Passline BusinessMagazine

2

Events Joji Mathew Chakkupurakkal, Managing Director of Legend Group, Dubai and Arabian Legend, Mitzuki in Kerala; receiving the `NRI Brand Icon 2015’ award from Home Minister Ramesh Chennithala

Kannur District Collector P Bala Kiran, IAS, receiving a copy of Passline Business Magazine from P M Mohammed Shareef (right), Director of Capitol Mall in Kannur

B Govindan, Chairman, Bhima at the BSICC award ceremony with Lord Swraj Paul, Virendra Sharma , Lord Brett McLean, Suhas Rao, MD Bhima Jewellery, Harish Haridas, Chief Kerala Representative, BSICC and Jaya Govindan (Partner, Bhima Jewellery)

Federal Bank’s latest innovation and the country’s first Mobile App for Bank Account Opening, FedBook being jointly launched by Kochouseph Chittilappilly, Chairman, V-Guard Industries; and Shyam Srinivasan, MD & CEO, Federal Bank; at V-Guard Corporate Office, Kochi. Also seen in the picture are Mithun Chittilappilly, Managing Director, V-Guard Industries; Varghese K I, Chief General Manager & Kerala Network Head, Federal Bank; Babu K A, Retail Business Head, Federal Bank; and Sunny N V, Ernakulam Zonal Head, Federal Bank.

3 From the Editor

Mounting debts, distressed people!

‘S

pooking news’ about the State’s burgeoning debts are always in the media when ever Kerala crosses the ‘Lakshman rekha’. But the respective governments, ruling time to time, do not adopt any check and balance measurers to desist from the indiscriminate borrowings. It is horrible to know that the State has been depending on borrowed money for its daily expenses for quite some time, now. The total debt will mount to a huge sum of Rs 1.59 lakh crore if the government’s latest plan to borrow Rs 25,000 crore also, added to it.

Hasty decisions regarding the revenue expenditure and shortfall of revenue incomes dragged the State towards the pathetic state. As per the reports, the total liability of the State accounted to almost 30% of the Gross State Domestic Product (GSDP) and the per capita liability of the State stands at Rs 46,700 is higher than the average of all the states.

Editor & Publisher

Varghese Paul Kozhikode Vineeth Mukundan 8714986177 Chennai Augustine Joseph Ph: 09381000534 Bangalore Gireesh Gopal +91 7204560000 Adithya +91 9538060591 54, 2nd Main, Vyalikaval Bangalore - 560003 Manager-Marketing Sajan K 09895344485 Keethara Publications Pvt Ltd 38/125 1st Floor, Narakathara Road, Kochi-682 035, Kerala, India. www.passlinebusinessmagazine.com

It is astonishing to know that, although the maximum amount of money being used by Irrigation department the condition of the agriculture in the State is in peril. The projects will commence without earmarking the fund in the budget. Ultimately the department is hard pressed to abruptly stop or postpone it and the estimate will end up in forty or fifty times higher than the cost of the projects. Another reason for this predicament is, without much deliberations and thoughts, most of the departments in the State have started PSUs and it has created an accumulated loss of above Rs 20,000 crore which bleeds the exchequer for quite a long time. Apart from few, most of the PSUs are in intricate debt trap and their contribution towards the State GDP is merely half per cent of the total figure. Out of State’s total income, 74% is being used for salary and pension expenses. Apart from this, the repeated reforms in salaries of government employees are just like rubbing salt in the bleeding wound of the exchequer. We should note that out of 5 lakh total employees 30,000 are not doing any productive work except accepting the salaries and other perks. Most of the money borrowed for capital expenditure of the State is being spent for these type of unproductive purposes.

It is sure that the over dependence of Gulf money will certainly push the State into penury in due course. To fuel the economic growth, we have to increase the domestic production. To give impetus to that, the government should add the infrastructural facilities, then only the capital for the manufacturing sector will come. The people’s expectation from the government at this situation is nothing but restructuring of loss making PSUs and the rehabilitation of unproductive workforce to a productive one. There is no other way to mitigate the revenue short fall and to restore the financial stability of the State.

Varghese Paul

POPULATION

4

K. Vijayachandran

K

Demographic transition of Kerala

erala’s population as on March 2011 was 3,34,06,061 according to Census-2011. Out of this 160.3 lakh (48 per cent) are males and 173.8 lakh (52 per cent) are females.

When the last census was taken, these figures were: 318 lakh total, 157 lakh (48.6 per cent), and 164 lakh (51.4 per cent) respectively.

Growth rate of Kerala’s population during the last ten years was 4.9 per cent, the lowest rate among Indian states: Growth rate at the national level was 17.6 per cent during the last ten years.

To quote from a survey paper of the late Prof P G K Panicker in 1999: Kerala has apparently entered the third or final phase of the demographic transition characterized by low death rate and declining birth rate leading to a slow down in the growth rate of population.

Thus, as of 1991, the birth rate

in Kerala was estimated as a little over 18 (per 1000 population), as against 30 for all-India and an average of 28 for low-income and 24 for middle-income countries; see graph. Crude death rate of Kerala in 1991 was 6 (per 1000 population), compared to the national average of 11, and an average of 10 for low-income and 8 for middleincome countries. It is significant to note that the crude birth rates and death rates in a ‘low-income country’ like China and a ‘middleincome country’ like the Philippines exceeded the corresponding rates in the ‘least developed’ region of Kerala.

Though the phenomenon of demographic transition in Kerala was observed by academics like Dr Panicker and others, two decades ago, little attention was given to its potential on the dynamics of regional development. Among the

major states of India, Kerala was at the bottom with regard to per-capita GDP: During the last couple of decades the situation has changed: Kerala has moved to the top replacing Punjab and Gujarat. The usual considerations, shown by the Planning Commission and Finance Commission to less developed states, were not available for Kerala anymore: As I remember, there were bureaucratic attempts, those days, to cook up poverty arguments for augmenting state’s revenue!

This year also, the reopening of Kerala schools at the onset of monsoon was celebrated by the local media with great fanfare. They were jubilant over the event and celebrated it as a grand festival: Some 45 lakh students enrolling in schools and spending Rs 2,000 on the average on school-kits was a big commercial event, with plenty of advertisement and the usual scan-

dals about text books, school maintenance etc etc. However, there were no reports about scarcity of students and uneconomic schools reported from anywhere.

Fifteen years ago school enrolment was even larger, bigger: It has been increasing ever since the national K Vijayachandran independence: By the turn of the century fresh annual enrolment had reached the peak of well over 565 thousand students! None of our investigative journalists and media experts have found it interesting to look at the steady decline in school enrolment over the past one and a half decades, which now seems to be stabilizing.

School and college education, especially the aided institutions were a roaring business of our elite classes, as well as religious and caste based NGOs, so long as fresh capacities were needed every year: Thanks to the ever increasing population and enrolment, education business was good, always a winning investment.

However, thanks to the falling birth rates and the subsequent demographic transition that started some two decades ago, the traditional education business is in a deep crisis.

Being not literate enough to explain the phenomenon of demographic transition and its manifold impact on the schooling system, our bureaucrats simply invented a new jargon: uneconomic schools!

That sounds like an original contribution to India’s stock of development jargons but has hardly helped to solve the real problems brought in by demographic transition.

It may be noted that, the elite classes of Kerala had manoeuvred the rapid demographic changes to their own selfish advantage. Special schools and CBSE schools in English medium came in as a big advantage: The time tested neighbourhood schooling system that had evolved over a period of time in Kerala was torpedoed by them,

PASSLINE

August 31 - September 30, 2015

5

with the introduction of English medium schools and special schools in a big way, as well as the liberalized open-door policy in higher education.

This has created two different classes of households and students, even in rural areas. One set of households sending their children in school buses, in special uniforms and ties, to far off digitally equipped special schools, teaching in English medium. The others trekked to ordinary local schools, mostly aided management schools or ordinary government schools teaching in Malayalam medium. Social and cultural impact of such class divides, as well as their spread and depth has not been evaluated so far.

Even in healthcare sector, something similar has happened, thanks to the drastically reduced number of births and deaths. Maternity hospitals and nursing homes, which were mushrooming all over the state are now closing down one by one. In their place, Super Specialty hospitals and Medi-Cities are mushrooming, all over the state, a totally unhealthy and regressive development in the healthcare sector, compared to even the trends in developed countries.

These high-cost corporate hospitals are siphoning away the investments but also the best of experts and talents from the autonomous specialty healthcare centres set up by state and central governments as well as those developed along with the government owned medical colleges. They are experiencing steady decline due to acute shortage of trained doctors and

skilled manpower. This is the situation in district, taluk hospitals and the primary health centres: Denial of high quality medicare to vast majority of common people is the net result.

The ongoing demographic transition could have been used as an opportunity for re-structuring the healthcare system not only for meeting the

rapidly changing demands for geriatric as well as maternity care but also for streamlining the administration of the healthcare delivery. Primary Health Units (PHU) along with the Ayurvedic and Homoeo dispensaries, family welfare centres and public health units one each or even more in every panchayat and municipal wards, jointly constitute a formidable healthcare team in Kerala. If they could work under supplementing each other under the command of local governments, its efficacy would improve a hundred fold.

Plenty has been written about the rapid pace of demographic transition in Kerala as well its impact on different regions, districts and even communities of the state. But it is surprising that, neither Kerala State Planning Board and its district level counterparts nor the education, health and other social welfare departments have taken these in redrafting their basic strategies: In the published plan documents and program there are no mention about changes, strategies related to human resources development. These are virtually left to the market forces, local and global: The totally unplanned growth in the social sectors has created chaotic conditions, leading to fall in efficiency at all levels and all-round escalation of costs. All these call for urgent changes in the style and content of governance.

But such noble thoughts of simple administrative reforms hardly cross the hearts and minds of our bureaucracy. They are fairly well organized under appropriate political labels: UDF, LDF or even BJP, and serve the narrow sectarian interests of the petty politicians who, in turn, lead them. This then lead to boycott and endless speeches inside and outside the Legislative Assembly. For the current season, they have manoeuvred the delimitation of panchayats and municipalities in order to improve the election prospects of UDF, and Kerala High Court has branded it as unnatural August 31 - September 30, 2015

PASSLINE

BUILDERS

6

T

ulsi Developers India Pvt Limited is a name to rely on as a tulasi plant/flower which is a symbol of loyalty and purity so as to attract the attention of the home seekers. In every project and deal of Tulsi Developers customers can experience that fineness and finesse. Thus,Tulsi has become a highly customer-friendly realty server and an integrated organization. Established in 2000, Tulsi has carved a niche in the real estate sector with its high profile projects, ranging from residential villas, apartments, land plots to corporate campuses, catering to a wide vista of real estate needs. Over a decade of its existence, Tulsi Developers has delivered several customerdreamt homes. Tulsi now has two on-going projects, the Tulsi Blu Rain at Aluva and Tulsi Plus Square at Kakanad. Tulsi Capitol Pointe at Vyttila was launched recently.

Blu Rain: Tulsi has now zeroed in on the construction of its first villa project--Blu Rain--which is being developed in 4.71 acres of land facing the Periyar and has 47 luxury villas. Set on the banks of the Periyar at Thadikkakadavu, Aluva; Blu Rain has devoured the beautiful slice of land pleasing to its beholders by its natural charm and scenic beauty. It brings a lifestyle in serene and salubrious surroundings. Here you are going to re-discover the pleasure of living on the refreshing riverfront. With hi-tech amenities fit for a newgen life like executive landscaping, garden with palm, cascading water body clubhouse, swimming pool with kids’ pool, barbeque centre, Jacuzzi and steam bath, basketball half court, cricket net practice area, billiards room, table tennis, association room, home theatre, library, servants’ and drivers’ toilet, dormitory for drivers, multi-gym, roundthe-clock CCTV security system, generator backup, intercom facility, PASSLINE

broadband connectivity, ornamental streetlight, extensive compound wall, security with security cabin, internal road with paved tiles, children’s play area and wide water frontage.

Serene Garden at Vennala embodies seven posh villas with classic features like swimming pool, party area, health club, association office room, 24-hour security, children’s play area, intercom facility, Wi-Fi connectivity, generator backup, indoor games area, extensive compound wall and internal road with paved tiles.

Tulsi Capitol Pointe: Tulsi Capitol Pointe is the new venture in the most sought-after place Vyttila.

Sprawling in 1.2 acres of land, the twin tower project with a separate Club House will stand tall amidst the city of Kochi. With the proposed metro station also coming live soon Vyttila will be much more connected with the hive of activities. Tulsi Capitol Pointe comes with a range of modern amenities akin to the other projects which makes it stand alone among other apartment projects. Truly it is said Tulsi Capitol Pointe offers luxury to its core.

Tulsi Plus Square: Tulsi Plus Square is a completed project. The 16 apartment project at Mundampalam, Kakkanad, was completed within a span of 1 year.

A highly customer-driven company, Tulsi Developers’ aim is to provide top-quality services to a large clientele, and it exclusively markets projects whose signature means excellence. It has also ambitious plans to meet the needs of a demanding sector. This means valuable saving in time for those who don’t have it or the inclination to get into the confusing or laborious procedure of buying a property. Tulsi has hundreds of satisfied and happy customers across the world.

August 31 - September 30, 2015

The brand proficiently carries the promise of building smiles on customers’ faces, bigger and wider.

Tulsi is driven by the great passion to realise your dreams of owning a perfect home. With transparent

dealings and simple procedures, Tulsi focuses on Greater Kochi and has completed projects spreading over vast areas. What makes Tulsi stand out from the myriad other developers in the region is

Target

Tulsi Developers’ target is to extend its development line and continue to use it as a platform on which a powerful group is built, a group which constantly extends its broad realm of activities both in India and abroad and is able to compete and survive in any operating environment.

Goals

Tulsi Builders` goals are to enhance its strong position amongst the elite property developers in the country; strengthen its profile as a company of high quality and reliability in all areas; increase its productivity and serve better its clients through continuous improvement and development of its staff.

7

Tulsi Developers

Making dream home a reality

its steadfast dedication to quality and service. Cumulative in-depth experience, skilled manpower and exhaustive material know-how enable the company to be at the forefront of technological innovation

to be a globally reputed company in the field of real estate development and management.

of our mind where pleasurable ers, is a handsome rich dynamic experiences, ambitions, aspirations mentor in the realty business as he has involved himself in its deal- and futuristic expectations grow and bloom. The brand proficiently ings from a very young age. So he carries the promise of needed no training and building homes to suit advice in this field. The customers’ choice and the knowledge and acumen clients are all smiles after and the two-decade owning a perfect home experience Das acquired of their dream. The only reflect in his projects way to do this is through which are customerbeing reliable, responsible friendly and affordable and trust worthy in what and meet the needs of a we do. This philosophy demanding sector. The propels us to remain conChairman pays utmost nected with our customattention to all the pros Thulasi Das ers always, to understand and cons of his busiwhat they need, what they want. ness, may it be homes or plots. As Moreover we take full responsibility a consequence, Tulsi Developers’ of providing safety and appreciaprojects whether they are homes tion to your hard earned money or apartments, are disposed of through delivering qualitatively at their nascent stage itself. The superior projects, that too, on-time.

Chairman says `` we value the importance of tradition. Our main We build your dreams real with passion that your homes have beobjective is to see the wish of come paradigms of perfect design, our clientele fulfilled. So we have extravagant luxury and total quality. brought luxury waterfront villas, Come, join a decade old tradition apartments and houses for sale in of passion in building the most Cochin, Kochi and Ernakulam.” beautiful homes of Kerala.” ``Dreams spring from the state (Response feature)

The mentor

Hailing from Cherthala, Thulasi Das, Chairman of Tulsi Develop-

Mission

To build the finest homes that are superior in design, technology and reflect true quality and to delight the customers through delivering exemplary life-time service to emerge a most sought- after and trusted brand.

Vision

To enrich the tradition of passionately making the dreams of the customers come true, by striving relentlessly towards achieving quality, transparency and on-time delivery, to become the most trusted realty brand in India.

Elevation of Legend Joswana

August 31 - September 30, 2015

PASSLINE

PASSLINE

August 31 - September 30, 2015

BANKING

9

ITC Bank

A ‘complete’ bank in coop sector Passline News Service

I

rinjalakuda Town Cooperative Bank (ITC Bank), the first high-tech bank in cooperative sector, is marching towards its glorious 100- year mark of service in 2018. Commenced in 1918, ITC

M P Jackson Bank has many first in its cap like the first fully computerized bank with air-conditioned branches in cooperative sector, the first bank in the sector which showcased with a colour scheme and logo. These initiatives enabled the cooperative bank to fetch a stand alone entity among its peers and at a level playing field on par with other scheduled commercial banks in the State. Now ITC has awesome business portfolios of Rs 940 crore as deposits and Rs 575 crore as advances. “ We have a business target of Rs 2,000 crore plus this fiscal. Rs 1,250 crore as deposits and Rs 850 Crore as advances and we have 14 branches at present; and five more branches in Vadakkanchery, Chelakkara, Vallathol Nagar, Erumapetti and Athani will open this year”, said T K Dileep Kumar, General Manger of ITC Bank. ”Our net NPA is merely a negligible level of 2% and the bank is providing its customers almost all advanced technology- based services and the upcoming one-- Immediate payment service (IMPS)-an App- based service will be the first among the banking industry in Kerala,” claims Dileep Kumar. “ Unlike other cooperative banks we have been following a totally professional management system and as a part of it, we are delegating the works to the employees according to the nature of it. The members of the Board of Directors or any other external forces will not interfere in the day to day affairs of the bank. M P Jackson,

a prominent figure in society and a great business personality who has impeccable track record in his business as well as personal life, is the Chairman of the ITC Bank.

He himself is taking initiatives for the transparent and smooth functioning of the bank. I believe, the reason for the overwhelming success of ITC Bank attributed to this single reason. Like any other bank we are also indulging in retail business like gold loans, housing loans etc. We also provide personal loans up to Rs 50 lakh,” adds the GM. With 30,000 shareholders and Rs 23 crore as share capital ITC Bank is aiming for Rs 15 crore as profit

New MD & CEO of CSB

A

nand Krishnamurthy has been appointed the Managing Director and Chief Executive Officer (MD&CEO) of the Catholic Syrian Bank.

Krishnamurthy holds a bachelor’s degree in technology (mechanical engineering) from the Indian Institute of Technology, Madras, and a post-graduate diploma in management from the Indian Institute of Management, Calcutta. He has about 22 years of experience in the field of banking having previously worked with HSBC for that period.

He has been associated with the bank since April 7, 2014 and has Anand Krishnamurthy been responsible for corporate banking, SME business and the integrated treasury operations of the bank as its Head of Wholesale Banking and Treasury.

S Santhanakrishnan, part-time Chairman of the bank, said, “We welcome the appointment of Anand Krishnamurthy as the Managing Director & CEO of the bank.

As MD & CEO Anand will continue to focus on initiatives to transform ourselves into a full service contemporary bank.”The Catholic Syrian Bank Limited is one of the oldest private sector banks in India with a history of over 94 years, and a strong base in Kerala along with significant presence in Tamil Nadu, Karnataka and Maharashtra.

in this fiscal, almost double of last year’s Rs 8 core.

A person with finance up his sleeves

T K Dileep Kumar T K Dileep Kumar is a person of in-depth knowledge of finance

S

and accounting. He has a Master Degree in Business Administration from CUSAT. Dileep has joined ITC Bank 15 years ago in 2000. It is no doubt that his professional experience and commitment enabled the bank to reach new scales of strength and professionalism which we have seen today. He is always thinking and looking forward for new vistas and areas of bank’s growth.

Named ‘Asia 21 Young Leader’

anjay Vijayakumar, Chairman of Startup Village, has been selected in the list of ‘Asia 21 Young Leaders’ by Asia Society, a preeminent network of young leaders from across the Asia-Pacific, representing the private, public, and non-profit sectors.

Vijayakumar will attend the special 10th anniversary Asia 21 Summit in Hong Kong during December 1-4. The summit will celebrate the achievements of the first decade, explore innovative ways to leverage the Asia 21 network for greater impact, and form special Asia 21 Task Forces to address critical issues facing the region.

Barely in his 30s, he earlier featured in the prestigious India Today magazine’s list of 37 Indians driving the future of the country. His previ-

ous recognitions also include his selection as a Global Shaper by the World Economic Forum (WEF).

Set up three years ago, Startup Village is fast shaping up as a unique national model in entrepreneurship akin to the prestigious Indian Institutes of Technology (IITs) in the area of technology education and Indian Institutes of Management (IIMs).

The incubator has caught the fancy of various state governments in India. It has helped the Andhra Pradesh state government in setting up a similar startup village at Visakhapatnam. Besides Kochi and Visakhapatnam, it aims to replicate itself in places like Ahmedabad and Delhi to emerge as a national player in entrepreneurship

August 31 - September 30, 2015

PASSLINE

10

A NEW MODEL FOR BRICS’

NEW DEVELOPMENT BANK

The New Development Bank should provide an alternative to the predominant development model; one that is transparent, respects human rights and promote sustainable development.

By Gretchen Gordon and Deepika Padmanabhan

L

ast month at the 7th BRICS Summit in Ufa, Russia, the BRICS countries (Brazil, Russia, India, China, and South Africa) inaugurated a new multilateral financial institution. BRICS Heads of State pledged that the boldly named New Development Bank (NDB) will be a driving force for South-South cooperation – a development bank that can deliver for emerging and developing economies where the traditional banks like the World Bank and Asian Development Bank have failed.

Unfortunately, merely calling something “new” or “better” doesn’t make it so. Creating a global bank that is able to provide real development for the Global South requires much more than a good name. It requires a new model of development.

The BRICS countries have been outspoken critics of the World Bank, IMF, and other traditional international financial institutions, PASSLINE

citing anti-democratic governance structures and a long history of strong-arming the developing world for the benefit of northern corporations. As South African President Jacob Zuma said, “There must be an alternative.”

But the first key question for many is not whether the NDB will provide an alternative to the predominant development banks, but whether it can provide an alternative to the predominant development model.

Forging a new development model As Caio Borges, a lawyer from the Business and Human Rights project at Conectas Direitos Humanos stated, “we hope that the New Development Bank reshapes not only global geopolitics, but the landscape of development finance, towards a model of partnership that puts first and foremost the fundamental human rights of individuals and vulnerable groups who are most affected by development projects.”

August 31 - September 30, 2015

Last month, Conectas and over 50 civil society organizations and social movements from around the world sent an open letter to the BRICS delegations, identifying four principles for a new development model for the New Development Bank: 1) Promote development for all: financing inclusive, accessible, participative development that is driven by communities, reduces poverty and inequality, removes barriers to access and opportunity, and respects human rights, local cultures, and the environment.

2) Be transparent and democratic: ensuring that development policies and operations are accessible and that the development process engages communities and civil society in choosing, designing, implementing, and monitoring NDB projects.

3) Set strong standards and make sure they are followed: adopting standards and accountability mechanisms based on human rights and environmental best practice to

ensure that development activities do not harm communities or the environment.

4) Promote sustainable development: supporting environmentally sustainable, long-term solutions and climate resilience, and respecting communities’ land and resource rights.

The NDB’s brand of development While the NDB had officially opened for business, the BRICS still have not spelled out what they mean by “infrastructure and sustainable development” and the bank does not yet have an operational policy framework. So the second million dollar question, or in this case, the USD 50 billion question, is what type of development will the NDB deliver and how?

As many commentators have pointed out, the BRICS’ firm embrace of resource-intensive megaproject development both at home and abroad does not inspire hope for the social and environmental impact of the NDB’s investments.

11 Large infrastructure projects carry extensive human rights and environmental risks, especially where domestic legal frameworks are weak or enforcement capacity is low.

Unfortunately, several BRICS and NDB officials have expressed a distinct disdain for lending safeguards or standards which might provide a minimum safety net, viewing them as conditionalities or overly rigid.

At the same time, many of the BRICS countries have strong domestic social and environmental legislation which could be used to argue for parallel protections in NDB operations. China has in recent years strengthened its regulatory framework for overseas investments, and has strongly encouraged compliance with international norms and best practice. Chinese officials pledged that the new Asia Infrastructure Investment Bank will embody “the highest standards”.

These developments indicate some openings for the NDB. With the NDB now officially inaugurated, and its first projects expected to be approved in early 2016, the institution will have to establish a clearer direction and policy framework. At a minimum, this provides civil society the chance to influence the institution from its inception, and hopefully to incorporate some of the lessons learned from decades of fighting the World Bank and other IFIs. Where we go from here While the BRICS summit in Ufa has finished, the real work continues. In BRICS countries, civil society groups are pushing their finance ministries and parliaments to try to influence the NDB’s direction and policy framework and to shape the concept of what real development is. Thanks to advocacy from civil society groups like the Centre for Applied Legal Studies, South Africa’s parliament issued instructions to the South African department of finance to promote human rights through BRICS processes. Through

the Bank on Human Rights Coalitionand other fora, BRICS civil society groups are strengthening their connections with each other, as well as with counterparts in non-BRICS countries, in order to share strategies and enable coordinated advocacy.

Another critical area of work is ensuring that frontline communities who will bear the greatest impacts from NDB projects have the resources and solidarity they need to advocate for their development priorities and to defend their rights.

The coalition-building by communities and civil society groups around BNDES, the Brazilian national development bank, and around Chinese overseas investment, is growing stronger, connecting communities impacted by foreign banks with national groups in the banks’ home countries. These connections and collaborations provide a strong foundation for building the solidarity necessary to shape the NDB and its investments and to hold it accountable.

While we cannot hope the New Development Bank will be something new or better just because it has a clever name or because different flags fly outside its offices, we can continue to fight for a new model of inclusive, community-led development that respects human rights, regardless of the bank signing the check. – Third World Network Features.

(Gretchen Gordon is Coordinator of the Bank on Human Rights Coalition, a Coalition of social movements, civil society organizations and community groups working to ensure that all development finance institutions respect, protect, and fulfill human rights. Deepika Padmanabhan is an intern with the same Coalition.)

August 31 - September 30, 2015

PASSLINE

12

SBT banking

museum on the anvil S

tate Bank of Travancore, one of the associate banks of SBI in Kerala, is completing 70 years of glorious service on September 12, 2015. The bank was incepted as Travancore Bank in 1945 when Sreechithira Tirunal Balaramavarma was the Maharaja of the erstwhile Travancore state.

Later it was known as State Bank of Travancore(SBT) when other local banks too were taken over by State Bank of India(SBI) as the associate banks of SBI in 1960.

The much acclaimed Kerala developmental model was achieved after various vibrant and potential reformations. There took place a lot of social renovations to effect the whole change and progress of Kerala society in 50s and 60s. In order to lay the economic foundation for the social reformation the part played by the Kerala owned State Bank of Travancore was inimitable and substantive.

During different phases of growth nearly nine locally known banks were merged with the SBT. They were Kottayam Orient Bank, Chambakulam Catholic Bank, Cochin Nair Bank, Chaldean Syrian Bank, Latin Christian Bank, Vasudeva Vilasam Bank, Travancore Forward Bank Limited, Bank of New India Limited, Bank of Aluva Limited.

SBT chose exemplary steps to bring in the total developments happened in the banking sector globally and nationally through technology PASSLINE

education rendering invaluable service to its customers.

SBT, which realized the pulse of people in society formulating policies and schemes conforming to the needs and wishes of people, was the backbone in the financial field and contributed its mite to the socio cultural activities. SBT, by instituting Malayalam literary awards and honouring NRIs, offering jobs to sports luminaries and forming football-cricket teams, became the image of the Malayali minds.

By means of corporate social responsibility the bank extended philanthropic and charitable aid to thousands of people.

On the gateway to platinum year, the history of the bank, in other words, is the history of the banking industry in Kerala. In this backdrop, the bank, in its 71st inception day, is contemplating to launch a banking museum and to showcase bank history. The museum should have to be the confluence of history, past and present. It will be a reference point for historians and research students.

To help such an endeavour, the need of the hour is to collect and protect bank oriented material, historical facts, photos and records.

Now the bank seeks the cooperation and help of former employees in SBT in the beginning and of other banks merged, their kith and kin, clients, history students, other bank employees, employees of associate banks, bank archivists; for

August 31 - September 30, 2015

gathering material and information.

SBT requests the people who have precious data, records to entrust the same with the bank and to extend their patronage to make

this endeavour a success by way of contacting the nearest branch manager or calling phone 9447006363 --15Suresh Kumar, Convener, History Project

INFRASTRUCTURE

13

KINFRA@22 years Ongoing Projects

K

K N Srikumar

erala Industrial Infrastructure Development Corporation (KINFRA) was set up by an Act of the State Legislature in February 1993, aiming at accelerating the industrial development of the State by providing infrastructure facilities to industries.

KINFRA’s thrust has been to facilitate the development of industrial infrastructure in the State, and as such it has successfully completed more than two decades of excellence in this field.

The Industrial Parks developed

by KINFRA have facilities like developed land or built up space, dedicated power, continuous water supply, communication facilities etc, in addition to supporting social infrastructure facilities like administrative block, bank, post office, round the clock security etc. Within twenty two years of functioning, KINFRA has ventured into 22 theme based Industrial Parks in Kerala in areas such as garments, infotainment, marine/seafood, rubber, exports, food processing, biotechnology etc. Some of the other notable achievements are the successful completion of India’s first International Apparel Park in Trivandrum; India’s first Export Promotion Industrial Park in Ernakulam; India’s first Infotainment Park, the Film & Video Park, at Trivandrum and India’s first Food Processing Industrial Park in Malappuram.

KINFRA has also developed Joint Venture Projects like India’s first Rubber Park (JV with Rubber Board) in Kochi, India’s first Seafood Processing Park (JV with MPEDA) in Alappuzha, Kottayam Port & Container Terminal Services Private Limited (KPACT), Kottayam (JV with South Indian Chamber of Commerce and Industry (SICCI), Kottayam), Western India KINFRA Ltd. (WISE Park) in Palakkad. KINFRA has developed Small Industries Parks in Trivandrum, Pathanamthitta, Ernakulam, Thrissur, Kannur, Waynad and Kasargod etc.

KINFRA Industrial Park, Piravanthoor An Industrial Park is proposed to be developed in about 65 acres of land belonging to the Travancore Plywood Industries which has been transferred to KINFRA by the Government. Basic infrastructure facilities will be provided to entrepreneurs to set up industries in plots developed within the 65 acres of land, along with a Standard Design factory.

KINFRA Industrial Park, Kuttipuram This Park is proposed to be developed in an area of 20 acres of prime land at Kuttipuram, catering exclusively to MSME. KINFRA will provide basic infrastructure to entrepreneurs to set up industries in plots developed within the campus of KSDC. Land transfer is yet to be completed as the liquidation process of the company is in progress.

Advanced Technology Park, Thrissur & Kozhikode KINFRA proposes to establish an Advanced Technology Park in 40 acres of land at Puzhakkal Padam in Thrissur and in 80 acres of land in Kozhikode with infrastructure necessary to foster to the optimal application of knowledge in all sectors of the economy and to facilitate knowledge-enabling, knowledge-empowering and knowledgeintensive industries and services.

Industrial Park, Ottappalam, Palakkad KINFRA is developing Industrial Park, Ottapalam, in 90 acres of land, catering exclusively to small and medium scale industries in sectors like rubber based products, general engineering, ceramic products, plastic products etc. The Park will have all the basic infrastructure facilities required for such industries. The development works commenced. Construction of SDF is in progress. This building is constructing in green building concept.

Kottayam Port & Container Terminal :- The first inland container depot which is nearing completion at Muttam in Kottayam district on Public Private Participation by a joint venture company called Kottayam Port & Container Terminal Services Private Limited (KPACT) promoted by Kerala Industrial

Infrastructure Corporation (KINFRA) and South Indian Chamber of Commerce and Industry (SICCI). This is an export promotion facility being set up with the assistance from “Assistance to States for developing export Infrastructure and Allied Activities” (ASIDE) scheme by the Central Government, Ministry of Commerce, which is to be operated through road and waterway. The project has the uniqueness being the first Inland Water Way Port in India.

Marine Park, Beypore KINFRA is developing an area of about 25 acres close to the Beypore fishing harbor, Kozhikode district for establishment of Marine Park.

The main objective of the scheme is to establish a dedicated industrial park with all modern infrastructure facilities and technology for value added production of marine products. The Park development is proposed after obtaining necessary environmental clearances.

Telecom Incubator at Hi-tech Park, Kalamassery In consideration of the value of

the Technology Business Incubator in fostering entrepreneurship and enhancing the success of new entrepreneurial ventures and it’s overall impact on the socio economic development at large, it is imperative that incubation activities are supported. As a part of the above KINFRA proposes to construct 1 lakh sq.ft built up space in Hi-tech Park Kalamassery at an estimated cost of Rs 25 crore.

Industrial Development Zones Government of Kerala during 2012-13 has announced development of Industrial Development Zone in major cities like Trivandrum, Kochi and Calicut close to airports and seaports. KINFRA has identified around 2000 acres of land in various districts of Kerala for acquisition for the development of above Industrial Development Zones. The land acquisition procedure is in progress. ( The author is Senior Media Advisor, KINFRA)

August 31 - September 30, 2015

PASSLINE

14

INSURANCE

Health insurance cos can no longer reject claims arbitrarily

Passline News Service

O

nce admitted to a hospital, if the illness doesn’t bog you down, chasing your insurer for settling the claim surely will, if you are admitted in a hospital that’s not in the preferred provider network (PPN) list. Take the example of 63-year-old Zarina, a retired school teacher. She spent Rs 84,000 for treatment of cholera at a well-known hospital in Kochi that didn’t offer a cashless claim settlement. Once out of hospital, Bestwith Compliments from she lodged With a claim her health

insurance company.

Two months later, she received a cheque of Rs 24,245. While she was following up with the third-party administrator (TPA) on the reason, she got a call and was asked to pay Rs 10,000 if she wished to get the entire amount reimbursed. This is not a one-off case. The over-dependence of insurance companies on TPAs has given rise to malpractices, due to which the policyholder suffers. To plug claims mismanage-

With Best Compliments from

COMMUNITY BASED REHABILITATION CENTRE A CENTENARY PROJECT OF INDIAN CHAMBER OF COMMERCE & INDUSTRY

INDIAN CHAMBER OF COMMERCE & INDUSTRY (Affiliated to FICCI, New Delhi) Post Box No. 236, Indian Chamber Road, Cochin-682002 Phone: 0484-2224335, 2225966 Fax: 0484 2224203 E-mail: info@iccicochin.com Web: www.iccicochin.com Willingdon Island Office Phone: 0484 2666901 Airport Office Phone: 0484 2611020 Trivandrum Office Phone : 0471 2321888

PASSLINE

August 31 - September 30, 2015

ment, the Insurance Regulatory and Development Authority of India (IRDAI) is bringing reforms in the mediclaim segment.

Claim rejected or reduced to nothing?

It has been a common practice for TPAs to reject claims citing lack of documents or other discrepancy.

More common is a practice where they give you a list of deductions they have applied to bring down the claim amount, like what happened in Zarina’s case.

An activist whose public interest suit in the Bombay High Court led to many changes in health insurance policies, explains: “Insurance companies have been incentivising TPAs to reduce the bill amount and, in turn, lower their outgo.” In the court, he produced documents that showed TPAs give daily targets to its staff for approving claims. For example, the total money sanction in a day for all the claims should not cross Rs 45 lakh.

“How can settlement of hospital bills be based on targets?”questions the activist . He also points out that there have been instances where the same TPA has sanctioned different amounts for the same disease in the

same hospital. To reduce such cases, IRDAI recently clarified in its draft health insurance regulations that TPAs have no right to reject claims and such power lies exclusively with insurance company.

It also clarified that TPAs should only administer cashless claims.

The decision to reject claims or to reduce it should be taken by the company. Experts feel arbitrary rejections will definitely go down because of this. Wrongful deductions, too, will fall as the decisions will now be conveyed by a company official on its letterhead.

Get discounts on your bill TPAs and insurance firms have several transactions with hospitals in the cashless segment. When several such bills pile up, the former negotiate with healthcare providers for discounts to release full payment. However, policyholders are not aware and get a bill for the rack rates charged by the hospitals. Now, these discounts will be passed on to the policyholders. The regulator has mandated insurers and TPAs to make hospitals reflect the discounts in the final bill.

For example, you are admitted to a hospital that offers cashless

15 facility and charged Rs 50,000 for treatment. If the hospital gives a discount to the insurance company, your bill, too, will come down.

This is a significant move. Policyholders would be left with a higher sum insured as balance to take care of future claims. If people who would exhaust their entire sum insured during treatment get this discount, the payout from their pocket will be less.

towards having their in-house claims department, rather than partnering with TPAs. Bajaj Allianz General Insurance was among the first private ones to have its own claim processing team. “Initially, we had TPAs for about a year.

But after facing issues and grievances from customers, we decided to have our own department. It also helps us resolve grey areas quickly,”

says head (health administration team) at Bajaj Allianz.

With reforms, many experts feel TPAs would be marginalised. “The industry is growing at 25-30 per cent annually and TPAs have their own standing due to their business ties. However, their role will be defined and smaller,” says managing director of a general insurance company in south India.

With the recent reforms, insurance companies feel there are better days ahead for customers. No doubt that health insurance is a very sensitive area and the regulator wants TPAs to service the policyholders well.

As some frauds have happened, the regulator feels these were due to oversight by companies. It wants the firms to have control on their TPAs.

Better claim management During the court proceedings of the suit that the activist had filed, the regulator submitted a survey it did among insurance companies.

According to the report, one public sector insurance firm doesn’t have an effective system in place to administer the health policies serviced

by TPAs. A private sector insurer was found to have no records of claims its TPAs serviced. Another had given a bulk amount, called float fund, to its partner TPA to settle claims on its behalf. Once the

No doubt that health insurance is a very sensitive area and the regulator wants TPAs to service the policyholders well. As some frauds have happened, the regulator feels these were due to oversight by companies. draft guidelines are implemented, such cases would come down.

To offer cashless facility, insurance companies use a PPN or hospitals empanelled by TPAs. Experts say the regulator also come across cases where the TPAs have asked hospitals to give commissions on every claim if they want to enrol in a PPN. Hospitals get swayed easily for the lure business. But this also results in overcharging customers in order to pay commissions to TPAs. IRDAI in its draft proposal has said TPAs should not solicit any business dealings on behalf of insurance companies.

This guideline would reduce such malpractices. Due to such issues, many private insurers have moved August 31 - September 30, 2015

PASSLINE

16

KRITI Projects

Building homes in suburbs of urban living

B

ting at that cost. By compromising Started in 2013, the building works Unique Selling Point (USP) lending tradition and modon the area ,very soon you will end are almost completed and by this ernism without compromis- Kriti Projects believes in providup living in a hut when the family year end , Gateway Enclave will be ing vasthu is the uniqueing affordable homes with starts growing. ready to occupy. ness of Kriti Projects finest finish with urban who builds simply not Suresh R Kamath, Chairman of TEAM touch. They have eshomes, but building the company, is an entrepreneur tablished a good quality Sethunath M, Managing Director comfort, happiness and and a figure known well amongst control process to ensure of the company, is a well- known safety in suburbs with the business community of Kerala. that the final product is figure in the Kerala real estate secamenities and accessoWith more than 20 years of experidelivered with highest tor. He has more than a decade of ries conforming to the ence in the business , he is presstandard. This ensures the experience in the project execution urban life. The concept ently the Managing Director of value for money for those and financial management. He has in real estate advantages IDA Group of Companies , having who have investsuccessfully completed the home seekers the an annual turnover of Rs 125 crore ed their life savSuresh R Kamath around 15 lakh sq ft most; because they can plus. IDA is one of the leading ings in the 4 walls that we of built up areas of enjoy the features of urban life wholesalers for steel tubes of both call the home. high rise buildings and residing in the homes available at a villas to his credit. Hav- galvanised and mild steels in Kerala.

Gateway Enclave reasonable suburban price offered Couple of years back, IDA group ing worked with the Kriti’s maiden project, by three esteemed and experienced Kerala’s major builders, has also entered the hospitality secGateway Enclave at Aroor, visionaries.

Cheloor Properties and tor in Kochi . a perfect blend of tradiKriti Projects Private Ltd was Kriti Projects is well supported by Mather Projects, Settional architecture and incepted in 2012 by Sethunath M, its Director Sudheer hunath is well ultra modern facilities, is Sethunath M Suresh R Kamath and Sudheer R R Kamath who is also aware about the built in a total land area of 45.96 Kamath, with a vision to play a the Director of IDA changing trend in construccents for 27 flats of 2 & 3 BHK in pivotal role in the housing develGroup of Companies. tion and choice of the cusG+3 floors in an area ranging from opment sector of Kerala through He travels a lot and tomers and their require1075 sq ft to 1562 sq ft each. The strategically developing the suburmaintains good conments. He says, ``we just ban regions ventilating to the urban project is located in an admirable tact and relationship do not build buildings.

We residential locality close to the areas. By providing a premium with leading business are building comfort, hapKochi metro city. Vytilla junction living standard on par with that groups in India. It is piness and safety in them.” is just 11 km away and it will take of the urban one, Kriti Projects his hard work, dedicaHe elaborates that the hardly 12 minutes drive from the extends a great opportunity to its investors shall not always Sudheer R Kamath tion and innovations esteemed customers to own a pre- project. The design of the building that led the group to such a leading look into the total cost of owning mium house , close to the city limits allows maximum cross ventilation position in the Kerala’s business a house.

They should also compare and day light with strict adherat moderate rate . circles. the total built up area they are getence to the basic vasthu principles.

PASSLINE

August 31 - September 30, 2015

FAUNA CARE

17

FELICAN PET HOSPITAL Saving lives of animals & birds Passline News Service

mute creatures with a wide range of veterinary speciality services, such as X-ray, Ultrasound scanner, Ultrasound dentistry , Bone fracture treatment, Caesarean, Spaying and Neutering, Tumour removal; at moderate rates with the support of experienced veterinary technicians.

The hospital provides outstanding veterinary care and friendly client service. This approach has earned the hospital thousands of loyal clients over the years, which has allowed it to continue to grow. Being a seasoned veterinarian Dr Sunilkumar, founder and mentor of the hospital, allows to offer the most advanced diagnostic and treatment options to the animal patients.

N

Dr Sunikumar terminally ill or has a serious illness owadays when the media or injury that requires specialized are agog with the news cure. The severity of the illness or of bites and attacks on injury requires not only a high depedestrians by stray dogs and the gree of medical excellence but also fear and despair haunting the gentleness and a full understanding masses on roads in our State there are a lot of people who care their of all that you and your pet are gopets giving them the status of a pet ing through emotionally. member in the family. They feel a But, in Kerala, we seldom see great sense of responsibility to pro- such private hospitals solely to vide the personalized and compastreat these animals. Fortunately, sionate care that they and their pets Felican Pet Hospital at Thripuneed and deserve. They understand nithura, Kochi, is a home for such how difficult it is when the pet is

`` It’s often difficult to bring large ferocious dogs to the clinic and in Kerala people prefer house visits, so we have arranged house visits for treatment during morning hours from 8 am to 12 pm.” Dr Sunilkumar reminds us.

Sunilkumar describes that our pet shop (Petonia Pet Shop) is fully loaded with ordinary, premium and super premium dog foods of different brands. We also have accessories like chains and collars, T- shirts, toys, sprays and shampoos etc. We offer free home delivery within 8 km radius up, on request. Many people think that this is a luxury; in

fact it is a necessity especially for hairy and indoor pets. Vaccinations, check-ups, exams, nutrition and diet, shampooing, drying, combing, cutting, hair trimming, ear cleaning, anal clearing are routinely done here.

Specialist in wild life science Felican Pet Hospital at Tripunithura, Kerala, is dream project of Dr S Sunil Kumar to deliver the best of service in companion animal treatment and management. Graduating from College of Veterinary and Animal Sciences, Mannuthy (1983 batch) Sunilkumar joined the Department of Animal Husbandry Kerala in 1989. He has acquired more than two decades of service in this department, specializing in management and treatment of Dogs, Cats and Birds.

He has undergone training in wild life management from Smithsonian institution, Washington DC, and is a specialist in wild life tranquilization and treatment.

Dr Sunikumar has attended several international and national small animal practitioners’ conferences.

He is a member of District Elephant Squad, Ernakulam. He has authored several articles and books in the field of pet care and management.

India’s 10 wealthiest jewellers T S Kalayanaraman Rank: 1 Net worth: $1.3 billion

B Govindan Rank: 4 Net worth: $620 million

Nirav Modi Rank: 2 Net worth: $1.1 billion

Vallabhbhai S Patel Rank: 5 Net worth: $590 million

M P Ahammed Rank: 3 Net worth: $1 billion

Vasant Gajera Rank: 6 Net worth: $580 million

Laljibhai Patel Rank: 7 Net worth: $480 million Babubhai Lakhani Rank: 8 Net worth: $470 million Mavji Bhai Patel Rank: 9 Net worth: $410 million Rajesh Mehta Rank: 10 Net worth: $310 million August 31 - September 30, 2015

PASSLINE

1818

IndRoyal sets new trend in T

he INDROYAL Group, a multinational business entity, has diversified business interests and expanding market presence. Its real estate arm, Indroyal Properties, is a renowned name in the residential, commercial and hospitality sectors in India and abroad. Indroyal Properties, one of the top realtors in Thiruvananthapuram, builds high-end luxury projects on par with international standards. THE UPTOWN, the upcoming apartment project in Thiruvananthapuram, is the maiden project of IndRoyal Properties.

THE UPTOWN sets a new trend for luxury living in the capital city.

A landmark in its own right, THE UPTOWN sports a striking architecture featuring twin towers rising from a podium and connected by an impressive skywalk to enjoy the beauty of the nature in the twilight of the dusk. The apartments, envisaged for the exclusive luxury living in Thiruvananthapuram, provides all the essentials of a great life style.

These towers comprise 3 bedrooms of 213 apartments of international standard, besides garden homes and penthouses.

The twin-tower condominiums also offer Plantinum and Diamond apartments, with the former offering fully air-conditioned and fully furnished ready-to-move-in homes fitted with all requirements with everything from furniture to home automation systems to curtains and even exquisite objects for home décor. The home automation features take over various conveniences like remote gate, curtain control, mood lighting, A/c controls, motion sensors, door phone with camera, burglar alert, gas leak detection, virtual parenting, wi-fi etc to mention a few.

THE UPTOWN also offers extensive recreation facilities including an infinity edge swimming pool, kids’ pool, kids’ play area, home theatre, reading room, sauna, steam room, Jacuzzi, gymnasium, billiard room, tennis court, yoga and meditation PASSLINE

pavilion and spa. There’s also a dedicated janitor service to take care of every need. With beautifully landscaped surroundings, this super luxury apartments in Thiruvananthapuram features solar powered lighting and plenty of common space all around, residents can get together, interact and enjoy the very best of community living.

Coming up at PMG – Kannamoola Road, Thiruvananthapuram, the new residential project, combines all the essentials of a great lifestyle - prime location, exceptional amenities and good connectivity to important destinations like International Airport, Railway Station, Secretariat, University College, Kendriya Vidyalaya, Holy Angels like 14 prominent educational institutions and 11 main hospitals within 5 km radius.

Established in 1991 by Sugathan Janardhanan in Ajman, UAE, the Group first launched furniture business. The enterprise, named Royal Furniture, is today one of the largest ISO 9001:2008 certified manufacturing and trading companies in furniture and furnishing accessories, across the Middle East and Asia.

The Group has manufacturing facilities in UAE, China and India, and a network of retail showrooms under the brand names ‘Royal’ and ‘Indroyal’ in UAE and India respectively. It exports furniture and furnishing accessories to more than 45 countries across Africa, Asia, CIS, Europe and the MENA region. The Group also has expertise in handling turnkey furnishing contracts for residential, commercial and hospitality sectors.

Under the hospitality division, the Group has a 212-room 5 star deluxe hotel in Kochi (Holiday Inn) managed by International Hotel Group (IHG). It also has 5 properties in the UAE, comprising around 600 hotel/apartment suites in Ajman and Dubai, operating under the reputed Tulip Inn franchise.

August 31 - September 30, 2015

According to Founder-ChairmanSugathan Janardhanan, ``At the Indroyal Group, one of the defining factors for the success of our various enterprises has been the

Sugathan Janardhanan focus on ensuring quality at the right prices. Needless to say, this attribute forms the essence of the value proposition that our recent venture, Indroyal Properties, one among the best builders in Thiruvananthapuram, offers its discerning customers. ``INDROYAL Properties builds on the rich legacy of business success and customer trust the INDROYAL Group has been enjoying ever

since its inception in 1991. The company’s interests range from high-end residential developments to commercial and hospitality properties across India and the Middle East, to begin with. The company also has residential projects in various stages of development at key locations. ``As a member of the INDROYAL Group, the company benefits from the industry expertise and knowhow the Group has acquired across the Indian and Middle East markets. This is a significant advantage that, I’m certain, will help INDROYAL Properties in delivering exceptional offerings that combine top-notch quality and great value and to be the top builders in Thiruvananthapuram.

The INDROYAL Group’s success across its various ventures can be attributed to its single-minded focus on delivering true customer value. Be it in furniture, furnishing accessories, mattresses and allied products, or turnkey interior furnishing solutions, we strive to offer what our customers want, at prices that delight.

As the Group enters new busi-

1919

luxury living Sunny George has been heading Finance & Operations of the INDROYAL Group for the past 15 years, and was instrumental in set-

nesses and newer markets, constructs the new residential project in Thiruvananthapuram, I believe this simple formula for success will stand us in good stead and help us scale greater heights in the future’’.

Managing Director K S Premkumar

K S Premkumar is a graduate from Bombay University. Premkumar is a leading expert in the field of hospitality living and luxury property development. In his many roles with leading Dubai based business corporates, with diverse interests in real estate, construction and hospitality. Premkumar headed the development of a number of residential buildings, commercial complexes and five-star hotels, managed by international

chains such as Sheraton and the InterContinental Hotels Group (IHG) in the Middle East, Africa and Europe.

As a Certified Project Management Professional accredited by Parson Brinckerhoff, USA, Premkumar later joined the founding team of one of Dubai’s premium luxury property developers as Senior Vice President, overseeing the completion of some of Dubai’s most premium towering residential complexes and their FDI venture in India as Executive Director. He was the project advisor and management facilitator of INDROYAL’s maiden 5 star hospitality project, Holiday Inn, Kochi. THE UPTOWN near Techno Park is being constructed under his direction.

Sunny George, Executive Director, is a Commerce Graduate from Calicut University and a qualified Management Accountant (CMA) holding the associate membership of the Institute of Management Accountants. Adept at financial planning and project implementation, has a track record of successfully implementing projects, be it industrial, residential or hospitality.

Sunny George ting up furniture factories in India and hotel apartments in Dubai.

He incorporated off-shore companies and managed the construction of factory building at Jebel Ali Free Zone in Dubai. He was also responsible for the successful implementation of the Group’s prestigious hospitality project Holiday Inn, Kochi - the tallest five star hotel in Kerala. His skills and knowledge will lead INDROYAL Properties to the position of the best builder in Kerala.

N. Madhusoodhanan, Director – Operations: As a qualified Civil Engineer, Madhusoodhanan has 40 years of experience in the construction field in Mumbai, Dubai and Kerala. He was actively involved in the construction of multistoried The other upcoming projects • A five star business hotel near Technopark, Thiruvananthapuram.

A high rise luxury apartment project near Technopark, Thiruvananthapuram.

A residential villa project and an apartment project in Kozhikode.

• A super luxury residential township in Kochi apartment complexes in Mumbai.

In Dubai, being the Project Engineer for the Al Shirawi group, has undertaken construction of large apartments, factories, villas etc.

Being the Director of INDROYAL

group, he was instrumental in the construction of their factories at Tenkasi and Thiruvananthapuram.

Madhusoodhanan Madhusoodhanan has also undertaken the construction of super luxury villas each measuring more than 20,000 sq ft in Thiruvananthapuram. Being part of the engineering team he had a lead role in the construction of Holiday Inn, Kochi. The upcoming apartment project of INDROYAL properties, the top builders and developers in Thiruvananthapuram is also a reflection of his expertise.

Vision & Mission To create quality living spaces that provide the customers with ideal environments to live, share and bond. To become the first choice for home buyers looking for the right combination of value and price.

To create quality living spaces that provide the inmates with ideal environments to live, share and bond. To bring the latest innovations in design, technology and space management so as to enhance customer value.

To build and sustain a work environment that attracts the best talent and fosters innovative thinking. To be the best builders in Thiruvananthapuram and to be one of the top builders in India.To become the first choice for home buyers looking for the right combination of value and price.

August 31 - September 30, 2015

PASSLINE

20

K P Muhamed Ashraf PASSLINE

August May 31 -31June - September 30, 2015 30, 2015

E K Mohammed Ashraf

P M Mohammed Shareef

K Mohamed

A Hyder Ali

P P Musthafa

Najeeb Kadiri

P M Rasheed

COMMERCIAL COMPLEX PAYANNUR August 31May - September 31 - June30, 30,2015 2015

(Response feature)

21

PASSLINE

PROJ ECT OPPORTUNITIE S

22

I

Prof Job K T

SPRING MATTRESS

t seems fairly certain that the concept of the mattress originated during pre-historic times. By lying on piles of leaves, straw and animal skins, early human beings were able to sleep more comfortably and more soundly than they could have on hard surfaces.

To a large extent the development of the mattress is closely linked with that of the bed. In many ancient societies, the bed was considered the most important piece of furniture in the household; often, it provided a central gathering place for dining and relaxing as well as sleeping. Over the centuries, bed frames became more elaborate for those who could afford luxury. Until the twentieth century, they generally consisted of lumpy pads filled with horse hair, cotton or rags. Late in the nineteenth century when small local manufacturers began to produce mattresses commercially, the items remained inexpensive because early mattress makers continued to rely on extremely inexpensive stuffing.

Mattresses with stabilizing interior springs, probably the single most significant advance in mattress design, were first developed during the mid1800s. By placing a set of uniform springs inside layers of upholstery, mattress manufacturers could imbue their product with a firm, resilient and uniform texture. However, because so-called innerspring mattresses were expensive to manufacture, only luxury ships and hotels that could pass the cost along to their affluent patrons purchased them initially. After World War I, innerspring mattresses were mass-produced by Zalmon Simmons, Jr. Despite the fact that Simmons asked 40 dollars for innerspring mattress in 1926, the products proved so comfortable that millions of Americans purchased them.

Today’s sophisticated mattresses improve sleeping comfort in several ways.

First, through a variety of enhanced innerspring designs, modern mattresses distribute the weight of the body over a broad area; this also helps to prevent differential wear on the mattress. In addition, mattresses offer surfaces of appropriate softness and flexibility to help keep the spine in its naturally curved position. However, contemporary mattress manufacturers carefully avoid excessively soft surfaces that would distort the position of the sleeper’s spine, resulting in discomfort or even pain.

The size of the mattress industry globally is standing at US$ 15 billion.

Presently, the consumer demand for mattresses is fairly consistent. In 1990, approximately 16 million mattresses were sold in the United States.

Together with foundations, mattresses accounted for about $4 billion in retail sales. With the exception of a few large companies, most mattress manufacturers are fairly small, community-based operations. Of the approximately 825 mattress factories across the United States, most are still owned and operated by the founding families.

The mattress market of India is dominated by small and unorganized players. These players specialize in coir, cotton and foam mattresses, which cater to almost 80% of the country’s requirement. The India mattresses market is domestically dominated by players such as Kurlon, Sleepwell, Springfit, Springwell and others. Sleepwell is the market leader with a market share of 40% in terms of revenue in India mattresses market in the year 2013. Kurlon is the market leader by volume sales with a market share of 30% of the total sales. Springfit is the upcoming mattresses brand which sells its products to big companies.

The spring mattress area is still in its nascent stages in the country and is evolving. A major growth driver for the spring mattress market in India is the growing urban population who is ready to spend considerable amounts for their luxury and comfort. This trend is attracting major global players to invest in mattress industry of India. Peps Mattresses would be the pioneer of the spring mattress industry in India. The major players such as Tempur, Snoozer, King Koil, Sleepwell, Springwel, Duroflex and Kerala State Rubber Co-operative Limited (Rubco) have now set up manufacturing facilities in the country.

The market for mattress and pillow in India is estimated to be Rs 6,000 crore per annum. Out of this, the share of spring mattress would be 20% PASSLINE

August 31 - September 30, 2015

5

Direct employment potential

30 persons

6

Power requirement

150 KW

23 China The turnkey consultancy services can be made available from Germany, Switzerland, etc. There are importers for the machinery in India from whom the unit can source.

The turnkey consultancy services can be made available from Germany, valued at Rs1200 crore. Spring mattresses, across the world, are now synSwitzerland, China etc. There are importers for the machinery in India onymous with luxury. It is to cater to this customer who demands greater from whom the unitrequirement can source. for setting up a 10,000 spring mattresses per investment comfort. Spring mattresses market is projected to reach Rs 3600 croreThe by approximate 2018 due to entry of major mattress brands in India. requirement annum willThe costapproximate Rs. 3075.00 investment lakhs as indicated below:for setting up a 10,000 spring mattresses per annum will cost Rs. 3075.00 lakh as indicated below: Most mattresses are manufactured according to standard sizes. The sizes include the twin bed, 39 inches wide and 74 inches long; the double bed, 54 inches wide and 74 inches long; the queen bed, 60 inches wide and 80 Sl. No. Particulars Cost inches long; and the king bed, 78 inches wide and 80 inches long.

(Rs. in lakhs)

The “core” of a typical mattress is the innerspring unit, a series of wire coils that are attached to one another with additional wire. The upholstery layers are affixed to the innerspring: the first, called the insulator, is fitted directly onto the innerspring and prevents the next layer, the cushioning, from moulding to the coils. While the insulator is fairly standard, the number of cushioning layers can vary widely in number, ranging from two to eight layers and from 1/4 inch to 2 inches (0.63 to 5 centimeters) in thickness. Moving outward, the next component is the flanges, connecting panels that are attached to the mattress’s quilted cover with large, round staples called hogs rings. The top, bottom, and side panels of the mattress are stitched together with border tape.

1

Land

2

Buildings

3

Machinery & Equipment

4

Miscellaneous fixed assets

5

Preliminary and pre-operative expenses

100.00

6

Contingency@ 10%

225.00

7

Own 200.00 2000.00 50.00

st

Working Capital- (1 Year)

500.00

A typical mattress contains between 250 and 1,000 coil springs, and matTotal 3075.00 tresses that use fewer coils normally require a heavier gauge of wire. It is not uncommon for an innerspring unit to require as much as 2,000 linear It is expected that financial institutions will term provide term loan to theofextent feet (610 metres) of steel wire. The individual coils can be joined in several It is expected that financial institutions will 60% provide loan to the extent 50% The of the capital Rs. 300.00amounting lakhs( working capital) the first of 50% ofloan the of fixed assets toofRs 1235.00 lakh. in Apart fromyear. this, ways. One common method is to use helicals—corkscrew-shaped wires working fixed assets Rs. 1235.00 lakhs. Apart loan fromofthis, the unitlakh( is also for theamounting unit is alsotoeligible working Rs 300.00 60%eligible of that run along the top and bottom of the springs, lacing the coils together. promoters are expected to bringfor in Rs. 1540.00capital lakhs as equity capital. working capital) in the first year. The promoters are expected to bring in Rigid border wires are sometimes attached around the perimeters to stabiRs 1540.00 lakh as equity capital. lize the unit The financial 10,000 springper mattresses per annum is Mattresses are presently made of many materials, both natural and syn- The financial viabilityviability of settingofupsetting 10,000up spring mattresses annum is provided below: provided below: thetic. The innerspring, helical and boxspring components are made from wire; the boxspring wire is usually of a heavier gauge than that used in the innerspring. The insulator consists of semi-rigid netting or wire mesh Sl. Particulars Amount and the cushioning layers can comprise a number of different materials including natural fibre, polyurethane foam and polyester. The flanges are No. ( Rs. in lakhs) made of fabric and rings of metal. Top, bottom and side panels consist of a durable fabric cover quilted over a backing of foam or fibre, and the 1 Sales income from spring mattress 3500.00 binding.

Once the completed innerspring unit is received, insulator is applied manually. Next, the cushioning layers are fixed that will determine the feel and comfort of the final product. Meanwhile, the decorative cover that will serve as the exterior for the top, bottom and sides is made on a giant quilting machine, which controls a multitude of needles that stitch the cover to a layer of backing material.

Tape that holds the ticking together is made of heavy-duty, fibrous, synthetic material. The underlying boxspring may consist of either a wooden frame with slats or of metal coils similar to those used in the mattress itself. The boxspring may be upholstered, but, even if it is not, it always receives a fabric covering.

2

Cost

of

raw

materials,

salary,

power,

2500.00

depreciation, sales commission, interest on term loan, administrative expenses etc.

3

Operating Profit

1000.00

4

Breakeven point

55%

5

Pay Back Period

3 years

6

Internal Rate of Return

40%

Quality is an important factor in spring mattress. During the manufacturing phase most quality control procedures are carried out by sight. The The mattress worth about crores Rs 6,000 anda growmajority of manufacturers implement inspections at critical points in the The mattress market market in Indiainis India worth isabout Rs.6,000 and crore growing rate of 5% per ing a rate of 5% per annum.

The market for spring mattress in India is in production process: after receiving the innerspring, before the closing, and theThe nascent Themattress presentinmarket spring mattress is about annum. marketstages. for spring India isshare in theofnascent stages.

The present market before packing.

20% of the total. A major growth driver for the spring mattress market in A typical unit having a plant capacity to produce 10,000 spring mattress share India of spring about population 20% of the total.

A ready major to growth for the spring is themattress growingisurban who is spenddriver considerable per annum is proposed in the product opportunity.

The project particulars amount for their luxury and comfort.

It is projected that the demand for A typical unit having a plant capacity to produce 10,000 spring mattress per annum is mattress market in India is to theRs growing urban by population whomajor is ready to spend considerable are given below: the item will reach 3600 crore 2018.

The players in spring proposed in the product opportunity. The project particulars are given below: mattress areluxury Tempur, Snoozer,It King Koil, Sleepwell, Springwel, amounts for their and comfort. is projected that the demand for the Duroitem will reach flex and Rubco.

Still there is scope for new entrants to meet the growing Sl. No. Description Requirement demand.

A by production a modest capacity 10,000 mattress perKing to Rs.3600 crores 2018. Theunit majorwith players in spring mattressofare Tempur, Snoozer, 1 Land 100 cents annum is worth considering.

2

Buildings

10,000 sq.ft

3

Complete plant & machinery consists of coil spring Rs. 2000.00 lakhs machine, heat treatment, pocket spring inserting machine,

the growing demand. withFaculty a modest capacityforofManagement 10,000 mattress per annum (Professor JOB KATproduction is a retiredunit Senior of Centre Development, Thiruvananthapuram. Presently he is the Director, Enterprise Development Seris worth considering.

rod edging machine etc.

4

Koil, Sleepwell, Springwel, Duroflex and Rubco. Still there is scope for new entrants to meet

Raw materials required are steel wire, quilt, fabric, PU Rs.2000.00 lakhs

vice, Thiruvananthapuram, offering training, consultancy, asset valuation and Quality

Management System services to small and medium enterprises. He can be contacted at _______________________________________________________________________ Mob: 9847135571 or e-mail: jobkt012@gmail.com)

foam etc 5

Direct employment potential

30 persons

*Professor JOB. K. T is a retired Senior Faculty of Centre for Management Development,

6

Power requirement

150 KW

Thiruvananthapuram. Presently he is the Director, Enterprise Development Service,

The turnkey consultancy services can be made available from Germany, Switzerland, China

Thiruvananthapuram, offering training,

consultancy, asset valuation and Quality

etc. There are importers for the machinery in India from whom the unit can source.

Management System services to small and medium enterprises. He can be contacted at Mob:

The approximate investment requirement for setting up a 10,000 spring mattresses per

9847135571 or e-mail: jobkt012@gmail.com.

August 31 - September 30, 2015

PASSLINE

PASSLINE

August 31 - September 30, 2015

ECONOMY

25

25

When China sneezes …

Dr V K Vijayakumar

“When America sneezes, the rest of the world catches cold”: this is a saying which is familiar to students of economics studying international trade. This was very true in the past when the USA was, by far, the largest economy, the largest trading nation and the largest investor in the world and the US dollar was the only dominant global currency. Much of the US domination is, even now, in tact. The major difference is that, now, there are other economic super powers that have enormous clout in the global economy. Presently, China with a $ 10 trillion GDP is the second largest economy in the world; China is the largest exporter and the largest trading nation in the world. China’s double digit growth rate sustained over a quarter of a century and the construction boom it created made her the largest consumer of metals and many other commodities in the world. The recent commodity super cycle which has just ended was primarily driven by the Chinese growth. Now, China is decelerating very fast; and she is facing a whole host of problems. China is trying to soft land its economy. But that is creating a lot of turbulence in global financial and currency markets. In the new global economic environment, it is China that is sneezing. Will the world catch cold?

On 11th August, China shocked the financial world by devaluing its currency yuan (the official name of the Chinese currency is Renminbi) against the dollar by 1.9 percent.

The Chinese authorities declared that they are moving towards a market determined flexible exchange rate. The very next day the yuan was allowed to depreciate by another 1.6 percent. The currency was moving in tune with the market and the People’s Bank of China was allowing that. By the third day, the currency stabilized and the variation became minor. But, in the mean while, currencies across the world, particularly in emerging markets, were impacted. Those emerging markets with higher current account deficits were hit hard.

Is the devaluation of the Chinese currency merely a move towards a market oriented flexible exchange

rate mechanism, as the Chinese authorities claimed? Or, is it a desperate attempt by the People’s Bank of China (PBOC) to stimulate a faltering economy? Will this lead to a currency war among nations as many fear? What will be the impact on commodities? What will be the impact on India? These are the relevant questions.

On 11th August when China devalued its currency the Chinese authorities declared that is was a move towards a market determined exchange rate. China has been demanding for quite some time now that the yuan should be included in the IMF’s SDR basket. The SDR basket currencies – dollar, pound, euro and yen – are those which are used in determining the exchange value of the SDR (Special Drawing Rights). The IMF has been insisting that only flexible exchange rate currencies that are market determined can be included in the prestigious SDR basket and since the yuan is not a market determined flexible currency, it did not qualify, in spite of its growing stature. There are those who believe that the devaluation has only this limited aim of global recognition as an international currency. Also, this move is in tune with the Chinese leader Xi Jinping’s market oriented reform agenda.

But there are many who feel that the Chinese move has much more than meets the eye. The Chinese economy is decelerating fast: from above 10 percent during the boom years to around 6.8 percent presently. Exports are down. Recently the stock market crashed. The Shanghai stock index is down 30 percent from its recent peak. Real estate is in bubble territory. China’s debt to GDP ratio is unsustainable at more than 250 percent. Many China watchers believe that the devaluation is a desperate attempt by China to stimulate the faltering economy.

If this is true and the Chinese allow the yuan to depreciate further, it may trigger a currency war. Asian export oriented economies like South Korea, Taiwan, Thailand etc will be forced to follow suit triggering a beggar-thy-neighbour policy.

This will have serious consequences for emerging markets in particular and the global economy in general.

Global consequences Globally, the bad news is that if the

Chinese economy is slowing down the commodity crash, particularly sharply, it will adversely impact the crude. India’s fiscal and current account deficits will continue to nascent global economic recovery. The recent renewed decline in be low. Consequently, inflation global commodity prices including and interest rates will trend down, stimulating growth. crude is an indicator that global growth will be lower than expected. Back home, in Kerala, the impact Commodity exporters like Russia, will be mixed. The depreciation Brazil, Australia and the Middle in INR will be certainly happy East will be negatively impacted by news to the NRKs. But the Middle the Chinese slowdown.

East economies which support the NRKs are going to face tough Impact on India economic environment due to the The INR has already depreciated crash in crude. As far as rubber is to 65 to the dollar. It is a fact that concerned there is no light at the INR is one of the least depreciated end of the tunnel. Tyre imports and most stable among emerging from China will increase further, market currencies. This is because exacerbating the woes of the indusIndia’s macro economic indicatry and rubber growers. tors are sound. The depreciation in INR will benefit Indian exporters, The fall out of the Chinese devaluparticularly IT and pharmaceuticals. ation will depend on whether yuan But the metal industry will find the will stabilize at the current levels going tough. Cheaper imports from or continue to drift lower. If it stabilizes at the current level, the China will impact industries like steel which is already reeling under shock will be absorbed. On the huge losses. This will also impact other hand, if the yuan continues banks which have big exposure to to depreciate, that can have prothe steel sector. Already steel is the found consequences for the global biggest contributor to the banks’ economy. Only time can tell.

NPL problem. On the positive side, (Dr V K Vijayakumar, Investment India will be a major beneficiary of Strategist, Geojit BNP Paribas)

August 31 - September 30, 2015

PASSLINE

26

Kochi

Adorning Arabian Realty

T

he dream of becoming a non- resident Keralite (NRK) is the dream of each and every Malayalee in the State even today. In northern part of Kerala, at least one family will have an NRK in any foreign country, especially in the desert laden land i.e. good old Persian Gulf. Here is the success story of one such Malayalee named Joji Mathew Chakkupurakkal, who hails from a modest Malappuram Christian family. His accomplishments will instill interest and spirit in any youth dreamed like him to exploit the great possibilities and opportunities in the oil rich country. Joji’s agricultural family – Chakkupurakkal -- is originally from Kottayam

After monitoring every possibilities in Dubai thoroughly, Joji had started a small service business set up with local Emirati and he learned Arabic language by the time. It was the harbinger of a successful venture Legend started with four employees. as his ancestors had migrated to Malappuram in search of greener pastures suitable for farming.

After completing his degree in his native place, Joji’s aspiration was to bag an MBA and get posted with a good company. But his father was reluctant to send him for MBA and he persuaded Joji to join the family business. But Joji had his own vision and ambition. So an adamant Joji went to Mumbai in search of a job and got a posting in Indian Market Research Bureau (IMRB). But his dream of Arabian treasure was green in his mind and it was not fading even after landing in a good job with IMRB. Within a short period of time he got employed in Saudi Arabia with Saudi Oberoi Group. But to become a PASSLINE

business man was his ultimate goal and he returned to Mumbai and started a Kerala restaurant. The success of the restaurant business prompted him to explore other avenues in business. Before being late, he flew down to Dubai on a visiting visa. He was a strange person in Dubai and the emirate was a strange rendezvous to him .

Strange are the ways of God. God appeared in front of him in the form of a Gulf Malayalee in whose apartment Joji had a shelter to begin with his Dubai life.

After monitoring every possibilities in Dubai thoroughly, Joji had started a small service business set up with local Emirati and he learned Arabic language by the time. It was the harbinger of a successful venture Legend started with four employees. Now the Legend Group of Companies has grown into a $ 500 million conglomerate with 1600 employees spreading into 27 countries all over the world including US and Europe with diversified business interests.

Out of 27 companies, 17 companies are in UAE. Joji at the age of 41 now is sitting at the helm of affairs as CEO and Managing Director of the Group and Salem Saif Bin Saeed Al Jari is the Chairman of the Group. It was made possible in just 17 years because of the unstinted support and cooperation extended by business partners, stake holders, employees and his family. The company initially was used to undertake electrical, plumbing, cleaning and also electro- mechanical work.

It was a humble beginning that paved the way for the launching of the construction company and the situation in UAE 17 years ago was receptive and encouraging. There were a lot of civil works taking place at that time. That too accelerated the pace of the success.

Meanwhile the company started HR recruitment moderately which was having very good scope at that time. Of late, the business is flourished and expanded to other GCC countries.

August 31 - September 30, 2015

Now Legend Group is fully diversified into areas like Infrastructural Development, General Trading, Electronic Division, Hospitality Management, HR Consultancy, Marine Engineering and also Health Care apart from the Real Estate division. In addition to the real estate department constructing Villas , Hospitals, Schools, Malls, Water Theme Parks the group also acts as Channel Partners for big construction houses like Mahindra, Tata, and Godrej etc to sell their villas and apartments in Gulf region. Legend International Real Estate Co, one of the concerns, is indulging in it.

The employees are trained by hardcore professionals for cleaning, janitorial services and other related services with most convenient and

flexible work time that suits the clients. Handling and cleaning of delicate objects, furniture’s, carpets will be done by these trained employees with optimum care.

Legend has completed 393 projects having 70 million sq ft so far.

The Legend Joswana will be the 394th one. With the international experience Legend Group is at par or above of any other reputed realtors of Kerala . `` When we decided to launch our maiden project Legend Joswana our well wishers are asking us why do you choose this time to launch Joswana in Tripunithura since the industry is going through a rough pace due to the slow down. I strongly believe that their perception is wrong about it. Slow down is the apt time for buying land and it also favours

Joji Mathew with wife and children

27 many other consequent needs. If we get the land comparatively at a lower rate, we will pass the benefit to our customers. Our price for Joswana – a complete luxury apartment-- is very low compared with any other project of that kind,” Joji asserts. He attributes his success to his wife Sisy Joji and the couple is blessed with two children Josna Joji , daughter and Jeswin Joji, son.

Legend Joswana Joswana is the first apartment project in Kerala with 75 apartments in one acre plot. Both 2BHK and 3BHK apartments with 1295 and 1864 sq ft area are available in the project with the maximum available luxury at a reasonable pricing. The most important aspect of this project is that utmost importance is given for the green living that is the main reason to choose Tripunithura for their foray into Kerala. The temple town – cultural and heritage hub of Kochi-- is a small town, a few km from the nerve centre of Kochi with all advantages of environmental purity. – Joswana itself is nature-friendly one. Before zeroing in on Tripunithura, Legend Group has examined 40 plots for Joswana but they could not find a ideal place like Tripunithura with fresh air and clean water and with a lot of other favourable factors coupled with the proximity to

Kochi City.

Joswana has a touch of Arabian style and the design is novel for Kerala and the apartment has three high speed lift, roof top swimming pool, health club, children’s play area, facility for car wash with sprinkler, club house with indoor games, 24-hour generator back- up, party area , yoga / meditation area on roof top, 24hour Hybrid natural back-up, CCTV surveillance in main lobby and common area and jogging track will certainly give a feel of high class living in the land of Sree Poornathrayeesa for the privileged owners of the Legend Joswana.

The Joswana, the first project of the company’s Indian arm-- the Arabian Legend Realtors Pvt Ltd-is aiming for a total build up area of 1 crore sq feet by 2017. The company is planning Rs 500 crore investment in the real estate sector of South India in the near future.

The group has already invested a large sum of money in land holdings in South Indian states including Kerala. To complete Joswana in a span of 18 months is their goal. The next immediate project in Kochi will be of villas The decision of Kerala government to constitute a regulatory body is a welcome step. That is the only way to deter the fake players in the

industry. There should be an end for the malpractices. Real Estate Regulatory Authority (RERA) in Dubai is one of the stringent regulating bodies in the sector. Ever since Legend announces a project, the money accrued from the buyers of particular project will be credited in an Escrow account for which the promoter has no direct access. ``If we want to publicise the proj-

ect we must procure sanction from the agency and it is possible only by scrutinizing our work’s progress by the authority. There is no hassles for us in any of the GCC countries, not only us, but for others those who do the legitimate business. So, in Kerala as far as I am concerned, regulation is the need of the hour”, Joji recounts.

August 31 - September 30, 2015

PASSLINE

28

IMF REPORT ADMITS ITS POLICIES NOT WORKING By releasing the report, the IMF has shown that ‘trickle-down’ economics is dead; you cannot rely on the spoils of the extremely wealthy to benefit the rest of us.

By Jon Queally

I

n light of how the International Monetary Fund (IMF) has spent most of its existence parading around the world telling governments to make their economies more friendly for multinational corporations by suppressing wages, restricting pensions,

doing all that.

Though it perpetuates the idea that economic growth is the master to whom all should bow, the new research — conducted by the IMF’s own economists and submitted under the title Causes and Consequences of Inequality

of global inequality which the report described as the “defining challenge of our time.”

In order to strengthen economies, the report declares, nations should admit that “trickle-down” theories of wealth and prosperity do not work. In lieu of those, the study

“Fighting inequality is not just an issue of fairness but an economic necessity,” said Nicolas Mombrial of Oxfam International in response to the report. “And that’s not Oxfam speaking, but the International Monetary Fund.”

This is not the first time the IMF’s

(pdf) — argues that many of the policies promoted by the IMF have actually harmed nations by exacerbating widespread economic inequality. As many have noted, current disparities between the world’s richest and poorest represent a nearly unprecedented level

recommends raising wages and living standards for the bottom 20%, installing more progressive tax structures, improving worker protections, and instituting policies specifically designed to bolster the middle class.

own research has bolstered the arguments of its biggest critics. According to the International Business Times, the new analysis on inequality “echoes previous IMF research that show that redistributive policies have a positive effect on countries’ economic output.”

Passline News Service

liberalizing industries, and more or less advocating they ignore the popular will of workers and the less fortunate — all in the name of market capitalism and endless economic growth — a new report released by the IMF in June 2015 contains an ironic warning: stop PASSLINE

August 31 - September 30, 2015

29 But as the Guardian’s economics editor Larry Elliott notes, the new paper creates obvious “tension between the IMF’s economic analysis and the more hardline policy advice” it continually gives to countries seeking foreign assistance or development funds.

With Greece as the most obvious example, Elliott cites details from the report and writes: During its negotiations with Athens, the IMF has been seeking to weaken workers’ rights, but the research paper found that the easing of labour market regulations was associated with greater inequality and a boost to the incomes of the richest 10%.

“This result is consistent with forthcoming IMF work, which finds the weakening of unions is associated with a higher top 10% income share for a smaller sample of advanced economies,” said the study.

“Indeed, empirical estimations using more detailed data for Organization for Economic Cooperation and Development countries [34 of the world’s richest nations] suggest that, in line with other forthcoming IMF work, more lax hiring and firing regulations, lower minimum wages relative to the median wage, and less prevalent collective bargaining and trade unions are associated with higher market inequality.”

The study said there was growing evidence to suggest that rising influence of the rich and stagnant incomes of the poor and middle classes caused financial crises, hurting both short- and long-term growth.

No one should be fooled into thinking that the new research aims to alter the IMF’s central commitment to advancing the financial interests of the global elite.

In fact, part of the argument presented in the paper is that such enormous levels of global economic inequality could seriously undermine the institution’s public defense of capitalism’s overall supremacy. “For example,” the paper states, “[too much inequality] can lead to a backlash against growth-enhancing economic liberalization and fuel protectionist pressures against globalization and market-oriented reforms.”

According to a recent report by Oxfam International, almost half the world’s wealth is owned by one percent of the population, while the bottom half of the world’s population owns the same wealth as the richest 85 people in the world. For Oxfam’s Mombrial, who heads the international antipoverty group’s office in Wash-

ington D.C., the IMF’s report is a welcome development that should put a nail in the coffin of the austerity-driven policies prescribed by governments and powerful financial institutions like the IMF, World Bank, and others.

“The IMF proves that making the rich richer does not work for growth, while focusing on the poor and the middle class does,” Mombrial said. “This reinforces Oxfam’s call on how we need to reduce the income gap between the haves and have-nots, and scrutinize why the richest 10% and

top 1% have so much wealth. By releasing this report, the IMF has shown that ‘trickle-down’ economics is dead; you cannot rely on the spoils of the extremely wealthy to benefit the rest of us. Governments must urgently refocus their policies to close the gap between the richest and the rest if economies and societies are to grow.”

As Oxfam and other international campaigners have been saying it for decades, he concluded, “The IMF has set off the alarm for governments to wake up and start actively closing the

inequality gap, not just between the rich and poor, but for the middle class too. Their message to them is pretty clear: if you want growth, you’d better invest in the poor, invest in essential services and promote redistributive tax policies.” – Third World Network Features.

About the author: Jon Queally is a staff writer for Common Dreams. The above article is reproduced from Common Dreams, 16 June 2015. When reproducing this feature, please credit Third World Network Features and (if applicable) the cooperating magazine or agency involved in the article, and give the byline. Please send us cuttings. And if reproduced on the internet, please send the web link where the article appears to twnet@po.jaring.my

August 31 - September 30, 2015

PASSLINE

30

F

First Mobile App for Bank Account Opening

ederal Bank created history by launching India’s first Mobile App for Bank Account Opening.

The new App was launched in an innovative way from two cities, Mumbai and Kochi. At Mumbai, the App was jointly launched by CA. Nilesh Shivji Vikamsey, Chairman, Federal Bank, and R Venkataraman, Managing Director, IIFL, at a function held at the campus of India Infoline Ltd, and at Kochi, it was jointly launched by Kochouseph Chittilappilly, Chairman,

PASSLINE

V-Guard Industries and Shyam Srinivasan, MD & CEO, Federal Bank at a function held at the Corporate Office campus of V-Guard.

Federal Bank, which has consistently pioneered product innovations, has introduced this unique facility of Mobile based Bank Account Opening as an upgrade to FedBook, its e-Passbook App, which in itself was a trendsetter at the time of its launch two years ago.

With the new avatar of FedBook,

August 31 - September 30, 2015

anyone having an Aadhaar Card and PAN Card, be it from rural or urban centres, rich or poor, youth or aged, can now open a Savings Bank Account and get their Account Number instantly using a mobile from anywhere at any time.

Further, the account can also be funded with an initial remittance not exceeding of Rs. 10,000.

With its intuitive features, FedBook makes Account opening convenient, simple and joyful. To open

an account, one has to just download FedBook in their Mobile and follow 3 easy steps- that of taking a selfie, scanning Aadhaar and PAN Card. The App verifies the Aadhaar real time and opens the account on the click of a button. Once the account is opened, the App turns itself into the digital passbook for the customer. The App is currently available on Android and iOS phones and will soon be available in windows and blackberry phones.

31

AVA Group ‘blends’ Melam brand A

VA Group, manufacturers and marketers of the Medimix brand of soaps and personal care products in southern India, is expanding into the foods business by acquiring the Kerala-based Melam brand of masalas, curry powders, spices, pickles, jams and sauces, rice and other products from M V J Foods (India) Pvt Ltd.

Ayurveda Therapy Centres, Sanjeevanam Vegetarians Restaurants, Health Products, FMCG and OTC products. The Group’s other interests and achievements include AVA Productions which is producing National and Kerala State Award winning feature films, short films and documentaries

The acquisition, through AVA Condiments LLP, a newly established wholly owned subsidiary of AVA Cholayil Health Care Pvt Ltd, will include M V J Foods’ brands as well as its manufacturing facility in Kochi. Melam is one of the oldest brands in Kerala, started in 1992 and has a strong domestic and export presence. Melam products are exported to Middle East and Far East countries, US, UK, Singapore and Australia. AVA Group Chairman and Managing Director A V Anoop said, “We are glad to expand into the food business. Both the AVA Group’s Medimix brand and Melam are household names built on quality and social commitment.

We would like to build on this heritage and also expand into newer markets in India and overseas.” He added, “In India, initially we would like to expand into Tamil Nadu, Karnataka and Andhra Pradesh.”

www.cimarindia.org

Dr Kurian John Melamparambil, Chairman and Managing Director, M V J Foods (India) Pvt

The inspiration behind Melam is Padmashree Late Ms Thangam Philip, the renowned food, catering and nutrition expert whose recipes are carried on each of Melam’s product packs. As a mark of quality and ‘Indianess’, Melam has been awarded the Indian Spices Logo and the Spice House Certificate as a mark of distinction by the Spices Board, Ministry of Commerce, Government of India.

The AVA has six manufacturing facilities in Tamil Nadu, Karnataka and Pondicherry. The Group also owns the Sanjeevanam brand of

Every pregnant mother treasures the �irst kick of her baby from inside the womb. We at CIMAR also cherish that rare moment. It’s a clear indication that our efforts have borne fruit and the baby is growing healthy.

ART I FETAL MEDICINE I LAPAROSCOPY DELIVERY I HIGH RISK PREGNANCY NEONATOLOGY I GENETICS I COUNSELLING

www.f8ad.in

Ltd, said, “Melam has been a pioneering brand that has connected deeply with Keralites and Malayalees across the country and overseas.

The AVA Group and M V J Foods share common traits, especially a focus on manufacturing quality products. The acquisition by the AVA Group will add to its strength and reach in other geographies.”

Off NH - 17, Thykkavu Bus Stop Cheranalloor, Edappally, Kochi - 682034 Tel +91 484 4134444, 0484 4134404/ 405/ 406 cimarcochin@gmail.com THIRUVALLA COIMBATORE EDAPPAL DUBAI

August 31 - September 30, 2015

PASSLINE

32

1000 crore worth comprehensive development scheme for Technopark

K

erala Chief Minister Oommen Chandy has announced a Rs. 997.65 crore comprehensive development project to assist the Technopark and its satellite centres in infrastructure development, land acquisition and marketing in the next five years.

Speaking after inaugurating the function held at Technopark campus to honour the visionaries and the administrators behind India’s first and the largest IT Park, he said : the project would cover the Technopark’s phase-I, phase-II and phase-III campuses, Technocity and the Kollam Technopark, which is the satellite centre.

“The project will be approved by the government soon”, he said.

In this context, Chandy referred to the proposed Rs 1500 crore investment project by IT giant Taurus in Technopark’s phase-III campus, and said it has been approved by the Ministry and the construction activities would commence immediately. “The huge development scheme combined with the large scale investments will make a bigleap in Kerala’s IT industry”, he added.

Addressing the concerns raised by several stakeholders of Technopark, Minister for IT and Industries PK Kunhalikkutty, who presided over the function, announced the decision to roll-back

K

trade unions, he said that Technopark had always been fair and firm regarding labour issues. “The entire project had always been seen beyond political affiliations, and all successive governments supported Technopark in a big way”. He also appreciated thousands of construction workers and hundreds of head

planning board, went down the memory lane to recollect the story behind the Technopark. “The concept of Technopark originates in a 1989 meeting held at the Government Guest House in Thycaudu and the credit goes to three great visionaries – the then Chief Minister EK Nayanar, KR Gowri Amma and KPP Nambiar. “, he said.

Recollecting some initial issues with

load laboures, who cooperated sincerely with the Technopark during its constructions.

Visionaries behind Technopark’s success story including Shri Vijaya Raghavan and P K Kunhalikkutty, first project implementation team members, Members of the first governing board and the founding team of India’s first IT Parks were

KFC fares well

erala Financial Corporation, the pioneering industrial financial institution in the State, has declared a dividend of 3% in its 62nd AGM. The corporation posted a profit of Rs 14.37 crore for the year 2014-15. During 201415 period loans sanctioned is Rs 947.45 crore. Loans disbursed is Rs 657.09 crore and remittance to loans is Rs 684.27 crore. In spite of tough competition from banks, other financial institutions and the

PASSLINE

the rent-hike in the Park. “Technopark’s development model, which is the biggest and the brightest success story of Kerala, could be replicated and in several other fields”, he added.

In his special address, Technopark founder CEO G Vijaya Raghavan, who is also a member of the state

government policy changes affected the industrial growth; the corporation’s loan portfolio increased 13.21% at Rs 2038.18 crore, said CMD Joy Oommen.

KFC targets Rs 2500 crore loan asset in 2016 and sanction of Rs 1100 crore and Rs 806 crore for disbursal in 2015-16. Loans will be granted for aspirants in construction, IT , tourism and entertainment sector. Priority will be given

August 31 - September 30, 2015

to the renewal energy projects and woman oriented industrial ventures.

This fiscal, KFC plans to raise Rs 200 crore from the public through bond issue.

To expedite loan procedures, online application facility and e-office package will soon be introduced and for startup projects by young entrepreneurs , the corporation has envisaged to prepare a business accelerator facility, added the CMD

honoured on the occasion.

Prathidwani, a forum of Technopark employees, handed over a letter of consent signed by 1000 employees volunteering for organ donation to the Chief Minister in the function. “The forum began their campaign just few days back and the number of volunteers is expected to touch 3000 in the next two days”, said Technopark CEO Shri KG Girish Babu. A cheque of Rs 75,000 pooled by the employees of a car washing company in Technopark was donated to chief minister for the welfare of cancer patients.

Mr PH Kurian, Principal Secretary to the Department of IT and Industries; Adv. K Chandrika, Thiruvananthapuram Corporation Mayor ; Shri MA Wahid, MLA; VK Mathews, Chairman, GTECH were also present.

The official event was followed by a live performance by the music band Thaikkudam Bridge.

In the wake of Technopark celebrating its silver jubilee, an extended series of events have been planned which included the inauguration of the new Rs 2.5-crore solid waste management plant, the new security control room and laying of the foundation stone for the largest IT building in the Phase I campus of Technopark during the month of August.

33 33

SMA meet helps investment in Kerala Benoy Vettikkattu Sajan Pereppadan President

Dicto Mundadan Treasurer

Gen. Secretary

Jaison Karedan Arts Club Secretary

George Vadakumcheril Thomas Muckoomtharayil PRO

Vice President

Joseph Kizhakkevettil Jt. Secretary

T

he Swiss Malayalee Association(SMA), the largest Malayalee organisation in Switzerland with a membership base of 1,200 families, is a non-profitable organization. The organization has been celebrating its anniversary with great fanfare and it always coincides with the Onam festivities of the members of the association. The stewardship of the esteemed orangization is entrusted to the able hands of few enthusiastic and farsighted individuals. Benoy Vettikkattu is the President. Sajan Pereppadan the Secretary, Dicto Mundadan the Tresurer and Jaison Karedan as the Arts Club Secretary are the governing members of the Association. George Vadakkumcheril is the PRO of the organisation.“This year, the event is at Kuspo Hall, Basel, and since the programme is on August 29, which is the most pleasant time in Switzerland and it will certainly suit our guests from Kerala. The special guests this year are Arabian Legend Managing Director Joji Mathew and Tulsi Developers Chairman Thulasidas”, said Benoy Vettikkattu. “The special event we included, apart from the cultural programmes and cultural extravaganza, the business meet for the sponsors and delegates, states Sajan Pereppadan.” “We expect a minimum presence of 800 families for this mega event. And we also expect our friends and acquaintances from nearby places too,” adds Dicto Mundadan.`` The growth story of the Indian economy coupled with the recent investment-friendly gestures from the government and respective bodies to make Kerala a cherished destination for Malayalees who intended to return to their home State. Some of our members will retire and others seek opportunities for joint ventures or safe investments. It is the endeavour of the Association to bring together all these varied interested people and the event will be a meeting place for them. Here you can tie up with the right people who will further your business or personal aspiration or your future business associate or partner,” admits Benoy.

August 31 - September 30, 2015

PASSLINE

34 34

HEALTH DRINK

Neera An income grosser

for coconut farmers

By Mini Mathew, Publicity Officer & Arya Aravind, Journalist, CDB Kochi

that Neera is revolutionizing the drinking habit of people across the world.

en years ago on July 28, 2005, A P J Abdul Kalam , the then President, presented a vision document for Kerala’s development in the State Assembly by giving thrust to coconut valueadded products and Neera, Tourism, Waterways, Ayurveda, Deep sea fishing, major Special Economic Zones, IT sector among others to channel development. The State has excelled in tourism and average performance in the case of IT, fishing and other sectors. But, Chief Minister Oommen Chandy pointed out that the State had progressed in the right direction with Neera, which is just a perfect example. It had changed the life of coconut farmers and created many job opportunities.

Market watch

T

The ever increasing number of Neera parlours and the skyrocketing sales of the health drink, speaks volumes about the importance of Neera in the hearts of the people.

There is visibly no other product that has come this long as far as health benefits and taste is concerned. Undoubtedly we can say PASSLINE

The Coconut Producer’s Companies which are engaged in the production and marketing of Neera should focus more on bringing out quality products according to the market demand. The aim of the companies and the farmer collectives should be to bring this product into the domestic and international markets and maintain a steady growth. K M Chandrasekhar, Vice- Chairman, Planning Board, Kerala, has said that if one percent of the total 18 crore of coconut trees in Kerala is used for tapping Neera, the State would get around Rs 5,400 crore worth extra income. Of the Rs 5,400 crore, farmers would be getting around Rs 2,700 crore, Neera technicians would get Rs 1,350 crore and the government tax would be around Rs 405 crore. But, reality is a bit more different here. The actual statistics points out that the income the farmers, companies and the technicians getting is too high than the projected ones. By participating in the domestic, national and

August 31 - September 30, 2015

international exhibitions, the Board is spreading great awareness among people about the goodness of Neera and its value-added products and also giving opportunity for the producer companies to introduce their products to the probable clients by participating in exhibitions.

Other value added products such as Neera Honey, Jaggery, Neera Sugar, Neera Chocolate, etc are also getting good number of trade enquiries from around the world.

Neera Sugar is a natural product with no chemical process involved in its production and is emerging as an attraction in European markets.

There is growing demand in the developed countries for coconut sugar as an alternative to refined cane sugar.

The companies have to keep this factor in mind and work towards making this product an internationally acceptable one.

The compa-

nies have to give more importance to trade mark, packaging, labeling, marketing, quality and availability of the products before venturing into the market. A product which has all these elements in it will sure be able to conquer the minds of people and would be able to find its own place in the market. International buyers from America, Canada, France, Germany and Middle East are all set with their markets open to welcome the product. All we have to do is rise up to the expectations and make hay while the sun shines.

Healthy all the way!

We have been witnessing a drastic change in the lifestyle of people across the world. People were

35 largely interested in soft drinks and health drinks available in the market, which are extremely harmful for health. Reports have been coming out that per year around 1,84,000 people are losing their lives because of the so-called synthetic soft drinks. Realizing this, many people are now coming towards a more natural and healthy option. Drinking Neera is good for keeping the body hydrated and its powerful antioxidants will help you feel refreshed and full of energy. It also regulates body’s fluid balance, control temperature and digest food.

Keeping in mind these factors, the Board has promoted the ever natural and healthy Neera as a viable option.

Neera can be concentrated to different brix (value of total solids) level at different temperatures to produce primary products like Neera sugar, Neera jaggery, Neera semi solid jaggery, jaggery syrup, Neera honey and Neera concentrate.

Another advantage is that working moms and cookaholics get a great choice for substituting normal cane sugar, with natural and healthy Neera sugar/jaggery/syrup/honey in almost all the dishes and make wonderful, energizing and healthy foods for your loved ones. Neera sugar is an unrefined sugar and is known to be rich in vitamins and minerals. Consumption of Neera sugar helps reduce and maintain weight, control and manage diabetes and is naturally rich in a number of key vitamins (A, B & C), minerals and phytonutrients, including potassium, phosphorous, zinc, iron and vitamins B1, B2, B3 and B6.

Neera drink can be given to school children as a nutritious health drink.

Neera chocolates would also be a hit among school children.

Opportunities galore The job opportunity Neera creates is also a commendable one. There is an urgent need of 25,000 Neera tappers in Kerala. Extracting Neera requires a technically skilled person to perform activities such as climbing tree, skillfully stimulating the inflorescence, application of disinfectant, wrapping the inflorescence etc in a hygienic manner. So to venture into the production of Neera and its value added products there is an immediate need to create a task force of ‘Neera technicians’.

Coconut Development Board has taken the initiative of developing a pool of skilled Neera technicians.

This training is for a period of 56 days. It is open for anyone from any profession or unemployed

youth belonging to the age group of 18-45 years. Average monthly income of a Neera technician is approx Rs 20,000. Till now, the Board has imparted training to 1,559 Neera technicians through CPCs.The Government of Kerala has allocated Rs 12 crore for Neera technicians training and would incur Rs 10,000 per person for the

of CPFs in Kollam, the southern district of Kerala, are marching ahead with the Neera project. The Palakkad Company operates about 28 Neera parlours through coconut points across the State and sells unprocessed, fresh Neera through vending machines whereas KCPCL markets bottled Neera through kiosks in the main cities.

The Pan-India status

training.

There are Neera technicians in Kaipuzha Coconut Producer Company Ltd (KCPCL) who have drawn nearly half a lakh as their monthly remuneration.

The situation is the same in other producer companies also. KCPCL had given training to people from Tamil Nadu, Chhattisgarh, Assam, Jharkhand and Lakshadweep for these green collar jobs and utilizing their services for the company.

If one per cent of Neera is tapped in Kerala, it would create around one lakh job opportunities. The traditional toddy tappers get ample number of opportunities in this field. Around 345 toddy tappers, who have been given 15 days of training by Coconut Development Board, have been appointed as Master Technicians so far. The Neera project not only gives opportunity to the technicians or the climbers but also creates lot of scope in value-addition too.

Recently, in July 2015, Karnataka legislators were served with Neera and its value-added products like sugar and jaggery during the second phase of the legislature session in Bengaluru, Karnataka. The two-fold objective of the same was to draw attention to the economic importance of this health drink and to persuade them to amend the Karnataka Excise Act to permit all coconut farmers in the State to tap Neera. The State Government permits to tap Neera only in Dakshina Kannada and Udupi districts. But, if Neera is to be tapped in all districts, the Excise Act would have to

be amended. In his 2015-16 budget speech, Chief Minister Siddaramaiah announced that the Act would be amended to permit members of the coconut growers’ federations to harvest Neera in limited quantities from coconut trees. Though it would help in increasing the income of coconut growers, the amendment is yet to come through. Senior most officers from Horticulture and Excise Department, Government of Karnataka, visited CDB Headquarters recently to study issues related to production, processing and marketing of Neera.

People from the coastal belt of the country have been using Neera and its by-products for a long time.

In West Bengal and Orissa most of the Neera is converted into palmgur (jaggery). In Gujarat and Maharastra too coconut farmers produce palmgur. In Tamil Nadu, the coconut growers have been producing palmgur, palm sugar and palm candy besides selling Neera as Padhaneer whereas in Andhra Pradesh, a section of the population have been selling Neera

Scarcity of trained Neera technicians is posing a tough challenge to the sector. The need of the hour is finding skilled Neera technicians and the timely intervention of the coconut producer’s companies to enhance the production of Neera as per the market demand. The Palakkad Coconut Producer’s Company Ltd (PCPCL), which is the conglomeration of coconut producer’s federations (CPFs) in Palakkad, the southern district of Kerala, and Kaipuzha Coconut Producer’s Company Ltd (KCPCL), the conglomeration August 31 - September 30, 2015

PASSLINE

INCOME SOURCES

36

P

Things you should not hide from IT Dept

eople often avoid showing their sources of income or tend to show less income in their Income Tax Return to reduce their tax burden. But, they do not realise that the Income Tax Department might have knowledge about their financial transactions which can point towards accrual of sources of income at your end.

Yes, there are many financial transactions about which the department has a pre-hand knowledge even if you do not declare them in your Income Tax Returns. Therefore, you should declare all your sources of various incomes properly otherwise, it may lead to adverse consequences. This article discusses what the department knows about you.

Mutual Funds purchased Mutual Fund companies are required to file an annual information return to the Income Tax Department if the units purchased by a person are of value more than Rs 2 lakh during a particular financial year. They have to furnish the customer details such as name, address, and PAN, etc., for making such investments. As a result, the IT department knows about the investments made by the person in a particular year. Therefore, you must ensure that you disclose the source of income from which mutual funds were purchased.

Cash deposits Banks have to disclose the details of customers who have deposited cash of more than Rs 10 lakh in their savings bank accounts during a financial year. Thus, the banks report all the details of such transactions along with the PAN to the Income Tax Department. Since Rs 10 lakh is a huge amount, it is suggested that one should maintain proper books of account so that you may be in a comfortable position to explain the source and application of money deposited in the bank account to the Income Tax Department.

Property sold and purchased If the purchased and sold property value is more than Rs 30 lakh, then the authority registering the transaction has to report the details of the transactions in its Annual Information Return which contains the name, PAN, address, and amount of transaction of the purchaser and seller of the property.

So, the purchaser should disclose the source of income from which PASSLINE

the payment for property has been made and while the seller has to ensure that they do not forget to report capital gains on the sale of the property in their Income Tax Return. Furthermore, in case of sale of property of more than Rs 50 lakh, the purchaser deducts TDS at the rate of 1 per cent from the payment made to the seller.

After deducting the TDS, the pur-

August 31 - September 30, 2015

chaser files Form 26QB with Income Tax Department in which the purchaser informs the amount of sales considerations & TDS

deducted along with the names & PAN of the parties involved in the transaction.

So, Form 26QB also serves as an important source of information to the Income Tax Department for all the transactions related to the purchase of sales and property. Therefore, you should not avoid declaring such income as the department is pre-informed about it.

37

Neera 100% Health drink

Ric

h in and POT SO ASS DIU IUM M

0%

Alcohol

NO

Loa de and d wit CA h IR LC ON IUM

l fat, stero chole

of rove ure t NTS s a e r At RIE NUT other

Hig h PR CUR A OP ER TIVE TIE S

[ r¾ n u x (¶ ~ h ¨E » (EÞòÊ¹É ¨ÉÆjÉɱɪÉ, ¦ÉÉ®úiÉ ºÉ®úEòÉ®ú) Coconut Development Board

[MINISTRY OF AGRICULTURE, GOVERNMENT OF INDIA]

Phone: 0484-2376265, 2377267, 2377266, 2376553, Fax:91 484-2377902 E-mail:cdbkochi@gmail.com, kochi.cdb@gov.in web:www.coconutboard.gov.in

August 31 - September 30, 2015

PASSLINE

38

22 Enabling Years for Entrepreneurship 22 Kinfra Parks ready to push start new ventures

For 22-industry friendly years, Kerala Industrial Infrastructure Development Corporation (KINFRA) has endeavoured to provide apt settings to help businesses flourish in Kerala. KINFRA Parks offer single- window clearance, developed land, industry-specific infrastructure, power & water for all projects and considerably reduced start-up time. If you dream big, trust KINFRA Parks to give you a quick, head start to steady growth and success.

NEW AND UPCOMING KINFRA PARKS & PROJECTS • Mega Food Park, Palakkad (73 acres) • Defence Park Ottapalam, Palakkad (60 acres) • Electronic Manufacturing Cluster, Kochi (68 acres) • International Trade, Exhibition & Convention Centre, Kakkanad (20 acres) • International Trade, Exhibition & Convention Centre, Kozhikode (20 acres) • Gem & Jewellery Park, Thrissur • Animation School at Film Video Park, Thiruvananthapuram • Global Ayurveda Village, Thiruvananthapuram • Footwear Park, Kozhikode (30 acres) • Footwear Design and Development Institute, Calicut.

Kerala Industrial Infrastructure Development Corporation TC 31/2312, KINFRA HOUSE, Sasthamangalam P.O., Thiruvananthapuram- 695 010 Tel: +91-471-2726585, Fax: +91-471-2724773, e-mail: kinfra@vsnl.com, www.kinfra.org

39

The makers of creative living

A

sten Realtors is an Asten Mather company, a realty enterprise that seeks to deliver integrated living for its customers through innovation and professional management. Its team brings more than 25 years of expertise to the table. More importantly, they bring with them a passion for new ideas, and a determination to execute them. In just a small period of time, Asten Realtors has become a unique brand image in Kerala’s real estate industry.

Asten Realtors is being led by duo brains, Mr Siraj Mather and Mr Raffi Mather. With more than two decades of experience in the realty sector, they have been the key members of a team that helmed one of Kerala’s most respected lifestyle housing projects. Being a stalwart, Mr Siraj Mather brings to Asten a keen understanding of customer psyche and a thorough knowledge of the processes required for smooth implementation.

The creative force behind Asten, Mr Raffi Mather, has been in forefront of the lifestyle revolution in Kerala. An avid traveller, Mr Raffi

draws inspiSiraj Mather ration for his projects from the exotic destinations he visits. With a passion for great architecture and design, he seeks to constantly reinvent life for his customers. With its innovative projects like Villament, integrated lifestyle township, boutique apartments etc, Asten sets trend for others to follow. Unique in the way of thoughts, but realistic in ideas, and the right location defines its success with a vision to set the industry standards in realty and be the first choice amongst discerning residential and commercial space buyers.

For instance, Rajagiri Campus Court, Kerala’s first Integrated Township Project at Kakkanad is a one-of-a-kind township project that

inRaffi Mather cludes Campus Court--a high rise residenwith the mind easing concept tial apartment project, a 120-room of-work next to home. luxury hotel block and Asten Mall-a commercial shopping mall faciliFew other notable projects from tated with multiplex, food court, Asten are its compact feature apartspa zone, hypermarkets and other ments-- Viveria, starting at just 37 lifestyle stores. The whole idea lacs (all inclusive), where quality behind creating a massive project as comes at an affordable rate, Nausuch is to ensure one lives in a truly tica-- the active waterfront living relaxed surrounding. This lifestyle right at the scenic Panangad; Dew is the best option for families with Dale-- the nature wrapped project children as it includes educational at Kanjirappally and Veneziano-institutes within the community the premium contemporary villas at ensuring safety, added with 24/7 Koonammavu, Edappally that were electronic security system and recently handed over on the 1st of guards at every gate. Even working August. professionals find this advantageous

August 31 - September 30, 2015

PASSLINE

40

Passline

Aug 31 - Sept 30, 2015

RN 65561/94 Reg. No. KL/EKM/116/2009-2011

Printed and Edited by Varghese Paul for Keethara Publications Pvt Ltd. 6802, Convent Road, Kochi-35 Email:passline.com@gmail.com and Printed at Ayodhya Printers Pvt Ltd., Cochin-26. Design & Layout by Jolly Jerrys