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November 13, 2011
Pia
Heikkila
The
National , November 13, 2011
It is Saturday afternoon at Mumbai’s posh Phoenix Mills mall and the place is buzzing.
Giggling girls sit by the central courtyard sipping cold drinks, taking a breather. International labels such as Zara, Mango and French Connection adorn their shopping bags.
Very soon a new brand could tempt these marathon shoppers. Kenneth Cole – the US apparel retailer – has entered into a deal with India’s Reliance Brands to launch retail and wholesale operations in India.
Analysts say Kenneth Cole’s market entry comes at an opportune time.
"The timing is right for them because this is a market segment which is expected to grow fast. India has a young population which wants to spend on clothes, the increased urbanisation trend and growing disposable income are also contributors," says Amit Gugnani, the vice president for apparel operations at Technopak research house.
The market is expected to grow from US$65 billion (Dh238.7bn) to $200bn by 2020, according to Technopak. The sector’s value has more than trebled since 2005 and it is expected to grow a steady 25 to 30 per cent annually, it said.
One of the shoppers Kenneth Cole may want to target is Supriya, 24, a television executive who spent 5,500 rupees (Dh404) on an outfit from the Spanish fashion house Zara. "I would definitely visit Kenneth Cole,’ she says. "I know the brand from my visit to the States and like their stuff."
The American company wants to attract the young, brand-aware sector – shoppers with plenty of cash to splash. The US group’s plan is to open 25 stores across the country over the next five years.
The appetite for western-style clothing is growing and the market looks promising, says Devangshu Dutta, the chief executive of Third Eyesight.
"In the last four to five years over 100 brands have been launched that are all targeting this space, whether across genders or for any single gender," he says. "Typically these brands would be targeted at consumers in households that have annual income of 1 million rupees or more, and the income and spend levels are also growing rapidly in this segment. Therefore, I would say that the market is far from saturation, despite the competition."
Apparel is the country’s second-largest sector, behind food and beverages. And its size has not gone unnoticed from overseas players who have been lining up to land on India’s shores. Brands such as Diesel, Vero Moda, Tie Rack, Promod, s.Oliver, French Connection, Guess, Next and Calvin Kleinhave been present in most of India’s big cities for several years now, luring the middle-class rupee.
But it has not always been like this. Shoppers can thank India’s decision to join World Trade Organization (WTO) in 1995, which meant a reduction in import duties on clothes. The government’s decision to allow foreign direct investment of 51 per cent in single-brand stores in January 2006 has also helped the big brands to establish a presence.
Foreign companies were allowed to set up shop in the country, provided they had found a local partner. And more recently, the government has said it is considering raising the 51 per cent cap, which would mean a choice of even more foreign brands for Supriya and her friends.
Not all foreign ventures have been roaring successes.
Take the UK’s high street retailer Marks & Spencer (M&S). When it launched in India in 2002 M&S positioned itself as a premium brand despite being a mid-market brand in Britain. But middle-class consumers did not flock to its Indian shops, turned off by the high prices, nor did the wealthy consumers, because they knew the brand was a middle-class phenomenon from their trips abroad.
M&S tills did not sing to the tune of the sitar and a few years later the company admitted defeat and decided to turn its ship around. It reduced its prices and made its stores more middle-class friendly. Today the group is working hard to attract the mid-to-premium shoppers in India and sales are rising steadily.
For Kenneth Cole India is still a blank canvas.
Analysts say its success will be based on how it positions its brand. "It depends upon the brand-product value offer that is designed for the Indian market and how well can the international brand differentiate itself from the competition in terms of the product width and depth and the customer’s experience at the various touch-points," says Mr Dutta. "In addition, the product sourcing and supply-chain strategy will greatly impact the brand’s responsiveness and the margins."
Pricing can be a problem for mid-market brands, he adds, because the mid-market segment in India is very different from mid-market in Europe. Income and spending habits vary greatly.
"A brand has two choices: either to be consistent in its pricing, or to change its merchandise and shift pricing downwards to fit into the very different Indian mid-market."
If pricing is kept consistent with European markets, then direct translation of European pricing into Indian rupees immediately places all mid-market brands into the premium segment.
"On top of that, import duties ensure that there is less margin to manoeuvre on the retail price," says Mr Dutta.
Reliance knows this because it is an old hand at handling foreign brands. Its stable has some of the most well-known global brands such as Ermenegildo Zegna, Diesel, Timberland, Quiksilver, Roxy and Steve Madden.
So to make it in India, Kenneth Cole’s marketing, advertising and product people will need to be able to appeal directly to people such as Supriya and her friends.
"India’s consumer base can be read as ‘many countries in one’, and the key to the success of any international brand in India at the outset is to be clear about its target customer," says Mr Dutta.
"Both Indian consumers and the business environment are demanding, which reduces the margin for error and increases the time to break even dramatically."
No financial details of the agreement between Kenneth Cole and Reliance Brands were revealed and neither company responded to queries from The National.
(This article appeared in The National on 13 November 2011.)
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November 7, 2011
Anumeha Chaturvedi
Business Today , November 7, 2011
While on a vacation in Delhi in the summer of 2006, New York-based investment banker Neetu Bhatia was dismayed to find that the facility for booking tickets for shows online practically did not exist in India. In the United States, she would book all such tickets through global online ticketing agents like ticketmaster.com. "Soon after I returned to New York, my brother in Delhi called me asking what I thought about setting up an Indian ticketmaster," she says. She was game. Thus, in April 2007, after spending a year on preliminary spadework, Bhatia, her brother Akash and a common friend Arpita Majumdar, launched the site Kya Zoonga.
Starting with movies, Kya Zoonga has since sold online tickets for shows of singers Bryan Adams and Akon when they toured India earlier this year, as well as for all the recent top sporting events: the ICC Cricket World Cup 2011, the Indian Premier League matches and the Formula 1. It now sells around 2,50,000 to 3,00,000 tickets a month.
"India may have been a bit late in waking up to online ticketing, but in terms of technology and features, we are at par or even better than most overseas websites," says Bhatia.
Kya Zoonga has had a relatively smooth run so far. Not so the site BookmyShow, at present the biggest online ticketing site, selling around a million tickets a month. First started way back in 1999 by three friends, Ashish Hemrajani, Parikshit Dar and Rajesh Balpande, it struggled to survive till the dotcom bust of 2001 finally put it out of its misery.
"Internet connectivity was poor and we were way ahead of our times," says Dar, while co-founder Hemrajani adds: "The ecosystem had not yet been built."
BookmyShow kept itself going in a different avatar, providing the software for backend operations relating to box office collections to movie theatres. Online ticketing was revived only in 2007.
But in its second coming, the service has been a runaway success – selling around one million tickets a month, expanding at a compounded annual growth rate of 40 per cent for the past four years – more so after media and entertainment company Network 18 bought a majority stake in the company – the exact holding is not being disclosed – putting it on a firmer financial footing.
"As connectivity improved, banks started encouraging credit card transactions which worked in our favour," says Hemrajani. "It also helped that we also got an all India serial number which enabled us to control all our operations through a single call centre in Mumbai, unlike before when we had to run call centres in different cities."
Paid a commission of Rs 15 or above for each ticket sold, online ticketing companies now comprise a Rs 650 to 700 crore market. "The numbers should double in the next few years," says Dar.
Predictably, they have made greater inroads in South India – with its higher Internet penetration and vast number of cinemas – than in the North. A host of smaller companies like No More Queue, Films N Tickets and Limata have arisen, with their operations confined mainly to South Indian towns. (No More Queue has limited operations in parts of North India as well.)
"The action is in South India," says Rama Raju, CEO of No More Queue. "The film industry here has big stars who command a fanatical fan following. The fans want to watch their favourite stars’ movies at any cost."
Starting with tickets for two of India’s biggest obsessions – Bollywood films and cricket matches – these companies have now diversified into other events too.
BookmyShow sold tickets worth Rs 80 crore for the recently held Grand Prix in Greater Noida, handled bookings for FIFA’s friendly match between Argentina and Venezuela in Kolkata, as well as the Sunburn music festival in Goa.
Movie business now comprises just 25 per cent of Kya Zoonga’s revenue, with cricket and other sports event cornering about 50 per cent, and other live events, the remaining 25 per cent.
"Visits to ticketing sites have grown with more live events coming to India including the IPL. People find it convenient to buy tickets online," says Kedar Gavane, Director of the internet marketing research company comScore in India.
While the public response has been enthusiastic, ticketing companies have worked overtime to ensure it increases. Both Kya Zoonga and BookmyShow, for instance, team up with select retail outlets to sell tickets at all their outlets.
"We are not dependent solely on our website," says Bhatia. "We have a centralised system by which we can supply tickets anywhere, anytime. If a customer walks into any of our partner stores, he can buy either printed tickets or e-vouchers depending on the regulatory environment in that location."
BookmyShow also have ticket booking applications on Android, BlackBerry, iPhone and Symbian mobile operating systems. It also has a Facebook page, Ticket Buddy, through which it sells tickets. "Ticket Buddy has over half a million fans, and it allows people to see which shows and events their friends have booked, so that they can buy tickets for those events too," says Dar.
Many of the multiplexes, like PVR Cinemas, Fast Cinemas and Inox Movies, have their own ticketing websites as well. PVR Cinemas revamped its decade-old website last July, providing much more information on it than before: details of the films being currently shown, and the ones that will follow, with the facility of pre-booking; even a list of the snacks available along with the option of pre-ordering them at a discount along with the tickets. "There has been a 25 to 30 per cent growth in traffic on the site since the revamp," says Jitender Verma, Chief Information Officer at PVR.
But there are challenges too, chief among them being the Internet’s limited reach in India. "More broadband networks need to be built and cost of 3G telephony needs to come down," says Hemrajani.
Arbitrary policies of some state governments – like that of Andhra Pradesh which has decreed that online ticketing companies need permits to operate in the state, but has provided such permits to just two favoured companies – are also a dampener. Again, these companies have been saddled with many more responsibilities than their counterparts in the West.
"Unlike overseas, where organisers manage the infrastructure for ticketing, in India, ticketing companies have to manage everything – from printing the tickets to selling them online as well as at the venue and at retail outlets, to home deliveries," says Hemrajani.
With the rise of online ticketing, event organisers are also relying much more on ticket sales than they used to. Earlier such ticket sales were somewhat haphazard and organisers relied much more on sponsorships to recover their investment than on revenue from tickets. "Formerly, 90 per cent of the money earned came from sponsorships," says Bhatia. "But now, with ticket sales much more organised, they comprise 60 to 70 per cent of the revenue from these events."
Users, however, claim their experience has been mixed. "Some sites have plenty of options and a fairly standard procedure which I’m used to, but some don’t," says Delhi-based Rohit Balakrishnan, a cricket buff, who regularly buys tickets for cricket matches online.
There remains scope for improvement. "Enriching the content and community interaction to engage consumers is vital for future growth of online websites," says Devangshu Dutta, Chief Executive of retail consultancy firm, Third Eyesight.
admin
October 27, 2011
Subir
Ghosh
Asian
Correspodent , 27 October 2011
Indian retailers suffered the highest loss of stocks to theft in the world for the fifth year in a row in 2011. Half of this loss was attributed to shoplifting by customers. The silver lining here was that India is the world’s only country where the shrink rate (loss of stocks because of thefts by customer, employees and supplier) came down in 2011, according to the Global Retail Theft Barometer 2011.
The shrink rate as a percentage of sales was 2.38 per cent, costing local retailers Rs 3,470 crore, according to the annual survey conducted by the Centre for Retail Research in Nottingham, UK, and underwritten through an independent grant from Checkpoint Systems. The study was conducted across 43 countries between July 2010 and June 2011. In India, it covered 100 retailers, of which 60 were part of modern chains and 40 were from the unorganised sector.
Shoplifting, employee or supplier fraud, organised retail crime and administrative errors cost the retail industry US$119 billion in 2011 or 1.45 per cent of sales. This global shrink rate is 6.6 per cent (0.8 per cent in Asia-Pacific) higher than the previous year. Dishonest employees were responsible for US$41.65 billion or 35 per cent of shrink. In Asia-Pacific, a majority of retailers perceive dishonest customers as the single most important source of loss, responsible for US$9.7billion of losses or 53.3 per cent. However, the average amount admitted stolen by employees was more than four times the average stolen by shoplifters.
“Shrinkage reported by most retailers is due to multiple causes, not only outright theft. This includes factors such as supply chain and storage losses, quasi-shrinkage due to poor data integrity, and due to causes that lie outside the store rather than in-store,” pointed out Devangshu Dutta, Chief Executive of Third Eyesight, a New Delhi-based consulting firm which focuses on the retail and consumer products ecosystem. Third Eyesight works with retailers (including e-tailers), brands and manufacturers, as well as service organisations and suppliers to the retail sector and the consumer goods supply chain.
“Although there are commentators who view retail crime as a harmless or intriguing social phenomenon or simply as cost of doing business, this ignores the impact of criminal gangs, growing levels of violence against employees and customers, and the links between retail crime and drugs, fraud and extortion,” said Professor Joshua Bamfield, Director of the Centre for Retail Research and author of the study. “Moreover, retail crime on average cost families in the 43 countries surveyed an extra US$200 on their shopping bill, up from US$186 last year. In the U.S., that figure was US$115 in Asia-Pacific.”
The 2011 study also found that while retailers increased their spending on loss prevention and security by 5.6 per cent over 2010 to US$28.3 billion globally, loss prevention equipment’s share of total loss prevention expenditures actually declined slightly. This may be why fewer thieves were apprehended globally. The region with the sharpest decline in loss prevention equipment’s share of expenditures was Europe, down 6.25 per cent. Notably, shrink in Europe increased 7.8 per cent, topping the global average.
“Of the top 50 global retailers who responded to the survey, the ones which reported a decline in shrink from the previous year did not construe loss prevention merely as a matter of theft, but worked across their operations to systematically combat shoplifting, employee theft, vendor loss and administrative errors. Ninety-six percent of these retailers’ stores used audit programmes to monitor the use of loss prevention policies and above all, the retailers increased their loss prevention spending almost twice as much as the global average,” said Bamfield.
In Asia-Pacific, shrinkage was highest among categories like cosmetics, perfumes, health and beauty, and pharmacy; apparel and accessories; and video, music and gaming. The most-stolen items from the cosmetics category globally included shaving products, perfumes, lipsticks, scissors, nail clippers, and tweezers. High quality seafood, alcohol and fresh meat made up the top three most-stolen grocery ‘high-risk’ product lines.
So, where does this place India? Is there more than meets the CCTV eye?
Said Dutta: “The articles that I have read about the study do not provide a comparison of modern retail stores in India and their counterparts in the west. It would be useful to look at a like-for-like comparison, rather than comparing unlike retail formats, or taking an ‘industry’ average, when the research samples in different countries are so varied. Smaller stores lack sophisticated information systems to capture and transmit data as accurately as the large stores, as well as storage and handling processes are also less sophisticated. This increases the shrinkage due to non-theft factors, which would also reflect in the ‘total shrinkage’. Having a higher proportion of traditional retail outlets in a study sample can compound this inaccuracy.”
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October 24, 2011
Writankar
Mukherjee, Atmadip Ray & Pramugdha Mamgain
Kolkata/New
Delhi, 24 October 2011
Retailers are countering the economic slowdown by offering interest-free equated monthly instalment (EMI) schemes, which they say are not only helping them pull customers into stores but also encouraging shoppers to buy higher value products.
Such EMI-based sales promotions have staged a big comeback at a time near double-digit inflation has put a heavy strain on household budgets, making people defer non-urgent and big-ticket purchases even on credit because of hardening interest rates.
But transactions carrying zero percent financing have grown more than 50% over the past year, say retailers and bankers.
From apparel sellers such as Arvind Brand’s MegaMart and Fabindia to multi-product retailers such as Future Group, Lifestyle and Godrej, firms reckon that zero-interest EMI options are the most effective discounts they can offer.
While retailers end up bearing the interest for the duration of the credit extended, they see it as an acceptable cost of keeping the sales register ticking during the downturn.
"EMI schemes are removing inhibitions and inducing consumers to splurge on big-ticket items," says Himanshu Chakrawarti, chief executive of Essar Group’s Mobile Store, the country’s largest mobile phone retailer. He says consumers going for six-month EMIs are buying handsets priced twice than they had initially planned and those going for nine-month to 12-month schemes are tripling their size of transaction.
Almost a third of the high-end mobile phones, such as the iPhone and the latest models of Blackberry and Android-based phones, sold at the Mobile Store are paid for through instalments. The company, which rolled out EMI schemes at its 1,200 stores across the country over the past couple of months, recently became India’s largest seller of BlackBerry smartphones.
Instant approval of loans and minimal documentation help speed up EMI-based transactions, says Parag Rao, senior executive VP, HDFC Bank. He says the bank has seen a more than 100% spurt in this loan category over the past year with an average transaction of 30,000. "Since the amounts are much smaller compared to home or car loan, the EMIs don’t pinch much," he says.
Consumer durables and jewellery sellers were the first to offer such sales schemes, but now retailers across product categories are betting on interest-free instalment schemes. For consumers, this spells the return of consumer financing schemes, which had dried up during the global meltdown in 2008 and 2009 when banks turned away from most unsecured lending schemes.
But the return of such schemes is becoming a major motivator at a time when studies are showing consumers are searching for the best deals and discounts like never before. A latest study by NM Incite, a Nielsen-McKinsey Company, shows that conversations about deals and discounts account for 50% of all conversations in social media forums this Diwali.
"Deals are becoming the primary motivators to consider purchases. This more than anything will decide which brands will win a greater share of wallet this season," says Adrian Terron, Head, NM Incite India.
From apparel and mobile phone sellers to furniture and computer stores, retailers across the board are reporting a jump of 10% in sales on average driven by deals like EMI schemes. They say the average bill size has also grown simultaneously by 10% to 15%.
EMI-based sales have doubled for consumer electronics during this festive season, retailers say. In the case of products such as LCD and LED televisions, nearly 15%-17% of all purchases are being made through such schemes, says Devang Mody, business head (sales finance) at Bajaj Finserv Lending.
The lender has tied up with manufacturers such as LG, Samsung, Sony and Panasonic and durable retailers including Croma, Vijay Sales and Reliance. It expects the festive season to generate EMI-based sales worth 750 crore.
For jewellery retailers, hit by the double whammy of inflation and appreciating gold prices, interest-free instalment schemes have become a veritable lifeline.
Furniture retailers, staring at halving of growth to 10%, are finding a much-needed growth driver in zero-interest EMI schemes. "With inflation kicking in and discretionary spending capability of households going down, EMI schemes will become more relevant as these facilitate consumer instant gratification while paying in easy instalments later," says Lifestyle International managing director Kabir Lumba.
Future Group’s Home Town is similarly offering products on interest-free EMIs, as is Style Spa, which joined the bandwagon a fortnight ago. Fabindia launched an EMI scheme this month on purchases of 50,000 and above, which covers apparel and other products. "We intend to tap the burgeoning professional class through this scheme," the company spokeswoman said.
Analysts say retailers stand to gain even as they absorb the interest component when they offer zero-percent EMI schemes. "While such schemes may impact their margins, the interest gets accounted as a cost they need to bear to generate sales," says Devangshu Dutta, CEO of retail consultancy Third Eyesight.
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October 22, 2011
Srikanth
Srinivas with Suneera Tandon
22 October
2011
Sanjeev Narula could say his fight with private equity (PE) investors Bain Capital and TPG is a Lilliput versus Gulliver saga. The managing director of Lilliput Kidswear, an apparel retailer that until recently was a success story, got into a fight with his principal investors over the veracity of the company’s audited accounts that were presented at a board meeting on 28 September.
Details are scant, but what appears to be a whistleblower call
about fudged accounting, just as the company was readying to file
a draft red herring prospectus (DRHP) ahead of a planned initial
public offering (IPO), has driven a wedge between the two parties.
Narula has 55 per cent of the stake, and the PE firms, 45.
A re-audit was suggested, but Narula did not agree to it. Instead,
he appears to have taken umbrage at the suggestion, refused to
agree to a re-audit and moved the courts.
The fight prompted many resignations from the company’s board: by the representatives of Bain Capital and TPG, four independent directors, and just days later, by the auditors S.R. Batliboi and Ernst & Young (Lilliput’s advisors).
In an appeal filed by Lilliput in the Delhi High Court on 3 October 2011 against Bain Capital India, the company has “restrained the respondents from selling, alienating, transferring or creating third party rights in any manner dealing with their shares of petitioner (Lilliput) and hence, the respondents are restrained, directly or indirectly, from acting contrary to the minutes of the Board Meeting dated 28.09.2011 and they are further restrained from giving adverse publicity to Lilliput. The petition also restrains the respondents, its associates, affiliates, servants, and employees directly or indirectly, from interfering with and obstructing the operations of the petitioner”.
After the company filed an injunction in the high court restraining its investors and related parties from exiting the company or taking matters further, no one — Narula, the PE firms, or the auditors — is willing to go public on anything. BW’s attempts to talk to them were unsuccessful; they claim the matter is sub judice.
The PE investors’ concerns stem from what is standard operating procedure. “In US firms, any suggestion of wrongdoing in an investee company is always reported by the managing partner to his fund,” says a PE expert. “That prompts a set on questions, checks and inquiries that ultimately are taken back to the investee company’s management.”
The opportunities for litigation against the PE firm’s general partnership make a firm very cautious. Occasionally, the general counsel gets involved. “All too often that ignores the realities on the ground in India, like very sensitive promoters,” the expert adds. “That could have driven Lilliput’s promoters over the edge.”
We talked to more than a dozen analysts, experts and retail consultants to try and piece together some answers. None of them, however, was willing to go on record.
The Beginnings Of A Clash
“Both Bain and TPG competed fiercely to get a piece of Lilliput
in 2009,” says a leading investment banker. At that time,
35 per cent of the company was held by PE investor Indivision
Fund (now Everstone Capital), with Narula holding about 65 per
cent.
Other investment bankers say Narula was unwilling to give up control, so Everstone, which had invested in the company in late-2006, sold its stake, and Narula sold a small part of his. After the deal was completed, the company was valued at about Rs 775 crore.
S.R. Batliboi and E&Y have worked with the company for over three years, and helped conduct the due diligence necessary for the PE investors. That was followed up by another due diligence exercise by KPMG, another global consultancy, before Bain and TPG paid about $86 million to buy in, closing the deal in January 2010. Lilliput’s revenues, say market observers, was then more than Rs 300 crore.
The company then embarked on a rapid expansion spree. It added four manufacturing plants to its existing six. In 2010, the company had about 225,000 sq. ft retail space; by September 2011, that had gone up to 700,000 sq. ft, with another 200,000 being fitted out. It also took on a lot of debt. “All of this cannot be done without at least the strategic approval of Bain and TPG,” says another investment banker. “July to September have been hard on retail, and such rapid growth implies huge inventory. That may have scared Bain and TPG.” Perhaps, but where does the alleged fudging come in?
Invent(ory) Accounting
The Lilliput story highlights a critical issue that investors
in organised retail have been facing for some time: inventory
management and accounting. “Stores do not do any annual stocktaking,”
says one analyst. “In most cases, there is no policy for
markdowns, or writing off for losses.”
That, he says, leaves the door open for accounting gaps. Other analysts say that sometimes stock from existing stores is moved to new stores without accounting for them properly. But they add that a lot of it could be because of inadequate management information systems (MIS) — at the end of the year, these transactions and markdowns are ‘rounded off’. “This could have prompted the whistle-blowing,” says a retail consultant.
Rapid expansion could exacerbate the effects of slack inventory accounting. Analysts say there is usually a benchmark of unaccounted inventory-to-sales ratios. “It is something that auditors are aware of, or should be,” says an analyst with a brokerage firm.
“There is constant pressure on the company to show sustained growth, top-line progress and a sizeable foot-print,” adds Devangshu Dutta, CEO of Third Eyesight, a retail consultancy. Other instances have illustrated the consequences of very rapid growth before.
“With investor interest one can create turnover in ways you would not use otherwise,” says Dutta. “This is partly driven by stockmarket movements, by the exit window of PE investors who want sizeable returns, and by human aspiration.”
No End In Sight?
Reports say that Narula has agreed with his creditor commercial
banks to allow a re-audit; he wants them to pick the auditors
(something he had disagreed to earlier). This may suggest that
he is confident that there is no substance to the allegations
of fudged financials.
By taking the matter to court, however, Narula may have tied the hands of his PE investors. “Once things move into the legal arena, there usually is no going back to the negotiating table,” says an investment banker. So chances of a settlement or understanding between the two parties have weakened.
The clash has also dented reputations: Narula’s, the PE firms’, the auditors’, and the advisors’. When the smoke clears after the re-audit, which people estimate should be in about six months, it might well turn out that the spat was ill-advised. “If nothing else, the value that the promoter and investors would have realised (through an IPO) is unlikely now,” says an investment banker. As one put it, what a tragedy of errors.
(This story was published in the Businessworld
Issue
Dated 31-Oct-2011.)
