4th IPF Industrial Excellence Awards lauds 19 SMEs from 16 cities
Industrial Products Finder (IPF) has developed a financial model which recognises the fastest growing SME across 8 segments from manufacturing sector.
Industrial Products Finder (IPF) has developed a financial model which recognises the fastest growing SME across 8 segments from manufacturing sector. The awards recognise people, processes and products from the SME sector that drive the industry forward to achieve success in a competitive market
Industrial Products Finder (IPF), India’s largest circulated industrial magazine in its 48th year, hosted its 4th IPF Industrial Excellence Awards on January 16, 2020 at the National Stock Exchange (NSE), Mumbai, during which 19 SMEs from 16 Indian cities were presented the awards in recognition to their achievements during the year.
IPF Industrial Excellence Awards 2020 was held in the grand presence of Guest of Honour Naseem Sharifi, Consul General of Afghanistan; Bhavesh Thakkar, Partner (Tax and Regulatory), Ernst and Young LLP; and Rachana Bhusari, VP – SMEs, National Stock Exchange of India Limited (NSE).
Every year IPF Awards are presented in two categories - “Fastest Growing Manufacturing Companies” (under Rs 500 crores turnover) and “Innovative Products”. This year, in addition to the regular two award categories, IPF presented awards in 2 new categories – “Promising Start-up of the Year” and “Entrepreneur of Year (Female and Male)” - to recognise and appreciate the contribution of start-ups and entrepreneurs in job creation and economic growth.
While Mohini Kelkar, MD, Grind Master Group, was the winner of the “IPF Female Entrepreneur Of the Year”, Jignesh Raval, MD, Sintercom Ltd., was the “IPF Male Entrepreneur Of the Year”. “IPF Promising Start-up of the Year” awards were presented to Divide by Zero Technologies, Navi Mumbai, and Arrelic Reliablity Pvt. Ltd., Bhubaneswar (Odisha).
The winners were selected by a jury panel comprising eminent personalities from the industry and engineering institute.
Congratulating the winners, Guest of Honour Naseem Sharifi, Consul General of Afghanistan, said, “India and Afghanistan has strong bilateral relations for decades, while India has been an active trading partner. Currently, India’s exports to Afghanistan amount to about $700 million. Afghan exports to India have increased by 60 per cent. We respect India’s love for our products like Saffron. With bilateral trade, India is rebuilding Afghanistan.”
Highlighting areas where SMEs can empower themselves, Pratap Padode, Founder & President, Foundation of Infrastructure Research Studies Training (FIRST), informed, “SMEs being backbone of Indian economy will always strive to think – What can I do apart from what I do? Just one per cent SMEs today below Rs 2.5 billion business are filing their yearly returns. If they increase tax collection increases. Higher the tax collection will result in more schemes and more schemes will help SMEs grow.”
Sharing some hard facts on the SMEs in India, Padode stated, “There are 70 million SMEs and 99 per cent fall under the 250 crore segment. Only 7 lakh companies file income tax returns. Of these, 7000 companies with revenue over 250 crore file returns. Interestingly, there are 1.3 lakh SMEs who export.”
“Availing credit facility, use of inferior technology and accessing right marketplaces for their products are some major factors affecting SME growth in India,” informed Padode.
ECGC Limited was the Associate Partner, while National Stock Exchange (NSE) and CARE Ratings were Exchange Partner and Knowledge Partner, respectively. Besides, leading industry associations like Plastics Machinery Manufacturers Association of India (PMMAI), Pimpri-Chinchwad Plastic Association (PCPA), MAIT (Manufacturers' Association for Information Technology), MRO Association Of India, and Federation of Associations of Maharashtra (FAM) extending their support to this event.
Interactive custom video
Priyanka Padode Sheth, Business Head- Digital, ASAPP Info Global Group unveiled a brand new video service on www.ipfonline.com which will enable SMEs to create custom videos instead presenting their products merely through images. During her presentation, she stated that the new way to engage buyers is through the medium of video. “A business can no longer simply rely on photographs or catalogues; every product needs to be brought to life and that can be done through video. Video helps show your potential buyer a real-life rendition of how the product functions, which can lead to enhanced business opportunities,” Seth informed.
Further, the ASAPP team has launched the ASAPP Digital Agency (ADA). It is a subdivision of the ASAPP Info Global Group engaged in offering digital services like Digital Strategies, Social Media Management, Creatives and Collaterals, Paid Campaign Management, Website Creation and Lead Generation. The ADA is backed by the profound experience of over 4 decades (across construction, engineering and infrastructure) and understands the DNA of the SMEs, making it a promising digital partner for every SME. All this at a very competitive price – a far cry from normal agency fees and costs.
A thought for future
IPF also hosted a highly engaging “CEO Forum” panel discussion on the theme of “Essential survival strategies for SMEs".
The panel discussion was moderated by Saikat Roy, Director & Head - SME, CARE Ratings. The panelists – comprising Rachana Bhusari, VP - SMEs, NSE; Mohini Kelkar, Managing Director, Grind Master Group; Nitin Pangam, CEO, Maeflower Consulting; Vijayanand Choudhury, Global Head Procurement, Tata Technologies; and Neeti Sharma, Senior Vice President, TeamLease Services - discussed some of the imminent challenges before SMEs and strategies to thrive in the challenging market conditions.
In his opening remark, Saikat Roy, said, “Industry is going through VUCA (Volatility, uncertainty, complexity and ambiguity) phase where market conditions are unstable. The government has
come up with bunch of projects but the ground reality differs.” He suggested looking at challenging time differently as a lesson and vividly exploring new opportunities.
Speaking during the “CEO Forum” panel discussion, Rachana Bhusari said, “SMEs should start considering IPOs for meeting their funding needs. There is a dedicated MSME platform at NSE which helps connect investors and MSMEs. Listing itself on NSE will also help them achieve overall competency and will indirectly help them to transform themselves from suppliers to innovators.”
Mohini Kelkar, Managing Director, Grind Master Group, stated, “Today, one of the major manufacturing industry, automobile, has suffered a slowdown affecting many businesses. Such occurrences does exert pressure over SMEs but instead of panic a business should take much needed learning from the situation and move ahead.”
“We have explored and added a new export market, everytime we were hit by a slowdown. Though this is possible if your manufacturing plant is able to produce quality, meeting needs of the potential overseas client. Today we supply to Nissan, a Japanese automaker, who sourced only from Japanese companies due to their stringent sourcing policies. Our products and its quality helped us to meet their requirements successfully,” Kelkar added.
Neeti Sharma from TeamLease Services, stated, “SMEs today have started engaging its workforce in training which helps in better productivity and opens an opportunity to install new technology in your manufacturing setup. SMEs shall realise that all repetitive jobs will soon be replaced by machine automation. This will create need for niche skillsets, making training and education unavoidable. Thus, investing in your workforce today will be serve a better fruits in future."
Nitin Pangam, CEO, Maeflower Consulting, stated, “SMEs in India have immense potential. Every SME should aim for export. If an SME exports, it comes under government preview by default. Thus, such an effort will bring more tax collection and so on. However, it will depend on willingness of an SME to grow.”
Vijayanand Choudhury believed that Indian SMEs are busy in supplying products which have been invented years ago. He cited some case examples where innovative solutions have made a difference. He expresses, “In order for SMEs to grow, change in mindset to think out of the box do good in the long run. It is not necessary that an SME should follow the same linage of manufacturing products that it has been doing from long.”
Key to success
In his keynote address, Bhavesh Thakkar, Associate Partner - Tax & Regulatory, EY India, enlightened the audience about incentives available in India for SMEs and how to avail those incentives. He stated, “Unawareness about the incentive policies, and lengthy & cumbersome process are holding back SMEs from opting government schemes. However, the process is worth that hustle and bustle. Once the subsidies are availed, a company will initiate the process wisely from then onwards. Various benefits like set offs, claims or savings on import duty can be availed under these schemes.”
He drew everyone’s attention to the Manufacture and Other Operations in Warehouse Regulations 2019 (MOOWR) which came into place last year. Thakkar added, “SMEs today are unaware about ‘MOOWR,2019’ which is a revolutionary regulation, giving authority to use to the owner of any warehoused goods to carry on any manufacturing or other operations in a warehouse, subject to permission of the Principal Commissioner/ Commissioner of Customs and various conditions thereon. This means your dedicated warehouse space can be utilised for have a small line of manufacturing and the premises is not wasted due to legalities involved.”
During the event, IPF SHOWTIME was unveiled which profiled all the winners of the IPF Industrial Excellence Awards 2020 and their achievements.
Dr Umesh Raghunath Mhatre, MD, Surface Modification Technologies Pvt Ltd, said, “SMEs have a wide span of opportunity in India. SMEs always get many ideas, information, direction and learning from the IPFs efforts. Be it through magazine, events or any other such gathering. Initiatives like these help to impart knowledge and pass on learning and experiences.”
Abhishek Bohra, Partner, Bohmen Industries, stated, “We have been associated with IPF for some decades now. IPF has successfully promoted us, our products and our growth is evident after receiving an award from them.”
Nitin Mohan Wadikar, Proprietor, Maharashtra Group, said, “IPF has always tried to circulate information through their analytical articles and industry interviews. An SME can learn about how other are excelling in their respective fields and draw reference points for personal growth as a business. Receiving an award from an industry veteran who have recognised our efforts is a testament that we have at Maharashtra Group have achieved some tangible success."
List of winners of IPF Industrial Excellence Awards 2020
Female Entrepreneur Of the Year - Mohini Kelkar, Co-founder and MD, Grind Master Group
Male Entrepreneur Of the Year - Jignesh Raval, Founder & MD, Sintercom Ltd
Promising Start-up of the year - Divide by zero technologies - Arrelic Reliablity Private Ltd
Winners of IPF Product Excellence Awards
Electrical & Electronics - Bohmen Industries for “Position switching device”
Electrical & Electronics - HLBS Tech Pvt Ltd for “Smart Virtual Class
Machine Tools - Maharashtra Group of Industries for “Auto pouring machine for forging industry”
Materials & Chemicals - Surface Modification Technologies for “PVD coating for pharma machinery”
Home Care Products - Washmatic India Pvt Ltd for “Flight type dishwasher”
Special Mention - Divide by Zero Technologies for “Aeqon 400V3 3D printer”
Special Mention - Johnnette Technologies for “JOBOT-2A unmanned ground system (UGV)”
Winners of IPF Fastest Growing Companies Awards
Agriculture & Food Processing (Medium sector) - Nath Bio-Genes (India) Limited
Auto Ancilliary (Large sector) - Talbros Automotive Components Limited
Electrical & Electronics (Small sector) - Ideal Lighting Systems Private Limited
Electrical & Electronics (Medium sector) - Glassco Laboratory Equipments Private Limited
Engineering (Medium sector) - Vishal Bearing
Fertilizers & Chemicals (Small sector) - Chemcrux Enterprises Limited
Pharmaceuticals (Medium sector) - Kwality Pharmaceuticals Limited
Steel & Non-Ferrous (Small sector) - Bansal Roofing Products Limited