RUDRA SHARES & STOCK BROKERS LTD. Dated : 20th May, 2016 DARK HORSE - SUPRAJIT ENGINEERING LTD. BUY Investment Rationale Price ` 162 Increasing the Cable production capacity Accumulate With new plants in Gujarat & Tamil Nadu, company is planning to increase the cable production Upside NA capacity from 150 M to 225 M cables per year, is progressing smoothly (as was expected to be Div Yield NA completed by March 2016). With this, it will have presence in 7 states with 15 Plants in India. Tenure 2-3 Years Note:- Cable production capacity during the FY 15 stood at 175 M. Sensex 25452.31 Merger Accretive to Suprajit’s Earning Per share from day one, Developing Synergies Nifty 7793.20 Company on April, 2016, has signed a share purchase Agreement & acquired majority stake in Group/Index B / S&P BSE Phoenix Lamps Ltd. Phoenix is the leader in Indian for halogen headlamps with SmallCap significant market share in every segment. It has two European subsidiaries- Trifa & Luxlite, through which it has a good market share of Europe & many other countries in South America, Africa, & Middle East. This is an exciting new range of products to de-risk Suprajit's growth model, so far dependent Stock Details on one product, CABLES. With this acquisition, Phoenix would bring multiple synergies, & offer M.cap (` in cr) 2127 Suprajit's group a strong presence in the Indian auto component Industry. Equity (` In cr) 13.13 52 wk H/L ` 165/118 Benefits Post Acquisition Face Value ` 1  The consolidated sales of combined entity for the current year is expected to be in excess of NSE code SUPRAJIT `1100 crores with good financial ratios. BSE code 532509  The combined entity will be a leading auto component company with diversified product range and predominant market position in its respective product ranges. Key Valuation Ratios  The combined entity will be in the top 15 in market capitalization amongst listed auto RONW 25% component space, in India. P/E 27.9  The combined entity will be supplying to leading automotive majors in India and the world. P/BV 7.0  The combined entity will have a strong footprint in domestic and international aftermarket. EV/EBIDTA 16.3  The combined entity will be exporting to more than 90 countries worldwide. Suprajit has good OEM global reach, whereas, Phoenix has good global aftermarket reach. Together, the combined entity can enhance its global presence through their networks in their respective markets, using mutual strengths and cross selling. IN ` Outperformed Industry Growth Rate, Aim to grow 5-10% better than it….. Key Financial Data Company has always outperformed the automotive industry growth, adding that in Q3 too the EV (`in cr) 2351 company’s consolidated growth for the core business without Phoenix Lamps business stood at 11%, BV (`in cr) 23.1 while the automotive industry was at 3%. Therefore, Company's aim is to grow 5-10 % better than the NW(`in cr) Est 304 Indian automotive growth, whatever that may be, on a consolidated basis. EPS (TTM) 5.8 Margin Improvement Operationally, the company saw improvement in the core business. The EBITDA margins for Q3 stood at 16% which were at the top end of the 14-16% range which Suprajit have sustained for last 8 years. The margin expansion was mainly due to lower commodity prices, operational efficiencies i.e. the wastage production have improved further & also, subsidiaries have gained due to $ appreciation. In % Share Holding Pattern Therefore, going forward, the merged entity would develop synergies with expansion in Suprajits margins. Strong Clientele Suprajit is a cable supplier to a wide range of global and domestic automotive customers including Promo , BMW, General Motors (India), Volkswagen, Limited, Suzuki, Mahindra & ter's 47.37% Mahindra, Jaguar, Land Rover, Piaggio, Nissan, Lear Corporation, , , Others 2W customers including TVS Motor Company, Hero Motors, , Honda Motorcycle & 52.63% India, Yamaha Motor India, Suzuki Motor Cycle India, Motorcycles, Non automotive customers including John Deere, Kubota, Club Car, E-Z-GO, Codica, JCB, New Holland, Larsen & Toubro, Godrej & Boyce, Whirlpool Corporation, Catton Control Cables, Claas India and many other major automotive customers, two wheeler customers, motorcycle and scooter industry (either directly or indirectly). VALUATION (` In Cr except per share) FY 18Est. Earnings 136.03 Equity Share Capital 13.13 FV 1 No. Of equity Shares 13.13 EPS (FY2018 Est.) 10.36 Est. P/E Ratio 25 Estimated Price /Share 259 Corporate Governance Transparency Ratio's Year End 201503 201403 201303 201203 Tax Rate % 32.71 31.75 29.48 27.32 Receivable days72.76 70.86 71.87 71.10 Source:- Google Div. Payout % 23.86 23.62 - 30.14 RUDRA SHARES & STOCK BROKERS LTD.

FY 2014-15 Results & Performance During the PY FY 2015, Company's subsidiaries have performed commendably well with significant growth in sales & profitability. Company recorded an income of ` 580.63 crores during the year 2014-15 as against ` 535.93 crores during the year 2013-14, recording a growth of 8.34%. The Profit after tax was ` 44.61 crores during the year 2014- 15 as against the Profit after tax of ` 47.65 crores during the year 2013-14. The consolidated group income was ` 671.81 crores for the year 2014-15 against ` 600.73 crores for the year 2013-14, recording a growth of 11.83 %.

The consolidated Profit after tax was ` 50.29 crores during the year 2014-15 as against ` 50.80 crores during the year 2013-14. Company’s revenue growth is ahead of Industry growth, as in the past. However, due to inflationary pressures, restructuring costs, cross currency effects, changes in the depreciation requirement etc., had certain impacts on the profitability of the Company, when compared to previous year. Company’s overall performance has been satisfactory, despite difficult market conditions. Business of the company grew significantly in the last year mainly due to new contracts with BMW & NISSAN. The good performance at NISSAN has resulted in the first spin off contracts of the company with Renault. Also, BMW one of the key customers of the company, continues to provide new business opportunities. Company's healthy Balance Sheet & strong cash flow support the organic & inorganic growth plants of the company. Also, during the year gone by, company acquired the cable division from Ltd. On a slump sale basis, & integrated its operations into the company's cable division. WHOLLY OWNED SUBSIDIARIES: The consolidated sales of the subsidiaries were ` 95.87 crores against ` 67.02 crores previous year, an increase of 43%. The EBIDTA was ` 12.45 crores against ` 7.96 crores previous year an increase of 56%. The Profit before tax was ` 8.07 crores against ` 4.96 crores previous year an increase of 62%. During the current year also, the Subsidiaries are expected to perform satisfactory. Consolidated Results ` in crores Developing Quarter Ended % % change Synergies Particulars 31.12.2015 30.09.2015 31.12.2014 change Y-0-Y with Net Sales 676.36 416.47 455.18 62.40% 48.59% Phoenix EBITDA 107.00 64.10 70.33 66.93% 52.14% lamps+ope- EBITDA % 15.82% 15.39% 15.45% - - rational PBT 89.79 50.30 55.18 78.51% 62.72% efficiencies+ PBT% 13.28% 12.08% 12.12% - - strong PAT 54.72 32.21 36.95 69.89% 48.09% clients lead PAT % 8.09% 7.73% 8.12% - - to margin EPS 4.56 2.68 3.08 70.15% 48.05% improve. Note:- As the company merged with Phoenix Lamps Ltd during FY15-16. Therefore, the figures are not comparable with PY.

Snapshot of Revenue & profitability Source: Company's Presentation

RUDRA SHARES & STOCK BROKERS LTD.

BUSINESS UPDATE  Commercial production started at Plot No. 1047, Charal Industrial Area, Sanand, Ahmadabad, Gujarat for a marquee two wheeler Japanese Major.  Trial production started at Plot No. G 28 & 29, Sipcot Industrial Area, Vallam Vadaggal, Sriperumpudur Taluk, Chennai. Commercial production expected to commence before end of June 2016-17.  Qualified Institutional Placement with marquee institutional investors of Rs. 150 crores was successfully completed  A Memorandum of Understanding to set up a Joint Venture to manufacture gear shifters and parking brake levers has been entered with Daeshin Machinery Limited, Korea. The Board of directors have also approved a postal ballot to secure necessary approvals from the shareholders for increasing the investment and borrowing limits to Rs. 1000 crores each.

 Phoenix Lamps Limited acquired 83.33% shares held by Luxlite Lamps S.a.r.l. (Luxembourg) in Trifa Lamps Germany GmbH (Germany). With this, Trifa Lamps is now a 100% owned subsidiary of Phoenix Lamps Limited (India).  International Lamps Holding Company SA,(ILHC) was merged with Luxlite Limited, S.a.r.l. (Luxembourg).  Luxlite is now 100% owned subsidiary of Phoenix Lamps Limited. Both these transactions were completed by 31.3.2016. Phoenix Lamps Limited will now only have two wholly owned subsidiaries – Trifa Lamps, GmbH and Luxlite Lamps S.a.r.l.  The building construction at Pathredi was completed. Construction is in advanced stage for the plant in Vallam Vadagal area, Chennai. Groundbreaking for the new plant at Charal Industrial Estate, Sanand, Gujarat took place in January, 2015. RUDRA SHARES & STOCK BROKERS LTD.

Company Overview

Suprajit is a customer centric company taking on challenging product development while manufacturing to international specifications for a wide range of control cables and instruments. The company started with manufacturing high quality liner cables to exacting Japanese standards for the automotive industry in 1987. Currently, it caters to a wide spectrum of automotive and non-automotive cable requirements. It is one of India's largest manufacturer of automotive cables with a capacity of over 150 million cables a year with a turn over of 100 million USD. Suprajit is now a major exporter of non automotive control cables and push pull cables to some of the world's leading manufacturers. Suprajit has got nearly 65-70 % share in the two-wheeler market, so has Phoenix Lamps.

Valuation Conclusion

Team Suprajit continues to focus on customers as a 'Value for Money supplier' & enjoys strong customer confidence in the OEM market. The company would continue to focus on growing the OEM Business, make inroads in the aftermarket businesses, increase the presence in the non-automotive sector & enhance business in the automotive export markets. With focused de-risking of business in every vertical, and the recent acquisition of Phoenix, Suprajit is expected to deliver a good set of numbers & robust performance, going forward. Company's consistent EBITDA Margins, expansion plans, operational efficiencies, high dividend payout, Low equity with low Debt-Equity ratio, remarkable Asset turnover ratios, with exceptional ROCE & robust sales growth & good margins attracts the company's share price. Also, If the new Government pushes through various transformational legislations including GST and land reforms, and if the monsoon is normal, it is hoped that, a revival can be expected in the Indian automotive industry.

Estimating the share price of the company as per P/E valuation, considering Fair P/E at 25x on FY 18E EPS at ` 10.35 , the estimated share price for next 2-3 years tenure turns around to be ` 259. Therefore, we recommend to BUY this script. Altogether to conclude, We are quite bullish on the earning of the company & keeping into consideration merger of two strong brands which would bring significant synergies together. The combined entity will have a strong balance sheet, along with an excellent OEM customer base and in-depth aftermarket reach. It will further enhance global footprint. This will also enhance cost efficiencies at various levels which would further enhance the margins, better management bandwidth and reduced compliance requirements & this will be a win-win for both companies. Therefore, we recommend to accumulate the share price of the company in long term for approx. 2-3 years.

RISKS AND CONCERNS

 More than 60% of company’s business is from outside India, on a consolidated basis, & most of it is Euro. Therefore, continuous decline in European currency may result in company's sales De-growth.

 Downfall in automotive Industry.

 Change in government policies & tax rates.

 Lower monsoons than expected.

 Output from Phoenix Lamps could be challenging. RUDRA SHARES & STOCK BROKERS LTD.

Quarterly Results (` in cr except per share) Particulars LTM 201512 201509 201506 201503 Net Sales 830.4 259.9 261.9 154.6 154.0 EBITDA 143.9 49.7 41.0 28.0 25.2 Depreciation 13.5 4.1 4.8 2.9 1.7 Op Income 130.3 45.6 36.2 25.0 23.5 Misc.Inc (Exp.) 15.8 7.8 1.9 6.5 -0.5 Interest Exp 21.0 6.1 6.3 4.6 3.9 EBT 109.4 39.5 29.9 20.4 19.6 Taxes 36.9 14.2 10.1 6.5 6.2 Net Inc(Reg) 72.4 25.3 19.8 13.9 13.3 Extraord. Items -4.0 -1.0 -1.7 -1.3 0.0 Rep Net Inc 76.4 26.3 21.5 15.2 13.3 EPS 6.0 2.1 1.7 1.2 1.1 Adj. EPS 5.8 2.0 1.6 1.2 1.0 Income Statement and Estimates ( ` in Cr except per share) Particulars 201203 201303 201403 201503 2016E 2017E 2018E Sales 421.63 461.42 542.69 609.20 930.20 1099.40 1261.56 Other operating Inc. 2.12 1.12 2.54 2.60 3.46 4.50 5.84 Total Inc. from operations 423.75 462.54 545.23 611.80 933.66 1103.90 1267.41 Operating EBITA 61.16 69.04 84.07 87.07 142.78 174.54 213.03 Profit & Loss Total Inc. from operations 423.75 462.54 545.23 611.8 933.66 1103.90 1267.41 Raw Material Cost 275.90 289.30 335.17 372.91 557.39 656.82 747.77 Employee Expenses 48.71 57.00 70.10 82.55 125.39 146.27 164.76 Other Expenses 30.51 39.05 47.53 60.28 92.62 107.63 120.40 TOTAL EXPENDITURE 355.12 385.35 452.8 515.74 775.40 910.72 1032.94 EBITDA 68.63 77.19 92.43 96.06 158.25 193.18 234.47 Depreciation (7.47) (8.15) (8.36) (8.99) (15.47) (18.64) (21.44) Rep.profit before othrinc., 61.16 69.04 84.07 87.07 142.78 174.54 213.03 fin.cost,tax & excp. Item Goodwill amortization ------Rep.profit before othrinc., 61.16 69.04 84.07 87.07 142.78 174.54 213.03 fin.cost,tax & excp. Item Other Income 2.94 7.96 3.76 4.08 10.56 10.89 13.22 Profit from ordinary activities before fin. Cost, tax & excp. 64.10 77.00 87.83 91.15 153.34 185.43 226.25 Items Net financials Interest income ------Interest expenses (9.31) (10.17) (13.40) (16.40) (17.59) (24.94) (26.20) Net Financial Items (9.31) (10.17) (13.40) (16.40) (17.59) (24.94) (26.20) Reported Pre-tax profit 54.79 66.83 74.43 74.75 135.76 160.49 200.05 Reported Tax charge (14.97) (19.70) (23.63) (24.45) (44.05) (51.36) (64.02) Reported Net profit 39.82 47.13 50.80 50.30 91.70 109.13 136.03 Minorities P/L OF ASSOCIATE CO. ------Reported Net profit after 39.82 47.13 50.8 50.3 91.70 109.13 136.03 min. Intt. Extra Ordinary income - 3.66 - - - - - Reported Net Income after 39.82 43.47 50.80 50.30 91.70 109.13 136.03 extra ordinary items EPS and Dividend Dividend Paid (12.00) - (12.00) (12.00) (19.72) (26.30) (32.78) Retained earnings 27.82 43.47 38.80 38.30 71.99 82.33 103.25 Reported EPS 3.32 3.93 4.23 4.19 6.98 8.31 10.35 Adjusted Basic EPS 3.03 3.31 3.87 3.83 6.98 8.31 10.35 DPS 1.00 - 1.00 1.00 1.50 2.00 2.50 Number Of Shares Opening Balance 12.00 12.00 12.00 12.00 12.00 13.13 13.13 Issued during the Period - - - - 1.13 - - Closing Balance 12.00 12.00 12.00 12.00 13.13 13.13 13.13 FV 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Wtd. Avg. no. of shares 12.00 12.00 12.00 12.00 13.13 13.13 13.13 Note:- The figures shown in the brackets means NEGATIVE. RUDRA SHARES & STOCK BROKERS LTD.

BALANCE SHEET Particulars 201203 201303 201403 201503 2016E 2017E 2018E Equity & Liabilities Shareholders' Fund Share Capital 12.00 12.00 12.00 12.00 13.13 13.13 13.13 Reserves and Surplus 117.19 154.74 192.7 228.81 300.80 383.63 486.88 Minority Interests - - - - 60.64 60.64 60.64 Total Shareholders' Fund 129.19 166.74 204.7 240.81 374.57 457.40 560.65 Non-Current Liabilities Long-term Borrowings 31.12 39.17 42.41 65.5 14.2 30.7 - Other Long term Liab. 0.54 0.69 0.78 1.04 - - - Deferred Tax Liability 4.60 6.04 7.48 9.08 12.28 14.56 16.24 Long term Provisions 1.24 1.39 2.54 3.21 12.89 14.18 15.60 Total Non-Current Liab. 37.50 47.29 53.21 78.83 39.37 59.44 31.84 Current Liabilities Short term Borrowings 43.31 63.75 99.74 100.47 225.62 218.80 249.00 Trade Payables 48.17 46.09 58.8 56.85 112.04 132.47 152.09 other current liability 17.08 21.1 31.44 42.51 67.22 82.79 96.58 Short term Provisions 6.50 6.91 8.22 9.14 12.34 13.57 14.93 Total current Liabilities 115.06 137.85 198.2 208.97 417.22 447.63 512.60 Total Equity & Liab. 281.75 351.88 456.11 528.61 831.16 964.47 1105.08 Assets Non-Current Assets Fixed Assets Tangible fixed Assets 113.37 136.46 153.10 184.99 232.07 279.66 321.59 G/W on consolidation - - - - 91.38 91.38 91.38 Non-current Investments 0.42 0.50 0.50 - - - - Long term L&A 6.94 10.43 6.37 6.78 15.28 20.48 24.67 Other Non current Assets 0.06 0.06 0.10 0.11 - - - Deferred tax receiv. ------Total Non-Current Assets 120.79 147.45 160.07 191.88 338.73 391.52 437.64 Current Assets Current Investments 17.90 44.93 74.33 111.75 75.20 84.95 102.28 Inventories 39.29 48.60 77.37 79.93 168.06 187.66 202.79 Trade Receivables 89.30 92.84 118.87 125.05 186.73 220.78 253.48 Cash & cash Equivalents 3.12 7.64 7.56 5.58 15.57 25.19 38.08 Short Term L&A 11.13 10.21 17.63 13.21 45.00 52.20 68.24 Other current Assets 0.22 0.22 0.28 1.23 1.87 2.21 2.53 Total current Assets 160.96 204.44 296.04 336.75 492.43 572.99 667.40 Total Assets 281.75 351.89 456.11 528.63 831.16 964.47 1105.08

Cash & cash equivalents 3.12 7.64 7.56 5.58 15.57 25.19 38.08 Other int. bearing assets 18.32 45.43 74.83 111.75 75.20 84.95 102.28 Interest-bearing debt 74.97 103.61 142.93 167.01 239.82 249.50 249.00 Net interest-bearing debt 53.53 50.54 60.54 49.68 149.05 139.36 108.64 Net gearing (%) 41.44% 30.31% 29.57% 20.63% 39.79% 30.47% 19.38%

Investments Tangible assets Gross capex (29.99) (33.11) (25.30) (41.26) (62.55) (66.23) (63.37) Sale of fixed assets 0.12 7.03 0.34 0.07 - - - Net capex (29.87) (26.08) (24.96) (41.19) (62.55) (66.23) (63.37) Depreciation tangibles (7.47) (8.15) (8.36) (8.99) (15.47) (18.64) (21.44) Note:- The figures shown in the brackets means NEGATIVE. RUDRA SHARES & STOCK BROKERS LTD.

CASH FLOW ANALYSIS Particulars 201203 201303 201403 201503 2016E 2017E 2018E EBIT 64.10 77.00 87.83 91.15 153.34 185.43 226.25 Depreciation 7.47 8.15 8.36 8.99 15.47 18.64 21.44 Dep.(ex goodwill) 7.47 8.15 8.36 8.99 15.47 18.64 21.44 Mov.in Inventories (6.72) (9.31) (28.76) (2.56) (88.13) (19.60) (15.12) Mov. in Debtors (15.93) (3.54) (26.04) (6.18) (61.68) (34.05) (32.70) Mov. in Creditors - - - - 55.19 20.43 19.62 Movement in OCL ------Movement in prov. ------Movement in l&A (5.67) (2.48) (3.15) 4.27 (40.29) (12.40) (20.23) Other W.C Inc./dec. (1.98) (5.00) 22.91 (4.05) - - - Change in W.C (30.30) (20.33) (35.04) (8.52) (134.91) (45.62) (48.43) Tax paid (14.97) (19.70) (23.63) (24.45) (44.05) (51.36) (64.02) Operating Cash Flow 26.30 45.12 37.52 67.17 (10.15) 107.09 135.24 Net interest (9.31) (10.17) (13.40) (16.40) (17.59) (24.94) (26.20) Cash Earnings 16.99 34.95 24.12 50.77 (27.74) 82.15 109.04 Gross CapEx (29.99) (26.08) (24.96) (41.19) (62.55) (66.23) (63.37) Sale of fixed assets 0.12 7.03 0.34 0.07 - - - Net CapEx (29.87) (19.05) (24.62) (41.12) (62.55) (66.23) (63.37) Free CF pre div. (12.88) 15.90 (0.50) 9.65 (90.29) 15.92 45.67 Dividend (12.00) 0.00 (12.00) (12.00) (19.72) (26.30) (32.78) Free CF post Dividend (24.88) 15.90 (12.50) (2.35) (110.01) (10.38) 12.89 Net acqui./disposals ------Net cash flow (24.88) 15.90 (12.50) (2.35) (110.01) (10.38) 12.89

RATIO ANALYSIS Particulars 201203 201303 201403 201503 2016E 2017E 2018E Return on assets - 13.72% 12.57% 10.22% 13.49% 12.16% 13.15% Return on equity - 29.38% 27.35% 22.58% 29.80% 26.23% 26.72% ROCE - 29.66% 29.37% 24.54% 33.53% 33.90% 35.49%

EBIT Margin - 16.65% 16.11% 14.90% 16.42% 16.80% 17.85% Pre tax margin - 14.45% 13.65% 12.22% 14.54% 14.54% 15.78% Net Profit Margin - 9.40% 9.32% 8.22% 9.82% 9.89% 10.73%

Total asset turnover - 1.46 1.35 1.24 1.37 1.23 1.22 Fixed asset turnover - 3.70 3.77 3.62 4.48 4.31 4.22 Equity turnover - 3.13 2.94 2.75 3.03 2.65 2.49

Current Ratio - 1.48 1.49 1.61 1.18 1.28 1.30 Quick Ratio - 1.13 1.10 1.23 0.78 0.86 0.91 Cash Ratio - 0.06 0.04 0.03 0.04 0.06 0.07

Receivable Days - 71.87 70.86 72.76 60.94 67.37 68.29 Inventory Days - 55.44 68.59 76.98 81.20 98.84 95.29 Payable Days - 57.61 52.60 56.21 47.75 65.97 68.07 Conversion Cycle (Days) - 69.70 86.86 93.53 94.39 100.24 95.51

Financial Leverage Effect - 1.78 1.82 1.91 1.73 1.77 1.72 Debt to Capital - 0.38 0.41 0.41 0.39 0.35 0.31 Debt to Equity - 0.62 0.70 0.69 0.64 0.55 0.44 Note:- The figures shown in the brackets means NEGATIVE. RUDRA SHARES & STOCK BROKERS LTD.

Disclosures & Disclaimers

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This Research Report (hereinafter called report) has been prepared and presented by RUDRA SHARES & STOCK BROKERS LIMITED, which does not constitute any offer or advice to sell or does solicitation to buy any securities. The information presented in this report, are for the intended recipients only. Further, the intended recipients are advised to exercise restraint in placing any dependence on this report, as the sender, Rudra Shares & Stock Brokers Limited, neither guarantees the accuracy of any information contained herein nor assumes any responsibility in relation to losses arising from the errors of fact, opinion or the dependence placed on the same.

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