Future Lifestyle Director Report
BSE:536507 | NSE:FLFLBZ | IND:Retail - Apparel/Accessories | ISIN code:INE452O01016 | SECT:Retail
BSE
Change:
Volume:
Open:
Prv. Close:
Bid:
()
Offer:
()
NSE
Change:
Volume:
Open:
Prv. Close:
Bid:
()
Offer:
()
BOARD''S REPORT
Dear Members,
The Directors present the Sixth Annual Report of the Company together with the Audited Financial Statements for the financial year ended March 31, 2018.
ADOPTION OF INDIAN ACCOUNTING STANDARDS
Pursuant to the notification issued by the Ministry of Corporate Affairs on February 16, 2015 and under the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, the Company has adopted Indian Accounting Standards (Ind AS) on April 1, 2017, with the transition date as April 1, 2016.
The Financial Statements for the year under review and previous year have been prepared in accordance with the recognized and measurement principles stated therein. Considering the effect given in the financial statements of the previous years, as per the provisions of Ind AS 101 with respect to "First-time Adoption of Indian Accounting Standards", the figures are not comparable on year to year basis.
FINANCIAL HIGHLIGHTS
(Rs,in crore)
Consolidated |
Standalone |
|||
Particulars |
Financial Year 2017-18 |
Financial Year 2016-17 |
Financial Year 2017-18 |
Financial Year 2016-17 |
Revenue from Operations |
4,408.46 |
3,818.05 |
4,219.15 |
3,866.68 |
Other Income |
89.76 |
76.63 |
33.30 |
23.72 |
Total Revenue |
4,498.22 |
3,894.68 |
4,252.45 |
3,890.40 |
Profit before Depreciation and Amortization expense, Finance Costs and Tax expense |
442.83 |
422.51 |
399.62 |
393.17 |
Less: Depreciation and Amortization expense |
153.89 |
89.00 |
149.33 |
85.67 |
Less: Finance Costs |
103.30 |
123.17 |
94.72 |
117.41 |
Profit before Tax |
185.64 |
210.34 |
155.57 |
190.09 |
Less: Tax expense |
58.59 |
103.34 |
45.06 |
34.34 |
Profit after Tax |
127.05 |
107.00 |
110.51 |
155.75 |
Less: Share of Loss in Associates and Joint Ventures (Net) |
0.96 |
30.89 |
- |
- |
Add: Other Comprehensive Income |
2.54 |
0.33 |
2.55 |
0.33 |
Balance brouqht forward from previous year |
303.35 |
236.05 |
383.01 |
236.07 |
Surplus available for appropriation |
431.98 |
312.49 |
496.07 |
392.15 |
Profits available for appropriation |
- |
- |
- |
- |
Transfer to General Reserve |
- |
- |
- |
- |
Dividend on Equity Shares |
15.22 |
7.59 |
15.22 |
7.59 |
Tax on Dividend |
3.10 |
1.55 |
3.10 |
1.55 |
Balance carried to Balance Sheet |
413.66 |
303.35 |
477.75 |
383.01 |
REVIEW OF PERFORMANCE
During the year under review, your Company recorded an increase of 15.46% in Consolidated Revenue from operations at Rs,4,408.46 crore as compared to Rs,3,818.05 crore in the previous financial year Your Company reported an increase of 18.74% in the Consolidated Profit after Tax of Rs,127.05 crore for the year under review as compared to Rs,107.00 crore for the previous financial year During the year under review, your Company emphasized on optimizing cost of funds, which resulted a reduction of finance cost (Consolidated) by 16.13% as compared to previous year
Your Company''s fashion brands are marketed through the Company''s operated retail chains such as Central and Brand Factory as well as exclusive brand outlets (EBOs), department stores and multi brand outlets (MBOs), which are spread in 332 stores in more than 90 cities across the country and cover over 5.74 million sq. ft. of retail space. These retail chains collectively attracted over 55.5 million customer footfalls during the year under review. These chains are backed by strong sourcing network, in house trend-spotting and design teams, coupled with robust logistics and warehousing network. Further, the Company''s distribution network includes 40 Central Stores, 63 Brand Factory stores along with 229 EBOs.
BUSINESS OUTLOOK
Your Company''s vision is to be the leading lifestyle fashion company and the most preferred fashion destination in India by creating unique brands and shopping experiences that will bring alive the Indian idiom of fashion and thereby become globally recognized fashion organization here in India. Your Company creates unique brands and experiences that reflect the various identities and aspirations of Indian consumers. Fashion is ever-evolving and your Company will be sensitive, agile and open to the rapidly evolving fashion market.
Your Company has redefined its retail businesses through two high definition and most promising formats i.e. Central and Brand Factory which have performed very well and growth in business of these two formats have been very strong and by ensuring better synergies between these two formats that trend seems to be continuing.
Your Company is also focusing on its power brands viz. Lee Cooper, Scullers, Indigo Nation, John Miller BARE casuals, aLL and Jealous 21, which are continuing to drive the growth of the fashion businesses of the Company.
Your Company continued to expand its business base by adding new lines and plans to expand its retail network to newer cities and also further penetrate in existing cities.
Your Company is benefited being the flagship fashion company of Future Group, which has presence across almost the entire value chain in FMCG, home and fashion i.e. from designing and manufacturing its goods to brands, logistics and retail and distribution. This gives it a unique view and control of the entire value chain and thereby an ability to act in a desired manner and speed.
New Retail3.0 strategy of Future Group poised to actualize it across businesses.
It has already set up C & D Lab at Bengaluru and a dedicated team is working towards making this transformation and also to create a digital and product organization. The core teams are working in order to create a high tech and high touch experience for our customers, wherein they will put more efforts in integrating data and technology in real time. Backed with data intelligence, we are on our journey to build an end-to-end unified retail commerce experience for all our customers.
DIVIDEND
The Board has recommended a dividend of ''1.20 per Equity Share of ''2 each for the financial year ended March 31, 2018, subject to the approval of the Members at the forthcoming Annual General Meeting (AGM).
The Dividend, if approved by the Members would entail a payout of Rs,27.50 crore (including Dividend Distribution Tax of Rs,4.65 crore) for the financial year 2017-18 as compared to Rs,18.32 crore (including Dividend Distribution Tax of Rs,3.10 crore) for the financial year 2016-17. The dividend pay-out is in accordance with the Company''s Dividend Distribution Policy.
Further, the Board has decided not to transfer any amount to the General Reserve for the year under review.
DIVIDEND DISTRIBUTION POLICY
As per regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("Listing Regulations"), the Company has a Dividend Distribution Policy, which endeavors for fairness, consistency and sustainability while distributing profits to the Members of the Company. It is given as Annexure A which forms part of this report and has also been disclosed on the Company''s website www.futurelifestyle.in
CREDIT RATING
During the year under review, your Company has been rated by CRISIL Limited (CRISIL) and Credit Analysis & Research Limited (CARE).
CRISIL and CARE have assigned their ratings to the Company''s Long term credit facility as CRISIL AA- (Positive) / CARE AA- (Stable) and to Short term credit facility as CRISIL A1 / CARE A1 .
ISSUE OF EQUITY SHARES
During the year under review, the Company has issued and allotted, an aggregate of 4,00,381 Equity Shares of ''2 each to the eligible employees of the Company upon exercise of Stock Options granted under FLFL Employees'' Stock Option Scheme -2013 (FLFL ESOS-2013) and FLFL Employees'' Stock Option Plan - 2015 (FLFL ESOP-2015).
Consequently, the paid-up Equity Share Capital of the Company as at March 31, 2018 was Rs,38,08,27,674 divided into 19,04,13,837 Equity Shares of Rs,2 each, fully paid-up.
During the year under review, the Company has not issued any sweat equity shares or bonus shares or equity shares with differential rights.
SIGNIFICANT EVENTS IN THE CURRENT YEAR Investment by Spectacular Investments Pte. Ltd.
Subsequent to the year under review. Spectacular Investments Pte. Ltd., ("Spectacular", a registered foreign portfolio investor), acquired an 9.98% equity stake in the Company by way of combination of preferential allotment and secondary purchase of Equity Shares of the Company.
Spectacular is wholly owned by L Catterton Asia 3 Pte. Ltd. ("L Catterton Asia"). L Catterton Asia, the Asian unit of the largest and most global consumer-focused private equity firm in the world.
L Chatterton Asia''s significant investment in the Company would enable the Company''s retail formats, ''Central'' and ''Brand Factory'', and own brands to leverage the global fashion and retail expertise of L Catterton to further strengthen and expand the business.
Preferential Allotment
Pursuant to the approval of the Members of the Company at its Extraordinary General Meeting held on June 14, 2018, the Company has allotted 38,22,464 Equity Shares of Rs,2 each to Spectacular at a price of Rs,445.50 per Equity Share for an aggregate amount of Rs,170.29 crore, by way of preferential allotment to Spectacular on June 21, 2018, in accordance with the provisions of Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.
Consequently, the paid-up Equity Share Capital of the Company was increased to Rs,38,89,46,056/- divided into 19,44,73,028 Equity Shares of Rs,2 each, fully paid-up on June 21, 2018.
DEBENTURES Redemption
During the year under review, the Company has fully repaid the principal amount of 2,000 Secured Redeemable Non-Convertible Debentures Series-1 of face value of Rs,10.00 lakh each aggregating to Rs,200.00 crore alongwith interest thereon, prior to maturity on April 07, 2017 to the Debenture holders.
Issue of Debentures
During the year under review, the Company has issued 3,500 8.70% Senior, Secured Listed, Rated, Redeemable Non Convertible Debentures of face value of Rs,10.00 lakh each at par aggregating to Rs,350.00 crore on private placement basis on November 09, 2017.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to section 134(5) of the Companies Act, 2013, (the Act), your Directors, based on the representations received from the Operating Management and after due enquiry, confirm that:
(a) in the preparation of the annual accounts for the financial year ended March 31, 2018, the applicable accounting standards have been followed;
(b) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;
(c) they have taken proper and sufficient care towards the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and irregularities;
(d) they have prepared the annual accounts on a going concern basis;
(e) they have laid down Internal Financial Controls, which are adequate and are operating effectively;
(f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems were adequate and operating effectively.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Mr. C.P To shniwal retires by rotation at the forthcoming AGM and being eligible, offers himself for re-appointment.
Subsequent to the year under review, based on the recommendation of the Nomination and Remuneration Committee, the Board has appointed Mr. Ravinder Singh Thakran as an Additional Director of the Company with effect from May 21, 2018. Mr. Thakran holds office up to the date of the forthcoming AGM of the Company The Company has received a notice from a Member under section 161 of the Act, signifying its intention to propose Mr. Thakran as candidate for the office of Director of the Company at the forthcoming AGM.
The necessary resolutions for re-appointment of Mr. Toshniwal as a Director and appointment of Mr. Thakran as a Director, are being placed before the Members for approval at the forthcoming AGM.
The Company has received necessary declarations from all the Independent Directors under section 149(7) of the Act confirming that they meet the criteria of independence as laid down in section 149(6) of the Act and regulation 25 of the Listing Regulations.
Additional information on appointment / reappointment of directors as required under regulation 36 of the Listing Regulations is given in the Notice convening the forthcoming AGM.
NUMBER OF MEETINGS OF THE BOARD
During the year under review, four meetings of the Board of Directors of the Company were held. The details of date of above meetings including attendance of Directors, are given in the Corporate Governance Report that forms part of this Annual Report.
SUBSIDIARY / ASSOCIATE / JOINT VENTURE COMPANIES Subsidiary Companies Future Trendz Limited (FTL)
FTL is holding company of Future Specialty Retail Ltd. Presently, your Company holds 100% of the paid-up equity capital of FTL.
Future Specialty Retail Limited (FSRL)
FSRL is a material subsidiary of the Company operating fashion retail business of the Brand ''Lee Cooper'' and activities related to it. FSRL is continuously striving towards its aim of being in the Top 3 Jeanswear Brands in the country by leveraging the brand''s true potential. The brand continues to strive & focus its energies to be an "in-trend" brand. Its ''Digital First'' Marketing approach and collaboration with youth icons, bloggers & focus on public relations are helping the brand to reach out to the Young India. Over the last one year, Brand "Lee Cooper" has rapidly expanded and has increased its footprint to 674 doors with 1,560 Point of Sale (POS) & presence in more than 200 cities.
During, the year under review, FSRL, entered into a long-term license agreement for extending the license to footwear category as well under the "Lee Cooper" brand owned by Iconix Brand Group, Inc. effective from April 01, 2018. Accordingly, FSRL will now have the exclusive license to manufacture and market Lee Cooper clothing as well as footwear across all distribution channels in India and permitted territory. FSRL by adding footwear to the Apparel portfolio, is poised to become the biggest denim lifestyle brand in the coming years. Presently, FTL holds 99.96% of the paid-up equity capital of FSRL.
FLFL Business Services Limited (FBSL)
FBSL carry on business of and provide services to Fashion Retail business. Presently, your Company holds 100.00% of the paid-up equity capital of FBSL.
Associate Company FLFL Lifestyle Brands Limited (FLBL)
FLBL inter-alia engaged in the business of making investment in fast growing fashion companies and fashion brands such as Turtle, Clarks, Cover Story, Mineral, Spunk, celio*, Holii, Tresmode, Giovani, Mother Earth, etc. FLBL believes in nurturing the brands value by making them recognizable & competitive in the Fashion Industry. Presently, your Company holds 49.02% of the paid-up equity capital of FLBL.
Joint Ventures Clarks Future Footwear Private Limited (Clarks)
Clarks a joint venture with C&J Clark International Limited and FLBL, is engaged in the business of single brand wholesale and retailing of footwear and accessory such as shoes, boots, sandals, handbags and accessories. The Brand "CLARKS" is world''s largest casual and smart shoe brand and the world number one in ''everyday footwear''. Presently, your Company holds 1.00% of the paid-up equity capital of Clarks and 49.00% of the paid-up equity capital of Clarks is held by FLBL, an associate company of the Company.
Celio Future Fashion Private Limited (Celio)
Celio deals in the retail trading and distribution of men''s ready to wear garments under single brand "celio*". Decoding trends to offer smart and contemporary menswear is the brand''s forte. Showcasing collections oriented to the different moments of a man''s life, Celio captures effortless style for men. Presently, FLBL, an associate company of the Company holds 2.29% of the paid-up equity capital of Celio.
CONSOLIDATED FINANCIAL STATEMENTS
As on March 31, 2018, the Company has two direct subsidiaries, one step down subsidiary and one associate company.
During the year under review, the Board has reviewed the affairs of the subsidiaries. The Consolidated Financial Statements of the Company and its subsidiaries, prepared in accordance with the Act and applicable Ind AS along with all relevant documents and the Auditors'' Report thereon form part of this Annual Report.
Pursuant to the provisions of section 129(3) of the Act, a statement containing salient features of the financial statements of the Company''s subsidiaries, associates and joint ventures companies as on March 31, 2018 in the prescribed Form AOC-1 is attached to the financial statements of the Company, which forms part of this Annual Report.
In accordance with the provisions of section 136(1) of the Act, the Annual Report of the Company, containing therein the standalone and the consolidated financial statements of the Company and the audited financial statements of each of the subsidiary companies have been placed on the website of the Company at www.futurelifestyle.in. The audited financial statements in respect of each subsidiary company shall also be kept open for inspection at the Registered Office of the Company during working hours for a period of 21 days before the date of forthcoming AGM. The aforesaid documents relating to subsidiary companies can be made available to any Member interested in obtaining the same upon a request made to the Company
AUDIT COMMITTEE
The details of composition of the Audit Committee as per the provisions of the section 177 of the Act and Listing Regulations are disclosed in the Corporate Governance Report, which forms part of this Annual Report. There are no instances where the Board did not accept the recommendations of the Audit Committee.
AUDITORS AND AUDITORS'' REPORT Statutory Auditors
Pursuant to the provisions of section 139 of the Act, and the Companies (Audit and Auditors) Rules, 2014, M/s. NGS & Co. LLP Chartered Accountants (Firm Registration No.119850W) were appointed as the Statutory Auditors of the Company for the second term of five years from the conclusion of the Fifth AGM of the Company held on August 29, 2017 till the conclusion of the Tenth AGM of the Company, subject to ratification by the Members at every AGM held during the said term.
Pursuant to the Notification issued by the Ministry of Corporate Affairs on May 07, 2018, the mandatory requirement for ratification of appointment of Auditors by the Members at every AGM has been omitted. Hence, your Company has not proposed ratification of appointment of Statutory Auditors at the forthcoming AGM.
The Auditors'' Report on the financial statements for the financial year ended March 31, 2018 is issued with unmodified opinion.
SECRETARIAL AUDITOR
M/s. Sanjay Dholakia & Associates, Practicing Company Secretary (Membership No. 2655 / Certificate of Practice No.1798) were appointed as Secretarial Auditor to conduct the secretarial audit of the Company for the financial year 2017-18, as required under section 204 of the Act and Rules made there under
The Secretarial Audit Report for the financial year 2017-18 is given as Annexure B, which forms part of this Report.
The said Secretarial Audit Report does not contain any qualification, reservation or adverse remark.
BUSINESS RESPONSIBILITY REPORT
Pursuant to regulation 34(2)(f) of the Listing Regulations, a Business Responsibility Report is attached and forms part of this Annual Report.
RISK MANAGEMENT AND INTERNAL FINANCIAL CONTROL
The Company has a well-defined risk management framework in place, which provides an integrated approach for identifying, assessing, mitigating, monitoring and reporting of all risks associated with the business of the Company.
The Board has delegated responsibility to the Risk Management Committee to monitor and review risk management, assessment and minimization procedures and to develop, implement and monitor the risk management plan and identify, review and mitigate all elements of risks which the Company may be exposed to. A Systematic Risk Culture has been evolved in the Organization by following various standard operating processes and corporate policies for monitoring, mapping and assessment of various Risks and their mitigation measures. Risks associated to the business of the Company were being periodically reviewed by the Management at ''Samiksha'' meetings and updates on Risk Management were presented to the Risk Management Committee.
The Audit Committee and the Board periodically reviewed the risk assessment and minimization procedures.
The Company has in place adequate internal financial controls with reference to Financial Statements. Key risks and threats to the Company and internal controls and their adequacy are analyzed in the Management Discussion and Analysis, which forms part of this Annual Report.
SIGNIFICANT AND MATERIAL ORDERS
There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and the Company''s operations in future.
BOARD EVALUATION
Pursuant to the provisions of the Act and Listing Regulations, the Board has carried out an annual evaluation of performance of its own, the Committees thereof and the Directors individually.
A separate exercise was carried out to evaluate the performance of individual Directors including the Chairperson of the Board, who were evaluated on parameters such as level of engagement and contribution, independence of judgment, safeguarding the interest of the Company and its minority Shareholders, etc. The performance evaluation of the Independent Directors was carried out by the entire Board except the Independent Director being evaluated. The performance evaluation of the Chairperson and Non-Independent Directors was carried out by the Independent Directors.
In a separate meeting of Independent Directors, performance of Non-Independent Directors, the Chairperson of the Company and the Board as a whole was evaluated, taking into account the views of Executive Directors and Non-Executive Directors.
In the Board meeting that followed the meetings of the Independent Directors and Nomination and Remuneration Committee, the performance of the Board, its Committees and individual Directors was also discussed.
The performance of the Committees was evaluated by the Board after seeking inputs from the Committee members on the basis of criteria such as the composition of Committees, effectiveness of Committee meetings, etc.
Your Directors expressed their satisfaction with the evaluation process.
POLICY ON DIRECTORS'' REMUNERATION
The Company''s policy on Directors'' remuneration and other matters provided in section 178(3) of the Act, has been disclosed in the Corporate Governance Report, which forms part of this Annual Report, and also available at the Company''s website at www.futurelifestyle.in.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
In terms of the provisions of section 135 of the Act, read with Companies (Corporate Social Responsibility Policy) Rules, 2014, the Board has constituted a Corporate Social Responsibility ("CSR") Committee. The composition and terms of reference of the CSR Committee is provided in the Corporate Governance Report, which forms part of this Annual Report.
The brief outline of the CSR policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure C of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014.
EMPLOYEES STOCK OPTIONS
During the year under review, the Nomination and Remuneration Committee has granted 13,54,000 Stock Options to the eligible employees of the Company and cancelled 31,030 unvested Stock Options under the FLFL ESOP-2015.
The disclosures as stipulated under the Act and SEBI (Share Based Employee Benefits) Regulations, 2014 as on March 31, 2018 with regard to the FLFL ESOS-2013 and FLFL ESOP-2015 are given in Annexure D to this Report and also available on the Company''s website www.futurelifestyle.in
FIXED DEPOSITS FROM PUBLIC
The Company has not accepted any fixed deposits from the public and as such, no amount on account of principal or interest on deposits from public was outstanding as at March 31, 2018.
CORPORATE GOVERNANCE
A Report on Corporate Governance along with a certificate from the Statutory Auditors of the Company regarding the compliance with the conditions of Corporate Governance as stipulated in regulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 of the Listing Regulations, forms part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis as required under regulation 34 read with Schedule V of the Listing Regulations, forms part of this Annual Report.
PARTICULARS OF EMPLOYEES
The information pertaining to remuneration and other details as required under section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given in Annexure E, which forms part of this Report.
In terms of the provisions of section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules are provided in this Annual Report.
Having regard to the provisions of the second proviso to section 136(1) of the Act, the Annual Report excluding the aforesaid information is being sent to the Members of the Company. The said information is available for inspection at the Registered Office of the Company during the working hours and any Member interested in obtaining such information may write to the Company Secretary and the same will be furnished on request. Such details are also available on the Company''s website at www. future lifestyle. in.
DISCLOSURE REQUIREMENTS
Details of programs for familiarization of Independent Directors with the Company are available on the website of the Company at the link http://futurelifestyle.in/pdf/ID_Familiarization.pdf
Policy for determining material subsidiaries of the Company is available on the website of the Company at the link http:// future lifestyle. in/pdf/Mat_Sub_Policy.pdf
Policy for determining Materiality of Events of the Company is available on the website of the Company at the link http:// future lifestyle. in/pdf/Policy_ for Determining _Materiality of_ Events.pdf
Policy for archival of documents of the Company is available on the website of the Company at the link http://futurelifestyle.in/ pdf/Archival_Policypdf
The code of conduct for the Board of Directors and senior management personnel of the Company is available on the website of the Company at the link http://www.futurelifestyle.
in/Admin/pdf/Code_of_Conduct_for_Key_Managerial_
Persons.pdf
Policy on dealing with related party transactions is available on the website of the Company at the link http://futurelifestyle.in/ pdf/RPT_Policy.pdf
VIGIL MECHANISM
The Company has established a Whistle Blower Policy to provide Vigil Mechanism for Stakeholders of the Company to report genuine concerns that could have serious impact on the operations and performance of the business of the Company and also available at the Company''s website at www.futurelifestyle.in.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
Your Company has always believed in providing a safe, secured and harassment free workplace for every individual working in the Company through various training, awareness and practices. The Company always endeavors to create and provide an environment that is free from any discrimination and sexual harassment.
The Company has in place a robust policy on prevention of sexual harassment at workplace. The policy aims at prevention of harassment of employees as well as contractors and lays down the guidelines for identification, reporting and prevention of sexual harassment. The Company has an Internal Complaints Committee (ICC) which is responsible for redressal of complaints related to sexual harassment and follows the guidelines provided in the policy. ICC Conducts training workshop mainly focusing on investigation skills, basic counseling skills like listening, paraphrasing and dealing with biases through various kind of case studies, role plays activities based on real life examples, role of ICC, critical attitudes of an ICC member and Investigation process & Report writing, etc. ICC has its presence at corporate office as well as at stores / other locations.
During the year under review, there were no cases filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
Loans, guarantees and investments covered under the provisions of section 186 of the Act are provided in the note no. 37 of notes forming part of the financial statements, which forms part of this Annual Report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
During the year under review, all transactions entered into by the Company with related parties as defied under the Act and the Listing Regulations, were in the ordinary course of business and on an arm''s length basis. Particulars of contracts or arrangements with related parties as required under section 134(3)(h) of the Act, in the prescribed Form AOC-2 is given in Annexure F, which forms part of this Report.
PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as required under section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, are given in Annexure G, which forms part of this Report.
EXTRACT OF ANNUAL RETURN
In accordance with section 134(3)(a) of the Act, an extract of annual return in the prescribed Form MGT-9 is given in Annexure H, which forms part of this Report.
AWARDS AND RECOGNITION
During the year under review, the Company''s formats ''Central'' and ''Brand Factory'' and its Brands have been conferred the following awards and recognition:
- Central was awarded as "Retail Professional of the year" by the Clothing Manufacturers Association of India.
- Central was awarded as "Best Retail BTL Marketing initiative" by the Activation Venues Forum.
- Central won the "Best Window Display" gold award at VM RD Retail awards 2018.
- Central at Aerocity won "Best Department and VM" gold award at VM RD Retail awards 2018, runner up by Central at Gachibowli and Central at Vashi.
- Central at Vashi won "in-store tech & digital experience" award at VM RD Retail awards 2018.
- Brand Factory was awarded "Star RE-iMAGiN" award for its campaign as the exceptional work during VIVO IPL 2018.
- Brand Factory was awarded as "IMAGES Most Effective Marketing & Promotions Campaign of the Year" at 18th Annual IMAGES Fashion Awards.
- Brand Factory was awarded as "Best Content in a Performance-driven Digital campaign" for Free Shopping Weekend promotion at India Content Leadership Awards 2018.
- "Scullers" was awarded for best Marketing Campaign of the year for "Chinos For India" at the 8th CMO Asia Singapore.
- Jealous 21" was awarded for best Face book Campaign of the year for "Free Jeans Day" at the 8th CMO Asia Singapore.
- "URBANA" was awarded for best Social Media Integrated campaign of the year for "Urbana Shirt Story" at the 8th CMO Asia Singapore.
ACKNOWLEDGEMENT
The Board thanks all customers, bankers, investors, shareholders, vendors and other stakeholders for their continued support and patronage during the year under review. The Board also places on records its sincere appreciation to the employees of the Company for their efforts, hard work and dedication, which enabled the Company to achieve the targets and recognitions.
For and on behalf of the Board
Mumbai Shailesh Haribhakti
July 04, 2018 Chairperson
Quick Links
Future Lifestyle Fashions Ltd. Quick Links
Cash Flow Statement
Half Yearly Results
Capital Structure
Chairman's Speech
Company History
Locations
Dividends
Splits
Competitors
Date Sources:Live BSE and NSE Quotes Service: TickerPlant | Corporate Data, F&O Data & Historical price volume data: Dion Global Solutions Ltd.
BSE Quotes and Sensex are real-time and licensed from the Bombay Stock Exchange. NSE Quotes and Nifty are also real time and licenced from National Stock Exchange. All times stamps are reflecting IST (Indian Standard Time).
By using this site, you agree to the Terms of Service and Privacy Policy.