Wealth Creator Thru Systematic Investment

Suresh Rathi

R EPORT 0809/006 13 JUNE 2008

Reporting- Jaiprakash Associates Ltd.

No Dream Too Big...

9, Parekh Vora Chambers 66 N.M. Road, Fort Mumbai - 400023

Phone: +91-22-22666178 Fax: +91-22-66344007 E-mail: [email protected] Suresh Rathi Jaiprakash Associates Limited

The flagship company of the Jaypee Group, promoted by Shri Jaiprakash Gaur is a well Research Report No known leader in the construction of multi-purpose river valley and hydropower projects 0809/006 and has been involved in construction of major engineering projects for the last four decades, including Hydro power, River Valley projects, Expressways, Real Estate 13 June 2008 Development, etc. The company also has it presence in Cement, Hospitality and Real Estate Business. CMP: Rs. 179/- Jaiprakash Associates (JAL), promoted by erstwhile Jaiprakash Industries was incorporated in 1995 under the name Bela Cement. Its name was changed to Jaypee Rewa Cement in Aug, 2000 and then to Jaypee Cement in 2002. The company was a wholly owned subsidiary of erstwhile Jaiprakash Industries and was engaged in the manufacture and marketing of cement. Pursuant to the Scheme of Amalgamation of erstwhile Jaiprakash Industries with the company, the name was changed to present one w.e.f 11th March 2004. Subsequently the companies cement division was also transferred to the company. During 2005-2006, the company initiated steps for amalgamation of erstwhile Jaypee Greens Ltd (JGL) with itself. At A Glance Equity (Rs Cr.) 234.50 The company has got eight subsidiaries as given below. Book Value 33.28 EPS 5.20 SUBSIDIARIES - Jaiprakash Associates Ltd (Rs in Cr.) PE Ratio 35.80 Market Cap (Rs Cr.) 21009.23 Year End 2007 52 Week High/Low 510 /129 Share Investment Sales Profit Dividend Yield (%) 0.39 Holding Cost Turnover After Tax Last Dividend (%) 36.00 % Gujarat Anj. Cement 98.88 0.00 0.00 0.00 Jaiprakash Hydro Power 63.34 413.76 356.52 199.53 Share Holding Pattern as on Jaiprakash Power Venture 84.28 429.00 216.59 71.78 31 March 2008 Jaypee Cement Ltd 100.00 45.05 0.00 0.00 Foreign 28.02 Jaypee Hotels Ltd 72.18 65.42 130.80 13.63 Institutions 11.80 Jaypee Karchan Hydro 100.00 750.00 0.00 0.00 Non Promoter Hold 4.98 Jaypee Power Grid 79.37 0.00 0.00 0.00 Promoters 44.55 Madhya Pradesh Jay 70.00 10.50 0.00 0.00 Public & Others 10.66 Total 100

The India Growth Story Infrastructure projects need competent GDP Growth Rates Forecast (%) players who can protract for long periods. It 2006E 2007E 2008E takes a while to judge winners and losers. Global Economies India is now a trillion dollar economy. US 2.9 2.2 1.9 Growing at 8.5% p.a. Indian Economy will EU 2.9 2.6 1.5 add another trillion dollars in the next nine Japan 2.4 1.7 0.9 years. That will be the target for Indian Regional Economies economy that is expected to be achieved in China 11.1 11.4 10.4 next nine years. - A feat which has not been Aashish Chitlangi India 9.4 9.0 8.5 attained in last sixty years since Institutional Desk: Hong Kong 6.8 6.0 4.6 independence. Government’s initiatives in [email protected] Indonesia 5.5 6.2 6.0 this are very important, as India continues +91-9820186491 Korea 5.0 5.0 4.1 to show encouraging signs of some robust & large-scale projects which have started in Rahul Bhandawat last 5-6 years & will continue to give the required push for taking India from the Research Desk: developing nation to a developed nation. [email protected] +91-9321413828

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Major Growth Factor: INFRASTRUCTURE

This development is likely to sustain in 11th plan & the 12th one also. Most important factor negating India’s growth is the fact that the infrastructure consisting of Roads, railways, ports, airports, communication and electric power is not up to the standard of competitors. Thus keeping a single point agenda – India has set out to circumvent this worrisome factor & has aligned various infrastructures projects to help attain this vision.

Realizing there is a huge demand base for infrastructure in the rapidly growing economy, investments worth USD 85 billion (Rs. 3, 41,308 crore) are planned by the business houses in the sectors like core, physical and service Infrastructure. This makes up for the maximum 81% of the total planned Investments during the third quarter of current financial.

Total Investm ent Outlay ($85.3 Bn)

steel 0% 6%3% 4% Oil Power 7% 36% Telecom 10% Real Estate Cement 15% S h ip p in g & Lo g is tics 19% Ports Aviation

Scenario of current & future investments is highlighted in below table Indian Infrastructure Capacity as Added in Inv.in 10th Added in Investments on 2007 10th Plan Plan (Rs. 11th Plan in 11th plan (Physical) Billion) (2008-12) (Rs. Billion) NHAI 66590 KM 4673 km 1148 54082 km 3118 Railways 108850 km 945 km 1196 10300 km 2580 Capex Port Capacity 680 165 41 830 739 (mn tones) Power 127753 31000 2918 78000 6165 Generation MW Telecom 210.50 mn 160.7 mn 1234 480 mn 2670 (Subscribers) Airports 87 mn 160.7 mn 68 118.7 mn 347 (Passengers) Steel Capacity 57 16.5 577 37 1440 (mn tones) Cement 166 31 105 132 530 (mn tones)

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Indian Cement Industry on growth trajectory. . .

The Cement industry has continued its growth trajectory over the past seven years. Domestic cement demand growth has surpassed the economic growth rate of the country for the past couple of years. Over the past five years (FY03-07), cement demand has grown at a CAGR of 8.37% higher than the CAGR of supply at 4.84%. Demand for cement in the country is expected to continue its buoyant ride on the back of robust economic growth and infrastructure development in the country. The key drivers for cement demand are real estate sector, infrastructure projects and industrial expansion projects. Among these, real estate sector is the key driver and accounted for almost 55% of cement demand in FY 07. During the period FY 03 – 07, capacity additions in the country (30.6 mn tonnes) were at a slower rate compared to demand growth leading to higher average capacity utilization rates from 81.3% in FY 03 to 93.8% in FY 07. This exerted pressure on average prices which have increased from Rs. 156 per bag in FY 03 to Rs. 216 per bag in FY 07. In December 2007, prices stood at Rs. 245 - Rs. 250 per bag.

Low capacity addition coupled with higher utilization rate also led to increase in proportion of blended cements in product mix. Cement is a bulky commodity and cannot be easily transported over long distances making it a regional market place, with the nation being divided into five regions. Each region is characterized by its own demand- supply dynamics. The Southern region dominated the cement consumption at 44.5 mn tonnes in FY 07, accounting for about 30% of total domestic cement consumption. Average realizations have increased from Rs. 1,880 per tonne in FY 03 to Rs. 3,133 per tonne in FY 07, at a CAGR of 13.6%, which has resulted in higher profit margins of the industry. To reduce the cost of production, the industry is increasing its focus on captive power generation. Proportion of cement production through captive power route has increased over the years. Also, cement movement by rail has increased over the years. Market share of top five players in the industry has increased from 42% in FY 02 to 56% in FY 07. Domestic Cement industry is highly insulated from global cement markets. Exports have been constant at about 6% of total cement demand for past few years. With GoI intervention, making cement duty free, cement is being imported from neighboring countries. However, due to logistics issues and lack of port handling capabilities, imports of cement will remain negligible and do not pose a threat to domestic industry. Cement demand is expected to remain buoyant driven by boost in construction sector in the country.

It is estimated that the domestic cement demand will grow at a CAGR of approximately 10% for the next 5 years. The current tight demand - supply situation is expected to extend up to end of calendar year 2008 owing to delays in capacity expansion programmes by various companies. Expected prices will remain firm till the end of CY2008 due to tight demand - supply situation and increase in input costs.

Cement Unit: Jaiprakash Associates

Jaypee group is the 4th largest cement producer in the country. Cement facilities are located in the Satna Cluster (U.P), which has one of the highest cement production growth rates in India. The group produces Ordinary Portland Cement and Pozzolana Portland Cement under the brand names “Buland” and “Buniyad”. Rewa & Bela cement plant located in Rewa, Madhya Pradesh has an aggregate capacity of 7 million tones p.a.

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Further the company is setting up a green field cement plant at Baga and blending/grinding plant at Bagheri, both in Himachal Pradesh, a clinker grinding plant at Panipat in Haryana and one plant at Sidhi in Madhya Pradesh. Besides this, the company has its grinding and blending units in Uttar Pradesh.

To reduce the freight and handling cost on cement dispatches as well as coal and gypsum in Cement Division a railway siding inside the Jaypee Bela Plant has been Thermal Power commissioned in August, 2006 also commissioned a thermal power plant of 38.5 MW at Plant Rewa Plant in August, 2006. The company has also undertaken creation of new/enhancement of existing capacities of cement/cement products, directly or through Joint Venture Special Purpose Vehicles over a period of next five years with an approximate capital outlay of Rs.3000 crores. The group currently has a Captive Thermal Power generation capacity of 88.5 MW at its cement complex at M.P. Each of the new cement plants coming up would be having captive Thermal plants from day one to ensure most cost effective source of power, taking the total captive generation to 250 MW by 2010.

Jaypee Bela Keeping pace with the advancements in the IT industry, all the 120 cement dumps are networked using TDM/TDMA VSATs along with a dedicated hub to provide 24/7 connectivity between the plants and all the 120 points of cement distribution in order to ensure “track – the – truck” initiative and provide seamless integration. This initiative is the first of its kind in the cement industry in India. In the near future, the group plans to expand its cement capacities via acquisition and Greenfield additions to maximize economies of scale and build on vision to focus on large size plants from inception.

With its plans of adding capacities in different regions of the Country, the Group is Jaypee Rewa poised to be a 25 MTPA cement producer by the year 2010 and 30.5 MTPA by 2011. Thus, it is likely to be third largest cement producer in the country.

Civil Engineering

Jaiprakash Associates Ltd is a leader in Construction of river valley and hydropower projects on turnkey basis for more than 4 decades. The company is currently executing various projects in hydropower / irrigation / other infrastructure fields and has had the distinction of executing simultaneously 13 hydropower projects spread over 6 states and the neighboring country Bhutan for generating 10,290 MW of power.

Jaypee Group undertakes projects involving:

¾ Large quantities of rock excavation (both surface and underground) ¾ Controlled earth/rock fill ¾ Concrete manufacture and placement (including chilling)

¾ Fabrication and erection of penstock liners Sardar Sarovar ¾ Hydro-mechanical equipment procurement and erection

¾ Steel Structures ¾ Expressway Construction ¾ Real Estate Development

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Recent Construction Projects:

™ Madhya Reddy Project in Andhra Pradesh comprising two tunnels of aggregate length of 50.75 km. The value of the work is about Rs.1, 925 crores. ™ 1600 MW Siang Lower Hydro-electric Project and 500 MW Hirang Hydro-electric Project on Build, Operate and Transfer basis in the State of Arunchal Pradesh. ™ The company is also submitted Expression of Interest for selection of Developer Indira Sagar for setting-up of Ultra Mega Power Project (4000 MW) on Build, Own and Powerhouse Operate basis at Sasan in Madhya Pradesh. ™ Taj Expressway project consisting of construction of 160 KM six lane access controlled Express way, which is expected to be completed in three phases in seven year between Noida and Agra on the left bank of River Yamuna, along with development of 25 million square meter of land along the Expressway.

The company is also the first among Indian Companies to be pre- qualify for EPC contracts for large hydro-power projects abroad.

Company has completed the work for construction of Dam and Power House of 1,000 MW Indira Sagar (Narmada Sagar) Hydro-electric Project during the period 2005-2006. Chamera For the past three decades the company has not only successfully executed large and prestigious projects, but in this process has acquired a pool of knowledge, skills and experience in their field of technological excellence. The company has been assigned "CR 1" grade by ICRA indicating Very Strong Contract Execution Capacity with best prospects of timely completion of projects without cost overruns, etc. for hydropower EPC contracts of value greater than Rs.2500 Crores.

Integrated Township:

The Jaypee Group is synonymous with creating premium lifestyle experiences through exclusive real estate development. The existing 452-acre development at Jaypee Greens, Greater Noida integrates homes with landscaped greens, resort, living and commercial spaces amidst an 18 hole Greg Norman golf course. It is a complete lifestyle destination offering individual homes and luxury apartments. After the success of Greater Noida project, company will now unveil its latest venture in premium real estate — Jaypee Greens, in Noida. Covering 500 acres, this is India’s largest township with an 18+9 hole Jaypee Greens Graham Cooke golf facility combined with world class residences, natural reserves, landscaped parks and various recreational options. The golf course is very popular with the avid lovers of the game.

In addition to the construction and operation of the Taj expressway is a Ribbon Development of 2500 Hectares of land at five or more locations along the expressway for commercial, industrial, institutional and residential and amusement purposes. The company plans to develop such installations to international standards with state of the art technology.

Power Generation:

Estate Homes Ever increasing demand… Broadening supply gap… India has still to go a long way in becoming self sufficient in Power. Huge expenditure from within the country & overseas is being planned in this area. Our country is potentially, one of the largest power markets in the world. Power for All – will be India’s motto to achieved by 2012.

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India's Per Capita Energy Consumption: Projected Energy Consumption Per capita Consumption (Kgoe) Year quadrillion btu India 531 History OECD 4732 1990 8.00 World Average 1767 2002 13.80 USA 7913 2003 14.00 China 1242 Projections South Korea 4431 2010 19.40 Japan 4476 2015 22.50 0 2000 4000 6000 8000 10000 2020 25.70 2025 29.00 2030 32.50

3.2% Average annual % change against 1.2% USA, 2.5% Brazil & 4.2% China.

The Group has been a major contributor in building Hydro-based power Projects. In recent years to diversify from the hydropower sector, it has taken up the task of exploiting the rich coal resources that exist within the state of Madhya Pradesh. To this effect the company has formed a Joint Venture company with Madhya Pradesh State Mining Corporation Limited (MPSMCL) to undertake coal production and sale of coal from coal block/blocks which might be allotted to MPSMCL. The company has been selected by MPSMCL as a joint venture partner through competitive bidding process. The joint venture has been formed in the name and style of MADHYA PRADESH JAYPEE MINERALS LIMITED.

Project Capacity Location Undertaken by Nigrie Thermal Madhya 1320 MW JAL Project Pradesh Project situated in the Sidhi district in the State of Madhya Pradesh is expected to comprise two 660 MW units, each deploying supercritical technology and is expected to be commissioned in 2012. This project will be developed by an associate company of JAL. Project is expected to utilize coal from two captive coal blocks, the Amelia (North) and Dongri Tal – II coal block. They believe that these coal blocks contain sufficient coal reserves to fuel the Nigrie Thermal project over the long term. JAL is expected to develop and mine this coal in a joint venture with MPSMCL.

Captive Thermal Power

Hydropower - a renewable source of energy on which the future of our country rests. It conserves our nations fossil fuel reserves, is in abundant supply and simultaneously is non-polluting in nature.

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Keeping all this in the backdrop of mind, Government of India opened up the doors in 1991 to private companies for the setting up of private hydropower projects. The Government of India has an ambitious plan of providing power for all by the year 2012. For this the government identified an optimal hydro thermal mix of 40:60, to meet the peak shortage demand.

Seeing the vast potential present in the hydro power generation, the house of Jaypees ventured into private power generation on Build Own Operate (BOO) basis. JAL has so far the distinction of participating in 54 % of new hydropower projects under India’s Baspa-II Tenth Five Year Plan.

Hydro Electric & Power Projects Project Capacity Location Basis Undertaken by Himachal Baspa II 300 MW BOO JHPL Pradesh Baspa Hydro – Electric Project Stage II (300 MW) is an environment friendly run – of – the – river power development devoid of any rehabilitation or resettlement issue. The project site is located on the river Baspa, a tributary of river Satluj in Kinnaur district of Himachal Pradesh. Vishnu 400 MW Uttarakhand BOO JPVL Vishnu Prayag Prayag 400 MW Vishnu Prayag Hydro-electric Project was commissioned in October, 2006 is a run-of-the river project located across river Alaknanda in district Chamoli of Uttarakhand. The Project, utilizing the waters of river Alaknanda, has an underground power station with an installed capacity of 400MW (4x100MW). It is the Group’s project on Build-Own-Operate (BOO) basis. Karcham 1000 Himachal BOO JKHCL Wang too MW Pradesh 1000 MW Hydro power project is located in Himachal Pradesh and is built on BOO basis. This is the India’s largest Private Hydro power station in making. It is envisaged as run-of-the-river project and is being constructed Baspa-II on River Satluj in the district of Kinnaur. Arunachal 2025 Powerhouse Arunachal Pradesh MW BOO Pradesh projects 500 MW 2025 MW Lower Siang HE project on river Siang and 500 MW Hirong HE project on river Siyom in Arunachal Pradesh will be built on BOO basis and are expected to be commissioned by 2014 and 2015 respectively. JPVL & Meghalaya 270 MW Meghalaya BOO Government of projects 450 MW Meghalaya The project are 270 MW Umngot HEP in the East Khasi Hills district and 450 MW Kynshi (Stage –II) HEP in the West Khasi Hills district of Meghalaya. The projects would be undertaken through a Joint Venture between JPVL and State government of Meghalaya on a 74% -26% basis.

Transmission System: The group will venture into the development of transmission systems with the Power Grid Corporation of India Ltd (PGCIL) to lay a 230 km (approx.) long transmission system to evacuate power from the 1000 MW Karcham-Wangtoo Hydro Electric Project in Himachal Pradesh expected to be completed by 2011.

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Hospitality:

The Indian hospitality industry is growing at an unprecedented rate and economic liberalization has given a new impetus to the hospitality industry. The travel and hospitality industry continues to be the sector, which has largely profited from the fast growing economy of India & relaxed foreign investment limits. This has largely led to the 4.4 m tourist arrivals in Financial Year 2007 (13% growth) over the previous period. The compounded growth in tourist inflow over the last ten years (FY97-FY07) has been 4.3%, while in the last five years, growth stands at 11.6% per annum.

Jaypee Siddhartha The hotel industry went through a rough patch between FY00 to FY04 owing to factors like the Asian financial crisis, Afghan war, Middle East unrest, September 11 attacks, th SARS and domestic riots. India occupies the 46 position among the sixty tourist destinations in the world. The flourishing economy helped boost the demand for the industry. Also, Efforts to diversify tourist attractions by offering new products such as adventure tourism, wellness tourism, medical tourism and golf tourism are expected to have a positive effect on both foreign tourist arrivals and domestic tourist arrivals.

Future of hospitality sector:

To boost up the growth of tourism in India, the government invested Rs. 520 crore in 2007-2008. Tourism in expected to grow further over the next few years due to the

Jaypee Palace changes taking place on the demand and supply sides. The factors that will account for the further growth of tourism will include the following:

™ Change in standards of living ™ More disposable income

™ Better education

™ Long leisure time ™ Aging population

The group owns and operates 4 Five Star Deluxe hotels through Jaypee Hotels Limited and is a significant player in north of India. Also owns a holiday Resort- the Jaypee Jaypee Residency Residency Manor at Mussoorie which is being managed by Jaypee Hotels. Consequent up Manor on the merger of Jaypee Greens Limited with the company, the company now also owns a Golf Resort at Greater Noida, Uttar Pradesh.

This leading chain of deluxe hotels in India offers luxurious accommodation, exquisite dining facilities, interesting leisure options and a pleasant environment to provide a comfortable stay. The first two five star hotels in the capital were set up in the back drop of the Asian Games in 1980 - Hotel Siddharth and Hotel Vasant Continental. An ode to the cosmopolitan culture of Delhi – these two five star hotels unfold the finest lifestyle experiences. Pioneering the concept of deluxe hotels – Hotel Jaypee Palace Agra, is a hotel and convention centre. The hotel is a fine blend of the Mughal architectural brilliance and it combines classic qualities, simultaneously blending luxury and exclusivity with modern style, flair and sophistication.

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Revenue Generation of JAL Segment:

SEGMENT REVENUES SALES NET PROFIT 2008 2007 % Var 2008 2007 % Var Cement/Cement Products 2069 1928 7.31 688 566 21.55 Construction 1755 1634 7.41 254 315 -19.37 Hydro Electric & Wind Power 747 568 31.51 671 504 33.13 Hotel/Hospitality 164 140 17.14 34 33 3.03 Real Estate 256 -- -- 81 -- -- Unallocated 95 41 131.71 ------Total 5086 4311 17.98 1728 1418 21.86 Less: Inter Segment Revenue 679 283 139.93 ------Total 4407 4028 9.41 1728 1418 21.86

Ratios as per Audited Balance Sheet ended 31st Mar 2007 Return on net worth (RONW) % 17.62 Return on capital employed (ROCE) % 12.64 Cash profit margin % 15.54 Current Ratio % 1.46 Debt Equity Ratio % 2.07 Interest Cover % 3.11 Long Term Debt-Equity Ratio % 1.90 APATM % 11.16

LATEST RESULTS (Rs in Cr.) Particulars Mar- Mar- % Year Year % 2008 2007 Var Ended Ended Mar Var Mar 08 07 Sales 1280.00 886.00 44.50 3985.00 3478.00 14.60 Other Incme 66.00 30.00 120.00 289.00 98.00 194.90 PBIDT 464.00 293.00 58.40 1386.00 1040.00 33.30 Interest 97.00 65.00 49.20 339.00 257.00 31.90 PBDT 367.00 228.00 61.00 1047.00 783.00 33.70 Depreciation 61.00 42.00 45.20 203.00 163.00 24.50 PBT 306.00 186.00 64.50 844.00 620.00 36.10 Tax 34.00 46.00 -26.10 164.00 198.00 -17.20 Deferred Tax 61.00 9.00 577.80 70.00 7.00 900.00 PAT 211.00 131.00 61.10 610.00 415.00 47.00

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Peer Comparison:

Full Year - 032008 (Rs. Cr)

Company EQ Sales NP NP Div Per EPS P/E NP B.V Rs PBIDTM PATM Var% Share Rs. (%) (%)

Punj Lloyd 60.69 4488.57 221.44 280.00 0.40 7.81 37.40 221.44 79.40 12.65 4.93 Jaiprakash Assoc 234.50 3985.00 610.00 43.00 1.00 5.42 38.70 610.00 33.30 34.78 15.31 IVRCL Infrastruc 26.69 3698.11 210.48 48.00 1.40 16.08 24.00 210.48 120.10 9.90 5.69 Nag. Constructn. 45.76 3472.94 161.95 21.00 1.30 7.51 25.60 161.95 68.50 10.52 4.66 Hind.Construct. 25.62 3082.76 111.22 198.00 0.80 4.24 30.00 111.22 38.60 13.12 3.53

Sector PE - 31.19%

PE Compare (%)

Hind.Construct. 30

Nag. Constructn. 25.6

IVRCL Infrastruc 24

Jaiprakash Assoc 38.7

Punj Lloyd 37.4

01020304050

Concerns:

™ With the inflation figures touching 8.75%, Government is pressurizing all cement manufacturers to lower prices despite increase in raw material prices. It has already banned export of cement leading to further stocking in local markets & consequent pressure on prices. ™ Company faces peer pressure due to heavy competition in the construction sector. ™ High cost of Steel shall have an escalating effect on the margins.

Synopsis:

One of the market leaders in the construction sector. Belongs to a very reputed house. It shall be playing a very dominant part in this sector in the near future. With companies large pool of knowledge, skill & experience it is equipped to execute all projects without cost overruns. This gives it an edge over others in this field. Operating profit margins in construction are very strong. As capacity expansion plans of cement units materialize, it shall soon become the 3rd largest producer in the country. Share Price seems very attractive at current levels.

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KEY LOCATIONS

-: REGISTERED OFFICE :- Lalit Mundra 11 & 12 ‘A’ Mithila C.H.S. J.B.Nagar, Andheri (E), Mumbai – 400059. Tel: 022-28354000, 28216446 Fax: 022-28205533 Email: [email protected]

-: CORPORATE OFFICE :- Kailash Sarda Mahesh Hostel Complex, Opp Bombay Motors, Chopasni Road, Jodhpur – 342003 Tel: 0291-2654000 Fax: 0291-2430913 Email: [email protected]

-: INSTITUTIONAL SALES :- Aashish Chitlangi 9, Parekh Vora Chambers, 66 N.M.Road, Fort, Mumbai – 400023. Tel: 022-22666178, 22691103 Fax: 022-56344007 Email: [email protected]

For details visit our website at www.srspl.com

Report Prepared by:

Rahul Bhandawat Research Department

Disclaimer: This document has been prepared and distributed by SURESH RATHI SECURITIES PVT LTD. The information in the document has been compiled by the research department. Due care has been taken in preparing the above document. However, this document is not, and should not be construed, as an offer to sell or solicitation to buy any securities. Any act of buying, selling or otherwise dealing in any securities referred to in this document shall be at investor’s sole risk and responsibility. This document may not be reproduced, distributed or published, in whole or in part, without prior permission from the SURESH RATHI SECURITIES PVT LTD.

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