Everest industries ltd (NSE Code Everestind) - Oct'11 Katalyst Wealth's Alpha Reco


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Everest industries ltd (NSE Code Everestind) - Oct'11 Katalyst Wealth's Alpha Reco

  1. 1. Everest Industries Ltd (NSE Code – EVERESTIND) Complete building solutions company !! Alpha/Alpha Plus stock recommendation for the month of Oct’11 www.katalystwealth.com
  2. 2. Content Index• Everest Industries Ltd – An Introduction :- Slide #3• Everest Industries Ltd – Business & Industry Overview :- Slide #10• Everest Industries Ltd – Financials :- Slide #29• Concerns – Slide #33• Conclusion – Slide #35 www.katalystwealth.com
  3. 3. Everest Industries Ltd – An Introduction www.katalystwealth.com
  4. 4. Everest Industries – Complete Building solutions company !!Everest Industries Ltd (EIL) was founded in 1934 and is one of India’s fastest growing building solutions company. EILhas an exhaustive product portfolio of Ceilings, Walls, Flooring, Cladding, Doors, Roofing and Pre-Engineered SteelBuildings for the Industrial, Commercial and Residential sectors.Its manufacturing facilities are located at Bhagwanpur, Nashik, Coimbatore, Kolkata and Kymore. EIL has installedcapacity of 710000 MT in Building products and 30000 MT in Building steel with capacity utilization of 88% and 64%respectively.With over 76 years of rich experience, it currently serves to 1,00,000 villages across 600 cites through 31 salesoffices and has a strong distribution network of 6000 retail outlets with more than 1600 qualified and experiencedengineers, designers and technicians spread across the nation. It also exports its products to Europe, Africa,Australia and Asia.EIL’s business can broadly be split into 2 verticals, namely, Building Products Division (Roofing, Boards and Panels)and Pre-engineered Steel buildings. www.katalystwealth.com
  5. 5. Everest Industries – Investment Snapshot (As on October 29, 2011)Recommendation :- BUYAccumulation Range :- 130-140Portfolio allocation :- 3%1st Profit Booking :- Sell 50% at Rs 2652nd Profit Booking :- Hold remaining forfurther updates through Alpha WeeklyCurrent Market Price – Rs. 156.00BSE Scrip Code – 508906NSE Scrip Code – EVERESTINDBloomberg Code – EVI INMarket Cap (INR Crores) – Rs 235 croresTotal Equity Shares [Mn]– 15.0952 Week High / Low – Rs. 241.50 / Rs. 127.55Promoter’s Holding – 49.83% www.katalystwealth.com
  6. 6. Everest Industries & ACC Ltd – What’s the relation?Everest Industries Limited, the pioneer of the Asbestos Cement Roofing Sheets (AC roofing Sheet) in India wasincorporated in Mumbai in April 1934 as a Private Ltd. company with two shareholders Turner & Newall P.L.C,UK.and M/s C.P.Cement Co. Ltd. (which later merged with other companies to form ACC in 1936).EIL set up their first plant in Kymore - Katni, Madhya Pradesh in 1934 followed by the second in Mulund, Mumbai in1937, third at Calcutta, West Bengal in 1938 and fourth in Podanur, Coimbatore, and Tamil Nadu in 1953. • In Sep. 1960 - Asbestos Cement Limited, became a Public Limited Company. • In Oct. 1983 - Company’s name was changed to Everest Building Products Ltd. • In Mar. 1989 - T&N sold their stake to Eteroutremer SA Brussels, a wholly owned subsidiary of Eternit Group, Brussels and the name of the company was changed to Eternit Everest Ltd. • In Sep. 1995 - Another most modernized plant was set up at Lakhmapur, Nashik, Maharashtra & the plant at Mulund was closed. • In Sep. 1997 - “Eternit” was taken over by “Etex Group” of Belgium a $ 2.6 billion business conglomerate, world leader of Fiber Cement Products. • In Feb. 2002 - “Etex Group” exited from India. Their stake was acquired by ACC and in July 2002 the name was changed to M/s Everest Industries Ltd www.katalystwealth.com
  7. 7. Everest Industries – Rise from the ashes !!In 2001 EIL experienced the ever-intense turmoil when the Etex Group of Belgium decided to quit their Indianoperation and leave Eternit Everest (EIL’S earlier name) in a vein and lurch with an uncertain future. The Etex Groupbeing a European Multinational had to follow the guidelines of the European community regulations. The Europeancommunity had imposed ban on usage of Asbestos and products made of it.By quitting the Indian operation the Etex would have come out of Asbestos Business completely. Thus Etex Groupwas given the deadline by Belgian Government to be out of Asbestos business by 1st January 2002.The pioneer and the price premium company was up for sale. The news spread led to obvious aggression from thecompetition which took full advantage of the situation by not merely capturing the Everest Market to their fold, butalso pretended as potential buyers and visited all the plants, locations and collected the all the marketing data fortheir use and benefit.At the time of Etex exit, the situation was worst possible. The future of the Company was uncertain and in deepturmoil.ACC Take overACC right from the inception had 26 % stake in EIL. This was increased to 76% in February, 2002 by acquiring /buying out Etex Group Share Holding.Thus, EIL became the subsidiary of ACC and Mr. M.L. Gupta, Resident Director cum corporate advisor ACC, took overas Managing Director, replacing Mr. A.K. Batra. www.katalystwealth.com
  8. 8. Everest Industries – Key Investment highlightsImproving demand scenario: The government is targeting a sustained economic growth of over 8% this year. Thisgrowth would include a 4% growth in the agricultural sector, 10.30% in industrial, 11% in construction and 9.60% inthe services sector. EIL operates in these key sectors and will benefit from the anticipated thrust by the government.The demand for EIL Building Products is strong in rural, commercial and industrial sectors.Demand for pre-engineered buildings (PEB) and ready-to-use building products is growing swiftly for fasterconstruction and efficient project management. Manufacturing industries like automobile, power, textiles,engineering goods and services like logistics, warehousing and infrastructure are large users of PEBs and their rapidgrowth has a positive impact on Everest Industries Ltd. Improved economic scenario and revival in industrialactivities shows great potential for PEB industry in India.Government Initiatives: Increased expenditure on rural and infrastructure development with an aim to provideadequate shelter to the rural poor, the Government of India, has introduced programs like Indira Awas Yojna,Golden Jubilee Rural Housing Finance Scheme, Pradhan Mantri Adarsh Gram Yojna, Productive Housing in RuralArea and Rural Housing Fund etc, are rapidly expanding the demand for building products. Government thrust ondeveloping backward areas will lead to an increase in construction of schools, housing and hospitals which is thepositive note for the Everest Industries Ltd in the rural roofing sector.Brand Everest: EIL is a pioneer in roofing segment with 76 years of experience and offers a wide range of solutionsfor various building and housing construction needs. Over the years, its strategic investments in technology willallow it to continually introduce innovative products in the market. EIL enjoys approx. 14% market share of the ACroofing industry in India. www.katalystwealth.com
  9. 9. Everest Industries – Key Investment highlightsEIL entered into the Pre Engineered Steel Buildings (PEB) business segment in July 2008 by providing pre-fabricatedsteel products and erection services for much larger, complex structures including factories, warehouses,supermarkets, offices and much more. In the recent past it has done work for companies like Ericsson, Walmart,Mcnally Bharat, Baxter, Vodafone and Jain Irrigation to mention a few.Pan India presence: EIL has the most extensive distribution network in the building solution provider industry withnearly 6000 sales points spread across the country and servicing over 1,00,000 towns and villages. In near future,company is planning to add few more retail outlets to tap the incremental growth in the demand of buildingproducts. To support the wide network and high demand for its products from the various parts of the country,company has developed its 5 manufacturing facilities located at different parts of the country.Capacity expansion: EIL has decided to set up a Fibre Cement Roofing plant in Balasore, Orissa with a capacity of100,000 MT at a capex of Rs. 50 cr. This plant is expected to commercialize by Dec 11. With this the total installedcapacity of the building products will increase to 810000 tonnes which will further help EIL to ramp up productionand meet the rising demand in the future.Robust growth and turnaround in Steel Building Division: Since the commercialization of Steel building division inFY09 this segment has shown a robust growth in top line by growing at a CAGR of 33% backed by incessant flow oforders to the company. The order book at the end of FY11 stood at Rs. 140 crores thus lending a strong visibility tothe revenue flow. This division recorded an operating profit of Rs. 5.86 crore in FY11 compared to a loss of Rs. 8.16crore in FY10. The turnaround helped company improve its margins and EPS in FY11. Going forward we believe thissegment to grow at a rapid pace and be a major business for the company. www.katalystwealth.com
  10. 10. Everest Industries – Business & Industry Overview• Revenue Streams• Margins to stabilize around 6% NPM by FY 2014• Building Products division 1. Capacity build up and utilization 2. Volume driven business 3. Roofing Industry overview 4. Boards and Panels industry overview 5. Asbestos and misconceptions• Pre-engineered Steel buildings division 1. Strong order book 2. Lack of pricing power 3. Industry overview• Marketing & Distribution network• Shareholding Pattern• Directors Profile www.katalystwealth.com
  11. 11. Revenue Streams Everest Industries Ltd Pre-engineered Buildings Building Products Division (Installed Capacity – 30000 tonnes) Roofing sheets Boards and Panels(Installed Capacity – (Installed Capacity – 5,76,000 MT) 1,34,000 MT) www.katalystwealth.com
  12. 12. Everest – Revenue streams• EIL’s business can broadly be split into 2 verticals, namely, Building Products Division (Roofing, Boards and Panels) and Steel buildings. Everest is the flagship brand under which all products are sold with sub brands.• While Building Products division has been the core business of the company, EIL entered into the Pre Engineered Steel Buildings (PEB) business segment in July 2008.• The company expects Steel buildings segment to add to the next leg of growth of the company. www.katalystwealth.com
  13. 13. Margins to stabilize around 6% by FY 2014• In the above, we have • We believe that profit excluded the other income. margins of the company will Over the years, the company improve over the ensuing has been selling small tracts years on account of better of unused land and the utilization of resources, same distorts the net profit turnaround in Pre- figures of the company. engineered building segment and cost• Over the last 4-5 years, the effectiveness. company has been able to improve its margins • The Net profit margins may gradually. improve by 80-90 bps to 6% by FY 14. www.katalystwealth.com
  14. 14. Complete Building solutions www.katalystwealth.com
  15. 15. Building products divisionRoofing – This includes asbestos roofing (this is the main business of the company, it is manufactured at all 5facilities of EIL), non-asbestos roofing (EIL entered this segment through a tie up with Saint Gobain in order to offerthe whole range of products, non-asbestos roofing is about 75% more costly than asbestos roofing), metal roofing(manufactured at Bhagwanpur) and polycarbonate roofing (trading operations).In FY09, EIL increased its roofing capacity at the Bhagwanpur plant. The total capacity increased from 4,55,000tonnes to 7,10,000 tonnes. Essentially, each of the five facilities has one line for the production of asbestos sheetsexcept for Coimbatore, which has two lines.Presence across five facilities in India provides EIL with a logistics advantage, as asbestos sheets are bulky anddifficult to transport over long distances. Further closeness to the retail markets is one pre requisite for the industry.Spread of manufacturing locations along with 6000 retail points spread across the country provides an advantage toEIL.Boards and Panels – EIL also manufactures various boards and panels that find application in housing, false ceiling,partitioning, interiors etc. EIL is the second largest player in the false ceiling segment, the first being India Gypsum.The boards include cement boards (manufactured at Nashik (2 lines) and Bhagwanpur (1 line) with a total capacityof about 1.34 lakh tonnes per annum).Close to 50% of the production is exported to countries like Sri Lanka, Africa, Europe while the rest is sold in thedomestic market. The solid wall panels (used for internal partitions) are also manufactured at Nashik andBhagwanpur, with one line at each location and a capacity of about 200,000 panels per plant per annum (totalcapacity of ~400,000 panels p.a.) www.katalystwealth.com
  16. 16. Building Products – Efficient capacity build up and utilization• The Building products division has seen a consistent increase in volumes over the years.• While for FY 11 the capacity utilization was 88%, we believe the company may soon have to resort to expansion in order to make sure that growth is not hampered on account of supply-side constraints.• For the same, Everest has decided to set up a Fibre Cement Roofing plant in Balasore, Orissa with a capacity of 100,000 MT at a capex of Rs. 50 cr. This plant is expected to commercialize by Dec 11. www.katalystwealth.com
  17. 17. Building Products – Volume driven business• Over the last 6 years, the Building products division of the company has registered a growth of 16% on annualized basis, while during the same period the overall industry grew at around 9-10%.• For the initial 3 years, the company could not pass on increase in raw material prices and the margins plummeted (refer previous page).• Since FY 2008, the realization per unit of Building products has improved at a rate of 9% annualized, thus supporting the profit margins. www.katalystwealth.com
  18. 18. Building products – Roofing Industry overview• The fibre cement industry • There are 17 players and in India has a capacity in Everest has a 14% market excess of 5 million MT. share, evenly spread across the nationRoofing – Rural prosperity, sound agricultural policies and liquidity give long term strength to the roofing market.There are estimated 25 crore buildings in India. Of these, 46% are considered to have pucca roofs. The rest 54% aremade of thatch (temporary kuchcha roofing) and clay tiles. Amongst pucca buildings, less than half have RCC slabs.Majority are made with ready-to-use roofing products which include Fibre Cement Roofing and metal roofing. Akuccha roof owner has aspirations, seeks security and desires to graduate to a pucca roof.The cost of a pucca roof using Fibre Cement Roofing is 1/3rd the cost of an RCC ceiling slab. The market for FibreCement Roofing today is estimated to be Rs 3,500 crores and for metal roofing Rs 3,600 crores.The demand for Fibre Cement Roofing during FY 2011 was lower than the normal growth rate trend on account oferratic monsoon, delays in housing starts and CAPEX decisions. This year FY 2012 has seen an increase inagricultural production, good crop prices and a buoyant rural economy, which is likely to boost volume growth, tomaintain the past trend of CAGR 14%. www.katalystwealth.com
  19. 19. Building products – Boards & Panels Industry overviewBoards & Panels – In the backdrop of rising concerns for green house gas emissions and depleting fossil fuels, theconcept of green buildings is gaining momentum in India. Trade acceptance for Fibre Cement Boards as a substitutefor plywood and gypsum boards is growing.Increasingly, Fibre Cement Boards and panels are being recommended by architects, interior decorators andcontractors due to energy efficient parameters, high strength, dimensional stability and resistance against termiteand moisture.The Indian boards industry is highly fragmented. Today, at Rs 5000 crores, the wood based product industrydominates the market.The usage of other kind of boards in India is yet at a very nascent stage - Fibre Cement Boards (Rs 225 crores),Gypsum Boards (Rs 530 crores) and Calcium Silicate (Rs 50 crores). However, it is growing rapidly with newproduct variants being introduced.There are four major players in the Fibre Cement Boards industry, and Everest is a major player. www.katalystwealth.com
  20. 20. Asbestos and misconceptionsA writ petition was filed in the Honorable Supreme Court under Article 32 of the Constitution of India in 2004 byKalyaneshwari (a registered society) to immediately ban all use of asbestos in any manner whatsoever due toharmful effect of asbestos.In its landmark judgment, the Honorable Supreme Court observed:1. There is no law enacted so far which requires banning of any activity in regard to asbestos at any stage of mining, manufacturing or production. Any such activity wherever being carried out, is in accordance with specified parameters.2. Every factory engaged in the manufacturing of asbestos based products obtains clearance under the existing Environment Policy and activities are carried out in accordance with the law without endangering the lives of people.3. The court observed that this was instituted at the behest of rival industrial group which was interested in banning of the manufacturing of asbestos based product. A definite attempt was made to secure a ban on these activities with the ultimate intention of increasing the cast and ductile iron products market. Thus, it was litigation initiated with ulterior motive of causing industrial imbalance and financial loss to the asbestos product industry.The court also dismissed the petition and imposed penalties on the petitioner. www.katalystwealth.com
  21. 21. Pre-engineered steel buildings divisionSteel Building Division: Steel Buildings – EIL entered into the Pre Engineered Steel Buildings (PEB) business segmentin FY09 by providing pre-fabricated steel products and erection services for much larger, complex structuresincluding factories, warehouses, supermarkets, offices and much more.In the recent past it has done work for companies like Ericsson, Walmart, Mcnally Bharat, Baxter, Vodafone and JainIrrigation to mention a few.EIL expects this new segment to add to the next leg of growth of the company. This segment contributed about 22%to FY11 net sales. The plant is set up at Bhagwanpur (Uttarakhand) with a capacity of about 30,000 tonnes p.a. www.katalystwealth.com
  22. 22. Steel buildings – Strong order book• Since the start of the Pre-engineered Steel buildings division, the installed capacity stands at 30000 tons per annum.• After the initial hiccups, the division is gaining pace. We estimate capacity utilization to improve from 64% in FY11 to 96% by FY14E. Company has a healthy order book of Rs. 140 crore (17500 tons) and with notable clients like Bharti Walmart, Godrej Agrovet, Om Logistics, Vectra Advance Engineering etc augurs positive development for the company and one can expect a strong top line growth in coming years. www.katalystwealth.com
  23. 23. Steel buildings – Lack of pricing power• Steel buildings division of the company has been growing at a robust rate, though on a small base.• There’s lack of pricing power as most PEB contracts are fixed price contracts and thus volatility in steel prices over the contract period poses a risk.• We expect steel building division to register a top line of Rs. 250 crore and Rs. 281 crore in FY13 (E) and FY14 (E) respectively, and revenue contribution of Steel building segment will improve to 28% by FY14 (E) from 17% in FY09. www.katalystwealth.com
  24. 24. Pre Engineered buildings – Industry OverviewThe growth in Pre-engineered building industry was over 20% in FY 2011. Today, more Architects and StructuralConsultants are recommending Pre-engineered buildings for their projects. The main benefits are as follows:• Erection of a strong long-lasting building with minimal on-site work and accelerated speed of construction as compared to conventional structures.• A Pre-engineered building is at least 50% faster than a conventional building.Growth DriversInfrastructure projects such as airports, cargo hubs, schools, metro rails (such as DMRC, Bangalore Metro, ChennaiMetro), Indian Railways, power plants and power plants equipment manufacturers are increasingly using thesebuildings. Traditional industrial sectors like pharma, automobile engineering, FMCG industry are also increasingcapacity. These high-growth segments will boost the demand for Pre-engineered buildings in coming years.The growth in warehousing and cold storage industry has a positive impact on PEB industry. Warehousing accountsfor 20% of the Indian logistics industry and has grown at a rate of 35%. India spends 15%-20% of its GDP on logistics.This is much higher as compared with an average of 8%-10% in other developing countries with betterinfrastructure. Public and private sector companies are now investing in better logistics support to reduce costs.This will generate further demand for Pre-engineered buildings.The PEB sector is growing at 20% due to strong demand from industrial and infrastructure sectors and fromtraditional users of RCC/structural steel buildings who are now converting to modern technologies like PEB. Theemergence of new segments, logistics industry and Power plants will add to the demand of PEBs www.katalystwealth.com
  25. 25. Pre Engineered buildings – Industry Overview There are over ten organized PEB manufacturers in India, of which the top 5 constitute 70% of the market. Demand grew by 20% in FY 2011 and is expected to accelerate in the coming years. Current industry capacity is 1.5 million MT which has rapidly expanded from 1 million MT in 2009 in anticipation of the growing demand. Everest Industries Operations Everest supplied 21,000 MT of Pre- engineered steel buildings and components during FY 2011.The steel building segment of Everest Industries grew by 29.30% and delivered an EBIT of Rs 5.86 crores ascompared with last year’s loss of Rs 8.16 crores. The division achieved a turnover of Rs 161.23 crores as comparedwith Rs 124.69 crores last year.Everest’s market share in this segment is about 5%. During the year 2011-12, Everest Steel Buildings will hand overits 500th PEB building. www.katalystwealth.com
  26. 26. Strong Marketing and Distribution NetworkOne of the only few players to have a national presence, amidst many local companies www.katalystwealth.com
  27. 27. Shareholding pattern• Over the last few quarters there’s a slight decrease in Promoter holding. However the same is on account of increase in Total No. of Shares on conversion of Employee stock options.• As at Sep’10, the Promoters held 7,520,470 shares and they hold the same quantity as at Sep’11.• A few prominent investors with more than 1% stake in the company are Mr. Hitesh Ramji Javeri and Mr. Ramesh Damani. Both of them are well known in the investment circles for their ability to identify undervalued stocks at an early stage. www.katalystwealth.com
  28. 28. Directors Profile• Mr. Manish Sanghi -ED (Marketing ) IIM graduate, has triggered many of the marketing initiatives for Everest such as induction of qualified professionals Engineers/ MBA’s only, launching Sales Incentive Schemes for the stockist and sales team to boost the moral.• The experience & expertise of MR. M.L. Gupta, a veteran of Cement Industry enriched with 33 years old association with ACC has helped to a great extent for the consistent quality of cement supplies as a major raw material. www.katalystwealth.com
  29. 29. Everest Industries Ltd – Financials www.katalystwealth.com
  30. 30. Everest – Annual Performance • Over the last 4 years, the net operating sales of the company have grown at a rate of 24% annualized. • Since 2009, the sales have buoyed by the introduction of the Pre-engineered buildings division. • Over the same period, the EBITDA (exclusive of other income) has registered a growth of 25.4% on annualized basis. • Though input costs have increased tremendously, the economies of scale has helped the company maintain EBITDA margins at 9% +. • We expect profit margins to improve further once inflation subsides. www.katalystwealth.com
  31. 31. Everest – Sustainable Cash Flows • Everest has had a series of good cash flows with just one year being negative on cash flows from operations. • For the last 5 years, the cash flows from operations have averaged at Rs 19.26 crore while the net profit (exclusive of other income) has averaged at Rs 17 crore. • Interest expense has come down sharply over the last 2 years on account of repayment of both short and long term borrowings.• We consider taxes paid as an important metric and for Everest the effective tax rate has consistently been 26-27% (tax rate on profits accrued from sale of land is lower than tax rate on business income and thus blended tax rate of 26-27%). The same lends immense comfort regarding the accounting practices of the company. www.katalystwealth.com
  32. 32. Everest – Balance Sheet • Everest has a strong balance sheet with net debt to equity at 0.58, down from 1.25 at the end of FY 2009. • As can be observed, Everest has Freehold land worth Rs 14.53 crore at book value. The actual value of the same could be a lot higher considering Everest is more than 50 years old company. • One of the few concerns is the high contingent liabilities. The company has many pending tax litigations against it and thus high contingent liabilities. www.katalystwealth.com
  33. 33. Concerns www.katalystwealth.com
  34. 34. Concerns• Increase in raw material prices: The main raw materials for fibre cement products are cement, pulp, fly ash and imported fibres. Any hike in prices of cement or fibre may have adverse impact on the margin of the company. Steel is the major raw material of PEB segment, hence volatility in global steel prices will also affect margin accordingly.• Delay in projects: Prospects of Pre – engineered steel building industry is largely dependent on the economy and industrial activities. Any slowdown in capex cycle may have adverse impact on the order book of the company, which may bring down the utilization of the plant and thus margins will come under pressure.• High competition: In India there are 17 players in roofing industry and EIL has a 14% market share evenly spread across the nation. There are lots of new capacities entering into the market to take advantage of growing demand, hence excess supply may bring down the pricing power currently being enjoyed by recognized players.• Government spending and monsoon effect: Rural schemes like NREGs, Indira Awas Yojna, Rajiv Awas Yojna etc. play a vital role for the business of Everest Industries. Any change or decrease in spending by the government on these schemes could reduce the purchasing power of rural people. A poor monsoon could also have adverse effect on the demand for roofing in rural India.• Seasonality factor: Since EIL’s building product business is largely driven by sales in rural India it is seasonal in nature (impacted by Kharif and Rabi crop cycles) and hence the March and June quarters are generally better than the rest of the year. However, entry into the steel building segment should help to smoothen sales to a certain extent. www.katalystwealth.com
  35. 35. Conclusion www.katalystwealth.com
  36. 36. Price chart• While the longer term up-trend is intact, the stock ‘s been in a correction mode since Nov’10.• Over the last few months, the stock has found strong support at around Rs 135. So, both technically and from the point of view of valuations (5 time FY 12 earnings), Rs 130-140 is a good range for starting with investments in Everest Industries. www.katalystwealth.com
  37. 37. Katalyst Wealth – Alpha PortfolioKatalyst Wealth Alpha Portfolio service is focused on helping individual investors/institutionsbeat market returns by a wide margin without taking large risks through in-depth research,analysis and follow up on the stock. For more information on Everest Industries Ltd, discuss with Ekansh MittalMail Id : ekansh@katalystwealth.com Mobile: +91-9818866676 www.katalystwealth.com
  38. 38. Katalyst WealthRegistered & Corporate office:B-47, 1st Floor, Dayanand Colony,Lajpat Nagar – IV, New Delhi – 110024Ph.: 011-41730606Mob: +91-9818866676Email: info@katalystwealth.com www.katalystwealth.com