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Indian Mining And Construction Equipment Industry: Monthly Updates: May2017        Indian Hotel Industry:May 2017: Monthly Updates        Definitive anti-dumping duty on hot-rolled and cold-rolled products likely to create a more stable operating environment for domestic flat steel players        Pace of volume growth slackened in a majority of sectors in April 2017, as pressure to meet year-end targets waned        GST Council’s decision on rate fitment for most goods and services paves way for GST implementation on July 1, 2017        New series indicates an improvement in industrial growth to 2.7% in March 2017 from 1.9% in February 2017        CPI inflation eased sharply to lower-than-expected 3.0% in April 2017, with broad-based dip in food inflation        New series indicates that WPI inflation recorded broad-based easing to 3.9% in April 2017 from 5.3% in March 2017        Indian Automobile Industry: Automobile Sales Update – April 2017: Monthly Update        Indian Automobile Industry – Two Wheelers: Two Wheeler Sector Posts Healthy Growth; Motorcycles Segment Turns Around After Five Month Of De-Growth Despite Higher Sales In March 2017 When Industry Was Transitioning To Bsiv Emission Norms: Monthly Update       
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Indian Mining And Construction Equipment Industry: Monthly Updates: May2017
Indian Hotel Industry:May 2017: Monthly Updates
Definitive anti-dumping duty on hot-rolled and cold-rolled products likely to create a more stable operating environment for domestic flat steel players
Indian Tractor Industry – Monthly Update
  Board Of Directors


Mr. Arun Duggal

Mr. Arun Duggal is the Non-Executive Chairman and an Independent Director of ICRA. Mr. Duggal is Chairman of Federation of Indian Chambers of Commerce and Industry (FICCI) Centre for Corporate Governance focused on enhancing Corporate Governance in India through multiple programs including a Mentorship initiative to get more women on Corporate Boards. He is also a Visiting Professor at the Indian Institute of Management, Ahmedabad where he teaches a course on Venture Capital, Private Equity and Business Ethics. He is an experienced international Banker and has advised companies and financial institutions on Financial Strategy, M&A and Capital Raising.

Mr. Arun Duggal is Chairman of Board of Directors of International Asset Reconstruction Company.

He is on the Boards of Directors of ITC Limited, Info Edge (Chairman Audit Committee), Dish TV India Limited, Mangalore Chemicals & Fertilizers Limited and Dr. Lal Path Labs Limited. He is a member of the Investment Committee of Axis Private Equity.

Mr. Duggal is involved in several initiatives in social and education sectors. He is Senior Advisor, Asia Pacific for Transparency International, Berlin devoted to create change towards a World free of Corruption. He was erstwhile Chairman of the American Chamber of Commerce, India. He was on the Board of Governors of the National Institute of Bank Management.

Mr. Duggal had a 26 years career with Bank of America, mostly in the U.S., Hong Kong and Japan. His last assignment was as Chief Executive of Bank of America in India from 1998 to 2001. He is an expert in international finance and from 1981-1990 he was head of Bank of America’s (oil & gas) practice handling relationships with companies like Exxon, Mobil, etc. From 1991-94 as Chief Executive of BA Asia Limited, Hong Kong he looked after Investment Banking activities for the Bank in Asia. In 1995, he moved to Tokyo as the Regional Executive, managing Bank of America’s business in Japan, Australia and Korea. From 2001 to 2003 he was Chief Financial Officer of HCL Technologies, India.

A Mechanical Engineer from the prestigious Indian Institute of Technology, Delhi, Mr. Duggal holds an MBA from the Indian Institute of Management, Ahmedabad (recipient of Distinguished Alumnus Award).

Mr. Arun Duggal is on the Board of Directors of the following organisations:

• Dish TV India Ltd.
• ICRA Limited
• Info Edge (India) Ltd.
• International Asset Reconstruction Co. Pvt. Ltd.
• ITC Limited
• Dr. Lal PathLabs Limited
• Mangalore Chemicals & Fertilizers Limited
• Board of Inversion Management Services Private Limited

Ms. Ranjana Agarwal

Ms. Ranjana Agarwal is an Independent Director of ICRA. Ms. Agarwal founded Vaish & Associates, Chartered Accountants in 1985. Today the firm is one of the top twenty accounting firms in India.

She has vast and incisive experience in audit, tax, business valuations business related services including back office accounting, management consultancy , risk assurance and due diligence services.

Ms. Agarwal was also a senior partner in Deloitte Haskins & Sells and CC Chokshi firms As a Senior Partner in Deloitte Haskins & Sells; she started their Delhi practice and was managing the firm up to 2000. She also served as National President of FLO- FICCI Ladies Organization. She is an invited member on the Audit Committee of Munjal Showa Ltd., a Listed Company. She has also received the Indira Gandhi Priyadarshini Award for professional excellence and entrepreneurship.

Ms. Agarwal is a Bachelor of Economics (Hons.) and a Fellow Member of the Institute of Chartered Accountants of India.

Ms. Ranjana Agarwal is on the Board of Directors of the following organisations:

• ICRA Limited
• KDDL Limited
• Shubham Housing Development Finance Co. Pvt. Ltd.
• Indo Rama Synthetics (India) Ltd
• ICRA Management Consulting Services Limited
• Joyville Shapoorji Housing Private Limited

Ms. Radhika Haribhakti

Ms. Radhika Haribhakti has over 30 years of experience in Commercial and Investment Banking with Bank of America, JM Morgan Stanley and DSP Merrill Lynch and now heads RH Financial, a boutique Advisory Firm focussed on M&A and Private Equity. She is also closely involved with issues of Women Empowerment, Financial Inclusion and CSR.

In her long Banking career she has advised several large corporates across various Industries and led their IPOs, FPOs, GDR and ADR offerings.

She is an Independent Director on the Boards of EIH Associated Hotels Ltd, ICRA Ltd, Navin Fluorine International Ltd, Rain Industries Ltd., Vistaar Financial Services Private Ltd. and Adani Port and Special Economic Zone Ltd.

She also serves on the Governing Council of Citigroup Micro Enterprise Award and is the former Chair of Friends of Women’s World Banking (FWWB) that has nurtured several start-ups grow into leading Micro Finance Institutions. At FWWB she was instrumental in introducing the highest standards of governance to the sector.

She has served on various committees of Chambers of Commerce including CII’s National Committee on Women Empowerment and Bombay Chamber of Commerce’s Task Force on "Mumbai as Offshore Financial Centre".

Ms Haribhakti is a graduate in Commerce from Gujarat University and a Post Graduate in Management from Indian Institute of Management (IIM), Ahmedabad.

Ms. Radhika Haribhakti is on the Board of Directors of the following organisations:

• EIH Associated Hotels Limited
• ICRA Ltd.
• Navin Fluorine International Limited
• Rain Industries Limited
• Vistaar Financial Services Private Limited
• Adani Port and Special Economic Zone Ltd.
• Board of Mahanagar Gas Limited.

Dr. Min Ye

Dr. Min Ye is a Non-Independent Director of ICRA. He is the Managing Director and the Regional Head of Moody’s Asia Pacific. He is responsible for formulating business growth initiatives, budgeting and planning, managing Moody’s offices and affiliate relations, and monitoring the regulatory environment in the Asia Pacific region. Earlier, he was the Managing Director and the Country Manager for Moody’s China, as well as the Chief Executive Officer of China Chengxin International Credit Rating Co. Ltd., a Moody’s affiliate in China. Dr. Min Ye, who joined Moody’s as a Senior Analyst and Vice President in 1994, has also worked as the Managing Director of the Structured Finance Group for Asia Pacific (ex-Japan) in Hong Kong.

Dr. Min Ye has a BE and an ME in Electrical Engineering from the Tsinghua University in Beijing. He also has a Ph.D. in Electrical and Computer Engineering from the Carnegie Mellon University, USA.

Dr. Min Ye is on the Board of Directors of the following organisations:

• China Cheng Xin International Credit Rating Co., Limited
• ICRA Limited
• Korea Investors Service Inc.
• Moody’s (Japan) K.K.
• Moody’s Asia Pacific Limited
• Moody’s China (B.V.I.) Limited
• Moody’s Company Hong Kong Limited
• Moody’s Group Australia Pty Limited
• Moody’s Investment Company India Private Limited
• Moody’s Investors Service (Beijing), Limited
• Moody’s Investors Service (Korea) Inc.
• Moody’s Investors Service Hong Kong Limited
• Moody’s Investors Service Pty Limited
• Moody’s Investors Service India Private Limited
• Moody’s Investors Service Singapore Pte. Ltd.
• Moody’s SF Japan K.K.
• Moody’s Shared Services India Private Limited
• Moody’s Singapore Pte Limited   

Mr. Simon Richard Hastilow

Mr. Hastilow is a Non-Independent Director of ICRA. He is a Managing Director and Global Head of Relationship Management at Moody’s Investors Service. He is responsible for leading the global team that grows Moody’s coverage share and revenue by developing relationships with new issuers in existing markets, penetrating new markets, and strengthening and expanding relationships with existing issuers and intermediaries. Prior to joining Moody’s, Mr. Hastilow spent 11 years at Thomson Reuters where he led marketing and sales teams in the corporate and wealth management sectors.

Mr. Hastilow obtained his BA (Hons) in Business Studies from the University of London, and holds the Diploma of the Chartered Institute of Marketing. He is an alumnus of the 2007 AMP Programme at INSEAD.

Mr. Simon Richard Hastilow is on the Board of Directors of the following organisation:

• ICRA Limited

Mr. Thomas John Keller Jr.

Mr. Thomas John Keller is a Non-Independent and Non-Executive Director Of ICRA. Mr. Keller is the Managing Director for Sovereign Ratings and Geographic Management of Moody’s Investors Service (MIS). In this role, Mr. Keller oversees all activities related to sovereign ratings. In addition, Mr. Keller is responsible for leading the Geographic Management of MIS, which entails driving business growth initiatives, along with budgeting and planning outside the U.S., the management of Moody’s global assets (people, products, offices, capabilities), regulatory monitoring and affiliate relations. Mr. Keller is also the executive sponsor of Moody’s LGBTA Employee Resource Group and a board member of the Hetrick-Martin Institute. Prior to this role, beginning in 2007, Mr. Keller was the Managing Director for the Global Public, Project and Infrastructure Finance Group, responsible for ensuring MIS had a globally consistent methodology to assessing credit risk for all levels of financing across the group’s portfolio. He also served as the head of the Asia Pacific region, responsible for Moody’s offices and ratings in the region, first as Managing Director of the Ratings Group and then as Representative Director of Moody’s Japan. Mr. Keller joined the company in 1992 as a Senior Analyst covering a broad range of sectors, including high-grade corporates, high-yield industrials and financial services. Prior to Moody’s, Mr. Keller worked at Chemical Bank and Manufacturers Hanover Trust Company. He earned a B.B.A. from the University of Rhode Island and an M.B.A. from Iona College.

Mr. Thomas John Keller Jr. is on the Board of Directors of the following organisations:

• ICRA Limited
• Equilibrium Clasificadora de Riesgo S.A.
• Moody’s KIS

Ms. Farisa Zarin

Ms. Farisa Zarin is a Non-Independent and Non-Executive Director of ICRA. Ms. Zarin is the Managing Director and Global Head-Government and Public Affairs of MCO. Her responsibilities include global interaction with policy makers, and securities, bank and insurance regulators. During her tenure at Moody’s, Ms. Zarin has held senior positions in the Credit Policy group and the Global Compliance group. She has also worked in the Moody’s Sovereign Risk Unit on an adjunct basis, focusing mainly on the legal ramifications of sovereign defaults. Prior to joining Moody’s, Ms. Zarin worked as an attorney at the following organizations: the United Nations Office of the Prosecutor, International War Crimes Courts; the United States Senate Judiciary Committee; and American Bar Association’s Central and Eastern European Law Initiative.

Ms. Zarin attended Oberlin College where she earned a B.A. in Economics and Psychology; University of Wisconsin where she earned a J.D. and was placed on the Dean’s List; and the Instituto Universitario Europeo where she earned an LL.M. in comparative law.

Ms. Zarin is an Alternate US Member for the APEC Business Advisory Council.
Ms. Zarin is on the Board of the following organization:

• · ICRA Limited

Mr. Naresh Takkar

Mr. Naresh Takkar is the Managing Director & Group CEO of ICRA. Prior to holding this position he was Joint Managing Director & Chief Rating Officer of ICRA. He is also a Chairman of ICRA Nepal Limited and a Director on the Boards of ICRA Online Limited and of ICRA Lanka Limited. He joined ICRA as an analyst in 1991. Before joining ICRA, he was with Tata Consultancy Services for three years in the System Consulting Division. Mr. Takkar is a Chartered Accountant from The Institute of Chartered Accountants of India and holds a Bachelor’s Degree in Commerce from the University of Delhi. 

Mr. Naresh Takkar is on the Board of Directors of the following organisations:

• ICRA Lanka Limited
• ICRA Limited
• ICRA Nepal Limited
• ICRA Online Limited
• ICRA Management Consulting Services Limited