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MIRA INFORM REPORT
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Report No. : |
499514 |
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Report Date : |
23.03.2018 |
IDENTIFICATION DETAILS
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Name : |
FUTURE CONSUMER LIMITED (w.e.f.13.10.2016) |
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Formerly Known
As : |
FUTURE CONSUMER ENTERPRISE LIMITED (w.e.f.30.09.2013) FUTURE VENTURES INDIA LIMITED (w.e.f.07.09.2007) FUTURE VENTURES INDIA PRIVATE LIMITED (w.e.f.09.08.2007) SUBHIKSHITH FINANCE AND INVVESTMENTS PRIVATE LIMITED |
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Registered
Office : |
Knowledge House, Shyam Nagar, Off. Jogeshwari Vikhroli
Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra |
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Tel. No.: |
91-22-66442200 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
10.07.1996 |
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Com. Reg. No.: |
11-192090 |
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Capital
Investment / Paid-up Capital : |
INR 9883.624
Million |
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CIN No.: [Company Identification
No.] |
L52602MH1996PLC192090 |
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IEC No.: |
Not Divulged |
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GST No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of Sourcing,
Manufacturing, Branding, Marketing and Distribution of Fast Moving Consumer
Goods (“FMCG”), Food and Processed Food Products. [Registered Activity] |
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No. of Employees
: |
1422 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Future Consumer Limited is a part of the Future Group and distributes private label FMCG brands of the Future group (mainly Clean Mate, Care Mate, Tasty Treat and Fresh & Pure) and other brands like Sunkist and Sach, primarily through Future Group formats in urban and rural areas. For the financial year 2017, the company achieved decent growth in the revenue as compared to the previous year along with low profit margin of 0.47%. The moderate financial risk profile of the company is marked by average but improving net worth base due to equity infusion done by its promoters along with comfortable debt coverage metrics. Further, as per the quarterly financials of December 2017, the company achieved revenue of INR 6448.350 along with a profit of INR 68.414. The rating continues to derive strength from the experienced promoter group of FCL in retail sector as well as its presence across the fast moving consumer goods (FMCG) value chain – from sourcing and processing, to branding and distribution in rural and urban markets. The ratings also factor in the established private label FMCG brands of the company. Payment seems to be usually correct. In view of strong market position, the company can be
considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long term bank facilities = A |
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Rating Explanation |
Adequate degree of safety and low credit risk |
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Date |
04.10.2017 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities = A1 |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
04.10.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 23.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(Contact No: 91-22-61190000/
27841664)
LOCATIONS
|
Registered Office : |
Knowledge House, Shyam Nagar, Off. Jogeshwari Vikhroli
Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India |
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Tel. No.: |
91-22-66442200/ 27841664 |
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Fax No.: |
91-22-66442201/ 27841665 |
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E-Mail : |
investor.care@futureconsumer.in |
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Website : |
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Corporate Office : |
Tower C, 247 Park, 8th Floor, L.B.S. Marg, Vikhroli (West), Mumbai - 400083, Maharashtra, India |
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Tel. No.: |
91-22-61190000 |
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Fax No.: |
91-22-61995391 |
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E-Mail : |
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Factory 1 : |
India Food Park, Vasanthanarasapur Industrial Area, Phase – 3, Kora – Hobli District Tumkur – 572 138, Karnataka, India |
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Factory 2 : |
Plot No. D 222/1A, TTC MIDC, Shirwane, Nerul, Navi Mumbai - 400 706, Maharashtra, India |
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Factory 3 : |
Plot No. 1280, Sector-38, Phase-I, HSIIDC, Industrial Estate Rai, District Sonepat, Haryana, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Ashni Biyani Kishore |
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Designation : |
Whole-Time Director |
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Address : |
406, Jeevan Vihar, Manav Mandir Road Malabar Hill, Mumbai-400006, Maharashtra, India |
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Date of Appointment : |
15.11.2014 |
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DIN No.: |
00058775 |
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Name : |
Mr. Kishore Laxminarayan Biyani |
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Designation : |
Director |
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Address : |
406, Jeevan Vihar, Manav Mandir Road, Malabhar Hill Mumbai-400006, Maharashtra, India |
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Date of Appointment : |
08.10.2007 |
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DIN No.: |
00005740 |
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Name : |
Mr. Krishan Kant Rathi |
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Designation : |
Director |
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Address : |
B/72, Dakshina Park, Plot No.15,N.S.Road, 10th JVPD Scheme, Mumbai-400049, Maharashtra, India |
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Date of Appointment : |
15.11.2014 |
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DIN No.: |
00040094 |
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Name : |
Mr. Ghyanendra Nath Bajpai |
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Designation : |
Director |
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Address : |
131, Shaan Apartments, K.D. Marg, Prabhadevi, Mumbai-400028, Maharashtra, India |
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Date of Appointment : |
20.02.2008 |
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DIN No.: |
00946138 |
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Name : |
Frederic Charles Josse Mutien Ghislain De Mevius Baron |
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Designation : |
Director |
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Address : |
La-Falize, Rhisnes 1 La Bruyere 5080 Be |
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Date of Appointment : |
09.11.2012 |
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DIN No.: |
03359921 |
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Name : |
Mr. Adhiraj Anil Harish |
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Designation : |
Director |
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Address : |
13,C.C.I. Chambers Dinshaw Wacha Road, Churchgate, Mumbai-400020, Maharashtra, India |
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Date of Appointment : |
01.09.2015 |
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DIN No.: |
03380459 |
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Name : |
Vibha Paul Rishi |
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Designation : |
Director |
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Address : |
812 Aralias 12th Floor, Block - 8, Golf Link, DLF City – V, Gurugram-122002, Haryana, India |
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Date of Appointment : |
14.02.2012 |
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DIN No.: |
05180796 |
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Name : |
Mr. Deepak Malik |
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Designation : |
Nominee Director |
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Address : |
House 99, Meyer Road # 16-02, The Sovereign Singapore 437920 |
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Date of Appointment : |
26.04.2016 |
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DIN No.: |
00662141 |
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Name : |
Mr. Narendra Baheti |
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Designation : |
Additional Director |
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Address : |
Flat A-702, Plot 48/4 56 Govind Complex, Sector 14, Vashi, Mumbai-400703, Maharashtra, India |
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Date of Appointment : |
30.08.2016 |
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DIN No.: |
00057255 |
KEY EXECUTIVES
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Name : |
Mr. Manoj Prataprai Gagvani |
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Designation : |
Company Secretary |
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Address : |
Flat No 3A, A Block, Viceroy Court, Thakur Village, Kandivali (East) Mumbai 400101, Maharashtra, India |
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Date of Appointment : |
30.06.2008 |
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PAN No.: |
AEAPG5724P |
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Name : |
Mr. Devendra Chawla |
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Designation : |
Chief Executive Officer |
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Address : |
B-1502, BPCL Towers, Plot No. 3, Sector 46a, Seawoods, Nerul (West), Navi Mumbai-400706, Maharashtra, India |
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Date of Appointment : |
11.02.2017 |
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PAN No.: |
ABSPC4611L |
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Name : |
Mr. Ravin Mody |
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Designation : |
Chief Financial Officer |
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Address : |
A/1803 Fountain Heights, Akruli Road, Lokhandwala Township, Mumbai-400101, Maharashtra, India |
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Date of Appointment : |
27.05.2017 |
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PAN No.: |
AGDPM7632B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter &
Promoter Group |
825312807 |
44.70 |
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(B) Public |
1009433741 |
54.67 |
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(C) Non Promoter-Non
Public |
11672134 |
0.63 |
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Grand Total |
1846418682 |
100.00 |
Statement showing shareholding pattern of the Promoter and Promoter
Group
|
Category
of shareholder |
Total
nos. shares held |
Shareholding
as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
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Individuals/Hindu
undivided Family |
1,66,788 |
0.01 |
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Avni Kishorkumar Biyani (Relatives of
Promoter |
99,619 |
0.01 |
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|
Ashni Kishore Biyani (Relatives of
Promoter) |
67,169 |
0.00 |
|
|
Kishore Biyani (Promoter) |
0.00 |
|
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Any Other
(specify) |
82,51,46,019 |
44.69 |
|
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Future Enterprises Limited (Formerly
Future Retail Limited) |
100 |
0.00 |
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Future Capital Investment Private Limited |
78,13,41,955 |
42.32 |
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Central Departmental Stores Private
Limited |
100 |
0.00 |
|
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Ryka Commercial Ventures Private Limited |
100 |
0.00 |
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Srishti Mall Management Company Private
Limited |
2,94,76,462 |
1.60 |
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Suhani Trading and Investment Consultants
Private Limited |
1,43,27,302 |
0.78 |
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|
Consumer Goods trust |
0.00 |
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Sub Total A1 |
82,53,12,807 |
44.70 |
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A2) Foreign |
0.00 |
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A=A1+A2 |
82,53,12,807 |
44.70 |
|
Statement showing shareholding pattern of the Public shareholder
|
Category
& Name of the Shareholders |
Total
no. shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
|||
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|||
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|||
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B1) Institutions |
0.00 |
|
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Mutual Funds/ |
1,54,71,873 |
0.84 |
|
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Foreign
Portfolio Investors |
31,42,10,488 |
17.02 |
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Arisaig India Fund Limited |
15,15,75,560 |
8.21 |
|
|
Verlinvest SA |
14,05,13,969 |
7.61 |
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Financial
Institutions/ Banks |
49,68,335 |
0.27 |
|
|
Sub Total B1 |
33,46,50,696 |
18.12 |
|
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B2) Central
Government/ State Government(s)/ President of India |
0.00 |
|
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B3)
Non-Institutions |
0.00 |
|
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Individual share
capital upto INR 0.200 Million |
11,44,43,346 |
6.20 |
|
|
Individual share
capital in excess of INR 0.200 Million |
13,01,40,257 |
7.05 |
|
|
Any Other
(specify) |
43,01,99,442 |
23.30 |
|
|
HUF |
98,36,688 |
0.53 |
|
|
NRI – Non- Repat |
41,83,318 |
0.23 |
|
|
NRI – Repat |
95,12,673 |
0.52 |
|
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Director or Director's Relatives |
50,75,105 |
0.27 |
|
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Clearing Members |
1,74,99,277 |
0.95 |
|
|
Trusts |
1,59,500 |
0.01 |
|
|
Employees |
39,49,759 |
0.21 |
|
|
Forign Company |
14,96,57,099 |
8.11 |
|
|
Black River Food 2 PTE. Limited |
14,96,57,099 |
8.11 |
|
|
Bodies Corporate |
23,03,26,023 |
12.47 |
|
|
Bennett, Coleman and Company Limited |
9,15,80,293 |
4.96 |
|
|
Sub Total B3 |
67,47,83,045 |
36.55 |
|
|
B=B1+B2+B3 |
1,00,94,33,741 |
54.67 |
|
Statement showing
shareholding pattern of the Non Promoter- Non Public shareholder
|
Category
& Name of the Shareholders(I) |
Total
no. shares held(VII = IV+V+VI) |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2)(VIII) |
|
|
|||
|
C1) Custodian/DR
Holder |
0.00 |
|
|
|
C2) Employee
Benefit Trust |
0.00 |
|
|
|
Employee Benefit
Trust |
1,16,72,134 |
0.63 |
|
|
Sub Total C2 |
1,16,72,134 |
0.63 |
|
|
C= C1+C2 |
1,16,72,134 |
0.63 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Sourcing, Manufacturing,
Branding, Marketing and Distribution of Fast Moving Consumer Goods (“FMCG”),
Food and Processed Food Products. [Registered Activity] |
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Brand Names : |
· Nilgiris · Kara · Tropicana · Real · Pooof! · Swiss Tempelle · Kosh · Sunkist ·
Clean Mate, etc. |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1422 (Approximately) |
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Bankers : |
· IDBI Bank Limited · Kotak Mahindra Bank Limited · RBL Bank Limited · State Bank of India ·
Yes Bank Limited ·
UCO Bank |
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Facilities : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Indiabulls Finance Centre, Tower 3, 27th-32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400013, Maharashtra, India |
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Tel No: |
91-22-61854000 |
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Fax No: |
91-22-61854101 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary
Companies : |
· Aadhaar Wholesale Trading and Distribution Limited · Future Food and Products Limited · Future Consumer Products Limited · Future Food Processing Private Limited · (Formerly known as Future Personal Care and Hygiene Products Private Limited) · Star and Sitara Wellness Limited · Express Retail Services Private Limited · FCEL Overseas FZCO · FCEL Food Processors Limited (formerly known as ACK Edutainment Limited) · The Nilgiri Dairy Farm Private Limited · Appu Nutritions Private Limited · Nilgiri’s Mechanised Bakery Private Limited · Nilgiris Franchise Private Limited · Integrated Food Park Private Limited · Bloom Fruit and Vegetables Private Limited |
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Associate : |
Sarjena Foods Private Limited |
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Joint Ventures : |
· Mibelle Future Consumer Products AG · Amar Chitra Katha Private Limited · ACK Media Direct Limited · IBH Books & Magazines Distributors Limited · Aussee Oats India Private Limited · Ideas Box Entertainment Limited · Aussee Oats Milling (Private) Limited · MNS Foods Private Limited · Genoa Rice Mills Private Limited · Avante Snack Foods Private Limited · Sublime Foods Private Limited |
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|
Entities which have
significant influence over the Company : |
· Future Corporate Resources Limited (Upto 30th March 2017) · Weavette Business Ventures Limited (upto 30th March 2017) · Birthright Games and Entertainment Private Limited (upto 30th March 2017) |
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|
|
Entities controlled
by KMP and their relatives : |
· Premium Harvest Limited · Future Ideas Company Limited |
CAPITAL STRUCTURE
AFTER 31.03.2017
Authorised Capital : INR 50600.000 Million
Issued, Subscribed & Paid-up Capital : INR 11480.602
Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5650000000 |
Equity Shares |
INR 6/- each |
INR 33900.000 Million |
|
1670000000 |
Unclassified Shares |
INR 10/- each |
INR 16700.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 50600.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1662492238 |
Equity Shares |
INR 6/- each |
INR 9974.954
Million |
|
(15221634) |
Less : Shares held by ESOP trust treated as treasury shares |
|
INR 91.330
Million |
|
|
|
|
|
|
|
Total |
|
INR 9883.624 Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
9883.624 |
9875.454 |
9942.864 |
|
(b) Reserves & Surplus |
1483.125 |
(2556.562) |
(2144.042) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
11366.749 |
7318.892 |
7798.822 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1153.404 |
2217.972 |
2550.270 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
3.193 |
0.926 |
0.000 |
|
(d)
long-term provisions |
57.242 |
37.461 |
37.345 |
|
Total
Non-current Liabilities (3) |
1213.839 |
2256.359 |
2587.615 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1570.155 |
1667.616 |
2745.756 |
|
(b)
Trade payables |
1271.244 |
695.902 |
654.958 |
|
(c)
Other current liabilities |
1396.817 |
685.978 |
123.894 |
|
(d)
Short-term provisions |
58.038 |
18.293 |
25.140 |
|
Total
Current Liabilities (4) |
4296.254 |
3067.789 |
3549.748 |
|
|
|
|
|
|
TOTAL |
16876.842 |
12643.040 |
13936.185 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
494.373 |
427.797 |
289.364 |
|
(ii)
Intangible Assets |
1803.681 |
1910.263 |
1898.057 |
|
(iii)
Capital work-in-progress |
570.247 |
224.457 |
3.124 |
|
(iv) Intangible assets under development |
273.213 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
6360.290 |
5683.584 |
5584.388 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
170.404 |
108.432 |
55.171 |
|
(e)
Other Non-current assets |
137.690 |
313.172 |
267.030 |
|
Total
Non-Current Assets |
9809.898 |
8667.705 |
8097.134 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
200.000 |
1000.000 |
|
(b)
Inventories |
1415.205 |
907.423 |
811.273 |
|
(c)
Trade receivables |
2765.093 |
1434.117 |
1249.338 |
|
(d)
Cash and cash equivalents |
279.188 |
144.399 |
304.394 |
|
(e)
Short-term loans and advances |
2243.797 |
979.220 |
1022.480 |
|
(f)
Other current assets |
363.661 |
310.176 |
1451.566 |
|
Total
Current Assets |
7066.944 |
3975.335 |
5839.051 |
|
|
|
|
|
|
TOTAL |
16876.842 |
12643.040 |
13936.185 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
16449.855 |
13380.053 |
10825.539 |
|
|
|
Other Income |
344.542 |
284.732 |
365.694 |
|
|
|
TOTAL |
16794.397 |
13664.785 |
11191.233 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
370.397 |
335.103 |
142.727 |
|
|
|
Purchases of Stock-in-Trade |
14434.496 |
11371.544 |
9496.759 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(497.866) |
(84.148) |
44.057 |
|
|
|
Employees benefits expense |
667.235 |
648.643 |
588.345 |
|
|
|
Other expenses |
1198.281 |
1200.039 |
979.271 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
251.400 |
|
|
|
TOTAL |
16172.543 |
13471.181 |
11502.559 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
621.854 |
193.604 |
(311.326) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
369.886 |
628.755 |
298.706 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
251.968 |
(435.151) |
(610.032) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
172.443 |
152.460 |
327.459 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
79.525 |
(587.611) |
(937.491) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.758 |
(2.670) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
77.767 |
(584.941) |
(937.491) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
NA |
258.848 |
265.373 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
0.04 |
(0.35) |
(0.58) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1228.182 |
575.911 |
42.669 |
|
|
|
|
|
|
Cash flow from / (used in) operations |
(662.346) |
909.134 |
NA |
|
|
|
|
|
|
Net cash flow from / (used in) operating activities |
(525.624) |
888.755 |
(2087.440) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
61.35 |
39.12 |
42.12 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.95 |
9.33 |
8.67 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
31.34 |
21.70 |
24.80 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.44 |
0.21 |
(0.38) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.20 |
0.08 |
(0.14) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.40 |
0.46 |
0.44 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.35 |
0.61 |
0.68 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.38 |
0.42 |
0.46 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.28 |
0.35 |
0.28 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.68 |
0.31 |
(1.04) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
0.47 |
(4.37) |
(8.66) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.46 |
(4.63) |
(6.73) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
0.68 |
(7.99) |
(12.02) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.64 |
1.30 |
1.64 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.32 |
1.00 |
1.42 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.67 |
0.58 |
0.56 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.40 |
0.45 |
0.54 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.64 |
1.30 |
1.64 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 6.00/- |
|
|
|
|
Market Value |
INR 53.90/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
9942.864 |
9875.454 |
9883.624 |
|
Reserves & Surplus |
(2144.042) |
(2556.562) |
1483.125 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
7798.822 |
7318.892 |
11366.749 |
|
|
|
|
|
|
long-term borrowings |
2550.270 |
2217.972 |
1153.404 |
|
Short term borrowings |
2745.756 |
1667.616 |
1570.155 |
|
Current Maturities of Long term debt |
42.669 |
575.911 |
1228.182 |
|
Total
borrowings |
5338.695 |
4461.499 |
3951.741 |
|
Debt/Equity ratio |
0.685 |
0.610 |
0.348 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
10825.539 |
13380.053 |
16449.855 |
|
|
|
23.597 |
22.943 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
10825.539 |
13380.053 |
16449.855 |
|
Profit/ (Loss) |
(937.491) |
(584.941) |
77.767 |
|
|
-8.66% |
-4.37% |
0.47% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G48313449 |
100109456 |
VISTRA ITCL (INDIA) LIMITED |
15/06/2017 |
- |
- |
500000000.0 |
IL & FS FINANCIAL CENTRE, PLOT NO C22 G BLOCKBANDRA KURLA COMPLEX BANDRA EASTMUMBAIMA400051IN |
|
2 |
G32849713 |
100070851 |
STATE BANK OF INDIA |
05/01/2017 |
- |
- |
1050000000.0 |
COMMERCIAL BRANCH,N.G.N. VIDYA MARG, FORT,MUMBAIMH400001IN |
|
3 |
C79986147 |
10622098 |
IDBI BANK LIMITED |
03/02/2016 |
- |
- |
1050000000.0 |
MARIGOLD HOUSE,PLOT NO A-34,CROSS ROAD NO 2MAROL MIDC ANDHERI (E)MUMBAIMH400093IN |
|
4 |
G30912661 |
10597514 |
RBL BANK LIMITED |
21/09/2015 |
11/12/2016 |
- |
300000000.0 |
6TH FLOOR, TOWER 2B, ONE INDIA BULLS CENTRE 841SB MARG LOWER PAREL WMUMBAIMH400013IN |
|
5 |
C47758891 |
10536321 |
YES BANK LIMITED |
18/11/2014 |
10/03/2015 |
- |
1250000000.0 |
NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
6 |
G04514634 |
10536306 |
YES BANK LIMITED |
18/11/2014 |
09/05/2016 |
- |
270000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMA400018IN |
|
7 |
G06349369 |
10466677 |
KOTAK MAHINDRA BANK LIMITED |
29/11/2013 |
15/06/2016 |
- |
250000000.0 |
27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN |
|
8 |
B69522654 |
10407765 |
IDBI BANK LIMITED |
09/01/2013 |
- |
- |
100000000.0 |
IDBI TOWER, 12TH FLOOR, WORLD TRADE COMPLEX,CUFFE PARADE,MUMBAIMH400005IN |
|
9 |
B63120992 |
10389400 |
YES BANK LIMITED |
02/11/2012 |
- |
- |
300000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
10 |
B66022922 |
10299348 |
IDBI BANK LIMITED |
27/06/2011 |
09/01/2013 |
- |
750000000.0 |
1ST FLOOR, VIDEOCON TOWERE-1, JHANDEWALAN EXTENSION,NEW DELHIDL110055IN |
|
11 |
A83280446 |
10212522 |
HDFC BANK LIMITED |
27/03/2010 |
- |
- |
870000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
12 |
G47038633 |
10604616 |
CORPORATION BANK |
03/11/2015 |
- |
01/06/2017 |
35000000.0 |
VEENA CHAMBERS DALAL STREET MUMBAIMUMBAIMH400023IN |
|
13 |
G47039151 |
10443365 |
CORPORATION BANK |
28/06/2013 |
- |
01/06/2017 |
590000000.0 |
FORTMUMBAIMH400001IN |
|
14 |
G05094131 |
10536310 |
YES BANK LIMITED |
18/11/2014 |
- |
30/05/2016 |
1250000000.0 |
NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
15 |
G05094560 |
10562014 |
YES BANK LTD |
08/04/2015 |
- |
30/05/2016 |
1250000000.0 |
NEHRU CENTRE, 9TH FLOOR,DISCOVERY OF INDIA, DR. A. B. ROOD WORLIMUMBAIMH400018IN |
|
16 |
C61446571 |
10562429 |
BANK OF INDIA |
30/03/2015 |
- |
25/07/2015 |
1000000000.0 |
MUMBAI LARGE CORPORATE BRANCHORIENTAL BUILDING, GROUND FLOOR, 364 DN ROAD FORTMUMBAIMH400001IN |
|
17 |
C04798732 |
10064160 |
CENTRAL BANK OF INDIA |
09/08/2007 |
- |
09/05/2014 |
350000000.0 |
CORPORATE FINANCE BRANCH,M.M.O.BUILDING1ST FLOOR,M.G.ROAD,MUMBAIMH400023IN |
|
18 |
C01104983 |
10002563 |
HDFC BANK LIMITED |
08/03/2006 |
01/10/2008 |
21/03/2014 |
120000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
19 |
C01106350 |
10204372 |
HDFC BANK LIMITED |
23/02/2010 |
- |
21/03/2014 |
150000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
20 |
B97295273 |
10239635 |
ICICI BANK LIMITED |
04/09/2010 |
- |
19/02/2014 |
100000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
GENERAL INFORMATION
ABOUT THE COMPANY
Future Consumer Limited (“the Company”) is a Company incorporated in India on 10th July 1996, under the name “Subhikshith Finance and Investments Limited”. The name of the Company was changed to “Future Ventures India Private Limited” with effect from 9th August 2007 and it became a Public Limited Company with effect from 7th September 2007 as “Future Ventures India Limited”. The shares of the Company are listed on the National Stock Exchange Limited and BSE Limited since 10th May 2011. The name of the Company was changed to “Future Consumer Enterprise Limited” w.e.f. 30th September 2013 and then to “Future Consumer Limited” effective from 13th October 2016. The Company is engaged in the business of sourcing, manufacturing, branding, marketing and distribution of fast moving consumer goods (“FMCG”), Food and Processed Food Products in Urban and Rural India. Earlier, the Company was regulated by the Reserve Bank of India (the “RBI”) as a non-deposit taking Non-Banking Financial Company (“NBFC”). The RBI in terms of application made by the Company has vide its order passed on 21st July 2015 cancelled the Certificate of Registration granted to the Company. Consequently, the Company ceased to be an NBFC.
BUSINESS OPERATIONS
During the year, the Company has exhibited robust growth, especially under the backdrop of relatively weak growth exhibited by other industry peers. The Company offers products across categories, such as basic foods, ready to eat meals, snacks, frozen and processed food products, beverages, personal care and home care under its strong own portfolio of brands. The Company continues to focus on food and FMCG business and for developing its portfolio of brands under this category has entered into joint venture arrangements with leading market players locally as well as globally. During the year, the Company has entered into joint venture with a local unit of US organic food company Hain Celestial Group Inc. to introduce products under health and wellness category. The Company has also launched a personal care brand “Swiss Tempelle” by entering into a joint venture arrangement with Mibelle A.G., a division of Migros Group, Switzerland. Our oats business under brand “Kosh” continues to redefine the way oats is consumed by the consumers bringing it to the Centre of Plate.
The Company also joined hands and has entered into joint venture arrangement with LT Foods Limited, a leading company in India undertaking the business of rice. The Company has through a joint venture entity set up a Rice Mill at India Food Park at Tumkur, Karnataka for manufacturing, marketing and distribution of Sona Masoori, a regional South Indian rice.
During the last fiscal 2015-16, the Company had acquired the business of wet wipes and hand sanitizer wipes from Grasim Industries Limited which are primarily marketed under the brand name “Kara”. The business has shaped up well during the year and the Company has also extended the brand with the launch of nail polish wipes.
The Company has also taken significant steps to expand its distribution network both within and outside the Future Group. The product launches are extremely well supported by focused marketing initiatives and enhancement of their sourcing and manufacturing abilities.
The Company has recorded total income of INR 16794.400 Million and EBIDTA profit of INR 316.800 Million for the financial year as against total income of INR 13664.800 Million and EBIDTA loss of INR 50.800 Million in the previous financial year. In view of inadequate profits during the financial year 2016-17, no appropriation is proposed to be made towards Reserves. Save and except those mentioned in this Report, there were no material changes and commitments affecting the financial position of the Company between the end of financial year and the date of this Report.
FUTURE OUTLOOK
Indian Economy is in a good shape and is expected to grow handsomely between ~7% to 8% over coming years, making it one of the fastest growing major economies in the world. Inflation is largely expected to remain within comfortable range owing to favorable monsoon and structural initiatives by Government. Timely implementation of various Government reforms such as GST, long term positive impact of demonetization, digitalization are expected to boost the economic growth.
India continues to benefit from the growing domestic demand from the young population, whose consumption is driving the expansion of the middle class. By 2025, India is expected to become the third largest consuming class Country. Even a conservative 6% to 7% GDP growth is expected to lead to consumption expenditure rising to $4 trillion by 2025. In nominal terms, India’s consumption expenditure is estimated to grow at ~12% which is more than double the global growth rate of 5%. The growth is largely driven by rising prosperity, nuclear families and rapid urbanization witnessed in the Country. Nuclear families have been increasing in the Country over past few years. The proportion of nuclear families is expected to increase from 70% at present to 74% by 2025. Typically, nuclear families spend 20% to 30% more on per capita basis than joint families. India’s urbanization is also estimated to spread across the Country rather than being concentrated in certain areas. This may lead to creation of consumption centres throughout the Country.
The Indian branded FMCG sector, is pegged at about $65 billion and has been growing at a robust pace. It is estimated that the sector will continue to grow by 13 - 14% in the next 5 - 10 years and is likely to become a $220-240 billion industry by 2025.
INCREASE IN SHARE
CAPITAL
During the year, the Company has issued and allotted 50,50,000 equity shares of the Company to eligible employees on exercise of options granted under FVIL Employees Stock Option Scheme – 2011. The Company has also issued 100 equity shares each to Black River Food 2 Pte. Ltd. and International Finance Corporation, in terms of the preferential allotment(s) made by the Company.
Consequent to the aforesaid, the issued, subscribed and paid–up capital of the Company increased from 1,65,74,42,038 equity shares of ` 6/- each to 1,66,24,92,238 equity shares of ` 6/- each.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMY OVERVIEW
While the global economies continued to witness slow growth during the year, the Indian economy on a macro basis stayed fairly robust. India has been one of the faster growing large economies in the World with a currency that performed better in comparison to other emerging currencies in the market. During the year, the economic growth of India however was partially impacted due to weak investment environment and demonetization. Despite the short term effect of demonetization, the economy now seems to be well back on the growth trajectory. The impact due to demonetization was short lived and modest and was particularly visible in sectors involving higher proportion of cash transactions. As per the World Bank, demonetization shall assist in improving financial inclusion and increasing transparency leading to a positive long term impact in the Country. Economic growth is expected to further accelerate to 7.2% in financial year 2017-18 reaching 7.7% in 2019-20. A favorable monsoon after successive years of below normal rains and a strong urban consumption provided the necessary stimulus to the economy in 2016-17. Favorable monsoon has also helped to keep the inflation under check. Consumer Price Index, although in an upward trend, stood at 3.81% in March 2017 vs 4.83% a year ago. Inflation is expected to stabilize supported by favorable monsoon and ongoing Government initiatives. Rapid increase in fuel price, increased protectionist sentiment amongst major economies, any pro longed impact of demonetization on informal sector remain key risks to the economy. On the other hand various Government initiatives such as GST implementation, financial inclusion and other reforms provide a significant upside potential to the economic growth. India is at an inflection point with various new opportunities unfolding such as massive young workforce, rapid urbanization, political and economic stability and key structural reforms.
BUSINESS AND
PERFORMANCE OVERVIEW
Future Consumer Limited (“Company”) continues to focus on the “Fast Moving Consumer Generation”, tapping into the consumption needs and desires of this new age consumer. The Company has established its presence as an integrated food company with operations ranging from sourcing, manufacturing, branding and distribution. The Company continues to strengthen its position as an integrated food and FMCG company and has built a strong portfolio of Food and FMCG brands relevant for today’s urban and ever evolving young consumer. This portfolio of brands is well supported by two key pillars viz. strong distribution network for supplies to over 52,000 stores and expertise in the fields of sourcing and manufacturing.
It has always been endeavor of the Company to develop and build products customized to the needs of the Indian consumer rather than offering run of the mill products. Each of the product is developed after a detailed product research and development process supported by rich consumer insights that Future Group has generated over the past two decades. In the financial year 2016-17, the Company has launched products in several value-added and high margin categories, which are able to command higher price point. The Company launched its Oats brand “Kosh”, which is uniquely positioned and aligned with Indian eating habits instead of projecting oats as a packaged breakfast / snacking food. The product range includes 100% Oats Atta, Wheat Atta with Oats, Instant Oats and Broken Oats. Under the brand “Tasty Treat”, the Company started a unique trend with the launch of Indo Western fusion snacks which include four variants of new age namkeens (snacks)– Barbeque, Peri Peri, Schezwan and Wasabi. Tasty Treat’s frozen portfolio saw its product range to extend to french fries and delicious fl avors of frozen pizza. The Company has also revamped Nilgiris’ dairy portfolio which now includes five variants of rich and creamy flavored milk and yogurt. The Company has also launched exciting range of fusion drinks under the brand “Sunkist" which includes Lemon Cucumber Mint, Mojito and Orange Lemon Lime flavors.
In the Home and Personal Care space, the Company has successfully launched new brands as well as undertaken extension of its existing brands. The Company introduced a new personal care brand “Swiss Tempelle”, co-created with Switzerland’s full-service customer brand manufacturer organization Mibelle AG. “Swiss Tempelle” is an exotic fusion of beauty ingredients from India and Switzerland for the quality conscious consumers. The brand has launched products in two categories - Body Wash and Body Lotion. The brand offerings include a collection of three shower gels and three body lotions. The products are available in 800+ Modern Trade outlets across the Country and has already garnered a healthy market share in modern trade. The products are currently manufactured in Mibelle’s state-of-the-art manufacturing facilities in Switzerland. The coming fiscal will be the year of building the Swiss Tempelle product portfolio. Stellar products are proposed to be launched across multiple categories of shower gel, face wash, hand wash and hair care.
The wet wipes brand “Kara” has grown to a 23 crore+ brand in less than 2 years from 12 crore through operational excellence and product line extensions. The Company has re-engineered the packaging of “Kara” products to suit the heightened image of purity, effi cacy and to supplement the “Beauty on the go" brand proposition. To ensure freshness of wipes in larger packs and to create a resonance on the imagery quotient, the Company has launched the lid applicator packs for “Kara” wet wipes. “Kara” enhanced numeric distribution and weighted distribution across general trade and modern trade to over 20,000 outlets from 10,000+ outlets over last year.
During the year , the sensational acetone free “Kara” nail polish removal wipes were launched in four variants. These products are acetone free and has active ingredients of Olive oil, enriched with skin nourishing Vitamin E to remove nail polish, against the traditional alcohol based nail polish remover liquid. These range of products created ripples in the market and gave the Company double digit contribution in its overall sales. The brand “Kara" associated with Femina Miss India, Varun Dhawan’s style buddy campus campaign, Zoom Holi party and did massive sampling activities across 1 lakh+ consumers on Nail Polish Remover through online partner Nykaa.com and across trade through consumer promotion. In the current fi scal, the Company plans to release Kara’s TVC campaign, a 360 degree marketing program – media burst, print, radio, digital & social platform, consumer contact program and visual merchandising. During the current fi scal, the Company also plans to make new launches such as facial masks and eye make-up removal wipes.
During the year, the brand “Clean Mate”, Company’s largest brand in the Home and Personal care segment, tapped into new format stores like Easy Day. Sales momentum for the brand was maintained, as secondary sales grew from INR 550.000 Million to INR 670.000 Million. The monthly sales doubled from INR 4.000 Million to INR 8.000 Million. The category of floor cleaners registered a high growth of 40% over the last year. Listing in other formats like Star Bazaar and Bookers together contributed more than INR 10.000 Million sales to the brand. The Company also made a tie up with Saint Gobain’s subsidiary firm Grindwell Norton for providing 13,000 scrubbers free of cost for Clean Mate’s Utensil Gel launch. Several margin improvement and risk mitigation initiatives were undertaken through avenues of alternate vendor development. In the current financial year, the brand “Clean Mate” will be launched in PayTM, Amazon, Rajasthan Fair Price Shops and other retail channels. The brand will also be going through a rejuvenation in the coming year. With a new brand logo and new packaging design, the brand “Clean Mate” is all set to enter more stores and consumer households in the coming years.
The brand “Care Mate” represents warmth and care, and it plays the role of a protector and facilitator of freshness and hygiene in a consumer’s life. The brand owns the personal hygiene space through products in relevant categories such as liquid hand wash, hand sanitizer, foils and a wide range of tissues and wipes. During the year , the brand “Care Mate” saw the launch of smaller packs targeted at providing convenience to consumers and generating new trials. Distribution also saw an upswing, with the brand entering into more channels. Key categories under this brand registered a healthy growth with hand wash category growth at 53% and disposable category growth at 30%. The key focus areas for the brand “Care Mate” for the coming year will be to increase distribution through more channels, re-vamp packaging for some of the key categories, launch of innovative products and to build awareness and consumer pull for the brand.
During the year, the Company has undertaken focused initiatives to enhance brand equity of various brands under its portfolio. The Company has efficiently utilized various digital and traditional marketing channels to efficiently connect with its target consumer base. The Company ran television commercials for specific brands aimed at a much wider audience base, such as Tasty Treat (“Bhujiya Ghoom Aayi Duniya”) and Kosh (“Roti ke Pet Mein Kya Hai?”) on leading television channels. The Company also introduced “Zubaan Pe Ek Naya Tak Dhina Din” campaign in movie halls which introduced and celebrated the entire product portfolio of the Company. Social media platforms and internet were also leveraged for various new age offerings such as “Kosh”, “Desi Atta”, “Kara”, “Swiss Tempelle” etc. In store marketing, newspaper and outdoor marketing were used to effectively reach its target audience to play an important role in overall marketing strategy of the Company.
During the fiscal year 2016-17, the Company significantly enhanced its distribution network across various channels. The Company’s distribution network now spans across over 52,000 stores across various formats and channels. The Company’s products are now available across leading modern trade channels and in over 45,000 general trade stores. The Company’s distribution network now also includes an access to over 5,750 Rajasthan Fair Price Shops. Recently, the Company entered into a tie up with Indo Nissin to distribute its new age snacks through latter’s distribution network. The Company has potentially gained an access to nearly 2 lakh touch points with this arrangement. The Company’s strategy of general trade distribution via institutional tie ups has led to quick and cost efficient access without incurring significant upfront expenditure. The Company continues to focus on expanding its distribution network.
India Food Park is strengthening the Company’s existing line of established brands in the commodity and value-added space through better sourcing, warehousing, sorting, manufacturing and packaging. Various new age products such as wafer biscuits, dips and condiments, frozen snacks and vegetables are manufactured at the India Food Park. These best in class facilities have enabled the Company to foray into newer food categories such as branded fruits and vegetables, chutneys / sauces, frozen and processed food products.
Subsidiaries, Joint Ventures and Associate Companies play an important role to complete the overall offerings of the Company. These companies largely support the Company via offering manufacturing capabilities, infrastructure, strong brands and distribution network. MNS Foods Private Limited has started the production of wafflets under the brand “POOOF!” from its facility. The manufacturing facility has started operating at nearly 78% utilization in three shifts. Another subsidiary at Sri Lanka viz. Aussee Oats Milling (Private) Limited operates the facility for manufacturing of oats and oats based products and has been operating at ~10% utilization with signifi cant capacity available to support the future demand as brand gains the traction. The commercial operations for Rice Mill facilities, operated by a joint venture company Genoa Rice Mills Private Limited has been started from February 2017. During the year , the Company made a preferential issue to raise US$ 45 million from Black River Food 2 Pte. Ltd. and US$ 20 million from International Finance Corporation via issuance of Compulsorily Convertible Debentures. In fiscal year 2015-16 the Company also raised INR 670.000 Million from its promoter group entity by way of issuance of convertible warrants.
The Company has recorded an income from operations of INR 21158.400 Million and EBITDA profit of INR 206.900 Million in the year as against an income from operations of INR 17020.700 Million and EBITDA loss of INR 74.400 Million in the previous year.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
[INR
IN MILLION]
|
|
Particulars |
Quarter Ended |
Quarter ended |
Nine months
ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
1. |
Income
from operations |
|
|
|
|
|
a)
Revenue from Operations |
6448.350 |
6159.753 |
17781.065 |
|
|
b)
Other Operating Income |
108.369 |
102.106 |
299.499 |
|
|
Total
Income from Operations |
6556.719 |
6261.859 |
18080.564 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
a)
Cost of materials consumed |
117.513 |
108.083 |
312.342 |
|
|
b)
Purchase of traded goods |
5353.682 |
5481.153 |
15550.965 |
|
|
c)
Changes in inventories of finished goods, work-in-progress and traded goods |
154.201 |
(221.854) |
(372.844) |
|
|
d)
Employee benefits expense |
256.638 |
234.088 |
684.323 |
|
|
e)
Finance Cost |
123.101 |
101.989 |
330.917 |
|
|
f)
Depreciation and amortisation expense |
67.038 |
64.224 |
181.521 |
|
|
g)
Other expenses |
416.132 |
408.595 |
1176.879 |
|
|
Total
Expenses |
6488.305 |
6176.278 |
17864.103 |
|
|
|
|
|
|
|
3. |
Profit from ordinary
activities before exceptional Items (1-2) |
68.414 |
85.581 |
216.461 |
|
4. |
Exceptional
Items |
--- |
--- |
--- |
|
5. |
Profit
from ordinary activities before tax (3-4) |
68.414 |
85.581 |
216.461 |
|
6. |
Tax
expense |
|
|
|
|
|
Deferred
Tax |
--- |
--- |
--- |
|
7. |
Net
Profit for the period (5-6) |
68.414 |
85.581 |
216.461 |
|
8. |
Other
Comprehensive Income (OCI) |
|
|
|
|
|
Items
that will not be reclassified to profit or loss |
--- |
--- |
--- |
|
|
Income
tax relating to Items that will not be reclassified to profit or loss |
--- |
--- |
--- |
|
9. |
Total
Comprehensive Income [7+8] |
68.414 |
85.581 |
216.461 |
|
10. |
Paid
- up Equity Share Capital (Face
value of INR 6/- per share) |
11008.479 |
10085.469 |
11008.479 |
|
11. |
Reserves excluding
revaluation reserves as per balance sheet of previous accounting year |
|
|
|
|
12. |
Earnings Per Share (EPS)
(of INR 6/- each) not annualised |
|
|
|
|
|
a)
Basic |
0.04 |
0.05 |
0.12 |
|
|
b)
Diluted |
0.04 |
0.05 |
0.11 |
NOTES:
1)The above financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS -34 Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
2) The name of the Company has been changed from Future Consumer Enterprise
Limited to Future Consumer Limited w.e.f. October 13, 2016 does not suggest a
new line of business. Hence additional information required in terms of
regulation 33 (1)(e) of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 with regard to change
in name of a Company is not required to be given.
3) The Company is engaged in the business of Branding, Manufacturing,
Processing, Selling and Distribution of “Consumer Products” which constitutes a
single reporting segment. Hence there is no separate reportable segment as per
Indian Accounting Standard - 108 'Operating Segments'.
4) During the quarter, the Company has allotted 149,656,999 equity shares to
Black River Food 2 Pte. Ltd., consequent to conversion of Compulsorily
Convertible Debentures and coupon thereon, at a conversion price of INR 22.73
per share.
5) The above results were reviewed by the Audit Committee and approved by the
Board of Directors at their meeting held on February 8, 2018. The above results
have been subjected to Limited Review by the statutory auditors.
6) The financial results will be available on the Company's website -
www.futureconsumer.in, and on the website of BSE (www.bseindia.com) and NSE (www.nseindia.com).
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the company not acknowledged as debt* |
5.566 |
6.105 |
|
Disputed Income Tax Demands |
201.758 |
201.758 |
|
Disputed Sales Tax and Excise Matters |
6.674 |
3.693 |
|
Corporate Guarantees issued to banks and financial institutions. (Loans Outstanding as at 31st March 2017 INR 1262.559 Million; Previous year INR 1406.730 Million) |
1961.963 |
1640.504 |
|
* Does not include cases where liability is not ascertainable. Future
cash outflows in respect of the above matters are determinable only on
receipt of judgement/ decisions pending at various forums/authorities. |
||
FIXED ASSETS:
·
Freehold Land
·
Building
·
Office Equipment
·
Computers
·
Furniture & Fixtures
·
Vehicles
·
Plant & Machinery
·
Leasehold improvements
·
Brands, Brand Usage Rights and TradeMarks
·
Software
PRESS RELEASES:
CDC BACKS FUTURE CONSUMER WITH DEBT FUNDING
16 February, 2018
Kishore Biyani-led Future Consumer Ltd is raising INR 2000.000 Million ($31 million) through non-convertible debentures from UK-based development finance institution CDC Group Plc. to finance its capex and long-term working capital requirements.
The funding, which has a tenure of seven years, will have lower cash-coupon rates for the first two years, the company said in a disclosure. The repayments will start after three years.
CDC typically takes a flexible approach to investments, and provides capital for equity, debt, mezzanine funding and guarantees, to meet the needs of businesses. Globally, the firm has £4.8 billion ($6.8 billion) in net assets, and has been investing in India since 1987.
CDC will also help Future Consumer explore, evaluate and implement projects to enhance their impact by providing support across the company’s network of smallholder farmers, suppliers and customers.
“CDC joins other marquee institutional investors, such as International Finance Corporation and Proterra Partners, who have recently partnered in the growth journey of our company. As an integrated farm-to-plate company, we at Future Consumer responsibly impact the life of farmers, producer groups, consumers and every stakeholder in our ecosystem. We, along with CDC, plan to work towards the furtherance of this agenda,” said Biyani, the vice-chairman of Future Consumer.
The company has posted revenues of INR 6450.000 Million in the third quarter of 2017-18, and registered 52% year-on-year growth. Its net profit was at INR 69.000 Million, which is a fivefold increase from the year-ago period.
“By providing long-term finance, we are delighted to support FCL’s ambitious growth, and develop a long-term partnership with them to develop a range of programmes that will improve sustainability,” said Srini Nagarajan, managing director and head of South Asia, CDC.
“We will join forces to help improve the livelihoods of the more than 19,000 smallholder farmers across FCL’s network,” he added.
In 2016, International Finance Corporation had infused $20 million (then INR 1340.000 Million) through equity-linked instruments in the company. IFC, the private-sector investment arm of the World Bank, invested via compulsorily convertible debentures and equity shares.
Future Consumer is part of retail entrepreneur Kishore Biyani-led Future Group. Its products include processed and frozen food, dairy and bakery items, juices, snacks and biscuits, besides rice, wheat, spices, pulses and sugar.
KISHORE BIYANI-LED FUTURE CONSUMER FORMS JV WITH EK SONS AGRO FOODS
Oct 17 2017
Future Consumer signs a pact to set up a JV with EK Sons Agro Foods to manufacture, market, sell, source, and distribute the company’s flour products.
Mumbai: Kishore Biyani-led packaged consumer goods firm Future Consumer Ltd has set up a joint venture with EK Sons Agro Foods Limited, the company said in a stock exchange filing on Tuesday.
Future Consumer has signed a pact to set up a 50-50 JV with the Karnataka firm to manufacture, market, sell, source, and distribute the company’s flour products, including wheat atta, sooji, maida, and bran, the company said in the filing.
As part of the agreement, both companies will have the right to nominate two directors each to the board of the JV firm.
Future Consumer sells flour under the brands Kosh and Desi Atta Company. EK Sons makes and distributes wheat and other products under the brand ‘Dilkush’.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.06 |
|
UK Pound |
1 |
INR 92.06 |
|
Euro |
1 |
INR 80.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKY |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.