RCL Retail Limited - Bombay Stock · PDF fileRCL Retail Limited Industry: ... Modern retail...
Transcript of RCL Retail Limited - Bombay Stock · PDF fileRCL Retail Limited Industry: ... Modern retail...
RCL Retail Limited
Initiative of the BSE Investors’ Protection Fund Page | 1
RCL Retail Limited Industry: Retail
RCL Retail Limited
•RetailSector
•September 29, 2010Date of Incorporation
•84/85, Wall Tax Road, 2nd Floor, Chennai - 600 003Registered Office
•Nitesh LodhaManaging Director
•M.DevendiranCompany Secretary
•M/s Krishnan & GiriAuditor
•www.rclretail.comWebsite
25.04
74.96
Promoters
Public & others
Post-issueSource: Company DRHP
The company entered into the world of food products by
venturing into trading operations of ready-to-eat snacks,
namkeens, bakery products through their captioned
retail stores in 2010.
The company operates two retail outlets in Chennai.
Their products are supplied by RCL Foods Ltd — their
group company and also other food manufacturers.
Going forward, the company has plans to expand the
areas of operations by setting up a processing unit with
the facility of processing food grains, pulses and retailing
under the brand name of RCL. The company also plans
to expand geographically by adding eight stores in and
around Chennai.
As a retailer of food items, their endeavor is to offer
one-stop shop for various kinds of snacks with
consistency in taste.
In a short span of one year, the company is able to
achieve a turnover of Rs. 642 lakh in the first full year of
operations.
Business Summary (Key Business Highlights)
No. of Shares Outstanding prior to issue
No. of Shares offered
a. Reserved for Promoters 2,410,000
b. Reserved for Market Makers 295,000
c. Net issue to the Public 3,090,000
Total 57,95,000
Equity Shares outstanding after the issue
Minimum Application Size (No. of Shares)
a. For QIB and NII
b. For Retail Individuals
Face Value (in Rs.) 10
Issue Price (in Rs.) 10
Issue Size (in Rs.) 57,95,000
Book Value per Share (in Rs.) 10.12
Issue Details
Background & History
Shareholding Pattern as on March 2012 (in %)
The company was incorporated initially as RCL Private Limited on September 29, 2010 with the Registrar of Companies, Chennai. On April 5, 2011, the company was converted into a public limited entity and changed its name to RCL Retail Limited. It obtained a fresh certificate of incorporation from the Registrar of Companies, Chennai and a Certificate for Commencement of Business was also issued.The company is engaged in the business of trading of ready-to-eat snacks, fryums, bakery products, cookies, confectioneries, namkeens, chutneys, mouth-fresheners, juices, mobile food. The company operates through two well-furnished retail stores located in Chennai and also has plans to add eight more retail outlets under their brand, RCL, in and around Chennai. The rising demand of food products which the company trades and the density of population is the thrust for the expansion plan.
Background & History
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RCL RETAIL LIMITED
Relevant Parties
Lead Manager Guiness Merchant Bankers Private Limited
Merchant Banker Guiness Merchant Bankers Private Limited
Underwriter Guiness Merchant Bankers Private Limited Guiness Securities Limited
Market Maker Guiness Securities Limited
Registrar Cameo Corporate Services Limited
The company intends to increase its scale of operations by
opening up eight new retail outlets across Chennai and
strengthen its capital base to the tune of Rs. 579.50 lakh
raised from the issue.
The company proposes to diversify and integrate their
operations by setting up a food grain processing unit at
Thiruvallur district in Tamil Nadu measuring approximately
1.50 acres. It proposes to procure bulk quantity of raw
pulses etc from farmers and agents and process as per the
variety of pulses/gram in ready-to-pack form.
The company proposes to utilize an amount of Rs. 12 lakh
out of the total proceeds of the issue towards payment of
security deposit for proposed eight retail outlets.
What Drives the Company for Getting Listed?
Enhancing the status and financial standing of the
company.
Increasing customer base for the products.
Building brand visibility, which will enable future
growth opportunities.
Gaining access to additional fund raising in future by
means of issuing new shares.
Strengthening supply-chain management.
Company’s Expectations from Listing Underwriting Commitment
Underwriter Guiness Merchant
Bankers Private Limited
Guiness Securities Limited
No. of Shares Underwritten
30,90,000 2,95,000
Amount Underwritten (Rs. In Lakhs)
309.00 29.50
% Underwritten 91.29 8.71
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RCL RETAIL LIMITED
Rs. (lakh) FY2012 FY2011
Revenue 666.68 90.56
Growth (%) 636.17% -
EBITDA 27.22 4.93
EBITDA Margin (%) 4.08 5.44
Net Profit (NP) 7.46 2.10
NP Margin (%) 1.12 2.32
EPS (diluted) 0.13 0.08
ROCE (%) 1.33 0.76
RONW (%) 1.78 1.52
P/BV 2.17 2.22
Note: Q3FY12 and FY12 figures are not comparable
The company achieved revenue of Rs. 666.68 lakh in
FY12, compared to Rs. 90.56 lakh in FY11, marking a
growth rate of 636.17%.
EBITDA margins slumped due to ten-fold increase in
employee costs and increase in other expenses.
Rise in the share of purchases as a percentage of total
revenue also impacted EBITDA margins.
Debt servicing also increased substantially in FY12.
The same had a cascading effect on the net margins as
well, which slumped to 1.12% in FY12.
Indian Retail Industry The Indian retail market (according to the Indian Retail Report) has been witnessing consistent growth over the last few
years, maintaining its share of around 30% of GDP at current prices. The organised market is growing at a CAGR of 27.69%
and is expected to touch Rs. 2,06,500 crore in 2011-12.
Modern retail has entered India through shopping centres, multi-storied malls and huge complexes, offering shopping,
entertainment and food under one roof, especially in Metro cities. The increasing numbers of nuclear families, easy
financing options, increase in the number of working women and emerging opportunities in the service sector during the
past few years have been the key growth drivers for the organised retail sector in India.
Food Sector in India - Overview India is one of the world’s largest producers as well as consumers of food products and the sector plays an important role in
the Indian economy. According to a FICCI Survey on Challenges in Food Processing Sector, the Indian domestic food market is
expected to grow by nearly 40% of the current market size by 2015, to touch $258 billion by 2015. With a population of
more than one billion individuals and food constituting a major part of the consumer’s budget, this sector has gained
prominence in the country. Moreover, the importance of this sector to India’s economy becomes all the more relevant
considering the fact that this sector continued to perform well despite fall in GDP numbers and poor performance by many
other industries, during recession in 2008-09.
Departmental Stores
The concept of departmentalization in the current scenario helps the retailer to compete with specialists. For instance, a
store that sells Fast Moving Consumer Goods (FMCG), would do well to clearly define the different departments. In doing
so, the retailer is able to create a whole new shopping environment, which evokes a targeted emotion from the shopper. A
consumer’s feelings about the quality associated with a store’s product assortment can be manipulated by the way in which
the items are presented. The ability to centralize operations have a complete and updated status of inventory and get an
exact reading of items purchased are a few examples of information that can be generated by computerized point-of-sale
systems.
Industry Analysis
Financial Snapshot
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RCL RETAIL LIMITED
Snack Foods Market in India The size of the Indian snack food market is estimated at approximately $300 million at present. Unorganized small
companies with a localized presence dominate the snack foods market in India but in recent years the organized branded
products market size has grown significantly. Potato chips constitute the major segment among a wide range of local
snacks available.
Ready-To-Eat Food
The popularity of ready-to-eat packs has become very common among the households and people are demanding value
for their money in terms of quality and variety. Corroborating this trend, Euro-monitor International, a market research
company, said that the amount of money Indians spend on meals outside home has more than doubled in the past
decade, to about $5 billion a year and is expected to double again in about half that time. The industry is estimated to
grow between 9 and 12% on the basis of an estimated GDP growth rate of 6-8%, during the tenth Five-Year Plan period.
Value addition of food products is expected to increase from the current 8% to 35% by the end of 2025.
The Confederation of Indian Industry (CII) has estimated that the food processing sector has the potential of attracting Rs.
1,50,000 crore ($33 billion) of investment in 10 years. The Government has formulated and implemented several schemes
to provide financial assistance for setting up and modernising of food processing units, creation of infrastructure, support
for research and development and human resource development. (Source: Food Processing Industry in India / www.mofpi.nic.in )
Source: Company DRHP
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RCL RETAIL LIMITED
Key Drivers of the Industry
Key Drivers of
the Industry
Increasing number of
nuclear families
Continuous rise in the number
of working women
Advertisement & Media have
increased consumer
awarness on variety of
ready-to-eat snacks
Rising disposable
income with changing lifestyles
Huge scope for exports as Indian snacks
are well received in
other countries
Population growth backed by favourable demographics
Michael Porter’s “Five Forces” Analysis
Rivalry among Existing Competitors
RCL Retail has competition both from the organized as well as unorganized sector. Small as well as large players both exist in the same market.
Threats of New Entrants
Food business is thriving in India because of huge population base of younger generation with different tastes and disposable incomes. So new entrants are attracted.
Threats of Substitutes
Many customers satisfy their appetizers from small-time local sellers who cater food of their traditional flavour and taste which prove as substitute for big firms.
Bargaining Power of
Supplier
As the company turned operational in the last two years, RCL Retail possesses fairly moderate bargaining capacity in the market. However, with the promoters’ rich expertise in the field, the scope for bargaining may turned positive over a period of time.
Bargaining Power of
Customers
As the industry is highly fragmented, the customers have wide options in the ready-to-eat snacks of their choice.
High
High
High
Medium
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Limited History of Operations - The company commenced business as RCL Retail Ltd. on April 5, 2011 with two retail outlets in Chennai venturing into trading operations of ready-to-eat snacks, namkeens, chutneys, etc. It also proposed to add eight more retail outlets in the same city. Since the company is a new start-up, it is challenging to earn recognition among the customers and establish brand name in the market. As a retailer of food items, its endeavor is to offer one-stop shop for various kinds of snacks. Its operations are centered in Chennai and offer consumers various products popular in Rajasthan, Gujarat and North India.
Corporate Governance – The company is committed to good corporate governance practices based on the principles
such as accountability, transparency in dealings with the stakeholders and emphasis on communication. They have
complied with the corporate governance code in accordance with SME Equity Listing Agreement.
Expansion Plan - The company plans to expand its operations across Chennai in a phased manner by adding eight more
retail outlets under the brand, RCL. It has also planned to set up a food grain processing unit on a 1.50-acre land in the
outskirts of Chennai.
Estimated capital cost during 2012-13 from the issue proceeds
Particulars Estimated Cost
(in Rs. Lakh)
Setting up of eight (8) new retail stores 69.40
Setting up a food grain processing unit 472.90
Strengthen supply chain management 38.90
Total cost Rs. 581.5
HR Practices - The company has seven people in its payroll at present. The permanent employees include personnel
engaged in management, administration, marketing and operations, inclusive of one Company Secretary. The Board of
Directors of the company has a combination of Executive and Non-Executive Directors. There are four Directors on the
Board, out of which one is the Managing Director, two are Independent Directors and one Non-Executive, Non-
Independent Director.
Marketing strategy – The company is primarily focused in Chennai, uses print media advertisements, pamphlets for local
area distribution with a view to create a visibility. Further, the company has planned an audio promotion via radio
channels, online promotion through internet its website (www.rclretail.com).
Products - The company is engaged in the business of retailing of ready-to-eat products of the following types:
Chaat preparation of the North Indian flavour and taste
Namkeens
Fryums
Cookiees
Bakery items
Chocolates
Potato wafers / chips
Business Analysis
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RCL RETAIL LIMITED
SWOT Analysis
Stiff competition in the industry due to its fragmented nature
Changing consumers behavior towards shopping
Capability to market the products and earn reputation among customers
Requires continuous upgradation in taste and packaging
Retention strategy and promotional strategy
Shelf life of the products
Key Risks
E
xte
rnal
Strengths
Managed by experienced team of
competent personnel having knowledge
of core aspects.
Strategically located retail stores in
Chennai
Quality and taste consistency helped to
develop relations with consumers in a
short span of time.
Weakness
Limited geographical coverage
Shelf value of the product is limited.
Dependent upon demand supply
pattern
Opportunities
India has relatively young population
Dual income families on the growing
side, hence high demand for processed,
ready-to-cook and eat foods
Changing preferences and trends of
people
Threats
Competition high from both
unorganized and organized sector due
to no entry barriers
Advertisement and media may create
an impact.
Risk of losing the market share if Price
and quality does not serve expectations
In
tern
al
Favorable Unfavorable
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RCL RETAIL LIMITED
Advantage of being an organized player in a highly competitive market: The retail industry is highly fragmented /
unorganised with most of the retail units spread across the country. The management boasts of having promoted by
experienced personnel in this sector, besides claims that the company has the advantage of being an organised player with
proven track record by the group company.
Establishing chain of retail outlets in and around Chennai: At present, the company is operating with a chain of two retail
outlets in Chennai, Tamil Nadu and proposes to expand by adding eight more retail outlets under the brand, RCL. The
management feels this would benefit the company in creating brand value among the people. As a retailer of food items,
their endeavor is to offer one-stop-shop for various kinds of snacks with consistency in taste. The unique selling point of
the company is that they offer products popular in Rajasthan, Gujarat and North India through their retail stores in
Chennai.
*(Source : Company DRHP)
Growth Drivers
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RCL RETAIL LIMITED
Financial Analysis
88.23
642.44
0
100
200
300
400
500
600
700
2011 2012
Rs
in L
akh
Total Revenue
2.10
7.46
2%1%
0%
1%
2%
3%
4%
5%
0
1
2
3
4
5
6
7
8
2011 2012
Rs
in L
akh
s
Net Profit Net Profit Margin (%)
The company achieved a very high sales growth in FY12,
with operations of two retail outlets in Chennai. The
revenue is derived from both wholesale operations
consisting of bulk sales to other retailers, traders and
corporates besides individual selling to customers at
their retail stores respectively.
The company’s bottom-line was affected in FY12 as Net
Profit Margins declined from 2.32% in FY11 to 1.12%.
due to increase in operating and interest costs.
Initiatives pertaining to customer awareness and brand
building was also reflected in the rise in other
expenditure.
Sharp growth in Revenue
Dip in Net Profit margin
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RCL RETAIL LIMITED
Peer Comparison
Peers Total Revenue Net Profit RONW (%) P/E Ratio# EPS (Rs.) Book Value
(Rs. Cr.) (Rs. Cr.) Per Share
RCL Retail Ltd 6.67 0.07 1.78 76.92 0.13 10.2
Tasty Bite Eatables Ltd 82.66 1.67 7.16 26.06 6.3 92.84
Nimbus Food Industries Ltd 10.59 0.29 4.02 31 0.06 1.41
Shah Foods 2.71 0.03 2.39 66* 0.5 21.17
Chordia Food Products 28.88 2.05 7.92 6.80 6.88 90.3
Financial results are as of FY11-12; #P/E based on closing price of December 14, 2012 ; *Current market price of Shah Foods is of 17th Dec
Source: Capitaline Database and Company DRHP
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RCL RETAIL LIMITED
Food business is growing at a rapid pace in India because of heterogeneous and favourable demographic structure, coupled
with growing numbers of working women.
The company intends to consolidate its position and grow further by expanding its operations in terms of number of outlets in
and around Chennai. The management believes that various areas of Chennai have huge scope for organized retailing of
ready-to-eat snacks and other food items, in both retail and wholesale segments. The selection of area is based on important
factors like residential and floating population in different localities, including existing market competition around that area.
The management also plans to integrate and diversify its operations by setting up a food grain processing unit, wherein it
proposes to procure bulk quantity of raw pulses from farmers and agents. Then they would be processed as per the variety of
pulses/gram in ready-to-pack form, which would be retailed through the company’s retail outlets.
Further, the management also intends to invest in developing and enhancing their brand image through brand building
efforts, communication and promotional initiatives such as advertisements in print media, radio, pamphlets and free
distribution of products. These would be a continuous exercise resulting in an increase of sales and profitability.
Besides these initiatives, the company focuses on quality and consumer-centric approach, which would provide a tremendous boost to sales. Hence more power is given to the Managers at the outlets on decision making so as to understand and serve consumers better.
Management Outlook
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RCL RETAIL LIMITED
Financial Summary
SUMMARY STATEMENT OF ASSETS AND LIABILITIES ( In Lakh)
Particulars 31-Mar-2012 31-Mar-2011
I. Equity and Liabilities
(1) Shareholder's Funds 559.91 276.40
(a) Share Capital 553.50 278.50
(b) Reserves and Surplus 6.42 (2.09)
(2) Non-Current Liabilities 100.11 96.19
(a) Secured Loans 100.11 2.19
(b) Share application Money 0.00 94.00
(3) Current Liabilities 11.55 58.23
(a) Current liabilities & Provisions 11.55 58.23
Total (1+2+3) 671.57 430.82
II. Assets
(1) Non-Current Assets 170.97 27.24
(a) Fixed Assets 170.97 27.24
(b) Deferred Tax Assets (Net)
(c) Long Term Loans and Advances
(2) Investments
(3) Current Assets 500.60 403.58
(a) Inventories 2.16 64.83
(b) Sundry Debtors 150.83 72.89
(c) Cash and Cash Equivalents 48.28 145.85
(d) Other Current Assets 299.33 120.01
Total (1+2+3) 671.57 430.82
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RCL RETAIL LIMITED
STATEMENT OF PROFIT AND LOSS ACCOUNT (Rs. in Lakh)
Particulars 31-Mar-2012 31-Mar-2011
I. Revenue Income 642.44 88.23
II. Other Income 24.24 2.33
III. Total Revenue (I +II) 666.68 90.56
IV. Purchases 613.37 80.33
V. Employee Benefit Expense 10.11 0.75
VI. Other Expenses 15.98 4.55
VII. Total Expenses 639.46 85.63
VIII. Profit Before depreciation Interest & tax 27.22 4.93
IX. Depreciation and Amortization Expense 6.86 1.04
X. Profit Before Interest & tax 20.36 3.89
XI. Interest (Financial) Costs 9.01 0.80
XII. Profit before tax & Extraordinary items (VII - VIII) 11.35 3.09
XIII. Tax Expense:
(1) Less: Current Tax 4.75 0.85
(2) Less: Deferred Tax (0.86) 0.14
(2) Less: Fringe Benefit Tax
XIII. Profit/(Loss) for the period (XI + XIV) 7.46 2.10
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Cash Flow Statement
Particulars 31-Mar-2012 31-Mar-2011
A) Cash Flow From Operating Activities
Net Profit Before Tax 11.34 3.09
Adjustment for :
Depreciation 6.86 1.04
Preliminary Expenses written off 1.05 1.05
Interest Expenses 9.01 0.80
Interest Income (24.08) 2.06
Operating Profit before Working Capital Changes
4.18 3.92
Adjustment for :-
Sundry Debtors (77.95) (72.89)
Stock 62.67 (64.83)
Other Receivables (179.32) (120.01)
Creditors and Other Liabilities (49.72) 57.24
Cash Generated from Operations 244.32 200.49
Direct Taxes Paid (0.85)
Net cash from /(used in) Operating Activities (A) (240.99) (196.57)
B) Cash Flow from Investing Activities
Purchase of Fixed Assets (150.59) (28.28)
Purchase of Investments
Sale of Investments
Net cash from/(used in) Investing activities (B) (150.59) (28.28)
C) Cash Flow from Financing Activities
Proceeds From Issue of Share Capital + Premium 181.00 372.50
Interest Received/(Interest Paid) 15.07 1.26
Miscellaneous Expenses 97.92 (3.06)
Net cash from/(used in) financing activities (C) 293.99 370.70
Net (Decrease)/Increase in Cash and Cash Equivalents (A+B+C) (97.59) 145.85
Cash and cash equivalents at beginnings of year (D) 145.85 0.00
Cash and cash equivalents at end of year (E) 48.28 145.85
Net (Decrease)/Increase in cash and cash equivalent (E-D) (97.57) 145.85
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RCL RETAIL LIMITED
Statement of Accounting Ratios
Particulars 31-Mar-2012 31-Mar-2011
Total Income 666.68 90.56
EBIDTA 27.22 4.93
EBIT 20.36 3.89
PBT 11.35 3.09
Net Profit 7.46 2.10
EBIDTA Margin (%) 4.08 5.44
EBIT Margin (%) 3.05 4.30
Net Profit Margin (%) 1.12 2.32
Face Value per Equity share 10/- 10/-
Basic earnings /(loss) per share (Basic EPS) 0.13 0.08
Diluted earnings /(loss) per share (Dil. EPS) 0.13 0.08
Basic earnings /(loss) per share (Basic EPS)-Post Issue 0.06 0.02
Diluted earnings /(loss) per share (Dil. EPS)-Post Issue 0.06 0.02
Price to Earnings Ratio (P/E)- Pre Issue 74.20 291.76
Price to Earnings Ratio (P/E)- Post Issue 164.88 1288.57
Book Value per Share (Rs.) 10.12 9.92
Price to Book Value (P/BV) 0.99 2.22
Enterprise Value (EV)-Post Issue 2706.00 -
EV/EBIDTA-Post issue 99.41 -
EV/Sales-Post issue 4.06 -
Investments/Shareholder funds 0.00 0.00
Inventory/Shareholder funds 0.00 0.23
Total average assets 99.11 13.62
ROCE (Net profit to average networth (%) 1.33 0.76
Total Networth 418.16 138.20
RONW (Net profit to average networth (%) 1.78 1.52
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RCL RETAIL LIMITED
Contact Details
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Analyst Email ID Contact No.
Head of Research
Tarun Chaturvedi [email protected] + 91 33 4017 0170
Consultant
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Published on behalf of BSE Investors' Protection Fund
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Head Sales
Name Email Id Contact No.
Debabrata Majumdar [email protected] +91 98197 85027
Sales Team Details
Region Name Email Id Contact No.
West Atul Sharma [email protected] +91 96191 12544
East Prantik Dasgupta [email protected] +91 98361 09030
North Pramod Kumar [email protected] +91 99993 95783
South Jayakannan Singamuthu [email protected] +91 95000 40495
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