RCL Retail Limited - Bombay Stock · PDF fileRCL Retail Limited Industry: ... Modern retail...

RCL Retail Limited

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RCL Retail Limited Industry: Retail

RCL Retail Limited

•RetailSector

•September 29, 2010Date of Incorporation

•84/85, Wall Tax Road, 2nd Floor, Chennai - 600 003Registered Office

•Nitesh LodhaManaging Director

•M.DevendiranCompany Secretary

•M/s Krishnan & GiriAuditor

•www.rclretail.comWebsite

25.04

74.96

Promoters

Public & others

Post-issueSource: Company DRHP

The company entered into the world of food products by

venturing into trading operations of ready-to-eat snacks,

namkeens, bakery products through their captioned

retail stores in 2010.

The company operates two retail outlets in Chennai.

Their products are supplied by RCL Foods Ltd — their

group company and also other food manufacturers.

Going forward, the company has plans to expand the

areas of operations by setting up a processing unit with

the facility of processing food grains, pulses and retailing

under the brand name of RCL. The company also plans

to expand geographically by adding eight stores in and

around Chennai.

As a retailer of food items, their endeavor is to offer

one-stop shop for various kinds of snacks with

consistency in taste.

In a short span of one year, the company is able to

achieve a turnover of Rs. 642 lakh in the first full year of

operations.

Business Summary (Key Business Highlights)

No. of Shares Outstanding prior to issue

No. of Shares offered

a. Reserved for Promoters 2,410,000

b. Reserved for Market Makers 295,000

c. Net issue to the Public 3,090,000

Total 57,95,000

Equity Shares outstanding after the issue

Minimum Application Size (No. of Shares)

a. For QIB and NII

b. For Retail Individuals

Face Value (in Rs.) 10

Issue Price (in Rs.) 10

Issue Size (in Rs.) 57,95,000

Book Value per Share (in Rs.) 10.12

Issue Details

Background & History

Shareholding Pattern as on March 2012 (in %)

The company was incorporated initially as RCL Private Limited on September 29, 2010 with the Registrar of Companies, Chennai. On April 5, 2011, the company was converted into a public limited entity and changed its name to RCL Retail Limited. It obtained a fresh certificate of incorporation from the Registrar of Companies, Chennai and a Certificate for Commencement of Business was also issued.The company is engaged in the business of trading of ready-to-eat snacks, fryums, bakery products, cookies, confectioneries, namkeens, chutneys, mouth-fresheners, juices, mobile food. The company operates through two well-furnished retail stores located in Chennai and also has plans to add eight more retail outlets under their brand, RCL, in and around Chennai. The rising demand of food products which the company trades and the density of population is the thrust for the expansion plan.

Background & History

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RCL RETAIL LIMITED

Relevant Parties

Lead Manager Guiness Merchant Bankers Private Limited

Merchant Banker Guiness Merchant Bankers Private Limited

Underwriter Guiness Merchant Bankers Private Limited Guiness Securities Limited

Market Maker Guiness Securities Limited

Registrar Cameo Corporate Services Limited

The company intends to increase its scale of operations by

opening up eight new retail outlets across Chennai and

strengthen its capital base to the tune of Rs. 579.50 lakh

raised from the issue.

The company proposes to diversify and integrate their

operations by setting up a food grain processing unit at

Thiruvallur district in Tamil Nadu measuring approximately

1.50 acres. It proposes to procure bulk quantity of raw

pulses etc from farmers and agents and process as per the

variety of pulses/gram in ready-to-pack form.

The company proposes to utilize an amount of Rs. 12 lakh

out of the total proceeds of the issue towards payment of

security deposit for proposed eight retail outlets.

What Drives the Company for Getting Listed?

Enhancing the status and financial standing of the

company.

Increasing customer base for the products.

Building brand visibility, which will enable future

growth opportunities.

Gaining access to additional fund raising in future by

means of issuing new shares.

Strengthening supply-chain management.

Company’s Expectations from Listing Underwriting Commitment

Underwriter Guiness Merchant

Bankers Private Limited

Guiness Securities Limited

No. of Shares Underwritten

30,90,000 2,95,000

Amount Underwritten (Rs. In Lakhs)

309.00 29.50

% Underwritten 91.29 8.71


RCL RETAIL LIMITED

Rs. (lakh) FY2012 FY2011

Revenue 666.68 90.56

Growth (%) 636.17% -

EBITDA 27.22 4.93

EBITDA Margin (%) 4.08 5.44

Net Profit (NP) 7.46 2.10

NP Margin (%) 1.12 2.32

EPS (diluted) 0.13 0.08

ROCE (%) 1.33 0.76

RONW (%) 1.78 1.52

P/BV 2.17 2.22

Note: Q3FY12 and FY12 figures are not comparable

The company achieved revenue of Rs. 666.68 lakh in

FY12, compared to Rs. 90.56 lakh in FY11, marking a

growth rate of 636.17%.

EBITDA margins slumped due to ten-fold increase in

employee costs and increase in other expenses.

Rise in the share of purchases as a percentage of total

revenue also impacted EBITDA margins.

Debt servicing also increased substantially in FY12.

The same had a cascading effect on the net margins as

well, which slumped to 1.12% in FY12.

Indian Retail Industry The Indian retail market (according to the Indian Retail Report) has been witnessing consistent growth over the last few

years, maintaining its share of around 30% of GDP at current prices. The organised market is growing at a CAGR of 27.69%

and is expected to touch Rs. 2,06,500 crore in 2011-12.

Modern retail has entered India through shopping centres, multi-storied malls and huge complexes, offering shopping,

entertainment and food under one roof, especially in Metro cities. The increasing numbers of nuclear families, easy

financing options, increase in the number of working women and emerging opportunities in the service sector during the

past few years have been the key growth drivers for the organised retail sector in India.

Food Sector in India - Overview India is one of the world’s largest producers as well as consumers of food products and the sector plays an important role in

the Indian economy. According to a FICCI Survey on Challenges in Food Processing Sector, the Indian domestic food market is

expected to grow by nearly 40% of the current market size by 2015, to touch $258 billion by 2015. With a population of

more than one billion individuals and food constituting a major part of the consumer’s budget, this sector has gained

prominence in the country. Moreover, the importance of this sector to India’s economy becomes all the more relevant

considering the fact that this sector continued to perform well despite fall in GDP numbers and poor performance by many

other industries, during recession in 2008-09.

Departmental Stores

The concept of departmentalization in the current scenario helps the retailer to compete with specialists. For instance, a

store that sells Fast Moving Consumer Goods (FMCG), would do well to clearly define the different departments. In doing

so, the retailer is able to create a whole new shopping environment, which evokes a targeted emotion from the shopper. A

consumer’s feelings about the quality associated with a store’s product assortment can be manipulated by the way in which

the items are presented. The ability to centralize operations have a complete and updated status of inventory and get an

exact reading of items purchased are a few examples of information that can be generated by computerized point-of-sale

systems.

Industry Analysis

Financial Snapshot


RCL RETAIL LIMITED

Snack Foods Market in India The size of the Indian snack food market is estimated at approximately $300 million at present. Unorganized small

companies with a localized presence dominate the snack foods market in India but in recent years the organized branded

products market size has grown significantly. Potato chips constitute the major segment among a wide range of local

snacks available.

Ready-To-Eat Food

The popularity of ready-to-eat packs has become very common among the households and people are demanding value

for their money in terms of quality and variety. Corroborating this trend, Euro-monitor International, a market research

company, said that the amount of money Indians spend on meals outside home has more than doubled in the past

decade, to about $5 billion a year and is expected to double again in about half that time. The industry is estimated to

grow between 9 and 12% on the basis of an estimated GDP growth rate of 6-8%, during the tenth Five-Year Plan period.

Value addition of food products is expected to increase from the current 8% to 35% by the end of 2025.

The Confederation of Indian Industry (CII) has estimated that the food processing sector has the potential of attracting Rs.

1,50,000 crore ($33 billion) of investment in 10 years. The Government has formulated and implemented several schemes

to provide financial assistance for setting up and modernising of food processing units, creation of infrastructure, support

for research and development and human resource development. (Source: Food Processing Industry in India / www.mofpi.nic.in )

Source: Company DRHP


RCL RETAIL LIMITED

Key Drivers of the Industry

Key Drivers of

the Industry

Increasing number of

nuclear families

Continuous rise in the number

of working women

Advertisement & Media have

increased consumer

awarness on variety of

ready-to-eat snacks

Rising disposable

income with changing lifestyles

Huge scope for exports as Indian snacks

are well received in

other countries

Population growth backed by favourable demographics

Michael Porter’s “Five Forces” Analysis

Rivalry among Existing Competitors

RCL Retail has competition both from the organized as well as unorganized sector. Small as well as large players both exist in the same market.

Threats of New Entrants

Food business is thriving in India because of huge population base of younger generation with different tastes and disposable incomes. So new entrants are attracted.

Threats of Substitutes

Many customers satisfy their appetizers from small-time local sellers who cater food of their traditional flavour and taste which prove as substitute for big firms.

Bargaining Power of

Supplier

As the company turned operational in the last two years, RCL Retail possesses fairly moderate bargaining capacity in the market. However, with the promoters’ rich expertise in the field, the scope for bargaining may turned positive over a period of time.

Bargaining Power of

Customers

As the industry is highly fragmented, the customers have wide options in the ready-to-eat snacks of their choice.

High

High

High

Medium


RCL RETAIL LIMITED

Limited History of Operations - The company commenced business as RCL Retail Ltd. on April 5, 2011 with two retail outlets in Chennai venturing into trading operations of ready-to-eat snacks, namkeens, chutneys, etc. It also proposed to add eight more retail outlets in the same city. Since the company is a new start-up, it is challenging to earn recognition among the customers and establish brand name in the market. As a retailer of food items, its endeavor is to offer one-stop shop for various kinds of snacks. Its operations are centered in Chennai and offer consumers various products popular in Rajasthan, Gujarat and North India.

Corporate Governance – The company is committed to good corporate governance practices based on the principles

such as accountability, transparency in dealings with the stakeholders and emphasis on communication. They have

complied with the corporate governance code in accordance with SME Equity Listing Agreement.

Expansion Plan - The company plans to expand its operations across Chennai in a phased manner by adding eight more

retail outlets under the brand, RCL. It has also planned to set up a food grain processing unit on a 1.50-acre land in the

outskirts of Chennai.

Estimated capital cost during 2012-13 from the issue proceeds

Particulars Estimated Cost

(in Rs. Lakh)

Setting up of eight (8) new retail stores 69.40

Setting up a food grain processing unit 472.90

Strengthen supply chain management 38.90

Total cost Rs. 581.5

HR Practices - The company has seven people in its payroll at present. The permanent employees include personnel

engaged in management, administration, marketing and operations, inclusive of one Company Secretary. The Board of

Directors of the company has a combination of Executive and Non-Executive Directors. There are four Directors on the

Board, out of which one is the Managing Director, two are Independent Directors and one Non-Executive, Non-

Independent Director.

Marketing strategy – The company is primarily focused in Chennai, uses print media advertisements, pamphlets for local

area distribution with a view to create a visibility. Further, the company has planned an audio promotion via radio

channels, online promotion through internet its website (www.rclretail.com).

Products - The company is engaged in the business of retailing of ready-to-eat products of the following types:

Chaat preparation of the North Indian flavour and taste

Namkeens

Fryums

Cookiees

Bakery items

Chocolates

Potato wafers / chips

Business Analysis

http://www.rclretail.com/


RCL RETAIL LIMITED

SWOT Analysis

Stiff competition in the industry due to its fragmented nature

Changing consumers behavior towards shopping

Capability to market the products and earn reputation among customers

Requires continuous upgradation in taste and packaging

Retention strategy and promotional strategy

Shelf life of the products

Key Risks

E

xte

rnal

Strengths

Managed by experienced team of

competent personnel having knowledge

of core aspects.

Strategically located retail stores in

Chennai

Quality and taste consistency helped to

develop relations with consumers in a

short span of time.

Weakness

Limited geographical coverage

Shelf value of the product is limited.

Dependent upon demand supply

pattern

Opportunities

India has relatively young population

Dual income families on the growing

side, hence high demand for processed,

ready-to-cook and eat foods

Changing preferences and trends of

people

Threats

Competition high from both

unorganized and organized sector due

to no entry barriers

Advertisement and media may create

an impact.

Risk of losing the market share if Price

and quality does not serve expectations

In

tern

al

Favorable Unfavorable


RCL RETAIL LIMITED

Advantage of being an organized player in a highly competitive market: The retail industry is highly fragmented /

unorganised with most of the retail units spread across the country. The management boasts of having promoted by

experienced personnel in this sector, besides claims that the company has the advantage of being an organised player with

proven track record by the group company.

Establishing chain of retail outlets in and around Chennai: At present, the company is operating with a chain of two retail

outlets in Chennai, Tamil Nadu and proposes to expand by adding eight more retail outlets under the brand, RCL. The

management feels this would benefit the company in creating brand value among the people. As a retailer of food items,

their endeavor is to offer one-stop-shop for various kinds of snacks with consistency in taste. The unique selling point of

the company is that they offer products popular in Rajasthan, Gujarat and North India through their retail stores in

Chennai.

*(Source : Company DRHP)

Growth Drivers


RCL RETAIL LIMITED

Financial Analysis

88.23

642.44

0

100

200

300

400

500

600

700

2011 2012

Rs

in L

akh

Total Revenue

2.10

7.46

2%1%

0%

1%

2%

3%

4%

5%

0

1

2

3

4

5

6

7

8

2011 2012

Rs

in L

akh

s

Net Profit Net Profit Margin (%)

The company achieved a very high sales growth in FY12,

with operations of two retail outlets in Chennai. The

revenue is derived from both wholesale operations

consisting of bulk sales to other retailers, traders and

corporates besides individual selling to customers at

their retail stores respectively.

The company’s bottom-line was affected in FY12 as Net

Profit Margins declined from 2.32% in FY11 to 1.12%.

due to increase in operating and interest costs.

Initiatives pertaining to customer awareness and brand

building was also reflected in the rise in other

expenditure.

Sharp growth in Revenue

Dip in Net Profit margin

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RCL RETAIL LIMITED

Peer Comparison

Peers Total Revenue Net Profit RONW (%) P/E Ratio# EPS (Rs.) Book Value

(Rs. Cr.) (Rs. Cr.) Per Share

RCL Retail Ltd 6.67 0.07 1.78 76.92 0.13 10.2

Tasty Bite Eatables Ltd 82.66 1.67 7.16 26.06 6.3 92.84

Nimbus Food Industries Ltd 10.59 0.29 4.02 31 0.06 1.41

Shah Foods 2.71 0.03 2.39 66* 0.5 21.17

Chordia Food Products 28.88 2.05 7.92 6.80 6.88 90.3

Financial results are as of FY11-12; #P/E based on closing price of December 14, 2012 ; *Current market price of Shah Foods is of 17th Dec

Source: Capitaline Database and Company DRHP


RCL RETAIL LIMITED

Food business is growing at a rapid pace in India because of heterogeneous and favourable demographic structure, coupled

with growing numbers of working women.

The company intends to consolidate its position and grow further by expanding its operations in terms of number of outlets in

and around Chennai. The management believes that various areas of Chennai have huge scope for organized retailing of

ready-to-eat snacks and other food items, in both retail and wholesale segments. The selection of area is based on important

factors like residential and floating population in different localities, including existing market competition around that area.

The management also plans to integrate and diversify its operations by setting up a food grain processing unit, wherein it

proposes to procure bulk quantity of raw pulses from farmers and agents. Then they would be processed as per the variety of

pulses/gram in ready-to-pack form, which would be retailed through the company’s retail outlets.

Further, the management also intends to invest in developing and enhancing their brand image through brand building

efforts, communication and promotional initiatives such as advertisements in print media, radio, pamphlets and free

distribution of products. These would be a continuous exercise resulting in an increase of sales and profitability.

Besides these initiatives, the company focuses on quality and consumer-centric approach, which would provide a tremendous boost to sales. Hence more power is given to the Managers at the outlets on decision making so as to understand and serve consumers better.

Management Outlook


RCL RETAIL LIMITED

Financial Summary

SUMMARY STATEMENT OF ASSETS AND LIABILITIES ( In Lakh)

Particulars 31-Mar-2012 31-Mar-2011

I. Equity and Liabilities

(1) Shareholder's Funds 559.91 276.40

(a) Share Capital 553.50 278.50

(b) Reserves and Surplus 6.42 (2.09)

(2) Non-Current Liabilities 100.11 96.19

(a) Secured Loans 100.11 2.19

(b) Share application Money 0.00 94.00

(3) Current Liabilities 11.55 58.23

(a) Current liabilities & Provisions 11.55 58.23

Total (1+2+3) 671.57 430.82

II. Assets

(1) Non-Current Assets 170.97 27.24

(a) Fixed Assets 170.97 27.24

(b) Deferred Tax Assets (Net)

(c) Long Term Loans and Advances

(2) Investments

(3) Current Assets 500.60 403.58

(a) Inventories 2.16 64.83

(b) Sundry Debtors 150.83 72.89

(c) Cash and Cash Equivalents 48.28 145.85

(d) Other Current Assets 299.33 120.01

Total (1+2+3) 671.57 430.82


RCL RETAIL LIMITED

STATEMENT OF PROFIT AND LOSS ACCOUNT (Rs. in Lakh)


I. Revenue Income 642.44 88.23

II. Other Income 24.24 2.33

III. Total Revenue (I +II) 666.68 90.56

IV. Purchases 613.37 80.33

V. Employee Benefit Expense 10.11 0.75

VI. Other Expenses 15.98 4.55

VII. Total Expenses 639.46 85.63

VIII. Profit Before depreciation Interest & tax 27.22 4.93

IX. Depreciation and Amortization Expense 6.86 1.04

X. Profit Before Interest & tax 20.36 3.89

XI. Interest (Financial) Costs 9.01 0.80

XII. Profit before tax & Extraordinary items (VII - VIII) 11.35 3.09

XIII. Tax Expense:

(1) Less: Current Tax 4.75 0.85

(2) Less: Deferred Tax (0.86) 0.14

(2) Less: Fringe Benefit Tax

XIII. Profit/(Loss) for the period (XI + XIV) 7.46 2.10


RCL RETAIL LIMITED

Cash Flow Statement


A) Cash Flow From Operating Activities

Net Profit Before Tax 11.34 3.09

Adjustment for :

Depreciation 6.86 1.04

Preliminary Expenses written off 1.05 1.05

Interest Expenses 9.01 0.80

Interest Income (24.08) 2.06

Operating Profit before Working Capital Changes

4.18 3.92

Adjustment for :-

Sundry Debtors (77.95) (72.89)

Stock 62.67 (64.83)

Other Receivables (179.32) (120.01)

Creditors and Other Liabilities (49.72) 57.24

Cash Generated from Operations 244.32 200.49

Direct Taxes Paid (0.85)

Net cash from /(used in) Operating Activities (A) (240.99) (196.57)

B) Cash Flow from Investing Activities

Purchase of Fixed Assets (150.59) (28.28)

Purchase of Investments

Sale of Investments

Net cash from/(used in) Investing activities (B) (150.59) (28.28)

C) Cash Flow from Financing Activities

Proceeds From Issue of Share Capital + Premium 181.00 372.50

Interest Received/(Interest Paid) 15.07 1.26

Miscellaneous Expenses 97.92 (3.06)

Net cash from/(used in) financing activities (C) 293.99 370.70

Net (Decrease)/Increase in Cash and Cash Equivalents (A+B+C) (97.59) 145.85

Cash and cash equivalents at beginnings of year (D) 145.85 0.00

Cash and cash equivalents at end of year (E) 48.28 145.85

Net (Decrease)/Increase in cash and cash equivalent (E-D) (97.57) 145.85


RCL RETAIL LIMITED

Statement of Accounting Ratios


Total Income 666.68 90.56

EBIDTA 27.22 4.93

EBIT 20.36 3.89

PBT 11.35 3.09

Net Profit 7.46 2.10

EBIDTA Margin (%) 4.08 5.44

EBIT Margin (%) 3.05 4.30

Net Profit Margin (%) 1.12 2.32

Face Value per Equity share 10/- 10/-

Basic earnings /(loss) per share (Basic EPS) 0.13 0.08

Diluted earnings /(loss) per share (Dil. EPS) 0.13 0.08

Basic earnings /(loss) per share (Basic EPS)-Post Issue 0.06 0.02

Diluted earnings /(loss) per share (Dil. EPS)-Post Issue 0.06 0.02

Price to Earnings Ratio (P/E)- Pre Issue 74.20 291.76

Price to Earnings Ratio (P/E)- Post Issue 164.88 1288.57

Book Value per Share (Rs.) 10.12 9.92

Price to Book Value (P/BV) 0.99 2.22

Enterprise Value (EV)-Post Issue 2706.00 -

EV/EBIDTA-Post issue 99.41 -

EV/Sales-Post issue 4.06 -

Investments/Shareholder funds 0.00 0.00

Inventory/Shareholder funds 0.00 0.23

Total average assets 99.11 13.62

ROCE (Net profit to average networth (%) 1.33 0.76

Total Networth 418.16 138.20

RONW (Net profit to average networth (%) 1.78 1.52


RCL RETAIL LIMITED

Contact Details

All information contained in this document has been obtained by ICRA Online Limited from sources believed by it to be

accurate and reliable. The report has been prepared after management discussion. Although reasonable care has been

taken to ensure that the information herein is true, such information is provided 'as is' without any warranty of any kind,

and ICRA Online Limited in particular, makes no representation or warranty, express or implied, as to the accuracy,

timeliness or completeness of any such information. All information contained herein must be construed solely as

statements of opinion, and ICRA Online Limited shall not be liable for any losses incurred by users from any use of this

document or its contents in any manner. Opinions expressed in this document are not the opinions of our holding company

and of the subsidiary companies and should not be construed as any indication of credit rating or grading of ICRA for any

instruments that have been issued or are to be issued by any entity.

Disclaimer

Analyst Email ID Contact No.

Head of Research

Tarun Chaturvedi [email protected] + 91 33 4017 0170

Consultant

Lahar Bhasin [email protected] + 91 22 6781 6100

Senior Analysts & Team Leads

Abhijit Shirke [email protected] + 91 22 6781 6159

Amol Wakekar [email protected] + 91 22 6781 6163

Niraj Agarwal [email protected] + 91 33 4017 0145

Sumit Somani [email protected] + 91 33 4017 0144

Analysts

Mohit Almal [email protected] + 91 33 4017 0427

Mogana Priya [email protected] +91 44 3006 1711

Moumita Pal [email protected] + 91 33 4017 0104

Priyanka Banerjee [email protected] + 91 33 4017 0180

Rachna Gurnani [email protected] + 91 22 6781 6106

Rahul Jain [email protected] + 91 22 6781 6125

Sonali Rani Rustagi [email protected] + 91 33 4017 0427

Soumitra Banerjee [email protected] + 91 33 4017 0103

Sweta Sinha [email protected] + 91 22 6781 6125

Tanusree Mukherjee [email protected] + 91 33 4017 0103

Published on behalf of BSE Investors' Protection Fund

BSE Investor’s Protection Fund

1st Floor, P J Towers, Dalal Street, Mumbai. Tel: 2272 3817

www.bsesme.com

Head Sales

Name Email Id Contact No.

Debabrata Majumdar [email protected] +91 98197 85027

Sales Team Details

Region Name Email Id Contact No.

West Atul Sharma [email protected] +91 96191 12544

East Prantik Dasgupta [email protected] +91 98361 09030

North Pramod Kumar [email protected] +91 99993 95783

South Jayakannan Singamuthu [email protected] +91 95000 40495

Our Offices

Mumbai

Atul Sharma

107, Raheja Arcade, 1st Floor

Plot No. 61, Sector XI, CBD Belapur

Navi Mumbai- 400614, India

Tel: +91-22-6781 6100

Fax: +91-22-2756 3057

Kolkata

Prantik Dasgupta

2nd, 3rd, 5th & 6th Floor,

Convergence Contact Centre

Plot D2/2, Block EP & GP

Sector V, Salt Lake City

Kolkata—700091, India

Tel: +91-33-4017 0100, 4017 0315

Fax: +91-33-4017 0101

New Delhi

Pramod Kumar

1105, Kailash Building, 11th Floor

26, Kasturba Gandhi Marg

New Delhi- 110001, India

Tel: +91-11-2335 7940-50

Fax: +91-11-2335 7014

Chennai

Jayakannan Singamuthu

5th Floor, JVL Plaza 626

Anna Salai, Teynampet

Chennai—600018, India

Tel: +91-44-2432 1856

Fax: +91-44-2434 3663

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