#1UWECA Athletic FCBARCELONA FCB 獎 INVESTOR PRESENTATION SUDITI INDUSTRIES LTD.#2Index Arielle Executive Summary Company Overview Business Overview Industry Overview Financial Overview SUDITI INDUSTRIES LTD. 2#3YOUWFOAM EXECUTIVE SUMMARY EST XIF Athletic 12#4Executive Summary Athletic \. • SUDITI INDUSTRIES LTD. Overview · Suditi Industries limited ("SIL"), was incorporated in 1991 as a processing house to manufacture 100% cotton Knitted Fabrics and Polar Fleece Fabrics • In a short span, the company established itself as a reputed quality manufacturer of hosiery fabrics and garments for many established brands The company is today a vertically integrated Textile and Apparel manufacturing house with processes like knitting, dyeing, printing, finishing, garmenting and also retailing of our own branded apparels and reputed licensed wear Products and Business Mix Retail Business 。 Licensed Brands - FC Barcelona, Manchester City FC о Own Brands - Riot and Indianink 。 Partnership Brands - YouWeCan and NUSH • Fabric and Garments Business Key Marquee Clients • • Retail: EBO's and large format stores like Central, Shoppers Stop, Pantaloons, Lifestyle, & Walmart, and e- commerce presence on Jabong, Myntra, Amazon, Flipkart, Snapdeal, etc. Fabrics: Madura Group, Reliance, Creative Garments Pvt. Ltd, Gini & Jony Ltd, Choudhary Garments Garments: Future Group, Mandhana Industries Ltd, Myntra Designs Pvt. Ltd, Siyaram Silk Mill Ltd, Shoppers Stop, Raymond, Lee Cooper, Walmart, Burnt Umber FY18 Financial Performance (Standalone) Total Income: INR 980 Mn EBITDA: INR 93 Mn Net Profit: INR 34 Mn 4#5COMPANY OVERVIEW#6SUDITI INDUSTRIES LTD. Retail SEGMENTAL REVENUE (FY18) Company Overview Athletic • • • • • • SIL initially started as a fabrics processing plant, the company has gradually entered into different segments of fabric processing such as knitting, printing, finishing and garmenting. The company is headquartered at Navi Mumbai, Maharashtra and has manufacturing unit at Turbhe, Mumbai. SIL has state-of-the-art machines imported from Germany, USA, Greece, Switzerland, Taiwan etc. through which they cater to customers' specific needs. SIL ventured into licensing by acquiring manufacturing rights for 2014 FIFA World Cup (Brazil). Encouraged by the response of FIFA world cup 2014 (Brazil) the company has now executed licensing agreement with reputed international clubs like FC Barcelona and Manchester City FC and also ventured licensing agreements with YouWeCan as well as a joint venture with NUSH. The company has a strong retail presence through 2 of its key brands: Riot and Indianink. Riot is an inspirational youth brand that offers quality fashion wear at economical prices. IndianInk offers a vivid range of contemporary fashion and styled garments for women. It also launched a clothing brand YWC Fashion with cricketer Yuvraj Singh in 2016 and brand NUSH with celebrity actress Anushka Sharma in 2017. 26% Garments 18% CONSOLIDATED REVENUES (INR MN) 1,040 902 772 FY16 FY17 FY18 10 a Fabrics 56%#7Key Milestones SUDITI INDUSTRIES LTD. Suditi Industries incorporated 1991 1994 Commenced commercial production and got listed on BSE. Expansion of manufacturing facilities from 7 MT p.a. to 12 MT p.a. and commissioned knitting unit 1996-97 2005 Expansion of Knitting operations The company ventured into Retail with it's own brand called "Riot" 2010 只 2012-13 Began selling the products through various E- Commerce platforms Bagged exclusive licensing rights for FIFA World Cup in India 2014 Entered into a partnership with Yuvraj Singh for his brand "YouWeCan" 2016 圖圖 2015 Acquired licensing rights for "FC Barcelona" & "Man City", and launched ethnic retail brand "Indianink" 2017 Entered into a partnership with Anushka Sharma for her brand "NUSH" 7#8Management Athlet Mr. Pawan Agarwal - Chairman & MD Mr. Agarwal has more than 2 decades of experience in finance, marketing and other related matters particularly with reference to manufacture and export of garments. Mr. Agarwal has been an Executive Director of Suditi Industries Ltd since September 12, 1991. He has expertise in Garment exports and marketing activities. Mr. Animesh Maheshwari - VP, Retail He has done Post Graduation in Retail Management from K.J Somaiya with twelve years of experience in the Indian Fashion and Retail industry. He has been a strong pillar in leading the company towards expansion and has been a keystone in taking the company through e- commerce business and obtaining remarkable sales. Mr. R Chinraj - Executive Director He has an experience that spans over more than four decades, he lends the necessary edge required for the business to sustain in the competitive world. Equipped with a degree in B- Tech Textile Technology from University of Madras. - SUDITI INDUSTRIES LTD. Mr. H Gopalkrishnan Company Secretary - VP, Finance & Mr. H Gopalkrishnan, M.Com, MBA, ACWA, ACS heads the Corporate and Retail Finance, Secretarial and Taxation functions of the company. He has a very sharp financial acumen, negotiation skills of the highest order and a great passion for integrating technological advancements in improving business processes. Ajay Nihalani - CEO, Suditi Design Studio Ltd With over 23 years of experience across the entire gamut of business & marketing in the retail industry, Mr Nihalani with a milieu of complex and challenging environment has brought matchless ideation and execution of plans to the brand, under his role as CEO at Indianink - Suditi Design Studio. Mr. Manoj Khemka - VP, Accounts & Commercial He is a Chartered Accountant (CA) and ICWA Accountant by profession. Mr Manoj Khemka heads the Accounts and Commercials at Suditi Industries Ltd. 8#9Key Strengths Established Players in Apparel Brand Licensing Experienced promoters & a strong management team Strong Retail brands - Riot & indianink Indian Ink RIOT Reliable suppliers of Fabrics and Garments to Marquee Clients "'"' ན SUDITI INDUSTRIES LTD. Vertically integrated - processing to garmenting Diversified range of textile. products Strong Pan India distribution network across platforms 9#10Future Strategy . Increased focus on retail business. SUDITI INDUSTRIES LTD. • Strategically identify & tie-up with more licensed brands. Increasing footprint of our own and licensed brands through distributor networks and other low-capex franchisee models. Higher focus on e-commerce platforms. Strategically leverage on companies own manufacturing facilities to further reduce cost & improve margins. INFO STRATEGY#11OPCANCELONA FLONA BARCEL FCB 寳 BUSINESS OVERVIEW CHARCELONA FORANDON FICTION & FCB G me clu#12Business Mix SUDITI INDUSTRIES Retail Business Licensed Brands Partnership Brands Own Brands FC Barcelona Manchester City FC SUDITI INDUSTRIES LTD. Fabric and Garments Business Fabrics Garments YouWeCan NUSH Riot IndianInk Knitting Dyeing Printing Finishing Garmenting 12#13Retail Licensed Brands - SUDITI INDUSTRIES LTD. • Licensing for the company commenced with FIFA world cup 2014, when it undertook manufacturing and marketing of fashion apparels. • Encouraged by the response of its success through this, the company has now executed agreements with other reputed international clubs like FC Barcelona, ManCity, to design and manufacture licensed clothing line that will include categories like t-shirt, sweatshirts, polo's, jackets, track pants, boxers, etc. for men. Company currently has licensing agreements with: FC B ⚫ FC Barcelona - Founded in 1899, it is the second most valuable team in the world. FCB is termed to be a team with most official titles such as Copa del Rey, Liga, Champions League, Spanish Supercup, European Supercup and Clubs World Cup. Since they started in 1955, FCB is the only team to have played in every season of European competitions. M.C.F.C. Superbia In Pradio l • Manchester City FC - Founded in 1880, Manchester City is an old name in English football. However, its popularity hasn't even begun due to its inactivity till 2008. The club won a Premier League after 44 Years in 2012, came 4th the year after and won the league again in early 2014. It is currently one of the favorites for this year's EPL and Champions League titles. 13#14YouWeCan Athletic SIL joined hands with cricketer Yuvraj Singh in May 2016 to launch a clothing line under YouWeCan. • The brand will include lifestyle and fashion apparel for men, women & 4+ kids. • YWC brand ethos will reverberate Yuvi's motto to 'Live, Dare and Inspire' • 66 The range will cater to fashion lifestyle apparel showcasing Yuvi's persona. A percentage of the royalties from the sale will be routed to support the initiatives of the YouWeCan Foundation (a charitable trust promoted by Yuvraj). I am thrilled to start a line which will break away from the mould of the usual silhouettes, as YWC for me is not just a brand but an emotion. It's something that comes from within. Black White Orange plays a very instrumental role in the foundation & formation of brand YWC and in finding the ideal partners in Suditi Industries, to help realize and actualize the thought we had in mind for my apparel line. We are optimistic that our audiences will love the YWC clothing range and their support for the brand will help all the initiatives of the YouWeCan Foundation too. Looking forward to an exciting innings on this one! - Yuvraj Singh " SUDITI INDUSTRIES LTD. UWC YOU WECAN LIVE. DARE DARE S INSPIRE чLUD YOUWECAN 14#15NUSH • SIL joined hands with Celebrity actress, Ms. Anushka Sharma for a 50:50 Joint Venture to launch a clothing line under the brand NUSH. The brand was launched on 12th October, 2017. • The range is launched with a firm focus of instilling everyday fashion for everyday women. • NUSH is available at Shoppers Stop, Myntra and Multi Brand Outlets across India 66 Nush, is second Nush, clothing is second entrepreneurial venture after her production banner Clean Slate Films. As a young girl, shopping for clothes that suited her sense of fashion under one roof was a struggle. Nush, endeavours to bring fashionable and beautiful clothes that customer can wear to work, to college, to an evening do or even just to hang out casually, all under one label. As per her there is a lot of herself in all the outfits. Nush is for every woman who is her own stylist. - Anushka Sharma " SUDITI INDUSTRIES LTD. NUSH AUTUMN WINTER COLLECTION 2017 15#16Riot Athle RIOT was incorporated in 2010 as a casual fashion brand for the youth. • The brand offers contemporary clothing and accessories through fresh and inspiring retail formats. RIOT • RIOT's products include funky denims, comfortable bottoms, cool jackets, stylish shirts for men or skirts, dresses, cardigans or tunics for women, along with fashionable accessories like belts, bags and flip flops. • • The price points for men and women start from INR 599 onwards for the Tops and INR 1,999 onwards for the Bottoms. Currently the company sells through departmental/multi product stores such as, Central, Walmart, regional large format stores and other Multi Brand Outlets. The company also sells through various online platforms such as myntra.com, flipkart.com, jabong.com, amazon.in, snapdeal etc. FRESH ARRIVALS RIOT 16#17Indianink Athle • 寳 Suditi forayed into women's ethnic and fusion wear in 2015 under its retail brand called Indianink. indianink Inspired from the roots of diverse culture, Indianink is a vibrant, multi-hued brand filled with an urbane fashion that offers a vivid range of contemporary fashion and styled garments. These prêt-à-porter designs assure comfort and an impeccable fit and flow. • The designs are comfort driven with a fusion of relaxed silhouettes with ethnic influences to craft a result that has a global appeal. It also aims to see this aspect of fashion reach every part of the globe. • Indianink offers various types of products such as Kurtas, Tunics, Skirts, Salwar Kameez, Knitted Churidar, Patiyala, Dupatta, Pants etc. · The collection of mix-n-matches range from INR 499 - Rs 1,899 and salwar kameez sets from INR 2,699 - INR 3,999. Currently the company sells through Large format stores such as Pantaloons & Ethinicity and the company also sells through online platforms such as Myntra.com, Jabong.com, Amazon.in, Flipkart.com, Snapdeal.com, Ajio.com. indianink Get in Get in TREND STYLE Get in ETHNIC 17#18Retail Presence Multi-Brand Outlets (MBO) • SIL has well established Pan India distribution channels • The company also has presence across 150 multi-brand outlets across 15 States out of which 45 are in Mumbai. • The company has 18-20 large distributors across India. • Some of the major cities where we are present are Mumbai, Pune, Nagpur, Goa, Ahmedabad, Surat, Baroda, Rajkot, Chandigarh, Ludhiana, Amritsar, Dehradun, Delhi, Lucknow, Meerut, Varanasi, Allahabad, Guwahati, Shillong, Kolkata, Bhubneshwar, Bangalore, Coimbatore Chennai, Cochin, Hyderabad. SUDITI INDUSTRIES LTD. RETAIL TOTAL REVENUES (INR MN) 238 176 275 FY16 FY17 FY18 POINT OF SALES 327 210 100 2016 2017 2018 18#19Retail Presence SUDITI INDUSTRIES LTD. Large Format Stores (LFS) SHOPPERS STOP lifestyle® (C). CENTRAL pantaloons Walmart BRAND FACTORY BRAND BEST BRANDS SMART PRICES Myntra.com India's Largest Online Fashion Store amazon.in Online Presence indianink RIOT JABONG.COM ЧИС Flipkart snapdeal abof all about fashion 19#20Fabrics Athlete • SIL's fabric plant unit started way back in 1991, and since has scaled up its operations over the years. • The company's fabric unit has facilities for knitting, dyeing, printing and finishing of yarns. • SIL is well reputed for its excellence and quality textile The vertical integration allows the company to pass on the benefits of quality and adaptability to its customers to supply products as per customer specifications within the given time frame. • The processing unit of SIL is spread across 36,000 sq feet and another 50,000 sq feet for knitting. This mammoth unit has an installed capacity to produce 4,050 MT of high quality knitted hosiery fabrics every year and a dyeing capacity of 12 Tons per day. • The company's processing unit clients are spread across various textile, garment and apparel manufacturers across the country. SUDITI INDUSTRIES LTD. FABRIC PROCESSING REVENUES (INR 391 MN) 581 584 FY16 FY17 FY18 ADITYA BIRLA MADURA F&L Key Clients CHOUDHARY GARMENTS Reliance trends GINI & JONY freedom fashions CG Creative G R OU P 20 20#21Fabric Processing Facilities Athele SUDITI INDUSTRIES LTD. Knitting •The knitting facility is quipped with 60 circular knitting machines imported from Germany and the USA. •Together they have an annual manufacturing capacity of 2,000 tons of fabrics such as Single Jersey, Pique, Rib, Terry, Interlocks, Pointelle, Fleece, Jacquards and Autostipers. Printing •The printing unit is equipped with machines such as the MHM for placement printing and flat bed printing. •⚫It is capable of providing customers with a variety of print techniques including Reactive, Discharge, Disperse and Pigment prints. Dyeing •The dyeing unit set up consists of 24 soft flow dyeing machines with a daily production of 12 tons of knitted fabrics per day. •Mainly dyeing of Cotton, Viscose, Polyester blends takes place. Finishing •The finishing unit is equipped with a variety of international machines like Relax Drier, Shearing, Compacting, Raising, Peaching, Pad, Squeeze, Stretch, Brushing, Tumbling, Stentering and Open Felt Machines. •Company provides customers finishing winter knits, softening fabrics or even providing stain repellant and odour eliminating treatments. 21#22Garments Athletic • SIL's Garmenting unit at Turbhe, Navi Mumbai is spread across 15,000 sq ft where cutting, stitching, printing, washing and embroidery of around 6,000 pieces takes place daily. SUDITI INDUSTRIES LTD. GARMENTS REVENUES (INR MN) 187 • • SIL has a state of the art garmenting unit with machines for sewing from companies like Juki, Pegasus and Yamato. 155 92 Products basket in this category comprises of knitted garments for men, women and kids in categories like casual wear, sportswear and active wear. • Some of the key clients in this category are Future Group, Mandhana, Siyaram, Myntra.com, Siyaram Silk Mill Ltd, Raymond, Burnt Umber, Pantaloons, Lee cooper, Madura Garments (Brand - Louis Philippe, Van Heusen, Allen Solly), Arvind Lee, Shoppers Stop, Spykar and many more. MANDHANA a whirlpool of ideas! pantaloons* ADITYA BIRLA SHOPPERS STOP MADURA F&L Key Clients FY16 FY17 FY18 Allen Solly Louis Philippe future group Levi's Walmart Raymond MyTA.com Siyarams Lee spykar India's Largest Online Fashion Store ☐ 22#23INDUSTRY OVERVIEW#24Brand Licensing Industry Overview SUDITI INDUSTRIES LTD. Global Brand Licensing Industry Brand licensing includes licensing model in India has been thriving in categories like fashion, media and entertainment, sports and fitness. • • Industry size estimated at $251.7 billion in retail, licensing is a force to reckon with. GAP GAP GA Fashion Licensing is the 3rd biggest category of licensing globally and contributes almost 15% of the Licensing pie. Indian Brand Licensing Industry • Brand Licensing at $741 billion, the licensing and merchandising industry owes a majority of the revenue to fashion centric deals primarily apparel. Apparel as a category contribute to 60 per cent of the fashion segment, while licensed apparel market accounts to 23.8 per cent of the revenues from licensed merchandise and 85 per cent of licensed fashion sales. In India, licensing is a much smaller market of about INR 4,000 crore ($600 mn), which shows tremendous potential as it is poised to hit double digit growth in the future. • 15 per cent growth is expected over the next five years as with the popularity of e-commerce, the Tier II and III cities would come on the licensing industry map. Source: Indiaretailing LLIN weit 20% AEROPOSTALE 24#25Apparel Industry Overview Athlete INDIAN APPAREL INDUSTRY CATEGORY BREAKUP Kidswear, 21% Womenswear 38% Menswear 41% SUDITI INDUSTRIES LTD. Global Apparel Industry • Apparel constitutes more than half of the share of the global textile. • . China, India and Russia are emerging as future destinations for apparel consumption. It is estimated that the global apparel market will be around USD 2 Trillion by 2020. India has a share of approximately 5% of the global textile and apparel trade. Indian Apparel Industry . India's apparel market estimated currently at INR-3,300bn which is expected to grow to INR-7,500bn by 2022 at a CAGR of 13%. Branded apparels market expected to grow at 1.5x overall market. Introducing 125 SKU's designs every month by breaking the old seasonality trending. 25#26ink FINANCIAL PERFORMANCE 10-08-17 11:47#27Standalone Income Statement (IND AS) SUDITI INDUSTRIES LTD. Particulars (INR Mn) FY16* FY17 FY18 Q1-FY19 Total Income# 683 819 980 270 Total Expenses 614 735 887 251 EBITDA 69 84 93 19 EBITDA Margin (%) 10.10% 10.26% 9.49% 7.04% Depreciation 18 18 15 4 Finance Cost 30 29 29 7 PBT 21 37 49 8 Ταχ 6 16 15 1 PAT 15 21 34 7 PAT Margins (%) 1.82% 2.56% 3.47% 2.59% Other Comprehensive Income (net of Tax) 1 Total Comprehensive income 15 21 34 8 Diluted EPS (INR) 0.87 1.26 1.91 0.44 #Includes other income *The numbers reported originally under IGAAP for FY 16 is revised to make it comparable with FY17 and FY18 figures which are reported under IND AS 27 22#28FY17 Standalone Balance Sheet (IND AS) Liabilities (INR Mn) SUDITI INDUSTRIES LTD. FY18 Assets (INR Mn.) FY17 FY18 Shareholder Funds Fixed Assets Share Capital 168 168 Properties, Plant and Equipment 104 102 Other Equity 126 163 Intangible Assets 1 1 Total Shareholders Fund 294 331 Capital Work in Progress Intangible Assets under Development 22 17 2 Non Current Liabilities Long Term Borrowings 35 41 Non-current investments Other Long Term Liabilities 4 4 Non-current investments Deferred Tax Asset (net) 1 22 10 Total Non Current Liabilities 39 45 Long term loans 39 86 Other non current assets - Others 3 2 Current Liabilities Total Non current assets 161 222 Short term Borrowings 211 231 Current Assets Trade Payables 137 141 Investments Other Financial Liabilities 20 19 Inventories 296 302 Other Current Liabilities 4 19 Trade Receivables 227 234 Short-term provisions 4 4 Cash & Cash Equivalents 4 5 Current Tax Liability (Net) Loans Total Current Liabilities 376 414 Other current assets 20 27 Current Tax assets (net) Total Current Assets 1 - 548 568 GRAND TOTAL - LIABILITES 709 790 GRAND TOTAL - ASSETS 709 790 28#29Consolidated Income Statement (IND AS) SUDITI INDUSTRIES LTD. Particulars (INR Mn) Total Income# Total Expenses EBITDA EBITDA Margin (%) Depreciation FY16* FY17 772 902 FY18 1,040 705 816 944 67 86 96 7.35% 9.53% 9.23% 18 18 16 Finance Cost 30 31 33 PBT 19 37 47 Ταχ 6 16 15 Profit before share of profit/loss of Joint ventures/ Associates 13 21 32 Profit/Loss of Joint Ventures/Associates (3) PAT 13 21 29 PAT Margins (%) 1.43% 2.33% 2.79% Other Comprehensive Income (net of Tax) Total Comprehensive income Diluted EPS (INR) 13 21 29 0.77 1.26 1.61 #Includes other income *The numbers reported originally under IGAAP for FY 16 is revised to make it comparable with FY17 and FY18 figures which are reported under IND AS 29#3030 30 FY17 Consolidated Balance Sheet (IND AS) Athletic Liabilities (INR Mn) SUDITI INDUSTRIES LTD. FY 18 Assets (INR Mn) FY17 FY18 Shareholder Funds Fixed Assets Share Capital 168 168 Properties, Plant and Equipment 105 104 Other Equity 124 155 Intangible Assets 1 1 Non-Controlling Interest Capital Work in Progress Total Shareholders Fund 292 323 Intangible Assets under Development 22 17 2 Non Current Liabilities Non-current investments Long Term Borrowings 35 41 Non-current investments Other non-current liabilities 27 26 Deferred Tax Asset (Net) 2 Total Non Current Liabilities 354 390 Loans 40 88 Other non current assets 1 Others 2 Current Liabilities Total Non current assets 155 217 Short term Borrowings 229 292 Current Assets Trade Payables 182 211 Investments Other Financial Liabilities 33 Other Current Liabilities 4 22 25 Inventories 328 371 23 Trade Receivables 300 326 Short-term Provisions 5 5 Current Tax Liability (Net) Cash & Cash Equivalents Loans 4 5 - Total Current Liabilities 453 556 Other current assets 19 27 Current tax assets (net) 1 - GRAND TOTAL - LIABILITES 807 946 Total Current Assets GRAND TOTAL - ASSETS 652 729 807 946#31Capital Market Data 賞 SUDITI INDUSTRIES LTD. Athlete 50% 40% Suditi Sensex 30% 20% 10% 0% -10% -20% -30% -40% Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Shareholding Pattern (30th June, 2018) Price Data (30th June, 2018) INR Face Value 10 Market Price 53.6 52 Week H/L (INR) 114.9/44.5 Market Cap (INR Mn) 910.1 Equity Shares Outstanding (Mn) 16.98 DII, 0.01% 1 Year Avg. trading Volume ('000) 17.75 Others, 31.19% Promoter, 68.80% 31#32Disclaimer thielle SUDITI INDUSTRIES LTD. Suditi Industries Ltd This presentation and the accompanying slides (the "Presentation"), which have been prepared by Suditi Industries Ltd (the "Company"), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company's market opportunity and business prospects that are individually and collectively forward- looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the tire industry in India and world-wide, competition, the company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. 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Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review For further information please contact our Investor Relations Representative: XX VALOREM ADVISORS Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-49039500 Email: [email protected] 32#33L thank YOU