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Institutional Training Report Submitted as part of MBA

Institutional Training Done by Mr. ESJ In


CERTIFICATEThis is to certify that Institutional Training Report submitted by Mr ESJ in partial fulfillment of the requirements for the degree of Master of BusinessAdministration is a bonafide record of work carried out by her under my supervision. The contents of this report, in full or in parts have not been submitted in any form to any other institute or university for the award of any degree or diploma.

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THERMAX INDIA LTDCHAPTER 1 INTRODUCTION TO COMPANY:In the beginning there was fire. Then there was steam. Steam produced mechanical movement. It could be used to produce electricity too. The use of steam rewrote the history of human civilization. It was the driving force of industrial revolution, the precursor of modern age, as we understand it. Even in this age of cybernetics, genetic engineering and information superhighways, boilers that produce steam are critical on-line equipment, across diverse industry segments be it a small scale unit which needs a 600 kg/hr, or a fertilizer plant,which needs a 300 tones/hr high pressure steam generator. THERMAX means maximum utility of thermal energy, name itself specifies the accuracy and efficiency of this fast growing organization. At present, a Pune based engineering company Thermax LTD was started in the year 1966, as a small boiler-manufacturing unit in Dadar (Mumbai). It was named initially as WANSON (INDIA) PVT. LTD as had technical collaboration with Belgian Company called WANSON. It began manufacturing coil type packaged boilers unit called Vaporax and then thermic fluid heater(Thermopac). The then factory, had occupied an area of 5000 square feet, but with increase in production and development of new techniques and wide varieties of boilers it faced the need for more space and hence was shifted to Chinchwad,Pune. In 1980, the company decided to go ahead individually and was named as THERMAX. From then till now, Thermax has grown by leaps and bounds.Today activities of Thermax are no longer confined to boiler making, but are extended to the growing line of businesses like pollution control, industrial & domestic water treatment, surface coating heat recovery unit, chemicals,absorption cooling, & grain storage system.

The Strength Of Thermax India Limited Lies In:

Its Ability To Motivate And Harness The Capabilities Of Its Human Resource Develops And Nurtures A Strong Vendor Base.

Its Commitment to Quality, Cost, Delivery, Safety and Customer Satisfaction.

Strong In-House Research & Development, Coupled With Access To World Class Technology Through Collaboration with Babcock & Wilcox Power Generation Group, Inc. (B&W PGG), a global leader in power generation industry to engineer, manufacture and supply supercritical boilers for the Indian power sector.

Thermax Ltd. is an INR 3,246 crore (USD 800 million) company, providing a range of engineering solutions to the energy and environment sectors.

Sales Turnover of Its Boiler Division Exceeds Rs. 380 crores. An Impressive List Of Customers Adds Testimony To The Capabilities Of Thermax India.

Thermax India LimitedS Success Lies In Management Philosophy Matched By Its Commitment To Total Quality By Identifying And Meeting Customer Needs, Which Would Include The Expectation On Quality, Delivery, Price, Etc., Tuning to the needs of the day, all of Thermax solutions are innovative, energy-efficient, environment-friendly and easy to operate.

Milestones Achieved By the Company:1966 Wanson India starts operations in Pune, manufacturing small coil-type packaged boilers (Vaporax), in collaboration with Wanson, Belgium. It was the first year of operations; the company employed 145 people and posted a turnover of INR 20.00 lakhs. A S Bhathena was appointed Managing Director.

1973 Wanson receives its first export order for 10 paint booths to the former USSR. Multitherm, India's first packaged water tube boiler for Indian coal, is developed by Wanson R & D. 1975 Thermax gets into the water treatment business, to complement its boiler business. 1976 Thermax acquires Tulsi Fine Chemicals, which later became the Chemical division of the company. 1979 In a synergistic move, Thermax starts the Enviro division for Air Pollution Control equipment. 1980 Wanson India becomes Thermax Pvt Ltd. Conserving energy, preserving the environment was adopted as the corporate vision. 1981 R D Aga appointed Chairman and Managing Director of Thermax Pvt Ltd. 1985 Anu Aga begins her career in Thermax with the Human Resources department. 1986 The company launches the Thermax Service Franchise Scheme, a first of its kind in India. 1987 Thermax introduces vapour absorption machines in collaboration with Sanyo, Japan. 1989 The company forms the joint venture Thermax Babcock & Wilcox Ltd. 1994 Tata McGraw-Hill publishes R D Agas book Changing the Mindset Reflections of a Chief Executive. 1995 On February 15, 1995 Thermax goes public with an issue (IPO) of 60,88,700 equity shares. The issue was over subscribed seven times. 1996 February 16 - R D Aga passes away after a heart attack in Mumbai. February 19 - Anu Aga is appointed as Executive Chairperson. August - Thermax bags the single largest contract for captive power, water treatment and absorption cooling from Arvind Mills. The order value - INR 136 crores.

December - the Energy & Environment Research Centre is inaugurated. 2000 June - Thermax acquires boiler company, M E Engineering Ltd, in UK. July 21 - Prakash Kulkarni takes over as the Managing Director of the company. August 2000, the company forms its Executive Council. September - Thermax gets ISO 14001 certification for its manufacturing facility at Chinchwad. 2001 On January 15, 2001, the Thermax board is reconstituted with four independent directors, three non-executive promoter directors and one fulltime director. In March 2001, Thermax starts subsidiary company, Thermax Inc, in the US. In June 2001, Thermax posts a net loss of INR 13.22 crores. In August 2001, Thermax announces a VRS scheme as part of its restructuring exercise. In all, 420 employees opted for the scheme.

2002 April - Thermax gets ISO 14001 certification for its chemical plant at Paudh. In the same month, Thermax announces turnaround results with a net profit of INR 24 crores. 2003 February 13 - Dr. N D Joshi's Best innovator award Instituted. Shree Cement Project completed in a record time of 17 months. Thermax wins Performance bonus from the customer. March - Anu Aga honoured with Lifetime Achievement Award by Financial Express/Electrolux. 2004 Thermax registers highest ever profit after tax of INR 54 crores. Launches Project Evergreen to consolidate its leadership position in India and prepare for global leadership in chosen fields. McKenzie appointed as consultants in this transformation exercise. Thermax buys out Babcock & Wilcox stake in Joint venture; opens office in China. Thermax ranked No.3 among the top ten places to work (Business Today/Mercer Survey). Anu Aga retires as Chairperson and Meher Pudumjee takes over. 2005 Thermax top line grows by 62% and achieves a Group turnover of INR.1281 crores. International business of Thermax grew by 70% to INR 352 crores. Thermax launches 14 new products and applications during the year. To achieve synergies in related business, the companys six core businesses are restructured into three groups Cooling & Heating, Chemicals & Water and Projects.

Thermax among the 20 Indian companies featured in the Forbes Asia List of Asias Best under a Billion companies. Thermax wins a performance bonus cheque of INR 1 crore from Madras Cement Ltd for fast track completion of its captive power plant.

2006 Thermax posts a record profit of INR 123 crores, up by 77% over the previous year. Thermax group turnover touches INR 1606 crores. Meher Pudumjee honoured with the Young Achiever award by Financial Express. Work begins on an additional manufacturing facility at Vadodara, Gujarat to cater to the growing business of the Boiler and Heating business. Incorporates wholly owned subsidiary in China (Thermax Zhajiang) to expand its China operations and begins work on a manufacturing plant for vapour absorption machines in Jaixing, near Shangai. 2007 Thermax signs technology agreement with German Air Pollution Control leader 2008 On January 29, 2008, appointed of Dr. R A Mashelkar, Independent Director as an Additional Director of the Company with immediate effect. Thermax signs license pact with Babcock & Wilcox

Board of Directors

Meher Pudumjee, Chairperson Meher Pudumjee took over as Chairperson of Thermax Limited on October 5, 2004, after the retirement of Anu Aga. A Postgraduate in Chemical Engineering from the Imperial College of Science & Technology, London, Meher joined Thermax as a trainee engineer in August 1990. Meher is a member of Confederation of Indian Industry's (CII) Family Business Forum and the Young Indians (Yi).

M S Unnikrishnan, Managing Director M S Unnikrishnan, took over as Managing Director on July 1, 2007. Earlier, as Executive Vice President, he was head of the company's project business, viz. captive power, boilers & heaters and air pollution control. He led the human resource function of Thermax during its critical turnaround period and la