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February 2014
54

Speciality Restaurants Ltd 170214 Rst

Oct 20, 2015

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Kanv Garg

Information about indian firm Speciality restaurant
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Page 1: Speciality Restaurants Ltd 170214 Rst

Feb

rua

ry 2

01

4

Page 2: Speciality Restaurants Ltd 170214 Rst

2

Dis

cla

imer

Sta

tem

en

ts

ma

de

in

th

is

Pre

sen

tati

on

d

esc

rib

ing

th

e Company’s

o

bje

ctiv

es,

pro

ject

ion

s, e

stim

ate

, e

xpe

cta

tio

ns

ma

y b

e “Forw

ard

-lo

ok

ing

statements”

wit

hin

the

me

an

ing

of

ap

pli

cab

le s

ecu

riti

es

law

s &

re

gu

lati

on

s. A

ctu

al

resu

lts

cou

ld d

iffe

r

fro

m t

ho

se e

xpre

sse

d o

r im

pli

ed

. Im

po

rta

nt

fact

ors

th

at

cou

ld m

ak

e a

dif

fere

nce

to

the

Company’s

o

pe

rati

on

s in

clu

de

e

con

om

ic

con

dit

ion

s a

ffe

ctin

g

de

ma

nd

sup

ply

an

d p

rice

co

nd

itio

ns

in t

he

do

me

stic

& o

ve

rse

as

ma

rke

ts i

n w

hic

h t

he

com

pa

ny o

pe

rate

s, ch

an

ge

s in

th

e g

ove

rnm

en

t re

gu

lati

on

s, ta

x la

ws

& o

the

r

sta

tute

s &

oth

er

inci

de

nta

l fa

cto

rs.

Dis

cla

ime

r

Page 3: Speciality Restaurants Ltd 170214 Rst

3

§In

fla

tio

n

imp

act

ing

D

iscr

eti

on

ary

Sp

en

din

g

§G

DP

Gro

wth

Sli

pp

ing

§H

igh

In

tere

st R

ate

Re

gim

e

Ma

cro

Th

em

es

§D

ecl

ine

of

ove

r 2

0%

in

th

e f

ine

din

ing

ma

rke

t in

m

ajo

r ci

tie

s in

In

dia

-

AS

SO

CH

AM

§Lo

ng

Te

rm P

ote

nti

al

rem

ain

s in

tact

Ind

ust

ry T

he

me

s

§S

tea

dy

Fo

otf

all

s

§9

0 r

est

au

ran

ts a

nd

14

co

nfe

ctio

na

rie

s a

s o

n 3

1st

De

cem

be

r, 2

01

3

§M

ain

lan

d C

hin

a r

em

ain

s th

e f

lag

ship

bra

nd

co

ntr

ibu

tin

g t

o 5

8%

of

reve

nu

es

for

9M

FY

14

§

Pri

ce h

ike

im

ple

me

nte

d i

n e

nd

No

vem

be

r 2

01

3

§E

xpa

nsi

on

pla

ns

on

tra

ck

§D

esp

ite

ma

cro

he

ad

win

ds,

op

en

ed

1

4 r

est

au

ran

ts i

n 9

M F

Y1

4 (

FY

14

ta

rge

t -

15

re

sta

ura

nts

) §

Exp

an

din

g G

lob

al

foo

tpri

nt

th

rou

gh

a J

oin

t V

en

ture

in

Do

ha

, Q

ata

r

Ho

w w

e f

are

d ?

FY

20

13

-14

Th

us

far

Page 4: Speciality Restaurants Ltd 170214 Rst

4

Bra

nd

Le

ad

ers

hip

Op

era

tio

nal

Levera

ge

Lo

yal

Cu

sto

mer

Base

Str

on

g

Man

ag

em

en

t T

eam

Esta

bli

sh

ed

Pre

sen

ce a

t h

igh

er

en

d o

f V

alu

e C

hain

Ou

r C

om

pe

titi

ve

Str

en

gth

s

Page 5: Speciality Restaurants Ltd 170214 Rst

Co

re B

ran

ds

Pa

rtic

ula

rs

•M

en

u

fea

ture

s a

uth

en

tic

Ch

ine

se

cuis

ine

e

mb

raci

ng

th

e

pri

nci

ple

o

f “h

arm

on

y

in

con

tra

st,”

wh

ich

ste

ms

fro

m t

he

Ch

ine

se c

on

cep

t o

f y

in a

nd

ya

ng

•E

rstw

hil

e O

nly

Fis

h,

wa

s re

bra

nd

ed

as

Oh

! C

alc

utt

a

•M

en

u f

ea

ture

s d

ish

es

fro

m K

olk

ata

, cr

ea

ted

th

rou

gh

re

sea

rch

in

lib

rari

es

an

d o

ld B

riti

sh

colo

nia

l cl

ub

s

•A

mb

ien

ce:

rese

mb

les

a B

riti

sh c

olo

nia

l cl

ub

in

Ko

lka

ta

•A

ne

w c

on

cep

t o

f d

inin

g a

nd

a r

ece

nt

ad

dit

ion

to

th

e g

rou

p’s

co

re b

ran

d p

ort

foli

o,

insp

ire

d b

y c

ha

ng

ing

ta

ste

-bu

ds

•T

he

me

nu

fe

atu

res

a m

ela

ng

e o

f fr

esh

, g

rill

ed

fla

vou

rs f

rom

all

aro

un

d t

he

glo

be

Oth

er

Bra

nd

s P

art

icu

lars

A n

ew

co

nce

pt

of

pro

vid

ing

fin

e d

inin

g e

xpe

rie

nce

th

rou

gh

Ou

tdo

or

Ca

teri

ng

Se

rvic

e

•C

ust

om

ize

s G

ou

rme

t cu

isin

e f

rom

le

ad

ing

bra

nd

s in

th

e c

ou

ntr

y u

nd

er

on

e r

oo

f a

t th

e

cust

om

ers

pre

ferr

ed

lo

cati

on

•S

we

et

Co

nfe

ctio

na

ry

•S

erv

es

Mo

de

rn C

hin

ese

cu

isin

e i

de

al

for

gu

est

s o

n-t

he

-go

•A

n a

ll-d

ay

ca

sua

l d

inin

g f

orm

at

serv

ing

co

nti

ne

nta

l d

ish

es

wit

h M

ed

ite

rra

ne

an

,

Mo

rocc

an

, E

ast

Asi

an

an

d I

tali

an

fla

vou

rs.

Ou

r B

ran

d P

lay

bo

ok

Page 6: Speciality Restaurants Ltd 170214 Rst

6

Bra

nd

To

tal

**

Cit

ies

Ma

inla

nd C

hin

a

52

2

5 c

itie

s in

In

dia

an

d o

ne

in D

ha

ka

, B

an

gla

desh

Oh

! C

alc

utt

a

9

Mu

mb

ai, K

olk

ata

, D

elh

i,

Pu

ne

, B

en

ga

luru

,

Hyd

era

ba

d a

nd o

ne

in

Dha

ka

, B

an

gla

de

sh

Sig

ree

/ S

igre

e –

Glo

ba

l G

rill

12

Pu

ne

, C

he

nnai, K

olk

ata

,

Mu

mb

ai, H

yd

era

ba

d a

nd

Be

nga

luru

Haka

2

K

olk

ata

Ma

ch

aa

n

5

Ko

lkata

, G

uw

ah

ati,

Nash

ik, S

ura

t &

Ho

wra

h

Fla

me

& G

rill

5

Hyd

era

ba

d, N

ash

ik,

Au

ran

ga

bad

an

d K

olk

ata

Kix

1

K

olk

ata

Kib

be

h

1

Hyd

era

ba

d

Sh

ack

1

Ko

lkata

Me

zzu

na

1

P

un

e

Hop

pip

ola

1

B

en

ga

luru

Su

b-t

ota

l 9

0

Sw

ee

t B

en

ga

l C

on

fectio

nary

1

4

Mu

mb

ai

To

tal

10

4

Ben

ga

luru

Ch

en

nai

Hyd

era

ba

d

Pu

ne

Nash

ik

Mu

mb

ai

Ah

med

ab

ad

Baro

da

Su

rat

Ch

an

dig

arh

New

Delh

i

Lu

ckn

ow

Gu

wah

ati

Dh

aka,

Ban

gla

de

sh

Ko

lkata

Au

ran

ga

bad

Man

ga

lore

Ko

ch

i

Du

rga

pu

r

Patn

a

65 C

om

pa

ny o

wn

ed

an

d o

pe

rate

d r

esta

ura

nts

, 25*

Fra

nc

his

ee**

* an

d 1

4

co

nfe

cti

on

ary

ou

tle

ts s

pre

ad

acro

ss 2

5 c

itie

s i

n In

dia

an

d o

ne

cit

y i

n B

an

gla

de

sh

*

Th

is in

clu

de

s fr

an

chis

ee

re

sta

ura

nts

lo

cate

d i

n D

ha

ka

, B

an

gla

de

sh;

**

Da

ta a

s o

n

De

cem

be

r 3

1 ,2

01

3

**

* F

ran

chis

ee

Re

sta

ura

nt:

Fra

nch

ise

e O

wn

ed

,

Co

mp

an

y o

pe

rate

d r

est

au

ran

t

Go

a

No

ida

Ho

wra

h

Wid

esp

rea

d

Pre

sen

ce

Bh

ub

an

esh

war

Jaip

ur

Gu

rgao

n

Page 7: Speciality Restaurants Ltd 170214 Rst

7

58

%

10

%

14

%

4%

2%

3

%

5%

4

%

Ma

inla

nd

Ch

ina

Oh

Ca

lcu

tta

Sig

ree

/Glo

ba

l G

rill

Fla

me

& G

rill

Ma

cha

an

Ha

ka

Sw

ee

t B

en

ga

l

Oth

ers

Bra

nd

wis

e c

on

trib

uti

on

to r

eve

nu

es

for

9M

FY

14

Page 8: Speciality Restaurants Ltd 170214 Rst

8

Str

ate

gic

Dir

ect

ion

20

13

-14

•M

ezz

un

a

•S

igre

e -

Glo

ba

l G

rill

2

. B

RA

ND

AD

DIT

ION

S

•P

rese

nce

acr

oss

Va

lue

Ch

ain

•M

ob

i-Fe

ast

•H

op

pip

ola

3.

FO

CU

S O

N

SW

EA

TIN

G O

F A

SS

ET

S

•E

nh

an

ce E

mp

loye

e S

kil

ls

•B

ack

en

d C

ost

Co

ntr

ols

•Im

ple

me

nta

tio

n o

f P

rice

Hik

e

4.

EN

HA

NC

E

OP

ER

AT

ION

AL

EF

FIC

IEN

CIE

S

•E

xpa

nsi

on

in

Exi

stin

g C

itie

s w

ith

in I

nd

ia

•In

tern

ati

on

al F

ora

ys

5.

EN

LAR

GE

OU

R

PR

ES

EN

CE

•Fo

cus

on

Fla

gsh

ip B

ran

ds

•In

no

vate

ou

r O

ffe

rin

gs

wit

ho

ut

dil

uti

ng

or

com

pro

mis

ing

on

Qu

ali

ty

1.

LEV

ER

AG

E O

UR

ST

RE

NG

TH

S

Str

ate

gic

Dir

ect

ion

FY

13

-14

Page 9: Speciality Restaurants Ltd 170214 Rst

1.L

EV

ER

AG

E O

UR

ST

RE

NG

TH

S

Main

land C

hin

a a

nd O

h! C

alc

utta

9

Page 10: Speciality Restaurants Ltd 170214 Rst
Page 11: Speciality Restaurants Ltd 170214 Rst

11

Lev

era

ge

th

e e

qu

ity

of

Ma

inla

nd

Ch

ina

•Le

vera

ge

th

e b

ran

d e

qu

ity

en

joye

d b

y M

ain

lan

d C

hin

a b

ran

d b

y e

xpa

nd

ing

in

ne

w lo

cati

on

s in

Me

tro

an

d T

ier

1 c

itie

s

•S

ele

ctiv

ely

un

de

rta

ke e

xpa

nsi

on

pla

ns

in l

ine

wit

h M

acr

oe

con

om

ic

De

velo

pm

en

ts

Ex

pa

nsi

on

Pla

ns

•P

lan

to

exp

an

d n

ew

re

sta

ura

nt

form

ats

su

ch a

s C

om

bo

s a

nd

Mu

lti

bra

nd

s

•In

clu

de

sn

ack

me

nu

an

d k

ee

p r

est

au

ran

ts o

pe

n t

hro

ug

h t

he

da

y in

Ma

lls

Incr

ea

se C

ove

r Tu

rno

ver.

•“M

ain

lan

d C

hin

a –

Asi

a K

itch

en

” to

op

en

so

on

in

Ob

ero

i M

all

, G

ore

ga

on

,

Mu

mb

ai a

s a

ll d

ay

fo

rma

t

Page 12: Speciality Restaurants Ltd 170214 Rst

12

Fo

cus

on

CO

CO

Mo

de

l fo

r E

xp

an

sio

n

•C

ost

Cu

rve

– 1

20

da

ys t

o l

au

nch

an

d 6

- 9

mo

nth

s th

ere

aft

er

to b

rea

keve

n

•Fo

cus

on

CO

CO

mo

de

l fo

r e

xpa

nsi

on

co

mb

ine

d w

ith

FO

CO

mo

de

l

op

po

rtu

nis

tica

lly

Inn

ov

ati

ve

Off

eri

ng

s

•S

ma

lle

r P

ort

ion

in

ad

dit

ion

to

exi

stin

g R

eg

ula

r P

ort

ion

Me

nu

ba

sed

on

Re

sea

rch

co

nd

uct

ed

, im

ple

me

nte

d i

n r

est

au

ran

ts a

cro

ss I

nd

ia

•S

ave

s C

ost

s a

nd

Ge

ne

rate

s h

igh

er

Re

ven

ue

s

•T

ie u

p w

ith

IC

ICI

Ba

nk

Ltd

. to

cre

ate

sp

eci

al

off

er

for

ICIC

I C

ard

Ho

lde

rs

Page 13: Speciality Restaurants Ltd 170214 Rst
Page 14: Speciality Restaurants Ltd 170214 Rst
Page 15: Speciality Restaurants Ltd 170214 Rst
Page 16: Speciality Restaurants Ltd 170214 Rst
Page 17: Speciality Restaurants Ltd 170214 Rst

17

•R

ecr

ea

tin

g t

he

ma

gic

of

the

fla

vou

rs o

f a

gre

at

city

wh

ere

no

sta

lgia

an

d t

ast

e

me

lts

tog

eth

er

on

th

e p

ala

te

•T

he

bra

nd

ca

ters

to

eve

r g

row

ing

de

ma

nd

of

the

dis

cern

ing

In

dia

n G

ue

st t

o

ven

ture

ou

t b

eyo

nd

th

e T

an

do

ori

Ch

icke

n a

nd

Ma

kh

an

i D

aa

l.

Page 18: Speciality Restaurants Ltd 170214 Rst
Page 19: Speciality Restaurants Ltd 170214 Rst
Page 20: Speciality Restaurants Ltd 170214 Rst
Page 21: Speciality Restaurants Ltd 170214 Rst
Page 22: Speciality Restaurants Ltd 170214 Rst
Page 23: Speciality Restaurants Ltd 170214 Rst

2. B

RA

ND

AD

DIT

ION

S

Mezzuna a

nd S

igre

e -

Glo

bal G

rill

23

Page 24: Speciality Restaurants Ltd 170214 Rst
Page 25: Speciality Restaurants Ltd 170214 Rst

25

•A

ll d

ay

ba

r a

nd

re

sta

ura

nt,

se

rvin

g I

nte

rna

tio

na

l cu

isin

e,

wa

s la

un

che

d i

n A

pri

l

20

13

.

•T

he

tr

en

d o

f th

is

you

ng

T

G

(19

2

6 ye

ars

) w

ith

h

igh

d

isp

osa

ble

in

com

e

is

“ch

illi

ng

– s

pe

nd

ing

tim

e i

n a

n i

nfo

rma

l v

ibra

nt

sett

ing

” -

dri

nk

ing

ou

t w

ith

frie

nd

s a

nd

ha

vin

g f

ing

er

foo

d.

•C

on

sult

an

ts/

Ch

efs

fro

m E

uro

pe

an

d r

ecr

uit

me

nts

fro

m B

est

Ho

tels

/Re

sta

ura

nts

in I

nd

ia

Page 26: Speciality Restaurants Ltd 170214 Rst

26

•A

ll d

ay c

asu

al

din

ing

- H

igh

er

Co

ver

turn

ove

r a

s ti

min

g i

s lo

ng

er

(op

en

be

twe

en

9 a

m t

o 1

2 m

idn

igh

t)

•C

uis

ine

s e

nco

mp

ass

ing

M

ed

ite

rra

ne

an

, M

oro

cca

n,

Ea

st

Asi

an

, C

on

tin

en

tal,

Sp

an

ish

, M

exi

can

an

d I

tali

an

fla

vou

rs w

ith

a f

an

tast

ic r

an

ge

of

liq

uo

r w

hic

h i

s o

f

pri

me

im

po

rta

nce

.

•W

ith

in a

ye

ar

of

op

en

ing

ha

s b

ee

n a

wa

rde

d –

Tim

es

Fo

od

s A

wa

rds

for

20

14

in

Pu

ne

in

th

e f

oll

ow

ing

ca

teg

ory

:

•T

he

Be

st A

ll D

ay D

inin

g R

est

au

ran

t

•T

he

Be

st P

izza

Page 27: Speciality Restaurants Ltd 170214 Rst
Page 28: Speciality Restaurants Ltd 170214 Rst
Page 29: Speciality Restaurants Ltd 170214 Rst
Page 30: Speciality Restaurants Ltd 170214 Rst
Page 31: Speciality Restaurants Ltd 170214 Rst
Page 32: Speciality Restaurants Ltd 170214 Rst

32

•A

ne

w c

on

cep

t o

f d

inin

g a

nd

la

test

ad

dit

ion

to

th

e g

rou

p p

ort

foli

o s

erv

ing

a

me

lan

ge

o

f fr

esh

, g

rill

ed

fl

avo

urs

fr

om

a

ll

aro

un

d

the

g

lob

e

like

M

ed

ite

rra

ne

an

, O

rie

nta

l, S

pa

nis

h,

Me

xica

n a

nd

In

dia

n c

uis

ine

.

•Li

ve g

rill

s o

n e

ach

ta

ble

- U

nli

mit

ed

sta

rte

rs t

ha

t si

zzle

an

d g

rill

on

ea

ch t

ab

le.

Dis

pla

y k

itch

en

an

d i

nte

ract

ive

co

ok

ing

, e

nh

an

ced

by t

he

th

rill

ing

an

d s

kil

lfu

l d

isp

lay

by

ma

ste

r ch

efs

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ram

ati

c a

mb

ien

ce o

f fr

esh

in

gre

die

nts

an

d e

xcit

ing

cu

lin

ary

sty

les.

Pla

ns

to e

xpa

nd

th

e n

um

be

r o

f o

utl

ets

giv

en

th

e e

nco

ura

gin

g r

esp

on

se

Page 33: Speciality Restaurants Ltd 170214 Rst
Page 34: Speciality Restaurants Ltd 170214 Rst
Page 35: Speciality Restaurants Ltd 170214 Rst
Page 36: Speciality Restaurants Ltd 170214 Rst
Page 37: Speciality Restaurants Ltd 170214 Rst

3.

FO

CU

S O

N S

WE

AT

ING

OF

AS

SE

TS

Mob

ife

ast,

Ho

ppip

ola

and

QS

Rs

37

Page 38: Speciality Restaurants Ltd 170214 Rst

38

• B

uil

d p

rese

nce

acr

oss

th

e v

alu

e c

ha

in

•C

ate

r u

niq

ue

fo

od

off

eri

ng

fro

m t

he

kit

che

ns

of

the

le

ad

ing

bra

nd

s in

th

e

cou

ntr

y u

nd

er

on

e r

oo

f

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pe

rate

s th

rou

gh

th

e C

en

tra

l Fo

od

Pro

cess

ing

Un

it a

t S

an

kra

il n

ea

r H

ow

rah

•T

he

bu

sin

ess

mo

de

l in

volv

es

no

ma

jor

fixe

d c

ost

s w

hil

e d

ep

loys

id

le r

eso

urc

es

resu

ltin

g i

n o

nly

incr

em

en

tal

vari

ab

le c

ost

s

Mo

bif

ea

st

Page 39: Speciality Restaurants Ltd 170214 Rst

39

•A

ll d

ay B

ar

off

eri

ng

Co

nte

mp

ora

ry f

oo

d i

ncl

ud

ing

re

gu

lar

nib

ble

s a

nd

fin

ge

r fo

od

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o r

en

tal

cost

s a

s it

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era

tes

fro

m v

aca

nt

terr

ace

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t e

xist

ing

Co

mp

an

y’s

lo

cati

on

s

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ark

eti

ng

th

rou

gh

th

e S

oci

al

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dia

ro

ute

ta

rge

tin

g a

ge

gro

up

of

18

-24

•In

itia

tive

is

focu

sed

on

ma

rgin

exp

an

sio

n

Ho

pp

ipo

la

Page 40: Speciality Restaurants Ltd 170214 Rst

40

•O

ffe

rs g

ou

rme

t cu

isin

e d

eli

vere

d a

t th

e d

oo

r st

ep

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tili

ze e

xist

ing

re

sou

rce

s a

nd

exp

ert

ise

of

pro

vid

ing

hig

h q

ua

lity

fo

od

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ie u

p f

or

Log

isti

cs M

an

ag

em

en

t a

nd

De

live

ry

QS

R I

nit

iati

ve

s

Page 41: Speciality Restaurants Ltd 170214 Rst

4. O

PE

RA

TIO

NA

L E

FF

ICIE

NC

IES

41

Page 42: Speciality Restaurants Ltd 170214 Rst

42

•Tr

imm

ing

wo

rk f

orc

e a

nd

tra

inin

g e

mp

loye

es

to b

e m

ult

ifa

cete

d t

o e

nh

an

ce

pro

du

ctiv

ity

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ne

rgie

s o

n t

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flo

or

to s

ave

tim

e

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e-n

eg

oti

ati

on

of

Re

nta

ls t

o e

nsu

re p

rofi

tab

ilit

y g

ive

n t

he

str

on

g b

ran

d e

qu

ity

en

joye

d b

y t

he

Co

mp

an

y

Op

era

tio

na

l E

ffic

ien

cie

s

Page 43: Speciality Restaurants Ltd 170214 Rst

5. E

NL

AR

GE

OU

R P

RE

SE

NC

E

43

Page 44: Speciality Restaurants Ltd 170214 Rst

44

•In

tern

ati

on

al

Fo

rays

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t V

en

ture

in

Do

ha

, Q

ata

r

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ele

ctiv

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on

in

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fere

nt

loca

tio

ns

in I

nd

ia

En

larg

e o

ur

pre

sen

ce

Page 45: Speciality Restaurants Ltd 170214 Rst

45

Ma

rket

se

gm

en

ts a

nd

gro

wth

pro

jec

tio

n –

Org

an

ise

d S

eg

me

nt

2010

2015*

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an

ize

d

16

.0%

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org

an

ize

d

84

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org

an

ize

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55

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an

ize

d

45

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tal

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ustr

y:

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n (

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tal

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utl

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urc

e : T

ech

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pa

k R

ep

ort

20

09

; N

RA

I R

ep

ort

20

10

Ind

ust

ry p

ote

nti

al

Page 46: Speciality Restaurants Ltd 170214 Rst

46

nO

ver

65%

of In

dia

’s p

opula

tion is b

elo

w 3

5

years

of age, and the a

ge g

roup b

etw

een 2

1

and 4

0 y

ears

constitu

tes the m

ajo

rity

am

ong

those w

ho e

at out re

gula

rly

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cre

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g p

opula

tion o

f th

e m

iddle

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ss a

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g p

roport

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f th

e p

opula

tion liv

ing in

urb

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entr

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gin

g D

em

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rap

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file

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wth

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ve

rs

nH

isto

rically

difficult to o

bta

in f

inancin

g

nR

ecent in

cre

ase in p

rivate

equity f

inancin

g for

esta

blis

hed industr

y p

laye

rs w

ith m

atu

re

opera

tions

Inte

rest

fro

m P

E p

layers

nW

ork

ing p

opula

tion in I

ndia

is e

stim

ate

d to

constitu

te 6

2%

of th

e tota

l popula

tion b

y 2016

nB

y 2

030, In

dia

n c

itie

s a

re lik

ely

to h

ouse 4

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of

India

’s p

opula

tion a

nd a

ccount fo

r 69%

of

India

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DP

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win

g W

ork

ing

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pu

lati

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an

d

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ing

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on

nU

rban India

expecte

d to h

ave a

nearly

fourf

old

incre

ase in t

he p

er

capita d

isposable

incom

e

from

2008 to 2

030

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ing

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me L

evels

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urc

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k R

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09

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; M

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10

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ust

ry p

ote

nti

al

Page 47: Speciality Restaurants Ltd 170214 Rst

47

` I

n M

illi

on

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cia

l O

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w

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Page 48: Speciality Restaurants Ltd 170214 Rst

48

Inc

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ns a

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tle

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Page 49: Speciality Restaurants Ltd 170214 Rst

49

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Page 50: Speciality Restaurants Ltd 170214 Rst

50

Sa

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Page 51: Speciality Restaurants Ltd 170214 Rst

51

AN

NE

XU

RE

S

Page 52: Speciality Restaurants Ltd 170214 Rst

52

19

92

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Page 53: Speciality Restaurants Ltd 170214 Rst

•O

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Page 54: Speciality Restaurants Ltd 170214 Rst

54

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k Y

ou