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<strong>Below is the management commentary, as to how Bira has performed in the year 2018-19. The transcript is extracted from the annual filing, which is looking promising as far as growth and expansion are concerned.</strong> (i) During the Last One Year, Bira continued to grow significantly and maintained its position in the premium beer market going on to set up India’s largest dispense beer network in restaurants and bars across the country. <strong>(ii)</strong> The Company during the year has also expanded its sales operations in Nagpur and Indore by enhancing its existing production capacity to meet the demand of the consumers and to capture new markets. <strong>(iii)</strong> The Company expands its sales operations and makes its presence felt in Delhi, Haryana, Chandigarh, Uttar Pradesh, Rajasthan, Madhya Pradesh, Chhattisgarh, West Bengal, Telangana, Maharashtra, Goa, Andhra Pradesh, Karnataka and Puducherry and planning to add few more in coming years. Further, in addition to ongoing Breweries located at Indore, Mysore, and Nagpur, the Company is also planning to enhance its production by setting up new breweries in Telangana. <strong>(iv)</strong> The Company focused on expanding its ability to service consumer wants – increasing its geographical presence globally as well by entering into the market of the United Kingdom (UK), Nepal, Singapore, Hong Kong, UAE and Bahrain in addition to the USA. <strong>(v)</strong> During the year, the Company has come up with a new Brand-named Boom and it has shown an early success for the Company within 8 weeks of its launch and crossed over 2,30,000 Cases in dispatch for the liquid. <strong>(vi)</strong> The Company during the year has come up with a major Partnership with International Cricket Council (“ICC”) and BIRA91 has become the official Sponsor for the ICC Global Tournaments including the ICC Cricket World Cup, ICC T20 World Cup, ICC World Test Championship, ICC Champions Trophy and ICC Women’s World Cup. The partnership will cover all aspects including pitch branding, branding on perimeter boards, broadcasting branding, exclusive pouring right across the stadium, hospitality opportunities, bar and screening activation. <strong>(vii)</strong> As an official partner, Bira 91 will integrate the partnership across broadcast and digital platforms, and in-venue activations at all ICC events through their range of products. The ICC partnership is a key moment for Bira 91 as it embark on creating the first global consumer brand to come out of India. <strong><span style="font-size: 14pt;">UnlistedZone View:</span></strong> The company has clocked a revenue of Rs.192 Crores in FY18-19, an increase of 20% from last year. The losses have almost doubled to Rs.200 crores as compared to Rs. 100 crores last year. Let us see why losses have doubled up. <span style="font-size: 14pt;"><strong>Expense:</strong></span> <strong>1</strong>. Employee benefits expense has gone up in from Rs.37 Crores in FY17-18 to Rs.45 Crores in FY18-19. <strong>2</strong>. Finance cost has doubled to 19 Crores in FY18-19 as compared to 8.3 Crores last year. <strong>3</strong>. Other expenses have gone up from 139 Crores in FY17-18 to 196 Crores in FY18-19. As the company is in the growth phase, the losses are bound to happen. The company is expecting a break-even in FY20-21, said Ankur Jain, owner of Bira Beer. <strong><span style="font-size: 14pt;">Bira Beer latest funding</span></strong> Recently, in Nov-19, the company has raised funding of Rs.20 Crores from Shinhan Neoplux Energy Newbiz Fund, Impulse International and two more individuals, valuing the company at Rs.2400 Crores.<span style="font-size: 14pt;"><strong> </strong></span>
<span style="font-size: 12pt;">We all must have heard the names of Indian start-ups like <strong>OLA</strong>, <strong>Swiggy</strong>, <strong>Zomato</strong>, <strong>Paytm</strong>, <strong>Byjus</strong>. The millennial must have booked a ride with OLA, ordered food from Swiggy or Zomato, paid utility bills with Paytm or have enrolled with Byjus for learning various subjects. But, d</span><span style="font-size: 12pt;">o we know, when these start-ups were formed, how much revenue they are clocking, how much profit or loss these companies are making, or what is the valuation of these companies? or a</span><span style="font-size: 12pt;">re these companies have achieved the status of Unicorn? Well, let us first understand the meaning of the word, Unicorn. </span> <span style="font-size: 12pt;">" <em><strong><span style="text-decoration: underline;">A</span> unicorn is a privately held startup company valued at over $1 billion. The term was coined in 2013 by venture capitalist Aileen Lee, choosing the mythical animal to represent the statistical rarity of such successful ventures</strong></em>"</span> <span style="font-size: 12pt;">Below is the information collected from various sources regarding Indian unicorns performances and valuations.</span> <table style="width: 100.864%;" width="1053"> <tbody> <tr> <td style="text-align: center; width: 12.5201%;" width="145"><span style="font-size: 14pt;"><strong>Company</strong></span></td> <td style="text-align: center; width: 10.8994%;" width="140"><span style="font-size: 14pt;"><strong>Year </strong></span></td> <td style="text-align: center; width: 11.8679%;" width="133"><span style="font-size: 14pt;"><strong>Revenue(Cr)</strong></span></td> <td style="text-align: center; width: 11.8594%;" width="162"><span style="font-size: 14pt;"><strong>P&L(Cr)</strong></span></td> <td style="text-align: center; width: 15.0782%;" width="184"><span style="font-size: 14pt;"><strong>Valuation</strong></span></td> <td style="text-align: center; width: 24.5849%;" width="192"><span style="font-size: 14pt;"><strong>Founder</strong></span></td> </tr> <tr> <td style="text-align: center; width: 12.5201%;"><span style="font-size: 14pt;"><strong>OLA</strong></span></td> <td style="text-align: center; width: 10.8994%;"><span style="font-size: 14pt;">2010</span></td> <td style="text-align: center; width: 11.8679%;"><span style="font-size: 14pt;">2542</span></td> <td style="text-align: center; width: 11.8594%;"><span style="font-size: 14pt;">(2592)</span></td> <td style="text-align: center; width: 15.0782%;"><span style="font-size: 14pt;">$6 Billion</span></td> <td style="text-align: center; width: 24.5849%;"><span style="font-size: 14pt;">Bhavish Aggarwal</span></td> </tr> <tr> <td style="text-align: center; width: 12.5201%;"><span style="font-size: 14pt;"><strong>Zomato</strong></span></td> <td style="text-align: center; width: 10.8994%;"><span style="font-size: 14pt;">2008</span></td> <td style="text-align: center; width: 11.8679%;"><span style="font-size: 14pt;">1442</span></td> <td style="text-align: center; width: 11.8594%;"><span style="font-size: 14pt;">(2026)</span></td> <td style="text-align: center; width: 15.0782%;"><span style="font-size: 14pt;">$2 Billion</span></td> <td style="text-align: center; width: 24.5849%;" width="192"><span style="font-size: 14pt;"> Deepinder Goyal, and Pankaj Chaddah</span></td> </tr> <tr> <td style="text-align: center; width: 12.5201%;"><span style="font-size: 14pt;"><strong>Swiggy</strong></span></td> <td style="text-align: center; width: 10.8994%;"><span style="font-size: 14pt;">2014</span></td> <td style="text-align: center; width: 11.8679%;"><span style="font-size: 14pt;">1297</span></td> <td style="text-align: center; width: 11.8594%;"><span style="font-size: 14pt;">(2364)</span></td> <td style="text-align: center; width: 15.0782%;"><span style="font-size: 14pt;">$3.33 Billion</span></td> <td style="text-align: center; width: 24.5849%;" width="192"><span style="font-size: 14pt;"> Koramangala, Bengaluru's startup hub.</span></td> </tr> <tr> <td style="text-align: center; width: 12.5201%;"><span style="font-size: 14pt;"><strong>Paytm</strong></span></td> <td style="text-align: center; width: 10.8994%;"><span style="font-size: 14pt;">2010</span></td> <td style="text-align: center; width: 11.8679%;"><span style="font-size: 14pt;">3300</span></td> <td style="text-align: center; width: 11.8594%;"><span style="font-size: 14pt;"> (4000)</span></td> <td style="text-align: center; width: 15.0782%;"><span style="font-size: 14pt;">$16 Billion</span></td> <td style="text-align: center; width: 24.5849%;"><span style="font-size: 14pt;">Vijay Shekhar</span></td> </tr> <tr> <td style="text-align: center; width: 12.5201%;"><span style="font-size: 14pt;"><strong>Byjus</strong></span></td> <td style="text-align: center; width: 10.8994%;"><span style="font-size: 14pt;">2011</span></td> <td style="text-align: center; width: 11.8679%;"><span style="font-size: 14pt;">1430</span></td> <td style="text-align: center; width: 11.8594%;"><span style="font-size: 14pt;">20</span></td> <td style="text-align: center; width: 15.0782%;"><span style="font-size: 14pt;">&5 Billion</span></td> <td style="text-align: center; width: 24.5849%;" width="192"><span style="font-size: 14pt;"> Byju Raveendran</span></td> </tr> </tbody> </table> <span style="font-size: 12pt;"><strong>Note:</strong> Revenue and P&L shown above are for FY18-19.</span> <span style="font-size: 12pt;">From the above data, it is clear that Paytm is the most valued unicorn in India. Its valuation is whopping Rs. 1.14 Lakh Crores in the latest funding round completed in Nov 2019.</span> <span style="font-size: 12pt;">The Byju's is the only unicorn in India who has turned profitable and the rest all are making losses.</span> <span style="font-size: 12pt;">Zomato and Swiggy, are making ~2x losses in size with revenue. However, management is confident this year to reduce losses.</span> <span style="font-size: 12pt;">OLA is planning for IPO in the next 2 years, so they are trying different ways of reducing expenses and make it profitable.</span> <span style="font-size: 12pt;">The largest expense for all these unicorns is " <strong>Advertisements</strong>", as these companies are trying to capture market share by offering freebies. As per report, Swiggy and Zomato, make a loss of Rs.20-30 per order they serve. However, once these companies acquired substantial footfalls, getting good profits growth would not be an issue.</span> <span style="font-size: 12pt;">PE/Venture investors are now cautioned with the painful experience of Softbank with recent "We Work", the largest co-Office and Workstation sharing company in the world, where they lost close to $4 Billion dollars due to the fear of expensive valuation and no sign of profitability in near future and have given clear instructions to all companies where they have done investment to focus on profitability to avoid such incidents in the future.</span> The next 5-10 years will be challenging for these unicorns to make their mark in this world. Till now all are making a good fortune with huge investment flowing in. From here on, they need to work really hard and make the company profitable so that they can bring IPO and give investors a good return on their investments.
<!--more--> <table style="width: 100%;" width="979"> <tbody> <tr> <td style="text-align: center; width: 28.1034%;" width="215"><strong>Parameter(Crores)</strong></td> <td style="text-align: center; width: 16.5517%;" width="185"><strong>Capital SFB</strong></td> <td style="text-align: center; width: 20.8621%;" width="200"><strong>Suryodaya SFB</strong></td> <td style="text-align: center; width: 18.1034%;" width="200"><strong>Ujjivan SFB</strong></td> <td style="text-align: center; width: 16.2069%;" width="179"><strong>AU SFB</strong></td> </tr> <tr> <td style="text-align: center; width: 28.1034%;">Deposits</td> <td style="text-align: center; width: 16.5517%;">4107</td> <td style="text-align: center; width: 20.8621%;">1593</td> <td style="text-align: center; width: 18.1034%;">7379</td> <td style="text-align: center; width: 16.2069%;">19422</td> </tr> <tr style="font-weight: inherit;"> <td style="text-align: center; width: 28.1034%;">Net Advances</td> <td style="text-align: center; width: 16.5517%;">3041</td> <td style="text-align: center; width: 20.8621%;">2712</td> <td style="text-align: center; width: 18.1034%;">10552</td> <td style="text-align: center; width: 16.2069%;">22818</td> </tr> <tr style="font-weight: inherit;"> <td style="text-align: center; width: 28.1034%;">Net Interest Income (NII)</td> <td style="text-align: center; width: 16.5517%;">135</td> <td style="text-align: center; width: 20.8621%;">339</td> <td style="text-align: center; width: 18.1034%;">1106</td> <td style="text-align: center; width: 16.2069%;">1190</td> </tr> <tr style="font-weight: inherit;"> <td style="text-align: center; width: 28.1034%;">Net Profit /(Loss)</td> <td style="text-align: center; width: 16.5517%;">19.4</td> <td style="text-align: center; width: 20.8621%;">87</td> <td style="text-align: center; width: 18.1034%;">199.2</td> <td style="text-align: center; width: 16.2069%;">381</td> </tr> <tr style="font-weight: inherit;"> <td style="text-align: center; width: 28.1034%;">Book value per share</td> <td style="text-align: center; width: 16.5517%;">100</td> <td style="text-align: center; width: 20.8621%;">107</td> <td style="text-align: center; width: 18.1034%;">11.09</td> <td style="text-align: center; width: 16.2069%;">108.28</td> </tr> <tr> <td style="text-align: center; width: 28.1034%;">P/B</td> <td style="text-align: center; width: 16.5517%;">3.2x</td> <td style="text-align: center; width: 20.8621%;">3.17x</td> <td style="text-align: center; width: 18.1034%;">5.22x</td> <td style="text-align: center; width: 16.2069%;">7.6x</td> </tr> <tr> <td style="text-align: center; width: 28.1034%;">Net-worth</td> <td style="text-align: center; width: 16.5517%;">250</td> <td style="text-align: center; width: 20.8621%;">881</td> <td style="text-align: center; width: 18.1034%;">1819</td> <td style="text-align: center; width: 16.2069%;">3162</td> </tr> </tbody> </table> Above is the comparison between two unlisted SFBs i.e. Suryoday Small Finance Bank and Capital Small Finance Bank Vs two listed SFBs i.e. Ujjivan and AU Small Fin bank. If you observed carefully, listed SFBs are almost double in size in terms of <strong>advances</strong> i.e loan disbursed. The more the advances, the more will be the revenue of these banks. So they will obviously command high valuations. However, both the unlisted small finance banks have shown excellent growth in the last 3 years and are available at a good valuation. <strong>Capital Small Finance Bank</strong> is currently trading at Rs. 320 per share in the unlisted market and thereby, valuing at <strong>3.20x</strong> in terms of P/B which is fairly priced.
(i) Operating profit continued to grow in the first 6MFY20 and reached 7 crores from a loss of 12 Crores last year in the same period. (ii) Revenue growth of 72% in the first 6MFY20 against 6MFY19. <!--more--> (iii) Revenue of Q2FY20 stands at Rs. 167 Crores as compared to Rs.69 Crores in Q2FY19. (iv) 79% growth in CASA accounts from Sept ’18 - 12.32 lakhs as on 30th Sept ’19. Newly introduced subscription-based CASA products (“Shubh”) complemented transaction banking momentum. “Shubh” constituted 64% of a/c opened in Q2 with 95% debit card penetration. (v) A total number of partners (Cash management, BC banking & API) grew by 124% to 83. (vi) Fino Payments Bank has received the award for outstanding performance in digital payments for FY 18-19 from Meity. Ranked 1st in digital transaction scorecard for the month of June ’19 amongst all banks. Paytm is the main competitor in digital transactions. (vii) Best Emerging Payment Bank of the Year – ETBFSI Excellence Awards 2019. <span style="font-size: 14pt;">Outlook</span> The next 6MFY20 would be more positive with bank planning to add 50k+ banking outlet and aiming at better customer servicing & increase in income for banking outlets.
<span style="font-size: 12pt;">a) Today is the historic day for IBC( Insolvency & Bankruptcy Code) as the Essar Steel case was resolved after two years of long battle. This is important as the debt involved was ~Rs.42000 Crores. This is one of the biggest recoveries for the IBC to date. With this money coming back into the system, the balance sheet of the banks will improve. Especially for SBI, which has lent ~Rs.15000 Crores to Essar Steel. The resolution of such NPAs will impact positively to the overall growth of the economy. The banks will get more money in their hands to lend to different projects which will drive the growth in the coming time.</span> <span style="font-size: 12pt;">b) After the acquisition, Arcelor Mittal will hold 60% shares and Nippon Steel will hold 40% shares.</span> <span style="font-size: 12pt;">c) The company will also invest Rs.8000 Crores more into Essar Steel for the operational working of the company.</span> <span style="font-size: 12pt;">d) This early acquisition is good news for the shareholders of the company as they will get professional management and value for their investment in the coming time.</span>
There are a lot of misconceptions and queries regarding <strong>Pre IPO shares</strong> in the market. Many investors are confused between Pre-IPO shares, Unlisted Shares, delisted shares, etc and many other related queries. So to unearth all these queries, today we are presenting a questionnaire to understand all of these in a better way. <h4>1. What are Pre-IPO shares, Unlisted and De-listed Shares?</h4> <strong>(i) Pre IPO Shares</strong>: Every company needs funds to run the business. Funds are raised via debt or Equity. When funds are raised via Equity, the investors who are investing in the company want a good return of their investment. Let us suppose investors have invested Rs.500 Crores in the company. Now after 5 years they want to take exit and handover company shares to other investors. So accordingly, the company plans for IPO to give exit to these investors and generally such information comes in media. Before the launch of such IPOs, we at <strong>UnlistedZone</strong> arrange Pre-IPO shares to our investors. <strong>Benefits of <em>Pre IPO Shares</em>:</strong> These days, due to more awareness via social media/news-papers/news channels, IPOs receives a lot of attention and good IPOs are subscribed heavily. Therefore, getting a single lot in IPO is very difficult. Here, the <strong>Pre-IPO shares</strong> play a vital role. You can purchase these shares well below the IPO price before it actually launches on exchanges and gets the maximum benefit. The only lacuna in Pre-IPO shares is that there is a lock-in period of six months. It means you can’t sell stocks before six months from the date of listing. However, we at <strong>UnlistedZone</strong> consider that this should not be an issue because it is a well-known phenomenon that equity always rewards its investors who invest for a longer duration. <strong>Ex</strong>: Nazara Tech, Barbeque Nation, Studds, Chennai Super Kings, HDB, UTI AMC, Fino-Paytech, Suryoday Small Fin Bank, Utkarsh SFB, etc. <strong>(ii) Unlisted Shares:</strong> Unlisted shares simply mean which is not listed on National stock exchanges like NSE or BSE and they don’t have nearby plans for IPO. There are a lot of good companies in the unlisted space which gives a very good dividend to its investors. Such unlisted shares are good investment ideas. The liquidity is an issue in these unlisted shares but we at <strong>UnlistedZone</strong> act as a market maker to buy and sell good rated companies. <strong>Ex:</strong> Tata Technologies, Carrier Air Conditioning, etc. are such companies which are good dividend-paying unlisted companies and have not informed any IPO plans in the media. <strong>(iii) Delisted Shares:</strong> The shares are delisted from national stock exchanges like NSE or BSE and currently not trading. The reason could be anything from not adhering to disclosures as per exchanges requirement or management call to delist the company. <strong>Ex:</strong> Essar Oil gets delisted from exchanges in 2015 when it was acquired by the Russian company. Essar Steel and Electrosteel are an example of other such companies. <h4>2. How is Pre-IPO shares priced?</h4> Pre-IPO shares are priced as per demand and supply in the unlisted market in a similar way the shares are priced in the listed market. Though, research and analysis of Pre-IPO shares are available less as compared to listed stocks. We at UnlistedZone try to cover and research all the quality Pre-IPO shares on our platform so that investors can make a wise decision before buying these shares. We also do the valuation of these shares and compare them with listed players in the market to understand where they stand. <h4>3. Can you sell Pre-IPO shares immediately?</h4> No, the Pre-IPO shares have a lock-in period of six months. It means you can’t sell stocks before six months from the date of listing.<strong> </strong> <h4>4. How Pre-IPO shares are taxed?</h4> The Pre-IPO shares are taxed as per STCG or LTCG. <strong>STCG (<2 Years): </strong>If you sell Pre-IPO shares before 2 years of buying, capital gain will be charged as per income tax slab. <strong>LTCG (>2 Years): </strong>If you sell Pre-IPO shares after 2 years of buying, a 20% tax with indexation benefit will be levied. In Pre-IPO shares, you don’t have to pay GST or STT (Security Transaction Tax). <h4>5. How to buy Pre-IPO Shares, Unlisted Shares and Delisted Shares?</h4> We at UnlistedZone provide the facility of buying Pre-IPO, unlisted and delisted shares. The link to buy these shares is mentioned below. <a href="https://unlistedzone.com/procedure-to-buy-and-sell-unlisted-shares-with-unlistedzone/">https://unlistedzone.com/procedure-to-buy-and-sell-unlisted-shares-with-unlistedzone/</a> <h4>6. What is the Client Master Copy?</h4> In the unlisted market, Client Master Report (CMR) Copy is the most important document which is required to buy unlisted and Pre IPO shares. It contains DP ID, Client ID, PAN number, Bank Number, etc. This can be easily obtained by sending an email to the broker and the same is delivered within 2-3 hrs. <h4>7. How to check the credit of Shares?</h4> After 01.04.2019, SEBI has mandated that no physical shares can be sold. If somebody wants to sell its shares, then first, it must be converted into Demat form. So in the unlisted market, shares are always credited in Demat form only. The credit of shares can be checked by downloading the NSDL or CDSL app. <strong>How do you know which app to download: NSDL or CDSL?</strong> By carefully examining the number format of Demat Account we can easily identify whether the stock broker is registered with CDSL or NSDL. <strong>Demat Account</strong> = 16 Characters which has DP ID + Client ID. DP ID is the unique identification of the Broker. Every broker gets a unique number from CDSL or NSDL. Client ID is the unique identification of the Client. Every client gets this unique number which represents his/her portfolio. In CDSL, all these characters are numbers (1234567891234567). The first 8 digits are DP ID and the next 8 digits are Client Id whereas in NSDL the first two characters are letters which are in accordance with the country IN12345678912345), then 6 unique digits for broker and next 8 digits are client ID. <strong>CDSL</strong> = 12345678 (<strong>DP ID</strong>) and 91234567 (<strong>Client ID</strong>). <strong>NSDL</strong> = IN123456 (<strong>DP ID</strong>) and 78912345 (<strong>Client ID</strong>) <script src="chrome-extension://lmnganadkecefnhncokdlaohlkneihio/enable.js"></script><script src="chrome-extension://lmnganadkecefnhncokdlaohlkneihio/enable.js"></script> <script src="chrome-extension://lmnganadkecefnhncokdlaohlkneihio/enable.js"></script><script src="chrome-extension://lmnganadkecefnhncokdlaohlkneihio/enable.js"></script><script src="chrome-extension://lmnganadkecefnhncokdlaohlkneihio/enable.js"></script><script src="chrome-extension://lmnganadkecefnhncokdlaohlkneihio/enable.js"></script><script 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<strong>NOTICE is hereby given that the 10thAnnual General Meeting of shareholders of Kannur International Airport Limited will be held at 10.00 am, on 21 December 2019, Saturday at Dinesh Auditorium, Kannur to transact the following business:</strong> <strong>(i)</strong> Annual Accounts of the Company for the year ended 31 March 2019 together with Directors’ Report and Auditors’ Report thereon.<strong> [ This means shortly we will have the financials data available for FY18-19 of Kannur International Airport. ]</strong> <strong>(ii)</strong> To appoint a Director in place of Sri. E. P. Jayarajan, Hon’ble Minister of Industries, Sports and Youth Affairs, Director who retires by rotation and, being eligible, offers himself for reappointment and, in this regard, to consider and, if thought fit, to pass the following resolution as Ordinary Resolution. <strong>(iii)</strong> To appoint a Director in place of Smt. K. K. Shylaja Teacher, Hon’ble Minister of Health & Social Justice, Director who retires by rotation and, being eligible, offers herself for reappointment and, in this regard, to consider and, if thought fit, to pass the following resolution as Ordinary Resolution:
<strong>IPO News Flash:</strong> As per an article published in moneycontrol today, the company is coming up with an IPO before March-2020. They already got SEBI approval last year in January. <a href="https://www.moneycontrol.com/news/business/companies/barbeque-nation-to-file-drhp-soon-sbi-cap-ambit-cap-roped-in-as-advisers-4719151.html">Read the complete article here</a> <strong>About Barbeque Nation</strong> <strong>(i)</strong> The Barbeque Nation was launched in 2005 by Sayaji Hotels, one of their promoters. <strong>(ii)</strong> Barbeque Nation Restaurants is one of India's leading casual dining restaurant chains having headquarter in Bangalore. <strong>(iii)</strong> In the last 10 years, Barbeque Nation Restaurant has steadily grown from a single restaurant in 2007 to 81 Barbeque Nation Restaurants in 42 cities in India and one restaurant in Dubai in 2017. <strong>(iv)</strong> The Pioneer of “<strong>Live Grills</strong>” had made Barbeque Nation a place to visit for food lovers across India. They offer a wide range of vegetarian and non-vegetarian appetizers and main courses, a popular dessert menu, a pleasant and casual dining environment, and prompt service. <strong>(v)</strong> The APC (excluding taxes and service charges) at the Barbeque Nation Restaurants has grown from ₹617 in Fiscal 2013 to ₹702 in Fiscal 2017. <strong>Investors in the Barbeque Nation</strong> <strong>(i)</strong> Tamara Private Limited <strong>(ii)</strong> Pace Private Limited <strong>(iii)</strong> Alchemy India Long Term Fund ( Rakesh Jhunjhunwala ) <strong>Private Placement</strong> In F18-19, the company has issued 3.85 lakh shares to FIP( <strong>Foreign Portfolio Investors</strong>) at Rs. 827 per share. Source: Annual Report Of Barbeque Nation <strong><span style="font-size: 14pt;">Financials</span></strong> <table> <tbody> <tr> <td width="64"><strong>Year</strong></td> <td width="64"><strong>Revenue</strong></td> <td width="64"><strong>EBITDA</strong></td> <td width="97"><strong>Finance Cost</strong></td> <td width="83"><strong>PAT</strong></td> <td width="64"><strong>OPM</strong></td> <td width="64"><strong>NPM</strong></td> <td width="64"><strong>EPS</strong></td> </tr> <tr> <td>2015</td> <td>3,040.96</td> <td>474.98</td> <td>84.44</td> <td>134.88</td> <td>16%</td> <td>4%</td> <td>5.07</td> </tr> <tr> <td>2016</td> <td>4,030.51</td> <td>489</td> <td>97.19</td> <td>58.87</td> <td>12%</td> <td>1%</td> <td>2.21</td> </tr> <tr> <td>2017</td> <td>5,034.85</td> <td>668.88</td> <td>143.99</td> <td>102.41</td> <td>13%</td> <td>2%</td> <td>3.8</td> </tr> <tr> <td>2018</td> <td>5,094.48</td> <td>823.94</td> <td>184.36</td> <td>148.41</td> <td>16%</td> <td>2.9%</td> <td>5.49</td> </tr> <tr> <td>2019</td> <td>7,425.41</td> <td>777.31</td> <td>168.72</td> <td>-109.66</td> <td>10.4%</td> <td>NA</td> <td>-3.92</td> </tr> </tbody> </table>
Yesterday, RBI has come up with the final guidelines to tap the opportunity available in a small finance banking license. <span style="text-decoration: underline;"><a href="https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3797">Read the guidelines in detail. </a></span> <span style="font-size: 14pt;"><strong>Objective of setting up Small Finance Bank(SFB):</strong></span> <strong>(i)</strong> provision of savings vehicles primarily to unserved and underserved sections of the population. <strong>(ii)</strong> supply of credit to small business units; small and marginal farmers; micro and small industries; and other unorganized sector entities, through high technology-low cost operations. As the above objectives can't be served with existing Commercial and PSU banks. <span style="font-size: 14pt;"><strong>Eligibility Criteria</strong></span> (i) Resident individuals/professionals (Indian citizens), singly or jointly, each having at least 10 years of experience in banking and finance at a senior level. <strong>(ii)</strong> Companies and Societies in the private sector, that are owned and controlled by residents (as defined in FEMA Regulations, as amended from time to time), and having a successful track record of running their businesses for at least a period of five years. <strong>(iii)</strong> Existing Non-Banking Finance Companies (NBFCs), Micro Finance Institutions (MFIs), and Local Area Banks (LABs) in the private sector, that are controlled by residents (as defined in FEMA Regulations, as amended from time to time), and having successful track record of running their businesses for at least a period of five years. <strong>(iv)</strong> Existing Payments Banks (PBs) which are controlled by residents and have completed five years of operations are also eligible for conversion into small finance banks. The fourth point above is a very good opportunity for unlisted companies such as <strong>Paytm Payments Bank</strong> and <strong>Fino-Payment Bank </strong>to set up Small Finance Banking License. Paytm Payments Bank has started its operation in 2017. So it will become eligible in 2022. Fino-Payments Bank Limited has started on June 30, 2017. So it will also eligible in 2022. <span style="font-size: 14pt;"><strong>Business Model of Payments Banks</strong></span> <strong>1</strong>. Payment Bank can't accept a deposit of more than 1 lakh from customers and moreover, they can't lend to anyone, as in a case of banks. They can only deposit to Govt securities( 75%) and commercial banks( 25%). From there it earns interest rates of approx 6-7%. This is one way of revenue source. <strong>Paytm Payments Bank</strong> has a total deposit of Rs.2142 Crores in FY18-19 up from Rs.1444 Crores last year. In FY18-19, it has earned an interest of Rs.142 Crores which is up from Rs.67 Crores last year. It has made a profit of Rs.19.2 Crores in FY18-19 as compared to a loss of Rs.20 Crores last year. The data is compiled from regulatory filings. <strong>2</strong>. Apart from this, they earn revenue from a commission by cross-selling mutual funds, insurance products to their clients. Apart from this, it also makes revenue from wallet utilization. <strong>Paytm Payments Bank</strong> in FY18-19 has earned a revenue of Rs.1525 Crores which is up from 654 Crores last year from the commission, exchange, and brokerage income. <strong><span style="font-size: 14pt;">UnlistedZone Take</span></strong> The business model of Payments bank is not as lucrative as the small finance banking license. So tapping SFBs opportunity on time will open gateway into the big size Indian financial market. Vijay Shekhar, Founder of Paytm, a few months back looking to buying stakes in Yes Bank, which shows his keenness to get into the full-fledged banking industry and this would be a golden chance.
As per the news published in CNBC-TV18 today, the UTI AMC board has approved selling off 8.25% stakes in the upcoming IPO. <strong>a)</strong> UTI AMC will offer for sale up to 1,04,59,949 equity shares to the public. <strong>b)</strong> As per the report, SBI is looking forward to divesting its stakes in the IPO. It currently holds 18.24% stakes in UTI AMC along with LIC, Bank of Baroda and PNB, other stakeholders, in equal proportion. <strong>c)</strong> T-ROWE Price is the biggest shareholder in the UTI AMC with 26% stakes. <strong>About UTI AMC</strong> UTI AMC is today a household name in India and has a wide portfolio to suit the varied needs of investors supported by industry-led best practices, long-term vision, and shareholder values. With 150 branches, 47,000 highly trained IFAs, 320 Chief Agents and Business Development Associates and over 1 crore investor accounts, UTI AMC is one of the leading financial institutions with a pan Indian presence. As of 30.07.2019, the company is currently having an AUM of 1,59,764 Crore. <strong>Financials:</strong> PAT has grown from 232 Crores in FY15-16 to 492 Crores in FY18-19. <strong>Valuation of AMCs:</strong> <table style="width: 73.2463%;" width="460"> <tbody> <tr> <td style="text-align: center; width: 16.7241%;" width="82"><strong>Company</strong></td> <td style="text-align: center; width: 7.96786%;" width="64"><strong> Price</strong></td> <td style="text-align: center; width: 8.18553%;" width="84"><strong>Mcap(cr)</strong></td> <td style="text-align: center; width: 9.69532%;" width="78"><strong>AUM(cr)</strong></td> <td style="text-align: center; width: 23.5637%;" width="88"><strong>Mcap /AUM</strong></td> </tr> <tr> <td style="text-align: center; width: 16.7241%;" width="82">Nippon</td> <td style="text-align: center; width: 7.96786%;" width="64">350</td> <td style="text-align: center; width: 8.18553%;" width="84">21486</td> <td style="text-align: center; width: 9.69532%;" width="78">209484</td> <td style="text-align: center; width: 23.5637%;" width="88">10%</td> </tr> <tr> <td style="text-align: center; width: 16.7241%;" width="82">HDFC</td> <td style="text-align: center; width: 7.96786%;" width="64">2610</td> <td style="text-align: center; width: 8.18553%;" width="84">68057</td> <td style="text-align: center; width: 9.69532%;" width="78">375560</td> <td style="text-align: center; width: 23.5637%;" width="88">18%</td> </tr> <tr> <td style="text-align: center; width: 16.7241%;" width="82">UTI</td> <td style="text-align: center; width: 7.96786%;" width="64">960</td> <td style="text-align: center; width: 8.18553%;" width="84">12171</td> <td style="text-align: center; width: 9.69532%;" width="78">159764</td> <td style="text-align: center; width: 23.5637%;" width="88">7%</td> </tr> </tbody> </table> <strong>Conclusion:</strong> UTI AMC at present is the cheapest among the listed AMCs.
<strong>(i)</strong> Nazara tech is one of the leading mobile games companies headquartered in Mumbai, which is engaged in the acquisition of, value addition to and distribution, of mobile games across emerging markets such as India, the Middle East, Africa, South East Asia, and Latin America. The Company operations comprise of a <strong>Subscription business</strong>, <strong>Freemium business</strong>, and <strong>Esports business.</strong> <strong>(ii)</strong> As per the news published in Moneycontrol today, the company is looking to invest 140 Crores next year in India, the Middle East, and Africa. It has already invested 350 Crores in 13 start-ups in the last two years. <strong>(iii)</strong> Let us see the list of Start-ups that Nazara has acquired in recent years. <span style="font-size: 14pt;"><strong>a)</strong><span style="text-decoration: underline;"> <a href="https://bakbuck.com/">Nazara Technologies invests in BakBuck, a social contesting platform targeting the next 10 Crores Indian women.[ 07-05-2019 ]</a></span></span> Nazara Technologies Ltd. has invested an undisclosed amount in Bakbuck, a vernacular social contesting platform operated by Khichadi Technologies Pvt. Ltd. Currently available in Hindi, Bakbuck plans to expand to 10 more Indian languages soon. Bakbuck offers Indian women all over the country a safe and social platform to compete and participate in knowledge/skill based social contests and ultra-casual Indian games. This entire experience gives them the thrill and joy of learning, winning, and much-desired recognition in the digital world. Additionally, winners get the opportunity to claim gifts of their choice or donate for a noble cause on the app itself in exchange of points earned via different gameplay. <span style="font-size: 14pt;"><strong>b)</strong> <span style="text-decoration: underline;"><a href="https://www.sportskeeda.com/">Nazara Technologies acquires a majority stake in Sportskeeda.[21-08-2019 ]</a></span></span> Nazara Technologies Ltd. a leading global interactive gaming and sports media company have invested an approx. 44 crores and acquired a 67% stake in Sportskeeda, a sports media platform. With this investment, Nazara adds 25 million monthly active users and closes in on 100 million monthly active users on its network. Sportskeeda was formerly backed by Seedfund, an early-stage venture capital company with an investment amount of approximately 6 crores in 2012. Today, Sportskeeda curates over 10,000 articles per month, crowdsourced from a network of top journalists and serves personalized content to over 25 million+ monthly active users globally. Sportskeeda covers mainstream sports like football, cricket, esports, basketball, kabaddi, WWE, MMA and more<strong>.</strong> <span style="font-size: 14pt;"><strong>c)</strong><span style="text-decoration: underline;"> <a href="https://www.halaplay.com/home">Nazara Technologies Ltd. and Delta Corp Ltd. invest INR 40 crores in HalaPlay.[ 18-03-2019 ]</a></span></span> Nazara Technologies Ltd., India’s leading gaming company and Delta Corp Ltd. India based casino gaming company, together with invest INR 40 Crores as part of Series-A funding round in HalaPlay, an online Daily Fantasy Sports platform. Halaplay is a real money based daily fantasy sports platform. HalaPlay launched in 2017, has seen explosive growth in the user base and total transactions since then. HalaPlay has in the past received investment from Nazara Technologies, Kae Capital, Angel List, and other angel investors and is currently set to be the second-largest Daily Fantasy Sports (DFS) platform in India. Halaplay has seen 10x user growth in the last 12 months and will exponentially grow with over 1 crore active players to play in the upcoming cricket season. Nazara Technologies will leverage its network of more than 10 Crores active users in its platform to increase its revenue in the coming years after the acquisition of these start-ups. The financial performance of Nazara Technologies was timid in the year 2018-19 owing to a reduction in the revenue from subscription business due to consolidation in the telecom business after JIO entry. However, now the company is focussing more on the Freemium and E-sports segment to grow its revenue and good growth is expected in the coming years when these start-ups start contributing. <strong>We at UnlistedZone believe that the company is in acquisition mode and slowly trying to grab the opportunity available in the nascent gaming market in India so as to become the leading player in the gaming segment. </strong>
<strong><span style="font-size: 14pt;">1. SEBI may relax norms for selling debt security on Exchanges!</span></strong> As per the news published in ET, the SEBI may relax norms for unlisted companies to sell debt security on exchanges (BSE or NSE). Let us understand this. As of now, if any unlisted company wants to raise money by selling its debt security on the exchanges, have to comply with almost similar SEBI rules and regulation as required in case of equity shares listing on exchanges. This discourages unlisted companies to raise money by listing its debt security and this is a big opportunity lost for good unlisted companies to raise easy and cheap funds. “<em><strong>As per suggestions, SEBI may exempt Insider Trading rules, statutory auditor norms, and increase of filling financial results to one year from the current 6 months</strong></em>.” <strong>Capital Small Finance Bank</strong>, the unlisted company, has already raised money by selling its debt security to the exchanges. This is the reason why Capital Small Finance Bank always gives 6month's financial results to BSE and the same is uploaded on the website. Listing of a debt security by an unlisted company is good news for investors as they get regular updates/disclosures from a company as they have to comply with a lot of listing requirements. This increases transparency. <strong><span style="font-size: 14pt;">2. Steel prices are all set to rise!</span></strong> The Steel price is set to increase by Rs.1000-1500 per ton. Oct-March is always been a strong quarter for demand in steel as Infrastructure activity picks up pace. This is positive news for <strong>Essar Steel</strong>, the unlisted company, which is acquired by Arcelor Mittal and Nippon steel in the joint venture.
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