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Goa’s Only Business Magazine



Union Budget overview | 18

Professional Education focus | 20

The Passion Test Workshop Event | 32

The Mhadei Rapids

Adventure | 37

dilip salgaocar geno pharmaceuticals

The right Prescription

S P Bhat

IntervieW | 26

Nilaya Hermitage branD | 30

Chef Nicole Illa

lady power | 34

Ruta’s World

Bon Appétit | 54

It was a long and arduous journey for Dilip Salgaocar to take Geno Pharmaceuticals from ‘loss making venture’ to one of the top pharma brands with growing international presence

News Views Articles Interviews Profiles Focus Analysis Opinions Events Features


August 2014

34 Lady Power


Chef Nicole Illa, Executive Pastry Chef as Grand Hyatt Goa talks about her journey and tells us what sets her pastries apart

35 Professional Dossier 54 Bon Appétit


Aslesh Kamat talks about his passionate journey as a Photographer

12 Cover Story

Ruta’s World is your one-stop shop for a range of cuisines, all prepared with love and using the freshest possible local ingredients

Dilip Salgaocar of Geno Pharmaceuticals talks about his epic journey of taking Geno from a loss making venture to a name to be reckoned with on the international pharmaceutical scene

18 Union Budget 20 Special Focus 22 Starting Young 24 Enterprise


Dr Manoj Kamat provides an overview of the newly announced Union Budget and its implications for Goa

A look into the factors that are influencing the rise of training classes for professional courses


Agraj and Ajit Agranayak are taking businesses to the next level by using technology


Graphics & Signs have taken the business of graphic signage to an all new level with the manufacturing of highly stylized signages

26 Interview 28 Industry 30 Goan Brand

MD of EDC Goa, SP Bhat talks about how EDC is doing its bit to help the Goan industrial sector

38 Reluctant Entrepreneur 39 Good Company 40 People Tree


Blaise Costabir talks about the importance of corporate training

Swatee Rane gives us her breakdown and views on the Union Budget


Gajanan Engineering produces world class railing, grill and sheds right here in Goa


Kishore M Shah breaks down the term ‘Workaholic’ and suggests ways to build a healthy work-life balance

42 Antarprerna

Nilaya Hermitage has gained a reputation for being one of Goa’s most calm Resort


42 44

Nandini Vaidyanathan talks about the challenges faced by women to become entrepreneurs at various stages of their lives

44 Adventure Capitalist 46 Cyber Diva

Facebook is attempting a feat to kill the very idea of websites writes Udupi Mahesh Prabhu


06 Editorial 08 Corpo Scan 36 Campus 36 Book Shelf 36 BG Crossword 37 Adventure 48 What’s Up Goa 50 Health 52 Smart Invest 52 Auto Biz 46 56 Goa Buzz 58 Newsmakers 58 BG Quiz 04 Business Goa


With growing dependence on gadgets, gizmos and work on the go, how safe is your company’s information and sensitive corporate data? Asks Shabnam Shaikh

Goa’s Only Business Magazine




Union Budget


Professional Education

S P Bhat


FOCUS | 20

Nilaya Hermitage

The Passion Test Workshop

BRAND | 30

Chef Nicole Illa

EVENT | 32


The Mhadei Rapids

Ruta’s World




It was a long and arduous journey for Dilip Salgaocar to take Geno Pharmaceuticals from ‘loss making venture’ to one of the top pharma brands with growing international presence

The right Prescription

News Views Articles Interviews Profiles Focus Analysis Opinions Events Features

VOL 6 | ISSUE 2 | AUGUST 2014

Editor & Publisher Harshvardhan Bhatkuly Co-Publisher & Group Head Urvija Bhatkuly Advisory Board Datta Damodar Naik Ralph de Sousa Rajiv D’Silva Swapnil Kamat Group Editorial Head Rachel Fernandes Business & Admin Head Annalise Gouveia Team Alisha Patel Ashok Kolvekar Govit Morajkar Mayur Santinezkar Pritesh Naik Sigmund D’Souza Akhil Prabhu Verlekar Contributors in this Issue Blaise Costabir Swatee Rane Kishore M. Shah Nandini Vaidyanathan Udupi Mahesh Prabhu Shabnam Shaikh Editorial, Advertising & Administrative Office Business Goa 409, Citicentre, EDC Patto Plaza, Panaji, 403001 Goa India Tel.: 0832-6456555, 2437822 Email: Business Goa is a monthly magazine dedicated to trade, commerce and business features and news. Editor, Publisher & Printer: Harshvardhan Bhatkuly. Printed At: Printek Printers Unsolicited material may not be returned. The opinions expressed in Business Goa are not necessarily that of the publishers. 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.

06 Business Goa


Are you cut out to be a passion-entrepreneur?


alk into any start-up seminar and ‘passion’ is the word of the season. What is with us that we hold on to jargons for dear life? Does it mean that entrepreneurs, who struck it big in the predot com era, were not passionate? Of course they were! Perhaps there were no life coaches who told Henry Ford that his obsession with affordable automobiles was ‘passion’. Or no one bothered to tell George Eastman that his tinkering with chemicals and film plates was an act of ‘entrepreneurial passion’. Closer home, when Lakshmanrao Kirloskar was bypassed for the top post at a Mumbai engineering college, that he considered to be rightfully his – in favour of his ‘gora’ contemporary, he quit the job in protest and used his engineering skills to create India’s first indigenously made mechanised farming equipments. Not stopping there, he created an entire ecosystem and a township that he named ‘Kirloskarwadi’. In short, Kirloskar created an entrepreneurial revolution in India. Amar Gopal Bose’s deep interest in acoustics made him develop the world’s most outstanding and highly reputed speaker systems. The list is endless of people converting their passion into successful business models. Do you think that any of the gentlemen above saw the big bucks coming in when they were experimenting with their ideas? I doubt it. What fuelled them was their deep interest in their chosen line of calling. Be it automobiles, engineering, photography or acoustics – each passionate entrepreneur wanted to leave a stamp in their field. Now comes the interesting part of turning your passion into a business. Baking cakes that your family and friends go gaga over is passion; making them for 500 customers in a day is business. So is it possible that you can turn your passion into a successful business venture? Sure you can. But when you flip that passion into the domain of an enterprise, make sure you know that the rules of the game have changed. As someone who has tried his hands to create a business out of passion, here are a few tips that I feel, I would like to share with people who want to make a living out of their passion.

Harshvardhan Bhatkuly Keep the ‘main thing’, the ‘main thing’: Remember and hold on to the one thing that made you get into the business in the first place. Focus closely on what really interests you. Create a niche within a niche, if need be. Don’t spread yourself too thin. The rules have changed: Accept this. There could be times that you could hate yourself for getting into business and ‘spoiling’ this whole ‘passion’ thing. When your hobby becomes your business, there are things beyond your liking that you have to deal with – cribbing customers, regulations, taxations, salaries, rent – the works. Take this challenge head on. Validate your idea: Before hanging a shingle telling the world that you are in business, do a little research. Check out if people are willing to pay you to do what you may consider a ‘passion’, but others may have no need to purchase it. Finally, in business, you stay afloat by marketing your business idea. Focus on cash flow: The most important thing in business is cash flow. Don’t be taken in by a fat billing book, if you sell on credit. It’s a complete no-show if the money isn’t coming in. Bring in professionals: Build a team. Delegate and entrust duties to professionals. Don’t do everything by yourself. Put processes in place. But focus on doing the ‘core’ stuff that you enjoy doing. Innovate: Times change really fast. You have to remain ahead of the curve, by learning about the new trends in your business. Use technology to your advantage. Plan the next stage: The ultimate aim of any business should be to reach the pinnacle of its potential. Try and plan the growth stage of your business, when you feel that things are stabilizing and you have some time on your hand. Enjoy the ‘main thing’: Keep reminding yourself of the one thing that made you get into the business in the first place. The daily challenges of running your business may cloud your perspective. If you have come far enough to stay in business, believe that you are cut out for being an entrepreneur in your area of passion. Keep the faith: Believe in yourself. That’s all that matters. Especially when the chips are down

One-stop flight from Russia to Goa

corpo scan

Aiming to cater to scores of Russians who flock to Goa every year, Air India, which recently started a daily flight from Delhi to Moscow has extended the service to Goa. This move ensures a one-stop connection between Moscow and Goa. A favourite holiday destination for numerous Russians, the tourists usually tend to use the chartered planes, the target clientele of Air India. Air India will be in direct competition with Aeroflot, which was, till now, the only airline with direct connectivity between India and Russia.

Goa Tourism named ‘Wedding Destination of the Year’ Adding yet another feather to its cap, Goa Tourism bagged the ‘Best Wedding Destination’ award at the recently concluded India International Travel Mart (IITM) at Bangalore. The Award, which was presented by Sanjay Hakhu, Director, Sphere Media Pvt. Ltd, organizers of IITM Bangalore 2014, was received by Satira Dias, Information Asst – Department of Tourism. Meanwhile, the Department of Tourism, has announced the appointment of a consortium of KPMG Advisory Services Pvt Ltd and Tourism & Leisure Advisory

Services Ltd (T&L) to prepare a 25-year tourism master plan for Goa. KPMG is one of the world’s largest professional advisory services firms and is present in 155 countries while T&L is an international consulting firm specialized in the tourism

and leisure sector and is headquartered in Spain. Commenting on this, Dilip Parulekar, Goa’s Tourism Minister, said “The focus is to create an implementable Master Plan rather than blindly copy tourism products and strategies from other locations, which might not work in Goa. To do this, a key activity is to get inputs from all stakeholders including the general public. This will ensure that the Master Plan adequately considers the impact on the Goan economy as well as focuses on preserving the social, environmental and cultural fabric of the State”

and Diesel variants – E, S and V with manual transmission. The sportier Mobilio RS grade will be available in Diesel. It will be available in seven exciting range of exterior colours – Brilliant Gold Metallic, Carnelian Red Pearl, Majestic Blue Metallic, Urban Titanium Metallic, Alabaster Silver Metallic, Taffeta White and Crystal Black Pearl. Mobilio comes with a twoyears or 40,000 kms warranty as standard value for all

The Central Government has rejected Goa’s demand for ‘special status’ for the State. This was conveyed by the Union Minister of State for Home affairs, Kiren Rijiju. In a written reply to a question raised by Goa Rajya Sabha MP Shantaram Naik, the Minister said that the demand for grant of special status to Goa “has not been found justifiable and hence not agreed to”. Chief Minister Parrikar had in May 2013 apprised the Central government of the urgent need for granting special status to Goa for regulating the ownership and transfer of land in order to conserve the limited resources available for development and to ensure that the State preserves its unique identity. Terming the demand a contravention of the Indian Constitution, Rijiju said that Article 19 (1)(d) and 19(1)(e)of the Constitution protect the right of free movement throughout India and to reside and settle in any part of the country. He added that the Article does not prevent the State from making laws imposing reasonable restrictions on the exercise of any of the rights conferred by the sub clauses, either in the interest of the public or for the protection of interest of any scheduled tribe. The rejection comes as a huge blow to the State’s BJPled government, which had, since Narendra Modi’s election as Prime Minister, seemed optimistic about Goa getting special status

the same quarter last year. Net profit margin is at 10.1 per cent as against 6.2 per cent over the same quarter last year. Earnings per share in April14 - June14 rose to ` 2.17 from ` 1 in the same quarter last year. Suresh G Kare, Chairman, Indoco Remedies Ltd said, “Indoco will not be significantly impacted from the National Pharmaceutical Pricing Authority (NPPA) Order in July 2014 that

brought 39 formulations under price-control. The Order impacts the ceiling prices of molecules falling in chronic segment.” Kare also announced the Company’s intent to expand its R&D activities in Goa for which acquisition of land is in the final stage. Indoco Remedies has recently added 20,000 sqft of space to its existing 1,00,000 sqft R&D facility at Rabale in Navi Mumbai

Honda marks MPV entry with Mobilio Honda Cars India Ltd. (HCIL) recently announced its entry into the MPV segment with the launch of its mid-size stylish sevenseater, Honda Mobilio. The car offers a unique combination of sporty exterior styling along with space, comfort and utility in just the right size to suit the needs of Indian families. The Mobilio’s outstanding performance is achieved by 1.5L i-DTEC diesel and 1.5L i-VTEC petrol engines renowned for their best balance of exhilarating power and best in class mileage. In order to appeal to younger audience, the Mobilio will also be available in an exclusive sporty RS variant which has bolder and sportier exterior design than base grade. The deliveries for the Mobilio RS would begin from September 2014. Speaking at the launch,

Mobilio launched at Coastal Honda. Seen in the picture are Manoj Caculo, Suraj Caculo and others

Hironori Kanayama, President & CEO, Honda Cars India Ltd said, “The launch of Honda Mobilio follows the success of Honda Amaze and all-new City which led to our exceptional growth of 83 per cent in the previous financial year. Our ultimate goal is to be the most trusted company in the country and we aim at not only creating great products but also offering an unparalleled experience to our customers.” The Mobilio is available in three grades offered in Petrol

Indoco Remedies Q1 net up 118 per cent Indoco Remedies Ltd has reported a 118 per cent growth for the April14 - June 14 quarter. The company’s books show a net profit at ` 20 crore compared to ` 9.2 crore in the corresponding quarter last year. Net revenues for the first quarter under review grew by 33.7 per cent to ` 198.0 crore as against ` 148.0 crore for the same period last year. EBITDA in April 14 - June 14 rose to ` 08 Business Goa


40.9 crore from ` 27.1 crore in the corresponding quarter last year. As a result, EBITDA margin enhanced to 20.6 per cent from 18.3 per cent over

Centre rejects Goa’s ‘Special Status’ demand

New 16 Slice CT Scanner at Apollo Victor Hospitals

corpo scan

Apollo Victor Hospital has raised the standards on diagnostic offerings with the addition of a new 16-slice Siemens SOMATOM Emotion CT-scanner. This 16-slice Emotion CT-scanner significantly reduces the radiation exposure and provides the latest in imaging technology to help the Radiologist accurately diagnose the patient and thereby improve quality of treatment. The new scanner adds higher quality of imaging and diagnosis especially of the neck, chest, abdomen and pelvic CT scans.

Mosti launches Chhota Bheem Tab for kids Mosti, a dynamic lifestyle brand recently launched India’s first super kids tab. Named Chhota Bheem, after the cartoon superhero Chhota Bheem, the tab is an inexhaustible source of education and entertainment for young kids. The brand’s cofounders Prashant Vales and Lloyd Almeida hope to carve out a new niche in the digital sphere with this tab that offers the best in educational content and valueadded entertainment. “After observing children playing with their parents’ phones or laptops, we figured children needed a device of their own,” Vales said. The tab boasts of a side and

rear rubber bumper, a recessed screen, big buttons and has been drop tested. Its user-friendly interface, touch screen, big

speakers and camera will surely engage little kids who enjoy exploring on their own. The tab is the only one of its kind in India to come preloaded with child-specific content developed by leading content creators from around the world. Kids can learn the alphabet, numbers, colours, nursery rhymes, songs and listen to talking books; older kids can read digital books, view laboratory experiments and download additional content from the net. Education apart, the Tab offers plenty in terms of entertainment with select apps and several Chhota Bheem videos

Goa to receive power from Chhattisgarh New health CM Manohar Parrikar recently informed the State Legislative Assembly that Goa will get a lease as linked to its share of the coal block allotment at Chhattisgarh in a month’s time, and in all probability would start receiving the related 250 MW of power, within the next two to three months. He added that under the particular allotment, Goa could avail up to five million tonnes of coal. “We will receive around 250 MW power from the same at the rate of `2.54 per unit, which is quite reasonable,” he added, pointing out that the power committed to the State is aggregate of 15 per cent of the actual power generated or 250 MW, whichever is higher,

besides the State has first right of refusal on 10 per cent of the power generated. The CM said that Goa Industrial Development Corporation (GIDC) has been appointed as the nodal agency for handling the project, and it has selected a power developer on the basis of the evaluation criteria and the documents received. The CM added that if Goa purchases power produced from foreign coal, it would prove to be expensive at the rate of `3.50 per unit. Mentioning that an amount of `600 crore to `1,000 crore has already been invested in the project, he added that Goa would be at a loss if it is halted due to the inquiry

insurance scheme in 4 months

Health Minister Laxmikant Parsekar has said that the government expects the new Deen Dayal Swastha Seva Yojana to be finalized and made functional within the next four months. Under the new scheme, which will be tendered soon, the insurance cover has been raised to `2.5 lakhs for a family of up to three persons and to `4 lakhs for a family of four. He added that the GMC and the district hospitals have also been empanelled under this Scheme. He also clarified that the current mediclaim scheme will be withdrawn once the new scheme becomes functional

CII-Goa conducts Service Tax workshop CII – Goa organized a one day programme to discuss recent changes and decisions in the context of the service tax legislation. The programme focused on the changes brought about by the Union Budget in Service Tax, Excise and Customs and also detailed the various recent changes in the service tax area. The workshop was well organized and was very well attended by over 60 participants from various 30 organisations in Goa. 10 Business Goa


This workshop was conducted by M.S.Mani, a seasoned senior management professional specializing in indirect taxes based out of Mumbai.

Mani took the participants through the various specific issues confronting trade and industry and explained the legislative provisons with clarity and gave examples to ensure that the participants understood the legislative provisions. He also discussed the recent changes in Service Tax, Excise and Customs brought about by the Union Budget. Some of the key changes brought about in the areas of taxability, exemptions and cenvat were also discussed

Real Soda completes 42 years Real Soda, a drink originating on Goan soil proudly completed 42 years since its inception this July. The brand is manufactured by Real Drinks Pvt Ltd, an ISO 220002005 certified company. Real Drinks was started in 1972 and the soda brand has gained an almost iconic status in the hearts of Goans. Apart from the soda, Real is also well known for manufacturing high quality packaged drinking water at its state-of-the-art machinery plant which is managed by a highly professional team

MPT to earn `50-70cr annually from twin coal handling units

The recent commissioning of two advanced mechanized coal handling units in the jurisdiction of Mormugao Port Trust will enable MPT to fetch a revenue of `50–75 crore annually. Outgoing MPT chairman P Mara Pandiyan informed that berth no 7 is being operated by Adani, while berth no 5 and 6 is being operated by JSW for handling mechanical coal cargo activities. He said that both JSW and Adani have invested `150 crore each to set up infrastructure at their respective berths. “With this, MPT would fetch a revenue of `50-75 crore annually, thereby strengthening its financial position especially after the crises which came about due to the ban on iron ore exports,” added Pandiyan


Geno Pharmaceuticals has two lines of distribution, Geno and Cleancare. In all, they employ a total of 700 field sales personnel and 1298 authorized stockists. Recently, 34 years after taking

dilip salgaocar

geno pharmaceuticals

The right prescription It was definitely a long journey to take Geno Pharmaceuticals from ‘loss making venture’ to one of the top pharma brands with growing international presence. Chairman and Managing Director, Dilip Salgaocar tells RACHEL FERNANDES about it in a freewheeling chat


bustling pharmaceutical hub, Goa boasts of some of the top brands that have set up shop on its sunny shores. A host of multinational and national brands including the likes of Indoco Remedies Limited, Glenmark Pharmaceuticals Ltd, Sanofi Aventis, Abbot India Ltd, Unichem Laboratories Limited, Indi Pharma Pvt Ltd, Cipla Limited, German Remedies, Ltd, Hindustan Ciba Geigy Ltd, Ranbaxy Laboratories Ltd, etc have their manufacturing units in the State. But that’s not Goa’s only claim to fame in the pharmaceutical sector. The State also boasts of numerous home grown and highly successful pharma brands including Wallace Pharmaceuticals, Cosme Pharma Ltd, VerGo Pharma Research Laboratories and Tulip Diagnostics. But perhaps one name that really stands out from this line up is that of Geno Pharmaceuticals. A trusted named, Geno has to its credit a host of market leaders including Cypon, Vertigon, Lobak, Respira, Respira-D, Myolaxin, Tricobal and Ostovit to name a few OTC winners. They even have to their credit a patented product, Fusigen Spray. In fact, C-Marc has ranked GENO at 58th position in the list of the first 90 pharmaceutical companies of India. That apart, some of the company’s products have already become household names in different parts of the country or have achieved leadership position in their class of products. HISTORY Geno Pharmaceuticals Ltd (GPL) was established in December 1975 at Karaswada in Mapusa as a joint venture 12 Business Goa


company between the Economic Development Corporation, Goa (EDC) and a group of promoters, mostly doctors, led by H J Deshmane. While EDC held 49 per cent of the shares, the promoters held, between themselves, the balance 51 per cent of the shares. The company commenced commercial operations in March 1977 initiating manufacture of its formulations on contract basis in Mumbai and Goa. Unfortunately, due to heavy borrowing of short term loans from EDC at high rates of interest (22 to 24 per cent) the unit soon became ‘sick’. In 1977, having separated from the parent company, Salgaocar Group, Dilip Salgaocar was on the lookout to make a strategic investment. A friend informed him about G e n o

Pics: Assavri Kulkarni

over the reins of Geno Pharmaceuticals, the Company has gone in for a total revamp and modernization of their Karaswada based facility to the tune of a `40 crores

Manufacturing at the Geno plant

Pharmaceuticals and the prospect caught his attention. That he definitely wasn’t prepared for what he saw is putting it too mildly. “When I first came to see the plant, there was hardly any activity taking place here. The construction was massive, but just one liquid department was in operation. The financials of the company, too, were in dire straits. The capital, from both, EDC and the promoters, amounted to just `1 crore. But worst of all, was Geno’s financial and economic reputation. In just three years since commencement of operations, the Company had already posted losses to the tune of `1.6 crores. It was a tough decision to make – to invest or not? Another important consideration I had to make was the fact that we resided in Vasco, while the unit was based in Mapusa. If I did take it up, we would have to shift – lock, stock and barrel. Keeping all this in mind, it was definitely tough to decide whether or not to make an investment in Geno. After all, I would be investing everything that I possessed, financially, emotionally, physically and mentally, too, into Geno. I, however, decided to go ahead and invest in the Company,” says Salgaocar, its Chairman and Managing Director. He started off with buying out EDC’s 49 per cent share holding. And thus

Today, Geno has 25 C&F depots across India. They also cater to international markets including Nepal, Sri Lanka, Malaysia, Nigeria, Ghana, Georgia, Ethiopia, Cambodia, Venezuela, Vietnam, Myanmar, Suriname and Haiti. Next on their radar is the European market which they hope to penetrate as soon as they receive the requisite licences and permissions

structure existed and that I could work with it,” he says. However, sometimes, when it looked as if the Company seemed absolutely unable to come out of its loss making phase, he confesses, he questioned his own conviction and decision making. It took the Salgaocars a good four years to completely revamp the running of Geno. The journey to profit making was even longer. “It took us about seven to eight years to completely wipe out our carry forward losses. Once that was done, there was just no looking back. I knew I had made the right investment and now I had to use my business sense and acumen to build up on what we had created,” he says.

began his long journey of turning Geno Pharmaceuticals around, from a loss making venture into an internationally famous brand. Later, he went on to buy out Deshmane’s share of the company’s stock holdings, too. Ask him what made him invest in a loss making venture and Salgaocar attributes it to the five-acre property, the factory structure and most of all, the potential that he saw in turning this sleeping giant into a market leader. “If I had to attempt to buy this same plot of land today, it would cost me a few crores of rupees. Back then, when I saw it, I realized that whatever it was, the

GETTING STARTED Salgaocar says their very first

task upon taking over was that of completely revamping the marketing set-up, one that took them close to three years. Their post investment studies had revealed three main reasons for the Geno’s ‘sick’ status, namely: (i) Insufficient capital brought in by the promoters/shareholders (ii) the investment in short term loans with very high interests and (iii) No proper marketing setup. “The then management of Geno Pharmaceuticals were going about it all wrong. They should ideally have continued to get the products manufactured on a loan licence and sold the products and then gradually looked at investing in a manufacturing unit,” opines Dilip Salgaocar. Their initial marketing setup was extremely weak and moreover, limited to just the Southern and Western parts of India. Geno’s products were in fact, almost non-existent in the North and the East of India. Under the new management, they first put the focus on the East, especially the North-East and from there, slowly made inroads into North India. “Today, Geno has a strong presence in these areas, especially the NorthEast. In fact, almost 40 per cent of our sales can be attributed to the East, 31 percent from the North and just 30 per cent from South and West combined,” he explains. GETTING THE BUSINESS BACK ON TRACK Geno’s first big break came when

The Geno Pharmaceutical facility at Karaswada AUGUST 2014

Business Goa 13


necessary approvals,” he adds.

Dilip Salgaocar with Dr. Sagar Salgaocar

they introduced the appetite stimulant Cypon in the market in 1987-88. In the first year itself, they sold almost one million bottles, creating a record of sorts. This was their much needed break. Today Cypon Syrup is a market leader and along with Cypon drops and Cypon capsules, boasts of sales touching almost `60 crores. Having tasted success with Cypon, Geno slowly and steadily went on to introduce a slew of other products, all of which went on to become hugely successful. Slowly they began making profits. Today, Geno Pharmaceuticals has an annual turnover of over `200 crores from their various verticals. At the start, all their dispatches would happen from Goa itself. However, this process of transporting the goods from Goa to various destinations via Mumbai was a time consuming one. In a bid to reduce the time factor, Geno opened C&F depots (Carting & Forwarding). “Instead of billing only from Goa, we began billing from local offices. One of the biggest advantages that we received from this move was that we saved up on the inter-state tax, a benefit we were able to pass on to our customers. Now, we have a total of 25 C&F depots across India, two each in West Bengal and Maharashtra 14 Business Goa


Geno’s first big break came when they introduced the appetite stimulant Cypon in the market in 1987-88. In the first year itself they sold almost one million bottles, creating a record of sorts. Today Cypon is a market leader boasting sales touching almost ` 60 crores and one each in Bhopal, Ahmedabad, Nagpur, Raipur, Cochin, Belgaum, Hyderabad, Madurai, Chennai, Guwahati, Cuttack, Patna, Ranchi, Lucknow, Varanasi, Ghaziabad, Jaipur, Uttaranchal, Zirakpur and Delhi,” Salgaocar explains. This success spurred them to think beyond the borders of India and their first international destination was Nepal. For Nepal, the Company is marketing its products, mainly single ingredient, which are registered with the Department of Drug Administration, Ministry of Health, Govt. of Nepal. Then, about six years back, the Company began exporting to African countries. Today, Geno’s products are marketed internationally in Sri Lanka,

Malaysia, Nigeria, Ghana, Georgia, Ethiopia, Cambodia, Venezuela, Vietnam, Myanmar, Suriname and Haiti. Next on their radar is the European market which they

THE GROWTH STORY The company has two lines of distribution, Geno and Cleancare. In all, they employ a total of 700 field sales personnel and 1298 authorized stockists. While the liquid department still operates from their Karaswada location itself, the other products are manufactured across various facilities. Recently, 34 years after taking over the reins of Geno Pharmaceuticals, Salgaocar has gone in for a total revamp and modernization of the facility to the tune of `40 crores. Once this new facility is made operational, all the production lines will move in-house, all in one facility itself. “Once the new WHO guidelines were enforced, we had to pump in a huge amount of capital into modernizing the facility. Today we are an ISO 9001:2008 certified company with revised schedule M compliance. Our new state-of-the-art facility boasts two liquid lines, two tablet lines

Workers packing bottles of Cypon syrup for dispatch

hope to penetrate as soon as they receive the requisite licences and permissions. “In fact, much of our recent revamp and modification has been done keeping in mind the guidelines set by the UK MHRA which is responsible for granting the required permissions. Once we begin operations at the new facility, we will then apply for the

and an ointment line,” Salgaocar explains adding that as he looks back on this 34 years old journey, he feels a sense of pride and achievement. “It’s been a long journey, one fraught with plenty of ups and downs. Firstly, we had invested all our money into Geno. But more importantly, we had to bring it out of its loss making phase. Now that I look back on


It’s been a long journey, one fraught with plenty of ups and downs. Now that I look back on that journey and the years after that, I feel that we’ve done quite well for ourselves. Every achievement has become a milestone Dilip salgaocar

Chairman & Managing Director, Geno Pharmaceuticals

poor boys and girls with their education wherever possible.

that journey and the years after that, I feel that we’ve done quite well for ourselves,” he says. According to Salgaocar, among the most important factors that have resulted in their success is that they have not expanded exponentially and moreover, maintained strict financial control. “In the pharma business, if there is good financial control, one can definitely make any amount of money. Our sales may have not grown in leaps and bounds, but I have the satisfaction of knowing that there is a certain sense of financial discipline and yet I am making adequate profits,” he explains. GIVING BACK Giving back to the society, in whatever capacity possible, is a trait strongly ingrained in Salgaocar. In fact, at the Geno Pharmaceutical plant, over 90 per cent of the workforce is made up of Goans and quite a large part of this, of women. “We try and employ as many locals as

A few of the pharmaceutical products from the wide range manufactured by Geno

16 Business Goa


possible. Unfortunately, for some positions like senior chemists, due to shortage of local talent, we have to scout outside the State for recruits. The women in our workforce are integral to our success. In fact, there are some among them who have been with us right from 1980. They have gone on to become mothers and grandmothers even. They are all our extended family,” Salgaocar says. That apart, they also run the Geno Foundation which works actively to financially support and backup sportspeople who show promise and potential. In fact, the Geno Foundation along with the Sports Journalists Association have instituted the Geno Sports Awards which is in its 18th year now. These awards felicitate the brightest and most promising young sporting talent the State has to offer. This apart, the Geno Foundation financially helps

WISH LIST FOR THE BUREAUCRACY With Goa being actively promoted as a pharma hub and the government greatly encouraging this non-polluting and employment generating business sector in Goa, Salgaocar feels that quite a bit yet needs to be done if Goa is going to become a hub. Infrastructure facilities have to be on par with the best, be it water supply or electricity supply, roads are some of the infrastructural facilities he wishes the government carefully looked into and after. “For this new plant I have to invest close to `80 lakhs to build our own 33kv power sub-station as the electricity department could not provide the plant with the requisite power supply. Now, an investment like this is huge. It becomes problematic when smaller traders and manufacturers are involved who most often cannot afford to incur such heavy infrastructural expenses,” he opines RECOGNITION Dilip Salgaocar was recently

awarded The Lifetime Achievement Award by Goa State Industries Association. What is the significance of such an Award for the businessman? He says it is a recognition and validation of his hard work and constant efforts to ensure excellence. “I must admit that I was pleasantly taken aback when I was informed about the Award. What makes it even more special is that awards like this cannot be bought or applied for. But the fact that they decided to award me a lifetime achievement award means that my journey, with all its up and downs, struggles and triumphs, has been recognized by someone, my peers in particular, as award worthy,” he says. THE FUTURE Diversification is definitely on the cards, Salgaocar says, and one of the sectors that they are looking into is the lucrative real estate sector. But that is in the future. For now, all their energies are being focused on the new and revamped plant, getting it started and kicking it in high gear. The importance of their presence and contribution notwithstanding, Salgaocar and his wife Dr Pramod have entrusted the task of steering Geno’s future course into the capable hands of the younger Salgaocar generation. At the helm of affairs now is their son Dr Sagar who is an orthopaedic surgeon along with daughter-in-law, Pallavi, a Chartered Accountant. That apart, they recently invested in a pastry business, Dainty Delights, which is being managed and operated by Pallavi. “Every achievement is a milestone, be it completing our first big order our first international export order, or crossing the `50 crore, `100 crore and now, `200 crore annual turnover mark. This new plant will definitely grow and we aim to increase our share of not just the local / domestic market, but also the export market,” Salgaocar concludes


The Budget gives due priority to the tourism sector in Goa with quite a few favourable announcements, the major one being the introduction of E-Visas at nine key airports, including Goa. Service Tax exemption for select tour

Goa and the Union Budget 2014 DR MANOJ KAMAT simplifies the newly announced Union Budget and its various implications for Goa while listing out his Budget wishlist

Finance Minister Arun Jaitley with MoS Nirmala Sitharaman and staff


he Union Budget 2014 could be well termed as ‘pro-growth’, expecting that the Budget would push much-needed reforms to kickstart the investment cycle, create jobs and reinvigorate the Indian economy. The focus has been on empowering the emerging middle class, reducing their income tax burdens and increasing basic exemption limits, given the fact that inflation has eroded the value of the current rupee earnings. All these measures, albeit in a minor way, aim to put some extra money in the hands of the salaried taxpayer and fuel consumerism. This Budget is also keen on boosting manufacturing and development of infrastructure giving out positive signal that the new government seems committed to strengthen investor confidence. Arun Jaitley, our Finance Minister (FM) has also focused on improving urban infrastructure which has been long-languishing. Thus, the FM has placed emphasis on fiscal consolidation, creating infrastructure, increasing investments in manufacturing and the social sectors and also intends to overhaul the entire subsidy regime including on 18 Business Goa


The Budget to a greater extent is positive and aspirational providing assurance to manage the fiscal deficit and reflecting the Government’s intention to create opportunities for new investments. However given the massive mandate in last elections and the image of the Hon. PM of being ‘tough’ leader, I expected the Budget to be a reformist one, one capable of giving a jolt to the somnolent economy it badly needed. food, fertilizer and petroleum to make it more targeted. Really a good beginning indeed! Some Expectations Unfulfilled The Budget to a greater extent is positive and aspirational providing assurance to manage the fiscal deficit. It also reflects the intention of the government to create opportunities for new investments. However given the massive mandate in the elections and the image of the Narendra Modi of being ‘tough’ leader, I expected the Budget to be much ‘bolder’ and ‘far-reaching’. I expected the Budget to be reformist and one capable of giving jolt to the somnolent economy, which was badly needed. I also expected a roadmap for India’s economic growth, and social development for next five years to see a growth at seven-eight per cent to

be spelt out. The long-pending Goods and Services Tax (GST) issue needed a stronger impetus with a commitment to time-bound implementation. The tinkering in indirect taxes suggests that the government is in no hurry to introduce the GST regime, which could have given the GDP a boost by 1.5 to 2 per cent. There is also an absence of any assurance to States that any revenue shortfall from the introduction of GST would be made good by the Centre. The Budget also disregarded demands on increasing GDP allocation on healthcare. India, with a dismal 2 per cent GDP spend, is one among the lowest among emerging economies in healthcare expenses. It is important that this be increased to at least 4 per cent. Further, the FM did not do away with

the Minimum Alternate Tax (MAT) that had crippled Special Economic Zones (SEZs) in the country. The Budget is also silent on the issue of “black money”, an issue that was used by the BJP to hit out at the Congress during elections. However, on a more positive note, the hike in direct investment in defence manufacturing to 49 per cent without control from the existing cap of 26 per cent and by allowing investment by FIIs is a pragmatic step which will remove uncertainty and provide added flexibility and better opportunities. Goa-specific Announcements Logically speaking, the Union Budgets are never expected to be ‘State-Centric’. But given the good equations and goodwill of our CM Manohar Parrikar with the central top-brass, high expectations of Goans from the Budget seemed justified. On the emotional front though, there were expectations of some financial concessions, a relief package and categorical assurance about mining resumption. Practically speaking, it’s difficult to do so. Indirectly, even both before and in the Budget presentation, the Central Government has decided to take up public works worth around `2000 Crore in the State, including `1,200 crore Zuari bridge, `300 Crore for the proposed IIT and `200 crore viability gap funding for the convention centre to be built on public private partnership (PPP) basis. Goa, already being allotted a National Institute of Technology (NIT), is among five states to get the IITs and will definitely help improve Goa’s profile as an emerging education hub. The world class convention centre was a long-standing requirement for the State that has been fulfilled along with sanction of a new medical centre. The

operators earning foreign exchange, CENVAT credit for tourist transportation and tour operators, and development of five tourist circuits will have a multiplier effect on allied businesses and will augur well for the Goan economy as a whole provision of e-visa facility at Goa’s Dabolim international airport would also help boost tourism in Goa. In the long-run, Goa also stands to benefit from resolution of the mining impasse, proposed changes in the Mines and Minerals Development and Regulation (MMDR) Act and the State finances will improve with revision of mining royalties. Budget & the Goa Investment Policy (IP) 2013 The Union Budget and the Goa IP 2013 need to be evaluated against the current gloomy investment background. The investment rate in the country fell below the average growth of 35.4 per cent between 200405 and 2013-14 while private investment fell below the 10 per cent. The rate of gross fixed investment which accounts for bulk of total investment fell by 2.1 per cent in 2013-14 as compared to the previous year as per the provisional estimates of CSO for the same period. The gross fixed capital formation of the private corporate sector at constant prices has declined sharply from a growth of 17.94 per cent in 2006-07 to a decline of 3 per cent flagging the urgent need to revive investments. The industrial performance has registered flat to negative growth due to both supply and demand side constrains. In Goa too, there has been a significant contraction in real estate, and the service sector owing to closure of mining activities and similar deceleration has been witnessed in manufacturing output as well. Goa State Investment Policy 2013 is certainly a forward looking document focussing on reviving investments in the defence, logistics, manufacturing, education and the aviation sector in Goa. This document is a result of the pain-staking efforts of the Task force constituted under the able acumen of Atul Pai Kane (CII), Shekhar Sardessai (GSIA) and their able team while the Chief Minister with his penchant for micro-detailing, has finely crafted the policy document well. The Union Budget 2014 has

Prosperity destination: Wishlist for Goa Notwithstanding the bounties that Goa has received from the Budget, here is my wishlist • Announcement about rectification of errors in the demarcation of the western geographical boundary of Goa that has resulted in wrong and erroneous inclusion of villages, affecting the interest of large sections of the society • Provision of all possible respite to seek necessary clearances on fast-track basis to reopen mining activities with immediate effect considering the fact that the mining ban in Goa accounts for around 20% of the State Domestic Product, for 25% of its revenue and 30% population depend on it for their livelihood. • Acceptance to the decision of the Goa Govt State Cabinet in totality that the State should be given entire onus and adequate time to phase out activities of mining which are nonpermissible, including mining in the buffer zone in a phased manner subject to erecting of wild-life and eco-friendly barriers. • Announcement about inclusion of Goa as per the prepoll promise in the ‘Integrated Public Network Project’, freight corridor, budget allocation for

‘bullet-train’ as proposed in the Rail Budget to network Goa and Mumbai, and finally inclusion of NH-17 and NH-4 passing through Goa in the ambitious ‘Diamond Quadrilateral Project’. • A relief package for interest waiver on the loans on mining dependents to compensate for the economic loss arising out of the abrupt closure of mining activity in Goa to benefit the truck, barge & heavy machinery owners, small establishments, laid-off workers • Special tax-holiday and incentive like that of income tax and excise exemption on the lines of the northern and north eastern hilly States such as Himachal Pradesh for establishment of MSMEs in the backward talukas like Pernem, Canacona, Dharbandora and Sanguem in Goa. • Announcement about the review and redefinition of MPT’s jurisdiction over Goa’s coastline to accommodate local people’s aspirations. • Tax exemption available under section 80ID to extend to cover all related activities which are covered in the broad definition of tourism infrastructure such as amusement parks, water sports, marinas etc., which are typical to the State of Goa

set the tone for new hopes and aspirations on the investment front in the country. When optimism rides high, the enabling policy is more important than direct injection of incentives and doles for the industry. The pronouncements on the retrospective tax issue, relaxed FDI cappings, efforts for skill development and job creation in manufacturing sector and improving predictability in India’s tax regime is likely to improve the investment sentiments in Goa. The Union Budget 2014 lays a lot of emphasis on spurring growth in the defence and manufacturing sector. The proposed investment allowance in the Budget, linked to the new investments in plant and machinery are likely to benefit. This may promote investments in the field of light engineering and manufacturing segment that

the Goa IP 2013 is targeting. The positive measures in this Budget also addresses the problem of funding the needs of small entrepreneurs. Also welcome are the proposals to shift to e-governance, which is expected to improve efficiency and arrest administrative leakages and facilitate better industrialisation. Implications on the Goa’s Pharma & IT Industry The IT and the Pharma industry are the key drivers of industrialisation in Goa. The latter has benefitted largely from the Budget than the former. The Indian healthcare and the pharma-industry expected an increased GDP allocation on healthcare, cheaper import of medical equipment, infrastructure status to the healthcare industry, and making medical visas easier to get. Though the Budget supports health care, it is relatively muted on pharma. The Budget has no exclusive takeaways for the biotech and pharma industry and the withdrawal of service tax exemption given to clinical research organisations involved in human trials will act as a further dampener for the pharmaceutical sector. Though the Budget’s intent to establish more biotech clusters is welcome. However, the proposed hike in insurance investment limit to 49 per cent will help both the patients through availability of drugs and diagnostics, enhancement of both financial and physical access of healthcare. This may indirectly benefit the pharma industry. The Budget gives due priority to the tourism sector with quite a few favourable announcements. This is likely to benefit Goa, too. The major one is about the introduction of E-Visas at nine key airports, including Goa. With this international tourist arrivals to India are expected to grow by 30-40 per cent on a yearly basis, generate additional employment for 50 million people and substantial increase in foreign exchange earnings. Service Tax exemption for select tour operators earning foreign exchange, CENVAT credit for tourist transportation and tour operators, and development of five tourist circuits will have a multiplier effect on allied businesses connected both directly and indirectly with the tourism industry and will augur well for the Goan economy as a whole. Since destinations like Goa already attract a high share of foreign tourists, developing a world-class convention facility will also help channelize a larger share of MICE Tourism. Now, it needs to be seen as to how the enthusiasm generated by the budget translates into fruitful actions Dr. Manoj Kamat is a PhD from the prestigious IIT Bombay and a Post Doctoral Fellow. He is also the Chairman of the Education Committee of GCCI. Contact him at


Business Goa 19


Professional education on the upswing in Goa In a bid to cater to the training needs for professional courses and careers, a number of professional institutions and coaching classes have found their niche in the State, finds Alisha Patel


n astonishing fact of education in India reveals that just one out of every nine children completing school join a college. This gives India one of the lowest higher education enrolment ratios of just 11 per cent; as compared to 83 per cent with its global counterparts. Goa, however, seems to be an exception with the number of professional institutes and training centres steadily on the rise including national names entering the small State, purely out of the demand from students and the industry. Topping the list of professional institutes in the State, is those catering to specific requirements of the hospitality industry. One among these is the Goa College of Hospitality and Culinary Education, which was started in 1995 as Academy of Culinary Education (ACE). Founded by the Fomento Educational and Charitable Trust, which also manages the Cidade de Goa, the Institute was started to fill the void of trained hospitality professionals in the State. A newcomer on the list, the Deltin Institute of Learning, too, has started to play a vital role in providing youth with the required skills and training to find sustainable employment in the gaming and hospitality industry, both, in India and abroad. Though on a different parallel, the TIME institute, which was founded in 1992, in Hyderabad, has been providing coaching classes for competitive exams such as CAT, MAT, JEE MAIN and JEE Advanced as

well as international exams like GMAT, GRE, IELTS and TOEFL. More recently in 2009, the Institute entered the Goan market as a solution to providing more than mere education preparation and is run by Director, Vivek Sankaran. In a similar sphere, is the Maxxcell Institute of Professional Studies which provides MBA, banking and insurance entrance exam preparatory classes. Director, Shyam Manavat who began giving informal training to students, saw the potential in this business and in 2013, he formalized the coaching classes by registering the business. Though he feels the mining ban has impacted the paying capacity of parents towards formal coaching classes, he is confident that the coming academic years will see better intakes. He also reveals that among the various courses that they offer, the MBA entrance exam coaching classes are the most popular. Nariman Firdous, Principal, Deltin Institute of Learning, is of the opinion that what makes a company a good one, is what it gives back to its shareholders, whereas what makes a company great is what it gives back to society. “At Delta Corp, we have always believed that we owe as much to the society that we operate in as we do to our shareholders. This philosophy is deeply ingrained in our organisational DNA and it is something that we take very seriously. There was no better way we could give back to society than by providing skilled, employable

At Delta Corp, we have always believed that we owe as much to the society that we operate in as we do to our shareholders. This philosophy is deeply ingrained in our organisational DNA and it is something that we take very seriously. There was no better way we could give back to society than by providing skilled, employable youth Nariman Firdous Deltin Institute of Learning

20 Business Goa


youth,” he says. On a similar page, Zarine Lobo, Principal, Goa College of Hospitality and Culinary Education says, “The Management at the Fomento Group was looking to give back to society and what better way than to provide skilled professionals to the booming hospitality industry in India as well as abroad?” Professor Irfan Mirza, Director of the newly launched V M Salgaocar Institute of International Hospitality Education adds, “We offer a unique curriculum and world class infrastructure to prepare our students to the ever changing needs of hospitality. Our goal is to make this Institute the center of excellence for the hospitality industry in India. There has been a tremendous amount of thought and planning which has gone into creating this program. Inputs and guidance was sought from senior management and industry leaders, coupled with research and analysis on the sector. What has resulted is a comprehensive,

effective and specialized hospitality management program which is the only one of its kind in the country.” Besides the right sentiment, what exactly do these Institutes have to offer students? INFRASTRUCTURE TIME: Apart from offering students inputs from well experienced lecturers from around the country, TIME also provides its students with continuous evaluation and feedback systems. The students here are also trained in communications and give aptitude tests as part of their study at the Institute. Goa College of Hospitality and Culinary Education: Being attached to a five-star property is the biggest advantage this Institute has and as a result, their students benefit from the readily available industry access and know-how. Apart from fullfledged kitchens, the students also benefit from easily available

Topping the list of professional institutes in the State, is those catering to specific requirements of the hospitality industry

will teach candidate the details of food and beverage service and accommodation operations. The four month course also includes one month of practical training at a Delta Group property. They are also conducting a three month course in gaming training which will cover technical knowledge about the gaming industry combined with training in soft skills.

Students at the Goa College of Hospitalit and Culinary Excellence

industry expertise. Deltin Institute of Learning: Apart from a well stocked library, the Institute is well equipped with all the latest audio visual teaching aids, an IT lab and air conditioned classrooms. Ensuring that each batch comprises of not more than 20 students, they are guaranteed individual attention. They have even created a 20 cover training restaurant and bar. The Institute also has a housekeeping training lab fashioned to virtually represent a five star hotel standard guest room.

Food and Beverage Service, Craft Course Certificate in Housekeeping approved by the Human Resource Development Foundation of Goa. The Institute also offers the first of its kind in India, BBA in Hospitality and Culinary Management affiliated to the Goa University. This, one of a kind course, trains students not only in the various aspects of the hospitality industry, but also gives them a firm grounding in finance, marketing and human resources besides several interdisciplinary fields such as strategic management,

TIME Goa has grown organically over the years starting with the first batch for 40 students, TIME Goa trains over 500 students each year for various courses. The faculty at TIME Goa are experienced and well trained Vivek Sankaran COURSES TIME: TIME Goa started out by coaching only for MBA preparation. Over the years, they have gone on to add courses for Campus Recruitment Training, GRE, GMAT and Bank Exams. Recently, they launched School Tuitions program for Class VIII, IX and X ICSE, CBSE and Goa Board syllabus. Goa College of Hospitality and Culinary Education: Among the various courses offered at the Institute are the Post Graduate Diploma in Chef’s Management for students who have completed their degree/diploma in Hotel Management, a Craft Course Certificate in Food Production, Craft Course Certificate in

organizational behaviour, group dynamics, management processes etc. Deltin Institute of Learning: The Deltin Institute of Learning conducts courses in food & beverages, front office and housekeeping departments. The Institute provides local students who have completed Class XII upto four months training to impart requisite tools for entry level jobs. This training is a mix of theory and practicals rounded up with a course in soft skills. Additionally, the students are also provided with an in-depth training programme in gaming. At present, the Institute has begun conducting courses in hospitality training, where they

GROWTH TIME: TIME Goa has grown organically over the years starting with the first batch for

education preparation. Vivek firmly believes that quality education is a differentiating factor for success in one’s career and strives to provide his students with quality inputs and honest feedback. Goa College of Hospitality and Culinary Education: Having come a long way since 1995, with the introduction of newer courses and increased number of students, the Goa College of Hospitality and Culinary Education is now expanding its campus and is presently awaiting its new campus which will allow

Our goal is to make this Institute the center of excellence for the hospitality industry in India. There has been a tremendous amount of thought and planning which has gone into creating this program. What has resulted is a comprehensive, effective and specialized hospitality management program which is the only one of its kind in the country 40 students, TIME Goa trains over 500 students each year for various courses. The faculty at TIME Goa are experienced and well trained. The institute is a market leader with more than 100 IIM calls for the past three years running. It has several firsts to its name – first nonengineer from Goa to reach IIM Ahmedabad, first Goan student preparing in Goa to reach the IIMs, first girl from Goa to get into the IIMs. In fact, last year, three Goan girls, who were their students, obtained admissions to the IIMs Their bank exam training courses, too, have been well received. From starting with one batch of five students, they now train over 100 students annually. TIME’s performance in financial terms, too, has been outstanding. It has grown from a brand turnover of Rs 10 crores in FY 2001-02 to Rs 253 crores in FY 2013-14. The key drivers of this success are TIME’s commitment to students, its pan-India presence, the highly committed team of R&D professionals and its well-researched study material and unique pedagogy. TIME Goa has emerged as the ‘Institute of Choice’ for management

Irfan Mirza

for a larger number of students and courses. Deltin Institute of Learning: Despite being in the industry for less than a year, the Deltin Institute of Learning has already made a mark in the hospitality and gaming industry with their course, which perfectly mixes theoretical inputs with equal emphasis on practical training to develop relevant skills. Aiming to train, keeping the highest industry standards in mind, the objective is to absorb the students in-house, to meet all Deltin requirements, as well as, placement across the hospitality industry locally, nationally and abroad. Thus, all those who successfully complete the course are assured of placements. The management at the Deltin Institute of Learning feels that Corporate Social Responsibility must go beyond supporting a few non-profits or charity-based organization – that it must create opportunities for a better life. At Delta Corp. they strongly believe that they must give back to the State of Goa: going beyond providing employment, we now also want to provide employability


Business Goa 21


Among Imagine Works’ major clients are Virani Ventures, Narcinva Damodar Naik and for whom the firm handles the entire data compilation and content development Agraj and Ajit Agranayak

Riding the tech wave

Agraj and Ajit Agranayak in a tell all with ALISHA PATEL about the journey of Imagine Works


arlier, the more of a paper trail a business had, the higher was the perception of success. Today the tables have turned and IT is the new mantra that everyone swears by. Though the market in Goa is still taking baby steps, one company that has taken upon itself to take this growing trend right to the doorsteps of Goan business is Imagine Works. An entrepreneurial vision shared by brothers, Agraj and Ajit Agranayak. Agraj had always been in the web development sphere as he worked for a reputed company for a good number of years, before eventually venturing out on his own in 2011 with Imagine Works. “Imagine Works was started to cater to specific products and needs of companies. My aim with starting Imagine Works, was not mere web development, but to focus on providing complete business solutions to firms,” he explains. Elaborating about the works the company does, Agraj states that right from the time a client approaches them, their first task is to educate them on the various platforms available. Their role, he says, is also to teach them about how their tendency to solve corporate problems extends beyond just web development. They offer business solutions over a range of web and software based platforms which services the specific needs of their clients. Agraj also explains that Imagine Works addresses different issues from a wide platform of sectors

Agraj and Ajit Agranayak

Our clients have loved our works and recommended us to others. This is how our business has grown Ajit Agranayak

including sports, education, retail, manufacturing, etc. “Our services are not rigid. Each and every package that we offer is custom made to suit the varied requirements of our clients. Very often, our clients themselves are unsure about what exactly they want. Our first aim is to solve whatever business problems the client has on hand. Next, we work with technology to take their business to greater heights. Though the client is aware of how technology can help him, he is not aware about how to make optimum use of this The team at technology. This is where Imagine Works we step in,” he states. Among their major clients are Virani Ventures, Narcinva Damodar Naik and Goachronicle. com for whom Imagine Works handles the entire data compilation and content development for. Agraj also adds that their major services

22 Business Goa


include web development, content development and online marketing. Talking more about their journey since 2011, Agraj and Ajit unanimously agree that they have been lucky to have been blessed with clients who have been their biggest sources of advertisement through word of mouth. “Our clients have loved our works and recommended us to others. This is how our business has grown,” Agraj says. Ajit adds that it helped that during their initial days, their first few clients were tech savvy and could understand the concepts and solutions put across by Imagine Works. The journey wasn’t always rosy though. The duo admit that there have been times when things were rough. The first three years, they say, were a struggle in terms of clients, financials and projects. Ajit who handles the finances admits that they did make mistakes which cost them dearly but adds that they learned from them and were able to bounce back. Agraj adds, “I wouldn’t say the journey was easy, but taking the route we took did help us to get to where we are today.” They also add that from

their initial struggles till today, they have seen a substantial growth. “This quarter, in fact, has been particularly good for us. We have had wholesome projects and are working with more clients. Right now we are in the process of coming up with something bigger, better, more challenging and definitely more interesting work,” Agraj says. Being a tech related business in the 21st century is bound to come along with its fair share of competition from anyone and everyone who claims to be a web designer. So how does Imagine Works deal with such situations? Ajit is quick to respond saying that anyone, even with the slightest know-how can design a website. The difference, however, between an amateur and them is talent and reliability. “We have proved ourselves over the years and our talents have earned us a name which has made us a reliable player in the market. We do have competition, but we see this as more of an opportunity to constantly innovate than as a threat,” he says. Looking ahead, both, Agraj and Ajit state that branching out is definitely on their minds. “The whole idea of branching out is to serve more people. If we have a customer base in a particular area, we are ready to set up shop there. Who knows, one day we may even go national or international. We already have a couple of international projects in progress and few more in pipeline” says Agraj. ”We want to see Imagine Works develop as a brand over the next 5 years as a major IT Solution provider in Goa” adds Ajit. On a concluding note, the duo feel that though the market for tech-based businesses is a little slow in Goa, it is definitely picking up and will slowly yet surely be at the same level as that of bigger markets some day. Till then, all they can do, they say, is their bit to contribute towards this growth

Graphics and Signs deals with corporate signboards, signs, logos, etc made from a range of materials to suit your choice including

ENTERPRISE Graphics & Signs

Mujtaba HaaziQ and Vasudev Bhat

Making a mark I n today’s world, one of the most important factors that can really help influence the exponential growth and consequently, success, of a business is the kind of visibility that it has. This visibility plays a key role in popularizing the brand name and its recall value among customers. Keeping this in mind, companies allocate huge amounts and undertake various methods/steps to ensure high visibility in all possible formats. One of these formats is corporate signage. Put simply, it is the various signboards announcing the company’s name, mission statement, company philosophy and other important information. With only the sky as the limit, creativity in corporate signage is big business today. But, even more important than that is the task of putting this creativity down on a hard surface, one that a company can proudly display. This is exactly where Graphics and Signs, a firm specializing in corporate design, innovation and visibility is steadily making its mark in the Goan market. Though yet in its nascent stages, the Company, today boasts of an impressive clientele in a wide range of sectors including hospitality, realty, healthcare and lifestyle. On board with Graphics and Signs are names including the Goa Marriott Resort and Spa, Cidade-deGoa, Acron Developers Pvt Ltd, Commonwealth Developers Pvt Ltd, Martin’s Corner, the NUSI Wockhardt Hospital, Galaxy Hospital, Vintage Hospital and the Vrundavan Shalby Hospital, among others. Managed under the watchful eye of the company’s principal business developer, Mujtaba Haaziq, Graphics and Signs specializes in designing and manufacturing both, internal and external signage for hotels, hospitals, apartments and corporate institutions. His partner in operations is Vasudev Bhat who brings to the table, extensive 24 Business Goa


Signage experts Mujtaba Haaziq and Vasudev Bhat of Graphics & Signs have taken this otherwise dull business to an all new level with the manufacturing of highly stylized signages writes RACHEL FERNANDES

Mujtaba Haaziq and Vasudev Bhat

Haaziq and Bhat met through BNI Goa – a networking initiative for businessmen and women. The duo claims that they didn’t hit it off all that well, initially. Today, together, they own three different businesses – Graphics and Signs which deals with corporate signage, iTechnologix which deals with software development including websites, software, ERP and mobile apps development and Pace, a distribution business. While Haaziq handles Graphics and Signs and iTechnologix, Bhat handles Pace IT expertise. Together the duo have merged their graphical and IT knowledge to create a different approach towards their signage business. Creativity, Mujtaba says, runs in his DNA. His father was in the printing and frame-making business, his mother runs a boutique and his brother is a classical musician. But naturally, making a livelihood from a creative venture was almost like something he was expected to do. Born and brought up in Mumbai, Mujtaba’s family shifted to Goa in 1993. “It was just after the riots. My father got an opportunity to start off his own printing

business with the company, Phil Corporation. We shifted base to Goa and I began my schooling at St Brittos High School in Mapusa. I must confess that I have never been the studious kinds. In fact, most of my school memories are those of finding ways and means to get out of studying and bunking classes. After I completed class 10, I went up to my parents and told them that I did not want to continue with studies just for the sake of studying. Though my mother, Munira was a bit apprehensive, my father, Idreees, who was well aware of my schooling day exploits, backed me up on my decision.

In 1997, I took up my first job as a paper fitter in a printing press. A highly technical job, it required a high level of precision and concentration. From there on I went on to try my hand at different types of careers including marketing, photography, event management, etc. I even had my own restaurant in Baga, which unfortunately failed miserably and had to shut shop within just one month of operations as I couldn’t seem to attract customers,” Mujtaba recalls. After that setback, Mujtaba decided to join his father and take up an active role in the family business, that of making windows. The company was called Art Space. From there he diversified the business and went on to start Graphics and Signs that would deal exclusively in corporate signage. The USP of this business is the state-of-theart technology that Mujtaba and Vasudev Bhat have invested in. From a CNC Gerber router, a fully automated machine that can cut and engrave on any surface to laser cutting machines for precision cutting, toe sharp plotters for vinyl cutting, to an eco solvent painting process, to imported machines for making frames, their workshop, located at Dattawadi in Mapusa, also has its own paint job shop and wood working section. Armed with all this technical know-how and equipment and sensing a niche business opportunity – that of designing manufacturing highly stylized signage boards and logos for various corporate and institutions, the operations rolled out. Today, Graphics and Signs focuses on property signs and designs, right from the designing of the signage upto its execution. They work with around 50 different types of materials including handmade paper, recycled wood, acrylic, canvas, aluminum, foam, brass and glass. “Whatever may be

handmade paper, recycled wood, acrylic, canvas, aluminum, foam, brass and glass. They specialize in both, indoor and outdoor signs

Some corporate signages created by the firm

the client’s requirements, we can translate it into a sign for them,” Mujtaba says. With an annual turnover of almost `1 crore, Graphics and Signs is raring to go. The duo have impressive plans and strategies in mind to catapult Graphics and Signs into the next orbit. For starters, they plan to get into graphic designing. From there, they have plans for

a venture that will offer clients a one-stop shop for a bouquet of signage related services right from conceptualizing and designing the logo and signage of companies to final production of the same. Mujtaba and Vasudev Bhat also envisage offering a bouquet of services including website development, market survey and brand promotion and branding. “We want to offer clients a complete package of services that will make their logo and consequently their brand/product highly visible in the market, all this at highly competitive prices,” Bhat says. When asked whether they have

set themselves a time frame for the same, they say that all this should be in place by the end of March 2015. Poised on the crux of this big leap, has the lack of further education in anyway been a hurdle on this path to success, I ask Mujtaba? “When I told my parents that I did not want to continue my education post class 10, of course, they were apprehensive and yet extremely supportive. My father had one important piece of advice for me. He told me that since my lack of further education would always be a drawback, I would have to work extra hard to achieve and

make a success of myself. That, I was prepared to do. In fact, that is exactly what I have done all through, worked extremely hard to get to where I am and the Almighty has blessed my efforts. What’s the point of education just for the sake of studying and for marks? Unfortunately, our current system of imparting education fails on imparting the necessary job skills to make a mark once one steps into the real world. As most of us would have experienced, most of the skills I have needed, I have learnt on the job itself,” he says. Adding to this, Vasudev Bhat, who has a commerce background, says that though he has studied commerce, his line of work in software development is completely self-taught. “That apart, today I am also discovering my inner marketer. I may have studied commerce, but the skills I need for my daily job, I have learnt on the job itself”


Business Goa 25


SP Bhat

To further subsidize the interest on the loans availed from EDC, the Government has conceptualized an Interest Rebate Scheme. Borrowers who repay on time, get two per cent interest rebate.

Our main objective is to encourage and promote industrial activity in Goa

Satish P Bhat is a name synonymous with EDC. Having joined in June, 1980, he has seen the State Financial Corporation through highs and lows. The MD tells RACHEL FERNANDES about EDC’s mission to help Goan industry

Give us a brief history of Economic Development Corporation of Goa. EDC started off as a state industrial investment corporation and was established in 1975. We are a public limited company formed with the objective of promoting medium scale units. EDC aimed to promote medium/ large scale units by granting them loan assistance where required in the form of equity (share capital) participation. Subsequently, after about four years, we extended our services to small scale units, too. We have been granting loan assistance to industries which include manufacturing, services and units in the tourism sector. How would you describe EDC’s performance since inception? Since 1975 onwards, we did decent business with a sustained growth till about 1997-98. Then there was an economic slump and we also had some NPAs and some losses. This slow period went on till about 2005-06 and this was when we experienced severe financial problems. Earlier, we had problems of large chunks of NPAs as we followed the concept of developmental banking. We didn’t lay much stress of collateral securities. Since the last eight years, however, we have been asking for enough of collateral securities if we find that the primary securities are not sufficient. In 2007-08, we restructured our financials and came out of this slump. Since then, we have been doing well. In fact for 201213, we posted a profit of about `30.75 crores. How did EDC emerge out of this slump? In 2006-07, after restructuring our financials, we repaid all our liability from IDBI and SIDBI (Small Investments 26 Business Goa


except for two companies. Recently, the Corporation disinvested 74 per cent of its equity stakes in Goa Antibiotics and Pharmaceuticals Ltd. in favour of HLL Lifecare Ltd, a Mini-Ratna Central Public Sector Undertaking.

We have assisted about 9000 units since inception. Of these, about 5000 are assisted under the CMRY Scheme. The cumulative disbursements of EDC are about `1400 crores including `90.88 crores under CMRY

S P Bhat

Development Bank of India). Since then, we do not depend on any external funding. Much of this was also possible due to continuous support along with substantial contribution of the State Government which infused much needed additional funding into EDC. Now we are earning healthy profits. At the same time, we also wiped out all our accumulated losses. What according to you is EDC’s most popular offering? Somewhere in 2002, a new scheme, called the Chief Minister’s Rozgar Yojna (CMRY) was introduced. This is a Scheme formulated for local small entrepreneurs who are unable to avail of financing from banks or financial institutions. Certain criterion was laid and we started giving them loans. At the start, the limit was `1.5 lakhs. Subsequently, this has been progressively increased upto `20.00 lakhs. There have been modifications in the scheme from time to time. The most recent being the proposed change of name to be called the Dr Verghese Kurien Rozgar Yojna Scheme (VKRY) along with

additional incentives. How, would you say, has EDC managed to do the job it was intended to do? We have assisted about 9000 units since our inception. Of these, about 5000 units are assisted under the CMRY Scheme. The cumulative disbursements of EDC is about `1400 crores including `90.88 crores under CMRY. The recovery rates under the CMRY Scheme have been over 85 per cent, which, in a way, speaks of the success of the Scheme. We have different schemes for term loans. We give loans to industrial units for variety of purposes including setting up new units, expansion, diversification, etc. Our basic concept is project financing for acquisition of fixed assets versus the banker’s style of overdraft/ cash credit financing. During 1980s, the Corporation had set up several projects in the joint sector as subsidiary companies in the backward talukas of the State in collaboration with large private sector and Public Sector units. EDC, over a period of time, has disinvested in these companies

One of EDC’s star projects has been the total revamp and face lift of Patto Plaza. We were entrusted with the Patto Plaza project in the 80s. Over a period of time, we developed the place and allotted plots to various public sector undertakings and auctioned land to private parties. In 2006-07 we sold two big plots, earning an income of around `140 crores. That gave us a lot of financial stability. About three years back, we undertook the re-development of Patto Plaza at the cost of around `14 crores. Patto Plaza has now become a landmark in Goa. Now we are maintaining the facilities like lighting, cleaning and have also implemented pay parking. Can you tell us a bit about EDC’s current financial position? Today, we have a share capital of `100 crores and a networth of about `300 crores. Last year, we did not borrow anything. Recently, however, we borrowed around `50 crores from the bank to lend for a government project. We also funded GIDC for an infrastructure project. We had also provided a loan to Info Tech Corporation for the repurchase of land for the proposed IT Habitat at Dona Paula, to the Sports Authority of Goa for the construction of required infrastructure for the Lusofonia Games, to the Goa Education Development Corporation and Kadamba Transport Corporation Ltd. What



Women entrepreneurs get an additional two per cent. Furthermore, if the entrepreneur sets up a unit in industrially backward Talukas, they get another five percent rebate. Effectively, the rate of interest for a Goan women entrepreneur setting up a unit in backward Taluka is just about 4 to 5 per cent investors to EDC? To subsidise the interest on the loans availed from EDC, the Government has conceptualized an ‘Interest Rebate Scheme’. Goans who repay on time, get a rebate of two per cent. Women entrepreneurs get an additional two percent. Furthermore, if the entrepreneur sets up a unit in the industrially backward Talukas of Quepem, Sanguem, Canacona, Bicholim, Pernem, Sattari, Dharbandora, they get another five percent rebate. This is a big boost to both, new and existing industries. One condition is that they have to be regular in their payments. Are there a lot of takers for this Rebate Scheme? Presently, not so many, due to the economic slowdown. But whoever is eligible, we pass on the benefit to them. What, do you feel, are the

biggest challenges that EDC faces? We are in competition with all banks and other financial institutions and we need to ensure that we get more business. Over the last 1.5 years, with the mining ban, what have been the challenges for EDC? Fortunately we do not have much exposure to the mining sector. Our total exposure is limited to the nine barge accounts totalling to about `14 crores. As they have become NPAs, we have been affected to some extent. What else can people expect from EDC? We are here to encourage and promote the development of industrial activity in the State. Our main objective is to help industries – setting up new ones, expansion and diversification. This has dual benefit. It will create employment opportunities

as well as increased revenue for the government in the form of various taxes. Are there any restrictions on who can avail the facilities? Most of our schemes are open to all, except the CMRY Scheme which is for persons with minimum 15 years domicile. Any Goan/Indian NRI, etc. can give us the project. If we find it viable, we will consider it, subject to fulfilment of our norms on its merits. Are a lot of youngsters availing these facilities? Under the CMRY scheme, yes, since there are excellent incentives and the promoters contribution is as low as 5 to 10 per cent. However, today, if one wants to set up any big industry, people need to have the capacity to raise those funds. Earlier, `30/40 lakhs was enough to set up a small unit. Today, the same

thing will cost over `1 crore. A young entrepreneur may go in for a small loan. For bigger loans, they need to have partnership or company structure in place. However, we have no restrictions. We give loans on a 2:1 debt-equity ratio. Every rupee that the entrepreneur brings in, we give `2 as loan. Our normal lending is upto `5 crore. If, however, a borrower has a good track record, he can avail of a higher limit, upto `12 crores even. Of course, all lending is purely on merit. What kind of businesses tend to apply under the CMRY scheme? All types, except those dealing in alcohol and tobacco. Majority are in transport sector. However, with increase in exposure limits, quality projects such as clinics, medical stores, manufacturing units, catering and garment units, etc. are also being set up


Business Goa 27


Gajanan Engineering

‘Grilled’ to perfection

Overcoming the ‘business slump’ hurdle, fabrication experts Gajanan Engineering now has its sight firmly set on a bright and lucrative future in the realty sector writes ALISHA PATEL A residential project with finishings by Gajanan Engineering


he year was 1990. One man, Rajnikant Gajanan Lavanis took stock of the fast burgeoning mining industry. Spotting a business opportunity, he started Gajanan Engineering to provide services to some of the major mining companies. He began fabrication of portable and mobile site canteens and offices and supplied these to mining companies in Goa. Among their major clients at the time, were Dempos, Sesa Goa, Chowgules and Fomento, among others. Gajanan Engineering was also a major supplier to the SMD section of ACGL. In 2005, his son Abhishek Lavanis joined him after completing his diploma in Mechanical Engineering. Five years later, his cousin Manguirish Lavanis, too, joined in the business and took on the responsibility of taking the company to greater heights. As the mining industry was experiencing a slump at the time of Mangirish joining in, the duo decided to focus their attention of the real estate market which was experiencing a boom. After thorough research, they found that most builders failed to give railings and grills the kind of importance in the finished product as they should be getting. “A good grill or railing 28 Business Goa


Gajanan Engineering’s major struggle was when mining came to a standstill and they had to find a new avenue to venture into, to stay afloat. Once they forayed into supplying to the the construction industry, there has been no looking back can change the entire look of a building and make it much more attractive. We felt that builders did not give this area as much importance as they should be and hence, this would be an ideal avenue to venture into and so we began production of railings, gates and sheds at our plant in Bicholim, which were well recieved by builders” states Manguirish. The plant in Bicholim, is a simple, unassuming facility; but don’t let its looks fool you. Using simple welding machines, Gajanan Engineering produces high quality products with refined finishing and intricate detailing on the grills, gates and railings. Their products are available in

both, mild steel and stainless steel. Venturing into the real estate market was not an easy task, but Manguirish remains grateful to his friends, who believed in him and gave him an opportunity to construct grills for their projects. “Raghu Shetiye, Gaurang Suctancar, Rajesh Dempo, Mahesh and Sahil Advalpalkar and Rajesh Salgaonker believed in my product and allowed me to work on their prestigious projects. It is all because of their trust and faith in us, that we are here today” he says. Among their biggest projects are Vision Royale in Merces, Risara Luxuria in Taleigao, Horizon in Dona Paula, Sterling in Caranzalem, Springfield at the Kadamba Plateau, Rainbow Infra at Bastora, Goldbeam Residecy at St. Cruz as well as Vision Luxuria in Assagao and Priority Group projects in Merces. Talking more about his recent projects, Manguirish proudly reveals that one of their biggest achievements till date is a 10 tonne shed that they constructed on the second floor of Sinq which was completed in a record time of 15 days. “What most companies would take months to complete, we completed in 15 days. We worked from 6 am to 3 am to get this project off the ground and I can rightly say that this is one of our biggest achievements till date,” he says proudly. Manguirish adds that from the time they decided to enter the construction sector, they were working with the best clients within seven months.

Commenting on the real estate sector in Goa, Manguirish and Abhishek both feel that though the quality of construction works are improving, builders need to pay more attention to the importance of the right kind of fabrication works. “We have observed that, as compared to the quality of the structures, builders did not give as much importance to railings. Here is where we intervened and convinced builders on how we could help them improve on this aspect. Yes, it took us time, but I’m glad we did it,” says Manguirish. Aiming to take their fabrication business a notch higher in Goa, Gajanan Engineering is committed to give their clients the highest quality

Abhishek and Mangirish Lavanis

Among their biggest projects are Vision Royale in Merces, Risara Luxuria in Taleigao, Horizon in Dona Paula, Sterling in Caranzalem, Springfield at the Kadamba Plateau, Rainbow Infra in Bastora, Goldbeam Residency at St. Cruz as well as a Vision Dempo project in Assagao. Also to their credit is a shed that they constructed for popular nightclub Sinq in a record 15 days

Railings made by Gajanan Engineering

products. And not only have they lived up to their promises, but also exceeded expectations and completed projects ahead of the stipulated timeframe. Remaining grateful to his clients who took a chance on him, Manguirish states that they have always enjoyed a mutually benefitting relationship with timely payments and

constant encouragement to continuously strive to do better. Manguirish also attributes a fair share of their success to the staff who they have personally trained and are today among the most skilled in their line of work. At present, Gajanan Engineering has completed 180 louvers of 100 kgs each and is currently

A good grill or railing can change the entire look of a building and make it much more attractive. We observed that, as compared to the quality of the structures, the fabrication jobs were substandard and spoilt the overall look of the finished project. This made for an ideal business venture and so we began production of railings, gates and sheds at our plant in Bicholim Manguirish Lawanis working a one kilometer railing with glass. Talking more about their journey, Abhishek and Manguirish both feel that their only major struggle over the

years was when the mining business came to a standstill and they had to find a new avenue to venture into. Once they forayed into the construction business, there has been no looking back. As business partners, Manguirish and Abhishek, both bank on each other’s strength. Manguirish feels that he is lucky to have a partner like Abhishek who is very disciplined and talented on the job. Likewise Abhishek feels that the company was able to do a 360 degree turnaround only with Manguirish’s vision and industry. Looking forward, the duo have plans to capture a larger market segment including MNCs and the pharma sector. They are also looking at starting a fully automated powder coating plant where they will be able to provide the best in powder coated products. Plans are also afloat to get into the modular kitchen production segment


Business Goa 29


Nilaya Hermitage has also earned a reputation of being a highly exclusive destination wedding venue in Goa. The entire feel of the

Nilaya Hermitage

The quiet resort With its ideal hill-top location and pristine setting, Nilaya Hermitage offers its guests an unforgettable holiday experience

The pool at Nilaya Hermitage and (below) outdoor seating overlooking the plains


oughly translated from Sanskrit as ‘an abode in blue’, Nilaya Hermitage, located on a calm mountain top in Arpora, is a luxurious destination boutique hotel. Nilaya is where luxury and calmness blend beautifully, thus promising those who stay there a uniquely lavish holiday experience. The name Nilaya couldn’t be more apt as a trip there will really make it feel like one is up with the Gods and looking down on the coastal plains of the State. Nilaya was conceptualized 18 years back by fashion stylist Claudia Derain and her husband, engineer Hari Ajwani. Three years back, however it changed hands and is currently in the ownership of a Pune-based hospitality group. Interestingly, Nilaya is almost like a closely guarded secret, one that’s whispered about exclusively in cocktail circles. Its cliff top location only adds to the aura of secrecy and privacy that surrounds the resort property. The location of the resort, at the top of the Arpora hillock, works wonderfully well towards enhancing the beautiful view that the Nilaya is proud of. The drive up to Nilaya itself will bring 30 Business Goa


Set in eight acres of lush gardens surrounded by tropical forest, each room at Nilaya is based on the elements of nature. Aptly named after earth, fire, wind, water and space, exclusivity is the key point heeded to here, as Nilaya has only 11 rooms and two cliff top tents to offer back memories of driving up the Western Ghats. Once up, it’s almost like being in a dreamy heaven with few external/manmade factors or noises disturbing the tranquility of the place. As you enter the resort, you will be pleasantly surprised and awe-struck by the beauty of the

place. One of the first features that will strike you is the eyecatching design and layout. The architecture of the hotel has been conceptualized by noted architect Dean D’Cruz whose forte lies in eco-friendly designs emphasizing on oneness with nature. That’s exactly what D’Cruz has achieved with Nilaya. The entire resort has been designed so as to ensure that it blends with the natural elements surrounding it, especially the material used in constructing the place. Most of the resort has been constructed using rough-cut laterite stones, a Goan speciality. For the roof, it is the handmade and earth friendly tiles, made exclusively in Mangalore, that are used extensively to make

up the decorative roofing of the resort. The furniture adorning the property, meanwhile, has been imported from Bali and Thailand. The design in totality, however, is an exotic mosaic of Portuguese, European and Indian architecture styles with domes, Gaudi-esque pillars and the use of dazzling colours including saffron, emerald, bronze and of course, staying true to its name, plenty of serene and calming blue. Nilaya has numerous USP features. Among these is its fabulous swimming pool, with a gushing waterfall into a lagoon. Then there are the rooms. Set in eight acres of lush gardens surrounded by tropical forest, the rooms at Nilaya Hermitage are based on the elements of nature. Aptly named after earth, fire, wind, water and space, exclusivity is the key point heeded to here as Nilaya has only 11 rooms and two cliff top tents, on offer. Designed impeccably in startling bold styles, vibrant colours liven up the walls and each room is uniquely original. Overlooking paddy fields and coconut palm groves, the ambience is romantic and classy. Emphasizing on making their guests stay at Nilaya Hermitage

hotel works to create and almost fairy-tale like set and ambience, where bridal couples can take their marital vows in a picture perfect setting

as memorable as possible, the management of Nilaya has conceptualized a rather unique dining plan. Guests get to enjoy the luxury of having their own personal chef to help create a fine dining menu that allows one to absolutely indulge their culinary senses. “Our chefs are well versed with fusion cuisine providing you a tantalizing blend of the East and West. They also create some of the best Goan cuisine” explains Shyam Haridas, General Manager of the resort. Focusing on giving guests a truly local experience, Shyam adds that all their dishes are prepared sourcing locally grown fruits and vegetables and fresh sea-food. The expert chefs here can tempt your pallet with a wide range of fusion cuisine as well as the best of the best from the local cuisine, too. Commenting on what makes Nilaya unique from other luxury hotels, Shyam states that flexibility is their secret. “Our guests are free to choose

where they would like to enjoy their meals; whether it is on the terrace, in their suites or even by the pool, it’s completely their choice. Interestingly, unlike in most other hotels, here you will never be bothered by the stiff formalities that are typical of luxury hotels.” To enhance this holiday experience even further, is the various facilities offered at the hotel. These include a spa, a library, a gym, sports and other travel facilities. All these integrate beautifully to make Nilaya one of the most preferable luxury hotels in Goa, nay the world. The spa on the property engages trained therapists who use only the finest Ayurvedic oils and herbs for the various treatments that help refresh the mind, detoxify the body and restore the natural balance of the energies within. The result – a completely rejuvenated you. And for those of you feeling a bit sporty, take your pick from among tennis, jogging, water

A view of the room at Nilaya Hermitage

sports and excursions. Nilaya Hermitage has also earned a reputation of being a highly exclusive wedding destination in Goa. The entire feel of the resort works to create and almost fairy-tale like ambience where bridal couples can take their marital vows. Speaking about this aspect of business, Shyam Haridas, says that though with their limited residential facilities, the Resort is an ideal venue to play host for destination weddings and they offer special wedding packages for those lucky couples who wed at Nilaya Hermitage. Be it at the pool side or on the immaculately manicured lawns, just like your

dining experience, you can take your pick here, too, about where you’d like to exchange those ‘I dos’. Keeping in mind the discerning business class, Nilaya Hermitage also provides its guests with up to date business facilities including free Wi-Fi, a business lounge with internet connectivity. Also on offer is ISD/STD telephone connections, foreign exchange services and in-house chauffeur driven cars. With Nilaya Hermitage ticking all the right boxes in terms of service, amenities, luxury, comfort and more, you can rest assured that although Nilaya is not on the beachfront, it is Goa’s most celebrated getaway


Business Goa 31


Anuradha Goyal, author of The Mouse Charmers inspires Goan entrepreneurs to explore the digital space at Startup Saturday


nuradha Goyal who has penned “The Mouse Charmers” a gripping book which tells the stories of digital pioneers like Flipkart, Zomato, Make my Trip, Images Bazaar, India Blogger, Shaadi. com, Games 2 win, Chai with Lakshmi, Rang De and others was at the Centre for Incubation and Business Acceleration as the keynote speaker for the Startup Saturday event organised on the second Saturday of July 2014. Startup Saturdays are regularly organised on the Second Saturdays of every month all over the country and is a joint initiate of Headstart Network Foundation and Centre for Incubation and Business Acceleration (CIBA) to address

Anuradha Goyal (inset) speaking at the event

the startup challenges and to create a positive momentum for innovation. Anuradha shared the inspiring

stories of the digital wizards and explained the possibility for youngsters to explore the path of digital entrepreneurship which

is very relevant for a green and small places like Goa. The event also included demonstration of Techno Bot by Inventrom, a robotic company based in Goa and 3D-Printer made by the students of Goa engineering College, Farmagudi. The event was attended by over 60 participants which included startup companies, entrepreneurs, students and faculties. Anuradha Goyal explained that the startup ecosystem in Goa is changing at a rapid pace and she would not be surprised to see Goa as a hub for innovation with the wonderful support system available for startup community in Goa

GEMS and best selling author Janet Bray Attwood conduct Passion Test Workshop

Janet Attwood


or the first time in Goa, GEMS (Goa Entrepreneur Mentoring Services) Trust organized a series of workshops on the theme ‘Understanding Passion & Purpose for Success’ by Janet Bray Attwood recently. The workshops were aimed at teachers, students, entrepreneurs and other learners from corporate, government and volunteer teams. Janet Bray Attwood is coauthor of the New York Times 32 Business Goa


Bestseller, ‘The Passion Test: The Effortless Path to Discovering Your Life Purpose’, and coauthor of ‘From Sad to Glad: 7 Steps to Facing Change with Love and Power’. She has taken hundreds of thousands of people through The Passion Test process all over the world. Janet is founder of The Passion Test Certification Program which has over 1500+ certified facilitators in over 48 countries. During the workshops, Janet conducted an introductory session for academics and

Janet Attwoood has taken hundreds of thousands of people through The Passion Test process all over the world community influencers which aimed at training teachers to help students identify their passion so that they can excel in that field. She also touched on helping community builders identify how they could change their lives by assisting individuals and groups

to work in the area of their passion. Janet also conducted a workshop which encouraged participants to learn to unleash their individual passions towards an extremely satisfying life journey. Goa Entrepreneurs Mentoring Services Trust has been established to Excite, Encourage & Nurture Entrepreneurship and Entrepreneurs in Goa. It seeks to synergize the efforts of all stakeholders including Industry Associations, Education Institutes, Financial & Training Institutions and others and filling in the gaps wherever necessary. “GEMS Goa believes that the youth today should consider SelfEmployment/ Entrepreneurship as a “Career by Choice” rather than waiting and struggling to get a job. Such a choice especially in an area of one’s passion will not only give immense satisfaction to the entrepreneur, but also create wealth for the nation as well as the individual”, says Rajkumar Kamat, the man spearheading the Trust


When not busy in the kitchen, Nicole can be found spending time with her cats and dogs and relaxing at the beach with her dogs, playing with them and having a swim. She also spends time at her husband’s restaurant

Chef Nicole Illa

Baked with love

Chef Nicole Illa, Executive Pastry Chef at the Grand Hyatt Goa talks to ALISHA PATEL about making her mark in an otherwise male dominated profession

Though precision and creativity sound contradictory, they are in fact two sides of the same coin

Chef Nicole Illa


ave you ever tucked into pastries and sweet goodies so good that you find yourself falling short of words to describe them? If the answer is yes, chances are, you have had a taste of Chef Nicole Illa’s pastries. Having taken over as the Executive Pastry Chef at the Grand Hyatt Goa four years ago, Chef Nicole has become a name to reckon with, with the Goan sweet tooth. Her love for baking began at a very young age, Nicole reveals, while growing up in her hometown in Germany. “I used to bake Christmas cookies and cakes for birthday parties along with my mum. I also baked at the small bakery shop in the village where I grew up. It was while I was still in school that I knew I wanted to become a pastry chef,” she says. Having made up her mind that she wanted to turn her passion for baking into her career, Nicole started her career as an apprentice. While still studying, she worked as an apprentice in a traditional pastry shop, Konditorei Knigge, in Bremen, Germany. After completing her exams, she moved to Munich where she 34 Business Goa


Chef Nicole has worked with some of the biggest names in the hospitality industry including Konditorei Knigge, Hotel Bayerischer Hof Muenchen, Blackforest at Hotel Trube Tonbach, Tigerplast, Harrods, RitzCarlton Hotel, Fairmont Hotel, Sharq Village by Ritz-Carlton and Movenpick Hotel Jumeira Beach Residence Dubai. worked at one of the oldest hotels in Germany, Hotel Bayerischer Hof Muenchen. After working in Munich for three years, Chef Nicole got an opportunity to work at the Blackforest at Hotel Trube Tonbach, a three Michelin Star Restaurant. Here she was fortunate to work with some of the most accomplished chefs in Germany and produce the best fine dining desserts which were available at that time. “I spent two years at the Blackforest before moving to Cologne to increase my pastry skills and to prepare myself for the pastry master exams which I passed in 1997,” she adds. Having completed her Master exams, Nicole reveals that in that moment, the results

did not concern her much. Her focus lay more on the products that she had baked. “I was just happy I had finished everything. Seeing the final set up of all the products prepared by me during the four days of exams was exhilarating,” she says with a smile. From there, Nicole moved to Frankfurt to work at an upcoming Michelin Star Restaurant, Tigerplast Frankfurt. She then relocated to London where she worked at Harrods for two years. Her reputation as a pastry chef then took her to the Middle East where she worked at the Ritz-Carlton Hotel in Bahrain, Fairmont Hotel in Dubai, Sharq Village by Ritz-Carlton and Movenpick Hotel Jumeira Beach Residence Dubai. Post this, Nicole moved to Goa where she joined the kitchens at the Grand Hyatt Goa, four years ago. Talking more about her profession, Nicole states that the precision and creativity required while baking is the most challenging part of being a pastry chef. “Though precision and creativity sound contradictory, they are in fact two sides of the same coin. You need to be precise to get the

best final product and you need to be creative with flavour and texture combinations as well as decorations,” she explains. In a day and age where every second person claims to be a baker, how does Nicole manage to stay above the rest? “It’s simple,” she says. “I like clean and simple pastries. Simple though, does not correspond as ‘easy to make’. On the contrary, clean and simple pastries are sometimes the most difficult to make.” Nicole goes on to elaborate her point with an example. “Everybody in India knows what the German pastry Blackforest cake is. However I find it hard to find a genuine Blackforest cake in India. It needs the right ingredients. The version I make, is made using a recipe handed down to me by my mother. I use a good chocolate sponge cake, specially imported whipped cream, sour cherry compote and if possible Kirsch (a cherry brandy) and chocolate shavings for decoration.” On a lighter note, Nicole reveals that her favourite moment of her career was going back to school and appearing for her Master exams. “Holding a Master title is still a big achievement in Germany. Though I did learn English in school, I did not need the language much, as my works spoke for me and much of what I learnt, I forgot,” she chuckles. When not busy in the kitchen, Nicole can be found spending time with her cats and dogs and relaxing at the beach with her dogs, playing with them and having a swim. She also spends time at her husband’s restaurant. On a concluding note, Nicole states that with her years of experience, working with the biggest names in the pastry industry across the globe, she has integrated her global exposure to the art of pastry making at the Grand Hyatt Goa. This has helped her to serve up the best items the hotel has to offer and will only continue to get better

Over the years, Aslesh’s career as a photographer has led him to work with some of the biggest names in the entertainment and business sector including Michelle Yeoh, Sunny Leone, Randeep Hooda, Ritesh Deshmukh, Tushar Kapoor, Neetu Chandra, Putzmeister, ACGL, O Layla and others

professional dossier Aslesh Kamat


Upgrade your skills first, equipment later

Photographer Aslesh Kamat speaks about the nitty-gritties of his profession and what keeps his passion for it alive


rowing up, I was always fond of art. My father is an artist and used to take up advertising jobs in his early days. I used to paint a lot and as I grew up, my interests started veering towards digital art and then photography. Initially, I started clicking photos on point and shoot cameras till I got my first DSLR around five years ago. From there on, my career as a photographer took off when people started asking me for my photos for their publications. In this manner I started freelancing for many publications including which was the first online publication I worked for. My works began to be appreciated by people who started making me more and more offers to shoot for them. I started working as a freelance photographer while I was still in college. At this time, I realized that I could make photography a career and business for myself. Pursuing my B.Com also taught me the ethics of turning my talent into a business. Getting started, I did a two week course in the basics of digital photography course from the School of Visual Arts, just to learn how a DSLR works. Everything from there on has been a self-taught process. Over the years, I have attended many workshops by renowned photographers in India, but I learnt more from my mistakes. I try to learn something new

Initial assignments were small events and festivals. Slowly I moved on to portraits for feature stories. After gaining experience, I started taking assignments on my own. My first big break was to photograph Hollywood celebrity Michelle Yeoh for People Magazine India. She posed for just two photographers from India that day. I was lucky to be one every day. Reading photography magazines or books, watching video tutorials and reading into photographs by other photographers is what has helped me polish my skills and do the best work for my clients. My initial assignments were small events and festivals. Slowly, I moved on to portraits for feature stories for publications from Goa and at a national level, too. After gaining more experience, I started taking assignments on my own along with freelancing work. My first big break was when I got the chance to click Hollywood celebrity Michelle Yeoh for People Magazine India. She posed for just two photographers from India that day. I was lucky to be one of them.

As a photographer, I have won a number of photography competitions, worked closely with celebrities and businessmen. I have also lectured at various colleges as guest faculty teaching photography. Over the years, my career as a photographer has led me to work with some of the biggest names in the entertainment and business sector including Michelle Yeoh, Sunny Leone, Randeep Hooda, Ritesh Deshmukh, Tushar Kapoor, Neetu Chandra, Putzmeister, ACGL, O Layla and others. High points aside, working in Goa does have its fair share of struggles. There is still a very small market for commercial photography in Goa. Also most clients fail to understand that a photographer’s job is not just to click a button. We go through every other routine that any other entrepreneur would. For me, I do not look at the lack of scope as a letdown; rather I work on identifying an opportunity and building on it. If I was asked to pick out my most memorable shoot, I wouldn’t be able to. I think all my shoots are memorable in their own way. Each shoot has its own memories. For me, my best moments are seeing people’s reactions after seeing their pictures. Bringing that smile to their face is for me my biggest

Aslesh Kamat and (top) some photos from his portfolio

achievement. As work began increasing, I started feeling the need to have a workplace of my own. Initially, I used to work from home and would set up a make-shift studio as and when required. In April, this year, I took up a place in Margao and set up my studio all by myself. The initial investment was close to `3 lakhs. I now take photography classes as well as rent out the studio to other photographers. As for the future I hope to start a Brand Consultancy firm and a restaurant. I am also an aspiring filmmaker and hope to get into film making someday. If I had to dole out advice to all the young and aspiring photographers, I would tell them to be really passionate about what you do. Upgrade your skills before upgrading your equipment. Travel wherever your work might take you to. Most importantly, remember that no work is small work As told to ALISHA PATEL AUGUST 2014

Business Goa 35


book shelf

Chowgule College first in State to get autonomous status

Margao’s Smt Parvatibai Chowgule College is Goa’s first Autonomous College. The Institute has successfully leaped over all hurdles, with the final nod from University Grants Commission (UGC) allowing it autonomy having come last month. As Goa University statutes that allow affiliated colleges to seek autonomy states that the independent status will come into force only at the beginning of an academic year, Chowgule College will begin functioning as an autonomous institute from June 2015. The College has everything to cheer about as

the State government has allowed colleges seeking autonomy in Goa to continue to receive Goa government grants, despite gaining independence. The autonomy, on the other hand, means complete academic freedom, where Goa University will only award the degree and other certificates to students which will feature the name of the College. Chowgule College, which was the first higher education institute to be established in South Goa in the post-liberation period, has been long aspiring for autonomy, having applied for the status with Goa University at least a decade before the statute for autonomy was introduced. Chowgule College is the only institute of higher education in Goa to have felt ready for autonomy since the statute was introduced in 2013

Anuradha Goyal

The Mouse Charmers The book ‘The Mouse Charmers’ authored by Anuradha Goyal looks at first generation Indian Entrepreneurs, who have disrupted various domains and established their authority. In this book, Anuradha takes us through the journey of 12 entrepreneurs across 3 categories – commerce, content and connectors. For each startup, the information provided is a mix of information sourced from various online sources and interviews with the founders. Each story has been neatly divided into conceptualization, business model, behind the scenes steps for getting the model work, technology spread of the company, and the out-of-the-box ideas deployed by digital entrepreneurs to get the much needed traction in early days. Anuradha has covered major e-commerce players including Zomato, Games2Win, ImagesBazaar, Chai with Lakshmi online talk show,,, Indiblogger and Rang De, Flipkart, Make my trip, Caratlane and The book is good for someone who wants to understand how digital companies work Publisher:


Random House India


St.Xavier’s inaugurates post graduation departments The Post Graduate departments of M.A, MSc. and M.Com organised an inaugural programme to mark the beginning of the new academic year 2014-2015 at St Xavier’s College. An invocation service was conducted by Zelia Fernandes (M.Com) which included an inspirational message through ‘The Pencil Parable’. The Chief Guest at the function was Director, Xavier Centre of Historical Research, Porvorim, Fr. Savio Sebastian Abreu. Present on the dais along with the Chief Guest were Principal, Fr Walter de Sa, course co-ordinators, J P Pacheco (M.Sc), Anika Braganca (M.Com) and Tina D’Cunha (M.A). Fr. Walter de Sa in his welcome address highlighted the conducive academic environment, good facilities and the knowledgeable faculty available to students at the three 36 Business Goa


post graduate courses offered by the College. He also spoke about the good academic performance of the previous year, and hoped that it would be an inspiration to the students. He encouraged the students to unleash their ideas and to express themselves and let their potential flow. Chief Guest, Fr. Savio Abreu, through his address appreciated the college campus, infrastructure and all the achievements of the students. He advised students to have a quest for knowledge and a questioning spirit. He also asked the students to enjoy what they did rather than trying to do what they enjoyed and that, he stated, could be the key to happiness. Lastly, he advised students to read to become more knowledgeable as we live in a knowledge economy and knowledge is power

Across: 1 – Popular smartphone brand (10) 5 – Ability of a company to make quick payments (9) 7 – Roland Garros hosts the French ____ (4) 8 – International Labour Organization, in short (3) 10 – Official order to stop trade with a country (7) 12 – German manufacturer of writing instruments (9) Down: 1 – Currency of Venezuela (7) 2 – Business philosophy focused on continuous improvement of processes (6) 3 – Earnings before interest and taxes, as an accountant would describe in brief (4) 4 – Payment made for use of intellectual property (7) 6 – Minimum attendance requirements for conduct of business by a group (6) 9 – _____ Morris – co-founder of Capital One financial services (5) 10 – Electronic funds transfer, briefly (3) 11 – Live ___ - international music concert which raised funds in 1985 and 2005 (3) answers to crossword 55 Across 1 – Tyrolean 6 – Gardenia 7 – Davis 9 – Ponds 11 – Trend 14 Magna 16 – Spandex Down 1 – Tiger 2 – Roratonga 3 – Lien 4 – Aviva5 – Avis 7 – DST 8 – Inn 10 – HMT 12 – ESTD 13 – DB 15 – AAP


The rafting trips are conducted daily and follow strict safety guidelines. Generally conducted with a minimum group of four, the organizers encourage the groups to be bigger, as they firmly believe in the adage: “the more the merrier!”

Chasing the Mhadei rapids ALISHA PATEL recounts her experience at white water rafting on the river Mhadei


ave you ever sat at your desk and dreamt of being out in the open, breathing fresh air surrounded by dense forest, rafting down a river? We felt the same way and decided to take a day off to experience the thrill of white water rafting organized by the Goa Tourism Development Corporation (GTDC). After a good hour and half’s drive from Panjim to Valpoi, we were greeted by John Pollard of Southern River Adventures who conducts the rafting trips on behalf of the GTDC. John is widely acknowledged as a pioneer of rafting in South

There’s plenty of big waves and bouncy fun, available at almost any water level. Rapids with names like “Big Daddy” “Giant Haystacks” “Y fronts” and “Pipeline” ensure that this never gets boring and you always get drenched

India, having introduced six new stretches of rafting to this part of the country since 1999 and safely rafted 50,000 people accident free. After a quick briefing, we were taken to our starting point at the Ustem village in Sattari. There we were given an intense and informative safety briefing as well strapped on with life jackets and safety helmets. Our trip, we were told would cover a distance of 10 kilometers in 90 minutes. Safety gear and us in place, we set off for what would soon be remembered as a trip of a lifetime. The rafting route borders the Mhadei Wildlife Sanctuary nestled in the UNESCO World Heritage area of the Western Ghats and is open from July to September. In association with Goa Tourism Development Corporation, the Mhadei River drains the outpouring of water from the South West monsoon and offers fine rafting on class two to three rapids with stunning forest backdrops. Following the rowing instructions of our guide, we made our way steadily down the river. As the rapids approached, even the expertise of our guide, could not have prepared us for what was to come. Rowing

through the rapids, we could feel our hearts beat faster and faster as the raft rocked up and down, while the waves splashed all around and all over us. The 10 km run on easy class two to three rapids is filled with fun for the family and adults. There’s plenty of big waves and bouncy fun, available at almost any water level. Rapids with names like “Big Daddy” “Giant Haystacks” “Y fronts” and “Pipeline” ensure that this never gets boring and you always get drenched. As an extra treat, the guides allowed us to take a dip in the calmer parts of the river. As our trip came to an end at the village of Sonal, not only were we drenched from head to toe, but drenched with memories we were sure would last a lifetime and already had the next rafting trip on our minds. The rafting trips are conducted daily and follow strict safety guidelines. Generally conducted with a minimum group of four, the organizers encourage the groups to be bigger, as they firmly believe in the age old adage: the more the merrier! The white water rafting trips are also ideal for a corporate offsite as they encourage teamwork and strengthen bonds between team mates


Business Goa 37

REluctant entrepreneur

To stay in business, the company must train its employees on a continuous basis. The aspect of them leaving for greener pastures is separate and different measures must be taken to retain trained manpower. These measures would mainly be to motivate the employees to stay by providing opportunity for growth, new challenges and a satisfying work environment

To Train or Not To Train

The Author talks about the importance of corporate training

Blaise Costabir The Columnist is a first-generation entrepreneur whose company manufactures ‘Shakti’ water tanks

Training can be OJT. (On The Job) or special courses. Special courses can be in-house or conducted at the location specified by the trainers. Big or small training is a must. For a small company this means that they have to face the opening dilemma.


hakespeare’s dilemma “to be or not to be” haunts every employer when it comes to training employees. For SME units, this problem is compounded by the fact that employees usually leave after getting the necessary experience. Therefore if you train employees they will leave at a much faster pace, than if they were not trained. Given this situation the best option seems to be “Do not train”. 38 Business Goa


I joined a small Company way back in 1986, as their first MBA hire. We grew from a turnover of `12 lacs/year with one factory to `20 crores with 6 factories in the next seven years. Unusually, training was considered a normal requirement. All employees attend courses suited to their jobs regularly. I was sent to Asian Institute of Management to obtain an MBA degree. As far as attrition was considered there were two aspects. One, it was present, but the scale did not suggest that because of training the rate of leaving the company was faster. Secondly, because of the interaction with other participants at training programs there was a constant flow of new ideas as well as increased network opportunities. This in turn benefited the Company through cost efficient methods, new customers and above all employees with a broader view. Today, Quality, Delivery and Cost are at the heart of any buying decision. It is now imperative to have trained manpower who understand the implications of not respecting the customers need for the best quality, at the lowest cost and with the quickest delivery schedule. To

ensure this, companies have to deliver consistently at all levels of an organization. This can only be achieved with a trained workforce. That is why most quality certification makes training mandatory. We deal with MNCs and often hear, a particular employee is away from his seat for hours or days – that he is in training. Two, very often the employee is rotated, so he may not leave but he is redeployed. The effect is that we get used to dealing with new “buyers”. The training imparted ensures that there is a standardised experience. MNCs like Volvo or John Deere or Atlas Copco are close to 100 years old, so training must be important. Training can be OJT. (On The Job) or special courses. Special courses can be in-house or conducted at the location specified by the trainers. Big or small, training is a must. For a small company, this means that they have to face the opening dilemma. Be that as it may, in order to satisfy a customer, an employee has to be trained for the present or the company will lose the customer. Hence it would be a bigger mistake to keep untrained people and

lose customers than to train employees who might leave but the customer will surely stay. Given that I also left the Company that trained me at a huge cost, it became easier to make training a part of my own startup’s DNA. Training is also needed for owners/top managers. We invest money and time to ensure that every employee gets trained and the results speak for themselves. To stay in business, a company must train its employees on a continuous basis. The aspect of them leaving for greener pastures is separate and different measures must be taken to retain trained manpower. These measures would mainly be to motivate the employees to stay by providing opportunity for growth, new challenges and a satisfying work environment. Notice, I have not mentioned more pay. Personally, if an employee is staying just because he gets a fat increase every year, it would be in the interest of a company that such a person leaves, as those motivated by money cannot be much use in the long term. So, train you must, to survive and grow


While analyzing this year’s Budget proposals, many have said that the Finance Minister has announced a macroeconomic Budget, and there is nothing new, no big bang announcements. It is more of the same. Yes, it may be true that many of the policy decisions of the previous government are sought to be continued. But the Government focus is on ‘minimum government’ with ‘maximum governance’

Achcha Budget

Swatee Rane The Columnist is a Practising Chartered Accountant and Member of Institute of Company Secretaries of India

The biggest failure of our economy has been its inability to provide for the very basic human needs of our countrymen


t is the month in which the new Finance Minister has presented his Budget and it is customary to write, analyse, debate and discuss the new announcements made therein. Hence, this month, I shall also stick to the same topic. Frankly speaking, I have always believed that the Budget is only a broad framework which puts forth the government’s proposed expenditure and matches it with proposed revenue. It lays down the roadmap of directives and strategies and through this document, the government tries to stir the nation towards growth and progress. In India, we give a lot of eye and ear to the FM’s Budget presentation, and based on announcements made, the countrymen make an attempt to judge the FM’s job. The proposals for development are balanced against the taxing

proposals and a score card is prepared to rate the Budget as excellent, good, average, or bad. While analyzing this year’s Budget proposals, many have said that the Finance Minister has announced a macroeconomic Budget, and there is nothing new. No big bang announcements. It is more of the same. Yes, it may be true that many of the policy decisions of the previous government are sought to be continued, yet I beg to differ. I believe that the central feature of this year’s Budget has a marked shift of the government’s policies to ‘minimum government’ with ‘maximum governance’. The fiscal prudence envisaged in the Budget proposals shall lead to fiscal discipline and consolidation. In this context, some of the striking proposals of the Budget which have been welcomed by many need a mention: Agriculture: Given the fact that the Indian economy is an agricultural economy, policies of the government which shall help boost the growth of this sector to 4 per cent are definitely encouraging. The proposals for establishing Agricultural Research Institute of Excellence, Agriculture and Horticulture Universities and mobile soil testing laboratories shall enhance research and education in this sector. Amounts set aside for Agri-tech Infrastructure Fund, National Adaptation Fund, Warehouse Infrastructure Fund are noble initiatives. Also encouraging are proposals for Protein Revolution, development of indigenous cattle breeds, blue revolution for in-land fisheries and transformation plans to invigorate the warehousing sector. The additional finance support proposed to be provided to landless farmers through NABARD, and the Long Term Rural Credit Fund shall help in providing the much needed credit support to the Agri-sector. The Price Stabilisation Fund shall help

The Writer gives us her views on the Union Budget

the farmers get assured returns on crops from the government. Infrastructure: No country has ever made real progress without removing the infrastructure bottlenecks. This Budget scores well on this front because a lot of emphasis has been laid for developing the infrastructure. Outer Harbour Projects in Tuticorin, SEZs in Kandla and JNPT, comprehensive policy to promote Indian ship building industry, the Jal Marg Vikas project, new airports in Tier I and Tier II Cities, investments in NHAI and State Roads and work on select expressways in parallel to the development of the industrial corridors are noteworthy. Comprehensive measures for enhancing domestic coal production, coal linkages, solar power projects, and solar parks, use of modern technology to revive old wells and develop pipelines using PPP models will help to strengthen the country’s sagging power and energy sector. Foreign Direct Investments: The Government has sought to promote FDI selectively in sectors such as insurance and defence by raising the caps on foreign equity investments from 26 per cent to 49 per cent. Also proposed are faster clearances for land acquisitions and less onerous environmental impact assessments to push stalled infrastructural projects. Education: Noble initiatives for providing toilets and drinking water in the girl’s schools, setting up teachers training programmes and virtual classrooms are appreciative policies in the education sector. Proposals to set up new IITs, IIMs and simplification of norms to facilitate education loans for higher studies shall give a boost to higher education in the country. Simplification of Taxation:

Raising the tax exemption limit by `50,000, increasing the investment limit under section 80 C from `1 lac to `1.50 lacs, and deduction limit on account of interest on loan in respect of self occupied house property from `1.5 lacs to `2 lacs shall give tax reliefs to individual tax payers. The real estate investment trusts would now be given the benefit of pass through in taxation. Investment allowance at the rate of 15 per cent to a manufacturing company that invests more than `25 crore in any year in new plant and machinery shall help boost investments in the MSME sector. The Finance Minister has declared the government’s commitment to stable tax regime, has assured that the Direct Tax Code shall be reviewed and the Goods and Services Tax shall be rolled in by the next year. In so far as Goa is concerned, we have been presented with a few positive announcements such as the IIT- Goa for higher education, Visa’s on Arrival and changes in the MMDR Act 1957 which may benefit the mining sector. So, before we try and evaluate the Budget as good or bad, let us first accept the fact that the biggest failure of our economy has been its inability to provide for the very basic human needs of our countrymen. No nation in the world has ever progressed by giving a blind eye and a deaf ear to the basic concerns of mankind. The world may be bullish about the Indian growth story, but it is difficult to have economic prosperity, unless we strengthen our creaky infrastructure. A complete overhaul of the economy is the need of the hour. Our PM has very correctly observed, “India will need 500 new cities in the next two decades. Existing infrastructure is barely able to meet the needs of residents with significant shortfalls in the areas of power supply, water and sanitation, housing and transportation” AUGUST 2014

Business Goa 39


We must remember that we are humans and not pendulums swinging from one extreme to another.

Workaholic a thin line of differentiation. Slowly, as our research picked up momentum, we found that there was something deeper hidden in evolution of the word ‘workaholic’. The next in series was to know why people become ‘workaholics’ and its consequences.

Kishore Shah The Writer is an organisational development and talent analytics consultant. He is also the founder sponsor of Goa CSR awards


uring one of my coaching sessions with a senior manager of a MNC, I came across one of his facets, that of having major issues with people management, this despite being a star performer. As the session progressed, he shared that his organizational nick name was ‘Paplu: The Workaholic’. Incidentally, a similar nick name was also given to him by his spouse. This triggered an interesting discussion of what provokes the ‘Workaholic’ nomenclature and what are the root causes and consequences of such work behaviour, and if there is a way to undo this trend? I found that the term ‘workaholic’ probably dates back to the early days of industrialization. Initially those who worked extra hours every day, including holidays, were called ‘Workalcoholics’ analogous to alcoholics! But slowly its manifestations changed impacting the social well being of self and others, which became a grave concern. We literally struggled to differentiate the work behaviour of a ‘workaholic’ with those who were called ‘committed’ or ’passionate’ as there was 40 Business Goa


Here are some findings: 1. Conscious game plan of few corporates and leader’s agenda! Sometimes, reality is better and bitter heard in the corridors of a company rather than its boardrooms. I was indeed disturbed when a very senior HR personnel of a MNC shared that the most insensitive department in his organization was his own and how they succumbed to the pressure of creating cunning ‘Rewards and Recognition’ schemes so as to have an addictive effect and make people work like alcoholics at the cost of their personal and social life. He had in fact named this project ‘12-3’ or ‘Ek-Do-Teen’ ka formula, which means take one person allure him/her with double salary and extract three times the work of a single person. At times, the leader, in his craze of proving himself, or for the fulfilment of the tall promises he/she has made, creates a pseudo sense of urgency with no supporting systems and culture for the execution. It creates a terrific drag on self and others leading to workaholism. 2. Identity crisis and survival pressures supplement workaholic nature Most of us suffer from an identity crisis, a lot of which comes from childhood insecurities. In addition, there is the multiplier effect coming from the peer pressure of performance from schools. All these force us to have a second nature which is like a mask. It envelopes our original self, but is socially

The Author analyses the word ‘Workaholic’ and suggests ways to build a healthy work-life balance

acceptable. Just look around; you will see people behaving like clones from the same role boundedness even when they are at home. What it means is that if a person is a ‘workaholic auditor’, he will carry the same behaviour at a subconscious level even at home and will ask for budgets, scrutinize each and every expenditure, hold family to task, etc. Similarly, a ‘workaholic six sigma trainer’ forces similar systems at home. A motivational speaker treats his family as an audience at all times. If one is director of a manufacturing unit, he will tend to treats his home as a shop floor. One slowly disconnects with the authentic self and eternally remains in a state of stress and strain. The indicators are evident. Just access their social life and you will see growing forced bachelorhoods or staying together as a family interestingly has reversed, family members lead separate lives and staying together happens only on a holiday or if luckier, on weekends. This anomaly is conveniently masked under a jargon “We are spending quality time”. The consequences, however, are alarming as quite often, it takes a toll on their children who either underperform or are directionless. 3. Competitive rivalry augments workaholic nature. Making ‘Economy the only guiding way of life’ builds competitive rivalry and such fiscal pressures devalues social interactions, hobbies, etc forcing people to look through a fixed lens to experience the world, in a way making them blind to several emerging patterns in their own jobs and relatedness with their family members resulting in dimmed sensitivity which slowly breeds workaholic nature. 4. Strained family life fuels workaholics.

Most of those who have strained family life or divorcees often use their office as a stress buster and an escape route. In the bargain, however, they also tend to pressurize others to follow a similar routine. The ‘if being senior, I can put in so many hours of work why can’t you’ attitude results in building insensitivity for self and others, thus creating a chain reaction and multiplying the workaholics till it reaches a critical mass unknowingly, as also creating an organizationwide workaholic work culture. 5. Career race speeds workaholism As one climbs higher up the corporate ladder, the space shrinks and uncertainty grows. There are people desperately waiting to grab the opportunity if you underperform or fail or show casualness even for a moment. Hence, the pressure to perform and hold on is mind boggling. Also, there are not enough choices for job hops, thus leaving people with no choice but to accept additional responsibilities, over perform and thus, one gets sucked into the vicious cycle of working extra to keep a significant margin. Workaholic Anonymous… There are very few organizations but when we compare these numbers on a larger canvass, practically none conduct periodic ‘Stress and Strain’ tests for their employees who have to thrive on stress and who ideally have to ‘Re-engineer their work force’ based on the report. Most organizations still depend on weekend pubs/dance floors or monthly picnics as remedial action. But these are not remedies, they may, at the most act as pain killers, offering momentary relief. It is high time that we move towards creating a system which detoxifies the work place and also our personal work habits. Analogous to the ‘Alcoholics

Anything that is done in excess causes imbalance. Our life is many times larger, simpler and meaningful

Anonymous’ there is pressing need to start ‘Workaholic Anonymous’ centers either in the industry. Or may be NIPM or NHRD needs to take initiative in this direction and move away from their rhetoric workshops which are so easily predictive and jargonish because these associations have the strength to bring the change if they focus and energize. Here are few inputs for building a physically, socially, mentally and spiritually healthy work force: 1. Predict and Plan for the idle time upfront It all starts with planning flaws, as it is based on two wrong assumptions. The first is that we will be always engaged and occupied and the second, that the world is static and everyone will behave as per our plan. Hence, the moment we get into execution, the reality shocks us resulting in execution gaps.

It is time that we gear up to plan for ‘idle time’ which means that if we are forced to idle either by external forces or internal issues, how are we going to engage productively similar to an alcoholic who does not get his regular fix and has to cope with withdrawal symptoms which make him more violent and aggressive. 2. Organization wide interventions 1. It is important to revisit the Vision-Mission-Values with reference to the changing environment and engage into ‘Work Force Re-engineering’ on a regular frequency. 2. Periodic evaluation of systems and procedures and elimination of Non value added activities is a must. 3. Substituting the work force time by using digital technology for value added and required non value added work.

4. Periodic stress/strain tests and remedial actions to be lined up for all key positions. In fact, an organization’s overall health report by a reputed third party should be a mandate for the AGM report. 5. Providing a ‘Life Skills Coach’ to those who have to encounter stress or those who work on critical projects so that they can open up, unwind, rejuvenate and enrich with the experience and expertise of the coach. 6. By ‘listening to help lines’ the organizations can tie up with reliable NGOs who are working on ‘Prevention of suicidal tendencies due to depression’. They provide toll free helplines and the idea is that their trained staff helps the person to speak out or express without any inhibition which significantly reduces the pressure. 7. Engage in a CSR project and not events as this will keep the employees purposefully engaged

and enable them to explore their hidden talents and in the bargain, also obtain the joy of having done something good for a cause rejuvenates one’s spirit. We must remember that we are human and not pendulums swinging from one extreme to another. Anything that is done in excess causes imbalance. Our life is many times larger, simpler and meaningful if we restrict our consumption to ‘need based’ and not ‘greed based’ workaholism and problems associated with it are almost eliminated. It is said that ‘Success is not final and failure is not fatal’. Life means to keep moving without any pride or prejudice, experiencing every step and every moment without getting intoxicated with power, fame, work, identity crisis, etc. There is a Tibetan proverb that says “Remember where you’re climbing to, and don’t just stick to the ladder”


Business Goa 41


Interestingly, all the reasons for not investing in businesses stared by women are to do with her being a woman and nothing to do with the idea! So the VCs may suggest she get a couple of good male co-founders to off-set the churn created by her gender!

Damn you do, damn you don’t!

The Columnist mentors entrepreneurs (, teaches entrepreneurship across the globe and is the author of ‘Entrepedia’, the best-selling book on how to start your own business in India.

Entrepreneur first, woman next! There are a few women who have beaten these odds, not just by having faith and conviction in their business idea but by articulating it in no uncertain terms


have found it fascinating to observe the behaviour of women entrepreneurs. I have seen three categories. The first one is a girl straight out of an engineering or business school, full of beans, cheered on by friends, encouraged by her favourite professor, to start a business. It is highly likely that her idea may be incubated on the college campus and she becomes the poster girl for that batch – the girl who sat out of placements to build a business. The second category are women who take a decade long sabbatical from their corporate careers to bear the mandatory two kids and a white picket existence and then struggle to make a business out of their hobbies – baking chocolates or 42 Business Goa


How do VCs treat this overture? In the first category, the VCs will be somewhat indulgent. They may like her business idea and may even think it has potential but they will not risk investing in it. The questions that weigh against her are: What happens when she gets married? This is a very loaded question with multiple layers. Her getting married could mean moving to another geographic location, it could mean husband does not like the idea of his wife running a business, or expects her to join an MNC and bring home beaucoup bucks, instead of faffing around with a yet-to-make-money startup. How will she manage time between being newly married, especially in India where you don’t just marry the guy, but to his whole family? Or it could mean what happens if she gets pregnant on her honeymoon? How will she manage the rigour of a first time pregnancy with that of an equally demanding start-up?

Goan women entrepreneurs from different walks of life

What happens if she gets bored with the idea (women apparently get bored more quickly than men do)? This one is layered too. She may get bored simply because she is fickle. Or she may get bored because she is not seeing the magic numbers she expected. Or she may get bored because the husband is not as generous as dad when it comes to shopping money! Or worse, she hardly has any time now to enjoy the romance of a new coupling. What happens if marriage does not turn out to be the fairy tale that it was touted to be? Will she be able to run the business when she’s on an emotional roller-coaster in a soured marriage? Will her start-up be the first casualty, both because she is not ‘with it’ emotionally and because she needs financial security now, so taking up a job makes better economic sense? Interestingly, all the reasons for not investing are to do with her being a woman and nothing to do with the idea! So the VCs may suggest she get a couple of good male co-founders to off-set the churn created by her gender! In the second category, the rejection is point blank and idea related, not so much gender

related. The VCs will tell her that her business idea is not feasible to scale, and if scaled, not profitable enough! Why? Because she is messing around with a hobby and pretending to build a business around it. In the third category, the woman entrepreneur’s behaviour becomes the showstopper. She creates an excellent pitch and makes a kickass presentation to the VC, she is extremely knowledgeable about her domain, she knows who her customer is and she has all her resource requirement pat down to the last penny for the next three years. The several rounds of meetings go extremely well and on the day the term sheet has to be discussed, she develops cold feet and insists on bringing a husband or a male friend to the table. Why? Because she thinks she will be short-changed in the negotiation because she is a woman! That is when the VCs develop cold feet and the deal is off the table. Moral of the story? Entrepreneur first, woman next! There are a few women who have beaten these odds, not just by having faith and conviction in their business idea but by articulating it in no uncertain terms. So at the deal table what the VCs see is not a woman but a consummate entrepreneur!

This article is reprinted with permission from Quartz India

Nandini Vaidyanathan

making papiermache lamps, or running a day care centre. The third category is of those women who took no break in their corporate careers, worked in large IT MNCs in ‘the bay area’, and came back to India either because ‘the girls are growing up’ or because ‘my parents are growing old’. Along with their husbands or friends or former colleagues, they start a business, mostly in the internet space. In all the three cases, the first round of investment is from father, husband and own savings respectively. Let us say all three go to market successfully and are convinced that they can scale the business. And in order to do so, they need serious funding. So they approach venture capitalists.

Pic : Alistan Dias

The Columnist talks about the challenges faced by women to become entrepreneurs at various stages of their lives


People’s utilization of Facebook as an e-commerce platform demonstrates that Facebook can make you money – not just friends. Indeed, the recently announced partnership between Facebook and Amazon depicts Facebook’s ambition in this area

Will Facebook kill websites? Not many saw this coming. But make no mistake – Facebook is attempting a feat to kill the very idea of websites! This is how…

U. Mahesh Prabhu The Columnist Author is Hon. Director, CGRI; Consultant, Businessworld; Advisor, Exchange4media and CEO, Technoved

Experts fear that the website might as well be a thing of the past and their guess is that Facebook could be the driving force behind this breakthrough


ot so long ago, the online game was relatively subtle. You’d get a website up, ensure that it’s useful to target customer(s) and, at least, moderate in aesthetics. Then, you kept them updated and make it search engine savvy to conduct a handsome business for yourself over the internet. Today, things are changing fast and soon change the rule of the game. Experts fear that the website might as well be a thing of the past and their guess is that Facebook could be the main catalyst of this happening. The news is that Facebook 44 Business Goa


is quietly waging a proxy war on websites on three fronts: The First Front The first front is on ‘battle of expectations’ where the online social media networking major’s focus is to change the way people perceive information exchange online. Historically people have sought ‘web pages’, today their perception is about ‘social objects’ that which are invariably smaller, more direct piece of content. Like a fussy deconstructed salad at any down-town restaurant in US with ridiculous unisex bathrooms, Facebook is anticipating people to publish, in tiny bursts of words, pictures, videos and single purpose apps, rather than the page-length containers and complicated databases of yore. As a matter of fact, this is precisely why Google is apparently afraid of Facebook. Google has been earning handsomely by reading and ranking Web pages all these years. If this standard unit of publication becomes rather small social objects like ‘status updates’ and ‘photos’ published and ranked in real-time by people themselves, Google’s role in that equation is finished. Facebook commenced a major, yet underreported, initiative in this direction when they enabled companies to publish to Facebook member’s feeds for anyone that ‘liked’ a web page. What this means is that

even if you don’t like a particular Facebook fan page, you can now see these page updates when your ‘friend’ on Facebook ‘likes’ that page or its contents.

– not just friends. Indeed, the recently announced partnership between Facebook and Amazon depicts Facebook’s ambition in this area – to use the social connectivity data, which only Facebook has, to power massive advances in customization and relevancy of information on the web at large. Today, should you log on to Amazon and connect through your Facebook account you’d see friend’s birthdays and ‘purchase recommendations’ based on what your friends have ‘liked’. It is a revolutionary idea, indeed! Now will that make Facebook account an official passport on the web? We got to wait and watch.

The Second Front The second front of Facebook’s war on website is in the areas of operations and functionality. One of the reasons companies continue to put a lot of emphasis on their websites while still maintaining a robust Facebook page is owing to conventional belief that Facebook can’t do all the things that a website can. Facebook is trying its level best to counter this. Utilizing FBML (Facebook Markup Language) and an array of brand new ‘easy-to-use’ Facebook tab customization, Facebook is trying to include on your fan page an array of ‘engaging content’ and functionality that which were previously the sole property of a standalone website(s). And Facebook fan pages are often easier for marketers to update than corporate website(s). Adding on is Facebook’s enhancements to its Insights Analytics products which aims to give its clients information about their visitors that far exceeds the data available from Google Analytics – another issue playing up Google’s worry box. People’s utilization of Facebook as an e-commerce platform demonstrates that Facebook can make you money

The Third Front The third front of Facebook’s war on websites is on the idea of push v/s pull. The trick with websites is the never-ending desire to feed the monster, through search optimization, public relations, banner ads, skywriting, or whatever other means you might have designed to let people know that your site is out there and worthy of attention. With over 500 million users and adding, Facebook is sure to twist that equation to its favour. Now the essential question is whether it’s worth diverting a substantial amount of your online budget to Facebook? Going by the conventional wisdom it’s definitely unwise to put too many (or all) eggs in the same basket. You must also realize that you are, at the end of the day, building your marketing program on a rented land with Facebook. The amount of control Facebook would have (or has) over data and interactions on the internet is truly unprecedented. For a great many reasons, they definitely seem less trust worthy than Google. So, whether Facebook succeeds or fails, it’s definitely keen to undo the idea of websites. And the game is worth all our time, attention and energy

cyber DIVA

Employees often don’t realize the risks being introduced whilst sharing, sending or receiving corporate information on a Smartphone or tablet, especially if it is a personal device

Stay safe. Surf safe

In this day and age of technology, with growing dependence on gadgets, gizmos and work on the go, how safe is your company’s information and sensitive corporate data?

Shabnam Shaikh The writer is a Business Development Head and Cyber Security Fellow with Rakshit Tandon (a leading Cyber Security expert)


ith time, the ways of conducting business have evolved and continue to evolve. In order to make our global presence felt, we’ve networked massively, from websites, to multiple office sites, to virtual offices. But what makes the world your playground for business, is a revolution that came to force in the 1980s – the Internet. By choice or by chance, we are forfeiting privacy that I don’t think as individuals we fully understand. Today, in a digital world, cyber security is the key to safeguarding the most precious assets that any business holds, namely: • Intellectual property • Customer information • Financial data • Employee records, among others Back to the corporate world, is cyber security still considered a purely technical matter? Or do businesses understand that it is meant for safeguarding their most precious assets? Not only do companies face a myriad of threats, their exposure grows as they invest in technologies like mobile, social 46 Business Goa


media, and cloud. Mobile, in particular, challenges the business because suddenly, corporate data can be widely accessed outside of the enterprise. Employees often don’t realize the risks being introduced whilst sharing, sending or receiving corporate information on a Smartphone or tablet, especially if it is a personal device. Likewise with social media, where the line between personal and professional can become blurry, employees inadvertently may be disclosing sensitive information. Called data leakage, it can happen when employees share seemingly innocuous details, such as the airport they are in or the coffee shop they are frequenting every morning. Others within their social networks can use these clues, along with profile information about their jobs, to ferret out potentially sensitive information, such as the identity of a financially troubled company or a potential acquisition target. Where’s the data? The guiding principles for all business strategies are driven, in a large part, by their data. Companies have to ask this seemingly simple question to themselves: What’s our most sensitive data? Surprisingly, many companies can’t even begin to answer that question. As companies undertake this foundational exercise, they will ask: What data do we have? Where is it located? What laws and regulations apply to them? What controls do we have around them? Are we sending data to third parties? If so, is it being handled securely? There’s much work to be done here. For companies that have grown through mergers and acquisitions, there’s the additional hurdle of getting a handle on data sources, not to mention different

Companies need to ask themselves this seemingly simple question: What’s our most sensitive data? Surprisingly, many companies can’t even begin to answer that question policies, processes and systems that were inherited with each merger or acquisition. In the process of evaluating what’s currently in place and where the company’s attention needs better focus, some organizations find it helpful to conduct an outside assessment of their current operations. Often, when companies get a glimpse into what really is going on, they are surprised. They discover that the biggest problems may be caused by their employees. For example, companies may find that workers lack even a basic awareness of the information security risks to which employees are subjecting the business when they don’t follow policy; for example, they fail to change default passwords or they leave their computers on when they go home. Some companies bring in outside security experts to conduct an assessment, particularly if an organization wants to test the security of its

networks. This Vulnerability Assessment and Penetration Testing (commonly known as VA and PT) plays a vital role to penetrate a company’s network to pinpoint vulnerabilities and fix it. A security assessment also might reveal that the company has not kept up with the changing IT environment, especially one in which business units or employees have independently added their own devices or applications to the mix. All too often, businesses maintain the status quo but don’t adequately address how these latest technologies and new ways of working put them at risk. Acknowledging and recognizing that organizations are dynamic, and that cyber criminals are always innovating, is especially important for companies to consistently monitor and test what they have in place. I cannot stop at emphasizing how important it is to assess the position of your current IT system, especially as we are all inching closer on being completely dependent on cloud computing. Far more than a defensive measure, companies should be pro-active and realize that cyber security can better position their organization with business partners, customers, investors, and other stakeholders

what’s up goa

Incredible India Festival at Goa Marriott Resort to celebrate Independence Day Goa Marriott Resort & Spa presents the imperial flavours of our great nation’s varied cuisine on the occasion of its independence, at the Incredible India Festival at Waterfront Terrace & Bar, from 7-15 August. Undertake a glorious gastronomical journey as you delight in exquisitely delicious fare from the different regions of India. Dig into the tandoori temptations of North India, and relish the bountiful vegetarian repast of the South. Savour the aromatic curries of the Western region, and sample the delicate flavours of the East. Let Incredible India weave its captivating magical web as you partake of this week-long magnificent dinner buffet, culminating in the grand Independence Day Brunch on 15th August. Explore our country’s formidable culinary diversity with lavish buffets, live cooking

stations and the finest Indian beverages carefully selected to complement the cuisines of all regions. Specialty dishes include Gosht Rogan Josh, the signature Kashmiri delicacy, and the traditional Punjabi Sarson Da Saag. Feast on the scrumptious Dahi Pudiney Ke Kebab and Khoya Khubani Ke Koftey, and taste a bit of Bengal with the Sarson Bata Maach. Accompanied by the flavourful Amritsari Kulcha or the crisp Khasta Roti, the resultant explosion of flavours will transport you to the seventh heaven. Polish off your meal with some irresistible Gulab Ki Kheer or the South-inspired Pal Payasam, to satiate those tingling taste-buds. Indulge in this irresistibly incredible spread as you celebrate India’s independence only at the Goa Marriott Resort& Spa. Call 0832-246-3333 for table reservations

Myra Vineyards opens up mid and entry level wines segment for Goa

Bangalore headquartered Myra Vineyards, is all set to introduce its mid level wines Myra wines and entry level brand, TwoHeaded Bird, across Goa. Myra foresees gaining a significant foothold in one of the most lucrative alco-bev markets in Western India. Elaborating on the brands ambitious plan for Goa, Ajay Shetty, the brand’s Managing Director said “The current boom in the Indian wine producing segment encourages us to be aggressive with our market entry plans. We see 48 Business Goa


Goa as a game changer as it opens up a whole new wine-drinking spectrum for us. Given our product offering caters to both experimental as well as refined tastes, we are confident to put forward a market spinner for Goa.” As a part of its first phase, Myra will be conducting several wine appreciation sessions at various hotels and restaurants to popularize its award-winning wines across different target groups. The brand will be available across leading retail outlets in Goa in the coming months. The company plans to release, 1000 cases of Myra Wines and Two-Headed Bird with a 60:40 split in Goa over the next few months

August Rush at Cidade de Goa Alfama

All through the month of August, Cidade de Goa has very special events planned to keep you coming back for more. Right from August 5, emotions will come alive. The monsoons evoke emotions that cannot be explained in words. With Fado, music filled with melancholy, love and longing, your emotions come alive. From 8 pm onwards, Goa’s popular Fadistas will perform to your heart’s delight in the quaint ambience of Cidade’s award winning restaurant, Alfama. And a menu with a variety of authentic Portuguese delicacies made to perfection completes your gourmet experience. Reserve your table right away.

Very few things bring as much happiness as good food, soothing music and a beautiful drizzle. This month, their chef’s choice at Alfama, the chef’s speciality dining, is Recheado – an authentic Portuguese recipe, meaning stuffed. It is a rich chilligarlic-tamarind masala that adds a tangy undertone to seafood. Revel in its divine aroma and enjoy it amidst a beautiful ambience. Celebrate this 67th year of India’s Independence and the colours that signify Courage, Peace and Prosperity at Laranja. Here’s a feast right up your street. Enjoy delicious chaat, hot samosas and mouth-watering pakodas at their special ‘Street Food of India’ fest at Doçaria on 15th &16th August For reservations or more details, call Cidade de Goa on 2454545

Sparkpluggers to host Entrepreneurship MasterClass Workshop in Goa on Aug 16 & 17 Sparkpluggers Innovation Lab, a non-profit venture based in Pune, is dedicated to developing the entrepreneurial eco-system by encouraging and nurturing entrepreneurship in Tier-2 cities. Sparkpluggers’ has organized various activities and has been helping aspiring entrepreneurs to start-up. Sparkpluggers is visiting Goa for organizing Entrepreneurship MasterClass on August 16 and 17. The first of its kind Entrepreneurship MasterClass will help individuals learn and create business models and validate their business ideas. The workshop will be hosted by CIBA. Sparkpluggers have formulated a unique recipe for helping the wanna-preneurs to ex-foliate their dreams over the weekend. The workshop is expected to be full of fun filled activities while the participants learn the nuances of business ethics, scaling up and funding etc.

The curriculum is designed so that the participants will be continuously required to keep their grey cells working at zillion transactions per second. Helping the participants will be seasoned professionals and industry experts from diverse fields which include Vikram Mehmi, Milind Joshi and other seasoned local mentors. They will be guiding the participants on how to create a vision for their venture, how to define customer segments, how to connect with customers to validate value proposition, how to define distribution channels and so on. The participants will go through ‘learn by doing’ model for selecting best business ideas and refining their business model assumptions within the week end. The participants will have to work late evenings to finally present their validated business models to the panel of mentors/ investors

Britain’s Deputy High Commissioner Kumar Iyer attends British Business Group (Goa) AGM

(L to R)Ashish Prabhu Verlekar, Shakeel Manerkar, Kumar Pillai, Peter Pinto, Kumar Iyer (British Deputy High Commissioner, Martin Bale and Greg Johnson

The British Business Group which provides a popular forum for British and Goan business pesons to network informally in a sociable environment held their AGM recently. The meet, which deliberated on various topics, was held in the presence of Brtish Deputy High Commissioner Kumar Iyer, Guest Speaker Martin Ghosh and President of Goa Chamber of Commerce Narayan Bandekar. As they marked their

sixth year of activity, the BBG acknowledged the outstanding performance by its outgoing President Beryl Nasse. The AGM also touched on the works done by the Group over the last year, including collaborations with the GCCI and the planning for the national conference which will be held in December. The AGM was well attended by members of the Group who also expressed their best wishes to Beryl


Business Goa 49


MAnipal hospitals

Super specialities care now in the heart of Goa

Manipal Hospital Goa, a unit of the renowned Manipal Health Enterprises, covers the complete range of preventive, curative and rehabilitative care. Among the super specialities they offer are Cardiology, Cardiothoracic Surgery, Diabetes and Endocrinology, IVF, Medical Gastroenterology, Neo-natal – ICU, Nephrology, Neurosurgery, Nuclear Medicine, Oncology, Paed Surgery, Paediatrics – ICU, Plastic Surgery, Radiation Oncology, Rheumatology, Surgical Gastroenterology, Surgical Oncology, Urology and Vascular Surgery. Meanwhile, their list of specialities include Dental Medicine, Dermatology, ENT, Dietary, General Surgery, Internal Medicine, OBG, Ophthalmology, Orthopaedics, Paediatrics, Physical medicine and rehabilitation, Psychiatry, Respiratory medicine and Pulmonology, Physiotherapy and emergency services. The Manipal Heart Institute has gained a reputation as one of Asia’s largest comprehensive cardiac care centres and with good reason. Among the major services offered here are a state-of-the-art digital Cath Labs, full-fledged cardiac

operation theatres, Nuclear Cardiology Division, 24-hour complete laboratory, Fetal Echocardiogram, Ambulatory BP monitor and 24-hour Holter monitoring. Manipal Ankur is a joint venture between Ankurspeciality hospital focused on andrology, reproductive medicine and men’s health. It specialises in providing comprehensive Andrology services and infertility services. The hospital’s Department of Orthopaedic includes a fully equipped ultra-modern orthopaedic Operation Theatres (OT) equipped with laminar air flow system which keeps the OTs germ free, a fracture tables, a C-Arm X-Ray machine and Arthroscopy. All their implants and instruments are imported and conform to the highest international standards. The Department of Oncology at Manipal Hospital Goa has the latest amenities which help in correct and accurate diagnosis. Depending on the nature and stage of cancer, Manipal Hospital Goa provides a wide range of treatments like radiation therapy, chemotherapy brachytherapy and their areas of expertise in

the Onco department include medical Oncology, Surgical Oncology, Radiation Oncology, Clinical Haematology, Nuclear Medicine and Therapy. Gastroenterology has been one of the fastest growing specialties in the last 10 years. The impact is in terms of diagnosing and treating complex gastro intestinal problems using advanced technology. Focus is to offer and carry out treatment for all Gastrointestinal, Liver, Biliary and Pancreatic Disorders along with Gastrointestinal Cancer with highest standards of ethics, competence and safety. The Departments of Nephrology and Urology at Manipal Hospitals consists of specialists and support staff who are widely acknowledged as the best in the country. The Hospital offers dialysis services with state-of-the -art machines and qualified dialysis technicians and nursing staff. Manipal Hospitals have a team of world renowned neurologists and neurosurgeons, many of whom are faculty members with extensive experience in teaching and research. The Paediatric department at Manipal Hospital, Goa provides

excellent, world class state-ofthe-art primary and specialty care for children and translates possible emerging technologies into new clinical therapies. The Department of Plastic and Cosmetic Surgery uses the most advanced surgical techniques along with sophisticated equipments. The department of vascular surgery is suitably equipped with state-of-the-art amenities. A recent addition to the surgical technology at the centre is Laser and Radio Frequency Ablation for varicose veins. The Urology Department at Manipal Hospital Goa offers a comprehensive facility for diagnosis and treatment of complex genitourinary problems in adults and children. The department specialises and extends an array of urology services. Manipal Hospital Goa has been set up with the objective of making the services of qualified and experienced medical professionals available to the people of Goa. For Emergency Service Call: 8888702222

Harpreet Pasricha releases book on Diet Clinic’s 1st Anniversary their commitment, several awards were distributed by Pasricha herself. Pasricha also took the opportunity to thank Goans for their support in making her year long journey to wellness here highly successful. The other major highlight of the day was the unveiling of Pascricha’s book ‘Nourish with Food & Flourish with Dr. Kedar Padte, Narayan Bandekar and Harpreet Pascricha

It was truly an evening to remember as the members of Diet Clinic- Powered by Harpreet Pasricha, gathered together at the Citrus Banquet Hall recently to celebrate with gusto their first anniversary, thus marking a year long walk towards health and 50 Business Goa


wellness. This milestone could not have been achieved without the support of the health conscious and fitness lovers throughout Goa who, too, were present at the event. Honouring

Diet Clinic Team with Shraddha Jobanputra (centre) and Nitin, Nabhya and Nayana Bandekar (extreme right)

Health’. Doing the honours was Narayan R. Bandekar, President of GCCI and Dr. Kedar Padte. As a dietician and nutritionist with considerable experience in helping people achieve their health goals, Pasricha had since long considered in penning down a book that could reach out to help more people looking to ‘walk down the path to a healthy and new you’. Through her book, she hopes to spread her ideology to even more people across India. On the whole, a well organized and glorious evening was put together thanks to the sincere efforts of young entrepreneur Shraddha Jobanputra and the Diet Clinic Panjim franchisee

Consumer rights

GCCI’s Consumer Affairs Committee hosts awareness programme G a n g a r a m M o r a j k a r , Chairman of the Consumer Affairs Committee, GCCI welcomed the audience and highlighted the objective of the awareness programme and Ms. Deepali Naik, Amita Salatry, Adv. Shubhalaxmi Naik, Gangaram Morajkar, Ramakant Khalap, Dr. Jagannath (Desh) Prabhudesai and others Director, Civil Supplies and Consumer Affairs The Consumer Affairs Committee former union Law Minister and introduced the Chief Guest. of The Goa Chamber of former Chairman of State Law Delivering his keynote Commerce & Industry hosted Commission graced the function address Adv. Khalap, said that an Awareness Programme for and was the Chief Guest. The the common man has got scared consumers by way of a panel panelists were Dr. Jagannath after many defaults in the real discussion “Guidance to Builders Prabhudesai, Chairman CREDAI, estate industry has come to light. and Buyers”. The programme Goa Chapter; Adv. Subhalaxmi He warned the consumers, being was supported by Department of Naik, a former member of the buyers, that they should Legal Metrology and Department Consumer Protection Council; verify the every documents Civil Supplies and Consumer James Mathew, Sr. Town Planner regarding land, as it is the most Affairs, Government of Goa. and V.B. Devidas, Asst. Registrar important factor in the chain and Adv. Ramakant Khalap of Co-operative Societies.

get themselves satisfied before venturing ahead, as many flaws have come up in land records. He lamented that, after more than 50 years of liberation of Goa the land records have not been scientifically documented. The panelists gave an overview of as to what documents and approvals the buyers should look for when they take a decision for investing in a property, recourse to laws under Consumer Protection Act in case of breach in agreement by the builder and procedures and rules to be followed for formation of Co-operative Housing Societies. Sunil Morajkar introduced the panelist and V.R. Naik Director Department of Legal Metrology proposed the vote of thanks. Ms Amita Salatry, Co-Chairperson, Consumer Affairs Committee, GCCI was the compere


Goa Chamber of Commerce & Industry hosts “Budget Talk” The Goa Chamber of Commerce and Industry, in association with Goa Branch of Western India Regional Council of Institute of Chartered Accountants of India, arranged the annual ‘Budget Talk’ which was well attended by Chartered Accountants, representatives of the business community and the general public. A team of Direct and Indirect Tax experts from consulting major, Ernst & Young delivered the Budget Talk and spoke about the budget proposals so as to give the Goan public an expert critique of the Government’s policy initiatives. CA Amrish Shah spoke on Direct Tax Provisions and CA Sarika Goel spoke on Indirect Taxes. Welcoming the audience, Narayan Bandekar, President, GCCI said that the people had given a massive mandate in favour of NDA in the hope that it would be able to take the country on a path of growth and that there were a lot of expectations from the Government. He said

(L to R) Sandip Bhandare, Amrish Shah, Narayan Bandekar, Navin Daivajna and Sarika Goel

that the tax experts from Ernst & Young would explain if the budget meets those expectations. CA Amrish Shah said that GDP was expected to grow at a rate of 5.4 to 5.9% in FY 2014-15 and that is why the government had correctly identified manufacturing as the thrust area. He said that among the key policy announcements was the formation of Expenditure Management Commission to look into various aspects of expenditure reforms as food continued to be the biggest

subsidy by the government. Other key announcements he said were: Introduction of Infrastructure Investment Trusts (InvIT) for infrastructure projects, similar to REITs, to attract long term finance; Intent to find a solution for implementation of GST in the course of this year followed by approval of legislative scheme; Reforms in the Banking sector and commitment to not to ordinarily bring about any retrospective change in tax amendments. CA Sarika Goel mentioned

that there have been no major changes in the basic rate of Customs Duty and Excise Duty. However there is some rationalization in the Excise Duty rates to promote manufacturing. Significant limitations have been introduced in case availing CENVAT credits on input and input services within 6 months and inter unit transfer of credits for large taxpayers is stopped. Effective rate of Service Tax remain unchanged and negative list is pruned. She said the industry was expecting much more changes and rationalization in the tax rates which has not happened and hoped that the Hon’ble Minister will address these concerns in the next budget. CA Navin Daivajna, Chairman, Goa Branch of WIRC of the ICAI introduced the speakers and CA Sandip Bhandare, VicePresident, GCCI presented them bouquets and mementoes. CA Yeshwant Kamat, Secretary, Goa Branch of WIRC of ICAI proposed the vote of thanks AUGUST 2014

Business Goa 51

smart invest

Somerset Indus Capital Partners look bullish at the healthcare sector SANDOR MEDICAIDS: A medical products distributor focused on the Critical Care segments of Hospitals with a strong presence in Nephrology, having developed a chain of Hospital based Dialysis clinics, 15 in number and growing with 3000 dialysis per month which can be potentially carved out and developed into a separate operating company providing additional value to the fund investment.

Avinash Kenkare (L) and Mayur Sirdesai

Somerset Indus Capital Partners (SICP) is the investment manager to Somerset Indus Healthcare Fund, a fund registered in Mauritius. SICP is a healthcare focused Private Equity fund which seeks to make influential minority private equity investments primarily in growthoriented small and medium sized healthcare companies in India. SICP is led by Avinash Kenkare, a private equity professional with 15 years of successful investing experience in over 15 transactions and by Mayur Sirdesai, a healthcare/ pharma professional with over 19

years of experience in operations and consulting services. The Somerset Indus Healthcare Fund is a $27 million (`160 crore) fund and the ticket size (investment per company) stand at around $2-5 million (`10-25 crore) A well-known private equity fund, Avista Capital Partners, with more than $ 4 billion under management and a leading healthcare focused fund of funds, Spectrum, are both part of the Health Evolution Partners that have made significant commitments to the Fund. The Fund has made three investments:

EXPRESS CLINICS: A chain of Family GP/ Diagnostics Primary Care clinics operating out of Pune and expanding to Mumbai, Delhi, Bangalore and all major metros with a focus on new suburbs in urban metros to provide a strong OPD network across the country. Cygnus Medicare – An asset light super-specialty chain of hospitals developing a network of 100 bedded hospitals across West Delhi and Haryana PROGNOSYS MEDICAL SYSTEMS AND CHAYAGRAPHICS: A medical imaging equipment manufacturer focused on developing, manufacturing,

and marketing digital radiology solutions for domestic and other developing markets. Chayagraphics is a sister concern which focuses on medical imaging consumables distribution for the Indian market. With a strong pipeline of potential investments across specialty clinics, medical devices and specialty pharma, the Fund team is evaluating the potential of creating a second fund with a corpus of about USD 125 million (INR 750 crore) from both domestic and overseas investors. Among the post investment value adds that the fund offers are, strong networks in India, US, Europe and Israel, where products and services can be sourced and introduced to portfolio companies, a highly experience and networked team that is able to identify and access such personnel in the area of healthcare wherein they can have a significant impact on the growth of the business and team members who can support the portfolio companies, build a strategy which would define the vision, mission and goals of the company as well as their strategic and implementation initiatives


First all new Sunny delivered in Goa by AM Ventures AM Ventures Goa, the authorised 3S partners for Nissan Motors in Goa recently delivered the first all new Sunny in Goa to Hitek Brass Products Pvt. Ltd.. The new Nissan Sunny is a premium sedan with head turning exteriors featuring an aerodynamic design with a bold chrome grille and boomerang headlamps for the stylish modern touch. The exterior design is complemented by luxurious and sensible interiors with premium leather seats and an array of features such as the piano black console with silver finish, premium steering wheel with integrated controls and 52 Business Goa


Poonawalas of Hitek Brass Products (L) with Ashton Godinho, Lara Menezes and Tomas Menezes of AM Ventures (R)

lots of interior space, all coming together to create a premium ambience and take the new Nissan Sunny to a whole new level of luxury. The luxury theme carries on to the class leading fuel efficiency of 16.95 kmpl in petrol and 22.71 kmpl in diesel variants and segment leading safety features such as front and side airbags and the standard ABS+EBD+BA combination. Prices for the all new Sunny start at `6.99 lacs and `7.99 lacs ex showroom for the petrol and diesel variants respectively and with the launch of the new Sunny, A M Ventures is proud to present Goa with a new experience of luxury in everyday driving

HR Mantras

Taking the lead means seeking out opportunities for improvement and following them, whether they are new ways to please customers or even better ways of motivating the team

Taking the Lead in becoming the best Unless you attempt to take the lead, you cannot be a leader.

The Business Step Sit back with your team and reflect on what the best means to your business, and then take the lead in achieving this. The Business Point Taking the lead to be the best requires you to aspire to be the best.


eing a leader is about taking the lead about all the little things you do to achieve this. For example, it might be about taking the lead in providing a new buzzing style of service to customers and all the little steps necessary to create this buzz. It might be about taking the lead in getting intractable problems sorted out, for example volunteering at your

management meeting to get the car parking problem fixed. There is a great deal of debate about the difference between a manager and a leader. The answer is simple. A leader is a person who aims to be the best in a designated arena and takes the initiative in becoming so. Becoming a leader is not a right that is assigned to an employee by virtue of promotion to supervision or management. A real leader is someone who wants to take the lead, who wants to pick up the ball and run with it, score goals and put their team in a winning position. Effective leaders don’t wait to be told what to do. They do it first because they are the first to see the need and seize the opportunity. Whatever the size of their team and whatever their place in the organization, leaders are a driving force in doing the biz. At one level it might mean taking the lead in resolving a complex customer complaint, at another taking the lead in raising quality standards. A leader is a person who owns and resolves

a problem, who detects a need for change and then takes responsibility for effecting it. A leader seizes accountability. Taking the lead means seeking out opportunities for improvement and following them, whether they are new ways to please customers or even better ways of motivating the team. Here are some examples of the kind of lead you can take as a team in order to be the best: 1. Work exceptionally hard to achieve the best results for the business so that you never let the company down and are always in the lead when it comes to meeting if not exceeding targets. 2. Pioneer new ways of motivating your team so that you become a leading example in the company of generating high morale (for example, agreeing that they can work at home whenever they think best). 3. Take the lead in encouraging your team to win accolades that reflect their excellence. 4. Do your best to fight battles on behalf of your team when

you genuinely feel they deserve better (for example, obtaining the latest and most up-to-date training). 5. Pushing back the boundaries of service to your customers (internal or external) by aiming to be world-class in everything you and the team do for them. 6. Become the spokesperson for all that is best in the company, speaking at conferences, writing articles and generally extolling the virtues of working there (and thus becoming one of its customers) 7. Achieve the highest standards by leading the way in getting all the little things right, paying attention to detail, and ensuring that these little things make a big difference. 8. Take the lead in ensuring that your team has the best and latest equipment, whether it relates to computing, telecommunications, or any other systems. Invariably, leadership is about winning and creating an organization where the team wins, the customer wins, and overall the company wins AUGUST 2014

Business Goa 53



Old world charm, home food comfort A dining experience at Ruta’s World in Margao will leave you craving for more of her home-food styled, hearty portioned delights, finds RACHEL FERNANDES

Pasta with sausage Ragu

The interiors of Ruta’s World and (inset) Ruta Kahate


here’s a sense of familiarity that engulfs you as you walk into Ruta’s World located in a quaint by-lane of Margao, a stone’s throw away from the famous Hospicio. Maybe it’s the soulful music being played or the various paintings and posters that adorn the walls or maybe it’s the pastry counter laden with a range of delectable looking goodies, or maybe the friendly face behind the counter, or maybe it’s all of these put together. Ruta Kahate and hubby Neville de Souza had a definitive plan in mind when, upon their return from San Francisco, USA, they set up Ruta’s World Café – a local eatery with a global menu. That is exactly what the duo has achieved. While the ambience is warm and welcoming, the food tends to remind you of good old rustic home-styled cooking, quite possibly what your grandmother or mother would dish up. Best of all, the portions are generous to a fault, bursting with subtle flavours, neither overly spiced or seasoned and colourful courtesy the freshness of the ingredients. ‘Home-made’ is the cooking mantra Ruta swears by. The menu itself is an eclectic mix and broken down into nine sections – gourmet sandwiches, terrific toasties, chunky salads, comfort 54 Business Goa


food, soulful soups, fab fries, snacky bites, drinks and sweets. Interestingly, Ruta has a brand new menu drawn up which she plans to launch soon. The chilled lemongrass cooler is an ideal start to the meal. It’s not overtly sweet and best of all, no ice to sip around (the ice is optional). Next up is a silky smooth roasted red pepper and tomato soup with basil oil and a garlic crouton. Much to our delight, it is served in a dainty tea cup. The vibrancy of the red, the subtle basil flavour and the crunch of the crouton all blend beautifully with each sip. Known for her generous portioned sandwiches, we opt for a Veggini and a Hot Roast Chicken Toastie. The Veggini is made with Rosemary Foccacia bread slathered with a basil pesto and stuffed with seasonal roasted veggies and served with a side of homemade pickled carrots, cucumbers and onions and spiced potato chips. The best part of this sandwich is the perfect bead to filling ratio. It’s a similar story with the chicken toastie as each mouthful reveals a generous filling of chicken chunks, sautéed onions, jalapeno and melting cheese. From the ‘menu of the day’, we opt for a Rosemary Roast

Chicken toastie

Chicken with green beans, potato and onions and a Shepards Pie with green salad. Our server dishes out a delicious looking chicken leg with just the right amount of char from the roasting and yet succulent and flavourful without being over-seasoned. Accompanying this is a whole roasted onion and two potato halves, crunchy on the outside and buttery soft on the inside. The sautéed green beans and fresh lettuce and tomato salad dizzled with a vinegeratte add an element of vibrant colour to the dish. Every mouthful of the generous portion of the Shepard’s Rosemary Roast Chicken with green beans, potato and onions

Pie is just delicious. The mince, cooked with peas, sweet corn and carrots, is flavourful without being spicy. The potato topping is fluffy with a pleasant crunch on top, thus giving a dish a variety of textures. A dish we have been looking forward to, the Pasta with sausage Ragu, comes out next and the first mouthful itself is enough to blow our minds. The beautifully al dente penne is cooked in a sauce of crumbled chorizo and tomato. Again, it strikes us about the pleasure of having flavours dancing about on our palette. The chorizo itself is slightly toasty on the outside and soft and succulent inside. We were wondering how we would stomach desserts, and yet when they were served – an apple crumble with crème fraiche, a chocolate bread pudding and Tres Leches (a three milks cream pudding) – we happily tucked into them. What really stood out for us was the crumble of the apple crumble and the subtle sweetness of the chocolate bread pudding. As we walk out of Ruta’s pleasantly stuffed, we can’t help but reminisce about our just concluded fabulous meal and already chalking out a plan for another visit


Anniversaries are a perfect occasion to celebrate and Business Goa did just that. To commemorate its 5th year of being the ‘Voice of Business in Goa’, this magazine came out with an anniversary special issue dedicated to the ‘Power of 5’. This 136-pager anniversary special was launched at a glittering ceremony last month. Doing the honours of unveiling the issue was Goa’s Honourable Chief Minister Manohar Parrikar. In his address, the CM lauded the efforts of Harshvardhan Bhatkuly in providing the State with a platform for business persons and enterprises to gain publicity for the excellent services provided as well as to express themselves on various issues of economic importance. Parrikar also commented about how there are plenty of business opportunities for those willing to spot them and with a healthy appetite for necessary risk taking. Meanwhile, while addressing the gathering, Editor-Publisher Harshvardhan Bhatkuly recalled the five-year journey of Business Goa, right since its inception and the early days and went on to express his gratitude to his team members, readers, advertisers and well wishers for having faith in the magazine and backing it up

Urvija Bhatkuly

Rajesh Dempo

Deepak Bandekar

Rajiv D’Silva

Lata Bhatkuly

Atul Naik

V.B. Prabhu Verlekar

Rajiv Nevgi

K K Sekhar

Gaurang Suctancar

Sandip Bhandare

Manguirish Pai Raikar

Tallulah D’Silva

Shyam Haridas

Aakash Khaunte

Parag Sardesai

Sanjay Bharne

Rajkumar Kamat

Nilesh Salkar

Anuradha Deshpande

Parag Joshi

Sandeep Sood

Sanjay Shetye

Gaurish Dhond

Sushant Tari

Mahesh Pai

Cezar Pinto

Bhagyashree Patwardhan

Pratima Dhond

Darryl Pereira

Ved Bhatkuly

Sangana Gosalia

Rohan & Marushka Coelho

56 Business Goa


Dinar Bhatkar and Nandan Kudchadkar

Pics: Siddhesh Mayekar

Business Goa celebrates 5th Anniversary with ‘Power of 5’

Ramakant Kamat

Viraj Dhond

Manisha Naik

Shiva Baba Naik

Rajesh Colvalcar

Ashutosh Kharangate

Manish Karapurkar

Shalmali Dhond

Manoj Patil

Naguesh Rao Sardessai

Rashmi Chittal

Raghu Shetiye

Nidhi Kenkre

Krishnakant Kamat

Ajit Singbal

Rajesh Kenkre

Rotary Club of Panaji Riviera’s Charter Night held

Dilip Salgaocar

Dr Vinaykumar Pai Raikar

Pics: Yogesh Lolyenkar

Madhavi Bandekar Shetye and Clare Marchon de Souza

The installation ceremony of the new Board of Directors of the Rotary Club of Panaji Riviera was held recently. The Chief Guest for the function was Rtn Dilip Salgaocar who expressed confidence in the Club’s ability to carry out projects that will make a difference to society. The Rotary Riviera team for the year 2014-15 is led by Rtn. Clare De Souza as President. The function was a dual celebration of both, the installation ceremony and the Club’s 10th Charter Nite. Assistant Governor Rtn. Rajesh Salgaonker, released the Rotary Riviera Club Bulletin ‘The Rivulet’. After the installation ceremony, Cristiano a professional saxophonist from Cuba mesmerized the guests and members with his performance

Vishnu Tarcar

Nitin Kenkre

Prasad Pawar

Dr. Shekhar Shirwaikar

Dr. Mahesh Pai

Pallavi Salgaocar

Yogish Dempo

Rajesh Salgaonker

Abhijeet Shetye

Meghana Sawardekar

Natalie Vaz

Jeet & Reema Tolani

Kalyani Dempo

Angad Singh Bilochpura

Siddharth Zantye

Tanvi Doshy Sawant

Supriya Pilgaonkar

Yatin Kakodkar

Denzil Xavier

Paresh Sawardekar

Praveen Zantye

Raja Melvani

Neeta Rajani

Bindiya Dempo

Yogesh Kulkarni

Sairaj Dhond

Maya Shirwaikar

Atreya Sawant

Dr Sandeep Kenkre

Dr. Sunil Kenkre

Pradeep Dhuri

Sunaina & Paresh Thaly


Business Goa 57

NEWSMAKERS Vishnu Surya Wagh wins P K Atre Puraskar St Andre MLA Vishnu Surya Wagh was recently conferred the Archarya Atre Sahitya Puraskar for being a poet, dramatist, journalist and orator. The prize will with conferred on him on August 13. The maverick politician is known for his creative side. He had also recently made news for his newly released books. Describing Wagh’s talent for poetry as “zabardast kala”, CM Manohar Parrikar congratulated the MLA for winning the prestigious award. Aside from his political career, Wagh is well known as a prominent playwright. A number of his plays like ‘Tuka Abhang Abhang’, ‘Suvari ‘, ‘Teen Poishancho Tiatro’, ‘Dharmashree’, ‘Pedru Poddlo Baient’ etc. have won critical acclaim. He has also emerged a top-ranking poet in the literary field. Wagh has, to his credit, six volumes of poetry and had directed over 50 plays in Konkani and Marathi. A powerful orator, too, Wagh earlier served as Editor of Marathi Daily, Gomantak

Elvis Gomes to head Goa Football Asscn. Elvis Gomes was recently declared elected unopposed as the new President of the Goa Football Association (GFA) at the Annual General Body meeting at Hotel Mandovi. His official announcement signals a new step in Goan football. And, while Lavino Rebello from Anjuna held on to his post of North Goa Vice President, Schubert Furtado was elected unopposed as Vice-President South Goa. GFA elections saw a 100 per cent turnout of clubs minus Churchill Brothers, who were declared ineligible to vote as they defaulted in clearing dues owed to GFA. Altogether, 173 clubs cast their ballot out of the 174 clubs to decide the fate of one of the most important Executive Committees that will face the most demanding administration skills ever with the FIFA World Cup Under-17 matches being allotted to Goa in 2017

Oscar Nazareth’s Licor Armada wins Int’l Wine & Spirits Competition in UK Licor Armada, a Goan liquer recently won the top award at the 2014 International Wine & Spirit Competition in UK. This is one of the oldest and most prestigious competitions of its kind that recognizes the most outstanding wines and spirits in the world. Licor Armada is the first Indianmade product to receive this accolade. Speaking about the win, Oscar Nazareth states that he is absolutely delighted to receive such an honour. Despite being launched in the markets only 18 months ago, Licor Armada has already conquered the world’s most prestigious spirits medal having beaten competitors from major global markets. The IWSC boasts of the most highly qualified group of judges of any wine and spirit competition in the world. The winners were selected by an international panel of 300 expert judges who tested over 5000 entries received from over 90 countries around the world 58 Business Goa


Charles Bonifacio is new President of Skal International (Goa) Charles Bonifacio was recently installed as President of Skal International (Goa) for its fourth term at their 4th Annual General Meeting recently. Bonifacio is a leading tourism professional for over two decades. He was also the Past President of Indian Junior Chamber Panaji, Past President of TTAG, Past President of Rotary Club of Panaji Midtown, Tourism Committee member of GCCI and presently Chief Executive of Alfran Group of Hotels. In his acceptance speech, Bonifacio reiterated his commitment to social causes and networking and fostering business worldwide amongst skalleagues. The Chief Guest for the evening Rear Admiral Balvinder S Parhar, Flag Officer Goa Naval Area and Flag Officer Naval Aviation, applauded the good work being done by Skal (Goa) and said that doing business amongst friends is upliftment of self being and progress in society

Milind Shankhwalker installed as President of Rotary Club Panaji Mid-Town

Rtn. Milind Shankhwalker has been installed as 17th President along with Board of Directors of the Rotary Club of Panaji Mid-Town for the Rotary Year 2014-15. The function was graced by well known actor Nana Patekar as Chief Guest, who was also inducted as Honorary member of the Club. Delivering the keynote address, Patekar spoke about the excellent work done by the Club and said that he was touched by how various projects has helped bring about positive changes in the life of under-privileged, further he advised individuals to share their resources for the benefit of others. One of the premier Rotary Clubs of Goa, Rotary Club of Panaji Mid-Town, with its dedicated members, has been serving the community with their projects in the area of health, education and community development. Shankhwalker is the co-founder of printing solutions firm, Midway



1. Which comics publisher is associated with the heroes Superman, Batman and Wonderwoman? 2. Which luxury car brand once owned by Vickers and later by Volkswagen, was sold to BMW in 2002? 3. The much in demand eggs of the Atlantic Sturgeon are called 4. Which company did Hakim Hafeez Abdul Majeed set up with the name that signifies ‘sympathy for all’? 5. The Basset Hound breed of dogs is the mascot of which shoe brand? 6. Identify this business duo Answers to BG Quiz 61: 1. Tata Group 2.Tom Peters 3.McDonald’s 4.Lord Swraj Paul 5.RollsRoyce 6.Vikas Sikka of Infosys Email your entries to First all correct entry will get 1 year’s subscription to Business Goa

Profile for Business Goa

Md bg aug 14 web  

August 2014 issue of Business Goa

Md bg aug 14 web  

August 2014 issue of Business Goa