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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Sometimes you have to let things go, so there is room for
better things to come into your life.”
Law Updates:
 The Reserve Bank of India through Press Release has denied having
issued a communication circulating on social media alerting
members of public that banks will not accept currency notes with
scribbling on them from January 1, 2016 and has reiterated that all
currency notes issued by it are legal tender and banks and members
can freely and without fear accept them in exchange for good and
services.
PROFESSIONALS INPUTS:
 CBDT vide Notification No. 62/2015-Customs (ADD) dated 14th
December, 2015 seeks to levy definitive anti-dumping duty on
Abendazole, originating in, or exported from the People’s Republic
of China, for a period of five years.
 CBDT vide Notification No. 57/ 2015 – Customs dated 14th
December, 2015 seeks to further amend Notification No. 69/2011-
Customs, dated 29th July, 2011 so as to provide a concessional rate
of basic customs duty in respect of tariff item 84082020 [engines of
a kind used for the propulsion of motor vehicles – of cylinder
capacity exceeding 250 cc] and 87084000 [gear box and parts
thereof, of motor vehicles], w.e.f. 1st of January, 2016 at 5.94% and
8.13%, respectively, when imported under the India-Japan
Comprehensive Economic Partnership Agreement (IJCEPA).
 Ministry of Corporate Affairs vide Notification No. G.S.R. 857(E)
dated 16th
November, 2015 amends the notification number GSR
787(E) dated 15th
October, 2015.
MARKET WATCH:
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SILVER: 33466 .00 -517.00 GOLD (MCX): 25350.00 -329.00
USD/INR: 67.02 -0.14 CRUDE OIL: 2453.00 50.00
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Date: 15th
December, 2015
www.csrajivbajaj.com
Karsanbhai Khodidas Patel
Founder of the Nirma Group
Karsanbhai Khodidas Patel (born 1945, Ruppur, Mehsana, Gujarat) is
an Indian industrialist, Founder of the Rs. 2500 crore (USD 500 mn)
Nirma Group with major interests in detergents, soaps and cosmetics. In
2005 Forbes listed his net worth as USD $640 million. He has interests
in education, and founded a leading pharmacy college (Nirma Institute
of Pharmacy), leading engineering college, (Nirma Institute of
Technology). He is sometimes referred to as K. K. Patel.
Life:
Born into a farmer family from north Gujarat, Karsanbhai finished his B.Sc. in Chemistry at age 21 and worked as a lab
technician, first in the New Cotton Mills, Ahmedabad, of the Lalbhai group and then at the Geology and Mining
Department of the state Government. In 1969, Karsanbhai started selling detergent powder, manufactured and packaged in
his backyard. This was an after-office business - the one-man company would bicycle through the neighbourhoods selling
handmade detergent packets door to door. At a price of Rs. 3 per kg, (one third the price of leading detergents), it was an
instant success. Karsanbhai branded his detergent soap, Nirma, after the name of his daughter. After three years,
Karsanbhai felt confident enough to quit his job. Later he said, "The lack of any such precedent in my family made the
venture fought with fear of failure. But farmers from North Gujarat are known for their spirit of enterprise." Karsanbhai set
up shop at small workshop in an Ahmedabad suburb. The Nirma brand quickly established itself in Gujarat and
Maharashtra.
The high quality and low price of the detergent made for great value. Fuelled by housewife-friendly advertisement jingles,
Nirma revolutionized the detergent market, creating an entirely new segment in the economy for detergent powder. At the
time, detergent and soap manufacture was dominated by multinational corporations with products like Surf by Hindustan
Lever, priced around Rs. 13 per kg. Within a decade, Nirma was the largest selling detergent in India. Since production
was labour-intensive, Nirma also became a leading employer (employing 14,000 people 2004). Made without some
phosphates, Nirma was also somewhat more environment friendly.
After establishing its leadership in economy-priced detergents, Nirma entered the premium segment, launching toilet soaps
Nirma bath and Nirma beauty soap, and premium detergent Super Nirma detergent. Ventures into shampoo and toothpaste
were not as successful, but the edible salt Shudh is doing well. Nirma beauty soap is one of the leading toilet soaps, behind
Lifebuoy and Lux. Overall Nirma has a 20% market share in soap cakes and about 35% in detergents. Nirma also has
successful operations in neighbouring countries.
In 1995, Karsanbhai started the Nirma Institute of Technology in Ahmedabad, which grew into a leading engineering
college in Gujarat. An Institute of Management followed, with the entire structure being consolidated under the Nirma
University of Science and Technology in 2003, overseen by the Nirma Education and Research Foundation. The Nirmalabs
education project, aimed at training and incubating entrepreneurs, was launched in 2004.
Karsanbhai's two sons and son-in-law are now at leading positions in the Nirma organization, Rakesh K Patel (MBA) looks
after procurement and logistics, Hiren K Patel, chemical engineer and MBA, heads Marketing and Finance, while Kalpesh
Patel is in human resources and Healthcare Industry (Nirlife healthcare).
Awards & Recognition
- In 2009, Karsanbhai was ranked- 92 by Forbes magazine, for the list of India's Richest persons.
- In 2001, Karsanbhai was awarded an honorary doctorate by Florida Atlantic University, recognizing his
exceptional entrepreneurial and philanthropic accomplishments.
- In 1990, the Federation of Association of Small Scale Industries of India (FASII), New Delhi, awarded
him the 'Udyog Ratna' award. The Gujarat Chamber of Commerce felicitated him as an 'Outstanding
Industrialist of the Eighties'. He has served twice as Chairman of the Development Council for Oils,
Soaps and Detergents.
- Patel has been conferred with Padma Shri Award for the year 2010.

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Newsletter dated 15th December, 2015

  • 1. www.csrajivbajaj.com THOUGHT OF THE DAY THOUGHT OF THE DAY “Sometimes you have to let things go, so there is room for better things to come into your life.” Law Updates:  The Reserve Bank of India through Press Release has denied having issued a communication circulating on social media alerting members of public that banks will not accept currency notes with scribbling on them from January 1, 2016 and has reiterated that all currency notes issued by it are legal tender and banks and members can freely and without fear accept them in exchange for good and services. PROFESSIONALS INPUTS:  CBDT vide Notification No. 62/2015-Customs (ADD) dated 14th December, 2015 seeks to levy definitive anti-dumping duty on Abendazole, originating in, or exported from the People’s Republic of China, for a period of five years.  CBDT vide Notification No. 57/ 2015 – Customs dated 14th December, 2015 seeks to further amend Notification No. 69/2011- Customs, dated 29th July, 2011 so as to provide a concessional rate of basic customs duty in respect of tariff item 84082020 [engines of a kind used for the propulsion of motor vehicles – of cylinder capacity exceeding 250 cc] and 87084000 [gear box and parts thereof, of motor vehicles], w.e.f. 1st of January, 2016 at 5.94% and 8.13%, respectively, when imported under the India-Japan Comprehensive Economic Partnership Agreement (IJCEPA).  Ministry of Corporate Affairs vide Notification No. G.S.R. 857(E) dated 16th November, 2015 amends the notification number GSR 787(E) dated 15th October, 2015. MARKET WATCH: SENSEX: 25117.21 -33.14 NIFTY: 7635.70 -14.35 SILVER: 33466 .00 -517.00 GOLD (MCX): 25350.00 -329.00 USD/INR: 67.02 -0.14 CRUDE OIL: 2453.00 50.00 CS Rajiv Bajaj 9811453353 Bajajr66@gmail.com youtube.com/csrajivbajaj https://www.facebook.com/Rajiv 1Bajaj http://www.csrajivbajaj.com Date: 15th December, 2015
  • 2. www.csrajivbajaj.com Karsanbhai Khodidas Patel Founder of the Nirma Group Karsanbhai Khodidas Patel (born 1945, Ruppur, Mehsana, Gujarat) is an Indian industrialist, Founder of the Rs. 2500 crore (USD 500 mn) Nirma Group with major interests in detergents, soaps and cosmetics. In 2005 Forbes listed his net worth as USD $640 million. He has interests in education, and founded a leading pharmacy college (Nirma Institute of Pharmacy), leading engineering college, (Nirma Institute of Technology). He is sometimes referred to as K. K. Patel. Life: Born into a farmer family from north Gujarat, Karsanbhai finished his B.Sc. in Chemistry at age 21 and worked as a lab technician, first in the New Cotton Mills, Ahmedabad, of the Lalbhai group and then at the Geology and Mining Department of the state Government. In 1969, Karsanbhai started selling detergent powder, manufactured and packaged in his backyard. This was an after-office business - the one-man company would bicycle through the neighbourhoods selling handmade detergent packets door to door. At a price of Rs. 3 per kg, (one third the price of leading detergents), it was an instant success. Karsanbhai branded his detergent soap, Nirma, after the name of his daughter. After three years, Karsanbhai felt confident enough to quit his job. Later he said, "The lack of any such precedent in my family made the venture fought with fear of failure. But farmers from North Gujarat are known for their spirit of enterprise." Karsanbhai set up shop at small workshop in an Ahmedabad suburb. The Nirma brand quickly established itself in Gujarat and Maharashtra. The high quality and low price of the detergent made for great value. Fuelled by housewife-friendly advertisement jingles, Nirma revolutionized the detergent market, creating an entirely new segment in the economy for detergent powder. At the time, detergent and soap manufacture was dominated by multinational corporations with products like Surf by Hindustan Lever, priced around Rs. 13 per kg. Within a decade, Nirma was the largest selling detergent in India. Since production was labour-intensive, Nirma also became a leading employer (employing 14,000 people 2004). Made without some phosphates, Nirma was also somewhat more environment friendly. After establishing its leadership in economy-priced detergents, Nirma entered the premium segment, launching toilet soaps Nirma bath and Nirma beauty soap, and premium detergent Super Nirma detergent. Ventures into shampoo and toothpaste were not as successful, but the edible salt Shudh is doing well. Nirma beauty soap is one of the leading toilet soaps, behind Lifebuoy and Lux. Overall Nirma has a 20% market share in soap cakes and about 35% in detergents. Nirma also has successful operations in neighbouring countries. In 1995, Karsanbhai started the Nirma Institute of Technology in Ahmedabad, which grew into a leading engineering college in Gujarat. An Institute of Management followed, with the entire structure being consolidated under the Nirma University of Science and Technology in 2003, overseen by the Nirma Education and Research Foundation. The Nirmalabs education project, aimed at training and incubating entrepreneurs, was launched in 2004. Karsanbhai's two sons and son-in-law are now at leading positions in the Nirma organization, Rakesh K Patel (MBA) looks after procurement and logistics, Hiren K Patel, chemical engineer and MBA, heads Marketing and Finance, while Kalpesh Patel is in human resources and Healthcare Industry (Nirlife healthcare). Awards & Recognition - In 2009, Karsanbhai was ranked- 92 by Forbes magazine, for the list of India's Richest persons. - In 2001, Karsanbhai was awarded an honorary doctorate by Florida Atlantic University, recognizing his exceptional entrepreneurial and philanthropic accomplishments. - In 1990, the Federation of Association of Small Scale Industries of India (FASII), New Delhi, awarded him the 'Udyog Ratna' award. The Gujarat Chamber of Commerce felicitated him as an 'Outstanding Industrialist of the Eighties'. He has served twice as Chairman of the Development Council for Oils, Soaps and Detergents. - Patel has been conferred with Padma Shri Award for the year 2010.