Relaxo Footwear has made some rapid strides in the
2012 Nike Free Run 2.0 Gris Púrpura Mujeres Outlet Tienda Online 2014 last
2014 Nike Free Run Gimnasio Negro Verde Hombres Nosotros Outlet Store few
Nike Free Run 3.0 V5 Ext Lago Mujeres Azul Negro Venta Zapatos Baratos years. Sales have grown almost 3 fold from 200 Cr
Nike Run Balanza libre 2014 mujeres del ciruelo rojo Entrega Rápida in FY06 to about 553 Cr in FY10. Earnings have far outstripped Sales growth going up from 3.26 Cr in FY06 to over 37 Cr in FY10 a more than 10x increase or a CAGR of over 80%.

Read the Relaxo Footwear stock story to learn about its good track record, and why Relaxo made it easily to Valuepickr’s shortlist of promising small cap stocks that our
Nike Free Run 2 Orange Yellow Mujeres Para Baratos Zapatos Auténticos in depth process for hand picked stock picks throws up.

There are a few questions that came up during ValuePickr’s detailed analysis on Relaxo Footwear, its prospects,
Nike Free Run Trainer 3.0 Negro Hombres Outlet Store Waiting For You and risks as we see it. (of course that is entirely based on published sources and without the benefit of a meeting/interview with Management).

ValuePickr put forward these questions to Realxo Footwear Management with a request for a meeting/visit to its premises. ValuePickr visited Relaxo and talked with CFO Sushil Batra for
Nike Free Run 10o Aniversary Verde Gris Mujeres Comprar Con Seguridad almost 2 hours and he patiently answered all questions posed.

You can read the complete interview with Relaxo Footwear CFO Sushil Batra at ValuePickr Relaxo Management
2012 Nike Free Run 3.0 V2 Blanco Gris Verde Mujeres Con El Envío Libre Q 16 Feb 2011 1. We are very impressed by the strides made by Relaxo Footwear in last 5
2013 Nike Free Run Líneas Azul Hombres Venta Zapatos Auténticos years. Earnings have far outstripped Sales growth going up
2012 Nike Free Run 3.0 Blanco Gris mujeres rojas Con Calidad Superior from 3.26 Cr in FY06 to over 37 Cr in FY10 a more
2012 Nike Free Run 2 Negro Rosa Mujeres Con Más Bajo Precio Auténtico than 10x increase or
Nike Free Run 3.0 V7 ​​Rosa Blanco Mujeres Aquí Sería Su Mejor Opción a CAGR of over 80%. This probably has been achieved in the backdrop of increasing share of high
Nike Free Run 3.0 V7 ​​Rosa Blanco Mujeres Venta Con 70% De Descuento margin products, tremendous improvements in Working Capital management
Nike Free Run 2 Orange Yellow Mujeres Envío Gratis Para Todo El Mundo over last 5 years, reduction in power costs and a gradual softening in raw material prices over the years. Year on year EPS growth in FY10
Nike Free Run 4.0 2012 Rojo Plata Mujeres Zapatos Corrientes De Venta was 165% on the back of huge decreases in
2014 Nike Free Run Gimnasio Negro Rojo Hombres Comprar Con Seguridad RM prices. However the situation has got reversed in FY11 with RM prices hardening significantly and FY11 is set to see EPS degrowth. What do you attribute the successes to? Despite several of these advantages like moving up the value chain to high margin products, better working capital management, etc,
2012 Nike Free Run 2.0 Gris Azul Blanco Mujeres Para Zapatos Baratos the RM
Nike Free Run 3.0 V4 Gris Mujeres A Precio Más Bajo 55% De Descuento price volatility seems too much of a drag dragging down margins drastically. Please comment on margins sustainability and
Nike Free Run 3 Gris Verde Púrpura Mujeres Entrega Rápida a Su Puerta countering the RM challenges going forward.

If you look closely
Nike Run Balanza gratuito 2014 Mujeres Negro Rosa Con El Envío Libre at
Nike Free Run Powerlines Rainbow Negro Hombres Tienda Outlet On Sale Relaxo
Nike Free Run Powerlines Ii Naranja Hombres Liquidación Envío Rápido Footwear, you will notice that real growth started happening post 2006 when we invested
2013 Nike Free Run Líneas Azul Gris Hombres Venta Zapatos Para Hombre in Flite and subsequently with Sparx. Before that we were only a Hawaii
2014 Nike Free Run Gimnasio Blanco Azul Hombres Comprar Con Seguridad company. With investments going into expanded
2012 Nike Free Run 2 Blue Orange Mujeres Disfrute De Más Descuento capacities, branding, opening of company owned retail stores, we started getting known for quality at affordable prices. Customers started
2014 Nike Free Run Gimnasio Negro Rojo Hombres Para Auténtico Barato asking for our products retailers needed to start stocking!

Yes, the raw material situation is tough
Nike Free Run 2014 gris rosa claro de la Mujer Con Calidad Superior
2013 Nike Free Run Powerlines Negro Hombres Comprar Con Seguridad and has
Nike Free Run 3 2012 Negro Rosa Mujeres Ayuda Para Alojarse En Estilo worsened
Nike Free Run 2 grises verdes Mujeres Tenemos El Precio Bajo En Línea in recent quarters. Earlier we needed
Nike Free Run 4.0 Anti-piel Negro Rosa Mujeres Con La Mejor Calidad to effect price changes once a year. We effected a price
2012 Nike Free Run 3.0 V3 Gris Negro Mujeres Venta Zapatos Auténticos hike in January 2011,
Nike Free Run Trainer 3.0 Negro Hombres Venta Hogar Es Su Mejor Opción but the last one before that was in April 2010. But with the current situation
2013 Nike Free Run Powerlines Negro Hombres Más De 60% De Descuento we will most probably be effecting another hike in Mar 2011. We are watching the situation and moves by competition
Nike Free Run 4.0 azules claros mujeres negras Con Calidad Superior closely.

There is great brand pull, customers ask for our products and retailers/distributors have to come and get the
Nike Free Run 3 Gris Verde Púrpura Mujeres Para Usted Al Mejor Precio stock from us. But does that mean we have any real pricing power No. Our Hawaii slippers will find it difficult
2012 Nike Free Run Tr Fit Negro Azul Hombres Tenemos Buena Reputación to sell at Rs. 2 more (than the Rs 27 currently).

2. Current capacities are
2012 Nike Free Run 2 Negro Rosa Mujeres Liquidación Envío Rápido at 3.35 lakh pairs a day. 2 lakh pairs of Hawaii slippers per day, 105,000 pairs of Flite per day and about 30,000 pairs of Sparx (shoes sandals) per day. factories spread across Haryana, Uttaranchal, Rajasthan.

What is the current revenue mix and margin contribution from these products? And
2012 Nike Free Run 2 Gris Azul Rosa Mujeres En Venta En Su Selección where is Relaxo
2014 Nike Free Run Gimnasio Negro Verde Hombres Para Auténtico Barato Footwear’s focus for
Nike Free Run Powerlines Ii Negro Verde Hombres Para Hombres Baratos future growth? What kind of plans going forward on Sparx/Flite. What kind of promotional budgets
Nike Free Run 3.0 V7 ​​Rosa Blanco Mujeres Running Zapatos For Barato will be
Nike Free Run Powerlines Ii Azul Verde Hombres Venta Zapatos Baratos required for this? What incremental capacities can the current locations take. What is the space available?
2012 Nike Free Run 2 Blue Orange Mujeres Bueno Guality Y Media Precio Any possibilities of multiple
Nike Free Run 2 Orange Yellow Mujeres Usted Puede Ahorrar Mucho Aquí shifts?

35% revenues are from hawaii slippers, 30% is from Flite, another 30% is
Nike Free Run Powerlines Ii Azul Verde Hombres Hasta 52% De Descuento from Sparx and others
Nike Free Run Powerlines Ii Azul Plata Hombres Comprar Con Seguridad bring up the balance 5%. Hawaii slippers are low margin business, while Flite
Nike Free Run 2 grises verdes Mujeres Envío Gratis Para Todo El Mundo and Sparx bring in higher margins. We are already running 2 shifts.
Nike Free Run 3.0 V4 Gris Mujeres 2015 Nueva Llegada Del Envío Libre There is enough space for further capacity expansion.

Going forward both Sparx and Flite are our Flagship
Nike Free Run 3.0 V5 Ext ciruelo mujeres rojas Nosotros Outlet Store brands. we will continue to make
Nike Free Run 3.0 grises azules claros Mujeres Venta Zapatos Baratos investments in line with demand.

3. All three brands Relaxo, Flite and Sparx are quite
Nike Free Run 2 2 well known and well accepted in the market.

The Relaxo brand is jointly
Nike Free Run 2014 Negro Rosa Mujeres En Venta En Su Selección owned with a group company. However no royalty is currently being paid
Nike Free Run 4.0 V3 anti-piel 2014 mujeres rojas azules Usted Puede Disfrutar Del Precio y Le Consiguen Mejores Artículos De Calidad Aquí by RFL. Is this arrangement set to continue or the Management has some plans on consolidating
Nike Run Balanza gratuito 2014 Plum mujeres rojas Precio Al Por Menor its brand ownership? The brand is also involved in some trademark infringement suite with Bata? Can you please explain the circumstances and the current status/ What are the threats to the company
2012 Nike Free Run 2 Negro Rosa Mujeres Liquidación Envío Rápido
Nike Free Run Powerlines Ii Negro Rojo Hombres Con La Mejor Calidad from this?

The Relaxo brand is jointly owned. The promoters have equal stake in the group entities, so
Nike Free Run 3.0 V4 Negro Azul Mujeres Bueno Guality Y Media Precio it should not be a problem. Discussions
Nike Free Run 2 Negro Azul Mujeres A La Venta Con Precio De Descuento have taken place and there is some progress on
2014 Nike Free Run Gimnasio Negro Rojo Hombres Con La Mejor Calidad assigning a nominal value and bring the "Relaxo" brand within the company
Nike Free Run 2014 gris rosa claro de la Mujer Todo De Alta Calidad fold. The assigned
Nike Free Run 3.0 V4 Naranja Gris Mujeres Precio Barato Calidad Cozy value will not be in Crores for sure,
2012 Nike Free Run 3 Pinke plata Mujeres Disfrute El Mayor Descuento but of the order
Nike Free Run 3.0 Rose Gris Mujeres Cómodo y Envío Appropriate.Free of a few lakhs.

Bata owns the Sparx brand and operates it in some 27 countries. Yes, it is registered in India since 1978, but has never used it in India!

Relaxo Footwear started using Sparx since 2004 5 and since then has been making continual investments in it. Actually the litigation was
Nike Free Run Powerlines Ii Negro Hombres Luna Nosotros Outlet Store started by us in 2009, when we came to know
2012 Nike Free Run 2 Azul Negro Mujeres Ahorre Tiempo y Dinero Ahora of their plans to start using Sparx, and prayed for a direction from courts for the rights of Bata on Sparx
Nike Free Run Trainer 3.0 Negro Azul Hombres Hasta 52% De Descuento to lapse. As per Indian trademark laws,
Nike Free Run 2 2 the right to a trademark can lapse, if the firm cannot show any use of the trademark for a
Nike Free Run 3.0 2012 Gris Rosa Mujeres Outlet Store Waiting For You number of users. We filed more
Nike Free Run 3.0 Rose Gris Mujeres Con Alta Calidad y Bajo Precio than 600 documents showing our
2014 Nike Free Run Gimnasio Hombres blancos Liquidación Envío Rápido use of the brand in
Nike Free Run Powerlines Ii Azul Oscuro Hombres Para Hombres Baratos Invoicing and the like, while Bata could produce
2012 Nike Free Run Tr Fit Naranja Hombres Versión Adecuado Para Usted only
Nike Free Run Powerlines Ii Negro Hombres Luna Para Auténtico Barato 2 3 bills dating back to late 70s and nothing after that.

Our legal advice is that we have
Nike Free Run 3.0 V5 Ext Bright Pink Mujeres Para Barato Pero El Real a strong case and we are pursuing it.
2013 Nike Free Run Powerlines 2012 Gris Azul Hombres Venta Auténtico We are also hoping for an out of court settlement. However these
Nike Run Balanza gratuito 2014 Gris Rosa Mujeres Todo De Alta Calidad things can go either way, and so we
2014 Nike Free Run Gimnasio Hombres blancos Liquidación Envío Rápido have registered
Nike Free Run 3.0 V7 ​​Azul Negro Mujeres Venta Aquí Con Alta Calidad and started using an alternate
Nike Free Run Powerlines Ii Verde Negro Hombres Con Calidad Auténtico brand "Spark" with the same styling as ‘Sparx". That should help us switch with minimum damage.

4. While Sales have gone up more than 2.5x in 5 years, working capital/Sales is just over 5% in FY10 coming down from 7.5% in FY07. Debtor days are
Nike Free Run 2 grises verdes Mujeres Venta Hogar Es Su Mejor Opción at an unbelievable 14 days in FY10, down from 32
Nike Free Run 10o Aniversary Verde Gris Mujeres Con Descuento Grande in FY06. This shows a management focused on improving operational efficiencies.
Nike Free Run Powerlines Rainbow Negro Hombres Con La Mejor Calidad 90% of the business is driven through its
Nike Free Run 3.0 V5 Ext Bright Pink Mujeres Más De 60% De Descuento retail distribution network (balance from the company owned stores numbering 100) and this indicates strong acceptance and brand pull
Nike Run Balanza gratuito 2014 Plum mujeres rojas Outlet En Venta in the market.

Please elaborate on the factors contributing to this superlative performance on the working capital front. Is this a result of
Nike Free Run 2 Negro Azul Mujeres A La Venta Con Precio De Descuento many factors coming together synergistically or its
2012 Nike Free Run 2 Negro Blanco Mujeres Disfrute De Más Descuento plain old fashioned persistent focus on improving operational
Nike Free Run Powerlines Rainbow amarillas Hombres Uk Online Salestore efficiencies and strategic thinking. How many distributors and retailers. How much of Relaxo Footwear business is driven through retail distribution network? What is the role of company owned stores in this play?

Like we mentioned before we are in a happy position as far
2014 Nike Free Run Gimnasio Negro Verde Hombres Ven y Únete a Nosotros as demand pull for
Nike Free Run 3.0 V4 Rosa Gris Mujeres Nueva Colección Está Disponible our products are concerned. Quality Value for money
2014 Nike Free Run Gimnasio Hombres blancos Para Barato Pero El Real is what we stand for and the brand has got associated in the customers mind. They ask
Nike Free Run 3.0 V4 Rojo Púrpura Mujeres Versión Adecuado Para Usted for it by name and distributors are always at our doors for stocking our products.

60% of our business is done in advance today. That has led to the gradual reduction
2012 Nike Free Run 2 Gris Azul Rosa Mujeres Con Calidad Auténtico in debtors days. Inventory days has gone up because of moving up in the chain with higher value items. [A hawaii
2014 Nike Free Run Gimnasio Hombres blancos En Venta En Su Selección slipper costs Rs 27, an Flite from Rs. 40 onwards,
Nike Free Run 3 grises amarillentas Mujeres Guardar Descuento Grande while a Sparx shoe costs Rs. 700 onwards.]

Company owned stores have been playing a big part
2012 Nike Free Run 3.0 V2 Blue Moon Silver Mujeres 70% De Descuento in helping change consumer perception. That we are
Nike Free Run 2 Pinke Blanco Mujeres Regalo Para Usted o Su Familia not just
Nike Free Run Powerlines Ii Azul Oscuro Hombres Con Descuento Grande a hawaii
2014 Nike Free Run Gimnasio Blanco Negro Hombres Con Calidad Superior slipper
Nike Free Run 2 Pinke Blanco Mujeres Ahorra Hasta Un 50% De Descuento company, but have a very wide range of offerings with lightweight slippers and sports shoes, canvas
2014 Nike Free Run Gimnasio Hombres blancos Cada Compra Que Realice and sandals. They help drive demand for our
Nike Free Run 3.0 V4 gris púrpura Mujeres Se Venden Con El Precio Bajo products. We are in line to have 125 company owned stores by March 2011. Company owned stores typically break even by 18 24 months, with new stores
Nike Free Run 3.0 V7 ​​Azul Negro Mujeres Aquí Sería Su Mejor Opción added
Wmns Nike Free Run 3.0 V5 2014 Verde Mujeres Para Barato Pero El Real every year. Till
2012 Nike Free Run 2.0 Gris Azul Blanco Mujeres Con La Mejor Calidad the time they break even they work to a clearly
Nike Free Run Trainer 3.0 Negro Rojo Hombres Con Descuento 56% -78% defined loss budget (apportioned from the
2012 Nike Free Run 3.0 V2 Blanco Gris mujeres rojas Con El Envío Libre promotional budget for the year).

5. Relaxo Footwear over the last
Nike Free Run 4.0 2012 Azul Verde Mujeres Entrega Rápida a Su Puerta two years has also shown increase in its exports from just Rs 1.5
Nike Free Run 3.0 V4 gris púrpura Mujeres Venta Con 70% De Descuento crores in FY08 to Rs 7.1 Crores in FY09 to
Nike Free Run Powerlines Ii Azul Plata Hombres Venta Zapatos Baratos Rs.
Nike Free Run 3.0 V2 2012 Blanco Gris Mujeres Con Descuento 56% -78% 10.58 Crores in FY10. The current exports are to Europe
Nike Free Run Powerlines Ii Verde Blanco Hombres Todo De Alta Calidad (70%) and the Middle East (30%). The Company intends to increase its revenue from exports further with
2012 Nike Free Run 2.0 Gris Pinke Azul Mujeres Con Calidad Superior the
2012 Nike Free Run 2.0 Gris Pinke Azul Mujeres Todo De Alta Calidad 2 new plants.

What kind of capacities
Wmns Nike Free Run 3.0 V5 2014 Orange Mujeres Venta Zapatos Baratos are now dedicated to exports? Will export markets grow to be
Nike Free Run Powerlines Ii Azul Rojo Hombres Ven y Únete a Nosotros a significant contributor in the near future, by when? Are margin realizations higher in export markets?

Relaxo Footwear a leader in the domestic market and will continue to focus there. We
2013 Nike Free Run Líneas Azul Gris Hombres Guardar Descuento Grande are doing some exports to increase our presence and utilise our capacities better. We did 10 Cr last year and this year we may be able to
2013 Nike Free Run Líneas Azul Hombres Con Más Bajo Precio Auténtico do 20 Cr in exports, so in percentage terms the exports growth is great. However on an
2013 Nike Free Run Powerlines Gris Verde Hombres Para Zapatos Baratos absolute basis, exports will probably remain a small segment. The margins are lower in export sales.

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