Stating that its operations are "near standstill", retail chain Subhiksha Trading Services on Friday said it needs liquidity injection of up to Rs 300 crore to get the company back on track as it had run out of cash in October last year.
"(The company is at) a stage where operations are at near standstill. We are working with the financial stakeholders - lenders and investors - to inject liquidity and get company back on track," a company spokesperson said.
"We need a liquidity injection of up to Rs 300 crore, while we argue on whether it is debt or equity that really does not matter, the business can get back to near peak levels once this cash is available," he added.
The company's lenders, while supportive, were also unable to extend further lines unless the equity was raised. Net net it became a chicken and egg story with the company running out of cash by October, he said.
"We never took serious credit from suppliers, most purchases were on limited or nil credit. When we could not pay for fresh buying, the trade cycle collapsed in October and that is what brought us to a standstill," the spokesperson added.
He, however, insisted that the company was not closing shop. "No, we are in pain but we are not shutting down." Despite the issues of large employment at risk and a sound business model it is taking time to get the pieces closed as all stakeholders have to come to agreement and it is stressed time for many of them as well, he said.
The company is now engaging in getting the restart plan approved by the financial stakeholders and then get the liquidity so that it can continue from where it left, he said.
Showing posts with label subhiksha. Show all posts
Showing posts with label subhiksha. Show all posts
Monday, February 2, 2009
Retail chain Subhiksha in money, land trouble
Hanumant Rao, a senior official of retail chain Subhiksha was arrested in Nagpur on the basis of complaints from employees for alleged non-payment of salaries and creating fictitious PF accounts.
Police say that Rao was booked under Section 409 for criminal breach of trust and Section 420 for cheating under the Indian Penal Code
“Subhiksha employees complained that they were not paid salaries for the last four to five months. They allege that money was not credited in their PF accounts,” Madhav Giri, Inspector - Panchpoli Thana, Nagpur
However, the retail chain has denied the allegations. A Subhisha spokesperson said, "The allegations in the complaint are completely false. There are no fictitious pf accounts etc as alleged. Mr Rao was granted bail by the courts on consideration of the facts on the case. This was a coercive attempt to harm our employee on false grounds - it is unfortunate that the process of law can be so manipulated".
However, a team will soon be sent to Pune where Subhiksha's head office for Maharashtra is located.
But this not where the controversy ends.
The Subhiksha head office in Pune is locked with a notice from the landlord marked to the vice president of the company pasted on the door.
The landlord has urged the firm to vacate the premises at the earliest. It also states that after three emailed notices, this is the final warning. But company, in its response, claims that the owner has illegally attempted to prevent access using goondas and rowdy elements.
"As we believe in strictly complying with the law, we are not reacting to this by show of force and are only moving appropriate legal process including police complaint to handle this,” it said.
Police say that Rao was booked under Section 409 for criminal breach of trust and Section 420 for cheating under the Indian Penal Code
“Subhiksha employees complained that they were not paid salaries for the last four to five months. They allege that money was not credited in their PF accounts,” Madhav Giri, Inspector - Panchpoli Thana, Nagpur
However, the retail chain has denied the allegations. A Subhisha spokesperson said, "The allegations in the complaint are completely false. There are no fictitious pf accounts etc as alleged. Mr Rao was granted bail by the courts on consideration of the facts on the case. This was a coercive attempt to harm our employee on false grounds - it is unfortunate that the process of law can be so manipulated".
However, a team will soon be sent to Pune where Subhiksha's head office for Maharashtra is located.
But this not where the controversy ends.
The Subhiksha head office in Pune is locked with a notice from the landlord marked to the vice president of the company pasted on the door.
The landlord has urged the firm to vacate the premises at the earliest. It also states that after three emailed notices, this is the final warning. But company, in its response, claims that the owner has illegally attempted to prevent access using goondas and rowdy elements.
"As we believe in strictly complying with the law, we are not reacting to this by show of force and are only moving appropriate legal process including police complaint to handle this,” it said.
Saturday, January 24, 2009
Subhiksha staff awaits Oct '08 salaries
Troubled times do not seem to end for Subhiksha, a discount retailer. CNBC-TV18 learns that employees have been waiting for their salaries for the past three months.
Here is a transcript of Priyal Guliani’s comments on CNBC-TV18. Also watch the accompanying video.
CNBC-TV18 has a copy of the "new year mail" sent by Subhiksha's Managing Director R Subramanian to its top management. The mail, which describes year 2008 as a year of pain, comes with a reassurance that the salaries of its employees for the month of October will be paid very soon. The mail dated January 1, 2009 also mentions that the last two days of the year were "madly action packed" and they had to ensure that bank facilities of Rs 125 crore is not endangered. It further sets the timeframe in which the money due for salaries and rent will be released, giving a total time frame of 3–4–5 days, not more. However, CNBC-TV18 learns from sources that salaries have not yet been paid so far.
However, in response to a query sent by CNBC-TV18 to R Subramanian an spokesperson said, "no such mail has been sent by the managing director."
A company spokesperson denied the very existence of the e-mail sent by the MD to the top management. On the non-payment of salaries, the spokesperson said, "We do not comment on internal staff issues and all contractual obligations of the organization are met."
Sources tell us that employees of Subhiksha have knocked on the doors of the labour court in Gurgaon and in Pune as even now they claim the salaries have not been paid. But the management claims that they are unaware of any such case.
Here is a transcript of Priyal Guliani’s comments on CNBC-TV18. Also watch the accompanying video.
CNBC-TV18 has a copy of the "new year mail" sent by Subhiksha's Managing Director R Subramanian to its top management. The mail, which describes year 2008 as a year of pain, comes with a reassurance that the salaries of its employees for the month of October will be paid very soon. The mail dated January 1, 2009 also mentions that the last two days of the year were "madly action packed" and they had to ensure that bank facilities of Rs 125 crore is not endangered. It further sets the timeframe in which the money due for salaries and rent will be released, giving a total time frame of 3–4–5 days, not more. However, CNBC-TV18 learns from sources that salaries have not yet been paid so far.
However, in response to a query sent by CNBC-TV18 to R Subramanian an spokesperson said, "no such mail has been sent by the managing director."
A company spokesperson denied the very existence of the e-mail sent by the MD to the top management. On the non-payment of salaries, the spokesperson said, "We do not comment on internal staff issues and all contractual obligations of the organization are met."
Sources tell us that employees of Subhiksha have knocked on the doors of the labour court in Gurgaon and in Pune as even now they claim the salaries have not been paid. But the management claims that they are unaware of any such case.
Saturday, November 22, 2008
R. Subramanian, managing director of Subhiksha, claims that the retail firm is on an extremely high growth path
Discount retailer Subhiksha Trading Services Ltd has been in the news lately. In early September, there were allegations that the firm was not paying its suppliers (Mint, 5 September), and reports that the firm had sold a 10% stake to billionaire Azim Premji for Rs230 crore. Then, the company said that after its merger with Blue Green Constructions and the subsequent renaming of the firm as Subhiksha India, the merged entity would seek a listing (Blue Green is already listed on the exchanges).
Last week, employees at some Subhiksha stores in New Delhi and its environs told Mint that the retailer had not paid them salaries for August.
R. Subramanian, managing director of Subhiksha, spoke to Mint over the telephone on Wednesday to specifically counter the allegations regarding salaries and also commented on the general perception that his firm is facing a cash crunch. Edited excerpts:
Some employees say they haven’t been paid August salaries. What has caused the delay?
There is no delay at all. I don’t know who you spoke to (and) whether they are our employees. I have no clue.
Let me be very clear: As an organization, we have 5,500 or so (employees) across the country and every single employee has been paid whatever salary is due and payable for the month of August in the month of September. There is not a single employee that has not been paid by us.
Is your company going through a financial crisis?
I think that was the theme of the last story you wrote and this story that you are trying to write now. I think we clarified the same thing last time as well.
The reality is that we are on an extremely high growth path. We are doubling turnover from last year to this year and we are also sort of investing in new projects and are sort of well on our way to setting up 2 million sq. ft of space by June of next year. Basically, the point is, we are expanding.
So, obviously, we don’t have any financial crunch and if we are having a financial crunch then we won’t be allocating funds for the expansion. We are in the middle of the year and we have already completed a reasonable 40% of the expansion planned for the year and we are reasonably hopeful that the balance 60% of the expansion plans will be completed. So, whatever targets we set out for ourselves we are moving on that.
When a company is going through a rapid expansion...a company in any business will allocate its money. I am saying... as a newspaper you will decide you will pay your newsprint vendor 15 days late or...pay printing and vendors 10 days late. Those sort of things happen in a bad market when vendors desperately need money—every retailer will find ways to squeeze the various suppliers and sort of vendors for best possible deals whether it’s discounts or whether it’s in terms of trade margin or whether it is in terms of credit. I am saying we are not sort of (Mahatma) Gandhi and (Gautama) Buddha to say that we are sort of completely not enchanted by the profit from whoever we deal with.
We are tempted to get better deals from whoever we deal with and, therefore, we would push to get the best deal we can and we do it. The fact is that we pushed for the best deal does not mean we are facing a financial crisis. We are exploiting the weak market for getting the best deals for us.
If you visit any Subhiksha store in Delhi or the National Capital Region, many of them are partially empty—with empty racks. Any reason for this?
We constantly sort of look at our merchandising strategy and inventory turnover strategy. Our inventory is in line with what sales we want to achieve and whether stores will be larger or the stores might have more racks, we might be following a particular strategy in terms of what we want to do. Fundamentally, the key piece, as far as we are concerned, is we have sales target for the stores. Our stores will achieve 90% to 100% of our sales target. The inventory is in line with the sales target we look for. Just because we have racks doesn’t mean that we have to fill the racks and I don’t think that is a strategy a retailer would want to work on.
Of course, we can fill the racks if that will give an impression that we are not in a financial crunch. But that’s not the basis on which we operate. We operate our business on the basis of what stocks are required to sell, what we want to sell... We supply our stores every day and need only so much inventory to be able to manage whatever sales we want to manage.
Last week, employees at some Subhiksha stores in New Delhi and its environs told Mint that the retailer had not paid them salaries for August.
R. Subramanian, managing director of Subhiksha, spoke to Mint over the telephone on Wednesday to specifically counter the allegations regarding salaries and also commented on the general perception that his firm is facing a cash crunch. Edited excerpts:
Some employees say they haven’t been paid August salaries. What has caused the delay?
There is no delay at all. I don’t know who you spoke to (and) whether they are our employees. I have no clue.
Let me be very clear: As an organization, we have 5,500 or so (employees) across the country and every single employee has been paid whatever salary is due and payable for the month of August in the month of September. There is not a single employee that has not been paid by us.
Is your company going through a financial crisis?
I think that was the theme of the last story you wrote and this story that you are trying to write now. I think we clarified the same thing last time as well.
The reality is that we are on an extremely high growth path. We are doubling turnover from last year to this year and we are also sort of investing in new projects and are sort of well on our way to setting up 2 million sq. ft of space by June of next year. Basically, the point is, we are expanding.
So, obviously, we don’t have any financial crunch and if we are having a financial crunch then we won’t be allocating funds for the expansion. We are in the middle of the year and we have already completed a reasonable 40% of the expansion planned for the year and we are reasonably hopeful that the balance 60% of the expansion plans will be completed. So, whatever targets we set out for ourselves we are moving on that.
When a company is going through a rapid expansion...a company in any business will allocate its money. I am saying... as a newspaper you will decide you will pay your newsprint vendor 15 days late or...pay printing and vendors 10 days late. Those sort of things happen in a bad market when vendors desperately need money—every retailer will find ways to squeeze the various suppliers and sort of vendors for best possible deals whether it’s discounts or whether it’s in terms of trade margin or whether it is in terms of credit. I am saying we are not sort of (Mahatma) Gandhi and (Gautama) Buddha to say that we are sort of completely not enchanted by the profit from whoever we deal with.
We are tempted to get better deals from whoever we deal with and, therefore, we would push to get the best deal we can and we do it. The fact is that we pushed for the best deal does not mean we are facing a financial crisis. We are exploiting the weak market for getting the best deals for us.
If you visit any Subhiksha store in Delhi or the National Capital Region, many of them are partially empty—with empty racks. Any reason for this?
We constantly sort of look at our merchandising strategy and inventory turnover strategy. Our inventory is in line with what sales we want to achieve and whether stores will be larger or the stores might have more racks, we might be following a particular strategy in terms of what we want to do. Fundamentally, the key piece, as far as we are concerned, is we have sales target for the stores. Our stores will achieve 90% to 100% of our sales target. The inventory is in line with the sales target we look for. Just because we have racks doesn’t mean that we have to fill the racks and I don’t think that is a strategy a retailer would want to work on.
Of course, we can fill the racks if that will give an impression that we are not in a financial crunch. But that’s not the basis on which we operate. We operate our business on the basis of what stocks are required to sell, what we want to sell... We supply our stores every day and need only so much inventory to be able to manage whatever sales we want to manage.
Monday, August 25, 2008
Reliance Retail close to break-even
Reliance Retail Ltd, which runs at least 590 stores across 57 cities in India, has already managed to achieve a near break-even by posting a loss of less than Rs1 crore in its first full year of operations, just 17 months after opening its first store.
Closely held Reliance Retail posted a net loss of Rs0.82 crore on sales of Rs1,486 crore for the fiscal ended 31 March.
The results appear to underscore why Reliance Retail, owned by India’s largest private company by sales, Reliance Industries Ltd, has eagerly embraced an early mover strategy despite bearing the brunt of protests, including vandalism, from small shopkeepers and wholesalers in some of the 13 states where it operates its stores in.
The results for Reliance Retail, which is normally reticent about discussing its financial profile given the continuing backlash against organized retail in India, are tucked away on Page 149 of the 2007-08 annual shareholder report from Reliance Industries, which is controlled by Mukesh Ambani.
Organized retailers such as Reliance Retail were not expected to show a profit in their first several years of operations, partly because of high capital expenditure involved in setting up a chain of stores, especially with spiralling real estate costs of the past two years in India that have led to a doubling of lease rentals in some cities.
Reliance Retail’s first-year results, while not necessarily an automatic indicator of how the still-rapidly expanding business will perform in year two, are nonetheless impressive given the state of profit margins in the retail business, where most Indian companies are still learning and experimenting with branded stores.
Indeed, even for Chennai-based Subhiksha, which opened its first store in 1997 and claims to be India’s largest supermarket brand, net profit margins are only around 2%, said R. Subramanian, founder and managing director of Subhiksha Trading Services Ltd, in an earlier interview with Mint.
But, that hasn’t stopped large industrial groups such as Reliance, Kolkata-based RPG Group and diversified conglomerate Aditya Birla Group, from entering the organized retail market. On deck is a similar venture from the Bharti family, promoters of India’s largest mobile phone company. Part of that stems from the desire to grab customers’ wallets and minds before what is seen as the inevitable saturation of India with branded stores. The Indian retail market is estimated at Rs14.1 trillion and the share of organized retail was around 4% or Rs51,100 crore in 2006, according to India Retail Report 2007 prepared by Technopak Advisors, a management consulting firm.
But, the land rush also stems from large industrial houses such as Reliance having deep pockets and the ability to sustain substantial investments.
Indeed, Reliance Retail’s reported revenues are just around 1% of Reliance Industries’ total sales of Rs1.39 trillion for the fiscal 2008.
Reliance Retail already has 3.5 million sq. ft of trading space and has outlined a total investment of Rs25,000 crore over the next few years, even though protests from small retailers and wholesalers have slowed some of its expansion plans. So far, Reliance Industries has invested nearly Rs4,400 crore in Reliance Retail in the form of equity and preference shares. The equity investment amounts to Rs3,785 crore, giving Reliance Industries a 98.74% stake in the retail venture, according to the annual report.
Not all the performance is rosy. Other retail subsidiaries of Reliance Industries such as Reliance Fresh Ltd (formerly known as Ranger Farms Ltd) and Reliance Dairy Foods Ltd have reported losses for the year ended March. Reliance Fresh has a loss of Rs20 crore on a revenue of Rs357 crore, while Reliance Dairy Foods incurred a loss of Rs3 crore on revenues of Rs66 crore.
The interlinkages between Reliance Retail results and these losses were unclear. Reliance Retail operates under 12 different store formats ranging from convenience store concept to consumer durables concept and automotive speciality formats. It has also entered into two joint ventures —Pearle Europe for optical retailing and Marks and Spencer for apparel retailing.
Saturday, July 19, 2008
Where mall glamour palls
Two years ago, India’s first designer mall, Gallops, came up in Ahmedabad, announcing that Gujaratis looking for global lifestyle brands would no longer have to travel to Singapore, Hong Kong or Dubai with their shopping lists.
But the globe-trotting Gujarati customer, who may dig into his deep pockets outside the State, is known to bargain hard within it. Today, many shops at Gallops are gasping for breath. A ‘designer mall’ is one where the outlets are specifically designed to give the customer a ‘global experience.’ For instance, an outlet of, say, ‘Lifestyle’ at Gallops has exactly the same look and dimension as its outlet in Mumbai, Frankfurt or New York so the customer would not feel out of place in any of these.
Today, few outlets in the swanky mall can boast of ‘business’; many have, in fact, closed shop due to lack of customers; others, who had booked space, have not even opened shop.
Of course, the parking lot is seen almost packed, but the car-owners are either shop-keepers themselves, window-shoppers, or those heading straightaway to the food court on the top floor of Gallops.
Elusive footfalls
Simply put, many of these outlets are yet to break even. But this trend is not restricted to Gallops alone. Many other malls, whether marketing lifestyle products or grocery, are crying for customers’ attention.
The so-called ‘footfalls’ have hardly translated into actual business in most cases. And, of course, the traditional grocery stores (kiranas) have not disappeared, as feared by many only a few months ago. If anything, they are now giving stiff competition to the big boys of retail after the public’s initial enthusiasm wore off.
A number of reasons may have contributed to customer disinterest in retail, locals say. The Gujaratis are known to generally store their supplies of basic articles — foodgrains, sugar, edible oil — for the whole year and shop for the remaining needs in their neighbourhood store.
They even shop for clothes for the entire family in the ‘sales season’ of July and August. So, grocery and clothes, which constitute major portions of a retail outlet’s billing, do not really attract the customer in Gujarat to the swanky malls unless some freebies are thrown in.
Vegetable and fruits retail stores such as Subhiksha and Reliance Fresh face another problem: Gujarat being a ‘hot’ state, vegetables and fruits have low shelf-life. Most people buy these in small quantities, daily or even twice a day, from the larri-wala .
Where corner shops score
According to realty developer Mr R. K. Patel, the ‘old world’ shopkeepers have several advantages — rents at old rates, non-air-conditioned shops, minimum manpower, no-frills environment, flexibility of business hours and meagre overhead costs, they have more staying power and can afford competition. Few retailers, including the pioneering Big Bazaar, have, therefore, managed to break even.
In a mall, on the other hand, the shopkeepers are required to shell out for electricity bills , skilled manpower andrents.
Lease rents in Ahmedabad, for instance, have increased four to five times during the last three years compared to the high street, stand-alone old shops.
Unlike Mumbai, New Delhi or Bangalore, malls in Ahmedabad, Surat and Rajkot do not attract the high net worth individuals (HNIs), such as IT professionals, simply because Gujarat is yet to emerge as an IT-major State.
Moreover, sale of branded articles is often split amongst the many shops selling the same articles in a limited area. For instance, about a dozen outlets in a radius of just 3 km sell the same brands of shoes, wristwatches or computers; this has split business and adversely affected these outlets as they all have set up shop in each of the half-a-dozen malls or hyper-markets within a 2-3 km radius.
Supply exceeds demand
There is too much supply but little demand, according to Mr R. K. Jain, a realtor. However, this has not deterred construction activity, although some of the mall developers are rethinking or recasting their plans: some have simply postponed construction, mainly due to increased costs involved now, or have changed plans to construct commercial, corporate and business complexes instead of swanky malls.
Interestingly, some of the major malls are now actually downsizing their outlets due to various reasons. Some shop-keepers at malls, according to another realty developer, have even formed ‘unions’ threatening to pull out unless their lease rent was reduced by mall managements! Some have, even after signing up, cancelled occupation
‘Unrealistic’ least rents on the new business artery of Ahmedabad, the Sarkhej-Gandhinagar Highway, have only compounded the problem: rents on this Highway have increased three-fold during the last six months, from Rs 1,400 to Rs 1,500 per sq.ft to Rs 3,400 per sq.ft. As a result, more than 10 lakh sq.ft of retail space is ready but has no occupiers in Ahmedabad.
Again, this has not deterred some of the developers: they are still busy constructing some 20 lakh sq.ft in the city this fiscal. Any takers?
Article courtesy: http://www.thehindubusinessline.com/iw/2008/07/20/stories/2008072051031700.htm
But the globe-trotting Gujarati customer, who may dig into his deep pockets outside the State, is known to bargain hard within it. Today, many shops at Gallops are gasping for breath. A ‘designer mall’ is one where the outlets are specifically designed to give the customer a ‘global experience.’ For instance, an outlet of, say, ‘Lifestyle’ at Gallops has exactly the same look and dimension as its outlet in Mumbai, Frankfurt or New York so the customer would not feel out of place in any of these.
Today, few outlets in the swanky mall can boast of ‘business’; many have, in fact, closed shop due to lack of customers; others, who had booked space, have not even opened shop.
Of course, the parking lot is seen almost packed, but the car-owners are either shop-keepers themselves, window-shoppers, or those heading straightaway to the food court on the top floor of Gallops.
Elusive footfalls
Simply put, many of these outlets are yet to break even. But this trend is not restricted to Gallops alone. Many other malls, whether marketing lifestyle products or grocery, are crying for customers’ attention.
The so-called ‘footfalls’ have hardly translated into actual business in most cases. And, of course, the traditional grocery stores (kiranas) have not disappeared, as feared by many only a few months ago. If anything, they are now giving stiff competition to the big boys of retail after the public’s initial enthusiasm wore off.
A number of reasons may have contributed to customer disinterest in retail, locals say. The Gujaratis are known to generally store their supplies of basic articles — foodgrains, sugar, edible oil — for the whole year and shop for the remaining needs in their neighbourhood store.
They even shop for clothes for the entire family in the ‘sales season’ of July and August. So, grocery and clothes, which constitute major portions of a retail outlet’s billing, do not really attract the customer in Gujarat to the swanky malls unless some freebies are thrown in.
Vegetable and fruits retail stores such as Subhiksha and Reliance Fresh face another problem: Gujarat being a ‘hot’ state, vegetables and fruits have low shelf-life. Most people buy these in small quantities, daily or even twice a day, from the larri-wala .
Where corner shops score
According to realty developer Mr R. K. Patel, the ‘old world’ shopkeepers have several advantages — rents at old rates, non-air-conditioned shops, minimum manpower, no-frills environment, flexibility of business hours and meagre overhead costs, they have more staying power and can afford competition. Few retailers, including the pioneering Big Bazaar, have, therefore, managed to break even.
In a mall, on the other hand, the shopkeepers are required to shell out for electricity bills , skilled manpower andrents.
Lease rents in Ahmedabad, for instance, have increased four to five times during the last three years compared to the high street, stand-alone old shops.
Unlike Mumbai, New Delhi or Bangalore, malls in Ahmedabad, Surat and Rajkot do not attract the high net worth individuals (HNIs), such as IT professionals, simply because Gujarat is yet to emerge as an IT-major State.
Moreover, sale of branded articles is often split amongst the many shops selling the same articles in a limited area. For instance, about a dozen outlets in a radius of just 3 km sell the same brands of shoes, wristwatches or computers; this has split business and adversely affected these outlets as they all have set up shop in each of the half-a-dozen malls or hyper-markets within a 2-3 km radius.
Supply exceeds demand
There is too much supply but little demand, according to Mr R. K. Jain, a realtor. However, this has not deterred construction activity, although some of the mall developers are rethinking or recasting their plans: some have simply postponed construction, mainly due to increased costs involved now, or have changed plans to construct commercial, corporate and business complexes instead of swanky malls.
Interestingly, some of the major malls are now actually downsizing their outlets due to various reasons. Some shop-keepers at malls, according to another realty developer, have even formed ‘unions’ threatening to pull out unless their lease rent was reduced by mall managements! Some have, even after signing up, cancelled occupation
‘Unrealistic’ least rents on the new business artery of Ahmedabad, the Sarkhej-Gandhinagar Highway, have only compounded the problem: rents on this Highway have increased three-fold during the last six months, from Rs 1,400 to Rs 1,500 per sq.ft to Rs 3,400 per sq.ft. As a result, more than 10 lakh sq.ft of retail space is ready but has no occupiers in Ahmedabad.
Again, this has not deterred some of the developers: they are still busy constructing some 20 lakh sq.ft in the city this fiscal. Any takers?
Article courtesy: http://www.thehindubusinessline.com/iw/2008/07/20/stories/2008072051031700.htm
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