iitb alumni association program), mess-workers (through hats-hostel alumni team stewardship),...

IITBAlumni Association

Annual Report2013 - 14

IIT Bombay Alumni Association, 1st Floor, Gulmohar Building, Next to Canara Bank, IIT Bombay Campus, Powai, Mumbai 400076 T 022 2576 7086

Cover images courtesy Aditya Banerjee

Image courtesy Abhey Singh

Contents

About IITBAA 1

IIT Bombay Alumni Association 1

Mission 1

Vision 1

Main Objectives of the Organisation 1

Message from the Chairman 2

Message from the Dean ACR 4

Director's report 6

Financial performance - 2013-14 7

Community Engagement 28

Giving back to the alma-mater 33

Plans 2014-15 32

Directors 32

Upcoming Events 34

Our Board of Directors 35

Our Partners 36

Notice for the Thirteenth Annual General Body Meeting 37

Annexure to the Notice 39

Proforma of Postal Ballot 41

IITBAA Team 42

Financial Statements 43

1

IIT Bombay Alumni AssociationIIT Bombay Alumni Association (IITBAA) is a section 25 company. Established in 2001, IITBAA creates and maintains a life-long connection between IIT Bom-bay and its alumni. In collaboration with an extremely dedicated volunteer board of directors, the Alumni Association works to connect alumni, support students, and build an unforgettable Institute experience through a diversity of events, pro-grammes and services. This organisation has worked diligently to serve its alumni and alma mater, as well as a host of related constituencies. Today with 32 chapters spread across the globe and close to 40 thousand alumni in its database it has many firsts and bests to its credit.

MissionThe mission of IITBAA is to foster strong bonds between alumni, students, and the Institute, to keep alumni informed, and create a network enabling them to re-main engaged with their alma mater and help shape its future through the Associa-tion’s programmes and services.

VisionIITBAA’s vision is to build a strong membership base that is well connected and which can serve as a springboard for further involvement.

Main Objectives of the Organisation:1. To promote interaction amongst the Alumni members and between the Alumni

and the Indian Institute of Technology, Bombay (Institute).

2. To encourage, promote and facilitate education and research and other activities of the Institute.

About IIT Bombay Alumni Association

Image courtesy-Ritesh Saini.jpg (bit.ly/riteshs)

2

Message from the Chairman

Dear Life Members of IITBAA,

Your Association is 13 years old today. My predecessors gave me a top class orga-nization to steer for 2 years and now, as I make way for worthy successors, I write this address with mixed feelings. There is a feeling of joy at what we have achieved, thanks to contributions from countless volunteers. But no matter how good the going has been so far, there is also a residual feeling that we could have done more.

Today, IITBAA has emerged as the leading alumni organization in India (and rates highly on the global scale too). Our Board of Directors represent diversity in terms of region (9 elected Directors are from 8 different cities), age (From C77 to C04 i.e. spanning 27 years) and gender. When you look at the financials for this year, you will see how diligently our team has been working to augment our financ-es allowing us to accelerate our growth. Our surplus has grown by 200% since last year.

Recent efforts at leveraging the global presence of IITB alumni made us focus on forming chapters at cities with a sizeable alumni population. We launched five new chapters in India, in addition to the existing eight and another seven in ROW (Rest of the World). Thus, 180 alumni (with over 100 being from post C 2000 batches) now constitute ECs ( Executive Committees) in Mumbai, Pune, Banga-lore, Hyderabad, NCR, Nagpur, Nashik, Gujarat, Indore, Kota, Kolkata, Chennai, Jaipur, London, UAE, Kuwait, Singapore, Hong Kong, Tokyo and Sydney.

Our landmark initiatives that impact the lives of students (through FAP-Financial Aid Program), mess-workers (through HATS-Hostel Alumni Team Stewardship), Faculty (through YFA-Young Faculty Awards), retired Faculty (Through RF-WF-Retired Faculty Wellness Fund), staff and their families (through Benevolent Fund) continue to grow and thrive and their collective impact has affected a few thousand beneficiaries. At the chapter level, our alumni volunteers are impacting the society through Bangalore Chapter’s VKC (Village Knowledge Centre) and Hyderabad Chapter’s CDWP (Clean Drinking Water Project).

Number of events and their quality has also been scaled up considerably which will become apparent when you leaf through the ‘events’ section of this report. But this year will be specifically remembered for the grand launch of I-ASCEND (IIT Alumni and SINE Committee or Entrepreneurship & Development), a partner-ship between IITBAA and SINE to cultivate and enrich the entrepreneurship ecosystem for our alumni, student and faculty entrepreneurs. Our annual Chapters’ Conclave at Goa which combines brainstorming sessions with business opportuni-ties has become our star event.

Image courtesy Aditya Banerjee

3

Your national award winning magazine Fundamatics continues to attract the best writing talent from world class authors, industrialists, economists, policy makers, scientists etc. It now has a interactive online version available for free at www.fundamatics.net. Next time you are on the campus, we will be glad to welcome you to our new air-conditioned environment and take you around in our environ-ment-friendly energy compliant electric car.

Your Directors are now bracing themselves for the launch of what may turn out to be our biggest and most ambitious venture viz. Global Alumni Business Forum which is likely to evolve into a “Davos” of alumni networking.

My tenure as your Chairman has been taxing at times, but largely fun and reward-ing, thanks mainly to 9 elected Directors, 3 IIT nominated Directors, 5 Executive Board members, 7 advisers, 9 staff members, past Directors, but above all, our tireless and countless alumni volunteers who have made us what we are. Special thanks are also due to our partners viz. IIT Bombay Heritage Foundation (IIT-BHF), Student Alumni Relation Cell (SARC), PANIIT and the office of Dean ACR IITB.

Bakul Desai Chairman IITBAA

On behalf of the Board of Directors.

4

Message from Dean Alumni Corporate Relations(ACR)

Dear Alumni,

Thank you for your continued support to IIT Bombay. Congratulations to teams in New York, San Francisco Bay Area, Chicago & Santa Clara for organising suc-cessful reunions and road shows in October. It was a tremendous pleasure for me and the rest of the IIT Bombay team to meet you at these reunions.

Several important exciting activities have taken place in our Institute during the past year. A new Center for Urban Science and Engineering (C-USE) was inaugu-rated by Mr. Prithviraj Chavan, Hon’ble Chief Minister of Maharashtra on Sep-tember 30, 2013. The Centre would catalyse relevant expertise in various academic units and carry out research and development with specific focus on the challenges of mega-cities of the world.

IIT Bombay has been also assigned the responsibility to design and implement the National Dandi Salt Satyagraha Memorial. As a part of this project, IIT Bombay had organised two workshops where life-size sculptures of 80 Satyagrahis, who participated in the famous Dandi March along with Gandhiji, were created on the campus.

An important activity during the year was peer review of all academic units by external experts. The peer reviews examined the undergraduate and post-graduate programmes of the academic units, its research and development, outreach activi-ties, and contributions to addressing problems of the world. The Institute intends to carry out external peer reviews every few years.

It was a real pleasure to meet many of you during the Alumni Day function, PanIIT meet, Chapter meetings, and reunions. The Silver Jubilee reunion of Class of 1988 was celebrated from December 27th – 29th, 2013. The batch has pledged Rs. 2.0 crores towards their Legacy Project to help attract and retain the best young faculty to our Institute.

We are also proud to inform you that our Institute recognised 14 outstanding alumni this year by bestowing them with Distinguished Alumnus Awards and Young Alumni Achiever Awards. The Institute also recognised six outstanding alumni by bestowing them with Distinguished Service Awards.

Image courtesy Aditya Banerjee

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The Institute continues to attract outstanding talent as new faculty members. Several have joined IIT Bombay in the recent past. The generous contributions received from our alumni, corporate entities, and other friends of the Institute helps in making an important difference in our endeavour to pursue global excel-lence. The contributions towards Institute Development, Infrastructure Develop-ment, Young Faculty Awards, Chair Professorships, Hostel Development, Student Development, etc. are examples of utilisation of these funds for the betterment of the Institute. We invite you to contribute to the Institute’s betterment to the best of your ability.

Thanks again for your continued support and do come and visit the Campus soon.

Regards Ravi Sinha

Dean Alumni & Corporate Relations.

6

Director's Report

Staying true to the meaning of this quote, the past year’s events and happenings at IIT Bombay Alumni Association, as expressed in this year’s annual report, will hopefully provide a framework for the future involvement of IIT Bombay’s alumni community. This annual report not only focuses on the growth and remarkable achievements of the organisation but also celebrates the alumni who are at the crux of this organisation.

The alumni of IIT Bombay are a diverse community of high achievers spread over 80 countries and across a wide span of generations. This year we were determined more than ever in helping alumni interact with each other and their alma mater. As we attempted to build new bridges and strengthen existing connections between the alumni and their Institute, we simultaneously sought to expand the scope of our services through events organised in every corner of the globe: programmes, business forum initiatives, and community engagement intitiatives.

In 2013-2014, we added approximately 2,225 new life members, which brings our life members to 14,495 as of 31st March 2014. Our database of about 41,263 alumni, spread over 80 countries of the globe, is connected through the IITBHF /IIT-BAA global network that offers a wealth of knowledge, resources, and networking opportunities including the online alumni directory, networking opportunities, mailing lists and discussion groups. All things in the world have 2 sides—the good and the bad—the other side of our coin is that we are yet to find approximately 15,175 alumni who remain in our database without contact details as of 31st March 2014. The search is on...

“Look not at the days gone by with a forlorn heart. They were simply the dots. We can now connect with our present, to help us draw the

outline of a beautiful tomorrow.”

0

4000

8000

12000

16000

Until 2003 Until 2004 Until 2005 Until 2006 Until 2007 Until 2008 Until 2009 Until 2010 Until 2011 Until 2012 Until 2013 Until 2014

14495

12270

10157

8136

6295

4854

3800

2500186015141186750

Growth of life members

7

FY 2013-14-A Broad overview

Financial performance – 2013-14

Here is a quick glance at the financial performance of 2013-14.

0.00

30.00

60.00

90.00

120.00

Total Revenue Total Expenses Surplus Appropriations Pro�t forthe period

4.165.009.16

78.2487.39

3.72

15.0018.72

87.06

105.78

As of 31.03.2014 (in Rs. In lacs) As of 31.03.2013 (in Rs. In lacs)

8

Our Expenses (in lacs)

Event and admin expenses Employment bene�t expenses Opening stock

Appropriation Depreciation and amortization Donation paid

59.66

24.12

15.00

2.35

0.920.0



59.66

24.12

15.00

2.35

0.920.0



59.66

24.12

15.00

2.35

0.920.0

Our Income (in lacs)

Other income Closing stock Year Book income Souvenir sale

Sale of Madhouse book Royalty

Donation/Sponsorship received

Event Income

36.88

4.5

34.0228.27

1.590.1

0.390.02




Event Income

36.88

4.5

34.0228.27

1.590.1

0.390.02




Event Income

36.88

4.5

34.0228.27

1.590.1

0.390.02



59.66

24.12

15.00

2.35

0.920.0

9

Chapter Elections:2014 was a crucial year for Chapter expansion. The Association added 11 new (Kolkata, Chennai, UAE, Sydney, Tokyo, Singapore, Hong Kong, Jaipur, Indore, Kota and London). We now have about 32 chapters in India and rest of the world.As many as 108 alumni were inducted as Executive Committee members through simultaneous chapter elections.

Alumni Engagement

10

Alumni across the globe:

Chicago599

Southern California254

Houston220

Boston280

Seattle254

Europe220

Dallas280

Pittsburgh92

Atlanta86

Toronto111

Goa86

Austin79

Boston280


Kuwait28

Detroit49


Oman9

Boston280

Bangkok6

San Francisco1278

New York1004

Washington DC296

11

Indian chapters: Mumbai

Spark :This year the new Executive Committee of the Mumbai Chapter initiated a new programme named Spark, which gained popularity due to its concept. The idea was to provide an opportunity for alumni to be inspired by talks from accom-plished alumni on thematic subject areas—issues that are of significant importance to society. The first Spark was launched in early August 2013 and focused on the theme of Entrepreneurship. Successful young entrepreneurs, Zishaan Hayath (Dual Degree ’05, CivE, H5), Amardeep Singh (Dual Degree, ’08, Aero, H5), and Abhishek Jain (B.Tech ’02, ChE, H8) shared their own stories to an audience of over 100. This was followed by Spark-2, held on 28th September, 2013 which was a resounding success. Spark 3 organised on 30th November, 2013 was equally success-ful.

Distinguished speakers such as Ajit Ranade, Chief Economist, Aditya Birla Group, spoke on a variety of subjects, Krishna Ravikumar gave an engaging talk about education for the poorest of students, while Janak Daffary’s impromptu talk about the Mithi river and water conservation left the audience enthralled. Vijay Soma-ni talked about the success that emerged from setting up of an internet platform where donors and NGO’S can be brought together. Speakers like Deepak Mishra, Narayan Parsuram, and Derek Monteiro were also invited to inspire the audience with their stories, to narrate their inspiring experiences with eloquence. Thanks to the Mumbai Chapter Executive Committee whose hard work and dedication ensured that Sparks continued to fly even while the Mumbai Chapter was rubbing flint-stones!

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Varshastuti: Another flag-ship programme of Mumbai chapter, Varshastuti is an evening of classical music that follows the IITBAA AGM, to celebrate the onset of mon-soons. It is attended by a mix of alumni, faculty, campus residents, and students every August. We have had many eminent personalities from the world of music perform at Varshastuti including Vidushi Veena Sahasrabuddhe, Vidushi Smt. Vasundhara Komkali, Ustad Ghulam Husnain Khan, Prof. Shruti Sadolikar Kat-kar, Pandit Nayan Ghosh, Ustad Aslam Khan, and Pandit Arun Dravid etc.

Last year the event took place on August 31st, 2013 and was a grand success. Rajen-dra Gadgil’s sitar virtuosity had the audience mesmerised and the audience kept pace with Vaibhav Kadam’s tabla beats.

Pune:

Y Point Orchestra: IIT Bombay’s first alumni band from Pune Chapter called ‘Y Point’ Orchestra was launched on campus at the Student Alumni Meet 3.0 in the month of October 2013. Y-Point Orchestra (YPO) followed this up with their first performance in Pune on January 12, 2014. Nearly 250 people attended the event, grooving to old Hindi film numbers from the sixties, seventies, and eighties.

Gujarat:

Annual meet: The Gujarat Chapter followed suit with their annual meet that was organised early this year at Ahmedabad in the presence of Prof Yajnik, Dean Student Affairs, IIT Bombay. There were a total of 44 attendees (including 15 spouses and one parent). Prof. Yajnik gave a presentation on the current developments at IITB and this drew considerable interest from many who may not have been in touch with the Institute in recent times.

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International Chapters:

New York:

GNY Point Annual Reunion There were a series of international chapter activities that made an impact during the past year, the most memorable being the GNY Point Annual Reunion on 26th October, 2013 by the Greater New York Chapter at the Cooper Union Auditorium in New York City. This event was attended by over 100 alumni and their guests. In attendance were Dr. Devang Khakhar, Director of IITB and Dr. Jamshed Bha-rucha, President of The Cooper Union for the Advancement of Science and Art (CU). The highlight of the IITB-Cooper Union meet was the signing of a mem-orandum of understanding for a Student Exchange programme between the two institutions. Ruyintan (Ron) Mehta, IITB 1970, has generously donated the funds to get the programme launched.

Greater NY Chapter (IIT-GNY) Energy Finance Networking Event Another event that happened in New York was the Energy Finance Networking Event at the Bombay Palace in NYC, on 20th February, 2014. About 50 IITians attended the event.

Detroit: IIT-MixerThe Detroit Chapter alumni get together periodically at an event called IIT Mixer, where conversation ranges from the Michigan winter, to beetroot halwa, mess and tuition bills to engineering technology ventures.

Texas: Pan-IIT Global Conference One of the major global chapter events held last year was the 2013 Pan-IIT Global Conference at Houston, Texas from Dec 6-8th, 2013. The Pan-IIT Global Confer-ence is held bi-annually in different cities in the United States of America. The aim is to bring together the best and the brightest graduates from across all IITs, many of whom have been responsible for advances and innovation in engineering, science and technology in the U.S. and other countries. The theme was Inspiring Innova-tion for Tomorrow. There were over 1600 attendees with more than 90 speakers who shared their wisdom over these two days.

15

Kuwait:

PAN IIT-IIM Alumni meet At Kuwait, IITBAA had a PAN IIT-IIM Alumni meet on 14th September, 2013. Mainly attended by IITB & IIMC alumni the event was a decent success consider-ing the short span of time within which the event was executed.

17

Annual Chapters’ Conclave: “Kudos to the organisation of the Goa Conclave, It was such a delight to meet / interact with the Young and the Old, the Beautiful and the Bold. This delight was enhanced tremendously by Mr Manohar Parriker, CM of Goa”

ABS Kumar, B.Tech. '74 ME, Bangalore Chapter

The Chapters’ Conclave held during 19t–- 21 July, 2013 at International Center in Goa saw discussion on the launch of a Global IIT Bombay Alumni Business Fo-rum. Interactive sessions were held between Society for Innovation and Entrepre-neurship (SINE), IIT Bombay, and alumni innovators and entrepreneurs interest-ed in incubation at this premier center of business incubation in the country.

There was a mini-summit on the Future of Learning in India to produce both Skills and Education, a precursor to the Global IIT Bombay Alumni Business Fo-rum. This was followed by one-on-one interactions with the Hon. Chief Minister of Goa, Shri Manohar Parrikar. Business proposals from alumni of IIT Bombay were presented to him.

The formal meeting amongst chapter honchos were held along with some re-nowned names like Dileep Ranjekar (CEO, Azim Premji Foundation), Dilip Che-noy (Managing Director, CEO of the National Skill Development Corporation), Revathi Kasturi, (CEO, LAQSH Job Skills Academy, Vivek Sawant (Founder, Managing Director of Maharashtra Knowledge Corporation Limited – MKCL), Dr. Anil Sahasrabudhe (Director, College of Engineering, Pune), Prof. Kannan M. Moudgalya (Professor of Chemical Engineering, Systems and Control, and Educa-tion Technology at IIT Bombay), and Padmashri, Prof. Deepak Phatak (Subrao M Nilekani Chair Professor, Department of CSE, IIT Bombay).

The Annual Chapters’ Conclave was used as an opportunity to celebrate the suc-cess party of Fundamatics for winning the coveted ICE awards.

18

Events: Whether it has been 10 years or 50, the IIT Bombay family waits to welcome their alumni home. IITBAA facilitates all such reunions on campus and this year the Silver Jubilee Class of 1988, the Golden Jubilee classes of 1963 and 64 ( There were two convocations in 1963 one in August and the second in December due to the Chinese war) all returned to IITB for a weekend of reconnecting and reminiscing.

“Thanks for the fantastic organisation and enthusiasm. Certainly went beyond the call of duty to make it a special occasion for us”

Shiv Moulee, (B.Tech ’88, CSE,H8)

“What I realised is that there was an instant reconnection with folks, not broken by the passage of 25 years!”

Kunal Banerjee, (B.Tech ’88,ChE, H4)

“We had a wonderful time! Pulling through 3 reunions and alumni day together can only be managed by super humans. Everything was planned to perfection, and executed wonderfully.”

Siddharth Verma, (Dual Degree ’04, EE, H3)

“Thanks to everyone for the wonderful time. It was great outing”

Saurav Panda, (B.Tech ’03, EE, H7)

“Thanks for giving us an opportunity to showcase IITB Innovate to the larger alumni group. The response I received yesterday was quite encouraging, and with involvement of a larger group, we will

surely be able to create a big impact.”

Abhishek Jain (B.Tech ’02, ChE, H8)

19

Silver Jubilee Reunion (Class of 1988):The class of 1988, which graduated 25 years ago from the Institute, celebrated their Silver Jubilee Reunion in the last week of December 2014 and felt young again. To kick start their reunion year, the batch had a mini reunion on 1st June, 2013 to launch the reunion registration webpage on iitbombay.org. The batch came back to the campus, met each other for a great party, played tennis to re-live their campus moments, shared their campus experiences, lived on the campus for those 3 days with their batch mates and pledged Rs. 2 crores for their legacy project.

Golden Jubilee Reunion (Class of 1963):The Class of 1963 celebrated their Golden Jubilee Reunion from 25th – 29th November, 2013. A far cry from the motley bunch of teenagers who joined the Institute in 1959, sixteen alumni with their spouses, spent two evenings amidst the serene atmosphere of the campus, in the settings of 5-star banquets, laughing and chatting at low decibel levels. The other two days were spent at a resort, 150 kms from IIT Bombay.

'Feeling young' is a feeling, which everyone likes.

Reunions

21

Golden Jubilee Reunion: (Class of 1964)The Golden Jubilee Reunion for the Class of ’64 was a three-day event that took place from Jan 15th – 17th, 2014. The batch was fortunate to have the company of Padma Vibhushan Dr. Anil Kakodkar, Chairman of IIT Bombay Board of Gov-ernors gracing this occasion, which had a formal function. The event was attended by Director Prof. Khakkar, Prof. Pandalai, Deputy Director, and Prof. Ravi Sinha, Dean Alumni & Corporate Relations.

Decennial Reunion (Class of 2003)Ten years ago, when the class of 2003 left the campus, little did they know that they would meet again 10 years later for their Decennial reunion. Well! This is what happened on 29th December 2013. One day of their lives, not enough to catch up, not enough to listen to the hits and misses of their lives. Fifty eight alumni met each other along with their little ones and spouses.

The four batches went home humming a famous number from Beatles “Turn off your mind, relax, and float downstream.... It is not dying.......Tomorrow never knows”

22

Fresher’s Welcome Meets:

Mumbai: “Oye Freshie” was organised by Mumbai Chapter in October 2013 to welcome the new graduates at The Beatle, Hiranandani, Powai. A panel discussion was held along with the dinner.

Bangalore:Similarly, Bangalore Chapter introduced the Freshers to the senior alumni. Thirty new graduates made it to the venue to meet up 20 seniors and also to get to know the new place they had relocated to.

New Delhi:NCR chapter left no stones unturned either. Fresher’s Welcome Meet, which was combined with an art exhibition and a musical evening was organised by NCR Chapter at India Habitat Center, New Delhi. The Meet saw a crowd of about 250 alumni with their spouses and children.

UAE:The UAE Chapter had invited new entrants to Dubai and fresh graduates of IIT Bombay. They met at a garden amidst the desert to know each other.

24

Annual Alumni Day and HATS Reunion:The Annual Alumni Day and HATS reunion that happened last year on 29th December, 2013 saw the home-coming of about 500 alumni. A multi-track event, it has continued to improve in terms of its spread and quality. The event started off with a pre-lunch session that had a Karadi Tale rendition for kids and a pottery workshop for all while the post lunch session broke up into hostel visits, depart-ment visits, movie screenings, and much more.

Distinguished Alumnus Ashank Desai presented cheques to mess workers in H2 under the aegis of the HATS program. Distinguished Service Awards were given away to Mr. Ruyintan Mehta (B.Tech’70 ChE), Mr. Sameer Katdare (B.Tech.’75 ChE), Mr. Dhananjay Saheba (B.Tech.’77 EE), Dr. Amol Gokhale (B.Tech.’78 MtE), Mr. Paresh Vora (B.Tech.’81 EE) and Mr. Ajay Bhagwat (B.Tech.’85 EE).

25

Distinguished Alumnus Awardees

Dr. Ing. Anil AnwikarB. Tech. 1963 Civil Engg

Mr. Ram V. Kelkar B. Tech 1980 Electrical Engg

Dr. Kasim A. MookhtiarM.Sc, 1980, Chemistry.jpeg

Mr. Suresh V. ShenoyB. Tech, 1972, Chemical Engg

Dr. Rajesh S. Gokhale M.Sc. 1990 Bio Technology

Shri. V.P. BaligarB. Tech. 1978 Civil Engg

Dr Shyam Dighe B.Tech ‘74, ChE.

Mr.Deepak VaidyaB.Tech ‘70 ,ChE

Mr Toos DaruvallaB.Tech ‘77, EE.

Mr. Ashish Kumar ChauhanB.Tech 1989, Mechanical Engg.jpg

Kiran Shesh from C88-Silver Jubilee Reunion batch presented a ceremonial cheque of Rs. 2 crores on behalf of his batch towards his batch’s legacy project that aims to support popular ongoing initiatives viz. Young Faculty Awards (YFA), Retired Faculty Wellness Fund (RFWF), and Financial Aid Program (FAP).

IITBAA Director Hemant Patel made a brief presentation about the new initiative Make-Hostel-My-Home (MHMH) which aims to empower students to improve the standards of cleanliness and maintenance in hostels.

26

Distinguished Service Awardees

Young Alumni Achiever Awardees

Dr Amol GokhaleB.Tech.78 MetEMatSc

Dr Rohit N KarnikB Tech 2002 Mechanical Engg

Mr Ruyintan MehtaB.Tech.70 Chemical Engg

Mr Ajay BhagwatB.Tech.85 Electrical Engg

Dr. Mayank BawaB. Tech. 1999 Computer Sci-

ence& Engg

Mr Sameer KatdareB.Tech.75 Chemical Engg

Mr Dhananjay SahebaB.Tech.77 Electrical Engg

Dr. Sundar IyerB. Tech. 1998 Computer Sci-

ence and Engg

Mr Paresh VoraB.Tech.81 Electrical Engg

Mr. Bhavish AggarwalB. Tech., 2008, Computer

Science and Engg

27

I-ASCENDOn the occasion of its tenth anniversary celebration, SINE the technology business incubator at IIT Bombay together with IITBAA launched I-ASCEND – a joint flagship entrepreneurship forum on 19th April, 2014. As part of Global Alumni Business Forum, this initiative strengthens the entrepreneurship efforts by SINE, ECELL, and IITB. It aims at building strong alumni linkages using the IITBAA/IITBHF network and bringing support from alumni to the IITB entrepreneur communities.

The launch event was an effort to bring together all the stakeholders to deliberate on how the major partners in this – the students, faculty and alumni – can create a strong ecosystem for the entrepreneurial community. The event was made up of a series of experience sharing sessions among entrepreneurs that saw animat-ed conversations and exchanges with the audience. There was a great presence of investors, mentors, faculty, academics and industry representatives.

Reid Hoffman, LinkedIn Co-Founder once said “No matter how brilliant your mind or strategy, if you're playing a solo game, you'll always lose out to the team.”

“It was a very successful event . Wearing my SINE hat, I feel this is a great beginning for IITB Alum-ni contributing to help SINE reach still greater heights of success”

Ashank Desai (M.Tech. ’74, ME,H1)

28

Clean Drinking Water Project - Hyderabad Chapter: It is a well-known fact that in many parts of rural India, people do not have clean drinking water. To pick just a part of India, rural areas around Hyderabad and in the state of Andhra Pradesh are suffering due to bad quality of water, both underground and surface, due to high fluoride content,high dissolved solids, and bacterial contamination. In order to mitigate the drinking water problems for these areas, IITBAA Hyderabad chapter took up a project to set up clean drinking water plants. With generous donations coming from alumni all over the world who understand the need and the importance of this project, two plants have been in-augurated and are functional in Haveli Ganpur village and Nandi Kandi village of Medak district in Andhra Pradesh. A third plant will be ready for commissioning soon. Drinking water will be supplied free of cost to schools and hospitals while the villagers get it at a cost of Rs. 2/20 litres.

Community Engagements

29

Village Knowledge Center (VKC) – Bangalore Chapter: Earlier in a public address, our revered ex-President Dr. Abdul Kalam expressed a vision that every IITian should adopt one village in the country. It is keeping this larger vision in mind that Bangalore chapter made a small beginning in Ittamadu, a village 50 kms from Bangalore in 2005 with the Village Knowledge Centre project. The VKC project is in the 9th year. This ambitious vision of all the villages in the country being connected via technology gained steam with neighboring villages. VKC acts as a nodal centre for knowledge connectivity. This includes computer literacy and internet aided education for children as well as adults and providing information such as new ways of farming, employment opportunities, prices of agricultural commodities, etc., as well as facilities such as internet banking and railway bookings. Currently, rural population in and around 10 villages in Ittamadu village is being benefited. Five VKCs have already been rolled out. The latest one was at O. Mittur village in Kolar District.

FundamaticsFundamatics is the quarterly alumni magazine of IITBAA. It is an effort to bring IITB alumni closer by putting into print their thoughts, stories, interviews, nostalgia about the IITB days, etc. The content is the contribution of alumni who have spread to various parts of the world and have become icons and gurus in their respective fields. Having already established itself as a platform to voice alumni opinion, Fundamatics is now also becoming a means of promoting organisations, products and services through advertisements making it a publication that is not only read by IITB alumni but by all who are interested in using advertising ser-vices. Fundamatics is the winner of not two but three prestigious ICE (In House Communication Excellence) Awards. The magazine was put up against a number of in-house publications from educational institutions and corporate houses and has bagged the Best Overall Magazine (Gold) award. Now that the magazine has set a bench-mark of its own, alumni are keen on setting up a corpus for Fundamat-ics. Way to go!

NewsletterIIT Bombay Alumni Association has an online newsletter published every month. It keeps the IITians and alumni abreast of the happenings at the alma mater in terms of new initiatives taken to improve the campus and the curriculum, chapter news, events and reunions, announcement of alumni who have excelled in their chosen field, awards won televised interviews, etc. In a nutshell whatever has made big news and requires a mention will find a place in the newsletter.

2Q 2014

31

Giving back to the alma-mater: “First of all I would like to acknowledge the receipt of ‘Young Faculty Award’. I would like to express my sincere thanks to Alumni Associa-tion IIT Bombay for this gesture.”

An Assistant Professor Centre for Urban Science & Engineering (C-USE)

IIT Bombay

32

Plans - 2014-15:Following are the goals for the next year and near future:

• Increase life membership figures to another 10, 000+.

• Decrease the number of lost souls by finding them through various sources.

• Strengthen existing programs and initiatives and start new ones too.

• Sustain IASCEND initiative and spread it in various chapters throughout the world.

• Pursue Give One so that it generates Rs. 1 crore +.

• Fresher’s welcome meet to be spread amongst all the chapters.

• Launch Global Alumni Business Forum.

• Increase Alumni Day attendance.

• Increase the number of formal chapters

• Increase attendance for Chapters’ Conclave.

• Capacity building, create environment of excellence which will lead to asset creation for future alumni.

DirectorsDuring the year, the Board of Directors had regular meetings and discussed various aspects of making IITBAA a vibrant organisation. At the Annual Gen-eral Meeting held on 31st August, 2013, members elected Bakul Desai, Abhishek Mangalick, and Parul Gupta as Directors for a 3-year term. The Board also elected Avinash Sankholkar, Kiran Shesh, and Abhishek Thakkar as Executive Board members. In accordance with the provisions of Section 25 of the Companies Act, 1956, three Directors Shridhar Shukla, Hemant Patel, and Deepak Patil retire by rotation. These directors have rendered their services to the fullest and their commitment and dedication to the alumni cause is an example to all. The Board would also like to put on record its appreciation for the efforts of retiring student nominee Director Tejas Kolhe for all his able support and assistance.

Directors’ Responsibility Statement:As required Section 217 of the Companies Act, the Directors hereby confirm that:

• In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material depar-tures;

• The Directors had selected such accounting policies and applied them consis-

33

tently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs

• The Director had taken proper and sufficient care in the maintenance of ad-equate accounting records in accordance with provisions of this Act for safe-guarding assets of the Company and for preventing and detecting fraud and other irregularities.

• The Directors had prepared the annual accounts on a going concern basis.

AuditorsPursuant to the provisions of section 224A and other applicable provisions of the Companies Act, 1956, M/s. D.S.K and Associates, Chartered Accountants retire at the ensuing Annual General Meeting. Conservation of Energy, Technology Absorption, Foreign Exchange Earning and Outgo. The particulars required under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 regarding conservation of energy and technology absorption, are not ap-plicable. The Company does not have any expenditure in foreign exchange. Howev-er a sum of Rs.751859.51 was received in foreign currency towards Life Membership from the rest of the world.

PersonnelThe Company did not have any employee of the category mentioned in Section 217(a) of the Companies Act, 1956.

Bakul Desai Chairman, IITBAA

On Behalf of Directors 30 July, 2014

Image courtesy Ritesh Saini

34

Upcoming Events: Date Event Venue

August 9, 2014 52nd Convocation, IIT Bombay IIT Bombay campus

August 14, 2014

Commencement of elections (Polling) of IIT-BAA Board Directors

Online

August 22, 2014 End of polling of IITBAA Board Directors and announcement of results

Online

August 30, 2014 Varshastuti and Annual General Body Meeting of IIT Bombay Alumni Association

Varshastuti at IDC Auditorium, IIT Bombay campus and AGM at one of the classrooms of

IDC, IIT Bombay campus, Powai

September 19 - 21 IITBAA Annual Chapters’ Conclave Goa

August, September, Octo-ber 2014

Fresher's Welcome Meet in various IITBAA Chapters

Various Chapters

October 4, 2014 Student Alumni Sports Meet IIT Bombay campus

October 26 -28, 2014 40th reunion C’74 Registration at IIT Bombay campus

December 26-28, 2014 Silver Jubilee Reunion of C’89 IIT Bombay campus

December 28, 2014 Alumni Day 2014 IIT Bombay campus

January 16-18, 2015 45th Reunion, C’69 Registration at IIT Bombay campus

February 13-16, 2015 Golden Jubilee Reunion of C’65 Registration at IIT Bombay campus

35

Our Board of DirectorsBakul Desai, Chairman

Deepak Patil, Co-Chairman

Sandip Tarkas, Treasurer

Paresh Vora, Co-Treasurer

Shridhar Shukla

Hemant Patel

Abhishek Mangalick

Rahul Chaubey

Prof. Ravi Sinha (Dean Alumni & Corporate Relations, IITB), Nominee Director

Prof. Urjit Yajnik (Dean Student Affairs, IITB), Nominee Director

Vishwas Goel (Alumni Secretary, IITB), Nominee Director

Shailesh Gandhi , Advisory Board Member

Sharad Saraf (Adviser), Advisory Board Member

Prof. Ali Contractor (Adviser), Advisory Board Member

Kirat Patel (Adviser), Advisory Board Member

Dipak Sheth (Adviser), Advisory Board Member

Ram Kelkar (Adviser), Advisory Board Member

Ajit Ranade (Adviser),Advisory Board Member

Vinay Karle, Executive Board Member

Nitin Kumar Singh (Co-opted Member), Executive Board Member

Avinash Sankholkar (Co-opted member), Executive Board Member

Abhishek Thakkar (Co-opted member), Executive Board Member

Kiran Shesh (Co-opted Member), Executive Board Member

36

Registered Office:Indian Institute of Technology, Office of Dean Alumni & Corporate Relations, 1st Floor, Main Building, Powai, Mumbai-400076

BankersICICI Bank Ltd, Canara Bank, HDFC Bank Ltd

AuditorsD.S.K & Associates, 19, Andheri Universal Industrial Premises Society Ltd, 57 J.P Road, Andheri (W),Mumbai – 400 058

Our PartnersIITBHF: IIT Bombay Heritage Foundation is a U.S Fiduciary, the first of its kind in the U.S approved by the IRS where the American tax payer got a credit for donating to a foreign institute. Established in 1996 and managed by a committed body of volunteer alumni, it runs as a non-profit organisation to assist the Indian Institute of Technology, Bombay community, the students, faculty, employees, and alumni. The Fund, together with the IIT Bombay Alumni Association, is dedicat-ed towards strengthening the links between IIT Bombay and its alumni across the world.

SARC: Student Alumni Relations Cell is a voluntary student association that helps build relations between alumni and the student community within IIT Bom-bay. Started as a Golden Jubilee initiative, SARC is active all around the year and has a crucial role to play along with IITB-AA and IITB-HF in the vibrant alumni scene of IIT Bombay.

To know more about SARC and its initiatives, please visit www.sarc-iitb.org.

37

Notice for the Thirteenth Annual General Body MeetingThe Thirteenth Annual General Body Meeting of the members of IIT Bombay Alumni Association will be held in a class room on the ground floor of Main Building, IIT Bombay campus, Powai, Mumbai, at 4:00 p.m. on Saturday the 30th August, 2014 to transact the following business:

1. To read and confirm the minutes of the last AGM.

2. To receive, consider, and adopt the Income and Expenditure Account for the year ended 31st March, 2014, Balance Sheet as at 31st March, 2014 and Auditors matter together with the reports of the Directors and Auditors thereon.

3. To appoint auditors to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting and to fix their remuneration.

4. To appoint Directors in place of Shridhar Shukla, Hemant Patel, and Deepak Patil who retire by rotation.

5. Notice is hereby given that it is proposed to alter the Articles of Association of IIT Bombay Alumni Association by passing a special resolution as follows. To consider and if thought fit, with or without modification to pass the following resolutions:

“Resolved that subject to the approval of the Members and the Regional Direc-tor/ Registrar of Companies, Mumbai, the Articles of Association of the Company be amended by replacing the existing Clauses 6.1 and 8.4 (ii) with the following clauses

Clause 6.1 Every Life Member shall have only one vote

Clause 8.4 (ii) No member shall continue without re-election beyond a period of three years as an elected member.”

Notes:-

1. The Explanatory statement pursuant to section 102 of the Companies Act 2013 with regard to the special resolution mentioned above is enclosed.

2. Member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of himself/herself and the proxy need not be a mem-ber of the company.

38

Explanatory Statement Pursuant to Section 102 of the Companies Act, 2013

Item No-1 The current clause 6.1 of the Articles of Association reads as “Every member (whether Life, Honorary or Guest) shall have one vote”

The Board after due consideration have decided that only Life members shall have one vote i.e. other members (Honorary and Guest) shall not be entitled to vote.

Item No-2Currently the provision of Article 8.4 (ii) states “One third of the elected members shall offer themselves for reelection every year and no member shall continue with-out re-election beyond a period of three years as an elected member.”

Since the director appointed in the case of a casual vacancy holds office only up to the next AGM under the current provision, it creates a problem in the number of retiring directors every year. Hence, even when there are just 2 vacancies, the Company has to force one of the elected directors to resign to comply with pro-vision of retirement of one third of the Directors. To address such a situation the Board has decided to delete the part of clause which states that one third of the elected members shall offer themselves for reelection every year. The second part of the clause which states that no member shall continue beyond a period of three years as an elected member automatically takes care of the retirement of the elected members by rotation.

The Members are requested to approve the alteration to the Articles of Association of the Company.

None of the Directors are interested in the aforesaid resolution.

6. Any other item/s with the permission of the Chairman.

The AGM will be followed by tea/refreshments at 5 PM.

Varshastuti will commence from 5:30 PM onwards at IDC Auditorium. This year we will have Gauri Pathare who will be performing Hindustani vocal concert.

For iit bombay alumni association

Bakul Desai Chairman, IITBAA

39

Annexure to the Notice:

Item No.2Any member who wants more information or clarification on the financial state-ments should write to [email protected] at least 7 days before the AGM.

Item No.3Pursuant to the provisions of section 224A and other provisions of the Companies Act, 1956, M/s DSK & Associates, Chartered Accountants, be re-appointed as auditors at the AGM.

Item No.4As per the Articles of the Association, Shridhar Shukla, Hemant Patel and Deep-ak Patil will retire by rotation. Election process was announced on 21 July 2014 to fill up the vacancies as under:

Elections would be held for 3 posts of Directorship on the IIT Bombay Alumni Association’s Board. Nominations are invited from all members.

1. Any Life member (for at least 2 years) of the Association can contest the election as per rules.

2. Each nomination shall be filed as per the proforma given and shall be proposed and seconded by life members of IITB-AA.

3. Nomination papers should be submitted to IIT Bombay Alumni Association, 1st Floor, Gulmohar, IIT Bombay, Powai, Mumbai – 400076, during working hours. Nominations can also sent by e-mail to [email protected].

4. Voting will be conducted through internet by logging onto www.iitbombay.elections.org or by postal ballot.

5. Alumni, who are not life members, can enroll as life members only up till 24 hours before the voting portal closes i.e. before 11 am August 21st, 2014.

7. The candidate should submit bios as per the prescribed format to [email protected] on or before the last day of filing nominations that is August 4th, 2014.

40

Important Dates for the IITBAA BoD Elections 2014

1. Last date for filing nominations. 4th Aug 2014

2. Last date for withdrawal of nominations. 6th Aug 2014

3. Announcement of final valid names to life members by election officer.

7th Aug 2014

4. Voting commences on www.iitbombayelections.org. 14th Aug 2014

5. Polling ends on www.iitbombayelections.org and results to be announced

22nd Aug 2014

Details of the election and list of candidates will be displayed on www.iitbombay.org

Prof. Ravi Sinha Dean ACR

Returning Officer

41

The Returning Officer IIT Bombay Alumni Association 1st Floor, Gulmohar Building, IIT Bombay, Powai, Mumbai 400076

Dear Sir,

Sub: Election of Directors on IITBAA Board

In accordance with your notice to all life members, I, __________________, as a life member of IITBAA, submit herewith the Ballot Paper in a separate and sealed envelope.

Yours faithfully,

Signature: _________________________________

Name: ____________________________________

Address: _____________________________________________________________________________________________________________________________________________________________________________

Dated: ___________

Ballot PaperFor election of three posts of Directors on IITBAA Board for 2014

Sr.No Name of the candidate voted for

Note:

1. The Ballot Paper should reach IITBAA office by 22nd August, 2014, 11:00 AM IST.

2. The Ballot Paper shall be opened by the Returning Officer in the presence of a scrutiniser.

IIT Bombay Alumni Association, 1st Floor, Gulmohar Building, Next to Canara Bank, IIT Bombay Campus, Powai, Mumbai 40076 Tel. NO.: 022-2576 708

Proforma of Postal Ballot

42

IITBAA Team

43

Financial Statements

Auditors Report To The Members of IIT Bombay Alumni AssociationWe have audited the attached Balance Sheet of IIT Bombay Alumni Association, as at March 31, 2014. These financial statements are the responsibility of the company’s management. Our responsibility is to express an opin-ion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

2. In our opinion, the Company has kept proper books of account as required by the law so far as appears from our examination of the books of the Company.

3. The Balance Sheet dealt with by this report is in agreement with the books of account.

4. In our opinion, the Balance Sheet complies with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

5. On the basis of information and explanations given to us, we report that no Director is disqualified from being appointed as Director of the Company under clause (g) of sub section (1) of Section 274 of the Companies Act, 1956.

6. In our opinion and to the best of our information and according to the explanations given to us, the said ac-counts, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view :-

a. In the case of the Balance Sheet of the state of the affairs of the Company as at March 31, 2014 and

b. In the case of the Profit & Loss account of the Profit of the Company for the year ended on 31-03-2014.

For D.S.K. & Associates

Chartered Accountants

FRN : 117710W

(Pratul Dube)

Partner

M.No. 36288

Mumbai :

Dated: 28th June, 2014

D.S.K & ASSOCIATES 19, Andheri Universal Industrial Premises, 57, J P Road, Andheri (W), Mumbai 400058 Tel: 26707455 / 26707188 Fax: 26289672 email [email protected] AUDITORS REPORT TO THE MEMBERS OF IIT BOMBAY ALUMNI ASSOCIATION We have audited the attached Balance Sheet of IIT BOMBAY ALUMNI ASSOCIATION, as at March 31, 2014. These financial statements are the responsibility of the company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

2. In our opinion, the Company has kept proper books of account as required by the

law so far as appears from our examination of the books of the Company. 3. The Balance Sheet dealt with by this report is in agreement with the books of account. 4. In our opinion, the Balance Sheet complies with the Accounting Standards

referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. 5. On the basis of information and explanations given to us, we report that no

Director is disqualified from being appointed as Director of the Company under clause (g) of sub section (1) of Section 274 of the Companies Act, 1956.

6. In our opinion and to the best of our information and according to the

explanations given to us, the said accounts, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view :-

a) In the case of the Balance Sheet of the state of the affairs of the Company as at March 31, 2014 and

b) In the case of the Profit & Loss account of the Profit of the Company for the year ended on 31-03-2014.

For D.S.K. & Associates Chartered Accountants FRN : 117710W (Pratul Dube) Partner

M.No. 36288 Mumbai :

Dated: 28th June, 2014

44

Balance Sheet as at 31st March, 2014

Sr. Particulars Note 31.03.2014 31.03.2013

1. Equity and Liabilities(1) Shareholder's Funds

a. Funds 3 9,621,896 7,885,619 b. Reserves and Surplus 4 28,918,159 23,383,357

(2) Non-Current Liabilitiesa. Long-term borrowings - - b. Other Long term liabilities - - c. Long term provisions - -

(3) Current Liabilities(a) Advances received 5 5,604,084 5,742,809 (b) Trade payables 6 81,705 152,601 (c) Other current liabilities 7 509,122 354,780 (d) Short-term provisions - - Prepaid Income -

Total 44,734,966 37,519,167

2. Assets(1) Non-current assets

(a) Fixed assets (i) Tangible assets 8 1,253,635 318,496 (ii) Intangible assets 13,745 22,909 (iii) Capital work-in-progress - - (b) Non-current investments - - (c) Deferred tax assets (net) - - (d) Long term loans and advances - - (e) Other non-current assets - -

(2) Current assets

(a) Current investments - - (b) Inventories 159,218 234,778 (c) Trade receivables 9 2,675,026 739,014 (d) Cash and cash equivalents 10 40,093,551 34,774,892 (e) Other current assets 11 539,791 796,821

total 44,734,966 36,886,910

For DSK & AssociatesChartered Accountants

For IIT Bombay Alumni Association

CA. Pratul Dube (Partner) Membership No. : 036288 FRN: 117710W Place : Mumbai Date : 28/06/2014

Bakul Desai (Chairman) Place : Mumbai Date : 28/06/2014

Sandip Tarkas (Treasurer)

Summary of significant accounting policies The accompanying notes are an integral part of the financial statements. As per our report of even date attached.

45







Profit and Loss for the year ended 31st March , 2014

Sr. Particulars Note 31.03.2014 31.03.2013

i. Revenue from operations 12 7,750,270 6,375,914 ii. Other Income 13 2,827,387 2,363,409 iii. Total Revenue (I +II) 10,577,657 8,739,322 iii. Expenses:

Opening Stock of Souvenir Articles 234,778 273,269 Operational Expenses 14 5,208,328 4,507,758 Employee benefit expense 15 2,412,482 2,150,764 Depreciation and amortization expenses 8 91,945 86,424 Other expenses 16 758,377 800,583 Donation paid - 5,000

Total Expenses 8,705,910 7,823,798 iv. Profit / (Loss) before exceptional and extraordinary items and tax (II-III) 1,871,746 915,524 v. Exceptional Items - - vi.

Profit / (Loss) before extraordinary items and tax (IV - V) 1,871,746 915,524

vii. Extraordinary Items - - viii. Profit before tax (VI - VII) 1,871,746 915,524 ix. Tax expense:

(1) Current tax - - (2) Deferred tax - - (3) Taxes of Earlier Years - -

x. Profit(Loss) from the perid from continuing operations (VIII-IX) 1,871,746 915,524

xi. Profit/(Loss) from discontinuing operations - - xii. Tax expense of discounting operations - - xiii. Profit/(Loss) from Discontinuing operations (XI - XII) - - xiv. Appropriations 17 1,500,000 500,000

xv. XV. Profit/(Loss) for the period (X + XIII - XIV) 371,746 415,524

xvi. Earning per equity share:

Basic & Diluted na na

46

Ref No. Note Particulars

1 Corporate information

The Company is a section 25 company which does not work for profit.

The principal place of business of the company is : Indian Institute of Technology, Gulmohar Bldg, 1st Floor, IIT Powai Campus, Powai, Mumbai - 400076.

as 1.1 2 Significant accounting policies

2.1 Basis of accounting and preparation of financial statements

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Princi-ples in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Stan-dards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention and these costs are not adjusted to reflect the impact of the changing value in the purchasing power of money. The ac-counting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year. Previous year's figures have been regrouped or reclassified where necessary to conform to the current year's groupings

2.2 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the report-ed income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

2.3 Depreciation and amortisation

as 6.29 Depreciation has been provided on the writen down value method as per the rates prescribed in Schedule XIV to the Companies Act, 1956 as revised by circular no. 14/93 dated 28/12/93 issued by the department of company affairs, Govt. of India.

Intangible assets are amortised over their estimated useful life of the asset.

The estimated useful life of the intangible assets and the am-ortisation period are reviewed at the end of each financial year and the amortisation method is revised to reflect the changed pattern.

as 26.63

as 26.78

as 26.90.a

as 26.90.b

as 26.94.a

Notes forming part of the financial statements

47

Ref No. Note Particulars

2.4 Receipts

as 7.38.b

Receipts are recognised as income on accrual basis.as 7.38.c

as 9.13 2.5 Other income

Interest income is accounted on accrual basis. Dividend income is accounted for when the right to receive it is established.

2.6 Tangible fixed assets

as 10.20 Fixed assets are carried at cost less accumulated deprecia-tion. The cost of fixed assets includes interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use and other incidental expenses incurred up to that date.

The Company has not revalued its assets any time during the current or preceeding financial years.

as 10.23

as 10.8.2

as 10.27

as 10.30

2.7 Intangible assets

as 26.23 Intangible assets are carried at cost less accumulated amorti-sation. The cost of an intangible asset comprises its purchase price, including any import duties and other taxes (other than those subsequently recoverable from the taxing authorities), and any directly attributable expenditure on making the asset ready for its intended use and net of any trade discounts and rebates.

as 26.59

as 26.62

2.9 Fixed Asset Reserve

as 12 During the year fixed assets have been procured out of Devel-opment Fund. The amount so utilized has been reduced from the Development Fund and a separate Fixed Asset Reserve has been created to the extent of the utilization of the Devel-opment fund. This has the effect of reflecting the asset in the schedule of fixed assets in the Balance Sheet with a corre-sponding contra entry in the fixed asset reserve.

2.10 Provisions and contingencies

as 29.14 A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities, if any, are disclosed in the Notes.

as 29.35

as 29.27

48

Ref. No. A. Tangible assets

Gross block

Balance as at 1 April, 2013

Additions Disposals Acquisitions through business

combinations

Reclassified as held for sale

Revaluation increase

Effect of foreign currency exchange

differences

Borrowing cost capitalised

Other adjustments

Balance as at 31/01/2014

Computer 269,821.00 34,865 - - - - - - 304,686

Office Equipments 235,415.00 182,555 417,970

Furniture & Fittings 79,936.00 - 79,936

Motor Vehicle 2,500.00 800,500 803,000

total 587,672 1,017,920 - - - - - - - 1,605,592

Previous year 351,934 - 351,934

Ref. No. B. Intangible assets

Gross block



combinations




differences


Other adjustments


Computer Software 64,932.00 - - - - 51,187 13,745 22,909 304,686

total 42,023 9,164 - - - - 51,187 13,745 22,909 1,605,592

Previous year 28,405 5,610 34,015 12,917 9,523 351,934




combinations




differences


Other adjustments



total 42,023 9,164 - - - - 51,187 13,745 22,909 1,605,592

Previous year 28,405 5,610 34,015 12,917 9,523 351,934


Accumulated depreciation and impairment


Depreciation / amortisation

expense for the year

Eliminated on disposal of assets

Eliminated on reclassification as

held for sale

Impairment losses

recognised in statement of

profit and loss

Reversal of impairment

losses recognised in Statement of

Profit and Loss

Other adjustments Balance as at 31st March, 14

Balance as at 31st March, 14


Computer 177,212.00 45,886 223,098 81,588 92,609

Office Equipments 55,475.00 28,623 84,098 333,872 179,940

Furniture & Fittings 35,041.00 8,126 43,167 36,769 44,895

Motor Vehicle 1,448.00 146 1,594 801,406 1,052

total 269,176.00 82,781 - - - - - 351,957 1,253,635 318,496

Previous year 138,816 51,944 190,760 161,174 213,118

Notes to Balance Sheet and Profit & Loss account Note 8 Fixed assets

Note 8.B Fixed assets (contd.)

Note 8.A Fixed assets (contd.)

49


Gross block



combinations




differences


Other adjustments


Computer 269,821.00 34,865 - - - - - - 304,686

Office Equipments 235,415.00 182,555 417,970

Furniture & Fittings 79,936.00 - 79,936

Motor Vehicle 2,500.00 800,500 803,000

total 587,672 1,017,920 - - - - - - - 1,605,592

Previous year 351,934 - 351,934


Gross block



combinations




differences


Other adjustments



total 42,023 9,164 - - - - 51,187 13,745 22,909 1,605,592

Previous year 28,405 5,610 34,015 12,917 9,523 351,934




combinations




differences


Other adjustments



total 42,023 9,164 - - - - 51,187 13,745 22,909 1,605,592

Previous year 28,405 5,610 34,015 12,917 9,523 351,934


Accumulated depreciation and impairment


Depreciation / amortisation

expense for the year

Eliminated on disposal of assets

Eliminated on reclassification as

held for sale

Impairment losses

recognised in statement of

profit and loss

Reversal of impairment

losses recognised in Statement of

Profit and Loss

Other adjustments Balance as at 31st March, 14



Computer 177,212.00 45,886 223,098 81,588 92,609

Office Equipments 55,475.00 28,623 84,098 333,872 179,940

Furniture & Fittings 35,041.00 8,126 43,167 36,769 44,895

Motor Vehicle 1,448.00 146 1,594 801,406 1,052

total 269,176.00 82,781 - - - - - 351,957 1,253,635 318,496

Previous year 138,816 51,944 190,760 161,174 213,118

50

Schedule 8: Fixed Assets

Particulars Rate Opng bal

Additions

Deductions Total Depreciation W.D.VIst half II half

Air Conditioner 13.91% - 182,555 - 182,555 3,592.00 178,963

Camera 13.91% 2,752 - - 2,752 383.00 2,369

Cannon Camera 13.91% 8,745 - - 8,745 1,216.00 7,529

Card Scanning Machine 13.91% 5,334 - - 5,334 742.00 4,592

Computer Systems 40.00% 92,609 34,865 - - 127,474 45,886.00 81,588

Computer Software 40.00% 22,909 - - - 22,909 9,164.00 13,745

Cycle 13.91% 1,052 - - 1,052 146.00 906

Fridge 13.91% 4,255 - - 4,255 592.00 3,663

Furtniture & Fixtures 18.10% 44,895 - - - 44,895 8,126.00 36,769

Lamination Machine 13.91% 1,100 - - 1,100 153.00 947

LCD TV 13.91% 17,377 - - 17,377 2,417.00 14,960

Microphones 13.91% 7,186 - - 7,186 1,000.00 6,186

Microwave 13.91% 2,729 - - 2,729 380.00 2,349

Polycom Conference Machine 13.91% 18,892 - - 18,892 2,628.00 16,264

Scanner 13.91% 6,468 - - 6,468 900.00 5,568

Sony Handycam 13.91% 10,854 - - 10,854 1,510.00 9,344

I-Card Machine 13.91% 94,248 - - - 94,248 13,110.00 81,138

total 341,405 34,865 182,555 - 558,825 91,945 466,880 Additions to Fixed Assets

Computer System 40.00% 27-May-13 31-Mar-14 308 12,800.00 4,320.00

Computer System 40.00% 25-Sep-13 31-Mar-14 187 22,065.00 4,522.00

Air Conditioner 13.91% 28-Jan-14 31-Mar-14 62 144,692.00 3,419.00

Air Conditioner 13.91% 19-Mar-14 31-Mar-14 12 37,863.00 173.00

total 179,557.00 12,261.00

51

Note 3 : Funds

Note 4 : Reserves & Surplus

Note 5 : Advances Received

Sr. Particulars 31.03.2014 31.03.2013

1 64 Golden Jubilee Needy Student Fund 1,358,084 816,909

2 Archives Project (C-67) 697,363 643,022

3 Benevolent Fund 702,745 766,720

4 Development Fund 593,927 1,457,070

5 Financial Aid Programme 1,074,232 1,100,001

6 Fundamatics 558,800 -

7 IITBAA Decennial Fund 2,200,000 700,000

8 Sonery Baug Fund 993,934 1,123,699

9 Village Knowledge Centre Fund 10,210 10,210

10 Vilas Karnik Endowment Fund 1,432,602 1,267,989

total 9,621,896 7,885,619

Sr. Particulars 31.03.2014 31.03.2013

1 General Reserve 4,662,928 4,291,181

2 Life Membership Fee 23,272,176 19,092,176

3 Fixed Asset Reserves - Transfer from De-velopment Fund

983,055 -

total 28,918,159 23,383,357

Sr. Particulars 31.03.2014 31.03.2013

1 Shell Advance 3,600,000 3,600,000

2 HATS Imprest 2,004,084 2,142,809

total 5,604,084 5,742,809

52

Note 6 : Trade Payables

Note 7 : Other Current Liabilities

Sr. Particulars 31.03.2014 31.03.2013

1 Arjun Barab 5,500 5,500

2 DSK & Associates 51,574 51,574

3 IIT Bomaby 8,631 -

4 Krishna Aluminium & Hardware - 48,000

5 Registration Fees Refundable 7,000 -

6 Sorabh Sodhani - 37,927

7 Unicomp Infosolutions Private Ltd - 600

8 Vinayak Kamath 9,000 9,000

total 81,705 152,601

Sr. Particulars 31.03.2014 31.03.2013

1 Gratuity Payalbe 207,297 91,558

2 Profession Tax payable - 1,375

3 Salary Payable 169,734 146,388

4 Shop Deposit 100,000 100,000

5 TDS payable 32,091 11,199

7 Telephone Expenses - 4,260

total 509,122 354,780

Note 9 : Trade Receivables

Note 10 : Cash & Cash Equivalent

Sr. Particulars 31.03.2014 31.03.2013

1 Sundry Debtors - Considered good out-standing for a period less than 6 months

2,546,611 739,014

2 Advances for Expenses 128,415 -

total 2,675,026 739,014

Sr. Particulars 31.03.2014 31.03.2013

1 Cash on Hand 28,587 15,090

2 Balance with bank 5,837,765 3,840,124

3 Fixed Deposits 34,227,199 30,919,678

total 40,093,551 34,774,892

53

Note 11 : Other Current Assets

Sr. Particulars 31.03.2014 31.03.2013

1 Income Tax & TDS 451,291.00 394,724.27

2 Deposit for office Premises 88,500.00 88,500.00

3 R.A.Constuction-Advance (Basket Ball Court)

- 313,597.00

total 539,791 796,821.27

Sr. Particulars 31.03.2014 31.03.2013

1 Registration Fees 3,402,012 3,424,626

2 Donation / Sponsorship Received 3,688,140 1,974,750

3 Royalty 450,000 466,540

4 Souvenir Sale 39,300 64,220

5 Year Book Income 10,000 207,200

6 Sale of Madhouse books 1,600 3,800

7 Closing Stock 159,218 234,778

total 7,750,270 6,375,914

Note 12 : Receipts from Operations

54

Sr. Particulars 31.03.2014 31.03.2013

1 Interest on Investments 2,693,312 2,254,684

2 Other Incomes 134,075 108,725

total 2,827,387 2,363,408.64

Sr. Particulars 31.03.2014 31.03.2013

1 Salary & Bonus 2,002,470 1,904,391

2 Staff Welfare 39,155 24,661

3 Ex-Gratia 255,118 130,154

4 Gratuity 115,739 91,558

total 2,412,482 2,150,763.50

Note 13 : Other Income

Note 15 : Employement Benefit Expenses

Sr. Particulars 31.03.2014 31.03.2013

1 Accomodation Charges 583,315 959,118.00

2 Catering & Decoration Expenses 1,433,407 1,083,125.00

3 Clean water drinking project-Hy-derabad

487,616 -

4 Entertaiment & Program Expenses 116,060 75,884.00

5 Gift Articles 362,667 563,398.00

6 Honorarium Expenses 110,880 80,750.00

7 Meeting Expenses 12,730 6,000.00

9 Postage & Courier Expenses 31,652 74,229.00

10 Printing & Designing Charges 678,117 673,384.00

12 Professional Fees 260,270 140,375.00

13 Refreshments 279,645 303,236.00

14 Travelling & Conveyance A/c 303,960 303,973.00

15 Venue Expenses 394,463 95,506.00

16 Video Shooting & Photography Charges

153,546 148,780.00

total 5,208,328 4,507,758.00

Note 14 : Operational Expenses

55

Sr. Particulars 31.03.2014 31.03.2013

1 Transfer to IITBAA Decennial Fund

1,500,000 500,000

total 1,500,000 500,000

Note 17 : Appropriations

Sr. Particulars 31.03.2014 31.03.2013

1 Audit Fees 16,854 16,854.00

2 Balances W/off (33,202) 5,252.73

3 Bank Charges 12,481 17,852.05

4 Computer Expenses 19,820 24,895.00

5 Conveyance Expenses & Travelling 17,464 27,263.00

6 Credit Card Charges 31,884 33,307.86

7 Electricity Expenses 47,627 65,052.00

8 Insurance 2,650 2,650.00

9 Other Expenses 50,016 29,806.50

10 Printing & Stationery 184,479 262,601.50

11 Professional Fees 193,877 123,568.00

12 Professional Tax 2,500 2,500.00

13 Rent , Rates & Taxes 74,691 32,998.00

14 Repair & Maintenance 91,356 106,088.00

15 Telephone Expenses 43,362 47,491.71

16 Water Charges 2,519 2,403.00

total 758,377 800,583.35

Note 16 : Other Expenses







IITBAA Services:• Life-long @iitbombay.org forwarding email id,

• A web infrastructure that gives you monthly newsletters and updates

• Creation of mailing groups based on your chapter, hostel, department, batch and other affiliations and a facility to network with a powerful alumni body

• Organising of events on the campus like batch reunions, Annual Alumni Day, Sports meet, Mentorship programs and much more

• Organising of events in your local chapters like Freshers Night, talks, entertain-ment and several other theme events.

• Cements your ties with the Institute and the global alumni community and allows you numerous networking opportunities at your chapter level as well as globally.

Additional services to life members:• Life membership alumni card gives easy access to the campus

• Fifty percent concession in Guest House accommodation charges

• Access and concession in library membership charges, swimming pool and other Gymkhana facilities.

• As a life member, you can steer the destiny of your association by electing your Board of Directors in annual elections and you can yourself contest the elec-tions.

Your support is important to IITBAA because:• Alumni Association activities are supported only by life membership fees.

• Your life membership provides key support, enabling the Directors, volunteers and staff of IITBAA/IITBHF, who work tirelessly, to implement initiatives, programs, services and events.

Write to us at [email protected] and we will help you with the process of becoming a life member.

IIT Bombay Alumni Association, 1st Floor, Gulmohar Building,

Next to Canara Bank, IIT Bombay Campus, Powai, Mumbai 400076

T 022 2576 7086


iitb alumni association program), mess-workers (through hats-hostel alumni team stewardship),...

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