Anda di halaman 1dari 26

SKBKS, 2014

1
Industry Observer
Retail


Vol. 07/July - 14

C CO ON NT TE EN NT TS S
INDUSTRY UPDATES .........................................................................................................2
NEW PRODUCTS............................................................................................................................ 2
NEW STORES .................................................................................................................................. 2
OPERATIONS .................................................................................................................................. 2
INVESTMENTS ............................................................................................................................... 2
MERGERS AND ACQUISITIONS ................................................................................................ 2
INDUSTRY WATCH.............................................................................................................3
NEW PRODUCTS............................................................................................................................ 3
NEW STORES .................................................................................................................................. 3
OPERATIONS .................................................................................................................................. 4
INVESTMENTS ............................................................................................................................... 6
MERGERS AND ACQUISITIONS ................................................................................................ 7
INDUSTRY STATISTICS ..................................................................................................10
PRODUCT ANALYSIS .......................................................................................................11
FAST FOOD RESTAURANTS ..................................................................................................... 11
(FOOD SERVICE RETAILING) ................................................................................................... 11
OVERVIEW .................................................................................................................................... 11
HISTORY ........................................................................................................................................ 11
GLOBAL SCENARIO.................................................................................................................... 12
THREATS........................................................................................................................................ 13
INDIAN SCENARIO ..................................................................................................................... 13
GOVERNMENT INCENTIVES ................................................................................................... 15
ISSUES & CHALLENGES OF FFR .............................................................................................. 15
OUTLOOK ...................................................................................................................................... 16
COMPANY ANALYSIS ......................................................................................................17
KEWAL KIRAN CLOTING LTD ................................................................................................ 17
OVERVIEW .................................................................................................................................... 17
BUSINESS STRATEGY ................................................................................................................. 17
FINANCIALS OF THE COMPANY ........................................................................................... 18
COST STRUCTURE ANALYSIS .................................................................................................. 19
MARKET INDICATORS .............................................................................................................. 20
COMPETITORS ............................................................................................................................. 21
SWOT ANALYSIS ......................................................................................................................... 21
FUTURE STRATEGIES ................................................................................................................. 22
FUTURE PERFORMANCE .......................................................................................................... 22
MARKET INDICATORS ...................................................................................................23
UPCOMING EVENTS AND CONFERENCES ..............................................................25
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 2
Industry Observer - Retail
INDUSTRY UPDATES
NEW PRODUCTS

UK : Retailers launch new products for baby market

NEW STORES

UK : Stradivarius to open first store
UK : John Lewis opens first airport store at Heathrow Terminal 2
Japan : Rakuten opens up first cafe in Tokyo
China : Walmart to open 30 new stores
India : EVOK opens its first outlet in Thane

OPERATIONS

USA : Fresh & Easy expands Wild Oats line
USA : CDON Group introduces the payment solution Qliro
USA : J&P Sales introduces online store- JPoutdoorlife.com
USA : Hachette Group Book Shop launches on Booksamillion.com
USA : IronPlanet launches online marketplace for used equipment
USA : REEDS Jewelers now accepting Bitcoin in all retail stores
UK : Sainsburys opens 200th convenience store in London
UK : New Waitrose opens on Camden high street
China : Alibaba launches US-based shopping site
India : Clay Craft Group diversifies into furniture segment

INVESTMENTS

France : Carrefour plans investment in India amid exit speculation
India : Flipkart raises US$210mn in investor funding
India : Snapdeal raises US$100mn from 5 investors
India : Bata to invest Rs1000mn in FY15

MERGERS AND ACQUISITIONS

USA : Lockard announces the sale of 7 acres in McAllen Texas to Wal-Mart Stores
USA : Weston Group receives ICA nod to acquire stake in Arnotts
UK : Primark to buy Birmingham shopping centre for 60mn
UK : Tesco Direct partners with House of Fraser
Europe : UNFI to seek add-ons to Tony's acquisition
Australia : MySale acquires Cocosa
Singapore : SingPost and Alibaba Group to form strategic collaboration
China : Tesco partners with Resources to create multi-format chain
India : Flipkart acquires online fashion retailer Myntra
India : Xerox partners with Flipkart to launch range of cartridges

EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 3
Industry Observer - Retail
INDUSTRY WATCH
NEW PRODUCTS

UK : Retailers launch new products for baby market
A string of retailers have launched new baby initiatives and products despite new figures
suggesting that the recession in baby boom is coming to an end. Tesco have launched their
first ever multi-channel baby food festival which offers parents tips and advice on how to
look after their child. The UKs biggest retailer is now selling pampers nappies for just 8p
each as it targets families amid discounter pressure. It also revealed that 35% of parents are
now using the internet for baby tips rather than from a health visitor or GP, a stat it
described as surprising. Marisa Lawlor, category director at Tesco said its aim was to help
all its customers through this exciting and sometimes challenging stage of their babys
development, both during its Baby Feeding Festival and beyond. Organic food brand Rhug
Organic Farm have joined forces with organic food firm Plum UK to create two new baby
food products - in Aberdeen angus beef and organic lamb and bean & beef ragout and
minted pea and lamb roast flavours.

NEW STORES

UK : Stradivarius to open first store
Zaras sister brand Stradivarius is to open its first UK store at Londons Westfield Stratford.
The retailer, aimed at 20 to 35 year-old women, will open a 390 sq m store in October 2013
and is the sixth Inditex brand to open up in the UK. The name Stradivarius originated from
stringed instrument crafter Antonio Stradivari but has since become a superlative
expression, meaning the absolute best. The store follows its UK e-commerce site launch in
October last year. Spending by foreign tourists in Britain is set to surge 34% to over 27bn a
year by 2017. London now houses more international retail brands than any other city as it
cements its reputation as one of the biggest shopping capitals of the world. 31 international
retailers opened stores for the first time in London last year including Tom Ford and J Crew.

UK : John Lewis opens first airport store at Heathrow Terminal 2
John Lewis has opened its first ever airport shop at the 2.5bn Heathrow Terminal 2. The
3,600 sq ft shop is located on the top floor of the departure lounge and is part of the first
impression for passengers passing through security. The shop curates John Lewis home,
fashion, gifting and seasonal ranges and will showcase own-brand products, designer
collaborations and exclusives. Brands on sale include Weekend Collection by John Lewis
and Croft as well as brands such as Orla Kiely home, Charbonnel and Walker, Hackett and
Barbour. Terminal 2 will offer John Lewis access to one of the most concentrated, valuable
and influential markets in the world.

Japan : Rakuten opens up first cafe in Tokyo
Rakuten has dipped its toe into the offline world by opening up its first caf in Tokyo, Japan.
The 85 seat caf will allow people to use Rakutens online services such as marketplace
Ichiba, as well as Kobo ebooks and free Wi-Fi. Rakuten hopes to create a venue that will
introduce new audiences to its services and to offer an additional marketing channel for
Ichiba merchants. Waterstones launched a tie-up with Amazon to stock ebooks and
launched in-store cafes two years ago. According to Ofcom, Kindle dominates the UK e-
bookmarket with 79% using Kindle to download, access or sharing e-books. Kobo (WH
Smith) was used by 5% and Waterstones was used by 3%.
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 4
Industry Observer - Retail
China : Walmart to open 30 new stores
Walmart China has outlined plans to open around 30 stores and additional distribution
centers in China, as part of the three-year growth plan announced last October. The stores
will be a combination of both Walmart Supercenters and Sam's Clubs. Supercenters will be
opened is cities such as Shanghai, Changchun of Jilin Province, Wuhan of Hubei Province,
Changsha of Hunan Province, Chengdu of Sichuan Province and Nanning of Guangxi
Zhuang Autonomous Region. The company also plans to open in more third and fourth tier
cities, including Fuyang of Zhejiang Province, Xingtai of Hebei Province, Youxian of Hunan
Province, Wenshan of Yunnan Province, Chifeng of Inner Mongolia and Nanchang County
of Jiangxi Province. According to Walmart China's incoming president and CEO Sean
Clarke, in 2014, Walmart would continue upgrading its business in China to meet the needs
of the market.

India : EVOK opens its first outlet in Thane
EVOK, Hindware Home Retail Pvt. Ltd. a premium home solutions enterprise expanded its
retail footprint with the opening of its Thane store in Maharashtra. Located at Hypercity,
Viviana Mall, this store will exclusively engage in providing design solution for Modular
Kitchens, Wardrobes and Entertainment units. Spread over 700 sq ft, the store displays an
array of premium range of modular kitchen, wardrobe and entertainment units. The Thane
store with its experiential interior dcor displays a wide collection of living and kitchen
concepts. It is an ideal destination for consumers looking to remodel their kitchens,
decorating or redecorating their living space or trying to discover novel yet trendy space

OPERATIONS

USA : Fresh & Easy expands Wild Oats line
Fresh & Easy, El Segundo, Calif., is partnering with Wild Oats to introduce several new
organic and fresh food products under the Wild Oats label. Organic items will include milk,
almond milk, salads, sandwiches, sliced breads and hummus, all of which will adhere to
USDA guidelines for organic certification. Fresh, non-organic items from Wild Oats will
include cage-free eggs, which carry a laid-on date; handmade tuna salad sandwiches,
fresh mozzarella and original parfaits. Fresh & Easy already offers a handful of products
under the Wild Oats label. Fresh & Easy CEO Jim Keyes said it is excited about bringing
innovative new products to its customers and believed that fresh is the natural evolution in
organic food offerings. Wild Oats products have been a huge hit and contribute to its
mission to make Fresh & Easy the preferred destination for convenient, affordable and high-
quality foods.

USA : CDON Group introduces the payment solution Qliro
CDON Group, the leading e-commerce group in the Nordic region, will launch the first pilot
test of its in-house payment solution Qliro through the newly formed subsidiary Qliro AB.
The pilot test, including invoice- and instalment payments, will start for Members.com's
Swedish customers and then be evaluated on an ongoing basis. Paul Fischbein, President
and CEO of CDON Group said by offering customers invoice payments and instalment
payments via Qliro, it would gain greater control over the value chain and an opportunity to
extend its customer relationships.

USA : J&P Sales introduces online store- JPoutdoorlife.com
Idaho-based internet company, J&P Sales LLC, introduced its new online store at
www.JPoutdoorlife.com. It operates as an electronic commerce (e-commerce) website and
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 5
Industry Observer - Retail
sells a wide array of outdoor products including camping essentials, flashlights, hunting
necessities, knives, lights, outdoor cooking items, and tools. The company plans to add to its
inventory in the upcoming months as new items are introduced. Founded as a customer
service focused company, J&P Sales LLC is committed to providing visitors of its new online
store with high quality products and transactions. Items purchased can be shipped
anywhere in the United States and all major credit cards including PayPal accounts are
accepted.

USA : Hachette Group Book Shop launches on Booksamillion.com
Books-A-Million has announced that they now have a shop on their website dedicated to
Hachette titles, which can be found at www.booksamillion.com/hbg. This new feature
spotlights well-known Hachette authors such as James Patterson, Scott Turow, David
Sedaris, and T.D. Jakes among others. Books-A-Million's commitment to offer their
customers a discount of up to 30% off a wide selection of Hachette Book Group pre-order
titles, and 40% off select current Hachette titles. The discount is Books-A-Million's way of
thanking customers for their continued support of Hachette and their many authors.
Readers would be able to receive the books they want in a timely manner, without hassle
and at a great price according to Jeff Skipper, Books-A-Million's Vice President of Marketing.

USA : IronPlanet launches online marketplace for used equipment
IronPlanet, the leading online marketplace for buying and selling used heavy equipment,
has launched allEquip.com, an online, "buy now" marketplace of used construction
equipment for sale at competitive prices. IronPlanet's allEquip offers online buyers the
convenience of a 'buy now' marketplace for the ready-to-work equipment they need now,
said Greg Owens, CEO, IronPlanet. With a wide selection of equipment, buyers can
purchase equipment online at competitive prices with confidence knowing the equipment
was inspected and guaranteed. It is committed to making the buying and selling of
equipment faster and easier. The allEquip 'buy now' marketplace gives sellers another
option to sell their equipment in addition to IronPlanet's auctions - both having access to
IronPlanet's global buyer base of over one million potential buyers.

USA : REEDS Jewelers now accepting Bitcoin in all retail stores
REEDS Jewelers, one of the country's largest jewelry store chains, announced it is now
accepting bitcoin for payment in all 64 retail locations and online at www.REEDS.com. In
addition to fine jewelry and watches, REEDS is offering customers the ability to use bitcoin
to buy gold ingots and diamonds complete with GIA grading reports. According to Alan
Zimmer, President& CEO, REEDS Jewelers has aimed for excellence in customer service and
providing the latest innovations to enhance the shopping experience. REEDS was one of the
first jewelers with a digital presence, launching its website in 1998, and being the first fine
jeweler to accept bitcoin in all retail locations and online at REEDS.com is a natural
evolution.

UK : Sainsburys opens 200th convenience store in London
Sainsburys announced the opening of its 200th convenience store in London as the
Shepherds Bush Road Sainsburys Local opened its doors in Hammersmith. The retailer has
over 630 convenience stores nationwide and it is currently opening about two convenience
stores every week. Sainsburys director of convenience Simon Twigger said it was delighted
to open its 200th store in London. He said that people wanted to shop locally and frequently,
and that is why its stores are conveniently located in the places that people want and need
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 6
Industry Observer - Retail
them. The retailer plans to open 50 new stores by early 2014, with Sainsburys Locals now
accounting for 27% of the UKs convenience market growth.

UK : New Waitrose opens on Camden high street
Waitrose has announced the opening of its first store in Camden. The new store offers a
bakery, range of take-away sandwiches, wine department and John Lewis Click and Collect
service. The store received over 2,000 applications for 60 roles created at the new branch
according to Tom Sanger, opening branch manager at Waitrose Camden. Camden Town is
an area full of character, renowned for its unique food markets. It cant wait to play its part
in building on the towns reputation for quality food, and attracting even more people to the
area.

China : Alibaba launches US-based shopping site
Alibaba has launched 11 Main, an online retail site for unique goods and crafts that caters to
US market as it looks to expand its presence in the country ahead of its big-ticket IPO. With
11 Main, Alibaba which is bigger than giants like Amazon and eBay combined is taking
them on their own turf. The site aims to create an online experience that resembles the local
"Main Street" shopping experience in the US, and will feature a clean look and modern
layout. It will be "invitation-only" and will host more than 1,000 upscale specialty shops and
boutiques that sell clothing, accessories, interior goods, arts and crafts. 11 Main will also
offer subject sellers and their products to review, which is seen as an attempt to combat
counterfeit goods.

India : Clay Craft Group diversifies into furniture segment
Indias leading multi facility manufacturer and retailer of fine bone china and premium
plastic crockery maker, Clay Craft Group has announced the diversification into Furniture
Industry. Group has entered into retailing of moulded furniture through its existing pan
India network. Under Crown Craft brand name, the group has started manufacturing
moulded plastic chairs, tables and gradually it will increase its products basket. Crown Craft
India, the group company, is already manufacturing and retailing the premium plastic
crockery since 2009. Its product range includes premium plastic tableware, bathware,
thermoware, storage and pet bottle used in a household. Rajesh Agarwal, Managing
Director, Clay Craft Group sad being a renowned brand, Clay Craft, it found opportunity in
the area of branded furniture segment.

INVESTMENTS

France : Carrefour plans investment in India amid exit speculation
Carrefour has firmed up its plans to invest US$24.4mn into its Indian subsidiary, amid
speculations about its exit from the country. The company is looking to sell its India assets,
after talks with Bharti Retail failed. Following this, it has appointed KPMG to oversee the
sale process. Carrefour launched its operations in the country in 2010 by setting up a
wholesale business. So far, the retailer has invested close to US$75.9mn. Presently, Carrefour
has five stores in the cash-and-carry format -- one each in Bangalore, Jaipur, Delhi, Meerut
and Agra. Carrefour's new strategy globally was to refocus on its core countries where it had
strong positions.

India : Flipkart raises US$210mn in investor funding
India's largest e-tailer Flipkart has raised US$210mn in a fresh round of funding from a
group of four investors led by DST Global, a leading Internet-focussed investment group.
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 7
Industry Observer - Retail
Flipkarts existing investors Tiger Global, Naspers and Iconiq Capital also participated in the
financing round. With the addition of DST Global, it has further strengthened its investor
base that consists of world-class investors. Sachin Bansal, co-founder and chief executive
officer, Flipkart said that to be led by a visionary like Yuri Milner, DST brings a global
perspective to each of their Internet investments along with a unique understanding of the
businesses they invest in and it looks forward to work with their team.

India : Snapdeal raises US$100mn from 5 investors
Online retail company Snapdeal has raised US$100mn from a group of five investors. The
investors in this financing are funds managed by Temasek, BlackRock Inc., Myriad, Premji
Invest and Tybourne. It is pleased to welcome several marquee global investors as its
partners and believe their association will contribute to Snapdeals long-term success. Its
mobile and internet commerce marketplace is now connecting millions of buyers to a very
large base of sellers that offer products and services of national and international brands. It
will continue to focus on creating life changing experiences for the buyers as well as sellers
in the Snapdeal ecosystem, according to Kunal Bahl, Snapdeals co-founder and chief
executive officer.

India : Bata to invest Rs1000mn in FY15
Bata India is planning to invest Rs1000mn in store expansion and upgradation this year
announced Rajeev Gopalakrishnan, Group Managing Director of Bata Emerging Markets,
Bata India. The company would upgrade three of its plants, located in, Kolkata, Patna and
Bangalore, entailing an investment of nearly Rs500mn. The upgradation would increase the
production by 10%-15%. The company has planned a strategy to open stores in rural areas,
particularly tier III and IV cities, under the franchise model nearly 100 rural stores over the
next 12-18 months. In urban areas, the company plans to open nearly 130 stores this calendar
year.

MERGERS AND ACQUISITIONS

USA : Lockard announces the sale of 7 acres in McAllen Texas to Wal-Mart Stores
Lockard has finalized the sale of nearly 7.16 acres of land located in Dove Town Square
shopping center to Wal-Mart Stores, Inc. (Walmart). The new Walmart Neighborhood
Market, which is less than one-quarter the size of an average Walmart Supercenter, will be
located at the northeast corner of N. 23rd Street and W. Dove Avenue in McAllen, TX. The
41,117 SF store builds upon the partnership Lockard has enjoyed with Walmart. David
Wilson, CCIM, executive vice president for Lockard said Walmart works hard to create
strong ties to the community and will provide new jobs as well as economic opportunity for
McAllen and the surrounding area.

USA : Weston Group receives ICA nod to acquire stake in Arnotts
The Weston Group has secured the green light from Irish Competition Authority (ICA) to
purchase a 50% stake in Dublin department store Arnotts. Following the approval,
Wittington Investments, the holding company for both The Weston Group and Selfridges
Group, will buy the stake through a purchase of 140mn worth of loans to the retailer from
Ulster Bank. The remaining stake in Arnotts is now owned by New York-based investment
firm Apollo Management. The Weston Group and its partner, property company
Fitzwilliam Finance is seeking to buy out US investment arm Apollo. ICA also gave go-
ahead for the purchase of 230mn in loans secured on the department store by Apollo
Management from the liquidators of IBRC, the former Anglo Irish Bank.
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 8
Industry Observer - Retail
UK : Primark to buy Birmingham shopping centre for 60mn
Fast fashion retailer Primark could finalise a surprising deal to buy a Birmingham shopping
centre for 60mn. Half of the 250,000 sq ft Pavilions shopping centre will be used as one of
Primarks largest stores, with the other half rented out to other retailers. Waterstones, M&S
and Evans currently have stores at the centre. The retailer has opened stores in nine
European countries including France recently and will open its first US store in Boston next
year. Associated British Foods, who own Primark is in talks to buy Dorset Cereals from
Welness for around 50mn. Primark have reported strong results in April, as profits soared
26% to 298mn in six months.

UK : Tesco Direct partners with House of Fraser
Tesco has announced that customers can now earn Clubcard points on House of Fraser
homeware products, following a new partnership which sees the department store joining
over 50 Tesco Partners on Tesco Direct. Tesco director Ian Caminsky said it wanted to offer
its customers a fantastic shopping experience, however, whenever and wherever they
choose to shop with Tesco. This partnership is an exciting opportunity to share a truly
inspirational shopping experience with even more customers. It bring over 160 years of
department store retail experience, so there is huge potential to create a great working
relationship between our businesses.

Europe : UNFI to seek add-ons to Tony's acquisition
United Natural Foods, Inc., Providence, R.I., plans to seek further acquisitions in the protein
space over time to supplement the business it will add from acquiring Tonys Fine Foods,
Steven L. Spinner, UNFIs president and CEO. UNFI is in the process of completing its
acquisition of West Sacramento, Calif.-based Tonys, which distributes meat, seafood, deli,
cheese and bakery items to West Coast retailers. Tonys acquisition provides UNFI with a
unique competitive advantage as it allows the firm to offer a fuller suite of high-growth
products compared to competitors.

Australia : MySale acquires Cocosa
MySale, backed by billionaire Sir Philip Green, has acquired Cocosa, a luxury flash sales site,
as it prepares to foray into UK market. Cocosa offers designer fashion and homewares at a
fraction of their original retail price. MySale, in which Sir Philip has a 25% stake, also bought
a database of more than 800,000 customers besides Cocosa brand. The online space is fast-
paced and competition is increasing, so now is a great time to introduce Cocosa.com's loyal
customers to a wonderful opportunity to benefit from MySale's global infrastructure and
scale across all of markets, according to MySale founder and chairman Jamie Jackson. The
acquisition of Cocosa.com gives a fabulous foundation to build on as it finalise its plans for
its UK launch.

Singapore : SingPost and Alibaba Group to form strategic collaboration
SingPost and Alibaba Group Holding Limited (Alibaba Group) a wholly-owned subsidiary
of Alibaba Group Holding Limited, have entered into an investment agreement under which
Alibaba Investment Limited will invest S$312.5mn to purchase 30 million existing ordinary
shares held in treasury by SingPost and 190.096 million new ordinary shares and take a
10.35% stake in SingPost upon completion. Both companies also signed a memorandum of
understanding (MOU) which will allow them to discuss and negotiate a joint venture (JV) in
respect of the business of international e-commerce logistics. This strategic business
cooperation will also tap into other e-commerce opportunities in Southeast Asia and beyond
by providing amongst other things, greater access to SingPosts international logistics
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 9
Industry Observer - Retail
capabilities, infrastructure and delivery networks, and as well as end-to-end solutions to
Alibaba Group customers and merchants.

China : Tesco partners with Resources to create multi-format chain
Tesco has entered into a joint venture deal with the state-run China Resources Enterprise
(CRE) to create a multi-format retail chain in China. Under the deal, CRE will own 80% of
the new chain while Tesco will have a 20% stake. Tesco's 131 outlets in the country and
CRE's almost 3,000 stores will be combined. Tesco, the biggest supermarket chain in the UK,
has been operating in China since 2004. According to Tesco CEO Philip Clarke, the
partnership creates a strong platform in one of the world's largest markets. It can now
combine its strengths to build a profitable multichannel business, offering its customers in
China the best of modern retail. Upon establishing join venture, Tesco will operate 12 stores
retailing a range of products including groceries and home care products. It would invest
around 85m in the joint venture.

India : Flipkart acquires online fashion retailer Myntra
Flipkart has acquired online fashion retailer Myntra in a deal estimated to worth
US$343.22mn to tackle growing competition from rivals like Amazon and Snapdeal. The
two homegrown online retailers have been in talks to merge their businesses in the light of
Amazon's expansion of its services in the country. The merger is expected to help Flipkart
boost its apparel portfolio. Under the agreement, Myntra will continue to operate as a
separate entity with its co-founder and CEO Mukesh Bansal joining Flipkart board and
heading the fashion business. According to Flipkart co-founder Binny Bansal, it is a 100%
acquisition and going forward, they have big plans in this segment.

India : Xerox partners with Flipkart to launch range of cartridges
Strengthening the supplies portfolio in the country, Xerox India announced the launch of a
new range of Xerox laser cartridges for HP and Canon A4 printers. Currently, With Xerox
laser cartridges, enterprise and small and medium businesses (SMBs) can derive savings of
more than 25% on their printing costs on their existing print devices. This is a unique/ new
initiative from Xerox, as the inventor of laser printing is introducing toner cartridges for
printers of other brands in India. For rapid penetration and easy availability of these
products across the country, Xerox India has entered into an exclusive partnership with
Flipkart, the largest e-commerce platform in India, according to Vipin Tuteja, Executive
Director, Technology, Channels & International Business, Xerox India.


EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 10
Industry Observer - Retail
INDUSTRY STATISTICS

FURNITURE AND HOME FURNISHING STORE SALES-US















Furniture and Home
Furnishing Store Sales-US
Year US$
2001 91.48
2002 94.44
2003 96.74
2004 103.76
2005 109.12
2006 112.8
2007 111.14
2008 99.56
2009 86.26
2010 87.29
2011 90.07
2012 97.39
2013 101.41
Source: Market Source; SKBKS
80
85
90
95
100
105
110
115
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
U
S
$
Furniture and Home Furnishing store Sales-US
Source: Market Source; SKBKS
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 11
Industry Observer - Retail
PRODUCT ANALYSIS
FAST FOOD RESTAURANTS
(FOOD SERVICE RETAILING)

OVERVIEW

A fast food restaurant (FFR), also known as a quick service restaurant (QSR) within the
industry, is a specific type of restaurant characterized both by its fast food cuisine and by
minimal table service. Food served in fast food restaurants typically caters to a meat-sweet
diet and is offered from a limited menu is cooked in bulk in advance and kept hot, it is
finished and packaged to order and is usually available ready to take away, though seating
may be provided. Fast food restaurants are typically part of a restaurant chain or franchise
operation, which provisions standardized ingredients and partially prepared foods and
supplies to each restaurant through controlled supply channels.

Variations on the fast food restaurant concept include fast casual restaurants and catering
trucks. Fast casual restaurants have higher sit-in ratios, and customers can sit and have their
orders brought to them. Catering trucks often park just outside worksites and are popular
with factory workers.

HISTORY

Some trace the modern history of fast food in America to 1912, with the opening of a fast
food restaurant called the Automat in New York. The Automat was a cafeteria with its
prepared foods behind small glass windows and coin-operated slots. Joseph Horn and Frank
Hardart had already opened the first Horn & Hardart Automat in Philadelphia in 1902, but
their Automat at Broadway and 13th Street, in New York City, created a sensation.
Numerous Automat restaurants were built around the country to deal with the demand.
Automats remained extremely popular throughout the 1920s and 1930s. The company also
popularized the notion of take-out food, with their slogan Less work for Mother.

Some historians and
secondary school
textbooks concur that
A&W, which opened in
1919 and began
franchising in 1921,
was the first fast food
restaurant. Thus, the
American company
White Castle is generally credited with opening the second fast-food outlet in Wichita,
Kansas in 1921, selling hamburgers for five cents apiece from its inception and spawning
numerous competitors and emulators. The McDonalds Speeded Service System and, much
later, Ray Krocs McDonalds outlets and Hamburger University all built on principles,
systems and practices that White Castle had already established between 1923 and 1932.

Products, operations & technology: Products include simple, average-quality food, which is
typically packaged to-go for consumption off-premise. Companies may specialize in
certain types of cuisine or entre item. Hamburger restaurants represent about 45% of
industry revenue, while pizza parlors account for about 15% of the industry. Other
restaurants serve chicken items, Mexican food, and submarine-style sandwiches
TYPES OF FAST FOOD IN FFRs
Burgers 24-Hour Breakfast Fish & Chips Pizza
Italian Sandwich/Subs Chinese Japanese
Mexican Delis Crepes BBQ
Steaks Salads Buffalo Wings Hot Dogs
Fried Chicken Wraps Grilled Cheese Gyros
Healthy Pitas Fresh Food Sausage Bagels
Indian Noodles Natural/Organic Grilled
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 12
Industry Observer - Retail
Global major players
Starbucks
McDonalds
Taco Bell
Dominos Pizza
Pizza Hut
Burger King
KFC
Dukin Donuts
Subway
Panera Bread

GLOBAL SCENARIO

The Global FFR is only one component of the wider food service sub-sector, including cafes,
cafeterias, full-service restaurants, casual dining, coffee shops, street stalls and takeout
stands.

US Market: The fast food industry in the United States
generated approximately US$191bn in 2013. By 2018, this figure
is forecasted to exceed US$210bn. The majority (77.3%) of this
large market is comprised of on-premises restaurants and drive-
throughs, the rest consists of off-premises dining (take out) and
cafeterias and buffets. In 2013, there were more than 232
thousand fast food establishments in the U.S., employing over
three and a half million people.

The ever-growing U.S. fast food industry has produced a
number of household brand names, both domestically and
globally. Perhaps the most well-known is McDonalds. With a
brand value of almost US$86bn, McDonalds was by far the
most valuable fast food brand in the world in 2014, surpassing its closest competitor
Starbucks by a massive 60 billion. In 2013, McDonalds was also the largest fast food
company in terms of revenue, followed by sandwich chain Subway and Yum! Brands,
parent of Taco Bell, KFC and Pizza Hut. Despite generating the most money, McDonalds
has received lower-than-average customer satisfaction ratings in recent years. In 2014, the
company was ranked last out of 21 popular U.S. burger chains for the taste of its burgers.

European Market: The European fast food movement began in the 1970s with the entrance
of large US chains such as McDonalds, Burgar King and European GB Quick. The quick
service restaurant market leader in Europe is McDonalds Corporation. Other large quick
service restaurant operations in Europe are Yum! Brands, Inc., Burger King, Autogrill,
Quick, Subway, Dominos, Starbucks, Greggs, Groupe Holder, Telepizza, Le Duff, Nordsee
and The Eat Out Group.

TRENDS: To change their image and their clients, fast-food restaurants have expanded their
product line-

-5
10
25
M
c
D
o
n
a
l
d
'
s
S
u
b
w
a
y
Y
u
m
!

B
r
a
n
d
s
C
h
i
c
k

-
f
i
l
-
A
C
h
i
p
o
t
l
e

M
e
x
i
c
a
n

G
r
i
l
l
W
e
n
d
y
'
s
D
o
m
i
n
o
'
s

P
i
z
z
a
J
a
c
k

i
n

t
h
e

B
o
x
L
i
t
t
l
e

C
a
e
s
a
r
s
P
a
p
a

J
o
h
n
'
s
C
K
E

B
u
f
f
a
l
o

W
i
l
d

W
i
n
g
s
B
u
r
g
e
r

K
i
n
g
F
i
v
e

G
u
y
s

B
u
r
g
e
r
s

&

F
r
i
e
s
D
e
n
n
y
'
s

U
S
$

b
n
FFR ranked by revenue worldwide in 2013
Source: Market source; SKBKS
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 13
Industry Observer - Retail
Fast food organic: In september 2010, the fast food restaurant Quick has started offering an
organic burger and apple juice for children's menus. But this offer was primarily a
marketing objective. But another sign has emerged in the United States : O'Burger. This new
fast food chain is 100% organic. Their main goal was to create a fast food place that is not
associated with junk food, that is to say fast food with a healthy diet, which is certified
organic, but also with recyclable and biodegradable packaging so good for the environment.

Halal fast food: The Halal market is now about 5.5bn per year, which is very important.
To satisfy all their customers, several restaurant chains have embarked on Halal, such as
Quick. Currently, Quick has 22 establishments whose food is certified halal, that is to say
that the meat used respects the Muslim ritual slaughter. This represents 6% of the network
Quick France. There are other fast food chains like KFC, American channel, which also offers
halal and burgers boom is the first independent fast food halal in Toulouse, France, and it is
more particularly a drive burger.

But that's not all, fast food restaurants now offer a growing variety of products such as
salads, burgers made of chicken, fish, toasted sandwiches, or coffee shops (for example the
creation of McCafe).

THREATS

Traffic growth: Big FFR brands such as McDonalds, Subway and Starbucks have been
facing a huge threat by the leading fast casual restaurants, as the traffic growth in the
latter segment surpassed that of every other segment for the fifth consecutive year.
Higher Average Customer Spend Per Visit: In leading fast food restaurants, price of
meals ranges from $3 to $6 on an average, whereas in any casual dining restaurant, price
of meals is no less than $13. Lying between the two segments is the fast casual segment
where typical cost per meal ranges from $8 to $15.

INDIAN SCENARIO

Market Dynamics:
Indian FFRs are growing
very rapidly. It is a
reflection of the change
in the lifestyle, food
habits and consumption
pattern of the
population. The Indian FFRs has witnessed high growth strides in the past years, with
increasing disposable income, exposure to a number of cuisines and consumers willingness
to experiment a mix of both Western and local menu. It has not only provided convenience
to people who shuttle between home and work for a bigger part of the day but also
eliminated the requirement of conventional cutlery. FFR at the moment thrives on
international appeal endorsed by niche chains. The development of nutritious and healthier
replacements for the traditional servings at fast food restaurants has transformed into mass
promotion of portable foods.

Demand Drivers: The Indian FFRs stand at a massive size of Rs47bn, driven by a growing
number of working professionals and increasing westernization. Apart from this, busy life
schedule, standardized food, and less time-consuming processes are also fuelling the
demand from domestic consumers for this type of restaurants. As demand for all types of
Food & QSR Markets 2020*US$bn
Countries Food Mkt 10 yr CAGR QSR Mkt 10-yr CAGR
US 418 2% 197 3%
Brazil 150 14% 27 15%
China 418 16% 94 17%
India 100 13% 15 19%
*Estimated; Source: Market Source; SKBKS
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 14
Industry Observer - Retail
Indian Major Players
McDonalds
Dominos
KFC
Pizza Hut
Nirulas
-50
250
Food market QSR QSR Chains
N
o
.
i
n

b
n

Indian food market
2011
2020
US
Brazil
China
India
QSR Chain share of FFRs
Source: Market Source; SKBKS
US
Brazil
China
India
Share of QSR Chains in Food Market
fast food items are consistently on the
rise, pizza, burger, and French fries
have become the all time favorite
among young Indians, more so with
some of the well-known burger and
pizza restaurants like McDonalds,
Dominos, KFC, Pizza Hut, Nirulas
etc, operating in India.

Market size: Indias fast food
restaurant market has remained
largely unaffected by the economic
slowdown and touched nearly
around US$50bn in 2014 from
Rs$35bn in 2013, according to the
latest ASSOCHAM study on Indian
fast food market new destination:
Tier-II & III cities."

Owing to the growing need of
convenience, increased appetite, a
liking for international food, and
exposure to global media and cuisine,
the annual spending of each middle
class household in Indias tier-II and
III cities have increased by Rs2,500 to
Rs5,200, a growth of 108% on fast
food restaurants in the last two years,
the study said.

As per the findings, Indians are
eating out more often now, as many
as 8 times a month less than US (14
times), Brazil (11 times), Thailand (10
times), and China (9 times).

Major Players and their
Competition: Major players in this
sector are creating a competitive
environment for future growth. And
in order to cater to this augmented
customer base, Nirulas is increasing
its existence in metro cities along with the Tier-2 and Tier-3
cities through different formats. The new outlets in cities,
such as Amritsar, Patna, Bhopal, Pune and Ludhiana would
mainly be Family Style Restaurants (FSR), ice cream kiosks
and parlors. The Nirulas has 80 outlets and its company
owned, franchised in 7 cities across Delhi, Uttar Pradesh,
Uttaranchal, Haryana, Rajasthan and Punjab and recently it
has opened 70 outlets in India.
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 15
Industry Observer - Retail
Likewise, KFC has plans to increase its existence from 21 cities at present to around 75 cities
through its objective to operate 500 restaurants in India by 2015. The company is eager to
spread wings to new cities such as Hubli, Madurai, Salem and Mysore in the south, and in
the north in Kanpur, Allahabad.

Similarly, McDonalds is targeting 1,000 restaurants by 2020. Hard castle Restaurants, which
runs McDonalds in the south and west, plans to open up to 70 stores next year. It will be the
franchisees biggest expansion in the past 15 years. McDonalds also plans to invest Rs.10
billion to boost growth. The Nirulas has 80 outlets and its company owned, franchised in 7
cities across Delhi, Uttar Pradesh, Uttaranchal, Haryana, Rajasthan and Punjab and recently
it has opened 70 outlets in India.

GOVERNMENT INCENTIVES

As far as the role of government is concerned, various initiatives in the recent past have
resulted in the entry of many international Fast Food Restaurants in the country. With the
economic liberalization in 1991, nearly all tariff and non-tariff barriers have been removed or
minimized from the Indian boundary that has helped many retailers to enter the growing
Indian fast food industry.

As per the Food Safety and Standards Authority of India, the new rules and standards
makes it mandatory for street food vendors to register with state health departments that
are into policing hygiene. It requires the food authority to issue licenses to food vendors
only after ensuring that their products are safe and hygienic. Vendors with products that
are found unhygienic or unsafe face monetary penalties..
To try to ensure that India has the capacity to implement the new law, the government
has increased the number of state laboratories for testing eatables and appointed more
food safety officers to check food quality & hygiene instead of merely monitoring
adulteration.
Besides, the Indian government has also directed state governments to prohibit sales of
fast food and carbonated drinks on school premises & check out all such items that lead
to unhealthy eating from cafeteria within a 1,500 feet radius of schools.
In addition, the countrys regulators have ordered food chains to provide product
nutritional labeling at the time of sale, so that customers can know about what they are
eating and what effect it can have on their health. This step is a result of various studies
that have shown that a typical fast food has very high density that causes people to eat
more than they usually require, causing people to fall ill with many health-related
problems like obesity, diabetes and heart diseases.

ISSUES & CHALLENGES OF FFR

Fast food restaurants have developed sizable clientele for the speed and inexpensive prices
of their items. However, an increase in the general public's concern with health has launched
a tirade against several chains. Poor ingredient quality and negative effects on consumer
health are some of the findings that have seriously blemished their reputation.

Nutrition: A major cause of rancor against the FFR is the questionable nutritive quality
found in many of its products. Caloric content has been a significant concern for fast
food consumers. Several fast food manufacturers have been cited for using
preservatives, shoddy ingredients and exorbitant quantities of fat and sugar.
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 16
Industry Observer - Retail
Publicity: Negative attention from the news media and entertainment has adversely
affected many fast food restaurants. The Oscar-nominated documentary Super Size
Me, for instance, exposed the physical ills that could be brought about with regular
consumption of food from the McDonalds chain. Two years after the release of the film,
McDonalds Europe shuts down 25 of its branches in the United Kingdom in response to
consumers retaliation.
Legal Issues: Many organizations who claim health damage at the hand of fast food
products have filed lawsuits against the FFR. In 2005, McDonalds paid US$7mn to the
American Heart Association to settle a suit accusing the company of reneging on its
promise to reduce the level of Trans fats in its cooking oils. Burger King also suffered a
major legal blow in 2007; the Center for Science in the Public Interest sued the chain for
intentionally harming its customers with Trans fats.
Redemption: To counter the swell in negative opinion, several fast food chains adopted
campaigns and strategies to improve their public images. The CEOs of McDonalds, for
instance, began plans to create a healthy fast food restaurant, to be called LYFE Kitchen,
in 2011. Some chains have earned acclaim for their healthfulness; Panera was named
Americans Healthiest Restaurant of the fast-food variety in 2009. Surprisingly,
McDonalds also made the same list, ranking eighth. A serious restructuring of their
menus earned the chain the spot.

OUTLOOK

Fast food in the US is predicted to achieve US$237.1bn in sales in 2017. Fast casual dining
will drive much of the growth, although other fast food should increase its value sales
steadily as some consumers look to it for value and others come around to the variety of
healthier new products on offer. This diversification will likely turn more consumers into
fast food fans, and help convert some of the aversion to the category, although there will
always be holdouts.

India's quick-service restaurant chains, business is expected to grow to US$100bn by 2020.
MNCs and Indian chains Domino's, McDonald's and Nirula's are all eying this segment,
which is being driven by rising disposable incomes, increasing urbanisation and a younger
population. Although the market is still small , Indian QSR segment is expected to grow
faster than Chinas.

Moreover, continuous economic growth and improving employment situation will lead to
higher personal expenditures on outside food by 2014. Fast food joints will also need to
maintain their stance on pricing because the environment will remain extremely
competitive. Hence, it is believed that the FFRs will experience modest improvement in the
coming years. Total number of outlets is expected to reach 12,000 by 2015. Starbucks,
Quiznos and Dunkin donuts are also entering into the market.

EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 17
Industry Observer - Retail
COMPANY ANALYSIS
KEWAL KIRAN CLOTING LTD

OVERVIEW

Kewal Kiran Clothing Limited (KKCL) is an apparel manufacturer
dealing in apparel for both men and women. The company is engaged in the designing,
manufacturing and marketing jeans, formals, semi formals, casual wears and lifestyle
accessories. These products are distributed through retail formats, apart from other selling
and distribution formats. The companys designing and manufacturing facilities are located
in Dadar (Mumbai), Goregaon
(Mumbai), Daman and Vapi.
The Company had 280 retail
stores with presence in over
154 cities across 19 states in
India with 21 new stores in
the pipeline.

KKCL has over two decades
of experience in the domestic readymade garments industry with some established brands
like Killer, Lawman Pg3, Integriti, Easies and ADDICTIONS. KKCL markets its
products through a chain of 223 K-LOUNGE showrooms and exclusive brand outlets
(EBOs) across the country. Besides, KKCLs products are widely marketed at over 3,500
multi brand outlets (MBOs) and national chain stores like Shoppers Stop and Hypercity. It
is an established player in the denim Jeans category through its flagship Killer brand,
besides having a presence in Trousers, Shirts, T-shirts & Jackets. It has also entered the
lifestyle accessories segments like shoes, belts, watches, bracelets, wallets, caps, bags,
sunglasses and deodorants through the ADDICTIONS brand. KKCLs designing and
manufacturing facilities are mainly located at Dadar and Goregoan (Mumbai), Daman and
Vapi in Western India.

Fashion with Quality is the
cornerstone of each collection
introduced by the company. The
companys strong fashion forecasting
and trendsetting abilities have created
brands which are vibrant, trendy and with an attitude. Each brand has been carefully crafted
keeping in mind desires and attitudes of specific market segments. Each brand is an
expression of its customer.

Vision: To be a world-class business enterprise, creating values, excellence in every business
and service to consumers, stakeholders and society.

BUSINESS STRATEGY

Focusing on the key brands across the value chain
Enhancing product portfolio
Expanding presence and reach across India
Cost optimization

Management
Name Designation
Mr. Kewalchand P. Jain Chairman & Managing Director
Mr. Hemant P. Jain Whole-time Director
Mr. Dinesh P. Jain Whole-time Director
Mr. Vikas P. Jain Whole-time Director
Mr. Popatlal F. Sundesha Director
Source: Company; SKBKS
Product Line
Jeans Jackets Innerwear
Trousers Tee Shirts Shoes & Shocks
Shirts Cargo & Capris Bags, belts, caps, etc.
Source: Company Website; SKBKS
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 18
Industry Observer - Retail
8
23
38
2
3
4
FY10 FY11 FY12 FY13 FY14
%
R
s

B
n
Company Performance
Sales (LHS)
OPM (%) (RHS)
NPM (%) (RHS)
Source: BSE India; SKBKS
FINANCIALS OF THE COMPANY




Yearly Performance
Over the period of five years (FY10-
FY14), revenue has increased from
Rs3,151.60mn to Rs3,790.30mn at a
CAGR of 1.86%. During the same
period, the operating profit of the
company increased from Rs569.10mn
to Rs1052.30mn at a CAGR of 16.61%.
Net profit of the company increased
from Rs325.10mn to Rs670.2mn at a
CAGR of 19.82%. OPM and NPM
increased by 1148.07bps and
844.88bps respectively in FY14
compared to FY10.
Five Year Financial Summary (Rs in Million)
Item/Year FY14 FY13 FY12 FY11 FY10
Sales Revenue 3,790.30 3,151.60 3,136.80 2,449.60 3,521.00
PBIDT 1,052.30 858.30 851.40 770.30 569.10
Interest 29.60 26.20 25.90 20.50 23.30
PBDT 1,022.70 832.10 825.50 749.80 545.80
Depreciation 51.50 59.40 62.30 57.30 58.40
PBT 971.20 772.70 763.20 692.60 487.40
Tax 301.00 238.50 241.80 230.30 162.30
PAT 670.20 534.20 521.40 462.30 325.10
Source: BSE India; SKBKS
Key Financial Ratios
Ratio/Year FY14 FY13 FY12 FY11 FY10
Current Ratio 1.76 1.87 2.8 3.05 2.36
Debt to Equity 0.04 0.06 0.07 0.03 0.09
OPM (%) 26.98 26.40 26.32 30.61 15.50
NPM (%) 17.68 16.95 16.62 18.87 9.23
Return on Capital Employed (%) 33.08 29.81 32.65 34.94 26.36
Return on Equity (Net Worth) (%) 23.06 21.04 23.11 23.37 18.56
Source: BSE India; SKBKS
Financial Performance (Rs in Million)
Item/Year AMJ13 AMJ14 % change FY13 FY14 % change
Sales 744.9 853.10 14.53 3,151.60 3,790.30 20.27
PBIDT 198.30 168.20 -15.18 858.30 1,052.30 22.60
Interest 6.80 6.40 -5.88 26.20 29.60 12.98
PBDT 191.5 161.8 -15.51 832.10 1,022.70 22.91
Depreciation 12.20 9.10 -25.41 59.40 51.50 -13.30
PBT 179.30 152.70 -14.84 772.70 971.20 25.69
Tax 57.5 51.30 -10.78 238.50 301.00 26.21
PAT 121.80 101.40 -16.75 534.20 670.20 25.46
Source: BSE India; SKBKS
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 19
Industry Observer - Retail
Killer
Lawman
Pg3
Easies
Integriti
Others
Brand-wise Revenue 2014
Source: Company; SKBKS
Standalone Performance
All the brands, products, regions and
distribution channels contributed to the
improvement in performance. The
business of the company has an element
of seasonality primarily due to festival
periods and hence the annual
performance of the company is a better
representative compared to a quarterly
analysis.

In FY14, sales revenue of the company stood at Rs3790.30mn an increase of 20.27% over the
previous fiscal. Operating profit of the company increased by 22.60% at Rs1052.30mn.
Financial charges of the company
increased by 12.98% to Rs29.60. Net
profit of the company increased by
25.46% to Rs670.20mn.

Quarterly Performance
For the quarter AMJ14 the sales
revenue has increased by 14.53%
when compared with AMJ13. The
total sales revenue of the company
stood at Rs853.1mn in AMJ14.
Operating profit of the company
decreased by 15.18% at Rs168.20mn.
Financial charges of the company
decreased by 5.88% to Rs6.4mn. Net
profit of the company decreased by 16.75% from Rs121.80mn to Rs101.40mn.

COST STRUCTURE ANALYSIS

Over the period of five years
(FY10-FY14), the overall cost
structure of the company as
a percentage of sales have
decreased from 86.67% to
84.97%. Direct expenses as a
percentage of sales
increased by 74.56bps
during FY14.

Compared to FY13, the raw
material cost as percentage of sales has increased by 734.7bps and stood at Rs1442.60mn in
FY14. Staff cost stood at Rs382.6mn and decreased by 82.5bps as percentage of sales in FY14.
Other expenses as percentage of sales decreased by 8.4bps in FY14 compared to previous
fiscal and stood at Rs832.8mn.
SL.no Product Particulars (Rs in mn)
1 Domestic apparels market 1250000
2 Womens traditional wear 342000
3 Mens formal wear 319000
4 Kids wear 101000
5 Casuals Jeans 86000
6 Casual T Shirts 64000
7 Womens western wear 21000
Source : company ; SKBKS
Cost Structure (as % of net Sales)
Item/Year FY14 FY13 FY12 FY11 FY10
Raw Material 39.29 31.94 31.83 35.96 36.40
Staff Cost 10.42 11.24 9.69 10.74 11.83
Stock in Trade 2.18 2.59 4.64 1.99 0.49
Other Expenses 22.68 22.76 22.66 22.27 24.78
Interest Charges 0.81 0.71 0.71 0.56 0.63
Depreciation 1.40 1.96 2.06 2.42 3.32
Tax 8.20 7.87 8.01 9.73 9.22
Source: BSE India; SKBKS
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 20
Industry Observer - Retail

Indirect expenses of the company as a percentage of sales were at 10.41% in FY14 against
10.55% in FY13. Depreciation decreased by 55.8bps. Interest expenses increased by 9.3bps in
FY14 compared to FY13. Tax increased by 32.5bps in FY14 compared to FY13.

MARKET INDICATORS

Company Score Card: During the period under
consideration, Sensex increased by 6,068.08
points from 19,345.70 in July13 to 25,413.78 in
Jun14. The market cap of the company stood at
Rs13,958.10mn for the FY14. The companys share
price has registered a high of Rs1680.15 in Jun14
and a low of Rs741.85 in Jul13. The relative
market cap stood at 226 in Jun14 against 189 in
previous month. Major shares of the company are
with Promoters 74% followed by Institutions 19% and then Non Institutions 7%.

DIVIDEND: The Board of Directors of the company has recommended the dividend of
150% per equity share of Rs10.00 each for the financial year ended March 31, 2014.

Stock Statistics
Market Cap FY14 (Rs in mn) 13,958.10
Dividend (%) 150.00
EPS 52.72
P/E 33.76
Book Value (Rs) 235.78
Face Value (Rs) 10
Source: BSE India; SKBKS
Promo
-ter
Institut
-ions
Non-
Instituti
on
Share holding pattern
(AMJ14)
80
140
200
J
u
l
-
1
3
A
u
g
-
1
3
S
e
p
-
1
3
O
c
t
-
1
3
N
o
v
-
1
3
D
e
c
-
1
3
J
a
n
-
1
4
F
e
b
-
1
4
M
a
r
-
1
4
A
p
r
-
1
4
M
a
y
-
1
4
J
u
n
-
1
4
Relative Performance
BSE Sensex
kewal kiran
Source: BSE India; SKBKS
-5
15
35
R
a
w

M
a
t
e
r
i
a
l
S
t
a
f
f

C
o
s
t
P
u
r
c
h
a
s
e

o
f

s
t
o
c
k

i
n

t
r
a
d
e
O
t
h
e
r

E
x
p
e
n
s
e
s
I
n
t
e
r
e
s
t
D
e
p
r
e
c
i
a
t
i
o
n
T
a
x
Cost structure as a % of sales
FY14 FY13
Source: BSE India; SKBKS

EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 21
Industry Observer - Retail
0
15
30
K
K
S
S
T
r
e
n
t
F
R
F
L
R
s

B
n
Peer Sales
Source: BSE India; SKBKS
COMPETITORS

The peer competitors of Kewal
Kiran Clothing Ltd (KK)in the retail
sector are Shopper Stop (SS), Trent,
Future Retail (FR), and Future Life
(FL).

When sales of the peer companies
are compared for FY14, then Trent is
the top performer with net sales of
Rs33,305.62mn, followed by FR with
sales revenue of Rs21,855.90mn, FL
with sales revenue of Rs
13,014.30mn, KK with a sales
revenue Rs3,672.10mn and then SS
having revenue of Rs2,680.67mn.

Raw material cost is highest for KK at 43.14% followed by FR at 28.73%, FL at 5.05%, Trent at
0.57% and then SS. Other expenses are highest for SS at 248.08% followed by FL at 50.83%,
FR at 39.84%, Trent at 38.46% and KK at 22.68%. Employee cost as percentage of sales is
highest for SS at 76.27% followed by FR at 12.64%. KK at 10.42%, Trent at 10.02% and then
FL at 9.92%.

Operating profit as percentage of sales of SS is at 12.27%, followed by FL at 6.39%, Trent at
5.75%, FR at 0.21% and then KK at 0.09%.

Financial expenses are higher for
Trent at 16.13% followed by SS at
15.63, FL at 12.52%, FR at 7.02% and
then KK at 0.81%. Depreciation
charges are highest for FL at 29.60%
followed by SS at 23.05%, Trent at
9.50%, FR at 5.24% and then KK at
1.40%. Tax charges are higher for SS
at 9.59% followed by KK at 8.20%, FL
at 0.84% and then Trent at 0.07% .

Net profit margins are higher for KK
at 18.25%, followed by SS at 13.80%,
Trent at 5.75%, FR at 4.03% and then
FL at 1.79%.

SWOT ANALYSIS


Peer Comparison (% of net sales)
Item
K
K

S
S

T
r
e
n
t

F
R

F
L

Raw Material 43.14 0.00 0.57 28.73 5.05
Staff Cost 10.42 6.20 10.02 12.64 9.92
Other Expenses 4.95 20.18 38.46 39.84 50.83
EBITDA 0.09 1.00 5.75 0.21 6.39
Financial Cost 0.81 1.27 16.13 7.02 12.52
Depreciation 1.40 23.05 9.50 5.24 29.60
Tax Charges 8.20 9.59 0.07 0.00 0.84
PAT 18.25 13.80 5.75 4.03 1.79
Source: BSE India; SKBKS
Strengths Weaknesses
Long term potential of the branded apparel
industry.
Brands are the core strength of the company
and key growth drivers for companys
future. Each brand has a distinct appeal and
has been nurtured and built to grow.
Operations are limited to certain
areas.
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 22
Industry Observer - Retail

FUTURE STRATEGIES

The companys ultimate aim is to be able to reach every nook and corner of the country, be it
the metros, the towns, small towns, Tier-I and Tier-II cities and so on. The process of making
the 'dreamdesign' into 'the' fashion merchandise, is a collaborative effort by all the teams.
The technical team, therefore, is as important as the marketing and distribution network. To
be able to reach the product on time to the desirable place, saves time and improves
customer connect. the company is slowly and gradually expanding its reach through its
multiple-distribution channels.

FUTURE PERFORMANCE

The retail sector is one of the fastest growing in India over the last few years. The Indian
retail industry has experienced high growth over the last decade with a noticeable shift
towards organized retailing formats. The industry is moving towards a modern concept of
retailing. While most retailers have been rushing to capture opportunities in the quickly
crowding Indian metros, some have been focusing their expansion plans in the non-metros.
Better employment opportunities and improved lifestyles have pulled the rural population
towards cities. By 2030, it is estimated that 91 million households will be middle class and
about 570 million people are expected to live in cities. This factor would be a significant
driver for organizing retail.

Despite the challenging macro environment KK maintained a healthy rate of growth in
revenues and profits in FY14 partly supported by the removal in excise duty on branded
apparel. There are early signs of softening of macro head winds and some stability returning
in the economy. A stable currency, moderating inflation and reduced trade deficit provide
potential levers for reducing interest rates and reviving growth in the economy. Company
believes in stable, sustainable and scalable growth. With its strong brands, focus on
innovation and widening reach, it is confident of continued growth in revenues and profits.


SKBKS estimates that the revenue of the company will increase at a CAGR of 8.1% from
Rs3.52bn to Rs4.29bn over the period FY10-FY16. During the same period, the company
earnings is estimated to increase at a CAGR of 8.9% to Rs0.73bn.




Opportunities Threats
E-commerce companies continue to grow the
long term sustainability and profitability of
the business.
Company has an opportunity to provide
well established brands to its customers with
a compelling proposition.
Consumers are now exposed to
global fashion labels albeit at much
higher prices.
The entry and expansion of global
brands leads to potential threat.

Estimates (Rs in billion)
Item/Year FY10 FY11 FY12 FY13 FY14 FY15* FY16*
Sales 3.52 2.45 3.14 3.15 3.79 4.01 4.29
Earnings 0.33 0.46 0.52 0.53 0.67 0.70 0.73
*Estimated; Source: BSE India; SKBKS
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 23
Industry Observer - Retail
MARKET INDICATORS
MARKET MOVEMENT OF MAJOR PLAYERS






Source: BSE India; SKBKS

95
105
115
125
1
6
/
0
5
/
1
4
1
9
/
0
5
/
1
4
2
0
/
0
5
/
1
4
2
1
/
0
5
/
1
4
2
2
/
0
5
/
1
4
2
3
/
0
5
/
1
4
2
6
/
0
5
/
1
4
2
7
/
0
5
/
1
4
2
8
/
0
5
/
1
4
2
9
/
0
5
/
1
4
3
0
/
0
5
/
1
4
0
2
/
0
6
/
1
4
0
3
/
0
6
/
1
4
0
4
/
0
6
/
1
4
0
5
/
0
6
/
1
4
0
6
/
0
6
/
1
4
0
9
/
0
6
/
1
4
1
0
/
0
6
/
1
4
1
1
/
0
6
/
1
4
1
2
/
0
6
/
1
4
1
3
/
0
6
/
1
4
Relative Performance
BSE SENSEX
KEWAL KIRAN
BATA INDIA
95
105
115
125
1
6
/
0
5
/
1
4
1
9
/
0
5
/
1
4
2
0
/
0
5
/
1
4
2
1
/
0
5
/
1
4
2
2
/
0
5
/
1
4
2
3
/
0
5
/
1
4
2
6
/
0
5
/
1
4
2
7
/
0
5
/
1
4
2
8
/
0
5
/
1
4
2
9
/
0
5
/
1
4
3
0
/
0
5
/
1
4
0
2
/
0
6
/
1
4
0
3
/
0
6
/
1
4
0
4
/
0
6
/
1
4
0
5
/
0
6
/
1
4
0
6
/
0
6
/
1
4
0
9
/
0
6
/
1
4
1
0
/
0
6
/
1
4
1
1
/
0
6
/
1
4
1
2
/
0
6
/
1
4
1
3
/
0
6
/
1
4
Relative Performance
BSE SENSEX
SHOPPERS STOP
TRENT INDIA
95
115
135
155
1
6
/
0
5
/
1
4
1
9
/
0
5
/
1
4
2
0
/
0
5
/
1
4
2
1
/
0
5
/
1
4
2
2
/
0
5
/
1
4
2
3
/
0
5
/
1
4
2
6
/
0
5
/
1
4
2
7
/
0
5
/
1
4
2
8
/
0
5
/
1
4
2
9
/
0
5
/
1
4
3
0
/
0
5
/
1
4
0
2
/
0
6
/
1
4
0
3
/
0
6
/
1
4
0
4
/
0
6
/
1
4
0
5
/
0
6
/
1
4
0
6
/
0
6
/
1
4
0
9
/
0
6
/
1
4
1
0
/
0
6
/
1
4
1
1
/
0
6
/
1
4
1
2
/
0
6
/
1
4
1
3
/
0
6
/
1
4
Relative Performance
BSE SENSEX
FUTURE RETAIL
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 24
Industry Observer - Retail









I week II week III week IV week
16th May to
23rd May 2014
24th May to
30th May 2014
31st May to
06th Jun 2014
07th Jun to
15th Jun 2014
B
S
E

S
e
n
s
e
x

The Sensex rallied
571 points, or
2.4%, to close at
24,693 on week
end. The rally was
broad based as
the BSE
small cap index
rose nearly 15.8%
while the BSE
mid cap index
added 11.6%.
Sensex ended in
red at 24,217
points, this was
weighed down by
profit booking (in
banks, oil & gas
and power) after
hefty runup in
previous weeks on
account of BJPs
landslide win in
Lok Sabha election
followed new
government
formation.
Key benchmark
indices surged to
record highs as foreign
investors continued to
mop up Indian stocks
on expectations that
the government will
take steps for revival
of the economy. The
RBI decision to cut
SLR by 50bps for
commercial banks
boosted sentiment.
The Sensex jumped by
2.9% to settle at 25,396.
The key
benchmark indices
declined as crude
oil prices rose and
as the rupee fell
against the dollar,
which stoked
concerns of fuel
price inflation and
increase in India's
current account
deficit and fiscal
deficit.
K
e
w
a
l
Scrip value
increased by
4.71% to
Rs1350.70.
Share price
increased by
3.71% to
Rs1400.05.
Share price decreased
by 1.90% to Rs1397.95.
Scrip value
increased by 2.30%
to Rs1424.90.
B
A
T
A

Scrip increased by
14.72% to
Rs1202.60.
Scrip value
decreased by
0.13% to
Rs1154.90.
Share price increased
by 6.52% to Rs1236.50.
Scrip Price
decreased by
2.48% to
Rs1198.15.
S
h
o
p
p
e
r
s
Share price
increased by
3.45% to Rs394.35.
Share price
decreased by
0.37% to Rs395.45.
Share price increased
by 1.39% to Rs422.85.
Scrip value
increased by 0.64%
to Rs433.45.
T
r
e
n
t

Scrip value
increased by
0.53% to
Rs980.60.
Scrip value
increased by
3.28% to
Rs1039.75.
Scrip value increased
by 4.21% to Rs1112.65.
Scrip value
increased by 0.74%
to Rs1208.80.
F
u
t
u
r
e
Share price
increased by
12.86% to
Rs59.25.
Scrip decreased by
0.16% to Rs61.80.
Share price increased
by 8.33% to Rs65.05.
Scrip increased by
2.70% to Rs74.05.
Source: BSE India; SKBKS
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 25
Industry Observer - Retail
UPCOMING EVENTS AND CONFERENCES


1. Event ABC Kids Expo
Date 7 -10, September 2014
Venue Las Vegas Convention Center; Nevada, USA

Highlights It primary objective and purpose is to act as a business league that helps
organize and produce trade shows and educational conferences for the
benefit of juvenile products manufacturers, industry retailers, trade
media, distributors and manufacturers' representatives of juvenile
products.

Contact
Details
Event Manger; ABC Kids Expo; PO Box 780847; San Antonio, TX; USA;
Tel : (210) 691-4848; Fax : (210) 691-4849; E-mail: info@theabcshow.com
2. Event National Association of Convenience Stores
Date 7-10, October 2014
Venue Las Vegas Convention Center, NV, USA

Highlights It offers unmatched opportunities for buyers and sellers to come
together, conduct business and learn from one another all in an
environment rich with new ideas and new partnerships.

Contact
Details
Alison Daniels; Event Manager;
Tel : (703) 518-4287
3. Event Retail Delivery Conference and Expo
Date 12 14, November 2014
Venue McCormick Place; 2301 S Lake Shore Dr.Chicago, Illinois, 60616; USA

Highlights It draws the largest and most influential group of financial services
leaders of any industry conference, fostering extensive opportunities for
idea exchange and inspiration. Focus on the topics most relevant to area
of expertise or branch out for new insights in other areas of industry at
the three idea-packed Summits.

Contact
Details
Event Managerr; BAI Customer Support Services; Chicago, IL; USA;
Tel : 800-224-9889; Fax : 800-375-5543; Email : info@bai.org
4. Event San Francisco Green Festival
Date 14 16, November 2014
Venue Fort Mason Center; Marina Blvd; San Francisco, CA, 94123; USA

Highlights It brings together the worlds most trusted companies, innovative
brands, national and local businesses, pioneering thinkers, and conscious
consumers in one place to promote the best in sustainability and green
living.

Contact
Details
Event Manager; Green Festivals, Inc.a Georgia corp., 2340 Perimeter Park
Drive; Atlanta, GA 30341; USA; Tel: 828.236.0324; Fax: 828.254.4287
5. Event Cosmeeting Business Meetings & Exhibition
Date 08-09 December 2014
Venue The Meydan Hotel; Meydan Racecourse; Dubai; United Arab Emerates

Highlights It will showcase cosmetic and perfume based products, make up kits,
body care products, beauty based products and services etc. in the
Cosmetics and Beauty Products, Fashion Accessories industries.

Contact
Details
Event Organizer; Informa Exhibitions Middle East; Level 20, World
Trade Centre Tower; UAE; Tel : +97144072759; Fax :+97143351891;
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.
JULY - 14
SKBKS, 2014 26
Industry Observer - Retail

6 Event Spameeting Middle East
Date 10-11, December 2014
Venue St. Regis Saadiyat Island Resort; Saadiyat Island, Abu Dhabi, UAE
Highlights
It will showcase products and services like accessories, nail care
products, spa consultants, spa conceptor, uniforms, linen, decoration,
furniture, fitness, engineering, and professional care based services etc. in
the Cosmetics and Beauty Products industry.

Contact
Details
Juliette Blanzy; Sales director; Tel: + 33 1 44 69 97 67;
Email: spameeting@spameeting.com
7 Event World Boutique Hong Kong
Date 19-22, January 2015
Venue Hong Kong Convention & Exhibition Centre, Wan Chai, Hong Kong
Highlights
It will promote Hong Kong as Asia's global business platform,
reinforcing its reputation as Asia's premier services hub. It provides a
comprehensive array of trade-support seminars and other information
channels to enhance Hong Kong SMEs' capabilities.

Contact
Details
The Drecdtor; Exhibitions Dept. Hong Kong Trade Development
Council; 1 Expo Drive, Wan Chai, Hong Kong; Fax: (852) 2824 0026;
E-mail: exhibitions@hktdc.org; Web : www.hktdc.com;
8 Event International Salon & Spa Expo
Date 24 - 26, January 2015
Venue Long Beach Convention Center; Long Beach, USA
Highlights
It is the ultimate place to purchase the latest products and tools at
specially discounted prices, get up close and personal with on-floor
demonstrations and witness high-energy fashion runway shows
showcasing today's hottest trends and looks.

Contact
Details
The Event Manager; Long Beach Convention & Entertainment Center
Long Beach, CA 90802; Tel : (562) 436-3636; Fax : (562) 436-9491
9 Event Perfumes, Cosmetics & Design
Date 04 05, February 2015
Venue Paris Espace Champerret; Paris, France
Highlights
The area gathers the various professionals of perfume & cosmetic
packaging industry presenting their innovations. Suppliers of raw
materials, manufacturers of packaging machines, producers and
distributors of packaging systems, customized packaging manufacturers,
production and control software suppliers, materials etc.

Contact
Details
The Event Manager; Oriex Communication; Tl. +33 1 48.91.89.89 - Fax
+33 1 48.43.49.94; E-mail : congress@oriex.fr
10 Event Professional Beauty
Date 22 23, February 2015
Venue ExCeL Exhibition Centre; Royal Victoria Dock, London, UK
Highlights
It will offer almost everything related to enhancing inner and outer
beauty as well. Energetic spa treatment, nail art, medical treatment with
natural products. It will give a great platform to the numerous brands to
market their products and to reach their financial goals.

Contact
Details
The Event Manager; Professional Beauty; Trades Exhibitions Ltd;
The Plaza; 535 Kings Road; London; UK; Tel : +44 (0) 20 7351 0536;
E-mail : info@professionalbeauty.co.uk
EMISPDF in-ximbhub from 59.145.200.102 on 2014-09-19 08:01:16 BST. DownloadPDF.
Downloaded by in-ximbhub from 59.145.200.102 at 2014-09-19 08:01:16 BST. EMIS. Unauthorized Distribution Prohibited.