Bharat Petroleum Corporation Ltd (BPCL), a government‐owned company operating in
the refining and marketing segment. The company has also diversified into the
petrochemical feedstock and exploration and production segments.
Based on a consolidated FY12 P/E multiple of 12, the fair value for the
company works out to Rs 691.
Long term investment strategy (not named yet)Tanesh Gagnani
This strategy was designed in Oct 2010 and the report below was created
in 31st Oct 2010. Now (17th May 2012) results are compared with Sensex
and this strategy to invest is proving to be really successful for long
term investing with 40.5% excess returns than Sensex for the same
period. To see return calculation go to the last page.
Bharat Petroleum Corporation Ltd (BPCL), a government‐owned company operating in
the refining and marketing segment. The company has also diversified into the
petrochemical feedstock and exploration and production segments.
Based on a consolidated FY12 P/E multiple of 12, the fair value for the
company works out to Rs 691.
Long term investment strategy (not named yet)Tanesh Gagnani
This strategy was designed in Oct 2010 and the report below was created
in 31st Oct 2010. Now (17th May 2012) results are compared with Sensex
and this strategy to invest is proving to be really successful for long
term investing with 40.5% excess returns than Sensex for the same
period. To see return calculation go to the last page.
المكتبات الرقمية المفاهيم والتحديات وأثرها على مهنة المكتبينDr. Ahmed Farag
تتناول الدراسة مفاهيم المكتبات الرقمية من وجهات نظر متباينة وبنيتها التتقنية التحتية، واستعراض التحديات التي تواجهها مع التعرض لتأثيراتها المباشرة على مهنة المكتبات
المكتبات الرقمية المفاهيم والتحديات وأثرها على مهنة المكتبينDr. Ahmed Farag
تتناول الدراسة مفاهيم المكتبات الرقمية من وجهات نظر متباينة وبنيتها التتقنية التحتية، واستعراض التحديات التي تواجهها مع التعرض لتأثيراتها المباشرة على مهنة المكتبات
نحو إطار عام لتطبيق استخدام منظومة التوقيع الالكتروني في مؤسسات المعلومات درا...Dr. Ahmed Farag
تركز هذه الدراسة على عدة محاور من أبرزها استعراض المفاهيم الأساسية والأهداف والتحديات المتعلقة بمنظومة التوقيع الالكتروني، إلى جانب دوره البارز الذي يؤديه في سبيل تأمين أنظمة المعلومات الخاصة بمؤسسات المعلومات، وما يمكن أن يحققه لرفع معدل الوثوق في المعاملات والإجراءات الالكترونية من خلال الخصوصية ووحدة البيانات واستقامتها وعدم القدرة على إنكار القيام بالمعاملات والتحقق من هوية المستخدم. كما تتناول الدراسة الإطار التقني والتنظيمي للتوقيع الالكتروني وهو ما يطلق عليه البنية التحتية للمفاتيح العامة PKI وما تتضمنه من الشهادات الالكترونية سواء كانت شخصية أو خاصة بأجهزة الخوادم وسبل إنشاء واستخدام وحفظ هذه الشهادات والوسائط التي تختزن من خلالها. وتتعلق أيضاً هذه الدراسة بأنماط الكتابة المشفرة من خلال التشفير التماثلي وغير التماثلي والتشفير من خلال المفتاح العام والمفتاح الخاص، إلى غير من المحاور التي تلعب دور جوهري في سبيل تبني تطبيق إطار عام لاستخدام منظومة التوقيع الالكتروني في مؤسسات المعلومات
الرايط الفتوح دراسة في المفاهيم والبناء الهيكلي والتطبيقات في مؤسسات المعلوماتDr. Ahmed Farag
أدى التطور المستمر الذي تشهده أساليب الوصول إلى مصادر وخدمات المعلومات الالكترونية المتاحة لدى ناشري وموردي قواعد المعلومات، إلى تعزيز رغبة كبرى مؤسسات المعلومات لدعم تطبيقات الربط السلس للمصادر والخدمات المراد الوصول إليها. وفي ضوء ذلك تستعرض الدراسة المفاهيم الأساسية للرابط المفتوح ومراحل نشأة وتطور تقنيات الربط الالكتروني وصولاً إلى الرابط المفتوح والذي حظي بقبول المنظمة الوطنية لمعايير المعلومات NISO، مع التركيز على البنية الهيكلية وآلية العمل والتطبيقات العملية في مؤسسات المعلومات على اختلاف أنواعها وخاصة تلك التي تلبي احتياجات المستفيدين في البيئة الأكاديمية.
Graduate students' attitude towards e learning a study case at imam universityDr. Ahmed Farag
In the past few years, a new wave of many technologies, particularly the Internet has emerged with the potential to further enhance the teaching and learning environment in higher education. Many studies in the recent years have shown that E-learning use in the classrooms has increased over the past years. However, the process of E-learning and its applications is limited in the Kingdom of Saudi Arabia. Through this empirical study, a limited research was initiated to track the perceptions of the students toward the E-learning. The results indicate an overall positive attitude towards the E-learning
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
The European Unemployment Puzzle: implications from population aging
Research Report-SRF
1. AUM CAPITAL
SRF LTD
December 27, 2009
Diversified business model
Recommendation: BUY
SRF has a portfolio of established businesses in industrial
intermediates. In the last few years, the company has also
developed new businesses in Packaging Films and
Fluorospecialities as a part of its long-term strategy for growth. It
Current price: 197 classifies its main businesses as: Technical Textiles Business (TTB),
Target price: 270 Chemicals and Polymers Business (CPB) and Packaging Films
Business (PFB).
Sensex: 17,360
Inorganic growth
Historical chart (12 months) Acquired a tyre cord unit in Thailand and the belting fabrics
business of Industex Technical Textiles in South Africa with an aim
SRF Sensex to expand its customer and geographical base especially in ASEAN
and African market
400
300 Robust financial performance
200
Net sales from operations up by 11.5% from Rs 1,615.0 cr. in 2007-08
100
to Rs 1,800.8 cr. 2008-09. Return On Capital employed up from
0 15.9% in 2007-08 to 16.7% in 2008-09. The financial performance is
Dec- Mar- Jun- Sep- Dec- also fuelled by the carbon credits earned by the company on
08 09 09 09 09 consistent basis.
Source: BSE; Note: Rebased to 100 SRF posted a net profit after tax of Rs161 cr for 1H10 which is
almost equivalent to FY09 net profit of Rs 163cr.
Outlook and valuation
Market cap (US$ mm): 256 We estimate a profit after tax growth of 60% & 19% to Rs. 261 cr &
Market cap (Rs mm): 11,937 Rs. 311 cr in FY10E & FY11E respectively. At the current market
price of Rs. 197, SRF stock trades at 4.57 FY10E and 3.84 FY11E
52 week H/L (Rs): 221.7 / 62.3
earnings and a dividend yield of 6% for FY10, which we believe is
Shares issued (in million): 60.5 very attractive.
YE Mar 31 (Rs cr.) FY08 FY09 FY10E FY11E FY12E
Research analyst
Net sales 1,615.3 1,800.8 2,148.4 2,400.0 2,715.0
Abhay Lodha
amlodha@gmail.com EBITDA 335.3 396.5 572.7 662.0 716.8
+91 98300 09886 EBIT 237.7 296.5 453.4 528.7 566.0
Amit Baheti PAT 138.7 163.3 260.9 310.6 327.8
amit.baheti@aumcap.com EPS 20.4 25.8 43.1 51.3 54.2
+91 93316 98790
Cash EPS 34.8 43.4 62.8 73.4 79.1
PER (x) 9.65 7.65 4.57 3.84 3.64
PBV (x) 1.38 1.23 0.99 0.83 0.70
EV/ EBITDA (x) 5.46 5.24 3.47 2.97 2.77
1
2. Company overview
Established in 1973, SRF has grown into a global entity with
operations in 4 countries. Business segment comprise of Technical
SRF is world’s 2nd largest Textiles, Chemicals and Polymers and Packaging Films Business.
producer of Nylon 6 tyre cord The company enjoys a significant presence among the key domestic
fabrics and belring fabrics manufacturers of Polyester Films and Fluoro specialities. Building
on its in-house R&D facilities for Technical Textiles Business and
Chemicals Business, the company strives to stay ahead in business
through innovations in operations and product development.
SNAPSHOT
• Rs. 2,000 cr. multi-product, multi-business organisation
• Market leader in Technical Textiles, Refrigerants,
Engineering Plastics and Industrial Yarns
• 8 locations in India, one in Dubai, one in South Africa and
one in Thailand
• World’s 2nd largest producer of Nylon 6 tyre cord fabrics
• World’s 2nd largest producer of belting fabrics
• Exporting to over 60 countries
Management
SRF has created a strong management team – both at the board level
Shareholding and at the operating level. The management team has a large
experience in economic and financial analysis, asset management,
structured products, policy making and infrastructure lending.
Ownership
Non
institution
35.9 Arun Bharat Ram and associated companies are the largest
Promoters
47.3 shareholding of more than 47%. However, the shareholding is
widely dispersed with institutions holding about 17% stake.
Buyback of shares
Institutio
n 16.8
• SRF completed buyback of 73,81,425 shares for a total
amount of Rs 67.9 cr. in June 2008 to June 2009
Source: NSE website
• SRF Board approved another share buyback for price not
exceeding Rs 165 per share with a total cap of Rs 65 cr
3. Investment themes
1. Diversified business model : SRF Ltd operates in 3 business
segments
Tyre cord fabrics are used as Technical Textiles Business (TTB)
reinforcement material for all
categories of tyres – from Technical Textiles Business, which includes Tyre Cord Fabrics,
bicycles to heavy commercial Belting Fabrics and Coated Fabrics, continues to be SRF’s largest
vehicles business segment. TTB market segment is poised to grow at an
average growth of 5-6% for FY10 and FY11 compared to a 9-10%
expected growth in tyre business segment over the same period.
Though the revenues declined marginally in 2009 compared to 2008
due to global slowdown, it contributes 50% (apprx) of the total
revenues. The increase in anti dumping duty on nylon tyre cord
fabric from China will help SRF both on volume and pricing front.
Chemicals and Polymers Business (CPB)
Derives its revenue from the sale of fluorine-based Refrigerants,
Chloromethanes, the fast-growing speciality chemicals business
space and Engineering Plastics. It also includes receipts from the sale
of CERs generated by destruction of the greenhouse gas,
Hydrofluorocarbon-23 (HFC-23) under the mechanism defined by
the Kyoto Protocol.
Growth in the Engineering Plastics will continue to be driven by
automobile and electrical sector.
Packaging Films Business (PFB)
Packaging Film Business are SRF’s is focused on timely project implementation and complete
used in packaging of food, booking of its capacities. Overall, the long-term prospects of this
cosmetics, personal and health business are encouraging. With domestic demand for Packaging
care products Films Business expected to grow at 11-12% and overseas business of
5-6% over FY10 and FY11, SRF will continue to explore various
organic and inorganic opportunities.
SRF – Strategic project expansion of Rs 600 cr
• Commissioned wind energy project of 15MW in Tamil Nadu
for Rs 90cr
• Setting up a Polyster Industrial yarn Plant in Tamil Nadu for
Rs 250 cr
• Plans to set up 27,000 MT manufacture of PET films under
Pakaging Films Business for Rs 165 cr
• Intends to invest Rs 100 cr for its chemical business
especially in the area of upgrading its R&D facilities
3
4. 3. Inorganic growth
1. Tyre cord unit in Thailand
Thai Baroda Industries has a In line with SRF’s long-term strategy of consolidation in this
production capacity of around business segment, the Company acquired a tyre cord unit in
12,000 TPA Thailand with an aim to expand its customer and geographical base.
This facility has provided SRF a presence in the coveted automobile
manufacturing hub in South East Asia region. When leveraged, this
would enable growth in tyre cord business with associated benefits
in other segments of Technical Textiles.
The acquisition not only positions SRF as a leader in the ASEAN
region, but also makes it the second largest Nylon 6 Tyre Cord
producer and fifth largest textile Tyre Cord producer in the world.
SRF Technical Textiles has earned a profit of Thai Baht 3,802 mm
(Rs546 cr) for the period from 8th Sep 2008 to March 2009
2. Beltic Fabric Business in South Africa
Industex Technical Textile is Acquisition of a belting fabric manufacturing unit in South Africa
uniquely positioned to capture located in Port Elizabeth has not only strengthened its position in
the conveyor belts business in the mining hub of South Africa, but is also positioned to expand its
the mining industry of Africa customer base with entry into new geographical markets such as
South America. With this acquisition, SRF has become the 2nd largest
belting fabric producer in the world.
With a capacity of only 7,500 TPA of belting fabrics, SRF enjoys
market leadership with a 50% market share and its exports
contribute to 57% of sales
3. Engineering Plastics Business / Industrial Yarn Business
SRF acquired Engineering Plastic Business and Industrial yarn
Business from SRF Polymers at Rs 151.6 cr. With this business
acquisition, SRF’s turnover will rise above Rs 2,000 cr and will
enable further consolidation through synergies between businesses
SRF dividend history
SRF has a long dividend SRF with an excellent track record of rewarding its shareholders
payment history with dividend has recommended an interim dividend of 70% for
March 2010.
March 2006 – 30%
March 2007 – 60%
March 2008 – 50%
March 2009 – 100%
4
5. Income statement
YE March 31 (Rs cr) FY08 FY09 FY10E FY11E FY12E
Net sales 1,615 1,801 2,148 2,400 2,715
Other income 20 18 22 24 28
Total income 1,635 1,819 2,170 2,424 2,743
Operating expense 1,300 1,423 1,597 1,762 2,026
EBITDA 335 396 573 662 717
Depreciation 98 100 119 133 151
EBIT 238 296 453 529 566
Interest charges 36 51 60 61 72
PBT 202 246 393 468 494
Tax 64 83 132 157 166
PAT 139 163 261 311 328
Source: Company and AUM Capital research estimates
Balance sheet
YE March 31 (Rs cr) FY08 FY09 FY10E FY11E FY12E
Share capital 69 62 62 62 62
Reserves & surplus 903 915 1,144 1,384 1,641
Shareholders fund 972 976 1,205 1,445 1,702
Total debt 499 885 749 898 1,057
Other liabilities 148 173 173 173 173
Total liabilities 1,619 2,035 2,127 2,516 2,933
Net fixed assets 1,236 1,660 1,777 1,950 2,182
Investments 148 134 134 134 134
Current assets 563 572 617 855 1,084
- Cash 7 3 (46) 124 267
- other assets 555 569 663 732 817
Current liabilities 327 332 401 423 467
Net current assets 235 241 216 433 617
Total Assets 1,619 2,035 2,127 2,516 2,933
Source: Company and AUM Capital research estimates
5
6. Financial snapshot
YE March (Rs cr.) 2QFY10 2QFY09 Q-o-Q 1QFY10 1HFY10
growth (%)
Income from operations 527 509 3% 498 1,025
Other income 1 3 NM 2 4
Total income 528 512 3% 500 1,028
Operating expenses 375 364 3% 342 717
EBITDA 153 149 3% 158 311
Depreciation 32 23 37% 29 61
EBIT 121 125 NM 129 251
Interest and finance 16 10 57% 14 30
charges
PBT 103 87 18% 138 241
PAT 69 59 16% 93 161
Source: Company and AUM Capital research estimates
Key ratios
YE March 31 FY08 FY09 FY10E FY11E FY12E
EPS (Rs) 20.44 25.78 43.13 51.34 54.18
Growth (%) (52.0%) 26.1% 67.3% 19.0% 5.5%
DPS (Rs) 5 10 12 10 10
EBITDA margin 20.8% 22.0% 26.7% 27.6% 26.4%
EBIT margin 14.7% 16.5% 21.1% 22.0% 20.8%
Debt / Equity (x) 0.51 0.91 0.62 0.62 0.62
PER (x) 9.65 7.65 4.57 3.84 3.64
PBV (x) 1.38 1.23 0.99 0.83 0.70
EV/ EBITDA (x) 5.46 5.24 3.47 2.97 2.77
Source: Company and AUM Capital research estimates
6
7. Disclaimer: -
This report provides information and opinions as reference resource only. This report is not intended to be and does not constitute financial
advice, investment advice, trading advice or any other advice. It is not to be construed as a solicitation or an offer to buy or sell any securities
or related financial products. The information and commentaries are also not meant to be endorsements or offerings of any securities,
options, stocks or other investment vehicles. The report has been prepared without regard to the individual financial circumstances, needs or
objectives of persons who receive it. The securities discussed in this report may not be suitable for all investors. Readers should not rely on
any of the information herein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or
other decision. Readers should independently evaluate particular investments and strategies, and are encouraged to seek the advice of a
financial adviser before making any investment or entering into any transaction in relation to the securities mentioned in this report. The
appropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend on an
investor’s individual circumstances and objectives and should be confirmed by such investor with his advisers independently before
adoption or implementation (either as is or varied). You agree that any and all use of this report which you make, is solely at your own risk
and without any recourse whatsoever to KER, its related and affiliate companies and/or their employees. You understand that you are using
this report AT YOUR OWN RISK.
This report is being disseminated to or allowed access by Authorised Persons in their respective jurisdictions by AUM Capital Private
Limited and its affiliates. AUM Capital Private Limited hereafter referred to as AUM, are a full-service, integrated investment banking,
investment management, brokerage and financing group.
AUM, its related and affiliate companies and/or their employees may have investments in securities or derivatives of securities of
companies mentioned in this report, and may trade them in ways different from those discussed in this report. AUM and its related and
affiliated companies are involved in many businesses that may relate to companies mentioned in this report. These businesses include
market making and specialized trading, fund management, investment services and corporate finance. Except with respect the disclosures of
interest made above, this report is based on public information.
AUM makes reasonable effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. The
reader should also note that unless otherwise stated, none of AUM or any third-party data providers make ANY warranties or
representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any
damages of any kind relating to such data. Proprietary Rights to Content. The reader acknowledges and agrees that this report contains
information, photographs, graphics, text, images, logos, icons, typefaces, and/or other material (collectively “Content”) protected by
copyright, trademarks, or other proprietary rights, and that these rights are valid and protected in all forms, media, and technologies
existing now or hereinafter developed. The compilation (meaning the collection, arrangement, and assembly) of all content on this report is
the exclusive property of AUM. The reader may not copy, modify, remove, delete, augment, add to, publish, transmit, participate in the
transfer, license or sale of, create derivative works from, or in any way exploit any of the Content, in whole or in part, except as specifically
permitted herein. If no specific restrictions are stated, the reader may make one copy of select portions of the Content, provided that the
copy is made only for personal, information, and non-commercial use and that the reader does not alter or modify the Content in any way,
and maintain any notices contained in the Content, such as all copyright notices, trademark legends, or other proprietary rights notices.
Except as provided in the preceding sentence or as permitted by the fair dealing privilege under copyright laws, the reader may not
reproduce, or distribute in any way any Content without obtaining permission of the owner of the copyright, trademark or other proprietary
right.
AUM CAPITAL INDIA (P) LTD
Registered office: 5, Lower Rawdon Street, Akashdeep, 1st floor, Kolkata 700020, India. Tel: 91-33-2486 1040, Fax: 91-33-2476 0191
7