Indian Semiconductors Industry Presentation 060109
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Indian Semiconductors Industry Presentation 060109

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Indian Semiconductors Industry Presentation (January 6, 2009)

Indian Semiconductors Industry Presentation (January 6, 2009)

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Indian Semiconductors Industry Presentation 060109 Indian Semiconductors Industry Presentation 060109 Presentation Transcript

  • S e m i c o n d u c to r december 2008 www.ibef.org
  • Se m i c o n d u c to r december 2008 contents • Semiconductor Sector – overview • Semiconductor – An upcoming Sector • regulatory Framework in the Semiconductor Sector  www.ibef.org
  • Semiconductor Sector – overview www.ibef.org 
  • Se m i c o n d u c to r S e c to r –overview december 2008 indian Semiconductor – A Sunrise Sector Indian Semiconductor Sector the semiconductor sector comprises pre-fabrication, fabrication (fab) and post-fabrication verticals. in the last four years, the indian semiconductor market has grown from about uS$ 2.1 billion to about uS$ 4.1 billion. Further, semiconductor market is expected to reach uS$ 9.8 billion in 2012. india accounted for 1.3 per cent of the global semiconductor revenue in 2007. the country’s share is expected to reach 1.62 per cent by 2009 at a cAGr of 26.7 per cent. the demand for semiconductor solutions, the heart of the electronic systems, is also expected to get a fillip as the consumption of electronic equipment in india is expected to grow at a cAGr of 29.8 per cent over 2005–2015 to uS$ 363 billion.  www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 indian Semiconductor – A Sunrise Sector Indian Semiconductor Sector • the growing demand for it hardware and office automation products, and consumer electronics products such as mobile phones, automotive products, etc., is spurring the demand for semiconductor and a full-fledged semiconductor ecosystem in india. • the major semiconductor end-user segments have been identified as communications, it and consumer electronics. At the same time, the important product sub- categories that are expected to drive the semiconductor market in india are mobile handsets, wireless equipment, set-top boxes and smart-card terminals. • Semiconductor are poised to impact human life far more as they open up new possibilities in nano-sciences, biotechnology, medical sciences, electro-mechanical devices, photonics, remote sensing and so on. while still in its nascent stages, the semiconductor sector in india posseses immense potential to emerge as a global hub.  www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 Share of the indian Semiconductor Sector in the global semiconductor market is expected to increase to 1.6 per cent by 2009 the semiconductor sector involves pre-fabrication, Semiconductor market in india (2003-2009) fabrication (fab) and post-fabrication verticals. 2009E 5.5 the semiconductor segment can be divided into 2008E 4.4 semiconductor designing, semiconductor manufacturing 2007 4.1 and semiconductor AtmP. 2006 2.7 2005 2.8 2004 2.1 2003 1.6 0 1 2 3 4 5 6 US$ billion Source: ISA 2007 report, F&S  www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 Share of the indian Semiconductor Sector in the global semiconductor market is expected to increase to 1.6 per cent by 2009 Accrding to an iSA 2007 report, the indian Percentage Share of the indian Semiconductor market in the Global Semiconductor market (2006-09) semiconductor market has grown from approximately 2009E 1.62 uS$ 2.6 billion to approximately uS$ 4.1 billion. 2008E 1.42 the semiconductor market is expected to grow from 2007E 1.27 uS$ 2.7 billion in 2006 to uS$ 5.5 billion in 2009. 2006 1.09 the country accounted for 1.09 per cent of the global 0.00 0.35 0.70 1.05 1.40 1.75 semiconductor revenue in 2006 and this share is Percentage Source: ISA 2007 report F&S expected to reach 1.62 per cent by 2009, which will represent a cAGr of 26.7 per cent.  www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 reasons for growth in the semiconductor sector the semiconductor design requirements of verticals Growth in the Chip Design Significant export potential such as automotive, electronics, telecommunications, industry commercial electronics and it hardware and office automation, provide an opportunity to multinational companies to enter into india and tap the potential. Reasons for growth in the semiconductor sector Increased semiconductor Unprecedented growth in content in the electronic domestic consumption of industry electronic goods  www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 telecom segment is expected to be the main growth driver in the Semiconductor Application market • the it and office Automataion segment along total Semiconductor Product market in 2006 with the telecom segment dominate the demand 8% 8% for semiconductor products in india. these two 3% 2% 6% segments control more than 75 per cent of the 6% 8% total semiconductor requirement in the country. 7% 44% 46% • the telecom segment is the largest application segment contributing to the semiconductor market. 30% According to iSA, it registered a market share of 32% approximately 43 per cent in 2006 and is expected to grow to 46 per cent by 2009. n Telecom n IT & OA n Consumer Electronics n Industrial n Automotive n Others Source: ISA 2007 report, F&S  www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 Semiconductor design revenues expected to witness cAGr of 29.5 per cent india is on the world map in chip designing; the total Semiconductor designing market in india growing production and consumption of electronics 2015E 43.1 2014E across various sectors is further driving growth of 35.4 2013E 29.0 semiconductor designing in the country. According 2012E 23.7 to data provided by iSA the semiconductor designing 2011E 18.5 segment generated revenues worth uS$ 6 billion in 2010E 14.4 2007 and is expected to reach approximately uS$ 2009E 11.2 14.4 billion and uS$ 43.1 billion by 2010 and 2015, 2008E 8.6 2007E respectively. during 2005–2015, it is expected to 6.6 2006E 4.6 register growth at a cAGr of approximately 29.5 per 2005 3.3 cent. 2004 2.4 0 5 10 15 20 25 30 35 40 45 50 US$ billion Source: ISA 2007 report, F&S 10 www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 Semiconductor design revenues expected to witness cAGr of 29.5 per cent the growth in the indian semiconductor design market engineering workforce employed by indian Semiconductor design market is expected to lead to growth in the engineering 2015E workforce employed by this segment. According to the 0.78 2014E 0.65 iSA, it employed an estimated 0.13 million engineers 2013E 0.55 in 2007 and the employment figure is likely to grow to 2012E 0.45 0.29 million by 2010 and 0.78 million by 2015, growing 2011E 0.36 at a cAGr of approximately 27 per cent during 2010E 0.29 2005–2015. 2009E 0.23 2008E 0.18 2007E 0.10 2006E 0.10 2005 0.07 0 0.15 0.30 0.45 0.60 0.75 0.90 in million Source: ISA 2007 report, F&S 11 www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 embedded software is a leading segment in semiconductor designing • iSA-Frost & Sullivan report on the indian indian Semiconductor design market revenue Break-up semiconductor sector estimates that the number of 2007 2015 E chip designs executed in india will increase at a cAGr 1.64% of 13 per cent from 320 in 2005 to 1,075 in 2015. 0.36% 0.78% 5.09% • revenue of the different sub segments – embedded software,vLSi design and hardware/board design – is expected to register a cAGr of approximately 30 per cent, 24 per cent and 27 per cent, respectively, from 2005 to 2015. 36..34% 4.86% n VLSI Design n Embedded software n Hardware/Board Design Source: ISA, F&S,The Economic Times 1 www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 competitive landscape in semiconductor designing At present, the top 10 fabless design companies and Foreign and domestic companies operating in Semiconductor designing Segment 19 of the top 25 semiconductor companies have their VLSI DESIGN COMPANIES IN INDIA operations in india. Foreign Companies Domestic Companies Freescale Semiconductor, Inc. TATA Consultancy Services Ltd. Intel Corporation Wipro Technologies Ltd. National Semiconductor Corporation Tata Elxsi Ltd. Texas Instruments, Inc. Sasken Communication Technologies Ltd. NXP Semiconductor MindTree Consulting Ltd. Cisco Systems, Inc. HCL Technologies Ltd. Tessolve, Inc. Hexaware Technologies Ltd. 1 www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 competitive landscape in semiconductor designing there are 125 integrated chips (ic) design companies EMBEDDED SOFTWARE COMPANIES IN INDIA Foreign Companies Domestic Companies operating in india and almost 50 per cent of the Alcatel-Lucent HCL Technologies Ltd. semiconductor design work in the country is carried Cisco Systems, Inc. Ittiam Systems out in the areas of wireless and wired communications. NXP Semiconductor Satyam Computer Services Ltd. Intel Corporation Wipro Tecnologies Ltd. Flextronics International Ltd. TATA Consultancy Services Ltd. D-Link Corporation MindTree Consulting Ltd. Embedded Communications Computing Group Tata Elxsi Ltd. HARDWARE/BOARD DESIGN COMPANIES IN INDIA Foreign Companies Domestic Companies Cisco Systems, Inc. Wipro Technologies Ltd. NXP Semiconductor Sasken Communication Technologies Ltd. Advance Micronic Devices Limited MindTree Consulting Ltd. Intel Corporation HCL Technologies Ltd. Flextronics International Ltd. Ittiam Systems 1 www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 trends in semiconductor designing chip designing companies are looking forward to not just india-designed chips but also india-focused chips as these companies are also looking at india as a key product market. this confidence is based on the country’s sharp growth in mobiles and consumer electronics sector. 1 www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 trends in semiconductor designing Emerging Trends in Semiconductor Designing Venture Capital Technology Emergence Design Moving up the Value Convergence Start-ups Chain india is attracting a large various semiconductor many domestic and foreign many multinational number of vcs to invest in consuming sectors, such start-ups are coming into the semiconductor companies the domestic semiconductor as digital media, consumer picture and expanding their have also started either design segment. the country electronics, auto and wireless, operations in the country. offshoring their developing is now becoming a preferable are demanding devices with currently, it is not difficult to and designing work to india destination for vc firms due multi-features having different establish a start-up unit, as or opening their own captive to factors such as availability technologies on a single financing schemes for these centres in the country. these of skilled labour, strong local platform. Further, the growth start-ups are available in the designing companies in india market and flexible regulatory of mobile applications is country. this trend will firmly are now moving up the value framework of the it ministry. driving the combination of embed india on the global map chain by moving from low microprocessors and digital in the field of semiconductor end-to-end design activities to signal processors in order designing. front-end design work. to take advantage of both technologies. 1 www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 expansion plans of semiconductor design companies in india MAGMA magma design Automation has 200 employees spread across three centres in india. its Bengaluru operations has moved to a new 40,000 sq. ft facility, which will enable magma to expand in the region and provide prompt support to its growing customer base in india. the company is also focused on expanding its product portfolio and building its expertise in ic implementation. Management Dynamics, Inc. management dynamics, inc. expanded its operations in Asia Pacific by sales and operational units in europe and india to meet the demands of its growing Asian customer base. 1 www.ibef.org
  • Se m i c o n d u c to r december 2008 expansion plans of semiconductor design companies in india Freescale Semiconductor Freescale Semiconductor is expanding its indian operations with the development of a 300,000-sq ft campus in noida. the company plans to increase its headcount in india to 1,500 engineers over the next four years to support its global r&d efforts. CISCO in 2005, cisco announced to invest uS$ 1.1 billion in india over the next three years, i.e., uS$ 750 million on r&d activities, uS$ 150 million on providing leasing and other financial solutions, uS$ 100 million on funding of indian start up companies and uS$ 100 million on customer support operations. 1 www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 expansion plans of semiconductor design companies in india CISCO in 2005, cisco announced its plans to invest uS$ 1.1 billion in india over the next three years, i.e., uS$ 750 million on r&d activities, uS$ 150 million on providing leasing and other financial solutions, uS$ 100 million on funding of indian start up companies and uS$ 100 million on customer support operations. Alliance Semiconductor Corp Alliance Semiconductor corp., a leading world-wide provider of analog and mixed signal products, systems solutions, and high performance memory products, announced to invest approximately uS$ 50 million in its india design centre over the next five years. Conexant Systems, Inc. conexant Systems, inc., a leader in fabless semiconductor solutions for broadband communications and digital home, is investing approximately uS$ 250 million in india over the next few years. 1 www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 expansion plans of semiconductor design companies in india Fairchild Semiconductor Fairchild Semiconductor has opened a new r&d centre in Pune to design and develop the company’s new generation of power moSFets and iGBt technology for supporting applications such as solar inverters, uninterruptible power supplies (uPS), automotive, lighting and ballast applications. Alereon, Inc. Alereon, inc. announced the opening of Alereon Semiconductors Pvt., the company’s new product oriented r&d facility in Pune, india. the r&d centre will focus on developing the company’s patented uwB chipsets for the next generation products. 0 www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 Semiconductor manufacturing in india the increasing spending on electronics products offers a large opportunity to global semiconductor companies to set up their manufacturing plants in the country. recently, setting up of some new fabs has been proposed and the already approved fab units are expected to be operational by 2009 and 2010. the indian government has also proposed to develop a ‘Fab city’ in Hyderabad, which is expected to house 10 manufacturing plants and to create 5,000 jobs by 2009 and up to 1.4 million jobs by 2016 in over 200 ancillary industries 1 www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 Semiconductor manufacturing in india • it is estimated that approximately seven to eight Solar Photovoltaic (SPv) units will be set up in india, at an investment of uS$ 5–6 billion. the number of solar chip fab units in india is expected to surpass the number of semiconductor chip fab units in the country in the next few years. • currently, there are no operational wafer fabs in the country and semiconductor manufacturing is limited to only three government companies (Bharat electronics Limited, Society for integrated circuit technology and Applied research, and Semi-conductor Laboratory).  www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 Factors fuelling growth in semiconductor manufacturing the indian Government is currently offering various incentives to the global semiconductor companies to set up their chip manufacturing plants in the country. Factors Fuelling Growth • chip manufacturing is getting a fillip in india as various electronics manufacturing services (emS) providers and mobile phone equipment manufacturers, such as Samsung, motorola and nokia, are setting up their plants in india. For example, according to a Gartner report, by 2011, 10–20 per cent of mobile phone production in india could be for exports. there is potential for chip manufacturing companies to partner with these emS players and leverage this opportunity.  www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 Factors fuelling growth in semiconductor manufacturing • the indian Government has announced various tax incentives to companies that are starting chip manufacturing operations in the country. the incentives are expected to provide an impetus to companies plannning to set up their chip manufacturing plants in india. • the newly operational international airport in Hyderabad is expected to boost chip manufacturing in india. ‘Fab city’ is located just outside Hyderabad and Hyderabad is well connected to all major cities in india as well as all major cities in the middle east and South east Asia.  www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 Assembly testing mark Pack (AtmP) AtmP is the post-fabrication stage, where the chip reaches the testing lab and undergoes various tests. At this stage, faulty chips are identified and the rest are taped out for shipment. this post-fabrication stage completes the overall value chain of the semiconductor sector and complements the indian semiconductor ecosystem.  www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 Assembly testing mark Pack (AtmP) ATMP in India Market • the number of AtmP units in india is very small but various firms including both domestic and foreign testing and packaging companies are foraying into ic testing. For india to emerge as a complete semiconductor solution provider, it has to develop as an AtmP hub. • the global AtmP market is valued at approximately uS$ 20 billion (as of 2007) and if india can tap even five per cent of this market by 2015, it will translate into big business for the country.  www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 Assembly testing mark Pack (AtmP) Exemptions AtmP units are entitled to tax exemptions under Software technology Parks of india (StPi) norms. Some of these exemptions are: • custom duty exemption • excise duty exemption • central sales tax reimbursement • corporate tax exemption on 90 per cent export turnover • Sales in domestic tariff Area (dtA) upto 50 per cent of the ‘free on board’ (FoB) value of exports permissible  www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 Growth prospects for AtmP cost competitive manpower is typically the deciding factor for AtmP units, a resource that india has in plenty. the second factor that makes india a good location for AtmP units is the presence of a growing domestic electronics market.  www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 Growth prospects for AtmP Growing Domestic Electronics India – A Cost Competitive Market Country the presence of a growing domestic electronics AtmP units are located predominantly in cost market consisting of mP3 players, personal competitive countries. india with its abundant computers (Pc), digital cameras and mobile skilled, low-cost, and competitive workforce handsets offers a great opportunity for mix-signal offers tremendous opportunities for AtmP units. testing, flash testing and packaging memory devices. Growth Prospects for AtmP units in india Upcoming Fabs and Manufacturing Facilities the upcoming semiconductor fabs in india may require in-house operations to carry out assembling and testing of their ics to have full control over the manufactured ics. At the same time, plans of some of the consumer electronic majors, such as Samsung, nokia, LG and dell, to set up their manufacturing plant in india, are favourable for assembling, testing and packaging of chips and final products.  www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 investment Plans in AtmP InTEl intel plans to invest uS$ 400 million to establish a testing and assembly facility in india near Bengaluru or chennai. SemIndia Semindia is setting up a uS$ 100 million AtmP unit at maheshwaram, near Hyderabad, and plans to roll out its first chip by march 2008. Tessolve tessolve along with its investors has announced plans to undertake an investment of uS$ 200 million for a testing Assembling Packaging and Prototyping (tAPP) facility in chennai. SPEl SPeL, india’s only commercial semiconductor chip assembly and testing company, plans to invest uS$286 million in a special economic zone near its existing facility in chennai. 0 www.ibef.org
  • Se m i c o n d u c to r S e c to r –overview december 2008 current trends in AtmP Venture Capital Targeting ATMP Segment Some vc firms are targeting the indian semiconductorAtmP segment. For example, Sandalwood capital Partners, an india-focused venture fund, is keen to invest in the AtmP segment. Sandalwood invested uS$ 30 million in the Semindia’s Phase 1 proposed test and assembly facility in Hyderabad. currently, Sandalwood is increasing its corpus in india from uS$120 million to uS$500 million. it aims to increase its investment to uS$ 1 billion in the next three years in technology-related business. 1 www.ibef.org
  • Se m i c o n d u c to r december 2008 current trends in AtmP Outsourcing of Assembly and Testing Services outsourcing of assembly and testing services is expected to give a fillip to the revenue of AtmP units in india. Foreign companies are expected to outsource their work to these AtmP units in india and at the same time, captive design centres of semiconductor companies such as intel, ti and Amd are also expected to outsource their work to these AtmP units. this trend is further supported by the fact that the market for outsourced assembly and testing services has grown from 30 to 40 per cent in the past five years.  www.ibef.org
  • Semiconductor An uPcominG Sector www.ibef.org 
  • Se m i c o n d u c to r – A n u Pcomin G Sector december 2008 Semiconductor Sector: Advantage india Strong Growth in Related Verticals Market for Semiconductor Across Different Industry Verticals (US$ million) YEAR Automobile Electronics IT Hardware Telecommunication Commercial the indian semiconductor sector is likely to witness Sector and Durables and Office Sector Electronics Sector Automation Sector a strong growth rate due to expected growth in Sector 2004 76.3 202.9 660.0 828.6 121.6 some related sectors, such as automotive, consumer 2005 100 297.9 780 1281.5 153.4 electronics and durables, it hardware and office 2006 121.9 378.4 1000 1884.3 186.9 2007 145.9 471.4 1280 3010 245.4 automation, telecommunications, etc. 2010E 240.2 791.1 2610 7980.8 484.7 2015E 459.5 1529.5 6960 24297.2 1647.6 Engineering Workforce Employed by Different Design Sector Verticals in India Strong Academia YEAR TOTAL DESIGN EMBEDDED VLSI DESIGN HARDWARE/BOARD MARKET SOFTWARE MARKET DESIGN MARKET DEVELOPMENT Semiconductor being a knowledge intensive sector MARKET requires a large pool of engineering workforce. 2005 74,850 60,220 11,300 3,330 2006E 102,120 83,500 14,200 4,420 Here, india has an edge over other countries owing 2007E 140,235 116,305 18,060 5,870 to its large talent pool. 2008E 178,675 148,790 22,300 7,584 2009E 227,265 190,030 27,455 9,780 2010E 286,220 241,000 33,135 12,085 2011E 360,440 305,665 39,850 14,925 2012E 454,010 387,665 47,910 18,436 2013E 545,665 465,196 57,700 22,770 2014E 653,365 558,236 67,000 28,130 2015E 781,780 669,885 77,150 34,745 Source: ISA 2007 report  www.ibef.org
  • Se m i c o n d u c to r – A n u Pcomin G Sector december 2008 Semiconductor Sector: Advantage india Cost Savings india offers a large pool of technically and scientifically skilled english-speaking workforce. At the same time, the country also offers plenty of semiconductor design talent at competitive cost. For example, an employee in the engineering services cost uS$ 25 per hour in india, which is approximately one-third for a similar employee of comparable skill and experience in the uS. Approximately 20 per cent of the Fortune 500 companies have their research and development operations in india and recruit managerial and engineering staff locally for their indian operations.  www.ibef.org
  • Se m i c o n d u c to r – A n u Pcomin G Sector december 2008 Semiconductor Sector: Advantage india Government and Industrial Support initiatives taken by the government and the industry are providing new business opportunities to the existing companies to move up the value chain. the Government of india has been taking various initiatives to support business activities of the semiconductor sector in india. to attract electronics companies to invest in india, it is working towards establishing a favourable Fdi environment, reducing taxation rates and is giving fiscal and financial benefits to the sector.  www.ibef.org
  • reGuLAtory FrAmework in tHe Semiconductor Sector www.ibef.org 
  • reG uL Ato ry F r A m e wo r k in Semiconductor Sector december 2008 regulatory Policy and incentives offered in the Semiconductor Sector to become self-reliant in chip manufacturing and attract semiconductor companies to set up their manufacturing plants in the country, the indian Government announced ‘national Semiconductor Policy’ (nSP) or ‘Fab Policy’ in 2007. under this policy, the government has proposed a special incentive plan to encourage companies to come to india for semiconductor and related ancillary manufacturing Regulation of nSP the threshold investment for a semiconductor manufacturing (wafer fabs) plant would be uS$ 575 million (approx.) and uS$ 220 million (approx.) for other ancillary units (storage devices, organic Led, micro or nano-technology products).  www.ibef.org
  • reG uL Ato ry F r A m e wo r k in Semiconductor Sector december 2008 regulatory Policy and incentives offered in the Semiconductor Sector incentives offered by the government Incentives under the national Semiconductor Policy the policy covers State 20 per cent Assuming a 1:1 in case of units in case of units Lcds, storage Governments can of the capital debt to equity located outside located outside devices, plasmas, provide additional expenditure of a ratio for the the SeZ, the an SeZ, the photo-voltaics, incentives to semiconductor project, the countervailing government will duties (cvd) on solar cells and semiconductor manufacturing government bear 25 per cent nanotechnology companies. unit located in a restricts its capital goods will of the capital products, and Special economic participation to be exempted. expenditure for also includes Zone (SeZ) will 26 per cent of the stated time assembly and be borne by the the equity capital. duration. testing of these government for products. the first 10 years.  www.ibef.org
  • Se m i c o n d u c to r december 2008 diScLAimer this presentation has been prepared jointly by the india while due care has been taken during the compilation Brand equity Foundation (“iBeF”) and evalueserve.com of this presentation to ensure that the information Pvt. Ltd., evALueServe (Authors). is accurate to the best of the Author’s and iBeF’s knowledge and belief, the content is not to be construed in any manner whatsoever as a substitute for All rights reserved. All copyright in this presentation professional advice. and related works is owned by iBeF and the Authors. the Author and iBeF neither recommend or endorse the same may not be reproduced, wholly or in part in any specific products or services that may have been any material form (including photocopying or storing mentioned in this presentation and nor do they assume it in any medium by electronic means and whether or any liability or responsibility for the outcome of not transiently or incidentally to some other use of this decisions taken as a result of any reliance placed in this presentation), modified or in any manner communicated presentation. to any third party except with the written approval of iBeF. neither the Author nor iBeF shall be liable for any direct or indirect damages that may arise due to any act this presentation is for information purposes only. or omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation. www.ibef.org 0