Priority (April - June 2012)

SMART VOYAGESMART VOYAGE

APRIL - JUNE 2012Pages

voLUME 41

Chief EditorsYasir ImranA.K. Gupta

Executive Editor and PublisherManeck Davar

Editorial Aaron RodriguesPriyanka Agarwal

Art DirectorMinaal G. Pednekar

Designers Namrata D. Shelar

Sunil Kadam

Digital ImagingParas DamaniNinad Jadhav

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The in-house ‘Priority Pages’ is a quarterly magazine of ‘Axis Bank’ Corporate office: Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400 025 and published and printed by Spenta Multimedia at Peninsula Spenta, Mathuradas Mill Compound, N. M. Joshi Marg, Lower Parel, Mumbai 400 013. Tel: +91-22-24811010; Website: www.spentamultimedia.com.

ContentsVOLUME 41 | APR - JUN 2012

DO MOREmoneyTALK 5Role of Structured Products in Asset Allocation

coverSTORY 8Smart Voyage

atWORK 11All Work No Play

food 12Summer on a Plate

travel 14Beaches, Ball & Bossa Nova

BE MOREwellness 16Food for Thought

environment 18A Bee’s Life

ACHIEVE MOREprofile 20Homai VyarawallaJagjit Singh

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Role of StRuctuRedproducts in assetallocation By Axis Bank Investment Advisory Group

Genesis of structured productsGlobally, structured products evolved in the early 1990s post greater acceptability and understanding of derivative instruments. The pedigree of financial institutions involved in issuing structured products also added to the comfort level of investors. Thereafter, these were introduced to investors in Asia, including those in India.

Domestically, these instruments are issued typically in the form of secured non-convertible debentures by non-banking finance companies (NBFCs). The issuing company uses these instruments as a borrowing instrument amongst other options available. This helps the issuer to diversify the funding sources, since raising money is subject to regulatory norms applicable to each type of

finance company. The tenure of these debentures generally ranges from one year to three years, though longer-tenure debentures have also been issued by some NBFCs. A majority of structured products issued in India are equity-linked (either linked to an index like CNX Nifty or a basket of stocks). A few gold and silver linked structures have also been issued, but overall the market is dominated by equity-linked principal protected structures.

nature and types of structured productsThe fundamentals of these products have largely remained the same since inception — providing the flexibility to have tailor-made solutions addressing specific investment objectives and helping in implementing views on various

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asset classes or a combination of asset classes that may include equity, debt, interest rates, commodities, funds and indices, among others. Issued in demat form, these are non-convertible in nature and are cash settled at maturity.

Relative to the safety of capital invested, these products can be broadly classified into two types:

• Principal Protected Structures: These are designed to return at least the investor’s principal amount at maturity (subject to credit risk), regardless of the changes in the value of the underlying linked asset class during the term of the investment. This provides the investor an opportunity to invest in a volatile/risky asset (such as equity), without participating in the downside. In return for this security, the investor may potentially make lower returns than a non-principal protected structure with similar asset classes as the underlying. These structures are generally listed and the listed instruments are rated by leading rating agencies. As mentioned before, the principal protected structures dominate the Indian structured products market.

However, the commensurate risk is much higher and the investor can lose all or a part of his principal amount at maturity if the underlying linked asset class performs differently from expectations, i.e. participation is in the upside as well as in the downside.

positioninG of structured productsOwing to the flexibility of choice of underlying, allocation levels, tenure and other parameters, structured products can be viewed as an enhancement or alternative to equity, debt and gold, among others. The pre-determined nature of payoffs, which vary according to market levels, makes it simple to position a given structured product in either of the asset classes. The two main types of structures, with regards to positioning, are as follows:

• Debt-oriented Principal Protected Structures: These are designed with an aim to beat the returns generated by similar-rated debt instruments by providing a higher contingent coupon (depending upon an event). For example, a 39-month structure paying 40% flat coupon if Nifty Index closes at or above its initial level after 36 months.

• Equity-oriented Principal Protected Structures: These are designed with an aim to generate higher returns than the normal equity returns (stocks or indices) by providing higher participation in the underlying (in multiples). For example, a 39-month structure providing 150% participation (1.5 times) in Nifty from the initial level to the final level with maximum coupon cap of 75%.

Please note: The above examples are only for explaining the concept of

structured products and not the actual pricing.

Nifty Initial Level

Nifty Final Level

Nifty Returns

Structure Return

Initial Amount

Maturity Amount

5500 4950 -10% 0.0% 100 100.0

5500 5500 0% 40.0% 100 140.0

5500 6600 20% 40.0% 100 140.0

5500 7700 40% 40.0% 100 140.0

5500 8800 60% 40.0% 100 140.0

Nifty Initial Level

Nifty Final Level

Nifty Returns

Structure Return

Initial Amount

Maturity Amount

5500 4950 -10% 0.0% 100 100.0

5500 5500 0% 0.0% 100 100.0

5500 6600 20% 30.0% 100 130.0

5500 7700 40% 60.0% 100 160.0

5500 8250 50% 75.0% 100 175.0

5500 8800 60% 75.0% 100 175.0

The basic instrument consists of a deep discount bond and a long call option of either an index or a basket of stocks (refer to the diagram below for a graphic representation). The fixed income portion, represented by the deep discount bond, attains par/face value upon maturity (equivalent to the total initial investment). The equity portion, represented by a long call option, provides for leveraged participation (refer to note on Futures and Options at the end). Hence, even if the equity performance coupon is zero, the investor still receives his entire principal upon maturity owing to the fixed income appreciation. This ensures principal protection of investments made.

How Does Principal Protection Work?

• Non-principal Protected Structures: These products provide for leveraged participation through futures and options and opportunity to earn much higher returns if the underlying linked asset class performs as per expectations. The major endeavour is to capture the high rewards associated with investment in derivatives.

Equity

Equity performance coupon

Initial investment +

Interest accrualFixed Income


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Benefits of structured products in a portfolio • Stability: Principal protected structures offer stability of a

debt instrument (bonds) with the return enhancing feature of a volatile asset (stocks and/or indices), thereby creating an instrument with a unique risk-return profile. This also allows for diversification in an investor’s portfolio.

• Determinate Pay-off: An investor can execute optimally his particular view/outlook on the asset class and gain from certainty.

• Flexibility: Since pay-off can be determined/calculated, these products provide the flexibility to construct tailor-made solutions with pre-defined risk/reward, depending on the specific need of investors. The investor can implement his bullish, bearish or range bound market view with different levels of participation in the upside, downside or both ways.

• Pricing: The cost of ownership of such instruments is fairly lower than owning the underlying asset classes individually. This is particularly true for longer tenure products (2-3 years).

Key risKs/disadvantaGes — structured products• Credit Risk: Since the instrument is basically a

debenture, it carries the credit risk of the issuer. However, in most cases, the debentures issued are secured on the assets of the issuer.

• Liquidity Risk: Principal protected debentures are generally listed on the stock exchanges (National Stock Exchange or Bombay Stock Exchange) in the debt

Call Option Put Option

Buy Right to Buy Right to Sell

Sell Obligation to Sell Obligation to Buy

market segment; however, there is no active trade in these, leading to illiquidity. Hence, structured products are essentially a hold till maturity instruments. Pre-maturity liquidity is not guaranteed. Also, if sold before maturity, any adverse movement in interest rate may impact the valuation of these products which can put the invested amount at risk (mark-to-market risk).

• Complexity: Even though the payoff structure is determinate in most cases, these instruments have certain complexity of the return calculations; hence, relative to a pure equity/debt basket, these products are complex to comprehend by the average investor.

• Market Risk: The price of the debenture is determined by the price of the underlying. If the price of the underlying moves adversely, the returns are naturally affected. This may lead to erosion of capital (applicable for non-principal protected notes).

Structured Products merit an allocation in investors’ portfolio as they are an effective way to generate payoff by taking view based viz., bearish, bullish or neutral calls on a particular asset class and the element of principal protection enhances the risk appetite of investor. Depending upon the nature of payoff, the investor can position it as a part of either equity or debt allocation and also reducing the risk exposure of the portfolio.

GlossaryFuture Contract: It is a listed financial contract to buy/sell a specific amount of a particular underlying at an exchange-determined price on a future date. These contracts are binding/obligatory on both the parties to the contract, and may potentially lead to a significant loss for either party, due to an unfavourable movement in the underlying.

Options Contract: It is a financial contract which gives the Buyer (Holder) the Right, but not the Obligation, to buy a specified amount of a particular underlying at a specified price, or up to, a specified date. The Seller (or Writer) of the Option contract has the Obligation to deliver the specified amount of the particular underlying at the specified rate on the specified date, to the Buyer.

Call Option: It is an option to buy a stock at a specific price on or before a certain date. For this right, the buyer of the call option pays premium to the seller of the option.

Put Options: These are options to sell a stock at a specific price on or before a certain date. For this right, the buyer of the put option pays premium to the seller of the option. n

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VoyageSmart Even with an increasing number of domestic

and international travellers, travel preparedness is dismally low. Here’s why travelling smart is a definite key to a hassle-free trip.

By Robert George

The concept of a global village is clearly seen in today’s scenario, with the number of people travelling

overseas and across the country having increased rapidly in the last few years. The travel and tourism sector has grown exponentially in recent years, with its estimated contribution to the world economy being in excess of $9.3 trillion in 2011. According to the United Nations World Tourism Organisation, the segment clocked an overall growth of 6% in 2007 and is expected to increase at 4-5% over the next ten years.

Despite these impressive figures, many travellers especially first-timers are highly

situations, such as the recent Qantas strike which disrupted air travel plans of thousands, or when nearly all flights were cancelled due to a volcanic eruption in Iceland. Many of those who were affected by these issues could have found a way out if they were backed by a well-structured travel plan.

Apart from preparing you for unexpected emergencies, travel planning also aids you in various other respects, especially in the most integral part of your trip — the finances involved. Therefore, based on the purpose and theme of your travel as well as your budget, it is important to define every single leg of your journey

unprepared before they set out on their tour, and are hence in need of a concrete travel plan. After all, there’s so much to be done for a trip, all of which has to be gotten right — packing, booking tickets, making hotel reservations, drafting itineraries and what not. However, with appropriate planning and foresight, one can take care of these aspects and enjoy a relaxed and fulfilling tour, whether travelling alone or with family and friends.

The importance of planned travelling cannot be ignored. Take the case of dire


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and accordingly draft a comprehensive travel plan (and we don’t just mean the itinerary).

ECONOMISE YOUR HOLIDAYWith the global economy in the throes of a recession, the credo among vacation travellers now is frugality, prompting many of them to tighten their purse strings. Keeping your travel costs to a minimum doesn’t necessarily mean you’ll be compromising on the quality of your holiday — you can surely enjoy your tour to the hilt. All you need to keep a check on is your expenditure on transport, accommodation and food.

Also, remember not to go overboard with your cost cutting; be open to spending on essential requirements, which in turn enable you to save both time and money in the process. For instance, before heading for your travel, acquire good-quality luggage of a suitable size, invest in important medications, and buy clothes and footwear that go with the nature of your travel if you don’t have them in your wardrobe (sweaters for a winter trip, light clothes and flip-flops for a beach holiday, and so on). Thus, it’s only the unnecessary expenses which you need to chop off.

One sure-fire way of making the most of your vacation in a budget-friendly manner is to travel during the off-season, which can surprisingly translate into substantial savings on airfares, accommodation, food and shopping. Many destinations, including the exotic islands of the Caribbean and South Pacific, are considered visitable all year round. However, if you are planning to head to a place such as Switzerland, which has a prime tourist season during summers, it would be more economical to go there for a holiday some other time. Another method which has been successfully followed by most seasoned travellers is to make bookings and reservations months in advance. Travel agents would readily agree that air tickets booked three to four months prior to your travel dates can save reasonable amounts of money in flight charges. Many airlines

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offer discounts on tickets booked for a weekday flight. Furthermore, a flight with a stopover often has a lower tariff.

Cheap accommodation can help you save a considerable amount of money, and you don’t necessarily have to compromise on convenience or comfort. You can find a comfortable and inexpensive room of your choice anywhere at your targeted destination, especially if you do some online research. The Internet provides a slew of accommodation options for every kind of holidaymaker. Also, tariff rates during the off-season are known to take a nosedive. Another effective way of saving money on your holiday is to search for accommodation in a hostel, especially one that offers facilities similar to those provided in a hotel.

Your choice of food too can make a difference to your travel expenses. For instance, you could forgo a continental breakfast and opt for something cheaper but equally toothsome and nourishing. Try out the local cuisine and get familiar with the various culinary traditions of the cities and towns you visit. It is also a good idea to look for lodgings that offer kitchenettes, which allow occupants to do their own cooking. If travelling by train in India, try and get your own meals instead of ordering from the pantry.

A few other factors that may bring down your domestic travel expenses drastically would include transportation by roadways or railways rather than taking a flight. You could even rent a vehicle or use public transport while at your destination, both of which have several advantages. For starters, you are travelling at you own pace, depending of course on the length of your stay and the distance of tourist attractions from

where you are staying. Besides, a journey in your own car gives you a sense of freedom — you can visit beautiful villages of your choice and observe their culture.

Nowadays, many multinational companies provide discounts on travel to their employees, with special concessions offered to family members of staff. Irrespective of whether you are accorded this privilege or not, it is always a wise move to consult a travel agent when you plan a trip. Generally, knowledgeable travel agents are privy to special promotions and discount offers.

THE FINER DETAILS (FINANCIALLY SpEAkINg)Budgeting, anticipating and jotting down your expenses, and planning every financial detail of your trip present you with the perfect opportunity of saving money and enjoying your vacation without any worries.

To quote The New York Times reporter Susan Heller Anderson, “[When preparing to travel] Lay out all your clothes and all your money. Then take half the clothes and twice the money.” Always carry extra

... be open to spending on small requirements, which

in turn enable you to save both time and money in the process.

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On a Work Tour

Taking care of certain aspects of official travelling can help the traveller combine business with fun.

Luggage:• Remember to carry all official paraphernalia before packing clothes. Ensure that you have all important papers and documents with you. Pack your wardrobe, accessories and personal belongings. You could bring along extra clothes, as laundrettes may not be available on the trip.

Gadgets: • Avoid lugging around too many devices; a smartphone is enough to provide all the help that you may require.

Knowledge of Place:• Gather as much information as possible about the destination. Find out about leisure activities that may be availed of while on the trip.

Etiquette:• Observe protocol, especially if your boss is with you on the tour. Decent behaviour and ethics are appreciated.

Power Attire:• Remember to dress appropriately, paying enough attention to your footwear. Maintain proper demeanour.

Travel insurance has become more of a necessity than a luxury these days, especially due to the increasingly complex nature of travel. Here are some aspects that a cover must ideally include.

Medical Expenses:• Generally, the insurance plan foots the bill incurred by a traveller in case of any ailment and subsequent hospitalisation. Usually, the plan pays for in-patient and out-patient treatment, besides providing a daily allowance on hospitalisation.

Personal Accident:• The likelihood of accidents during a trip cannot be ruled out, especially when someone travels to a place unfamiliar to him/her. In case of an untoward incident, travel insurance should compensate for injury, disability, or even death in a flight or any other mode of travel.

Loss of Personal Possessions: •One of the most common, undesirable incidents that occurs while travelling is loss of baggage or passport. The policy should provide cover against the loss, and reimburse the cost of obtaining a fresh/duplicate passport or the cost involved in searching for the lost baggage or a replacement.

Time-based Contingencies: •Unexpected delays are a given in case of inclement weather, especially in Europe and the Americas. The policy should reimburse extra expenses incurred due to delays, cancellation of flights and other factors. Besides, it should also compensate for any non-refundable payments or additional expenses incurred. Some of the insurance policies cover damage caused involuntarily to a third party while on a visit.

Do You Know?

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travel documents. The awareness and penetration of travel insurance in the country is still dismal, despite the interest evinced lately by informed travellers.

While there anyway is a negligible number of insurance-takers for domestic travel in India, the concept of travel insurance is unpopular even among overseas travellers. Prevalence of conventional products, combined with a lack of awareness among travellers, is cited as a reason for the low acceptance level. We highly recommend that you get yourself an appropriate travel insurance cover when you pack your bags for your next trip. n

bank (if it provides currency exchange services), a tour operator, or a money exchange counter at your city’s international airport to change your rupees into some other currency or get traveller’s cheques if you prefer not to keep hard cash with you. You can also avail of a travel card from your bank. In some nations, you may be required to get your money converted into a universally accepted currency. Besides, if you visit a country such as Turkey, you are advised to carry euros or U.S. dollars in addition to the Turkish lira. Apart from that, check whether the country you’re visiting has a policy of granting you a visa only if you bring a minimum amount of their currency with you.

TRAVEL INSURANCEAn often-neglected and overlooked angle in travelling is the concept of travel insurance. Unlike in developed countries, travel insurance in India is still to be accepted as a necessary part of

cash and try taking along a debit card instead of a credit card; a debit card can curb your tendency to indulge in unnecessary expenditure. Avoid stocking up on excess luggage if you want relief from paying extra baggage fees.

If you’re touring outside India, get yourself an international calling card before you leave, to bid adieu to pocket-pinching roaming costs. There are companies that offer country-specific SIM cards for Indians travelling abroad. Apart from bringing down roaming bills, such cards may allow users to pay bills in their home currency, get services activated prior to departing for the destination and, of course, enjoy uninterrupted connect with business contacts as well as loved ones.

And the most unmissable item on an international-travel checklist is currency exchange. For that, you need to be well versed with daily exchange rate fluctuations. You can approach your

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In our everyday professional lives, various emotional and physical factors can contribute to stress. In

fact, being overworked has become a major stress-inducing factor. But how exactly do you determine whether you are stressed because you are overworked or due to something else? Here are five signs to be aware of.

UNBALANCEDIs the number of hours you’re devoting to work causing you to feel out of touch with your family? If so, its time you realised you’re overworked. Consistently staying for long hours in

the office and spending less time with your loved ones can make you feel disconnected, eventually leading to alienation or even marital problems.

UNWELLIf you’re falling ill at regular intervals, chances are you’re working at a pace more than what your body can take. Being overworked exhausts your body and weakens the immune system. Additionally, the lengthy hours at work give your body little time to recover.

UNDER PRESSUREDespite putting in late hours, do you find that the workload never seems to end? Well, never-ending deadlines and increasing workload are signs of being overworked. The continuous pressure of effectively meeting them can lead to work-related stress, anxiety, deteriorating health, increased errors and decline in work quality.

UNPLEASANTIn most cases, being overworked leads to a short temper, irritability and low tolerance levels. You may note that

For Every Problem, There is a Solution

Slot time for your personal life • and spend some moments with your family. Ensure you don’t cancel such plans due to a sudden work commitment. Refrain from taking your work home to have a definite distinction between your professional and personal life. Take care of your health. Use • the weekends to rest, relax and exercise. Every few hours, get up from your seat and stretch. Give your eyes frequent and brief rests from the computer screen.If you find your work pile is • making it impossible for you to take these measures, talk to your boss about how your load can be lightened. If you have your own business, you may need to hire more people or reduce the amount of new contracts or tenders you are accepting, even if it means forgoing some profit.If you are experiencing signs of • overwork or burnout, re-evaluate your work environment and habits. Do contact a doctor or a counsellor if and when the need arises.

Often in our frenetic work lives, we may push ourselves way beyond our capacity. Recognising the signs of being overworked can save us from the throes of stress.By K. N. Rochlani

NO PlayallWork

you’re snapping at trivial things and getting into unprovoked arguments. This short fuse could be because you are feeling drained and weary.

UNDONE — REACHING BURNOUT A fear that comes with being overworked is getting burned out. Symptoms of job burnout include becoming cynical or critical at work, having to force yourself into the office and then experiencing trouble in motivating yourself to work, lack of satisfaction in your professional achievements, low energy and productivity, changes in sleep and appetite, unexplained physical aches, and disillusionment with your job. n

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It is said that the ancient Chinese used the therapy of food to cure illnesses. The idea behind this was that while

some foods have a heat-inducing effect on the body, others have a cooling impact. Hence, during summer, it’s important to eat all those foods that help maintain the right temperature balance in your system.

SOUP FOR ALL SEASONSThe humble soup is the most versatile and probably the simplest dish to prepare. You can make soups out of practically anything — throw together some vegetables, stock and water and, voila, your delicious soup is ready! During summertime, stick to lighter soups, such as chilled tomato and basil or cold cucumber and mint. Or try the gazpacho, which is a yummy and nutritious tomato-based soup full of veggies, widely consumed in Spain and Portugal.

GO GREEN WITH SALADSAnother classic summertime delicacy which you can get really creative with is the salad. Tossing together some lettuce, tomatoes and cucumbers works, but

Here comes the raging summer, the right time to partake in a fare that keeps you cool. We let you know about all those treats you must have during these hot months. By Simone Dinshaw

plate SUMMER ON A

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to take your greens to another level, add fruits, nuts

and cheese. A quartered orange,

some feta or apple slices, and pine nuts make for great salad

accompaniments. Salads can be had as starters or side dishes, but they can also be enough on their own.

MANGO MADNESSDuring summers, we all love a slice of a juicy, golden mango on our plates. Mangoes are high in vitamins A and C, as well as potassium, and are considered a healthy breakfast or dessert option. However, eating too many can harm your digestive system, so limit yourself to one or two a day. The yellow fruit can be relished in the form of a smoothie, which is prepared by blending one or two diced mangoes with a cup of milk, along with sugar to taste, and serving the mixture in a tall glass filled with ice cubes.

COOLER BY THE DOZENA popular and healthy drink to savour in the summer is the cooler. One easy-to-make, lip-smacking option is the tamarind-ginger cooler. For this, you have to make tamarind tea by boiling the pulp of the fruit in water, straining it through

a sieve and diluting the concoction with more water. Pour a cup of the tea in a tall glass and add in three tablespoons of ginger syrup, prepared by boiling together thin slices of ginger, sugar and a cup of water and then discarding the ginger slices away. Fill the rest of the glass with soda and lots of ice.

ICE, ICE BABYThe famous ice lolly, the Popsicle, originated in the U.S. in 1905, when 11-year-old Frank Epperson left his drink out overnight and it froze over the stick he had been using to stir it with. Similarly, you can freeze almost any beverage into an ice lolly, from fruit smoothies to nimboo paani. But remember to insert the wooden sticks into the ice lollies as soon as they are semi-frozen.

YO YOGHURTYoghurt, also known as dahi, is a rich source of calcium, aids digestion and is believed to lower cholesterol levels. Some people eat curd-rice to settle their flaring stomachs, while others mix yoghurt into their muesli for breakfast. But what we all love is a tall, cool glass of lassi, topped with a lumpy mound of malai. Whichever way you choose to have it, dahi should be a must in your summer diet, considering its excellent cooling properties. n

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much so that before important matches, banks and other places of business often shut shop to let their workers watch the country play! Brazil has produced legends such as Pelé and Ronaldinho, and broken records by winning the FIFA World Cup an astounding five times. It is also the only nation to have qualified for every FIFA World Cup tournament.

Note: Try scheduling your Brazil trip for the 2014 FIFA World Cup (12 June – 13 July, 2014), which will be held in 12 Brazilian cities.

The RhyThm is Gonna GeTcha Perhaps, an offshoot of the Brazilians’ love for sport is their passion for music and motion. Most Brazilians move with such grace that they seem to be born with a sense of rhythm naturally ingrained in their DNA! The most popular styles of music in Brazil are the samba and the bossa nova. Other famous music forms include the lambada and the choro. Moreover, an interesting blend of sports and music is found in the Brazilian martial art of capoeira. A combination of aerial trickery, acrobatics and sweeping kicks, this technique is set to the rhythm of various percussion instruments. The Brazilians’ strong liking for music and movement is best evident in the Brazilian Carnival, which is a day of parades, music and revelry held 46 days before Easter.

Note: The biggest Brazilian Carnival celebrations happen in Rio de Janeiro. Festivities also take place in São Paulo and the city of Salvador in Bahia.

I don’t know if the Vengaboys were the best or worst thing that happened to Brazil. Thanks to their 1998 hit track, “To

Brazil”, every time I think of this country, all that comes to my mind is a beach with stunning women. But, apart from the beautiful beaches, there are so many other reasons to visit this vibrant country. Here are just six.

GReen, GReen and moRe GReenEcotourism is big in Brazil, as big as it should be. Nearly 40% to 60% of the Amazon, the largest rainforest in the world, is in this country. Brazil is also home to the Atlantic Rainforest, in addition to Pantanal, one of the largest wetlands on Earth. Besides housing amazing flora and fauna, the natural wonders of Brazil also present plenty of opportunities for adventure tourism. Try canyoning (crossing over canyons), or caving (exploring various cave systems), or even abseiling down canyons and caves or up tree canopies.

Checklist: Rainforests — Amazon (Manaus) and Atlantic (Rio, São Paulo, Paraná); Wetlands — Mato Grosso do Sul; Adventure — Chapada Diamantina (Bahia), São Paulo, Bonito and Mato Grosso do Sul.

FooTlooseLike how it is in many other South American countries, football is a religion in Brazil. So

If your idea of Brazil is restricted only to its beaches, wait till you see the other wonders that coexist along with them.

By Kanika Punwani

Beaches, Ball Bossa

Nova&

Perhaps an offshoot of the Brazilians’ love for sport is their passion

for music and motion.


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Travellers’ NotepadCapital: Brasilia

To Reach Brazil by Air: Flights connect major international airports in India to Brasilia, Rio de Janeiro and São Paulo via Dubai, Paris, London and Johannesburg, among others.

To Reach Brazil by Road: Brazil can be reached directly by car or motorcycle from nine countries. Buses ply to and from Argentina, Paraguay and Uruguay.

Climate: Three major climate zones: Amazon (tropical climate all year round), Highlands (temperate climate, wet in October-April) and Southern Coast (sub-tropical, winter in June-August).

Language(s): Portuguese

Currency: Real (R$)

and boiled eggs. Indigenous influences can be seen in pato no tucupi — duck cooked in cassava broth. Street foods and snacks include pão de queijo (cheese bread) and coxinha (dough stuffed with chicken and fried). Fruits and vegetables such as passion fruit and cassava, and corn are used to prepare cakes and sweet breads. If you’re looking for something to wash all your food down, nothing tops a caipirinha — a cocktail made of cachaça, the Brazilian sugarcane liqueur.

Note: Feijoada is popular in Rio, São Paulo and Minas Gerais, while pato no tucupi is commonly eaten in the Amazonian regions.

liFe’s a Beach And finally, yes, the Vengaboys were right, the beaches in Brazil are spectacular! Miles and miles of golden sands border turquoise and cerulean waters. And it’s not just the ocean — Brazil also has enthralling river beaches lining the Amazon river. So bring out the sunblock and the bikinis, the surfboards and the snorkels. Put on those shades and get ready to have a vacation of a lifetime in this sun-kissed country. No matter where your interests lie, Brazil has something for everyone.

Checklist: With a coastline stretching over 7,000 kilometres, Brazil has a huge number of beaches. Famous ones include Alter do Chao, a river beach in Pará; Copacabana, Ipanema and Farol in Rio de Janeiro; Jericoacoara in Ceara; Praia do Forte in Bahia; and the beaches of Costa Verde. n

hisToRic VacaTionBrazil bleeds history — it’s a nation where African, Native American and European cultures merge to create one big melting pot. This fusion is evident in the architecture across Brazil. Whether you want to relive the Gold

Rush, or walk through Portuguese-style colonial structures

or monumental churches, Brazil holds varied surprises for

you. Honestly, you could walk down almost any town or village in Brazil and

be seeped in history. Also, do witness the whitewashed town houses, cobbled streets, ancient sculptures and darkened chapels.

Checklist: Brazil is teeming with UNESCO World Heritage Sites. Here are some of them — Ouro Preto in Minas Gerais, a mining town that was the epicentre of the Gold Rush; the town of Olinda in Pernambuco, originally the centre of the sugarcane industry run by African slaves under the Portuguese; the city of Salvador de Bahia; Sanctuary of Bom Jesus do Congonhas in Minas Gerais; and the ruins of São Miguel das Missões, Rio Grande do Sul.

an appeTisinG counTRyBrazilian cuisine majorly comprises red meat dishes as well as seafood. Among the vegetarian fare, rice and beans are a common staple, along with several bread-based street foods. Many of the local Brazilian delicacies are inspired by the culinary culture of the slaves who arrived in Brazil when it was under colonial rule. A few of them are feijoada — a preparation of pork (bacon, pig feet, ears and tail), beef, olive oil, garlic and black beans cooked as a stew and served with rice — and bacalhoada — a salty stew of cod, black olives, tomatoes, potatoes

It’s a nation where African, Native American and European cultures merge to create one big melting

pot. This fusion can be seen in the architecture across Brazil.


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brain and the stomach work in tandem to control your appetite. However, when you eat without paying attention to food and the process of eating, there is a high chance that you will miss out the brain’s fullness signal — which generally comes about in 20 minutes from the time you start eating — and so you tend to continue taking in food even after the signal is raised! The worse thing is that the overeaten food that’s not burned will not be used for nutritional purposes; it will be converted into stored fat.

Picture this: It’s been a long day at work, and you’ve come home to dig in your favourite food for

dinner. Piping hot, it’s sitting on the table, waiting to be devoured. Throwing caution to the wind, you chug it down within minutes and find yourself feeling ‘full’ automatically. Sounds familiar, doesn’t it?

Unfortunately, the above scenario represents a tragic part of our fast-paced lifestyle —the way most of us are ignoring the experience of ‘eating’ and simply wolfing down food to fill our digestive system. Thus, more often than not, as victims of a hurried way of life, we concentrate on the end of eating rather than the process, thereby adopting a bad habit. This bad habit is termed as mindless eating, and to shake it off, we simply need to follow a few rules while remembering its repercussions as well as the benefits of a well-eaten meal.

THE ILLS OF MINDLESS EATINGBesides making you come across as a messy eater, fast and mindless eating can hamper the normal functioning of your stomach and, hence, contribute to various gastrointestinal problems such as indigestion, heartburn and, of course, overeating. A very common indigestion issue that is associated with such a way of eating is the gastro-oesophageal reflux disease, which is one of the main causes of heartburn. The problem occurs when the muscular valve between the stomach and the oesophagus relaxes abnormally, resulting in food travelling back to the oesophagus. A ‘full’ stomach only aggravates the condition by putting extra pressure on the valve.

Apart from the aforementioned digestive disorders, there is another adverse effect of eating mindlessly—weight gain. The

You can avoid health ailments and lose weight, simply by paying attention to how you eat.By Sabiha Ghiasi

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The worse thing is that the overeaten food

that’s not burned will not be used for nutritional purposes; it will be converted into stored fat.

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‘MINDFUL’ EATING — THE GOODNESS INVOLVEDMindful eating is coined from the term ‘mindfulness’, which calls for an awareness of the present moment. Mindful eating involves paying attention to the food served to us, noticing its aspects, and being cognisant of the sensation of eating.

This way of eating, which includes taking in small portions of food at a time and chewing them slowly, has a host of advantages. It not only improves digestion

but also prevents complications

such as heartburn and insulin resistance. Moreover,

bemore Wellness

... mindful eating results in control over the quantity

of food you ingest, thus preventing any overeating and excessive fat storage.

various studies have confirmed that practising mindful eating contributes to significant weight loss over a period of time. By eating mindfully, you become aware of what and how you are eating, so you are tuned into your body’s processes and you easily come to realise when you have had enough and can’t eat any more. That’s how mindful eating results in control over the quantity of food you ingest, thus preventing any overeating and excessive fat storage. It is therefore recommended to have small, frequent meals in a day’s span.

BREATHE, CHEW, SAVOUR, SWALLOWApart from all the scientific proof asking you to slow down and focus on your eating, there is an interesting Buddhist philosophy that preaches the art of mindful eating. It basically encourages meditation with food, calling conscious attention to the sensation of every bite. While following this philosophy, people practise eating in silence after they’ve

Seven Easy Ways to Master the Art of Mindful Eating

Consciously involve all your five 1. senses while eating. The eyes should see the food, the ears should listen to the sounds made while chewing, the nose should take in the aroma, the tongue should enjoy the taste, and the fingers should touch and sense the product (which means you should avoid spoons and forks if possible). Pay attention to your body as it receives the food. This is done best in silence and away from the distractions of the phone or TV.

Serving yourself in one room and 2. eating in another is an effective way of consuming small portions.

Be patient with your food. If it’s 3. too hot, wait till it cools down to being warm enough and then savour every bit of it, slowly.

Drink a glass of water before you 4. start on your food.

Pay the kitchen a visit to whip 5. up a meal as often as you can. Cooking will put you in touch with creating food and, advertently, make you more mindful while consuming it.

Wait a while before you go for a 6. second helping. Chances are you may not want it at all.

Try and sit cross-legged while 7. eating. This posture is believed to increase the energies of the abdomen, aiding digestion.

said a little prayer for moderation and gratitude. They let their forks and spoons do the clanging, and place complete concentration on savouring the meal.

Not to be confused with a diet programme, mindful eating is a habit, difficult to follow but truly important, to relish the experience of eating and the pleasures of food. n

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Want to make a difference to the planet? Start by saving our bees. Surprised? Please don’t be… we show you why the conservation of our ‘buzzing’ creatures matters and how you can go about it. By Manali Das

A bee’slife

One of the most played songs on my MP3 player is Big Yellow Taxi by Counting Crows,

and what I particularly like about this number is the part which goes…

“Hey farmer, farmer, put away your DDT

I don’t care about spots on my apples,

Leave me the birds and the bees.”

May I add here that one of my favourite films is Bee Movie? No, I am not a seven-year-old kid, but the sheer joy of watching a bee’s life so up, close and personal in a cinematic form is not only entertaining, but also informative.

BUSY BEESIf you feel guilty because you dozed off in one of those biology classes back in school, we give you a refresher course on how these tiny, bright bugs are instrumental in maintaining ecological balance and biodiversity.

We are all aware of the phenomenon called pollination. It is the process whereby pollens are transferred from the anther, which is the male part of a flower, to the stigma, which is the female part of a flower. And believe it or not, bees play a crucial role in this cycle and are one of the major pollinators in the ecosystem. When

bees travel from one flower to another, collecting nectar, the pollens latch onto their fuzzy bodies. The pollens are then transferred to the stigma of another flower and, voila, you have a classic case of cross pollination.

Ever heard of the word ‘mutualism’? It refers to a symbiotic process by which two organisms mutually benefit from each other. And what is a better example to illustrate this than the relation between plants or flowers and bees! While bees are dependent on blossoms for pollen and nectar (the latter, we must tell you, is rich in carbohydrates, proteins, vitamins and

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minerals, among others), various fruits and flowers are reliant on bees for pollination.

SHOW ME THE HONEYNo story on bees can ever be complete without the mention of honey. Bees are the one and only source of natural honey, and the way these little bugs manufacture it makes for an interesting read. Bees convert the nectar they extract from blossoms into honey by a process known as regurgitation. The nectar is carried into a special part of the bee’s stomach and enzymes are added to it during digestion, thereby creating a byproduct which is none other than honey. This honey is then stored in wax honeycombs in hives as a primary source of food. The honeycombs are also used to derive beeswax, an ingredient which is important for the production of useful commodities such as candles, crayons, lipsticks and many others.

THE BITTER TRUTH According to a report by the United Nations Environment Programme (UNEP), there has been a steady decline in the number of managed bee colonies in Europe and the U.S. in the past ten years, and this trend has been further reported in China and Japan too. There are a number of factors that are responsible for such an alarming fall in bee populations. The chief among them are the decreasing count of flowering plants, the use of harmful and harsh insecticides and, of course, the widespread pollution. In addition, a number of biotech conglomerates encourage using genetically modified seeds, which in turn result in

genetically modified flower pollens. These sterile pollens can lead to malnourishment and illnesses among bees and, eventually, their death.

The above scenarios point to an alarming truth, and it’s time we all took the matter in our hands. The unchecked diminishing of bee groups would entail an imbalance in our ecology and adversely affect our biodiversity. We are the ones who stand to lose because, without bees, we can’t have any flowering plants and so the entire food cycle will go haywire.

A NOBLE CAUSE There are a good number of organisations and forums around the world which are dedicated to the conservation of bees. Some of them are as follows:

• The Bumblebee Conservation Trust, which works towards the conservation of bumblebees in the U.K.

• Friends of the Bee, a global group of beekeepers who are focused on coming up with more natural methods of tending to bees.

• The Xerces Society, a nonprofit organisation that endeavours to protect wildlife.

Without bees, we can’t have any flowering plants and

so the entire food cycle will go haywire.

Ensure that your garden has • plenty of flowering blossoms. This way, you will help in assuring the creatures of enough nectar and pollens.

Restrict the use of lawn or • garden pesticides. Opt for natural (read safe) methods of pest control.

Do not disturb a bee nest or a • bee hive.

Bees need water too. Place • a small cup or basin of water outside your house and keep refilling it from time to time.

Get actively involved in • organisations and initiatives that focus on the conservation and protection of bees. Also, get your friends and neighbours to participate in the same.

Buy honey which you know • has been ethically derived. If you know a beekeeper who is sensitive to the bee population while extracting honey, purchase honey from him.

Be a Bee Saver. Here’s How:

• The Bee Guardian Foundation, a Gloucestershire-based organisation that aims at conservation.

• The Bee Research and Development Centre of Vietnam (VBRDC), an organisation that conducts research on the biology of bees and works for their conservation.

• SRISTI, an NGO dedicated to biodiversity conservation and eco-friendly problem solving.

On 5 February, 2012, India’s first National Bee Day was observed. The occasion focused on spreading awareness about the role played by bees in our environment and ecosystem and how they are pivotal in bringing food to our plates, followed by interesting honey-tasting, cooking and bee-walk sessions. n

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Renowned photojournalist Homai Vyarawalla will always be remembered for her dynamic career that spanned across pre- and post-independence India.

By Kanishka Ramchandani with Aaron Rodrigues

Holding her smaller Speed Graphic camera on her shoulder, the photographer was waiting for the

arrival of the future Prime Minister at the time, Indira Gandhi. The photographer kept her hair short and wore only cotton saris to work. The silk ones were for the gymkhana, but certainly not for a press conference — after all, they were flimsy and had a chance of getting caught in the photographer’s legs and tearing away. She would always have safety pins handy in her purse to keep the sari in place. It’s true — the beloved Indian sari would actually give a lot of trouble to Indian female photographers in the 1950s. Sadly, a majority of people were oblivious of the existence of such a problem. But none of them could be held at fault for their unawareness because there was only one female photojournalist at the time. Her name was Homai Vyarawalla.

On 15 January, 2012, the first lady of Indian photography bade adieu to this world at the age of 98. Holding a title like this comes with great responsibility and, taking into account her vast repertoire and dedicated lifestyle, Homai deserved every bit of this honour.

JOURNEY TO THE LENSBorn into a Parsi family in Navsari, Gujarat, on 9 December, 1913, Homai spent most of her childhood in the hustle and bustle of Bombay (now Mumbai). She was introduced to the art of photography by a friend and, by the time she turned 13, was totally involved in the process of snapping pictures. On finishing her schooling, she received a diploma from the University of Bombay A

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and studied further at Sir J. J. School of Art, all of which was achieved while working as a professional photographer. While in Mumbai, she freelanced for The Illustrated Weekly of India (which was owned by The Times of India). She got married to Manekshaw Vyarawalla, a photographer at The Times of India. Sometime after 1942, she was employed by the British Information Services, which became the British High Commission after independence.

As a photographer, Homai covered historical meetings, elite gatherings, social functions and parties. She captured the various elements of Indian politics, including some of the biggest highlights of pre- and post-independence India, such as the Partition, the last days of Mahatma Gandhi and the hoisting of the Indian tricolour at the Red Fort in New Delhi on 15 August, 1947.

CLICKING IT OUTIn the pre-independence days, working as a professional photographer was a daunting task for a woman. Also, the profession was (and even now is) largely dominated by males. However, what made Homai stand out from among a bunch of ace lensmen was her audacious nature, and her career is full of wonderful anecdotes that show her true spirit. Her adventures consist of heroic escapades, including the one where she hitched a ride in Sikkim after snapping a young Dalai Lama. Her camera also captured renowned dignitaries such as Pandit Jawaharlal Nehru, Indira Gandhi, Sardar Vallabhbhai

Patel, Khan Abdul Gaffar Khan, Muhammad Ali Jinnah, and Rajiv and Sanjay Gandhi, among others. Featuring in the list of international personalities she photographed are eminent names such as Her Majesty Queen Elizabeth II, Lord Wavell, Lord Louis Mountbatten, Martin Luther King Jr. and Helen Keller.

Her young-at-heart nature remained her forte right till the end. The best example of her fortitude is the trip she made to the U.S. and the U.K. at the age of 95!

AWAY FROM THE LIMELIGHTIn 1970, soon after her husband’s death, Homai moved to Vadodara and retired from active photography. Her withdrawal was also a sign of her disappointment with the changing world, lack of discipline among her peers in photography and the near-collapse of the Nehruvian vision. She then lived an independent but anonymous life in Vadodara.

Homai was always known for her Gandhian way of living. She led a simple and spartan life, and upheld her values in both her professional and personal spheres. Her value system was inspired by the high thinking of India’s forefathers. So, while she practised the teachings of Mahatma Gandhi, she shaped her vision from Nehru’s philosophy.

Homai was pulled out of anonymity when she was presented with India’s first National Photo Award for Lifetime Achievement in 2010. The second-most prestigious civilian award of the Government of India, the Padma Vibhushan, was bestowed on Homai in 2011, months before her death. n

Homai’s favourite subject for • photography was Pandit Nehru, and her favourite picture of his was the one in which he is seen hugging his sister, Vijaya.

Homai donated her photographs, • negatives, camera and other memorabilia to the Alkazi Foundation for the Arts, New Delhi, which is responsible for the safekeeping and documentation of her collection. The foundation, along with the National Gallery of Modern Art, held a retrospective of her work in 2010.

Homai gave the Parzor Foundation • the sole rights to conduct research for and publish her biography. The foundation has chronicled her interviews and works in a book titled India in Focus: Camera Chronicles of Homai Vyarawalla, authored by Sabeena Gadihoke. The book was published through Mapin Publishing.

When quizzed about why she • had quit her profession, Homai said she was disillusioned by the new generation of photographers in India. She added that she belonged to a time when photographers followed rules and even a dress code. She declared that she did not wish to be among those photographers who were unaware of the respect demanded by the profession.

Facts about Homai:

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achievemore PROFILE

Jagjit Singh’s deep baritone was the perfect complement to the ghazal, infusing the poignant lyrics with deep emotion. By Luna C.

ghazalTHE

maEsTro

A Poet’s Life

Jagjit Singh’s given name was •Jagmohan Singh. His name was changed when a Namdhari saint who heard him singing suggested that ‘Jagjit’ was an apt name for someone who could win the world over with their voice. Jagjit Singh loved horse racing and •named his horses after his music albums.Hisfirsthorsewasknownas ‘Sound Affair’. Jagjit and Chitra Singh were the •firstIndianartiststocutIndia’sfirstdigitally recorded album, Beyond Time (1987).He is the only composer/singer to •have created music for the songs of former Prime Minister Atal Bihari Vajpayee, a noted poet.

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Jo Muskura Rahe Ho, Jhuki Jhuki Si Nazar, and Tumko Dekha To Yeh Khayal Aaya, found a ready audience in the youth of the day, sealing his reputation as the ghazal king.HMV’scomboalbumfeaturingthesoundtracksfromthese two movies remains the record company’s highest selling combination album, while Sajda (1991), his album withLataMangeshkar,hasthesamerecordinthenon-filmcategory.

In1988,theNaseeruddinShah-starrerTV serial Mirza Ghalib debuted on Doordarshan and soon grabbed the TRPs. The songs, composed by the Singhs, are hailed as their magnum opus and remain popular even today. Jagjit Singh sung in a number of languages, including Punjabi, Gujarati, Sindhi, Bengali and Nepali. This Padma Bhushanawardeewasalsoknownfor singing bhajans and gurbanis and popularisedPunjabifolkmusic.

On 10 October, 2011, Jagjit Singh diedofacardio-respiratoryattack.Hehad been in hospital since September, when he was hospitalised for a brain haemorrhage. With his death, as a certain newspaper put it, ghazals lost their voice. n

Growing up in the ‘70s, one inevitably bumped into the odd qawwaliortwoinHindifilms,

many of which went on to become big hits—thinkParda Hai Parda and others ofitsilk.Butghazals? Those were what thecognoscenti,smokingtheircigarsandnursingtheirdrinks,listenedto,interspersed with discussions about thelatestIsmatChugtaiorKarnadplay.To be fair, bringing this style of singing into prominence, whether through mainstreamorartfilms,wasahugeachievement. Ghazals were based on classical music and rendered in a language that not many people could understand and (therefore) appreciate. Jagjit Singh changed the game by bringing freshness to an art which relies heavilyontheknowledgeofUrduandclassical Hindustani music.

While Singh was well versed in the khayal, thumri and dhrupad styles of singing, he chose to render his ghazals in a different style. He was also amongthefirstIndianmusicianstoincorporate western musical instruments liketheguitarintheirperformances.Traditionalists, of course, scorned at his style of singing, but by the mid-1970s, with the success and record earnings of

his album The Unforgettables, he had made a name for himself. This was the firstalbumthatpairedhimwithhiswifeChitra, and their later collaborations also met with equal success.

Jagjit Singh’s composition for movies likeArth (1982) and Saath Saath (1982), which featured ghazalslikeTum Itna

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Priority (April - June 2012)