Passline Business Magazine

November 30 - December 31, 2018

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November 30 - December 31, 2018

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November 30 - December 31, 2018

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E d i t o r i a l

Face is the index of identification!

A Editor & Publisher Varghese Paul Kozhikode Vineetha Mukundan Ph: 8714986177 Kannur Asharaf Ettikulam Ph: 9048895880 Chennai Augustine Joseph Ph: 09381000534 Bangalore Gireesh Gopal Ph: +91 7204560000 Adithya Ph: +91 9538060591 54, 2nd Main, Vyalikaval Banglore – 560003 Manager-Marketing Sajan K Ph: 09895344485 Keethara Publications Pvt Ltd Door No: 1994/66 2nd Floor, ‘Priyadarshini’ Veekshanam Road Kochi – 682018, Kerala, India Mob: 9207734485 www.passlinebusinessmagazine.in E-mail: passline.com@gmail.com

TMs (Automated Teller Machines) have become a bone of contention between banks and ATM operators. The protagonists of this abrupt move to be effective from March next year are the Central government and the Reserve Bank of India(RBI). New compliance costs and the low inter –change fee of Rs 15 per transacation could force the closure of nearly 1,00,000 off-site and 15,000 operators’ ATMs or 50 per cent of the installed base of 2,38,000 units. Kerala has about 10,000 ATMs. The Confederation of ATM Industry(CATI) has proclaimed this was the fallout of the additional costs brought about by the recent regulating guidelines for hardware and software update; mandates on cash management standards and the cassette swap method of loading cash which the industry could not afford.

The closure threat looms large over a number of non-urban locations affecting beneficiaries under the Pradhan Mantri Jan Dhan Yojana(PMJDY) account holders who withdraw subsidies(cash) from ATMS. ATM operators’ confederation argues the banks should bear the additional costs while the latter points to the frustration if all expenditures are to be shouldered by them. ATM players say that the number of ATMs have been stagnant post- demonetisation, where as the bulk of bank accounts and debit cards rose after the launch of PMJDY accounts. ATMs have slumped by 1,156 units over the past year and stood at 2,20,000 as at June 2018.

In India approximately 80 per cent of the population live in non-urban areas.

In order to bring banking into villages ATMs are the backbone of the financial inclusion of such masses who are poor in literacy and technology. The number of ATMS in rural region comes to 20 per cent of the total counters. Thereby, more ATMs are the need of the hour to bring the villages in the main stream of hi-tech realm. At the same time comply with the directives of the Central government and RBI on security measures to curtail wanton hi-tech ATM robberies and destruction of the system. The latest theory circling among the services is that``banking should be everywhere; but not in banks’’ is to be adopted instead of confabulating over the closure of 50 per cent of ATMs. Alibababa Group’s Ant is the biggest mobile online payment platform. Although ant is weak while alone; in groups ants prove their mettle. Ant Financial is now developing an interesting mode of identification. Our face is our passport.

The cameras in restaurants, shopping malls, airports etc would recognise our face (smile) and evaluate our credit score in banks. We can eat out, buy, travel without cash in hand, credit card or phone. Bill amount would be debited from our accounts. On the advent of such high technology what the future beholds for us is predictable only by this hi-tech revolution. Perhaps, ATMs, cards and biometric features may be the formalities of the past? Before that, let more ATM counters reach the non-banking remote areas of the Indian villages which are ignorant of the modern technology!

Varghese Paul

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URBAN Bank

November 30 - December 31, 2018

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ITU Bank seeks nod for a

Passline News Service

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rinjalakuda Town Co-operative Bank (ITU Bank) completes its 100th year of existence in this fiscal year. The idea of commencing a bank kindled in the minds of likeminded people, who have positive thinking and concerns about the better living environment of fellow men, started it in a humble way in 1918. The bank had grown into esteem in leaps and bounds by opening its branches to almost all the important centres of Trichur district by adhering to the stipulations, norms of RBI and the state government time to time. In

the ongoing fiscal year the bank has inaugurated 5 more branches in places like Vadakkanchery , Chelakkara, Erumapetti, Cheruthu-

ruthi and Athani to make its total number of branches to 19.

Commenting on the unprecedented growth of ITU Bank, its

RBI LICENSED URBAN BANK

Chairman, M P Jackson, who has impeccable track record in his personal life and a prominent figure in society, political circles, instrumental for the overwhelming growth of the bank, has talked to Passline about the celebrations and the milestones crossed by the bank during its turbulent voyage of 100 years for its growth.“ The wide range of initiatives taken by the ITU Bank enabled the bank to fetch a standalone entity with its peers and at a level-playing field with other scheduled commercial banks in the state. In technol-

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status quo lift

ogy front we are on par with any other commercial bank and we have our own ATMs , Debit cards, facilities for Net banking and Mobile banking . All the branches are air-conditioned and most of the

branches situate in the ground floor of the building with salubrious ambience for getting relaxed banking mood for our customers.

After sprucing up the atmosphere of the branches we are getting a lot of younger generation as our customers in our branches which are our ultimate aim. Among many firsts, ITU bank is the first bank in the co–operative sector which got own IFSC Code. We were in submembership mode of HDFC bank till recently.

Talking about the co–operative banking scenario in the state, the effervescent, ebullient and seasoned banker, T K Dilip Kumar, General Manager, said, “The proposed Kerala Bank will not be a threat for a bank of our size and presence and it may be an opportunity to expand our market. Our

The wide range of initiatives taken by the ITU Bank enabled the bank to fetch a standalone entity with its peers and at a level-playing field with other scheduled commercial banks in the state. issue is existing practice of dual control on co–operative banking sector. As per RBI norms, we can start branches anywhere in Kerala like commercial banks. But as per Kerala Co–Operative Societies Act , we cannot overlap. This means if there is an urban bank existing in the vicinity of a particular place, another bank cannot start its branch in that area. The prospect of co – operative banking sector is sky high if we could expand our

operations state wide. Ten times more business growth, job opportunities for thousands of educated youths will be the commendable achievements if the sector undergoes the changes,” “As on March 31, 2018 ITU bank has a share capital of Rs 54.10

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ITU General ManagerT K Dilip Kumar receiving the best urban bank FCBA award -2018at a function in New Delhi crore with a total membership base of 33,505. The capital adequacy ratio is 11.92 per cent which is much higher than the prescribed rate of RBI. The net NPA as on March 2018 was 4.67 percentage but in the current financial year the NPA has swelled up slightly owing to the unforeseen floods that ravaged the state. The situation is limping back to normal and by the end of the year it will be much better. ITU Bank has contributed Rs 25 lakh to the Chief Minister’s Relief Fund as a solace towards rebuilding the state after the devastating deluge which never witnessed by the people of Kerala,” lamented the GM. Who is State President of Kerala urban bank CEO Office forum. “ The total business as on date was Rs 1967.06 crore, deposit stood at Rs 1105.03 crore and loan portfolio was Rs 862.03 crore. We marked a total profit of 9.26 crore in the last financial year and we also expect a higher profit in the current fiscal year.

The demonetisation dashed our ex-

Minister Kadampilly Surendran receiving a cheque of Rs 25 lakh of ITU Bank to the Chief Minister’s Relief Fund from ITU Bank Chairman M P Jackson. General Manager T K Dilip Kumar is also seen

pectations of making higher profit in our centenary year,“ Dilip Kumar mused.

“The glad news for ITU Bank in its centennial year is that the RBI had given options to convert urban banks into Small Finance Bank. Had it happened the bank would have scaled up to new heights in all the parameters of banking. We can reach banking services to common people in the

ITU Bank’s Vadakkancherry Branch being inaugurated by MLA Anil Akkara. ITUBank Chairman M P Jackson, ITU Bank General Manager T K Dilipkumar, Municipal Councillor Sindhu Subramanian look on.

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remote areas of the country as a part of financial inclusion. Lending rates will be low and it will be affordable for common man. Apart from all, thousands of people will get employment by it. But I believe that it will happen in the very near future because it‘s inevitable at a time of ongoing banking reforms,” optimised the Chairman. “ Unlike other co–operative banks,

we are following a totally professional management system and as a part of it, we are delegating the works to the employees to the nature of it. The members of the Board of Directors or any external forces will not interfere in the day- to- day affairs of the bank .” pointed out Jackson who is also the Chairman of the Co–operative Hospital at Irinjalakuda. The GM himself attributes the success of the bank to the cooperation and vision of the Chairman.

Like any other bank, ITU Bank also concentrates in retail banking as its core activity. It provides home loans, gold loans and personal loans up to Rs 50 lakh and business loans upto Rs. 9 crores against the appropriate collaterals. The bank has cornered a sum of Rs 50 crore as NRE deposit within the period of one year of its announcement. According to the GM the bank will commence its centenary celebrations from December with great fanfare. n

Best performance award

Response feature

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Realty

November 30 - December 31, 2018

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ALFA VENTURES A NEW LOOK KOCHI

and building peers in Kerala. In order to sort out the changing life-style and home dreams of Malayalees; a media team drives to Alfa Ventures’ superb luxury flat complex Alfa Serene at Maradu in Kochi, the first villa project Alfa Sunshine at Kakkanad; the three- towered marvellous commercial office complex Alfa Horizon at Vallarpadam .The team’s first trip was to Alfa’s luxury flat complex Alfa Serene at Maradu.

The Kochi- based realty titan Alfa Ventures whose buildings showcase the credentials of the flow of innate sanctity. As a sculptor carves out from granite the enchanting sculptures Alfa Ventures creates elegant mansions, apartments, commercial structures in weather- proof places. Confidence, devotion, onus and hard work made Alfa Ventures the front- runner among home

ALFA HORIZON

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With high investment potential

ocated at Vallarpadam, Kochi’s new Business nerve centre, Alfa Horizon is an iconic development that will be the pride of Kerala’s commercial capital and envy for the rest. This cutting edge edifice showcases an everlasting and contemporary facade, you can add sophistication to your corporate image and make the most of amenities like ample car parking, more open spaces coupled with good ambience and

impressive environs.

THE PROJECT

Three Business Towers conceived in 5.5 acres of land and having around 10 lakhs total built up area including car parks. Each Tower comprises 16 floors and Lower three levels are of car parking (connecting three towers together, total - 1000 car parks).

Above the car parks and Podium,13

floors are for exclusive office spaces for outright sale & lease. Facing the ICTT and the Highway, the project has high investment potential due to its location advantage. Alfa Horizon has a unique feature of an open podium with a capacity of more than 1500 people . An open stage for conducting events and adjacent food court area also available .

The Location

Vallarpadam is an island surrounded by water on all the four sides and is connected to Ernakulam by bridges.

India’s biggest and only Container Transshipment Terminal is located and functioning at Vallarpadam. It is hardly 2 km away from Ernakulam Marine Drive. The project has close proximity to other international projects, five star hotels & convention centre by Lulu group , LNG

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project etc..

Ideal Investment

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aul Raj Joseph is a director of Alfa Ventures Pvt Ltd. He manages dayto- day affairs of the company. He is also director of M/s Crest Consulting C& V PVT Ltd and M/s Macn Financial Services Ltd, which is in the business of giving management and financial solution to export concerns and other business entities. He is the President of CREDAI, Kochi, and also an Executive Member of Builders Association of India (BAI), Cochin Chapter.

He studied at St Albert’s College, Cochin, and also Alumni of Indian Institute of Management (IIM), Bangalore. He has an experience of 25 years in real estate and property development and also has rich experience in Export and Management Consultancy since 1992.

Alfa Ventures completed its 15th year after its inception. It an ISO certified property development company based in Cochin concentrating on Premium Commercial Projects, Apartments, Residential / Villa projects and independent houses.

The company also undertakes construction on turnkey basis for those having own land. From design to construction and to furnishing, all aspects of conceiving, implementation and satisfactory delivery are taken care under one umbrella putting customers at ease.

Through the in-house design division (Alfa Designs) the company delivers the best of traditional as well as contemporary architectural designs to suit the customer choices, locational advantages, and taking account of the future trends. n

Alfa Horizon is the ideal business centre for Shipping, Clearing & Forwarding, Export & Import, Banking, Financial, Consulting, and other growing businesses. If your business requires modern office facilities with excellent infrastructure, or if you are looking for high Rental Returns and Capital Appreciation, Alfa Horizon offers the best option. With the guaranteed prospects for rapid economic growth in Kochi, Vallarpadam-the Future Business Hub of Kochi-- will witness tremendous demand for quality Office Space.

Given the splendour of villas and flats, Alfa Ventures made its foray into the realm of commercial complex. Alfa Horizon a magnificent 3-tower conglomeration meant for office/commercial space is the replica of Paul Raj Joseph’s farsightedness, vision and dedication; is guessed for any visitors there. Heading for completion this edifice will rewrite the prevailing nomenclature of office/commercial spaces in Kochi. International

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Container Transshipment Terminal at Vallarpadam(ICTT) faces the 13 storied 3 towers of six lakh sq ft business centre. Flanking the Puthuvype L & G Terminal and ICTT such a commercial space is the first here.

In a plot of total 5.40 acres of land perch this business cluster bigger than any other shopping mall in Kerala. Nearly 1000 cars can park in the vast basement , ground and first floor of Alfa Horizon. This colossus is suitable for shipping-logistics business; exports-imports , banking, space for consultation centre and other offices. Adding lustre to the structure, five-star hotels, golf course, hospitals, Marine Drive situate in the vicinity, the sheen of Kochi backwaters shines in the office space. As the building stands isolated without blocking sight from other big constructions the photo finish of Vallarpadam and Bolghatty can be viewed from the Horizon. Internationally standardised office spaces are the uniqueness of this tower. Moreover stage hall has a seating capacity of 1000 viewers. 2600-3000 sq ft modules in the ground floor, 23003000 sq ft units in first floor, podium level 1000-900-450 sq ft modules in the same floor; tower- one consists of 1000-2375 sq ft modules, in the second tower 450-900 sq ft modules, in the third tower 720-1000 sq ft modules.

The team moved to the first floor.

There is no other construction in Kochi to park 1000 cars inside the building. Atrium casts light along all the floors categorising the building as eco friendly. In addition to this, adjacent swimming pond, fitness centre, food court and conference hall add grandeur to this edifice.

November 30 - December 31, 2018

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Features & Amenities

• 16 storeyed 3 Business Towers • Multi-level car park for 1000 cars • Glazed Façade • Approximately 90,000 sq ft commercial spaces and more than 5 lakhs sq ft Office spaces.

• 5.4 acres land just opposite the International Container Transshipment Terminal Vallarpadam, facing the highway.

• Ideal for IT, BFSI Finance, Shipping & Logistics, Accounting, Legal companies and all Consultants.

• Strategic location and better connectivity • 4 Side water view - Arabian Sea view • International Standards • 100 % commercial units with state- of- the art amenities .

• 24 Hrs power back up • Energy efficient Air cooling system • Multi-level Security System • 13 high speed Lifts • Common Toilets in each floor • Conference Hall, Business Centre

• C e n t r a l A t r i u m • Food Courts, Restaurant • Fitness Centre, Swimming Pool • Open stage and Podium • Landscaped garden • More open area

Commercial Spaces

A commercial retail block of approximately 40,000 sq ft, each in Ground floor and First floor ranging from 2300 to 3000 sq ft individual blocks with an impressive floor to floor height is attracting big retailers. This presents itself as an ideal locale for leading retailers to showcase their world famous brands.

Office Spaces

Office spaces totalling around 5 lakhs sq ft averaging more than 10,000 sq ft floor plate in three towers above the podium and car parks.

Office units are available as small as 450 sq ft to 2400 sq ft as individual blocks and its combinations.

Alfa Horizon is the finest office infrastructure in Kochi offers a prestigious

business address for corporate groups with impressive realm.

Alfa Ventures is a real estate player with utmost quality consciousness without compromise. Deferring to the demand of the readers to introduce Alfa Ventures marvels; the visitors decided a detour. On cue from Alfa team, Alfa’s Director Paul Raj Joseph was immensely glad to familiarise his projects to visitors. Alfa’s emphasis on quality is evident when the media touched the entrance of the Alfa Serene itself the enchanting tranquil Alfa Serene, at the bank of Kochi backwaters. The team forayed through the majestic arch gate of the Alfa to gaze at the twin tall towers of 16 storied Alfa Serene at a plot of 2.03 acres carrying a total of 80 apartments in two-towers. One tower consists of duplexes. Second tower embodies 2140 to 2660 sq ft 3/4 BHK flats. The duplex tower accommodates 24 duplexes of 4280 sq ft

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flats look down upon the elegantly covered car parking where 100 cars can drive in and out. An ideal location beckoned for a photo shoot in front of the Alfa Serene.

Glossy tiled way- in stretches to the car parking of the Alfa Serene. This impressed the passers-by. Opposite to the car parking green-frilled space for kids’ play ground and walk-way adjacent to the boat jetty situate. The visitors arranged a paddling boat (canoe) and an outboard engine- fitted boat for kayal tour. A garden is keenly maintained in Alfa Serene.

In front of the garden, a special car park opens to the shallow swimming pool coupled with changing rooms and toilets. Dual car parking each meant for each flat and each villa complex lays beside other parking slot for guests plus drivers’ room and other big parking areas.

Alfa Serene at Maradu lays 8000 sq ft lobby that let in plenty of air and sun light that permeate to the fringed glass panelled broad windows. The lobby hosts soft flush leather sofas meant for guests; care taker’s room and billiards table nook the lobby.

The scenic beauty of the garden and

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the stillness and limpidness of the backwaters waft to the lobby . Adjacent to them, health club contains appliances and infrastructure for fitness stints. White painted walls gleam with some frescos in Alfa Serene. Lobby operates two spacious lifts running along 16 floors.

Inside a flat beautifully laid out interior is cross- ventilated. From all rooms the shallow backwaters and Kochi’s configuration is visible. All apartments connect inverter wiring and centralised gas supply lines. Water treatment plants and portable water supply network are other features.

Entrance door is made of teak wood and windows with powder- coated aluminium with glass shutters. Guest space sips up the scenic beauty over the kayal. Kitchen has facilities to install latest gadgets and appliances.

Toilets lend space for shower cubicle.

Notably, Alfa Serene adheres to the building stipulations and fire force regulations.

Impressed by the first visit the team moved to the second tower. Each flat covers an area of 4280 sq ft. Backwaters look more beautiful from this flat. The front room opens to two wide balconies either side. Floor lobby lends space for table tennis and food court.

Paul Raj Joseph had set up realty firm Alfa Ventures in January 2002.

Kakkanad Edachira was a moder-

November 30 - December 31, 2018

ately known place with the advent of Info Park. Near the InfoPark a realty project named Sunshine Villas with 24 villas spreading an area of 2000 plus sq ft was the beginning. Look, how sheen is the first project of Alfa...

Kinfra export park’s main entrance is just opposite from the main gate of the villas. It is juxtaposed to the InfoPark. Each villa has 1774 to 2774 sq ft 3/4 BHK villas occupy an area of 2.15 acres of land cordoned off by the tarred road. The 70 cents of land is set apart for club house (shel-

tering fitness space, indoor games, kids’ play area, garden, shuttle court and basket ball court). Villas are glamorous with all modern paraphernalia. While surrounding the villas its splendour prompted the guests for a photo snap. What is wrong in it when the lens eyes snap the exotic collage of a spectacle.

Rose Villas at Thevara containing 10 villas was the second project of Alfa. There existed villas of 2000 to 3400 sq ft area. It was a facade of plenty of outer and inner space. The

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next complex was the Lotus Villas at Kadavanthra-Kathrikadavu road and Alfa Homes near the High Court.

Though Kochi is not the so-called Cochin, a common cliche; the projects of Alfa Ventures substantiates the saying. The ventures of Alfa like Alfa Horizon, Alfa Serene pronounce the face-lift for Kochi. Like the renovated Taj the changed look of Kochi welcomes ace entrepreneurs to the metro. Thereby globally extolled top notches like Alfa Ventures carves a new realty niche in Kochi. n

Response feature

November 30 - December 31, 2018

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A decade after The Great Recession of 2008 Unprecedented global economic co-operation

Dr V K Vijayakumar

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he Great Recession of 200809 was the worst global economic crisis after the Great Depression of 1930s. The ‘sub-prime crisis’ in the US housing market was the epicenter of the catastrophe that led to a global financial meltdown.

The collapse of the large investment bank, Lehman Brothers, led to a contagion, impacting financial institutions. Globally, stock markets and currency markets crashed. Credit contracted hugely and business confidence was impacted. The global economy slipped into a massive recession. Global GDP contracted by 2 percent in 2009. US suffered an economic contraction of 5 percent and job losses of 10 million.Europe was severely impacted with contraction of the European economy by 4 percent. Southern Europe particularly Portugal, Ireland, Italy, Greece and Spain were severely impacted pushing Europe into a debt crisis by 2010.

International trade contracted by 13 percent in 2009. Asia was one of the least affected regions. China and India were least affected even though both countries experienced decline in growth rates.

The global financial crisis witnessed unprecedented global co-operation and synchronized monetary policy initiatives. G7 and G20 groups met frequently. For the first time in global negotiations, emerging economies like India were taken seriously. President Obama, in the G20 meetings, listened to our economist Prime Minister Manmohan Singh with lot of respect. Globally, central banks cut interest rates in a synchronized manner. The European Central Bank and central banks in US, UK and Japan, in an unprecedented move, cut interest rates to near zero levels. In India,the RBI, in the severest cut in interest rate in history, cut the repo rate from 9 percent in 2007 to 3.5 percent over the next 3 years.

Even though global growth remained sluggish for many years after the crisis, presently the global economy is in the pink of health. The US is presently going through one of the longest periods of economic expansion in history. Europe has recovered from the debt crisis and is growing at a decent rate. Some of the emerging economies like Argentina and Turkey are in trouble due to sharp depreciation in their currencies. China has slowed down its growth rate substantially.

Indian economy has recovered from the twin shocks of demonetization and GST implementation. In spite of the depreciation in INR this year, the Indian economy is doing well.

India and the global recession

India was one of the few large economies that were not impacted by the crisis. India’s well-regulated banking system played an important role in insulating the Indian economy from the global financial crisis. But it is

also a fact that some of the excesses during the crisis later led to severe banking distress that India is going through now. And this crisis has become a huge NPA mess of more than Rs 10 lakh crores.

When a major recession, like the 2008 recession, happens the standard economic response is to provide monetary and fiscal stimulus to revive the economy. Monetary response is to cut the interest rate and the fiscal response is to cut taxes and increase government spending. Like all other governments, India too did this. This was the right thing to do under those circumstances. But in retrospect we have to say that our response was a bit too excessive. The stimulus provided by the RBI and the government did succeed in reviving the economy. India’s growth rate, which had slumped to less than 5 percent in 2007-08, quickly recovered and rebounded to more than 8 percent growth in 2009-10 and 2010-11. But the economy had to pay a heavy price for this stimulus.

Bad decisions during good times

The global boom of 2003-07 emboldened businessmen to make reckless investments. Banks, flush with funds, were chasing industrialists to borrow from them. Later, the government, as part of its fiscal stimulus package, encouraged public sector banks to lend massively to large projects. Huge investments were made, particularly, in steel and power projects. PSU banks, with very little expertise in financing such projects, lent money to such projects, without due diligence. Result? Most of these loans became NPAs. The Chinese policy of dumping steel impacted the steel industry globally. India too was impacted. The Supreme Court verdict

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cancelling coal allocations inflicted a massive blow to the power sector.

Even though the loans given to Vijay Malaya and Nirav Modi are prominent in public discourse, the worst blow to the Indian banking system was delivered by these loans to the steel and power sectors.

The excessive fiscal and monetary stimulus following the Great Recession also led to very high inflation in 2012 and 2013 forcing the RBI to steeply hike interest rates. This, along with the slowdown in global trade, impacted India’s growth rate.

The collapse of demand and the excess capacity in industry led to sharp fall in private investment.

India’s woes

macro

economic

After the twin shocks of demonetization and GST implementation, the Indian economy is back on track and is well set to emerge as the fastest growing large economy in the world this year with a GDP growth of 7.4 percent. But the economy is presently facing some macro economic headwinds, which have caused some major turbulence in the financial markets. The sharp spurt in crude and the widening trade and current account deficits have caused 15 percent depreciation in the rupee for this year till 5th October. Currency depreciation, in turn, has triggered capital outflows aggravating the depreciation further. The stock markets, too have corrected by around 10 percent from the recent highs.

The market valuations that have run up too fast are now reasonable.

Bond yields have shot up beyond 8 percent and the RBI has announced a ‘calibrated tightening cycle’. A major challenge for the government is to stick to the fiscal deficit target of 3.3 percent. This appear to be a daunting task since GST collections are running below budget estimates and the disinvestment targets are unlikely to be met, given the turbulence in the stock market. Improving direct tax collections,CPI inflation below 4 percent and pick up in GDP growth rate augur well for the economy. The economy is strong enough to manage the headwinds.

Dr V K Vijayakumar, Chief Investment Strategist, Geojit Financial services n

12 BANKING

November 30 - December 31, 2018

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November 30 - December 31, 2018

14 CABLES

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Traco extends its geographical foot print

Santhosh Koshy Thomas

Passline News Service

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raco Cables, an 1SO 9001 – 2015 company slowly but steadily extends its geographical foot print to become a national player. The company has recently clinched an order worth Rs 50 crore of weasel conductor from Rajasthan Power Distribution Board. As far as Traco is concerned this is the single largest order for single variety conductor ever since the inception of the company. Apart from KSEB, state electricity boards of Rajasthan, Bihar, Punjab and Pondicherry have put their faith in this 100% Kerala Govt enterprises which always adhere to the quality. The exuberant Managing Director of Traco, Santhosh Koshy Thomas in an interview with Passline said. “ Traco had increased its geographical foot print by bagging this order and this will certainly fetch a boost to our marketing drive.

The company had competed with 28 major manufacturers in the country to garner the orders Obviously , it shows Traco’s ability to win the trust of power utilities in the country other than Kerala State Electricity Board.

Our turnover for thelast year was Rs 130 crore and we are poised for a growth of Rs 200 crore turnover in the financial year 2018 -19. He optimised,“ To make this possible, we made an additional investment in our machinery to the tune of Rs 4.5 crore altogether in our Irimpanam and Thiruvalla units to enhance the production capacity and we could achieve a total of 3000 metric tons of production increase by this investment and that will enable the com-

pany to add Rs 30 to 40 crore more to its sales kitty”.

The conductors manufacturing company currently manufactures bare

, distribution loss and transmission loss. Bare conductors which we see rampantly in Kerala used by our electricity boards will cause accidents and distribution loss due to sagging.

In order to avoid this, we are using insulated or covered conductors between the poles. But , in transmission side we have to use HTLS conductors to avoid the transmission loss and for quality power. Traco will switch over to newer technology at the latest by 2019.” Koshy said.

Commenced its first unit 1964in Irimapanam in Ernakulam district, this ISO 9001 – 2015 company added two more units in due course. In 1990 Traco inaugurated its second unit in Thiruvalla in Pathanamthitta and in 2011 increased its number of unit to three by starting one more in Pinarayi in Kannur district. The company indulged in the production and marketing of variety of cables and conductors like power cables, control cables, housing wires and Aluminium – Conductor Steel Re- enforced

at the Pinarayi unit in the second half of the current fiscal and it has reflected in our sales book. The company was having Rs 3 crore turn over in this division and last year it increased to Rs 12 crore. This year we have ambitious target of Rs 25 crore and I think we will achieve it hassle free.

By 2025 the company expects the turnover of Rs 65 crore from Pinarai unit alone .The production of weather proof service wire and control cables were halted for last 5 years and we have re- launched the production in this year simultaneously with the up gradation of the machinery .” said Santhoskoshy.

He attributed the success of the company to the close cooperation of trade unions and the management as well as the state Govt policies. By 2020, the company has earmarked a growth in the turnover to the tune of Rs 300 crore and has a vision to be a national player as the deliverer of cables and conductors through

Santhosh Koshy Thomas , Managing Director of Traco Cables Ltd handing over a cheque of Rs 18.5 lakh to Chief Minister Pinarai Vijayan. The amount was contributed to CMDRF by the employees of the company. Minister for Industrie E P Jayarajan is also seen . conductors has already ventured in covered conductors and it will upgrade to High Temperature Low Sag conductors (HTLS) by 2019. As regards transformation from bare conductors to HTLS, “ All over the world the technology has already changed and in newly commissioned projects in northern states in India also used covered and HTLS conductors but in Kerala we have yet to embrace the technology.

The shift is inevitable to avoid the accidents

Cable ( ACSR) conductors. Traco is the only public limited company manufacturing ACSR conductors in India. The company’s Pinarayi unit is exclusively manufacturing house wire cables catering to the state domestic market. “ In housing wire coil sector Traco is facing a stiff competition from huge national players who have deep pockets . Even then, the company has been able to get an edge in the market by increasing the production

continued improvement on the R&D and quality. A company like Traco Cables which has a well -laid down business plans for coming years will certainly tap the potentials in the market and will achieve all the parameters and goals undoubtedly.

As a token of commitment , with the cooperation of employees and management Traco has contributed Rs 18.5 lakh to Chief Minister’s Disaster Relief Fund ( CMDRF) to rebuild our home state affected by the devastating deluge. n

November 30 - December 31, 2018

15 Taxation

Define ownership before buying a house If you intended to buy a house jointly with your spouse , we must define the ownership proportionately at the time of registration to avoid the taxation problems further.

Investment proof is essential

In a recent case, the Income-Tax Appellate Tribunal’s Bangalore bench rejected the plea of a couple that was trying to claim exemption on longterm capital gains. They argued that both have separately but contributed equally towards building a house on a plot of land. In fact, when the house was let out, they split the rent between them and paid tax on it. After they sold the property, they invested the proceeds in capital gain bonds separately .The tax officer, however, was not convinced as the property was registered only in the husband’s name. The tribunal too didn’t buy the couple’s argument.

It pointed out that the property was registered in the husband’s name and there was no evidence to show that the wife had contributed equally. Also, she was a Malaysian citizen when the property was purchased.

She had to, therefore, obtain Reserve Bank of India permission for buying a property in India, which she had not done.

According to a note from PwC India, the ruling highlights that ‘co-ownership in a property can only be considered from the recitals of the relevant documents and not from any stated intention or claim made, which is legally unsustainable.’ Many times, a husband and wife make an arrangement where one pays for the house, and the salary of the other is used for household and other expenses. For the couple, it’s a joint effort in monetary terms, but if the wife’s name is not there on the property papers

Size: 17.5x11.75cm

and there’s also no proof to show she contributed, she will not be considered as the owner. If the couple decides to split, there can be further complications.

For a couple, the best thing to do is to opt for a joint home loan or split the responsibility for payment of home and household expenses equally between them.

Keep in mind clubbing provisions

There are times when the husband pays for the property entirely but registers it in the name of the wife or makes her a joint owner. When such property is sold, there can be a confusion on who is responsible for the tax regarding the gains. Many such

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Tax experts say that tribunals have been liberal in cases where the assessee has sought the benefit of capital gains by investing in another property or capital gain bonds. In a recent case, a couple sold a jointly owned property. When they purchased a new one to save tax, it was registered only in the husband’s name instead of registering it together again. While the tax officer denied the couple the tax benefit, the tribunal ruled in favour of the taxpayers.

There have been similar cases where a couple sold a house flat. The new one was purchased in the name of a minor daughter, or the husband registered the new property in joint ownership with his brother instead of the wife. In all such cases, tribunals have let taxpayers take the benefit. n

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“If you look at the laws, they all need ownership to be defined at the time of registration. Property documents are the key to decide ownership even for tax purpose,” says the General Manager in a reputed tax consultancy firm “In certain cases, however, income tax tribunals and courts have taken a lenient view based on the merits of the case and ruled in favour of the taxpayer,” he adds.

Depending on the individual case and documentary evidence, there are chances that taxpayers get the capital gains tax benefit in cases where a husband pays for the house entirely, but registers it in the name of his wife or makes her the joint owner.

cases have gone to the tribunal, and it has ruled that whoever has paid for the house should be responsible for the tax as well as the benefit. For such transactions, the trail of money should prove who has contributed to the purchase.

“A family is not run on the basis of tax laws. There are many considerations for a family when they are buying a house. The tribunals have, therefore, taken a liberal view in such cases based on the evidence,” said an expert in the subject. The converse also holds true. A husband may have paid for the house entirely and made the wife the joint owner or made her the sole owner. When the house is sold, the husband has to bear the entire tax liability or enjoy the benefit. It cannot be split for the sake of lowering the tax liability. In such a case, the clubbing provision of income tax will apply.

Tribunals have been liberal

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It will ensure that the tax liability is in proportion to percentage of ownership. Also, both the owners can take the tax benefits based on their share in the house. If you ignore the paperwork, there can be tax-related issues later. On selling the house, for example, an individual has to pay tax on the gains made, but s/he can save the tax by making some investments. For this, s/he needs to invest the proceeds in a new house or invest in capital gain bonds. A husband and wife may have pooled money to purchase a property. In the absence of any evidence of joint ownership, one of them may not be able to get the tax benefit.

P a s s l i n e

KERALA: DAIRY DIVISION,

Konikkara, Marathakkara P.O, Thrissur - 680 320 Ph: 0487-2356394, 2351501

TAMILNADU: DAIRY DIVISION, Thalayuthu, Dindigal Dist. 624618.

Ph: 04252 252860, 252861

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November 30 - December 31, 2018

PERspective

P a s s l i n e

Karunanidhi: Lessons for Kerala?

P C Cyriac

M

uthuvel Karunanidhi - Tamil poet and litterateur par excellence, Tireless fighter for Social Reforms and Tamil language and Tamil soil, prolific writer of powerful and imaginative screenplays and dialogue for Tamil movies, Eloquent and persuasive speaker capable of holding the Tamil masses spellbound and an indefatigable leader who has built up his Party, the DMK, with strong roots in every village of Tamilnadu and the dynamic, five-time Chief Minister of Tamilnadu, one of the most progressive states in the Country.

Entering politics while still in his teens, he was an ardent follower of EVR Periar, the militant social reformer, who waged a relentless war against superstitious beliefs, brahmanical hegemony , suppression of women and the unjust domination of the Aryan North over the Dravidian South. But Tamil Nadu has temples in every village and the people’s lives move always in and around them. So it was no surprise that the sacrilegious attacks on God and the temples and religious beliefs by the rationalist EVR would make no headway in the Tamil society. A group under the leadership of Annadurai realised this and they parted company with EVR and formed the DMK, as a political party in 1949. Karunanidhi chose to join Anna. The new Party

made steady progress, winning 20 plus seats in 1957 General Elections , and 50 seats in 1962 and a clear majority in 1967.

The stormy anti Hindi agitation which swept through Tamil Nadu in 1965 was a major factor which helped the DMK to win the throne at Chennai’s Fort St George. Within two years, the Chief Minister Annadurai passes away and Karunanidhi succeeds him, with the support of the Party’s principal vote catcher, the matinee idol, MGR.(March 1969).

Soon differences erupted between Karunanidhi and MGR and the latter formed his own Party, the Anna DMK. Karunanidhi failed to evaluate the ability of MGR to influence the rank and file in the DMK and the poorer sections of Tamil people. The determined and steel-willed administrator that he was, Karunanidhi, dismissed MGR’s rebellion and his new party as a small skirmish by a few film fans.

But later events were to prove that the seasoned politician was wrong.

In fact, even after providing a reasonably sound administration as CM from 1969 to 76, and even after fighting the Proclamation of Emegency by Indira Gandhi and stoutly defending the democratic rights of the people, Kalainger lost the 1977 Assembly elections and he had to see his rival becoming the Chief Minister.

And Karunanidhi was to remain in the wilderness in the Opposition, till after the charismatic MGR passed away. A “Vanavasam “ extending to 13 long years and repeated election defeats which would demoralise any political leader other than the great Kalainger Karunanidhi.

It would be interesting to speculate about what would have happened if

Karunanidhi had judged MGR’s potential accurately, right in the beginning and offered him a berth in the DMK Cabinet. In that event, MGR would not take the risk and split the DMK. And Karunanidhi would be Chief Minister through the Eighties and Nineties. And

the Congress Party would have managed to grow into a strong Opposition Party in Tamilnadu, instead of diminishing themselves, remaining as the minor partner of either the DMK or the ADMK.

17

With the main concern of the Congress Party being somehow getting a few Lok Sabha seats, they negotiated with both the DMK and the ADMK and selected one of them as their ally on each occasion. Both the Dravidian parties forced them to accept a very low number of State Assembly seats. So, the Congress Party could not even maintain the solid support base it always had in several pockets in the State. In fact, with the Party remaining without a share in power in Tamilnadu for many decades continuously, its base languished steadily. The presence of a few Congress MPs from Tamilnadu did not help as they did not work for the party’s growth. They were dependent for their winning of the seat only on the total support of the Dravidian party - ally and hence did not do anything to strengthen their own party in the Constituency. And MPs like P Chidambaram were too busy as Central Ministers and did not care to sweat it out in the constituency.

In Kerala, we admire the Tamilnadu leaders on three counts.

1. We find that the Tamilnadu leaders in both DMK and ADMK, fighting the Centre aggressively in a united manner, for securing for Tamilnadu, the projects that they consider as due to them or for getting favourable decisions from the Govt of India on issues which they consider as vital for Tamilnadu. How is this united effort possible, when these same leaders are not even on talking terms with each other and when they really are sworn enemies?

2 . How come that these two leaders who are out to imprison each other when in power, and mercilessly charge corruption cases on each other, manage to rally together and cooperate with each other wholeheartedly and get the implementation of new projects in the State done smoothly?

But in Kerala, while the Leaders on both sides maintain good personal relationship, why they create impediments in the implementation of Projects, when in Opposition and speak about getting together and cooperating for Kerala development, only when they are in power?

3. No doubt the Tamilnadu politicians in both the DMK and ADMK have enriched themselves personally and Jayalalithaa has been convicted and the Supreme Court itself has confirmed this conviction. Yet, a large number of people adore and worship these Tamil leaders. Why is this so?

Is it that these leaders share a part of the money they amass, with the ordinary people in the State distributing useful products, free of cost and thus earning their gratitude and

November 30 - December 31, 2018

love.... and votes too?

Yes, these questions are baffling indeed, and we Keralites are moved and surprised particularly at the love for the State and its people exhibited by the selfless Tamilnadu leaders across party lines and we often ask our Political class in Kerala to emulate the Tamilnadu leaders.

We may come across only in Kerala, and not certainly in Tamilnadu, the sight of a Chief Minister and his Leader of Opposition travelling together as friends and attending the funeral of a former Chief Minister in a neighbouring state and placing a wreath there, jointly! Personally, they are soft on each other. Though they raise big allegations of corruption and not without basis, the Kerala leaders do not pursue them, when they get to power, but simply let their adversaries escape from prosecution! The Lavalin case and the Bar Licence Corruption case are two examples, one on each side. Even the Solar corruption issue, about which a big storm was raised by the Left Front when they were in the Opposition, is kept on the back burner by the Pinarayi Vijayan government, now!

So, we ask our leaders in Kerala, why they cannot follow the Tamilnadu model and cooperate and work together for project implementation?

After all, if they can cooperate with each other when personal issues crop up, why they create impediments and stall each others’ development projects? Don’t they have any love for the State and its interests?

This question assumes great significance in the context of the massive reconstruction projects we are going to take up for “Nava Keralam” in the wake of the recent catastrophic floods we have suffered.

There is no doubt that for smooth project implementation, the Ruling party and the Opposition should cooperate and work together and avoid unnecessary delays and impediments, in the interest of the State.

They should never blindly oppose any project proposal. At the same time, they should not fail to perform the legitimate role of the Opposition.

They have to critically examine each proposal and ensure that the same is in the interest of the State and that the decisions are taken in a transparent manner.

But, pointing to Tamil Nadu and asking our leaders to follow what they are doing, will be a great folly.

Those leaders are really not getting together and doing things in the interest of the State. The Chief Minister invariably hints to the promoters of the projects to meet the Leader of the Opposition and take care of him !

Once the supreme leaders in both the Government and the Opposition are taken on board, who is there to create impediments?

In Kerala, there is no supreme leader (except perhaps Pinarayi Vijayan,in the Left Front now, and K. Karunakaran, in the UDF, two decades ago!). Here, if the Tamil Nadu pattern of buying up both the sides is to be attempted, it may prove a costly and non-viable exercise, what with a large number of party leaders and group leaders and leaders of single member parties! .. What about the Tamilnadu leaders raising their voice in unison, for securing Central investments in the State and getting the Central Government on their side, on controversial issues like Kaveri and Mullapperiyar waters or Srilankan Tamils’ problem?

Certainly nobody is paying them money for it? Here, it is a question of oneupmanship.

A Jayalalithaa may not have any great love for Tamil or Tamilnadu. But Karunanidhi has great commitment at least for Tamil and Tamilnadu. And he is sure to raise such issues. So, there develops the competition to show who is more loyal to the state and its interests.

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Now, the third question: They make money. The people know that.

But they are pacified and made happy by sharing the loot and using a part of that to distribute freebies like free televisions and mixies and laptops and bicycles! This argument is also not sound. The ordinary Tamils in the towns and villages are not well aware of their rights or the duties and responsibilities of the leaders. Many believe that a Jayalalithaa Amma or a Kalainger Ayya is giving freebies out of their personal wealth. Even many in Kerala think that the freebies are financed out of the corruption earnings! The truth is that it is all financed by the government funds !

So, let us not ask our political leaders to learn from Tamil Nadu .Let them not join together and loot us. Let the Opposition expose the misdeeds of the Government. Let the Government take their decisions in a fair and transparent manner. That is the only way in which they can stand firm and implement their projects braving even the big storms of protests. .

On this occasion when we are paying homage to a dynamic and efficient Chief Minister, Kalainger Karunanidhi, let us focus on his positive contributions in leading Tamilnadu into the 21st century! n

November 30 - December 31, 2018

P a s s l i n e

A rough estimate for starting a modern furniture unit having an installed capacity of 1000 tonnes per annum is given below: Sl. No.

Description

Requirement

1

Land

100 cents

2

Buildings

6000 sq.ft

3

Guillotine shearing machine, Power operated Universal sheet Rs. 100.00 lakhs folding press, Power press, Spot welding machine of 10 KVA, Pipe bending machine, Double Ended Bench grinder 200mm, Bench drilling machine,

Flexible grinder 125mm, Portable

drilling machine 12mm cap, Gas welding set, Tig welding Set, Precision

measuring

instruments

like

thickness

gauges,

micrometers vernier capilers, gauges jigs, fixtures, dies, hand tools, material handling equipments etc.

4

CRC/BP sheet, wooden

frame

S.S. pipe, S.S. rod, caned,

Wooden/S.S

Seat and back with Rs.500.00 handles,

Leather, per annum

toughened glasses, fasteners like, rivets, screws, nuts/bolts, gas refills, locks, handles and fittings, paints, primers and chemicals, packing materials like poly sheets, jute, cloth etc.

5

Direct employment potential

405 persons

6

Power requirement

80HP

The approximate investment requirement for setting up of 1000 tonnes modern furniture unit will cost Rs. 425.00 lakhs as indicated below: Sl. No. 1 2 3 5 6 7 8

Particulars

Cost (Rs. in lakhs) Own 120.00 100.00 25.00 10.00

Land Buildings Machinery & Equipment Miscellaneous fixed assets Preliminary and pre-operative expenses Contingency@ 10% Working Capital- (1st Year) Total

20.00 150.00 425.00

lakhs

November 30 - December 31, 2018

19

P a s s l i n e

A rough estimate for starting a modern furniture unit having an installed capacity

The financial viability of the unit is provided below:

of 1000 tonnes per annum is given below: Sl. No.

Description

Requirement

Sl. Particulars 100 cents No. 6000 sq.ft 1 Annual sales income from 1000 tonnes modern

1

Land

2

Buildings

3

Guillotine shearing machine, Power operated Universal sheet Rs. 100.00 lakhs

furniture

folding press, Power press, Spot welding machine of 10 KVA,

2

Cost of raw materials, salary, power, depreciation,

Pipe bending machine, Double Ended Bench grinder 200mm,

sales commission, interest on term Bench drilling machine, Flexible grinder 125mm, Portable advertisements etc. drilling machine 12mm cap, Gas welding administrative set, Tig welding expenses, Set, Precision

measuring

instruments 3like Operating thickness Profit gauges,

150.00 40%

tools, material handling equipments etc.

5 Pay Back Period CRC/BP sheet, S.S. pipe, S.S. rod, Seat and back with Rs.500.00 wooden

frame

caned,

6

Wooden/S.S

Internal Rate of Return handles,

750.00

loan,

micrometers vernier capilers, gauges4jigs,Breakeven fixtures, dies, hand point 4

Amount ( Rs. in lakhs) 900.00

Less than 3 years lakhs

40%

Leather, per annum

toughened glasses, fasteners like, rivets, screws, nuts/bolts, gas refills, locks, handles and fittings, paints, primers and chemicals, packing materials like poly sheets, jute, cloth etc.

5

Direct employment potential

405 persons

6

Power requirement

80HP

The approximate investment requirement for setting up of 1000 tonnes modern furniture unit will cost Rs. 425.00 lakhs as indicated below: Sl. No. 1 2 3 5 6 7 8

Particulars

Cost (Rs. in lakhs) Own 120.00 100.00 25.00 10.00

Land Buildings Machinery & Equipment Miscellaneous fixed assets Preliminary and pre-operative expenses Contingency@ 10% Working Capital- (1st Year) Total

20.00 150.00 425.00

CIN No: L15331KL1963PLC002028

Registered Office: Post Box No. 20, Solvent Road, Irinjalakuda, Kerala - 680 121 Ph: 0480 2825376, 2825476, 2825576 Fax: 0480-2826075 E-mail: ksekerala@gmail.com

EXTRACT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER / YEAR ENDED 31ST MARCH, 2018 Rs. in lakhs

TURN OVER UP BY 25%

NET PROFIT UP BY 325%

DIVIDEND 600%

Sl Particulars No. 1 Income Revenue from operations Other Income Total Income 2 Expenses a) Cost of materials consumed b) Purchases of Stock-in-trade c) Changes in inventories of finished goods d) Employee benefits expense e) Finance Costs f) Depreciation and amortisation expense g) Other expenses Total expenses 3 Profit Before tax 4 Tax Expense 5 Profit After Tax 6 Other Comprehensive Income (OCI) (net of tax) 7 Total Comprehensive Income for the period 8 Earnings Per Equity Share having face value of Rs.10 each

31.03.2018

Quarter ended 31.12.2017

31.03.2017

Year Ended 31.03.2018 31.03.2017

31034.78 317.47 31352.25

35142.60 30.65 35173.25

27388.38 102.03 27490.41

130417.33 519.07 130936.40

104724.53 209.58 104934.11

23790.31 364.65 1136.13 31.66 90.92 2503.09 27916.76 3435.49 1270.18 2165.31 27.05 2192.36 67.67

24725.35 4,145.95 (253.30) 1238.55 28.40 89.05 1874.65 31848.65 3324.60 1208.40 2116.20 (51.70) 2064.50 66.13

22102.51 (4.50) 1140.64 97.43 83.76 2112.81 25532.65 1957.76 733.04 1224.72 (22.19) 1202.53 38.27

96090.11 10555.20 266.55 4677.23 119.91 352.27 8010.09 120071.36 10865.04 3902.33 6962.71 (88.40) 6874.31 217.58

90537.66 (353.00) 4129.54 201.53 328.06 7501.91 102345.70 2588.41 952.39 1636.02 (88.64) 1547.38 51.13

Note: The above is only an abstract of published Audited Figures. For details please access website of the Company at www.kselimited.com

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November 30 - December 31, 2018

P a s s l i n e

Veegaland Developers - the builder who creates beautifully exclusive homes W

hether you are buying your very first home or it’s your second, it is an experience that should be exciting and memorable. The pressure to find the right builder, suitable project and inclusions however, all while maintaining a balance between cost and quality can be very overwhelming.Veegaland Developers take you through the process with transparent pricing and no hidden costs.We are proude ourselves of the craftsmanship and provide superior quality residential housing at an affordable price with all exclusive amenities and features no one can provide.

Veegaland Developers comes from a group founded by Kerala’s most respected businessman and visionary Kochouseph Chittilappilly who founded India’s most trusted consumer electronics brand,V-Guard and India’s best amusement park, Wonderla. Veegaland Developers is a brand that redefines luxury.

Conceived by an eminent team, every apartment of Veegaland Developers offers an unparalleled expression of contemporary design complemented by premium finishes.

After the successful completion and on-time handing over of three projects, Veegaland Developers is moving ahead withfouron-going projects at Thrikkakara, Eroor, Edappally and Padamugal. Veegaland Developers is all set for a pan Kerala presence with the launching of new projects at Thrissur, Kozhikode and thiruvananthapuram in near future.

Veegaland Bluebell, strategically situated at the cool spot of Kakkanad, opposite to NPOL at Thrikkakara, is a premium and limited-edition project. The aesthetically and precisely engineered structure is what gives Veegaland Bluebell, a 7-storied build-

ing with just 14 apartments, its cutting-edge look.Veegaland Bluebell is a retreat set in a classy and refined neighborhood to offer you luxurious lived like never before.

Veegaland KingsFort at Eroor near Vyttila is another ongoing project which offers an exceptional life style beyond ordinary with all exclusive amenities which help you to raise to regality. Situated just 1.7 km from Vyttila Mobility Hub, Veegaland KingsFort connects you well with city and at the same time offers you a peaceful setting.

Veegaland Exotica at Edappally is a 16 storied landmark building which will redefine lifestyle living. The aesthetically and scientifically engineered structure is what gives Veegaland Exotica its cutting-edge look and feel. Thoughtful interiors with high end finishes and quality fittingsmake each and every apartment a masterpiece itself.

Veegaland Zinnia at Padamugal is premium residential project with only 33 apartments. This 12 - storey boutique residential development provides a rare opportunity to inhabit a modern dwelling at Kochi’s flourishing precinct only for the lucky few.

Now, VeegalandDeveloeprs introduced a very attractive and affordable payment plan for those who want to buy their apartments. Customers need to pay 10% of the total value of the apartment only as booking amount. Balance payment starts only after the handing over and occupancy of the apartment.

Veegaland Developers have a dedicated and experienced customer service team which regularly interacts with customers and always be there to assist through the entire sales and after-sales process. This provides you with a one-point interface for any helps and requirements you may require. Veegaland Developers’ vision is to build a better future for one and all. Hence, all our efforts are directed in creating spaces that are in sync with nature. We are eyeing for more spaces, more destinations and more innovation. n

November 30 - December 31, 2018

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P a s s l i n e

NOEL VILLAS & APARTMENTS A STICKLER TO QUALITY

oel, the famous builder in Kochi, focuses on keeping the highest standards of quality, incorporating the latest in design and architecture, and using the latest in building technology and timely completion. This compliments Noel’s philosophy of integrity, reliability and impeccable service to customers.

They believe in providing the best value for money in the commercial and residential living with all luxury amenities.

Noel Villas and Apartments, one of the 10 leading home builders in Kochi; and one of the top builders in Kerala, is under the able guidance of Managing Partner John Thomas and Executive Partner Geetha John. Both are graduates in Engineering with over two decades of experience in the construction industry. Leading from the front, they constantly monitor quality

and are actively involved in d ev e l o p ing strong client relationships.

They take a strong initiative in keeping the design contemporary and world class. They ensure client satisfaction by maintaining high standards. They are the driving force of a dedicated team of highly qualified personnel, both in the design office and at the project sites.

Noel’s goal is to provide you with premium and cosy apartments, flats and villas without compromising the standard in quality at an affordable price. Noel has 3 BHK villas and apartments in Kochi, Kottayam and

Thiruvalla.

Noel’s philosophy of i n t e g r i t y, reliability and impeccable service to customers. They believe in providing the best value for money in their commercial and residential living with all luxury amenities.

Noel Greenature at Kakkanad, Kochi, has been awarded the certification in Gold rating by IGBC (Indian Green Building Council). It is the first residential 3 BHK apartment project in Kerala, and fourth in India to receive the honour. Thereafter Noel Serenia, Ecotat, Casa Tierra and Mattethra Heights, the prestigious projects re-

ceived IGBC certification.

The Earth, Song, Poetry, Ecoden and Octave are their ongoing 3 BHK apartments in Kochi. Enliva is our completed project at Thiruvalla and Matteethra heights are the first residential apartment in Kottayam As Kochi is the fastest growing city in Kerala with the developing IT sectors and Smart City, the need for residential apartments near Infopark is also increasing. So, almost all the flats and apartment projects in Kochi are located close to Infopark at Kakkanad, Kochi.

They have a commercial project, Noel Focus, in Sea port – Air Port Road, where office spaces are available for lease and rental. They are the driving force of a dedicated team of highly qualified personnel, both in the design office and at the project sites. n

Trinity ends your search for ideal homes

T

rinity Builders and Developers stands neck to neck with Kochi’s ace builders in a short span of time.

Mr C J Mathew IRS (Retd) is the Chairman of Trinity. The Directors are Mr Roy Joseph, head of the well known RJ constructions, a civil contracting and engineering firm and the Treasurer of CREDAI; and Mr Louis, owner of Jos Electricals (Agencies), a synonym for all electrical paraphernalia in the largest lighting showroom in South India. Though relatively young in realty sector, the trio has decade-long experience in other industries. Trinity has built spectacular structures within a duration of 14 years since its inception.

All the Trinity projects are in diverse locations—city-centric, IToriented, scenic and waterfront.

You’ll feel close to nature, yet pampered by modern features.

Many of us are in search of spaces such as kids’ play area,

car parking, gymnasium, indoor party area, indoor games hall, and more but only a few of us are lucky enough to have access to these amenities.

The Garden: Ready to occupy: ‘Trinity’s The Garden Project spans across 8 acres in the verdant location of Aluva and has equal access to the backwaters of Periyar and the lively city. You will instantly fall in love with the 42 ready to occupy villas of 4 bedroom option is located at Desom-Aluva.

Trinity Neptune completed to deliver: Trinity Neptune is ready to move in project that offers amazing living at the Seaport – Airport Road offering 3 BHK apartments. New Castle of-

fers you an unmatched luxurious lifestyle.

It provides 40 units of 2, 3 & 4 BHK apartments . New Castle is situated just behind EMC Hospital, 500 meters from NH byepass.

Trinity Citadel: Premium Flats at Kadavanthra: Citadel, a luxury statement

by Trinity, is a 2 & 3 BHK luxury apartment project in 14 floors spreads across an area of 38 cents of land at Gandhi Nagar, Kadavanthra,, Kochi.

The Trinity Venus project is a part of the Trinity World. An extraordinary living space showcasing 213 super luxury 2, 3 BHK Flats in Ernakulam.. Trinity Venus is coming at the city’s

prime location Kakkanad.Trinity World with unique features: Trinity World, one of the most coveted projects, embodies four towers—Jupiter, Neptune, Mercury and Venus. Trinity World offers many unique features like the magnificent central atrium is one of the largest atriums in any apartment project in Kochi.

Trinity World is in 6 acres of highly valued property in Kakkanad, the preferred destination for IT hotshots.

Trinity Periyar Winds: The latest offering

The latest offering from Trinity Builder, The Periyar Winds on the banks of the Periyar River at Aluva will redefine waterfront living in Kochi. Coming up on 53 cents of land, on the banks of the ever-mesmerizing Periyar River at Aluva, this 13-floor complex comprising just 51 units of 3 BHK apartments of 1,555 square feet and 1,585 square feet. n

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November 30 - December 31, 2018

P a s s l i n e

CMS: The one stop shop for all cables

entral Marketing Syndicate (CMS) is the one stop shop for all your electrical cable needs, from .5mm to 33 KV cables. Valuable customers fondly refer CMS as ‘Cable People’ of Kerala. CMS has completed its silver jubilee of unstinted service to the industry in 2017. Beginning in 1992 from a small shop in Sannidhi Road, near Padma junction, Ernakulam, by two stalwarts in electrical products distribution sector of Kerala, Dr P S Raman and Mr A V Rajamani; today CMS has presence in Trivandrum, Calicut, Palakkad; and Ernakulam as its Head Office cater-

venture. Both of us have 50 years of experience in this field and unlike today, the number of distributors and the competition in electrical cable field were minimal. These factors coupled with our stringent policies and values and also God’s blessings made our venture a great success.

We keep one product of one brand.

We do not keep same product of another brand. For a particular product, we keep all the varieties. If a customer comes to us, we will cater to him the entire items of that product. But, we insist on the quality, that is the reason we chose Gloster as our ace product in cables. We have been dealing Gloster brand cables for the last

ible Cables, House Wires, Telephone Cables, Communication/Data Cables and other electrical products like Switch Gears, Cable Joint Kits, Fuses etc. CMS maintains the business hours from 9.30 a.m. to 5.30 p.m. right from inception. As the customers knew the strict timings they come straight to the shop to finish their purchases before 5.30 p.m. Raman points out, ``Our next generation-Rajamani’s son Anand and my son Dilip-- are very much active in the shop dealings in sales and marketing, respectively. I told them, sitting in the shop 12 hours or 18 hours is not the only thing one should do in life. We must find time to indulge in social activities and also for mingling

our suppliers will not hold our orders pending. Companies will supply on time, whenever we want the goods.

They may keep others pending to give priority for us. Trustworthiness is the backbone of every business.

We do not do any illegal business like tax evasion or undervaluing the bills.

We took part as supplier for various projects in Kerala and outside Kerala. It includes mega government and private sector projects. Our delivery network is very prompt delivering the goods within 24 hours time, where ever it is.” Highly educated and determined younger generation of CMS has already taken the mantle of the business by looking after the sales and marketing of the shop.

ing to entire Kerala market. In addition to that, the company has opened an office-cum- yard in Coimbatore to take care of the entire Tamil Nadu region. Dealing with high quality products of renowned brands, 100% sincerity in after- sales-service, being trustworthy in every dealings and prompt payment are the core for the success of CMS. Dr Raman, the Managing Partner, has said that we have a rags- toriches story by myself and Rajamani.

We were working for different companies and travelling almost all over India for marketing cables and other electrical goods. Our capital was our experience when we started our own

20 years and use to sell it for Government projects and also for private use. Gloster is coming from ‘Bangur’ group , one of the oldest industrial houses, based in Calcutta. Cables are one of their divisions. They have diversified business interests; and adhere to the quality, at any cost. In India, we keep IS as our bench mark for quality but Bangur group manufactures its products with IS plus, the supreme quality. Gloster introduced triple extrusion technology in cables – Fire Retardant, Low Smoke and Low Halogen .”

CMS is into distribution of Underground Power/Control Cables, Flex-

with others. After closing the shop, I will switch off my phone till next day 9 am. We belong to a community of Tamil Brahmins and I will be engaged in the community services and also look after the affairs of our temple.

Another vital policy of our business is, we do not keep our suppliers on tenterhooks as regard the payment, mostly we purchase goods as cash down basis, even if the suppliers give us a breathing time of 4 or 5 days, we will make sure that, our payment reached our supplier, that particular day before we close our shop.

We do not keep people to sit in our office for payments. Because of that,

Both the youngsters--Anand and Dilip--fervently said in one voice, “ CMS, a company that takes pride in being associated only with leading manufacturers in their respective fields, committed to excellence and in delivering the highest standards, whether it be for the producer quality or customer services. With a disciplined approach, we could earn the trust of our valuable customers who are from various segments. We have to sustain it and keep company moving for facing the fresh challenges in the industry to become undisputed leader”. n

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ABC Emporio: Trend-setter in world ceramics

BC Emporio Kochi is a veritable wonder land of surfaces and bathware ceramics suitable for world class interior decor. Why the name ABC? The group Managing Director Muhammed Madani defines the venture, “ABCD... is the first four letters of English alphabets. In our case also it is a beginning. We were not knowing anything about the business. We learnt; made corrections and learnt again as children study ABCD. We are happy now because the world comes to ABC Emporio in search of interior decor, ceramics and bathware. The Emporio is strategically located in the arterial NH 47, a stones throw from the Metro station at Edappally”.

towns in the northern part of Kerala; and in Kochi. Its first off-shore store commenced operations in Doha, Qatar in 2009. Now the company has operations in GCC countries, Africa, and China.

Kochi is the group’s National Head Quarters and Dubai is its hub for International Operations. The company which presently has a turnover of Rs 460 crore, is now aiming to become a 1000 crore enterprise in 2020.

self. Each one speaks a different language by way of either the ambience and experience or the range of products. I dare say that our store in Kochi is a ` must-visit ’ show room for people who are engaged in home making, who wish to renovate their homes and who wish to start career as interior designers. You might be a customer planning to make a dream home, spending your hard-earned money; or you may be an Architect or Interior Designer who want to explore the current and future trends in

and Brazil. Most probably we will surpass Brazil this year to become number two. The opportunities arising from the Government programmes like Swatch Bharath and Make in India will be tremendous for this industry. People who have engaged in production, distribution and trading will become the part of nation building because toilets for every households in India is the core area of Prime Minister’s Swatch Bharath programme which has huge funds allotted for it.

According to Mr Muhammed Madani, ``GST is good, it is the transformation of economy in an organized manner. At the end of the day, good people who carry forward the ethical way of doing business will survive

ABC Emporio Kochi resourced some of the leading international brands like Kohler, Toto, Gessi, Armani-Roca, Vitra, Loufen, Roca etc.... The products are arranged in an eco-friendly ambience. Lounges and high-tech discussion rooms are available in variable floor area to enhance customer comfort and awareness. ABC Emporio Kochi has to its credit the first ceramic store in India that provides its customers with virtual realty experience and the facility to foresee the upcoming technology in the field of ceramics.

The group started its first store in Thaliparamba in Kannur district way back in 1998. Within the span of two decades, the company started stores in most of the important cities and

Muhammed Madani, pointed out , “ Our Kochi store, namely ABC Kochi Emporio, is the store house of more than one hundred globally reputed ceramic brands. We have showcased ‘Armani’ collections, one of the expensive brand from the Swiss ‘Laufen’. ‘Gessi’, the product of the world’s most expensive and super luxury Italian designer of bath room products, are also made available in Kochi.

Other medium and super luxury brands are available in addition to all these.

Each show room of ABC is an epic in it-

the ceramic world. Whoever you are, an architect or interior designer, you can advance your interests by using the ultramodern technologies available in our stores”.

“Our stores are MBOs (multi brand outlets).Let us consider what it means for a customer. It means that he can avoid visiting ten ordinary showrooms if he visits ours. This is so because he will come across more than one hundred brands ranging from medium to super luxury under our roof.

“India is the third largest ceramic producer in the world now, after China

and others will undoubtedly perish.

The stability of the organization is the prime consideration in a business.

These types of reforms will always be there in a growing economy. We must be prepared for it.

Market leader in tiles, sanitary wares, bathroom solutions and allied products, industry leader in export and import, nine International operations, seven retail divisions, ten wholesale division, two import and export divisions, nearly two lakh sqft of display area, more than three lakh sqft of warehouse area, staff strength of five hundred and eighty five, one crore satisfied customers, one thousand channel partners across Kerala and more than one hundred prestigious projects. n

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ELECTRONIC CABLE CENTRE QUALITY AND PERFORMANCE ARE THE BUZZ WORD K ochi based Electronic Cable Centre, the renowned name among dealers of electronic wires, cables, connectors, sleeves, convertors, cable accessories and panel accessories has carved a niche in cable business in India.

Right from the inception i.e. in 1989, Electronic Cable Centre stands apart from its peers as Anil Kumar Agarwal, the Managing Partner and his son Gaurav Kumar Agarwal, the Partner – the natives of Rajasthan have extensive experience and in-depth knowledge which enable them to provide perfect solutions for clients’ specific requirements. They focus on the specialized segment of the world-

wide cable and connectivity market that require high-performance products.

The duo acquired advanced knowledge in cable business, having their own manufacturing unit in Rajasthan taken care by one of their uncles and its prospects lured them to take up cable trade, leaving their established spices business initiated by their father way back. They started the trade in Kochi initially and extended to Trivandrum by opening a branch office in 2009.

From 1989, Electronic Cable Centre has made utmost care to manufacture and deal with high quality cables

and wires.

Slowly but steadily over the years, seeing the developments in technology and based on the customer requirements, Cable Centre has started dealing with connectors, other cable accessories, audio video products and convertors. They always make sure that their products are procured from the most reliable manufacturers, who have benchmarked a new level with innovative designs and engineering concepts. Currently Cable Centre has authorized dealership of reputed international brands such

as Belden Cables, Chetan Cables and Lapp Cables.

They also deal with other brands like Neutrik Connectors, Dlink, Klotz Cable and other brands.

The reputation of a company is evident by the rank of its customers. Some of the key customers to Cable Centre are well-known private and public sector establishments like NPOL, Cochin Shipyard, Asianet, Kairali TV, and to the industries like Shipping, Camera and Security Devices, Power, Manufacturing, Hotel and Malls, Audio & Video industries and all other Electronic Industries.

Naturally they follow a streamlined and well – defined process to ensure complete customer satisfaction. n

Products The broad portfolio of their products includes the following: Cables, Wires, Moulded Cables • • • • • • •

• • • • • • •

• • • • • • • • •

Data (UTP/ LAN) Cables Belden Cables Klotz Cables Canare Cables Bandridge speaker Cables Lapp Cables VGA Cables/

Projector Cables

Coaxial Cables Speaker Cables Telephone Pair Cables Multicore Shielded Cables Multicore Round Cables Multicore Flat Cables Mic/ Microphone Cables/

Snake Cable

CCTV Cables PTFE/ Teflon Cables Rubber Silicon Cable Solar Cable Armoured Cable Audio Video Cable Ribbon Cable Communication Cable Lift/ Elevator Cables

•

• • •

• • • • •

•

•

• • • • •

Special Flexible Wires Ribbon Wires Double Flexible Wires Flexible Wires & Hookup

Wires

Domestic Wires Patch Cords VGA Cables HDMI Cables USB (A-A, A-B, A-F, MICRO, 5 PIN MINI) RCA Cables (3 RCA TO 3 RCA, 2 RCA TO 2 RCA, 1 RCA TO 1 RCA) XLR MALE / FEMALE to

Mono/ Stereo 3.5 MM/ Stereo P 38, XLR MALE/ FEMALE MONO P 38 TO MONO P 38 HDMI/ DVI to DVI/ VGA Stereo 3.5 mm to 2 RCA Stereo P38 to 2 RCA Stereo 3.5 mm (4 pole) to 3 RCA

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• • • •

Stereo 3.5 mm to stereo 3.5 mm (Aux Cable) BNC TO BNC/ RCA S VIDEO TO S VIDEO SPEAKON TO SPEAKON POWER CORDS- CPU/ LAPTOP

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• • • •

• • • • •

•

Connectors Cable Wire Accessories Neutrik Connectors- BNC, MONO, Stereo, XLR Amphenol MX RMC Industrial connectors

Audio Video Distribution HDMI/ VGA Switch HDMI/ VGA/ RCA Splitter TALK BACK 1 RCA/ 3 RCA – Distributor BNC Distributor •

PVC Sleeves Cotton Sleeves

• • • • • • • • • •

Heat Shrinkable Sleeves Spiral Sleeves Braided Sleeves Cable Markers Cable Ties- Nylon & SS Cable Mounts Rubber silicon Sleeves Teflon Sleeves Cable Glands Audio

Convertors

• • • • •

•

•

HDMI to VGA/ RCA VGA to HDMI/ RCA RCA to HDMI/ VGA HDMI/ VGA UTP extenders USB C TO HDMI/ VGA/ USB 2.0 Display port to HDMI/ VGA/ DVI Mini Display port to HDMI / VGA/ DVI

•

SDI / HDMI to HDMI/ SDI

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30 MANAGEMENT

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Umpteen govt depts impede industry growth Passline News Service

“

Our existing industries are expediting the pace of economic growth of the State by paying crores of rupees as tax and levies to the exchequer and also by creating huge employment potential which the Government cannot do”.

This is what V Amarnath, eminent industrialist and head of the Aswathy Group of Companies, has to say about the industrial atmosphere in Kerala which he describes as “dismal and shameful.”

“The tenacity of Industries in Kerala to shift to neighbouring states despite Government initiatives like Global Investment Meets (GIMs) and Emerging Kerala is still active. Unless the Government instils confidence and trust among the existing industrialists such exercises will be futile.

There are 24 industrial estates in Kerala under the district industries centres, and 2,800 industries are functioning in them. About Rs 240 crore is levied from these micro, small and medium enterprises (MSMEs) as State and Central taxes and Rs 110 crore as other levies. They provide 2.75 lakh jobs. In return they get only harassment from bureaucrats and they are treated like cheats and fraudsters”, Amarnath, who has been President of the Aroor Industrial Association for the past 10 years, says

in an interview. “Ours is the best industrial estate in Kerala with peaceful and cordial relationships among all stakeholders. There is no strike or lockout in any of the units in the estate”.

“There are 10 departments - Sales Tax, Central Excise, ESI, Provident Fund, Factories and Boilers, Labour, Pollution Control Board, industrial centres, local bodies and trade unions - all of which hamper the industrial growth of the State. It needs enormous manpower and laborious work to maintain the umpteen files related to each department”, Amarnath points out. “None of us are against

these departments and we welcome the cross-checking and scrutiny by each but they must minimize the paper work and other formalities and give entrepreneurs more time to concentrate on their industries instead of harassing them with illogical queries. Entrepreneurs are the industrial brand ambassadors of the State. Unless we endorse the State as industrialfriendly, whatever efforts the Government takes for attracting investment would be wasteful”, laments Amarnath.

About the rapidly growing Aswathy Group, Amarnath says it is driven by a relentless pursuit of excellence by having quality and professional management.

Founded in 1971 by the great visionary and industrialist, the late N Vanikumarnath, Amarnath’s father, Aswathy Spun Pipes, has become a recognized leader in the designing and manufacturing of steel-reinforced concrete pipes. Located in the industrial belt of Aroor in Alappuzha with a built-up area of over 20,000 sq ft, Aswathy makes different sizes

of concrete pipes used in sewage, culverts and road works and spigot and socket pipes.

After the death of Vanikumarnath, Amarnath, a reputed criminal lawyer by then, took over the reins of the company in 1998. Amarnath brought professionalism in its management

and added more units to the group in 2017- Aswathy Pipes Pvt Ltd at Anayadi in Kollam district and ASWACON. Aswathy Pipes is situated in four acres of land with a built-up area of 30,000 sq ft at Chathannur, besides APCON also at Chathannur in Kollam district and ASWA-CON and Aswathy Spun Pipes at Aroor. ASWA-CON manufactures RCC concrete septic tanks and water tanks.

Amarnath was the Lions Governor in 2015-16 and Governor for entire Kerala in 2016-17. Amarnath and wife Bindu, an LLM graduate, have two children, Aswathy and Gopika. n

Tubes &Tubings: Powered by expertise & experience

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here was a real estate boom Kerala witnessed during the early and middle 1990s. Srijit V, a great visionary and pioneering businessman from a middle class family, found it apt to launch the PVC channels and fittings manufacturing factory at Perumbavoor, near Kochi, with a capital of Rs 23 lakh adding more teeth to his maiden company Tubes and Tubings started in 1996. A BE and an MBA, he had been a sales representative of Onida, manufacturer of electronic products for a few months. Initially, he had to undergo many difficulties. His brother-in-law Suresh, Managing Director of Shaktiman PVC Pipes, helped him a lot to start the business. In fact it

was his valuable suggestions and sagely advice that inspired him to venture into the field. Tubes &Tubings received the ISO certification in 2004 from Moody International Certification Limited under UKAS accreditation, which is one of the prestigious accreditation boards worldwide.

In that year Srijit shifted his office to Kochi.

With its brand ‘konseal’, Tubes & Tubings has become an established company in the market for highquality PVC conduits and

fittings, PVC channels and PVC tiling trims. The manufacture of high-voltage ducting PVC products and doubling of the turnover along with the company’s expansion are Srijit’s future plans.

Srijith is also a member of the director board of Millennium Rubber Technologies Pvt Limited, promoted by a team of engineering professionals with a common professional/educational lineage, viz Cochin University of Science & Technology (CUSAT). The company was formed in 2000 with a business plan to manufacture rubber and other polymer-based products, including speciality products for hightechnology applications. Noby Joseph is the Managing Director of Millennium Rubber Technologies. The company currently has a wide range of activities, like manufacture and sup-

ply of chemical-resistant rubber moulds for designer tile and interlock manufacturing factories.

Kristal Group, Bangalore, Cochin Port Trust, Skyline Builders, Cochin Naval Base, CPWD, Government of India PWD, Government of Kerala, Central Excise and Customs Co-Operative Housing Society Kochi, Technopark Thiruvananthapuram, Amrita Institute of Medical Science Kochi and BSNL are some of the major clients of Tubes & Tubings.

Srijit is a partner for research and consultancy, market reaearch, brand building expansion, PVC training unit with an investment of Rs 2.5 crore at Perumbavoor . The company is to be listed by March . The duo is planning to raise the fund from SME and expand the market as an Indian entity through konseal brand manufactured by fully automatic machines.

Deepa is Srijit’s wife. They have two children—Nanda Kishore and Navaneeth Krishna.n

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Varma Homes makes home dreams of thousands a reality

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arma Homes, within a short span of time, has made strong presence and acceptance among the investors. Yet, the realty peers did not sleep over their laurels. If you glance at its inventory you will get astonished by knowing that the brand has made over 30 sales so far that too in two projects in this turbulent times. Anil Varma, the Managing Director of Varma Homes Pvt Ltd, a Civil Engineer, is a known personality among the realty fraternity with over 25 years of tremendous experience by constructing over 8 million sqft of land.

He has cherished the dreams of thousands for their dwelling into reality.

Anil was also one of the Directors and share holder of the most visible real estate brand in the State – Asset Homes.

Anil Varma jovially expressed his whole-hearted gratitude to his customers, the team members of Varma Homes, JV partners and the well-wishers to make the brand an acceptable one within the time frame of six months. ``Where ever we plan our project, we indulge in joint ventures. If the brand does not have the acceptance people do not surrender their land to us for developing. The maiden project of Varma Homes is Varma Regent at Ponekkara, Edappally, Kochi. All are ideally located with affordable pricing ,” said Anil. The company is earmarked an investment of Rs 300 crore to build 500 homes initially with the tag line of ‘ Constructing Happiness’.

The company is aiming for the construction of a knowledge park in Kochi for the IT and IT- enabled services. As regards the prevailing market condition he said, “ Though the sector is going through a rough patch, the solace is the market is slowly picking up; the real buyers are now buying, no speculation in the sector, it is a good sign. Like previous time, nobody in the sector is starting a project giving thrust only for NRI. That scenario has gone, now we focus the professionals, both working husband and wife who are easily fetching a salary pack around a lakh of rupees, as our prime buyers. Giving weightage to their salary slips banks will give them 85 to 90% of apartment cost as loan. We avoid the contractors in our sites and the company is executing the construction work directly to reduce the cost. And also we take maximum care to avoid unnecessary expenses. Apt project planning, timely completion, responsible fund management through joint ventures etc will help us to pass proper value to our investors for their investments.” `` As regards the regulatory measures, “measures taken by the government is a boon to the industry and for genuine players in the sector,” he opined.

Anil Varma’s wife Dr Mini Varma, an ayurveda practitioner, is actively par-

ticipating in the company affairs as Director. She is a senior visiting faculty in major ayurvedic institutions and she is making plans on engineering green eco – friendly

spaces that compliment the nature. Recently she has ventured in to a new health care division, “Varma Ayurvedics”.The couple is having a daughter Arathy Varma. n

Customer Care:

9388619940

Marketing Office: 3rd Floor, Khadi Federation Building, Padivattom, N.H. Bypass, Edapally P.O., Cochin - 24 Factory: Akanad, Mudakuzha P.O., Ernakulam - 683 546 @ tubesandtubings@gmail.com www.konseal.com

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GST vs Income Tax Audit The pressing issues lying ahead

A

Stanley James

s per Section 35 of CGST Act, every registered person whose turnover during the financial year exceeds Rs 2 crore shall get accounts audited by a Chartered Accountant or Cost Accountant. In this connection, the auditor has to reconcile the annual returns with financial statements, state-wise. Now the government has made an announcement that the due date for the above compliance will be December 31, 2018.

Form No 9C reconciliation statement has to be certified by the auditor, which is very complex by nature that every revenue and expense part of the dealer has to be properly reconciled with GSTR 3B returns along with comments. Similarly, the reconciliation of gross turnover, taxable turnover, tax dues, ITC (Input Tax Credit) eligibility etc have also to be examined meticulously. Under these circumstances, the auditor has to finalize the statement of accounts and

44AB audit for which the due date had been rescheduled by the CBDT. The concept of reverse charge u/s 9(3) and 9(4) has to be considered separately. Moreover, the cut-off date for the applicability of reverse charge for the supply of goods up to 15.10.2017 has also to be considered seriously.

In the case of ITC claimed as per Section 17, subject to various conditions, only input can be availed. The ineligibility of tax for the purchase of motor vehicles, food items, building cost etc creates complexities under GST. If the supply of goods and services provides for the furtherance of business, the above ITC on the purchases has also to be allowed. Similarly, the concept of reverse charge mechanism has to be abolished since the same is complicating the GST structure and poses mammoth of a challenge, especially for SME dealers.

Nowadays, all dealers are adopting the regular method of Input- Output.

Since, compounded dealers are not eligible for ITC reversal of ITC also to be analyzed properly.

When the Government of India introduced the GST in July 2017, the main reason attributed by the Government was the ‘one nation one tax regime’.

But even after the 26th GST Council that concluded in Goa, recently, full clarity and fixation of tax has not been achieved. Different rate of tax with difference notification is also making the implementation of GST more complex. With great surprise even the scenario of spiralling petroleum products prices the Government is not taking much initiative to bring down the rates.

Many of the financial experts and economists are categorically stating that the one of the effective mea-

sures to curtail the inflation is to include the petroleum products in GST ambit. According to them, the liquor also has to be included in it. The daily increase of petrol and diesel prices creates havoc in society and it paves unfettered increase in inflation. Another suggestion from the business community to ease the formalities of tax filing is clubbing it into a single date. If the GST audit is in December, IT audit should also fall in the same date so that the traders and consultants can file both GST and IT in a hassle-free manner. It indicates that the Government, even after publishing more than 175 notifications on GST, the GST execution is still not flawless and creates a lot of confusion among small/medium traders.

As per the new amendment, the Government has included serial 44 in 3CD (Income Tax Audit), recently.

Clause 44 indicates the audit of GST suffered goods purchased under different GST tax slabs. This clause is not required, because it results in the scrutiny of unregistered purchase of the dealers that will eventually end up in the unnecessary harassment of the dealers. GST audit is new to both dealers and consultants. Due to time constraints it is recommended that it be deferred to March 2019. n

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Distressed, ... yet relieved and now Jubilant!

P C Cyriac

K

erala was facing an unprecedented crisis, during the last month. Incessant rains all over the State, at even double the usual rate in the hilly regions, Idukki district receiving 92 per cent more than the usual quota. The rainfall in August was still more. All this triggered massive landslips and flooding all over the State, except Kasaragod in the North. All the 44 rivers in Kerala were in spate; all the 40 and odd major reservoirs were full and their spillway gates had to be opened, making the rivers cross the danger mark and inundate all the villages and towns, farms and homesteads.

The insensitive moves by Tamilnadu to store more water in the beleaguered Mullapperiyar reservoir and in Sholayar dam and the last minute sudden release of water from both these reservoirs compounded the problem, in the Periyar basin and Chalakkudi river basin, respectively, causing the submergence of both Aluva and Chalakkudi towns.

Result: Loss of nearly 300 precious lives. Evacuation of about 20 lakhs of people from their homes, half of them getting accommodated in Relief Camps and the other half taking shelter in the houses of friends and relations, in nearby towns, the loss of thousands of crores of rupees in rain damaged crops, cost of repairing

damaged roads, culverts and bridges setting up Camps wherever required, water to the needy and rescuing the and water supply and drainage and without waiting for official sanc- hopelessly stranded people. They electricity distribution infrastruc- tion or approval. Ordinary people, organised themselves into teams of ture, cost of repairing the damaged especially the youngsters - working four, consisting of a boat-mechanic, houses and replacing the household professionals,artisans and students boat driver, a swimmer and a local effects - all these losses would easily were on the road, responding to the person familiar with the geography come to tens of thousands of crores call of their fellowmen in distress. The and topography of the area. This of rupees.

Resourcing all the Government machinery too moved in initiative was mainly responsible for saving thousands of precious lives. money required Now that the initial may not be a phase of the operations, huge problem, viz, the rescue work, is thanks to the exover, we have to turn to pected release the next phase of runof liberal Central ning the Relief Camps ould we have prevented this flood which ravaged Kerala and assistance from efficiently, supplying derailed the life in Central Kerala? Could we have avoided the Distress rethe sudden opening of all the major dams including Idukki them with food and walief fund , and and Pamba-Kakki, which made Periyar overflowing its banks and ter for a few more days. the massive reinundating even the towns and villages upto a distance of 10 kiloDuring this period, the sponse from Inmetres? inmates of the Camps dia and abroad Here, we have to remember that the reservoirs behind our dams have to be gradually for the request are all to serve many purposes. Power generation, irrigation,flood encouraged to return to for donations to control,drinking water and Pisciculture. It seems, we forgot this their houses and take and treated them as meant for only power generation. Thus the the Chief Minup the cleaning works aim was to make sure that the dams remained full, always. Lookister’s Distress ing back,one finds that the Idukki reservoir is full, with the North during the day and come Relief Fund and East Monsoon, yet to begin.

If only we had provided some space in back to the Camp in the the vigorous and the Dam for storing the supplies expected during the second monnight for food, water and generous resoon and for this purpose released sufficient water early enough! shelter. The people who sponse from the The Electricity Board Engineers in charge of the Reservoir regulahave lost their houses people of Keration in Idukki and Pamba should be given training in modern water in the floods, have to la. But the bigmanagement practices at least now. be given accommodager challenges tion in temporary sheds will be in ensuring that the aid is disbursed to the without delay and coordinated the re- for a short period, until they are able deserving, in a transparent manner lief operations with the Private sector to complete the reconstruction. The and in completing the various repair and the Army. The brilliant work put in persons who lost their tools will have jobs in good time and good quality. by the Army in locating the marooned to be provided with new tools so that It is to be remembered that Ker- people on the rooftops and bringing they can earn their livelihood. These ala’s record in the matter of project them to safety, using their boats, heli- tasks have to be completed quickly implementation has never been sat- copters and other modern equipment so that the inmates can leave the Camps for good . In any case the aim isfactory. Though there were hiccups deserves special mention. in the beginning, in organising the Yet the goldmedal performance should be to close down the Relief immediate relief tasks like setting was that of the fishermen from our Camps in one week’s time.

The handling and proper distribuup the Camps, saving the marooned Coastal belt who came with their ention of the huge flow of the relief mapeople and ferrying them to the Shel- gine -fitted boats and operated them ters,, it was a pleasant surprise to on our roads - turned canals by the terials donated by various agencies see the spontaneous response of the gushing floodwaters, reaching the in Kerala and outside is going to be a local people, rising as one man and unreached and distributing food and stupendous task. Already complaints

Was it a man-made Flood?

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Will Madhav Gadgil provide the answer to Kerala’s Floods ?

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n the aftermath of the devastating floods many Environmentalists and intellectuals have started demanding that the recommendations of the Western Ghats’ Ecology Expert Group(WGEEG) led by Prof Madhav Gadgil, which had raised a big political storm in Kerala on the eve of the 2014 Parliament elections, be implemented now to avert similar floods in future. They point out that the maximum damage and loss of life was caused by the many landslips that occurred in the hilly regions in Idukki, Kottayam, Pathanamthitta, Ernakulam, Malappuram, Kozhikode, Wayanad and Kannur districts.

have started coming in about the misuse of some of these materials like clothes, by the persons in charge of the Camps. The Government has to ensure that proper procedure is in place for the transparent and timely distribution of these materials to the deserving.

The reconstruction of the damaged infrastructure is another area to be taken up urgently. Measures to be adopted for preventing similar damage in the event of floods in future, should also be taken up for implementation. Instead of entrusting all such works with the PWD or other government departments in the conventional manner, the question of involving the private sector should be considered. What is envisaged here is the Private agency taking up of the responsibilities normally undertsken by the PWD and its Contractor. Under this pattern, the total work, including the design and construction , of a bridge or a road or a building, is given on a turn key basis to a private entrepreneur, after competitive bids, in a transparent fashion. This should be examined with a view to find a viable solution to the old problem of high cost and long delays, usually encountered in our public works..

One is delighted to find that our Chief Minister, Pinarayi Vijayan, has displayed commendable coolness,confidence and competence in approaching the tense situation in the wake of the severest flood Kerala has seen after 1924. He took total control of the War-room and handled everything efficiently. One hopes that with the self-confidence generated by the successful management of the Relief Operations so far , he would steer the ship of our State with greater vision and efficiency during next three years of his term of office.

The settler farmers in the hills is considered as a powerful vote bank, whom nobody wants to alien-

ate. And Gadgil’ s harsh recommendations will make their life difficult and may eventually even force them out of the area.. Gadgil spoke about the expulsion of all life forms not endemic to the Western ghats from there and implementing the Forest Rights Protection Act for the remaining dwellers there. Gadgil called for the declaration of the entire Western Ghats region in Kerala as ecologically sensitive and imposing restrictions on human activities there. He wanted the decommissioning of all the Dams more than 10 metres in height, over a period of 50

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years. Before all these dams were built on the rivers like Periyar and Pampa, there used to be floods and flood damage in Kerala, every year.

So, we do require flood absorbing and hydel generating reservoirs and powerhouses. At the same time, more effective action is required to prevent soil erosion and the excavation of hillslopes and transpotation of soil to the plains and also the indiscrinate quarrying activity on the hills.

P C Cyriac, IAS (Retd) Tel: 0484 - 2310492 [Res] 094473 - 05842 [Mob] n

34

November 30 - December 31, 2018

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November 30 - December 31, 2018

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08.11.2018