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march 2017

VOL 3 ISSUE 3 panaji goa

goa’s only business magazine

RNI No.: goaeng/2015/59955

Postal license no.: G-2/RNP/Monthly/Goa-19/2015-17

industry dossier

1930 vasco new venture

Chanekar Classics Goan Brand

bharat kamat interview

O Coqueiro Bon Appetit

Kshama Fernandes

CEO & Managing Director IFMR Capital

In the Business of Financial Inclusion From academics to financial services, Goa-born Kshama Fernandes takes on the challenges of financial inclusion, head on

News Views Articles Interviews Profiles Focus Analysis Opinions Events Features

CONTENTS Cover Story 12

Kshama Fernandes takes on the challenges of financial inclusion, head on at IFMR Capital

Focus Goa Feni re-branding 18 The Excise Department hopes to catapult the sales of feni, Goa’s heritage spirit with academic inputs

New Venture 20

NRB Group’s new entertainment destination, miniplex 1930 Vasco

Starting Young 22

Vaikunth Dempo’s Tech Avanzar brings the latest in tech to Goa


Enterprise 24

Premium interior solutions that don’t cost a fortune at Doshy’s Living Concepts

Interview 26

In conversation with Bharat Kamat, Chairman of the IGBC Goa Chapter on Green Infrastructure in the state



Industry 28


Davico Composites customizes plastic designs built for high endurance

Goan Brand 30


Chanekar Classics brings to your plate authentic Goan snacks and spices

Education 34

24 56

A school with a heart, Sunshine Worldwide School dares to be different

Lady Power 36

Shreemi Pai Panandikar’s creativity reaches heights with Silverline World

Professional Dossier 38

Civil Engineer Olavo Carvalho recalls his finest moments in the field of engineering


Bon Appetit 56


Nostalgic Goan-Portuguese flavours of O Coqueiro


44 People Tree

50 Antarprerna

46 Beyond Classroom

51 Policy Pro

48 Money Matters

52 Letter from America

Kishore Shah reminisces his interaction with Dr. Sugata Mitra

Dr Pradeep Salgaonkar urges businesses to keep pace with changing customer trends V B Prabhu Verlekar delves into personal tax reforms 2017

49 HR Mantra

R N Misra highlights the importance of happy workplaces that gives excellent results

04 | Business Goa industry Dossier | March 2017

Nandini Vaidyanathan talks of Int’l Women’s Day becoming a money spinner

Tulsidas Pai suggests a manifesto for Goa’s new government

Jay Dehejia profile India’s tennis star and international coach Bidyut Goswami

06 Editorial 08 Corpo Scan 32 Campus 32 BG Crossword 39 Taxation 40 Events 42 Biz Bytes 54 What’s Up Goa 58 Goa Buzz 62 Newsmakers 62 BG Quiz

MARCH 2017


RNI No.: GOAENG/2015/59955






VOL 3 ISSUE 3 panaji goa

RNI No.: goaeng/2015/59955





CEO & Managing Director IFMR Capital

In the Business of Financial Inclusion From academics to financial services, Goa-born Kshama Fernandes takes on the challenges of financial inclusion, head on


MARCh 2017 Editor & Publisher Harshvardhan Bhatkuly Co-Publisher & Group Head Urvija Bhatkuly Advisory Board Datta Damodar Naik Ralph de Sousa Rajiv D’Silva Swapnil Kamat Business Head Annalise Gouveia Reporters Alexia Fernandes Ankitha Joseph Ramrai Naik Admin & Accounts Ashok Kolvekar Sandra Dias Advertising Graphics Govit Morajkar Sanskruti Naik Distribution & Logistics Mayur Santinezkar Pritesh Naik Contributors in this issue Dr Pradeep Salgaonkar Jay Dehejia Kishore M Shah Meenal Bale Nandini Vaidyanathan R N Misra Tulsidas Pai V B Prabhu Verlekar

Unsolicited material may not be returned. The opinions in columns and other stories expressed in Business Goa Industry Dossier are not necessarily that of the publishers and the Publisher/Editor shall not be held liable for any inaccuracy or otherwise. While great care is being taken to ensure accuracy of information, the publishers are not responsible for omissions or incorrect information. No part of this publication may be reproduced without the permission of the publishers.

Editorial, Advertising & Administrative Office Business Goa 409, Citicentre, EDC Patto Plaza, Panaji, 403001 Goa India Tel.: 0832-6456555, 2437822


The Socio-Economic Strife Harshvardhan Bhatkuly Not too very long ago, I sat in an animated discussion with a friend. The topic that had caught our fancy was the proxy war in the Middle East. For the uninitiated, the crises looked like a power struggle between warring factions. But at the base of it, was the economic power struggle of various first world nations – to control oil. After a few rounds of coffee, and useless banter, we surmised that all the world’s problems could find its root cause in economics. I understand that making the above statement is at the risk of sounding very one-dimensional. But one cannot brush away the truth of the matter. Let us also understand that the politics in our country is largely to control economic affairs – be it at the state level or as a nation at large. Everyone talks of elections as an exercise of money power. India is pipped to be the youngest nation soon, with the highest percentage of young people in the world living here. At a recent conference that I attended, speakers were quick to caution the audience from breaking into a victory lap and imploring their attention that the ‘demographic dividend’ that we all are waiting to rejoice could well turn out to be a demographic disaster. What with a huge population of the country waiting to be gainfully employed; and India being unable to provide those many jobs or opportunities to the young hopefuls. And mind you, the date is barely a few years away. What is even more alarming, is the fact that the India Success Story has spawned a huge number of entrepreneurs who have cashed in on the wave. But conversely, the situation gets grim with the fact that the gap between the haves and have-nots is perhaps even more wider than it ever was. History has been witness to such socio-economic impasses, which have been resolved only through revolutions. And boy, I wish that we

do not come to such a pass. But that would be wishful thinking. Look at the increase in the number of economic offences that you read about. The Ponzi schemes of the past have been replaced with newer, technology driven con jobs. This is not only the Nigerian variety that we are talking about. I am sure most of us have been targeted by someone who wants to offer loans at throwaway interest rates… or makes us reveal our credit card details posing to be from some bank, and the like. This is a societal reaction to having wants and needs that your regular income cannot satisfy. Add to it, peer pressure and consumerism. And you have a deadly concoction of social strife. Goa is looking at a new elected government soon. The mandate before the new government is to put the ailing economy back on track. It would be foolhardy to expect a government to provide jobs to all – but asking to provide opportunities to our youth would not be asking for too much. Various ‘development’ corporations in the state have to get their act together and go beyond being machines of crony capitalism. The socio-economic tension in Goa’s air is palpable. There are one too many engines of economic activity either paralysed or not operating at its optimum level. Be it the resumption of mining, lull of tourism, drop in the number of industries willing to set up their plants in Goa, and now the ban on vending liquor abutting highways. There are sectors like tourism that are heavily invested into. And one bad season can spell doom to many other dependant industries. Like what happened during the mining ban. The fallout of such doom, unfortunately, is more social than economic. Goa’s government should work tirelessly to restructure and kickstart the economy. Let us all hope that this happens soon

Printed, published and owned by Harshvardhan V. Bhatkuly and printed at Printek Printers and Published at 409, Citicentre, EDC Patto Plaza, Panaji - Goa 403001. Editor: Harshvardhan V. Bhatkuly

06 | Business Goa industry Dossier | march 2017

corpo scan

World Bank funds 12 projects in the State Civil Aviation Minister says two airports in Goa are a viable option The World Bank has funded a implementation support. total of 12 projects in the state of Goa to reduce vulnerability to cyclones and other hydrometeorological hazards. Goa is 40 per cent susceptible to wind and cyclones with the state falling under moderate to low risk zone. The projects include early warning dissemination systems, cyclone risk mitigation infrastructure, technical assistance for multi hazard risk management and project management and

Multipurpose cyclone shelters would be handed over to the community for other purposes. Two projects have been proposed for Pernem and one has been proposed in Tiswadi. In South Goa, eight projects have been proposed of which five will be in Canacona, three at Mormugao, and one project has been proposed at Salcete. The World Bank is presently holding consultations with the people because they do not want to force the projects on anybody

FIEO holds seminar on export finance

Federation of Indian Exporters Organisations (FIEO) in association with GCCI organised a full day seminar on 28th of February 2017 at the GCCI Convention Hall, Panaji. The topic for the seminar was on export f i n a n c e and letter of credit documentation. The seminar discussed fundamentals of international trade, methods of export payment, securing


payment in export transactions, classification of the different methods of payment, pre and post shipment finance, packing credit etc. The seminar was conducted by the faculty from FIEO. The Federation of Indian E x p o r t Organisations represents the Indian entrepreneurs spirit of enterprise in the global market

Jamsons mobile showroom opens in Vasco

Naik on the 24th of February 2017. Owned by Muzaffar Kadri, the Vasco showroom is the fourth of its kind in Goa. The other showrooms are located at Panaji, Margao and Ponda r e s p e c t i v e l y. Kunkolienkar complemented Deepak Naik, Siddharth Kunkolienkar, Muzzafar Kadri and Kadri for providing Carlos Almeida good facility for the Jamsons Mobile showroom residents of Vasco wherein at the Mehta House in Vasco people can choose mobiles was inaugurated in the from the wide variety that is presence of the Panaji MLA offered. Siddharth Kunkolienkar, “We are planning to open Vasco MLA Carlos Almeida similar showrooms at Mapusa and Mormugao Municipal and Calangute shortly,” said Council chairperson Deepak Kadri 08 | Business Goa industry Dossier | march 2017

Addressing a press conference, Minister for Civil Aviation Pusapati Ashok Gajapathi Raju said “Having two airports is a viable option for Goa.” He added that the average passenger growth in the country is about 20 per cent, while the Dabolim airport in Goa has seen a growth of 30 per cent, which is 10 per cent above the national growth. He announced that the first phase of the Mopa Greenfield International Airport will be operational by May 2020, while categorically ruling out the closure of the Dabolim airport. Raju said that unlike airports at Bengaluru and Hyderabad where there was a provision in the bidding clause for closure of the old airport, there is no such clause in the bidding process in Goa. Raju was in the state to attend ‘SKYREV360’, an International workshop organised by the Airports Authority of India (AAI),

along with International Air Transport Association (IATA), under the central government’s ‘Make in India’ initiative. The Civil Aviation Ministry officials in a meeting with the concessionaire of the Mopa airport, have assured that the first phase will be completed by May 2020 and will have an additional capacity of 8 lakh passengers. He also mentioned that the passengers will have a choice of being able to land either at Dabolim or at the Mopa airport and if passenger growth continues for the next four years, the Dabolim airport will choke. Hence, there is a need for the Mopa airport. The Civil Aviation Ministry and the AAI will be investing over `500 crore in construction of a taxi system and other improvements at the Dabolim airport to reduce the runway congestion. Raju said Goa is the only state, which will be able to boast of two functional airports and there is an opportunity for growth

A week-long celebration with Vodafone India

Marking the International Women’s Day, Vodafone India celebrated a weeklong sequence of exciting events from the 6th to the 10th of March 2017. The much celebrated theme was #ConnectedSheGoa which is aimed to bring a positive change to the lives of a million women worldwide by enabling financial inclusion, improving health and wellbeing and building skills and entrepreneurship abilities in them. Suvamoy Roy, Director-

Human Resources, Vodafone India said, “We are an equal opportunity employer. Our diversity journey is built on the foundation of creating an ecosystem that is attractive to women professionals and enables them to succeed at the work place. We are delighted to host a series of engaging initiatives as a part of #ConnectedSheCan to celebrate our women colleagues and their contribution to the workplace during this week”

corpo scan

Reliance Jio Infocomm Ltd and Samsung awarded ‘Best Mobile Innovation for Emerging Markets’ at the Global Mobile Awards 2017

Reliance Jio Infocomm Ltd. and Samsung Electronics Co. Ltd. won the “Best Mobile Innovation for Emerging Markets” from Global Mobile Awards 2017 at the Mobile World Congress 2017. Jio and Samsung’s ongoing effort in transforming India into a digitally empowered society was recognized on the global stage with this prestigious award. The two organizations focused on reaching the power of communication and information with free voice and world’s lowest data rates through the deployment of the world’s largest Greenfield LTE network in India. Jio has focused on enabling an easy access to digital life with customer-oriented applications and tariffs across

cities and rural areas. Jio rapidly expanded its subscriber base to a record of 100 million within 170 days of launch. As the sole vendor for Jio’s LTE radio access network, Samsung worked with Jio at each step of the process from network planning, network expansion, interference analytics to optimization. The LTE solutions provided by

Raj Bhavan goes Cashless

Governor Dr. Mridula Sinha with Principal Secretary to Governor, Dr. Ranbir Singh, Secretary to Governor, Rupesh Kumar Thakur, Asst. General Manager SBI, Prasanna Kumar P.N., Branch Manager, SBI, Malvika Srivastava

The Governor of Goa, Dr. Mridula Sinha launched a cashless move at the Raj Bhavan, Dona Paula. A bank account for Raj Bhavan has been opened with State Bank of India, Dona Paula Branch, in the name of Comptroller of Governor’s household, through which the petty daily household purchases and expenditure will be made after swiping the issued SBI Debit Card on the POS system. On the occasion Principal Secretary to Governor, Dr.

Ranbir Singh, IAS, Secretary to Governor, Rupesh Kumar Thakur, IAS, Comptroller of Governor’s Household, A. Kalyana Harsha, Assistant General Manager, State Bank of India (SBI) Prasanna Kumar P.N, and Branch Manager, SBI, Dona Paula, Malvika Srivastava were also present. The staff and residents of Raj Bhavan were given a short training session by SBI on the usage of ATMs, the options that can be availed through an ATM and the security aspect of cashless transactions

10 | Business Goa industry Dossier | march 2017

Samsung were fully compliant with the 3GPP LTE standards, with their performances already verified and proven in other global markets. Jyotindra Thacker, President of Jio said “By continuing to introduce consumer-centric options in our services and much easier access, we hope to bring down India’s digital divide and enable every Indian to benefit from

digital life,” he added. “Samsung, as Jio’s strategic partner for the realization of Digital India, is pleased to be able to support the process of India taking steps towards becoming a pioneer in the global telecommunications industry” said Youngky Kim, President and Head of Network Business at Samsung Electronics

Portugal fostering ties with Goa

Secretary of State for Tourism in Portugal Ana Mendes Godinho along with the delegation at the V M Salgaocar Institute of International Hospitality Education

Portugal’s Secretary of State for Tourism, Ana Mendes Godinho emphasized the need to build a strong relationship between Portugal and Goa; not only to promote tourism, but to maintain ties. Speaking at a visit to V M Salgaocar Institute of International Hospitality Education (VMSIIHE), she said “Goa–Portugal relationship has to be fostered. We wanted to strengthen the ties, especially in the tourism sector.” The visit was planned as part of the follow up to the MoU signed recently between the Turismo de Portugal and

VMSIIHE, which will allow ten outstanding students of VMSIIHE to visit Portugal as per the signed MoU. The officials and the staff members had an opportunity to interact with the delegates during the event. Consulate General of Portugual in Goa Rui Alberto Carvalho Baceria said that Goa and Portugual share a special relationship and it needs to be maintained so as to develop the interest in tourism. Luis Araujo, President of Tourism Department of Portugal was thrilled with the kind of hospitality being provided in Goa

cover story

Kshama Fernandes

CEO & Managing Director IFMR Capital

In the Business of Financial Inclusion

12 | Business Goa industry Dossier | march 2017


From academics to financial services, Goa-born Kshama Fernandes takes on the challenges of financial inclusion, head on; and is lauded for her leadership in the sector

IN TODAY’S WORLD business opportunities seem ample, yet a majority of the population remains on the fringe of the economic systems, living without access to key financial services. Without access to financial services such as small loans or borrowings, the obstacles of overcoming poverty or attaining financial stability are insurmountable. There is however, an innovative solution that can connect small businesses to investment pools. Kshama Fernandes, along with her talented and committed team, worked relentlessly at building a business structure that addressed one of the most challenging problems of the country – the problem of financial exclusion. “It is our mission to reach out to those Indians who find it difficult to get a housing loan or a business loan because they are not a part of the formal system. Banks and other financial institutions that have the capital, do not fully understand these segments. And hence originators that specialise working in these segments find it hard to raise finance. Our job is to bring in the capital to originators who provide finance to such informal sectors,” she says. Her dedication to the cause of financial inclusion and her impressive style of leadership has put her at the helm of financial innovation in the country. Kshama has extensive experience across academia, financial advisory and consulting. She holds a PhD in Finance from Goa University and is a Certified Financial Risk Manager. She has worked on consulting assignments for a number of national and international institutions like the World Bank, the Chicago Mercantile Exchange,

the Ministry of Finance, Government of India, and NSEIT. She was a member of the High-Powered Committee that was set up to explore the possibility of making Mumbai an International Financial Centre. She also worked on developing the SEBI mandated certification programme for derivatives for the National Stock Exchange (NSE) and NCDEX. Kshama was featured by FMO, one the largest Developed Financial Banks in the world, as a role model in the field of banking and won the ‘Women in Leadership’ Award by Dream Companies to Work for. She also won the prestigious international award in financial inclusion – the Ed Claugus Award by Accion in October 2016. Kshama grew up in Goa, her early childhood spent along the coastal village of Cansaulim. Her parents later moved to Navelim where she went to school. She completed her B.Sc. in Mathematics and her Masters in Manangement Studies from Goa University; and is very proud about the fact that she did her entire education in Goa. She claims that her life in Goa provided her the inspiration and perseverance required to do a job of the nature that she is involved in. An adventure enthusiast, Kshama enjoys the outdoor thrilling world of

It is our mission to reach out to those Indians who find it difficult to get a housing loan or a business loan because they are not a part of the formal system. Banks and other financial institutions that have the capital do not fully understand these segments

kshama fernandes

sports and her hobbies include sailing, biking, trekking and skydiving. She rides a green single-seater 500 cc Royal Enfield. Kshama has trekked to the Everest Base Camp in Nepal, climbed the Kilimanjaro in Tanzania, walked across long distances in the Alps and extensively trekked through the Indian Himalayas, which she considers the most beautiful mountain range in the world. Kshama draws from one of her most memorable experience of a transatlantic voyage she made in 2016. “It was a fantastic experience in team building,” she recalls. The team of eight sailors cruised in a 40 feet sailing boat for 21 days from Las Palmas de Gran Canaria in Spain to Saint Lucia in the Caribbean. She was the only Indian to have attempted the Atlantic crossing this season. “When you are in the middle of a challenge, it’s never about the individuals. It is about how you work together as a team. You may be the smartest sailor, but once you are out there in the middle of the ocean, your skills lie in making people around you come together as a team,” she says. Kshama was Professor and Head of Finance at the Goa Institute of Management, before she joined Nachiket Mor and Bindu Ananth in their pursuit of financial inclusion. It was her deep understanding of risk management and keen interest in capital markets that impressed Dr. Mor and Ananth. Despite having no experience in running a financial institution, her academic capabilities enabled her to setup the core functions of the company. As Chief Risk Officer, Kshama was involved in setting up the risk function and in building the fundamentals of risk underwriting. In 2012, she took over as CEO and Managing Director of IFMR Capital.

Headquartered in Chennai, Tamil Nadu, IFMR Capital was founded in 2008 and is a part of the IFMR Trust Group of Companies, which were specifically created to drive financial inclusion in India. Initially, its activity was restricted to three or four states, but now the company has its presence in 530 districts of the country and has raised over a hundred million dollars in private equity investment. As a leading non-banking finance corporation, IFMR Capital is a vital link between debt capital markets and originators or NFBCs, who reach out to the emerging, yet underserved consumers and business owners on the fringes of the financial system. Initially, IFMR Capital started off by foraying into the micro financing sector. It has now diversified across five other sectors, with micro finance accounting for about 35% of its volume. The company branched out into affordable housing finance, commercial vehicle finance, small business finance, corporate finance and agricultural finance. By allowing lenders in remote areas of India to lower the cost of borrowing for low income and financially excluded families and businesses, IFMR Capital’s activities have benefitted over 20 million individuals. The main source of income for IFMR Capital is the fees and interest acquired through institutional investors and originators. Over the last eight years, IFMR Capital has facilitated capital to around `40,000 crore to 100 plus originators serving 20 million end borrowers. In 2014, Leapfrog Investments came on board as an investor with the first external equity infusion, followed by Fidelity and Standard Chartered Private Equity in the last quarter of 2016.

march 2017 | Business Goa industry Dossier | 13

cover story

The IFMR Capital senior team

Having employed some of the most talented capital market professionals with extensive experience, IFMR Capital smoothly delivers its proposal. The 100 member team at the organization is divided into three major functions – Origination, Markets and Risk Management, besides Legal, and Operations and Administration. The Origination team identifies new originators and maintains relationships with originators already on board. The Risk team does the analytics, modelling and monitoring on an ongoing basis. Using structured finance tools such as securitization, guarantees and credit enhancement, it creates products that match the risk profiles and requirements of investors across various categories. When Kshama took over in 2012 as managing director and CEO, the overall financing enabled by the Company stood at `975 crore. By 2016, it had spiked up to `13,000 crores plus. Broadening the company’s investment spectrum from just micro financing, she and her team brought in originators from newer sectors like small business finance, affordable housing 14 | Business Goa industry Dossier | march 2017

IFMR Capital continues to steadily expand its base of clients and sectors it operates in. Over the years IFMR Capital has emerged as a market leader and a pioneer of innovative structures like the Multi Originator Securitization (MOSEC), which remains its flagship product. The MOSEC offers institutional investor a simple avenue for investing in underlying Originators and sectors finance, vehicle finance, agri finance and corporate finance. In just four years, the company tripled the number of originators from a mere thirty to well over a hundred. The Company also began to offer the investing community more products, in addition to the securitization product and the term loan product. They helped create sophisticated financial structures

such as the pooled bond issuance where a group of originators come together to issue loans, and the guaranteed non-convertible debenture structure. “Since 2012, we onboarded a large number of new Originators and created a range of debt capital market offering for our investors. It translated into robust growth numbers,” she says. With strong governance, risk management and reporting, and robust customer protection principles as part of its underwriting framework, the company helps their clients strengthen their businesses from a capital markets perspective and thus ensures that high quality products and services reach end borrowers. It identifies high quality originators across the five sectors and prepares comprehensive evaluation to ensure the originators adhere to its stringent framework. “We work with 110 originators across these sectors. We take these NBFCs, evaluate their systems, processes, governance, risk management and audit practices and connect them to mainstream capital market investors,” she says. IFMR Capital now works with over

cover story

A team of eight sailors sailed in a 40 feet sailing boat for 21 days from Las Palmas de Gran Canaria in Spain to Saint Lucia in the Caribbean. Kshama Fernandes was the only Indian to have attempted the Atlantic crossing this season.

100 investors in India and abroad and has enabled about 6 billion of financing with more than 500 capital markets rated listed transactions. “What is common to all these originators is that they have developed capabilities to appraise the credit worthiness of their borrowers but face challenges in accessing capital,” she says. IFMR Capital places a strong emphasis on Management Information System and reporting. “We steer originators in certain directions advising them that if they adhere to high standards of MIS and reporting, transparency and governance, high quality operations etc., we can take you to capital markets which can provide deep pools of capital,” Kshama explains. Once connected to the capital markets, the access to supply of debt becomes predictable and continuous enabling businesses to grow. “The moment the originators know they can access debt in a smooth and reliable manner, the way they plan their business changes. It works with a range of originators and thanks to IFMR Capital; these originators have seen their assets under management multiply several times in 3-4 years,” she adds. These originators, in turn, reach out to millions of underserved households and businesses across the length and breadth of India. Through the structured finance 16 | Business Goa industry Dossier | march 2017

An adventure enthusiast, Kshama enjoys the outdoor thrilling world of sports and her hobbies include sailing, biking, trekking and skydiving. She rides a green single-seater 500 cc Royal Enfield and is very proud of it. She has trekked to the Everest Base Camp in Nepal, climbed the Kilimanjaro in Tanzania, walked across long distances in the Alps and extensively trekked through the Indian Himalayas which she considers the most beautiful mountain range in the world approach, IFMR Capital gives its originators access to a number of mainstream investors. “Our investments span across securitizations, loans, guarantees, risk participation and various other forms of debt. This demonstrates our skin-in-the-game and reassures our investors of the quality of our diligence, the efficiency of our structuring and the robustness of our risk monitoring,”

says Kshama. IFMR Capital’s integrated approach to high quality origination and risk management has resulted in consistent track record across all sectors. IFMR Capital continues to steadily expand its base of clients and sectors it operates in. Over the years, IFMR Capital has emerged as a market leader and a pioneer of innovative structures like the Multi Originator Securitization (MOSEC), which remains its flagship product. The MOSEC offers institutional investors a simple avenue for investing in underlying originators and sectors. The development for the MOSEC was led by Kshama and is a sought after structure by many international financial institutions in the world. IFMR Capital has prepared over 100 MOSEC structures worth an approximate `8,000 crore. Using its vast origination experience, unmatched data analytics skills and risk management processes, IFMR Capital continues to deliver superior risk-adjusted returns to a growing client base of Indian and international investors keen to tap into a growing market opportunity. “As a team, we are aware of the challenging nature of the task that we have taken upon ourselves. But we are well geared to take on these challenges and excited about the opportunity to make a difference,” says Kshama about the future of her company

focus goa

Feni re-branding: final hope for the Excise Department expects academic inputs local brew Goa’s that’ll be ultimately converted into a Feni Policy

By Ramrai Naik

FENI IS CURRENTLY being rebranded as ‘Heritage Spirit’ in order to boost its sales outside the state and across the globe. The local drink has struggled to attract markets despite it attaining a Geographical Indication status. The excise department, in the past, has made several efforts in the direction of making Feni attractive. However, no returns have been gained on that front. The buck has now stopped with academicians from Goa University and Goa Institute of Management to research and bring on board marketing strategies that will turn the

tables for the local brew. The Department of Excise expects the two institutes to come up with a complete roadmap that will be ultimately

converted into a Feni Policy. The Department is eyeing huge potential for Feni in the domestic markets. CM Parsekar in his 2015

Budget speech had stated that Feni was wrongly classified as country liquor; as its uses are many and has medicinal value. He had also highlighted that Cashew Feni is a triple distilled spirit. In the following sessions, Goa government had notified the Heritage Spirit tag to the traditional brew. A form of spirit which is produced exclusively in the coastal state, as ‘Heritage Spirit of Goa’. Laxmikant Parsekar had said “Feni, a brew made from coconut or cashew, is synonymous with the Goan ethos and identity. It finds its uses in various cultural traditions, cuisines as well, as it is famed for its medicinal use.”

“We are hopeful on capitalising on the Geographical Indication status afforded to Feni”

Menino D’Souza, Commissioner, Department of Excise speaks on the road ahead for the Feni Since the time that Feni obtained Geographical Indication status, what have been the changes? No benefits have been drawn since we got the Geographical Indication status. It’s not just the name that is there, there could have been many ways we could have taken advantage over it, but you realise that nothing has happened on that front. We are certainly hopeful of capitalising on that in the coming future. Why did you feel the need to approach academicians? Government, Feni associations The Government and Feni associations are obviously there, but we wanted expert advice on the matter, so we constituted a government committee; and we came to a conclusion that we should hand over the project to academicians, as it will also help them in terms of research that is needed in this field; and also

same time, it will help students for their project work. After that process, we will choose the best amongst them and move ahead with the plan.

Menino D’Souza

help the state in return. They can put in place management techniques that are required for the re-branding of feni. At the same time, policy can be framed which can further be implemented as law. We have approached two management institutes – Goa University and Goa Institute of Management. They will go on site and seek the inputs from stakeholders. They will record what best is required and accordingly they will develop the project. At the

18 | Business Goa industry Dossier | march 2017

What are the expectations from the Excise Department in the Feni Policy? Standardisation of Feni, development of policy papers, quality control, certification should be done through a government agency, law should take its due course where it is needed – you have to be very strict at certain places; and few more things. A policy which will help us gain ground in domestic markets. What was the outcome of stakeholders meet hosted by Chief Minister Parsekar? The stakeholders meet was a unique initiative. We wanted to know the response before submitting the report. We sought inputs from stakeholders. We also

identified the beneficiaries of the plan. We felt that state government should intervene. Naturally, if you want to keep the tradition of Feni intact, then government has to pitch in with support, as on its own it will be very difficult for the stakeholders to sustain. What are the opportunities for local entrepreneurs who want to get into this business? You have to have a land where you grow cashews; you need to procure licence for extraction of juice where one ensures that no third party enters. Extracted juices have to be sold only to those who have the rights for distillation. And then you have to buy Feni from them. If you want to bottle it, then you have to buy the same from traditional sellers only. However, there are many opportunities since we have re-branded the drink and now have the permission to enter domestic market sales

The Goa Cashew Feni Distillers and Bottlers Association and other stakeholders had lauded the move however it has been more than a year since then and things haven’t speeded up on ground. Upon obtaining the Heritage Spirit tag it opened the doors for distillers to market the feni in other states which was not possible under the categorisation of Country Liquor. Irrespective of that, permission to export it abroad was available. Feni is the first and only liquor in the country to get the Geographical Indication Status. However it was never marketed for that reason. Neither has it made any difference to consumers. And most of the distillers stuck to fancy packaging concept to sell it. That concept worked for tourists in the state as a souvenir drink. Another area of concern for Excise Department is that

bidding for cashew zones has fallen. As much as 20% of the total cashew zones remain unbidden each season. There are 1662 cashew zones spread across 11 talukas in Goa. Bardez (95), Bicholim (171), Pernem (131), Sattari (671), Tiswadi (63), Canacona (105), Quepem (98), Mormugao (32), Ponda (131), Sanguem (150) and Salcete (15). Response for first two phases of auctions has always remained moderately low. Most of the zones are acquired when the Excise puts the zones for tender in the third phase where zones are grabbed for a relatively lesser price. It is speculated that reason for drop in bids is mainly due to high cost of distilling and labour intensive nature of work. The Department expects to see a change in perception in the following seasons with the growing demand for the brew itself. This year, the auction

period was delayed due to assembly elections in the state. Revenue collected from cashew zone auctions have remained stagnant over the years with `34.58 lakh collected in 2014, `31.94 lakh in 2015 and `32.23 lakh in 2016. Surprisingly the increasing efforts by Excise Departments for Feni revamp comes at a time when the Department is already engaged in identifying the liquor stores as per SC verdict. Banning the liquor stores along the highways following the Supreme Court order will end up closing more than 50% of the liquor business in the state. Government of Goa and the Excise Department expects the Feni to enter the market being competent to mainstream drinks like scotch, tequila, vodka etc. An improved distillation process and ensuring no compromise made on quality of brew will certainly help moving in right

direction. Malika Gadekar, MBA Student, Goa University says, “Feni, which is sold under particular brand should be advertised widely. It doesn’t attract buyers because there is no brand awareness. People buy Johnny Walker, Budweiser because of the brand value. Feni should ultimately get recognised through this branding process” According to an Excise Department insider, branding Urrak and putting it on shelves alongside Feni is definitely on the cards in the nearby future. Presently Urrak is being sold in gallons. Feni had been previously categorised as country liquor as it was defined under the Goa Excise Duty Act, 1964. Last year, the Excise Department had also commenced the certification process of Feni with the rebranding of the traditional brew

march 2017 | Business Goa industry Dossier | 19

new venture

1930 vasco

NRB Group brings to Vasco a new entertainment zone

Offering high quality entertainment, Vasco gets its very own new Miniplex

The spacious lobby at the entrance (Right) Rooftop view of 1930 Vasco Miniplex

By meenal bale

HAVING TO MAKE do with traditional cinema houses of the past, it is indeed a surprise that a miniplex had not set foot in the beautiful city of Vasco-da-Gama – the port town of Goa was left bereft of a qualitative entertainment hub, until now… NRB Group’s latest venture is ‘1930 Vasco’ – a franchise with Mumbai based distributors KSS Ltd. (K Sera Sera Ltd.) promises to provide superior quality digitalized cinema via the satellite, complimented with premium quality sound systems – all with latest technology. With ten shows per day – five shows per screen from 10 am to 10 pm, the theatre premises will also facilitate a Cine Café to cater to the audience’s food and beverages needs. “With a primary focus of tapping in on the Bollywood blockbusters, a major focus will also be given to the regional movies, as and when they release,” says Nitin Bandekar. “Looking at the popular demand today and as the formalities and licenses fall into place, we shall gradually also make the screening of Hollywood movies operational,” he adds. ‘1930 Vasco’ is Goa’s

With a primary focus of tapping in on the Bollywood blockbusters, we are looking towards people coming and enjoying good cinema in Vasco. We really hope that people from all over Goa and even outside come in, be it for a day visit, a random tour or even recreation after a conference and business meeting nitin bandekar Director, NRB Group

first miniplex complex – the complete cineplex that houses two screens. The larger one with regular push back seats, with a seating capacity of 74 The new mall in progress

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pax and the second screen, a premium viewing facility that will host 43 seaters of push back recliner seats, ones that go all the way to 160 degrees.

Not limiting it just to the theatres, 1930 Vasco, is projected as a five-storeyed building with proposed retail space, a food court and a rooftop terrace with a leisure pool to be thrown open for gettogethers. The significance of the name lies in the fact that the land was purchased by Narayan Bandekar’s (Chairman of NRB Group) family from the erstwhile owners in the year 1930; when the port town was under the Portuguese regime. “We have left it as ‘1930 Vasco’ because it creates a sense of curiosity among the public. Is it a pub? Is it a restaurant? We want them to come and experience the sense of regal ambience at the movie theatres,” elaborates Nitin. Said to be a popular concept in two-tier cities with smaller seating capacities, the idea of a miniplex was sown four years ago. “A lot of care has been taken, a lot of thought and effort has been put into the process, right from ideation to execution; thus producing adept results, that has taken a lot of thorough planning. A prime movie theatre was something that the city lacked and we are extremely happy to be able to contribute something to our beloved city,” says Nitin.

The venture provides two types of advertising opportunities, on-screen – slides shown before the movie or during the interval; and offscreen – a display zone outside where standees or products can be displayed. “Getting noticed in Vasco today is considered to be a silver lining. Brands are willing to advertise, as it creates a positive presence for their products. This space is going to be a great opportunity to create brand visibility and we are looking out for advertisers,” Nitin adds further. The entire project of 30,000 sq ft. built up area is a product of vigourous brainstorming, being established by a team of expert professionals. The theatres have been designed on a greyscale, keeping in mind the grey and white colour schemes used in the architecture of the entire building, as a joint venture by the Bengaluru based DDIR Architecture Studio and

Push back recliner seats

Porvorim based Arijeet Raikar Design Studio. The lighting has been designed by Light At Work Design Consultants Pvt. Ltd. while the contractors are Jayshri Associates. Civil Tech looks after the structural engineering and the MEP consultants are Square Green. The overall mall is being managed by Bengaluru based company, Lighthouse Mall Management Company. If you are worried that being situated by the main

road, it will create parking issues, another key aspect of this venture is the basement space established for parking for about 45 cars. It follows the ‘Klaus Parking System’, a top notch two-level automated parking system, that utilizes the least space and helps lessen the burden of traffic congestion. This is the first of its kind parking feature in Vasco. In the future, Nitin envisions the place to be a

centre that caters to everyone, right from retail to cuisine. “We are looking towards people coming and enjoying good cinema in Vasco. We really hope that once it has been established, people from all over the state and even outside come in, be it for a day visit, a random tour or even recreation after a conference and business meeting; because there is not much entertainment options in Vasco,” he concludes. The theatres will be operational from the month of March itself, with a soft pre-opening where the place will be thrown open to the public, a day before a Friday blockbuster. As of now, there is hardly any print advertising or digital marketing done and already the city is abuzz with the excitement of receiving a much awaited place, where friends and family can hang out together!

march 2017 | Business Goa industry Dossier | 21

starting young

Vaikunth Dempo

Creating a business ecosystem By ANKITHA JOSEPH

Heir to a business family, Vaikunth Dempo has grown seeing the perks and hindrance involved in business. Following his fathers’s path, he too set foot into the demanding field of marketing. His fascination with technology led him to complete his bachelor’s in computer application from Pune and he further went on to do his masters in innovation, creativity and entrepreneurship from UK. The startup bug had caught him right after his bachelors. His first step in entrepreneurship was taken in 2012 with ‘Tech Avanzar’. But following his parents advice, Vaikunth kept his startup on hold until he completed his masters. “When I started with Tech Avanzar I realized it was

difficult to startup something and get going with it. It takes lot more than theoretical knowledge to run a business and it’s quite a task to convince people with your ideas,” states Vaikunth. Vaikunth learned of the new technology called the ‘Internet of Things’ that functions with a mobile application at its front end and a variety of censors at the back end. What today we call as Smart Living are all parts of the ‘Internet of Things’. Currently, ‘Tech Avanzar’ is the parent company that holds Colabr as one of its products and in the near future is planning to launch more products under the brand name ‘Smartklik’ which will be into future connected technology. Presently, Vaikunth is researching more on the IoT and is hoping to launch a set of products in the coming months. Vaikunth’s business vision is to find an idea that can solve the problems of masses with the help of technology. Vaikunth, along with his venture, is looking forward to collaborate with a Hong Kong based company called NEXI that specializes in creative product development with innovative ideas. Another initiative by Vaikunth that is presently functioning in Goa, at the Dempo Trade Centre, Patto is ‘Colabr’ which is a coworking space that focuses on building a community of hard

Vaikunth Dempo 22 | Business Goa industry Dossier | march 2017

Vaikunth Dempo is building a community that hopes to play in the technology space

working individuals. Colabr offers an office atmosphere for many freelancers irrespective of the field that you belong to. A content writer, social media analyst or even an IT professional, Colabr welcomes all without any glitches. Though it’s all about a space for business, Colabr tries to maintain a homely atmosphere with the Goan theme that the space is styled in. Keeping it economical, Colabr charges a total of `300 per person on a daily basis. The space can accommodate a total of 15 people and is open from 9 in the morning till 7 in the evening. Vaikunth plans to make it a 24x7 co-working space depending on the response he receives. With the space also comes facilities such as free internet, tea/coffee and few snacks for the users. “It’s not an incubator because incubators would give you a mentor and connections which I’m not providing. I am just giving spaces for rent. If there is a startup or freelancer, whether a content writer, journalist or whoever it may be who work from home and are in need of a space, they can use Colabr. This feels like an office but at the same time it is flexible. I’m looking forward to building a community,” says Vaikunth. As an evolved youngster, Vaikunth realizes the importance of social media in marketing. From Facebook to Instagram, Vaikunth strategizes to take over social media in the coming time. Colabr recently collaborated with another company called run by Nagarjuna and Samay that has come up with smart street lights with fully automated panels. The collaboration also took place as a networking event that played as a marketing tool showcasing the products by and at the same time, Colabr and its specifications were also made known to people. The event saw startups,

tech communities, freelancers and tech enthusiasts from all over Goa. Social media is a powerful tool indeed, but Vaikunth considers the mainstream option of word-ofmouth equally effective. Before Colabr, Vaikunth had taken up projects for several companies which included a UK based firm, as well; but that wasn’t enough to get him a job. Finally he worked under one of his mentors for about a period of two years keeping on halt his entrepreneurial venture of Tech Avanzar. “It was a great working experience. I learnt a lot about business, meeting people and how it actually works. Right now, I work for myself, I don’t boss around others and no one bosses around me, so I can either be a winner or loser. But there I had somebody to guide me and tell me what exactly has to be done. So those two years offered me great learning ground.” Vaikunth works with project based freelancers and looks forward to build a small team that would help him in achieving his goals. He feels that in today’s time, one can easily startup if he has access to a computer. Making use of your own resources to the maximum extent is most important and one should outsource the work only if there is no other way out. “I have not really joined any association, so far. One thing I have tried is to keep myself on a low profile because when you go to such places you meet a lot of people and I would want to do that after my company reaches the desired heights. Once I have a base and there is constant business happening then I will join for scaling up and networking,” says Vaikunth. Small successes are stepping stone to achieve the ultimate goal. He mentions that following decisions and plans is not wrong as long as those decisions are made with clarity of thought


Doshy’s Living Concepts

Margao’s leading home decor store

Started in 2002, Doshy’s Living Concepts is registered as a proprietorship under Sonal Doshy, supported by her husband Sandeep; and is an extended arm of M/s Chhaganlal Doshy, which primarily deals with textiles, plastics and tarpaulins By meenal bale

Doshy’s Living Concepts is a registered trademark and today is the main dealer for brands such as D’Decor, KC Fabrics, J&Y, etc. When Sonal Doshy moved to Goa post her marriage, she realized that there was a huge market for high-end clientele, that was not being tapped into, and decided to venture out into creating a niche business. Majorly into home furnishings, when the outlet was first established on the then empty lane of Margao city, it proved to be a challenge to get customers acquainted to its presence. But over a period of two years, from consultations to installations, it grew into a popular one-stop-shop for all interior furnishing needs; and is today known for its premium interior solutions. Marketing and publicity happened by word-of-mouth and till date, at Doshy’s Living Concepts, the motto remains ‘Beautification does not cost a fortune.’ “Being a service oriented industry, we are very particular about providing high-quality products. Adapting the principle of providing multiple value added facilities in one package, we always deliver within a scheduled time” says Sonal. To which Sandeep adds, “Sonal’s basic strength lies in her business acumen and sense of aesthetics. For example, matching the right shade of curtains to the colour and the décor of the room. Because today, even if you do put out the best or maybe even the costliest of products; but it doesn’t match, then it’s a sheer waste of money and effort. She advises the customers as a friend.” Most of the clients are recommendations or repeats. Sonal explains how there are

Sandeep and Sonal Doshy

so many basic practicalities of the client’s requirements, restrictions of the space and utilities of products to be considered before they advice the customers on what to do and how to go about it. For example, Sonal elaborates upon why one should avoid curtains when the windows open inwards and rather opt for blinds, which suits the purpose just right. The staff has been trained to be polite and persuasive. They first ask the customers for the requirements and accordingly customize as per their needs. “Any project can be completed in less than a week.

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Having catered to clients from across industries, be it hospitality or even NRI clientele; Sonal is personally involved in every project. Right from taking the measurements of the place, to providing estimates, getting the curtains stitched, as well as supervising the fittings, she ensures that each task is completed with finesse and gets delivered on time We believe in educating the customers on the variety in the store and the multiple uses of each product. Our recommendations are more practical for the long run and a satisfied customer is our biggest reward,” adds Sandeep. The partner companies have also provided them with new digital technologies, where they can explain to

the customers, how their choice would look as a final product. It facilitates the visualization process and simplifies decision-making to a much greater extent. When asked how does Sonal manage it all, she says “It gets difficult at times, but I believe that if you love your job, it becomes easier. My family is extremely supportive and I have a wonderful staff support; making my work simpler. I have to be stern at times because I am very particular about details, but then, it all works out for the best and leads to a happy customer.” Having catered to clients from across industries, be it hospitality or even NRI clientele; Sonal is personally involved in every project. Right from taking the measurements of the place, to providing estimates, getting the curtains stitched, as well as supervising the fittings, she ensures that each task is completed with finesse and gets delivered on time. “Plain lines are in vogue

always, but fashion keeps on changing constantly. We have an array of options in the prints, right from christmas, kitchen, nursery, to floral prints and much more. Our partner companies keep us updated with the latest trends in the industry. Our Goan clients prefer bright colours while the new market trends are sober and pastel colours. Our associates have rendered a strong support and ensure to bring out exclusive catalogued collections, only to suit the taste of our clients in particular. We have also taken orders from outside Goa, and the business has witnessed a healthy growth over the years,” states Sonal. The showroom has a ‘dummy’ setup, well equipped with bed furnishings that is sometimes in the form of a theme; curtains hoisted on sliders that allow one to pick from a variety of range that either match or contrast, and

is even replete with add-on accessories such as chords, curtain holders, shower curtains, bed linen, rugs, fringes and tassles, bendable channels, powder coated and steel finished rods, fancy knobs, clamps, rings, etc. “We usually come across two types of clients – those that are thorough with the particulars and specifications of what they want, the others, who are willing to experiment as per the trends of the seasons. We provide them with

the catalogues, guide them through a various fabrics and suitable stitching patterns; post which, they mix and match. We have ready stock as well as materials on order,” states Sonal. Doshy’s Living Concepts also stores spare parts of accessories, just to ensure that no customer has to walk away empty-handed. The exhibits keep changing often and provide a life-size experience to customers. They are greeted with utmost politeness and taken through the process of

how a single mattress can have multiple and well-placed layers of protection, that increases the durability of the mattress as well as provide soft and comfortable cushioning. Complementing the display is a wide variety of curtains, sheers, blinds, wallpapers and upholstery, too. “We first do a recce of the place and accordingly advise if roller blinds will be more suitable or the new triple shade blinds, even whether the client should opt vertical blinds or horizontal ones, based on the design of the place. Each product has an entire catalogue, filled with options to chose from. We cater to the smallest of the windows and the most basic of orders. Whether it is a residence near the beach, or a project with the hotel industry, our strength lies in ensuring that the overall aesthetics of the room is balanced” Sonal concludes

march 2017 | Business Goa industry Dossier | 25


Bharat Kamat

“Building Green will satisfy many of Goa’s needs and protect the ecosystem”

Bharat Kamat, Chairman of the India Green Building Council (Goa Chapter) speaks about green building in Goa and its potential in satisfying the sensitivities of the local population

When did the IGBC Goa Chapter begin? Indian Green Building Council (Goa Chapter) was launched in March 2011. Amar Britto of Acron Group was the Founding Chairman, and I served as Co-chair. I took over as Chairman of IGBC (Goa Chapter) in December 2016. What is the Mission of the local Chapters of the IGBC? Local Chapters are the voice of Green Building movement and IGBC; and chapter leaders and members are the heart of IGBC’s grassroots efforts. The IGBC local Chapter network opens doors for members to promote sustainable buildings, advocate for environmentfriendly policies, and build networks of allies where it matters most – in the local community. The local chapter interacts with the local Government to promote and bring in awareness on Green Buildings. The IGBC (Goa Chapter) is also involved with educational institutions and we have three IGBC student chapters in Goa namely Goa Engineering College – Farmagudi, Don Bosco College of Engineering and NICMAR Goa. Through these colleges, we conduct workshops and guest lectures on Green Buildings and environmental issues. The local chapter also promotes IGBC training programmes and Accredited Professional (IGBC AP) Examination. What are some of the programmes and initiatives that the IGBC (Goa Chapter) has taken up over the last year? During the past year, we have carried out a number of training programs. The Advanced Training program

on Green Buildings was well attended. We also conducted the IGBC Green Schools Awareness Programme to create awareness among the school faculty on green initiatives for schools. A Training Programme on Carbon Footprint Assessment and Management was also conducted. We also conducted a number of training programs in the student chapters, and placement drive was also held. Membership drive was also conducted to increase the membership of the chapter. How does the IGBC plan an active role in spreading awareness about green construction/architecture across different target groups, whether corporate, industry sectors, or schools? There is a misconception in the construction industry that Green Buildings are more expensive to build. But through data collected over time, we have been able to convince the construction industry that costs are almost the same and that it is prudent to build green. In fact, when you build Green, costs of operation and maintenance of the building is much lower. The most tangible benefits are the reduction in water and energy consumption. The energy savings could range from 20% to 30 % and water savings around 30% to 50%.

The intangible benefits of Green new buildings include enhanced air quality, excellent day lighting, health and wellbeing of the occupants, safety benefits, and conservation of scarce national resources. What are some of IGBC’s biggest achievements? From a modest beginning of 20,000 sq.ft Green builtup area in the country in the year 2003, to today (as on 23 January 2017) more than 3,947 Green Buildings projects are coming up with a footprint of over 4.48 billion sq.ft are registered with the Indian Green Building Council (IGBC), out of which 960 Green Building projects are certified and fully functional in India. India today, ranks at No. 2 in the world with the largest Green building foot print and is well poised to add significant value to the Global Green Building Movement. The IGBC recently had a Green School A w a r e n e s s Programme. Could you highlight some of its objectives?

India would be one of the leading nations with a young population of 765 million, by 2030. This population covers almost half the population of the country as on today. Children spend almost 30% of their time in schools. Therefore, developing a healthy school environment is going to be a priority for parents, teachers and school managements

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Bharat Kamat

India would be one of the leading nations with a young population of 765 million, by 2030. This population covers almost half the population of the country as on today. Children spend almost 30% of their time in schools. Therefore, developing a healthy school environment is going to be a priority for parents, teachers and school managements. Access to dust-free environment, good sanitation, natural lighting and ventilation, hygiene and general awareness on the principles of protecting our nature would go a long way in preparing young children for a future that would be bright, challenging and prosperous. It would even impact the way children would think and incorporate them in their daily lifestyle. The overarching objective of the programme is to instill a sense of ‘eco-sensitivity’ among children. What were some of the benefits this programme drew for the

schools and its participants? Besides the healthy school environment that a green building creates, many schools want to incorporate environmental and sustainable infrastructure so that they could walk the talk in their curriculum. Demonstrating by example is the best way a school could go forward in education. Live examples of interventions in schools would mean change in the formative years of the young minds, giving us a full outreach to the future adults. How has the response been in Goa? Are developers actively adopting for an IGBC rating? A majority of the developers have a favourable opinion about green buildings. Developers ranked energy efficiency, indoor environment quality and water conservation as most important aspect of Green Buildings. Environmental aspects were

the most influential reason for adopting Green Building. Developers reported the lack of technical knowledge of the project team as the barrier in implementing Green Building design and construction. Through the IGBC, we are increasing the flow of information about Green Buildings by carrying out information/ training programmes to the developer community and are convinced that this drive will be fruitful. What are some of IGBC Goa Chapter’s future projects and upcoming initiatives? This year, IGBC’s thrust in Goa will be to increase the number of developers going Green, through increased training programs and individual knowledge dissemination meetings with developers so that the number of registered projects goes up. There will be an increased

interaction among the student community. Students will be trained so that they can answer the IGBC AP exam. We plan to conduct a two-day Green building conference with an exhibition of Green products to further the knowledge of Green buildings and the Green products.

projects such as the B-cube project, NoMoZo, Baina beach cleaning, Mormugao Fort cleaning, Green Heritage, Green I competition for schools, etc. We are working with our clients to build Green and also to develop their image as environmentally conscious developers.

As Director of Kamat Infra Tech Pvt Ltd, how have you managed to draw parallels with the IGBC Goa Chapter? At Kamat Infratech Pvt Ltd, we are committed to sustainable construction and motivate our clients to apply green concepts to their developments. We guide them in getting their structure certified with the IGBC or TERI. I am also a certified TERI Green building trainer. My Co-Director at KITE, Dr. Jennifer Lewis, has been instrumental in many environmental awareness

What potential does IGBC see for Green Construction in Goa? Building Green will satisfy many of Goa’s needs including enhancing and protecting biodiversity and ecosystems, improving air and water quality, reducing waste output, conserving and restoring natural resources, etc. Goa and Goans are very environmentally conscious, and building green will go a long way in satisfying the sensitivities of the local population


march 2017 | Business Goa industry Dossier | 27


Davico Composites

Customising plastic design with high endurance

Vinayak Sankolli aims to diversify and consistently create value additions to the product line of his company

Our prime focus is on developing our own products. We don’t rely on job working for other companies, as having our own products helps us in commanding a reasonable price Vinayak Sankolli


For Vinayak Sankolli achievement means “starting point of stagnation”, hence he believes in setting new goals as he moves along. That has driven his FRP business at the Davico Composites where they also believe in “Quality and Service to Delight the Customer”. Owner of two other companies, Life Science Automation and Skytech Caps and Closures. Vinayak Sankolli, by 2018 plans on increasing his facilities by 50%. Vinayak Sankolli has an academic training in Tool Engineering with plastics as his major. Further, his professional career began as Plant Head at Guala Closures in Harvalem, where he worked for an extended period of 8 years. At that point, he visioned that Fibre Reinforced Plastics (FRP) gives business opportunity to cater to industrial as well as architectural fields. Eventually, Sankolli began his entrepreneurial journey at Life Science Automation in

2007. A year later, he started the design and manufacturing of FRP products under the banner of Davico Composites at Madkaim Industrial Estate. He recalls the struggle he has undergone to secure the plot in the Industrial Estate at that juncture. He states, “Everybody is aware of the difficulties that we have to go through in order to secure a piece of land in IDC. However, I hear that things have improved now.” Sankolli elaborates on the early steps into his business, “At Life Science Automotion we used to make automation modules for pharma companies as well as manufacture diagnostics kits for various diseases. Within a year, I thought of getting into FRP and then I started Davico Composites. In the first year, we were only supplying to industrial units in Goa. Eventually we started supplying to companies in Belgavi (Belgaum then). One of them was Vega Auto

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Accessories.” Davico Composites has a long list of product line which includes roofing systems, urinary partitions, play systems, traffic sign board, DaviPlay range of Dustbins, fibre glass reinforced doors and windows, eaves, gutters, skylights, domes, false ceiling tiles, cabins and shelters, decorative planters etc. Davitech range of Industrial products are Automobile parts, Ticketing Kiosks, Industrial Storage Pallets, Cable trays, Motor Canopies, Electrical Junction Boxes, Shipping Cowl Vents, Fire Hose Boxes, Battery Boxes, Sign Boards, Traffic Signs, Anti corrosive coatings, Chemical tanks, Mould for Concrete products, Gratings etc. Davico Composites’ biggest clients are Zuari Industries Ltd. and Pentair Water (India) Pvt. Ltd. Sankolli feels that slump which was caused by mining ban in Goa is taking a longer time to recover than the one caused by demonetisation. Davico Composites regularly supplies to GRASIM Industries Ltd Karwar, SHOFT Shipyard, Gujarat. Supplying all over India becomes a tough task for Sankolli as “as transportation of goods is a big challenge”. “Our focus is mainly on developing our own products. We don’t rely on job working for other companies, as having our own products helps us in commanding the reasonable price. In job working, they (companies) decide on the margin that we should get which is not fair most of the time. Sometimes it is not economical, but we supply it to create and establish our presence,” says Sankolli. For instance, Davico Composites used to supply to a company who then supplied their products to Tata Motors. “Over a period of time they kept on squeezing us for the price. With that client, our profit

margin was very thin, but we continued the partnership as being sub vendors to a Tata brand, which gave us an edge in the market. However, we could not operate for long because of the financial terms,” he says. Vinayak Sankolli informs that Davico Composites’ industrial turnover is 70% while their architectural products line consist of the remaining 30%. Davico Composites plans on putting a pultrusion machine at their Madkaim plant which will then enable them into making long profiles of fibres. Sankolli says, “There is a growing demand of long profiles of fibres as in most projects, metals are being replaced with FRP.” In terms of marketing, Davico Composites have their distributors spread across Goa and neighbourhood states. Sankolli sees huge potential for his architectural products in Karnataka and his marketing focus would be in the respective state. For Sankolli, recoveries of payment is an uphill task. He says, “Clients do not abide the payment periods and delay on their financial committments. Legal course is long drawn and virtually non-existent. This is the biggest challenge for small industries.” Vinayak Sankolli dwells on the path that lies ahead for local entrepreneurs post the reforms in taxation structure of the country. He says, “GST can help only if there is some competition in Goa itself for us, that won’t happen soon as I don’t see a huge market for FRC products in a limited market of Goa. However, I see huge opportunity from pharma companies as there is lot of packaging that needs to be done. That includes bottling, caps, tablets. All of which comes from outside Goa. Also most of their customers are from outside Goa. Local entrepreneurs can approach

the big pharma companies that they are ready to supply as per the needs of the pharma industries.” Sankolli adds, “I am definitely ready for upscaling as I believe that I have got the required experience in this business. We have started a unit in Dharwad which supplies materials for the liquor industry. Production has started 3-4 months back. We are in partnership with another 3-4 directors. GST coming to Goa will be a huge boost for the vendor based industry. When you have a support industry coming up which revives the economy, it is a significant boost for small businesses. Big companies are required, but it is the group of small companies which contribute the most to the state exchequer.” On expansion areas Sankolli says that he is looking forward to increasing capacities by at least 50% by 2018. Vinayak

Davitech range of Industrial products are automobile parts, ticketing kiosks, industrial storage pallets, cable trays, motor canopies, electrical junction boxes, shipping cowl vents, fire hose boxes, battery boxes, sign boards, traffic signs, anti-corrosive coatings, chemical tanks, mould for concrete products, gratings etc. Sankolli believes that growth of Davico Composites will be the growth of the quality of life of its 23 employees. Sankolli says, “It matters when the local sales of the products is high as there will be lot of reduction in transportation cost. More and more benefit will be extracted by players who are close to the market.”

Davico Composites are ready to supply for the needs of smart city, “We have just launched modular toilets. We are also supplying lot of dustbins in FRP. So far we have not received any communication regarding the requirement of anything related to the Smart City project. However, we will definitely benefit if the government wants to support local entrepreneurs. Many a times, the government procures goods from outside Goa even though there are many suppliers of those particular items in our state itself.” He adds, “Goa has a requirement of modular toilets as we are a tourism driven state. The government has to provide opportunities to local industrialists who manufactures them.” Sankolli foresees a much cleaner economy after the demonetisation recovery. He

comments, “Demonetisation has been effective as there was a parallel economy running. There was lot of movement going on in terms of black economy or the cash market. That market was significant enough, whether it was 30% or 40%. That portion has suddenly collapsed and there is a feeling of a slowdown even though the market is definitely there. It was not coming into mainstream due to it being functioning through black economy. There was business happening but it was never a part of the tax net. We are definitely recovering soon from this, as business is growing and now it will only convert to white economy.” Vinayak Sankolli strongly advocates that if local entrepreneurs receive support then they can do wonders for the state economy as he aims to diversify and make consistent improvements in his product line

march 2017 | Business Goa industry Dossier | 29

Goan Brand

Chanekar Classics

The best of Goa to munch on

A dream to make available Goan flavours around the globe; Chanekar Classics from Bicholim brings to your plate authentic Goan snacks and spices Range of home-made masalas at Chanekar Classics

Goan ‘Bhadang’ (Chivda)

Khaje or ‘KadyoBodyo’

Goan Shev

By ankitha joseph

It all began in the 1940s when Rajaram Chanekar laid the foundation to Chanekar Classics, which was then called as ‘Rajyale Khaaje’ in Bicholim. What began as an initiative by a young enthusiastic entrepreneur has today won the taste buds of many with their Goan delicacies. Rajaram Chanekar’s plan comprised of authentic Goan snacks which remained seasonal. Later, in the 1980s his son Sitaram Chanekar, the only earner of the family, extended the product line with Chanekar Classics Masalas. All the masala recipes came from Sitaram Chanekar and his wife and soon became a favourite of many in the town. Passing on the true taste of Goaness, the third generation and son of Sitaram Chanekar, Rajaram Chanekar took over in August 2015. A mechanical engineer by profession, Rajaram has worked previously with the Salgaocars and has also worked in countries

like Malaysia and Singapore. When his father suffered a stroke, he realized that it was time to leave his job and join the family business. Applying his expertise in the field of management, Rajaram looks forward to mechanize and professionalize the functioning of this brand. “I am trying to maintain a link between the traditional ways and the professional execution that will help in the development of this product,” says Rajaram. His vision is to maintain the authenticity and the Goan flavours in the products and watch it grow in the state and across the country. Meeting the quality parameters, Chanekar

30 | Business Goa industry Dossier | march 2017

Classics presently offers a wide range of Goan products to all its customers which incluse Goan Shev, varieties of laddus, chivdas, barfis, Goan chakri, Rhombus biscuits, churma and khaaje. Khaaje which is generally found only at Zatras (feasts) is made available at Chanekar Classics throughout the year. Products such as ginger barfi is an exclusive preparation of Chanekar Classics. Rajaram introduces a new product every month for his customers. One such product to hit the market soon is the Goan papad. “The uniqueness of our products is that we don’t use any additives. Whatever we prepare, the shelf life of the product will be not more

than two or three months. Using the best quality raw materials help increase the shelf life of the products. I travel to other places to get raw materials and do not settle for anything less. For example, if I want jaggery, I source it from Kolhapur. Even for the papads, the daal used is from Belgaum or Kolhapur.” The authenticity does not limit itself just to the products but to the team as well. The brand has a permanent team of 25 members, all hailing from Goa, who work towards delivering quality results to its customers. Rajaram’s wife Pammi Chanekar plays an important role as part of the team as well, as she is the one who manages production. What stands distinctive about the brand is also the technique used. Before powdering, the raw supplies are first roasted; unlike others who use gas, Chanekar preserves their heritage by using firewood. “Firewood helps in enhancing the taste of the snack. If you prepare the same item on gas, the

A platter of Goan Snacks

taste varies. Here, the cost of production is slightly higher but then for impressive results and for people to like our product we do not compromise on authenticity.” According to Rajaram, most of the Goan market has been invaded by nonGoans leading to a gap between the authentic Goan products and others in the market. He also says that earlier people used to prepare the same snacks and spices at home, but today no one has the time to do so; and most of them have forgotten the real taste. So it is better if the products are available in the market itself. Chanekar Classics supplies their products to many vendors across the State and the interesting fact is that they are all Goans. Their esteemed clients include Sahiraj in Old Goa, Kurtarkar stores at all its outlets in Valpoi, Mapusa, Ponda, and many more. Other than stores, Chanekar also supplies products to hotels and cafes like Vrundhavan Hotel in Mapusa, Mahadev Café in Ponda, Bhingis in Margao and Café Aram in Panjim. They are also known for taking large orders for special occasions. As of now, there aren’t any exclusive outlets of Chanekar Classics, but Rajaram mentions of his plans to start one in Bicholim, in the

Pammi Chanekar and Rajaram Chanekar

near future. Though many make them aware of the increasing competition, Rajaram does not find it challenging – for his primary focus is quality. “If I maintain high standards of quality, competition is non-existent.” He accredits his father, Sitaram Chanekar for the success and recognition that the brand has received today. “From the recipes, to the huge client base that we have, it is all his hard work. He is an

expert in spices; when people ask for masalas, they prefer if he gives it rather than my workers. He is the main person behind Chanekar Classics.” Years of hard work that he has put in the establishment of the brand, makes Sitaram Chanekar an inspiration to his family. Marketing is the only hurdle that Rajaram finds challenging. He has used radio as one of the mediums in the past and presently focuses on social media. “One needs to be well versed with what is trending around them in terms of technology.” Business Network International (BNI) is another platform that has helped the brand in reaching out to the masses. “At first I was skeptical about joining it, but now I am glad about the business that I am getting from the networking through BNI,” says Rajaram. Chanekar Classics, along with its efficient and dedicated workforce, looks forward to build a brand that would stand out as a hallmark in Goa. With further refinements in packaging and branding, Rajaram hopes to reach out to the people nationally and internationally in the forthcoming years – and take the taste of authentic Goan snacks to them

march 2017 | Business Goa industry Dossier | 31

campus St. Xavier’s College hosts ARENA 2017

ARENA 2017, an Inter-Collegiate business event, was recently organised by the Department of Commerce, St. Xavier’s College, Mapusa with the aim of helping students to discover, develop and display their skills in marketing and the field of business. The chief guest for the inaugural programme was Dr. Santosh Patkar, Principal of Saraswat Vidyalaya’s Sridora Caculo College. A total of ten diverse competitions were carefully crafted to explore the various aspects of commerce. ‘Inception’ challenged the participants to introduce

their teams creatively, while ‘Solomon’s Heir’, ‘Capture the Market’ and ‘Share It’ allowed students to showcase the different skills needed to succeed in the world of business. ‘Battle it Out’ had participants passionately debating on crucial themes and ‘Creative Skillset’ encouraged students to develop a business model based on Aldefer’s Theory of Motivation. Adding to the excitement was ‘Classified’, a surprise event, which tested participants endurance and strategic planning ability. Through ‘Clash of Colours (Rangoli)’ participants attempted to redesign the ARENA logo while through ‘Shutterbug (Photography)’ the participants captured the candid pictures of the event. Rosary College, Navelim were declared the overall champions of the ARENA 2017 and Goa Multi Faculty College, Dharbandora was declared the runners-up

book shelf

Date: 01/03/2017



Kiran Karnik

Crooked Minds

Understanding the parameters that one should consider while innovating, Crooked Minds by Kiran Karnik speaks of the challenges that lay in setting up an innovative culture in any aspect. The author emphasizes on the Indian ‘jugaad’ market and also manages to tap into the areas which are not been given enough importance to. Several examples of companies from Indian and international arena has been included in the book. The book also manages to offer the readers a glance of the stories behind startups that have reached the top presently including Uber, Netflix and Airbnb. These companies have had their basic idea of exploiting the untapped markets and created a niche out of it. The book also covers some of the important facets regarding the logistics considerations while setting up a new company. From the Indian perspective, Kiran Karnik has carefully probed and analyzed the major metro cities and the advantages and disadvantages that it provides to support a new venture. The need for high quality university requirements has also been highlighted in the book along with a clear clarification on the importance of higher and advanced technical education. Good amount of research on the reputation of India on a global startup scale, Crooked Minds gives a fair idea of how spirited the world has become in terms of setting up new ventures 32 | Business Goa industry Dossier | march 2017

Across: 1. Indian business group known for gold loans (7) 5. 2nd largest South Korean automobile maker (3) 6. Ceramics company with HQ at New Delhi, specializing in tiles (7) 8. Top B-school located in Gurgaon (3) 9. Indian IT company known for financial scandals in 2009 (6) 11. Former name of Tata Steel (5) 13. Indian pharma manufacturer founded in 1982 (5) 14. _____ Milk Colony – located in Goregaon East, Mumbai (5) 15. Improper use of corporate power is called ___ of power, in plain English (6) Down: 1. The elder of the two Ambanis (6) 2. ___ Mahal – premier tea brand (3) 3. How the East India company made profits in the 1800s (5,5) 4. Textile originally associated with city of Kozhikode (6) 7. ___ Group – Dubai based co most known for Pakistani television (3) 8. ___ system – prevailing global system of units and measures (3) 10. Mumbai based pharma company in a joint venture with Gedeon Richter of Hungary (6) 12. Whipped _____ - commodity commonly found in the coffee and dessert industry (5) answers to crossword 86 Across 1. Suzlon 4. Accenture 8. Carat 9. Ultra 12. Trade 13. Space 14. Steve Down 1. Snapchat 2. Omniture 3. PNR 5. Carthage 6. Unit 7. EMBA 10. Regal 11. Idea


High voltage quizzing at GIM WIZBIZ 2017

GIM WIZBIZ 2017, the flagship event of Goa Institute of Management (GIM) saw corporate teams step out of the boardroom and onto the stage to battle it out for the top spot at one of India’s popular corporate quizzes. Conducted by the popular quizmaster Avinash Mudaliar, GIM WIZBIZ witnessed participation from leading corporate houses such as Deloitte, Pidilite, Pepsi, Adjacent Design, TCS, Prototyze and Acron amongst others. Only the top six teams made it to the finals. After intense rounds of the fierce battle of the intellect, Jayakanthan and B Naveen Kumar from TCS and Sai Mitra Constructions respectively

2nd Runners up: Yogesh Pai from Chennai Silks and Rohan Khanna from Deloitte

emerged as winners of WIZBIZ 2017 followed by 1st runners up Rajiv D’Silva and Harshvardhan Bhatkuly from Savoir Faire Media. The top two teams were tied at the first position; and the winner had to be decided by a sudden death tie-breaker. The 2nd runners up position were won by Rohan Khanna and Yogesh

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Pai from Deloitte and Chennai Silks respectively. Organised by MECCA – the Marketing Club of GIM, WIZBIZ held at GIM campus in Sanquelim was a success with enthusiastic participation, challenging rounds and exciting prizes won by the participants and audience alike. Having been

Business Goa was launched in July 2009 with an aim to showcase the business side of Goa. Over the years, we have been successful in not only featuring entrepreneurs from the State, but have focussed on issues of economic importance in Goa. Living up to our ideal, to be ‘The Voice of Business in Goa’

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In the Business of Financial Inclusion From academics to financial services, Goa-born Kshama Fernandes takes on the challenges of financial inclusion, head on


1st Runners-up: Harshvardhan Bhatkuly and Rajiv D’Silva from Savoir Faire Media


organized for the past 16 years, GIM WIZBIZ has escalated its standards with every passing year. Participants from corporate organizations from across the country travelled to Goa to participate at GIM WIZBIZ. The audiences watched as the titans of corporate quizzing clashed amongst each other to win the top spot and prizes worth over `2.5 Lakhs. The quiz itself was an exhilarating experience. Quizmaster Avinash Mudaliar engaged the crowd with his quick wit and interesting trivia. GIM WIZBIZ 2017 concluded with the winners of the competition taking home a culmination cash prize of around 2 lakhs

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Sunshine Worldwide School

A School with a Heart

When one thinks of the word sunshine, one immediately associates it with happiness, brightness and exuberance. As you walk into the Sunshine Worldwide School campus, the sounds that greet you are the ones we long to hear in this humdrum we call life. The sounds of excitement, joy and laughter – and you are immediately introduced to the central idea around which the school is built… ‘Unconditional Happiness’. School Counsellor and Psychology Educator Charlene Farrell says, “When you walk into the gates in the morning knowing that you are going to make a difference… but best of all, knowing that you can make that difference in whatever format, methodology or extent that you want. You know you are walking towards success that you design for students and the society.” This is a school that goes against the norms that we see as education today. A clear example of this is the no bell system. If you are expecting to hear a bell at the end of every class, prepare to be surprised.

Everyone is responsible enough to be punctual and everyone, right from teachers to students, go to their respective classes when it is time. Determined to beat the rat race, and encourage creativity, self-responsibility and freedom, Sunshine Worldwide School provides a haven for students who look for a stressfree, unconditionally happy environment that thrives on nonconformity in a responsible fashion. It is hard to believe that such a system can exist in the competitive world that we live in today, but the fact of the matter is that a system such as this is what is needed if the children of today are going to be the future of tomorrow.

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With a ‘zero competition’ policy, Sunshine Worldwide School, dares to be different

Deepak Khaitan

Sunshine believes in imparting holistic education. The aim is not to pass an exam or a test. The aim is to learn for the joy of learning. The core thought at Sunshine is: ‘As information can be obtained at a mouse-click today, we must work instead to comprehend, process, assimilate, and apply it.’ Gaia Mahajan, a student of Class 11 explains her view about the school, “Sunshine

means different things to different people and with its structure, it has a knack of helping students grow in the direction it needs to.” It all starts with the teachers. The teachers have the freedom to teach in whatever creative manner they choose, as long as they go from application to concept instead of the other way around. When the teachers get the opportunity to explore their creativity, children are automatically encouraged to explore theirs. Lisha D’Sousa, Economics Educator at Sunshine for the Senior Secondary School says, “Sunshine is a place that allows you to script your own fairytale. As you open the book, each page signifies every moment that Sunshine allows you to explore.” A lot can be said about the arbitrary system that is our education system today, where a few have the passion to teach for the sake of learning. Here at Sunshine, the teachers all feel that they not only have a voice, but a hand in shaping the future of the world. Vice Principal of Academics, Tasneem Naik, reiterates further by saying, “It’s a great feeling to work with a school that strives to create a balance between the heart, the hands and the head. A bustling community of staff and students busy creating ample ways to help each one acquire a love for learning that comes not from competitiveness or examination but from analytical thinking, reasoning and satisfaction of understanding. Another interesting facet is the Corporate Model. This is a school that wants to breed Entrepreneurs, Innovators and Free Thinkers, by our country today. The students get a taste of this by being encouraged to lead their own companies, in a system created in the school. Instead of Head Boys and Head Girls, CEOs lead the

school and each company has a task. For example, Sunshine Hospitalities Pvt Ltd. handles events such as Annual Day, Sports Day etc. and students plan these events and run the show. Director Deepak Khaitan further enforces the concept by saying, “We at Sunshine believe in children growing up as responsible citizens, without fear and with an attitude of building competence.” Students have to create résumés and go through a stringent interview process to apply for these positions in these mock companies just like its done in the real world. In a school that has a No Competition policy, Sports Day has an exciting new twist. Old school games such as Kabaddi, Dog and the Bone, Langadi etc. are played on the beach with parents, students and teachers. It’s all about having fun and playing the game and

enjoying childhood without the added pressures of winning and losing medals. It promotes an environment of fun, frolic and comradeship. Students still play regular sports like football, cricket and athletics; but the idea is to do your best and do it to the best of your abilities and have a good time whilst doing it. The child grows up with the idea that it is not about beating everyone else, but about doing the best that you can. In a world where competition is everywhere, and people are only concerned with bringing other people down, where the rat race is considered a norm and happiness is secondary or perhaps not considered at all, here is a school that is daring to change all that. A school with heart, that may possibly be the breakthrough that we need in this hostile world, Sunshine Worldwide School stubbornly dares to be different

Beach Chairs

Gazebo Exterior Facade

Beach Table

march 2017 | Business Goa industry Dossier | 35

lady power

Shreemi Raghudath Pai Panandikar

Focussed on her business goals

Focusing on her goals, abiding by her principles, Shreemi Pai Panandikar is making significant strides through her venture Silverline World By ankitha joseph

Like every AMBITIOUS person Shreemi Raghudath Pai Panandikar too wished to start something of her own. She did so, successfully with Silverline World. Her passion for creativity and the urge to do something of her own led Shreemi to start off in the year 2005 with Shreemi Creations. Starting out as an amateur, Shreemi Creations faced a lot of challenges that a new business would. Shreemi started out with works such as designing pamphlets, brochures, yet aspiring to achieve something beyond the usual. Lack of a Fine Arts background played against the work she did, making it challenging to work with reliable clients. While many refused to pay her for her hard efforts, few underestimated the work she did. But Shreemi continued to work with the immense focus she had set on her goals. “Every day was nothing short of a challenge. In the morning I used to go out filled with positivity but by evening I would talk to myself about closing down the business, because of the amount of disappointment that followed throughout the day. The next morning, this cycle would continue,” recollects Shreemi. Disappointment took a break when Shreemi met Tejashri Pai, present CEO, Chowgule Industries Pvt.Ltd. (Maruti Suzuki showroom). Sensing Shreemi’s potential, Tejashri encouraged Shreemi to take a step forward and agreed to offer her a signboard project which would follow with more if she managed to impress with results. Though Shreemi had no knowledge of signboards, she agreed to take up the project and went on to research, learn and deliver quality work on time. It came

Shreemi Pai Panandikar

as no surprise that Tejashri’s faith in Shreemi was proved right and she still continues to be associated with the Chowgule Group of Industries. Since Chowgule’s, Shreemi began to get quality clients who brought her the desired on-field experience. “I am very curious by nature, which is why I want to learn something new every time and move ahead. I can’t take up a routine job. Today, with every new project, I face a new challenge and I really enjoy this. If we really enjoy our work, stress stays at bay.” Under the banner of Shreemi Creations, she earned respect and projects that inspired and motivated her to take a bigger step and started up Silverline World. “Silverline World concentrates on interior designing and project execution jobs, wherein we not only design a space with the help of reputed architects in our panel, but also execute the same under their supervision.

36 | Business Goa industry Dossier | march 2017

Based on the foundation of honesty, hard work, timely delivery of quality products, determination and no tolerance of injustice, Shreemi stands tall as the architect of a space that is motivating by itself Silverline World has expanded to offer interior and exterior branding, ACP cladding, aluminum windows, sliding doors, carpentry, stainless steel/MS railing fabrication, wallpapers, vinyl floorings, laser cutting/engraving on acrylic, MDF board, and other non-metal boards, all types of signage and printing on any media. Siverline also introduced to Goa, a first of its kind UNIBEND machine that functions along with the laser machine to make aluminum channel box letters which gives signage a more elegant look. Almost eighty percent of the

work is done in the machine itself, saving manpower and time, as well. With such helpful and unique features, UNIBEND continues to be one of the USP’s of Silverline World. Silverline World enjoys the custom of clients that includes some of the most reputed names in Goan industry like NRB Group, Neo Majestic, Taj Vivanta, Agrawal Group, MVR, Mathias Construction, Dr Gaonkar’s My Eye Hospital, Dr Nagarsekars’ Classic Hospital, OYO, Indoco Remedies, Classic Packaging Industry and many more. “Sometimes clients have small-scale projects. They might only need some carpentry work or wallpapers to be installed or probably false ceiling installed, at such times, I use my own creativity and expertise,” informs Shreemi. Presently working on NRB Group’s Mall, Shreemi finds deadlines the most interesting part of her job. According to her, establishing a trust factor with clients is the most important thing, for which delivery of quality work is crucial. “When on site, we have to make certain deviations and changes in the plans as certain designs that may look aesthetically perfect may not be compatible when you consider maintenance. Hence people need to know that they can trust your spontaneous decision.” Built on the foundation of honesty, hard work, timely delivery of quality product, determination and no tolerance of injustice, Shreemi stands tall as the architect of a space that is just and motivating by itself. For many, honesty might sound like a term far from any association with business, but for Shreemi, it is the only way

to do business. Rather than manipulate the truth, Shreemi believes in facing the problems and tries to solve them under the guidance of the client. Silverline World went through one of its toughest phases when Shreemi was carrying her second child. Managing work, the business and her health were equally important. To her luck, her uncle helped her out by offering to visit her on site projects and supervise the works. She recalls a time when things almost nearly fell apart but her honesty saved her. “My doctor had advised me not to travel but because of a confusion at one of the sites I was handling, I had no other option but to go and sort it out personally. At that time I did not own anything in-house but fortunately, I found vendors who got my work completed. On delivery however, the CEO seemed disappointed with

the quality of the product. Explaining the issue at hand, I requested him to agree to the previous quotation that he had initially refused. I assured him that after this, if he was still disappointed then he need not go ahead with the final payment and the advance paid would also be refunded. He agreed. I completed the project and was left with a convinced and happy client. Honesty really works for me.” Shreemi owes all her success to her father and mentor, Late Shrikrishna Laxman Pai. A true businessman Shrikrishna Pai taught his children to be self-reliant and to stay content with what they have. Passing on the heritage of business, Shrikrishna Pai had seen his daughter as a business woman before she even thought of it. During Shreemi’s second year of graduation, her father passed away leaving behind a prodigy wrapped in good values. Being

the eldest, responsibilities found Shreemi’s fragile shoulders to rest on. If true business spirit is inherited, then Shreemi got her share from her father, her mother Meena Pai and her grandmothers “When my children were small I would take them along on my site visits. My in-laws are old and I couldn’t leave my children with them because my sons were very active. This was indeed the toughest phase of my life”. An inspiration to many in the industry and Chairman, NRB Group, Narayan Bandekar helped her set the new world of Silverline. Recognizing her enthusiasm and interest in the field, he offered her moral and financial support to set up her own firm. With each step towards success, the competition around Silverline World has also grown but Shreemi does not fear them. Her

belief in hard work and her determination is way beyond any competition. Deliberate advertising does not tempt Shreemi or her work culture, “Advertising attracts many clients which may further lead to loss of quality. I prefer my business on a slower pace as it involves offering ample time to my clients. With overflowing number of clients, I won’t get to give my best to each one of them.” A recent feather added to her success story was to be awarded as the second runner up at the Beryl Nasse Award for Goan Young Female Entrepreneurs 201617 held by the British Business Group of Goa. To all future entrepreneurs Shreemi’s advice remains simple; dream big, gain knowledge to achieve the same and work tiredlessly towards it and maintain a balance between family, health and work

march 2017 | Business Goa industry Dossier | 37

Professional dossier

The Model Engineer My career was a choice right from the beginning. My uncle, Eufemiano Dias was perhaps the reason behind my stimulated interest in the field of Civil Engineering. He was the first Director of PWD; and my role model. So, from a young age I was familiar with the kind of work he did, which fuelled my budding fascination with structures and how they stood to such soaring heights. Having graduated from the qualifying exam, with grades in the top range, I could choose to get into any field and I chose Civil Engineering. Everything rests on this field – even the progress and development of the country. I graduated in 1982 from Bombay University and began working with Eng. Eufemiano Dias. I worked at his firm for about three year before starting off on my own. It was a tough journey in the beginning. When you are a new face in the industry, it’s a little difficult to get people to trust you with their projects, but after they see how reliable your work is, everything falls in place. Working past my share of challenges, I was fortunate enough to have got fairly good projects as soon as I started out. One of my first projects was the Don Bosco School at Sulcorna in South Goa. It was designed to be a large span, load bearing structure, formed entirely from basic local material. Every project comes with its own set of challenges and that’s when learning becomes a continuous process. In any profession, you can’t have make believe; and being upfront with your client with what you can handle or may not be capable of handling, goes a long way in securing a sense of professionalism and reliability, and hence, I do not do any architechtural works, as I believe that I am not a qualified Architect; and do not do something that I am not

Olavo Carvalho

With almost 35 years of experience, Civil Engineer Olavo Carvalho recalls his finest moments in engineering

Olavo Carvalho

proficient at. Over the years, I have worked on a lot of educational institutions, churches and temples; and thus built up a portfolio of large span and high rise structures in Goa. One of my most intriguing projects, in my early days, was the Chapel at Deussua, Chinchinim. Though a small scale project, it stood out because it had to be designed as one structure almost floating over another, which was quite complex as far as challenges go. With almost 35 years of experience, my work spans over a number of well known educational institutions. I had the opportunity to work on a World Bank sponsored project at Fr. Agnel Ashram Institution in Verna back in the 1990s. I have designed three engineering colleges in Goa – PCCE Verna, AITD Assagao, Don Bosco College of Engineering Margao. I have also designed Shree Sausthan Gokarn Partagali Jeevotham Math, Partagali Cancona, Shree Lakshminarasima Temple Veling, Canaguinim Church, Presentation Convent School, Margao, to name a few. Apart from these, I have

38 | Business Goa industry Dossier | march 2017

been involved with numerous multi-storeyed residential, commercial and industrial buildings. A field like engineering does have a lot of potential in Goa, and students really need to tap into this. There is a serious gap in the education system which calls for prompt change. But of course, you have to work past the system and learn through practical experience. Learning never stopped for me and hence I regularly participate in national and international seminars, and workshops to stay updated. In 1991, I organized my first seminar which required a lot of effort to get people involved, but I think it changed a lot. Eventually, I was involved in forming the Goa State Engineers Association with few other members, but over time it phased out. Fortunately, today we have the Association of Consulting Civil Engineers (India). Through this organization, we were able to initiate a lot of activities, network with fellow engineers and even started a Student Mentoring Program (SMP). This Program works with

various educational institutes to bridge the gap between theoretical and practical knowledge. Such programs are frequently offered at the national level, but in Goa it is still in its primary stage. Though we don’t alter the prescribed syllabus, we aim beyond it to supplement the course with application based knowledge, beginning from the second year up to the final year. This helps students feel more prepared after graduation and enhances their chances of being employed. Apart from the Association of Consulting Civil Engineers, I am also involved with the Institute of Engineers, India, Indian Concrete Institute, INSDAG. These institutions have frequent seminars and sessions for the members which bring into perspective practical aspects of the field. Goa has come a long way in terms of infrastructural development, but it can certainly go much ahead, especially with quality infrastructure. We fall behind with facilities available for training and responsibilities get blurred out. We are working on this, however, by trying to introduce the concept of a Construction Engineer to help check quality control on site at all times; The National Building Code emphasizes its importance; and we are trying to get the same implemented in Goa. When it comes to work, systematic planning and being constantly involved with staff helps both; your work and your staff to grow. I don’t compromise on anything qt work, because in the end, the projects that I handle are someone’s hard earned investment, which deserves respect. If you can trust yourself and work sincerely, you can achieve your goals As told to Alexia fernandes

taxation Rotary Club Panaji Riviera’s

Gst Tax Conclave

Offering new insights to all the participants, the GST Tax Conclave acted as an eye-opener to many

(L to R) Raja Melvani, Rupesh Srivastava of Tax Sutra, K. Anapazjakhan - Commissioner of Customs, Central Excise & Service Tax, Adv Vaitheeswaran, P V Srinivasan and Prasad Pawar

A Tax Conclave on upcoming Goods and Service Tax was held on 4th of March 2017 at Panjim Convention Centre. This conclave was organised by Rotary Club of Panaji Riviera in association with TaxSutra The Conclave was inaugurated by Hon’ble Commissioner of Customs, Central Excise & Service Tax K. Anapazjakhan who appreciated this kind of Tax Conclave that will immensely benefit the industry and impart knowledge as how to go about GST. The Conclave started with welcome address by Raja Melvani, President of Rotary Club of Panaji Riviera who welcomed the gathering, Event Chairman and eminent Chartered Accountant Prasad Pawar and the Conclave Moderator Rupesh Srivastava from TaxSutra. At GST Tax Conclave organised by Rotary Club of Panaji Riviera almost 450+ delegates participated from Goa and raised the expectations from the speakers. The forenoon session by Adv. Vaitheeswaran, explained the objectives of GST. He explained that retaining multiple rates of GST, a

high cap on GST rate being conceived, the continuing challenge of classification of goods and services, restrictions on taking input tax credit, the ad-hoc measures for allocation of tax administrations etc. are pointers that GST will not be simple. He pointed out that removal of cascading taxes is the gain for trade and industry and IGST is an innovative solution. The task of classifying goods into various rate baskets is a difficult task, given that Cental Government has exempted many agri related goods from excise duty and currently theses products suffer only VAT. Similarly the States have their exemption list. The Constitution had not placed on States exercising full autonomy with regard to rates of tax. The GST Council, in the best case, could only make recommendations, which will be a challenge if some States notify very low rates on some goods, distorting the market. Levy of a very high rate by a State on some goods would hurt the industry though other States would not bring it for consideration of the GST Council. The consumer will experience “sticker shock” once GST is implementedeven a lower tax incidence

could be perceived as higher imposition of tax. Restaurants serving alcohol and food would face the difficulty of showing multiple tax components in a single invoice, which is not desirable in such businesses. The participants got many new insights and the appreciation was evident. P V Srinivasan’s session covered the importance of Registration by stating that it is central to the administration of GST. A pan-India business entity may require registration in each State, adding up to 36 registrations. There would be recording of many intra-entity transactions and payment of IGST On the same. With an electronic cash ledger and electronic credit ledger specific to each registration, large business houses would main 72 accounts. With CGST, SGST and IGST accounting in each State, there could be theoretically 108 taxes for an entity with Pan India business operations. Thus, GST In India is not simple. Place of Supply Rules determine whether supplies are Intra-State (attracting CGST and SGST) or inter-State (attracting IGST). Understanding of time of supply is important to pay the taxes on time. Rules,

valuation of supplies is based on transactional value with adjustments for related party supplies or where price is not the sole consideration. The ITC mechanism was laid out and when he pointed out the restrictions on taking ITC, it drew a huge disappointment. Transitional provisions when explained had the participants concerned on denial of credits being carried over. Professionals having frequent field visits and clients in different States around Goa were concerned whether they have to register in each of these States. Too many filings/ reconciliation events also raised discomfort. The deliberations had a powerful impact on all. There was an understanding that trade and industry is under prepared to handle the transition to the landmark indirect tax reform of independent India. It was a day of the weekend that was spent well in Goa. Industrialists, representatives of business houses, real estate businesses and hospitality sector, tax and other professionals were also exposed to a very absorbing deliberation

march 2017 | Business Goa industry Dossier | 39


GMA celebrates Management Day

Goa Management Association in association with the Dnyanprasarak Mandal’s College and Research Centre celebrated Management Day with a panel discussion and student presentation competition

GMA Chairman, Dr. Pradeep B Salgaonkar, Panel Members Ratnakar Barve, Prajyot Mainkar and Victor Hugo Gomes during the Student Presentation Competition

Goa Management Association (GMA) celebrated ‘Management Day’ in association with Dnyanprassarak Mandal’s College & Research Centre, BBA Department on 18th February 2017, at DMC Conference Hall, Assagao. The event started off with the inaugural and lighting of the lamp by Vice Principal DMC Mr. Dukle, Chairman GMA Dr. Pradeep Salgaonkar, Panel Members and other representatives of both the institutes. This was followed by Presentation Competition for

undergraduate colleges from Goa, testing their knowledge, awareness and creativity. The second part of the event was the Panel Discussion. Eminent speakers Dr. Sangam Kurade, CMD, Zuari Foods and Farms Pvt Ltd; Victor Hugo Gomes, Proprietor and Founder-Curator of Goa Chitra Museum; and Prajyot Mainkar, Director, Androcid Media Pvt Ltd, Goa, addressed the audience on various perspectives of the theme, ‘Fast Forward – From Catch-Up to Leadership’. Harshvardhan Bhatkuly, Publisher-Editor, Business Goa, moderated

Dr. Sangam Kurade

the Panel Discussion. The discussions throughout the program were centered on the theme. The winner’s trophy was awarded to S. S Dempo College of Commerce & Economics, whereas, Runners-up trophy was given to SV’s Sridora Caculo College of Commerce & Management, Mapusa. Participation certificates were handed over to all the participating colleges. The program ended with presentation of mementos and vote of thanks by Rajeev Narvekar, Hon. Secretary, Goa Management Association

Standing L to R: Jeevan Khedekar, Prashant Deshpande, Prajyot Mainkar, Victor Hugo Gomes, Dr. Sangam Kurade, Dr Pradeep Salgaonkar, D Kumar Pillai, Ratnakar Barve and Rajiv Narvekar along with winners: S S Dempo College of Commerce and runners-up: Saraswat College

40 | Business Goa industry Dossier | march 2017

biz bytes GCCI demands quick clearance of underwater debris at Borim Chandrakant Gawas, Chairman GCCI Logistics Committee and Glen Kalavampara – Secretary of GMOEA called on the Chief Minister’s office and requested him to direct the concerned authorities to urgently remove the underwater debris of the Borim Bridge so that the traffic in the river is smooth and that there are no untoward incidents of any sort. In its representation to the CM, GCCI pointed out that the debris of parts that have already collapsed and the parts that are now in danger of falling any time pose a serious threat to the safety of citizens who use the river for their livelihood and also the commuters. They pointed out that the Captain of Ports has already warned that there should be no traffic in the river, particularly during low tide. Any delay in clearing the debris and the overhanging part may cause total stoppage of traffic in the river. GCCI pointed out that,

L to R: Ramakant Kamat of GCCI, Glen Kalavampara of GMOEA, Chandrakant Gawas and Laxmikant Parsekar

after the collapse of the old bridge at Mahad on the GoaMumbai highway in July last year, the Chamber had written to the Public Works Department, requesting them to take adequate preventive measures so that similar tragedy is not repeated in Goa. Most of the bridges / culverts in Goa (barring a few major ones) were built during the Portuguese era. They were designed for certain carrying capacities, keeping in mind the limited traffic projections

envisaged at those times. “These bridges / culverts are very old and we are uncertain of their present conditions and current carrying capacities. GCCI had suggested that the Department should immediately conduct a technical audit by a committee of experts to ascertain the structural stability of all the Portuguese era bridges and culverts in the State. GCCI reiterated this demand during the meeting with CM,” informed Gawas

Casa Del Señor rated ‘Goa 6 Star Project’ by CRISIL

CASA DEL SEÑOR, a luxury Villa project by Bennet & Bernard Custom Homes located in Moira, North Goa has been rated ‘Goa 6-Star’ project by CRISIL. The team of Bennet & Bernard feel a great sense of accomplishment to achieve this prestigious certification. Speaking to the press, Founder and Chairman Lincoln Rodrigues

said that the rating further strengthens consumer trust, where their clientele is largely from cities like Mumbai, Delhi, Bangalore, and well aware of the standards of a high CRISIL rated project and the stringent scrutiny CRISIL conducts when rating any project. CRISIL is a global analytical company. It is India’s foremost provider of ratings,

42 | Business Goa industry Dossier | march 2017

data and research, analytics and solutions. CRISIL delivers independent opinions, actionable insights, policy advisory and efficient solutions to over 100,000 customers across 86 industries. CRISIL is majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. CRISIL Real Estate Star (CREST) Ratings provide city specific all-round assessment of real estate projects and help buyers identify quality projects within their city. CREST address two critical needs in the realty sector: improved transparency and objective benchmarking of projects. So far more than 475 projects are in various stages of the CREST ratings in around 66 cities in the country

Raveena Tandon inaugurates PNG Jewellers store in Margao

PNG Jewellers a 185 year old legacy, further fortifies its presence in India by launching its second store in Goa. The store was inaugurated by Bollywood diva Raveena Tandon in presence of Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers and Parag Gadgil, Executive Director, PNG Jewellers amongst other renowned dignitaries. This 3500 sq. ft. spacious and elegant showroom located in Margao, right in the middle of the main market is a treat for the eyes of every jewellery aficionado. The showroom showcases exquisite pieces of Minakari, Jadau, Kundan and the classic understated patent yellow gold, diamond, contemporary and silver jewellery. They even have products that will cater to the international audience. PNG Jewellers inaugurated Goa’s first store in Panaji in February 2015

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CEO & Managing Director IFMR Capital

In the Business of Financial Inclusion From academics to financial services, Goa-born Kshama Fernandes takes on the challenges of financial inclusion, head on


App for the visually impaired by Persistent

Persistent Systems, an IT major in Goa, bagged the global gold medal in the non-stop international multilocation competition called ‘Semicolons 2017’ for the 4th consecutive year for path breaking innovation including creating apps. Persistent Goa has won the previous years with different teams of professionals. The team this year was named ‘Codeminers’. The winners, Codeminers created an app for the visually impaired called ‘Drishti’. A

mobile app that leverages advances in deep learning, image recognition, speech to text, artificial intelligence and accessibility technologies to bring digital transformation to the lives of the visually impaired describes Drishti. Semicolons 2017 witnessed a total of 45 teams that numbered to about 600 programmers from 11 cities from five different countries. The programmers were seen spending 24 hours continuously for coding and crafting applications

march 2017 | Business Goa industry Dossier | 43

The writer is an organisational development and talent analytics consultant. He is also the founder sponsor of Goa CSR Awards. He is the recipient of Limca Book of Records and Business Goa Award. He can be contacted at shahkishorem@

people tree

Kishore M Shah

An evening with The Alchemist Hosting the legendary Dr. Sugata Mitra at the D.D.Kosambi Festival of Ideas I was in Kolkata working on Acumen project for Cognizant Directors when I received a call from Directorate of Art and Culture, Goa that they wanted me to anchor and moderate the D. D. Kosambi Festival of Ideas for any one of the day and they shared the options. I was simply thrilled as one of the option was Day 3 “The future of Learning” by none other than Dr. Sugata Mitra, a persona, luminare whom I have been virtually (in the virtual world) following for last 10 years. This moment was like the famous quote from Paulo Coelho’s The Alchemist “And, when you want something, all the universe conspires in helping you to achieve it.” Seemed real and happening for me. As soon as I returned back to Goa, the first on my priority list was a meeting with Prasad Lolayekar, Director of Art and Culture. I have been experiencing and enjoying the D D Kosambi Festival for almost 10 years, but I was always on the other side of the stage, though I have enough exposure and experience in anchoring and moderating large festivals, but D D Kosambi is unique, it’s a festival of ideas and pride of Goa, as year on year Directorate of Art & Culture have raised the bar of excellence in terms of the theme, choice of speakers and delivery of the event. As my meeting with Lolayekar progressed, I realised how with ease he made me comfortable, the back-end event team also ensured that I was given all possible inputs and insights. Dr. Sugata Mitra was not at all a stranger to me, but we had never met in person and I have been working on his SOLE (Self-Organised Learning Experiments) in corporate with adults using a similar construct called GOLE (Group Organised Learning Experiments), there is not a single TED talk by Dr. Mitra that I must not have heard. The day dawned and it was 15th February, I reached Kala Academy at around 4.15 pm; and to my surprise, Dr. Mitra was already in and getting acclimatised, He came towards me and in no time struck an informal conversation, that simply released the pressure, his 44 | Business Goa industry Dossier | march 2017

Kishore Shah moderating a discussion with Dr. Sugata Mitra at the D.D Kosambi Festival of Ideas

Dr. Sugata Mitra’s ‘Hole in Wall experiment’ has left a mark on popular culture. Indian diplomat Vikas Swarup read about Dr. Mitra’s experiment and was so inspired to write his debut novel that went on to become the Oscar winning movie of 2009 – ‘Slumdog Millionaire’ humour was original and contagious. It was extremely difficult to believe this, he took keen interest to understand the process and flow of the evening, shared memories of Kolkata and his desire to be connected to Cognizant as it was at a proximity from his house near Salt Lake. He even shared his retirement plans. As our discussions advanced I could feel his deep desire to transform learning and whatever he shared, especially his achievements seemed like an ‘effortless effort’. As we both positioned ourselves on the stage and the curtains were drawn, the first glimpse of the audience was energetic, the hall was jam-packed, I was stunned at the positivity in the air – each one seemed to be eagerly waiting to listen to Dr. Mitra! The entire environment charged me and the anchoring and moderation just evolved organically, the way we blended and build upon is still a pleasant mystery, I can only attempt to explain it with yet another quote from The Alchemist “When we love, we always strive to become better than we are.

When we strive to become better than we are, everything around us becomes better too.” Dr. Mitra, in his talk and interactive session, took us through the origins of schooling and the dematerialisation effect. 17 years of experiments with children’s education and that too, which started as a accident resulting into startling outcomes as children could learn almost anything with access to the internet. Dr. Mitra proudly calls this phenomenon as fusion of chaos and order and coins – a construct “Spontaneous Order.” These experiments had an interesting bandwidth which included slums of India, to the villages of India and Cambodia, to poor schools in Chile. Argentina, Uruguay, the USA and Italy, to the schools of Gateshead and the rich international schools of Washington and Hong Kong, all these interventions show a strange new future of learning and the newspapers rightly termed these experiments as “Hole in the Wall” a befitting metaphor. Dr. Sugata Mitra is synonymous with this title and in 2013, he was awarded the 1 million dollar TED Prize! Dr. Mitra used this prize money to built seven schools, but again in a strange way, these were called “Schools in Cloud” based on the SOLE concept and mediated by “Granny Cloud” clearly showing glimpses of what schools should be for and what curricular pedagogic and assessment changes will be required in the

future. During the interactive sessions, Dr. Mitra was frank enough to respond. He was humble enough to accept that there are several phenomena unknown to him, but strangely they are making SOLE work, one of the reasons I feel may be, because he is working from his soul – for a larger and pious cause. The audience was literally pouring out their doubts, anxieties and expectations, the excitement was palpable as education and learning is worshipped in our culture. Paucity of time did not limit the audience; even after the curtains were drawn they rushed back stage and engaged with Dr. Mitra, few continued to draw inspiration even by simply standing in close proximity listening to every word he uttered, even during the high tea, though physically exhausted Dr. Sugata ensured

(L to R) Dr. Sugata Mitra, Prasad Lolayekar and Kishore Shah

that those who came to him went enriched. His ‘Hole in Wall experiment’ has left a mark on popular culture. Indian diplomat Vikas Swarup read about Dr. Mitra’s experiment and was so inspired to write his debut novel that went on to become the Oscar winning movie of 2009 – Slumdog Millionaire.

The sky is the limit for Dr. Mitra’s achievements, with more than 25 inventions in the area of cognitive science and educational technology. He was conferred the prestigious Dewang Mehta award for Innovation in Information Technology in the year 2005. He is alumnus of IIT, Delhi. Today, when our Government is beating its

chest with high decibel slogans like ‘Digital India’. ‘Make in India’ the scene at grass root is different, which makes us beat our forehead, as there are no proper schools; and if there are schools, there are no teachers; and if there are schools and teachers, then students are missing! As rightly shared by Dr. Sugata Mitra, “In the 21st century our schools are preparing students for the jobs of 1920?” It will be ironic if our politicians, bureaucrats, educationists fail to take advantage of Dr. Sugata Mitra’s two decade research. It is time to make the evening at DD Kosambi Festival, the dawn for millions of children. I am hopeful that there will be few who will be inspired to take this initiative further; and I would be delighted to write about their endeavours in this column in near future

march 2017 | Business Goa industry Dossier | 45

The writer is Professor of Marketing, Corporate Trainer & Founder, SALDOTS Academy. He can be contacted at

beyond classroom

Dr Pradeep Salgaonkar

Change with changing behaviour of customers How businesses can keep pace with the changing trends in consumer behaviour The mall culture is here to stay in India and so is the modern consumer with changing tastes and preferences. The opening of ‘Mall De Goa’ at Porvorim a year back, with 3,60,000 sq. feet of total retail floor area, 82 plus retailers including Big Bazar, 4 Inox screens, food court, restaurants etc. powered by 300 car and 350 two wheeler parking slots, have given the Goan population yet another improvised destination and an enhanced experience of mall culture. Although Goa had its experience of hypermarkets and Mall with ‘Vishal Mega Mart’ entering Goa few years back; and later opening of ‘Caculo Mall’ in Panaji, and some other players too entering the Goan market, ‘Mall De Goa’ scores over others in terms of scale and size of operation. It was envisaged that the opening of this mall and more particularly, the opening of Big Bazar would have impact on the local retailers already operating in Goa, specifically in the Porvorim area. Yes, it did impact these local retailers. Both positive and negative impacts are being observed. A supermarket on NH 17, having ample parking space and fantastic merchandise mix, (let me call this retailer as ‘Store A’ for convenience), experiences increased footfalls and thus increased sales since the opening of Mall De Goa, whereas a store of a reputed chain of retailer, more popularly known for lower prices and discounted rates, situated slightly away from the highway but with good accessibility, earlier having roaring business since its opening few years back, has experienced drastic decrease in footfalls and sales (let me call this retailer as ‘Store B’ for convenience). Similarly, other smaller supermarkets and retail stores, around the ‘Mall De Goa’ too have experienced reduced footfalls and sales as well. The message is loud and clear. Change to cope with changing customer preferences, changing competition and changing market forces. Change the way you served the customer, change the way you understood your customer and change the way you thought about your customer. 46 | Business Goa industry Dossier | march 2017

Today’s customer has evolved, is educated and empowered. Easy access to knowledge and product information online, increased disposable income, exposure to varied experiences through different media, busy lifestyle, couples with DINK (double income no kids) philosophy, growing preference for branded products and higher aspirations and increasing tendency to spend etc. are some of the characteristics of your modern day customer. The younger generation, which constitute the largest group of active customers in the age group of 17-21 years, are much better informed, have greater exposure and tend to spend freely. The definition of customer has changed. Today, the family is a customer and not an individual. Gone are the days when the customer used to be a planned shopper, stuck to a ready list of shopping. Today, even if a list is prepared in advance, a lot of shopping happens on the spot of unplanned items. The ease of plastic money has further catalyzed shopping. Few days back, along with my teenaged daughter, I walked into ‘Store A’ at Porvorim to buy coloured capsicum. We did not find what we were looking for, but ended up buying green capsicum and a basket full of goods from the store.There were no plans of shopping at all; but the pull of the store was so strong, we couldn’t resist buying many things. Thus, when the market forces are changing, it is quite logical for retailers to change the way they are thinking and carrying out their business. They need to be in sync with the changing trends trying to meet the needs of modern customers. As such, what could the retailers do to remain in competition? Here below are few ideas which the retailers could benefit from: Ways to remain in competition a. Change to offer better customer convenience Keeping in mind the evolved customer with changing needs and expectations, it is not enough to offer products to the customer, but one needs to sell service to the customer. Look at the hours of

operation of the store. Today’s customer prefers to shop at hours before office time or after office or in between during lunch break, or still preferred, on holidays and Sundays. If stores remain closed during these crucial time slots then it is certain the store is losing its customers to the store which remains open for longer hours and on holidays and Sundays. The above mentioned ‘Store B’ for example functions in a very bureaucratic fashion – 9 am to 1 pm and then 3.30 pm to 7 pm; and remains closed on all holidays and Sundays. When customers get an option of convenient timings for shopping, why would anyone think of choosing this type of store with limited shopping hours? Extended hours of operation is very important to pull customers to the store. Equally important is convenient parking facility. The stores need to take extra efforts to provide adequate parking slots to customers. As an extended service, especially in case total parking space available is small, convenience should be provided to customers of assisted parking services. Proper signages within the store is a pre-requisite to ensure convenience of easy shopping. Likewise, accurate labels giving description and price of goods is essential. Without accurate labels there are chances that one might pick up Chana dal thinking that it is Tur dal. It is high time ‘Store B’ and others operating in similar fashion change, and change to provide better customer convenience. b. Change the way you stock Stores frequently need to take a re-look at the merchandise they carry and also the quantity and quality of goods stocked. It is not sufficient to be operating at lower prices or at discounted rates only, like ‘store B’, but ensuring that right merchandise mix and sufficient quantity is stocked, to meet customer’s changing requirements is essential. Make new products available and offer newer product categories, may be even the ones the competitors hesitate to keep, if one wants to make a difference. Empty shelves are a taboo. Stock not

available on shelf is a lost sale and at times may become a cause for that customer not to return to the store again. At times, goods lie in the store room and the shelves empty. Customer Care Assistants need to be vigilant about these aspects. An empty shelf is not a healthy sign for an active store. On the flip side, overstocking too is a problem of blocked money, storage problem and at times of expiry and spoilage. Stores must constantly check for expired goods and damaged goods if left on the shelf. If a customer finds such goods on the shelf it may lead to quite a problem which may be voiced by the customer or the customer silently defects to another store. At this ‘Store B’ one will notice quite often empty shelves, haphazard arrangement of inventory, absence of signages, absence of price tags etc. and at times things get more distressing. During my last

visit to this store, I came across a half kg of gram flour packet eaten by rats and the gram flour had spilled over all other packets making the shelf dirty. And there was nobody to clean the mess. When I brought this to the notice of the store incharge he responded by saying “this is a routine problem and we can’t do much about it” and coolly directed one of the helpers to clean the shelf as though nothing had happened. Would modern customers like to buy from this type of stores? Hygiene and cleanliness in store most important; so also the freshness of goods being sold. Imagine a situation you purchase a packet of cereals and when opened at home, it turns out to be infested with worms. c. Change the way your store looks External façade of the store, store sign board, external colour scheme, type of

entrance, store layout, type of fixtures and shelves used, lighting within the store, display signages, graphics and posters; and the overall environment within the store needs to be managed to suit the store brand image you want to portray to customers. Take a review of the existing situation of external façade and internal layout elements. Examine whether it meets your vision and store brand requirements. Change whatever needs to be upgraded to add value to customer experience and convenience. A customer interacts with every element of the store; and it should be the primary objective of every store to try and give the ‘feel good’ experience to every customer that walks into the store. All customers associate themselves with certain shopping destinations. Going by the Maslow’s law of need hierarchy, every human being continuously aspires to

fulfill their higher needs. So obviously when it comes to shopping as well, people tend to get associated with names of shopping destinations which will portray and exemplify their own personality in the higher order. Very few people, for example, would like to get associated with ‘Store B’ I mentioned above, whereas, most would like to say ‘I shop at Big Bazar’ or at ‘Store A.’ Hence upgrade the look of the store to attract more customers. Change with changing expectations and needs of customers. Change with changing competition and market forces. Change to serve and fulfill the hedonic needs of customers and don’t forget the basic utilitarian needs of customers for which they come to the store. Whichever retailer, may it be big or small, irrespective of the scale of operation, if it is a self-service format, better take a review and change. Change to progress

march 2017 | Business Goa industry Dossier | 47

The Columnist is a senior Chartered Accountant and has many books to his credit. Email:

MONey matters

V B Prabhu Verlekar

Personal Taxation in Union Budget 2017 Reforms in the Income Tax Act to reduce pressure on small and medium tax payers Post demonization, there were general expectations of getting relief from burden of tax for small and medium tax payers in the annual Union Budget for the pain caused from demonetization. The Finance Minister has not disappointed on this count. Tax Rates: Basic exemption limit of `2.50 lakhs, `3.00 lakhs and `5.00 lakhs for individual citizens, senior citizens and very senior citizens respectively, remains the same, so also all permissible deductions from taxable income. The tax rate for income slab between `2.50 to `5 lakhs is reduced from 10 percent to 5 percent. With maximum rebate of `2,500 u/s 87A, a resident individual with income upto `3.50 lakhs will not be required to pay any tax. All other tax payers with income above `5 lakhs will get tax reduction of `12,750. However, those who earn between `50 lakhs to `1 crore will be burdened with surcharge of 10 percent. The surcharge of 15 percent for income over `1 crore is maintained. Government proposes to raise resources by charging additional tax on the rich through surcharges, taxes on dividends, and plugging loopholes in tax law. Tax Returns: Starting next year, one page return Form is being introduced for individuals with income less than `5 lakhs, other than business income. Individuals who file tax return for the first time, the income declared will be accepted without any enquiry. Government wants tax returns to be filed within due date of 31st July/ 30th September (tax audit cases) and tax assessments to be completed in timely manner. For this purpose, delayed returns filed before 31st December will not be accepted unless fine in the form of fees of `5,000 is paid and `10,000 for returns filed thereafter. This is irrespective whether full tax paid or refund is due from government as per returns filed. Late filing fees for income below `5 lakhs is `1,000/-. In case there is 48 | Business Goa industry Dossier | march 2017

a mistake in filing tax return, the revised return is required to be filed before 31st March of the relevant assessment year. The time limit for completion of assessments is advanced to 12 months from end of assessment year. House loan interest: Presently there is no limit for deduction of interest on loan taken for purchase of house property for renting. The loss from house property after claiming standard deduction of 30 percent from rental income can be set off against income from salary and other sources in same year. This results in a loss to the government. Now this setoff of loss is proposed to be restricted to `2 lakhs only in same assessment year. However, balance loss will be allowed to be carried forward for setoff against house property income in next 8 assessment years. Long term capital gains: At present, holding period to classify the immovable property (land and building) as long term is 36 months. From 1.04.2017 this period is reduced to 24 months. In addition, base year for calculation of Indexation is shifted from 1.04.1981 to 1.04.2001. Fair market value as on 1.04.2001 can be adopted as cost of acquisition if property is acquired prior to 1.04.2001. This will substantially reduce tax liability on long term capital gains. There is also good news for property owners who give their property for development to builders and real estate developers in exchange for built up area or partly in cash and partly in built up area, as consideration. Under current law, the day possession of the property is given to the developer, the tax liability is attracted in the same year, though the assessee may get possession of built up property in later years. Now the tax liability will be attracted in the previous year in which project completion certificate is issued. In case part of the consideration is paid in cash, the builder is required to deduct at source 10 percent from such payments for which credit will be available to the owner in the year in which this gain is required to be

reported to tax authorities. Tax deducted at source: An individual, henceforth, will be liable to deduct tax at source at 10 percent, from property given on rent for residence if the rent exceeds `50,000/- per month. For this he will not be required to obtain TAN. At present, tax at source is deducted from commission paid to Insurance agents. Now, in case their total income is below basic exemption limits, they can provide self-declaration Form 15G/15H for not deducting TDS as in case of bank interest. Cashless economy: The Government wants to promote cashless economy. For this purpose, provision is being made in the Act that the transactions above `3 lakhs should be made by account payee cheque / draft / electronic clearing system through the bank. This will be also applicable for bank withdrawals of `3 lakhs in cash in a single day or withdrawals from partnership firm or any other cash transactions or deals. In case of violation, penalty equal to amount of cash receipt is attracted. Business expenditure in cash in excess of `10,000/- will be disallowed. Depreciation will not be available on capital expenditure made in cash in excess of `10,000/-. To avail benefit of deduction for donations u/s 80G, payment in excess of `2,000/- will required to be made otherwise than in cash. Presently, small and medium businesses with turnover less than 2 crores, can declare income on presumptive basis at 8 percent of the annual turnover without maintaining books of accounts. To promote digital economy, a provision is made to hold income at 6 percent of the turnover in respect of transactions made in digital mode. This is applicable from assessment year 2017-18 onwards. The above changes in Income Tax Act will be effective for Assessment year 201819 after the Finance Bill is approved by both houses of Parliament and assented by President of India log on to

The writer is a visiting faculty to many B-Schools. He is a professional trainer in many PSUs and private sector industries. He can be reached at


R N Misra

Happy employees make happy organisations Highlighting the importance of a happy workplace that could further lead to excellent results Happy workplace is not just a ‘Nice to have’ phenomenon, but important prerogative for organisations, if they fancy themselves of attracting, motivating and retaining talented people. Organisations are no longer product manufacturing facilities but knowledge creating entities. They create and retain knowledge through the creative minds of people. Creativity cannot thrive in a throttling environment which does not celebrate diversity of opinions unabashed risk taking and ‘no rules’ being the only rule. The importance of workplace in the life of the employees being recognised more and more and efforts are taken by organisations through engineering, re-engineering them to make the employees feel at home. Organisations living by the ‘Great Place to

The Google office

Work Philosophy’ approach an employee in totality and acknowledge its bearing on all aspects of employee – personal, social and psychological. What ignites the urge for innovation, going beyond oneself for the call of duty, excelling at work is the happiness questioned at workplace. More and more organisations are building work places that are brimming with youthfulness reflecting

the spontaneity of their people. So work places are designed to give a feeling of home comfort to people. Flexibility in office hours, dress codes, and food and beverage arrangements might ensure comforts to achieve excellence out of people. Organisations want to transform themselves from work places to ‘Temple of Excellence’. Today’s workforce does not need to be directed

or supervised at every juncture but need to be trusted and recognised for their creativity. They believe ‘Doing It My Way’. Although many companies think that higher profits are more important, research shows that happy employees are the real source for ‘competitive advantage’ for an organisation. Companies with high employee satisfaction / happiness index outperform their competitors. In terms of employee’s productivity, happy employees are more productive than employees under stress. Happy work places make performance easy and spontaneous leading to excellence in results. It uplifts employees’ moral and overall health and hygiene of the organisation. ‘People are good’ should be the fundamental belief for creating workplace happiness

march 2017 | Business Goa industry Dossier | 49

The writer mentors entrepreneurs and teaches entrepreneurship. She is the author of Entrepedia, the best-selling book on how to start your own business in India. She is also the Managing Editor of the monthly digital magazine for entrepreneurs, Chatterpillar


Nandini Vaidyanathan

Our day in the sun I am told Joyce Hall who owned the Hallmark brand of greeting cards started this whole business of Friendship Day. I totally get it as it makes huge business sense. This was way back in 1930. And since then, pretty much every day of the year is designated to celebrate one thing or another. There are some fairly unknown ones such as World Absinthe Day which is largely meant for the artists and the creative types and there are some cult ones like International Women’s Day. Coincidentally, both are in March and only three days apart. I am guessing this idea of dedicating a day in the year to an activity, gender, community or product stemmed from the need to bring it back on the radar of the general populace. But I wonder if the originators knew that in time, there would be a thriving industry around many such days. Let me focus on International Women’s Day (IWD) to make my point as it has the highest mindshare in media of every type – print, TV, and digital. To the best of my knowledge, IWD has become a money spinner only in the last decade or so. I don’t even remember being invited to speak in the ‘90s, and I am quite certain I received no such invitation until may be 2006/7 when I used to be inundated with speaking invitations by corporates, B schools, apex industry bodies such as CII/ FICCI, and women’s organizations. And all these invitations were for 8th March. So I would pick and choose, may be one or at best two such invitations as long as I could manage to travel between venues. By 2010, I noticed something interesting. Let’s say I had already accepted two invitations for 8th March. And then would come another. I would politely turn this one down by saying I have already committed. But instead of the conversation ending here, a new thread would begin and it would be something like this: Ma’am, no 50 | Business Goa industry Dossier | march 2017

Women’s Day celebrations are mostly an excuse for event management

problem if you are busy on 8th, we can have the event on 7th or 9th. As a result, I ended up speaking on all three days at different venues! For the last couple of years, I have noticed that people are celebrating IWD not as International Women’s Day but as IWW, that is, International Women’s Week! I have even been on some discussion panels where I was told that certain organizations are celebrating not just IWW but IWM, that is International Women’s Month! How did this come to pass? How did women manage their moment in the sun from a single day to a whole week to an entire month? The answer, I think, lies in the fact that there is a thriving industry around this event. Let’s start with the speakers who are invited to the event. In my experience, typically it is successful corporate women or entrepreneurs who get invited to share their success story. There are some women who have made hugely interesting and unusual career choices and are good story tellers, so they get invited too, and for some reason they are tagged as inspirational speakers (I have to admit, rather sheepishly, that I fall in this category). But there are also professional women speakers who

make hay during this occasion. I mean literally make hay because to the best of my knowledge, most women in the first two categories don’t get remunerated at all. At best, if the event is in a city which is not where the speaker lives, the organizer might pay for the flight and if needed, hotel accommodation. But the professional speakers, I am told, are paid, and the amount ranges from `25000 to a lakh. Then there are the agencies which manage the gigs for these speakers. In India, there are not too many specialized agencies that handle exclusively speaking engagements. More often than not, it is the event planners who also double up as agents. Either way, their role is to pitch the speakers for the events, share their credentials, quote their price and get the two to shake hands. It is a no brainer that the hotels and airlines also make big bucks during this period as the footfalls are higher than normal. Retail outlets and online stores also see more than the usual traffic as women speakers will not want to be seen at different events, wearing the same set of clothes, carrying the same handbag and waltzing up to the podium in the same pair of shoes. It goes without saying that lipsticks, eye make up, foundation, even hair colour all sell like hot pancakes during the IWM season. The spas and the salons see a significant spike in their appointments for skin and hair treatment, foot and body massage, manicure and pedicure, even nail art. I have no data to say whether sex drive is on the up and up during this celebration and therefore online sales of sex toys go up or not, but I wouldn’t be surprised if it did because celebrating Women’s Day – for a day, week or month – is a huge serotonin generator and one half of the planet is suffused with feel-goodness before, during and after the D-Date!

The writer is an officer of Special Duty in Goa-IPB. He holds a Masters in Public Policy from King’s College London

policy pro

Tulsidas Pai

A Manifesto for the New Government A newly elected Government can bring about fresh opportunities for Goa Every election cycle presents an overarching theme for Government in Goa. 200712 was about enormous rise in global commodity prices and its effect on the economy. 2012-17 has been about the closure of mining, a change in regime at centre and the push for alternative means of raising revenue. The newly elected Government will have to grapple with the new buzzword: Disruption. Growing influence of Big Data and Artificial Intelligence on transportation, communication, education, manufacturing, etc will alter economic beliefs held over three decades. Governance systems would be forced to catch up. We are at the cusp of Industrial Revolution 4.0. The Union Government led by Prime Minister Narendra Modi is gung-ho about embracing it. And Goa has the golden opportunity to lead the way to a ‘Smart’ future. Here are some suggestions: a. Laws: Our 40 MLAs should focus on reforming legislations. A wholesale review of laws in force is needed. Disruptive technology cannot positively improve our quality of life unless accompanied by legal support. As an example, there are companies pioneering use of 3D printers for building everything, right from Machine to House. Also, simpler legislations will result in lesser litigation, thereby improving productivity. b. Regulations: While the lawmakers are busy updating legislations, the bureaucracy

will have to simplify regulations concerning all sectors of the economy and day-to-day life. Whether it is intra-departmental procedure or people’s interface with Government, simplification holds the key to success. Therefore thrust should be on improving our performance on ‘Ease of Doing Business’ indicators.

Government has been successful at linking all Panchayats t h r o u g h broadband n e t w o r k . Similar effort is necessary to enable seamless mobile and internet c o n n e c t i v i t y. This enables us to realise goals of Digital India and E-Governance. For instance, an online health registry/ database, alongside medical insurance, will go a long way in improving healthcare delivery. As we are few months away from the roll out of GST, the transition would be smoother.

c. Infrastructure: Ever since Manohar Parrikar took charge as CM in 2012, infrastructure topped the agenda of Government and rightly so. The Centre too, has upped investments in Goa, be it on airports, highways or railways. While these are holding us in good stead, the new regime will have to devote considerable attention to provide 24/7 power and water across the state. With a favourable dispensation at the centre and small size of our state, we can certainly achieve this target in 5 years.

e. Transportation: Big Data tools should be used to study our transportation system. Given our unique geography and demography, solutions offered in other states/cities will not work in Goa. For efficiency’s sake, logistics hubs will have to be developed at each border zone of the state. As has been the demand of residents as well as tourists, online taxi apps and renta-car services ought to be encouraged in the state. Even though it doesn’t appear to be directly related to transport policies, town planning regulations affect travel pattern. We need mixed-use development norms.

d. Communication: If we are to claim the privilege of being a start-up hub, Goa’s communication network will have to improve manifold. The

f. Education and Skills: If there is one sector that is desperate for complete overhaul in this age of disruption, it is education.

Technology is rendering time tested teaching techniques and job-worthy skills obsolete. With medicine being an exception, traditional degree is no longer in demand in all fields. Through MOOCs, any subject can be learned with guidance from some of the world’s best researchers and universities. Businesses are interested in employability and adaptability more than knowledge. Hence, school education system should be reformed thoroughly. With Goa having a healthy enrolment ratio, focus ought to be on improving outcomes and moulding students to learn a wide variety of skills. Disruption will consistently destroy and create new jobs. A change in mindset and regulatory support is essential. g. Welfare: Social welfare measures have helped Goa maintain an enviable record on Human Development. While this is a laudable achievement, Government has to work towards designing a ‘Universal Basic Income’ scheme. Given high per-capita income and literacy level, and an electorate of just over a million, our polity is mature enough to accept the challenge. Then governance machinery can direct its attention towards providing public goods. Even as Technology and Finance is making the world more open than ever, Nationalism is the winning mantra in rich, developed countries. Goa will have to bear with the consequences of all three

march 2017 | Business Goa industry Dossier | 51

The writer used to be a senior corporate executive, now a social entrepreneur. He spends most of his time between Goa and New York. He can be reached at

letter from america

Jay Dehejia

Our Tennis Star at Columbia University Bidyut Goswami’s coaching skills should be sought to get India on the world tennis map Over the years Indians have gone to the United States for varied reasons. This month we feature a well-respected tennis player who came to the United States to improve his standing in the professional tennis arena, but his passion for tennis took him in a slightly different direction. He was destined for much bigger things. Bidyut Goswami is unassuming, affable, and often self-deprecating. Bid, as he known in New York, manages, directs, and coaches the Columbia University Men’s Varsity tennis team. Tennis coach or tennis pro conjures up different mental perceptions in each one’s mind. A coach organizes, strategizes, and plans every aspect of the implementation of a game – he is the vital person behind the public face. Goswami can teach business people a lot about management, strategy, human resource management, and understanding cultural differences. Little wonder that coaches in the United States, whether in hockey, football, or tennis hold a key position. Bid’s journey starts in Guwahati, Assam where he was born and spent his early childhood. His father, a talented individual with a brilliant legal mind, joined the Bar in Dibrugarh in 1938, and enrolled as an Advocate at the Calcutta High Court in 1943. The Honorable Parbati Kumar Goswami became a judge at the Supreme Court of India in 1973 after serving as judge at the Assam High Court. Bid’s father was an avid tennis player who encouraged his children to play sports, and take advantage of the great outdoor life in Guwahati. Bid played football and cricket at high school, and could have become a key player in one of India’s national teams. It was tennis at the age of nine that cast a spell on him. He soon won the Under 14 national tennis championship, the first young sportsman from Assam to win national recognition. That same year, he met Gaurav Mishra who became the Under 18 national champion that year. They became good friends over the years, and their paths crossed again in the United 52 | Business Goa industry Dossier | march 2017

Bid Goswami

Bid Goswami has led Columbia University’s tennis team to win the Ivy League trophy for twelve straight years. Early in his coaching career, with three freshmen in the team, the Columbia Lions went on to win the Eastern Intercollegiate Tennis Association, a superb achievement, if there was one. It was the first time in 81 years, that the team had gone to win undefeated, and it was Columbia’s first tennis title in 11 years States. Gaurav is presently the Director of the Columbia University Tennis Center. Bid continued his higher education for a Bachelor’s Degree in Business at St. Xavier’s College in Kolkata (Calcutta) graduating in 1973. His passion for tennis continued, excelling in the game that he wanted to pursue, thinking about tennis as a career. His parents would rather have had him study law, like his elder brother and elder sister. Bid said to me “There were so many lawyers in my family that I did not think they would miss me!” He was single-minded in his entrepreneurial passion of being one of India’s top tennis players in his time. Bid represented India at the Asian Games in 1974, and continued

to be part of the Indian Davis Cup squad. Bid Goswami was soon ranked on the international circuit in 1982. It was at this point in his career that he decided to help other budding tennis players by coaching them. That decision was made because of a shoulder injury during his professional playing career. Bid continued to take interest in the Indian tennis scene. He has been credited with making tennis popular in Assam and the eastern States of India. Somdev Devvarman is one of them who followed in Bid’s footsteps. In 1982, Bid Goswami became the tennis coach at Columbia University, the youngest person selected by the University for a prestigious assignment. Bid, in spite of the many successes, continues to be humble with a disarming smile. “The story goes – and I didn’t know – that it was rigged,” Goswami said. “I didn’t have any coaching experience, I never played college tennis in this country, so how the heck did I get this job? It’s good luck, I guess. It’s not my looks, even though I had a lot more hair back then.” Bid Goswami has led Columbia University’s tennis team to win the Ivy League trophy for twelve straight years. Early in his coaching career with three freshmen in the team, the Columbia Lions went on to win the Eastern Intercollegiate Tennis Association, a superb achievement, if there was one. It was the first time in 81 years that the team had gone to win undefeated, and it was Columbia’s first tennis title in 11 years. Goswami was laughing gleefully when he said “From last in the Ivies to first in the Ivies the next year – I became an instant genius,” Goswami said. “So I guess I’ve been blessed – lucky and blessed is the right word.” It can be said that Goswami has the skill and the demeanour to get the very best out of the young tennis players who come to practice thinking that they ‘know it all’. As one of the members of the team put it to us “He knows when to push us, but he also knows when to lay off. It helps us mature because we have to know ourselves and we have to take the

initiative to practice and head coach of Columbia’s work hard.” Another team tennis team would be member went on to add called ‘The Bid Goswami “He knows how to keep it Chair of Tennis’. This is fun. I always look forward truly a great achievement. to going to practice. He’s As long as Bid continues good at taking things to hold the position of seriously without taking head coach, the term them too seriously.” used will be ‘Alumni and Goswami’s coaching style Friends Head Coach of continues to attract the Men’s tennis’. best level of tennis with I asked Bid what the players who join his he thought could be squad. done to raise the level of What makes Bidyut tennis in India. He was Goswami the star in reticent in his response, collegiate tennis and but the implication was beyond is that he helps clear. There should be raw potential to mature specialized coaching at its own pace, and camps all over the country. motivates different Training and types of individuals stamina is really important with different goals and if the game is played at the In 1982 Bid Goswami became the tennis coach at Columbia University, the youngest person selected different aspirations to by the University for a prestigious assignment highest levels. It would reach their potential. be wonderful if groups of Goswami is a master at doing just that. young tennis enthusiasts could work together as a team, with each Bid’s awesome skill was rewarded when he received the one helping the other reach their potential. Indian tennis players Wilson/ITA Coach of the Year in 2009. A couple of years ago, the could be in the top 50 in the world. We need Goswami’s coaching Columbia Alumni and Friends announced that in the future the skills to get India on the world tennis map

march 2017 | Business Goa industry Dossier | 53

what’s up goa

Artisan Coffee in Goa with The Flying Squirrel

Ashish D’Abreo, Founder- Partner The Flying Squirrel seen along with Carlos Noronha of Caravela Café & Bristo at the launch of ‘The Flying Squirrel Coffee’ in Goa

Caravela Café & Bistro introduced The Flying Squirrel Coffee in Goa at its cafes located at 31st January Road, Panjim and in Candolim next to Lawande Supermarket. Established in 2013, The Flying Squirrel is an artisan coffee brand and purveyor of high quality specialty coffees sourced largely from its own and select handpicked estates. The Caravela Cafe and Bistro is designed to be a space where one can experience the new evolving artisanal coffee culture along with delightful eats. It offers customers the choice of 3 different brews – The Flying Squirrel artisan single-estates freshly ground coffees – available as espresso or Americano, cappuccino, latte and some even as a cold brew, depending on the variety selected. Coffee is central to the whole experience and the dishes on the menu are best enjoyed with a cup of good coffee. The selection includes various choices of soups, salads and sandwiches and all-day breakfast and desserts. The varieties of coffee available at the Café include Parama – a full-bodied, perfectly balanced coffee with a lining of bitter sweet bright nuances that envelope the cup; Sattva - a single-estate, wholly organic Arabica bean coffee has all the qualities of a great Arabica, and provides a clean, delicious cup of coffee and Aromatique – a single-estate, wholly organic Arabica bean coffee, has all the qualities of 54 | Business Goa industry Dossier | march 2017

mild sweetness reminiscent of fruit and berries with a touch of mellow caramel. All the above 3 variants will be available in a bean to cup mode. Caravela Café & Bistro will also be retailing and distributing The Flying Squirrel artisan coffees throughout Goa through select outlets besides retailing convenient 250 gms packets at their cafes. Speaking at the launch, Ashish D’Abreo, FounderPartner, the Flying Squirrel said “We are delighted to tieup with Caravela Café & Bistro to offer our brand of artisan coffee to customers in Goa. This experience of drinking freshly roasted and brewed coffees is unparalleled and we hope to reach new audiences through our own and partner cafes and online sales. The Flying Squirrel coffee product line is crafted using the highest expressions of roasting, which highlight the taste and vitality that only quality coffee can deliver and strives to present an offering that you will be delighted to experience”. Caravela Café & Bistro is a brainchild of Carlos & Cyrus Noronha. Speaking on its association, Carlos Noronha stated that “We are proud to announce our tie-up with The Flying Squirrel Coffee. The association will offer our clients an opportunity to experience the unique flavours of fresh coffee in Goa. This never before experienced coffee along with delicious allday menu is something every Goan can savour and enjoy”

bon appetit

O Coqueiro | Porvorim

The Goan-Portuguese Connect

With decades of serving authentic Goan-Portuguese cuisine, O Coqueiro continues to impress


A frequent for weekend nostalgic brunches and dinners, O Coqueiro needs no introduction to Goans. Aside from its reputation earned over years of serving flavourful Goan-Portuguese delicacies, the restaurant shot to fame after notorious criminal Charles Sobhraj was nabbed dining there in the mid 1980s. After that, people began to pour in from around the country and the world to see what O Coqueiro had to offer, that even the most infamous of criminals succumbed to. In memory of the incident, the restaurant had a white statue of Sobhraj erected, sitting at the veranda of the restaurant that remains iconic in the years to come. O Coqueiro began in the early 70s and was later acquired by Goa’s Alcon Group in the year 1997. This modish little restaurant, stands prominently with its white and yellow walls and low rising roof, at vantage point, just off the Porvorim highway. The restaurant shut down briefly for renovations for two months, which kept people wondering what their 56 | Business Goa industry Dossier | march 2017

favourite restaurant had new in store for them. After much suspense, O Coqueiro finally opened kitchens on December 16 2016, just in time for the festive season. The ambience, styled to resemble an old Goan- Portuguese house, is well spread for two dining experiences – a casual outdoor section with its own bar counter and an airconditioned section for a more comfortable fine dining. The indoor restaurant has two adjacent smaller sections which can be let out for small private gatherings or parties. The outdoor restaurant remains crowded even on warm sunny afternoons, there’s something relaxing about sitting at the outdoor restaurant with its breezy verandas, the illumination from the exposed central column, and the lined picket fence that keeps the highway commotion from interrupting a hearty meal. The outdoor section opens to an enclosed lawn, landscaped with a centered dance floor, a buffet area, and a stage; ideal for small celebrations. Weekends are a lot more thrilling with live performances every saturday by Colin D’Cruz bringing you some of the best in Latin Portuguese

music. Since it’s reopening, a lot has changed but thankfully, a lot hasn’t. O Coqueiro finds balance between its memorable nostalgic ‘Sussegado’ feel and a refreshingly new finish. While the structural look has been kept intact to retain its antique GoanPortuguese house ambience, the interiors have been furnished with mellow colours of pale green and beige that contrast against dark wooden furniture, and stunning paintings of scenic slices of Goa’s picturesque landscape. The menu too has, for the most bit been revamped to elevate your dining experience, but the signature dishes have been carried forward to much relief. With quite a few new introductions to the menu, the restaurant also adds a few classics from the Indian cuisine for those more comfortable with familiar flavours. The restaurant offers a fresh set of classic cocktails, mocktails and wines to compliment your meal. From the list of classic cocktails, we were served three of their most recommended– The Blue Bay which is a refreshing vodka based cocktail, a much recommended choice on a sunny humid afternoon; the Tequila Sunrise with a delicate burst of orange juice and the Pinacolada, that whips sweet coconut cream with rum and a tinge of pineapple juice. For appetizers, we decided to go all out with seafood and began with the Pasteis de Peche, which is a traditional recipe of minced fish and potato croquettes, fried to a crisp golden brown and served over fresh greens tossed with balsamic vinaigrette. Next, we tried an all time recommendation; Ressoise de Camarao served with a cheesy dip. These delicate little pastry pockets are stuffed with sauteed minced prawns, crumbed and deep fried to a crust of golden yellow. For the third appetizer, we settled with the one of their new additions to the menu, the Salada De Mariscos. This mixed seafood has cubes of shrimp and squid tossed over tender baby spinach, lettuce, roasted peppers and drizzled with a ginger vinaigrette. Seafood lovers have, for long, adored O Coqueiro’s signature Stuffed Crab, and keeping with tradition, we simply couldn’t go without treating ourselves to it. The Stuffed Crab comes in two distinct preparations – a spicy red sauce filling and smoother white sauce filling for people who aren’t fans of too much spice. The

Stuffed Crab is baked, which gives it a hard caramelised crust that crackles to a filling of creamy white sauce, juicy crab meat, and finely chopped veggies. If you’re not very keen on seafood, the menu offers alternatives that are equally scrumptious. The Pork Chilly Fry, a common Goan delicacy, has little pork cubes, spiced generously with a tangy sour vinegar and fried with finely diced onions. For those who love cheese, we recommend the Stuffed Mushroom, which have button mushrooms stuffed with gooey cheese and fried with breadcrumbs. In keeping with the Goan-Portuguese theme, the dishes too are listed in their Portuguese or Goan local names, but don’t let this puzzle you as the waiters are more than happy to translate or clear any confusion. From the tempting list of dishes under the main course, we went with the Peito De Galinha which literally translates as ‘chicken breast’. The meat was perfectly cooked with a glaze of spices and served with sauteed vegetable sticks and dollop of mash potato.

For as long O Coqueiro has had its doors open, people have sworn by its Chicken Cafreal. The Galinha Cafreal follows a more elaborate recipe that requires the chicken to be marinated overnight with spices and roasted for a mouth watering experience. Another dish that tied with our favourites was the Costella De Porco, which is pork chops marinated with charcutiere sauce and served with crispy potato wedges and sauteed veggies. To truly explore Goan cuisine, we recommend three gravies that you simply cannot miss out on. The Ambotik serves slices of Shark cooked in a fiery hot and sour gravy. Caution, those of you who can’t handle too much spice because the

Ambotik is best enjoyed spicy. A Goan regular at every celebration, the Pork Sorpotel is a spicy stew of pork and liver cubes flavoured with a punch of spice and Goan vinegar that gives it a sour tinge. And last, the Goan Samarachi Kodi which is a thick coconut gravy with prawns. These gravies are best had with steamed rice and are served alongside Parra – a sort of pickled dried mackerel with fried onions, this is quite an acquired taste; you either love or cringe with its overpowering sourness. Though the main course left us stuffed, we had to end on a sweet note, and we insisted on the famed Serra Durra. This is one delectable pudding served in layers of fresh cream and dusted off with a powdery layer of biscuits that just melts in your mouth. With decades of serving authentic flavours of Goan-Portuguese cuisine, O Coqueiro is one of the only restaurants in the area to have mastered the art of blending two of the finest cuisines to give you a slice of nostalgic Goa, whether on a holiday or a weekend break

march 2017 | Business Goa industry Dossier | 57

goa buzz Goa Association of Realtors (GAR) celebrates its 1st Anniversary and Foundation Day

Narayan Bandekar

The Goa Association of Realtors (GAR) celebrated its 1st Anniversary & Foundation Day recently. Narayan R. Bandekar, President, Goa Chamber of Commerce & Industry (GCCI) was the Chief Guest for the function. Dr. S. T. Puttaraju, Chief Town Planner/Jt. Secretary, Government of Goa, Dr. Jagannath ‘Desh’ Prabhudesai, President, CREDAI-Goa and Architect Manguesh R. Prabhugaonkar, Chairman, Indian Institute of Architects (Goa Chapter) were the Guests of Honour at the occasion. President of GAR, Denzil Xavier welcomed the dignitaries and the invitees. Denzil said that GAR is a member association of the National Association of Realtors (NAR-INDIA), and that they have undertaken skill up gradation through educational programmes, conferences and conventions. GAR has national and international level business networking opportunities. Beginning with 27 members a year ago, today the organisation has grown its strength to 39, with almost 45% increase in membership. Xavier also welcomed the Government’s decision in formulating and passing RERA at the Centre. He said that he was hopeful that the Goa government will do the needful after taking into consideration the best interest of all the stakeholders. The 1st Anniversary Souvenir of Goa Association of Realtors was released at the hands of the Chief Guest, Narayan R. Bandekar and the association’s website was launched at the hands of Dr. S. T. Puttaraju. GAR Founder member Abhijeet Naik of Aasma Group received an award for collecting maximum revenue for the GAR Souvenir. The function was well attended by industry leaders, Goa’s leading real estate developers, and other prominent invitees and members of the Goa Association of Realtors

Denzil Xavier

Desh Prabhudessai

Muriel and K K Sekhar

Gaurang Suctancar

Dr S T Putturaju

Manguesh Prabhugaonkar

Alan Viegas

Amit Chopra

Harshvardhan Bhatkuly

Keshav Prabhu

Rajesh Sheth

Prasad Pawar

Haroon Ibrahim

Ryan Costa

Mahesh Naik

Prasad Amonkar

Ramakant Kamat

Rashmi Patil

Rufus John

Raj Mehta

Roque Fernandes

Nester Sequeira

Abhijeet Naik

Sudhir Kini

Sadashiv Shirsat

Money Wadhva Singh

Audrey Menezes

Deron Almeida

58 | Business Goa industry Dossier | march 2017

goa buzz Senior Advocate Manohar Sinai Usgaocar releases books on Civil Code in Goa

Pics: Darryl Andrade

Justice Sharad Bobde released the English rendering of the Portuguese original of the Civil Code in Goa, and Civil Procedure Code in Goa along with commentary and the Portuguese text by former Additional Solicitor General of India and for Advocate General of Goa, Sr. Advocate Manohar Sinai Usgaocar at a special ceremony. The legal books have been published by Voicuntrao Dempo Centre for IndoPortuguese studies (Centro de Estudos Indo – Portugueses Voicuntrao Dempo). A trustee of the Centre, Shrinivas Dempo was present at the ceremony. Usgaocar is also a trustee of the Centre. Applauding the octogenarian luminary in the legal field for accomplishing the formidable task, Justice Bobde said that translation has an incredible value to society much like the legal books translated by Usgaocar. Usgaocar, in his speech said that it took him 22 long years to complete the translation of the two books. “They are the product of hard work undertaken by me and my team,” he added, observing that the books represent completion of just a part of the work, and information about civil code has to be spread now, which is a job so necessary to be carried out

Just. Sharad Bobde Just. Chandrakant Bhadang Just. Mahesh Sonak

Manohar Sinai Usgaocar

Atmaram Nadkarni

Pallavi Dempo

Just. Anuja Prabhudesai

Just. Filomeno Reis

Just. Avinash Lawande

Noronha Fereira

Sudin Usgaocar

Neela Dempo

Amira Razak

Just. R M S Khandeparkar

Subhash Dempo

Bhakti Dempo

Rajesh Dempo

Carlos Alvares Fereira

Guru Tamba

Pravas Naik

Shabnam Sheikh

Carlo Santana Silva

Sanjay Sardesai

Yatish Dempo

Shrinivas Dempo

Nirupa Angle

Anil Kane

60 | Business Goa industry Dossier | march 2017

Iftikar Agha


Wilfred D’Souza

Antonio Lobo

newsmakers Roque Dias elevated as Executive Director of SAI

Roque Dias, who was Regional Director, has been elevated as Executive Director, the No. 2 position in the Sports Authority of India (SAI) hierarchy. He is the recipient of the first Youth Award which he received in 1986 from then Prime Minister Rajiv Gandhi. The award also launched him on the national scale when he was chosen by the central government to represent the country to propagate the cause of Development of Sports in Asia at a conclave in Japan. Along the way, Dias has been bestowed with several awards which include SAI nominating him for the Prime Minister Excellence Award in Public Administration. He was instrumental for the successful conduct of BRICS football tournament as Technical Advisor. His contribution was also recognized by the Organising Committee of the 2010 Commonwealth Games as Dy Director General

Shivaji Mukund Shet first Goan to complete PhD in Fine Art

Shivaji Mukund Shet from Goa was awarded Doctor of Philosophy In Graphic Art (Printmaking) in Fine Arts. Shivaji Shet has successfully completed PhD in Fine Art from the Visva Bharati University, Santiniketan. His Title of thesis was Indian Oleography: An Approach to Mass Communication,Technical and Critical. It was interesting to note that so far no researcher has attempted to work on this subject for a doctorate degree in

India. His doctoral thesis was dedicated to this wife Trupti, who passed away last year. He has also dedicated his PhD thesis and success to his father, freedom fighter, Late Mukund Mortu Shet and to his mother Laxmibai Mukund Shet

Konkani author Mahabaleshwar Sail awarded the Saraswati Samman

The 74-year-old renowned Konkani writer, Mahabaleshwar Sail, has been honoured with the Saraswati Samman 2016 for his novel Hawthan. Mahabaleshwar Sail’s book Hawthan, published in 2009, was shortlisted from 22 books written in as many languages. The selection for the award, given every year for an outstanding literary work written in any Indian language by an Indian citizen and published during the last 10 years, is made by a jury presided over by former Chief Justice of India A S Anand. The novel Hawthan is a well-researched work of fiction presenting the cultural map of the traditional potter community of Goa. Sail has been conferred with Sahitya Academy award (1993), Dr. T.M.A. Pai Award (1997), Goa Kala Academy Award (1989 and 1996), Katha Award (2007), Cultural Award of Goa Government (2006) and Literary Award of Goa Government (2007). He also won the Vimla V. Pai Vishwa Konkani Sahitya Puraskar 2010 62 | Business Goa industry Dossier | march 2017

Amruta Patil bags the ‘Nari Shakti Award 2017’

Graphic novelist and painter, Amruta Patil won the ‘Nari Shakti Award 2017’ from the Ministry of Women and Child Development, Government of India. Amruta’s set of graphic novels include Sauptik: Blood and Flowers, Adi Parva and Kari of which Sauptik is the latest. Amruta is known for her distinct form of storytelling as she takes her readers on a journey with her images consisting of acrylic painting, collage and charcoal. Amruta presently works as a Guest Lecturer at Ecole europeenne superieure de l’image (EESI) in France and at the National Institute of Design, Ahmedabad. Amruta completed her Bachelors in Fine Arts from the Goa College of Art in 1999 and later went on to do her Masters in Fine Arts from the School of Museum of Fine Art, Boston/Tufts University in the year 2004

Mahesh Krishna Patil wins best AgriEntrepreneur Award

Mahesh Krishna Patil, received the best Agri Entrepreneur Award at the First National Agripreneur’s Convention held at Hyderabad. The convention was organised to honour innovative and agri-related business startup, which will also support agri community and provide employment in rural area. The award is instituted by National Institute of Agricultural Extension Management, MANAGE, Hyderabad, an autonomous organization under the Ministry of Agriculture & Farmer Welfare Govt. Of India. Mahesh Patil has developed and implemented concepts of Agro tourism with holistic approach of combining nature, adventure, agriculture, dairy and fisheries under the name NVEcofarm at Dabal, Dharbandora Goa

93 1. Which company was named as Multitech International in 1976, the company changed its name to what it is now known as in 1987; the Latin word for “sharp, acute, able and facile.” 2. Who created a framework that attempts to analyze the level of competition within an industry and business strategy development better known as ‘5 Forces’? 3. Veteran naval engineer Rear Admiral (Retd) Shekhar Mittal, heads which PSU in Goa? 4. Which ITC Group’s hospitality brand has opened a new hotel at Miramar, Panaji? 5. Which English language newspaper was launched in 1878 and is owned by Kasturi and Sons Ltd? 6. Owned by the Hinduja Group, this company was founded in 1948, and is the 2nd largest commercial vehicle manufacturer in India, 4th largest manufacturer of buses in the world and 16th largest manufacturer of trucks globally. 7. Identify the founders of a famous Indian FMCG Answers to BG Quiz 92: 1. Alfa Romeo 2. Benjamin Franklin 3. Misery Index 4. Hallmark 5. Sam Walton 6. Calcutta 7. N Chandrasekaran

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Profile for Business Goa

Business Goa March 2017  

Business Goa’s March 2017 issue is now out on newsstands! Our cover story profiles the ambitious, Goa born Kshama Fernandes and her vision t...

Business Goa March 2017  

Business Goa’s March 2017 issue is now out on newsstands! Our cover story profiles the ambitious, Goa born Kshama Fernandes and her vision t...