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Dear Members,
The Directors have pleasure in presenting their 72nd Annual Report and Audited
Financial Statements for the year ended March 31, 2017.
The Directors recommend payment of final dividend of Rs 21 per share of Rs 2/- each on
93,29,65,803 shares.
During the year under review, the Company allotted 14,86,958 equity shares of Rs 2/-
each upon exercise of stock options by the eligible employees under the Employee Stock
Option Schemes.
The Company reduced long-term borrowings during the year under review by way of
repayment of Non-Convertible Debentures (NCD) worth Rs 550 crore and External Commercial
Borrowings (ECB) worth US$126 million on scheduled due dates. The Company did not raise
any long-term borrowings during FY2016-17.
CRISIL Limited has assigned AAA (Stable) rating for L&T's long-term debt
facilities. In addition, ICRA Limited also has assigned AAA (Stable) rating for certain
borrowings of the Company.
Subsequent to the year under review, on April 20, 2017 the Company has received order
of National Company Law Tribunal for hive-off of its Coimbatore undertaking engaged in
valves manufacturing through a scheme of Arrangement between Larsen & Toubro Limited
and L&T Valves Limited, a wholly-owned subsidiary of the Company and their respective
shareholders and creditors under the provisions of section 230 to 232 of the Companies
Act, 2013. The appointed date of the scheme was April 1, 2016 and the effective date of
the scheme was April 22, 2017.
The Board of Directors of your Company at its Meeting held on May 29, 2017, has
recommended for approval of the shareholders issue of bonus shares to the holders of the
equity shares of the Company in the ratio of 1: 2 (i.e 1 (One) Bonus Equity Share of Rs
2/- for every 2 (Two) fully paid-up Equity Shares of Rs 2/- each held) by capitalisation
of its Reserves. The approval of the shareholders will be sought through Postal Ballot.
As at March 31, 2017 the gross property, plant and equipment, investment property and
other intangible assets including leased assets, stood at Rs 9820.17 crore and the net
property, plant and equipment, investment property and other intangible assets, including
leased assets, at Rs 7548.37 crore. Capital Expenditure during the year amounted to Rs
749.02 crore.
The Company has not accepted deposits from the public falling within the ambit of
Section 73 of the Companies Act, 2013. The Company does not have any unclaimed deposits as
of date. All unclaimed deposits have been transferred to Investor Education &
Protection Fund.
As the members are aware, the Company's shares are compulsorily tradable in electronic
form. As on March 31, 2017, 98% of the Company's total paid up capital representing
91,42,69,231 shares are in dematerialized form. In view of the numerous advantages offered
by the Depository system as well as to avoid frauds, members holding shares in physical
mode are advised to avail of the facility of dematerialization from either of the
The Company sends letters to all shareholders, whose dividends are unclaimed so as to
ensure that they receive their rightful dues. Efforts are also made in co-ordination with
the Registrar to locate the shareholders who have not claimed their dues.
During the year, the Company has transferred a sum of
Rs 2,59,71,351 to Investor Education & Protection Fund (IEPF), the amount which was
due & payable and remained unclaimed and unpaid for a period of seven years as
provided in section 125 of the Companies Act, 2013 and the rules made thereunder. Despite
the reminder letters sent to each shareholder, this amount remained unclaimed and hence
was transferred. Cumulatively, the amount transferred to the said fund was Rs 17,16,31,755
as on March 31, 2017.
In accordance with the provisions of the Section 124(6) and Rule 6(3)(a) of the
Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund)
Rules, 2016, (IEPF Rules), the Company is required to transfer 12,13,804 equity shares of
Rs 2 each held by 11,057 shareholders to IEPF. The said shares correspond to the dividend
which has remained unclaimed for a period of seven consecutive years from the financial
year 2008-09. However, the equity shares wherein, disputes are pending and Court Order(s)
are available with the Company, shall be retained by the Company. All the remaining
shares, as mentioned above, shall be transferred to IEPF. Subsequent to the transfer, the
concerned shareholders can claim the said shares along with the dividend(s) from IEPF in
accordance with the prescribed procedure and on submission of such documents as prescribed
under the IEPF Rules.
The Company has already sent a specific communication to the concerned shareholders at
their address registered with the Company and also published notice in Financial Express
and Loksatta providing the details of the shares due for transfer and to enable
shareholders to take appropriate action. The Company is awaiting further directions on the
transfer formalities from the Ministry of Corporate Affairs in terms of the amendment to
the IEPF Rules dated 28th February, 2017. In the meantime, the concerned shareholders can
approach the Company or its Registrar & Transfer Agent with necessary documents
supporting their claims.
During the year under review, the Company subscribed to / acquired equity / preference
shares in various subsidiary / associate / joint venture companies. These subsidiaries
include companies in general insurance, power, real estate and infrastructure sectors. The
details of investments/ divestments in subsidiary companies during the year are as under:
A) Shares acquired during the year:
B) Equity shares sold/transferred during the year:
1. Pursuant to the Scheme of Demerger approved by National Company Law Tribunal (NCLT),
the existing share capital of Marine Infrastructure Developer Limited held by L&T
Shipbuilding Limited stands cancelled. The Company has now acquired 38,80,00,000 equity
shares of Marine Infrastructure Developer Limited for a consideration of Rs 388 crore from
L&T Shipbuilding Limited. The acquisition has been completed on 31st March, 2017.
Further, 38,80,00,000 equity shares of L&T Shipbuilding Limited held by the Company
have been extinguished and 38,80,00,000, 9% non-cumulative, optionally convertible and
redeemable preference shares of Rs 10 each have been issued to the Company in lieu of the
same on 29th March, 2017.
2. The Company has sold its 10.30% stake in Larsen & Toubro Infotech Limited (LTI),
a subsidiary, through an Initial Public offering of LTI equity shares. LTI got listed on
July 21, 2016.
3. The Company has sold its 10.23% stake in L&T Technology Services Limited (LTTS),
a subsidiary, through an Initial Public offering of LTTS equity shares. LTTS got listed on
23rd September, 2016.
4. The Company has sold its entire stake in L&T General Insurance Company Limited,
a wholly-owned subsidiary, to HDFC ERGO General Insurance Company Limited.
5. The scheme of arrangement between L&T Valves Limited and L&T Electrical
& Automation Limited was approved by National Company Law Tribunal on April 27, 2017
with appointed date as November 1, 2016. Pursuant to the scheme L&T Electrical &
Automation Limited issued 73,88,796 shares to Larsen & Toubro Limited as a
consideration towards transfer of certain assets by L&T Valves Limited. Accordingly
the value of investment in L&T Electrical and Automation Limited was increased by Rs
40.31 crore and reduced in L&T Valves Limited by Rs 40.31 crore during the year
The Company has formulated a policy on identification of material subsidiaries in line
with Regulation 16(c) of the SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015 and the same is placed on the website at
http://investors.larsentoubro.com/Listing-Compliance. aspx. The Company does not have any
material subsidiaries.
C) Performance and Financial Position of each subsidiary/associate and joint venture
A statement containing the salient features of the financial statement of
subsidiary/associate/joint venture companies is provided on pages 471 to 480 of this
Annual Report.
The Company has disclosed the full particulars of the loans given, investments made or
guarantees given or security provided as required under Section 186 of the Companies Act,
2013 and Regulation 34(3) and Schedule V of the SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015 in Note 37 and 38 forming part of the financial statements
The Audit Committee and the Board of Directors have approved the Related Party
Transactions Policy and the same has been uploaded on the Company's website http://
investors.larsentoubro.com/Listing-Compliance.aspx. The Company has a process in place to
periodically review and monitor Related Party Transactions.
All the related party transactions were in the ordinary course of business and at arm's
length. The Audit Committee has approved all related party transactions for the FY 2016-17
and estimated transactions for FY 2017-18.
There were no materially significant related party transactions that may have conflict
with the interest of the Company.
The total income for the financial year under review was Rs 68,273 crore as against Rs
66,154 crore for the previous financial year registering an increase of 3%. The profit
before tax from continuing operations including exceptional items was Rs 6,758 crore for
the financial year under review as against Rs 6,256 crore for the previous financial year,
registering a increase of 8%. The profit after tax from continuing operations including
exceptional items was Rs 5,454 crore for the financial year under review as against Rs
5,000 crore for the previous financial year, registering an increase of 9%.
The Company has not transferred any amount to the reserves during the current financial
The Directors recommend payment of dividend of Rs 21 (1050%) per equity share of Rs 2/-
each on the pre-bonus share capital which works out to Rs 14 per equity share post issue
of bonus shares.
The Board of Directors of the Company has approved the Dividend Distribution Policy on
22nd November, 2016 in line with regulation 43A of the SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015. The Policy is provided in Annexure
G forming part of this Board Report and also uploaded on the Company's website
at http:// investors.larsentoubro.com/Listing-Compliance.aspx.
There are no material changes and commitments affecting the financial position of the
Company between the end of the financial year and the date of this report.
Information as required to be given under Section 134(3) (m) read with Rule 8(3) of the
Companies (Accounts) Rules, 2014 is provided in Annexure A' forming part of this
Board Report.
The Apex Risk Management Committee comprises of Mr. A. M. Naik, Mr. S. N. Subrahmanyan
and Mr. R. Shankar Raman. Mr. A. M. Naik is the Chairman of the Committee. The Company has
formulated a risk management policy and has in place a mechanism to inform the Board
Members about risk assessment and minimization procedures and periodical review to ensure
that executive management controls risk by means of a properly designed framework.
A detailed note on risk management is given under financial review section of the
Management Discussion and Analysis on pages 225 to 227 of this Annual Report.
The Corporate Social Responsibility Committee comprises of Mr. Vikram Singh Mehta, Mr.
R. Shankar Raman and Mr. D. K. Sen as the Members. Mr. Vikram Singh Mehta is the Chairman
of the Committee.
The details of the various projects and programs which can be undertaken by the Company
as a part of its CSR policy framework is available on its website http://investors.
larsentoubro.com/Listing-Compliance.aspx. The disclosures required to be given under
Section 135 of the Companies Act, 2013 read with Rule 8(1) of the Companies (Corporate
Social Responsibility Policy) Rules, 2014 are given in Annexure C' forming part of
this Board Report.
Mr. Bahram Navroz Vakil resigned as Director of the Company on 1st August, 2016. The
Board places on record its appreciation of the contribution by Mr. Vakil as Director of
the Company.
Mr. Subodh Bhargava was appointed as an Independent Director of the Company with effect
from April 1, 2014 to March 29, 2017. Pursuant to the recommendation of Nomination and
Remuneration Committee, the Board at its Meeting held on January 28, 2017 has approved the
re-appointment of Mr. Subodh Bhargava as an Independent Director for a further term of 5
years from March 30, 2017 to March 29, 2022, subject to the approval of the shareholders,
since the Board was of the opinion that his association would be of immense benefit to the
Company and it was desirable to avail services of Mr. Bhargava as an Independent Director.
The Board has appointed Mr. Arvind Gupta as an Additional Director representing
Administrator of the Specified Undertaking of the Unit Trust of India with effect from
July 1, 2017. Mr. Gupta will hold office till the . ensuing Annual General Meeting (AGM)
and is eligible for appointment.
The Board has appointed Mr. J. D. Patil as an Additional Director of the Company at its
Meeting dated 29th May, 2017 with effect from 1st July, 2017. Mr. Patil will hold office
till the ensuing AGM and is eligible for appointment. The Board has also appointed him as
the Whole-time Director of the Company with effect from 1st July, 2017, for a period of
five years subject to approval of the shareholders.
Mr. Sushobhan Sarker, Mr. R. Shankar Raman and Mr. Shailendra Roy retire by rotation at
the ensuing AGM and being eligible offer themselves for re-appointment. . The current term
of Mr. A. M. Naik as Group Executive Chairman ends on September 30, 2017. Your Board of
Directors had requested Mr. Naik to provide advice, guidance and mentorship to the
Company's executive management in the capacity of Non-Executive Chairman. Mr. Naik has
acceded to the Board's request and shall continue as Non-Executive Chairman with effect
from October 1, 2017 for a period of three years.
The Board has appointed Mr. S.N. Subrahmanyan as Chief Executive Officer and Managing
Director with effect from 1st July, 2017, for a period of five years subject to approval
of the shareholders.
The notice convening the AGM includes the proposal for appointment / re-appointment of
The terms and conditions of appointment of the Independent Directors are placed on the
website of the Company http://investors.larsentoubro.com/Listing-Compliance.aspx.
The Company has also disclosed on its website http://
investors.larsentoubro.com/Listing-Compliance.aspx details of the familiarization programs
formulated to educate the Directors regarding their roles, rights and responsibilities in
the Company and the nature of the industry in which the Company operates, the business
model of the Company, etc.
This information is given in Annexure B' - Report on Corporate Governance forming
part of this Report. Members are requested to refer to pages 74 and 75 of this Annual
The Company has in place an Audit Committee in terms of the requirements of the
Companies Act, 2013 read with the rules made thereunder and Regulation 18 of the SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015. The details
relating to the same are given in Annexure B' - Report on Corporate Governance
forming part of the Board Report. Members are requested to refer to pages 77 to 79 of this
Annual Report.
The Company has in place a Nomination and Remuneration Committee in accordance with the
requirements of the Companies Act, 2013 read with the rules made thereunder and Regulation
19 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The
details relating to the same are given in Annexure B' - Report on Corporate
Governance forming part of the Board Report. Members are requested to refer to pages 79 to
81 of this Annual Report.
The Committee has formulated a policy on Director's appointment and remuneration
including recommendation of remuneration of the key managerial personnel and other
employees, board diversity, composition and the criteria for determining qualifications,
positive attributes and independence of a Director. The Committee has also formulated a
policy on Board Diversity.
The Company has received Declarations of Independence as stipulated under Section
149(7) of the Companies Act, 2013 from Independent Directors confirming that he/she is not
disqualified from appointing/continuing as Independent Director. The same are also
displayed on the website of the Company http://investors.larsentoubro.com/
As per the provisions of Section 92(3) of the Companies Act, 2013, an extract of the
Annual Return in Form MGT-9 is attached as Annexure F' to this Report.
The Board of Directors of the Company confirms: a) In the preparation of Annual
Accounts, the applicable accounting standards have been followed along with proper
explanation relating to material departures; b) The Directors have selected such
accounting policies and applied them consistently and made judgements and estimates that
are reasonable and prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit of the Company for that
period; c) The Directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities; d) The Directors have prepared the Annual Accounts on a going
concern basis; e) The Directors have laid down an adequate system of internal financial
control to be followed by the Company and such internal financial controls are adequate
and operating efficiently; f) The Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws and that such systems were adequate
and were operating effectively.
The Company has designed and implemented a process driven framework for Internal
Financial Controls ("IFC") within the meaning of the explanation to Section
134(5) (e) of the Companies Act, 2013. For the year ended March 31, 2017, the Board is of
the opinion that the Company has sound IFC commensurate with the nature and size of its
business operations and operating effectively and no material weakness exists. The Company
has a process in place to continuously monitor the same and identify gaps, if any, and
implement new and/or improved controls wherever the effect of such gaps would have a
material effect on the Company's operations.
The Nomination and Remuneration Committee and the Board have laid down the manner in
which formal annual evaluation of the performance of the Board, committees and individual
directors has to be made.
All Directors responded through a structured questionnaire giving feedback about the
performance of the Board, its Committees, Individual directors and the Chairman. The
questionnaire included inputs on composition, culture, functioning, information
availability, compliance and governance, effectiveness etc. Questionnaire also covered, in
the case of individual directors, qualitative assessment and in the case of Chairman
additional criteria like leadership qualities and other key aspects of his role. The
Individual Directors' responses to the questionnaire on the performance of the Board,
Committee(s), Directors and Chairman, were analyzed by an independent consultant, to
arrive at unbiased conclusions.
The inputs, including areas of improvement, given by all the directors were discussed
in the meeting of the Independent Directors held on April 6, 2017 and in the subsequent
Meetings of Nomination and Remuneration Committee and the Board. The Group Executive
Chairman had a discussion with all the Directors individually.
The details of remuneration as required to be disclosed under the Companies Act, 2013
and the rules made thereunder are given in Annexure D' forming part of this Board
The information in respect of employees of the Company required pursuant to Rule 5(2)
and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, as amended from time to time, is provided in Annexure H' forming part of this
report. In terms of Section 136(1) of the Act and the rules made thereunder, the Report
and Accounts are being sent to the shareholders excluding the aforesaid Annexure. Any
Shareholder interested in obtaining a copy of the same may write to the Company Secretary.
None of the employees listed in the said Annexure is related to any Director of the
The Company has complied with Secretarial Standards issued by the Institute of Company
Secretaries of India on Board Meetings and Annual General Meetings.
The Company has formulated a policy on Protection of Women's Rights at Workplace'
as per the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013. This has been widely disseminated. There were no
cases of sexual harassment complaints received by the Company in the financial year
??ESOP Disclosures: There has been no material change in the Employee Stock
Option Schemes (ESOP schemes) during the current financial year. The ESOP Schemes are in
compliance with Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014 ("SBEB Regulations").
The disclosures relating to ESOPs required to be made under the provisions of the
Companies Act, 2013 and the rules made thereunder and the SBEB Regulations together with a
certificate obtained from the Statutory Auditors, confirming compliance, is provided on
the website of the Company http://investors.larsentoubro. com/Listing-Compliance.aspx.
A certificate obtained from the Statutory Auditors, confirming compliance with the
Companies Act, 2013 and the SBEB Regulations is provided in Annexure B' forming part
of this Report.
??Corporate Governance: Pursuant to Regulation 34 of the SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015, a Report on Corporate
Governance and a certificate obtained from the Statutory Auditors confirming compliance,
is provided in Annexure B' forming part of this Report.
??No disclosure is required under Section 67(3)(c) of the Companies Act, 2013, in
respect of voting rights not exercised directly by the employees of the Company as the
provisions of the said section are not applicable.
As per the provisions of Section 177(9) of the Companies Act, 2013 (Act'), the
Company is required to establish an effective Vigil Mechanism for directors and employees
to report genuine concerns.
The Company has a Whistle-Blower Policy in place since 2004 to encourage and facilitate
employees to report concerns about unethical behaviour, actual/ suspected frauds and
violation of Company's Code of Conduct or Ethics Policy. The Policy has been suitably
modified to meet the requirements of Vigil Mechanism under the Act. The policy provides
for adequate safeguards against victimisation of persons who avail the same and provides
for direct access to the Chairperson of the Audit Committee. The Audit Committee of the
Company oversees the implementation of the Whistle-Blower Policy.
The Company has disclosed information about the establishment of the Whistle-Blower
Policy on its website http://investors.larsentoubro.com/corporategovernance.aspx. During
the year, no person has been declined access to the Audit Committee, wherever desired.
The Company has been one of the first engineering and construction companies in India
to publish its report on Corporate Sustainability.
As per Regulation 34 of the SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015, a separate section on Business Responsibility Reporting forms a part of
this Annual Report (refer pages 19 to 35).
The detailed Corporate Sustainability Report is also available on the Company's website
During the year under review, there were no material and significant orders passed by
the regulators or courts or tribunals impacting the going concern status and the Company's
operations in future.
Your Directors have pleasure in attaching the Consolidated Financial Statements
pursuant to Section 129(3) of the Companies Act, 2013 and Regulation 34 of the SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015 and prepared in
accordance with the applicable Accounting Standards prescribed by the Institute of
Chartered Accountants of India, in this regard.
The Auditors' report to the shareholders does not contain any qualification,
observation or adverse comment.
The Secretarial Audit Report issued by S. N.
Ananthasubramanian & Co., Company Secretaries is attached as Annexure E' to
this Annual Report.
The Secretarial Auditor's report to the shareholders does not contain any
In accordance with provisions of Section 139 of the Companies Act, 2013 and the
Companies (Audit and Auditors) Rules, 2014, Sharp & Tannan (firm registration number
109982W) will complete their term as Statutory Auditors of the Company at the conclusion
of the forthcoming Annual General Meeting. The Board places on record its appreciation for
the services rendered by Sharp & Tannan as the Statutory Auditors of the Company.
In view of the mandatory rotation of auditor requirement and in accordance with the
provisions of Companies Act, 2013, Deloitte Haskins & Sells LLP were appointed as
Statutory Auditors for a period of 5 continuous years from the conclusion of 70th Annual
General Meeting till the conclusion of 75th Annual General Meeting of the Company. A
proposal for ratifying their appointment from the conclusion of the 72nd AGM till the
conclusion of the 73rd AGM has been included in the Notice of the ensuing AGM.
Deloitte Haskins & Sells LLP, have informed the Company that their appointment
would be within the limits prescribed under section 141 of the Companies Act, 2013.
The Auditors have confirmed that they have subjected themselves to the peer review
process of Institute of Chartered Accountants of India (ICAI) and hold valid certificate
issued by the Peer Review Board of the ICAI.
The Audit Committee reviews the independence and objectivity of the Auditors and the
effectiveness of the Audit process.
The Auditors have also furnished a declaration confirming their independence as well as
their arm's length relationship with the Company as well as declaring that they have not
taken up any prohibited non-audit assignments for the Company.
The Auditors of the Company have not reported any instances of fraud committed against
the Company by its officers or employees as specified under Section 143(12) of the
Companies Act, 2013.
Pursuant to the provisions of Section 148 of the Companies Act, 2013 and as per the
Companies (Cost Records and Audit) Rules, 2014 and amendments thereof, the Board, on the
recommendation of the Audit Committee, at its meeting held on May 29, 2017, has approved
the appointment of R. Nanabhoy & Co., Cost Accountants as the Cost Auditors for the
Company for the financial year ending March 31, 2018 at a remuneration of Rs 11.75 lakhs.
The Report of the Cost Auditors for the financial year ended March 31, 2017 is under
finalization and shall be filed with the MCA within the prescribed period.
A proposal for ratification of remuneration of the Cost Auditor for the financial year
2017-18 is placed before the shareholders.
The information is covered in Note 59 forming part of the Financial Statements forming
part of this Annual Report.
Your Directors take this opportunity to thank the customers, supply chain partners,
employees, Financial Institutions, Banks, Central and State Government authorities,
Regulatory authorities, Stock Exchanges and all the various stakeholders for their
continued co-operation and support to the Company. Your Directors also wish to record
their appreciation for the continued co-operation and support received from the Joint
Venture partners / Associates.
Annexure A' to the Board Report
Information as required to be given under Section 134(3) (m) read with Rule 8(3) of the
Companies (Accounts) Rules, 2014.
(i) Steps taken or impact on conservation of energy:
??Use of Induction lamps in place of mercury vapor lamps for bay lighting at
Kancheepuram factory??Replacement of electrical heating coil vaporizer used in the
galvanizing plant to vaporize the liquefied LPG from cylinders with heater less hot water
vaporizer at Puducherry factory??Conversion of DOL Starter to Variable Frequency Drives
(VFD) for Admin Building Chiller Primary pumps??Use of automatic switching off 50%
Streetlights during night ??Installation of L&T VFD for moulding
machine??Implementation of ISO 50001 across ESP MFG Plants??Energy audit and Energy
training provided at Ahmednagar Switchgear Works??Replacement of Natural gas heating with
electrical heating for heat treatment of jobs??Optimization of DG set capacity in Furnace
??Process cooling tower Fan operation converted from manual mode to Automatic mode
operation through low cost automation ??Upgradation of coolant system of Asquith machine
to eliminate 8 no's of motor along with VFD installation??Replacement of conventional MH
Lamps and fluorescent tube lights by LED lamps in working areas at projects as well as for
street lights ??Installation of HVLS Fan ??Use of Flood light LED and power efficient
Metal Halide lamps instead of Halogen in campuses??Retrofitting of LED fixtures in place
of CFL Fixtures??Cooling Tower Pump Energy Optimization??Conducted "Save
Electricity" campaign on campus
??Installation of motion sensors at floor areas to reduce the overall electricity
consumption??Installation of auto water level controller for domestic pumps??Use of Eco
Fuel, which is a direct substitute to High Speed Diesel in Hot Mix Plant??Optimization of
Air Compressor operation by connecting 200 CFM Air Compressor exclusively for Shot
Blasting Operation ??Replacing existing aged inefficient Split AC units with energy
efficient units??Utilization of Chiller for HVAC System Campus FMD initiated and
control the chiller running hour for HVAC need during holidays and extended working
hours??Clubbing of charges in furnace during rolling process to improve loading
factor??Replacement of rotor resistance controlled starter to Drive controller starter for
EOT cranes resulting smooth operation and energy saving??Introduction of VSD based
compressor ??Compressed air optimization ??Installation of diffusers and blowers in waste
water treatment plants instead of conventional surface aerators, which will lead to energy
savings by 12 - 15% ??Use of photo electric sensors for lighting control in Integrated
Urban Utility Projects / Industrial Township Projects??Use of Hybrid Lighting Masts ??Use
of Recycled water from STP for sanitation and gardening??Use of Motion sensors and RTC
timers fixed at paint booth blowers, HVAC, clock room, Rest Rooms, Garden lights and Food
courts??Introduced RTC timer for Domestic Water pump to avoid high pressure leakages in
the existing system??Dedicated team for monitoring the lighting system and staff trained
for preventing excessive usage of power??Use of VFDs with auto monitoring of pressure and
temperature for compressor and blower
??Implementation of Cold phosphating pre-treatment process (Oxsilan process) in the
paint shop??Usage of Variable Speed Drive for better efficiency ??Installation of PLC
controlled "Auto Mode" Plant and Office Lighting??Use of CNG for Bitumen Heating
as a substitute to High Speed Diesel in Hot Mix Plant at Delhi Agra Road Project??Usage of
EB power supply instead of DG for construction power supply??Installation of Digital
gateways at various P&M assets which enables us to monitor power consumption and
reduce maintenance cost ??Installation of Fuel sensors to monitor the fuel consumption and
optimize its usage??Annual energy Savings in Kansbhal Factory, Odisha is 8.19 Lacs KWH
??Replacement of Air Cooled Chiller with Water Cooled Chiller
(ii) Steps taken by the Company for utilizing alternate sources of energy:
??Shift towards usage of windmill power in the place of State Electricity Board at
Kancheepuram factory??Installing Solar panels on rooftop??Solar street at ESE campus ??Use
of solar energy and natural lights in cafeteria??Purchase of Green Power from third party
wind farm to reduce carbon footprint??Solar Panels installed at project sites??Power
generation through Solar Roof top PV installation at campus??Shift towards usage of power
generated through windmill power ??Use of high velocity burners in place of low velocity
burners??Implementation of hoods for the pre heating??Conversion of weld edge preparation
process from planning to milling operation
??Re-design impeller of industrial blower from backward curve to airfoil curve
??In-house development of remote operated scissor arm for shifting and aligning the hot
plate into rolling machine??Improvement is NUB design done to reduce weld deposition
(iii) Capital investment on energy conservation equipments:
??Energy conservation in Air handling units??Replacement of old welding machines with
new machines with inverter technology to reduce no load loss and overall consumption??Use
of 100 kVA UPS for furnace to reduce diesel consumption of DG set for uninterrupted power
supply??Replacement of existing 400W MH lamps with 137W LED lamps for highbay lighting in
HE East & West shops??Migrating from HPSV to LED light for BOT (Build Operate
Transfer) projects with ESCOs (Energy Saving Companies) for energy conservation in
Peripheral Lighting??PLC installation in heating process of LSR to have precise control
and saving in NG consumption??Purchase of green power (Hydropower) for HE East &
West??Use of grid supply for LSR to replace DG set hiring and running cost thereby saving
diesel consumption??Feasibility for infrared heating to be explored and implemented for
heating operation??IOT projects for ESSC, SAW and nozzle welding process to save energy
and reduce cycle time The measures taken have resulted in savings in cost of production,
power consumption and processing time at all locations.
(i) Efforts made towards technology absorption:
??Introduction of Digital Interfaces to monitor progress & cost of work through ERP
System ??Development M20 and M40 structural grades of concrete with Recycled concrete
aggregate (RCA) for residential, commercial and infrastructure construction
??Development of IoT techniques for embankment structures near sea coast for continuous
??Re-commissioning of State of art testing and analysis equipment for rebar, strands,
concrete, soil, rock and asphalt after Chennai floods
??In-house developed self-compacting concrete was used in pile foundations of HEP
Chitapur Solar power project in Karnataka
??Development of evaluation and qualification of physical and mechanical properties of
Embankment materials for SOU project
??Implementation of specially designed cement modified WMM mix in the internal roads of
Apollo Proton Therapy and Cancer Treatment Hospital Project site which shall help to move
heavy duty medical equipment into the hospital building
??Development of A2O process at the 318 MLD Waste Water Treatment Plant (WWTP) at
Coronation Pillar, New Delhi, wherein the Nitrogen & Phosphorus content in wastewater
is treated to desirable limits
??Installation of Biomethanation of sewage sludge in the 318 MLD WWTP at Coronation
Pillar, New Delhi which produces biogas used to generate electricity and run the WWTP
??Installation of Micro-filtration (MF) system at Raichur power Plant which is designed
to treat the river water without any conventional pre-treatment to give filtered water
??Implementation of Virtual reality (VR) / Mixed reality (MR) digital technologies for
projects which will enable the engineers from different disciplines to view their design
as its final product and visualise the structure in real time scale
??Implementation of HTC Vive technology in projects which creates a virtual reality
headset designed to utilize "room scale" technology to turn a room into 3D space
via sensors, with the virtual world allowing the user to navigate naturally
??Implementation of Microsoft HoloLens which embraces virtual reality and augmented
reality to create a mixed reality??In-house development of MIS Dashboard to monitor
project costs, departmental overheads, inventory and vendor payables ??Development of 3D
model of components of ship, in off shore patrol vessels, to have better clash free
interface between design and production??Adoption of Modular Construction Technology for
the erection of 6mm thick carbon steel liner panels for IC wall and top dome lining for
Kakrapar Nuclear Power Plant in Gujarat??Designed Bridge builder to erect precast segments
by cantilever construction method for straight spans and curved spans upto 128m radius of
curvature??Developed segmental bridge launching girder with hinge mechanism and adopted in
metro construction projects??Implementing BIM at EDRC Metros which aims at mapping
on a GIS platform, the various aspects and features of Metro Rail with their associated
information??Launched emergency response mobile surveillance control and command centre
vehicle in Mumbai, first of its kind in India which is capable of recording &
transmitting live feed to the police control room??Implemented BIM for road project on
pilot basis for a 5 Km stretch??Utilisation of Digital technology for topographic surveys
such as vehicle based LIDAR survey??Implemented the 2D Grade Control system on few motor
graders in Delhi Agra Road Project??Manufacturing latest technology products in material
handling equipment namely Tandem Tippler & Side Arm Charger, High Capacity Stacker cum
Reclaimer, Underslung Paddle Feeder, Drag Plough for Coke Oven, Bin Extractors??Introduced
New Product Intensity (NPI) index which measures the sales of products introduced in the
market in last five years to the total sales in the financial year
??Development of various new products in the power distribution and motor control
sector namely AU range of final distribution products, sub-main Distribution boards, new
ratings in Omega range of Air Circuit Breakers and Busbar Trunking systems??Launched
submersible pump controllers for agriculture market and DC contactors in telecom
applications??Launched comprehensive product portfolio to provide solution for Power
Quality Management??Development of new, cost-optimized meter platforms that offer better
features, development and integration of modules to facilitate remote communication of
meter data over Radio / GSM and development of Pre-Paid Meters, Smart Meters, Protective
Relays and Panel Meters??Developed Smart and Pre-paid meter where each and every instance
in power distribution will be recorded??Launch MV drives thus completing LV & MV drive
range??Development of new, cost-optimized meter platforms that offer better features,
development and integration of modules to facilitate remote communication of meter data
over Radio / GSM??Introduction of "SMART Comm" solution??Introduction of
67"Hydraulic Tire Curing Press, 750 T Bladder Press and Mixing mill??Introduction of
New state-of-the-art Loader for Off The Road (OTR) Tire Curing Presses and automatic Mold
Height Adjustment for OTR Presses??Development of newer variants of Power Packs &
Tipper Wet Kit??Development of Paver, Pneumatic Tired Roller & Skid Steer
Loaders??Introduction of 56.5" -2 position PCI for Domestic order??Introduction of
64" -2 Position PCI with safety fence??Indigenization of various components for
Rubber Processing Machinery by designing, developing specifications and adapting to
international conditions
??Development of cement grouted bituminous macadam for high speed corridors,
expressways, aprons and ports??Development of NABL accredited testing facility for
geotextiles and geo-synthetics used in sub soil strengthening??Industrial scale production
of stockpile, all weather cold pot-hole mix for infra project sites??Development of low
cement and impermeable Plastic concrete for Dam structures ??Mechanical Studies on light
weight concrete for structural application and specially designed double blend structural
grade??Development of polymer modified repair mortar for multilevel carparks??Execution of
Technology Licensing & Assistance (TLA) Agreement with Chiyoda Corporation for Flue
Gas Desulphurization Technology??Development of Armored vehicle mobility simulation
capability, Laser based optics simulation capability, Intelligent Collaborative Robotics
System, Unmanned / Autonomous Platforms & Systems, Waterjet Propulsion Systems, Field
& Air Defence Gun Systems, Laser based Beam directing, tracking and pointing system,
Trisonic Wind Tunnel Systems and other technics in the HED Sector??Introduction of
portable flux recycler at welding point to avoid ovens??Development of EFNARC and RILEM
methodologies in energy absorption of shotcrete panels.
??Triple blend shotcrete mix M40 has been used in Special projects for tunnels
??Optimized concrete mix design solutions were implemented in PTDIC ??Development of
pre-packed concrete for remote site and inaccessible areas??Development of NABL accredited
testing facility for fineness by Blaine, Alkali Silica aggregates, Non Destructive Tests
on concrete??Development of NABL test facilities for evaluating sealents used in expansion
joints of structures??Mechanical studies on water barrier disc tie rods
??Development of test facilities for MIG and TIG welded specimens for Fatigue and
tensile strength on bronze alloy sculpture specimens??Creep studies on M65 grade
self-compacting concrete??Development of NABL testing facility for Bituminous Emulsions
used in flexible pavement construction??Development of High volume fly-ash concrete for
mass foundations??Development of lime and fly-ash stabilized mixes with recycled concrete
aggregates for base and sub-base layers for light, medium and heavy traffic pavements
??Development of high flexural strength PQC with alternate materials for durable rigid
pavements??Development of comprehensive online geotechnical databank as an effective tool
for designers and contract teams across ICs??Development of standard concrete mixes for
cold weather concreting at sub-zero temperature??Development of Surface Technologies like
Alodine, Chromic acid anodization and Electroless Nickel Plating to meet International
standards ??Establishment of Facility & Development of Painting process to meet
International Military standards with precise thickness and gloss requirements ??In-house
Development of Form Rolling process with combination of Metallic and Non-metallic
Rollers??Development of Manufacturing process of High precision Gears with our Business
partners??Development of precision mechanical & electronics integration, testing &
tuning of Fin Actuation Systems??Introduction of HIL (Hardware-in-the-loop) Simulation
& Equipment validation - Equipment's testing under various environmental & load
conditions??Development of High Wear resistance process of Hard anodizing with Teflon
impregnation for Aluminium Parts with business partners
??In-house Development of Resistance spot welding of Thin Stainless Steel Sheet metal
sections ??In-house Process development for manufacturing of Precision Thin Section Aero
Structural parts??Development of Low Hydrogen Embrittlement Cadmium Plating process of
Carbon Steels??Development of Hot Bending Process for Fabrication of Titanium Sections for
HSTDV program??Development of Micro-electronics assembly & testing for TGET
Fuses??Completed Airworthiness Qualification of Integrated Life Support System - On-board
Oxygen Generation System for fighter aircrafts??Completed development and qualification of
Oxygen System for Military Helicopters??L&T HE IC has entered into technology
transfer agreement with a leading Global technology provider for Titanium Clad
equipment??Buildup capability in static and dynamic stability of amphibious tracked
vehicle??Development of plasma welding of Maraging steel and Titanium??Launch of Automatic
Tube and Tubesheet welding for Urea applications??Development of weld overlay procedures
for super duplex stainless steels, alloys 825 and alloy C-276??Development of Ultra Narrow
gap GTAW process for closing seams of process plant equipment??Development of Flux-less
Arc Spot Welding with mixed gases for Nuclear export orders??Development of Auto-TIG
Overlay on Gasket Face and Split Ring for heat exchangers??Development of Robotic FCAW of
trunnions for Trans Nuclear projects ??Development of Automated High Sagita Nozzle Welding
System??Development of Trisonic Wind Tunnel Systems, Thermal Management system for high
pressure and high temperature flow environment
??Development of Underwater Weapon Launch Systems and Ka Band Feed using additive
manufacturing techniques ??Development of Driver Vision Enhancement for Armoured
Vehicles??Development of Railless Helo Traversing Systems??Environment Protection measures
introduced through Process change in bridging system Painting at Talegaon i.e BLT,
Sarvatra, SSBS and Modular Bridge were changed from Zinc Chromate primer to Zinc Phosphate
primer??Changed the design of pins using stainless steel material to reduce the
rework/rejection at site due to corrosion of pins in Bridging projects??Development of 3D
Printing for design and development of Micro wave guide component for Ka band telemetry
through Metal 3D printing ??Adoption of bend plates and negotiating with Mills for supply
of extended length of plates for reducing welding in the Tilt beam of TCT-5 production
order??Automated Welding process established for 7.5m long RT quality Aluminum Butt
joint??Development of Laser cutting process using Diode Laser machine for HSLA Steel &
Aluminum??Developed in-house SPM for Hinge boring of BLT??In-house development by
modification in IGM Robot, Gantry & Gulco trolley ??Development of Hydro-squeezing
fixture development in HDP for riveting operation.??Developed U & Z extrusion cutting,
slot milling & drilling fixtures for HDP
??Development of remote controlled motorized fixture for hot plate handling on rolling
machine ??Development of internal T-ring (Web to Flange) welding station using Auto GMAW
and laser based seam tracking system ??Process development for long seam welding and
overlay using mechanized system for Coke Drum repairs??Import substitution for hydrostatic
expansion process of tube to tube-sheet joints in Heat Exchangers and EO Reactors
??Indigenous development of twin head Auto GMAW station with TAB based wireless control
and seam tracking mechanism for welding of tube to ring joints in TWC project ??Indigenous
development of SCADA based system for Hydro Pressure Test Automation ??Development of
Military Communication Products namely network simulation and emulation for Tactical
applications, network Management System for TCS, user services fall back on TDM Network,
Desk Access Unit, Radio Relay Modules, manet based Wireless Node points, Radio Gateway for
CNR Radios, legacy system interface and NEWN system interface for VLF
??Development of India's first indigenous chemical agent monitoring system in
association with DRDE, Gwalior viz. Portable Chemical Agent Detector (PCAD) and Fixed
Chemical Agent Detector (FCAD) which can be used by the Army, Navy, Air Force, and NDMA,
Para-military forces, SPG and other security agencies??Development for Network simulation
and emulation for Battlefield Management System applications??Indigenously developed RF
modules like Up Converter, Down Converter, High Power Amplifier, Power Monitor and
Switched Filter Bank Modules ??Developed a complete rugged field deployable Network
Interface Unit (NIU) along with its Technology Partner used for Ethernet to Fiber Optic
Media conversion??Developed man-portable communication gateway unit for Indian Navy called
Interoperable Communication System FAK which can be used for joint operations with foreign
navy and humanitarian aid disaster relief activities??Developed Capabilities in
High-end Finite Element Analysis including advanced FEA, Explicit Dynamic Simulation and
Non-Linear Analysis??Developed capability for CFD simulation in areas such as two-phase
flow analysis for boiling applications??Development of Technology for Simulation of
Manufacturing processes such as, simulation of Welding process and it's application for
various projects such as fabrication of ITER Cryostat vessel and fabrication of various
Chemical Equipment??Development of improved High Temperature Heat Recovery (HTHR) for
Ethylene Production plants ??Development of improved design of Feed Water Heaters for
Supercritical Power Plants??Development of Shell & Tube type LNG Vaporizers for land
based LNG Regasification terminals??Development of end to end Sales & Procurement
cycles through Centralized ERP Server??Introduction of advanced features like Click to
Call, Click to Chat on Website, Portal for Customer interaction
(ii) Benefits derived like product improvement, cost reduction, product development or
import substitution:
??Introduction of new products like New 1-phase Meter with IrDA, 3-Phase Meter with
IrDA, 1-Phase Pre-Paid Meter (Taurus), 3-phase Pre-Paid Meter (Atria), 1-Phase Smart Meter
(Aurora), 3-Phase Smart Meter (Regor), 3-Phase Digital Panel Meter (Nova), New Trip
Supervision Relay (TCS01-nX) & Motor Protection Relay (MPR200)??Introduction of
L&T's Outdoor Compact substation- N-Qube following Franchisee model ??Introduction of
a new variant to the GIS (Gas insulated switchgear) family??Continuous product development
in the switchgear business at its various Department of Scientific & Industrial
Research, Ministry of Science & Technology accredited R&D facilities in India and
filing 101 Patent, 3 Trademark, 4 Design in India and 2 foreign patent applications and 18
foreign trade mark applications ??Expansion of switchgear product range and offerings to
the infrastructure sector ??Strategic alignment with IOmniscient (Australian company) for
its video analytics specialty??Use of Emulsion based cold mixes with Reclaimed Asphalt
Pavement materials as they are more environmental friendly over conventional bituminous
mixes??Use of alternate curing techniques to reduce / eliminate the usage of water for
concrete curing.
??Use of Geo polymer concrete which ensures elimination of cement from construction
??Economical and cost effective piles in solar projects thus saving time
??The use of clean water for producing aggregates (fine and coarse) drops the price of
aggregates by 50% as compared to virgin aggregates use
??The recycling process can make the aggregate crushers self sufficient
??The high flexural strength PQC with alternate materials reduces the crust thicknesses
of rigid pavements and inturn reduces the overall construction cost of rigid pavements
??The enhancement in NABL accredited testing facility with geotextile, geosynthetic,
bitumen emulsion, sealants, ASR, fineness by Blaines and NDT tests will improve the
Company's brand image and give competitive advantage over its peers
??Development of pre-packed dry concrete is a ready solution for quick concreting in
remote project sites and it minimizes manual labour along with improvement in the speed of
??The special fatigue and tensile tests on bronze alloy specimens were the major
criteria for material qualification for prestigious SOU project
??The IoT based monitoring system developed for solar trackers, cooling tower remote
units, special coastal structures will automate critical data collection and its analysis
??Positioning for Futuristic Programs for Indian MoD under Make' and IDDM'
??10% reduction in welding in the Tilt beam of TCT-5 production order due to adopting
bend plates and extended length of plates pallet and lower costs due to in-house machining
of sub-assemblies
??QRSAM first prototype on-time delivery by taking constraints under control in-house
??Increased self-reliance and savings in Foreign Exchange in process plant and power
plant equipment sector
??Improvement in manufacturing processes resulting in reduction in production cycle
time, cost and rework
(iii) Information regarding technology imported during the last 3 years:
(iv) Expenditure incurred on Research & Development:
Annexure D' to the Board Report
A) Ratio of the remuneration of each director to the median remuneration of the
employees of the Company for the financial year 2016-17, the percentage increase in
remuneration of each Director & Company Secretary during the financial year 2016-17:
$ Ratio of remuneration of director to the median remuneration is calculated on
pro-rata basis for those directors who served for only part of the financial year 2016-17
^ Part of the remuneration has been paid to the financial institution he/she represents
@ Details not given as Mr. D. K. Sen, Mr. M. V. Satish, Mr. Thomas Mathew T., Mr. Ajay
Shankar and Ms. Naina Lal Kidwai were Directors for only part of the financial year
# Details not given as Mr. Bahram Vakil was a Director for only a part of the financial
year 2016-17 i.e. upto August 1, 2016
## Details not given as Mr. Swapan Dasgupta was a Director for only a part of the
financial year 2016-17 i.e. upto May 15, 2016
* Details not given as Mr. Narayanan Kumar was a director only from 27th May, 2016
** Details not given as Mr. Sanjeev Aga was a director only from 25th May, 2016
~ Includes encashment of accumulated past service leave Rs 32.21 crore and perquisite
value related to employee stock options exercised during the year in respect of stock
options granted over the past several years by a subsidiary company - Rs 19.01 crore.
B) Percentage increase in the median remuneration of all employees in the financial
year 2016-17:
The median remuneration of employees of the Company during the financial year was Rs
7.17 lakh. In the financial year, there was an increase of 8.85% in the median
remuneration of employees;
C) Number of permanent employees on the rolls of Company as on March 31, 2017:
There were 41,466 permanent employees on the rolls of Company as on March 31, 2017;
D) Average percentile increase already made in the salaries of the employees other than
the managerial personnel in the last financial year and its comparison with the percentile
increase in the managerial remuneration and justification thereof and point out if there
are any exceptional circumstances for increase in managerial remuneration:
Average percentage increase made in the salaries of employees other than the managerial
personnel for the year 2016-17 was 4.54% whereas there is increase in the managerial
remuneration by 11.6% because a substantial portion of managerial remuneration is linked
to Company performance during the financial year 2016-17. The Profit after Tax for the
year 2016-17 increased by 9% directly impacting the variable component of managerial
remuneration. Further, the managerial remuneration for this purpose also includes
perquisite value of employee stock options exercised during the year and the encashment of
accumulated past service leave but excludes gratuity and leave encashment benefits payable
on retirement;
E) Affirmation that the remuneration is as per the remuneration policy of the Company:
It is hereby affirmed that the remuneration paid is as per the Remuneration Policy for
Directors, Key Managerial Personnel and other Employees.
Annexure E' to the Board Report
The Members,
Larsen & Toubro Limited CIN L99999MH1946PLC004768 L&T House, Ballard Estate,
Mumbai 400 001.
Our Secretarial Audit Report for the Financial Year ended 31st March, 2017, of even
date is to be read along with this letter.
Management's Responsibility
1. It is the responsibility of the management of the Company to maintain secretarial
records, devise proper systems to ensure compliance with the provisions of all applicable
laws and regulations and to ensure that the systems are adequate and operate effectively.
Auditor's Responsibility
2. Our responsibility is to express an opinion on these secretarial records, standards
and procedures followed by the Company with respect to secretarial compliances.
3. We believe that audit evidence and information obtained from the Company's
management is adequate and appropriate for us to provide a basis for our opinion.
4. Wherever required, we have obtained the management's representation about the
compliance of laws, rules and regulations and happening of events etc.
5. The Secretarial Audit Report is neither an assurance as to the future viability of
the Company nor of the efficacy or effectiveness with which the management has conducted
the affairs of the Company.
6. We have not verified the correctness and appropriateness of financial records and
books of accounts of the Company.
For S. N. ANANTHASUBRAMANIAN & CO.
Company Secretaries
C.P No: 1774
Date: May 18, 2017
Place: Thane.
Annexure G' to the Board Report
As per Regulation 43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, prescribed Listed Companies
are required to frame a Dividend Distribution Policy.
The purpose of this Policy is to regulate the process of dividend declaration and its
pay-out by the Company which would ensure a regular dividend income for the shareholders
and long term capital appreciation for all stakeholders of the Company.
This Policy has been adopted by the Board of Directors of Larsen & Toubro Limited
(the Company') at its Meeting held on 22nd November, 2016. The Policy shall also be
displayed in the annual reports and also on the website of the Company.
The Companies Act provides for two forms of Dividend:
Final Dividend
The final dividend is paid once for the financial year after the annual accounts are
prepared. The Board of Directors of the Company has the power to recommend the payment of
final dividend to the shareholders for their approval at the general meeting of the
Company. The declaration of final dividend shall be included in the ordinary business
items that are required to be transacted at the Annual General Meeting.
Interim Dividend
This form of dividend can be declared by the Board of Directors one or more times in a
financial year as may be deemed fit by it. The Board of Directors shall have the absolute
power to declare interim dividend during the financial year, in line with this policy. The
Board should consider declaring an interim dividend after finalization of quarterly/ half
yearly financial results. This would be in order to supplement the annual dividend or to
reward shareholders in exceptional circumstances.
Dividend payout in a particular year shall be determined after considering the
operating and financial performance of the Company and the cash requirement for financing
the Company's future growth. In line with the past practice, the payout ratio is expected
to grow in accordance with the profitable growth of the Company under normal
Dividend shall be declared or paid only out of-
1) Current financial year's profit:
a) after providing for depreciation in accordance with law;
b) after transferring to reserves such amount as may be prescribed or as may be
otherwise considered appropriate by the Board at its discretion
2) The profits for any previous financial year(s) after providing for depreciation in
accordance with law and remaining undistributed; or
3) out of 1) & 2) both.
The circumstances under which shareholders may not expect dividend/or when the dividend
could not be declared by the Company shall include, but are not limited to, the following:
a. Due to operation of any other law in force;
b. Due to losses incurred by the Company and the Board considers it appropriate not to
declare dividend for any particular year;
c. Due to any restrictions and covenants contained in any agreement as may be entered
with the Lenders and
d. Due to any default on part of the company.
The Dividend pay-out decision of any company, depends upon certain external and
internal factors-
External Factors:
Legal/ Statutory Provisions and Regulatory concern: The Board should keep in
mind the restrictions imposed by Companies Act, any other applicable laws with regard to
declaration and distribution of dividend. Further, any restrictions on payment of
dividends by virtue of any regulation as may be applicable to the Company may also impact
the declaration of dividend.
State of Economy: The Board will endeavor to retain larger part of profits to
build up reserves to absorb future shocks in case of uncertain or recessionary economic
conditions and in situation where the policy decisions of the Government have a bearing on
or affect the business of the Company.
Nature of Industry: The nature of industry in which a company is operating,
influences the dividend decision. Like the industries with stable demand throughout the
year are in a position to have stable earnings and thus declare stable dividends.
Taxation Policy: The tax policy of a country also influences the dividend policy
of a company. The rate of tax directly influences the amount of profits available to the
company for declaring dividends.
Capital Markets: In case of unfavorable market conditions, Board may resort to a
conservative dividend pay-out in order to conserve cash outflows and reduce the cost of
raising funds through alternate resources.
Internal Factors:
Apart from the various external factors, the Board shall take into account various
internal factors including the financial parameters while declaring dividend, which inter
alia will include -
Magnitude and Stability of Earnings: The extent of stability and magnitude of
company's earnings will directly influence the dividend declaration. Thus, the dividend is
directly linked with the availability of the earnings (including accumulated earnings)
with the company.
Liquidity Position: A company's liquidity position also determines the level of
dividend. If a company does not have sufficient cash resources to make dividend payment,
then it may reduce the amount of dividend pay-out.
Future Requirements: If a company foresees some profitable investment
opportunities in near future including but not limited to Brand/ Business Acquisitions,
Expansion / Modernization of existing businesses, Additional investments in subsidiaries/
associates of the Company, Fresh investments into external businesses, then it may decide
for lower dividend payout and vice-versa.
Leverage profile and liabilities of the Company.
Any other factor as deemed fit by the Board.
The portion of profits not distributed among the shareholders but retained and used in
business are termed as retained earnings. It is also referred to as ploughing back of
profit. The Company should ensure to strike the right balance between the quantum of
dividend paid and amount of profits retained in the business for various purposes. These
earnings may be utilized for internal financing of its various projects and for fixed as
well as working capital. Thus the retained earnings shall be utilized for carrying out the
main objectives of the company and maintaining adequate liquidity levels.
The Company does not have different classes of shares and follows the one share,
one vote' principle.
The Policy shall be reviewed as and when required to ensure that it meets the
objectives of the relevant legislation and remains effective. The Executive Management
Committee has the right to change/amend the policy as may be expedient taking into account
the law for the time being in force.


text:
Leadership & Employment Opportunities
Student Leaders
Take your education to the next level and become at student leader!
In the Academic Success Center we provide a variety of leadership opportunities for our students. Get involved, build your resume and help others by becoming a Peer Leader, Peer Tutor, Writing Center Coach, or an SI Leader.
Peer Tutors & SI Leaders
Are you passionate about a certain subject? Do you enjoy helping others? Have you developed strong study skills? If the answer is YES, then becoming a tutor or SI leader might be the right job for you!
The Academic Success Center is always looking to hire qualified tutors who excel in their course work and possess strong communication and interpersonal skills. After completing the application process, tutors will receive training in accordance with nationally recognized standards for both general tutoring strategies and for specific subject areas. If you have questions about becoming a peer tutor, study group or Supplemental Instruction leader see Courtney Bringley in Library 204 or Adrienne Relyea in Library 203.
Requirements: Tutors and SI Leaders are expected to have a 3.0 or higher GPA as well as an A in the course they are tutoring and they must receive recommendations from two faculty members.
Apply to be a Tutor
The ASC hires over 50 peer tutors every year to serve more than half of the student body at PSC. We are looking for students who have excelled in their classes and who would like to help others do the same. Tutoring is a great way to build your resume while working on campus. Click on the link below to access our tutor application form.
Tutor Application Form – New Tutors
Tutor Application Form – Returning Tutors- Please email Tracy Elliott
Apply to be an SI Leader
Apply to be a Writing Coach
Writing Coaches work with students to help them develop writing skills. Our Writing Center employs peer tutors who have demonstrated strength in writing and excellent interpersonal skills. Our Writing Coaches do not just critique writing, they teach our students how to better understand the writing process and ultimately become better writers. If you are interested in becoming a Writing Coach, please fill out the tutor application form linked below and hand it in to the Academic Success Center. If you have any questions about this leadership position, please contact Rebecca Romeo.
Apply to be a Peer Leader
The ASC hires approximately 20 students to work as Welcome Week Peer Leaders each fall semester and approximately 4 students to work as Winter Welcome Peer Leaders each spring semester. This exciting and crucial leadership role focuses on welcoming new students to the PSC community and making sure they have the best transition possible! If you are interested in becoming a Peer Leader please click on the link below to access more information. If you have any questions, please contact Courtney Bringley.
Apply to be a Office Assistant
The Academic Success Center hires over 40 peer tutors every year to serve more than half of the student body at Paul Smith's College. We are looking for help supporting the ASC in a variety of ways: clerical work, front desk attendant, and data entry and management. The student must be in good academic standing and be actively attending classes. Basic office experience is preferred. Student must have two references and submit a resume.
"I have been a tutor for a little over a year now. The Academic Success Center is such an important part of this campus and community and has helped so many students succeed."Sarah Dowling, Peer Tutor
"I tutor in the ASC and think it is a very resourceful and successful program for a small school. It brings students to work together and succeed in their academic pursuits. Many subjects are covered and all students get the help they need."Danica Maloney, Peer Tutor

subset: commoncrawl


text:
The Quick Cone Hurdle™ Set allows for a variety of agility and footspeed drills by allowing for three adjustable hurdle heights. This hurdle set adds variety to foot-speed and agility drills. Cone height quickly adjusts to 3", 5", or 7"; wide base measures 11-1/2". Multiple set-up options let you create different patterns for developing quick foot lift and control.
Tweet Now!
Your discount code: Y92IC12E1NF1


text:
Hello Friend!
If you do not find your question below, feel free to email us at firstname.lastname@example.com
What is your refund policy?
100% money back guarantee!! We are committed to ensuring that our customers are 100% delighted by our products. If you buy any of our products and you are not completely satisfied, we are happy to refund you the full retail price that you paid. Learn more here.
I need help! Where do I go?
Please email us at email@example.com
How do I fill out the front pages? (Dream Planning, Refocus Cloud, Heart Check, Etc.)
We have a special page and video tutorial dedicated to each and every section of the planner. All our resource pages can be found here.
Can I make a change to my shipping address, email, or payment information?
We try our best to ship everything out within 24 hours, so please double check your order information before placing your order. You can reach out to us anytime to get help with your order. Email us: firstname.lastname@example.com We will be more then happy to help you find a solution.
Do you ship internationally?
We do! Learn more about our international shipping options.


text:
Custom Concrete Candle Holder (Set of 10)
Make it yours; if you want something to set your names together forever, invest in the custom copper prism concrete candle holders. Ideal for unique wedding decorations, party favors, or business promotional items. The logo and/or text should be submitted to firstname.lastname@example.com before proceeding. The price is based on an order of 10 candle holders. Rates can be provided for larger or smaller quantities.
The prism concrete candle holder provides a burst of warm light to your space. Perfect for the intimate evening, the soft candle light resonates off of the copper insert. Gentle warmth is contrasted by the angular prism concrete shape. The concrete gives your night a bit of weight so you're not carried off by the gentle glow.
When you're on daytime duty, the candle holders work well as a small planter for a mini bouquet.
Available in two colours: natural concrete and night (near black). The candle holder allows for a 1.5" candle diameter, large enough for a tea light.
Candle holders are 2.5" W x 2.5" D x 2.5" H.
Please note that due to natural colour variation in concrete, candle holders of the same colour may not match exactly. These candle holders are handmade with love so you can light up your night, but they may have slight surface imperfections.
Allow 4-6 weeks for production.


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"Pimpernel" Smith (released in the United States as Mister V) is a 1941 British anti-Nazi thriller, produced and directed by its star Leslie Howard, which updates his role in the 1934 The Scarlet Pimpernel from Revolutionary France to pre-Second World War Europe. The British Film Yearbook for 1945 described his work as "one of the most valuable facets of British propaganda". The film helped to inspire Swedish diplomat Raoul Wallenberg to mount his real-life rescue operation in Budapest that saved tens of thousands of Hungarian Jews from Nazi concentration camps during the last months of World War II.
Movie Index > Action/Adventure >


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Expedia-verified reviews
Don't miss out on a lower price on this hotel
Get an overview of this hotelLuxury Prague hotel in Prague 1, walk to Palladium Shopping Centre
Popular property highlights
Located in Prague 1, this luxury hotel is within a 10-minute walk of Palladium Shopping Centre, Municipal House Hall and Powder Tower. Mucha Museum and Old Town Square are also within 1 mi (2 km). Florenc Station is only a 3-minute walk and Namesti Republiky Station is 7 minutes.
Hotel features
This smoke-free hotel features 2 restaurants, a 24-hour fitness centre and a bar/lounge. Free buffet breakfast and free WiFi in public areas are also provided. Other amenities include a conference centre, spa services and a business centre.
Room amenities
All 393 individually decorated rooms feature free WiFi and minibars. For a bit of entertainment, flat-screen TVs come with satellite channels, and guests will also appreciate thoughtful touches such as bathrobes and slippers.
Languages Spoken
- English
Grandior Hotel Prague
Hotel Amenities
Hotel Amenities
Dining is available at one of the hotel's 2 restaurants. A bar/lounge is on site where guests can unwind with a drink. A complimentary breakfast is offered each morning. A computer station is located on-site and wireless Internet access is complimentary.
Business amenities at this 5-star property consist of a business centre, a limo/town car service and meeting rooms. This luxury hotel also offers a 24-hour fitness centre, spa services and tour or ticket assistance. For a surcharge, the property provides a round-trip airport shuttle (available 24 hours) and a train station pick-up service. Limited on-site parking is available on a first-come, first-served basis (surcharge).
Grandior Hotel Prague is a smoke-free property.
- Bar/lounge
- Lift
- 24-hour front desk
- Business centre
- Free breakfast
- Porter
- Express check-out
- Tours/ticket assistance
- Meeting rooms 9
- Dry cleaning/laundry service
- Free WiFi
- Self parking (surcharge)
- Babysitting or childcare (surcharge)
- Limo or Town Car service available
- Computer station
- Smoke-free property
- Safe-deposit box at front desk
- Spa services on site
- Luggage storage
- ATM/banking
- Number of restaurants - 2
- Train station pickup (surcharge)
- Concierge services
- Conference centre
- Parking (limited spaces)
- Total number of rooms - 393
- 24-hour fitness facilities
- Airport transport (surcharge)
- Multilingual staff
Available in all rooms: Free WiFi
Available in some public areas: Free WiFi
Languages Spoken
- English
- Czech
- German
Self parking (surcharge), Parking (limited spaces)
Room Amenities
- Towels provided
- Linens provided
- Air conditioning
- Phone
- Minibar
- Coffee/tea maker
- Daily housekeeping
- Private bathroom
- Bathrobes
- Free toiletries
- Hair dryer
- Bathtub or shower
- Slippers
- Iron/ironing board
- In-room safe
- Desk
- Blackout drapes/curtains
- Satellite TV service
- Flat-panel TV
- Free WiFi
- Number of bathrooms -
- Room service (limited hours)
- Connecting/adjoining rooms available
- Free cribs/infant beds
- Individually decorated
- Heating
Where to Eat
A complimentary hot/cold buffet breakfast is served each morning between 6:30 AM and 10:30 AM.
Grandior – This restaurant specialises in international cuisine and serves breakfast, lunch and dinner. Open daily.
Bistro & Cafe Grandior – This bistro specialises in local and international cuisine and serves lunch, dinner and light fare. Open daily.
Room service (during limited hours) is available.
Nearby Things to Do
Recreational amenities at the hotel include a 24-hour fitness centre.
Spa Services
- Swedish massage
- Thai massage
- Sports massage
- Massages
If you have requests for specific accessibility needs, please note them at check-out when you book your room.
- Accessible bathroom
- In-room accessibility
Hotel Policies
Check-in time starts at 3 PM
Check-in time ends at 5:30 AM
Minimum check-in age is 18
Special check-in instructions:
Check-out time is noon
Payment types
Children and extra beds
- Children are welcome.
- Kids stay free! One child 5 years old or younger stays free when using existing bedding.
- Rollaway/extra beds are available for CZK 1400.0 per day.
- Free cribs (infant beds)!
- Pets not allowed
You need to know
Extra-person charges may apply and vary depending on property policy.
Optional extras
- Airport shuttle fee: CZK 750.00 per vehicle (one-way)
- Self-parking fee: CZK 730.00 per night
- Rollaway bed fee: CZK 1400.0 per day
Hotel Name
- Grandior Hotel Prague
- Grandior Hotel
- Grandior Prague
- Grandior
We should mention
This property offers transfers from the airport and train station (surcharges may apply). Guests must contact the property with arrival details 24 hours prior to arrival, using the contact information on the booking confirmation. One child aged 5 years old or younger stays for free when occupying the parent or guardian's room, using existing bedding. The property has connecting/adjoining rooms, which are subject to availability and can be requested by contacting the property using the number on the booking confirmation.


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3D Animation, 3d modeling |
November 9, 2017
Low Poly 3D Modeling for Games
The usage of polygons should be limited maintaining the outer shape of the body which is the most important factor to be kept in mind while working on a low...
3D Animation, 3D Game Characters, 3d modeling, 3D Print Modeling, 3D Print Models, 3D Product Modeling |
November 9, 2017
3D Animation for Films Vs Games
Today, animators find themselves in fully rendered CG worlds, competing in increasingly complex missions with more believable characters. This is where 3D Animation specifically comes in to play: By creating...
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November 2, 2017
How Does a 3D Animation Design Company Work?
3D Animation Company 3D Animation Design company extensively adopts its skills to invent 2D sketch or drawing into life and gives you an illusion that how your object or project...


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Tomorrow we'll be at Prosol's BBQ in Montreal, QC. Be sure to visit us!
The Rudolphe 3000, a modern twist on wooden sleds made for children, was presented at the United Hardware Show in Minneapolis, MN with great success! People loved it's unique shock-absorbing design. They also loved the toboggan for older children and were asking when a new model would be made for adults. Both models are a must for the coming winter season. Stay tuned for more details!
We are at the United Hardware show! From the 27th to the 29th, we will be at booth 814. Come see our new line of sleds!
We will be at Prosol BBQs on Aug. 15 in Montreal and Aug. 28 in Quebec City. Stop by to see us!
We will be at Prosol BBQs on Aug. 15 in Montreal and Aug. 28 in Quebec City. Stop by to see us!
Thank you to everyone who dropped by at the Prosol Durox BBQ! We are thrilled that our new wood floor display and laser engraved mops received overwhelmingly positive reactions.
We will be showing our new wooden floor displays at the London Prosol Durox BBQ on the 20th of June. We`ll also have our custom laser engraved mops to show..
Coming soon: the Rudolph 3000 will be introduced July 2018. Want to find out what this new innovative product is? Keep checking our website and visit our social media pages (Facebook, Instagram, and Twitter)!
We're at the Canadian Furniture Show at the International Centre in Mississauga today! We'll be there until May 27th!, so come and see us!
Today we're at the annual Canadian Mega Group Mad Dash Trade Show! Come and see us at booth 2267 for great deals!
IEG, the makers of Flexi-Felt, have a brand new website! Check it out at ieg.co!
We're excited to announce that EcoShelfPro.com is up and running! Order your locker, closet and under-sink organizer today!
Our new wooden displays for Flexi-Felt and Silver Mop Pro products are ready! Contact us to order one today.
Are you ready, Charlotte, NC? We will be at the 2018 VDTA•SDTA International Trade Show and Convention this week from March 24 to 26. Visit us!
We just moved to a larger facility! We're already working on new products that will be released within the next few weeks. Stay tuned for more practical solutions to everyday challenges!
We are exhibiting at the ISSA show in Las vegas from the 11th to the 15th of September. Come and see us at booth 1358.
Great news for all Brandsource members. We will be exhibiting at Las Vegas show on the 29th and 30th of August. We will have a full Flexi-Felt floor protector program available for you at the show. Come and see us at booth 1101.
We will be at the Toronto Furniture Show from May 25th to 29th. We will be right in front of the Mega Group booth in building 4. We will be showing our new bedframe table top display as well as our new toolless furniture. You have to come and see this! Really! No tools needed to assemble the furniture.
We were at the VDTA show in Las Vegas in February and we had fantastic results at the show. We will be returning again next year at the Vacuum Dealer show in Charlotte NC.
We hope that you will like the new website. It has been improved to be faster and more responsive for mobile devices with even more content, images and videos and offers improved navigation. We would love to hear your feedback.
We will be biggest flooring show out west showing our new floor grippers and full floor protection program again. Come and see us January 18th to the 20th at the Mandalay Bay convention center in Las Vegas. We are at booth 237 this year.
We will be at the January 2017 United Hardware market this year with the full Flexi-Felt display product line. So all you United retailers be sure to come see our show specials in Minneapolis.
Our floor protectors will be demonstrated on the Designing Spaces TV show airing on the 10th and 17th of November on the Lifestyle and TLC channels. You can also see the program from their website at www.DesigningSpaces.TV
If you are in flooring you need to come see us at booth 5228 at the Surfaces 2016 trade show at the Las Vegas Mandalay Bay convention center from January 21st to the 23rd. We will be showing our newest addition to our Silver Mop Pro floor maintenance program, the Clear Clean Pro concentrate easy refill bottle.
We will be at the 2015 ISSA Interclean trade show in Las Vegas form the 21st to 24th of October 2015. Come see us at booth 284 to get your free samples of the amazing Caster-Cover and see the Silver Mop Pro.
We have now rolled out the residential floor protection program to all the Quebec Leon's furniture stores. To find the location nearest you simply go to www.leons.ca.
We will be attending the Home Hardware market in St-Jabobs, ON form the 19th to the 21st of April. You will be able to see us at the Klassen Bronze booth. We will be showing our trademark floor display along with our newest Caster-Cover floor protector.
The environmentaly friendly Antimicrobial mop is back in stock http://www.flexifelt.com/p-26-93000-mop-kit.aspx. We have been getting a lot of demand for this incredible mop in the past month. We are pleased to say that it is back as a permanent store item due to overwhelming demand.
Contrax Furnishings has expanded from servicing only Florida to proudly representing the Flexi-Felt in 22 States across America. Congratulations on your expansion!
Barrows Office equipment that sell quality furniture and office supplies in the State of Virginia has chosen Flexi-Felt as the product of choice for their clients.
When it comes to school supplies The Schoolbox is the one to call upon in Georgia and Tennessee. They have been proudly serving teachers and parents for over 30 years. They have now added The Flexi-Felt chair leg covers to their 2010 school catalog.
Many chairs are now made with larger 1-1/8" tubing well as of July 2009 we have designed a new Flexi-Felt model that fits those bigger tubes perfectly. You may order this model as #6128.
When our clients speak we listen, we have created a hook to make the swivel glide installation much easier. Our most difficult model to install is now the easiest.
See our installation video
Some older preschool chairs where made using 3/4" tubing. Due to popular demand we have created a Flexi-Felt that looks a lot like our popular cylindrical product line.
You may order this new model as #6120.
Due to our expansion in the hospital market we now have a new line of sled based Flexi-Felt chair leg covers. They are made with the same 100% pure wool felt and have the same 5 year warranty as the rest of our commercial Flexi-Felt product line.


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Your Relationship with Customers is Unique.The ways in which you connect with them through content are, too.
A professional content strategist helps you discover, define and document all components of your content marketing strategy, including:
- The alignment of content with your core business objectives
- Roles and responsibilities, both internal and external
- Editorial strategy and guidelines, including style guidelines, brand voice, research methods, ideation, workflow and approvals, and more
- Content planning and the development of themes, storylines and personas
- Information architecture, including categories, tags, backup processes, etc.
- Content development, asset allocation, editing and fact checking
- Search engine optimization and readability
- Content promotion and syndication across organic and paid channels
- Performance measurement and using actionable insights to drive improved performance
Whether it's just for a few hours to help you get you on track, or as an integral member of your marketing team, an experienced content strategist adds value and purpose to your content marketing efforts.
Miranda established and nurtured important industry relationships that helped to build brand authority and grow our readership. Her ability to synthesize information and publish it in the right content type for each unique audience, on every different platform, is outstanding and I have no hesitation in recommending that you trust your businesses content strategy in her hands.Jonathan Allen
Inquire about content strategist availability
Send your full name, company name, and email. We'll be in touch within one business day.


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"Excuse me! What size do you have in your boutique?" "Do you have my size?''
I have met a couple of bashful curvaceous women halting by my boutique hoping to pick up a 'yes' from me before they start browsing through my line of clothing. Generally, most shoppers do not do that right?
In the wake of having a few visits with them, I realised that these women lack of self-confidence. They do not love their curves, and they accepted that nothing would look great on them, so they will settle for anything that can fit their body.
Hello and welcome to my virtual world, lovingyourcurve.com! My name is Fannetta Lim. I am a fashion designer with a passionate penchant for fashion and travel. I am passionate about creating charming clothes for the curvaceous women and inspired styling them up.
LOVING YOUR CURVE is a plus size fashion blog, this blog is launched with the curvaceous women in mind and covers fashion from a plus-size perspective. This is a place where all the lovely curvaceous women could discover fabulous ideas to style themselves, incredible and affordable places to shop and tips on having a healthy and beautiful body.
I believe that every woman deserves the choice to wear stylish and trendy clothing, and not just covering up. Having self-perception and confidence are more important than what size you are. Beauty comes in all shapes, sizes and styles and that there is nothing better than having self-confident and feeling good in your own skin. Love yourself, embrace your curves, and have fun with dressing up.
Once you began loving yourself, you will love the way you look. You will feel confident and so much happier.
LOVING YOUR CURVE, a place where you can discover your own individual style, dress to your strengths and embrace your curves. Be Inspired!
Thanks for stopping by. I would love to read your comments. Let me know what you think!


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Carol Fletcher, Deputy Director of the Center for STEM Education, will deliver the keynote address during the opening session of the ISTE Computing Teachers Network – CS Firehose 2017 on Saturday, June 24th during the ISTE 2017 conference being held in San Antonio, TX.
The need for CS educational programs is dire with critical worker shortages throughout the field. Yet, at state and local levels, there is a severe shortage of qualified professional educators to teach computer science and cultivate young minds to think computationally. The goal of the CTN is to help teachers at every level to discover what is available and to provide the opportunity to immerse themselves in a variety of approaches and curricula. So, plan to join us as we open the valves and turn on the CS FIREHOSE!
The CS Firehose is scheduled from noon through 6:00 PM with sessions which will address the many interrelated educational initiatives, ideas, and curricula which focus on computational thinking and computer science. Three concurrent strands throughout the afternoon are planned … each strand consisting of related presentations or activities provided by quality professional development leaders including those from Microsoft (ISTE Mission Sponsor), CS4TX, WeTeach_CS, CyberTexas Foundation, NCWIT, TEALS, TCEA, and more. And a very special keynote from a true champion of computer science education is scheduled. Attendance is FREE with registration on-site or via the ISTE conference website: http://conference.iste.org/2017/
Leveling Up in Texas CS Education
Dr. Carol Fletcher, Center for STEM Education-WeTeach_CS, The University of Texas at Austin
Computing job are the #1 source of new wages in the U.S. but only 3% of Texas high school graduates take a CS course. How can Texas educators open doors to the creative, in-demand jobs of the Innovation Economy for every Texas student, regardless of gender, ethnicity or zip code? WeTeach_CS is a Texas Education Agency funded project at UT Austin that provides professional development to teachers and districts that want to develop and grow a K-12 computer science pathway. Learn how teachers can obtain high school CS certification, learn coding, programming and computational thinking, and earn a $1,000 stipend through online and in-person PD. Free, research-based resources for teaching CS and diversifying student enrollment in CS courses will also be shared.


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Olive Oil
1 White onion Diced
1 Cup Carrots Diced
1 Cup Celery Diced
3 Garlic Cloves Minced
6 Cups Chicken Stock
1 14 Ounce Can Of Fire Roasted Tomatoes
1 1/2 Cup Whole Wheat Orzo
1/2 Teaspoon Thyme
1/4 Teaspoon Dried Oregano
1/4 Teaspoon Dried Rosemary
4 Cups Spinach
1. Heat oil in a large pot over medium heat. Add Onions and saute until soft.
2. Add carrots, celery and garlic. Saute for 3 minutes.
3. Add chicken stock, tomatoes, orzo and seasoning.
4. Bring soup to a simmer. Reduce heat to low and simmer for 10 minutes, stirring occasionally until orzo is al dente.
5. Stir in spinach and cook until it is bright green.


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Gives reliable work opportunities for over 150 artisans in Bali.
Handcrafted from sustainable natural water buffalo bone.
Created to tell and share the story of your life's journey.
1 (877) 604-8186
415 Northwood Road
West Palm Beach, FL 33407
Sunday - Wednesday
10:00 am - 9:00 pm
Thursday - Saturday
10:00 am - 9:00 pm
© 2018 Wanderer Bracelets, LLC. All Rights Reserved
Sold Out
Wanderer Bracelets are a refreshing, burden-free alternative to jewelry made from precious stones, metals or ivory.
Mining precious stones, gold or silver creates toxic runoff and often dangerous working conditions in mines and foundries, while the illegal ivory trade murders countless wild elephants for their tusks. By contrast, water buffalo bone is a beautiful and durable organic material that finds new life as jewelry instead of going to waste.
Domestic water buffalo are never killed for their bone. Most live their lives on small family farms where they are highly valued and cared for. Families rely on these venerable animals to plow rice terraces and fertilize crops.
With five million domestic water buffalo throughout the islands of Indonesia, their bone and horn is in abundant supply, and the villagers have used these materials for generations to create art, tools and adornments. Since they work in open-air jungle huts, there is very little industrial footprint.
Every Wanderer Bracelet helps preserve a unique cultural and artistic legacy for the next generation.


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Naramata Community Choir's 2017-2018 choral season came to a close at the conclusion of our "TIME" concert. We sincerely give thanks to you, our loyal and enthusiastic supporters. Our 2018-2019 season begins Tuesday September 4th, 6:45 pm at Naramata Community Church Hall for our first practice of a new season. Watch for the date! New singers are always welcome. Come check us out if you have a keen interest in choral music.
Welcome to the Naramata Community Choir website. You'll find information about upcoming events, our music, and our history, and, for our members, a members-only section containing important and up-to-date information about the performance season.
Be sure to sign up for our email alerts, OR "LIKE" us on Facebook. With either method, we will let you know about our upcoming concerts, and we never, ever, share your contact information. Hope to see you in our audience!
Auditions are now closed for this year but we will consider new members again in September 2018. Contact us if you are interested in our choir. Our rehearsals are every Tuesday evening; details will be provided when you enquire. Thank you!


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As Vice President and General Manager of Urban's Rail & Transit business line, John S. Holak, Jr. oversees the firm's Class 1 freight rail and passenger transit practice areas nationwide, which includes rail and transit planning, design, program management, construction management, and program management oversight for several funding agencies.
With over 34 years of experience in the industry, John's experience is extensive and is built around providing the best end user experience possible while continually exceeding client expectations. This is apparent on his recent experience leading projects for the FTA, FRA, SEPTA, AMTRAK, NJ Transit, and DART. He is a dedicated and adaptable financial and administrative executive with extensive experience in increasing responsibility in the solicitation, administration, and negotiation of private and government contracts and the preparation, audit, and analysis of financial systems and statements. Mr. Holak also leads the firm's national Risk Assessment/Management, Procurement/Contract Administration, Financial Assessment, and Buy America practice areas extending over several business lines. He is a proven leader who takes pride in the integrity, efficiency, and thoroughness of all work.
When he is not traveling the country to support Urban's client-based initiatives, you can find John deep sea fishing, a hobby he learned from his father at a young age, or spending time with his family. He loves spending time at home with his wife and children.
John earned an MBA in financial management from St. Joseph's University and possesses an undergraduate degree in accounting from LaSalle University. He is a member of the National Contract Management Association, Association of General Contractors, and Construction Financial Management Association.


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Heartbreakers Trailer (2001)
"Caution: Dangerous Curves Ahead" 23 March 2001 Drama, Comedy, Crime 123 mins
Max and Page are a brilliant mother/daughter con team who have their grift down to a fine science. Max targets wealthy, willing men and marries them. Page then seduces them, and Max catches her husband in the act. Then it's off to palimony city and the next easy mark.
Watch the official Heartbreakers 2001 trailer in HD below or find more Heartbreakers videos on Vidimovie.


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Spring's beauty is here for Mother's Day
How hard it is to wait for those first flowers... for the buds to open on the flowering trees... and the delightful green that follows as the new leaves begin to open! This year has been especially tough as our weather patterns kept turning back to cold and rain. But April showers, as they say, bring May flowers. I'd love to share a few of my favorite images with you to evoke the beauty of the season and brighten your day!
As much as I love photographing flowers, there is something I love even more... creating beautiful family portraits. It won't be long before Summer is here and your out enjoying the weather, vacationing, gardening, at the beach... life gets busy. Now is the time to plan your next family portrait, before the time gets away from you.
For Mother's day, I am offering a special Gift Certificate sale. You can purchase an outdoor session and a finished portrait to give to mom, but let her make all the important decisions. When to take it, how to dress... what the style will be... where it will be displayed... what size and how many to order. These choices are different for every family, and with over 30 years of experience, I have learned how to help with all those details.
You can be the thoughtful husband or son, and give your mom or wife a gift she will never return, never grow tired of, and never forget. A fine family portrait is a forever gift. Call me today and I'll tell you how you can save 50% on your gift! 708-246-4511, or email me with your contact info and I'll call you when it is convenient. You know she has wanted this for a long time... make this the year you come through for her. You won't regret it!
Happy Spring,
Lori Sorrells