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Asian Voice & Gujarat Samachar - 2011 3

Britain has lost ground in the world’s economy and needs to catch up. Over the lastdecade the UK economy became unbalanced and heavily indebted.

We have set out a credible plan to tackle the deficit and bring about economic sta-bility. The economy is growing and there are a number of reasons to look to the futurewith confidence. Our exports are gathering pace, employment is increasing and invest-ment is picking up. But the fact that we can now look ahead with some confidence is onlybecause of difficult decisions we’ve already had to take.

But economic stability is not in itself sufficient to deliver sustainable growth. Oureconomy must become more balanced. Private sector growth must take the place of gov-ernment deficits and prosperity must be shared across all parts of the UK. We want toremain the world’s leading centre for financial services, but we should become a worldleader in other, more diverse, sectors too.

We have to step up a gear. Our Plan for Growth aims to give the UK the most com-petitive tax system in the G20 and make it the best place in Europe to start, finance andgrow a business. It will encourage investment and exports as a route to a more balancedeconomy; and aims to create a more educated workforce that is the most flexible inEurope.

At Budget we took the first steps towards making these ambitions a reality. With cutsto corporation tax, to encourage greater enterprise; support for SME finance, to increasebusiness investment; and steps to ease burdens on business to create additional jobs. Butas a Government, we can only do so much. It’s the private sector who will inevitably leadthe recovery and having a strong and stable financial sector is an important part of thisstory. We need a financial sector that supports consumers and businesses up and downthe country.

By dealing with the deficit and working closely with business, we can provide thecertainty and stability that businesses need to grow and invest in the UK. It is in this pri-vate sector-led recovery which Asian business will play a significant role and I am delight-ed to introduce this year’s special Finance, Business and Insurance edition of Asian Voice.

Danny AlexanderChief Secretary to the Treasury

Danny Alexander_A4 Temp 16/05/2011 14:58

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Asian Voice & Gujarat Samachar - 2011 5

Money- some say it is not everything, yet noth-ing is possible without money. When MorarjiDesai was the Finance Minister of India in

1960s, there was an incident which may be of somerelevance in today's ‘economic environment’. Thosewere the days of 'license raj' in India and the GDPgrowth was the renowned 'Hindu rate'. The FinanceMinister brought several provisions in the budget andthe so called reforms were in today's terms- economichardships. A businessman in Mumbai was so hardpressed that he drank poison to commit suicide. Thepoor fellow did not die because the poison was adul-terated and the police charged him with a criminaloffence- an attempt to commit suicide. Even today, insome states farmers have been committing suicide, pri-marily due to lenders' harassment. Here the situation ismuch better.

In the UK and most of the developed economies,the governments have bailed out banks though theywere mainly responsible for the sub prime rate mort-gage episode- the mother of 'rich man's greed'.

The Institute of Fiscal studies have reported thaton average each family lost £500 over last 12 months-most significant drop since 1981. Savers are penalisedbecause of negligible bank deposit rates. The newincentive given by the think tank has encouraged hun-dreds and thousands of Britons to take advantage ofthe scheme to alleviate the impending increased infla-tion.

In this 11th edition of the FBI, you will find aninteresting and perhaps thought provoking messagefrom the Chief Guest- Rt Hon Danny Alexander - ChiefSecretary to the Treasury. Amongst several benefits ofthe Coalition government, one distinct advantage is theLiberal Democrat talents which were almost ignored orunder utilised for several decades. In this special issuethere are several articles from professionals in variousfields which I believe are useful to safeguard yourselffrom today’s economic fluctuations and perhapsprogress more effectively in economic activities.

My journalists have been talking to so many Asianbusinessmen and women and the prime message is

Comment

very clear. Those businesses whether in retail, whole-sale, import, export, hotels or nursing homes, even inprofessions, those who were able to add value to theirproduct, services or those who were able to focus oncreativity (not mere spinning) and innovation, havemuch more secured future. I am happy to note thatmost Asian entrepreneurs are aware of this basic prin-ciple which is enshrined in Kautaliya's Arthashastra(Treatise on Economics and Politics).

This magazine will reach 25,000 subscribers ofAsian Voice and Gujarat Samachar and someonesomewhere will definitely take the message and createa better future for themselves and for our country.

I am confident that with our traditional values andmindset, the Asian entrepreneurs will increase andenhance their economic participation. After all, theyhave weathered the difficult period very well. We are atough community. When the going gets tough, thetough gets going. In about four decades, we have beenable to curve out a significant role in Britain.

FBI is a modest attempt to encourage furtherprogress. I would like to express my sincere apprecia-tion to the Chief Guest, contributors, supporters espe-cially the hardworking ABPL team- lead by George inthis project.

With Best Wishes

CB PatelPublisher/Editor

Making and Managing money

CB Comment_A4 Temp 16/05/2011 14:56

London sam_A4 Temp 16/05/2011 12:37 Page 1

Asian Voice & Gujarat Samachar - 2011 7Asian Voice & Gujarat Samachar - 2011 7

Since I won a competition in theFinancial Times to predict the value ofthe FTSE 100 over a 12 month periodand came first by being accurate within0.5%, I have regularly asked to giveforecasts.

As I said on BBC and CNBC at the start of thisyear the US markets for the year as a whole willbe up 15%. The UK markets will follow like an

obedient spaniel.Why? Company profits. Markets move on expec-

tations. We expected far worse earnings after the cred-it crunch. So stock markets sold off and became cheap.Companies expected poor profits and so they cutcosts. But exports held up. Disaster wasdenied, or at least delayed by ‘QE’ and sothe consumer merrily bought and Chinaand India did too. So profits rose.

Of the US stocks, the most rec-ommended largest US stocks are:Samsung, Coca-cola, Apple (I am ashareholder), Goldman Sachs (I am ashareholder), Google, Oracle,Chevron, according to data byBloomberg.

Am I not forgetting something?Unemployment, EU country default dan-gers, government spending cuts, tax rises,inflation, commodity prices, rising oil? Surelystock prices cannot rise with all this going on?Ummm…yes they can. Unemployment is receding. EUdebt defaults are being bailed out by printing money,which yes causes inflation which in turn leads to risingstock prices anyway; government spending cuts arebeing substituted by private sector orders for compa-nies, commodity prices are being hedged by compa-nies or leading to outright profits (eg BP). So where isthe pain? Tax, but it is slowing down growth, not killingit.

But do consider some warnings. To quote WarrenBuffett, “We see the growth in corporate profits asbeing largely tied to the business done in the country(GDP), and we see GDP growing at a real rate of about3%. In addition, we have hypothesized 2% inflation. If

profits do indeed grow along with GDP, at about a 5%rate, the valuation placed on American business isunlikely to climb by much more than that. Add insomething for dividends, and you emerge with returnsfrom equities that are dramatically less than mostinvestors have either experienced in the past or expectin the future. If investor expectations become morerealistic — and they almost certainly will — the marketadjustment is apt to be severe, particularly in sectors inwhich speculation has been concentrated… “Fools giveyou reasons, wise men never try.”

On this basis, given that India has the highestGDP of any democracy in the world – your returns areclearly best there. But never mind my views, or thoseof Warren Buffett’s – what about yours? So in the ageof Facebook in anticipation of this article I posted apoll: ‘If you had to invest in the equities of one of thesecountries which is your favourite?’ The results at thetime of writing are: 58% for India; 25% for US; 0%

for China, 8% for UK and 8% for Japan.My most favourite Indian stock: Tata

Motors. Do you really need me to spell itout why? The great thing about it is youcan buy it as a spreadbet on a UKwebsite as I have done so any gainsare tax free.

Back to caution: “Examine therecord of, say, the 200 highest earn-ing companies from 1970 or 1980

and tabulate how many haveincreased per-share earnings by 15%annually since those dates. You will find

that only a handful have. I would wageryou a very significant sum that fewer than 10

of the 200 most profitable companies in 2000 willattain 15% annual growth in earnings-per-share overthe next 20 years,” said Warren Buffett. The point isthe current rate of profit growth which some of thelarge British and US companies are producing present-ly cannot of course last. But the issue with the marketis always ‘when’ not ‘how’ or ‘what’. So when will themusic end?

In the words of the Chairman of Goldman SachsAsset Management – “What will happen in 2012?Don’t know, will worry about that later’.

Alpesh B Patel, founding Principal PraefiniumPartners (Private Equity) and Advisor toSterlingMarkets.com. Twitter: @alpeshbp. Blog:www.alpeshblog.com Facebook: alpeshp1

Crystal BallWhere will you makemoney in 2011?

Alpesh B Patel, founding Principal

Praefinium Partners (Private Equity)

Alpesh FTSE_A4 Temp 16/05/2011 14:54

Life Policy ReClaim_A4 Temp 12/05/2011 12:10 Page 1


The Canadian comedian (of Indiandescent) Russell Peters once joked inhis stand-up routine that the Chineseand the Indians cannot do businesstogether. “Indians cannot live withouta bargain and Chinese can’t give you abargain.” He then proceeds to relate astory of a Chinese market stall holderwho when requested to reduce theprice of a bag down from 35 Dollars,leaves the Indian customer displeasedwith this reply – “You seem like niceguy. I give you good price. 34.50”.

If, like above, your discount-seeking cultural sensibil-ities drive you to bargain hunt in the governmentbond sector, you may be sorely disappointed, for it

seems neither US nor UK’s debt is looking cheap cur-rently. Contrarily, you may even feel, as Bill Gross ofPIMCO suggested, that your pockets are beingpicked.

The yield on a UK Government bond (also calleda Gilt) that pays a coupon of 5% and matures inMarch 2012 is a paltry 0.61%. But you might also havenoticed inflation in the UK was recently reported to bea target busting 4%. Like Russell Peter’s Indian con-sumer, you might already be starting to get annoyed– “What?? I get a measly 0.6% for lending to the UKgovernment but then they wipe my money out with4% inflation? Yeah, that’s fair!”

It is pointless lending to the government unlessyou agree to lend money for a longer period. Buyinga Gilt maturing in 10 years yields 3.4% while inflationis expected to average around 3.1% a year. You couldmake a small gain on your investment.

It helps to remember a bond’s price alwaysmoves in the opposite direction of its yield, so that ifyields rise, bond prices will fall, and vice versa.Investors have enjoyed a twenty year bull market asthe yields on UK, European and US governmentbonds have declined along with policy rates in theseregions.

After this decline to record lows, many city ana-lysts now expect there to be a natural turnaround inbond yields as policy rates rise. After all, how long

can the Bank of England’s interest rates stay at 0.5%,they ask. The expectation is that the Bank willincrease rates to combat high levels of inflation, withthe first rate hike coming even as early as August.This will drive Gilt yields up and prices down.

In the US, government bonds or Treasuries arebeing purchased chiefly by the Federal Reservethrough the Quantitative Easing II program. This isexpected to end in June. The question on everyone’smind is who will take up the buying instead. Willthere be a drop in demand and hence a fall in theprices of these bonds?

These are all valid concerns. The high cost ofgovernment bonds plus the bleak prospects aheadmakes investors rightly justified about shunning these‘riskless’ securities. But there are two sides to everytrade just as the Indian customer’s annoyance aboveis matched by the insistent Chinese seller.

There are some dissenting voices in the bondworld who expect the prices to rise further still andyields to fall lower. What could drive this? A possibleslowdown in the UK or global economy, (not com-pletely out of the question, as evidenced in recentfalls in commodity prices, house prices and highunemployment levels) could drive investors who areuncertain about the future to sell risky assets likeequities and buy into the safety provided by govern-ment bonds. Furthermore, traditionally big bond buy-ers like banks and pension funds are likely to keepdemand high for longer dated issues. High demandleads to higher prices.

In addition, understandably, there is a differencein opinion about UK inflation. Just as some expectinflation to keep rising (thereby eroding bond returns),others expect it to be a temporary blip and to fall nextyear. These people place the chances of a rate rise,not in August as mentioned above but further in thefuture. Therefore, in the short term, they do notexpect yields to rise, or prices to fall.

Are bonds expensive? Quite probably. Do theystill provide a good opportunity for investment? Itdepends on which side of the argument here youagree with.

Bond MarketBargains Aparna Ram,

Investment Analyst,Seven Investment Management

Aparna_A4 Temp 16/05/2011 16:23

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Ultimately there are two main types ofinvestor:

Institutions – who think of wonderful ways to createfurther products that they can sell to other institutionsand private clients and of coursePrivate clients – Now these are the most impression-able. They look and listen and read about how muchmoney the institutions have made and then think theymust know what they are doing. Really??

Things are changing – as the internet educates,informs and also confuses people more on who reallydoes know how to make money in the financial mar-kets. Who ever invented the CDO’s – the product devel-oped probably by some PHD student who told his bossthat a really cool way to off load our mortgage risk isto package it into a bond and call it a CDO - A collat-eralized debt obligation, or a bunch of debts thatpay an average interest rate per month to us. But thisis a debt instrument (a bond) that is backed by a poolof other bonds… a house built from cards you may say,as the ratings agencies like Moody’s had little idea onhow really to rate them… and the market in them werecontrolled only by the institutions.

What has all this got to do with Spread Betting:Well, what is implied from the title – Betting

implies gambling… Surely that means that you can losemoney. Well Lehman Brothers and Northern Rock paidthe high price for seeing the world through rose tintedglasses and assuming the world will always pay itsmortgage debt, and on time and forever.

I will not go into the detail but there must come apoint where all the products’ that can be invented musthave been invented in financial services. The skill thenfor the firm is not to create new products that helpfinancial organisations to crumble like we saw in 2008,but require skills in how well do we really know themarkets, that help us all!

Spread Betting – probably better termed SpreadTrading is a product that has helped many privateclients learn how to manage their own portfolios bet-ter. A bit of education is all that was needed.

Motivations normally lead to errors! What do wemean by this? Basically Institutions have to find newproducts to continually fan an ever increasing pool offunds that pour in from pension funds and insurancecompanies. Sometimes those products create a level ofrisk that needs to be quantified. With betting – the riskis always quantified by how much you have staked atthe table… You can always walk away from the table.

The motivation for staff is they cannot just walk awaythey are beholden. They are paid to perform a func-tion… they have no more advantages anymore … Withtight regulations and increasing presence of a watch-dog is limiting their performance. This is fantastic newsfor us private clients… We have no such restrictionsand so ours is a purer motivation, just to add that littleextra to the pay packet that we may enjoy a day outwith the family. Of course a lot more can be made, butunlike a casino our losses are not limited to the stakein spread trading, they can be much greater.

So simply put – Private Clients have now the upperhand and all thanks to complete transparency. The rea-sons to choose spread trading and the common mis-conceptions can be summarised as:l Simple access to on line platforml In UK at present the tax rules allow us to make prof-its that are tax freel If we know how to make money on spread tradingthen maybe some of that capital can be used toincrease my actual portfolio.l Private clients have an advantage that institutions donot – Flexibility and no-one looking over their shoulderl Access to global markets all on one platform

It can be argued that if you want to trade shortterm then you are in effect a market maker, a LIFFE orCBOT trader, as there is no difference to the real moti-vation – PROFIT. The time for the little man has comeand we should embrace all the tools to maximise ourknowledge and expertise

Spread Trading has evolved, as means that bringsthe global markets that much closer to you… the inter-net now allows you to pit your skills against the profes-sional where only 10% are really good. Do not befooled by titles – trust your judgement it’s probably bet-ter placed!

Spread BettingEvolves Paresh Kiri,

Investment Manager atSterling Markets

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Asian Voice & Gujarat Samachar - 201113

Investors and traders around the worldsee the Forex market as a newspeculation opportunity. Beforeadventuring in the Forex market weneed to make sure we understand thebasics: how are the transactionsconducted in the Forex market? Or,what are the basics of Forex Trading?This is what this article is aimed to, tounderstand the basics of currencytrading.

1) Understand the fundamentals: There are many fac-tors that influence the FX market including commodityprices, interest rate yield, economic data, sheer vol-umes of business, terrorism/natural disasters, cen- tralbank reserve selling, Mergers & Acquisitions, and polit-ical uncertainty.2) Use Technical Analysis: This now has more andmore influence over the day trader’s rationale andhence currency flow. There is a wide range of signalsthat can be ascertained from chart interpretation basedon price history and now a huge supply of software isavailable that can notify you of good trading opportuni-ties before they happen.3) Know when economic data is released:Opportunities can be missed within seconds leading upto and after key data is published or interest rateannouncements are made.4) Limit Orders: Maximize your opportunities by plac-ing orders in the market at your desired levels at entryand exit to make the most of a favourable trend ratherthan pay the “spread” between the bid and offer price 5) Stop Loss Orders: Minimize the impact of adverseprice movements by placing a firm order at your cho-sen worst case level. The additional use of a TrailingStoporder can still allow you to benefit from a favourabletrend without losing too much of that gain in the eventof a sudden reversal. 6) Use Options contracts: Calls and Puts can helphedge larger positions if the outlook is less clear7) Overnight Trading: Many opportunities are missed

by “day traders” overnight when the markets are lessliquid and therefore potentially more volatile. Look toplace orders into New York and Asian markets.8) The “Kipling” Method: As Rudyard Kipling oncewrote, treat victory and defeat with equanimity. Don’tget too excited when you win or too depressed whenyou lose !9) Don’t get greedy: No trader, however good or expe-rienced is ever going to always hit the highs and lowsof the move. Remember that it’s easier to sell in a bidmarket and vice versa. Leave something in the mar- ketfor someone else. And finally..........

10) The first cut is the cheapest !Don’t be stubborn. If you think you’re wrong to holdonto your position then you probably are.......Maintaining high levels of discipline both in amount oftrade and execution is vital to successful trading.

What is traded in the Forex market?The instrument traded by Forex traders and

investors are currency pairs. A currency pair is theexchange rate of one currency over another. The mosttraded currency pairs are:

EUR/USD: Euro GBP/USD: PoundUSD/CAD: Canadian dollarUSD/JPY: YenUSD/CHF: Swiss francAUD/USD: Aussie

These currency pairs generate up to 85% of the overallvolume generated in the Forex market.

Understanding theBasics of CurrencyTrading

Currency Trading_A4 Temp 16/05/2011 16:14


So, for instance, if a trader goes long or buys theEuro (EURUSD), she or he is simultaneously buying theEUR and selling the USD. If the same trader goes shortor sells the Aussie (AUDUSD), she or he is simultane-ously selling the AUD and buying the USD.

The first currency of each currency pair is referredas the base currency, while second currency is referredas the counter or quote currency.

Each currency pair is expressed in units of thecounter currency needed to get one unit of the basecurrency.

If the price or quote of the EUR/USD is 1.2545, itmeans that 1.2545 US dollars are needed to get oneEUR.

Bid/Ask SpreadAll currency pairs are commonly quoted with a

bid and ask price. The bid (always lower than the ask)is the price your broker is willing to buy at, thus thetrader should sell at this price. The ask is the price yourbroker is willing to sell at, thus the trader should buy atthis price.

EUR/USD 1.2545/48 or 1.2545/8The bid price is 1.2545 (traders sell at this price)The ask price is 1.2548 (traders buy at this price)

PipsA pip is the minimum incremental move a curren-

cy pair can make. Pip stands for price interest point. Amove in the EUR/USD from 1.2545 to 1.2560 equals15 pips. And a move in the USD/JPY from 112.05 to113.10 equals 105 pips.

Margin Trading (leverage)In contrast with other financial markets where you

require the full deposit of the amount traded, in theForex market you require only a margin deposit. Therest will be granted by your broker.

The leverage provided by some brokers goes upto 400:1. This means that you require only 1/400 or.25% in balance to open a position (plus the floatinggains/losses.) Most brokers offer 100:1, where everytrader requires 1% in balance to open a position.

The standard lot size in the Forex market is$100,000 USD.

For instance, a trader wants to get long one lot inEUR/USD and he or she is using 100:1 leverage.

To open such position, he or she requires 1% inbalance or $1,000 USD.

Of course it is not recommended to open a posi-tion with such limited funds in our trading balance. Ifthe trade goes against our trader, the position is to beclosed by the broker. This takes us to our next impor-tant term.

Margin CallA margin call occurs when the balance of the

trading account falls below the maintenance margin(capital required to open one position, 1% when the

leverage used is 100:1, 2% when leverage used is 50:1,and so on.) At this moment, the broker sells off (or buysback in the case of short positions) all your trades, leav-ing the trader "theoretically" with the maintenance mar-gin.

Most of the time margin calls occur when moneymanagement is not properly applied.

It's very important to understand every aspect oftrading. Start first from the very basic concepts, thenmove on to more complex issues such as Forex tradingsystems, trading psychology, trade and risk manage-ment, and so on. And make sure you master every sin-gle aspect before adventuring in a live trading account.

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Currency Trading_A4 Temp 16/05/2011 16:13


But from whom – the Bankers or the

Politicians?

Hands up anyone who doesn’t admire JamesBond? He must surely be one of the most envi-able characters ever created. Everything about

him is awe-inspiring – handsome, strong, intelligent,dashing, sophisticated…well you know the rest. It isunsurprising, therefore, that the last Bond film‘Quantum of Solace’ (which means ‘small amount ofcomfort) was a huge hit. The story was based onBond’s discovery of an international cartel (formed byvery rich individuals) who took control of Bolivia’s watersupply and then threatened the government that if itdid not pay extortionate rates to ‘buy’ back the waterthe population would suffer a terrible drought. Alongcomes James, who is actually on a revenge mission tofind the despicable devils who killed his girlfriend, andinadvertently foils the whole dastardly plot. In doing sohe exacts his ‘quantum of solace’.

While this is certainlya gripping story but it doeshave a somewhat familiarring to it. An internationalcartel capturing vitalresources…then coercinggovernments to pay hugesums of money…the vic-tims being the poor inno-cent person on the street?If one was to be cynical itcould be argued that thefilm was actually inspiredby the current creditcrunch (or vice versa for allyou conspiracy theorists!).The cartel could be thebanks who have collectedeveryone’s money only torake up huge debts in their greedy rush to makeimmense profits. The banks then say to the govern-ment that ‘you need to pay billions to save us or thegiven us or else we will go ‘bankrupt’ (excuse the pun)and all the hard earned money your citizens haveentrusted to us will be lost.

Cue James Bond to drive in to town in hissparkling new Aston Martin and save the day – well wedidn’t quite get that but then this isn’t the movies.Instead we got David Cameron and George Osborne.While there have been no gunfights or explosive plotsthey have certainly not been any less dramatic in their

message – government spending needs to be drastical-ly cut or else the country faces ruin and the country willgo bankrupt (Isn’t that what the banks were saying?).This is where the plot goes somewhat astray…whereasJames Bond saves the day and foils the criminal cartel;Cameron and Osborne haven’t quite dealt with thebanks in the same way. The ‘more rigorous regulation’of the finance sector seems to be as significant as apost it note saying ‘be careful’. A child would get astronger punishment for eating another child’s lollipop.

The government spending cuts are indeed severeand for many they are life changing. People feel theyare suffering for someone else’s mistakes and the gen-eral mood is that they want those whose is fault it is topay. They want their ‘quantum of solace’ that theyshould not have to bear the burden alone while the cul-prits remain unaffected. So who should suffer more -the bankers or the politicians? Traditionally bankers

have always been dis-liked, Mark Twain oncesaid ‘A banker is a fel-low who lends you hisumbrella when the sunis shining and wants itback the minute is startsraining.’ Politicians donot fare much better, asNikita Khrushchev said,‘Politicians are the sameall over. They promiseto build a bridge evenwhere there is no river.’

The sequence ofevents may offer someview as to who is toblame. Previous govern-ments have never beeninclined to regulate the

banks, or to even take any notice of what they weredoing. They were happy to collect the taxes and politi-cal donations and bask in the glow of London beingthe financial hub of the world. Unregulated, bankersbegan taking even greater risks to make more money.The government saw that business was good and peo-ple were becoming wealthier (even though most of itwas debt) and so it spent more on lavish projects togarner more votes. So whose fault is it? If you canunravel that you may also be able to answer whichcame first the chicken or the egg? Or perhaps you arejust James Bond in disguise.

Getting our ‘Quantum of Solace’

Amit Patel, Personal Developmentand Human Resource

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Amit Patel_A4 Temp 16/05/2011 14:56

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It is amazing when you look at howsophisticated technology has become. It is even more fascinating to see howcomputer literate people have become!

Iam 30 years old and when my father first sent me afriend request on Facebook, I was to say the least verysurprised. I was even more surprised when my

Nanima (grandmother) sent me a friend request! Butmost of all what gets me is there more recent form ofcommunication is via email or text and not the tradition-al phone call.

The fact is technology is being enhanced with theuser in mind; from touch screens to voice commands,either way devices have become very simple to use.

It is clear that the world is moving online, the waypeople communicate, do business and even connect totheir loved ones by sending ‘e-cards’ or general updatesthrough various social media websites. The question: isthis because people have less time? Or do people justwant an easier and more convenient way of doingthings?

This is also very relevant to financial businesses... Ifsomeone is looking for a mortgage, financial advice oreven if they want to send money to a loved one overseas;the fist point of call seems to always be an internetsearch... which you can now do very easily via your smartphone! Given this, it is extremely important for business-es to invest in technology and not get left behind...People no longer want to visit a website and get a phonenumber to call; they want to complete their businesstransaction within a few clicks online...

I work for RationalFX – a company that providesinternational payment solutions to private individualsand corporates. We deal with clients that ‘send moneyhome’ - So someone from India working in the UK send-ing regular, but small payments back to their family, toLarge corporates who have a requirement to send £50million per annum to their supplier in China. Althoughboth clients are two ends of the spectrum they have onemajor thing in common.... They both want to carry outtheir transaction with as much ease and efficiency aspossible.

Neither of the two wants to visit their branch, com-plete a form, pay a sizable fee and achieve an unattrac-tive exchange rate!

Last week we performed a comparison on some-one sending £500 to India and we found that we savedthem £75 in comparison to then using their bank! Thatwas 10% on the exchange rate and a saving of £25 onthe transfer fee as we transfer funds FREE of charge!

In keeping with the world’s technology advances,we recently launched our new online platform. Usingthis platform you can send money within a matter ofminutes by using a debit card! It will also allow you tostore beneficiaries, view your transaction history andprint confirmations. Additionally it gives you the optionto receive a text message when your payment has beencompleted. You no longer have to take time out of yourday to visit Bank, fill in forms every time you need tomake a payment and the best thing is that our platformprovides free transfers and VERY competitive exchangerates! It is also a 24/7 payments platform so it offers youthe flexibility to book your currency and make the pay-ment at your convenience.

Our Chairman and CEO Rajesh Agrawal says ‘thisis just the first phase and we see the platform offering amulti-lingual and mutli-currency facility to cater for notjust UK clients but clients all over Europe and other partsof the world’. He also goes on to say ‘we have a fulltimeteam in the UK and India working around the clock toensure that we continue to be a technology focusedcompany’.

For me this is a very exciting time as we are see-ing more and more technological advancements on adaily basis! I am looking forward to getting the mostrecent smart phone or the fastest tablet! No longer do Ihave to switch on my computer, dial up the internet andthen log on to my desired website – I just click on an appusing my Ipad 2!

Trouble is within a week its already old and beingreplaced by something faster with more memory... Sowhat’s going to be the next big thing???

TechnologyThat’s makingmoney transferfaster and efficient

Paresh Davdra is the SalesDirector and the Co Founder at

Rational FX with an annualturnover of over £300 million

Technology_A4 Temp 16/05/2011 15:23

Willmotts_A4 Temp 16/05/2011 10:38 Page 1


It was the moment every Indian cricketfan had been waiting for – MS Dhonilaunched the ball into orbit, completingthe comeback of all comebacks andproving to millions of Indian youthacross India and the world, that withperseverance and determination,anything is possible.

As I sat in the Wankhede thatnight, taking it all in, and thenwitnessed the scenes on Marine

Drive long into the early hours, it wasclear to me that the reverberations ofthis event would be felt far beyond theworld of cricket, for years to come.

Back in the Prideview Propertiesoffice a week later, we discussed howmany might have wanted Sachin to hitthat final 6, scoring his 100th ton in theprocess, but not us. Because now it willalways be MS Dhoni’s monumentalswing that will be etched into our collec-tive memory, and with it the knowledgethat victory was only possible thanks tothe young players, guided by the experi-enced ones.

In many ways the composition ofthe Prideview team reflects that of TeamIndia - we have 30 years of big-hitting experience in UKCommercial Property, supported by a young, dynamicand open-minded team committed to taking Prideviewto the next level.

With the guidance of the seniors, Raj andShailesh Patel, we are expanding PrideviewProperties from a commercial property specialist to aone-stop property shop covering Management,Insurance, Finance, Consortium investments,Residential and even real estate in India.

Over the years Prideview has built up a vast net-work of trusted contacts spanning a range of national-

ities and professions; it seemed only natural to first getback in touch with that network and understand exact-ly what else they require in addition to commercialproperty consultancy, and the results were surprising.

Some of the main areas we are now increasinglyassisting our network with are:n Taking complete control of the ‘Landlord – Tenantrelationship’ through proactive Property Management,leaving our clients to focus on their core businessesn Providing ad-hoc property management servicessuch as Lease Renewals, Rent Reviews, EPCs,Planning, Dilapidations etc.n Shifting clients’ portfolios to significantly cheaper,like-for-like insurersn Facilitating investment into India, currently by mar-keting several prime residential and commercial devel-

opments in Mumbai and Vadodara Additionally our newest venture,

Pride Equity, aims to partner upwith talented entrepreneurs to growand improve SMEs from any sector,as well as offering consultancy serv-ices to clients seeking to operatemore efficiently and in particular bet-ter manage information.

And of course we are still asactive as ever in the UK CommercialProperty space, finding, evaluatingand negotiating deals for our clients,both via auctions and privately. Someclients require financing, somerequire a safe investment to beat thelow savings rates and others are look-ing for good deals, none of which, inthis market, are easy to find.Whatever it is that you require, wewould like to talk to you.

To speak to one of our team, please don’t hesitateto call us on 0208 863 8680 or visit our websitewww.prideviewproperties.co.uk to learn more.And to join our quarterly newsletter which summaris-es all the ways in which we are helping our clientsmake and save money, please email me [email protected]

We are enthusiastic and keen to assist in whatev-er way we can. As the young Virat Kohli so rightly saidmoments after victory: “Sachin has carried the burdenof Indian Cricket for 21 years, it is time we carry him onour shoulders”

World Cup successwas all about themix of experienceand youth

Nilesh Raj Patel joinedPrideview late in 2010, afterworking as a Management

Consultant with KPMG.

Prideveiw-New_A4 Temp 16/05/2011 15:19

Top-up available in over 500,000 stores across Europe and Australia

Europe’s largest MVNO helpingover 6.5 million customers

across 10 countries make affordableinternational & national calls

On mission to acquire 20 millionsubscribers by 2012

Every five seconds a new cus-tomer joins the Lycamobile

Distributes SIMs and Top-upsthough a 500,000 strong retailnetwork, including Tesco,Sainsbury, Albert Heijn,Interdiscount, Carrerfour,Swiss Post And Barclays

The Lycamobile brand haslaunched in Australia, Belgium,Spain, Sweden, Switzerland,Norway, UK, The Netherlands,Denmark, Italy, with furthermarket launches in 2011

Lyca-FBI_A4 Temp 13/05/2011 11:05 Page 1


Lycamobile (www.lycamobile.com) isthe UK’s favourite Pay As You Go SIMcard providing low-cost, high-qualityinternational and national calls andtexts direct from mobile phones.

Lycamobile is already distributed throughout aEuropean network of more than 500,000 retailoutlets including Tesco, Asda, Sainsburys,

Morrisons, Albert Heijn, Interdiscount and Carrerfour.The Lycamobile brand present in ten markets, includingAustralia, Belgium, Denmark, Spain, Sweden,Switzerland, Italy, The Netherlands, Norway and the UK,is already Europe’s largest pre-pay international MVNOwith over 6.5 million customers across its global foot-print.

Lycamobile is now poised to expand their globalfootprint thanks to an investment of over £200 millionmade in people, process, brand and state of the arttechnology that has lead to the launch of unique, inno-vative product features such as international conferencecalling, call waiting, missed call notification and multi-lingual voice capabilities.

Subaskaran Allirajah, Chairman of Lycamobile hasover fifteen years of experience leading the prepaidtelecommunications market where as a keen entrepre-neur he has a proven track record of realising key oppor-tunities to grow the Lycatel and Lycamobile brands.Under Subaskaran Allirajah’s leadership, Lycamobile ison target to achieve its mission of acquiring 7 millionmobile subscribers in 2011 and has now set its sightson acquiring 20 million global subscribers by 2012.

Lycamobile understands that it is important tokeep in touch but that it is not always easy and can beexpensive. Lycamobile works hard to make it easierand more affordable for people to stay in touch forlonger. Recent promotions have included 1p calls toover 40 countries across the globe, LycamobileFavourites, which gives you 3000 free minutes to callyour 3 favourite people for only £10 per month, freeinternet as well as fantastic call rates to other countries.

On top of these fantastic call rates you can receive2000 FREE minutes and texts on Lycamobile PLUS toLycamobile PLUS when you top-up with £30, 800 FREEminutes and texts when you top-up with £20, 400FREE minutes and texts when you top-up with £10 and150 FREE minutes and texts when you top-up with £5.

Lycamobile is also expanding their product range

into the financial market with their recent launch of‘Lycamoney’ - a prepaid MasterCard® as part of the ini-tiative to expand their prepaid product range andincrease the synergy between mobile and money.

There are currently two versions of the Lycamoneycard available which can be purchased online and atthousands of retailers nationwide. They are completelyfree and transparent helping people to manage theircash flow without the worry of overspending or over-draft charges. More people are now using mobilephones to manage their money due to the convenienceof modern technology and flexibility. Therefore by link-ing credit updates to mobile phones, Lycamoney pro-vides people with better control of their spendinghabits. As the alignment between mobile phones andpayment technology moves closer the Lycamoney cardprovides the perfect solution for today’s budget con-scious customer..

The key feature of the two cards is cash manage-ment - ideal for anyone who needs to balance their dis-posable spending with their essential outgoings such asrent, mortgage and monthly bills. Consumers can loadthe card online or at thousands of retailers nationwideand can then be used in the same way as a normaldebit card with the added benefit of mobile updates ofyour balance after every transaction. There are no trans-action fees so to load the card and spend on your cardis completely free when used across the UK.

The card is available for anyone who lives in theUK and is over the age of 18 years - no bank accountor credit checks are needed. Additional cards can beadded to an account so that parents can provide a cashmanagement tool to their children. This gives them thefreedom and benefits of a debit card without the fear ofoverspending. Real time balance updates to yourmobile phone via text messages means parents canhave a better idea of where their children are spendingmoney. It also provides a much safer alternative to car-rying cash around as the card uses Chip and PIN tech-nology if the card is stolen or lost then a block can beplaced on the card keeping your money safe andsecure.

The Lycamoney card can also be used to transfermoney globally which is perfect for people who needto send money abroad either for business or personalreasons. It can also provide a great way of controllingwhat you are spending whilst you are abroad with theadditional security that you are not carrying lots of casharound.

LycaFrom Mobile to Money Subaskaran Allirajah,

Chairman of Lycamobile

Lyca Mobile_A4 Temp 16/05/2011 15:11

Asian Voice & Gujarat Samachar - 201122 Asian Voice & Gujarat Samachar - 201122

The business I run is global, becausemany of our students come fromoverseas. Many of my colleagues arealso born abroad. Indeed, I watched thebusiness of professional training andhigher education for last threedecades, and it is very apparent thatthis industry, and many other sectorsalong with it, has become intenselyglobal. In fact, since the 1990s,Globalisation has become a keyword ofsorts.

It is also universally accepted that globalication is anirreversible process, a sort of juggernaut, which willsteamroll everything on its way. Economists,

Journalists, Politicians everyone have signed up to thiscommon minimum faith, and every policy, businessand ideas have to be global to be considered seriously.

So, as we are unquestionably in the age of a FlatWorld, as Tom Friedman theorised, the only debateworth having is whether globalisation is somethingnew. Marco Polo, the Chinese and Indian merchants ofancient times, the Arab traders carrying goods andknowledge across Asia, Christopher Colombus, all canclaim to be precursors to globalisation in one way orthe other. This, if anything, establishes the vintage ofglobalisation, though what we have now, its defen-dants claim, is faster, smarter and better globalisation.

There are indeed disagreements, even streetfights, on whether this is a good or a bad thing. Thebattles are fought between the 'World is Flat' people,who believed that the global corporations are makingnational boundaries irrelevant, and the 'Shock Doctrine'people, who believe in exactly the same thing, butthink that's necessarily bad. The believers of good glob-alisation assemble in Davos every year to hail goodglobalisation, whereas the faithful of bad globalisationarrange their own annual global summit in Rio.

So, in this setting, coming to realize that theworld is less global than one thinks, and the globalprosperity remains stunted as the world is deeply divid-ed, is somewhat counter-intuitive. But this is exactlywhat Pankaj Ghemawat, Professor of Global Strategy in

IESE Business School in Barcelona, argues in his newbook, eerily named World 3.0. He essentially says wehaven't seen true globalisation yet, and claims that theworld is actually in a reverse gear as far as globalisa-tion is concerned.

Some of the statistics he uses to make his caseare persuasive (I have drawn upon the reviewof his book by The Economist recently):

1. Only 3% of the people live outside their country of birth

2. Only 2% of the students are at universities outsidetheir home countries

3. Only 7% of the Rice traded across borders

4. Only 7% of the directors in S&P 500 companies are foreign born

5. Less than 1% of all American companies have foreign operations

6. Exports are equivalent to only 20% of global GDP

7. Air Travel is still restricted by bilateral treaties

8. Ocean shipping is dominated by global cartels

9. Foreign Direct Investment accounts for only 9% offixed investments

10. Less than 20% of venture capital is deployed outside the fund's home country

11. Less than 20% of shares traded in the major stockmarkets are owned by foreign investors

12. Less than 20% of Internet traffic crosses national borders

What we are seeing is not the death of dis-tance, he argues, but a reassertion of the love of thefamiliar and the local. By this standard, DavidCameron's recent concern that local communitiesare falling apart with people arriving with strangedialects is not out of place. Professor Ghemawatcites more data: Two otherwise identical countrieswill engage in 42% more trade if they share a com-

The Unfinished

Business of

GlobalisationDr. Dak Patel FCCA FOTHM

Principal

London Sam_A4 Temp 16/05/2011 15:09


mon language than if theydon't, 47% more if they belongto a common trading block,114% more if they have a com-mon currency and 188% moreif they have a common colo-nial past (which may meanthey also share a common lan-guage).

Today less people, as apercentage of population,cross national borders. A cen-tury ago, 14% of Irish-bornpeople and 10% of nativeNorwegians emigrated. Therewere no visas and passports,as opposed to today's $88 bil-lion a year spend on visa pro-cessing. Professor Ghemawatpoints to the fact that in somecountries, a passport costsmore than a tenth of a per-son's average annual income.

In fact, the local is aliveand well. The march of theextreme right across Europeand the Tea Party-goers inAmerica, the adolescentnational sensibilities in Asia,the roll-back of various region-al entity projects (includingthe precarious state of the EU,where the French has nowclosed the borders with Italymore or less), all point to thisdirection. The Foreign DirectInvestment fell from $2 trillionin 2007 to $1 trillion in 2009,and nearly a quarter of NorthAmerican and European com-panies shortened their supplychain in 2008. 'Near-shore' is

becoming as much a common term as 'Offshore'. Itactually seems globalisation is in full retreat.

The point here is the difference between therhetoric of globalisation and the state of the phe-nomenon. It is possible to see all of this as a hugeglobal opportunity, of unlocking the potential of con-nections and co-working. I bear witness, in my ownbusiness, of the tremendous positive energy andinnovation released by globalisation, the opportuni-ties that open up and the work ethic that evolves.What Professor Ghemawat’s timely book remindsme is that this is still an unfinished process, in factsomething that is at its infancy. As a believer of thepositive impact of globalisation, I do believe that weshould do more, as business people and citizens, toencourage global trading and investing, which willbenefit everyone.

NEW INDIA ASSURANCEThe only Indian non-life insurance company

to achieve over US $ 1.5 Billion Global PremiumEstablished in the UK in 1921, New India has operations in 27 countries across the globe. Weoffer the market an A M Best "A-Excellent" financial security rating and a quality range ofCommercial Products backed by Underwriting expertise to match, moulded to your needs.

Look to New India Assurance for

Business Combined

Hotel and Leisure Industry Wholesalers and Manufacturers

Facultative Property Reinsurance- Worldwide (From London Office)

Care Sector Property Owners

The New India Assurance Co LtdWholly owned by the Government of India * Authorised and regulated by the Financial Services Authority

For all of your general insurance needs, please call 0845 3000 988 or write to:

LONDON OFFICE14 Fenchurch AvenueLondon EC3M 5BSTelephone: 020 7480 6626Fax: 020 7702 2736Email: [email protected]

IPSWICH OFFICE3rd Floor, Crown House,

Ipswich, Suffolk, IP1 3HSTelephone:01473 233 626

Fax: 01473 233 625Email: [email protected]

London Sam_A4 Temp 16/05/2011 15:10


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24-33-36_A4 Temp 16/05/2011 16:15


Buying Commercial Insurance in today’smarket to suit your requirements mayseem easy, but do you really know whatyou are buying? Are you covered foreverything? Have you declared all materialfacts? At Commercial Direct alongsideleading insurers we have worked togetherto produce an extensive product rangewhich will not only meet but exceed yourrequirements…

Buildings Insurance FAQ’sWhat is covered? The cost of repairing or

rebuilding the property structure including its perma-nent fixtures & fittings such as built in kitchen, built inwardrobes, bathroom suites and toilets. Cover shouldinclude accidental damage, subsidence, PropertyOwners public liability and Employer’s Liability ifrequired

What is not covered? General wear and tear ofthe property, dilapidation of the site, this is the mostcommon cause for a claim and will be repudiated.

Expectations? It is the customer’s duty to main-tain the premises in a good state of repair and anypotential damage must be reported to the insurerswithout delay.

How much do I insure? It is very important toinsure for the “Rebuild Value” of the premises and notthe “Market Value” a common misconception. The bestway to find this information is either a recent surveyreport or by using the simple calculator available on theABI website http://abi.bcis.co.uk.

Under-insurance? This is the biggest sin inbuildings insurance, if you under-insure, you are notdeemed to have paid the correct premium based onyour risk. Thus the insurers will pay your claim basedon the aggregate amount you are under-insured. Forexample if you insure for £200,000, when a claimoccurred it was found your building should have been

insured for £400,000 then 50% will be deducted fromany claim settlement.

Index Linking? The value of your premises willappreciate in value (normally) and to allow for theincrease in the cost of “bricks & mortar” the buildingsinsurance will rise by a set percentage in line with infla-tion to accommodate.

Retailers Insurance (Shops, Restaurant, Take-Away) FAQ’s

What is covered? Buildings can be included ifrequired if not then just the movable contents, stocketc. Any basic decorations under the tenant’s improve-ments section

Expectation? Minimum security to include a 5lever mortise deadlock (5LMDL) on external door andshutters if allowed. A functioning alarm if specifiedmaintained annually by an approved company ideallyNACOSS Gold.

Important additions? If you are a leaseholderthen generally you will be responsible to insure theshop front glass, shutters and external signage. Mostpackages normally include this cover starting @£2,000. You must have Public Liability cover in placeto protect your trading area, you are also required tocover Employers liability.

How much should I cover? The cost to replaceyour contents/stock, not the selling price. It is veryimportant that you declare all of your stock; if you areunderinsured then once again the average clause maybe applied. It is important to note that when calculat-ing your stock sums insured that you include yourbeers in general stock and have separate figures for tar-get stock 1. Wines & Spirits 2. Tobacco. If you have anEPOS system these can be expensive it is worth askingyour broker if these need to be specified under the pol-icy or if they are included in general contents. Thesame applies for computer equipment.

Not seen what you want? At CommercialDirect we can cover almost any type of business froma small shop to warehouses and manufacturing risks.We provide a bespoke service for the larger premisesand can arrange a site visit if required to discuss yourrequirements. We work closely within our communityand pride ourselves on excellent customer service andproduct knowledge. We look forward to assisting you with all of your insur-ance needs, Commercial Direct “Insurance for yourSecurity.”

020 8658 [email protected]

Commercial Insurance

designed for you...Alpen Patel (Director)

Talented young broker

Commercial Direct_A4 Temp 16/05/2011 14:57


The road traffic accident claimsmanagement process is a complicatedfield.

When an accident occurs it can be a difficultand somewhat uncomfortable time for thoseinvolved. Making a claim against an insur-

ance company for the damages can, sometimes, exac-erbate the situation.

When an individual is involved in a non-fault roadtraffic accident he/she is entitled to claim compensa-tion for vehicle repair , replacement vehicle whilst therecar is of the road , loss of earnings , policy excess , totalloss of the vehicle value in addition to injury compen-sation for such claims as whiplash.

The replacement vehicle usually provided shouldbe on a like-like basis so if you drive a Mercedes youshould be provided with a compatible car.

The above heads of claims should usually beclaimed against the “at fault” insurer so to maintainclients claim record and no claims bonus in tact. Forinstance1. A driving error must have occurred

Your car has been hit by another, so it is obviousthat a driving error has occurred otherwise this couldnot have happened.2. Consider the road safety rules in the HighwayCode

The Highway Code tells drivers to travel no closerthan the safe stopping distance from the vehicle infront. The driver behind was not travelling at this safedistance as he did not have time to avoid hitting yourcar. He has broken the safety rules of the HighwayCode.3. Use your common sense to decide whether adriver travelling too close behind your vehiclecould cause you or some other person to beinjured

It is obvious that the driver could hit your car bynot keeping a safe distance behind it and it is equallyobvious that, if he hits your car, the force of the colli-sion could cause you to be injured.

In respect of the fault claims the individual clienthas the choice to use the insurers recommendedrepairer or a repairer of their own choice. The vehiclerepairs should be carried out to manufacturer’s recom-mendations and a suitable warranty should be provid-ed on work and paint standards. The repairing garage

should also provide a courtesy vehicle whilst theclient’s car is off the road. However on a fault claim theclients will usually be entitled to a small group A vehi-cle such as Nissan Micra and any upgrade (if applica-ble) is chargeable.

In addition to road traffic accidents clients canclaim compensation following trips or falls on publicpavements (subject to certain conditions).

Individuals are also entitled to compensation fol-lowing injury at work or employment disputes.

When considering the claims process clientsshould seek professional advice in the form of usualinsurance adviser, solicitor or services of a profession-al accident management company.

Tips: Look out for your own interests

The best way to avoid the hassles of a, some-times, lengthy claim process is not to be involved in aloss in the first place. This is not always possiblebecause you cannot always account for the other driv-ers. You can however, take precautions when drivingon the roadway. Be alert to the surroundings at alltimes. Stay away from aggressive drivers. If anothervehicle is moving in an uncharacteristic manner, it mayindicate that there is some impairment on the driver'spart. Allow enough space, preferably about two carlengths, between you and the vehicle in front of you.This allows room to take evasive action should itbecome necessary.

Pay attention to right-of-way laws. Drive with con-stant awareness to what is going on around you.Distractions such as cell phones, eating, reading anddealing with children should be kept to a minimum andcan be best handled if time is taken to pull off the road-way to handle the situation. Great care should be takenwhen driving, by paying more attention and beingaware of other drivers many accidents can be avoided.

The Accidentcompensationclaims process

Rakesh Shah is the Directorof Concept Vehicle

Management Ltd

Rakesh Shah_A4 Temp 16/05/2011 15:22

Sec-179-194_A4 Temp 09/10/2009 17:24 Page 185


Dinesh Shonchhatra based in HarrowWealdstone High Street is perhaps oneof the most sought after mortgagebrokers in North West London. He is anan independent financial advisor, beena mortgage broker for twenty twoyears and is directly authorised by theFSA. His company, Major EstateFinancial Services along with his estateagency Major Estate and ImperialFinancial Service is extremely popularfor its personalised services aroundNorth West London.

What client services do you currently offer?Major Financial services offered are following:Full spectrum of mortgage consultations without charg-ing upfront fees for residential and investment proper-ties. We do also offer commercial mortgages andadvice on life insurance, critical illness, permanenthealth insurance and also building and contents insur-ance. We have two sister companies one of which spe-cialises in the business of sales and letting of proper-ties for clients and the other is an independent financialadvisor providing needs based consultancy

3. What do you feel has been your greatest areaof success as a business?Maintaining our client base and listening to customers,elucidating their needs and assisting them to find thebest product available in this difficult market. Also man-aging clients expectations in a market where funding isvery difficult to source. Furthermore, helping clientsmake a realistic investment objective and, understand-ing their requirements and suggesting a suitable invest-ment plan. This inevitably leads to client satisfaction,has enhanced our business and sustained us in this dif-ficult market. . This is also reflected in our companywinning some industry awards (despite strong compe-tition) such as Mortgage Champions Award fromNetwork Mortgage Power and Best Mortgage BrokerEngland South by the Mortgage Times Group. Ourcompany was also nominated for best directly autho-rised broker by the same group.

Where do the majority of your leads come from?Most of the lead comes from satisfied customers, refer-ences, public relations and selfless community service.

We also have the added advantage of having been anIFA for over two decades and have high net worthclients from whom repeat business is on-going. Our sis-ter company, Major Estate complements the business.

What are the main issues your clients are com-ing up against at the minute?Scarcity of new homes, high deposits for first time buy-ers expensive lending and high arrangement fees onBTL, lack of interest only/self-certified mortgages forself-employed and uncertainty of economic climate arethe issues our clients are currently facing. Additionallythe lack of choice of products from a high of approxi-mately 65000 products in the hay days to around5000/6000 currently does not help. In fact, well pro-nounced recovery of economy is not a reality at themoment. Furthermore, the high arrangement fees andlimited number of lenders are the profound issues ofthe industry.

What do you believe is the biggest challengefacing mortgage brokers today?Fundamentally, the lack of appetite from lenders tolend or perhaps realistically the lack of availability offunds in the market is devastating this industry.Additionally the dual pricing and direct deals from thelenders to entice the clients are the main challengethat brokers face. As a result of this mortgage brokershave to be efficient and diligent in understandingclients’ needs/expectations and carry out a thoroughinvestigation to make suitable advice/suggestions thatfits the clients needs with reduced profits.

Finally – Do you have any insider tips or advicefor our members?The members of our mortgage broker industry shouldadhere to diligence, sincerity, honesty, truthfulness andstraight forwardness in dealing with clients. These arefundamental with any professional service and if themember does not lose sight of this than his success isdefinitely assured.

Mortgage BrokerEfficient, Economical &Diligent

Dinesh Shonchhatra,Director, Major Estate

Dinesh Shonchhatra Independent Mortgage Advisorbased at Major Estate Financial Services Ltd.77, High Street, Wealdstone, Harrow, Middx., HA35DQ has been a mortgage advisor for over 22 years.Proprietor of Major Estate Sales and Letting andImperial Financial Services

Contacts: Tel: 0208 424 8686 Mob: 07956 810 647

Email: [email protected]

Major Estate_A4 Temp 16/05/2011 16:26


We speak to Vikram Goyal, ManagingDirector of Unesta, about the potentialand opportunities in India PropertyInvestment

What is Unesta?Unesta is a unique proposition that aims to serve

global Indians, by making investing in India as simpleas possible and giving them the maximum returns ontheir investment.

Unesta has been in business for over 3 years. Wehave over 200 satisfied clients across UK, Europe andAfrica who appreciate us because we offer completetransparency, great value and customer service, whichis non-existent in India Real Estate.What concerns do property investors have aboutinvesting in India?

With a booming economy and one of the fastestgrowing property markets in the world, India is a greatplace to build your nest and the ideal place to invest in.

However, property investors who are quite com-fortable investing in other propertymarkets like Spain, Cyprus andDubai seem reluctant when it comesto India. I think it’s because of thecomplex purchase process, lack oftransparency from the developerand lack of knowledge about thelaws of the country. As an overseasinvestor you want to know whereyour money is going throughout thetransaction.

How does one go about invest-ing in India?

When it comes to any propertyinvestment, it’s the golden rule of 3Rs – Research,Right Property and Returns. Property investment inIndia can be very complicated as India is a very diversecountry, every 300 miles the colour of the skin, food,clothes, everything changes. In the Indian context, theright research is of paramount importance, whichincludes identifying the right location or city and thedeveloper. Finding the right developer involves signifi-cant due diligence and evaluation of factors such as thedeveloper’s track record, infrastructure development,quality standards and project completion time frames.This helps you choose the right property. Lastly butmost importantly, it is the returns.

Investors who invest in India are typically keeneron capital appreciation than rental yields since therental yields in India vary with geography, quality and

composition of the property. For example, in North ofIndia, the rental yields are not that attractive but in theWest, in Mumbai, you can expect around 4 -6% on anaverage on a residential property.

If you are looking at capital appreciation, India isa very promising market. Investors have seen returnsfrom 20% – 40% in the last 5 years in some of the res-idential sectors.

In the Commercial sector, one can achieve anaverage rental yield of 8 -12%.

Warehousing is another popular segment where-in the capital appreciation is low but the rental yieldsare higher, so you need to decide what suits yourinvestment objectives. You need to choose what suitsyour pocket for today and picture for tomorrow.How does one benefit from Unesta?

Every investor has different objectives. As yourproperty advisor, on one hand, we customise invest-ments opportunities for you. We like to understand

whether your objectives areshort term or long term, areyou keen on capital apprecia-tion or rental yields, so weidentify the right project fromour portfolio and guide youaccordingly. On the otherhand, we perform the duediligence for you, right fromphysically visiting the site, toreference checks and mort-gage facilities in conjunctionwith high street banks. Not tomention their track recordand quality of construction.

Today we collaborate with top developers in India, likeIREO, bSafal, Hirco and many more. We do all the hardwork for you so you can sit back and enjoy the returnson your property investment.

What about your post-sales service? What hap-pens after I invest?

There is a big gap in the market, when it comesto property management. Especially when you are anoverseas investor, it’s very difficult to manage. We’vebridged this gap through our professional propertymanagement service that does lettings, furnishing,management maintenance and resales. Our servicesare flexible and designed to meet your needs and pro-vide peace of mind when it comes to your Indian prop-erty investment.

India Realty Matters

Vikram Goyal, Managing Director of Unesta

Unesta_A4 Temp 16/05/2011 16:27


From historic battles to imperialcolonisation, from agricultural land tothe present day commercial spaces,from an industrial economy to thecurrent service oriented economy, fromhumble homes to iconic buildings -Property is one of the oldestassets known to man and is at theheart of human desire.

The decision to invest in property works at two lev-els; one being the more emotional connect to aplace or location, and second being the more

return driven tangible approach. Property being a phys-ical asset renders the reality to realty, making it astronger asset class to invest in. The rational parame-ters driving investments are:

l Risk Return structure - greater than bonds, lessthan equityl Time value of money - profitable in the long andmid-term, rather than short terml Correlation with other asset classes - hedgingand diversification benefits

However, factors such as low price transparency,illiquidity and high transaction costs can render theproperty proposition equally unattractive. This is wherespecialist advice from experts in the property field isuseful in order to plan a successful strategy to minimizeyour risk and maximize your return.

We look at some of the benefits and shortcom-ings of Real Estate Investment.

However, different real estate markets have differ-ent cycles depending on the geography and also thesector. For example; more mature markets such as UKand US differ in property cycle from the more nascentmarkets that of India, China, Brazil and even with agiven market residential investments have a differentbehavioural pattern than commercial sector. Therecent financial crisis made the difference in geograph-ic trends highly visible. On one hand where the prop-erty prices fell steep in the UK and USA markets, onthe other hand markets in India and China exhibitedresilience and remained fairly stable. This can be prima-rily attributed to the fact that real estate sector in themore mature markets is closely linked to the bankingand finance sector whereas in the developing marketsits driven strongly by the demand-supply dynamics ofboth the domestic and international markets. However,each of the emerging markets has a different set ofgoverning dynamics. Focusing our attention on India,we can look at the key drivers and incentives of invest-ing in the country.

INDIA – UNLOCKING POTENTIAL &EXPLORING OPPORTUNITIES

As the balance of the world economy shifts eastward,“change” seems to be the only constant and countrieslike India are at the forefront of this change. This hasopened up innumerable investment options and oppor-tunities for global investors.

The story of India is truly an intriguing one.Despite its inbuilt paradoxes, India has a strong eco-nomic fundamental and has witnessed acceleratedgrowth, which has manifested itself in an unprecedent-ed manner in the real estate industry. From survival torevival, the Indian real estate sector has exhibitedunique resilience and upsurge. This phenomenon canbe understood in the context of multiple economicforces, which are simultaneously acting on the realestate sector.

PROPERTY

INVESTMENTS Bricks & Mortar

Advantages

l Potential for income through rental and capital gains

l Long-term performance track record

l Over all portfolio diversification

l Tangibility of brick and mortar investment

l Ability to finance investments through debt

l Hedge against inflation

l Attractive valuations

l Low correlation with other asset classes

Disadvantages

l Cost of maintenance

l Relative illiquidity

l Volatility of property prices

l High transaction cost

l Time required to research and manage the asset as well as the transaction

l Lower returns as compared to equity (at lower risk)

l Rules and regulations associated with ownership

l Lack of property market knowledge

Property Investment_A4 Temp 16/05/2011 15:20

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Afro Asian_A4 Temp 16/05/2011 12:27 Page 1


Supporting factors for the Growth:The growth of real estate industry in the country froma state of inertia to euphoria has been contributed bythe factors like:

PotentialDisplaying a strong GDP growth of 8%-9%, India is mov-ing ahead on the business front not only with multina-tionals, but also with indigenous firms expanding theiroperations in the service and financial sectors.Consequently, households are seeing a steady rise inemployment and income. Real estate demand is wit-nessing a surge as companies need space for theirgrowing operations and employees need space to live.With high public and private consumption, a change inlifestyle has also marked an increase in demand in theluxury segment of Indian real estate. In addition to allthis, a government policy stimulus has given rise torobust regional economies, and a renewed focus ontransport and infrastructure is aiding growth. This phe-nomenon can be clearly observed in states such asGujarat and Maharashtra, which have witnessed excep-tional growth due to the above mentioned factors.Indian potential is waiting to be unlocked; opportunitiesare waiting to be explored.

OpportunitiesInvestors can explore opportunities for investment inIndian properties on two basic levels:

Portfolio diversificationIndian residential markets prove

to be a fantastic option for investorswho are looking to diversify their port-folios, offering a higher rate of returnand faster escalation compared to UKresidential markets. In London, resi-dential returns average at a modest6% - 8%, and prime London residentialinvestments yield just 4%-5%, whereasin India, the returns may be 20% -25%on average. Additionally, capital infu-sion required in London is bound to belarger and has to be made in one goas a mortgage deposit. This makesthe Indian residential sector morelucrative with respect to time value ofmoney.

Risk exposureFrom the perspective of risk adjusted performance ofone’s portfolio, Indian real estate investments work atboth macro and micro levels. At a macro level, such aninvestment proves to be a hedge against currency fluc-tuation and government policies. At a micro/individuallevel, India proves to be a natural choice not just fromthe standpoint of being connected to one’s roots butalso from the advantage of a retirement home, an annu-al holiday spot, a home for one’s parents, a future secu-rity or a pure investment.

By strategic entry and exit in an investment prod-uct, an investor can maximise returns and minimiserisks. At the entry point of an investment, India fallsunder the value-added and opportunistic category, andwith local knowledge and expertise high returns arepossible. With 20% average growth and Rs. 1,72,000crore being pumped into infrastructure, the Indian realestate industry is geared up for a complete revolution.And this revolution will not restrict itself to the metros;in fact, it has already seeped into the interiors and intosmaller new towns and cities. Moreover, this expansionwill not be confined to a particular sector but willencompass residential, commercial, infrastructure andlogistics, in terms of space and range.

Source: The Nielson Research on Indian Market Scenario 2008

Property Investment_A4 Temp 16/05/2011 15:21


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24-33-36_A4 Temp 16/05/2011 15:35


The Indian democracy is indeed awonder to behold. India is now thefourth largest economy in the worldand the second fastest growingeconomy. At the heart of India’sgrowing economy is the country’sbooming real estate market.

The modern Indian metro city is unrecognizablefrom its past avatar. Glitzy shopping malls, multi-plexes and entertainment centres, luxury hotels,

fancy office blocks, smart apartments and luxury villas– are evidence of real estate changing the face of thecountry’s urban centres. In addition, the middle classhas seen a rise in income levels, and is now makingproperty investments in prime Indian cities.

Since property investment is one of the most suc-cessful and popular wealth creation vehicles, as thesaying goes, the key lies in “Location-Location-Location”.

The two top locations encompassing the newfacets of Indian real estate are Gurgaon andAhmedabad. In 2010, cities like Ahmedabad, Delhi,Pune, Hyderabad, Kolkata and Mumbai saw prices goup by a whopping 66.8%, 30%, 13.6%, 11.5%, 5.6% and0.5% respectively. The graphs illustrate the capitalappreciation in Gurgaon (combined with Delhi, Graph1) and Ahmedabad (Graph 2).

India is involved in creating urban assets by gen-erating and regenerating spaces. Gurgaon exemplifiesone of the finest extensions in terms of a spill-over ofan existing city (Delhi), and Ahmedabad is a classiccase of urban renewal of an existing Tier II city. Thefuture outlook for both these developments is promis-ing.

GURGAON

Historically, Gurgaon was just a hamlet neighbouringthe capital city of Delhi, thus it became a natural exten-sion for the surge in the capital’s economic activities.Gurgaon’s development was a planned effort in creat-ing a new nucleus of growth. This was done by firstsetting up a core region of organised retail activity andcommercial office space; which was then followed byhotel and residential development around the coreregion.

Today, the IT/ITES sector along with banking &finance, automobile and strategic consulting firms havebecome the most important drivers for the real estatesector in Gurgaon. Infrastructure initiatives planned asper the new approved Master Plan 2021, along withcurrent development of link roads and metro rail, areprompting developers to explore new locations inGurgaon for residential development.

LOCATION,LOCATION,LOCATION

Graph 1: Delhi’s average growth surpasses the National average

(Makaan.com Property Index)

Graph 2: Ahmedabad’s average growth surpasses the National average


Graph 3: Delhi’s average growth surpasses the National average


Location_A4 Temp 16/05/2011 15:07


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24-33-36_A4 Temp 16/05/2011 15:36


According to Knight Frank, Residential MarketReview Q3, 2009, “Approximately 26,500 units, equat-ing to 58.23 mn.sq.ft of fresh supply will be infused intothe market by 2011. Around two-thirds of this supplywill be accounted for by 3 and 4-BHK units, therebyreflecting the positive prognosis for premium sectorhousing in Gurgaon despite the property slump of theprevious year. Gurgaon will have the maximum share ofabout 29% of supply across the NCR by 2011.”

Due to thriving commercial activity in Gurgaon,certain locations within this market attract strong rentalhousing demand. “Rentals for 2 BHK units are in therange of Rs.13,000 - 20,000 per month in DLF Phase I-IV and Rs.21,000-28,000 per month on M.G. Road. 2BHK apartments on Golf Course Road command rentalvalues in the range of Rs.17,000 -21,000 per month.”These figures are the highest in NCR, compared to sim-ilar developments in Noida and Faridabad; and are evencomparable to certain areas within Delhi. Due to itsstrong rentals and relatively low capital values, Gurgaonexhibits a relatively strong annual rental yield of 4.7% -7.2%.

AHMEDABAD

Ahmedabad epitomises the growth story of the Tier IIcity in India. With rocketing prices in prime locations ofbig cities like Mumbai, the investor focus has shifted tomore lucrative options in Tier II cities.

Ahmedabad has leaped ahead of other Tier IIcities in terms of growth, because of its development-oriented philosophy and global outlook. As a result,Ahmedabad’s blueprint to create urban and sub-urbanassets, the spheres of infrastructure, transport, regener-ation and real estate development have witnessedstrong and strategic growth.

The residential markets in Ahmedabad have wit-nessed an upgradation in planning and facilities. Thenew projects have introduced amenities such as swim-ming pools, club houses with billiards tables, tenniscourts, state-of-the-art gymnasiums, separate entry andexit driveways and basement parking for visitors.

Most of the investments in residential develop-ments are by individuals, though a trend towards cor-porate leasing is slowly being witnessed here. Manynational level developers have started making theirpresence in Ahmedabad because of an increasing

demand for residential, commercial & IT developments.Moreover, according to Cushman & Wakefield, IndianMarket Review, “Ahmedabad is dominated by localdevelopers like Safal and Heritage; inspite of interestfrom national developers, the local developers still hold90% of market share. Being one of the fastest growingcities, one can realise 40% - 45% returns on an averagehere.” However, one does not see a major rental mar-ket, as the sector is mostly owner-occupied or hasinvestments in holiday homes/retirement homes forNRIs.

From heritage to hi – tech, from community cen-ters to cosmopolitan setups, Ahmedabad is witnessingit all happen fast. Being the financial capital of Gujarat,it is inherently dynamic from the stand-point of tradeand commerce, plus the forces of stable governanceand a globally connected community are creatinggrounds for further expansion and exploration.

India Real Estate – your next investment

Ideal investments are ones that balance the risk-returnequation with portfolio diversification. Whether it’s theblend of local knowledge and global outlook, or theintegration of development and investment gains, it’s allabout creating that sumptuous curry. And just as all theingredients have to come together to create the perfectcurry, the right investment opportunities mixed with theright investment advisory partners makes the Indianreal estate market, especially in Gurgaon andAhmedabad, perfectly primed for wealth creation. Sowake up and smell the curry!

Graph 5: Average growth increase in Residential Capital Values

(Makaan.com Property) Index)

Location_A4 Temp 16/05/2011 15:08


Wealth Management is considered asan advanced form of financial planningthat provides individuals with privatebanking, estate planning, assetmanagement, legal resources andinvestment management services, withthe ultimate aim of sustaining andgrowing long-term wealth.

Unlike financial planning which is relevant forindividuals who have accumulated wealth orare just starting to accumulate, a potential

wealth management client must already have accumu-lated a significant amount of wealth for the process tobe effective.

The key objective is to achieve wealth generationand preservation by spreading investmentsacross a wide range of assets and being ableto diversify such that the investor makesmoney in both rising and falling markets.

The means to do this is through usingthe services of a wealth manager (for exam-ple, a private bank, IFA) who advisesclients on investment m a n a g e -ment , retirement planning, tax, wealth protec-tion and cash flow analysis. They also consid-er liabilities, such as expenditure, mortgagesand tax planning.

Purpose of Wealth ManagementWealth management enables you to evaluate whereyou are now, where you want to get to financially in thefuture and how you can achieve your monetary goals.The strategy of how to achieve these goals is mappedout through gathering the relevant information, settinglife objectives (such as paying school fees, or havingsufficient income in retirement) and then evaluatinghow they can be achieved with your current level ofincome, expenditure and the amount of risk you areprepared to take.

Role of the Wealth ManagerIt is possible to conduct the financial planning by one-self. However, most people choose to rely on a wealthmanager who has the time and resources to co- ordi-

nate one’s financial affairs. In addition, areas such astax and succession planning can be highly complexand the rules change regularly, which means that rely-ing on an expert is the most efficient route.

The process a wealth manager will typically pur-sue is as follows. Firstly a cash flow analysis will beproduced to show current levels of income, expendi-ture and assets, as well as the finances required forexample, in retirement or to pay school fees. The timeperiod over which you wish to achieve your objectiveswill also be defined. The wealth manager will thenestablish a strategy on how to achieve these objectivesand will advise on whether any amendments are need-ed, for example, if more investment is required, or alonger time period. The allocation of assets and invest-ments in your portfolio will be monitored over time toadjust for changes in the objectives and risk

Choosing a Wealth ManagerSome factors that should be considered when

deciding who to go for:1) Type of service required : Wealth managers

will vary in the services they provide, for example somemay be able to provide a full comprehensive wealthmanagement service, while others may suggest alter-native experts for specialist matters. The way informa-

tion is provided could also vary interms of the frequency of updatesand reports.

2) Qualifications : Thewealth manager should be suffi-ciently qualified and experiencedto advise you on your investmentsand financial plan. In some cases,the wealth manager may refer toalternative experts if appropriatefor more complex areas such astax planning. 3) Size and financial

strength : People have different preferences as regardsto the size of firm they use which can vary from bou-tique wealth managers to large institutions. Somebelieve that larger companies may have access togreater knowledge and expertise, whilst smaller com-panies will offer a more personalised service. 4) Fees:You need to establish the fee structure of the wealthmanager (e.g. hourly, by advice, by transaction).Charges will vary from one wealth manager to anotherdepending on the size of the institution, the seniority,qualifications and experience of the wealth manager,the level of service they provide, their location and yourrequirements.

To conclude one must not underestimate theimportance of wealth management in achieving ones’desired monetary goals. Choosing the right managerand options are crucial in maximising the benefits onecan derive from it .

Achieving ones’desired monetarygoals

WealthManagement_A4 Temp 16/05/2011 15:42 Page 2


Despite recent governance scandalsand stubbornly high inflation, India inthis decade is poised to become moreconfident and more assertive,especially as its global influenceincreases. Underlying this is thestronger economic growth the countryhas recorded in the last decade, andthe potential for a rise in the next tenyears. This is especially so at a timewhen developed countries are facinganaemic economic growth, while Indiaoffers many growth sectors, eg, $1trillion to be invested in infrastructureover the next 5 years and $150 bn tobe invested in nuclear energy over thenext 10 years, just to name two.

The last decadeThe Indian economy took nearly 60 years

post independence to reach the first $ 1 trillionof GDP in 2008. It took so long because eco-nomic growth for 30 years between 1950 - 1980averaged a low 3.5% per annum. Thus, low com-pounding of growth was responsible for thismilestone economic figure to take 60 years. Thelast decade to 2010 has seen the annual growthrate climb to 7.25% per annum. The benefit ofthis will be reflected in the coming 10 years, inparticular as economic reforms continue and theentrepreneurial spirit which was bottled up bythe license raj before the 1991 economic reformsis given free rein.

In the last 10 years corporate India has spread itswings internationally. After the economic reforms start-ed in the 1990s businessmen took a fearful stance:afraid of globalisation and acutely worried of beingtrampled on by foreign competition once India openedits doors to the outside world. However, after a hesitantstart, confidence, boldness and assertiveness since2005 has seen corporate India embrace globalisation

and make acquisitions overseas in larger numbers andbigger deal sizes. After all who would have imaginedeven 5 years ago that an Indian auto maker could havethe audacity, risk taking ability, management skills, abil-ity to raise large funds and have the vision to acquire aluxury brand like Jaguar of the UK? Tata Motors did thisand has last year turned around Jaguar from being aloss maker to being profitable, a task that eluded itsprevious famous owner, Ford Motor Co of the U.S.which finally decided to sell this famous world classbrand. The DNA for Indian businesses to establish aglobal footprint clearly exists now.

The last decade has also seen a visible rise in liv-ing standards for many middle class people. A primeexample of an industry enjoying the fruits of de-regula-tion is telecoms. In the year 2000 only 3m new mobilelines were added in the whole year. Last year the aver-age per month exceeded 16 million. The last decadehas also seen a broadening of attitudes and mind setas more people travel abroad and greater access toTVs and the media helps broaden horizons. India's softpower has also extended the country's influence asBollywood reached out further globally and Indian cul-ture is better known abroad. Alas, a serious blot on the

scoreboard of the enviable recent economic growthrates seen is that that this has not been on an inclusivebasis and the poorer sections have largely not benefit-ted. Also, despite many successes, major obstacles stillexist: shabby infrastructure, corruption, poor gover-nance at state level, excessive bureaucracy, inconsis-tent policies. Doing business in India is still seen bymany, especially foreign investors, as daunting com-pared to other Asian countries like Singapore.

INDIAAn exciting decadeahead

Deepak N. Lalwani OBEFounder Director - Lalcap Ltd

Deepak Lalwani+Punjab AD_A4 Temp 16/05/2011 14:59


The coming decadeIndia is on a journey of economic "catch up"

and this journey should extend well beyond thisdecade. A stronger economic base, as the countryaspires to firmly resume growth of 9% + per annum,should help further raise confidence in India. Thedrivers of economic growth are: favourable demo-graphics, an increasing savings and investment rate,an unleashing of latent entrepreneurial spirit, animproving (albeit slowly) infrastructure, improvingeducation and increasing consumption. The Indianeconomy is also insulated against the worst effectsof a global slowdown because it has a large domes-tic market which accounts for 57% of total consump-tion. And, exports account for only about 18% ofGDP - this allows a degree of insulation against theworst of any global economic slowdowns.

Earlier it was mentionedthat it took nearly 60 years postindependence for the milestonefirst trillion US dollars of GDP tobe reached. With higher growthrates now (8%+ per annum) thenext trillion is expected to bereached in 5 years by 2013. Bythe end of this decade Indiashould have an economy nearly400% larger than in 2008 as itreaches $ 4 trillion. This wasthe path followed by China andIndia will follow a similar one,albeit at a slower pace thanChina. The country should alsobe among the five largesteconomies globally by the endof this decade. From thesenumbers the business opportu-nities in most sectors is stagger-ing. The fervent hope is thatthis decade will see, once andfor all, a definite inclusivenature of sharing economicgains for all sections of societyand that rural standards of liv-ing, education and healthcareare dramatically improved.

India is not seen byWestern developed powers as athreat militarily or economically.Hence its influence andincreased role as a globalemerging power will be sup-ported and welcomed. Thisshould help India play a greaterrole in world affairs, be it atG20 or BRIC meetings andhopefully in this decade thecountry realises its cherisheddream - of finally becoming apermanent member of the UN

Security Council. India's confidence and global influ-ence is seen to increase appreciably this decadecompared to the past.

The obstacles and risks that existed before willstill require attention: corruption, bureaucracy, secu-rity threats, making doing business in India easierand very importantly, making economic growthinclusive so as to reduce poverty levels.

Despite all the obstacles, India has much tolook forward to in this decade. As does the world asit sees the largest democracy in the globe journeytowards realising its destiny.

Deepak N. Lalwani received two prestigiousawards in 2010 from India and also an OBE in theUK. He is only one of two persons from India to beelected as a member of The London StockExchange, which he joined over 20 years ago.

39

Deepak Lalwani+Punjab AD_A4 Temp 16/05/2011 14:59


Q: Could you give us some taste of what your jobrole involves?

I am the Group Executive Director for theWholesale Division of Lloyds Banking Group and amtherefore responsible for all Wholesale Banking acrossthe UK and North America working with both corpo-rate and commercial customers; from sole proprietorsto global multinational organisations. Alongside itsrelationship-led Corporate and Commercial bankingbusinesses, Wholesale has a number of specialist busi-nesses focussed on delivering solutions to serve the fullrange of their customers' needs.

Q: With the recent PPI payouts Lloyds had a bigone off loss? If we ignore that as a one off, howhealthy does the bank look, given that the HBOSacquisition was a sizeable acquisition at theheight of the credit crunch?

Well for starters, we can't really ignore it and as astatement of principles, it is absolutely the right thingto do by our customers. That said, the bank is in ahealthy position. Over the past 18 months there hasbeen a lot of successful work done to significantly de-risk the balance sheet and we have made excellentprogress in further securing our funding position. Interms of the acquisition of HBOS, there is continuedstrong progress on integration and we are on track todeliver £2bn of run rate savings by the end of the year- £2bn! As always, there are challenges ahead in anuncertain economy, in an industry faced with ever-evolving regulation, but we have great senior leader-ship and over 100,000 co-workers focussed on makingthis the best bank for customers, shareholders and col-leagues.

Q: Do you think bankers' bonuses are justified? Iknow it's the same old question, but have younoted any changes in how much and the methodin which bonuses are paid to placate the public?

We recognise that remuneration in the financialservices sector is a sensitive issue for shareholders andsociety in general. As a retail and commercial bank, ouroverall allocation under the annual bonus scheme rep-resents a very small percentage of revenues. We, alongwith the other major UK banks, have signed up to theG20 principles of remuneration. We work very closelywith the FSA and UKFI to ensure that our remunerationstructure is aligned to prudent risk management. Overrecent years, annual incentives to the Group's executivedirectors have also been subject to deferral and claw-back. So, I think there have been significant and posi-tive changes.

Q: Are bankers' bonuses any business of thepublic?

Yes, I am a big believer in transparency and as apublicly owned (with a large taxpayer holding) compa-ny, it makes sense that our shareholders understandhow staff are remunerated. As an example of the trans-parency being increased all the time, at the beginningof the year we reached an agreement with Governmentunder Project Merlin to disclose top executive pay lev-els and we have continued our commitment that thecash element of any bonus will not be more than£2000.

Q: People seem to think all the banks werebailed out by the public. Can you explain the sit-uation for instance with your own bank?

We are thankful for the Government for the sup-port it has given us and the banking sector in general.The liquidity facilities have been offered on commercialterms and we believe the Government will, over time,secure a good return for the taxpayer on the invest-ment it has made in the group.

The banks accept responsibility for their role inthe crisis. We acknowledge there are lessons to belearned and we are playing a full part in the reformingprocess. We, like all the banks, have a major interestin helping to work through with the authorities theappropriate reforms, including their implementation.

Truett TateExclusive Interview

Truett Tate, Group Executive Director,

Wholesale, Lloyds Banking Group

Alpesh-Lloyds_A4 Temp 16/05/2011 14:55


Q: What about the criticism that banks are notlending to businesses? This doesn't make sensegiven that banks can't make money?

Lloyds recognises that Small and Medium sizedEnterprises (SMEs) will play a vital role in returning theUK to good economic health. For that reason, we areabsolutely determined to support customers, who haveviable business plans, and wish to borrow. We contin-ue to approve 8 out of every 10 lending applica-tions, which is consistent with our long termtrend. More importantly, and something I amparticularly proud about, Lloyds' stock of lend-ing to SMEs has actually increased in each ofthe past 4 years and importantly, continued todo so over the past 12 months (despite the mar-ket contracting as a whole!). I see customerseveryday and would love to share their stories ofsupport and commitment with you. It's fascinat-ing that no one seems to want to interview the8 customers we say ''yes'' to, only the 2 thatmerited a ''no''!

Q: Since the onset of the credit crisis doyou think it has got harder for businessesto open business accounts and accessfinance? Is it regulations and red tape, orare banks chasing fewer and fewer lucra-tive clients?

I genuinely don't accept that it is harder to open abusiness account. Indeed, Lloyds has seen a recordnumber of start-up businesses open accounts with usin the first quarter of 2011 (32,000 businesses). We arecommitted to helping at least 300,000 businesses startup in the 3 years leading up to December 2012 and aresignificantly ahead of that plan.

We've also made it easier for customers to opena business bank account by training 2,500 retail branchstaff nationwide to open business accounts and sup-port the needs of start ups.

In terms of accessing finance - and in contrast tomany other banks - local lending discretion is an impor-tant part of our service and our local managers havethe authority to agree loans up to £500,000.

Q: Our readers are the lucrative Asian communi-ty in the UK and many will be your clients - butaren't there too many banks chasing too fewsuch clients?

I cannot speak for the other banks, but as far asLloyds Banking Group are concerned, we totally appre-ciate the value that the Asian Business communityadds to the UK economy. Understanding diversity is keyfor any business and, with the impact of the emergingmarkets on the global stage, it is key that we have prod-ucts and services that make banking more accessibleto all our diverse customers.

We are proud to say that we have sponsored over30 National Awards / Events to recognise inspirationalleaders from the Asian community. The likes of theAsian Women of Achievement Awards which we havebeen sponsoring now for 7 years and The AsianAwards are two such opportunities for us at LloydsBanking Group to help demonstrate our commitment todiversity and at the same time give us a great platformto network and bring businesses together from all sec-tors.

The feedback that I receive suggests that thecompetitive environment is a good one for this cus-tomer set.

Q: Why are more bankers not defending them-selves?

Let me answer that from the Lloyds' perspective.Our priority must first be to do the right thing to sup-port customers that have sustainable operating models- and we are doing that. Indeed, that is not my judge-ment; it's the view of our customers!

Just last week Lloyds Banking Group won anaward for being the UK's 'best bank' and who awardedus that? The customers themselves! It was the result ofthe largest customer survey of UK Financial Directors ofits kind and it cut across all sectors and geographies.Interestingly, some press derided it, without everacknowledging that it was the voice of the customer...how does one ''defend'' against that?

Q: If you had to say something in defence of thebankers - what would it be?

What's good for our customers is good for us. Thebanks that will emerge from the financial crisis in bestshape will be the ones that do the best job for cus-tomers and have put themselves on a sound, sustain-able financial footing. Our task is to explain to peoplewhat we are doing to give customers the best productsand services we possibly can.

41

Alpesh-Lloyds_A4 Temp 16/05/2011 14:55


Reviewing some of the events of theprevious month, reveals both a causefor celebration and concern and outlinesthat we are still in for an unpredictableand rocky ride ahead as far as the Smalland Medium Sized Enterprises (SME’s)are concerned.

Some of the headlines that have hit the news inrecent days include, but are not limited to, the fol-lowing:-

l Commodity prices collapsel Interest rate may rise earlier than expectedl British Asians top the list of Sunday Times rich listl Home repossessions show an increasel German economy grew by a faster than expected1.5% in the first 3 months of 2011l Households in the United Kingdom may be facing thebiggest drop in income for 30 years.

The above highlight that there is a substantialamount of mixed news still floating around the econom-ic climate globally and all businesses need to ensurethat they prepare for the rollercoaster ride that stillexists and is likely to continue for some time to come.

For all businesses, it is imperative that youattempt to “recession” proof your business and preparefor the worst as a better prepared business is more like-ly to survive the rocky times ahead.

It is imperative that you are not caught off guardand in ensuring that you are well prepared, the mostimportant consideration should be to prepare a relative-ly realistic cashflow and profitability forecast on amonthly basis for at least 12 months. More important-ly, it is imperative that the cashflow forecast shows apotential drop in turnover of between 10% and 20% andthe effect of this drop on the business as a whole.Creating this kind of a scenario will only better prepareyou for any potential unexpected situations that are like-ly to arise in the coming months. A review of the cash-flow forecast should identify areas where changes canbe made to the business in order to avoid any adversedownturn and in this respect, it is very important toensure that a comparison is made on a regular basisbetween the forecast cashflow and the actual resultsand areas identified where improvement can be madein a timely manner should be actioned without delay. Ifthe need arises, you may have to improve the manage-ment reporting systems in place in order to identify suchindicators in your business.

In times of austerity, it is very important to ensure

that your business is kept as lean as possible and thereare a number of areas that you can consider in doingso.

The first major area of consideration would be thereview of stock levels carried in the business and ensur-ing that there are no excess levels of stock held whichonly go towards tying up the liquidity of the companyand eventually seriously affecting the cashflow.However, the balance has to be just right so that cus-tomer orders can be fulfilled without undue delay. It isimportant that to avoid cash being tied up in stock, youreview your required stock levels on a regular basiseither monthly or weekly, depending on the business,and ensure that there is sufficient stock levels to servicethe short term requirements of your customer base.

Keeping in regular contact with sales staff and cus-tomers alike is also imperative in ensuring that the com-pany is run in an efficient manner. Every company hascustomers that tend to cost more than they add to thebottom line. It is important to identify these customersand evaluate why they are not adding to the bottom lineand attempt to make them profitable customers. If thisbecomes an impossible task, then it would be wise toconsider handing them to your competition. It can onlygo towards making you stronger.

In difficult times, successful businesses tend to beable to steer away from the volatile effects of the eco-nomic climate by understanding and keeping close tothe business of their customers. It is very important toshow that you care for your customers and understandhow their business is being affected and consider waysin which you can help them in such times. It is impor-tant to remember that lasting relationships are built inhard times. In addition, it is imperative that new busi-ness and market opportunities are considered and thereturns on such opportunities are thoroughly researchedas when the business climate changes, customers’requirements also change with it. In times of austerity,successful businesses need to review and consider thenew market opportunities that are open for them in theeconomic cycle that they are faced with.

In recessionary times, all markets have a tendencyto shrink and successful small businesses in this situa-tion are likely to be those who develop a strategy forgrowing their market share of a diminishing sector.

Strategically, this would involve increased market-ing and advertising and developing more dynamic waysof publishing your business and establishing a uniqueselling point that differentiates you from your competi-tors.

An example would be for a restaurateur where

Tackling BusinessRoller Coasters

Kiran D Patel,FCA is a Partner at

Weston Kay CharteredAccountants

Kiran Patel_A4 Temp 16/05/2011 15:06


their customers decide to eat at home or arrange take-aways. Survival can only be achieved by creating a pos-itive experience for the customers who do visit. It isimperative that you give the customer the best experi-ence you can and in this respect, attention to detail isthe key objective. Details such as immaculately cleanfacilities, courteous staff, eye contact, impeccable serv-ice and good food. The quality of the food has to be bet-ter than that offered by other restaurants. In such timesthis will only go towards improving the customer baseover the longer period.

Although cost cutting is an important exercise, itcan also be short sighted in terms of the hiring and fir-ing of staff. It is important that the business identifieskey personnel and ensures that there is sufficient reasonto retain them. At the same time, it is also important thatthe existing staff strive for improved efficiency and thereis sufficient training available to them in order to under-stand the new markets and the changing markets inwhich they are operating.

In addition, it is important to stay positive and con-tinuously research into the potential of taking on newstaff by looking around for people who have been maderedundant from other businesses and assessing whetherthere is any talent to be added to your organisation. Arecession does create a pool of highly talented staff thatare likely to take the business to another level.

Finally, it is imperative to understand that the busi-ness is managed by individuals who are key to its oper-

ations. To this extent, it is very important to ensure thatyour personal credit ratings remain high since in times ofausterity, the borrowing levels available to businessesfrom banks tends to depend on the personal credit rat-ing of the proprietors. It is important to ensure that yourpersonal expenditure levels are maintained at an afford-able amount and the bank or any other lending institu-tion does not have a reason to charge you more moneyfor being late on payments or defaulting on terms of bor-rowing.

In conclusion, taking a few small steps towards cre-ating an efficient, lean and mean business do go a longway towards ensuring that the ride through the rockytimes ahead is as comfortable as can be possible.

In addition, it is important that regular reviews arecarried out on the strategy, concept and personnel, sothat the changing times are fully catered for.

Please note that the above is a general guideline toensuring that difficult times do not lead to the loss ofbusiness and you must consider your individual circum-stances and how you can ensure your business does notsuffer and that you create a competitive edge where oth-ers are struggling, on a regular basis for survival andprosperity.

Kiran D Patel FCA is a Partner at Weston KayChartered Accountants. If you would like a moredetailed review of your business and how efficiency canbe achieved please contact Kiran Patel on 020 76367493 or email him at [email protected].

43

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Partners : Joseph Weston, Melvin Kay, Kiran Patel, Jill Springbett

WESTON KAYCHARTERED ACCOUNTANTS

Kiran Patel_A4 Temp 16/05/2011 15:06


For late filing of Tax returns and late payment of Taxes

File & Pay on Time Or Else…Pay Heavy Penalties

It has always been essential for self-assessment tax returns not only to be accurate but also submitted on time. Thenew changes to the penalty regime for both late returns and late payment of taxes came into effect from 6 April 2011.This will mean that taxpayers will have to pay even more attention to their tax affairs.

Penalties and surcharges for late filing of tax returns and payment of taxes changed under the Self Assessmentregime about 15 years ago. For tax returns up to and including the year ended 5 April 2010 the late filing penalty for atax return not submitted on time was lesser of £100 and the balance of tax outstanding. This meant that if a tax returnwas not submitted by the due date, by making a tax payment to cover the estimated liability one would avoid the £100penalty.

Under the new framework which applies from 2010/11 tax returns, the penalties for late submission of tax returnsand payment of taxes will soar drastically and the penalty will no longer be ‘capped’ at the lower of £100 and the bal-ance of tax outstanding.

New self assessment penalties

The new penalties for late filing of tax returns as from 6 April 2011 are as follows:

Day one Initial penalty of £100 - even if there is no tax to pay or all taxes due have been paid.

Over three months late £10 each day - up to maximum of £900.

Over six months ate £300 or 5% of the tax due, whichever is the higher.

Over twelve months Further £300 or 5% of the tax due, whichever is the higher.

A higher penalty of 70% of the tax due where a person has deliberately withheld information

necessary for HMRC to assess the tax due.

The above becomes a maximum 100% penalty if the behaviour is deliberate with concealment

The new penalties for late payment of taxes as from 6 April 2011 are as follows:

Over 30 days late Initial late payment penalty of 5% of the amount of taxes unpaid

Over six months late Further late payment penalty of 5% of the taxes that are still unpaid.

Over twelve months late Further late payment penalty of 5% of the taxes that are still unpaid

Mrs Vasanti Patel is a director at John Cumming Ross Limited, Chartered Certified Accountants and can be contacted on020 8864 6689 or e-mail [email protected]

The above deadlines and penalties also apply to each partner in a partnership.

The above penalties are levied in addition to the interest that is charged on all outstanding amounts, including unpaidpenalties.

It is, therefore, important that any taxpayer who has not yet filed the 2010 tax return (or indeed any returns still out-standing for earlier years) should bring their tax affairs up to date urgently. Whilst these changes are not retrospective,2011 returns cannot be submitted until returns for earlier years are filed.

The tax compliance has changed over the last 15 years since the advent of Self Assessment regime with increasedpenalties for non or late filing of tax returns and payment of tax liabilities. The new rules mean that the more you delaythe more you will pay.

In view of the above punitive increase in the penalties, it is necessary that the tax payers is more proactive in get-ting their tax affairs up to date and ensuring that the tax returns are correct and filed on time as well as paying the taxesby the due date

John Cumming Ross _A4 Temp 16/05/2011 15:00

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Successive governments, whether theyare Conservative, Labour or even acoalition (currently Conservative andLiberal Democrats), feel the urge togive tax incentives to entrepreneurs asthis is one way of encouragingindividuals to either start or purchasebusinesses and then grow them – thegovernment coffers then receiveincome tax and national insurance onthe employment of people by thebusiness, income tax/corporation taxon the profits of the business and VATon the sale of the business’s productsor services. The form in whichgovernments give incentives is toreduce the tax payable when theentrepreneur sells the business.

The best and liberal capital gains tax rules for thesale of business assets were introduced by theLabour government (taper relief) where, at

one time, the capital gains tax rate was 10% ona business asset provided you held it for just twoyears whilst for a non-business asset the tax ratecould be as high as 40%. Taper relief wasreplaced by entrepreneurs’ relief with effect from6 April 2008. Broadly, the relief reduces theamount of capital gains tax payable on the saleof all or part of the business, the sale of the busi-ness assets after the business has ceased or onthe sale of the shares in the business and “asso-ciated disposals”. The relief is available to indi-viduals and trustees subject to qualifying condi-tions being met.

The maximum amount of gains that can beincluded for relief made by a particular taxpayer iscapped for the taxpayer’s lifetime. This lifetime capwas set at £1m for gains made up to 5 April 2010,increased to £2m for gains accruing from 6 April 2010and increased to £5m from 23 June 2010. The limithas been further increased to £10m from 6 April 2011.This means that on a capital gain of up to £10m, thetax liability is just an effective 10% - it is thereforepotentially worth £1.8m per taxpayer. In addition,

unlike retirement relief, an entrepreneur can build up abusiness, realise a gain and move on to the next busi-ness to realise a further gain without reaching retire-ment age. The entrepreneur will continue to pay cap-ital gains tax at 10% provided the total gains do notexceed £10m.

Entrepreneurs’ relief is available in respect ofgains made on qualifying business disposals held forone year before the date of disposal. The relief is forgains arising on the disposal on the whole or part of atrading business (including professions and vocations)that is carried on by an individual either alone or inpartnership. Where a business is not disposed of as agoing concern but simply ceases, relief would be avail-able on gains or assets formerly used in the businessand disposed of within three years of cessation of thebusiness.

The relief also applies to gains on disposals ofshares and securities in a trading company (or the hold-ing company or a trading group) provided that the indi-vidual making the disposall Has been an officer or employee of the company, orof a company in the same group of companies; andl Owns at least 5% of the ordinary share capital of thecompany and that holding enables the individual to exer-cise at least 5% of the voting rights in that company.

Entrepreneurs’ relief is also available to trusteeson gains on assets used in a business, subject to con-ditions.

If an individual qualifies for entrepreneurs’ reliefon the disposal of a partnership share or the disposalof shares or securities, then relief is also available inrespect of an “associated disposal” of an asset whichis used in the company’s (or group’s) business or by amember of a partnership. For example, if a company

Entrepreneurs’Relief Kaushik Desai,

is a Principal in Chown Dewhurst LLP

Kaushik Desai_A4 Temp 16/05/2011 15:04


director owns 5% or more of a limited company butholds the freehold asset (say a shop) from which thelimited company runs say a pharmacy business, andthe director sells both the shares in the company andthe premises at the same time, the freehold asset mayqualify as an associated disposal. The relief is restrict-ed where any payment of rent was made for the use ofthe asset by the company or partnership for a periodafter 5 April 2008.

There are detailed rules that govern the qualifyingconditions that need to be made for the entrepreneurs’relief to be available on the disposal of the business asoutlined above and care needs to be taken to makesure these conditions are met, particularly where theentrepreneurs’ relief is sought on the disposal of theshares in a trading company.

One issue that we come across time and timeagain is where the activities of a company or of a groupinclude to a substantial extent, activities other than trad-ing activity. This typically happens with a limited com-pany which has not distributed the profits as dividendsto the shareholders of the company to avoid higherrates of tax and the surplus funds have been investedinto say properties which have been let out on rent.HMRC have stated that they consider “substantial” tomean more than 20%.

It is therefore necessary to consider what shouldform the basis for measuring whether a company’snon-trading purposes are capable of having a substan-

tial effect. HMRC consider that this will vary accordingto the facts in each case but some or all of the follow-ing might be taken into account in reviewing a particu-lar company’s status:l Turnover receivable from non-trading activities,l The asset base of the company,l Expenses incurred by or time spent by, officers andemployees of the company in undertaking its activities.

Specialist advice is required to ensure that youqualify for entrepreneurs’ relief and you need to reviewyour business structure to ensure that when you sellyour business, you are able to make use of one of themost valuable reliefs available to you to reduce the taxburden.

47

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Commercial property has been anIndian favorite, both as a main focusand or as a side line business. Manyhave taken advantage of the SIPP rulesand used pension money to invest.

Acommercial property is one where there is acommercial element in the building or thewhole property is commercial, meaning com-

merce is taking place as opposed to the property sim-ply used for living, residential purposes.

A commercial agreement is a long term tenancyas opposed to an Assured Shorthold Tenancy which isthe tenancy on a Buy To Let property.

Purchasing a commercial property means youhave a tenant with whom you typically have an FRIcontract meaning they look after the property and allcost associated with it.

In summary when purchasing a commercial prop-erty you are purchasing an investment which is morelike purchasing a bond than a property. This is becausecommercial investment takes away the hassle factorgenerally associated with the purchase of a residentialproperty.

When purchasing a commer-cial investment the term, uplifts andtheir frequency, payment terms,break clauses are all predefined inadvance, this is why these types ofinvestments are preferred by someinvestors. Generally the only timean investor needs to get involved isat the time of the rent review.

I have heard it said by a stal-wart of commercial property thateven by purchasing a BTL propertyyou spoil the name of investing, as they - due to thehassle factor involved - cannot be classed as a pureinvestment.

The brown pound has been a dominating factorin the commercial auction houses, with groups of indi-viduals becoming a dominant buying force at mostcommercial auctions.

What fuelled this interest was an environment ofabundant and cheap funding driven by securitization.This means once the money was lent the debt wouldbe dissected and sold on therefore it was no longerthe concern of the lending institution who lent the

funds in the first place. These factors help drive prices up, as long as the

prices keep going up the game carries on. I remember a Barclays commercial property

being sold for 2.9% yield, this did not make sense froma buy and hold point of view as you would be losingmoney as time went on. It only makes sense from abuy and sell point of view as long as the market’s ris-ing.

The situation now is that many of the values onwhich banks lent money on have gone down, conse-quently many investors are holding on to investmentswhere the Loan to Value covenants have beenbreached. This means the banks have a right to call intheir loans.

West Bromwich is a name which keeps croppingup in this regard, they have been particularly aggres-sive in dealing with this situation.

Many of these investors have been making theirpayments and therefore staying out of the radar. Thelow base rate has helped them to keep their paymentslow and manageable. We have been riding on a baserate of 0.5% since March 2009, this will undoubtedlyrise, the question is when. As the rates rise the tidegoes out…

and as the saying goes youdon’t know who’s swimmingnaked until the tide goes out!

Those who have breachedconvents and have no money toput into the deals will start tostruggle with repayments andstart to attract attention from theirbanks.

From enforcing personal andcross guarantees to withdrawingthe mortgage offers at the banksdiscretion, it will all become

apparent what the small print means on a loan offer.Those details seem all so irrelevant when you are chas-ing the next deal and the last one’s netted in so muchmoney.

So the message is clear, do not keep your headin the sand.

It is better to dilute your equity and reach out forother private funders before the bank takes possessionand starts to dictate the terms to you.

Many banks will negotiate, especially as they tooneed cash in to meet their own requirements. Better tohave half a chapatti than no chapatti.

Half A Chapatti IsBetter Than NoChapatti

Suresh Vagjiani,Managing Director Sow & Reap

Sow & Reap_A4 Temp 16/05/2011 15:22

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Crystal Ball where will you make money in 2011? Alpesh B Patel 7Bond Market Bargains Aparna Ram 9Spread Betting Evolves Paresh Kiri 11Understanding the Basics of Currency Trading 13-14Getting our ' Quantum of Solace' Amit Patel 15Technology That's making money transfer faster and efficient Paresh Davdra 17World Cup success was all about the mix of experience and youth Nilesh Raj Patel 19Lyca from Mobile to Money Subaskaran Allirajah 21The Unfinished Business of Globalisation Dr Dak Patel 22-23Commercial Insurance designed for you Alpen Patel 25The Accident compensation claims process Rakesh Shah 26Mortgage Broker Efficient Economical and Diligent Dinesh Shonchhatra 28India Realty Matters Vikram Goyal 29Property Investments Bricks & Mortar 30&32Location, Location, Location 34&36Achieving ones’ desired monetary goals 37Indian an exciting decade ahead Deepak N Lalwani OBE 38-39Truett Tate- Exclusive Interview 40-41Tackling Business Roller Coasters Kiran Patel 42-43New self assessment penalties Mrs Vasanti Patel 44Entrepreneurs' Relief Kaushik Desai 46-47Half a Chappatti is better than no Chapatti Suresh Vagjiani 48

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Unesta India Property Services Front Inside ETX Capital 4London School of Accountancy and Management 6Life Policy Reclaim Ltd 8Air India 10XLN Telecom 12Indigo Securities 14John Cumming Ross Ltd 16Willmotts Chartered Surveyors 18Lyca Mobile 20The New India Assurance Co Ltd 23AP Trophies 24Fab Homes 24Finance House Ltd 24

Concept Vehicle Management Ltd 27Afro Asian Insurance Services Ltd 31Bank of Baroda 33Westfield Commercial Property Developments 33Zoom Finance Ltd 33Elegance Furniture 35Lall Ondhia 35Universal Estates 35Punjab National Bank 39Weston Kay 43Chown Dewhurst 47Forum Insurance 47VFS Global Back Inside Lyca Money Back Cover

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