INTRODUCTION

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 INTRODUCTION

This project report is based on study the training and development procedure in

VOLTAS in Moradabad. Training is confined to shop-floor workers and development is

meant for executives. Education, of course is needed for all employees, irrespective of

their hierarchy. A programme of training and development is important as it lends

stability and flexibility to an organization, besides contributing to its capacity to grow.

Accidents, scrap and damage to machinery and equipment can be avoided or minimized

thanks to the programme. Furthermore, future needs of employees will be taken care of

by training and development. Training and development activities are designed,

considerable costs notwithstanding, to impart specific skills, abilities and knowledge to

employees. Distinction is often made between training and education and between these

two and development.

The need for Training and Development

Before we say that technology is responsible for increased need of training inputs

to employees, it is important to understand that there are other factors too that contribute

to the latter. Training is also necessary for the individual development and progress of

the employee, which motivates him to work for a certain organisation apart from just

money. We also require training update employees of the market trends, the change in

the employment policies and other things. The following are the two biggest factors that

contribute to the increased need to training and development in organisations:

Change: The word change encapsulates almost everything. It is one of the biggest

factors that contribute to the need of training and development. There is in fact a direct

relationship between the two. Change leads to the need for training and development and

training and development leads to individual and organisational change, and the cycle

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goes on and on. More specifically it is the technology that is driving the need; changing

the way how businesses function, compete and deliver.

Development: It is again one the strong reasons for training and development becoming

all the more important. Money is not the sole motivator at work and this is especially

very true for the 21st century. People who work with organisations seek more than just

employment out of their work; they look at holistic development of self. Spirituality and

self awareness for example are gaining momentum world over. People seek happiness at

jobs which may not be possible unless an individual is aware of the self. At ford, for

example, an individual can enrol himself / herself in a course on ‘self awareness’, which

apparently seems inconsequential to ones performance at work but contributes to the

spiritual well being of an individual which is all the more important.

The critical question however remains the implications and the contribution of

training and development to the bottom line of organisations performance. To assume a

leadership position in the market space, an organisation will need to emphasise on the

kind of programs they use to improvise performance and productivity and not just how

much they simply spend on learning!

Training refers to imparting specific skills. Education is the process of theoretical

learning in classrooms. Development refers to learning opportunities designed to help

employees grow and evolve a vision about the future. All the three form a part of training

and development – only target groups of employees differ. Training is confined to shop-

floor workers and development is meant for executives. Education, of course is needed

for all employees, irrespective of their hierarchy. A programme of training and

development is important as it lends stability and flexibility to an organization, besides

contributing to its capacity to grow. Accidents, scrap and damage to machinery and

equipment can be avoided or minimized thanks to the programme. Furthermore, future

3
needs of employees will be taken care of by training and development. Training and

development activities are designed, considerable costs notwithstanding, to impart

specific skills, abilities and knowledge to employees. Distinction is often made between

training and education and between these two and development.

Following are some of the major definitions given by various scholars:

❖ According to Flippo," Training is the act of increasing the knowledge and skill of an

employee for doing a particular job

❖ According to Lucius, "The term training is used to indicate only a process, by which

the aptitudes, skills and abilities of the employees to perform specific jobs are

increased."

TRAINING AND DEVELOPMENT

Training

As the jobs become more complex, the importance of employee development

also increases in a rapidly changing society. "Employee training and development is not

only an activity that is desirable but also an activity that an organization must commit

resources to if it is to maintain a viable and knowledgeable work force." In the present

industrial era, it is necessary to raise the skill levels and increase the versatility and

adoptability of employees. Inadequate job performance a decline in productivity or

changes resulting out of job redesigning or a technological break -through require some

type of training and development efforts. Thus it shows that training and development

has been becoming more and more important par of any industrial undertaking.

Moreover management ability does not come automatically. It comes slowly and

gradually from training experience and growth, since the days of the early Management

pioneers, training has been recognized as vital and legitimate area of corporate concern.

Definition of Training:

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Following are some of the major definitions given by various scholars:

According to Flippo, "Training is the act of increasing the knowledge and skill of an

employee for doing a particular job

According to lucius, "The term training is used to indicate only a process, by which the

aptitudes, skills and abilities of the employees to perform specific jobs are increased."

Characteristics or Nature of Training

On the basis of different given by various scholars and on the basis of general

knowledge the following facts can be presented about the nature or training and its

characteristics:

❖ Expense on Training is investment and not wastage:

The most important characteristics of training is that expenditure incurred on it is

investment and not wastage. In other words the expenses on training of employees will

be a recurring advantage for the enterprises for a long run, which will be in the form of

an increased efficiency of the employees.

❖ It relates to special jobs:

The purpose of training is not to increase the general knowledge of the employees

but to make them proficient or skillful in a special job.

❖ It is beneficial both to the organization and the employees:

Training is a process which benefits both the organization and the employees. on

the one hand ,the dream of the enterprise to have more production is fulfilled, and on the

other hand, because of increased proficiency the employee get better remuneration by

increasing production in less time. Because of a decrease in the numbers of accidents

their life is also safe and secured.

❖ Training is a continuous process

Training is not a process which can give all the knowledge to an employee

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regarding a particular work for all time to come. Whenever some new procedure, and

new technology are adopted in the enterprise, training becomes imperative.

Need for Training

Training is needed to serve the following purposes:.

➢ Newly recruited employees require training so as to perform their tasks effectively.

➢ Training is necessary to prepare existing employees for high level jobs. Existing

employees require refresher training so as to keep abreast of the latest developments

in job operations. In the face of rapid technological changes, this is an absolute

necessity.

➢ Training is necessary to make employees mobile and versatile.

➢ Training is needed to bridge the gap between what the employees have and what the

job demands. Training is needed to make employees more productive and useful in

long run.

Training Methods

Training method can be classified by the location of instruction. It may be

divided into two types

I. On the Job Training

II. Off the Job Training

ON THE JOB TRAINING:

It is provided when the workers are taught relevant knowledge, skills and abilities

at the actual workplace. The widely used training methods are listed below.

1. Job Instruction Training

The JIT methods are a four step instructional process involving preparation,

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presentation, performance tryout and follow up. It is used generally to teach workers how

to do their current jobs. The four steps followed in the JIT methods are:

➢ The trainee receives an overview of the job, its purposes and its desired outcomes,

with a clear focus on the relevance of training.

➢ The trainer demonstrates the job in order to give the employees a model to copy. The

trainer shows aright way to handle the job.

➢ Next, the employee is permitted to copy the trainer way. Demonstrations by the

trainer and practice by the trainee are repeated until the trainee masters the right way

to handle the job.

➢ Finally, the employee does the job independently without supervision.

2. Coaching

Coaching is a kind of daily training and feedback given to employees by

immediate supervisors. It involves a continuous process of learning by doing. It may be

as an informal, unplanned training and development activity provided by supervisors and

peers. In coaching, the supervisor explain things and answers questions, he throws light

on why things are done the way they are, he offers a model for trainee to copy; conducts

lot of decision making meetings with trainees; procedures are agreed upon and the

trainee is given enough authority to make divisions and even commit mistakes.

3. Mentoring

Mentoring is the process of shaping competencies or behaviors by providing

feedback, usually to subordinates or even peers, about how to achieve the best in life.

Mentoring is relationship in which senior manager in organization assumes responsibility

for grooming a junior person. Generally, technical, interpersonal & political skills are

conveyed in such a relationship from a more experienced person.

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OFF THE JOB TRAINING

SIMULATIONS

Simulations are designed to mimic the processes, events, and circumstances of

the trainee's job. Equipment simulators, business games, in-basket exercises, case

studies, role playing, and behavior modeling, are types of simulations.

EQUIPMENT SIMULATORS

Equipment simulators are mechanical devices that incorporate the same

procedures, movements and/or decision processes that trainees must use with equipment

back on the job. Among those trained with this metbod are airline pilots, air traffic

controllers, military personnel, drivers, maintenance workers, telephone operators,

navigators, and engineers. To be effective the simulator and how it is used must

replicate, as closely as possible, the physical and psychological (time pressures,

conflicting demands, etc.) aspects of the job site. To facilitate this, the equipment

operators and their supervisors should be involved in the simulation design and pre-

testing. This reduces potential resistance to the training and, more importantly, increases

the degree of fidelity between the simulation and the work setting.

BUSINESS GAMES

Business games attempt to reflect the way an industry, company, or functional

area operates. They also reflect a set of relationships, rules, and principles derived from

appropriate theory (e.g., economics, organizational behavior, etc.). Many business games

represent the total organization, but some focus on the functional responsibilities of

particular positions within an organization (e.g., marketing director, human resource

manager). These are called functional simulations. Games that simulate entire companies

or industries provide a far better understanding of the big picture. They allow trainees to

see how their decisions and actions influence not only their immediate target but also

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areas that are related to that target.

Prior to starting the game trainees are given information describing a situation

and the rules for playing the game. They are then asked to play the game, usually being

asked to make decisions about what to do given certain information. The trainees are

then provided with feedback about the results of their decisions, and asked to make

another decision. This process continues until some predefined state of the organization

exists or a specified number of trials have been completed. For example, if the focus is

on the financial state of a company, the game might end when the company has reached

a specified profitability level or when the company must declare bankruptcy. Business

games involve an element of competition, either against other players or against the

game itself. In using them, the trainer must be careful to ensure that the learning points

are the focus, rather than the competition.

IN-BASKET TECHNIQUE

The in-basket technique simulates the type of decisions that would typically be

handled in a particular position such as a sales manager or operations manager. It affords

an opportunity to assess and/or develop decision-making skills and attitudes. To begin

the exercise, trainees are given a description of their role (a current or future job) and

general information about the situation. Trainees are then given a packet of materials

(such as requests, complaints, memos, messages, and reports) which make up the in-

basket. They are asked to respond to the materials within a particular time period

(usually 2 to 4 hours). When the in-basket is completed, the trainer asks the trainee to

identify the processes used in responding to the information and to discuss their

appropriateness. The trainer provides feedback, reinforcing appropriate decisions and

processes or asking the trainee to develop alternatives. A variation is to have trainees

discuss their processes in a group format moderated by the trainer. Here the trainer

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should attempt to get the trainees to discover what worked well, what didn't and why.

CASE STUDY

Case studies are most often used to simulate strategic decision-making situations,

rather than the day-to-day decisions that occur in the in-basket. The trainee is first

presented with a history of the situation in which a real or imaginary organization finds

itself. The key elements and problems, as perceived by the organization's key decision

makers, may also be provided. Case studies range from a few pages in length to more

than a hundred. Trainees are asked to respond to a set of questions or objectives.

Responses are typically, though not always, in written form. Longer cases require

extensive analysis and assessment of the information for its relevance to the decisions

being made. Some require the trainee to gather information beyond what was in the case.

Once individuals have arrived at their solutions, they discuss the diagnoses and solutions

that have been generated in small groups, large groups, or both. In large groups a trainer

should facilitate and direct the discussion. The trainer must guide the trainees in

examining the possible alternatives and consequences without actually stating what they

are. Written and oral responses to the case are evaluated by the trainer. The trainer

should convey that there is no single right or wrong solution to the case, but many

possible solutions depending on the assumptions and interpretations made by the

trainees. The value of.the case approach is the trainees' application of known concepts

and principles and the discovery of new ones. The solutions are not as important as the

appropriateness with which principles are applied and the logic with which solutions are

developed.

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ROLE PLAY

The role play is a simulation of a single event or situation. Trainees who are

actors in the role play are provided with a general description of the situation, a

description of their roles (e.g., their objectives, emotions, and concerns) and the problem

they face.

Role plays differ in the amount of structure they provide to the actors. A

structured role play provides trainees with a great deal of detail about the situation that

has brought the characters together. It also provides in greater detail each character's

attitudes, needs, opinions, and so on. Structured role plays may even provide a scripted

dialog between the characters. This type of role play is used primarily to develop and

practice interpersonal skills such as communication, conflict resolution, and group

decision making. Spontaneous role plays are loosely constructed scenarios in which one

trainee plays herself while others play people that the trainee has interacted with in the

past (or will in the future). The objective of this type of role play is to develop insight

into one's own behavior and its impact on others. How much structure is appropriate in

the scenario will depend on the learning objectives.

Whether structured or spontaneous, role plays may also differ based on the

number of trainees involved. Single, multiple, and role-rotation formats provide for more

or less participation in the role play. In a single role play, one group of trainees role plays

while the rest of the trainees observe. While observing, other trainees analyze the

interactions and identify learning points. This provides a single focus for trainees and

allows for feedback from the trainer. This approach may cause the role players to be

embarrassed at being the center of attention, leading to failure to play the roles in an

appropriate manner. It also has the drawback of not permitting the role players to observe

others perform the roles. Having non-trainees act out the role play may eliminate these

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problems, but adds some cost to the training.

In a multiple role play, all trainees are formed into groups. Each group acts out

the scenario simultaneously. At the conclusion, each group analyzes what happened and

identifies learning points. The groups may then report a summary of their learning to the

other groups, followed by a general discussion. This allows greater learning as each

group will have played the roles somewhat differently. Multiple role plays allow

everyone to experience the role play role play in a short amount of time, but may reduce

the quality of feedback. The trainer will not be able to observe all groups at once, and

trainees are usually reluctant to provide constructive feedback to their peers. In addition,

trainees may not have the experience or expertise to provide effective feedback. To

overcome this problem, video tapes of the role plays can be used by the trainee and/or

trainer for evaluation.

The role-rotation method begins as either a single or multiple role play. However,

when the trainees have interacted for a period of time, the role play is stopped. Observers

then discuss what has happened so far and what can be learned from it. After the

discussion, the role play resumes with different trainees picking up the roles from some,

or all, of the characters. Role rotation demonstrates the variety of ways the issues in the

role play may be handled. Trainees who are observers are.more active than in the single

role play since they have already participated or know they soon will be participating. A

drawback is that the progress of the role play is frequently interrupted, creating

additional artificiality. Again, trainees may be inhibited from publicly critiquing the

behavior of their fellow trainees.

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TRAINING PROCESS

STEP: 1 Need Analysis:

* Identification of Training Needs:

For Executives: Key duties & responsibilities are mentioned positionwise, after that

required competency to carry out those duties & responsibilities are mentioned (Generic,

behavioral & technical). Thereafter competence level of each individual is taken.

For workers: It is recommended by concerned H.O.D.

Organizational Need Basis: It is recommended by RO.D HR.

STEPS: 2 Training Design:

2.1. Preparation of Training Calendar:

a) Yearly calendar

b) Monthly training calendar

Identification of Training Faculty:

According to the training program, training faculty is identified

STEP: 3 Training Implementation:

Imparting Training

a) As per training need attached

Nomination is received from concerned HOD for seminar/ external specialized

training program.

Approvals are to be obtained for the training programs(outhouse training) from

H.O.D HR

b) Attendance sheet is filled during the training program.

c) Training feedback is obtained at the end of the training program.

STEP: 4 Training Evaluations

Training Evaluation is to be made on the basis of the feedback given by the HOD

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this is to be done within three month after the training.

Then the training records are maintained.

The training need of the executives and workers were found with

recommendation from HODs and analysis of their job responsibilities.

The needs identified were associated with the competencies which the employees

need to develop to effectively to carry out their job responsibilities.

The training also aims to honor their existing skills to work in a productive

manner. The training imparted is not just limited to the technical specification of their

work but also one of its objectives was to develop the personality and attitude in the

employees. This was done to keep in mind the comprehensive nature of the training

imparted and increased emphasis on the human resource of the company.

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COMPANY’S PROFILE

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 COMPANY’S PROFILE

VOLTAS

When the Swiss based Volkart Brothers joined hands with Tata Sons Limited over 6
decades ago to create Voltas, they believed that innovation could change the world.
Today, Voltas continues to stand at the forefront of re-engineering the future through
innovative thinking and smart engineering.

As India’s largest air conditioning company, Voltas is also one of the most reputed
engineering solution providers specializing in project management. Voltas plays a vital
role in developing the infrastructure of the nation as well as exporting their unparalleled
expertise across Technology, Engineering, Construction, Cooling and Ventilation,
Infrastructure Projects, Textile, Mining and Manufacturing sectors, making them one of
the most trusted and reliable engineering solution providers.

Voltas is among India's leading air-conditioning, refrigeration and engineering services

companies. Set up in 1954, its core competencies lie in air conditioning and cooling
appliances and services. Voltas is India's largest supplier of engineering products and
services for the textile machinery sector and is a major manufacturer of forklift trucks. It
provides solutions in turnkey pumping projects for water, effluent and sewage treatment,
and water pollution control. The company has ISO 9001-2000 certification and has
executed projects in the Middle East, Southeast Asia, Central Asia, Africa and Europe.
The company mainly operates in the following areas:

• Heating, ventilation and air-conditioning (HVAC) solutions: Includes the entire

range of mechanical, electrical and plumbing services for a diverse range of
applications, spanning office complexes, airports, malls, mercantile ships, atomic
energy plants, IT parks, hospitals, etc.

• •Cooling appliances: Design, manufacture and marketing of a range of air

conditioners and water coolers for household and institutional use

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 • •Engineering products and services: Design, sourcing, installation, training,
maintenance, etc of engineering products and services in the fields of textile
machinery, machine tools, mining and construction equipment and materials
handling equipment.

• Chemicals: Import and distribution of an array of industrial, specialty and

pharmaceutical chemicals, industrial plastics and bulk drugs. The company also
exports gelatine, ultramarine blue and agrochemicals

JOINT VENTURES, SUBSIDIARIES, ASSOCIATES

Voltas's subsidiaries include Metrovol FZE, VIL Overseas Enterprises BV, Voice
AntillesNV, Weathermaker, Jebel Ali (Dubai), Simto Investment Company and Auto
Aircon(India).

LOCATION

Voltas has its head office in Mumbai and regional offices in several major cities in India.
Its overseas offices are in Abu Dhabi (UAE), Hong Kong and Singapore. The company
has factories at Thane (Maharashtra) and Pant agar (Uttarakhand) in India.

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AIR CONDITIONER INDUSTRY

An inordinately hot summer has convinced the people the comfort of an air-conditioner
and large number appears to have decided to take one home this year. Indeed, in the last
few the years, the demand for air-conditioners from the household sector has been
growing rapidly. Still, the demand growth is particularly noticeable, and was also the
most significant change in the industry during this period. According to some industry
estimates, growth in volume terms has been 45-50 per cent this fiscal. But official
statistics underestimate this and even report a decline in production. Nevertheless, by all
accounts, including a study by the Confederation of Indian Industry(CII), there has been
a noticeable jump in the demand for air-conditioners from the household segment. After
several years of relatively modest growth, which was totally at variance with the latent
potential of the product, the sharp growth in demand the summerpast was very welcome
for air-conditioner companies in many respects. One, it relatively reduced their
dependence on the corporate sector which is still the major demand driver. Corporate
traditionally accounted for about 60 per cent of the total demand for air-conditioners. But
the burgeoning demand from the household segment could level the ration the near
future

One of the significant factors influencing the fortunes of the industry is the taxation
structure. The industry has come a long way from the time when the excise duty
structure favored only the unorganized sector. The steady fall in the excise rate in the
1990s helped the organized sector cope with the competition from the unorganized sector
on more favorable terms. Still, the unorganized sector continues to meet a sizeable
proportion of the demand for non-ducted products. There was a significant change in the

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excise duty structure in 2000. The rate was raised from 30 per cent to 32 per cent and this
was expected to adversely impact the industry. However, the shift to a maximum retail
price based system for the levy of excise appears to have helped the manufacturers. In
the MRP-based system, an abatement of around 40per cent was provided. This ensured
that the impact of the increase in excise was minimal if not positive. Another major fiscal
change is the removal of quantitative restrictions on imports. Imports are, however, not
all that competitive considering the Customs duty structure. An import duty of 44 per
cent along with a countervailing duty, which is equivalent to the excise duty, is a large
enough protection for the domestic companies.

Growth of AC market
The demand for non-ducted products grew steadily in the latter half of the 1990s. The
demand for mini-splits has grown at a higher rate compared to window ACs because of
the lower base. The demand switch from mid-sized ducted products, such as packaged
ACs or ducted splits, to mini-splits is also one of the reasons for the larger growth rates
in the latter segment. Another major reason for the growth in demand was the increased
attention this product category has attracted in the recent past. Prices of air-conditioners
dropped sharply in the past few years because of competition. Most established players
upgraded their manufacturing facilities, while fresh capacities were created by
companies such asMatsushita (National brand). The marketing and advertisement spend
by companies has also been on the rise.

With such investments flowing into building both the product and the brand, the
expansion of the market was inevitable. As seen with other consumer durables, in the
initial years of increased intensity of competition, both existing and new players invest
more cash. This leads to a drop in prices, fuelling demand and the result is a much larger
market. And then on-ducted segment has attracted a lot of players in the last few years.
The latent long-term demand potential from Indian households has led to a number of
multinational companies making a beeline to set up base in the country. Major players in
this product category are Carrier Zircon, Voltas and Blue Star. Brands such as Hitachi,
Videocon and Godrej also have a sizeable presence. Among the recent entrants, the
Korean brands such as Samsung and LG have been able to make an immediate impact.
Other brands that have positioned themselves for a share in this fast-growing market are
National, Fuji General and Daikin. On a much smaller scale, Whirlpool and Electrolux

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have entered the market to cater to household demand. Initially, the entry of new players
did have an adverse impact on the established players --especially Voltas and Carrier
Zircon. The reduced sales of window ACs by Carrier Arizonan Voltas in 1999-2000
compared to 1998-99 is testimony to the adverse impact caused by the entry of the new
brands, especially Samsung and LG. However, since the beginning of 2000-01, it does
appear that the established players -- Carrier Zircon and Voltas -- have started to hit
back. They may have even picked up some of the market shares they lost in the earlier
period. Again, initially, margins of established companies suffered as larger outlays in
selling and distribution failed to translate into superior sales growth. The trend now
appears to have been reversed

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 VOLTAS LTD. COMPANY HISTORY AND ANNUA

Voltas is one of the world's premier engineering solutions providers and project
specialists. Founded in India in 1954, the company offers engineering solutions for a
wide spectrum of industries in areas such as heating, ventilation and air conditioning,
refrigeration, electro–mechanical projects, textile machinery, mining and construction
equipment, materials handling equipment, water management & treatment, cold chain
solutions, building management systems, and indoor air quality.
With manufacturing units at Thane, Dadra and Pantnagar, Voltas possesses total
capability in the manufacture of room/split air conditioners, industrial air conditioning
and refrigeration equipment, water coolers, commercial refrigerators, visicoolers and
freezers, as well as fork–lift trucks, cranes, warehousing and construction equipment. All
these products bear the stamp of state–of–the–art plant, machinery and processes,
resulting in consistently high quality and reduced costs.

Business area of the company

Electro–Mechanical Projects & Services
• Electrical, Mechanical & Refrigeration Solutions
• Electrical & Mechanical Solutions (international)
• Water Management & Treatment
Engineering Products & Services
• Textile Machinery
• Mining & Construction Equipment
• Materials Handling Equipment
Unitary Cooling Products

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• Air Conditioners
• Commercial Refrigeration
• Water Coolers & Dispensers
Subsidiaries
• Rohini Industrial Electricals
• Universal Comfort Products
• Weathermaker
• Saudi Ensas Company
• Metrovol FZE
• VIL Overseas Enterprises B V
Awards/ Recognition
• 2008–2009: Top industry honours at UAE and Silver LEED certification.
• 2006–2007: Export Excellence Award and Project Export Promotion Council (PEPC).
• 2005–2006: Maximum foreign exchange earned and repatriated to India from overseas
construction and engineering projects and second place in the category of 'maximum
turnover in overseas construction and engineering projects.
• 2004–2005: Maximum foreign business attempted.
• 2003–2004: Maximum foreign works secured in new areas and second–best
performance in the category of 'maximum turnover from overseas construction
contracts.
• 2002–2003: Maximum foreign exchange earned & repatriated to India from overseas
construction contracts and second–best performance in the category of maximum
turnover from overseas construction contracts.
• 2001–2002: Maximum overseas construction contracts secured and second–best
performance in the category of 'maximum foreign exchange earned and repatriated to
India from overseas construction contracts.
• 1999–2000: Second–best performance in the category of maximum foreign exchange
earned and repatriated to India from overseas construction projects.
• 1998–1999: Maximum turnover in overseas construction projects.
• 1997–1998: Second–best performance in the category of foreign exchange earned and
repatriated to India from overseas construction contracts.
Achievements
• Voltas leads in air conditioning projects in India.
• Voltas is India's largest exporter in the field of electro–mechanical projects.

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• Voltas manufactures one of India's leading air conditioner brands.
• Voltas is one of India's most trusted names in supply, service and support of mining
and construction equipment.
• Voltas leads in sourcing, installing and servicing state–of–the–art textile machinery in
India.
• Voltas is a leader in forklift trucks, manufactured to in–house design.

REPORT OF THE BOARD OF DIRECTORS

To The Members
1.Your Directors present their Sixty–First Annual Report and the Audited Statement of
Accounts for the year ended 31st March, 2015.

2.Reserves
An amount of Rs. 20 crores was transferred to the General Reserve out of Profit
available for appropriation and Rs. 572 crores was retained in the Statement of Profit and
Loss.
3. Dividend
The Company's dividend policy is based on the need to balance the twin objectives of
appropriately rewarding its shareholders with dividend and of conserving resources to
meet its future needs. The Directors recommend a dividend of Rs. 2.25 per equity share
of Rs. 1 each (225%) for the year 2014–15 (2013–14: 185% including a special Diamond
Jubilee dividend of 25%), based on the Company's performance.
4. Operations
There is an uptick in economic sentiment in India largely led by announcements and
some positive news inflow. While the HSBC Purchasing Managers Index has remained
above 50 for most part of the year, other macro indicators like GDP, inflation and
deficits are demonstrating an encouraging trend. All these factors have contributed to a

23
general perception of improved macro–economic stability. However, this mood has not
translated into increased demand in the domestic business environment. Additionally, the
Projects business has had to contend with several current day concerns which plague the
industry, such as the slow pace of execution, delays in approval of designs, timely
certification, resolution of claims and final settlement of accounts.
Overall, led by a drop in turnover of the Projects business, the Consolidated
Sales/Income from Operations was at Rs. 5205 crores as compared to Rs. 5303 crores
last year. Nevertheless, improved margin realization and greater cost controls contributed
to higher Profit before Exceptional items and tax at Rs. 467 crores, as compared to Rs.
318 crores in the previous year. During the year, an exceptional charge of Rs. 190 crores
was taken to the Statement of Profit and Loss for Sidra, a well known onerous contract
which was offset by an exceptional income of Rs. 236 crores realized on sale of property.
Accordingly, Profit before Tax was higher at Rs. 513 crores as compared to Rs. 340
crores last year. Net Profit after Minority Interest was similarly higher at Rs. 384 crores.
Despite its fair share of challenges, the Room AC industry had a comparatively better
year, reporting growth of over 20%, following two consecutive years of slow growth.
The growth in volumes was partly owing to favourable weather conditions along with a
general improvement in customer sentiment. The Unitary Cooling Products business
through various strategic marketing and sales promotion activities, has sustained its
leadership position throughout the year and had widened its lead over its competition.
This lead is reflective of the strong brand recall and associated customer pull that the
Voltas brand now commands. There was also good growth in water dispensers and
commercial refrigeration products. The steady rise in margin realization is due to
favourable product mix (including growth in share of Split ACs), suitably complemented
by optimization of procurement costs coupled with increased sales volumes. At the same
time, the popular 0% finance scheme continues to add to the overall spend on promotion
schemes. Neverthless, the business contributed substantially to the Company's turnover
and profits.
Similarly, the Textile Machinery business, despite environment led adversities, has
recorded higher Revenue and Profit as compared to last year. The China effect leading to
correction in cotton yarn prices and drop in yarn exports saw many mills curtailing
utilization levels as well as taking all possible steps to cut losses. The more recent drop
in domestic prices has eased some of the pressure, but the sentiments and operating
levels of local spinning mills remain muted. The tight liquidity conditions and delays in

24
disbursement of funds by financial institutions have added to the difficulties of this
business. Meanwhile, the strategic focus on the parts and service business as well as
diversification into post spinning assists the business to remain on an upward growth
trajectory.
The revenue and profitability of Mining and Construction Equipment business were
lower in 2014–15 as compared to last year due to transition of certain agency lines on
global consolidation. At the same time, the Indian Mining Industry is passing through
various setbacks, including mining bans, policy paralysis, Supreme Court cancelling
allocation of coal blocks, etc. Nevertheless, the foray overseas into Africa has helped the
business to partially offset the drop in demand in the domestic market. Mozambique
operations continue to remain strong, with additional orders and healthy contribution to
the bottom line.
In the Domestic Projects business, announcements are yet to translate into on the ground
improvement. Slow pace of execution and delayed payments continue to put strain on the
overall margins of this business. The larger metro project orders are yet to pick up given
the slow pace of civil works. However, the launch of a timely business efficiency
improvement program has led to various improvements in the processes and systems,
leading to realization of better margins and savings in cost. Collection of outstandings
and realization of money through settlements remain a priority for this business.
Similarly, during the last 12–18 months, the International 5. Projects business has also
taken various actions to strengthen its internal capability to plan and address some
critical challenges. In anticipation of heightened level of activity in the run–up to mega
events such as FIFA and Dubai Expo, the competition levels have gone up manifold,
leading to difficulty in procuring new orders at reasonable margins. Moreover, the
increased propensity to dispute and delay payments have further compounded the
adverse situation for existing projects. To mitigate these challenges, the business has
adopted a stringent commercial approach apart from changes made in the leadership
team. However, extension of project completion dates and delays in settlement have
necessitated conservative accounting in line with the requirements of Accounting
Standard (AS)–7.
In the previous years, due to significant upward revision in estimated costs of the Sidra
Medical and Research Centre project in Qatar, the Company had accounted for cost
overruns in accordance with the requirement of AS–7. In July 2014, the Main Contractor
was terminated by the end customer (Qatar Foundation) and a new main contractor was

25
appointed. Although Qatar Foundation had asked for the assignment of contracts of
select subcontractors of the Main Contractor, no understanding could be reached. In view
of the uncertainties attached to the sub–contract, the Company has, as a matter of
prudence, charged off Rs. 190 crores to the Statement of Profit and loss after evaluation
of underlying assets and liabilities and contingencies related thereto. Nevertheless, the
Company continues to pursue its entitlements and has sought legal advice on the way
forward.
The Company has adopted a strategy of selectively booking new orders with reasonable
margins instead of aggressively pursuing turnover growth. The operating teams have
defined business boundaries and key parameters to facilitate inflow of right quality of
new orders. At the same time, Corporate extends support in ensuring that the strategy is
implemented in a risk–mitigated manner. Risk assessments and Techno–commercial
audits, both while booking jobs and during execution of the projects, are prudently
carried out. In 6. parallel, there is also an added thrust on speedy closure of old projects
under execution. During 2014–15, new orders aggregating Rs. 2238 crores were booked
and the consolidated order book of Projects business was Rs. 3893 crores at the year end.
Finance
For most part of the year, the Reserve Bank of India (RBI) maintained its stance with
high interest rates and tight liquidity. However, more recently, RBI announced
successive rate cuts, taking the repo rate down to 7.5 per cent. The 50 basis points (bps)
cut was in response to the perception of risk emanating from low capacity utilization and
weak indicators of production and credit off–take. These cuts come on the back of
moderating inflation data given sharp correction in global oil prices. The actions taken
by RBI also extend support to the Government which is pushing the revival of economic
growth.
The Products business continues to provide much needed liquidity given the various
challenges faced by the Projects businesses. Unitary Cooling Products business via
support from initiatives like channel financing, cash discounts, etc., has been able to
restrict credit to a minimum level whilst improving collections. The Engineering
Products business with its lean organization structure, continues to deliver steady cash
flows.
The Projects businesses face working capital pressures magnified by an increasing
tendency of customers to delay and dispute certifications and payments. Settlements
have become increasingly hard due to tight liquidity conditions of the end customer. In

26
response, both International and Domestic projects businesses have become increasingly
cash conscious and are making all possible efforts to recover their commercial
entitlements. While the strong drive has yielded good results, the pain continues for some
of the on–going projects, including the Sidra project at Qatar and puts significant strain
on the Company's finances.
The overall cash position has been strengthened by increasing the cash and liquid
investments to Rs. 1281 crores from Rs. 954 crores in the previous year. At the same
time, borrowings specific to overseas projects were reduced substantially from Rs. 263
crores in previous year to Rs. 122 crores at a consolidated level. The focus on cash flow
and working capital has started yielding some results. However, the vigil will need to be
maintained given the various environment led challenges.
6. Tata Business Excellence Model (TBEM)
Advancing its commitment
by experienced senior executives from other Tata Group companies, based on criteria
that included Leadership, Strategic Planning, Customer Focus,
Measurement, 8. Analysis, Knowledge Management, Work Focus, Operation Focus,
Business Results and Safety. Several useful insights were drawn and the Company was
placed in the 'Good Performance' score band. The Company is now implementing plans
based on its TBEM feedback and remains geared up to advance its Business Excellence
journey in the coming years The Company's capabilities are augmented by 30 certified
BE champions on its roster, including 4 assessors who received recognition at the 2014
annual Business Excellence Convention.
The Company continues its participation in Tata Innovista, a Group initiative to foster
the culture of innovation and continual improvement in Tata group companies. 17
effective practices were identified across the Company and assessed by subject matter
experts across the Tata Group. Three projects were selected for Regional rounds and one
of these qualified for the final round. Additionally, the Unitary Cooling Products
business participated in 'Innoverse', 'Challenges Worth Solving', and other Tata Group
level initiatives.
7. IT Initiatives
The Company's IT function focused on providing deeper insights into data and
improving user efficiency and productivity, through smart analytics, multi–device access
and several user–friendly applications.

27
To assist the Unitary Cooling Products Service team take informed decisions, a Business
Intelligence layer was built for Siebel CRM. This facility analyses CRM data and
presents useful trends and insights.
The Service capability of domestic projects business was also enhanced by providing
service management teams, real–time information about customers and their machines.
This was achieved through a mobile–based Service Application that allowed the
technicians to update equipment data at site and make it immediately available to service
management teams for appropriate action.
Several other changes were also introduced to improve system functionality. For
example, extending the HR Leave System to mobile handsets.
A critical cost related need in the Projects business –material pricing information, was
similarly addressed through a search facility, to help extract historical purchase
information from ERP transactional data.
At a more macro level, numerous improvements were made in overall IT systems to
increase performance, reliability and security. These included migration of SAP to IBM
Power 8 Series servers, Data Center and Location firewalls and deployment of new
Proxy and User Data Backup systems.
Environment and Safety
The Company's leadership believes that environment and safety of all its stakeholders
including those associated with projects sites and manufacturing facilities is of prime
importance. A Board Committee comprising 3 Directors, including the Managing
Director reviews Environment, Health and Safety (EHS) performance and guides the
Company on the way forward. A Steering Committee comprising Corporate
Management Group and other key members periodically reviews Safety performance and
oversees the timely implementation of various initiatives.
Improving Safety performance continues to be a priority for the Company. The
manufacturing facilities certified as ISO 14001 and OHSAS 18001 undergo Internal as
well as External audits and the systems / processes are continuously fine–tuned. OHSAS
18001 based Management Systems is being implemented at the Company's Thane and
Dadra manufacturing facilities.
To assess the Safety processes, the Company engaged British Safety Council to conduct
a 5 Star external audit within India as well as Overseas. Based on the observations, an
action plan has been developed and is being implemented.

28
The Company has improved the communication channels to capture Safety – Health –
Environment –Quality (SHEQ) related observations. To ensure uniform communication
and understanding about Safety practices and knowledge sharing, the communication
system has been enhanced through creation of groups of Safety practitioners. An On–line
system for capturing SHEQ observations and ensuring timely implementation of action
plans has been implemented, resulting in reduction of unsafe / adverse work conditions.
The improved communication mechanisms have seen good participation by the workmen
in Safety meetings and trainings at project sites, resulting in improved engagement.
Safety awards have also been instituted at project sites and manufacturing locations.
The Company believes that incidents and risk to health and environmental impact are
preventable through continuous involvement of all stakeholders to create Zero Harm,
Zero Illness, Zero Waste and a Zero Defect work environment.
9. Community Development
In 2014–15, Voltas partnered with ICICI Foundation to launch the Central Air
Conditioning (CAC) program and open a centre at Coimbatore. Subsequently, two more
centers were set up at Indore and Bhilai. The project aims to provide vocational training
to underprivileged youth for three months. Till date, 379 youths have passed out of the
institute and are employed at various organizations.
The Company continues to impart skills based on its own core competencies, through
five GMRVF centers across India, as well as its alliance with Joseph Cardijn Technical
School and Bosco Boys Home in Mumbai. During the year, 314 youths successfully
passed out from these centers. The Company is also exploring opportunities to
collaborate with other Group companies to broaden this initiative.
To gauge the effectiveness of these 'skilling' programs, the Company conducted Impact
Assessment studies at a GMRVF training facility, in consultation with Tata Institute of
Social Science. The report has confirmed that alumni of these institutes have experienced
significant advancement in their livelihoods.
Along with skilling, the Company also prioritizes Education, Health and Affirmative
Action, largely through volunteer programs. Around 1311 employees across different
geographies offered approximately 4466 hours of volunteering during the year. Voltas
volunteers also took part in the Tata Engage global volunteering drive managed by Tata
Sustainability Group. Employees and family members responded positively, with their
efforts, time and money. Voltas was awarded for the highest number of employees who
shared their experiences on the Tata Engage website.

29
As part of its Affirmative Action program, the Company conducted cancer screening
camps in Panvel for Kathkari tribal women. In addition, the Company continues to
provide a mid–day meal for 65 Kathkari children studying at the school run by the
Bethany Society in Panvel, as well as faculty fees for the teaching staff.
All such initiatives now take directions from the CSR Policy, which the Company has
formulated and uploaded on its website. A CSR Committee of 3 Board Members has
been constituted. The Company has initiated a project to identify community needs at all
its manufacturing locations (Pantnagar, Dadra and Thane) and would formulate specific
programs based on inputs received, with focus on skill–building, education and health.
10. Corporate Social Responsibility
Disclosures as per Rule 9 of Companies (Corporate Social Responsibility Policy) Rules,
2014 in prescribed form is given in Annexure I to the Directors' Report.

11. Material changes and commitments, if any, affecting the financial position of the
Company which have occurred between the end of the financial year of the
Company to which the financial statements relate and the date of the report
No material changes have occurred after the close of the financial year on 31st March,
2015 till the date of Directors' Report, which could affect the financial position of the
Company.
12. Details of significant and material orders passed by the regulators/ courts/
tribunals impacting the going concern status and the Company's operations in
future
During the year under review, no material Orders were passed by the Regulators/ Courts/
Tribunals, impacting the Company's going concern status and future operations.
13. Details of Subsidiary / Joint Ventures / Associate Companies
Pursuant to AS–21 issued by the Institute of Chartered Accountants of India,
Consolidated Financial Statements presented by the Company include the financial
information of subsidiary companies. As per the requirement of Section 129(3) of the
Companies Act, 2013, a separate statement containing the salient features of the financial
statements of subsidiaries / joint ventures / associate companies in prescribed Form
AOC–1 is attached to the financial statements of the Company. The annual Accounts of
the subsidiary companies are available on the website of the Company –
www.voltas.com .

30
The financial performance and other details of subsidiaries/ joint venture companies are
given below:
• Universal Comfort Products Limited (UCPL), a wholly owned subsidiary of the
Company, engaged in the business of manufacturing air conditioners, recorded higher
turnover of Rs. 1158 crores and net profit of Rs. 72 crores for the year ended 31st March,
2015 as compared to turnover of Rs. 929 crores and profit of Rs. 58 crores in the
previous year. UCPL has recommended dividend @ 150% aggregating Rs. 41 crores
approx. (previous year: 100%).
• Rohini Industrial Electricals Limited (RIEL), a wholly owned subsidiary of the
Company, is engaged in undertaking turnkey electrical and instrumentation projects for
industrial and commercial sectors. RIEL reported turnover of Rs. 53 crores and loss of
Rs. 29 crores for 2014–15. The drop in revenue was due to lack of new orders during the
beginning of the year, which could not get converted into turnover during the year.
However, by year end, RIEL had pending orders worth Rs. 204 crores. The increase in
loss was due to provisions made for bad and doubtful debts of old legacy projects.
• Auto Aircon (India) Limited (AAIL), a wholly owned subsidiary of the Company is a
dormant company, with no assets and employees. In view of certain fixed overheads,
AAIL reported loss of Rs. 0.15 lakh in 2014–15.
• Weathermaker Limited (WML), a wholly owned subsidiary of the Company, is
engaged in manufacturing and trading of ducts and duct accessories in Jebel Ali, Dubai,
UAE. Slow down in the economy has impacted new orders and there are delays in
execution of projects in hand due to extension of completion dates. WML reported lower
turnover of AED 10.024 million for the year ended 31st December, 2014 and loss of
AED 2.259 million in view of certain provisions made for bad and doubtful debts and
slow moving inventories. During 2014, WML ventured into Offsite Pre–fabrication
activity and is hopeful to get some good orders in 2015.
• Saudi Ensas Company for Engineering Services WLL (SECL), incorporated in
Kingdom of Saudi Arabia (KSA), is a wholly–owned subsidiary of the Company. SECL
is engaged in the business of design, installation, operation and maintenance of
airconditioning, refrigeration systems and electro–mechanical projects. SECL has
reported higher turnover of SR 12.405 million and profit of SR 0.131 million for the year
ended 31st December, 2014 and has booked orders aggregating SR 35 million in KSA
during 2014.

31
• Lalbuksh Voltas Engineering Services & Trading LLC (Lalvol), is a joint venture
company with Lalbuksh Contracting & Trading Establishment LLC, with Voltas group
shareholding at 60%. Lalvol is engaged in the business of water well drilling, water
management and landscaping and has for the year ended 31st December, 2014 reported
higher turnover of RO 4.065 million and net profit of RO 0.407 million as compared to
turnover of RO 3.437 million and net profit of RO 0.028 million in the previous year.
Lalvol declared dividend of RO 0.225 million for the year 2014 and improved its order
book position with new orders aggregating RO 3.350 million.
• Voltas Oman LLC, a subsidiary of the Company (65% shareholding of Voltas), is
engaged in undertaking Engineering, Procurement and Construction (EPC) works for
electromechanical projects in the Sultanate of Oman. Voltas Oman LLC, recorded higher
turnover of Omani Rial (RO) 4.774 million and profit of RO 0.120 million as compared
to turnover of RO 3.519 million and profit of RO 0.053 million in the previous year.
• Voltas Netherlands B.V. (VNBV), a wholly–owned subsidiary of the Company, is an
investment company in The Netherlands. VNBV has reported profit of Euro 0.152
million for the year ended 31st March, 2015 and recommended dividend of Euro 1
million from its accumulated Reserves.
• Universal Voltas LLC (UV), Abu Dhabi, a flagship joint venture of the Company is
engaged in the business of electro–mechanical projects and operations and maintenance
contracts. UV recorded higher turnover of AED 183.268 million and Profit of AED
26.155 million for the year ended 31st December, 2014 as compared to turnover and
profit of AED 154.870 million and AED 24.863 million, respectively in the previous
year.
• Universal Weathermaker Factory LLC (UWF), a joint venture company with Universal
Group is engaged in manufacturing airconditioning ducts and related fixtures in Abu
Dhabi, UAE. UWF reported turnover of AED 9.940 million and loss of AED 0.755
million for the year ended 31st December, 2014.
• Olayan Voltas Contracting Company Limited (OVCL), a joint venture company with
Olayan Group is engaged in the business of electromechanical projects in KSA. OVCL
recorded turnover of Saudi Riyal (SR) 42.989 million and loss of SR 12.35 million for
the year ended 31st December, 2014.
• Voltas Qatar WLL (VQ), a joint venture company is engaged in the business of
undertaking EPC works for MEP contracts in Qatar. VQ recorded turnover of Qatari

32
Riyal (QR) 36.102 million and profit of QR 1.033 million for the year ended 31st
December, 2014.
• Voltas Water Solutions Private Limited (VWS), is a new joint venture company, loss of
Rs. 0.46 crore for the period ended 31st March, 2015, primarily due to pre–incorporation
expenses and other standing overheads.
• During the year under review, the Company increased its shareholding in Terrot GmbH
to 20.07% and therefore, Terrot is an Associate company. Terrot has reported sales of
Euro 37.937 million and profit of Euro 1.002 million for the year ended 31st December,
2014.
• Naba Diganta Water Management Limited (NDWML) is a joint venture company with
Jamshedpur Utilities and Services Company Limited (JUSCO) to provide water supply
and sewerage system at Naba Diganta township, Kolkata. The Company's shareholding
is 26% and balance 74% is held by JUSCO, a subsidiary of Tata Steel. NDWML has
reported turnover of Rs. 8 crores and profit of Rs. 1.43 crores for the year ended 31st
March, 2015.
The Company has not accepted any deposits covered under Chapter V of the Companies
Act, 2013.
15. Number of Meetings of the Board
During 2014–15, nine Board Meetings were held on 28th April, 2014; 29th May, 2014;
20th June, 2014; 13th August, 2014; 29th September, 2014;
13th November, 2014; 16th January, 2015;
11th February, 2015 and 25th March, 2015.
16. Policy on Directors' appointment and remuneration including criteria for
determining qualifications, positive attributes, independence of a director
Based on the recommendation of Nomination and Remuneration Committee (NRC), the
Board has adopted the Remuneration Policy for Directors, KMP and other Employees.
NRC has formulated the criteria for determining qualifications, positive attributes and
independence of an Independent Director and also criteria for evaluation of individual
Directors and the Board / Committees. Evaluation of Directors was done by the NRC at
its meeting held on 26th March, 2015. The criteria for determining qualifications,
positive attributes and independence of Directors and the Remuneration Policy is given
by way of Annexure II to this Report.
17. Evaluation of Performance of Board, its Committees and of Directors

33
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing
Agreement, the Board has carried out an evaluation of its own performance, Committees
and performance of individual Directors. The performance of the Board, Committees and
individual directors was evaluated by seeking inputs from all Directors based on certain
parameters such as: degree of fulfillment of key responsibilities; Board / Committee
structure and composition; establishment and delineation of responsibilities to various
Committees; effectiveness of Board processes, information and functioning; Board /
Committee culture and dynamics and quality of relationship between the Board /
Committees and the Management. The Directors made a self assessment of their
effectiveness in terms of attendance, contribution at Meetings and guidance / support
extended to the Management outside Board / Committee Meetings. The feedback
received from the Directors was discussed and reviewed by the Independent Directors at
their annual separate Meeting and also shared with the NRC. The Chairman of the Board
is a member of NRC. At the separate Meeting of Independent Directors, performance of
non–independent directors, performance of the Board as a whole and performance of the
Chairman of the Company was evaluated taking into account the views of the Managing
Director and Non–Executive Directors The performance of the individual Directors,
including Independent Directors, performance and role of the Board / Committees was
also discussed at the Board Meeting.
18. Statutory Auditors
At the 60th Annual General Meeting (AGM) held on 1st September, 2014, the
shareholders had approved the appointment of Deloitte Haskins & Sells LLP (DHS) as
Statutory Auditors as well as Branch Auditors of the Company to audit the accounts of
the Company for three consecutive financial years, between 2014–15 and 2016–17,
subject to ratification at every AGM. The approval of members' is being sought for
ratification of appointment of DHS as Statutory Auditors from the conclusion of the 61st
AGM till the conclusion of the 62nd AGM to be held in 2016, to examine and audit the
accounts of the Company for the financial year 2015–16. The Auditors' Report does not
contain any qualification, reservation or adverse remark.
19. Cost Auditors
The Board has appointed M/s. Sagar & Associates, Cost Accountants as the Cost
Auditors for the financial year 2014–15. M/s. Sagar & Associates, have been appointed
as Cost Auditors of the Company for the financial year 2015–16 and approval of the
Members is being sought for ratification of their remuneration.

34
20. Secretarial Auditor
M/s. N. L. Bhatia & Associates the Practicing Company Secretaries were appointed as
Secretarial Auditor to undertake Secretarial Audit of the Company for the year 2014–15.
Their Secretarial Audit Report, in prescribed Form No. MR–3, is annexed to the
Directors Report.
The Secretarial Audit Report does not contain any qualification, reservation or adverse
remark.
21. Audit Committee
The Audit Committee comprises Mr. Nani Javeri (Chairman), Mr. R. N. Mukhija and
Mr. Debendranath Sarangi, in line with the requirements of Section 177 of the
Companies Act, 2013. Mr. Thomas Mathew T. ceased to be the Member of Audit
Committee on 5th May, 2015. The Board has accepted the recommendations made by
the Audit Committee from time to time.
22. Internal Financial Controls
The Internal Financial Controls and its adequacy is included in the Management
Discussion and Analysis, which forms part of this Report.
23. Risk Management
Pursuant to Section 134(3)(n) of the Companies Act, 2013 and Clause 49 of the Listing
Agreement, the Company had constituted a Risk Management Committee comprising
Mr. Nani Javeri (Chairman), Mr. R. N. Mukhija, Mr. Debendranath Sarangi and Mr.
Thomas Mathew T. (upto 5th May, 2015). A Risk Management Committee Meeting was
held on 15th January, 2015 whereat, the Risk policy of the Company and various
elements of risks were discussed.
25. Employee Stock Option
The Company has not issued any Employee Stock Options.
26. Conservation of energy, technology absorption, foreign exchange earnings and
outgo
Information pursuant to Section 134(3)(m) of the Companies Act, 2013, relating to
conservation of energy, technology absorption, foreign exchange earning and outgo is
given as Annexure III to this Report.
27. Directors and Key Managerial Personnel
In accordance with the provisions of the Companies Act, 2013 and the Company's
Articles of Association, Mr. Vinayak Deshpande retires by rotation and being eligible,
offers himself for re–appointment.

35
Ms. Anjali Bansal was appointed as an Additional Director with effect from 9th March,
2015. In accordance with the provisions of Section 161 of the Companies Act, 2013, Ms.
Anjali Bansal holds office upto the date of the forthcoming Annual General Meeting and
is eligible for appointment as a Director. Notice under Section 160 of the Act has been
received from a member proposing her appointment as Director of the Company. Ms.
Anjali Bansal was also appointed as Independent Director for a term of 5 years upto 8th
March, 2020, subject to approval of Shareholders at the forthcoming AGM. Ms. Anjali
Bansal satisfies the test of independence as stipulated under Section 149(6) of the Act.
The Resolution seeking approval of the members for appointment of Ms. Anjali Bansal
as a Director and as Independent Director forms part of the Notice of AGM of the
Company.
The Members had at the 56th Annual General Meeting of the Company held on 16th
August, 2010 approved appointment of Mr. Sanjay Johri as the 'Managing Director' of
the Company with effect from 23rd April, 2010 for a term of 5 years. Based on the
recommendation of NRC, the Board of Directors have, at its Meeting held on 21st April,
2015, approved the re–appointment of Mr. Sanjay Johri as Managing Director for a
further period up to 9th February, 2018, with effect from 23rd April, 2015.
Mr. Nasser Munjee and Mr. Thomas Mathew T., a Director representing Life Insurance
Corporation of India ceased to be Directors of the Company with effect from 31st
August, 2014 and 5th May, 2015, respectively. The Directors place on record their
sincere appreciation of the valuable advice given by Mr. Nasser Munjee and Mr. Thomas
Mathew T. during their respective tenures on the Board.
None of the Directors is the Managing or Wholetime Director of any subsidiary of the
Company.
During the year, Mr. Sanjay Johri (Managing Director), Mr. Anil George (CFO) and Mr.
V. P. Malhotra (Company Secretary) were appointed as Key Managerial Personnel
(KMPs) of the Company, in line with the requirements of Section 203 of the Companies
Act, 2013.
28. Declaration by Independent Directors
Pursuant to Section 149(7) of the Companies Act, 2013, the Company has received
declarations from all Independent Directors confirming that they meet the criteria of
independence as specified in Section 149(6) of the Act and Clause 49 of the Listing
Agreement.

36
29. Corporate Governance
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Management
Discussion and Analysis, Corporate Governance Report and Auditors' Certificate
regarding compliance of conditions of Corporate Governance form part of the Annual
Report. A declaration signed by the Managing Director in regard to compliance with the
Code of Conduct by the Board Members and Senior Management personnel also forms
part of the Annual Report.
30. Details of establishment of vigil mechanism for directors and employees
The Company had adopted a Whistle Blower Policy ("the Policy") as required under
Section 177(9) of the Companies Act, 2013 and Clause 49 of the Listing Agreement. The
Policy has been formulated with a view to provide a mechanism for directors and
employees of the Company to approach the Ethics Counsellor/Chairman of the Audit
Committee of the Company in case of any concern. The Whistle Blower Policy may be
accessed on the Company's website at the link: <http://www.voltas.com/WBP.PDF>
31. Particulars of loans, guarantees or investments under Section 186 during 2014–
15
Particulars of loans given, investments made, guarantees given and securities provided
along with the purpose for which the loan or guarantee or security is proposed to be
utilized by the recipient are provided in the standalone financial statements (Please refer
to Notes 10,12 and 28 of the standalone financial statements).
32. Particulars of contracts or arrangements with related parties
All related party transactions during 2014–15 were in the ordinary course of business and
satisfied the test of arm's length. Information on transactions with related parties pursuant
to Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules,
2014 are given in prescribed Form No. AOC–2 as Annexure IV to this Report.
33. Directors' Responsibility Statement
Based on the framework of internal financial controls and compliance systems
established and maintained by the Company, work performed by the internal, statutory,
cost and secretarial auditors and the reviews performed by Management and the relevant
Board Committees, including the Audit Committee, the Board is of the opinion that the
Company's internal financial controls were adequate and effective during the financial
year 2014–15. Accordingly, pursuant to Section 134(5) of the Companies Act, 2013, the
Board of Directors, to the best of their knowledge and ability, confirm that:

37
(i) in the preparation of the annual accounts, the applicable accounting standards have
been followed and that there are no material departures;
(ii) they have, in the selection of the accounting policies, consulted the Statutory
Auditors and have applied their recommendations consistently and made judgements and
estimates that are reasonable and prudent so as to give a true and fair view of the state of
affairs of the Company at the end of financial year and of the profit of the Company for
that period;
(iii) they have taken proper and sufficient care to the best of their knowledge and ability,
for the maintenance of adequate accounting records in accordance with the provisions of
the Companies Act, 2013, for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;
(iv) they have prepared the annual accounts on a going concern basis;
(v) they have laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and were operating effectively; and
(vi) proper system has been devised to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
34. Extract of the Annual Return
Pursuant to Sections 92(3) and 134(3)(a) of the Companies Act, 2013, read with Rule
12(1) of the Companies (Management and Administration) Rules, 2014, the extract of
Annual Return in prescribed Form No. MGT–9 is given as Annexure V to this Report.
35. Disclosure as per the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013
The Company has zero tolerance for sexual harassment at workplace and has adopted a
'Respect for Gender' Policy on prevention, prohibition and redressal of sexual harassment
in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under. The
Company has not received any written complaint on sexual harassment during the
financial year.

INDEPENDENT AUDITORS' REPORT

To the Members of Voltas Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of VOLTAS
LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2015,

38
the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a
summary of the significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5)
of the Companies Act, 2013 ("the Act") with respect to the preparation of these
standalone financial statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and application
of appropriate accounting policies; making judgements and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these standalone financial statements based
on our audit.
We have taken into account the provisions of the Act, the accounting and auditing
standards and matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
the disclosures in the financial statements. The procedures selected depend on the
auditor's judgement, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal financial control relevant to the Company's preparation of the
financial statements that give a true and fair view in order to design audit procedures that

39
are appropriate in the circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial controls system over
financial reporting and the operating effectiveness of such controls. An audit also
includes evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's Directors, 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 a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given
to us, the aforesaid standalone financial statements give the information required by the
Act in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of affairs of the Company
as at 31st March, 2015, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by
the Central Government in terms of Section 143(11) of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best
of our knowledge 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 the
Company so far as it appears from our examination of those books,
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement
dealt with by this Report are in agreement with the books of account,
(d) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on 31st
March, 2015 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2015 from being appointed as a director in terms of
Section 164(2) of the Act.

40
(f) With respect to the other matters to be included in the Auditor's Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to
the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position
in its financial statements– Refer Note 28(b), 28(c), 28(d), 28(e) and 28(f) to the
financial statements.
(ii) The Company has made provision, as required under applicable law or accounting
standards for the material foreseeable losses, if any, for long term contracts including
derivative contracts– Refer Note 1A(iii)(c) to the financial statements.
(iii) There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date)
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified during the year by the Management in
accordance with a regular programme of verification which, in our opinion, provides for
physical verification of all the fixed assets at reasonable intervals. According to the
information and explanations given to us, no material discrepancies were noticed on such
verification.
(ii) In respect of its inventories:
(a) As explained to us, the inventories were physically verified during the year by the
Management at reasonable intervals.
(b) In our opinion and according to the information and explanations given to us, the
procedures of physical verification of inventories followed by the Management were
reasonable and adequate in relation to the size of the Company and the nature of its
business.
(c) In our opinion and according to the information and explanations given to us, the
Company has maintained proper records of its inventories and no material discrepancies
were noticed on physical verification.

41
(iii) The Company has not granted any loans, secured or unsecured, to companies, firms
or other parties covered in the Register maintained under Section 189 of the Companies
Act, 2013.
(iv) In our opinion and according to the information and explanations given to us, having
regard to the explanations that some of the items purchased are of special nature and
suitable alternative sources are not readily available for obtaining comparable quotations,
there is an adequate internal control system commensurate with the size of the Company
and the nature of its business with regard to purchases of inventory and fixed assets and
the sale of goods and services. During the course of our audit, we have not observed any
major weakness in such internal control system.
(v)According to the information and explanations given to us, the Company has not
accepted any deposit during the year. There was no unclaimed deposits outstanding
during the year or as at 31st March, 2015. Consequently, the provisions of Sections 73 to
76 or any other relevant provisions of the Companies Act, 2013 with respect to
unclaimed deposit is not applicable to the Company.
(vi) In our opinion and according to the information and explanations given to us, the
cost records are not required to be maintained by the Company pursuant to the
Companies (Cost Records and Audit) Rules, 2014, as amended and prescribed by the
Central Government under sub–section (1) of Section 148 of the Companies Act, 2013.
(vii) According to the information and explanations given to us, in respect of statutory
dues:
(a) The Company has generally been regular in depositing undisputed statutory dues,
including Provident Fund, Employees' State Insurance, Income–tax, Sales Tax, Wealth
Tax, Service Tax, Customs Duty, Excise Duty, Cess, Value Added Tax and other
material statutory dues applicable to it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund, Employees'
State Insurance, Income–tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise
Duty, Cess, Value Added Tax and other material statutory dues in arrears as at 31st
March, 2015 for a period of more than six months from the date they became payable.
(c) The Company has been generally regular in transferring amounts to the Investor
Education and Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and Rules made thereunder within time.

42
(viii) The Company does not have accumulated losses at the end of the financial year and
the Company has not incurred cash losses during the financial year covered by our audit
and in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations given to us, the
Company has not defaulted in the repayment of dues to financial institutions and banks.
The Company has not issued any debentures.
(x) In our opinion and according to the information and explanations given to us, the
terms and conditions of the guarantees given by the Company for loans taken by others
from banks and financial institutions are not, prima facie, prejudicial to the interests of
the Company.
(xi) In our opinion and according to the information and explanations given to us, the
Company, has neither obtained nor utilized any term loan during the year.
(xii) To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company and no material fraud on the Company has been
noticed or reported during the year.

43
 THE IMPACT OF PANDEMIC COVID -19 IN
ORGANIZATION
COVID-19 has become a huge worry for the Globe. The social and economic impact of
COVID-19 pandemic will be far reaching and devastating for all. In this globally
connected world, every country will get impacted by the devastation caused by the
pandemic. The COVID-19 is likely to lead to certain permanent or long-lasting. By the
time, when the pandemic ends, we will probably see a new world, a new lexicon, a new
social norm with far reaching economic and social destruction. When COVID-19
outbreak started spreading across the world, thousands of people started facing severe
health issues and death rates increased. The only way to stop the spread of the pandemic
was to stop all social and economic activities in the affected countries for indefinite
period of time. This led many countries to impose complete lock-down all across the
globe which is still going on going on.
In such a scenario all business activities, across all industries were completely stopped.
The lockdown impacted various sectors in varied degree. For example, the airlines,
hospitality, hotel, manufacturing industry is totally stopped and will take a long time to
come out of this situation, if at all. Millions of people in these sectors are likely to lose
jobs in these sectors. COVID-19 pandemic caused enormous disruption in businesses,
which will take years to recover, if at all. The disruption is likely to lead to permanent
shut down of many businesses, unable to bear the financial losses and disruptions caused
by the pandemic. To get over the current situation, companies are trying to run offices
and administration jobs through “Work from Home” mode. Companies are trying to cope
up with economic turbulence caused due to COVID 19 through the usage of disruptive
technology by working from home concept. Earlier work from home was an acceptable
business practice only in IT and Technology sectors. However, other industry sectors
were reluctant to adopt WFH as a good business practice. The biggest business change
that we can see today, forced by the global spread the pandemic, is that many companies
have been forced to implementing Work from Home mode for their employees. During
the last 2 months, companies have found significant benefit in the WFH. Most
companies, going forward, are looking at WFH as an integral business model. The WFH
mode is helping some industries and functions in keeping its operations going, in a
limited way. This research paper analyses the positives and negatives aspects of work
from home concept as during this COVID-19 crisis, people working on WFH, are
compelled to live in social isolation and emotional distancing.
One can balance the responsibilities of work-life domains, especially when life domain
needs as much attention as to work, during these difficult times. The study has focused
on the impact of COVID-19 virus pandemic on working life of employees. This research
paper also emphasizes that how employers as well as HR managers are required to think
out of the box and bring forth best practices as well as redefining HR roles during any
adversity .This research paper will also give light on few important issues such as People
Connect , adoption of a system of Skilling, re-skilling, Up-skilling and multi-skilling
people about technology, design thinking, storytelling, analytics, Artificial intelligence to

44
prepare our workforce to become more competent and talented by enhancing their skill
set.

Introduction of Covid-19

The 2019-20 crown infection pandemic is a ceaseless pandemic of corona infection

ailment 2019 (COVID-19) realized by a corona infection (SARS, CoV-2). The flare-up
was recognized in Wuhan, China, in December 2019. However, because of initial
mishandling by multi-lateral bodies like WHO, people were allowed to travel globally
which led to spreading of the COVID-19 across the world, thus causing pandemic of epic
proportion. It was only in March 11th, 3 months after the initial detection of COVID 19,
that the WHO declared it as a pandemic. By that time, the damage is already done; the
virus had spread across many countries. As on 1 May 2020, more than 3.27 million
instances of COVID-19 have been accounted for in 187 nations and regions, bringing
about in excess of 234,505 deaths. More than 1.02 million individuals have recuperated
from the disease. The first instance of somebody experiencing COVID-19 can be
followed back to 17 November, as indicated by media provides details regarding
unpublished Chinese government information. Chinese specialists had distinguished at
least 266 individuals who got the infection a year ago and who went under clinical
reconnaissance and the soonest case was 17 November – weeks before specialists
declared the development of the new virus. For around one month after that date, there
were one to five new cases detailed every day, and by 20 December there were 60
affirmed cases.
In India, on 1 May 2020 (8:00 AM), as per the Ministry of Health and Family Welfare, a
sum of 35043 COVID- 19 cases, (counting 111 outside nationals) have been accounted
for in 32 states/association regions. These incorporate 8888 who have been
relieved/released, 1 who has relocated and 1147 deaths. Clinical confinement of every
single affirmed case, followed by home isolation of the contacts is continuous. Without
an intercession, all things considered, there will be all the more genuinely sick
individuals than we have the assets to think about. We can't impact organic properties of
the infection; however, we can change the measure of contact we have with one another
by maintaining social distancing. The need of social distancing gave rise to the concept
of “working from home concept (WFH)” for corporate for keeping alive the working
spirit of the employees. Work from home (WFH) is where the individuals can do their
job from home through massive use of digital platforms. After this pandemic, business
trends have completely changed and majority of business activities are performed
through mobile, or other digital platforms. Artificial Intelligence, analytics all have
changed the way companies used to run and functioning a business. During the current
COVID-19 pandemic, in order to keep the operation going, businesses are forced to
move to work from home mode for their employees, wherever possible. Every action has
its pros and cons; same is the case of the adoption of Work from Home concept. If on the
one hand, COVID-19 impacts business organization and economy in a negative way, this
has also forced companies to look at alternative way to run operations through remote

45
connection and adoption of digital technology.WFH has been a positive change to many
people as it keeps employees productive while helping in maintaining work life balance.
However, it is not all about to balancing life, but facing all the challenges positively to
perform and bring forth productively as the scenario demands. Work from Home is
beneficial in some points but also having drawbacks too. The present trend of COVID -
19 crisis has also forced employers and HR personnel /Consultants to re-think, re-design
and think out of the box and bring forth the best practices for running their businesses
and industries. The challenge for HR is to continue to develop employees who are
innovative, proactive, committed and dedicated to their employer, while remaining
positive and productive in this difficult situation for success in the current circumstances.

1.1 People Connect

1.2 Maintaining Normalcy
1.3 Social Distancing
1.4 Infrastructure
1.5 Collaboration
1.6 Security
1.7 Policy framework
1.8 Emotional well-being

46
 SCOPE
AND
IMPORTANCE

47
 SCOPE AND IMPORTANCE

The scope of this project report is in the company and its employee on which the

training and development policies are implemented. Performing a training needs analysis

is the first step in the training process and is critical for a successful program. The

purpose of a needs analysis is to determine that training is the best solution and identify

what training is needed to fill the skill gap. This step is often disregarded for reasons

such as time constraints or lack of perceived value by management. However, skipping

the training needs analysis can cause major problems. Time, resources and dollars may

be wasted on training that was unnecessary or ineffective. A training need exists when

there is a gap between what is required of a person to perform their job proficiently and

what they actually know. The reasons for conducting training needs analysis are: To

determine whether training is needed, To determine causes of poor performance, To

determine content and scope of training, To determine desired training outcomes, To

provide a basis of measurement and To gain management support. Performing a training

needs analysis is most appropriate when training is requested for a performance issue,

when new information systems or business processes are introduced, and when your

organization mandates training.

48
LITERATURE

REVIEW

49
 LITERATURE REVIEW

This literature review offers a comprehensive look at the history, development

and effectiveness of training and development.

Midkiff (1983) described a model for designing efficient in service training programme

in computer literacy for employees. An important guideline in the study was that

planners of computer literacy in service training programme for employees must

recognise that employees may have psychological, mathematical, mechanical and

professional fears concerning the computer and their own abilities to learn computer. A

needs assessment survey can determine both what employees want to know and what

they need to know. The study suggested that assessment questions for employees should

focus on introduction to the microcomputer, the effect of computers on society and

education, and what knowledge and skills are needed to make effectives use of

computers in the classroom. The study recommended that the inservice training

programmes should include sessions covering themes like introduction to computers,

planned instruction in computer literacy, and systematically designed programmes for

individual instruction, techniques for working with children in the classroom and

knowledge of administrative uses of the computer.

Scandura (1983) analysed the role of Federal government in promotion of the

Instructional Technology during 1980s. The study identified that the Federal

governments had promoted Instructional Technology in their states and localities to

improve educational achievement. The study also had surveyed a brief history of federal

support for educational research and its consequences. A critical analysis of strengths

and weaknesses of Instructional Technology, and uses of instructional designs in

computer based instruction development was another highlight of the study.

50
Hilgenfeld (1984) outlined the necessary components to meet the computer literacy

needs to in service and pre service employees. A model plan for employees' computer

literacy in service training programme was also designed as part of the study. The study

evaluated the existing computer education programmes for employees and identified the

training needs of employees. Perceived computer training needs of employees showed

significant differences in the content of courses currently offered.

Leelavathy (1984) analysed basic theories and instructional strategies that influenced

teacher education programmes in select developed and developing countries. A detailed

reflective interpretation of emerging developments in the field of education was done as

part of the study. The new educational developments were classified into two heads, viz.,

learning theories that have contributed to the developments and instructional strategies

that have been outcomes of these theories. The study identified the importance of

theories developed by Skinner, Piaget, Bruner, Gagne and Ausubel. Programmed

Learning, Piaget’s concept of Developmental Adaptation, Assimilation, Equilibration,

Educational Technology, Systems Approach, Mastery Learning and Task Analysis were

discussed in detail. The study concluded that any study on teacher education has to be

built upon sound foundation of these theories. The study suggested that in order to

supplement in-service courses for employees, modern developments in educational

theory and technology should be made available for employees in the form of literature.

Senese (1984) illustrated the importance of Instructional Technology in the scenario of

education. The study also prompted the whole teacher community to acquire knowledge

about new instructional tools and technologies derived as part of Instructional

Technology. The technology demanded higher level of awareness and skills from the

part of employees. The study predicted that in future computers would be able to assist in

remedial work and higher still work, record keeping, and monitoring of students'

51
progress. Ely (1987) tried to answer certain issues about Instructional Technology and

application in education, with a special orientation to Information Technology. The study

analysed the question that how technology can be used to improve education by helping

each individual to become increasingly responsible for his or her learning. The study

derived a conclusion that Technology should not determine the goals of education but it

can be used to achieve them.

Aust, et al. (1989) studied about the status and problems of the integration of

Instructional Technology in educational institutions. The proper role of employees in that

context was specially analysed by the researcher. The nature of employees’ attitudes

toward the integration of Instructional Technology, and the social and psychological

factors that contribute to their acceptance or rejection of such technology was critically

examined in this study. Structured interviews and factor analysis of an attitude responses

form was adopted in the study. Professional public school educators with varying

number of years of experience were interviewed as part of the study. The attitude

response survey form was titled as 'Teacher Attitudes of Instructional Technology '

(TAIT). The factor analysis resulted in the identification of five prevalent factors that

influence the use of fully mediated instruction; (i) curriculum content, (ii) extension of

traditional methods, (iii) integration of Instructional Technology, (iv) teacher initiative

and (v) what employees believe the future holds. The study totally indicated that most

employees were excited about applying Instructional Technology in their classrooms.

Most of the employees responded that they believe the use of Instructional Technology

was appropriate for all content areas they teach.

Okolo (1990) analysed the classroom uses of Instructional Technology with a special

reference for learners with learning disabilities. More research and development

activities for effective use of technology in the areas of reading instruction, writing

52
instruction, problem solving instruction and distributed cognition were recommended in

the study.

Patridge (1991) reviewed accounts of non-traditional schools in various parts of the

United States, where computers were used in conjunction with practices such as the

whole language approach, the language experience method, ability grouping and

individualised instruction. Review of the accounts helped to derive the conclusion that

properly implemented Instructional Technology has a definite place in the repertoire of

educational strategies and can be integrated into existing instructional approaches. The

study reported that proper use of computer technology helped to overcome a number of

learning problems, including attention deficit disorders, visual-spatial problems,

vocabulary expansions and sequencing. The special capacity of Instructional Technology

to address the unique learning needs of each student, especially in the case of learning-

disabled students was appreciated in this study. The vital comment of the study was that,

implementation of Instruction Technology heavily depends upon properly trained

employees. The awareness of different dimensions of Instruction Technology will surely

help the employees to attain effectiveness in their performance. The parental and public

supports for proper implementation of Instructional Technology were given importance

in the study. The study concluded that by enhancing the instructional effectiveness of

schools, Instructional Technology can help move them closer to the goal of providing

quality experiences for all children. Duffy and Jonassen (1992) formed a dialogue

between instructional developers and learning theorists about the implications of

constructivism for instructional design practice. To study was titled as 'Constructivism:

New Implications for Instruction Technology'. The perspectives of constructivism;

design of generative learning environments; relationship between Instructional

Technology and constructivism; application of constructivism for instructional design;

53
reflections on the implications of constructivism for educational technology and methods

of evaluating constructivist learning were some of the discussions made in the study.

Detailed descriptions given in the study about the perspectives of application of

constructivist principles in the field of Instructional Technology can be utilised in

inservice training programmes.

54
OBJECTIVES OF THE

STUDY

55
 OBJECTIVES OF THE STUDY

✓ To study the training and development procedure and to identify the Training needs

of different departments of VOLTAS.

✓ To study the various objectives of training and development programme at

VOLTAS.

✓ To study the various factors and of training and development and its importance for

the company.

56
 RESEARCH

METHODOLGY

57
 RESEARCH METHODOLOGY

DEFINITION OF RESEARCH

The term research is also used to describe an entire collection of information

about a particular subject. Research is defined as human activity based on intellectual

application in the investigation of matter. The primary purpose for applied research is

discovering, interpreting, and the development of methods and systems for the

advancement of human knowledge on a wide variety of scientific matters of our world

and the universe. Research can use the scientific method, but need not do so. Scientific

research relies on the application of the scientific method, a harnessing of curiosity. This

research provides scientific information and theories for the explanation of the nature and

the properties of the world around us. It makes practical applications possible. Scientific

research is funded by public authorities, by charitable organisations and by private

groups, including many companies. Scientific research can be subdivided into different

classifications according to their academic and application disciplines. Historical

research is embodied in the historical method.

TYPES OF RESEARCH

Quantitative research:- Quantitative research is descriptive and provides hard data on

the numbers of people exhibiting certain behaviours, attitudes, etc. It provides

information in breadth and allows you to sample large numbers of the population. It is,

however, structured and does not yield the reasons behind behaviour or why people hold

certain attitudes. Techniques commonly used in He/She include postal surveys

(particularly appropriate in the case of student populations where name and address

information is available), telephone surveys (appropriate for surveys of employers), on-

line or web-based surveys (very cost-effective for reaching audiences where e-mail

58
penetration is high, such as students and university/college staff) and mystery shopping

(in this case to test quantifiable aspects of the service).

Qualitative research:- Qualitative research allows you to explore perceptions, attitudes

and motivations and to understand how they are formed. It provides depth of information

which can be used in its own right or to determine what attributes will subsequently be

measured in quantitative studies. Verbatim quotes are used in reports to illustrate points

and this brings the subject to life for the reader. However, it relies heavily on the skills of

the moderator, is inevitably subjective and samples are small. Techniques include group

discussions/workshop sessions, paired interviews, individual in-depth interviews and

mystery shopping (where the researcher plays the role of a potential student, etc in order

to replicate the overall experience).

RESEARCH DESIGN

Plan outlining how information is to be gathered for an assessment or evaluation

that includes identifying the data gathering method(s) , the instruments to be

used/created, how the instruments will be administered, and how the information will be

organized and analyzed.

DATA TYPE

Data collection is a term used to describe a process of preparing and collecting

data - for example as part of a process improvement or similar project. A method of data

collection in which the situation of interest is watched and the relevant facts, actions and

behaviors are recorded.

59
PRIMARY DATA

In primary data collection, you collect the data yourself using methods such as

interviews and questionnaires. The key point here is that the data you collect is unique to

you and your research and, until you publish, no one else has access to it.

SECONDARY DATA

All methods of data collection can supply quantitative data (numbers, statistics or

financial) or qualitative data (usually words or text). Quantitative data may often be

presented in tabular or graphical form. Secondary data is data that has already been

collected by someone else for a different purpose to yours.

METHODOLOGY OF THE PROJECT

Survey Area : Moradabad

Sample Size : 40

Sample Unit : Employees

Type of Research : Descriptive

Research Tool Questionnaire

Data Type : Primary & Secondary Data

60
 ANALYSIS
&
INTERPRETATION

61
 ANALYSIS AND INTERPRETATION

Q.1. For how much time, are you working in this organization?

Table No. – 1

S. No. Options Percentage

a. 1 year 25%

b. 2 years 35%

c. 3 years 20%

d. More than 3 years 20%

Graph No. – 1

INTERPRETATION:-

As the graph shows that 25% respondents say 1 years, 35% respondents say 2
years, 20% respondents say 3 years and remaining 20% respondents say more than 3
years.

62
Q.2. Are you getting proper training and development in your organization?

Table No. – 2

S. No. Options Percentage

a. Yes 80%

b. No 20%

Graph No. – 2

INTERPRETATION:-
As the graph shows that 80% respondents say 1 yes and remaining 20%
respondents say no.

63
Q.3. If yes, which one is providing training to you?

Table No. – 3

S. No. Options Percentage

a. Your supervisor 45%

b. Manager 25%

c. Outsides consultants 15%

d. Trainers of your organization 15%

Graph No. – 3

INTERPRETATION:-
As the graph shows that 45% respondents say their supervisor, 25% respondents
say manager, 15% respondents say outsides consultants and remaining 15% respondents
say Trainer of their organization.

64
Q.4. Training and development programme helps you in

Table No. – 4

S. No. Options Percentage

a. To acquire new skills 40%

b. Goal achievement 30%

c. Promotion 20%

d. Others 10%

Graph No. – 4

INTERPRETATION:-
As the graph shows that 40% respondents say to acquire new skills, 30%
respondents say goal achievement, 20% respondents say promotion and remaining 10%
respondents say others.

65
Q.5. Does training provides an excellent opportunity for newcomers to learn
comprehensively about the organization?

Table No. – 5

S. No. Options Percentage

a. Strongly agree 30%

b. Agree 25%

c. Disagree 25%

d. Strongly disagree 20%

Graph No. – 5

INTERPRETATION:-
As the graph shows that 30% respondents are strongly agree, 25% respondents
are Agree, 25% respondents are Disagree and remaining 20% respondents are Strongly
disagree.

66
Q.6. Are the employees helped to acquire technical knowledge and skills through
training.

Table No. – 6

S. No. Options Percentage

a. Strongly agree 50%

b. Agree 20%

c. Disagree 20%

d. Strongly disagree 10%

Graph No. – 6

INTERPRETATION:-
As the graph shows that 50% respondents are strongly agree, 20% respondents
are Agree, 20% respondents are Disagree and remaining 10% respondents are Strongly
disagree.

67
Q.7. Human relations competencies are adequately developed in your organization
through training in human skills.

Table No. – 7

S. No. Options Percentage

a. Strongly agree 45%

b. Agree 30%

c. Disagree 15%

d. Strongly disagree 10%

Graph No. – 7

INTERPRETATION:-
As the graph shows that 45% respondents are strongly agree, 30% respondents
are Agree, 15% respondents are Disagree and remaining 10% respondents are Strongly
disagree.

68
Q.8. Employees in the organization participate in determining the training they need?

Table No. – 8

S. No. Options Percentage

a. Strongly agree 60%

b. Agree 30%

c. Disagree 5%

d. Strongly disagree 5%

Graph No. – 8

INTERPRETATION:-
As the graph shows that 60% respondents are strongly agree, 30% respondents
are Agree, 5% respondents are Disagree and remaining 5% respondents are Strongly
disagree.

69
Q.9. The new recruits find induction training very useful in your organization?

Table No. – 9

S. No. Options Percentage

a. Strongly agree 30%

b. Agree 40%

c. Disagree 20%

d. Strongly disagree 10%

Graph No. – 9

INTERPRETATION:-
As the graph shows that 30% respondents are strongly agree, 40% respondents
are Agree, 20% respondents are Disagree and remaining 10% respondents are Strongly
disagree.

70
Q.10. Are you satisfied by the training and development procedure provided by your
organization?

Table No. – 10

S. No. Options Percentage

a. Yes 90%

b. No 10%

Graph No. – 10

INTERPRETATION:-
As the graph shows that 90% respondents say yes and remaining 10%
respondents say no.

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 LIMITATIONS

1- Limitation of Skill: - There are so many peoples who do not understand the sense

of the questions that is why the inadequate information is observed.

2- Language Problem: - Due to the Questionnaire in English, many peoples do not

understand the English language and the problem arises.

3- The limitation of time: - Now a days every person is busy, so that they do not spent

their timing in providing the information, because the questionnaire was lengthy.

4- Unawareness of the policies of the Companies: - Generally peoples do not have

the all information about the policies schemes and service of the companies.

5- Limitation of Human behavior: - Generally people do not express their feelings

correctly, what they think. In such cases their habit practice preference cannot be

assessed correct.

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 FINDINGS

• Most of the respondents are working in this organization since 2 years.

• Almost all the surveyed respondents are getting proper training and development in

their organization.

• More numbers of respondents are getting training by their supervisor.

• Training and development programme helps him in to acquire new skills.

• More numbers of respondents say that the training provides an excellent opportunity

for newcomers to learn comprehensively about the organization.

• Most of the respondents are strongly agree that the employees helped to acquire

technical knowledge and skills through training.

• Most of the respondents are strongly agree Human relations competencies are

adequately developed in your organization through training in human skills.

• Most of the respondents are strongly agree Employees in the organization participate

in determining the training they need.

• Most of the respondents are agree that the new recruits find induction training very

useful in their organization.

• Almost all the surveyed respondents are satisfied by the training and development

procedure provided by your organization.

73
CONCLUSION

74
 CONCLUSION

This project report is based on study the role of training and development in

VOLTAS. The concluding points of this project report are as follows: Most of the

employees are working in this organization since 2 years and they are getting proper

training and development in their organization by supervisor. Training and development

programme helps you in career planning. The training provides an excellent opportunity

for newcomers to learn comprehensively about the organization. Most of the employees

are strongly agree that the employees helped to acquire technical knowledge and skills

through training. Most of the employees are strongly agree Human relations

competencies are adequately developed in your organization through training in human

skills. The employees are strongly agree Employees in the organization participate in

determining the training they need. The methods, that the organization used to analyze

the individual need is Appraisal and performance review. Employees sponsored for

training go with a clear understanding of the skills and knowledge they are expected to

acquire from the training. Most of the employees are strongly agree Training of workers

is given adequate importance in your organization.

The employees are agreeing that the new recruits find induction training very useful in

their organization. Almost all the employees are satisfied by the training and

development procedure provided by your organization.

75
 SUGGESTION AND RECOMMENDATIONS

➢ Training department should be very effective and active; it pays proper attention

towards each of its trainees.

➢ The company should create a system to evaluate the effectiveness of training.

➢ There should be a comprehensive and systematic approach to training exists, and

training and retraining are done at all levels on a continuous and ongoing basis.

➢ There should be a proper linkage among organizational, operational and individual

training needs.

➢ Ensure that training contributes to competitive strategies of the firm. Different

strategies need different HR skills for implementation. Let training help employees

at all level acquire the needed skills.

76
 BIBLIOGRAPHY

• Aswathappa, K (2002) ‘Human Resource and Personnel Management’, 3rd edition,

Tata McGraw-Hill Publication Pvt. Limited, New Delhi.

• Dale S. Beach, Personnel – The Management of People at Work, Fourth Edition,

Macmillan, 1980.

• Rsndall S. Schuler, et al., Effective Personnel Management, Third Edition, West

Publishing, New York, 1990.

• Kothari C.R., Research Methodology - Methods and techniques, new age international

publishers, 2007, 2nd edition.

WEBLIOGRAPHY

www.VOLTAS.com
http://en.wikipedia.org/wiki/Training_and_development

77
ANNEXURE

78
 A STUDY OF TRAINING AND DEVELOPMENT
PROCEDURE IN VOLTAS

QUESTIONNAIRE
Dear Respondent
I student of MBA conducting on A Study of Training and Development Procedure in
VOLTAS. This survey will be used for academic purpose only.
Respondent's Profile
Name.....................................................................................................

Designation...........................................................................................

Department...........................................................................................

Contact No...........................................................................................

Q.1. For how much time, are you working in this organization?

a. 1 year b. 2 years

c. 3 years d. More than 3 years

Q.2. Are you getting proper training and development in your organization?

a. Yes b. No

Q.3. If yes, which one is providing training to you?

a. Your supervisor b. Manager

c. Outsides consultants d. Trainers of your organization

Q.4. Training and development programme helps you in

a. To acquire new skills b. Goal achievement

c. Promotion d. Others

Q.5. Does training provides an excellent opportunity for newcomers to learn

comprehensively about the organization?

a. Strongly agree b. Agree

c. Disagree d. Strongly disagree

79
Q.6. Are the employees helped to acquire technical knowledge and skills through

training.

a. Strongly agree b. Agree

c. Disagree d. Strongly disagree

Q.7. Human relations competencies are adequately developed in your organization

through training in human skills.

a. Strongly agree b. Agree

c. Disagree d. Strongly disagree

Q.8. Employees in the organization participate in determining the training they need?

a. Strongly agree b. Agree

c. Disagree d. Strongly disagree

Q.9. The new recruits find induction training very useful in your organization?

a. Strongly agree b. Agree

c. Disagree d. Strongly disagree

Q.10. Are you satisfied by the training and development procedure provided by your

organization?

a. Yes b. No

80
 INDEX

Page No

Introduction 1

Company Profile 15

Objectives Of The Study 47

Scope And Importance 49

Literature Review 51

Research Methodology 57

Analysis And Interpretation 61

Findings 72

Conclusion 73

Recommendation 75

Limitations 76

Bibliography 77

Annexure 78

Questionnaire 79

81