Shoppers Stop Presentation Final Copy

8/2/2019 Shoppers Stop Presentation Final Copy

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Mar '09 % of sales Mar '10 % of sales Mar '11 % of sales

Rs. Crore Rs. Crore Rs. Crore

Income

Sales Turnover 1327.51 100.00 1568.37 100.00 1929.00 100.00Excise Duty 0.00 0.00 0.00 0.00 0.00 0.00

Net Sales 1327.51 100.00 1568.37 100.00 1929.00 100.00

Other Income -18.70 -1.41 8.18 0.52 9.13 0.47

Stock Adjustments -24.90 -1.88 4.91 0.31 1.24 0.06

Total Income 1283.91 96.72 1581.46 100.83 1939.37 100.54

Expenditure

Raw Materials 787.09 59.29 899.73 57.37 1096.92 56.86

Power & Fuel Cost 0.00 0.00 0.00 0.00 0.00 0.00

Employee Cost 87.11 6.56 87.59 5.58 98.98 5.13

Other Manufacturing Expenses 14.91 1.12 104.16 6.64 135.92 7.05Selling and Admin Expenses 147.05 11.08 149.45 9.53 183.87 9.53

Miscellaneous Expenses 86.82 6.54 76.20 4.86 112.03 5.81

Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00 0.00

Total Expenses 1122.98 84.59 1317.13 83.98 1627.72 84.38

Operating Profit 179.63 13.53 256.15 16.33 302.52 15.68

PBDIT 160.93 12.12 264.33 16.85 311.65 16.16

Interest 155.64 11.72 160.11 10.21 166.83 8.65

PBDT 5.29 0.40 104.22 6.65 144.82 7.51

Depreciation 63.13 4.76 31.031.98

31.001.61

Other Written Off 0.00 0.00 0.00 0.00 0.00 0.00

Profit Before Tax -57.84 -4.36 73.19 4.67 113.82 5.90

Extra-ordinary items 0.00 0.00 -1.84 -0.12 0.00 0.00

PBT (Post Extra-ord Items) -57.84 -4.36 71.35 4.55 113.82 5.90

Tax 5.89 0.44 21.13 1.35 38.65 2.00

Reported Net Profit -63.72 -4.80 50.23 3.20 75.18 3.90

Total Value Addition 335.88 25.30 417.40 26.61 530.81 27.52

Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00

Equity Dividend 0.00 0.00 5.24 0.33 6.16 0.32

Corporate Dividend Tax 0.00 0.00 0.87 0.06 0.80 0.04

Shares in issue (lakhs) 348.66 349.14 821.67

shares in issue (crores) 3.49 3.49 8.22

Earning Per Share (Rs) -18.28 14.39 9.15

Profit & Loss accountCommon Size Statement


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Equity Dividend (%) 0.00 15.00 15.00

Book Value (Rs) 66.85 79.67 72.79


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Mar '09 Mar '10 Mar '11

100.00 118.14 145.31

100.00 118.14 145.31

100.00 143.74 148.82

100.00 119.72 104.98

100.00 123.18 151.05

100.00 114.31 139.36

100.00 100.55 113.63

100.00 698.59 911.60

100.00 101.63 125.04

100.00 87.77 129.04

100.00 117.29 144.95

100.00 142.60 168.41

100.00 164.25 193.66

100.00 102.87 107.19

100.00 1970.13 2737.62

100.00 49.15 49.11

100.00 226.54 296.78

100.00 223.36 296.78

100.00 358.74 656.20

100.00 178.83 217.98

100.00 124.27 158.04

100.00 100.14 235.67

100.00 178.72 150.05

Trend Analysis


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Mar '09 Comparative Mar '10 Comparative Mar '11 Comparative

Rs. Crore Rs. Crore Rs. Crore

Sources Of Funds

Total Share Capital 34.87 7.91 34.91 6.98 41.08 5.50

Equity Share Capital 34.87 7.91 34.91 6.98 41.08 5.50

Share Application Money 0.00 0.00 30.72 6.14 0.00 0.00

Preference Share Capital 0.00 0.00 0.00 0.00 0.00 0.00

Reserves 198.22 44.96 243.26 48.62 557.02 74.59

Revaluation Reserves 0.00 0.00 0.00 0.00 0.00 0.00

Networth 233.09 52.87 308.89 61.74 598.10 80.09

Secured Loans 178.22 40.43 176.41 35.26 128.72 17.24

Unsecured Loans 29.54 6.70 15.00 3.00 20.00 2.68

Total Debt 207.76 47.13 191.41 38.26 148.72 19.91

Total Liabilities 440.85 100.00 500.30 100.00 746.82 100.00

Application Of Funds

Gross Block 403.45 91.51 457.66 91.48 505.64 67.71

Less: Accum. Depreciation 167.94 38.09 186.66 37.31 193.50 25.91

Net Block 235.51 53.42 271.00 54.17 312.14 41.80

Capital Work in Progress 23.23 5.27 27.68 5.53 44.65 5.98

Investments 97.45 22.10 119.67 23.92 237.19 31.76

Inventories 144.98 32.88 149.89 29.96 151.14 20.24

Sundry Debtors 11.30 2.56 10.91 2.18 16.01 2.14

Cash and Bank Balance 15.53 3.52 2.81 0.56 2.36 0.32

Total Current Assets 171.81 38.97 163.61 32.70 169.51 22.70

Loans and Advances 203.71 46.21 222.58 44.49 284.32 38.07

Fixed Deposits 0.20 0.05 0.23 0.05 0.25 0.03

Total CA, Loans & Advances 375.72 85.22 386.42 77.24 454.08 60.80

Deffered Credit 0.00 0.00 0.00 0.00 0.00 0.00

Current Liabilities 264.72 60.04 269.66 53.90 291.69 39.06

Provisions 26.32 5.97 34.80 6.96 9.55 1.28

Total CL & Provisions 291.04 66.01 304.46 60.85 301.24 40.34

Net Current Assets 84.68 19.21 81.96 16.38 152.84 20.47

Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00 0.00Total Assets 440.87 100.00 500.31 100.00 746.82 100.00

Contingent Liabilities 81.68 77.69 53.91

Book Value (Rs) 66.85 79.67 72.79

Common Size Statement

Balance Sheet


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Mar '09 Mar '10 Mar '11

100.00 100.11 117.81

100.00 100.11 117.81

100.00 122.72 281.01

100.00 132.52 256.60

100.00 98.98 72.23

100.00 50.78 67.70

100.00 92.13 71.58

100.00 113.49 169.40

100.00 113.44 125.33

100.00 111.15 115.22

100.00 115.07 132.54

100.00 119.16 192.21

100.00 122.80 243.40

100.00 103.39 104.25

100.00 96.55 141.68

100.00 18.09 15.20

100.00 95.23 98.66

100.00 109.26 139.57

100.00 115.00 125.00

100.00 102.85 120.86

100.00 101.87 110.19

100.00 132.22 36.28

100.00 104.61 103.50

100.00 96.79 180.49

100.00 113.48 169.40

100.00 95.12 66.00

100.00 119.18 108.89

Trend Analysis


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Cash FLOW (figures in lakhs) 2009 2010 2011

Cash flow from operating activities

Net Profit/Loss before tax -6435.7 6567.03 11382.58

Adjustment for:

Depreciation,Amortisation 6313.1 3102.54 3099.88

Interest & Finance charges 2560.3 2244.35 1453.77

Provision of diminution in value of investments 2.55 NIL NILProfit/Loss on sale of fixed assets(net) 178.6 -147.29 -37.22

Amortisation of Stock compensation 5.3 NIL NIL

Dividend received NIL NIL -125.72

Interest income -582.1 -375.4 -720.21

Operating Profit before Working Capital changes 4525.9 11391.23 15053.08

Adjustment for:

Trade & other receivables(other than lease deposits) -1180.82 1021.45 -970.08

Lease deposits(net) -830.9 213.63 -341.58

Inventories 2489.5 -491.22 -2449.4

Trade & other payables 5802.45 -282.62 5525.19

Cash generated from operations 10806.13 11852.47 16817.21

Income Tax paid -706.1 -1626.81 3093.68

Net Cash from operating activities 10100.03 10225.66 13723.53

Cash flow from investing activities

Purchase of fixed assets -8569.6 -7300.13 -11314.1

Sale of fixed assets 242.6 655.01 188.82

Loans & Advances to subsidiaries NIL -3960.44 -8587.06

Loans & Advances to associates NIL -1164.9 NIL

Investment in subsidiaries NIL -950 -11361.3

Investment in joint ventures NIL -1272.89 -390.57Other Investment made -1672.37 NIL NIL

Interest received 582.1 373.57 722.13

Consideration received on tranfer of Crossword business NIL NIL 2000

Net Cash from investing activities -9417.27 -11290 -28742.1

Cash flow from financing activities

Issue of share capital 0.4 4.83 616.91

Securities premium on issue of share capital 4.8 91.92 21484.3

Issue of optionally convertible warrants NIL 3071.8 NIL

Dividend & dividend tax paid -611.7 NIL -610.71Proceeds from long term borrowings 12017.4 NIL 2000

Repayment of long term borrowings -9924.18 -2349.33 -9668.12

Short term loans 1500 -282.76 4105.49

Loans from subsidiaries NIL 1500 1980

Repayment of loan to subsidiaries NIL NIL -3480

Interest & finance charges paid -2560.3 -2244.35 -1453.77

Net Cash from financing activities 316.42 -207.89 14974.1


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Cash/Cash equivalent at the end of the year 999.18 -1272.21 -44.42

Closing Balance of Cash 1553.05 280.84 236.42

(-) Opening Balance of Cash 553.87 1553.05 280.84

999.18 -1272.21 -44.42


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Shoppers Stop

Previous

Years

Consolidated

Quarterly Results

----------------

-- in Rs. Cr.

----------------

--

Dec '11 Sep '11 Jun '11 Mar '11 Dec '10

Sales Turnover 744.68 716.03 593.31 620.94 649.81

Other Income 0.52 3.21 0.13 0.06 0.07

Total Income 745.2 719.23 593.44 621 649.88

Total Expenses 710.29 683.92 579.4 590.82 607.22

Operating Profit 34.39 32.11 13.91 30.12 42.59

Profit On Sale Of

Assets -- -- -- -- --

Profit On Sale Of

Investments -- -- -- -- --

Gain/Loss On Foreign

Exchange -- -- -- -- --

VRS Adjustment -- -- -- -- --

Other Extraordinary

Income/Expenses -- -- -- -- --

Total Extraordinary


Tax On Extraordinary

Items -- -- -- -- --

Net Extra Ordinary


Gross Profit 34.91 35.32 14.04 30.18 42.66

Interest 12.07 10.08 8 8.54 6.79

PBDT 22.84 25.23 6.03 21.64 35.87

Depreciation 15.16 14.45 13.33 13.98 13.64

Depreciation On

Revaluation Of Assets -- -- -- -- --

PBT 7.68 10.78 -7.3 7.66 22.23

Tax 10.36 9.47 5.81 8.82 14.65

Prior Years


Net Profit -2.68 1.31 -13.11 -1.16 7.58Minority Interest 12.02 8.92 11.59 8.88 8.96

Share Of P/L Of

Associates -- -- -- -- --

Net P/L After Minority

Interest & Share Of

Associates 9.34 10.23 -1.52 7.72 16.54

Depreciation for

Previous Years Written

Back/ Provided -- -- -- -- --


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Dividend -- -- -- -- --

Dividend Tax -- -- -- -- --

Dividend (%) -- -- -- -- --

Earnings Per Share -- 0.16 -- -- 0.92

Book Value -- -- -- -- --

Equity 41.24 41.24 41.11 41.08 41.07

Reserves -- -- -- -- --Face Value 5 5 5 5 5


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SR NO RATIO 2008-09 2009-10

LIQUIDITY RATIO

CURRENT RATIO 172/291 164/304

0.6:1 0.5:1

SOLVENCY RATIOS

DEBT EQUITY RATIO 208/233 191/309

0.89:1 0.62:1

PROPREITORY RATIO 233/441 309/500

0.53 0.62

CAPITAL GEARING RATIO 208/233 191/309

0.89:1 0.62:1

PROFITABILITY RATIONET PROFIT RATIO 50.23/1568

3.19%

OPERATING PROFIT RATIO 179.63/1328*100 256.15/1568*100

13.53% 16.34%

RETURN ON CAPITAL EMPLOYED 161/441*100 264/500*100

36.50% 53%


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2010-11 Ideal ratio

170/301 2:01

0.6:1

149/598 1:01

0.25:1

598/747 ABOVE 0.5

0.80

149/598

0.25:1

75.18/1929 HIGHER THE

BETTER

3.89%

302.52/1929*100 HIGHER THE

BETTER

15.68%

312/747*100

41.80%


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Comments

shoppers stop is moderately liquid to pay its current obligation in time

shoppers stop does not depend much on outsiders for its existance

in the third year ratio is decreasin ( because co has made more

reserves)

the propritory ratio is above 0.5 that means there is no greater riskto the company

the ratio is not highly geared that means shoppers stop has

low borrowed funds and more net worth / equity

firm is not earning much profit

firm is earning enough operating profit to cover its operating

expense

this ratio shows reln bet total profits and total investment made

by co.


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PARTICULARS 2009 2010

TURNOVER RATIOS:-

Stock Turnover Ratio=COGS/AVG.STOCK 8.14 10.71

Working Capital Turnover Ratio=NET SALES/W.C 15.68 19.14Fixed Assets Turnover Ratio=SALES/F.A 5.64 5.79

Debtors Turnover Ratio=NET CR.SALES/AVG. RECEIVABLES 135.18 141.17

Debtors' Collection Period=NO. OF DAYS IN A YEAR/DEBTORS TURNOVER 2.66 2.55

Creditors Turnover Ratio= CR.PURCHASES/ AVG. ACCOUNTS PAYABLE 3.53 3.48

Creditors' Collection Period=NO. OF DAYS IN A YEAR/CREDITORS T.R 102.00 103.33

Total Assets Turnover Ratio=SALES/TOTAL ASSETS 5.64 5.79

Capital Turnover Ratio=SALES/CAPITAL EMPLOYED 3.01 3.13

INVESTOR RATIOS:-

EPS=PAT & PREF. DIVD./NO. OF EQUITY SHARES N/A 14.35

P/E Ratio=MARKET PRICE PER SHARE/ EPS N/A 13.87Dividend Payout Ratio=DIVIDEND PAID PER SHARE/EPS N/A 0.14

RATIO ANALYSIS


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18/27

The company started recording profits, which resulted in them paying off their Long Term Debts. Apart from this, they have also start

SS deals mainly in cash sales, hence debtors collection period is as low as 2-3 days

Rise in P/E shows market's confidence in the stock and also implies that the the MP of the stock should shoot up in the future due to hi


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ing more credit to their debtors thereby increasing their loans and advances, hence a low working capital TO ratio

profits.


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Balance Sheet

------------------- in Rs. Cr. ---

----------------

---------------

---- in Rs.

Cr. ----------

---------

---------------

---- in Rs.

Cr. ----------

---------

---------------

---- in Rs.

Cr. ----------

---------

---------------

---- in Rs.

Cr. ----------

---------

Shoppers Stop

Pantaloon

Ret Trent

Kewal

Kiran Provogue

Mar '11 Jun '11 Mar '11 Mar '11 Mar '11

Total Share Capital 41.08 106.9 35.96 12.33 22.87

Equity Share Capital 41.08 43.42 20.06 12.33 22.87

Share Application

Money 0 100 0 0 0

Preference Share

Capital 0 63.48 15.9 0 0Reserves 557.02 2,671.23 1,045.99 185.43 709.81

Revaluation

Reserves 0 0 0 0 0

Networth 598.1 2,878.13 1,081.95 197.76 732.68

Secured Loans 128.72 1,675.89 100 5.57 239.54

Unsecured Loans 20 497.23 175 0 6.7

Total Debt 148.72 2,173.12 275 5.57 246.24

Total Liabilities 746.82 5,051.25 1,356.95 203.33 978.92

Shoppers Stop

Pantaloon

Ret Trent

Kewal

Kiran Provogue


Gross Block 505.64 1,877.66 330.19 67.26 105.33

Less: Accum.

Depreciation 193.5 410.64 66.27 26.69 39.28

Net Block 312.14 1,467.02 263.92 40.57 66.05

Capital Work in

Progress 44.65 100.13 27.83 2.15 0.36

Investments 237.19 2,255.41 424.97 26.85 290.18

Inventories 151.14 1,762.20 130.57 36.81 271.88

Sundry Debtors 16.01 185.24 6.66 29.81 171.46Cash and Bank

Balance 2.36 76.38 13.41 2.06 11.63

Total Current Assets 169.51 2,023.82 150.64 68.68 454.97

Loans and Advances 284.32 497.96 495.14 20.34 225.69

Fixed Deposits 0.25 9.39 286.94 93.29 8.31

Sources Of Funds

Application Of Funds


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Total CA, Loans &

Advances 454.08 2,531.17 932.72 182.31 688.97

Deffered Credit 0 0 0 0 0

Current Liabilities 291.69 1,272.56 153.71 30.44 62.69

Provisions 9.55 29.92 138.77 18.11 3.95

Total CL & Provisions 301.24 1,302.48 292.48 48.55 66.64

Net Current Assets 152.84 1,228.69 640.24 133.76 622.33

Miscellaneous

Expenses 0 0 0 0 0

Total Assets 746.82 5,051.25 1,356.96 203.33 978.92

Contingent Liabilities 53.91 934.45 55.84 1.51 45.34

Book Value (Rs) 72.79 125.06 531.51 160.45 64.07


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Profit & Loss account

-------------------

in Rs. Cr. ---------

Shoppers Stop Pantaloon Ret Trent Kewal Kiran Provogue


Sales Turnover 1,929.00 4,325.57 686.15 236.99 562.4

Excise Duty 0 0.16 0 2.71 0.13

Net Sales 1,929.00 4,325.41 686.15 234.28 562.27

Other Income 9.13 10.35 79.05 8.67 10.27

Stock Adjustments 1.24 494.15 34.71 11.72 4.36

Total Income 1,939.37 4,829.91 799.91 254.67 576.9

Raw Materials 1,096.92 3,163.98 373.14 99.51 381.22

Power & Fuel Cost 0 71.44 23.88 3.11 0.36

Employee Cost 98.98 222.55 55.49 26.13 18.22

Other Manufacturing

Expenses 135.92 13.81 4.79 13.62 27.88

Selling and Admin

Expenses 183.87 771.16 181.35 32.36 58.93

Miscellaneous Expenses 112.03 137.48 75.01 2.9 9.92

Preoperative Exp

Capitalised 0 0 0 0 0

Total Expenses 1,627.72 4,380.42 713.66 177.63 496.53

Shoppers Stop Pantaloon Ret Trent Kewal Kiran Provogue


Operating Profit 302.52 439.14 7.2 68.37 70.1

PBDIT 311.65 449.49 86.25 77.04 80.37

Interest 166.83 187.83 12.3 2.06 26.04

PBDT 144.82 261.66 73.95 74.98 54.33

Depreciation 31 146.37 13.63 5.73 11.93

Other Written Off 0 0 0 0 0

Profit Before Tax 113.82 115.29 60.32 69.25 42.4

Extra-ordinary items 0 -1.92 -0.08 -0.11 -0.44

PBT (Post Extra-ord

Items) 113.82 113.37 60.24 69.14 41.96

Tax 38.65 36.54 17.23 22.91 8.56

Reported Net Profit 75.18 78.75 43.04 46.23 33.41

Total Value Addition 530.81 1,216.44 340.5 78.1 115.3

Preference Dividend 0 0.01 0.01 0 0

Equity Dividend 6.16 20.27 15.06 20.34 2.86

Income

Expenditure


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Shoppers Stop Presentation Final Copy

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