Fraser &. Ross Chartered AccountantsASV N Ramana Tower·52. Venkatnarayana RoadT. Nagar. Chennai - 600 017

Tel: +91 (44) 6688 5000Fax: +91 (44) 6688 5050

INDEPENDENT AUDITORS' REPORTTO THE MEMBERS OFINSTITUTE FOR FINANCIAL MANAGEMENT AND RESEARCH

We have audited the accompanying financial statements of INSTITUTE FOR FINANCIALMANAGEMENT AND RESEARCH ("the Institute"), a society registered under theSocieties Registration Act XXI of 1860, which comprise the Balance Sheet as at 3 I March20] 4, the Income and Expenditure account and Cash Flow Statement of the Institute for the.year then ended, and a summary of the significant accounting policies and other explanatoryinformation.

The Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position and financial performance of the Institute inaccordance with the Accounting Standards issued by the Institute of Chartered Accountants ofIndia and in accordance with the accounting principles generally accepted in India. Thisresponsibility includes the design, implementation and maintenance of internal controlrelevant to the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement, whether due to fraud or error.

Our responsibility is to express an opinion on these financial statements based on our audit.We conducted our audit in accordance with the Standards on Auditing issued by the Instituteof Chartered Accountants of India. Those Standards require that we comply with the ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and thedisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditorconsiders the internal controls relevant to the Institute's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness of theInstitute's internal control. An audit also includes evaluating the appropriateness of theaccounting policies used and the reasonableness of the accounting estimates made by theManagement, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinion.

In our opinion and to the best of our information and according to the explanations given tous, the aforesaid financial statements give a true and fair view in conformity with theaccounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Institute as at 31 March2014;

(ii) in the case of the Income and Expenditure Account, the excess of Income overExpenditure of the Institute for the year ended on that date;

(iii) in the case of the Cash Flow Statement, of the cash flows of the Institute for the yearended on that date.

We did not audit the financial information of the funds transferred directly by donors to theCentre for Economic Research in Pakistan (CERP), a consultant of the Institute more specificallyexplained in Note 11.6 and the corresponding expenses incurred amounting to Rs.2,089,969 as at31 March, 2014, as considered in these financial statements. These financial information havebeen incorporated in the financial statements based on a certificate provided by the auditors ofCERP that has been furnished to us by the Management on which we have placed reliance, andour opinion, in so far as it relates to the amounts and disclosures included in respect of thefinancial information, is based solely on the certificate of the other auditors.

(a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by theInstitute so far as it appears from our examination of those books.

(c) The Balance Sheet, the Income and Expenditure Account and Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet, the Income and Expenditure Account and CashFlow Statement comply with the Accounting Standards applicable to non corporateentities issued by the Institute of Chartered Accountants of India.

For Fraser & RossChartered Accountants

(Firm's Registration No. 000829S)

Bhavani Balasubramanian .Partner

Membership No. 22156

Institute for Financial Management and Research(Registered under the Societies RegistrJtioll Act XXI of 1860)

Balance Sheet as at 31st '·larch 2014

As at As atSOURCESOF FUNDS Schedules 31 r"'arch 2014 31 March 2013

Rs. Rs.

Unrestricted fundsGeneral fund 1 840,126,445 388,814,417

Restricted fundsResearch project funds 2 442,476,798 412,220,134

Current liabilities and provisions 3 162,759,167 172,362,142

TOTAL 1,445,362,410 ~73,396,693

APPLICATION OF FUNDS

Fixed assetsTangible assets 4 124,523,172 124,594,112Capital vlOrk in progress 624,890,558 186,692,22'

Icurrent assets 5 604,492,189 5':J6,J~2,3';Li IILoans, advances and deposits 6 91,456,491 [05 7'~8 'J [" I';'CTAL 1,445,362,410 973,396;693=1

IVotesfo,min0 part of the financial statements 10 & 11 I- r ).~

i

Chenna,Date 2:> llAM.Q lClAI ' II

..P~~_

N.VaghulChairman

C.V.Krishnan Nachil<et Mol'President Governer

In terms of our repolt 0Lti'klku.For FRASER & ROS~,Chaltered ACCOUI~l,,'ll"

I Institute for Financial Management and Research(Registered under the Societies Registration Act XXI of 1860)

Income and Expenditure Account for the Year ended 31st March 2014

Particulars Schedule Year ended 31 March 2014 Yei'tr ended 31 March 2013Research project Research project

General Fund funds Total General Fund funds TotalRs. Rs. Rs. Rs. Rs. Rs.

INCOMECourse and Seminar fees 149,060,628 149.060,628 136,125.411 136,125,411PrOject Grants transferred from Research project Fund 159,841,060 159,841.060 110.939.203 110.939.203Project reimbursements 2,668.222 350,099,015 352.767,237 1,828,717 282,460,/03 284,289,420Other income 7 25,013,893 18,457,805 43.471,698 25,778,643 16,822,832 42.601,475

TOTAL A 176,742,743 528,397,880 705,140,623 163,732,771 410,222,738 573,955,509

EXPENDITURE

Course and Seminar expenses 56,899,815 56,899,815 58.441,821 50.441.821!

Research project expenses 3,172,963 475,391,617 4"18,564,580 3,US9,o}9 401.998,:'08 4C:.>,CS~,lEIEmployee benefit expenses 8 65,324,719 8,630,304 73,955,023 62,563,843 10,228,049 /2,791,892

Admintstratlve and general expenses 9 16,790,499 15,025,918 31,816,417 37,653,513 2,829,278 40,482,791 I-Interest 266,054 266,054DepreCiation and amortIsation expenses 3,883,163 5,387,769 9,270,932 6,474,471 4,098,640 10,573,111

Less: Stlare of expenses absorbed under project expenses (18,492,024 ) (18,492,024) (35,759,153) ,35,759,150)

TOTAL B 127,579,135 504,435,608 632,014,743 132,730,228 419,154,475 551,884,703...;xcess0 Income over expenOlture I ~expenalture over

49,163,608 23,962,272 73,125,880 31,002,543 8931737) . c2D70,806Income)

390,430,6151~"'"' ~ '0 ,," " ,,"' '0' "","00 ''''" 'om "" 387,148,420 387,148,420 390,430,615Excess of Income over Expenditure transferred to :- 436,312,028 23,962,272 460,274,300 421,433,1581 (8,931,737) 412,501,421Genera; 'l.!'1d 436,312,028 436,312,028 421,433,158 421,433,158Research project fund 23,962,272 23,962,272 - , (8,931,737) (8.931,737

Note~ forming part of the renanclal statements 10 & 11

II In lerms of our report allached.

For FRASER & ROSS IChartered ACCOU"l.Jnl~ I

".., , ~ 0 rJdh" k.D.1IChennal rrDate 2.3 w W\t 1D14-

)

INSTITUTE FOR FINANCIAL MANAGEMENT & RESEARCH(Registered under the Societies Registration Act XX/ of 1860)

Cashflow from operating activitiesSurplus for the yearAdjustments for the non - operating income/expenses

DepreciationLoss on sale of asset (net)Surplus on sale of land and buildingInterest income

9,270,9321,026,192

(387,148420)(40,895;496\

Surplus before changes in Current Assets / Current Liabilities:(Increase) / Decrease in Current AssetsIncrease I (Decrease) in Current Liabilities

Cash generated from Operations .

42527,50811,702,837(9,602,975)

44,627,370

Net Income tax paid I(refunds)Net Cash Flow From Operating Activities

(8,245,820)36,381,550

Cash Flow From Investing ActivitiesInterest on DepositsProceeds from sale of fixed assetsPurchase of fixed assets and capital work in progress

Net Cash Flow used in Investing Activities

40,895,496393,389,591

(454,665,689)(20,380,602)

Cash Flow From Financing ActivitiesContibution to General FundInvestment in fixed depositsGrants received in advance

Net Cash Flow used in Financing Activities

15.000,000(331.046,879)

6,294,392(309752487)

Net Decrease in Cash EquivalentsCash & Cash Equivalents at the beginning of the yearCash & Cash Equivalents at the end of the year

(293,751,539)478720,974184,969,435

Reconciliation of Cash & Cash equivalents:Cash & bank balances as per Balance Sheet (Refer Schedule 5)Less: Deposits maturing beyond period of three months

516,016.314331,046.879

Cash and cash equivalents at the end of the year comprises of(a) Cheques in Hand(a) Balances with banks

- in"current account- in savings account- In deposit accounts (maturing within three months)

3.772,15410688,685

170,000,000184,969,435

In terrns of our report attachedFor FRASER & ROSS,

Chartered Accountant

Chennai N.VaghulDate:l3J~I4Chairrnan

Nachiket MarGovernor

C.V. KrishnanPresident

Bhavani BalasubramanianPartner

Gross Block Accumulated Deprecation/ Amortisation Net Block

Particulars Balance as atAdditions Deletions

Balance as at Balance as at Elimination on Balance as at Balance as at Balance as at1 April 2013 31 March 2014 1 April 2013

For the yeardisposal of assets 31 March 2014 31 March 2014 31 March 2013

Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs.

Freehold land 9.281.962 1.378.826 7.903.136 7.903.136 9,281,962

Leasehold land 84,271,987 84,271.987 1.107.923 806,633 1,914,556 82,357,431 83,164,064

Bt,llidings 20,082,696 12,126,923 7,955,773 11,425,078 735,235 8,321,741 3,838,572 4,117,201 8,657,618

Electrical fitting!:> 539,630 539,630 464,442 18,445 482,887 56,743 75,188

Furniture and oft Ice equIpment 27.162,479 1,427,104 113,035 28,476,548 19,400,835 1,424,190 58,090 20,766,935 7,709,613 7,761,644

Computers 43,199,732 10,888,763 4,643,354 49,445,141 32,672,396 3,883,929 2,855,932 33,700,393 15,744,748 10,527,336

Air -conditioners 3,749,548 210,182 90,600 3,869,130 3,155,413 315,118 90,600 3,379,931 489,199 594,135

Miscellaneous and other equipment ~, 136,356 3,545,473 547,393 8,134,436 2,089,999 1,4'1,298 322,432 3,218,865 4,915,571 3,046,357

Vehicle 989,613 989,613 711,768 190,032 901,800 87,813 277,846

Lll)rary books 9,444,002 395,832 16,031 9,823,803 8,488,066 339,467 8,827,533 996,270 955,936

Software 532,925 532,925 280,898 106,585 387,483 145,442 252,027

TOTAL 204 390 930 16467 354 18916162 201 942 122 79796818 9 270932 11648795 77418955 124523172 124594 112PrevIous veal 274999,327 15255,GJ? 35864,009 204,390,930 92,177 818 105731Jl 22954111 79796818 124,594112 132821509

Schedule 1 - General fundOpening balanceAdd: Contribution to General FundAdd: Excess of income over expenditure! (expenditure overincome)

Schedule 2 - Research project fundsOpening balanceAdd: Grant received during the yearLess: Transferred to Income and Expenditure account inrespect of current year utilisationAdd: Excess of income over expenditure! (expenditure overincome)

Current liabilitiesSundry creditorsPayables on purchilse! construction of fixed assetsLibrary depositsFunds received ·in advance for projectsFees received in advanceOther liabilities

Provision for compensated absencesProvision for Gratuity

Accounts receivableFees! program income receivableAmounts receivable from donors against reimbursement ofproject expenses (Refer Note No 11.8)

Cash and bank balancesCheques in HandBalances with banks

- in current account- in savings account- in deposit accounts

Advances recoverable In cash or in kindCapital advancesAmounts to be billed to donors against reimbursement ofproject expenses (Refer Note no 11.8)Income tax deducted at sourcePrepaid expensesSundry deposits

As at31 March 2014

Rs.

As at31 March 2013

Rs.

388,814,41715,000,000

436,312,028

840 126445

421,433,158

388814417

412,220,134166,135,452

(159,841,060)

304,080,079228,010,995

( 110,939,203)

(8,931,737)

412220134

23,962,272

442476 798

38,81~,947 41,572,10625,202,644 48,849,0203,817,388 3,562,388

46,116,260 27,940,52431,265,257 25,791,0699,406,624 15,065,084

6,832,867 9,581,9511,302,180 -

162~9,167 172362142

20,916,699 25,696,127

3,636,992 3,488,392

63,922,184 48,436,853

508,596 -

3,772,154 857,37710,688,685 8,263,597

501,046,879 469,600,000

604 492 189 556 342 346

5,930,024 5,806,843197,338 36,787,386

45,066,559 32,417,985

14,087,642 5,841,82211,439,344 10,811,92114,735,584 14,102,055

91456491 105 768012

Interest on• Deposits- Savings bank account- Income tax refund- Staff advances

Miscellaneous receiptsProfit on sale of AssetsRoyalty

Establishment expensesContribution to Provident and other fundsStaff welfare expenses

Auditors remuneratIonAdvertisement expensesBooks and periodicalsPostage and telegramsPrinting and stationeryLegal & Plofesslonal FeesTravelling expensesMiscellaneous expensesShortfall on service tax and interestSecurity chargesFaculty EduCJtlon GrantLoss on :iale of assetsRentElectncily and water ct1argesRates and tdxesInsuranceRepairs and malnteroance

-Buildings-Computers! webSite! software-vehIcles

1\1eetlngexpenses

56,7322,448,199

41,133

59,256,1814,475,6961,592,842

1,112,433284,925

2,713,371477,337401,301955,824513,04068,457

2,197,552246,048

56,065

2,506,3941,662,223

525,009715,723

For the year ended31 March 2014

Rs,Research project

funds

17,000126,64854,226

56,7322,478,337

41,133

67,854,1304,475,6961,625,197

1,112,433284,925

2,730,371603,985455,527955,824

1,841,988295,020

851,0711,503,7261,067,325

11,570, /14 '2,197,552

1

1

246,048111,527

2,506,3942,241,255

525,009715,723

23,711,834447,001332,05993,874

347,087149,091197,697

56,869,7354,179,4311,514,677

885,916603,02S

2,392,717727,801349,409

366,076734,859

13,408837,134

21349,7412,599,140

170,938240,352

3,098,525 I1,837,018

718,167729,284 I

37653513

For the year ended31 March 2013

Rs.Research project

funds

16,312,286:?31,18!135.445

600143,314

: I4,250 I

153,885

40,024,120678, .38467.504

94,474

990.401149,091197 697

66,802,4174,179,4311,810,044

885,910tiO.), ."

.2,391,7171 151 S08

440 36

1,750,2581,408,897

13.408837,134

97,82921,349.7412,599,140

170 938240,352

3,098,5251,841,268

718,167883 169

INSTITUTE FOR FINANCIAL MANAGErJlENT AND RESEARCH(Registered under the Societies Registration Act XXI of 1860)

The financial statements are prepared in all material aspects with reference togenerally accepted accounting principles followed in India and in compliance with theAccounting Standards issued and other gUidance notes by the Institute of CharteredAccountants of India. The financial statements are prepared under historical costconvention and on an accrual basis.

The Institute was classified as a Small and Medium-Sized Enterprise (SME) duringthe previous period as per the criteria mentioned in the accounting standards andhence there were relaxation in respect of certain disclosures in the accountingstandards. During the financial year the Institute has been classified as a non SME.Accordingly, the Institute by virtue of being a non SME, is required to comply with allmandatory accounting standards issued by Institute of Chartered Accountants ofIndia. Consequent to the applicability of certain mandatory accounting standardsfrom the current year and considering the exemptions to disclose previous periodfigures in those standards, the previous period figures have not been furnished.

a) All Donations, Grants, Endowments and monies received towards project funds areaccounted on receipt basis.

b) General donations and grants are treated as capital receipts and taken to GeneralFund.

c) Fellowships, endowments and grants received for specific purposes are kept in therespective funds.

d) Monies received towards joint research project are taken to project fund.e) Reimbursements receivable for project expenses are treated as income on accrual

basis. .f) Interest income is accounted on a time proportion basisg) Royalty income is recognised in accordance with terms of the agreement.

Assets are recorded at cost of acquisition. Depreciation on fixed assets is charged onthe straight-line method at the following rates:

Asset Cate or Rate 0/0

Leasehold land Over the lease eriodBuildin s 5Electrical fittin s and furniture 10Air-conditioners and cold stor~_--_--------3=- 15Other miscellaneous ~~ent _ 1_5 _Com uter icludin software vehicles and librar books 20 ~

INSTITUTE FOR FINANCIAL MANAGEMENT AND RESEARCH(Registered under the Societies Registration Act XXI of 1860)

10.4 Cash and cash equivalents (for purposes of cash flow statement):Cash comprises cash on hand and demand deposits with banks. Cashequivalents are short-term balances (with an original maturity of three monthsor less from the date of acquisition), highly liquid investments that are readilyconvertible into known amounts of cash and which are subject to insignificantrisk of changes in value.

10.5 Cash flow statement:Cash flows are reported using the indirect method, whereby profit / (loss) beforeextraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts orpayments. The cash flows from operating, investing and financing activities ofthe Company are segregated based on the available information. .

Defined contribution plans:

a. Provident Fund: Contributions are made to the recognized Provident Fund Trust(PF Trust) and are expensed to the Income and Expenditure account. Theinterest rate payable by the PF Trust is notified by the Government. TheInstitute has an obligation to make good the shortfall, if any, between the returnfrom investments and the notified interest rate and recognizes such obligationas an expense.

b. Super Annuation Fund: The Institute makes contribution to a schemeadministered by the Life Insurance Corporation of India (LIe) to discharge Itsliabilities towards super annuation to the employees. The Institute has no otherliability other than its contribution.

Defined benefit plans (Long term employee benefits):

Gratuity: The Institute makes its contribution to a Gratuity fund administered bythe Life Insurance Corporation of India (LIe) to discharge gratuity liability to theemployees. The Institute accounts for its liability for future gratuity benefits basedon actuarial valuation, as at the balance sheet date, determined by actuaryconsultant using the projected unit credit method. Effects of changes in actuarialvaluation are immediately recognized in the income and expenditure account.

Compensated absences: The Institute records its liability for compensatedabsences based on actuarial valuation as at the balance sheet date using theprojected unit credit method. Effects of changes in actuarial valuation areimmediately recognised in the income and expenditure account.

Short term employee benefits are recognised as an expense as per the Institute'sscheme based on expected obligations on an undiscounted basis.

a. All foreign contributions received as grants are recorded at the rates prevailingon the date when the credit is given by the bank, to the Institute's account.Transactions in foreign currencies are accounted at the exchange ratesprevailing on the date of the transactions and the realised exchange loss/ gainare dealt with in the Income and Expenditure account.

INSTITUTE FOR FINANCIAL MANAGEMENT AND RESEARCH(Registered under the Societies Registration Act XXI of 1860)

b. Monetary assets and liabilities denominated in foreign currency are restated atthe rates of exchange as on the Balance Sheet date and tile exchange gain/lossis sUitably dealt with in the Income and Expenditure account.

a. The Institute operates in two segments namely Business School & ResearchCenters. The Segment reporting is given on this classification.

b. Revenue & Expenses have been identified to segments on the basis of theirrelationship to the Operating activities of the segment.

c. Inter Segment revenue for services rendered are determined on pre-approvedbasis.

For the year ended 31 March, 2014

Business segments Eliminations TotalParticulars

B School ResearchCenters

Segment Revenue 151,728,850 509,940,075 661,668.925

I IInter-seg ment revenue 18,492,024 - - 18,492,024

•Total 170,220,874 509,940,075 - 680,160,949

Segment Expense 146,071,159 504,435,608

I- 650.506,767

Segment Result 24,149,715 5,504,467 29,654,182

Operating income 24,149,715 5,504,467 - 29,654,182

Other income 412,162,313 18,457,805 - 430,620,118

Surplus for the year 436,312,028 23,962,272 - 460,2",?4,300

For the year ended 31 March, 2014

Business segments TotalParticulars

B School ResearchCenters

Segment assets 1,299,402,769 J 45, 959'~5'362'41 0

Segment liabilities 88,594,858 74,164,309 162,759,167

Other information15,829,657 ICapital expenditure 637,697 16,467,354

IDepreciation and

9,270,9321amortization 3,883,163 5,387,769

I ~

. Note: This being the first year of applicability of Segment Reporting, the Rreviousyear figures have not been furnished.

INSTITUTE FOR FINANCIAL MANAGEMENT AND RESEARCH(Registered under the Societies Registration Act XXI of 1860)

i. Projected benefit obligation as at the beginning of the yearService costInterest costActuarial Losses/ (Gains)Benefits paidProjected benefit obligation as at the end of the year

95.6523.04

7.83(4.08)

(12.42)110.02

ii. Fair value of plan assets as at the beginning of the yearExpected return on plan assetsContributionsBenefits paidActuarial Gain! (losses) on plan assetsFair value of plan assets as at the end of the year

95.658.075.63

(12.42)0.07

96.99

iii. Amount recognized in the balance sheet:Projected benefit obligation at the end of the yearFair value of the plan assets at the end of the year(Liability)/Asset recognized in the Balance sheet

110.0196.99

(13.02)

iv. Cost of the defined plan of the year:Current service costInterest on obligationExpected return on plan assetsI~et actuarial losses recognized in the year

Net cost recognized in the income and expenditure account

23.047.83

(8.07)(4.15)18.65

v. Assumptions:Discount rateExpected rate of returnSalary escalationMortality

9.00%8.750/08.00%

IALM (2006-2008)

Note: During the previous year ended March 31, 2013, the Institute was a SME. Thedisclosure as applicable for the Institute as per AS15 have been made.

11.3 Pursuant to the approval of the Board of Directors in their meeting dated 7th

October, 2013, a portion of the land and bUilding at Kothari Road campus has beensold for a total consideration of RS.391.1 lakhs in November 2013.

11.4 The Institute is constructing a new campus at Sri City in Chitoor District, AndhraPradesh. Construction is currently on-going. The proceeds from the sale of land andbUildings situated at Kothari Road are being used to fund the project. The amountshown under capital work in progress for the same as of March 31, 2014 isRs. 6,249 lakhs. The Institute has outstanding commitments towards capitalexpenditure amounting to Rs. 827 lakhs as at March 31, 2014.

11.5 On a request from Centre for Development Finance (CDF) for EnvironmentallySustainable Finance (ESF) projects, the Donor (ICICI Bank) approved utilization ofbalance fund of Rs. 168.10 lakhs as on March, 2013 for similar projects relating toenvironmental matters till May 2015.

INSTITUTE FOR FINANCIAL MANAGEMENT AND RESEARCH(Registered under the Societies Registration Act XXI of 1860)

11.6 In addition to expenditure incurred by the project for which payments have beenmade under the CLEAR Grant, the World Bank made direct payments amounting toUSD 33,790 (Rs. 2,089,969) as per the agreement, to the Centre for EconomicResearch in Pakistan (CERP) towards projects carried out in December 2012 forwhich the invoices have been received in July 2013. Tile payments have beenaccounted under the head Project Income and expenditure based on the projectreport, the statement for receipts and payments for the project submitted by CERPand certificate received from the auditors of CERP.

11.7 The Institute has filed a plaint in the Honourable City Civil Court of Madras against aformer employee for recovering an amount of Rs. 7,42,107 being retirementbenefits claimed and paid in excess of his entitlement.

11.8 The Institute accrues the reimbursements recoverable from donors towardsexpenses incurred on projects. These reimbursements have been included underAccounts Receivable to the extent invoiced to donors and have been included underLoans and Advances to the extent they are yet to be billed.

11.9 Previous year's figures have been regrouped / reclassified wherever necessary tocorrespond with the current year's classification / disclosure.

ChennaiDate 2'5Jl.U\.Q,'MIt

..->~

N.VaghulChairman

~"'\\NachiketMorGovernor

C.V.KrishnanPresident