QSR & Fine Dining - Deal Multiples (Select Transactions) Publisher Name: Reevolv Advisory Services Private Limited Number of Pages: 75 Typically, deal multiples are not available easily for analysis. Information is usually obtained through informal sources. To address these issues, we have calculated deal multiples based on company filings and our research. We hope you find this useful. The report enlists the private equity transactions in QSR & Fine Dining industry for the players as mentioned below -  Ammi’s Biryani  JSM (Hard Rock Café, California Pizza Kitchen, Shiro, etc.)  Bakers Circle  Mast Kalandar  Devyani (Pizza Hut, KFC, Costa Coffee etc.)  Olive Bar  Faaso’s  Pind Balluchi  Goli Vada  Sagar Ratna The report contains the following details for each transaction: - Player profile: Overview of the investee company, Geographic spread - Shareholding Pattern: Instrument, Break up of instrument, Percentage holding - Historical Financials: Profit & Loss Account, Balance Sheet, Key Ratios - Valuations: Investor, Instruments used, Amount Invested, Percentage stake acquired - Deal Multiples: EV/Sales, EV/EBITDA, P/E The above report forms part of the Valuations and Deal Multiples segment of Reevolv Research. This report is a recent launch in this segment subsequent to the earlier published report on Healthcare Deal Multiples (Select Transactions) - Part I. To order a copy of the report or extracts, please contact Kaustubh Kulkarni / Bhagyashree Mhatre. Landline: +91 - 22- 243727346 Email: research@reevolv.in We also do customized research. So in case there is any specific transaction (irrespective of the sector) you are looking for, please feel free to get in touch with us. Regards, Kaustubh Kulkarni Reevolv Advisory Services Pvt. Ltd. Address: Shop No 8, Shiv Shakti CHS Ltd, Agar Bazar, SK Bole Road, Dadar West, Mumbai- 400028 M: +91 - 98677 42818 L : +91 - 22 - 2437 2746 W :www.reevolv.in Recent launch: Healthcare Deal Multiples (Select Transactions) – part I Upcoming Reports from Reevolv: E-Commerce Deal Multiples (select transactions), Ladies Handbag Industry Report Past Reports from Reevolv:  Indian Salon Industry Report  Indian Footwear Industry Report  Indian Salon Hair and Skin products Report  Indian Eyewear Retail Industry Report

1. Reevolv Advisory Services
Private Limited
QSR & Fine Dining - Deal Multiples (Select Transactions)
For any queries or detailed information contact us on
+91 – 22 – 6002 2001 / 2436 3161 or email at
research@reevolv.in
January 2014

2. QSR & Fine Dining – Deal Multiples (Select Transactions)
2
Table of Contents
Particulars Page Nos.
1. Deal Multiples Summary 3
2. Player Profiles and Deal Multiples
2.1. Ammi’s Biryani 7
2.2. Bakers Circle 11
2.3. Devyani 19
2.4. Faaso’s 31
2.5. Goli Vada 36
2.6. JSM 43
2.7. Mast Kalandar 53
2.8. Olive Bar 61
2.9. Pind Balluchi 68
2.10. Sagar Ratna 73
3. Annexure 78

3. QSR & Fine Dining – Deal Multiples (Select Transactions)
3
1. Deal Multiples Summary
Sr. No. QSR
Name of
Investor/s
Date
Amount
Invested
(Rs. Mn)
Year
Pre-
Money
(Rs. Mn)
EV
(Rs. Mn)
Revenue
(Rs. Mn)
EBITDA
(Rs. Mn)
PAT
(Rs. Mn)
EV/
Sales (x)
EV/
EBITDA
(x)
PE (x)
1
Ammi's
Biryani
SAIF
Partners
July 19,
2012
FY 2012
FY 2013
August 08,
2012
FY 2012
FY 2013
July 17,
2013
FY 2013
November
19, 2013
FY 2013
2
Baker's
Circle **
GEM India
Fund
June 05,
2012
FY 2012
FY 2013
February
18, 2013
FY 2012
FY 2013
Hank
Uberoi's
Fund
June 05,
2012
FY 2012
FY 2013
February
18, 2013
FY 2012
FY 2013
Yukti
Securities
February
18, 2013
FY 2012
FY 2013
3 Devyani
ICICI
Ventures
May 13,
2011
FY 2011
FY 2012
** - The cumulative stake refers to the total stake held by the shareholder considering all the earlier investments (2006 onwards)

4. QSR & Fine Dining – Deal Multiples (Select Transactions)
4
Sr. No. QSR
Name of
Investor/s
Date
Amount
Invested
(Rs. Mn)
Year
Pre-
Money
(Rs. Mn)
EV
(Rs. Mn)
Revenue
(Rs. Mn)
EBITDA
(Rs. Mn)
PAT
(Rs. Mn)
EV/
Sales (x)
EV/
EBITDA
(x)
PE (x)
4 Faaso's
Sequoia
Capital
October 24,
2011
FY2011
FY2012
November
06, 2012
FY2012
FY2013
February
08, 2013
FY2012
FY2013
5 Goli Vada Ventureast
August 03,
2011
FY2011
FY2012
May 04,
2012
FY2012
FY2013
6 JSM Corp
Premji
Investment
December
21, 2012
FY2012
FY2013
7
Mast
Kalandar
Salarpuria
Group
August 31,
2006
FY2006
FY2007
October 06,
2010
FY2010
FY2011
Footprint
Ventures
July 11,
2008
FY 2008
FY 2009
October 06,
2010
FY 2010
FY 2011
February
10, 2011
FY 2010
FY 2011
September
30, 2011
FY 2011
FY 2012
June 20,
2012
FY 2012
FY 2013
February
04, 2013
FY 2012
FY 2013
September
28, 2013
FY 2012
FY 2013
# - Excluding amount invested in secondary stake buyout

5. QSR & Fine Dining – Deal Multiples (Select Transactions)
5
Sr.
No.
QSR
Name of
Investor/s
Date
Amount
Invested
(Rs. Mn)
Year
Pre-
Money
(Rs. Mn)
EV
(Rs. Mn)
Revenue
(Rs. Mn)
EBITDA
(Rs. Mn)
PAT
(Rs. Mn)
EV/
Sales (x)
EV/
EBITDA
(x)
PE (x)
7
Mast
Kalandar
Helion
Ventures
Partner
October 06,
2010
FY 2010
FY 2011
March 18,
2011
FY 2010
FY 2011
September
30, 2011
FY 2011
FY 2012
June 20,
2012
FY 2012
FY 2013
February
04, 2013
FY 2012
FY 2013
September
28, 2013
FY 2012
FY 2013
8 Olive Bar
• On October 17, 2012, Aditya Birla Private Equity has invested Rs. xxx/- in xx% Compulsory Convertible Preference Shares in accordance with the terms of the Share Subscription and
Shareholders Agreement
• The Share Purchase Consideration of Rs. xxx/- paid/payable by the Aditya Birla to the Promoter and Existing Shareholders under the Share Purchase Agreement
• xxx% Compulsory Convertible Preference Shares at a face value of Rs.xxx each that will be convertible in March 2014
• The post money valuation of the Company would be based on a price-to-earnings multiple of xxx on the Reported PAT of the Company for the financial year 2014
Illustration:
FY14 PAT (P) Rs xxxCrores
PE xxx
Post-money Equity value Rs xxx Crores

6. QSR & Fine Dining – Deal Multiples (Select Transactions)
6
Sr.
No.
QSR
Name of
Investor/s
Date
Amount
Invested
(Rs. Mn)
Year
Pre-
Money
(Rs. Mn)
EV
(Rs. Mn)
Revenue
(Rs. Mn)
EBITDA
(Rs. Mn)
PAT
(Rs. Mn)
EV/
Sales (x)
EV/
EBITDA
(x)
PE (x)
9
Pind
Balluchi
Everstone
Capital
January 12,
2012
FY 2011
FY 2012
February
28, 2013
FY 2012
FY 2013
September
23, 2013
FY 2012
FY 2013
10
Sagar
Ratna
India Equity
Partners
June 16,
2011
FY 2012
# - Excluding amount invested in secondary stake buyout

7. QSR & Fine Dining – Deal Multiples (Select Transactions)
7
2. Player Profiles and Deal Multiples
2.1 XXXX
2.1.1 Overview
2.1.2 Geographic Presence
Northern Region
No. of Outlets
Main Cities
Eastern Region
No. of Outlets
Main Cities
Western Region
No. of Outlets
Main Cities
Southern Region
No. of Outlets
Main Cities
Source : Company Website and Reevolv Research
Description
Company Name
Founder
Year of Inception/
Incorporation
• Inception -
• Incorporation –
Brand
Name of Investor/s
Business Format
No. of Outlets
Cuisines
Average Meal Price
Future Plans
Source : Company Website and Reevolv Research

8. QSR & Fine Dining – Deal Multiples (Select Transactions)
8
2.1.3 Shareholding Pattern as on AGM September 27, 2013
Equity Shares Preference Shares *
Number of
Shares
Paid up Percentage
Number of
Shares
Paid up Percentage
Director/
Relatives of Director
Bodies Corporate
Total
Source : Company Filings
2.1.4 Financials
Profit & Loss Account for the year ended 31st March (Rs. Mn)
FY2009 FY2010 FY2011 FY2012 FY2013
Revenue from Operation
Other Income
Total Revenues
Cost of Materials Consumed
Rent, Rates and Taxes
Administrative and General Expenses
Employee Expenses
Selling and Distribution Expenses
Other Expenses
Total Expenditure
EBITDA
Depreciation
EBIT
Interest
Profit before Prior Period Items and Tax
PBT
PAT

9. QSR & Fine Dining – Deal Multiples (Select Transactions)
9
Balance Sheet as at 31st March (Rs. Mn)
FY2009 FY2010 FY2011 FY2012 FY2013
Share Capital
Share Application Money
Reserves & Surplus
Shareholders’ Funds
Secured Loan
Unsecured Loan
Loan Funds
Deferred Tax Liability
Total Liabilities
Gross Block
Net Block
Capital work in progress
Investments
Inventories
Sundry Debtors
Other Current Assets
Total Current Assets & Advances
Current Liabilities
Provisions
Total Current Liabilities & Provisions
Net Working Capital excl. Cash & Bank
Cash & Bank
Net Working Capital incl. Cash & Bank
Total Assets
Source: Company Filings, Totals may not tally due to rounding off errors

10. QSR & Fine Dining – Deal Multiples (Select Transactions)
10
Key Ratios FY2009 FY2010 FY2011 FY2012 FY2013
Expenditure Ratios
Cost of material Consumed as a % of Total Revenues
Rent, Rates and Taxes as a % of Total Revenues
Administrative & Other Expenses as a % of Total Revenues
Employee Expenses as a % of Total Revenues
Selling and Distribution Expenses as a % of Total Revenues
Profitability Ratios
EBITDA %
EBIT%
PBT %
PAT %
Return Ratios
ROCE %
ROE %
Financial Ratios
Total Debt / Net Worth
Secured Debt / Net Worth
Total Debt / EBITDA
Turnover Ratios
Working Capital Turnover Ratio
Net Fixed Assets Turnover Ratio
Inventory Days
Debtors Days
DuPont Analysis
EBIT / Total Income
PAT / EBIT
PAT / Total Income
Total Assets / Net Worth
Total Income / Total Assets
Source: Company Filings and Reevolv Research

11. QSR & Fine Dining – Deal Multiples (Select Transactions)
11
2.1.5 Valuation
Month & Year
Investor
Investor Company Name
Instrument 1
Instrument 2
Amount invested – Instrument 1 (Rs. Mn)
Amount invested – Instrument 2 (Rs. Mn)
Total Amount invested (Rs. Mn)
Instrument 1 – Equivalent stake (%)
Instrument 2 – Equivalent stake (%)
Total equivalent stake (%)
Primary stake %
Secondary stake %
Cumulative stake %
Source : Company Filings and Reevolv Research
Month & Year
(Rs. Mn)
Pre-money
Debt
Cash and cash equivalents
Net Debt
EV
Post-money
Revenues
EBITDA
PAT
ROCE %
ROE %
EV/ Sales (x)
EV/EBITDA (x)
PE (x)
Source : Company Filings and Reevolv Research
Note :
•
•

12. QSR & Fine Dining – Deal Multiples (Select Transactions)
12
3. Annexure
3.1 Ratios
Key Ratios
Cost of Material Consumed %
Cost of Material Consumed
Total Revenues
X 100
Employee Expenses %
Employee Expenses
Total Revenues
X 100
Selling & Distribution Expenses %
Selling & Distribution Expenses
Total Revenues
X 100
Administrative Expenses %
Administrative Expenses
Total Revenues
X 100
EBITDA %
EBITDA
Total Revenues
X 100
EBIT %
EBIT
Total Revenues
X 100
PBT %
PBT
Total Revenues
X 100
PAT %
PAT
Total Revenues
X 100
ROCE %
EBIT
Capital Employed
X 100
ROE %
PAT
Net Worth
X 100
Capital Employed
Total of Asset / Liabilities
(Liabilities = Shareholders funds + Loan Funds + Deferred Tax + Minority Interest)
Working Capital Turnover Ratio
Total Revenues
Net Current Assets excl Cash Bank
Net Fixed Assets Turnover Ratio
Total Revenues
(Net Fixed Assets excl Capital Work in Progress)
Inventory Days
Inventory
(Cost of Material Consumed)
X 365
Debtors Days
Debtors
Total Revenues
X 365

13. QSR & Fine Dining – Deal Multiples (Select Transactions)
13
3.2 Abbreviations
Description
CCPS Compulsory Convertible Preference Shares
EV Enterprise Value
CCD Compulsory Convertible Debentures
EBITDA
Earnings before interest, tax, depreciation and
amortisation
EBIT Earnings before interest and tax
PBT Profit before tax
PAT Profit after tax
ROCE Return on capital employed
ROE Return on equity
P/E Price to earnings
NA Not Available
NM Not Meaningful

14. QSR & Fine Dining – Deal Multiples (Select Transactions)
14
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