a word on ourselves

ICD exists to help clients to speed their journey to succeed in the

marketplace of ideas. It does this through design and strategy.
This could be via a branding project, print communication, packaging,
digital presence, an annual report or even a magazine.
We help businesses articulate a clear vision and recommend insight driven strategies. Design
then supports that intent with close reasoning and intuition.
Our approach creates the need to study businesses before solving problems, and partly out of
curiosity and fascination, ICD takes pride in getting under the hood of our clients businesses.
The result is that our work is content aware, making us able to structure, arrange and polish
content, and where necessary, to create it.

people
Itu Chaudhuri Strategic Lead
Itu took a Bachelors in Architecture in 1984. In
the same year, he took to graphic design. Itus
professional experience is wide, including identity
design, as a publication design consultant, and
even art-directing cinema. A lifelong student of
branding, Itu often speaks and writes on design
thinking, brands, typography and design culture.
Lisa Rath Creative Lead
Lisa read Visual Communication design at
the National Institute of Design, Ahmedabad,
graduating in 1997. Lisa has wide experience in
packaging design and corporate communications
for some of Indias best-known companies. Lisa
has taught at the National Institute of Design.
Richa Bhargava Senior Associate
Graduated from the National Institute of Design,
has worked on interactive design, branding and
packaging, as well as publication design at ICD.

Kshitij Tembe graduated from DJ Academy of

Design and has been involved in packaging and
branding projects at ICD.
Neha Bajaj graduated from Amity School of Fine
Arts and worked with various advertising agencies
before ICD.
Niloy Kundu graduated from Delhi College of
Arts and is a video and audio artist in his spare
time. He also has had advertising experience.

Samaya Ganesh Client Management

Samaya obtained her Masters in Biotechnology
from Amity University. She handles client relations
and business development.
Vikrant Gupta Technologies
Vikrant joined us after being the CTO for an NGO,
opening a web-development company, building
60 websites. This experience helps him provide
expertise in our UI and UX projects.
p r oj e ct bas e d pa r tn e r s and consultants

Palash Jain graduated from DJ Academy of

Design. He enjoys photography, which makes his
work rich with vivid imagery.
Jasvinder Singh is a graduate from Pearl
academy, Delhi. He has had an experience of
working on identity and packaging projects.
Avi Agarwal graduated from MIT, Pune and has
been involved in UI and UX projects at ICD.

Santosh Sood Strategic Planning Consultant

Santosh earned an MBA at IIM, Ahmedabad.
A marketing and brand strategist for 20 years
(heading key business groups at Lowe and Chief
Strategic Officer at Rediffusion) he is an original
and rigorous thinker with remarkable insight.

selected event design project

added at your request
xerox docuworld 2001

Xerox Docuworld 2001

Print

Background Xerox Docuworld, held in 2001,

was an announcement of the companys
evolution. Xerox was taking a major leap into
the printing systems world.
The exhibition spanned across 25,000
square feet and marked the companys entry
into the making of digital printers, intelligent
documentation and printing management
systems.

Design The event was a global one, and we

designed extensive material for the India leg.
Collaterals included stationery, marketing
communications and exhibition displays.

selected packaging projects

Haldirams
Foods
personality
the chameleon.
cheerful

physique
Ornate, vibrant

Background Haldirams

core product: 70+ varieties of

(sometimes called Haldirams

traditional savories. Haldirams

North as a result of a family

were seen as authentic and

division) is a Rs 1500 crore

traditional (in a positive way), but

iconic brand that pioneered the

their ornate, garish personality

packaging and distribution of

didnt address the rapidly

bhujia and traditional savories.

urbanizing audiences. For their

It has played a huge role in

new audiences, Haldirams

modernizing this category,

needed to project modernity,

changing the consumption

innovation, smartness and even

and purchase patterns among

fun.

urbanizing Indians. The

packaging kept them fresh

The naming and design

longer, while its restaurants

strategies followed by us are

served these street delights with

illustrated in the next few pages.

relationship
An expert
guide to my
roots

user self image

I take no chances with
authentic quality

user reflected image

Rooted, desi, climbers

audience
profiles

drivers

visual
strategy

urbanizing

stepping up

loud/ornate

city settlers

upgraded
necessities

contemporaneous,
idealised tradition

westernizers

authenticity in
modern formats

contemporaneous,
idealised tradition

expatriate/
global

remembered
tastes

nostalgia

hygiene and comfort.

Business Need Since 2002,

the
bazaar
regained

culture
respect for
and enjoyment
of family and
traditions with
a little fun on
the side

Haldirams has been seeking

to expand its product portfolio.
It thus needed to expand its
audience, and aim at a different
mindset from the one they
already addressed. The search
was for the more urbanized and
international-minded families.

Problem, as we saw it, was

that they were defined by their

Ab ov e & to p The
brand structure and
audience understanding
that we developed over
time, while working on
Haldirams over the years.
F u rth e r l e ft The
explosion of new products
and packs that have
repositioned Haldirams
L e ft The conservative
and garish pack that
defined and constrained
Haldirams identity.

H aldiram s

Haldirams
Foods
R e stau rant Outl ets

CLAS S I C S

Packag e d f o o d

I N N OVATI V E
e xtr u si o ns

Since 2004, we worked with Haldirams

D I ET

FOR E IG N

R E ADY TO E AT

on extending their portfolio beyond their

prototypical products. We undertook naming,
identity and design. The branding mapped to
the architecture in four ways.
> Generic naming
Familiar, typical Haldirams foods: Core

P re existin g , core

portfolio (not tackled by us) | Chips, Papad,

p o rtf o li o , n ot

Chaats, Roasted Nuts, Sweets

desi g ned by u s

Meals

Fingos
Cornchy
Panga
Whoopies
Taka tak

> Distinct brand names

Innovative extruded products, with clear
personalities: Boletos (reticulated chips),
Panga (Indian nachos) , Whoopies (shaped

Diet Chiwda
Snac Lite

fries) Fingos, Ready to Eats

> Descriptive names

Chocolate
Aaj Specialli

Packs shown on this page are represent categories, each with several series which themselves have sub-families or extensive variants.

Familiar Indian products but not part of

prototypical Haldirams portfolio with distinct
sub-cultural markers: Southern Delights (South
Indian savouries), Baked Bites (biscuits with an
Indian bakery touch), Summer Coolers
> Sourced non-traditionals
Aaj Specialli (Italian Cooking pasta for the
Indian housewife), Take 3 (Popcorn), Royal
Temptations

Traditi o nal
Savori e s

Packag e d
S we ets

Southern Delights
Papad

Classic Indian Sweets

Soan Papdi
Assorted
D rinks
Summer Coolers

Bak e d f o o ds

Chips / P o pco rn

N u ts

Chaats

Baked Bites

Chips
Boletos
Take 3

Roasted Nuts
Royal Temptations
Masala Peanuts

Bhel Puri
Pani Puri

Haldirams

Wh o o pi e s a yelp

of excitement, to be
synonymous with
celebration. A character,
Hoopie Whoopie was
developed to be the
mascot of this brand,
with whom an 8 year
old will easily identify.
The fun shapes of the
products were exploited
in the pack graphics,
thereby giving the whole
range a common graphic
strategy.

Named products

Panga the name,

is an untranslatable
slang usage in Hindi.
The brands personality
accentuates the spiciness
and sharpness of the
mouth feel, while its
angular shapes gives it
an edge of light-hearted
confrontation (a rough
translation of the word
Panga). The explosion in
the branding unit, reflects
the crispness and punch
of this product.

Aaj S pe cialli the

brand name addresses
the middle class
homemaker who may be
intimidated by foreign
pasta brands, but trusts
Haldirams to import
any product for her. The
Indianised brand clearly
calls out to its core
audience. The obligatory
Italian colours and the -lli
ending in Specialli are a
cheeky nod to the Italianknowing crowd, who also
make up the market for
this position.

b o l eto s The phrase

Bole toh (roughly, say
what) became Boletos,
a name which also
connotes an object. A
distinctive catch-all from
the dialect prevalent in
Bombay, a dialect made
familiar and pervasive by
Hindi Cinema. The name
has a cocky, streetsmart feel. A character
representative of the
dialect, Mr Boletos,
appears on the pack.
His story completes the
narrative interest in the
pack.

Haldirams
Foods

Pani p u ri & bh e l
p u ri evokes the

nostalgia of the streets

corresponding to the
remembered tastes
driver for groups 3
and 4 in our audience
segmentation.

Papad The chakla

and belan provide

authenticity cues,
while the typography
is contemporary and
quirkily thematic.
The product aims at
urbanised settlers,
globally minded Indians
and expatriates.

N uts The inherited

name Royal temptations

was down played
since Haldirams does
not endow nuts with
any of its perceived
expertise. The pack
relies on cueing cinema
theatres from the
1960s and earlier,
based on the preferred
consumption pattern of
this demographic which
munches them along
with the evening drink,
and thus TV.

S o u th e rn
d e lights presents

South Indian snacks to

a North Indian audience,
not to its native core. The
regional cues dominate
the branding and
mnemonics in a playful
manner. The serving
vessels aim the brand at
an upper middle class
demographic.

Haldirams
Restaurant identity

L e ft & b e low the

identity, external and

internal signage are
merged into a single
system of colours and
typefaces.

> identity
> space guidelines
> signage
> packaging, menu, collateral system
Haldirams quick service outlets (QSRs) offer
the delights of the halvai and chaatwala in
hygienic conditions.

Problem As with the new products, the aim

was to update the offering for Indian foody
youth and families: urbanisers who seek

authenticity in modern formats.

Strategy Evoke the unrestrained pleasure of

these foods, in a new and contemporary way,
completely repackaging Haldirams decades
old heritage.

Solution We depicted them in a playful,

abstract, intensely colourful, and seemingly
endless set of graphics. The system allows for
various families of these to be recombined in
random ways. Two, a restaurant identity was
devised with bespoke lettering as the original
logo does not suit signage requirements. The
lettering was also used to create the signage
system.

L e ft All the packaging

material and restaurant
collateral. Ab ov e The
first restaurant

Himalayan
Sparkling Water
Beverages

> brand repurposing

> packaging identity design

Problem Himalayans successful mineral

water gets a sparkling version. It needs to
both draw on Himalayans equity and be
unmistakably different, to avoid devaluing
the category. This would be lower priced
than imported sparkling waters and also be
distributed abroad.

Brand thinking Source bottled waters

answer to the belief that the body accumulates
impurities, and water removes, at a bodily and
mystically deep level. Second, mineral waters
have source/origin equity, and the Himalayas
are seen in this light. but are also sage and
remote.

Design The design fuses sparkling,

crystalline formseeing ice as a crystal to
create the visual metaphors for purity. Crystal +
Ice = Sparkling + Himalayas. The transparent
label reveals the Himalayan mountains behind
the water, driving the crystal purrity home. The
text captures the sage Himalayan persona.,
gently chiding the city dweller.

Vegit vegetable
convenience foods
and Aloo Mash potato
instant mix
> brand idea
> naming
> packaging identity design

Problem A packaging assignment for a

potato mix and a range of processed vegetable
foods. The promoters vision flies the flag for
vegetables specifically, and bemoans the lack
of healthy eating due to the pressures of time
on the homemaker.

Brand thinking Of the many virtues of

potato mix, savings of effort and time emerged
strongest. The approach is to younger
homemakers, and stresses familiarity over
newness, and functional utility over elegance,
leaving it to advertising to communicate any
novelty.

Design The range name Vegit was chosen

to semantically and phonetically suggest
efficiency. The Just add water line was
developed. The colour is a key part of the
personality, and radiates the energy and
optimism of the housekeeper. Soft edges, 3D
forms round off the effect.

Wild Stone Deo brand

refresh via packaging
Mens grooming

> brand refresh

> range architecture
> packaging design

Problem A nine year old brand with an

established brand story needed a packaging
refresh, responding to user feedback about
its tired appearance. The brief called for
evolutionary change.

Strategy Close examination of the agencys

research led us to the hypothesis that users
were missing an assertive, charged personality
rather than the understated one presented by
the packaging.

Brand idea We argued for a personality more

in tune with the advertising which promotes the
myth of surprise sexual encounters in everyday
settings, initiated by the woman. We thus
exploited the brands claw mark device which
expresses the idea powerfully, and displayed it
blatantly.

ab ov e The claw mark device

has become a key signaller of the

Wild Stone identity, appearing as a
recurrent leit-motif in the advertising,
on both print and television

Wild sto n e

Wild Stone Extending

the architecture
Mens grooming

D e o d o rants

nam e d variants

o riginal s e ri e s

n o gas

p e rf u m e brands

N EW N O R M A L

D A R E T O WE A R

e v o l u ti o n

N EW WO R L D S

Core identity

Extended meaning

New categories

New facets, territories and meanings

wild ston e

wild sto n e
red

+ fragrance descriptor

deodorants

toiletries

deodorant

wild sto n e
th u nd e r

wild ston e
gr e y

deodorant

deodorant

wild sto n e
n o gas d e o

w ild sto n e
pe rf u m e
b o dy spray

w ild sto n e
o c ean

w ild sto n e
e dg e

gr ey
s e ri e s

trance s e ri e s

perfume

perfume

wild ston e

wild ston e

ste e l

chr o m e

ag e s o f m an s e ri e s

Extension With the original deo range

was established as the new normal, we
are assisting the client in creating a range

wild ston e

wild ston e

wild ston e

ir o n

br on z e

sto n e

architecture that encompasses perfumes and

products that move up the price ladder by
adapting the identity for newer markets and
retail formats but with the same core promise.

ESTABLISHING THE BRAND MARKERS

MORE FREEDOM

NEW MEANINGS OF BRAND MARKERS

Wild Stone
named variants
Mens grooming

> brand extension

> packaging identity design

Red The colour represents Holi, a festival of

riotous colour (and the occasion of many a
sexual escapade). The red powder connotes
a Holi colour and kumkum, worn by married
women, who also figure in popular male
fantasies.

Thunder The claws on this can are a visual

representation of the sound of thunder. It also
reprents a sudden shedding of inhibitions,
possibly during a power outsage during a
thunder storm.

Aqua Fresh This series was Wild Stones

entry into the Aqua category. The colours are a
characterictically cool blue. The drama comes
from the appearance of the rays of sunlight as
seen from under water.

Grey This marked Wild Stones entry into

work-wear fragrances. The pack suited up the
wildness of Wild Stone. By keeping the claw
marks recognisable it appealed to its existing
market, and by subduing them it was made
acceptable to the regular office-goer as well.

Wild Stone no gas

deo range
Mens grooming

> brand extension

> packaging identity design

Background The deo market saw the entry

of a disruptive brand, using liquid instead of
aerosol gas to deliver the perfume. Along with
aggressive pricing, it sold on an honest value
platform, portraying liquid as the real thing.
This has caused a slew of competitors to react,
including Wild Stone.

Brand Thinking Since the pack sits in the

general deo category, unlike its higher priced
perfume variant, it carries the Wild Stone
overall design. The additional task is to convey
the all-liquid spray in a clear way.

Design The Wild Stone asset, the clawmark,

is turned into a liquid spray in a literal manner.
Along with the black background, it creates the
highly recognisable imprint of a prototypical
Wild Stone deo, but with a clear difference. The
waterburst reinforces the original visual asset
and provides a new image that can be exploited
by point-of-sale and advertising.

Wild Stone liquid

perfume spray range
Mens grooming

> brand extension

> packaging identity design

Problem The presence of disruptive

competitor using liquid rather than an aerosol
to deliver the perfume has cause a slew of
competitors to react, including Wild Stone.

Brand thinking Wild Stone brings its core

brand virtues which need to be fused with
its announcement of a new product. One of
pacakging tasks is to convey the new category
thats halfway between perfume and deo,
and so to make a clear break from deos in
general and Wild Stone deos in particular. The
small dose spray is interpreted as a sign of its
potency, where a small spray does a lot.

Design The solution compresses the brand

mark into a small spray, condensing and
concentrationg its power. A liquid effect shows
the spray direclty but is ambiguous enough to
last as a durable brand mark.. The series name
is expressed as a range of metals, quite in
keeping with any Wild Stone subrand.

Rungtas Group and

Real Tea Branding
Foods

> brand concept

> architecture
> identity design
> expression

Problem Preparing the Rungta company

brand, which owns the regional tea brand Real,
to address metro markets, while creating an
architecture to accommodate a wide range
of daily foods. In regional markets, it is for a
rapidly urbanising customer. Local surveys
and customer conversations revealed eager
aspirants to modernity, keen on urban mobility,
but rooted in traditional values.

Brand Idea and Expression The identity

umbrella stresses success for the upwardly
mobile consumer. In regional markets, this
mobility is marked by the consumption of
quality packaged food. The Real brand also
stresses authenticity of origin: real Assam tea,
for the informed customer. The Real identity
radiates modernity, with an aura of calm and
sincerity. The personality is thus conventional.
The Real flower device subliminally cues
religious ritual. The postage stamp device cues
place and the tear-off tickets pretend to be a
tasters way of grading tea.

selected identity & branding projects

IMFA Family of
Institutions
Mining & Metallurgy

> brand idea

> identity design
> expression
> brand architecture

Problem Indias leading producer of

chromium ore (a key ingredient of stainless
steel), IMFA, was ready to enter a second
phase of growth to achieve its visionbuilding
a group of power, mining and stainless steel
industries.

Discovery and Brand Idea Investigating its

vision, culture and image revealed a need for a
change in mind set. The core idea for IMFA in
its change journeya bold stance, looking at
building on its past in calibrated steps rather
than in meteoric leaps.

Design The new symbol frees IMFA from

any particular industry association. It stresses
the idea of planned growth in sure steps, while
recalling its roots in mining. The heavy industry
nature of its future ambit is brought out clearly.

Extension A regular programme, covering

markings, signage and communications.

Top The family of

parent and subsidiary
company logos b e low
Advertising to announce
the new identity stresses
on the changes that will
mark the companys
actions in the years
ahead

Eicher Trucks & Buses

Visual Identity System
Automotive

> brand identity

> expression

Background The launch of the Eicher Pro

series places Eicher Trucks and Buses (ETB) in
the new space. As a range of future generation
trucks and buses it focuses on the brand as
a means of modernising the Indian trucking
industry. We were asked to articulate this new
positioning of the brand.

Problem A new avatar for Eicher Trucks

and Buses that reflects the new direction
undertaken by the trucking giant while still
maintaining a connect with its mother brand,
Eicher Motors.

Solution A new trade dress for ETB, aligned

with Eicher Motors identity, related but distinct.
3008 XPA system
3013 wide
3014geometry runs through the

identity, characterised by the tilts, creates

a pace-y and rugged character. It infuses

HIGHER PROFITS

strength and energy into the brand and reflects

FUEL EFFICIENT

NEW PORTFOLIO

THE
WHEN INTRODUCING
THE
TIPPER
NEW PRO SERIES
GOES PRO ITS PRO YOU

its association with Volvo, the technology whiz.

The identity extends to reflect in other vectors
of the brands ecosystem and is expressed

dominantly through communication and space.

This is the story of ETB 2.0.

EICHER PRO 20.16

16000kgs GVW Multi Axle

VE Commercial Vehicles Ltd - VECV - (A Volvo Group and

Indigo Identity
Restaurant

> identity design

> stationery
> restaurant collateral

Context A fine dining restaurant in Mumbai,

that introduced nouvelle cuisine; stresses light
cooking, which preserves the identity of the
ingredients.

Design We translated the nouvelle cuisine

concept and the elegance requirement into
minimal, simplistic but sophisticated treatment
of three key ingredients: a grain, a fish and a
leaf.

right The menu style

showcases the minimal
and sophisticated nature
of the food at Indigo.

Almirah Branding
Childrens wear and bedding

> brand concept

> identity design
> expression

Context Almirah provides a range of

childrens wear and bedding with an Indian
edge in their design and fabrics. They are
deliberately raw and irregular to convey a
homemade touchas if a kid had made it for
another.

Brand Idea Almirah celebrates childlike

charm and innocence, never seeking to make
miniature adults out of kids. It sees parenting
as joy: the clothes emphasise comfort and
practicality, and it shuns ostentation. There is a
basic and improvised quality to its products.

Design The visual identity projects the naivete

that Almirah stands for through its cheerful
lettering and incorporation of their elephant
motif.
In addition to being attractive to kids, it
resonates with well travelled parents who take
pride in being Indian and like to let their kids be
their playful, innocent selves.

right The interiors of

the store were designed
in partnership with Nidhi
and Jessica.

abcdefghijklmnopqrstuvwxyz

s of three elements the

the lettering and a descriptor.

ABCDEFGHIJKLMNOPQRSTUVW

Hired! The Jobstore

Branding

l exudesFront-line
optimism with
Recruitment
s up expresses the enthusiasm
spring suggests the upbeat
services.

d
ut
cter of the hired! logo lettering
so
easant and hospitable
> brand idea
> naming

> identity design

> expression

accentuates the charged

Problem Position a new frontline hiring

business in an environment where service and

trust are discounted, and dreary bucket-shops

balancesrule.
the informal
, providing a firm, professional
Strategy In our discovery and definition
rif typeface.
process,or
thethe
magic
of fit for employer and
e the lettering
descriptor
employee
as the essence.
soeveruse
onlyalikeemerged
the provided

Hired! / Visual Identity Standards / 34

How to execute internal signs

The Five steps
Left, right Through

a design language
that covers signage,
stationery and
following the same illustration style as that of the
complemented by
symbol in the logo, five hand gestures have been
created to help thebehaviour,
customer know the
process is
better
Hired!
and anticipate what lies ahead.
a comprehensively
articulated brand
experience for the
confident seeker.

The process in the store can be summarised in five

symbol
major steps.

descriptor

lettering

FF Clan OT- Narrow Bold

The insight that employees miss being treated

respectfully, and dont resent fair rejections
drove our thinking.

Brand idea Create a brand that respects the

candidate as a customer. Thus its a Jobstore
that offers a choice of a jobs and assists in

colour making the right selection. Clear behaviour

round_cmyk.eps
guidelines spell out that candidates are

ry

1234567890!?@#%&*(,.;:/)

abcdefghijklmnopqrstuvwxyz
Filepath
The five steps
cd > internal signage > identification signs >
> hired!_five steps.eps

ABCDEFGHIJKLMNOPQRSTUVW

customers.

Solution A strongly upbeat, optimistic

personality, aimed at confident seekers. We
expressed it through signage, interior spaces,
and as many communication vectors we
thought we could control.

1234567890!?@#%&*(,.;:/)

iDiscoveri Identity &

promotion
Education

Context iDiscoveri was in the corporate

training and education spaces.
iDiscoveri espouses a theory of experiential
learning that uses the outdoors as a stage
where people can enact and reflect upon their
drives and behaviours. Second, it recognises
that group dynamics depend on personal
discovery.
The identity brings out the promise inherent in
the name. It embeds the individual in a natural
context, not as a scenic change but providing
an opportunity for the reflective processes so
necessary to grow as a person.

Expression The whos in charge? copy line

strongly puts transformation and effectiveness
in the hands of the individual. Each spread has
split headlines that add a twist to the message.
Can you lead? says one, referring to a
corporate leader; the gate fold reveals
hearts and minds? reminding people that
authority rarely works, but empathy does. The
message and design fuse leadership roles as
parent, teacher and corporate leader, adding to
an individual whole.

selected website projects

Indian School of
Business
www.isb.edu
Education
Background In 2008, The Indian School
of Business website lagged behind its well
furnished reputation as a premier business
school that rose quickly to the elite ranks
among Indian institutions.

Problem It suffered from a sprawling

structure of over 5000 pages, many of which
were static pages, added organically as ISB
added departments, schools and institutions
in its fold, as it began to address a wide range
of capabilities and concerns in business
education.

Solution The first and most challenging step

was to abstract and unify the requirements of
all the departments into a common structure.
The finished result, after six months of
wireframes, had the profound effect of creating
One ISB as well as a path for future expansion.
The navigation was considerably simplified,
and the new visual design adds the right note
of formality and class within the constraints of
the time. A colour palette, and a large family
of components, controls the interaction.
In addition, photography guidelines and a
special program were introduced to build an
atmosphere of a buzzing centre of knowledge.

Almirah
www.thealmirah.com
Clothing

Background Almirah is a family owned and

run business that makes clothes, bedding and
accessories for children. It brings an Indian
edge to its work.

Discovery At first glance, Almirah sits in a

crowded stylistic space: one facet of its style
uses traditional prints for western-cut clothes,
another references Indian pop art symbols.
A few other themes can be seen. With this
eclectic mix and its unique focus on children,
it wins a position apart from other brands that
share stylistic attributes.

Solution In our synthesis, Almirah is for

westernised Indians looking to re-connect, via
their children, with an Indianness that may have
been lost or needs to be preserved, for the joy
it offers, not as a burden. Almirah celebrates
childlike charm and innocence, never seeking
to make miniature adults out of kids.
The logo fronts a soft, childlike image. It
employs the elephant as a central motif.
This visual language is carried through in the
website design. Elements have been created
taking inspiration from organic fabrics.

Inomi
www.inomi.in
Career Guidance

Background A career guidance business

approached us to brand and launch their
marketing activity. Career counseling is an
established activity in schools, and our client,
who has served the schools market for years,
decided to market to parents directly.

Problem We started interviewing parents

with kids in the target age group of 13-18.
The progressives or actualisers are receptive
to valuing fulfillment, but the fat belly of the
market leans towards the tangible, lower order
goals for their children, such as conventional
career advancement, or clarity of purpose.
However, all groups were inclined to believe
that their children have unique and inherent
strengths.

Solution We named it inomi (spoken as I

know me). This name, along with the visual
identity, carries the brands belief in the
uniqueness of individual strengths, and the
power of being aware of them.
The website continues the visual language,
reinforcing the visual assets built by the
identity. Compelling keywords show how
method and belief unite to underline the idea
that happiness is material to success.

Catch News
www.catchnews.com
News

Background Rajasthan Patrika, one of Indias

fastest growing media groups, aimed to enter
the English newspaper segment by introducing
a news website. Called Catch News, it aims to
bring quality investigative journalism to various
constituencies of readers.

Problem First, problem space news sites are

in a race for unique visitors, page views and
engagement. Second, short form reading and
mobile readership have emerged as key. Third,
a brands prestige comes from opinion makers
who tend to be politically aware , while the
metrics come from casual skimmers.

Solution We led Catch to see themselves

as a bridge between these dualities. The
website juxtaposed different types of content,
heavy with light, at every scroll. Some special
content forms were developeddeck, x-packs,
quick pillswhich facilitate quick reading with
graphics that lend Catch a distinctive voice.
The colour palette and the typeface were
chosen for their powerful effect: bold yet
elegant. A unique style of illustrations replaced
the standard agency photographs. It was
designed to be fully responsive, the first Indian
news website to be so.

selected marketing communication projects

Birla Edutech Identity Horizontal use-4 color

Horizontal Use-re

Birla Edutech

B e low The brochure

content and style
represents the duality
in learning, between
the traditional and the
modern.

Primary and K-12 education

Problem The Yashovardhan Birla groups

Elevate Identity-4 color

foray into education envisaged a mother

Globe Toters Identity-4 color

finance and leadership to a family of

programmes.

PANTONE 1795 C

C-90, M-45, Y-0, K-5

PANTONE Process Cyan C

C-50, M-0, Y-100, K-0

Globe Toters Identity-grayscale

Open Minds Identity-gray

PANTONE SOLID COATED

PANTONE 158 C
PANTONE 281 C

C-85, M-0, Y-100, K-20

educational institutions, covering preschools, K-12 and after-school enrichment

Elevate Identity-grayscale Open Minds Identity-reverse

C-85, M-0, Y-0, K-0

PANTONE SOLID COATED

organisation to provide training, technology,

Globe Toters Identity-reverse

Open
Minds
Identity-4 color
Elevate
Identity-reverse

C-0, M-35, Y-85, K-0

CMYK

C-0, M-80, Y-95, K-0

Minimum size

C-0, M-100, Y-100, K-0

C-100, M-0, Y-0, K-0

CMYK

C-0, M-75, Y-10, K-0

C-0, M-61, Y-97, K-0

C-25, M-100, Y-30, K-7

C-100, M-72, Y-0, K-32

C-25, M-60, Y-0, K-0

C-55, M-100, Y-0, K-0

Brand Idea BE is a nurturer and facilitator,

the identity should not be used at a size below the following

with the personality of a keeper of valuesa

mother. It expresses BEs philosophy: respect
for traditional knowledge, side by side with
contemporary skills, and borderless learning

Minimum size

Toters
Identity
the identity should not be used at a size Globe
below the
following

20 mm

Horizontal use-4 color

Minimum size

20 mm

Horizontal Use-reverse

10 mm

the identity should not be used at a size below the following

like teaching physics and history in the same

20 mm

lesson.

Elevate is based on enrichment via

theatre and art that can transform childrens

Minimum size

personalities in a manner that school cannot.

the identity should not be used at a size below the following

The elevate initial is conceived as a spring

form. Globe Toters identity is located in the
narrative world of the child, populated with
birds, insects and flowers. The bird leaving
the globe suggests exit from one stage and
entry into another. Open Minds, the flagship
institution, requires an inspiring identity with
an internal narrative that is as important as its
external aspect.

35 mm

15 mm

Horizontal Use-grayscale

Innergise Brochure
Learning & Development
services

Background Innergise offers learning and

development (L&D or training) services to
companies.

Problem Innergise believes it offers a quality

product, but HR managers are tone-deaf to
this pitch, due to the inertia of the status quo
induced by large scale training programmes.

Strategy Many HR managers still feel and

voice this pain, yet yearn for and believe in the
possibility of quality training.

Solution A problem-solution brochure. We

worked with Innergise to bring out each of
these felt pains; each spread pinpoints and
dramatises one of them. Objects from the
managers everyday lifepens, evaluation
forms, diariesserve as metaphors for
the managers pain and replay it to her. Its
intensified by the sardonic copy running
through the illustration, while a solution is
proposed on the right. The repetition of the
objects evokes the debilitating effect of scale.

R I G H T The brochure
content visualises
problem-solution
scenarios across each
spread, taking objects
from the managers
everyday life.

Annual Reports for

Dr Reddys, Cairn India
and BILT

Annual Reports for

IDFC, Punj Lloyd and
Crompton Greaves

6|

000
inforMation on
the financials of
suBsiDiary coMpanies

16
safety, health anD
environMent

000
stateMent pursuant
to section 212 of the
coMpanies act, 1956

18
corporate social
responsiBility

000
notice of annual
general Meeting

I M PA C T
TA L

EN
NM
RO

EC

ON

OMIC

S O CI A L

&

EN

VI

and the Corporate Governance Guidelines of the

NYSE Listed Company Manual. Detailed profiles
of the Directors have been discussed in this
annual report.
The Directors have expertise in the fields of
strategy, management, finance, operations,
technology, human resource development and
economics. The Board provides leadership,
strategic guidance, objective and Independent
view to the Companys management while
discharging its fiduciary responsibilities, thereby
ensuring that the management adheres to high
standards of ethics, transparency and disclosure.
Each Director informs the Company on annual
basis about the Board and Board Committee
positions he / she occupies in other companies
including Chairmanships and notifies changes
during the term of their directorship in the
Company.
table 1 gives the composition of Dr. Reddys
Board, their positions, relationship with other
Directors, date of joining the Board, other
Directorships and memberships of Committees
held by each of them.

B OA R D O F D I R E C T O R S

D R . R E D D Y S L A B O R AT O R I E S L I M I T E D | A N N U A L R E P O R T | 2 0 0 9 2 0 1 0

DR. REDDYS LABORATORIES LIMITED | ANNUAL REPORT | 2 0 0 8 2 0 0 9

proDuct
responsiBility

A N N U A L R E P O R T 2 0 0 9 1 0 i c o r p o r at e g o v e r n a n c e |

DI R EC TOR S SH AR EH OLDI NG I N TH E
C OMPANy

table 2 gives details of shares and stock options

held by each of the Directors as on
March 31, 2010.

TABLE 1

COMPOSITION

S E L E C T I O N A N D AP P O I N T M E N T O F

As on March 31, 2010, the Board of Dr. Reddys

had 10 Directors, comprising three Executive
Directors (including the Chairman) and seven
Independent Directors as defined under the
Listing Agreement with Indian Stock Exchanges

N E W DI R E C T O R S

Induction of any new member on the Board of

Directors is the responsibility of the Governance
and Compensation Committee, which is entirely
composed of Independent Directors. Taking

47

Being an
eMployer
of choice

into account the existing composition and

organization of the Board, and the requirement
of new skill sets, if any, the Governance and
Compensation Committee reviews potential
candidates in terms of their expertise, skills,
attributes, personal and professional backgrounds
and their ability to attend meetings in India. The
Governance and Compensation Committee
places the candidates that meet these criteria to
the full Board of Directors for its consideration.
If the Board approves, the person is appointed
as an Additional Director, subject to her/his
appointment being ratified by the shareholders in
the Companys Annual General Meeting.

MEETI NGS OF TH E B OAR D

The Company plans and prepares the schedule of

the Board and Board Committee meetings a year
in advance to assist the Directors in scheduling
their program. The schedule of meetings and
agenda for meeting is finalized in consultation
with the Directors of the Company. The agenda of
the meeting is pre-circulated with presentations,
detailed notes, supporting documents and
executive summary.
Under Indian laws, the Board of Directors must
meet at least four times a year, with a maximum
time gap of four months between two Board
meetings. Dr. Reddys Board met six times during
the financial year under review: on May 18, 2009,
July 21, 2009, September 7, 2009, October 23,
2009, January 20, 2010 and March 31, 2010. The
Company held a minimum of one Board meeting
in each quarter as required under the Companies
Act, 1956.

Composition of Dr. reddys Board and directorships held

T E R M O F BO A R D ME M B E R S H I P

As per the provisions of the Companies Act,

1956, one-third of the Board members (other
than Executive Directors) who are subjected
to retire by rotation shall retire every year; and
approval of the shareholders is sought for the reappointment of such retiring members who are so
eligible. Executive Directors are appointed by the
shareholders for a maximum period of five years
at a time, but are eligible for re-appointment
upon completion of the term. The Board, on
the recommendations of the Governance
and Compensation Committee, considers the
appointment and re-appointment of Directors.

A S on mA rCH 31, 2010

Dr. K Anji Reddy

Executive Chairman

Mr. G V Prasad

Vice Chairman and CEO

Father of Mr. Satish Reddy and

February 24, 1984
6
30
father-in-law of Mr. G V Prasad
Son-in-law of Dr. K Anji Reddy and
April 8, 1986
9
36
1
brother-in-law of Mr. Satish Reddy
Managing Director
Son of Dr. K Anji Reddy and
January 18, 1993
7
42
3
and COO
brother-in-law of Mr. G V Prasad
Independent Director
Dr. Omkar Goswami
None
October 30, 2000
10
2
7
Independent Director
Mr. Ravi Bhoothalingam
None
October 30, 2000
2
1
Independent Director
Mr. Anupam Puri
None
June 4, 2002
5
2
Independent Director
Dr. J. P. Moreau
None
May 18, 2007
1
Independent Director
Ms. Kalpana Morparia
None
June 5, 2007
3
2
2
Independent Director
Dr. Bruce L.A. Carter
None
July 21, 2008
1
3
Independent Director
None
October 23, 2009
5
4
1
Dr. Ashok S. Ganguly(3)
(1)
Other Directorships are those, which are not covered under Section 275 of the Companies Act, 1956.
(2)
Membership / Chairmanship in Audit and Shareholders Grievance Committees of all public limited companies, whether listed or not, including
Dr. Reddys are considered. Foreign companies, private limited companies and companies under Section 25 of the Companies Act, 1956 have been
excluded.
(3)
Dr. Ashok S. Ganguly joined the Board of the Company effective October 23, 2009.
Mr. Satish Reddy

IT

In practicing sustainability, our initial efforts were

focused on environment management and safety
& health at the workplace. As our organization
evolved, so has been the sustainability thinking.
Today, while considering issues that are of
significance to our stakeholders as well as to
the organization, we have arrived at a robust
sustainability framework with six key focus areas
46 | s u s ta i n a b i l i t y c r e at i n g a p o s i t i v e e c o n o M i c , s o c i a l a n d e n v i r o n M e n ta l i M pa c t
Providing affordable and innovative medicines,
being an employer of choice, environmental
management and climate change, caring for
communities, sustainable sourcing and product
responsibility.
To us at Dr. Reddys, a sustainable organization is
one that simultaneously pursues economic, social
and environmental benefits, thereby increasing
value for all its stakeholders and assuring a robust
future.
Dr. Reddys Laboratories Limited (the
Company or Dr. Reddys) has a
philosophy of corporate governance which stems
from the belief that timely disclosures, transparent
accounting policies and a strong & Independent
Board go a long way to preserving shareholders
trust while maximizing long-term corporate value.
Keeping in view the Companys size and
complexity in operations, Dr. Reddys corporate
governance framework is based on the following
main principles:
Appropriate composition and size of the Board,
with each Director bringing in key expertise in
different areas.
Proactive flow of information to the members
of the Board and Board Committees to enable
effective discharge of fiduciary duties.
Ethical business conduct by the Board,
management and employees.
Full-fledged systems and processes for internal
controls on all operations, risk management
and financial reporting.
Timely and accurate disclosure of all material
operational and financial information to the
stakeholders.
The Securities and Exchange Board of India
(SEBI) regulates corporate governance for listed
companies through Clause 49 of the Listing
Agreement. Dr. Reddys is in full compliance with
Clause 49. It is also in compliance with most of
the applicable corporate governance standards
of the New York Stock Exchange (NYSE). This
chapter of the Annual Report, the information
given under the chapters, Management
Discussion and Analysis and Additional
Shareholders Information together constitute the
compliance report of the Company on corporate
governance during the year 2009-10.

PL

corporate
governance

Our awareness of sustainability originates from

the social benefits of our business. We have
come to understand the interdependence (as
against independence) of our stakeholders and
this has encouraged our simultaneous pursuit of
a people, purpose and planet approach. For our
organization to be truly sustainable, we have to
be distinctive in a few areas, while being good at
most activities that we do. We believe that our
strategy of Leveraging industry-leading science
& technology, product offering, and customer
service with execution excellence to provide
affordable and innovative medicines for healthier
lives will help us focus on the right areas.

OSE

71
ratio analysis

RP

14
huMan resources

PLA NET

000
extract of auDiteD
ifrs consoliDateD
financials

70
five years at a glance

chairmanship in
committees(2)

6
the Dna of
sustainaBility

At Dr. Reddys, Sustainability is a way

of life and is embedded in our purpose.
It is a broad concept which encompasses how
we value our employees, social impact of our
products, patient centric programs, proactive
safety, health and environment management,
implementation of community development
projects and voluntary engagement with the
society to address larger social concerns like
livelihoods and education.

committee
membership(2)

000
igaap consoliDateD
financials

other
Directorships(1)

60
aDDitional
shareholDers
inforMation

Date of joining

4
Key highlights

sustainaBle
sourcing

relationship with
other Directors

00
igaap stanDalone
financials

position

46
corporate governance

tHe DnA oF
sUstAInAbILIty

name

2
chairMans letter

TY

SU

72
Directors report

S
PO
C R E AT I N G A

D ES IG N ICD I ND I A. COM | PRINTED AT PRAGATI

45
ManageMent council

PEO

AINABIL

environMental
ManageMent &
cliMate change

42
BoarD of Directors

ST

ANNUAL REPORT 2009

s u s ta i n a b i l i t y c r e at i n g a p o s i t i v e e c o n o M i c , s o c i a l a n d e n v i r o n M e n ta l i M pa c t

24
ManageMent Discussion
anD analysis

Directorships in
india u/s 275 of the
companies act, 1956

contents

Pharmaceuticals

D R . R E D D Y S L A B O R AT O R I E S L I M I T E D | A N N U A L R E P O R T | 2 0 0 9 2 0 1 0

Dr Reddys Laboratories
Annual Report

2
2
1
1

EARNINGS

CONSOLIDATED

STAND-ALONE

WE PUT ALL OUR ENERGY INTO

FIGURING OUT HOW TO

S
S
S
S

2013

2013

2012

2012

2011

2011

2010

2010

2009

2009

2008

2008

H I GHL I GHTS

2007

2006

2006

2005

2004

Power and electricals

2005

T EN YEARS

2007

Crompton Greaves
Annual Report

YEAR ENDED 31ST MARCH, IN RS. CRORE

TOTAL INCOME

1888 2180 2200 2771 4412 3695 6039 4290 7247 4940 9090 5585 9469 6356 10430 6901 11668 7624 12609

GROSS SALES AND SERVICE

1861 2153 2172 2739 4346 3660 5934 4223 7181 4904 9031 5516 9376 6277 10331 6850 11615 7571 12533

NET SALES AND SERVICE

1711 1973 1989 2521 4127 3368 5640 3876 6832 4611 8737 5284 9141 5951 10005 6485 11249 7135 12094

EBIDTA*

185

190

194

265

390

377

588

553

811

674

1054

927

1371 1012 1443

771

856

648

459

PBT

90

125

128

195

277

307

436

486

615

614

867

870

1189

927

1229

677

550

596

185

PAT ** @

71

115

120

163

233

192

282

314

407

397

560

617

860

694

889

505

374

446

(36)

DIVIDEND PAY-OUT

37

37

37

37

37

47

47

59

59

73

73

81

81

141

141

90

90

77@@

77@@

WHAT THE COMPANY OWNED

T
T
L
P

O
A
O
E

P ,
R T ,
W D OWN
E D U P

SO THAT HALMSTADS WATER SUPPLY

DOESNT HAVE TO.

YEAR ENDED 31ST MARCH, IN RS. CRORE

Clean, constant water for Halmstad needs just eskers,

sodiumand communication.

GROSS BLOCK (INCL. CAPITAL WIP)

801

819

825

861

1733

959

2335 1078 2733 1124 3083 1204 3099 1651 3890 1424 4558 1560 5539

NET BLOCK (INCL. CAPITAL WIP)

368

351

354

364

541

433

1087

515

1245

523

1379

567

1376

923

1941

675

2258

775

3066

782

675

1053

786

1055

791

INVESTMENTS

70

77

83

102

65

135

65

195

93

266

167

688

553

NET CURRENT ASSETS

246

295

297

331

571

414

708

361

759

570

969

620

1085 1139 1603 1552 1887 1825 1795

NET ASSETS EMPLOYED

684

723

734

797

1177

982

1860 1071 2097 1359 2515 1875 3014 2458 3875 2802 4463 3173 5176

Halmstad, on the Swedish west coast, enjoys a natural

supply of pure water from eskers, a geological waterbearing formation.
But managing the pumping stations is another matter.
CGs drives start and stop the pumps smoothly and in a
timely manner to minimize wear and save energy. As the
water demand varies, 60 of CGs drives automatically
set the required speed of the pumps, thus saving a lot of
energy. Without these drives, all the pumps would run at
a constant speed,
wasting a lot of
energy.

* EBIDTA = Earnings before Interest, Depreciation, Amortisation, Tax, and Exceptional Item ** Profit after tax, Minority Interest and Share of Associate Companies for
Consolidated Profit and Loss Account @ After exceptional/extraordinary items @@ Includes proposed dividend.

44

And finally, the 17

pumping stations
at Halmstad are
connected to
industrial networks
that draw water.
A communication
module manages
this supply-demand
information link, so
that the drives know
at what speed to run
the pumps and to
vary them as needed.

AS
GLOBAL
ENERGY
DEMAND GROWS,

CGs 9,500-STRONG TEAM

in offices around the world

has been hard at work on all three fronts. Investing in

innovative technologies that help our customers do more
with less in a sustainable manner.

CONSUMERS + GOVERNMENTS + INDUSTRIES + MARKETS

Our customers are looking for greater energy efficiency and
more use out of their assets. Governments are looking to
reduce emissions and consumers their bills.
THE MOST VISIBLE SOLUTIONS

demonstrate that there is

a global push to make alternative sources of power more

ARE ALL PART OF THE SOLUTION

viable, while also giving consumers more efficient ways

to use it. Picture a wind farm producing green energy at
one end and a hyper-efficient motor or an LED lamp that
uses minimum power at the other.
BUT THERES A THIRD, LESS VISIBLE OPPORTUNITY,

that

of connecting the supply sources and users in more

efficient ways. Systems that can sense the fluctuating
energy needs of a township, industrial complex or a
home and

ADJUST AUTOMATICALLY

CG KNOWS WHAT IT TAKES

TO CREATE A MORE SUSTAINABLE WORLD.
CG works at several levels, from an everyday use product
such as an advanced light bulb or the best-in-class water
heater, to high-end technologies such as offshore wind
substations (where CG is Europes leading supplier).

SLASH LOSSES

CGs power automation teams are working with utilities

in Spain and the UK to make the smart grid a reality. In
India, our energy management solutions division delivers
whats needed firstefficiency and a reliable supply.
This years Annual Report presents this spectrum

ITS A MORE INTELLIGENT WORLD

of projects and products that underline our current

capabilites and hint at the future. For its clear that the
worldwide demand for energy-conserving solutions is the

and it is time for an intelligent system.

2

start of a new reality.

3

09-10

10-11

12-13

03-04

05-06

06-07

05-06

08-09

12.06

4.45
07-08

8.71

8.12
04-05

5.93
03-04

3.59

3.04

4,933

1,571

2.59

06-07

09-10

10-11

H crore

08-09

08-09

09-10

09-10

10-11

1,282

1,554

11-12

90

12-13

1,062
03-04

05-06

07-08

08-09

504

391

304
04-05

06-07

private
sector issuer of domestic debt and was
11-12 12-13
the fifth highest overall.
IDFC has utilised the External Commercial
Borrowing (ECB) channel to raise funds from
various sources. In FY13 IDFCs ECB of
US$ 525 million were the largest in a single
year.
This included US$ 250 million long term
line of credit from Overseas Private Investment
Corporation (OPIC) the US governments
Development Finance Institution.

During the year, IDFC also contracted the
first Australian dollar (AUD) denominated loan
from an international bank.

IDFC Bonds are rated LAAA by ICRA and
AAA(Ind) by India Ratings (erstwhile Fitch),
and its bond issuances achieve benchmark
pricing among private sector bond issues.

IDFC continues to enjoy an international
08-09 09-10 10-11 11-12 12-13
issuer default rating of BBB- from Fitch and
Standard & Poors in line with the sovereign
rating.
TEN YEARs' HIgHLIgHTs | 3

The Company has been actively managing
its asset-liability position to take care of
interest rate and currency risks. As on March
31, 2013, the adjusted asset duration was 1.8
years, while the adjusted liability duration was
1.7 yearsensuring minimal gap between the
duration of its assets and liabilities. IDFC has
been using interest rate swaps, forwards and
currency swaps to manage its interest rate and
currency risks.
09-10

GROSS
DISBURSEMENTS

54
11-12

03-04

12-13

ANNUAL REPORT 20122013

T
C

INDIAS REAL GDP GROWTH

%

7.5
6.5
6.0
5.1

APR
JUN

JUL
SEP

OCT
DEC

JAN
MAR

5.4

APR
JUN

2011

5.2

JUL
SEP

4.7

4.8

OCT
DEC

JAN
MAR

2012

SOURCE: GOVT. OF INDIA, CSO

28 | I D F C

ANNUAL REPORT 20122013

04-05

05-06

07-08

08-09

09-10

10-11

he GDP growth figures released by the

Central Statistical Organization (CSO)
on May 31, 2013 are reflective of the
difficult environment surrounding infrastructure
development and gross fixed capital formation
in the country. GDP growth has declined from
8.4% in FY11 to 5% in FY13. Chart A below
plots the quarterly data over the last two fiscal
years.
The infrastructure sectors performance is
largely captured under two sectoral heads
of Indias national accounts. These are: (i)
electricity, gas and water supply, and (ii)
construction. In FY12, the former grew at 6.5%
but declined to 4.2% in FY13 and the latters
growth has fallen from 5.6% in FY12 to 4.3% in
FY13. Given the overall uncertainty and slow
down in the economic environment, these two
sectors have shown generally falling quarterly
growth rates over the period, as depicted in
Chart b.
Equally disturbing has been the decline
in the rate of Gross Fixed Capital Formation
(GFCF) as a share of GDP. As Chart C shows,
this has fallen from 35.7% in April-June 2011
to 32.6% in January - March 2012. For India to
grow consistently at 8% per year, the countrys
GFCF needs to be at somewhere between
37% to 39% of GDP.

11-12

12-13

03-04

04-05

05-06

7,207

6,046

3,723

2,702

26

06-07

8,085

12,006

48
43
10-11

23

maNagEmENT
DisCUssiON &
aNalysis

06-07

The chapter on Review of Infrastructure

in this annual report gives details of the
performance of various sectors during the year
which depicts a rather difficult environment.
Here, we touch upon the key findings.

THE STATE OF INFRASTRuCTuRE

IN INDIA: A BRIEF REVIEW
eNerGY

The sector has been affected by the shortage

of fuelcoal as well as gasand rising losses
of power distribution companies (discoms).
Despite some efforts by the Government
to address these issues, there has been
no perceptible progress in implementing
solutions. Consequently, there is low investor
confidence in the sector, as seen in a marked
slowdown in investments.

The Plant Load Factor (PLF) of thermal
power plants declined from 73% in FY12 to
70% in FY13, mostly on account of shortage of
coal and gas.

21 power plants had less than a week of
coal reserves at the end of FY13.

Stranded capacity in power generation is a
major concernwith 58 Billion Units (BU) of
generation shortfall due to unavailability of gas,
and 12 BU shortfall on account of coal.

12,962

18,404

H crore

10-11

26,702

07-08

750

06-07

742

05-06

BOOK VALUE
PER SHARE

17

07-08

31,868

259

04-05

12-13

1,836

PROFIT AFTER TAX

10,317

03-04

11-12

17,696

3,637

4,063

6,435
12-13

26,544

23,548

22,304

14,903

9,380

5,895
04-05

12-13

81

11-12

36,304
11-12

11-12

30,442

10-11

H crore

3,975
08-09

10-11

77

09-10

48,887
07-08

09-10

20,309

08-09

38,210
20,999

06-07

08-09

2.30
07-08

BORROWINGS

25,539

20,153

14,150

10,321

7,216

4,556

IDFC SIXTEENTH ANNUAL REPORT 2012-2013

2 | IDFC

05-06

07-08

13,053

06-07

10,631

05-06

46,435

56,595

12-13

6,414

11-12

5,703
10-11

H crore

04-05

06-07

H crore

19

09-10

05-06

GROSS APPROVALS

54,227

08-09

04-05

1.50
04-05

1.20

03-04

1.20

1.00

07-08

03-04

2.00

1.00

06-07

LOANS

03-04

12-13

2.60

DIVIDEND
PER SHARE

11-12

5.78

10-11

42,716

09-10

1,037

2,806

34,810

30,700
08-09

728

07-08

637

12,298

18,384

8,766

06-07

7,010

6,176

05-06

1.00

05-06

04-05

1.00

04-05

03-04

2,948

1,889

03-04

2,568

1,699

5,593

11,244

H crore

13,683

SHAREHOLDERS
FUNDS

12,285

TEN yEars
HigHligHTs

5,951

28,941

49,347

Infrastructure

EARNINGS
PER SHARE (Diluted)
10.20

H crore

61,003

H crore

8,148

TOTAL INCOME

71,059

BALANCE SHEET

26,576

IDFC
Annual Report

07-08

RISK MANAGEMENT
IDFC has a robust risk management practice
that enables the Company to take appropriate
levels of risk in its businesses and to manage
and mitigate such risks.
In terms of the management structure,
the Risk Management Group is headed by
the Chief Risk Officer (CRO). IDFC has a
comprehensive Enterprise Risk Management
(ERM) framework which has been adopted
across all entities in the group and covers all
four types of riskscredit, market, liquidity
and operational risks.
The Credit Risk Group independently
evaluates all proposals with a view to
estimating risks, mitigation for each of these
risks and the appropriate pricing of risk. After
approval of terms and conditions and credit
rating from the Credit Risk Group, each
proposal is considered by a Decision Board,
which comprises members of the Senior

Management, before being recommended

final sanction by the Credit Committee and,
where applicable the Executive Committee
the Board of Directors.
The Portfolio Management Group monito
the performance and compliance of covena
of all assets. The Credit and Portfolio group
conduct comprehensive reviews of all
project assets and equity investments of th
Company on a regular basis. The portfolio
risk report is regularly presented to a Portfo
Review Committee consisting of senior
management. The Committee reviews and
discusses all assets with significant risks an
also deliberates on the prevailing sectorspecific and systematic risks in the busines
environment. In addition, re-rating of the en
portfolio is done on an annual basis and
presented to the Risk Committee of the Boa
of Directors.
The CRO presents a risk review report to
the Risk Committee of the Board of Directo
on a quarterly basis. This encompasses all
significant aspects of the risks in the Comp
as well as the mitigating measures.
FY13, like the earlier year, witnessed maj
challenges related to projects in various
sectors, especially power. These have
been discussed earlier and in the Review o
Infrastructure in this Annual Report. Becaus
of these challenges, IDFC has consciously
adopted a cautious approach in evaluating
feasibility of fresh proposals as well as the r
levels of existing exposures in its loan book
The overall level of credit risk in the portfo
of loans was largely maintained during the
year. This was on account of active risk
monitoring, and continuous oversight of the
portfolio. Thus, despite challenges, the risk
in the portfolio have been maintained within
manageable levels.
The Market Risk group monitors the risks
on account of interest rate, liquidity, currenc
and equity price in the trading books. Sever
applications and models are used to suppo
the continuous monitoring of such risks. Th
tools, models and underlying risk factors
are reviewed periodically to enhance the
effectiveness of regular monitoring of these
risks.

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International Federation of Red

Cross
institutional communication
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institutional communication
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brand identity

www.icdindia.com

contents