Van Heusen Woman, a

on the economy that companies had to be dazzling line-up of Women Leaders made up the Curtain Raiser

innovative in approaching this 50 percent on Women's Day. They included Kiran Mazumdar Shaw,

population for middle and senior leadership Chairman & MD Biocon Ltd.; Vinita Bali, CEO & MD, Britannia

positions. Gender diversity is a key issue for Ltd.; Rohini Nilekani, Founder Chairperson Aroghyam and

many companies who not only see it as a Ranjani Ranganath, Senior MD, Global Development Centre,

socially responsible perspective, but one that CISCO Systems.

adds direct impact on the profits and bottom This being WBC's maiden event, Priya Chetty Rajagopal, gave a line. quick update to the 100 men and women present on the Council's

The seminar was very well appreciated by the audience and also brought in interest from companies like IBM, Motorola, CISCO etc to join hands with the IACC Women's Business Council for future Women Oriented Events. +

(From Left to Right) Ranjani Ranganath, Senior Managing Director, Global Development Centre, Cisco India; Vinita Bali, CEO & Managing Director, Britannia Industries Limited; Rohini Nilekani, Chairperson, Akshara Foundation; Priya Chetty Rajagopal, Chairperson, Womens Business Council, IACC & Vice President, Stantonchase International.

Shyam Sundar from SGS India Pvt. Ltd., R. Anand, A seminar on Product Testing and Quality

Chairman of Tamil Nadu branch, welcomed the Certification-Focus Indian exports to the US market

participants and introduced the speakers at the meeting.was held on 27 March 2007 at Hotel Savera,

Chennai. The speakers at the seminar were The seminar focused on three industries - engineering

Chandrakumar from Underwriters Laboratories Inc. components, Food & Agro Products, and Textiles and

(UL), Bhupalam Ajit from DNV India Pvt. Ltd., and Garments). Chandrakumar made a presentation on

engineering components while Bhupalam Ajit from DNV

India Pvt. Ltd., explained about Quality Certification on

the food & agro products.

Shyam Sundar, from SGS India Pvt. Ltd., elaborated on

Product Testing and Quality Certification needs on the

textiles & garments sector.

Sandeep Singh, Technical Services Manager from

Cooper Bussman India Pvt. Ltd., Puducherry, and Ms.

Radha Ramabadran and Palanivelu from Intimate

Fashions, Chennai, shared their experiences about the

Quality Management Systems, Quality Standards and

Certifications etc., in their organisations. +

Seminar on Product Testing & Quality Certification

(From Right) Hiren Sha, Vice-Chairman, IACC-TN, Bhupalam Ajit, Station Manager, DNV India (Pvt) Ltd. S. Chandrakumar, Sr. Project Engineer, UL India Pvt Ltd, R. Anand, Chairman, IACC-TN, Ravi Sundaram, EC Member, IACC-TN, D. Shyam Sundar, CTS-Manager, SGS India Pvt. Ltd, D.V. Venkatagiri, Regional Secretary, South India Council-IACC.

IACC

West India Council celebrated the 231st anniversary of American independence at the NCPA, Mumbai, with the sizzling theme "Broadway to Bollywood" providing an evening of exciting fare.

Michael S. Owen, US Consul General, was the Chief Guest of the event and all the celebrities and guests were welcomed by Atul Nishar, Regional President, IACC.

Boman Irani, who presented the proceedings, kept the audience in splits with his act. To add to the jauntiness, Terence Lewis Contemporary Dance Company showcased a scintillating act accompanied by sizzling Neha Dhupia and Shweta Salve, with medleys from Hollywood and Bollywood.

Conceptualized and hosted by the IACC, the event also recognized Best US Companies in India by honoring them with the Indo-American Corporate Excellence Awards.

The 2007 Indo-American Corporate Excellence Awards (I-ACE) winners were:

• Best US Company in India in the field of Technology, Communications & Entertainment - Microsoft Corporation. Jim Cunningham, Commercial consul Chairman accepted the award behalf of Microsoft India. • Best US Company in India in Financial Service Sector - JP Morgan Chase. Dominic Price, MD and Senior Country

Officer India and Sri lanka received the award.

• Best US Company in India in the field of

Manufacturing & Other services UPS. Phirojshaw

Sarkari, Managing Director received the award.

• Overall Best American Company operating in

India - IBM, India. Hitesh Shah, Head industrial

sector IBM India received the award.

The evening grew more exciting with some amazing

lucky draw prizes.

Guests, comprising of members from Visa section of

the US Consulate, US joint venture companies in

India, celebrities, crème de la crème of Mumbai,

industrialists, business leaders, experts and media

attended this grand event. +

American Independence Day & I-ACE Awards

IACC

A 15-member delegation led by Chamber

President Deepak Pahwa along with Prem Behl as

the co-leader visited the United States from 24

June to 3 July 2007 to explore opportunities for

investments and joint ventures in US and India in

diverse areas.

The objective of the visit was also to meet US

Government Officials and Governors of various

states, multiplier organizations; promoting trade

between the two countries and increasing the

visibility of the Chamber.

The delegation included IACC members from

large & small to medium size companies that

visited Columbus, Ohio, Washington D.C., Boise,

Idaho and Seattle.

During the visit, the delegates met Banashri B.

Harrison, Minister (Commerce), Embassy of India,

Washington D.C.; Ambassador Douglas A.

Hartwick, Assistant US Trade Representative; David

Bohigian, Assistant Secretary of Commerce for

Market Access and Compliance; Governor

Christine Gregoria of Washington; Governor C.L.

Butch Otter of Idaho; Sam Reed, Secretary of State

in Washington; Adam Smith, Member of

Congress, 9th District Washington; Ms. Holly

Vineyard, Deputy Assistant Secretary, International

Trade Administration; Steven Schoeny, Acting

Deputy Director, Ohio Department of

Development; Ms. Deborah Scherer, Assistant

Director, International Trade Division of State of

Ohio and others.

The delegation had also visited several

manufacturing plants, ports of Tacoma and

Seattle. One-on-one meetings were arranged for

Delegation Visits US to Explore Investment, JV Potential

Delegates with Governor of Idaho C.L. Butch Dinner meet at Indo - American Friendship Forum (IAFF)

A presentation by Deepak Pahwa

Sam Reed Secretary of State Washington

IACC

The Karnataka branch organized a seminar on US Business Visa Update on 25 May 2007 at Hotel Taj West End, Bangalore, where Peter Hancon, Consul and Non-Immigrant Visa Chief, US Consulate Chennai, addressed the participants. Hancon informed the members that the pre-screening process of the applicants at the US Consulate in Chennai would now be done at the Gate itself so as to avoid long queues and the waiting period of the applicants.

The US Consulate at Hyderabad would start functioning in 2008 and that would reduce the number of visa applicants in Chennai hence providing more dates to applicants from Bangalore. +

US Business Visa

Update Program

(From Left to Right) Michael Phulwani, Attorney at Law; Vasanth Kini, Vice Chairman, IACC Karnataka; Henry Liebeman, President and Co-Fouunder American Life Inc.

industrialists from India.delegates in all the cities besides net-working with

Indian communities and several organizations such The delegation also participated in International Trade's as Indo-American Friendship Forum, National US Annual Senator Conference with the Theme “Choosing India Chamber of Commerce, etc. The delegates also India or China” in future for trade and business followed participated in US-India Business Council Annual by one-on-one meetings.Summit and had the opportunity to network with

The delegation was very well received and recognized in senior members of USIBC. The Summit was

all the places. At a special meeting the delegates were addressed by Secretary State Ms. Condoleezza Rice,

invited and a Certificate of Recognition from Columbus Carlos M. Gutierrez, Secretary of Commerce;

City Council was handed over to the President. The Ambassador Blackwell from the US and Kamal Nath, delegation was invited for dinner hosted by Governor Minister of Commerce and Industry; Ambassador C.L. Butch at his residence and lunch hosted by Sam Ronnen Sen, Mukesh Ambani, Habil Khorikiwala, S.P. Reed, Washington Secretary of State in his office.Hinduja, Naresh Goyal, and other high profile

On the whole the visit of

the delegation was very

successful in achieving

its objectives. The

delegates were very

pleased with the one-

on-one meetings and

opportunities to interact

with high profile people

from the Government

and Industry. We have

a l s o r e c e i v e d a

proposal from the City

o f Columbus and

Columbus Sister Cities

International to add

Ahmedabad as a sister

city. +Delegation members with Christine Gregoria, Governor State of Washington

IACC

Intellectual Property Rights (IPRs) are jealously guarded by individuals,

corporate entities, governments as well as concerned international

organizations. IPRs play a crucial role in the promotion of bilateral trade

between two countries. National and international laws provide

protection to IPRs under different categories such as patents, industrial

designs, copyrights, trademarks etc. IPR safeguards constitute a crucial

component in trade relations between India and the United States.

Seizing the issue at the right time when Indo-US economic relations are

at their best, the Chamber organized, in association with DSK Legal, a

conference on IPRs in Mumbai on 15 and 16 June 2007. The theme of

the conference, leveraging IPRs as corporate and financial assets

focused on issues, opportunities and challenges in the new economy.

Well known experts from various industry sectors such as films, music, FMCG,

pharmaceuticals, information technology, financial services, legal and

judiciary made their presentations on legal aspects of Intellectual Property

Rights. Deepak Pahwa, President of the Chamber delivered the welcome

address.

Intellectual Property Rights Conference Leveraging IPRs as Corporate & Financial Assets

IACC President Deepak Pahwa welcoming the participants

US Consul General Michael Owen addressing the inaugural session

Bollywood Actor

Anil kapoor delivering his speech

IACC

The inaugural session was also addressed by US The Conference provided a forum for exchange of

views on various aspects of IPR related issues.Consul General Michael Owen and Anil Kapoor, a well

known Bollywood personality as Chief Guest and The Conference was conceptualized, co-ordinated Guest of Honor Mustafa Safiyuddin, Partner, DSK Legal and organized by HO Mumbai staff and was gave the Theme Overview of the Conference. Farokh appreciated by several participants and speakers in Balsara, Vice President of the Chamber proposed the terms of organization, quality of speakers and the

vote of thanks. topics of their presentation. +

After successfully promoting West Bengal as the ideal cited the example of a disinfectant unit at Malda, which destination for investment in Information Technology (IT) was started to deliver mangoes free of bacteria. and IT-Enabled Services (ITES) sector in the State's urban Union Food Processing Minister Subodh Kant Sahai was centers, its Chief Minister Buddhadeb Bhattacharjee has present on the occasion along with Geoffrey Tyatt, now turned his attention to the Food Processing industry, Deputy Chief of Mission and Carmine D Aloisio, which holds tremendous economic potential for the Minister Counselor from the US Embassy, New Delhi rural areas. and US Consul General in Kolkata Henry Jardine.Revealing the his government's plans for setting up six Suggestions that certain modules like contract farming, food parks across the state, Bhattacharya told a seminar buy-back, outsourcing, prospects of export to the US organized in Kolkata recently by the Eastern Indian and other countries were appreciated at the seminar. Council in collaboration with Ministry of Food Sahai said the Central Government was aware of the Processing, that these enterprises would be built and run need to step up investment in agriculture as 60 percent on a private-public partnership module. In addition, the of the country's population was dependent on government was also committed to launching a 500- agriculture. "We are planning to invest Rs 100,000 acre mega food park in the state, adding that the effort crore in agriculture and food processing over the next was to rejuvenate West Bengal's agricultural sector. five years. But the taxation structure on agriculture "Only export of agriculture products like fruits, flowers products is not uniform in every state. This sector should and vegetables cannot boost the growth of economy. not be taxed more than 4 percent on non-perishable We need to add value to it by creating more job products and zero percent for perishable items" he opportunities," said Bhattacharya. The chief minister said. +

Bengal Focuses on Food Processing to Revive Agriculture, Create Rural Jobs

IACC

The Executive Council of the Chamber has pleasure in submitting its Report for the year ended March 31, 2007 together with the Income and Expenditure Account and the Balance Sheet as on March 31, 2007.

ACCOUNTS:

The accounts for the year ended March 31, 2007 shows a surplus of Rs. 68, 14,512.

MEMBERSHIP:

As at March 31, 2007, the total membership of the Chamber stood at 2318 as against 2117 in the previous year.

MEETINGS: The Executive Council held seven meetings during the year as follows:

Meetings held atSeptember 29, 2006 MumbaiNovember 3, 2006 New DelhiJanuary 19, 2007 KolkataMarch 2, 2007 Pune June 8, 2007 Hyderabad August 17, 2007 Mumbai September 5, 2007 Mumbai (Audited Accounts)

In addition, Regional Councils and Branch Committees held meetings in Regions and Branches as often as was necessary.

Statement under Section 217 (2A) of the Companies Act, 1956 read with Companies (particulars of Employees) Rules 1975:

A) Employees of the Company who were employed throughout the year under review- None.

B) Employees of the Company who were employed for part of the year under review- None.

Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Executive Council reports that:

• in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any.• accounting policies have been selected and applied consistently and that the judgements and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Chamber at the end of financial year and of the excess of income over expenditure of the Chamber for the period.• proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Chamber and detecting fraud and other irregularities.• the annual account has been prepared on a going concern basis.

FOR AND BEHALF OF THE EXECUTIVE COUNCIL

Deepak Pahwa Farokh T Balsara

President Executive Vice President

Mumbai, September 5, 2007

REPORT OF THE EXECUTIVE COUNCIL

FOR THE YEAR 2006-07

(Figures in brackets were as on March 31, 2006)

EAST WEST NORTH SOUTH TOTALPATRON 17 (15) 170 (163) 25 (23) 42 (36) 254 (237)ORDINARY 146 (116) 483 (445) 425 (380) 776 (739) 1830 (1680)ADDITIONAL 20 (14) 60 (59) 59 (42) 95 (83) 234 (198)OVERSEAS (2) (2)TOTAL 183 (145) 713 (667) 509 (447) 913 (858) 2318 (2117)

IACC

HEAD OFFICE:

September 18-20, 2007 4th Indo-US Economic Summit: Building Strong Partnerships.

September 17, 2007 Launch of Indo-US Business Confidence Index.

August 7, 2007 Interactive meeting with Mr. Rokita Todd, Secretary of State, Indiana.

June 24-July 3, 2007 IACC Business Delegation visit to US (Columbus, Ohio; Washington D.C., Boise, Idaho;

Seattle, Washington).

June 15-16, 2007 IACC Conference on Intellectual Property

Rights: Leveraging IPRs as Corporate and Financial Assets.

May 4-6, 2007 Legal Conference on Business in and between India and US: Legal and Regulatory

framework.

March 31, 2007 Interactive meeting and dinner with Mr. Mark A. Emmert, President of Washington

University.

February 15, 2007 Breakfast meeting with Business Delegation from Alabama, USA.

December 1 & 2, 2006 Conference on International Taxation with Foundation for International Taxation.

November 27, 2006 Networking cocktails & dinner with delegates from Trade Development Alliance of

Greater Seattle.

SOUTH INDIA COUNCIL / TAMIL NADU BRANCH:

August 8, 2007 A talk on Business resources in the American Library & Screening of Business Videos.

June 20, 2007 Screening of Business Videos.

July 14, 2007 Seminar on “Indian Cinema Winds of Change”.

May 14, 2007 A lecture meeting addressed by Mr. Michael Phulwani on “US India Business Matching

Program”.

April 25, 2007 Screening of Business Videos in association with Office of Public Affairs, American

Consulate, General, Chennai (CSR).

April 11, 2007 Function on “IACC-Sanmar Indo-US Business Cooperation Award”.

April 2, 2007 Screening of Business Videos in association with Office of Public Affairs, American

Consulate, General, Chennai.

March 27, 2007 Seminar on “Product Testing & Quality Certification Focus Indian Exports to the US

Markets”.

February 26, 2007 Screening of Business Videos in association with Office of Public Affair, American

Consulate General Chennai.

February 14, 2007 Business meeting with Trade Delegation from Alabama, USA.

February 8, 2007 Members business promotion program for Citibank Foreign Exchange Market &

Hedging Strategies.

January 31, 2007 Workshop on “Working effectively across cultures Focus on US”.

January 12, 2007 Interactive session on “US Immigrants and Non Immigrants Visas”.

December 22, 2006 A lecture meeting addressed by Mr. G. Anatharaman on “Corporate Governance

Challenges and Prospects”.

December 4, 2006 Luncheon meeting in honour of the members of the US Trade Mission.

November 24, 2006 Seminar on “Doing Business with USA.”

October 19, 2006 Luncheon meeting addressed by Mr. Peter G. Kaestner & Mr. N. Shiv Shankar of Infosys

Technologies.

ANDHRA PRADESH BRANCH:

August 17, 2007 Interactive session with Mr. Carmine D'Aloisio, Minister Counselor for Commercial

Affairs, US Embassy, New Delhi and Mr. Mark Russell, Commercial Consul, US

CHAMBER ACTIVITIESA detailed account of activities since last Annual General

Meeting is given below:

IACC

Consulate General, Chennai.

August 16, 2007 Interactive Seminar on “Forex & Hedging Strategies” with CitiBank Officials.

June 7-9, 2007 Seminar on “Export Policy of Andhra Pradesh”.

November 15, 2006 Meeting on “Investment Opportunities & Bilateral Trade Relations”organized with

Mr. Yablonsky, Secretary of Community & Economic Development, State of Pennsylvania.

October 26, 2006 Luncheon meeting with Ambassador Douglas Hartwick.

KERALA BRANCH:

April 27, 2007 A lecture meeting addressed Mr. David Ian Hopper on “US Business and Students Visa”.

April 4, 2007 A lecture meeting addressed by Mr. Stephen F. Dachi on “Indo-US Bi-lateral Relations”.

December 19, 2006 A lecture on Corporate Social Responsibility HIV / AIDS Awareness.

December 17, 2006 Dinner meeting of the Managing Committee with US Senator Arlen Specter and other

US Consulate officials.

KARNATAKA BRANCH:

May 25, 2007 Seminar on “US Business Visa Update”.

May 22, 2007 Seminar on “Employee Background Verification in India Workplace”.

May 16, 2007 Seminar on “Forex Strategies in Uncertain Markets”.

May 15, 2007 Seminar on “US India Business Matching Program”.

April 20, 2007 Seminar on “Proactively Managing Corporate Reputations”.

March 26, 2007 Seminar on “Doing Business with USA”.

March 7, 2007 Program on “Women Leader's-Centrestage” by Women's Business Council.

March 1, 2007 Session on “Development in India's Tax and Regulatory Environment”.

February 24, 2007 Annual Fellowship Nite.

January 31, 2007 Cocktail & dinner meet with the Purdue University research delegation.

January 11, 2007 Seminar on “US Immigrants & Non Immigrants Visas”.

December 20, 2006 One day workshop on “Customer Value Management”.

November 8, 2006 Seminar on “An Overview of US GAAP & Training Solutions for Dynamic Corporation

Environment”.

November 17, 2006 Meeting with Pennsylvania Trade Mission led by Mr. Yablonsky, Secretary of Community

& Economic Development, State of Pennsylvania.

NORTH INDIA COUNCIL:

August 3, 2007 Discussion with COO of SBI Factors on “Factoring as an alternate and effective source

of financing”.

July 19, 2007 Farewell to Mr. Richard Sherman, Deputy Consul General, US Embassy.

July 9, 2007 Interactive meeting with Dr. K.C. Chakrabarty, CMD of Punjab National Bank.

June 21, 2007 Presentation & interactive discussion on “Forex Markets and Hedging Opportunities”.

May 9, 2007 Interactive meeting with Mr. Dennis McCarthy, MD, World Trade Centre, Rhode Island,

US on “Indo-US Business Matching Program”.

April 19, 2007 Interactive luncheon meeting with Mr. David Bohigian, Assistant Secretary of Commerce,

US Department of Commerce.

April 13, 2007 Annual Fellowship Night.

March 13, 2007 Interactive meeting with Dr. Martin Grossman on the “Use of IT in Knowledge

Management for Business and Industries”.

February 15, 2007 Business Delegation from Alabama.

January 30, 2007 Workshop on “Doing Business in US”.

January 8, 2007 Interactive session on “US Immigrant & Non Immigrant Visas”.

December 5, 2006 Luncheon meeting with Mr. Franklin L. Lavin, US Under Secretary of Commerce for

International Trade.

November 14, 2006 Meeting with Federal Aviation Administration.

November 3, 2006 Interactive meeting on “How do we work together” with US Embassy Officials”.

IACC

VARANASI BRANCH:

August 4, 2007 One day seminar on “Contract Labour and Social Security Legislations”.

July 21,007 Interactive session with Mr. Badshah Singh, Hon'ble Minister for Small Industries and

Export Promotion, U.P. Government, Lucknow.

July 12, 2007 Interactive session with Mr. Rajesh Mishra, Hon'ble Member of Parliament.

June 18, 2007 New “Foreign Trade Policy” with special emphasis on fiscal benefits on focus product &

market scheme.

March 11, 2007 Seminar on “Budget 2007”.

November 6, 2006 Dev Deepavali celebration and interactive meeting with the US Embassy Officials.

November 5, 2006 Interactive meeting with US Embassy officials.

November 4, 2006 Annual Day celebrations.

October 6, 2006 Seminar on “New Media Opportunities and Challenges in the Knowledge Economy”.

September 28, 2006 Seminar on “Globalization & Entrepreneurship in 21st Century”.

EAST INDIA COUNCIL:

August 14, 2007 Breakfast meeting with Mr. Steven White, Deputy Chief of Mission, US Embassy, New

Delhi and Mr. Henry Jardine, US Consul General, Kolkata.

August 9, 2007 Panel discussion on “Global Warming and its Implications”.

July 19, 2007 A Luncheon meeting at the Paladian Lounge to interface as well as meet Delegates from

South India.

June 20, 2007 Meeting with the members to interact and review on the Indo-US Business Program.

May 28June 8, 2007 Delegation on “Indo-US Business Opportunities in Agri & Food Processing” to US led by

Shri Subodh Kant Sahai, Union Minister of Food Processing.

May 17, 2007 IndoUS Business Matching Program addressed by Mr. Dennis, McCarthy, M.D. WTC,

Rhode Island.

May 7, 2007 MOU signing ceremony with World Trade Center, Rhode Island.

April 25, 2007 Workshop on “Global Logistics / Trade Finance” in association with FEDEX and US

Commercial Service Department, Kolkata.

April 11, 2007 Seminar on “Doing Business with Florida” addressed by Ms. Lesa Forbes, International

Trade Specialist, US.

January 19, 2007 Seminar on “Emerging Indo-US Business Opportunities in Food Processing” with special

reference to the eastern region.

December 28, 2006 Interactive meeting on “PreForeign Trade Policy”.

December 7, 2006 A lecture meeting addressed by Dr. Ananda Chakraborty on “Health Care and Industry

Information”.

November 30, 2006 Breakfast meeting with Ambassador Mr. David Mulford.

November 29, 2006 Interactive meeting with Dr. James Hartley: US Experiment with Economic Growth.

October 30, 2006 Annual General Convention.

October 10, 2006 Interactive session on “Fast tracking visa applications and globalization And

Entrepreneurship in 21st century”.

ORISSA BRANCH:

August 1, 2007 An Interactive meeting with Mr. Henry Jardine, US Consul General.

WEST INDIA COUNCIL:

August 12-22, 2007 Delegation on “Indo-US IT Outsourcing 2007” visiting Boston, Chicago.

July 26, 2007 Seminar on “US Visa Laws Policies”.

June 30, 2007 American Independence Day Celebration & IACE Excellence Awards 2007.

May 10, 2007 Interactive session with Business Delegation from World Trade Centre, Rhode Island,

USA.

March 26, 2007 Networking luncheon meeting with US Higher Education delegation to India.

March 15, 2007 Programme on “Aids Free India”.

February 12, 2007 Breakfast meeting with Trade delegation from Alabama.

IACC

January 29, 2007 Session with Mr. Mauel A Rosales, Associate Administrator for International Trade, US

Small Business Administration from Washington, D.C. to promote trade, expand

business and network between SMEs in India and SMEs in the US.

December 15, 2006 Interactive breakfast meeting with Mr. Glen Keiser, Consular Chief and Ms. Amanda

Zafian, Vice Consul, US Consulate General, Mumbai.

December 6, 2006 Interactive session with Associate Dean and Professor L.J. Bourgeois III, Darden School

of Business, University of Virginia jointly with BCCI.

November 10, 2006 Global Offshore Outsourcing Summit (GOOS) with focus on KPO Industry in India.

October 21-25, 2006 US-ERC Delegation to WEFTEC 2006, Dallas, Texas, USA.

October 4, 2006 Seminar on “Engineering Industry Doing Business with America”.

GUJARAT BRANCH:

August 13, 2007 Meeting with Commercial Consul, Mr. Jim Cunningham with focus on KPO Industry in

India.

July 24, 2007 Guest Lecture on Cyber Laws & Topics of IPR by Mr. Ashish Jha, Solicitor, Advocate and

Faculty of Law.

June 22, 2007 Get-Together for the USIBC delegates going to US.

May 23, 2007 A lecture meeting addressed by Mr. Peter Kaestner, Minister for Consular Affairs &Consul

General, Embassy of the USA on “Everything you wanted to know about US VISA”.

April 4, 2007 Business Executive Program announcement by Ms. Susan Mcfee- Vice Consul, Mumbai.

March 30, 2007 Round table meeting on “Use of it in knowledge management for business and

industries” by Dr. Martin Grossman, USA.

March 9, 2007 Seminar on “How to incorporate a company in USA and transfer people to work there”

by Mr. Sudhir Shah at Rajkot jointly with Greater Rajkot Chamber of Commerce.

February 24, 2007 Seminar on “How to incorporate a company in USA and transfer people to work there”

Ahmedabad.

January 31. 2007 One to One Meeting with Mr. Bob Yousefian, Mr. Albert Abkarian and Mr. Ajit Mithiwala

and Dr. Amit Desai.

January 20, 2007 Lincoln Memorial Lecture by Dr. Sam Pitroda on Indo-US Relations & the Impact of

Nuclear Deal.

January 13, 2007 Meeting with Indo American Chamber of Commerce of Oklahoma Delegation led by

Ms. Jane Perkins.

December 6, 2006 Interactive session on “Doing Business in USA” by Robert McCollum, Cast Consultants,

USA. Joint programme with GICEA.

December 1, 2006 Seminar on “How to incorporate a company in USA at Baroda” by Mr. Sudhir Shah.

November 21, 2006 Breakfast meeting with Mr. Jayanth Murthy, Kaizen Institute speaking on “Lean Thinking

Towards Leanness Organizational Fat to Fitness”.

October 10, 2006 Meeting with Mr. William Klein & Tejal Shah, US Consular Officials.

PUNE BRANCH:

May 25, 2007 Networking dinner with Mr. Nick Parikh, BEP Manager, US for interactive session on BEP

& Visa.

April 26-27, 2007 Business meets with Virginia Delegation.

March 26-27, 2007 Breakfast meet with Detroit Regional Chamber Delegation.

March 2, 2007 Seminar on “Pune as a Global R&D HUB” & Executive Council Meeting.

February 28, 2007 Site visit to Tasty Bytes: Evaluation for Financial Assistance.

February 12, 2007 Business meets with Alabama Delegations.

February 8, 2007 Site visit on employment scenario in Indian Industry Speaker: Mr. Bhagwat Cummins.

February 3, 2007 Business meet and Interaction with MPIF Trade Mission, USA.

December 19, 2006 Annual Fellowship Night.

October 10, 2006 Seminar on “US Visa Strategies”.

October 6, 2006 Seminar on “Forex Market Update and Hedging Opportunities”.

IACC

1 We have audited the attached balance sheet of Indo-American Chamber of Commerce as at 31st March, 2007

and also the income and expenditure account of the chamber for the year ended on that date, annexed thereto.

These financial statements are the responsibility of the chamber's management. Our responsibility is to express

an opinion on these financial statements based on our audit.

2 We conducted our audit in accordance with auditing standards generally accepted in India. These standards

require that we plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting

the amounts and disclosures in the financial statements. An audit also includes assessing the accounting

principles used and significant estimates made by the management, as well as evaluating the overall financial

statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3 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 purposes 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 and proper returns adequate for the purposes of our audit have been received

from the regional councils/branches not visited by us.

(iii) The balance sheet and the income and expenditure account dealt with by this report are in agreement with the

books of account and returns.

(iv) In our opinion, the balance sheet and the income and expenditure account comply with the accounting standards

referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

(v) On the basis of written representations received from the members of the Executive Council, as on 31st March,

2007, and taken on record by the Executive Council, we report that none of the members of the Executive

Council is disqualified as on 31st March, 2007 from being appointed as a director in terms of clause (g) of sub-

section (1) of Section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the e xplanations given to us, the said accounts

give the information required by the Companies Act, 1956, 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 the balance sheet, of the state of affairs of the chamber as at 31st March, 2007; and

(b) in the case of the income and expenditure account, of the excess of income over expenditure of the chamber

for the year ended on that date.

For A. F. FERGUSON & CO.

Chartered Accountants

R. K. HIRANANDANI

Partner

MUMBAI: September 5, 2007 Membership No. 36920

A.F. Ferguson & Co. Chartered Accountants

Maker Towers “E”, Cuffe Parade, Mumbai 400 005

REPORT OF THE AUDITORS TO THE MEMBERS OF

INDO-AMERICAN CHAMBER OF COMMERCE ON THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH, 2007.

IACCA

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IACC

1. Significant accounting policies

I) Basis of accounting

The financial statements are prepared under historical cost convention on accrual basis and are in accordance with the requirements of the Companies Act, 1956 and comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the said Act.

Ii) Fixed assets and depreciation

All fixed assets are stated at cost of acquisition less accumulated depreciation. Depreciation is provided on written down value method, at the rates and in manner specified in Schedule XIV of the Companies Act, 1956, except that:

a) Depreciation on office equipment (excluding computers), electrical installations and air conditioners is provided at the rate of 33 1/3 percent; and;

b) Depreciation on additions is provided for the full year irrespective of the date of addition and no depreciation is provided on deletions in the year of disposal.

iii) Investments

Investments, all of which are long term, are stated at cost.

iv) Foreign currency transactions

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction. In respect of monetary items denominated in foreign currencies, exchange differences arising out of settlement/conversion at the closing rate are recognised in the income and expenditure account, there being no liability incurred in foreign exchange for the purpose of acquiring fixed assets.

V) Retirement benefits

Contribution for provident fund (based on a certain percentage of salary) and provision for gratuity and leave encashment (computed on an arithmetical basis) are charged against revenue each year.

vi) Patron membership fees

a) The fees received from patron members are directly credited to reserves and surplus under “P atron membership fee reserve”. An amount equivalent to the membership fees that would have been payable by such members had they been enrolled as ordinary members is transferred from the said reserve to the income and expenditure account.

b) Income earned from investments and deposits attributable to funds received towa rds patron membership fees is transferred from the Income and Expenditure Account to “Patron membership fee reserve”. Such income attributable is determined by applying the weighted average rate of return earned by the Chamber during the year (on its funds invested / deposited) to the cumulative funds received towards patron membership fees.

vii) Entrance fees

Entrance fees received from members are considered as on capital account and credited directly to Members' reserve.

viii) Government grants

Government grants related to specific fixed assets are shown as deduction from the gross value of the relevant asset in arriving at their book values.

INDO-AMERICAN CHAMBER OF COMMERCE(Incorporated under the Companies Act, 1956 on 24th October, 1968)

NOTES ANNEXED TO AND FORMING PART OF THE BALANCE SHEETAS AT 31ST MARCH, 2007 AND THE INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED ON THAT DATE

SCHEDULE 'B’

IACC

Year ended Year ended

31st March 2007 31st March 2006

Rupees Rupees

a) Seminars, symposia and meetings 155,221 401,196

b) Trade delegation - 21,750

c) Membership subscription - 45,250

2. Expenditure in foreign currency

Year ended Year ended

31st March 2007 31st March 2006

Rupees Rupees

Trade delegation 110,803 399,628

3. The income shown in the income and expenditure account, which are in the nature of excess recoveries, are

after deduction of the following expenses:

Year ended Year ended

31st March 2007 31st March 2006

Rupees Rupees

a) Seminars, symposia and meetings 12,006,246 8,630,093

b) Trade delegation 323,983 4,601,609

4. Auditors' remuneration (excludes service tax)

Year ended Year ended

31st March 2007 31st March 2006

Rupees Rupees

Audit fees 125,000 80,000

Taxation matters 20,000 7,714

Other services 9,000 -

5. For the purpose of determining that there are no outstanding dues of Small Scale Industrial (SSI) undertakings,

account has been taken of only those creditors who have responded to the enquiries made by the Chamber for

the purpose of determining its creditors who are SSI undertakings.

Further, the chamber is in the process of identifying suppliers falling under the Micro, Small and Medium

Enterprises Development Act, 2006. However, no confirmation as regards to the status has been received by the

chamber.

6.Figures for previous year have been regrouped wherever necessary.

For and on behalf of the Executive Council

DEEPAK PAHWA FAROKH T. BALSARA

President Executive Vice PresidentMumbai: September 5, 2007

IACC

INDO-AMERICAN CHAMBER OF COMMERCE1-C, VULCAN INSURANCE BUILDING, VEER NARIMAN ROAD, CHURCHGATE, MUMBAI 400 020

STATEMENT PURSUANT TO PART IV OF SCHEDULE VI TO THE COMPANIES ACT, 1956

BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE

I. Registration Details Registration No. 14120 State Code 11 Balance Sheet Date 31st March, 2007

II. Capital Raised During the Year (amount in Rs. thousands)

Public Issue N.A. Right Issue N.A. Bonus Issue N.A. Private Placement N.A.

III. Position of Mobilisation and Deployment of Funds (amount in Rs. thousands)

Total Liabilities 52,090 Total Assets 52,090

SOURCES OF FUNDS Paid-up Capital ------ Reserves and Surplus 48,128 Secured Loans ------ Unsecured Loans --------

APPLICATION OF FUNDS Net Fixed Assets 3,364 Investments 1,905 Net Current Assets 44,970 Miscellaneous Expenditure ------- Accumulated Losses --------

IV. Performance of Company (amount in Rs. thousands)

Turnover (Gross Receipts) 21,748 Total Expenditure 14,933 Profit/(Loss) before Tax 6,815 Profit/(Loss) after Tax 6,815 Earning per Share in Rs. N.A. Dividend Rate % N.A.

V. Generic Name of Principal Products/Services of the Company (as per Monetary Terms) Item Code No. (ITC Code) -------- Product Description --------- Item Code No. (ITC Code) -------- Product Description --------- Item Code No. (ITC Code) -------- Product Description ---------

Deepak Pahwa Farokh T. BalsaraPresident Executive Vice President

Mumbai: September 5, 2007

For and on behalf of the Executive Council

IACC

Mr. Deepak Pahwa (President) Bry-Air (Asia) Pvt. Ltd.

Mr. B. Prabhakar (Immediate Past President) JAPCON

Mr. Farokh T. Balsara (Executive Vice President) Ernst & Young Pvt. Ltd.

Mr. Ashok Aikat (Executive Vice President until Sonodyne Television Co. Ltd.

June 8, 2007)

Mr. Atul Nishar (Western Region President) Hexaware Technologies Ltd.

Mr. Vinod Madhok (Northern Region President) Dalmia (Bros.) Pvt. Ltd.

Mr. Vinay Kumar (Southern Region President) International Center for Management &

India Studies

Mr. S.K. Jain (Eastern Region President) LMJ International Ltd.

Mr. Shamsunder Aggarwal DBS Financial Services Ltd.

Mr. S.K. Mitra Birla Global Finance Ltd.

Mr. F.D. Neterwalla Neterwala Group of Companies

Mr. H.K. Shah Shavo Technologies Pvt. Ltd.

Mr. Gopal Jain View Advisors Pvt. Ltd.

Mr. Neel C. Raheja K. Raheja Corp. Pvt. Ltd.

Mr. Surendra Kumar Jain Synergy Emulsifuels Pvt. Ltd.

Mr. Govind Baldva Sugam Fashions Pvt. Ltd.

Mr. Baljit Sobti Systems Tek India Pvt. Ltd.

Mr. V.N. Dalmia Sunshine Tourism Services Pvt. Ltd.

Mr. Gautam Mahajan Inter-Link Services (P) Ltd.

Mr. K.N. Memani KNM Advisory Pvt. Ltd.

Mr Asoke K. Laha Interra Information Technologies (India) Pvt. Ltd.

Mr. Prem Behl Exhibitions India Pvt. Ltd.

Mr. Vikram Madhok Abercrombie & Kent India Ltd.

Mr. Chella K. Srinivasan S. Viswanathan Chartered Accountants

Mr. M.L.N. Acharyalu Qualcore Logic Ltd.

Mr. Syed Badruddin Shez Esbee Holdings Pvt. Ltd.

Mr. Annam Dilip Kumar Fortune Bio-tech Ltd.

Ms. Priya Chetty Rajagopal Stanton Chase International Management

Services Pvt. Ltd.

Mr. V. C. Krishnan Madhu Business Services Pvt. Ltd.

Mr. V. Ramakrishna HCL Technologies Ltd.

Mr S. Chandrasekar International Infrastructure Consultants Pvt. Ltd.

Mr. Sanjay Khandwala Syratron Marketing Pvt. Ltd.

Mr. T.R.K. Ramakrushna Rajha Telesis Technologies (I) Pvt. Ltd.

Mr. George Paul Synthite Industrial Chemicals Ltd.

Dr. Sankaran P. Raghunathan Blueshift India Pvt. Ltd.

Mr. Satyanarayana Bolisetti (Co-opted) Essemm Information Systems Ltd.

Mr. Ajay Virmani (Co-opted) Auroma Leather Craft

Mr. Vikram Swarup (Co-opted) Paharpur Cooling Towers Ltd.

Mr. Ashank Desai (Co-opted) Mastek Limited

Mr. Ashok Kapoor (Co-opted) RK Impex Pvt. Ltd.

INDO-AMERICAN CHAMBER OF COMMERCEEXECUTIVE COUNCIL FOR THE YEAR 2006-07

IACC

REGIONAL COUNCILS & BRANCH

COMMITTEES FOR THE YEAR 2006-07

Mr. S.K. Jain

(Regional President)

Mr. Sutanu Ghosh (Regional

Vice President)

Mr. Shourya Mandal

(Regional Vice President)

Mr. H.P. Budia

Mr. M.K. Saharia

Mr. Harjeet Kohli

Mr. Rajen Vaswani

Mr. Bikram Dasgupta

Mr. L.N. Balaji

Mr. Pankaj Parekh

Mr. Prashant Goenka

LMJ International Ltd.

Ghosh, Bose & Associates Pvt.

Ltd.

Fox & Mandal

Patton Ltd.

Contemporary Industries Ltd.

Citibank

Wesman Thermal Engg. Processes

Pvt. Ltd.

Globsyn Technologies Ltd.

ITC Limited

Easy Fit Jewellery Pvt. Ltd.

Emami Ltd.

EASTERN REGION

Mr. Vinod Madhok

(Regional President)

Dr. Prasad Medury

(Regional Vice President)

Mr. S. Madhavan

(Regional Vice President)

Mr. S.K. Sarkar

Mr. Solil Chatterjee

Mr. Atul Sharma

Mr. Dikshu Kukreja

Dr. Vivek Lall

Mr. Pratap Agarwal

Mr. Harminder Sahni

Mr. Srinivas Duvvuri

Mr. Anurag Chandra

Dalmia (Bros) Pvt. Ltd.

Silicon Graphics Systems (I) Pvt.

Ltd.

PricewaterhouseCoopers Pvt. Ltd.

Sarkar & Associates

Acumen Consulting (I) Pvt. Ltd.

Link Legal

C P Kukreja Associates Pvt. Ltd.

Boeing International

IDS Infotech Ltd.

KSA Technopak

Bombardier Inc.

Chandra Towers Pvt. Ltd.

NORTHERN REGION

Mr. Puneet Raman

(Chairman)

Mr. Debashis Mukherjee

(Vice Chairman)

Mr. Vinay Kumar

(Vice Chairman)

Mr. R.K. Goel

Mr. Kailash Baranwal

Mr. Rishabh Chandra Jain

Mr. Mukul Kumar Shah

Mr. Bharat Kumar Agrawal

Mr. Suraj Kumar Sah

Mrs. Anita Dey

Mr. Shubrato Kumar Paul

Mr. Ahsan Khan

F M Carpets Exports Pvt. Ltd.

Maajhdia International

Vinay Kant & Associates

Triveni Handlooms Ltd.

Kailash Rugs Industries

Jain Associate

Shah Mukul Kumar & Associate

Diesel Components Pvt. Ltd.

National Winder

W H Smith Memorial School

S Paul

Ahsan Exports

VARANASI BRANCH

Mr. Vinay Kumar (Regional

President)

Mr. S P Mishra

(Regional Vice President)

Dr. Sankaran P Raghunathan

Mr. Hiren Shah

Mr. Ravi Sundaram

Mr. Vijay Narayan Govind

Mr. Francis Alapatt

Mr. P R Ananthamurthy

Mr. Udaya Kumar

Mr. M L N Acharyalu

Mr. B. Balaji

Mr. D V R Raju

International Center for

Management & India Studies

Kaytronics Exim Pvt. Ltd.

Blueshif India Pvt. Ltd.

Dynamic Computers

Anugraha Qualitech Services

Varma & Varma

Alapatt Brothers

Khoday India Ltd.

Karthik Business Machines Pvt. Ltd.

Qualcore Logic Ltd.

ADP Pvt. Ltd.

Safe Guard Security Services Pvt.

Ltd.

SOUTHERN REGION

Mr. R. Anand (Chairman)

Mr. Hiren Shah

(Vice Chairman)

Mr. Umesh Pujara

(Vice Chairman)

Mr. N.V. Srinivasan

Mr. D.M. Belgamvala

Mr. S.S. Yuvaraj

Mr. S. Ravishankar

Ms. Kalpana Pooviah

Mr. Ravi Sundaram

Mr. M. Murali

Ms. Usha Srinivasan

Mr. Srinivas Acharya

Ernst & Young Pvt. Ltd.

Dynamic Computer Services

Pujara Fibres Pvt. Ltd.

NVS & Associates

BEL Refrigeration Co.

Kankadurga Fabrics Pvt. Ltd.

Exports Super Auto Forge Ltd.

Centaur Furniture

Anugrahaa Qualitech Services Pvt.

Ltd.

Sri Krishna Sweets

Tekstrom Infotech Pvt. Ltd.

Sundaram Finance Ltd.

TAMIL NADU BRANCH

Mr. Soumitra Sana

(Chairman)

Mr. Udaya S Kumar

(Vice Chairman)

Mr. Vasanth Kini

(Vice Chairman)

Mr. P.N. Sudarshan

Mr. Harish Jagtiani

Mr. Vivek Kulkarni

Mr. Greg Janssen

Motorola India Electronics Ltd.

Karthik Business Machines Pvt. Ltd.

Raychem RPG Ltd.

Deloitte Haskins & Sells

Intermark Corporation

Brickwork India

Caterpillar Logistics Services India

Pvt. Ltd.

KARNATAKA BRANCH

IACC

Mr. Pradeep Udhas

Mr. Vishwavir Ahuja

Mr. Kewal Handa

Mr. Harish Mehta

Mr. Anand Desai

Mr. Nanik Rupani

( Co-opted)

Mr. Chirag Doshi

(Co-opted)

KPMG Advisory Services Pvt. Ltd.

Bank of America

Pfizer Limited

Onward Novell Software (I)

Pvt. Ltd.

DSK Legal

Neutron Electronics Systems

Pvt. Ltd.

Walchandnagar Industries Ltd.

Mr. M.V. Appa Rao

Mr. Nagendra Satyam

Mr. Surendra Singh

Mr. Shuva Mandal

Solectron Centum Electronics Ltd.

EMC Data Storage Systems India

Fidelity Investments

Fox Mandal & Associates

Mr. T. Gopi Chand

(Chairman)

Mr. V. Anand Reddy

(Vice Chairman)

Mrs. Shanti Kumar

(Vice Chairperson)

Mr. Utkarsh Palnitkar

(Vice Chairman)

Mr. R. Jagadeeswara Rao

Mr. Venkatata R.

Kalavakolanu

Mr. P.V. Narasimha Rao

Mr. Y.S.R. Venkata Rao

Mr. Sharad B. Pitti

Mr. Rajender Kumar

Agarwal

Mr. Vijay Kumar

Mr. M.V.S.R. Prasad

Tera Software Ltd.

Sonali Castings Pvt. Ltd.

Satyam Computer Services Ltd.

Ernst & Young Pvt. Ltd.

Ram Informatics Ltd.

Jupitor Bioscience Ltd.

Fusion Technologies India Pvt. Ltd.

Alkali Metals Ltd.

Pitti Laminations Ltd.

Suryavanshi Spinning Mills Ltd.

Vithaldas Exports

Power Media Pvt. Ltd.

ANDHRA PRADESH BRANCH

Mr. Atul Nishar

(Regional President)

Mr. Brian Brown

(Regional Vice President)

Mr. Manish Modi

( Regional Vice President)

Mr. Saurabh Sonawala

Mr. Andrew Holland

Ms. Harshbeena S Zaveri

Mr. Vikram Limaye

Hexaware Technologies Ltd.

Citigroup Global Markets India

Pvt. Ltd.

Flora Projects Pvt. Ltd.

Hinditron Infosystems Pvt. Ltd.

DSP Merrill Lynch Ltd.

NRB Bearings Ltd.

IDFC

WESTERN REGION

Ms. Madhavi Gargesh

(Chairperson)

Mr. Amal Dhru

(Vice Chairman)

Mr. S.A. Dula

Mr. G.S. Sekhon

Mr. Govind Baldva

Mr. Narendra Patel

Mr. K.H. Patel

Mr. Jaywant Kamdar

Mr. O.P. Pahuja

Mr. Anupam Saxena

Mr. Kaizer Mahuvawala

Mr. Yogesh Agarwal

Global Media

Comprehensive Financial Services

INDEXTB (Industrial Extension

Bureau)

Reliance Industries Ltd.

Sugam Fashions

Shyamdeep Lease Finance Pvt.

Ltd.

Rainbow Exports

Ingersoll Rand (I) Ltd.

United Consultants

Creative Infocity

Gurjar Images

Shakti Polyweave Pvt. Ltd.

GUJARAT BRANCH

Mr. Shekhar Agharkar

(Chairman)

Mr. Suresh S Joshi

(Vice Chairman)

Mr. Nitin Deshpande

(Vice Chairman)

Mr. Ashutosh Parasnis

Mr. Ranjt Wandrekar

Mr. R. Vasudevan

Dr. Makarand Phadke

Mr. Prasant Krishnan

Mr. Tanveer Saulat

Mr. Praful Talera

Mr. John O'Halloran

Mr. Ravindra Utgikar

Dr. Subhash Kapre

(Co-opted)

Dr. Vidya Yeravdekar

(Co-opted)

Arthtech Consultant Pvt. Ltd.

Cache Technologies Pvt. Ltd.

Eclipsys India

PTC Software (I) Pvt. Ltd.

Surge Technology Controls (I) Pvt.

Ltd.

Vascon Engineers Pvt. Ltd.

Aquapharm Chemical Co. Pvt.

Ltd.

Stork Electronic Pvt. Ltd.

Synechron Technologies Pvt. Ltd.

Dynamic Logistics Pvt. Ltd.

Cummins Research & Tech. India

Ltd.

Suzlon Energy Ltd.

Serum Institute of India Ltd.

Symbiosis

PUNE BRANCH

Mr. C.P. Sebastian

(Chairman)

Mr. Vijay Narayan Govind

(Vice Chairman)

Mr. Saju K. Thomas (Vice

Chairman)

Mr. Francis Alapatt

Mr. A.K. Nair

Mr. George Paul

Mr. P.K. Koshy

Mr. Thomas Phillip

Mr. P. Narayan

Mr. Ajit V. Saraf

Mr. Jose Dominic

Essel Global

Varma & Varma

Popular Motor Corporation

Alapatt Brothers

Kerala Chemicals & Proteins Ltd.

Synthite Industrial Chemicals Ltd.

CII Guardian International Ltd.

Cochin Spices Ltd.

Chakiat Agencies Pvt. Ltd.

Saraf Trading Corpon. Pvt. Ltd.

CGH Earth

KERALA BRANCH

IACC

2006-07 Deepak Pahwa Bry-Air (Asia) Pvt. Ltd.

2005-06 B. Prabhakar JAPCON

2004-05 Ranjit Sen Guardian Plasticote Ltd.

2003-04 V. Rangaraj Essar Group

2002-03 Vinod C. Chandiok Walker, Chandiok & Co.

2001-02 R. Veeramani Gem Granites

2000-01 Amit K. Sen East India Pharmaceutical Works Ltd.

1999-2000 Ramesh L. Dalal Dalal Consultants & Engineers Ltd.

1998-99 Kamal Meattle Paharpur Business Centre

1997-98 M. V. Rajeshwara Rao Nirup Synchrome Ltd.

1996-97 Raghu Mody Rasoi Ltd.

1995-96 Hemant Sonawala Hinditron Group of Companies

1994-95 (*) S. S. Kanwar Raunaq Automotive Components Ltd.

1993-94 P. D. Kothari Kothari Industrial Corpn. Ltd.

1992-93 Abhijit Sen Telelink Nicco Ltd.

1991-92 Ashok C. Pratap Ashok Pratap & Co.

1990-91 M. K. Modi Modipon Ltd.

1989-90 Nrupender Rao Nagarjuna Signode Ltd.

1988-89 Arun K. Ghosh Robson Black & Ghosh

1987-88 H. R. Prasad Schrader- Scovill Duncan Ltd.

1986-87 (*) Bhai Mohan Singh Ranbaxy Laboratories Ltd.

1985-86 V. Narayanan Pond's India Ltd.

1984-85 (*) Manmohan Singh Frick India Ltd.

1983-84 W. R. Correa Union Carbide India Ltd.

1982-83 A. Majumdar Tractors India Ltd.

1981-82 (**)John O. Sims Bank of America, NT & SA

1980-81 N. S. Gilani The SNC Corporation

1979-80 (*) F. F. Richardson F. F. Richardson Management Consultant

1978-79 (*) P. L. Vahi Otis Elevator Co. India Ltd.

(**)David A.. Artko Bank of America, NT & SA

1977-78 (**)G. B. Rich Citibank N. A.

1976-77 (*) T. T. Vasu Time- Aids (India) Ltd.

1975-76 (**)Timothy J. Irvin Bank of America, NT & SA

1974-75 Harish Mahindra Mahindra & Mahindra Ltd.

1973-74 (**)A. R. Burton Trans World Airlines

1972-73 H. P. Nanda Escorts Ltd.

1971-72 (**)A. L. Tylor IBM World Trade Corporation

1969-71 (*) S. L. Kirloskar Kirloskar Cummins Ltd.

(*) Deceased

(**) Left from India

IACC PAST PRESIDENTS

IACC

1 AAKIT TECHNOLOGIES PVT. LTD. 88 GUARDIAN PLASTICOTE LTD. 175 PATNI COMPUTER SYSTEMS LTD.2 ACCENTURE INDIA PVT. LTD. 89 GUJARAT VENTURE FINANCE LTD. 176 PATTON LTD.3 ADITYA BIRLA GROUP 90 HARVEST FINANCIAL LTD. 177 PEERLESS FABRIKKERNE (INDIA) LTD.4 AFFILIATED COMPUTER SER. OF INDIA (P) LTD. 91 HAWORTH INDIA PVT. LTD. 178 PENNAR GROUP OF INDUSTRIES5 AJANTA PHARMA LTD. 92 HEXAWARE TECHNOLOGIES INC. 179 PFIZER LIMITED6 ALAN SCOTT INDUSTRIES LTD. 93 HINDITRON GROUP OF COMPANIES

180 PHARMACIA HEALTHCARE LTD.7 AKRUTI NIRMAN LIMITED 94 HINDITRON TEKTRONIX INSTRUMENTS LTD.

181 PREGRINE CAPITAL LTD.8 ALLTEL INFORMATION (INDIA) PVT. LTD. 95 HINDUSTAN LEVER LTD.182 PRESTIGE JEWELRY9 AMBIT CORPORATE FINANCE PTE. LTD. 96 HINDUSTHAN DEVELOPMENT CORPN. LTD.183 PRICEWATERHOUSE COOPERS LTD.10 AMERICAN EXPRESS BANK LTD. 97 HIRANANDANI DEVELOPERS PVT. LTD.184 PROCTER & GAMBLE INDIA LTD.11 AMRUT INDUSTRIES LTD. 98 HOTEL SARAVANA BHAVAN185 PTC SOFTWARE (INDIA) PVT. LTD.12 ASHOK PRATAP & CO. 99 HOUSING DEVELOPMENT FIN. CORPN. LTD.

13 ASHRAJ FOODS & BEVERAGES PVT. LTD. 100 HSBC SECURITIES & CAPITAL MARKETS 186 PUNJAB NATIONAL BANK14 ASIAN PAINTS (I) LTD. (I) PVT. LTD. 187 R&P MANAGEMENT COMMUNICATIONS PVT. LTD.15 ASIANA HOTEL MANAGEMENT CO. 101 HYNOUP FOOD & OIL INDS LTD. 188 RAJDARBAR EXPORTS PVT. LTD.16 ASSOCIATED CEMENT CO. LTD. 102 INDIA INSURE RISK MANGT. SER. PVT. LTD. 189 RAJALAKSHMI TEXTILE PROCESSORS PVT. LTD.17 ATV PROJECTS INDIA LTD. 103 INDIAN SHAVING PRODUCTS LTD.

190 RAYTHEON INTERNATIONAL INC.18 AVAYA GLOBAL CONNECT 104 INDOFIL CHEMICALS COMPANY191 REALSOFT CYBER SYTEMS PVT. LTD.19 AXIS BANK 105 INDIAN OIL CORPORATION LTD.192 RELIANCE INDUSTRIES LTD.20 B ARUNKUMAR & CO. 106 INDUSTRIAL CABLES (I) LTD.193 REMSONS INDUSTRIES LTD.21 BANK OF BARODA 107 INGERSOLL-RAND (INDIA) LTD.194 RICHA GROUP OF COMPANIES22 BANK OF INDIA 108 INGERSOLL-RAND (INDIA) LTD.195 RITE CHOICE GROUP OF COMPANIES23 BARINGS INDIA PVT. LTD. 109 INTERNATIONAL BUSINESS CONSULTANTS

24 BAUSCH & LOMB INDIA LIMITED 110 INTERRA INFORMATION TECH. (INDIA) PVT.LTD. 196 ROLTA INDIA LIMITED25 BHARAT HOTELS LTD. 111 ISHWARLAL HARJIVANDAS JEWELLERS (P) LTD. 197 ROYAL ENTERPRISES26 BIRLA TYRES 112 ISPAT GROUP 198 RPG ENTERPRISES LTD.27 BLUE CROSS LABORATORIES LTD. 113 ISPAT INDUSTRIES LTD. 199 SAHARA KASTURI HANDICRAFTS28 BLUE DART EXPRESS LTD. 114 IT PEOPLE (INDIA) LTD.

200 SAPIENT CORPORATION PVT. LTD.29 BMG ENTERPISES 115 ITW SIGNODE INDIA LTD.201 SCHRADER DUNCAN LTD.30 BRITT WORLDWIDE INDIA (P) LTD. 116 J.B. ADVANI & CO. LTD.202 SESAME WORKSHOP31 BRY-AIR (ASIA) (P) LTD. 117 J.B.BODA & CO. PVT. LTD.203 SEATON INDIA IT PVT. LTD.32 CAMBIL SOFTWARE PVT. LTD. 118 JKJ & SONS JEWELLERS204 SHAKTI POLYWEAVE PVT. LTD.33 CAMAC CONSULTANTS PVT. LTD. 119 J L MORISON (I) LTD.205 SHASUN CHEMICALS & DRUGS LTD.34 CAMPHOR & ALLIED PRODUCTS LTD. 120 J M FINANCIAL & INVESTMENT CON. SER. LTD.

35 CARLYLE INDIA ADVISORS PVT. LTD. 121 JAPCON 206 SHAVO NORGREN (I) PVT. LTD.36 CARLYLE INDIA ADVISORS PVT. LTD. 122 JAYSYNTH DYECHEM LTD. 207 SHREE GOPAL IMPEX PVT. LTD.37 CBAY SYSTEMS (INDIA) PVT. LTD. 123 JM MORGAN STANLEY INDIA SEC. PVT. LTD. 208 SHYAMBAZAR HARALALKA (P) LTD.38 CCL PRODUCTS (INDIA) LTD. 124 K U ADVANI PVT. LTD. 209 SILVERLINE INDUSTRIES LTD.39 CENTURION BANK LTD. 125 K. RAHEJA CORP. PVT. LTD.

210 SINGHI & COMPANY40 CHAMBAL FERTILIZERS & CHEMICAL LTD. 126 K. RAHEJA CONSTRUCTIONS PVT. LTD.211 SISTA'S PRIVATE LIMITED41 CHEMTROLS ENGINEERING PVT. LTD. 127 KALYANI FORGE LIMITED212 SOMAIYA GROUP42 CHICAGO PNEUMATIC INDIA LTD. 128 KELLOGG INDIA (P) LIMITED213 SONAROME PVT. LTD.43 CITIBANK N.A. 129 KHAITAN & CO.214 SOUNDCRAFT INDUSTRIES LTD.44 CITIGROUP GLOBAL SERVICES 130 KOTHARI INDUSTRIAL CORPORATION

45 COGNIZANT TECHNOLOGY SOLUTIONS 131 KPMG PEAT MARWICK 215 SRI KRISHNA GROUPINDIA PVT. LTD. 132 KUONI TRAVEL INDIA PVT. LTD. 216 SRI KRISHNA SWEETS (CBE) PVT. LTD.

46 COLGATE PALMOLIVE (I) LTD. 133 LANCER LASER TECH PVT. LTD. 217 STATE BANK OF INDIA47 COLUMBIA TRISTAR FILMS OF INDIA LTD. 134 LAND MARVEL GROUP 218 SUASHISH DIAMONDS LTD.48 CONTECH SOFTWARE LTD. 135 LARSEN & TOUBRO LTD. 219 SUNRICH ENERGY PVT. LTD.49 COROMANDAL FERTILISERS LTD. 136 LAZARD INDIA PVT. LTD.

220 SWARUP GROUP OF INDUSTRIES50 CRB CAPITAL MARKETS LTD. 137 LEO BURNETT221 T T K GROUP51 CUMMINS INDIA LTD. 138 LIPI DATA SYSTEMS222 TATA AIG GENERAL INSURANCE CO. LTD.52 DABHOL POWER COMPANY 139 LMJ INTERNATIONAL LTD.223 TATA CONSULTANCY SERVICES LTD.53 DALAL MOTT MACDONALD 140 LOKHANDWALA BUILDERS

54 DATAMATICS LIMITED 141 LUBRIZOL INDIA LTD. 224 TATA CONSULTANCY SERVICES LTD.55 DBS FINANCIAL SERVICES PVT. LTD. 142 LUPIN LTD. 225 TATA INFOMEDIA LIMITED56 DCW LIMITED 143 MAHARASHTRA HYBRID SEEDS CO. LTD. 226 TATA INFOTECH LIMITED57 DELOITTE HASKINS & SELLS 144 MAHAVIR PLANTATIONS LTD. 227 TATA INTERNATIONAL LIMITED58 DE-NOCIL CROP PROTECTION PVT. LTD. 145 MAIHAR CEMENT 228 TATA POWER LTD.59 DEVELOPMENTS CONSULTANTS LTD. 146 MAKERS DEVELOPMENT SERVICES LTD. 229 TATA SSL LIMITED60 DHL WORLDWIDE EXPRESS (INDIA) PVT. LTD. 147 MARATHON REALTY LTD.

230 TELELINK NICCO LTD.61 DISHMAN PHARMACEUTICALS & CHEMICALS LTD. 148 MASTEK LIMITED231 THE INDIAN HOTELS CO. LTD.62 DSK LEGAL 149 MCS SOFTWARE SOLUTIONS LTD.232 THE MYSORE FERTILISER CO.63 DUN & BRADSTREET INDIA PVT. LTD. 150 MEADWESTVACO SINGAPORE PTE. LTD.233 THERMAX LIMITED64 DUPONT SPORTSWEAR LIMITED 151 MEENAKSHI GROUP

65 EAST INDIA PHARMACEUTICAL WORKS LTD. 152 MEGAVISA MKTG. & SOLUTIONS LTD. 234 TIMES GUARANTY FINANCIALS LTD.66 EASTERN PERIPHERALS LTD. 153 MILLIPORE (INDIA) PVT. LTD. 235 TORRENT PHARMACEUTICALS LTD.67 EIMCO ELECON (INDIA) LTD. 154 MIOT HOSPITALS 236 TRANS IMPEX PVT. LTD.68 EMC DATA STORAGE SYSTEMS INDIA PVT. LTD. 155 M M FORGINGS LTD. 237 TRANSWORLD GROUP OF COMPANIES69 ELBEE SERVICES LTD. 156 MODELAMA EXPORTS LTD. 238 TVS MOTOR CO. LTD.70 EMERSON PROCESS MANAGEMENT (I) PVT. LTD. 157 MODIPON LIMITED 239 UB GROUP71 ENPEE KNITTERS 158 MONSANTO TECHNOLOGIES INDIA LTD.

240 USHA (INDIA) LTD.72 ERNST & YOUNG INDIA PVT. LTD. 159 MR. AMITABHA PANDE241 V S DEMPO & CO. LTD.73 ESSAR GROUP OF COMPANIES 160 MRF LTD.242 VENUS JEWEL74 EVEREADY INDUSTRIES INDIA LTD. 161 MTZ POLYESTERS LTD.243 VIDEOCON INTERNATIONAL LTD.75 EXHIBITIONS INDIA LTD. 162 NATVAR PARIKH INDUSTRIES LTD.

76 FINCH SOFTWARE INDIA PVT. LTD. 163 NEPC INDIA LTD. 244 VINAYAKA MISSIONS GROUP77 FLUOR DANIEL INDIA PVT. LTD. 164 NIRUP SYNCHROME LTD. 245 VOLTAS LIMITED78 GAMAPIY INFOTECH PVT. LTD. 165 NETERWALA GROUP OF COMPANIES 246 WALCHANDNAGAR INDUSTRIES LTD.79 GANESH ANHYDRIDE LTD. 166 NITIN FIRE PROTECTION INDUSTRIES LTD. 247 WALDEN-NIKKO INDIA MANAGEMENT CO. LTD.80 GE APAR LIGHTING LTD. 167 NRB BEARINGS LTD. 248 WATERS INDIA PVT. LTD.81 GEEKAY EXIM (INDIA) LTD. 168 OGILVY & MATHER PVT. LTD.

249 WESTERN UNION FINANCIAL SERVICES INT.82 GLOBAL INFOVISION PVT. LTD. 169 ONWARD NOVELL SOFTWARE (INDIA) PVT. LTD.

250 WHITE & CASE83 GODFREY PHILLIPS INDIA LTD. 170 PAHARPUR COOLING TOWERS LTD.251 WIPRO LIMITED84 GODREJ INDUSTRIES LIMITED 171 PALLAVA GRANITE INDUSTRIES (I) PVT. LTD.252 WITMANS INDUSTRIES85 GOLDSHILED SERVICES PVT. LTD. 172 PARASRAMPURIA SYNTHETICS LTD.253 WORTHINGTON PUMPS INDIA LTD.86 GRAPHITE INDIA LTD. 173 PARKE-DAVIS (INDIA) LTD.

87 GRASIM INDUSTRIES LTD. 174 PATEL ENGINEERING LTD. 254 WYETH LTD.

LIST OF PATRON MEMBERS AS ON AUGUST 31, 2007