EQUITY RESEARCH AND INVESTMENT ADVISORY

Purnartha

Purnartha

It's Never Too Late

To Be What You Might Have

Been-

George Elliot

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Confidential2

Purnartha

KEY TO WEALTH -LONG TERM INVESTMENTS

High growth aspirations

Middle class values ( e.g. zero net debt )

Owners having skin in the game

“I never attempt to make money

on the stock market. I buy on the assumption that they could

close the market the next day and not reopen it for

five years”-

Warren Buffet

INVESTING IN GOOD COMPANIES

GOOD COMPANIES WITH

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AND .. BEING LAZY!

Purnartha

Long term investing

reduces risks of lost

opportunities and averages

out macro and micro economic

factors that could affect

markets

Which are likely to grow at 1.5x to 3x volume growth consistently across all cycles (On a conservative side, India’s

real GDP to grow at 5%)

Having a reasonably large owner holding i.e

Owners with skin in the game

Which have zero net debt i.eGrowth funded by clients

rather than debt

CompaniesHaving low drawdowns and

faster recovery

INVESTING IN A UNIVERSE CONSISTING OF NON-CYCLICAL COMPANIES

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Purnartha

TOP GUN INVESTMENTS WITH 5 STEP RESEARCH PROCESS

To Create Something

Exceptional Your Mind Set Must be Relentlessly

FocusedOn Smallest

Detail-

Giorgio Armani

HistoryWe need history that shows performance across regimes. Usually 11 years is a

credit cycle where GDP has gone up, down and drifted. We see if the businesses

have generated positive cash in all regimes. Other business and valuation

related parameters are analyzed too.

Business ModelWe analyze why the company does not need to borrow money to grow its

business. We have come across unique business models that provide an insight

into the economic moat or competitive advantage of the company.

Volume GrowthWe also articulate what are the structural drivers for the volume growth of the

company for the next few years.

Management Interaction and Channel ChecksGood history and the reason why the company is poised to grow is the output

of the business owners thought process and interest. We identify the person

responsible for the company’s future & find out if his interests are aligned for

future growth. Channel checks provide an insight into culture of the company.

ValuationWe will build a portfolio that is cheaper than the index at an EV/ Operating Cash

Flow metrics.Confidential

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Purnartha

Know what you own, and know why you own it

-Peter Lynch

Independent, unbiased

equity advise

You are in control.

Purnarthadoesn't touch your money!

Support and

guidance from

experts

Long term equity investment philosophy

Performance tracking platform

Continuous and easy portfolio monitoring

A fundamental portfolio analysis before you Sign Up

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Purnartha

* - Audited report available on request ** - YTD (from Apr 2017)

NIFTY

BENCHMARK BEATING PERFORMANCE

Key Stats Purnartha Portfolio*

Macro Index (days) 297 / 2231

End NAV 3381.49

Beta 0.4756

CAGR 48.84%

Max. Drawdown 26.18%

Recovery (days) 84

Annualized Volatility 20.03%

Generated

48.84%*

CAGRSince Inception

Purnartha Portfolio*

FY Q1 Q2 Q3 Q4 Annual Growth

2009 – 10 42.04 18.48 2.3 0.92 73.76

2010 – 11 1.21 13.5 1.73 -4.9 11.14

2011 – 12 -3.19 -12.47 -6.45 14.52 -9.23

2012 – 13 -0.31 8.04 3.54 -3.77 7.31

2013 – 14 2.81 -1.83 9.92 6.35 17.98

2014 – 15 13.53 4.64 3.99 2.51 26.65

2015 – 16 -1.44 -5.01 -0.03 -2.62 -8.86

2016 – 17 7.10 3.90 -4.94 12.07 18.55

2017 – 18 3.78 2.81 7.58 -3.96 10.25

FY Q1 Q2 Q3 Q4Annual Growth

2009 - 10 51.38 10.82 6.92 34.88 141.94

2010 - 11 2.57 24.73 -5.37 -6.21 13.54

2011 - 12 7.28 -1.44 -2.98 8.05 10.84

2012 - 13 7.97 22.33 16.81 -2.76 50.03

2013 - 14 6.10 6.71 33.84 38.06 109.20

2014 - 15 22.00 23.33 7.39 20.03 93.95

2015 - 16 -11.17 2.49 2.58 -2.34 -8.79

2016 - 17 20.80 8.66 -12.92 32.95 51.96

2017 - 18 6.25 15.95 11.12 -3.85 31.63

Key Stats NIFTY

Macro Index (days) 120 / 2231

End NAV 334.79

Beta 1.00

CAGR 14.62%

Max. Drawdown 28.01%

Recovery (days) 470

Annualized Volatility 17.99%

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Last 1 year returns: From 01-Jan-2017 to 31- Dec- 2017, returns of Purnartha portfolio are 82.02% v/s 28.65% of NIFTY

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Rahul Rathi, Chairman & Fund ManagerMBA from Carnegie Mellon University. Rahul Rathi has over 15 years of investment and risk management experience gained from working with global investment institutions across the world. His professional and personal legacy includes creating wealth in the stock markets, that has been fundamental in shaping Purnartha’s core values.

Raghu Sundaram,DirectorAn IIM Ahmedabad graduate. He is a Dean at New York University's Stern School of Business for MBA Programs & online learning. Sundaram has substantial experience of working with major Wall Street firms. His unparallelbackground in derivatives and credit research has provided finesse to the equity research at Purnartha.

Hemant Vispute, Managing DirectorHemant brings over 15 years of experience in consulting, strategic planning and operations. The brain and heart behind Purnartha's services, he has been part of the journey from the very beginning. His leadership, vision and discipline provided our teams with strategic guidance in conceptualizing blueprints related to the aspects of business development and expansion.

Dilip Apte, Director – Sales & OperationsDilip has 26 years of hands on experience at HDFC Ltd. He has successfully handled Retail operations, Channels, Deposit Mobilization, Corporate Relations & helped set up the first mortgage finance company in the private sector in Egypt. A Chartered Accountant and was a regional council member of the CA Institute.

Adesh GokhaleExecutive DirectorAfter an illustrious career as the Executive Director and SLE IBM's Pune, India operations, Adesh is now the Executive Director at Purnartha. With over 30 years of experience in finance, technology and telecommunications, he holds patents in technology and process areas. He is a part of Startupsmentorship programmes and has worked extensively on SmartCityproject.

Deepak Soman, Director - – Capability Development and Client ExperienceDeepak holds a postgraduate degree in Management Studies. With over 29 years of experience in India and overseas, primarily with HSBC Bank and Vodafone, Deepak has been associated with various roles in the Customer Experience, Call Centre, Branch Operations and Project Delivery departments.

Tausif AhmedHead of SalesA student of economics, Tausif holds postgraduate degree in advanced economic theory from the University of Calcutta and an MBA in finance. Prior to Purnartha, he was associated with Kotak for 11 years and headed broking in Maharashtra. Tausif joined Purnartha as the Head of Sales and has been instrumental in development and expansion of the business by building a dedicated and passionate sales team

Devendra PhadkePortfolio ManagerA Chartered Accountant and commerce graduate Devendra has over 14 years of experience in equity research. Devendra is a proficient analyst with a decade-long experience in buy-side equity research that covered emerging and developed markets, such as India, China, Brazil, US and Europe He has worked with Morgan Stanley, Thomas WeiselInternational and Multi-Act Asset Management.

Purnartha

A Team

You Can Trust

Purnartha

KEY STRENGTH & DIFFERENTIATOR EQUITY RESEARCH CAPABILITIES

Research Backed with Domain &

Sector Experts

Investment Manager – Rahul Rathi

Responsible for delivering investment performance at Purnartha. The sustained

performance is due to Rahul’s experience and investment in people, processes and

data which he has built from ground up.

Rahul’s experience in investments comes from working closely with large

successful hedge funds in US & Europe, managing his own factory and family

business.

Our Research Team

Chartered accountants with experience in markets

On ground team meeting company management, suppliers, clients,

distributors to provide inputs to analysis & model

Analysts

Whose areas of work include: Financial modeling, fundamental analysis,

industry research, management interaction

Whose work experience includes: Morgan Stanley on the proprietary

desk, Emerging Market analyst in a MNC

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Purnartha

WE DO THE WORK FOR YOU!

WOW

Performance Platform Top Notch Service

Large database to evaluate regimes.Expert Investment Counsellors

to guide you.

Continuous tracking and easy portfolio monitoring

Client support across all channels with constant assistance and valuable information

Top Notch Service

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Purnartha

WEALTH BUILDING MADE EASY

Step 1Purnartha Sign Up Visit www.purnartha.comor Call 1 800 102 6975 (Toll Free)

Step 3Clients execute orders in their own demat accounts through their preferred broker.

Step 5Portfolio monitoring and rebalancing

Step 2Purnartha research team re-structures current portfolio or Builds a new portfolio

Step 4Periodic portfolio review meetings/monitoring @ Purnartha.com

You are backed by a team of investment

counsellors and expertsPATH TO BUILDING WEALTH

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Purnartha

A goal without a plan is just a

wishStop Wishing.. Start Investing

Plan 1 Plan 2 Plan 3 Plan 4 Plan 5 Plan 6

Annual Fee (% of AUM)

2.50% 2.00% 1.75% 1.50% 1.00% 0.60%

Hurdle Rate (Annual)

25% 15% 12% 10% 6.33% 0%

Profit Sharing % Above Hurdle

Rate20% 20% 20% 20% 20% 20%

† Flexible plans with a trade off between annual fee & profit sharing above hurdle

rate

* All plans subject to a minimum subscription fee

** Taxes as applicable

*** We follow the High Water Mark principle

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Purnartha

A Trusted Advisor

with You in All

Life Stages

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3 Year Plans

Plan 1 Plan 2

3 Years Fees 9.50% 7.00%

Hurdle Rate(For 3 years)

95% 52%

Profit Sharing (Above Hurdle Rate)

20% 20%

* All plans subject to a minimum subscription fee

** Taxes as applicable

*** We follow the High water mark principle

Purnartha

PurnarthaTrusted by Over

3000+ Clients

I am very happy and highly satisfied with

the advisory services of Purnartha and I got the

benefits from the recommendations on

the investments. I found that Purnathahas a very scientific

way of analysis of the market, industry and

potential of the segments and I am rest

assured that my investments are safe and are going to yield

good results in the long term. Thanks for the

services which helped me create wealth in the

long term.Mr Nitin Infosys

I definitely appreciate the kind of research done by Purnartha

team before proposing any stock to client. The two interactions with

Mr Rahul is also encouraging. I hope

that once Indian equity Market became stable;

Purnartha team will provide more value

picks and enhance the service level. I would

like to say that Purnartha team go into deep; check nuts and

bolts; do proper sector; company and peer

study before advising the stock. Mr Vinod

Suzlon

Purnartha Purnarthahas helped reorganise

my dormant family stocks portfolio based on in-depth analysis

and thereby helped in making

the right decisions for a fruitful and mutually

beneficial partnership that has unleashed a

very healthy valuation of my new portfolio.

The staff is very friendly

and customer centric, always willing to help out with any doubt or

service request. Mr. Kedar

Software Professional

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Purnartha

SEBI REGISTERED INDEPENDENT, UNBIASED ADVICE

A Trusted Advisor

with You in All

Life Stages

Purnartha Investment Advisers Pvt. Ltd.

is a

Sebi Registered Investment Advisor

(Registration no.: ina000000672)

and

provides investment advisory services under

the brand name

Purnartha

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Purnartha

Everybody Deserves Someone

Who Makes Them Look

Forward to a Better

Tomorrow

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STAY IN TOUCH

@PurnarthawealthFacebook.com/Purnartha

1 800 102 6975 (Toll Free) Support@Purnartha.com

F t

Visit Us On

www.purnartha.com

Disclaimer: Purnartha Investment Advisers Pvt. Ltd provides advisory services under the brand name Purnartha. The content in this document is provided for informational purposes only. No material should be considered as investment advice directly, indirectly, implicitly, or in any manner whatsoever. Past performance is not an indicator of future results. Purnartha accepts no liability whatsoever for any direct or consequential loss or damage arising from any use of any information in this document. The information and content in this document are subject to change without notice.

Purnartha Investment Advisers Pvt. Ltd

Purnartha

Contact: 1 800 102 6975 (Toll Free) | +91 20 4912 7142 | EMAIL: support@purnartha.com

Pune 32/33, Rachna Bungalow, Dr. Ketkar Road, Off Karve Road, Erandwane, Pune 411 004.Mumbai 1302, 13th Floor, Marathon Icon, Opp. Peninsula Corporate Park,

Off Ganpatrao Kadam Marg, Lower Parel West, Mumbai 400 013.New Delhi 1001, 1002, Mercantile House, Kasturba Gandhi Marg, Connaught Place, New Delhi 110 001.

Bengaluru Office No. 202, 2nd floor, Palm Square Building, Brigade Road, Opp Brigade Towers, Bengaluru 560 025.

.

YOUR TRUSTED PARTNER IN WEALTH CREATION

www.purnartha.com