APRIL 2014 SHRIRAM NEWS 1

VOL. 27 APRIL 2014 ISSUE 2

MR. ARUN DUGGAL, CHAIRMAN, SHRIRAM CAPITAL APPOINTED

CHAIRPERSON, FICCI CENTRE FOR CORPORATE GOVERNANCE

Mr. Arun Duggal, Chairman, Shriram Capital Ltd.,has been appointed as Chairman of FICCI Centre forCorporate Governance, an in-house centre to enhancecorporate governance standards in India and provideservices in this area internationally as well.

The centre will have its own advisory board, staffand funding. One of the major initiatives of the centre for

SANLAM CHIEF EXECUTIVE APPOINTED TO THE BOARD OF

SHRIRAM CAPITAL LTD.,

The Shriram Group announcedthat Dr. Johan Van Zyl, Group ChiefExecutive, Sanlam Group, has beenappointed as Non-Resident ExecutiveDirector of Shriram Capital Ltd.,(SCL) in India with effect fromFebruary 19, 2014. Dr. Johan Van Zylhas been the Group CEO of Sanlam

since April 2003. He originally trained as an agriculturaleconomist and holds two doctorates, one in Economicsand another in Agricultural Economics. After havingworked for the South African Government and NAMPO(South African Agricultural Trade Show) as an economist,he taught agricultural economics at the university ofPretoria from 1983 to 1994, ending up as Dean of Naturaland Agricultural Sciences. He subsequently spent twoyears at the World Bank as coordinator of RuralDevelopment. In 1996, he became Vice-Chancellor andPrincipal of the University of Pretoria. In 2001 he enteredthe private sector, being appointed the CEO of Sanlam.

Shriram Capital is the holding company of variousfinancial services entities within the Shriram Group, oneamong the most respected business houses in India.

Dr. Van Zyl has led Sanlam’s exponential growth inemerging markets, including the partnership with theShriram Group which began in 2005 with Shriram LifeInsurance Company Ltd.,and Non-Life Insurance(Shriram General Insurance ) in 2008. Sanlam has alsotaken a 26 per cent strategic stake in Shriram Capital

during 2012 to holistically partner Shriram in all itsfinancial services businesses in India.

Welcoming Mr. Van Zyl to the Board, SCL Chairman,Mr. Arun Duggal commented “Dr. Van Zyl’s appointmentis an extension of the strategic long-term partnershipbetween the Sanlam Group and the Shriram Group as weseek to explore synergies and imbibe the best-of-classprocesses and practices in the financial services arena.Since Sanlam is acknowledged as a leading financialservices group and a pioneer in transformation, Dr. VanZyl will add an extra dimension to Shriram Capital’sheritage, vision, values and strategy. He will act as a trustedadviser to the evolution of our business and brand, ourcommitment to socio-economic empowerment, ourcorporate social investment initiatives and much more”.Last year Sanlam, through Sanlam Emerging Markets,concluded two major investment transactions as part of thecontinued relationship with Shriram – an investment ofRand 2.1 billion in Shriram Capital and a direct investmentof Rand 1.3 billion in Shriram Transport Finance. (Randis the currency of South Africa). In December, SanlamGroup reported that its operating results included amaiden contribution from its increased holding inShriram Capital.

Acknowledging his appointment, Dr Van Zyl said“It is an honour to be appointed on the Board of ShriramCapital as I have long admired the Group’s commitmentto business excellence, values and financial inclusioninitiatives. I look forward to contributing in taking theShriram Sanlam partnership to the next level”.

the year 2014 would be ‘Women onCorporate Boards’ which was launchedlast year. It involves a mentoringprogramme under which experiencedboard members will mentor and coachprofessional women to become ready tojoin corporate boards.

APRIL 2014 SHRIRAM NEWS 2

EDITORIAL

Dear Friend,

Greetings and Good Wishes to you and your families.Much of this issue brings you Corporate News from the Shriram Group, like Shriram Capital Chairman

Mr. Arun Duggal being appointed as the Chairman of FICCI Centre for Corporate Governance, SanlamChief Executive Dr. Johan Van Zyl appointed as an independent Non-Resident Executive Director of ShriramCapital and, Shriram Automall tying up with John Deere besides opening up shop in Bangalore and Raipur.

And you have news about Shriram Value Services being ranked No.3 with the ‘Best Employer Brand’award and a whole lot of other awards in various categories for exemplary HRD practices at the World HRDCongress, 2014.

Shriram City ‘s MSME Loan Mela in association with Taloja Inustries Association, Maharashtra waswelcome with cheer by hundreds of MSM entrepreneurs who were in need of hassle-free financial assistanceto build their businesses.

Shriram Art & Literary Society celebrated Poet Subramania Bharati’s 132nd birth anniversary by honouringluminaries from the field of art, literature and education.

Also in this issue read about Prof. R. Vaidyanathan’s Book ‘India Uninc’ release by Dr. C. Rangarajan,(Former Finance Minister Mr. Yashwant Sinha’s thoughts on Small Business Finance Companies’ need to playa bigger role to help build a robust national economy) and Shriram Exports winning the CAPEXIL certificatefor exemplary performance for the fourth consecutive year.

And, Dr. Varun elaborates on the need to plan for one’s demise and providing a secure life for the family.Read all about this in this issue

Yours truly,Akhila Srinivasan

Editor

Dr. C. Rangarajan, Chairman, Economic AdvisoryCouncil to the Prime Minister, released ProfessorR.Vaidyanathan’s book titled, ‘INDIA UNINC’ on 19thFebruary, 2014 at a function organized by the MadrasManagement Association (MMA) Chennai.

The first copy of the book was received by Mr. ArunDuggal, Chairman, Shriram Capital Ltd., in the presenceof Mr. R. Chandrasekharan, Executive Vice-Chairman,Cognizant Technology Solutions & Committee Member,MMA and Mr. S. Gurumurthy, Columnist and Thinker.

Mr. Gurumuthy addressed the gathering on the topic‘Promote Small Business Finance - Promote India’,wherein he highlighted that the small, micro andmedium enterprises constitute 45-50% of our Nationalincome and more than 80% of our savings besides beingresponsible for nearly 50% of our investment or capitalformation.

Dr. C. RANGARAJAN RELEASES Prof. R.VAIDYANATHAN”S BOOK,

‘INDIA UNINC ’; Mr. ARUN DUGGAL RECEIVES THE FIRST COPY

Mr. Gurumurthy also stressed on the need to enhancecredit availability to this sector at affordable rates and inthis context, the role of Non-Banking Finance Companiesis very critical.

Dignitaries on the dais

APRIL 2014 SHRIRAM NEWS 3

Shriram City Union Finance Ltd. occupies aprominent space in financing Micro, Small and MediumEnterprises (MSMEs) across India. This article attemptsto briefly detail the prominent characteristics of thissegment contributing overwhelmingly to the Indianeconomy.

MSMEs in India tend to have a wide geographicaldistribution, unlike large units which gravitate towardsconcentration in industrial clusters. While this spreadbrings with it advantages such as regional skills andreduced transportation costs, some industry experts opinethat MSMEs would benefit from shared resources (andassociated reduced costs) if they were to be concentratedon the basis of sector, geography and homogeneity.Some other characteristics exhibited by Indian MSMEsare – a wide diversity in size and technology employed.,relatively low investments in business and a highdegree of flexibility of operations and location. Very few(around 6%) of MSMEs are registered with State / Centralbodies, and around 94% are constituted as proprietorshipsor partnerships – an important target segment for ShriramCity. A reasonable amount of lack of gender bias is alsoseen, with 7% - 10% of MSMEs being owned and/ormanaged by women entrepreneurs. Another importantfeature observed of this sector is that of much of the financeneeded to start and successfully operate a small businessis inducted through personal savings and loans fromfriends and relatives. There is also a significant amountof dependence on private moneylenders, involving veryexpensive credit.

CHARACTERISTICS OF INDIAN MSMES

An analysis of the geographical dispersal of MSMEsin India indicates that Low-Income States (the analysisconsiders Bihar, Chhattisgarh, Jharkhand, MadhyaPradesh, Odisha, Rajasthan, Uttar Pradesh, West Bengal,and the north-eastern states including Sikkim as low-income states) have 32.6 percent of India’s total MSMEs.Only around 3 percent MSMEs are based in the North-Eastern States, with the rest of India accounting for theremaining approximately 65 percent of MSMEs.

The MSME numbers in India are skewed towardsservice sector enterprises than manufacturing units(around 71 percent versus a 29 percent split respectively).The manufacturing enterprises are more capital-intensivewith longer working capital cycles, and therefore havehigher working capital requirements. Thus, nearly 60percent of the demand for finance amongst MSMEs arisesfrom the manufacturing sector.

Employment generation is an important feature ofMSMEs in the Indian context. India’s cities have beenexperiencing the burden of a consistently growingpopulation, leading to an increasing proportion of migrantsin search of employment and livelihood to cities whichare already stretched in terms of infrastructure. MSMEsin rural and semi-urban locations offer a viable alternativefor employment to local labor, hence presenting anopportunity for people to participate in productive, non-farm activities, without needing to migrate to urban areas.With adequate financial and non-financial resources, aswell as capacity-building, the MSME sector can grow andcontribute even more to economic development.

(Source of data: Frost & Sullivan, IFC Washington)

The book focuses on the share of this sectorin national income, savings, capital formation, taxcontribution etc., In that sense, the book evokes a newline of thinking in addressing the concerns of a very largesector of our economy which unfortunately is derided asunorganized or residual sector. From that point of view,the book hopes to generate discussion by policy plannersand other experts in fostering this rapidly growing segmentof our economy.

About the Author

Prof. R. Vaidyanathan has been teaching at IIM,Bangalore for close to three decades. Immensely popularwith his students, he is also on the boards of severalcompanies. He is a member of the committees of

regulatory bodies such as the SEBI, IRDA and PFRDA,and is a regular commentator on economic matters in thenation’s leading newspapers.

Dr.C.Rangarajan, Chairman, Economic Advisory Council to the Prime Minister of India

APRIL 2014 SHRIRAM NEWS 4

SBFCs CAN PLAY MUCH BIGGER ROLE IN FINANCIAL INCLUSION – SINHA

“Small Business Financing Companies (SBFCs)can play a much bigger role in financial inclusion inIndia provided they are treated differently in terms ofopportunity and regulatory environment”.

“For that, thereis an immediate needfor formation of anindependent regulatorto formulate aframework forsustainable and betterfunctioning ofSBFCs that have beendoing a wonderfulwork for promotinggrowth of smallbusiness in India”,

Mr. Yashwant Sinha, former Finance Minister,Government of India, said.

Talking on the sidelines of the conference organizedby the Indian Merchant Chamber (IMC) at Mumbai inDecember last, Mr. Sinha said that SBFCs should betreated differently from banks.

The conference was attended by dignitaries includingMr. Shailesh Vaidya, President, IMC, Mr. S. Gurumurthy,Chartered Accountant & Columnist, and Prof. S. Sriraman,Wachand Hirachand Professor of Transport Economicsamong others.

The Small and Medium Enterprises, in excess of42 million in number, account for nearly 50% ofmanufacturing and over half of exports. Thus, theyrepresent perhaps the largest disaggregated businessecosystem in the world directly employing over 100million people.

With the share of this non-corporate sector (whichaccounts for 45% of India’s GDP) in bank finance only30%, funding for small businesses continues to remain amajor problem.

To address this issue, institutions specialized insmall business financing need to be promoted with anappropriate policy framework. This understanding iscrucial to unlocking the most massive and most massparticipated growth engine of the Indian Economy.

“Small businesses are like the backbone of theeconomy. India is the largest self employed in the world.With more than 43 million non-farming enterprisesproviding employment to 98 million people. SBus havebeen playing a major role in promoting these businesses.,by way of extending finance for their growth”, saidMr. Trustworthy in his address.

“ To address the difficulties faced by them, there is aneed to promote with an appropriate policy framework.This understanding is crucial to unlock the most massiveand most mass-participated growth engine of the Indianeconomy”, Mr. Vaidya said in his address.

“SBFCs had taken more than three decades of aneffort to build their infrastructure in the hinterland. Thiscannot be replicated by any institution or bank in a veryshort period of time. The kind of work SBFCs are presentlydoing should be recognized and they should be supportedthrough a facilitative regulatory environment to reach outto more number of small business units. If inclusive growthis to be achieved, it would be imperative to give moreleeway for SBFCs to grow”, Mr. Sinha added.

Dear Friend,

You must be regularly receiving Shriram News and enjoy readingits contents as well.

However, it is likely that some of you may be receiving multiplecopies of this newsletter, caused by different individuals of the same familyfurnishing the same mailing address at the time of making investmentsetc., or the same individual making multiple investments at different times/in different companies of the group. Our best efforts to reconcile this cannotbe successful without your kind co-operation.

If you or any of your family members are receiving more thanone copy of Shriram News, kindly contact us with the full names

and address of all investors/customers in your family at the followingaddress:

The Manager,Shriram Group Companies8, Third Cross Street, CIT ColonyMylapore, Chennai - 600004

Alternately, you may also e-mail us at: snews@shriram.com

A prompt and early response from you in this regard would be ofgreat help to us in updating our customer/investor database besides avoidingwasteful duplication of valuable resources.

AN APPEAL TO OUR DEAR READERS

Dignitaries on the dais

Mr.Yashwant Sinha, Member of Parliament &

Chairman, Parliamentary Standing Committee

on Finance

APRIL 2014 SHRIRAM NEWS 5

SHRIRAM CITY ORGANIZES LOAN MELA / SEMINAR IN ASSOCIATION

WITH TALOJA INDUSTRIES ASSOCIATION

MSME LOAN MELA AND SEMINAR

Shriram City Union Finance Ltd. and Shriram ChitsLtd., in association with Taloja Industries Association(MIDC, Taloja) organized a Loan Mela and Seminar atTaloja, Maharashtra, in December 2013. The programmewas supported by the Directorate of Industries,Government of Maharashtra (Konkan Region, Thane) andthe Department of Industrial Safety & Health, Governmentof Maharashtra.

Mr. G.M. Jilani (Director and Chief Executive ofShriram Chits, Maharashtra) delivered the keynote address

and said, “Shriram City has ventured into financingMSMEs at the right time. When there is a need for financialassistance among MSMEs, Shriram City offers timelyand hassle-free assistance to deserving entrepreneurs”.Mr. Jilani also briefed the participants about the variousother financial products offered by Shriram City, andinvited the MSMEs to make use of the same

Mr. Rajesh Achuthan, (Divisional Manager, ShriramCity) gave a presentation on the different financialproducts of Shriram City, with a special focus on SME /MSME Finance. Mr. V.W. Bhamre (Deputy Director,District Industries Centre, Thane) and Mr. S.M. Karande(Joint Director, Industrial Safety & Health) madepresentations on MSME policies and Industrial Safety& Health (CBD, Belapur) respectively.

Others present on the occasion includedMr. Hasan M. Sahib (Senior Regional Manager),Mr. C. Lakshminarayan and Mr. Z.I. Khan (Advisers -SME / MSME) from Shriram City, Mumbai. The eventwas also attended by Mr. Satish Shetty and Mr. BabuGeorge, President and Vice-President respectively ofthe Taloja Industries Association, and other executivemembers.

I wrote a column for a newsletter many moons ago.It starts with ‘Let’s talk about death’ and it goes on toexplain how financial loss arising out of the death of abreadwinner can be minimized through insurance. Afterit got published, a well-wisher sent an email suggestingthat I should rather have started the article with ‘Let’stalk about life’.

Needless to say, the topic of death is very unsettlingto many of us. We are quite repulsive to thinking andtalking about death and the consequential loss in termsof income. Any communication on mortality is thusexpected to be reasonably sugar-coated. Perhaps thatis the reason behind euphemistic pictures like Umbrellason the marketing material of life insurers instead of thepicture of a claims-man giving a cheque to the policybeneficiary!

The intention was to sensitize readers through aforceful opening. The more we talk about death, the morewe understand the need for fully securing our loved ones.We are a nation of grossly under-insured and uninsured

population even after decades of continuous efforts bymillions of agents. Whatever little insurance that many ofus have today, can simply get evaporated in the impendingfuneral expenses. Today, a typical funeral costs at leastone or two lakhs of rupees and that is the amount ofinsurance that most of us have. So, in a way, most of ourinsurance policies are funeral policies – that will only besufficient to pay for our passage expenses. No wonderwe came across a widow some time ago who said “Myhusband’s insurance money that you gave me was over.When can I get the next installment ?” When we told thather deceased husband chose a policy with a benefit payableonce-off, she was surprised and said ‘My husband paidpremiums for 5 years and I thought you’ll also keep payingme for as many years’.

Lack of financial literacy can give rise to certainchallenges in managing insurance money by beneficiaries.

1. The expectation of insurance money can inflatethe final expenses and with the money spent away,the family will be back at square one

‘LET’S TALK ABOUT LIFE’.

The session in progress

APRIL 2014 SHRIRAM NEWS 6

2. Managing money for them can be difficult if youhave been managing it all along in your household

3. Your vision for that money could be entirelydifferent from the way it is going to be spent afteryou are not around.

The right combination would be a lump sum amountto meet final expenses and outstanding loans and a seriesof amounts that can be made over time. A Family IncomeBenefit, attached to a base policy, works in a similarmanner. While the base policy gives out a lump sumamount, the Family Income Benefit rider gives 1% of theinsurance amount (sum assured) every month till the endof the policy term. As it is a series of monthly payouts,family expenses like rent, utility bills, groceries etc., canbe taken care of - just as you are doing now. This benefit

is currently available only in the event of an accidentaldeath and the premium is just Rs. 125 per month for amonthly benefit of Rs 10,000. The benefits will be paidto the beneficiaries starting from the month of claimsettlement up to the end of the policy term. If you arealready a policyholder, you can add this benefit to yourpolicy anytime during the policy term without anyunderwriting.

Knowing and choosing these simple and inexpensiveoptions in a life insurance policy can indeed make a greatdifference to the lives of your loved ones. Think now andact now, right away.

Dr. Varun Kishore

The columnist is currently based in South Africa andcan be reached at: varun.raavi@sanlam.co.za

Shriram Automall India Ltd., (SAMIL), a whollyowned subsidiary of Shriram Transport Finance Company,has entered into a tie up with John Deere India PrivateLimited - a Fortune 500 Company (John Deere), and aleading manufacturer of agricultural tractors and farmequipment founded in 1837, by signing an agreementwherein SAMIL will provide specialized services to JohnDeere’s authorized dealerships for disposal of pre-ownedtractors and farm equipment. Present at the event wereMr. Ravi Menon, Director-Sales and Marketing, JohnDeere and Mr. Sameer Malhotra, Chief Executive Officer,SAMIL. SAMIL would provide the services of disposalof tractors and farm equipment to John Deere’s authorizeddealers in various states of India including Andhra Pradesh,Karnataka, Kerala, Tamil Nadu, Maharashtra, Gujarat,Madhya Pradesh, Chattisgarh, Punjab and Haryana.

SHRIRAM AUTOMALL TIES UP WITH JOHN DEERE

SAMIL ties up with John Deere on 20 Feb, 2014

SHRIRAM AUTOMALL’S 30th AUTOMALL OPENS SHOP AT BANGALORE

Shriram Automall Limited (SAMIL) enhanced thedimensions of its footprints by launching its 30th Automallfacility in mid February, 2014 at Bangalore, countedamongst the world’s top ten preferred entrepreneuriallocations.

The Automall was inaugurated by Mr. UmeshG. Revankar, Managing Director, Shriram TransportFinance Company (STFC), accompanied by Mr. SameerMalhotra, CEO of SAMIL. Mr. Sudarshan Holla,Executive Director and CEO - South Zone, STFC andMr. C. Madaiah, Vice-President, STFC.

At the Bangalore Automall, SAMIL introducedtwo new initiatives, namely Shriram New Look andLamp Lightning Ceremony at the Bangalore Automall

APRIL 2014 SHRIRAM NEWS 7

Shriram Automall India Ltd., (SAMIL), a whollyowned subsidiary of Shriram Transport Finance CompanyLtd., (STFC), inaugurated its 31st Automall facility duringFebruary, 2014, to facilitate the trade of pre-ownedvehicles and equipment in Raipur in Chattisgarh.

The Automall was inaugurated by Mr. UmeshG. Revankar, MD, STFC, accompanied by Mr. SameerMalhotra, CEO, SAMIL, and Mr. Sudarshan Holla, EDand CEO - South Zone, STFC. The Raipur Automall isspread over 4.3 acres.

SHRIRAM AUTOMALL LAUNCHES ITS 31st AUTOMALL AT RAIPUR

Mr. Umesh G. Revankar, MD, STFC, inaugurating Automall at Raipur, accompanied

by Mr. Sameer Malhotra, CEO, SAMIL, and Mr. Sudarshan Holla, ED and CEO - South Zone, STFC

Shriram One Stop. The One Stop is a computerized touchscreen kiosk providing real time information aboutavailable pre-owned vehicles and equipment.

Shriram New Look facilitates the refurbishment ofused vehicles and equipment which contributes immenselyin increasing their purchase value.

SHRIRAM BHARATI ARTS AND LITERARY SOCIETY CELEBRATES

132nd BIRTH ANNIVERSARY OF MAHAKAVI BHARATIYAR

Shriram Bharati Arts and Literary Society, a part ofthe Shriram Group, Chennai, during the past 26 years hasbeen celebrating Mahakavi Bharatiyar’s birth anniversary,honouring luminaries in the fields of literature, academicsand arts. In keeping with this tradition, this year tooMahakavi Bharatiyar’s 132nd birth anniversary wascelebrated on Saturday, February 1, 2014 at Sri KrishnaGana Sabha Auditorium, T. Nagar, Chennai.

The programme began with a rendering of Bharatiyarsongs by the disciples of Sri. S.P. Ramh, a disciple ofSri Lalgudi Jayaraman.

This was followed by an Invocation and, a welcomeaddress by Sri. Avvai Natarajan Felicitations to threeluminaries - Artist Sri. Manian Selvan, ProfessorV.V. Subramaniam and Podigai Sri. U.M. Kannan whoare actively creating awareness about Bharati and hisworks among people, was done by Sri. S. Gurumurthy,Coloumnist and Chartered Accountant.

Certificates of appreciation were presented on allthree of them. They were honoured with a cash purse each.

Sri. P.S. Raghavan, I.A.S., Ex Governor. West Bengalreleased ‘Panchali Sapatham’, a book written by MahakaviBharatiyar and addressed the audience.

Dr. Sudha Seshaian, eminent orator, delivered aspecial Lecture, titled ‘The Crows and Sparrows belongto our caste’.

A copy of Bharati’s Book ‘Panchali Sapatham’ wasdistributed to all present at the function.Dignitaries at the function

SHRIRAM VALUE SERVICES RANKED NO. 3 WITH “BEST EMPLOYER BRAND

AWARD” AT THE 22nd WORLD HRD CONGRESS 2014 AT MUMBAI

Shriram Value Services (SVS) is a CMMI-DEV 1.3Level 3 and ISO 9001 Certified IT & BPO, subsidiary ofthe Shriram Group with a strong technology and domain

expertise in Finance, Insurance and HR Services with aproven track record of delivering high quality solutions.Shriram Value engages its clients in delivering strategic

APRIL 2014 SHRIRAM NEWS 8

Shriram Value Services Team with Trophies

Editor :Akhila Srinivasan

Published by :Shriram Ownership TrustMookambika Complex, II Floor, 4, Lady Desika Road,Mylapore, Chennai - 600 004. India.

Printed at : Sai Shriram Printers, Chennai - 600 097.

BOOK POST

IT programs and platforms that enable their businessinnovation and transformation. Shriram Value was rankedthird with the “Best Employer Brand Award” at the WorldHRD Congress held in Mumbai, recently. Shriram Valuehas been bestowed with Eight awards by World HRDCongress 2014. Shriram Value holds a pride moment ofbagging all the awards for the categories that it wasnominated for.

Organization Awards Received by Shriram Value

1. Best Employer Brand of the Year – 3rd Rank

2. Dream Employer of the Year – 7th Rank

3. Dream Companies to Work for

4. Dream Employer of the year - IT & Software

5. Employer Branding Award for Innovation inRecruitment

6. Employer Branding Award for Excellence inTraining

7. Employer Branding Award for Talent Management

8. Employer Branding Award for Retention Strategy

9. Fun at Work Award

The most distinguished award amongst all is“Best Employer of the Year” award in which ShriramValue Services was ranked 3rd among brands like

Dalmia Bharat Ltd., EXL Service, HCL Technologies etc.,Shriram Value revealed the exemplary work of itsdistinctive practices and proficiencies to the eminentjury members like Dr. Sanjay Muthal, Dr. IndiraParikh, Dr. C.M Dwivedi, Dr. Saugata Mitra, andMs. Nina E. Woodard to name a few. At Shriram Value,we believe “With Excellence come Rewards” and thisaward is the definitive honour of outstanding humanrelations practices followed at Shriram Value. The awardwas based on comprehensive documentation andpresentation of Shriram Value’s HR practices. Theselection process was evaluated by people from academiaand various industries.

SHRIRAM EXPORTS WINS CAPEXIL CERTIFICATE OF MERIT

Shriram Exports Private Ltd., has been exportingrough granite blocks in various colours, sourced fromKarim Nagar in Andhra Pradesh and Ilkal in Karnatakato China for over ten years.

Shriram Exports has, for the fourth consecutiveyear, won the CAPEXIL Certificate of Merit for theyear 2011-2012, in recognition of their achievement,during December, last year at a function in Kolkata. Dr.E.M. Sudarsana Natchiappan, Hon’ble Minister of Statefor Commerce & Industry, Government of India presentedthe certificate along with a memento, which was receivedby Mr. G. Sundaresan, CEO, Shriram Exports