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 www.seasonalmagazine.com EDITORIAL

Seasonal

MAGAZINE
Vol 10 Issue 1 January 2011

may our
Managing Editor
Jason D Pavoratti
Editor
John Antony

predictions
Director (Finance)
Ceena
Senior Editorial Coordinator
Jacob Deva
Senior Correspondent
Bina Menon
Creative Visualizer
Bijohns Varghese
go wrong…
Photographer
Anish Aloysious
Correspondents
In February 2009, at the height of the Satyam crisis,
Bombay: Rashmi Prakash Seasonal Magazine made a different point in our Editorial titled,
Hyderabad: Iqbal Siddiqui
Delhi: Anurag Dixit
‘From Business as Usual, to Trusteeship’. Simply put, it called
Director (Technical) for nobody - absolutely nobody - in big business to be put above
John Antony
Publisher suspicion when it comes to furthering their interest at the expense
Jason D
of the public. Specifically, we had mentioned some not-so-
Editorial & Business Office comfortable chapters from the early histories of some corporate
Cochin: 36/1924 E,
Kaloor-Kadavanthra Road, benchmarks in transparency.
Near IGNOU, Kaloor, Cochin-17.
Ph:0484- 2345876, 2534377, 2340080 Just 2.5 fiscals later, even we are a bit troubled that two of the
Mob. 09947141362, 09947258505
images we used in that Editorial - of NR Narayana Murthy and
Mumbai: 202, Woodland Heights Ratan Tata - have been somewhat dented in recent weeks, at least
Building, St. Martins Road, Bandra
West, Mumbai -400 050, Mobile: in public perception. While Murthy was caught unawares in the SKS
9757076197
Ph: 022-26401362, 26401360, fiasco where lakhs of investors lost significant money, Radiagate
may continue to haunt Ratan Tata in the days to come.
Bangalore: House No: 493, Block 3
3rd Main, HBR Layout,
Bangalore-4209731984836, But did Seasonal Magazine offer any solutions then? Yes, we wrote
Email:skmagazine@gmail.com
back then -
www.seasonalmagazine.com

UK Office: “CRONAN”, The disease is not skin deep. It is systemic and it

Boundaries Road
Feltham, Middlesex, UK TW13 5DR is called Capitalism. Once it was a medicine to
Ph: 020 8890 0045,
Mob: 00447947181950 kill an even deadlier disease – Communism. But
Email: petecarlsons@gmail.com now, it is The Disease. Marx had so eloquently explained
Reg No: KERENG/2002/6803 how capitalists will multiply their tiny original capital to
Printed & Published by Jaison D on behalf unprecedented heights, solely on the surplus labour of their
of PeteCarlson Solutions Pvt. Ltd. at
Cochin. Printed at Rathna Offset Printers, workforce. The only practical solution, however, seems to
Chennai-14. All Rights Reserved by be Gandhi’s Trusteeship Model. The Father of this Nation
PeteCarlson Solutions Pvt. Ltd. No part of
this publication may be reproduced by any had so elegantly mixed entrepreneurship, Marx’s surplus
means, including electronic, without the
prior written permission of the publisher. labour theory, and his own social responsibility framework
All India Distributor: India Book House, Mumbai to reach at Trusteeship, which he termed as the
UAE Distributor: Malik News Agency &
Distributors Dubai “only way business can be done with morals.” One
All health related articles are for first
day, world will turn to it. Inevitably. It has to. There
information purposes only. Always
consult your doctor before taking any is no other way.
decison affecting your health.
MEMBER
InMarch 2009 , amidst the Obama euphoria, and commenting on our aging political
leaders, Seasonal Magazine wrote -

In India, it is as though you have to have 70 years of experience, before

you will be entrusted with anything serious. This, in a country, whose
only real strength is its mega youthful workforce, made possible by a
birth-rate that refuses to fall to the absurd levels of the West. Yet, in a West plagued
by a dangerously low youth population, we see a 47-year old Obama becoming
the President, and George W Bush and Tony Blair calling it a day before they
turned 63 and 55 respectively. Again, we scream, where are our youth leaders?
Oh, then comes images of Rahul & Omar. Better we stick with our
septuagenarians and octogenarians...Let us patiently wait for our Obama.
But by the time we find one, will the original flop in US? God forbid.”
may our predictions go wrong…

In the same piece, on the backdrop of Mumbai terrorist attacks,

we wrote something, which WikiLeaks proved recently, 21 months
later. Seasonal Magazine wrote then -
India is running from pillar to post, trying to garner
support for its cause. It is getting plenty. But support
against Pakistan? Aah, that is another story
altogether. As India is realising gradually and painfully,
US, UK, & China still have plenty of use left with
Pakistan.

In the same month, in another Editorial titled ‘Politics for a Living‘,

in the backdrop of the upcoming general elections, we took a
strange view on the parliament aspirants -
Take a cursory glance at this list of 5000. What is
common? Many things, but what strikes most is that
most of them are unemployed. Yet, living an affluent
life. How do they live? 500 of them will, anyway, go on to become
MPs. Though it will be difficult to continue their lifestyle with the
around 20k monthly salary, the nearly 3 lakh worth of monthly
allowances, perks, & freebies should be enough for
the sober among them. That is, to meet the basic
expenses. To accumulate wealth, they too have to look
elsewhere.
Thankfully, within months, they unanimously gave themselves a massive
increment. But that was not our main concern. We had asked several questions
in that Editorial -
…And what about the rest 4500? They will continue to live even
more stylishly. Do these parties pay them regularly? Not really.
Whether it is party functionaries, MPs, or MLAs, politicians are
expected to come up with their own revenue models. Party will just be a
facilitator. Share the moolah with party, and party will continue to share the
infrastructure with you. Politics for a living. Are our politicians so busy with
social work that they can’t earn a decent living for themselves?
Gandhi was even busier with social work, but could find time
regularly to earn his living by weaving khadi. Even Nehru earned
his living from the royalties of his books. When did this rot begin?”
Still, we have no idea really when it began, but now its contemporary symbols
include a guy called A Raja and his always-calling-the-shots party DMK. But
needless to say, if we dig deep, most parties are going to blush on this issue.
In November 2009, that is around
a year back, Seasonal Magazine wrote an
Editorial titled, ‘Can Public Make Money may our predictions
From the Coming IPOs’ on the topic of the
massive disinvestment Government was
planning through PSU IPOs/FPOs.
Back then, we wrote,

Reliance and ONGC are in

the same industry, both are
public limited companies,
but there is this huge difference. SBI
and ICICI Bank are in the same
business, both are public, but again
there is this discomforting difference.
It can be argued that both sectors run
on public money – investors, IPOs,
secondary markets etc all apply to both
– but companies like RIL & ICICI are
always private companies. Call its
public investors private investors if you
like. They are there by choice. But is it
the same with truly public companies
like ONGC or SBI? Forget their private
investors, but what about us? The
taxpayers? Is our money there by
choice? Do you personally believe in
recapitalizing Andhra Bank with your
money or ONGC drilling that
next hole in Iran with your
money? Probably not. But
you don’t have much choice.
go wrong…

Commenting further on the dangers of putting

stock-market and investor interests first, we
continued,
It is easy to confuse things between
public and private using stock market
lingo. But this is a country where the
number of retail equity investors hasn’t reached
that high figure - 1% - of the population, still.
Agreed, NSDL & CDSL has 1.6 crore demats,
but on one end there are significant duplicates,
and on the other end a lot of empty accounts. It
is not the same as the taxpayer base. Again,
there is a riddle. Only 3% of the population pay
personal tax in this country. And only 11% of
the listed companies pay tax. But that is just the
income tax or corporate tax. What about the
numerous other taxes, levies, & surcharges that
we pay whenever we buy, sell, travel,
invest, redeem, or avail a service?
PSUs are able to shine only on capital
from these kinds of accruals.
More than an year later, only a few PSU IPOs/
FPOs have been able to deliver good, real
returns to ordinary retail investors. But they have
been anyway better than hyped up private sector
IPOs like SKS Microfinance or DB Realty.
may our predictions go wrong…
In December 2009, while analysing past financial crises
across the world and commenting on the Dubai financial
crisis, Seasonal Magazine identified three aspects -
hyped up real estate, dollar pegging of the currency, and
undemocratic decision making - as three pillars of
financial crises, and wondered at how China - that shares
all these attributes - will escape a crisis.
We wrote,
Now the only relevant question is whether
there are any other markets where both these
conditions exist. Eerily, there is one – China.
Though the country’s currency is only partially pegged
to the US Dollar since 2005, by all practical measures it
still remains deeply connected. The Chinese had
unofficially strengthened this pegging post-Lehman as
a last ditch effort to save its economy from collapse as it
battles a real estate splurge that would shame even
Dubai on the demand-supply mismatch. If China fails, it
has the potential to take the world with it. And
not at all comforting is a third attribute that
Dubai and China share – non-democratic
decision making.

Now the world’s worst fears are coming true, as

WikiLeaks has leaked, even the second-most powerful
man in the Chinese power structure admits that Chinese
financial numbers are rigged.
Seasonal Magazine also almost predicted the recent stock
market correction in that Editorial. We wrote,
Of course, even without a Chinese failure, and
even without the rupee being pegged to the
dollar, India needs to tread cautiously as it
suffers from excess liquidity driven by foreign
investments that has overheated the capital
markets already, much ahead of the real
economy warming up.
may our predictions go wrong…

Later, in June 2010, Seasonal Magazine again

warned investors and public about the effects of
Smart Money. We wrote,
Retail investors would do well to keep in
mind that nothing much changes for a
business between one quarterly result to
the next. Of course, there can be new order wins for
the company intra-quarter, but even then there is
no need for this daily frenzy. The only thing that
changes every day, every minute, and even every
second, is the money flow. Smart money
flowing in and out, trying to take away your
stupid money too, thereby getting smarter.

And in last quarter, precisely in August 2010, we

wrote about the theme that economics is no
substitute for efficiency, which is a theme that refuses
to die in India. As scam after scam unfolds, we
continue to stand appalled at how systemic
inefficiencies are breeding systemic corruptions,
taking away the sheen of all economic planning.
 Contents

5 Smartphone Apps
That is Changing
Shopping & Sharing
Dramatically
The engine is local search. The key is check-ins and status sharing. The purpose
includes shopping reviews and recommendations. And the wisdom is the collective
wisdom of friends and the community around. Welcome to the world of local search
and shopping-sharing networking that is making conventional search engines like
Google and conventional social networks like Facebook sweating like anything. In
fact, the buzz is that Google and Facebook would love to gobble up a couple of them
if they could. The greatest threat to the PC platform comes from the fact that all
these devices have been ported to smartphones, if not specifically created for the
millions of Blackberrys, iPhones, Androids, & Windows Phones out there. Some of
them are yet to arrive in India, but before you finish this article, some of them will...
Hrithik Roshan caught in a
Twitter rant
Manisha moves in with
parents?
Farah Khan pokes fun at
Shahrukh Khan
Designer wants
2001-10 Big B to ‘Don’ jacket
Naked man spotted in car
Photos That Defined the Salman Khan composes
Decade music for ‘Ready’
 Shipping Corporation FPO
Invest or Wait?
MOIL IPO
Very Attractive, But Listing
Gains or Long-Term Value?
Claris Lifesciences IPO -
Invest or Wait?
Musli Power X-Tra Said to
Improve CD4 & Hb counts
in HIV Patients
Entry Level Androids
Launched in India
Aishwarya Rai ‘Pregnant’
rumors hit in Dubai
4 Steps to Slow Aging
20 Travel Lessons
From Around the World

CLASH OF THE TITANS

Top 10 FoodsThat Will LeBron OR Kobe?
GiveYou Great Skin A most valuable player award, NBA slam
dunk champion, an NBA all-star scoring
MVP, and most importantly, five-time NBA
How many times have you heard people say that you are what you eat? When it comes to champion - what does Kobe Bryant have
reaching your fitness goals, this is definitely a principle to live by. If you keep on loading up left to achieve? ..
on carbs, insisting on consuming fatty foods and not minding the caloric content of food at
all – then there could be disastrous results as far as your weight is concerned..

TAILENDERS? OR MATCH WINNERS?

Ever wondered why majority of the bowlers of the pre-2000 era of cricket
never grabbed an opportunity with both hands whenever they were thrown
into bat or pleaded to bat by their captain? Simple. It was just because they
were never good at it.
 Aishwarya Rai
Pregnant?
Rumors hit Dubai
umours related to Aishwarya Rai
Bachchan have again started
making the rounds. The rumours,
this time, are related to her
pregnancy not in India but in
Dubai.
But rumours have become such a routine affair for
Ash that she does not even clarify them. We presume
that she chooses to laugh it off.
Ash had some interviews scheduled in Dubai, but
they were cancelled at the last moment leading to
speculation among the small community of Indian
journalists in the Middle East.
“ Unless it is a case of dodgy Indian curries that is
slowly but surely emanating, the rumour mills are
grinding to grist the possibility of a classic Ash diva
tantrum because she is pregnant,” quoted the local
newspaper in Dubai.
Sources had informed the newspaper that Ash was
not well and hence had cancelled the said interviews.
This is not the first time that the buzz about her
pregnancy hasreached us.
Had we believed in all these gossips Ash and
Abhishek should have had a few babies by now. We
guess we should leave the couple alone and give
them the benefit of doubt and the honour to make
the announcement themselves.
After all, their marriage was the biggest ever in
Bollywood and when the Bachchans will confirm any
such news it would surely be the biggest one, too.
Salman Khan
Composes Music
for ‘Ready’
ooks like Salman Khan is all set
to discover the hidden artist in
him. We all know that the actor has
a flair for painting but little did we
know about his talent for
composing music. Buzz has it that
the ‘Dabangg’ star has been composing music along
with music director Pritam for his upcoming flick,
‘Ready’.
Talking to reporters, an insider revealed, “Salman
Khan is showing big interest in the composition of
his next film. Sallu Bhai is seen composing with
Pritam on the sets of the film. Since, ‘Ready’ will
be Salman`s first release post ‘Dabangg’, the actor
is making sure that the music of the film captures
the heart of his audiences. For this Salman is
personally getting involved in the making of the
music for ‘Ready’.”
The handsome and eligible bachelor does have an
ear for good music and this was quite evident from
his deep involvement with the participants on the
sets of a singing reality show while he was promoting
his film ‘Dabangg’.
And now we can rightly name Salman Khan as an
all rounder artist- he is an actor, a painter and a music
composer.
 Hrithik Roshan Caught
in a Twitter Rant
Hrithik Roshan’s use of
social networking sites
to promote his latest
film has resulted in an
angry backlash against
one Twitter user.
Roshan as an actor and I had seen
Guzaarish in a theatre only. What
was meant to be for fun turned out
to be ugly because die-hard
Hrithik fans started abusing me,”
the Jaipur resident explained.
After clarifying the situation to the
actor, Roshan, who plays the role
of Ethan Mascarenhas in the film,
urged restraint: “Guys, let’s leave
him alone! Ethan would!”
Guzaarish is on general release at
cinemas worldwide.

The controversy began after

Roshan retweeted a message
about the alleged pirate viewing
of his current release Guzaarish.
Following his reposting of, “This
guy @Biorahul was watching on
pirated DVD. Catch him”, many
of the star’s fans sent out angry
messages to the profile.
Rahul Sharma, the Twitter user
involved in the controversy,
revealed that the incident had
been meant as a joke.
“I feel a bit frustrated with the
episode because I like Hrithik

Manisha Moves in
with Parents?
Manisha Koirala moved to her parents’
place in Kathmandu days before she put
up the Facebook status (about her
wanting a divorce)
After Manisha Koirala’s Facebook status of “divorce on my
mind”, there is a new development.
Sources reveal that Manisha had moved in with her parents days
before putting up a statement on her profile page about an
impending divorce from her husband Samrat Dahal. Talk of
marriage trouble had been brewing for the last one month.
Farah Khan Pokes Fun at
Shahrukh Khan
Remember how
Shahrukh Khan had
spoofed the veteran
actor Manoj Kumar in
Om Shanti Om? Well
now, the chickens have
come home to roost.
In Farah Khan’s upcoming film
Tees Maar Khan, it is SRK who is
spoofed. The film has Akshaye
Khanna playing an over-
expressive, intense actor who
suffers from backache and has to
fly off to London for treatment.
If that doesn’t ring a bell, let’s
remind you that SRK has had a
medical procedure done in
London to get rid of his backache
problem.
Moreover, in TMK, Akshaye is
approached for a role by an
international filmmaker named
Danny. Akshaye makes him wait
for hours and then refuses to do
the role which eventually goes to
Anil Kapoor who wins an Oscar
A source reveals, “Manisha had already moved out of her
for his performance, leaving
house with Samrat (Dahal) days before putting up the post
Akshaye gnashing his teeth with
on the social networking site. She was living with her parents
regret.
in Kathmandu and had told them she had some issues with
Samrat.” You may recall that British
However, friends close to the actress reveal that she attributed director Danny Boyle had first
her stay at her parents home to ‘ill health.’ She told her friends approached SRK to play the
that she had a bad viral attack and was staying with her quizmaster in his multiple-Oscar
parents for some pampering. She also said that Samrat was winning film Slumdog
not in town and she didn’t want to be left alone during her Millionaire, but SRK turned it
sickness. down and the role went to Anil
The talk of trouble in the marriage has rocked Kathmandu, Kapoor who won international
with her dad former politician Prakash Koirala coming out acclaim through the film.
SEASONAL MAGAZINE

in support of his daughter and denying any split from her

The similarities are startling. It’s
husband. The actress is currently in Goa for the film festival
clear that SRK is the butt of joke
and remained unavailable for comment.
in Farah’s new film Tees Maar
Khan which hits the theatres on
December 24.
 skin-coloured shorts while fixing his brake light.

Naked Man Spotted However Google has removed the image from Street
View, which only went live in Germany at the

in Car Boot on beginning of the month.

It is not the first time a Google Street View image

Google Street View has provoked debate.

In August a photo emerged of what appeared to be a
dead schoolgirl laying on the side of the road in
Worcester.
However, it turned out to be ten-year-old Azura
man has been captured on Google Beebeejaun who was lying down playing dead with
Street View apparently climbing her friends.
into the boot of his car while
naked.
The baffling picture shows a nude
man in the boot of a Mercedes which is parked on
the driveway of a house in Mannheim, south-west
Germany.
A dog lies nearby surrounded by the contents of the
sports car’s boot.
The image has prompted a rash of internet
speculation over what activity the man could be
involved in.
One Internet user told the CNET website he thought
it was just ‘’an illusion’’ with the man wearing tight

Entry Level Androids

Launched in India
wo new entry-level Android Droid Pro) and features Android 2.1, a 2.8-inch
handsets are headed to India, both capacitive display, 3.2MP camera, and will be
of which attempt to cram as much available through Aircel for 13,990 INR (~$300).
value into a small package as Twice the price of the Micromax handset for similar
humanly possible. The Micromax features, but arguably better in build quality and
Andro A60 is a re-branded ZTE reputation.
Penguin, and will retail for 6,999 INR (~$152). For
the price you get Android 2.1, a 2.8-inch resistive
touchscreen, 3.2MP autofocus camera, and 600MHz
CPU.
If the oblong stylings of the Andro A60 don’t sit
well, perhaps the Motorola Charm’s more boxy
SEASONAL MAGAZINE

approach will. This is the same Charm we have seen

on various other networks, QWERTY keyboard and
all. It was Motorola’s first phone to attempt a
Blackberry-style keyboard (later perfected for the
 COVER STORY

5 Smartphone
Apps That is Changing
Shopping
& Sharing
Dramatically
SEASONAL MAGAZINE
 he engine is local search. The key is check-ins and status sharing. The
purpose includes shopping reviews and recommendations. And the wisdom
is the collective wisdom of friends and the community around. Welcome to
the world of local search and shopping-sharing networking that is making
conventional search engines like Google and conventional social networks like Facebook
sweating like anything. In fact, the buzz is that Google and Facebook would love to gobble
up a couple of them if they could. The greatest threat to the PC platform comes from the
fact that all these devices have been ported to smartphones, if not specifically created for
the millions of Blackberrys, iPhones, Androids, & Windows Phones out there. Some of
them are yet to arrive in India, but before you finish this article, some of them will. Well,
if not these specific apps, their clones will surely appear. If you are an enthusiastic shopper
of any thing, you shouldn’t miss out on these. And if you are a business of any kind that
has a consumer-connect, beware, this is the kind of paradigm shifting mobile VAS
applications that can determine the future of your business.

Yelp for Mobile

Yelp is the original location-based service that redefined “local”
for small businesses and their online customers. In 2010, Yelp
continues to remain relevant with mobile applications that reach
BlackBerry, iPhone, Android, PalmPre, Windows Phone 7 and
most other smartphone users. Yelp Mobile may not be the trendiest
location-based service, but it’s arguably the most practical. Stats
from September of this year show that Yelp Mobile generated 3
million unique visitors for the month and more
than 1 million people created point-to-point
directions to a local business. The startup
should stick to what it does best — convenient
and replete location-based business listings
and reviews.

Yelp provides online local search capabilities

for its visitors. A typical search includes what
the user is seeking (e.g. a barber shop) and
the location from which the search is to be
performed, entered as a specific address,
neighborhood, city/state combination, or zip
code. Each business listing result contains a
5-point rating, reviews from other site visitors,
SEASONAL MAGAZINE

and details such as the business address, hours,

accessibility, and parking. Site visitors can aid
in keeping the business listings up to date, with
moderator approval, and business owners can
 directly update their own business’
listing information. Listings and
related content are organized by
Neer
Newcomer Neer brings ingenious
city and a multi-tier categorization
innovation around personal and
system. Content and listings can
private automatic location-sharing
also be discovered through
to Android device owners. The
categorized reviews or via Yelp
startup launched earlier this year
member profiles and their review
after incubating inside Qualcomm
lists. Maps leveraging Google
Services Labs. Creator Ian Heidt
Maps show reviewed businesses to
describes Neer as occupying “the
further aid in business discovery.
middle ground between
Information can be accessed by
Foursquare and Google Latitude.”
web or mobile browsers. Yelp
That’s a technologically sound
combines local reviews and social
description, but we see Neer as the
networking functionality to create
most practical application of
a local online community. Adding
location for actual real-world
social web functionality to user
scenarios — like knowing if your
reviews creates a de-facto
kids made it to school. Neer
reputation system, whereby site
doesn’t bother with checkins,
visitors can see which
badges or other kitschy game
contributing users are the most
mechanics. The service is
popular, respected, and prolific, Sam Altman, Founder & CEO, Loopt
designed so that you know where
how long each has been a member,
your loved ones and friends are,
and which have interests similar
and vice versa. Since users have also designed with the average
to theirs. Strong peer feedback
complete control over who can see user in mind, meaning the user
mechanisms and the featured
their whereabouts — in place interface is both slick and
placement of popular reviews on
names, not physical addresses — uncomplicated. As the space
the site and in local newsletters
there’s little to worry about on the matures, location-based services
help motivate contributors.
privacy front. The application is will take inspiration from Neer
and evolve past the pure novelty
of checkins and location-sharing.

Neer is for those times when

you’ve wanted to know…”Has my
spouse left work yet?”, “Who’s
around for lunch?”, “Is now a
good time to call?”. With Neer,
now you know. Neer allows you
to privately and automatically
share your location with the
people you care about. Not
everywhere you go, just the places
that really matter. Neer works in
the background so you don’t have
SEASONAL MAGAZINE

to. Go ahead, leave work and leave

your phone in your pocket. Neer
will let your loved ones know
Jeremy Stoppelman, Co-founder and CEO, Yelp you’re on your way!
Loopt
Once the location app on
everyone’s lips, Loopt has lost
some of its luster to more buzz-
worthy incumbents. But, Loopt
continues to innovate around
location and just last week
updated its iPhone app to include
deep integration with Facebook
Places. Loopt’s application is also
the most aggressive of the big
name players when it comes to
automatic location-sharing,
meaning it supports background
location and proximity alerts for
nearby friends. There’s also the
branded-rewards Loopt Star
application, which has already
demonstrated that it can push
users to take action and drive them
to their partners’ physical
locations. With this formula,
there’s certainly real revenue
potential beyond just advertising.
Loopt provides a cellphone-based
GPS sharing system that allows
users to visualize one another
using their cell phones and share
information. Loopt also enables
users to explore the world around
them by connecting users with
integrated content from multiple
directories and providers. Loopt’s
geosocial networking services
Dennis Crowley, Co-Founder, Foursquare
Seth Priebatsch, CEO, SCVNGR
show users where friends are
located and what they are doing
via maps on their mobile phones.
SCVNGR
In just a few months time,
SCVNGR has gone from an
obscure mobile app for iPhone
and Android to a formidable
player in the location space with
upward of 500,000 users. Now the
Google-backed startup is said to
be making millions thanks to more
than 1,000 paying enterprise
clients, which include the likes of
Sony and Warner Bros. As a
service, SCVNGR differentiates
Naveen Selvadurai , Co-Founder, Foursquare
itself with point-based challenges
on top of checkins and interesting
partners such as The Boston
Globe, Minnesota Vikings, AT&T
and the Smithsonian museums.
Just recently, the team redesigned
the mobile apps to better surface
user activity. Sophisticated
Facebook Places integration also
plays a significant role in the
application experience and on the
Facebook Place Pages for business
owners. Perhaps more interesting
than the service itself is the 21-
year-old whiz kid at the helm.
Princeton dropout and serial
entrepreneur Seth Priebatsch is
barely old enough to drink, but
this youngster is one huge
overachiever with a grandiose
vision for SCVNGR and the
passion to make it happen.
SCVNGR is a social location-
based gaming platform for mobile
phones. The application has both
a consumer and enterprise
component. Companies, educatio
nal institutions, and organizations
can build challenges, the core unit
of their game, at places on
SCVNGR from the web. By going
places and doing challenges,
players can earn points. They are
also able to broadcast where they
are and what they’re up to to their
SEASONAL MAGAZINE
friends on Facebook and Twitter.
By doing challenges, players can
unlock badges and real-world
rewards, such as discounts or free
items. As of June 2010, Over 1000
companies, educational institu
tions, and organizations have built
on SCVNGR by creating
challenges and rewards at their
locations.

Foursquare
Despite the emergence of
Facebook Places months ago,
Foursquare is still very much alive
with its 4 million registered users.
We think it’s safe to say that this
startup continues to thrive because
it’s more about people and places
than it is about location. We could
rattle off Foursquare’s numerous
partnerships, highlight its quirky
badges or talk about its battles for
mayorship, but what puts
Foursquare atop our list is the fact
that the service has created a
phenomena around checkins,
badges and rewards that’s been
copied and adapted by countless
other web and mobile services all
trying to emulate Foursquare’s
magic. Foursquare’s recent
restructuring of its iPhone and
Android apps to highlight tips and
to-dos point to a not-so-distant
Lan Heidt and Eric Bilange, Co-founders, Neer
future when, co-founder Dennis
Crowley explained, Foursquare
will “reinvent what happens after
the checkin.” In many ways,
Foursquare already reinvents what
happens both before and after the
checkin. Just look at how Jimmy
Choo employed a pair of trainers
to inspire a three-week frantic
offline shoe hunt in London —
with shoe sales jumping 30%
around the time of the campaign
— as proof of the concept. It’s the
one campaign that Tristan Walker,
Foursquare’s director of business
development, speaks most highly
of, even though the startup didn’t
directly participate in the sale.
Foursquare is a location-based
social networking website, which
also runs on mobile devices. Users
“check-in” at venues using a
mobile website, text messaging or
a device-specific application.
They are then awarded points and
sometimes “badges.” The service
was created in 2009 by Dennis
Crowley and Naveen Selvadurai;
Crowley had previously founded
the similar project Dodgeball,
which Google bought in 2005 and
shut down in 2009, replacing it
with Google Latitude. As of
November 2010, the company
reported it had 4.5 million
registered users. On September 1,
2010, the World Economic Forum
announced the company as a
Technology Pioneer for 2011.
SEASONAL MAGAZINE

Top
You
That
10 Foods
Will Give
Great Skin
ow many times have you
heard people say that you
are what you eat? When it
comes to reaching your
fitness goals, this is
definitely a principle to live by.
If you keep on loading up on carbs,
insisting on consuming fatty foods and
not minding the caloric content of food
at all – then there could be disastrous
results as far as your weight is concerned.
Now, the same principle applies when it
comes to the effect of the foods that you
are eating to the quality of your skin.
You might be surprised at how loading
up on a lot of fruits and vegetables can
do wonders for your skin.
The problem is that we live in a world
where everybody seems to be looking for
that quick fix.
Rather than thinking about the natural
methods that you can use to improve
the quality of your skin, most people
browse through the shelves of
drugstores and the ‘Healthy & Beauty’
sections of department stores.
They look for creams that help prevent
wrinkles, lotions which make the skin
smooth, ‘miracle’ pills which will make
them instantly youthful-looking and
beautiful.
But if you really want to have better
looking skin, it is better if you will do
it the old fashioned way: by “feeding
your skin with foods that will help you
retain that youthful glow”.
Aside from giving you a lot of benefits
health wise, consuming these food
items will help your skin remain
luminous, elastic, smooth to the feel
and healthy.
SEASONAL MAGAZINE
Take a look at the top 10 foods that will
give you great skin:
 Avocados
This rich tropical fruit is filled
with vitamins C and E which
works well towards fighting the
effects of skin aging.
Although it is considered to be
high in fat content, the type of fat
that avocados have is monou
nsaturated.
This means that the fruit is also
loaded with Omega-3 fatty acids
that help improve the quality of
your skin.
Berries
Blueberries, blackcurrants,
raspberries, cranberries and
strawberries are all beneficial for
your skin.It is even better if you
can consume the exotic Acai
berries which come from the
Amazonian forests in Brazil.
Acai berries have the most potent
antioxidant content among any
other fruits in the world, which is
the reason why it is called a
‘superfood‘.
When you load up on foods which
are rich in antioxidants, the effect
on your body is that free radicals
will be neutralized.
These free radicals are the culprit
behind premature skin aging and
cell damage.In addition, berries
are a great source of vitamins C
and E, Riboflavin and fibers.
More importantly, these tiny fruits
have a natural ingredient which
helps the body manufacture
SEASONAL MAGAZINE
collagen – which makes the skin
supple and smooth. Not bad for
really small fruits, right?
Dark
Chocolate
Surprisingly enough, the oh-so-
sinful dark chocolates do have a
high antioxidant content which
helps improve the flow of blood
to the skin.
It also gets rid of the rough feel to
your skin while at the same time
protecting it from sun damage.
Green Tea
If there’s one food item in our list
which is also considered as the
ultimate health drink, it is none
other than green tea. This
beverage is considered to be
healthier than water and when it
comes to the health of your skin,
it is the one to beat.
Did you know that green tea is
even used as a natural remedy for
acne? Green tea is also a potent
antioxidant. When you drink
green tea regularly, you will get
the daily dose of vitamins C, D
and K that the body needs.
As you can see, there are
numerous benefits that you will
get to enjoy by drinking green tea
while also improving the quality
of your skin – so ditch the caffeine
and substitute it with a cup or two
of green tea now.
Mackerel,
Salmon,
Sardines &
Fresh Tuna
You may notice how all of these
fish variants are on the oily side.
Don’t think that just because
they’re oily, it already means that
they will not contribute to the
health of your skin at all.
These types of fish actually
contain the healthy and essential
fatty acids in the form of Omega-
3 oils.
What it does for the health of your
skin is to decrease the chances of
your skin clogging up while at the
same time improving its elasticity.
All in all, aside from the benefits
Whether it’s the pure juice form
or the fruit itself that you will eat,
you will get to enjoy a unique
benefit to your skin – which is to
prevent the appearance of varicose
veins.
This is due to the fact that
pomegranate contains Antho
cyanins which help strengthen the
walls of the tiny blood vessels
which in turn supply the skin with
the nutrients that it needs.
Spinach
Walnuts
Just like fish oils, walnuts are rich
in Omega-3 fatty acids.
The result when you feed your
skin with this is that you will have
smoother skin, and your body will
be more able to battle
inflammatory diseases.
Fill your grocery cart with these
items the next time that you go
shopping and watch nature work
wonders on your skin!

of Omega-3 fatty acids to your

health, it also generally improves
the quality of your skin – making
it suppler and younger-looking.
Oysters
Although they are popular as
aphrodisiacs, oysters actually are
an excellent source of zinc.
What this does for your skin is to
help renew and revitalize it, while
assisting with the production of
collagen at the same time.
Pomegranate
Fruits &
Pomegranate
Popeye’s power veggie is some
thing which you should also be
eating a lot of.
Spinach is rich in alpha-lipoic acid
and lutein – these two compounds
work great against skin aging and
also have anti-inflammatory
benefits.
Tomatoes
Plump, red and juicy tomatoes are
a great source of lycopene.
This does not just work well as an
antioxidant to benefit your skin,
but lycopene helps prevent the
occurrence of certain cancers as
well.

Juice
SEASONAL MAGAZINE

Just like Acai berries, pome

granate is also considered to be a
super food because of its high
antioxidant content.
 Designer Wants
Big B to ‘Don’ Jacket
ver since
designer Nida
Mahmood heard
that Amitabh Bachchan
was fascinated by her
handpainted ‘Gabbar’
jacket, she has been
itching to make the
Bollywood mega star
wear the ‘Don’ jacket.
Her quirky jacket, with actor
Amjad Khan’s famous Gabbar
avatar painted on the back and
adorned with famous dialogues
from the blockbuster “Sholay”,
was being flaunted by restaurateur
A.D. Singh at an event when it
caught the eye of Amitabh -
Bollywood’s origina Don.
Nida wants to customise the ‘Don’
jacket for the actor.
“I felt fantastic when I heard that
Bachchan really liked the Gabbar
jacket. I had made the jacket for
A.D. Singh and he told me that
Bachchan fell in love with it and
went gaga over it. I would love to
do a ‘Don’ jacket for him and gift
SEASONAL MAGAZINE
it. The character is iconic,”
Mahmood told IANS.
The beige jacket has the word
‘Don’ painted across the shoulder
blade, with the famous dialogue -
Don ka intezaar toh gyarah
mulkon ki police ko bhi hai, lekin
Don ko pakadna mushkil hi
nahin, namumkin hai - painted in
Hindi. It also has two kitschy
images of Don running, with an
orange lotus in the background.
The jacket belongs to the
designer’s Bioscope collection,
which draws inspiration from
Bollywood. It has a heady dose
of the once-popular poster art.
Mahmood took cues from movie
posters of the 1970s and 80s, and
roped in poster artists to
handpaint the kitschy designs.
The young Delhi-based designer
says it was a task hunting for the
artists and getting them to pick up
the paintbrush once more.
“These artists were out of practice
when I met them. Earlier, they
used to pass on the art to the next
generations, but now no one wants
to learn it because there is no
market for it. But it feels great to
reinvent the art form through the
collection,” she said.
It takes about a week to make a
jacket. Mahmood says
Bollywood-inspired merchandise
usually proves to be a huge hit
overseas.
“There is a lot of NRI population
that is nostalgic about Bollywood,
especially for the 70s and 80s. For
them, these kitschy clothes and
accessories are very special.
Besides, I also have German
clients and some in Tokyo who
like these works.
“What’s important is that for many
people abroad, Bollywood is very
dream like, it’s not realistic. The
rosy cheeks and fiery eyes that we
saw in old movie posters
are what they love about it,” said
Mahmood, who claims to have
catered to “orders and re-orders”
for the Bollywood-inspired
collection.
Recently, London’s popular
Victoria and Albert Museum too
expressed a keen interest in
showcasing her design for an
exhibition to be held next year.
 CRICKET
By Carl Jaison
Tailenders?
OR MATCH WINNERS?
ver wondered
why majority of
the bowlers of
the pre-2000
era of cricket
never grabbed
an opportunity with both hands
whenever they were thrown into
bat or pleaded to bat by their
captain? Simple. It was just
because they were never good at
it.
But we shouldn’t blame them for
the sorry state they were in.
Bowlers of those times were never
asked to have a go at the net. Lack
of batting practice - the answer is
as simple as that. Even if they were
allowed to play some balls, it
would be slam-bang stuff.
But, of late, some bowlers have
accomplished the unthinkable -
the task of scoring runs also for
their teams, without affecting their
core-activity of picking wickets.
Examples are too many.
Graeme Swann, Harbhajan Singh,
Johan Botha, Mitchell Johnson,
SEASONAL MAGAZINE
Ishant Sharma, Stuart Broad,
Nuwan Kulasekara, Daniel
Vettori, Prosper Utseya, and not
to forget the tainted (but talented)
Mohd Amir and many more have
realized that no longer bowlers of
a team are just bowlers. There’s
more to it than just picking
wickets and relaxing at your
assigned fielding positions.
Teams have started to believe in
the capabilities of their bowlers on
their batting aspect, and more
importantly, the bowlers have
started believing in cricket beyond
handling that five and a half
ounce, leather-stitched weapon.
Bowlers realize that they have an
option of making up with their
batting in case they have a terrible
outing with the ball. Such players
are the new-generation assets of
the team. Only if they perform ,
along with the batsmen, will the
balance sheet of the team gets
tallied.
Also an important inference is that
in the present scenario, bowlers
are taking up this job seriously.
Now you will see bowlers of any
team toiling hard to pick wickets
of their opposite number. This is
just because they have understood
the beauty of being a bowler: You
can pick wickets - which ain’t that
easy - and also change the script
of a game with the bat, keeping in
mind that not all batsmen of a
Harbhajan Singh
Johan Botha

Mitchell Johnson

team bend their backs or roll their

shoulders with the ball.
Here is where the role of the
captain comes into play. He must
motivate his bowlers into
showcasing their talent with the
stick and instil in them a sense of
pride while batting.
Earlier, most bowlers were seen
throwing away their wickets
needlessly when if they had spent
some more time in the middle, it
would have benefited the teams
cause.
SEASONAL MAGAZINE

Why do you see high scores in

almost all matches played
nowadays? Its just that bowlers
Graeme Swann too contribute quick 20s and 30s
 into the team total.
Firstly, bowlers should rub off
from their minds about batting
being a burden on their bowling.
Most bowlers are seen whining
over their batting being the cause
for their inability to focus on their
bowling. Also, if a bowler can
consistently score a few runs,
although his bowling isn’t up to
the mark, he can cement a place
in the team as the team has
identified a new all-rounder.
Once you cement your place
because of your batting
performance, then automatically
your bowling improves. It has
reached a stage where bowling all-
rounders are in great demand for
most teams. So bowlers must fine-
tune their batting skills in order to
help their teams’ cause, especially
in times of batting crisis. Ishant Sharma
Sharpening batting skills involves
working out relentlessly in the
nets and batting with the right
mindset. Get the mindset right
first, and then the techniques will
come out good.
As Harbhajan Singh showed,
technique isn’t everything , its
about the positive nature with
which you bat. Knock a few balls
out of the park but make sure you
don’t divert your attention from
the main reason why you are
standing there and doing what you
are doing - helping out your team
in times of difficulties.
Batsmen are definitely rueing the
opportunity of not being able to
bowl whereas bowlers have the
alternate of batting too. Your
wicket is priceless for the team
SEASONAL MAGAZINE

even if you are a No.11 batsman.

Look back at the fabulous
partnership between Laxman and
Ishant Sharma against Australia at
Mohali. Daniel Vettori Stuart Broad
They won the match for India
from the brink of defeat and that
too in style. You could see the
amount of confidence that
Laxman had in Ishant that made
him give the young lad equal
strike as he got. Laxman just
believed in Ishant’s capabilities,
which is why India ended up
winning the game.
And Ishant too believed he could
do it. The rest was history, as they
say. It should come from within
the bowler the desire to swing the
bat in his favour.
Even Harbhajan Singh has
silenced his critics ,with two back-
to-back tons in the series against
New Zealand, who felt that the
Turbanator wasn’t the ideal all-
rounder India was looking for in
the longer format and even the
shorter format. Come to think of
it, he’s got lots to improve on the
bowling front as he’s going
through a very lean- patch in his
career. Many feel Bhajji has
forgotten bowling because he has
started showing interest in batting.
But, really, Harbhajan isn’t
bowling well only because he isn’t
bowling well and not because he’s
been a success with the bat.
Scores of former bowlers,
nowadays, cry over making a mess
when they had the opportunity to
bat during their times. Add to that
it’ll be a good feeling when you
can proudly say to your grandkids
one day that grandpa hit a ton
against a team having the likes of
Steyn, Lee, Akthar etc.
Bowlers must take pride in the fact
that the team expects them to Prosper Utseya
deliver the goods when the
batsmen let down. Hard work put into batting may reap rich
dividends for them and they
become indispensable for a team.
As the saying goes, Rome was not
built in a day, and you cant expect
your bowlers to slam a century
one fine day and keep repeating
the same feat over and over again.
It takes lot of effort and sheer
perseverance on the part of
bowlers as everything won’t come
right overnight. However keeping
in mind their value to the team,
bowlers must not let their team
down without giving a good fight.
Captains should be proud to have
such players in their ranks. So
gear up to the task, bowlers. Go
show the world what you can do.
There’s no prioritizing in cricket.
You do whatever your team
demands from you and do it with
passion and joy as then you will
SEASONAL MAGAZINE
wonder - why didn’t I do this
before?
Nuwan Kulasekara
 2001 2002
A person falls from the north tower of New York's World Trade Center in this Sept. 11, 2001 photo,
after terrorists crashed two hijacked airliners into the World Trade Center and brought down the twin
World Press Photo of the year 2004 by Indian pho-
110-story towers. (Richard Drew, AP)
tographer Arko Datta of the Reuters news agency
showing an Indian woman in Cuddalore, Tamil Nadu,
India, Dec. 28, 2004, mourning the death of a rela-
tive who was killed in the Asian tsunami catastro-
phe. (Arko Datta, Reuters / AP)
SEASONAL MAGAZINE

Local girls look at a U.N. workers unloading ballot kits from a U.N. helicopter in

2004 Ghumaipayan Mahnow village, some 256 miles northeast of Kabul, Afghani-
stan, Oct. 4, 2004. By air is the only way to deliver the electoral material in the
inaccessible areas of the Badakhshan province. (Emilio Morenatti, AP)
 Children attend ballet lessons wearing masks to protect them-

2003 selves from severe acute respiratory syndrome, SARS, in Hong

Kong, April 27, 2003. (Vincent Yu, AP)

Wall Street Journal reporter Daniel Pearl is seen in this

picture sent to news media organizations by his kidnap-
pers. Pearl, a 38-year-old American, was abducted in
Karachi, Pakistan Jan. 23, 2002 by a group calling itself
"The National Movement for the Restoration of Pakistani
Sovereignty." U.S. President George W. Bush said Feb. From left, US President George W. Bush, his wife Laura, his father former US
1, 2002 that his administration will follow all leads that President George H.W. Bush, former President Bill Clinton, and US Secretary
may lead to the Pearl's rescue. (CNN, Getty Images) of State Condoleezza Rice, kneel by the body of late Pope John Paul II inside
St. Peter's Baslica, at the Vatican, April 6, 2005. (Danilo Schiavella, AP)

2004 2005
SEASONAL MAGAZINE
 2006
A photo taken 09 July 2006 shows French
midfielder Zinedine Zidane (L) gesturing
after head-butting Italian defender Marco
Materazzi during the World Cup 2006 final
football match between Italy and France
at Berlin's Olympic Stadium. (John
Macdougall, AFP / Getty Images)

2009 A gunman identified by police as Ajmal Qasab walks

through the Chatrapathi Sivaji Terminal railway station
in Mumbai, India, Nov. 26, 2008. Qasab, the only gun-
man captured after a 60-hour terrorist siege of Mumbai
said he belonged to a Pakistani militant group with links
to the disputed Himalayan region of Kashmir. The mili-
tant group suspected in the Mumbai attacks is widely
believed to have been established by Pakistan's military
two decades ago to fight India in the disputed region of
Kashmir. (Sebastian D'souza, Mumbai Mirror / AP)

Michael Jackson's daughter Paris Michael Katherine Jackson is comforted by the brothers and
sisters of Michael Jackson including Marlon and Randy Jackson at the memorial service for the King
of Pop at the Staples Center in Los Angeles on July 7, 2009. (Gabriel Bouys, AFP / Getty Images)

2010
SEASONAL MAGAZINE

On 22 May 2010, around 06:30 local time, Air India Express Flight 812, a Boeing 737-8HG, registration VT-AXV,
on a scheduled passenger flight from Dubai, UAE to Mangalore, India overran the runway while landing at
Mangalore International Airport. It over shot the runway falling over a cliff and caught fire; the resulting wreck-
age was spread over the hillside. There were 160 passengers and 6 crew members on board the aircraft. Of
these, only eight passengers survived. With 158 fatalities, the accident is currently the third deadliest in India.
 A woman takes her dead son into her arms, as she grieves for her six-year-old son, Dhiya Thamer, who was killed when

2007 their family car came under fire by unknown gunmen in Baqouba, capital of Iraq's Diyala province, 60 kilometers (35
miles) northeast of Baghdad, Iraq, Sept. 16, 2007. The boy's ten-year old brother, Qusay, was injured in the attack as
the family returned from enrolling the children in school, where Dhiya was to begin his first year. (Adem Hadei, AP)

2008
Democratic presidential hopeful,
Sen. Barack Obama D-Ill., center,
is covered in the hands of support-
ers after his primary election night
speech in St Paul, Minn., June 3,
2008. (Chris Carlson, AP)
Lehman Brothers Holdings Inc. Chief Executive Richard S. Fuld Jr., wearing tie, is heckled by protesters as he
leaves Capitol Hill in Washington after testify before the House Oversight and Government Reform Committee,
Oct. 6, 2008, on the collapse of Lehman Brothers. (Susan Walsh, AP)

SEASONAL MAGAZINE

2008 2008
 BASKETBALL
By Pete Jaison

CLASH OF THE TITANS

LeBron OR
Kobe?
most valuable player
award, NBA slam dunk
champion, an NBA all-
star scoring MVP, and
most importantly, five-
time NBA champion - what does Kobe
Bryant have left to achieve?

Though it can be argued that thirty-plus

Kobe ’Black Mamba’ Bryant is
nowadays facing competition from
many including Dwight Howard,
Kevin Garnett, Dwyane Wade, and
Steve Nash, the only real and fiercest
competition is from NBA superstar
LeBron James.

Lebron ‘King James’ is rapidly

becoming the most talked about
basketball player of all time, maybe
even overtaking Bryant many a time.
James’ skills have led to many
comparisons to NBA legends like
Robertson, Johnson, and Jordan.

Bryant has definitely been in the better

team throughout his playing history
with NBA, but this season might be
different, with the Miami Heat
including LeBron James, Dwyane
SEASONAL MAGAZINE

Wade and Chris Bosh. Miami Heats

have an upper hand over the Los
Angles Lakers and this could be the

They arguably are the two best players in
the game. Bryant is going to have a really
gruelling time if Lakers are to win their 6th
title. On the other hand, LeBron James is in
the best form along with his USA team-
mates Wade and Bosh.
year that can witness the fall of the
five-time champions.
At 32, Kobe is seven-plus in terms
of age, cannot run the triangle by
himself, and with over 1,000 games
on his legs. On the other hand,
LeBron is relatively young and
without question plays better team
ball consistently, so consider it a real
possibility that LeBron notches up
to four championships (or more) in
the next seven or eight years.
Of course, people are going to pit
these two against one another. They
arguably are the two best players in
the game. Bryant is going to have a
really gruelling time if Lakers are to
win their 6th title. On the other hand,
LeBron James is in the best form
along with his USA team-mates
Wade and Bosh.
However, during last season,
although Lebron ‘s side had beaten
Kobe’s side twice, it was the Lakers
who went on to win the cham
pionship title.
But, it looks like this season is going
to be much more interesting. LeBron
or Kobe? Although they are good
buddies off the court, on the court it
is a different story altogether, as it
should be.
The real showdown will be witn
essed soon. With both the superstars
leading invincible teams, King
James and Black Mamba will have
a point to prove.
SEASONAL MAGAZINE
 Shipping Corporation FPO
Invest or Wait?ith the Shipping Cor-
poration FPO over-
coming the slow
start, and getting
subscribed 2.27
times by 4 PM, 2nd December, and
with one more day to go for retail in-
vestors, the buzz is now all around this
PSU Public Issue.
The FPO of Shipping Corporation of
India (SCI) (BSE: 523598, NSE: SCI)
was rather overshadowed for two days
by the IPO of another PSU, MOIL,
which saw oversubscription of more
than 50 times.
MOIL’s Public Issue being an IPO,
and it being offered at attractive valu-
ations, most investors were scram-
bling to get in, many for the listing
gains alone, which the Issue is sure to
have.
But little known, here was the Ship-
ping Corporation FPO at much more
attractive terms. At Rs. 140, the up-
per edge of the price band, the price-
to-book-value ratio of SCI is 0.94. In
other words, the offer price is around
Rs. 10 lower than Shipping
Corporation’s book value of Rs.
149.65.
To put this in perspective, no PSU
IPOs or FPOs, past or in futureare
likely to be offered at such a steep dis-
count, as most of them will come with
a P/BV of 2 or 3. Private sector IPOs
tend to be priced even higher, at 4 or
5 times their book value.
To put this in even better perspective,
SEASONAL MAGAZINE
there is almost no stock in the cross-
sectoral BSE PSU Index that is avail-
able in the secondary market now,
beneath its book value. Of the 56
stocks included in this collection of
most-traded of PSU stocks, only one
- MTNL - is available beneath its
book. But then MTNL has been in
deep red for sometime, and is trading
on astronomical TTM price-earnings
ratio that offsets its P/BV discount.
Shipping Corporation on the other
hand is a profit-making entity with a
TTM EPS of Rs. 15.71, which trans-
lates to an offer P/E of just 8.91. The
Shipping Industry’s average P/E is
around 16 now, and that leaves much
room for SCI to appreciate from the
offer price, even without earnings ex-
pansion.
Even comparable players like GE
Shipping is trading at 14.3 P/E, while
Essar Shipping is trading at a high P/
E multiple of 42. But Shipping Cor-
poration is a much bigger player in
the sector, at almost double the size
of GE and thrice the size of Essar.
But of course, the SCI FPO’s very at-
tractive pricing also raises the ques-
tion of why it is being offered cheap.
One reason has been the doldrums
facing the international shipping in-
dustry that had affected Shipping
Corporation also in an equal measure.
This was also reflected in the year-
to-date price-performance for the
scrip which was rather flat.
But with the headwinds facing the
industry easing, and SCI demonstrat-
ing a decisive turnaround in the first
two quarters of this fiscal, the cheap
valuations should be encouraging to
investors.
Shipping Corporation is also on
course for a $1 billion capex within
the next couple of years that will en-
large and modernise its fleet to a hith-
erto unseen scale and quality.
For long-term investors with 2-3 years
horizon, the Shipping Corporation
FPO presents a unique chance in value
investing, if not for the single reason
that they would have caught SCI at
the absolute bottom.
In the shorter-term, crude moving up
can present a good upside for this
stock.
The SCI FPO is especially attractive
for retail investors due to the 5% dis-
count, as well as the fact that due to
the relatively low retail interest, inves-
tors are likely to get the quantity that
they apply for, unlike in MOIL or
Power Grid.
 A2Z IPO

Listing Gains or
Long Term Value?
subscribed at least a couple of works, got its big business break
By the close of the times over. with the PSU Power Grid, and
second day of A2Z A2Z, a company promoted by its big investment break when
Maintenance & Amit Mittal, a first-generation India’s best known investor,
entrepreneur and IIT-Roorkee Rakesh Jhunjhunwala agreed to
Engineering Services trained engineer and former fund it. Later, institutional
Ltd’s IPO, one thing public sector employee, is investors like Beacon and
basically an EPC firm that Lexington also became key
was clear - the investors in A2Z.
specializes in providing
Rakesh Jhunjhunwala engineering, procurement, & Coming to core performance, the
effect was construction activities for the company has an impressive
power sector. As such, its peers track-record, especially in recent
overpowering.
in the listed space are Kalpataru years. For example, between
On these two days when the Power Transmission KEC 2007 and 2010, A2Z has grown
Sensex lost nearly 700 points, International& Jyoti Structures its sales at an impressive CAGR
and stocks in A2Z’s prospective of over 89% and profits at a
The company that started off
listing categories like ‘Engi CAGR of over 105%. But during
with unglamorous maintenance
neering’, ‘Power Trans
mission / Equipment’, and
‘Construction & Contracting -
Civil’ got battered badly, A2Z
IPO closed somewhat strongly
with 81% of its Issue getting
subscribed, with heavy
oversubscription in the HNI
segment of more than 4 times or
400%.
Earlier, A2Z had successfully
raised Rs. 125 crore from seven
SEASONAL MAGAZINE

anchor investors at Rs. 400, the

lower end of the price band.
With one more day to go, there
Amit Mittal, MD, A2Z
is no doubt this is going to be
the same period, EBITDA
margins have not grown much,
and margins may continue to be
in pressure going forward,
considering the growth plateau
expected in Indian EPC sector in
the coming years.
To offset this, A2Z has
successfully diversified into
other innovative industries like
managing Municipal Solid
Waste (MSW), and later into
small-scale power generation
activities using biomass. It is also
an early entrant into the business
of reducing transmission and
distribution losses, where it is a
partner of Sterlite Technologies.
But apart from the EPC business,
most of the later day diver
sifications are yet to contribute
much to the topline yet.
Driven by its EPC business, the
current order book continues to
Rakesh Jhunjhunwala
be strong, at Rs. 1400 crores,
with main clients including
Coming to core
PSUs like Power Grid, NTPC, performance, the
and NHPC.
company has an
Whether A2Z IPO, which has an impressive track-
upper price band of Rs. 410, will record, especially
provide listing gains seems to be in recent years.
a non-issue, as with the possible For example,
overall oversubscription to a few between 2007
times, high HNI interest, high and 2010, A2Z
anchor investor interest, and with has grown its
the Jhunjhunwala tag, it is highly sales at an
likely to provide some listing impressive CAGR
gain. of over 89% and
But whether the listing gain will profits at a CAGR
be much, or whether the A2Z of over 105%.
offer has long-term value
depends upon the market
condition at listing time, as well
share, A2Z is definitely costlier
as on how the market values it
than Kalpataru, KEC, & Jyoti,
vis-à-vis its peers. At a pre-Issue
which are available at 10-15 P/E
P/E of over 23 and more than 5.5
and 2-3 P/BV. Since the Issue
times its Net Asset Value per
involves dilution, apart from a
part stake-sale by early investors
like Rakesh Jhunjhunwala, the
actual P/E and P/BV will be even
high.
In its prospectus, A2Z has also
compared itself with the Heavy
Engineering major, L&T, and the
Electric Equipment major, ABB.
But more than just the favourable
valuations compared with these
highly-valued companies, it
shows the kind of ambition A2Z
promoters are having.
Also comforting to IPO investors
will be the fact that Rakesh
Jhunjhunwala is divesting just
4% of his stake in the company,
with the remaining 96% kept
SEASONAL MAGAZINE
safely for possible upside in the
future. Also, his remaining
shares will have a one-year lock-
in now.
SEASONAL MAGAZINE

Yahoo Preparing to
Lay Off 600 to 700
Workers
ahoo Inc is preparing
to lay off between
600 and 700 workers
in the latest shake-up
triggered by the
Internet company's lackluster
growth.
Employees could be notified of the
job cuts as early as Tuesday, ac-
cording to a person familiar with
Yahoo's plans. The person asked
for anonymity because Yahoo
hadn't made a formal announce-
ment.
The planned cutbacks represent
about 5 per cent of Yahoo's work
force of 14,100 employees. It will
mark Yahoo's fourth mass layoff
in the past three years.
The latest two house-cleanings
have come under the company's
current CEO, Carol Bartz, a Sili-
con Valley veteran hired nearly
two years, despite a lack of expe-
rience on the Web or in advertis-
ing — Yahoo's main source of rev-
enue.
This week's round of reductions is
expected to be concentrated in
Yahoo's US products group, which
already has been undergoing an
overhaul since Bartz hired former
Microsoft Corp executive Blake
Irving to run the division last
spring.
The job cuts won't come as a
shock. News of the looming lay-
offs was first reported last month
by two popular technology blogs,
TechCrunch and All Things Digi-
tal.
Yahoo's feeble financial growth,
stagnant stock price and recent
management defections have
raised questions about whether
Bartz herself might be shown the
door before her contract expires in
January 2013.
The company's revenue had edged
up by less than 2 per cent to $4.8
billion through the first nine
months of the year, reflecting the
difficulty Yahoo has had selling ads
while other Internet companies
such as Google Inc and Facebook
are thriving.
Google's revenue climbed 23 per
cent to nearly $21 billion through
the first nine months of the year.
Privately held Facebook doesn't
disclose its results but it is grow-
ing so fast that it had to move into
larger headquarters earlier this
year.
Yahoo's stock price fell 31 cents
to close Monday at $16.70, a few
cents below where it ended last
year. Meanwhile, the technology-
driven Nasdaq composite index
has risen by 16 per cent so far this
year.
The malaise has spurred specula-
tion that opportunistic buyout firms
might put together a takeover bid
for Yahoo, possibly in partnership
with another embattled Internet
icon, AOL Inc.
Bartz, 62, has repeatedly insisted
Yahoo, which is based in Sunny-
vale, is heading in the right direc-
tion, although she has cautioned it
might be another year or two be-
fore there's a significant improve-
ment in the company's financial
results.
SEASONAL MAGAZINE
SEASONAL MAGAZINE
Academy with an Agenda
WIN THE WORLD CUP
Musli Power X-Tra Starts work on Rs 100 cr Football Academy
A billion people believing that we can’t do it. And ever. One man amongst the billion believing
that we can do it. And soon. As soon as the 2018 World Cup. Who will win? The man who
created the performance drug, Musli Power X-Tra, is betting one billion rupees to handpick
and groom 60 boys, from across rural and urban India, who can bring home the cup in 2018.
If a boy knows to take the ball with him, Abraham will take the boy with him wherever he
hails from - Kolkata to Kochi, Goa to Vizag, Jalandhar to Chennai. Abraham says, in its core,
his Rs. 100 crore bet is a bet on the aspirations and hidden strengths of one billion of us.

sk any football coach the most why we have set this goal, however formidable it
audacious aim Indian football might seem.” Secondly, he brings up the issue of
can take by 2018, and you are wholehearted focus. “Our Football Academy will be
likely to hear this - not finishing totally residential and our selected players will be on
among the last-three in Asian competitive salaries, right from their teenage and till
Cup. And such disappointing their retirement so that they will never fear about their
outlooks can’t be blamed as future, and will always have their eye on the ball.”
Indian football team has often
KC Abraham answers Seasonal Magazine’s further
failed to even qualify for Asian Cup in recent
queries:
years. But ask Kunnath Pharma Founder KC
Abraham about the objective for his Rs. 100 crore
Musli Power X-Tra Football Academy plans to
football foray, he doesn’t bat an eyelid before
select 60 boys to create the national football team
replying, “2018 World Cup”. We almost sputtered
of tomorrow. Can you explain the selection process?
while asking, “You mean, qualifying for the World
The first step will be a training camp organized during
Cup?”, and he waves off that very idea. “My aim
the next summer vacation for around 1000 to 2000
is the Cup, and not merely playing,” says
football-playing boys selected from all over the
Abraham. Thus started an incredulous
country. The training will be for one to two months,
conversation with this entrepreneur regarding his
and 60 junior and sub-junior boys who have proven
football plan for India that can’t be called anything
their skills at the national, state, or district levels and
less than audacious. But as he started to explain the
have done well in the camp will be selected. The selected
month-by-month, lakh-by-lakh battle plan to
age group will be 14 to 17. Our budget for the camp and
rejuvenate Indian soccer, we started doubting our
selection is around Rs. 2 crore, and we hope to do the
disbelief. This elaborate plan and his strategies is a
camp and training in a distributed style at multiple cities.
SEASONAL MAGAZINE

story unto itself, whereas, Abraham’s insightful

philosophy on why Indian football is in the
The Academy, we understand, is planned as a
current dire straits is quite realistic. “Where can
residential one. Why is this so, and don’t you think
we hope to reach if we have no high aim? That is
 it will act as a deterrent for many
parents to send their boys?
Our idea is that excellence in
football cannot be achieved as a
part-time pursuit, especially for a
country like India that ranks very
low in the game. Any nation that
has recently come up in football,
be it South Korea, China or US,
follows this focussed residential
approach. So, for our selected
players, regular college-going will
be a strict no-no. Instead, we may
associate with some open
university kind of arrangement so
Musli Power X-Tra Said
to Improve CD4 & Hb
Counts in HIV Patients
Musli Power X-Tra, the
blockbuster Ayurvedic
formulation, which has been
caught in a few controversies,
has proven to be of use in
bettering certain critical blood
counts in patients infected
with HIV+, the precursor to
AIDS, a preliminary study from
Kerala has claimed.
The study was done by an NGO,
Atmata Kendram, which is a multi-
centre organization that is
spearheading the health service
initiatives of Archdiocese of
Changanancherry, a unit of
Kerala’s Syro Malabar Church,
one of the prominent Eastern Rites
of Roman Catholic Church.
Specifically, the study was
conducted at Accept Kripa
Bhavan, a unit of Atmata Kendram
SEASONAL MAGAZINE
in Kerala’s Alappuzha District.
‘Atmata’ stands for Archdi
ocesan Temperance Movement for
Awareness and Treatment of
that they will later have a degree.
But once with the Musli Power X-
Tra Football Academy, their only
activity will be to play football.
Coming to the parental concerns,
we think our unique salary
structure for the players will
provide more than adequate
comfort.
That is surprising. From when
will they get these allowances,
and what would be the guarantee
regarding its regularity and
duration?
Addicts, and is a registered
Charitable Society, noted for its
work among HIV infected and
patients suffering from various
substance addictions.
Musli Power X-Tra, created and
patented by Kerala based Kunnath
Pharmaceuticals, has in recent
years outgrown its original
intention as an intimacy enhancer,
First of all, let me clarify, we are
not speaking about allowances.
All the 60 selected candidates will
be on salary, as they will be on the
official payroll of the Academy or
the Company. They will be on
salary from day one, and we hope
to begin the salary structure at Rs.
5000 per month. Which 14 year
old can hope for a monthly salary
like that? There will also be
regular sizeable increments as
well as milestone-linked
increments, which can be as high
as 100% of the previously drawn
and proven to be of effect in sports
performance and infertility
treatment, according to its creator.
The study tried to rope in 618 HIV
affected patients registered with
four centres of Atmata Kendram,
in the districts of Thiru
vanathapuram, Kottayam,
Pathanamthitta, & Alappuzha.
From among this population,
around 50% gave their voluntary
consent to be part of this study. But
finally, 73 patients participated to
the full extent, and was taken as
the study sample. Of them, results
from 27 patients who successfully
participated in the study from
beginning to end were considered.
The lab tests before and after the
study were conducted by
Thyrocare Technologies,
headquartered in Mumbai.
On an average, CD4 level
increased by 34.99% and Hb level
increased by 14.39% in the
selected study group, the study’s
salary. For example, by the time
they play the I-League we hope
to provide them Rs. 50,000+, and
when playing internationals, more
than Rs. 1 lakh+. As long as they
are contributing to the academy’s
and team’s objectives they will be
assured of this remuneration. As
and when some of them are unable
to play regular football, they will
be absorbed into the regular
activities of Kunnath Pharma, like
its marketing or administrative
departments, in their own states.
That is the kind of guarantee we
are providing.
Project In-Charge said.
One interesting aspect of the study
is that the study sample contained
HIV patients who are both pre and
post ART.
Anti Retroviral Therapy (ART), or
Highly Active Anti Retroviral
Therapy (HAART) as it is
commonly known, is the principal
treatment in modern medicine for
managing HIV infection and
AIDS. HAART is also the only
approved HIV therapy in the world
by medical organizations and
governments. Though prohi
bitively costly earlier, the efforts
of various Indian pharma majors
have brought down its costs
significantly. However, a fringe
section of physicians worldwide
continue to be sceptic about
HAART’s effectiveness.
The study results involving Musli
Power X-Tra was presented
recently before media and public
during an event convened at
Accept Kripa Bhavan, Alappuzha
to commemorate World AIDS Day
on December 1st.
However, how Musli Power X-Tra
might be helping to improve CD4
& Hb counts is not clear. Speaking
to Seasonal Magazine, KC
Football is a serious game, and
footballers are prone to serious
injuries. What kind of a rehabi
litation plan they will have at the
Academy?
All our players will be fully
insured, and on a scale in which
how international players are
insured. It will cover life as well
as health in a comprehensive way,
so that whatever happens these
players and their families will
never lose out. In fact, we have
always felt that the fear of injuries
has been a significant factor
Abraham, Founder & Managing
Director of Kunnath Pharmace
uticals, opined, “Though the exact
pathway of action is not known,
our hunch is that Musli Power X-
Tra’s action of bettering overall
health through better immunity
might be how this is working.”
This is not the first time that an
Ayurvedic formulation has staked
its claim in improving counts like
CD4. Ayurveda might indeed have
a role in managing HIV infection,
as Ayurveda’s principal strategy is
bettering the immune system. The
Human Immunodeficiency Virus
(HIV), on the other hand has the
principal strategy of debilitating
the immune system.
The study was led by CV
Vinayakan, a journalist, and
supervised by Fr. Thomas KD,
Director of Atmata Kendram. The
study is not corroborated by any
Medical or Government Agency,
and was partially supported by
Kunnath Pharmaceuticals.
Musli Power X-Tra is a
formulation of nine Ayurvedic
herbs and minerals. Kunnath
Pharma is mulling to deliver it at
50% cost to deserving HIV
patients through Atmata Kendram.
inhibiting Indian players from
playing total, aggressive
football.
Have you done the overall
budgeting for the whole
exercise?
Yes, of course. Otherwise, how
can we be confident that we can
achieve this objective of winning
the World Cup on Rs. 100 crore
within the next 8 years? It is a
next-to-impossible target. Our
spend will be in an increm
entally increasing fashion,
starting with annual budgets of
Rs. 5 to Rs. 8 crore in the early
years, and ending with Rs. 20 to
Rs. 25 crore in the last two years.
Coaches and officials will
play a major role in this project.
Are you looking at coaches
from abroad? And this looks
like a project that would gain a
lot with the support of
government, football fed
erations, and other corporates.
How do you plan to enlist their
support?
Foreign coaches need not be
there necessarily, especially in
the early years. But there will
definitely be play-offs with
international clubs and
interactions with overseas
teams. We would be looking at
coaches who share our passion
to win the world cup for India,
more than anything else. We are
open in accepting institutional
support, and hope to work
closely with all of them. But a
major portion of the work we
have planned must be carried out
in-house and on our resources, so
that other agencies can believe in
this model. We also plan to enlist
SEASONAL MAGAZINE
the support of all in public who
share this passion, and who can
provide constructive ideas
towards this venture.
 HEALTH
Early Flu Prevents Later Allergies
atching viruses such
as flu when you're
younger could pro-
tect your from devel-
oping allergies later in life, a new
study has found. It adds to evidence
that a growing number of children
in developed countries are suffering
from allergies because they are not
exposed enough to bacteria and vi-
ruses. In the latest research, scien-
tists from Harvard Medical School
found baby mice infected with the
influenza A virus grew into adults
that were protected against induced
symptoms of the condition. How-
ever, adult animals catching flu re-
mained susceptible to asthma. Sci-
entists traced the effect to a sub-
group of immune system cells called
natural killer T-cells (NKT cells).
Some NKT cells appear to keep the
immune system under control and
Sleeping Beauty, Indeed
orget lotions and po-
tions. Don’t bother with
a new dress or hairstyle.
The best way to im-
prove your looks is to
treat yourself to some good old-
fashioned beauty sleep. Those who
manage eight hours a night look far
more attractive than those who are
sleep deprived, according to scien-
tists. Twenty-three healthy young
adults were photographed after a
good night’s sleep, and again after
much less. Each picture was then
SEASONAL MAGAZINE
prevent the extreme reactions that
lead to allergies such as asthma. In
the baby mice with flu, but not the
adults, numbers of these cells were
found to increase. The research also
showed that NKT cell protection
against asthma could be induced by
exposing baby suckling mice to a
molecule from the stomach bug
rated on an attractiveness scale of
one to ten by members of the pub-
lic. And the well-rested won hands
down. Young women who took part
in the study were not allowed to use
make up and had to wear their hair
down for both photos, just in case a
particular style was slightly more
flattering. On the first night they
slept in their own homes and were
told to go to bed at 11pm and set
their alarms for 7am. On the second
night they were allowed to sleep no
Helicobacter pylori. The findings,
published in the Journal of Clinical
Investigation, provide strong evi-
dence in support of the 'hygiene hy-
pothesis' - the theory that we are too
clean for our own good. Early in-
fections may 'prime' the immune
system to prevent it over-reacting to
allergy triggers later in life, accord-
ing to the theory.
The scientists, led by Dr Dale
Umetsu, wrote: 'Our results suggest
that infection with certain micro-or-
ganisms can prevent the subsequent
development of asthma and allergy
by expanding the relative proportion
of a specific subset of NKT cells, thus
providing an immunological mecha-
nism for the hygiene hypothesis.'
Treating children with drugs that ac-
tivate protective NKT cells may
block the development of asthma, the
researchers concluded.
more than five hours and were moni-
tored in the laboratory to ensure they
did not get any more. The result?
They looked much worse after less
sleep. ‘Sleep deprived people are
perceived as less attractive and less
healthy compared with when they
are well rested,’ said the study, which
was published in the BMJ and car-
ried out at the Karolinska Institute
in Stockholm. ‘Apparent tiredness
was strongly related to looking less
healthy and less attractive.’ Although
the notion of beauty sleep has often
been dismissed as a myth, research
is growing that shows sleep really
can enhance your appearance. Sleep
has also been shown to reduce
wrinkles in the face and neck. This
is because when we are asleep we
sweat more, and this moisture on the
skin smooths out any lines. Experts
recommend at least seven hours a
night but the average Briton man-
ages little more than six.
MOIL IPO

Very Attractive,
But Listing Gains or
Long-Term Value?
der the oversight of India’s Steel With India all set to double its steel
hichever valua-
Ministry. production by 2015, and thus be-
tion metric with
come the second-largest producer
which you look Though MOIL is a company solely
in the world, Manganese demand
at the ongoing doing Manganese, this metal is the
is expected to be strong.
MOIL IPO, you fourth largest used metal after iron,
can’t be left aluminium, & copper. But the real India also doesn’t have all the
unimpressed.But one question re- relevance of Manganese is that Manganese it needs. Despite be-
mains - whether it will be only list- 90% of its production is going to ing the 5th largest producer of Mn,
ing gains, or whether there is long- make steel. India has been net importers for the
term value. last three years. That makes
The leading PSU miner of Man-
ganese ore in India has a surpris-
ingly high operating profit margin
(OPM) of 70%, owing to its ex-
ceptionally cheap mining opera-
tions.
Even on net interest margin, MOIL
comes across as surprisingly strong
at nearly 44%, having delivered
profits of Rs. 465 crore on a rev-
enue of Rs. 1060 crore in FY’2010.
The ongoing fiscal is all set to be a
blockbuster for MOIL, as in the
first half itself the company had
produced over 70% of last year’s
profit. In fact, the according to PK
Mishra, Steel Secretary, MOIL is
expecting an even better
bottomline growth in H2, which
means that potential investors in
this IPO will be in for a pleasant
MAGAZINE
SEASONAL MAGAZINE

surprise in the next quarterly and

annual result.
Manganese being used primarily in
SEASONAL

the steel industry, MOIL falls un- KJ Singh, CMD, MOIL

 MOIL’s products to be in much
demand in the foreseeable future.
With an over 50% market-share
from its 10 mines in Maharashtra
& Madhya Pradesh, MOIL is
finely poised to be one of the key
beneficiaries of India’s
infrastructural boom.
The MOIL IPO price band of Rs.
340-375 is very attractive, given
that it works out to only a price-
earnings multiple (P/E) of 13.5,
based on FY‘10 earnings. Retail
investors shouldn’t miss this Issue
as they will be offered a 5% dis-
count.
In fact, Sumit Bose, India's Disin-
vestment Secretary has categori-
cally stated that notwithstanding
the unavoidable capital market
fluctuations, no effort has been
made to make the MOIL IPO at-
tractive for retail investors.
Since MOIL is not raising any cash
through this IPO, and with only
Government of India, Government
of Madhya Pradesh, and Govern-
ment of Maharashtra selling their
stake, there will not be any earn-
ings dilution involved, that should
be a big plus for investors.
SEASONAL MAGAZINE
KJ Singh, Chairman & Managing
Director of MOIL has explained
this, citing the Rs. 1700 crore cash
reserves that makes further money
raising unnecessary in the short-
term.
The company's strong cash balance
works out to Rs. 104 per share.
MOIL is also a zero-debt company,
and unlike bigger mining cousin
Coal India, is not having a huge
employee base that makes it less
riskier on that front.
The IPO of this PSU Miniratna is
of Rs. 1260 crore, and it has ob-
tained an IPO rating of 5/5, show-
ing 'Above Average Fundamen-
tals'.
All these clearly shows that inves-
tors are all set to get above-aver-
age listing gains, with the only
dampener being whether the ongo-
ing scam involving certain public
sector entities will make investors
not very overenthusiastic. But this
is unlikely, as with secondary mar-
ket not providing any sort of in-
vestment opportunities in the short-
term, investors will turn to quality
IPOs in the primary market like
MOIL.
On the issue of whether there will
be a scramble to get out of MOIL
on the listing day, some investors
especially retail investors might do
this, but due to the long-term value
many institutional investors are
likely to take a longer view. Also,
though MOIL is a PSU, it need not
fall into the same kind of unenthu-
siastic capital market stewardship
post-IPO that makes many investors
exit PSU IPOs with listing gains.
 PUNJAB & SIND BANK IPO
Valuations
Attractive
n a total FY’10 in-
come of over Rs.
4300 crore, Punjab
& Sind Bank is
slightly smaller
than the smallest listed public sec-
tor bank (PSB), State Bank of
Mysore
But when it comes to net profit,
Punjab & Sind fares better than
State Bank of Mysore(SBM), and
in 2010, had overtaken somewhat
bigger banks by total income like
United Bank Bank of Maharashtra
, State Bank of Bikaner& Vijaya
Bank
On a pre-Issue EPS of around Rs.
27, the Issue which has an upper
price band of Rs. 120 is valued at
a tad below 4.50 P/E, which is just
around one-third of the PSB indus-
try average of 12 odd. By price-
to-book-value it comes around
1.14, which is also fair enough.
ALSO READ: A2Z IPO - Listing
Gains or Long Term Value?
Though no PSB is available below
6 P/E, with the cheapest being State
Bank of Travancore, there are good
options by book value. For ex-
ample, small comparable banks
like United Bank and Bank of
Maharashtra all trade at nearly the
same P/BV, and even bigger banks
like Indian Overseas Bank, Syndi-
cate Bank, & Oriental Bank are
PK Anand, ED,
Punjab & Sind Bank
available at P/BVs ranging from
1.19 to 1.33.
Now, the problem with PSB IPOs
has been that though they have
been historically offered at attrac-
tive valuations, it has taken much
time for them to move into some
price momentum, with investors’
money locked-in almost uselessly
for many years, with the best ex-
amples being small banks like
Bank of Maharashtra and Dena
Bank
But once these banks catch the
fancy of big institutional investors,
they can appreciate like anything,
and this is what is happening now
with banks like Vijaya Bank and
Dena Bank which have an year-to-
date price-performance of over
75% and 40% respectively.
But this phenomenon may pose a
problem for a new entrant into the
listed space like Punjab & Sind
Bank, as these banks which have
already caught investor fancy and
moved into price momentum are
still available at comparable and
attractive valuations.
Even slightly more expensive
banks by P/E like State Bank of
Travancore (SBT) are enjoying
much momentum having moved up
by more than 50% in year-to-date.
Also, Punjab & Sind Bank's IPO
comes at a time when the Bankex
is under pressure from multiple
fronts after having appreciated
quite a bit in the last 12 months.
The BSE Bankex index had appre-
ciated from 10,100 levels a year
back to near 14,800 levels almost
a month back, and has since then
been on a downtrend, losing over
1700 points during the last four
weeks. The housing finance scam
and the higher interest regime is
expected to continue the pressure
on Bankex.
In a scenario like this, investors
looking for quicker profits are
likely to focus on outperforming
PSBs, if they are willing now to
bet on this sector at all. Still, on
attractive valuations, the down-
sides in Punjab & Sind Bank IPO
is almost nil, even though upsides
might take indefinite years to fruc-
tify.
Apart from serious damages like a
stock market crash or a banking
SEASONAL MAGAZINE
scam, the offer appears good for
those investors who are not look-
ing at near-term momentum, but
long-term value.
 Claris Lifesciences IPO

Invest or Wait?
he IPO of Claris made against Sushil Handa by CBI injectables business. Generic
Lifesciences Ltd, and Gujarat Police, as well as injectables, as a segment, tends to
a 10-year old securities authorities like SEBI, outperform even the generally
Indian pharma NSDL, CDSL, BSE, NSE etc. outperforming pharma segment, as
company, which However, some of these cases have entry barriers are higher,
opened for subscription on been since closed. competition is lesser, and margins
November 24th is sure to attract But ever since the new company are better.
eyeballs in the market, due to was promoted as Oracle The comparable and best example
pharma sector’s outperformance as Laboratories Ltd and the reins from India’s listed space would be
well as the niche segment of generic came into the hands of Arjun S Strides Arcolab, which has an
injectables that Claris specializes in. Handa, it has been a long stint of industry-leading year-to-date price
Whether this will translate to actual uninterrupted growth, expansion, performance of over 125% even
investor interest is the million and profitability at Claris after the recent falls in the market.
dollar question before the Lifesciences. Strides trades at an unbelievable
company as well as its prospective Today, with 113 products across TTM P/E of over 93, but is still
investors. multiple international markets and regarded as a growth stock.
Claris seemed to have made all the therapeutic areas, Claris is a Compared to Strides Arcolab, the
right connections for a 10-year old country leader in its pharma offer P/E of Claris Lifesciences
pharma company based out of segment of sterile injectables. will work out to only 14, and this
Ahmedabad - its products are sold Almost all of its products are off- should be a major attraction to this
in 76 countries, it has an patent and this makes them a IPO. However, it should be noted
international marketing tie-up with focused player in the generic that though Strides Arcolab is
pharma giant Pfizer, and it is
backed by PE major Carlyle.
But then the Handa family to which
Arjun S Handa, Promoter,
Managing Director, & CEO of
Claris belongs to, is no new group
to the pharma sector. Arjun’s
father, Sushil Kumar Handa was a
pharma pioneer and promoter of
Core Parenterals Ltd, later
renamed Core Healthcare Ltd
(CHL), and which was a successful
listed company for some years
SEASONAL MAGAZINE

But then misfortune struck the

firm’s operations and CHL became
a loan defaulter to many banks and
there were also multiple cases
 The comparable and
best example from
India’s listed space
would be Strides
Arcolab, which has an
industry-leading year-
to-date price
performance of over
125% even after the
recent falls in the
market. Strides trades
at an unbelievable TTM
P/E of over 93, but is
still regarded as a
growth stock.

comparable to Claris in revenue,

as well as a leader in sterile
injectables, Strides is also a leader
in soft gelatin capsules.
Still, Claris Lifesciences IPO
should be mentioned as reasonably
priced, as the pharma industry
average P/E is in mid 20s. What
this means is that Claris can move
up significantly in the medium to
long-term, may be even by 50%
from the IPO price, if its valuations
catch up to even the industry
average.
But even if it fails to be so, earnings
expansion can drive the scrip However, a recent FDA ban on attractive offer valuations vis-à-vis
forward, as Claris has demons certain Claris products marketed competitors, Claris Lifesciences
trated between 2005 and 2009 that by Pfizer in US, may weigh down can be considered as a reasonable
it can grow at a CAGR of over 25% on the stock temporarily. Its long- buy for investors.
and deliver an EBITDA margin of term impact remain to be assessed. The Issue has roped in anchor
over 30%. This should make the
Taking into consideration all the investors, with their portion of Rs.
short-term quarter-to-quarter
above factors, especially its tie-up 54 crore fully covered at the upper
prospects also attractive for
with Pfizer, investment by Carlyle, edge of the price band of Rs. 278
investors.
SEASONAL MAGAZINE

its wide product range across 76 to Rs. 293.

The company is planning a Rs. 250
crore capex using the IPO proceeds,
and Rs. 46 crore from the remaining
will go for repaying debt.
countries, and its demonstrated Claris Lifesciences IPO has
growth curve during the last obtained a Grade 3 rating from
several years, as well as the Fitch, showing Average Funda
mentals.
 SRK Apologizes to Sallu, Farah in Public
hahrukh Khan likes
to have many
friends. In the past,
his friends’ list was
at the peak but over
the years, the num-
ber went on decreasing due to
some spat with his close ones. In
the chat show, ‘Koffee With
Karan’, Shahrukh Khan made a
solo appearance and took the op-
portunity to apologize his friends,
Farah Khan and Salman Khan. In
his apologizing statement, he ac- who was family to him over the
cepted, "if Farah, Salman were not Salman Khan turned ugly when he
film, ‘Tees Maar Khan’ when
talking to him, it was probably his involved in a spat with Salman
Farah chose Akshay Kumar for the
fault". during Katrina Kaif’s birthday
lead role instead of him.
years back. From then, they
He declared publicly that he Let bygones be bygones and now
stopped seeing each other.
wanted to bury the old hatchet and Shahrukh Khan wanted back his
wanted to befriend with them He turned enemy with his very best
friends. Hope, Salman and Farah
again. His relationship with friend Farah Khan
are listening.

Hrithik Demands 2 Cr Per Episode

ilm actor and renowned
dancer Hrithik Roshan is
the next Bollywood actor
to join the TV-brigade.
Just not this, he will also
set the record of being the
highest paid actor on television.
If sources are to be believed, he will be
paid Rs. 2 crores for each episode for the
dance reality show ‘Dance Olympic’ that
will last for 56 episode. Such a TV-debut
of Hrithik has left Big B and Akshay
Kumar behind who are paid whooping
amount R 1.5 crore per episode, for be-
ing the biggest crowd-pullers on televi-
sion.
The show is produced by SOL produc-
SEASONAL MAGAZINE

tion and will be aired on Star Plus, in the

mid or last quarter of 2011. It will have
the aspirants coming from 20-30 countries
to participate and will be representing
their countries on the show.
 Justin Bieber One of Twitter's Top
10 Trends of 2010
anadian Justin Bieber
has made another big
year-end list, this time
making Twitter's top
10 trends of 2010.
The social networking site says 25
billion tweets have been sent this
year so far, and the top trend was
talk about the Gulf of Mexico oil
spill.
Bieber, who has more than 6.3 mil-
lion followers on Twitter, was
eighth on the overall list and first
in the people category.
Bieber fans responded with out-
rage earlier in the year after his
name stopped appearing on
Twitter's list of trending topics.
They called it a conspiracy, but
Twitter explained that once a topic
has become very popular it's harder
to appear on the list.
The trending list identifies topics
that are increasing in popularity.
So Bieber fans responded by find-
ing another way to get their hero
on the list. They continued to con-
stantly tweet about him but referred
to him as Bustin Jieber instead.
Last week, Google also announced
that Bieber was one of the top
searched terms worldwide.
Bieber fans responded
by finding another way
to get their hero on the
list. They continued to
constantly tweet about
him but referred to him
as Bustin Jieber instead.
Second overall on Twitter's 2010
trending list was the World Cup,
which generated massive attention
and chatter worldwide. Vuvuzela,
the buzzing horn that was the un-
official soundtrack to the event in
South Africa, was fifth, and Pulpo
Paul, the score-predicting octopus,
was tenth.
The movie "Inception" was third,
the earthquake in Haiti was fourth,
the iPad was sixth, Google Android
was seventh, and "Harry Potter &
the Deathly Hallows" was ninth.
Surprisingly, the Vancouver Win-
ter Games did not appear on any
of the lists released by Twitter, in-
cluding a sports top 10, which was
SEASONAL MAGAZINE
topped by Lebron James.
"Scott Pilgrim vs. the World," star-
ring Canadian Michael Cera, was
third on the film trending list.
 Rajinikanth Turns 60
uperstar Rajinikanth
celebrates his 60th
birthday on December
12, 2010. Here's a
look at his spectacular
life and journey…
Released on Oct 1, 2010, Endhiran
was Rajinikanth's latest film which
was a huge hit at the box office. He
romanced Aishwarya Rai in the
movie.
Rajinikanth, fondly called
Thalaivar (Leader) by his fans, was
born on December 12, 1950 to a
Marathi family in Bangalore.
He was the fourth child of his par-
ents, Jijabai and Ramojirao
Gaekwad, a police constable. He
SEASONAL MAGAZINE
lost his mother at the age of five.
He attended elementary school at
the Acharya Paathshala in
Basavanagudi, Bangalore and then
at the Vivekananda Balaka Sangha.
Rajinikanth struggled a lot during
his early age because of his family's
low income. Although his mother-
tongue is Marathi he has not yet
acted in any Marathi films.
He worked with various jobs in
Bangalore and also attended a the-
atre for stage plays. Before starting
his career in the film industry, he
used to practice stunts at the Rama
Hanuman Temple at a hill near his
house.
He then primarily worked as a bus
conductor for the Bangalore Met-
ropolitan Transport Corporation in
Bangalore. His charisma and style
were noted by the passengers who
travelled with him and gave him
suggestions in becoming an actor.
It was during this time that he nur-
tured his acting interests by per-
forming in various stage plays.
He received India's third highest
honour, the Padma Bhushan, for his
contribution to Indian cinema.
He is best known for his mass popu-
larity and appeal, largely drawn
from his mannerisms and stylized
delivery of dialogue in films. Other
than acting, Rajinikanth worked as
a screenwriter, film producer, and
also a playback singer.
Apart from his film career, he is a
philanthropist and also serves as an
influence in the politics of Tamil
Nadu.
Rajinikanth joined the Madras Film
Institute in 1974. As of 2002, he has
acted in over 150 films, which in-
cludes Tamil, Telugu, Kannada,
Malayalam, Hindi, English and
Bengali language films.
Rajinikanth debuted as an actor in
1975 under the direction of K
Balachander in supporting roles. He
was later favoured in portraying
antagonistic characters and gradu-
ally rose to acting in lead roles.
Rajinikanth's first film was in Tamil,
where he was initially casted in sup-
porting roles, debuting as a cancer
patient in Apoorva Raagangal in
1975. The film was directed by K
Balachander, who is constantly re-
ferred by Rajinikanth as his "guru"
or mentor.
 Nityananda Eyed an Island off
Los Angeles
he CID investigation
of Swami Nityana
nda's case has revealed
some interesting facts
about his wealth.
Just when tapes showing the
godman with Tamil actress
Ranjitha were aired on television
channels in March, Nityananda
was negotiating the purchase of an
island near Los Angeles.
CID sources say though the deal
was not part of their chargesheet
filed against Nityananda, they had
collected details of his property,
wealth and investment plans.
"Purchasing an island came as a
suggestion from one of his dis-
ciples after Baba Ramdev pur-
chased a island in Scotland.
Though they have an ashram on an
100-acre campus at Los Angeles,
they decided to buy an island
nearby and build an ashram there.
They were negotiating to purchase
an island when the controversial
tapes were aired on TV,'' an inves-
tigating officer said.
Besides Los Angeles, Nityananda
has ashrams at four other places in
the US. He has 15 ashrams abroad,
including ones in Malaysia,
Singapore, Brazil and Indonesia.
After the controversy broke out,
only the Los Angeles and Bidadi
ashrams have functioned to their
full capacity. Most other ashrams
are defunct, investigators say.
The transactions show all the
ashrams were donated by
Nityananda's disciples. "Even the
island project was on similar lines.
We suspect that there was a lot of
cash transaction in this,'' an officer
said.
After the controversy broke out,
the godman's ashrams have run
into problems. "Most of them have
got into litigation. Since they are
shown as donations, the donors
want their lands back. These in-
clude the Bidadi ashram,'' the of-
ficer said.

Father "Sad" About Bong Smoking

Miley Cyrus
iley Cyrus' father Billy Ray has admitted he has
been left bitterly disappointed over a video which
surfaced online showing his teen star daughter
smoking a bong.
The country singer, who is in the throes of a di-
vorce from wife Tish, took to Twitter today to address the tape,
which captures the 18-year-old giggling uncontrollably after puff-
ing on the pipe with friends, reported Daily Mail.
"Sorry guys. I had no idea. I'm so sad. There is much beyond my
control right now," he posted.
The video was shot at the 'Hannah Montana' star's home near
Los Angeles, California, five days after she turned 18 on No-
vember 23.
But sources insist the pipe wasn't filled with marijuana. Instead,
SEASONAL MAGAZINE

she is said to have been smoking salvia, a powerful hallucino-

genic herb.
It is legally available for sale in California - where the video
was shot - and in other states in America.
It is reported that the clip was shot by a friend, but later stolen.
 Renuka is back on small screen
with something new and different
Renuka Shahane: that she has never done before. She
has taken the dance floor of ‘Jhalak
My Younger Son Hates Dikhhla Jaa’ along with 11 other
participants. The actress gives the
Everything About My Dance! credit of her comeback to her
hubby actor Ashutosh Rana. She
says that Rana motivated her to try
Actress Renuka Shahane has taken out dancing. He said that she will
up a challenging job by saying yes enjoy dancing and may even get
to Sony TV’s dance based reality slim.
show ‘Jhalak Dikhhla Jaa’. She is
However, Renuka’s younger son
considered to be a perfect repre-
Satyendra is not very fond of her
sentation of Indian women because
dancing moves. She says that her
of her grace and qualities.
son hates everything about her
We have first seen Renuka as the dancing but the elder son
bubbly intelligent host of the TV Shouryaman quite loves her
show ‘Surabhi’ in 1993. Then she dances. Renuka says that she and
became popular as the bhabhi of Rana wanted to tango together.
Salman Khan in the 1994 film Hum
Interestingly, Renuka’s on-screen
Aapke Hain Kaun. She was last
younger sister Madhuri Dixit is one
seen in the 2004 movie Dil Ne Jise
of the judges of the show and she
Apna Kahaa and on television her
is not willing to ask for any favor
last appearance was in the show
from the dancing diva. We will
‘Jeete Hain Jiske Liye’ in 2007.
look forward to see this new ava-
Now, after a gap of three years, tar of Renuka in the coming days!

Gauri and Sussanne have

Collaborative Designs
Two of Bollywood’s A-list star had first collaborated when
wives might soon become part- Sussanne was designing
ners in business. If all goes well Mannat and Gauri had given
Shah Rukh Khan’s wife Gauri and quite a few creative inputs.
Hrithik Roshan’s wife Sussanne
On the other hand both SRK
plan to start a new joint venture
and Hrithik, who were once
of designing homes.
known to be major rivals, are
Our source said, “Sussanne is all now the best of friends and
set to start her own one-stop shop hang out at each others’
for interior design in Andheri. homes.
Meanwhile Gauri Khan, who is
SRK also loved Hrithik’s per-
rather close to her, has been plan-
formance in Guzaarish and
ning to work along with
had invited him over to his
Sussanne. Apparently, both of
SEASONAL MAGAZINE

house where both of them

them have already designed the
were seen hanging out last
home of a major businessman.”
week.”
The source further said, “The duo
 KERENG/2002/6803

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