INVESTOR PRESENTATION MARCH 2017

EPC Roads & Highways

Water Management

(STP)

Transmission &

Distribution

Manufacturing

Heavy Engineering

Urban Buildings

Civil Engineering Project

Flyover & Bridges

Company Overview

2

Executive Summary 3

• Sunil Hitech Engineers Limited (SHEL) was incorporated in 1984 in Nagpur, India by Mr. Ratnakar Gutte.

• The company has evolved into a diversified company having presence in Engineering, Procurement and Construction across Power, Construction, and Infrastructure sector.

• SHEL has executed projects across 17 States in India.

• The company has executed projects for marquee clients across public and private sectors like NTPC, BHEL, MORTH, NHAI, BSHB, KSHB, NHIDCL, L&T, JSW, Reliance Energy, TATA etc.

COMPANY OVERVIEW

EPC Projects EPC Projects for Roads & Highways, Flyover & Bridges, BOP & EPC assignments for power plants as well as providing comprehensive services in Civil Engineering, Architectural and Structural works.

Operation & Maintenance The service portfolio covers providing permanent solutions to Operation, Overhauling & Maintenance (renovation and modernization) of Power & Steel plants. Manufacturing Manufacturing includes Heavy Engineering Fab Shop catering to Power, Infrastructure, Process & Chemical Industries.

BUSINESS MIX

Total Income INR 18,418 Mn

3 Year CAGR 18.56%

EBITDA INR 1,908 Mn

3 Year CAGR 13.18%

EBITDA Margin 10.36%

PAT INR 481 Mn

3 Year CAGR 19.91%

PAT Margin 2.61%

FY16 FINANCIALS

Company at a Glance 4

• Sunil Hitech Engineers Limited (SHEL), is among India’s leading Engineering, Procurement and Construction companies.

• The company has vast experience extending to projects in power sector, infrastructure, civil engineering projects, roads and bridges construction and urban buildings infrastructure.

• In Power projects, SHEL has extensive experience and provides design, manufacturing, supply, erection, testing and commissioning of BOP & EPC assignments.

• In Road projects the company is qualified for Road EPC projects from NHAI and MORTH for 2 lanes & 4 lanes projects up to Rs. 500 crores and BOT & Annuity Projects up to Rs. 900 crores.

• In Buildings construction, SHEL provides Building Construction services for Hospitals, National Institutions, Government Housing projects, industrial, commercial buildings, hostels, industrial sheds etc

• The company has also forayed into EPC for various high growth sectors like Solar, Railways, Water and Sewage Management.

• The company also does Operation, Overhauling and Maintenance (renovation and modernization) of Power plants and Steel plants up to 800 MW.

• SHEL also has a manufacturing arm of heavy engineering equipment for Power, Infrastructure, Process & Chemical Industries.

FY 13 FY 14 FY 15 FY 16

11,051

14,422

16,652

18,418

1,316 1,419 1,595 1,908

279 250 369 481

Income EBITDA PAT

Financial Performance (INR Mn)

Key milestones 5

1984

Initial 10 years struggle and then received the first major order from BHEL at

Chandrapur of Rs. 2.4 crores

*1.64 *10 *133 *4.43 *36 *320

1994

Mr. Ratnakar M Gutte started

business under the name “Sunil

Engineering Works”

1996

"Sunil Hitech Engineers Pvt Ltd" incorporated vide registration No.

11-155155 dated 29/05/1998

1998

Other major orders in MP and Rajasthan

2004

Crossed Revenue of Rs. 100 crores, Listed on BSE & NSE with 9

times over subscription of IPO

2006

Major work order from NTPC of Rs. 34

crores

2008

QIP of Rs. 81 crores in January 2008; Diversified in

T&D segment & manufacturing through Seam Industries Ltd &

OHSAS 18001-2007 Certification dated

29/04/2008

* These are consolidated nos

Revenue* (INR Cr)

2009

First BOP job worth Rs. 487 crores; Civil &

Structural job of 660 MW & 600 MW from

L&T and Avantha Power worth Rs. 700 crs

2010

First of its kind Civil, Structural &

Architectural Work Project from BHEL

worth Rs. 235 crores

2012

Bagged first Buildings job from Bathinda, PWD -

Punjab and Govindwal Jail worth

Rs. 350 crores

2013

Erection of 800 MW Doosan Boiler

2014

Commissioned the pilot 5 MW Solar

Power EPC Project in a Wholly Owned

Subsidiary for gaining EPC experience

2015

Foray into EPC Road business with World Bank funded orders for WB, Bihar and

Karnataka worth Rs. 900 crores

2016

Further strengthened Buildings portfolio by

bagging largest Housing Sector from Bihar state

with order worth Rs. 415 crores & UPRNNL Firozabad

medical college order for Rs. 130 crs.

*2,035 *1,854 *1,262 *777 *1,584 *977 *617

2003

ISO 9001-2008 Certification

dated 28/03/2003

Board Of Directors 6

Promoter of Sunil Hi Tech Engineers Limited, is a first generation entrepreneur. His 38 years of rich experience in project execution, especially in the areas of fabrication, erection, testing and commissioning of power plants has helped the Company immensely.

A mechanical engineer from the Pune University. He

thereafter completed the family business management

course from S.P. Jain Institute of Management,

Mumbai and the project management course from IIM,

Ahmedabad.

Mr. Ratnakar Manikrao Gutte Mentor

Mr. Sunil Gutte Managing Director

Mrs. Sudhamati R. Gutte Non Executive Director

Mr Vijay Ratnakar Gutte Whole Time Director

Mr C Venkataramana Whole Time Director

Mr Dilip Y. Ghanekar Independent Director

Mr Sajid Ali Independent Director

Mr Parag Sakalikar Independent Director

Mr S.S. Waghmare Independent Director

Mr Siddharth R. Mehta Independent Director

Mr Anil R. Aurangabadkar Independent Director

Individual Contribution for National Economic & Social Development - 2015-16

Awards and Recognition 7

‘Excellence Award’ – Global Organization

‘Life Time Udyog Achievement Award’ – Economic Growth Society of India

'NCCL Award’ For Outstanding Performance in Industry & Business Sector – Nagpur Chamber of Commerce

‘Marathwada Bhushan Mitra Gaurav Award’ – Chief Minister Honorable Mr. Prithviraj Chavan

‘Great Achiever of Industrial Excellence Award’ – Indian Organisation of Commerce and Industry

Great Achievers Award for Industry Development – 2016-17

2015

2017

Best Safety Performance Award (Momento) and “Excellence in Safety” certificate from NTPC

2015

2015

World Consulting & Research Corporation Leader Award 2015-16

2015

2016

Recognition Awards

2015

2016

‘Fastest Growing Business Excellence Award’ – Indian Organisation for Commerce and Industry

Geographical Presence 8

Projects spanning across the entire country, SHEL has an established presence in the landscape of power and

related industries.

Ongoing Projects

Completed Projects

Corporate Office at Nagpur

Head Office at Mumbai

Clients 9

Key Strengths 10

• Significant emphasis on improvements in methods and processes for construction and operations.

• To provide a competitive edge we continually refine the frequently used systems at our project sites for to derive at:

o Optimization o reduction in breakdowns o improve effectiveness and efficiency

• Employed and adapted various specialist technologies and processes in construction projects.

• Proven expertise in: o executing large industrial civil work o construction of National Highways o fabricating, erecting, testing and

commissioning of bunkers , electrostatic precipitators, boilers and turbo generators sets in power plants

• Availability of human resources to key plant and equipment, provides strategic and competitive edge

• The plant and equipment is handled in a centralized function

Research & Development

Plant Base

• An experienced professional senior management team supported by capable professional employees providing:

o strategic direction o manage operations o mitigating risk and challenges

• Over the years built a passionate and well-trained managerial & technical work force

Technology

Professional Team

Key Accomplishments of FY 16-17 11

Bagged Rs. 2761 Crores of new orders in FY16 -17, taking the order book to Rs. 4710 Crores, an achievement in a competitive market-place

1|

Emerged as NTPC’s partner in three of its top five national projects 2|

3| Bagged Rs. 262.50 crs worth of Institutional projects in Bihar & Uttar Pradesh

4| Bagged Rs. 1414 crs worth of road projects from NHAI & Morth.

5| Participated in road projects from Morth worth Rs. 2920 Crores on EPC Basis.

6| Recruited specialised talent for core managerial positions

7| Reinforced the business plan to enter synergic sectors through a prudent leverage of our rich civil engineering experience

Business Overview

12

Business Verticals 13

Sunil Hitech Engineers Ltd

Operation

& Maintenance EPC Projects

Roads

&

Bridges

Buildings Power

(Structural & Civil) Water

Manufacturing

(Heavy Engineering)

Business Verticals 14

Order Book Break-up

Gross Order Book as on January 31, 2017 stands at Rs. 4710.32 crs

Particulars (Rs.in Crores)

Net executable Order Book 4,710

New Orders bagged in H1 1,215

New Orders bagged in H2 1,546

Civil and Structural

37%

Transmission and Distribution

1%

Others (incl. BoP, O & M)

4%

Boilers and Auxiliaries

2%

Buildings 19%

Roads 37%

Projects executed in FY16-17 (Rs.in Crores)

Q1 444.01

Q2 497.46

Q3 530.93

Operation & Maintenance 15

• Over the years SHEL has made strong inroads for Power and Steel plants in providing permanent solutions to:

o Operation o Overhauling o Maintenance (renovation and modernization)

• The Company has evaluated the best team of skilled technicians and qualified engineers.

• The service portfolio covers the entire spectrum of operation and maintenance of a plant including:

o Boilers, Turbine Generators and auxiliaries

o Repair, modification and rehabilitation for utility boilers up to 800 MW

o Pressure plants, milling system, rotating parts and ducting

o High Pressure/Low Pressure piping works

o Coal Handling Plants(CHP) and Ash Handling Plants(AHP)

• From local Roads to major Motorways, SHEL´s experienced civil engineers have been building sustainable roads and structures for the country´s infrastructure.

• Across the country, execution of some remarkable transportation projects

include: o Construction of Road, Expressways, National Highways and State

Highways with paved shoulder o Major and minor bridges o Rail overbridge and rail underbridge o Toll plaza etc.

• Core strength- Timely delivery, budgeted targets & adhering to international standards of safety & quality.

• Qualified for 2 & 4 lanes Road EPC projects from NHAI and MORTH up to Rs. 500 crores and BOT & Annuity Projects up to Rs. 900 crores.

EPC: Roads & Bridges 16

Key Projects of Roads & Bridges

1) Sitamari Bihar- NH-104-Rehabilitation & Upgradation of 2 Lanes/ 2 Lane, NHIIP- 28.5kms- Lot – I : C.V Rs.154.62 Crs

2) Jayanagar Bihar- NH- 104 – Rehabilitation & Upgradation of 2 Lanes / 2 lane, NHIIP – 77.10 Kms – Lot II : C.V. Rs.319.68 Crs

3) Bankura Puralia West Bengal- – NH- 60A – Rehabilitation & Upgradation of 2 Lanes / 2 lane – 84 Kms – C.V. Rs.322.00 Crs

4) Madhugiri- Mulbagal Karnataka- Karnataka – NH-234 – Rehabilitation & Upgradation of 2 Lanes / 2 lane – 56.53 Kms – C.V. Rs.122.02 Crs

5) Hunli-Anini Road Arunachal Pradesh- Rehabilitation & Upgradation of 2 Lanes/ 2 Lane, NHIDC- 92.5kms- C.V Rs.434 Crs

6) Four / Six Laning of Bodhre to Dhule stretch (NH-52) in Mahahrashtra under the Hybrid Annuity Model (HAM) of Rs 982 Crs.

Construction of Toll Canopies on at Outer Ring Road Interchanges around Hyderabad City - Rs. 50.74 Crores

EPC: Buildings 17

• SHEL entered the buildings space for Public Works Department (PWD) and other Govt. departments providing constructions services for:

o Hospitals o National Institutions o Government Housing projects o Industrial o commercial buildings o Hostel o industrial sheds etc.

• Focus would be on Institutional Buildings like IITs, IIMs, AIIMS, Administration Building etc.

• SHEL has successfully executed single building projects worth Rs. 180 crores in last 2 years for PWD.

• SHEL is qualified for up to Rs. 500 crores for single project which would entail higher margins for lower competition.

Key Projects of Buildings

1) Kanpur- KDA - Construction of EWS Houses – CV Rs.89.38 Crs

2) Singreni- SCCL - Construction of Staff Quarters, GM Bungalow at Singareni TPP – CV Rs.92.29 Crs

3) Bihar- BSHB - Construction of 1054 Flats at Dalpatpur (G+11) – CV Rs.415.48 Crs

4) Firozabad- UPRNNL - Construction of Medical college buildings – CV Rs.130.00 Crs

5) Bathinda & Govindval- Construction of Central Sudhar Griha – CV Rs.350.00 Crs

6) Construction of Surgical Block Building at Darbhanga, Bihar – CV Rs. 1,32.30 Crs.

0

EPC: Power Sector (Structural & Civil) 18

• SHEL entered the Power Sector in 1984 and entered this business vertical mainly in in carrying out the civil works with structures in 2008. SHEL has completed projects up to 2,340 MW in FY16 - 17.

• The BoP (Balance of Plant) and EPC (Engineering, Procurement and Construction) services for power plants account for the largest proportion of the Company’s revenues.

• For BoP & EPC assignments SHEL provides: o Designing and Manufacturing o Supply and Erection o Testing and Commissioning

• Specialises in setting up EPC / turnkey projects (up to 660 MW), which includes erecting boilers, Turbine Generators and auxiliaries, Transmission & Distribution projects etc.

• This end-to-end presence of SHEL has cemented its reputation as one of the most reliable names these segments.

• SHEL’s strength lies in creating a synergy with renewable and alternate sources of power resulting in leadership position in design, procurement, and construction of thermal and nuclear-fuelled power plants.

• As a pilot, SHEL commissioned & owned a 5-megawatt EPC project in Solapur (undertaken through a 100%-subsidiary) for getting qualification in EPC contracts.

Key Projects of Power Sector

1) Koradi – MAHAGENCO – Civil, Structural & Arch works of 3x660MW

Main plant package – CV Rs.215 Crs

2) DB Power – Raigad, CG – Civil, Structural & Arch works of 2x600MW

Main plant & BOP Pkg – CV Rs.170 Crs

3) NTPC Kudgi – Construction of Ash Dyke for 3x800MW – CV Rs.183.02

Crs

4) NTPC Meja – CW & Make up water system package of 2x660MW –

CV Rs.174.90 Crs

5) MAHAGENCO Parli – Balance of Plant (BOP) Package on EPC Basis –

CV Rs.487 Crs

6) BHEL North Karanpura – Main plant Civil works package of Unit-1 &

3, 3x660MW – CV Rs.175 Crs

7) NTPC Lara – CW & Make up water system Package of 2x800MW – CV

Rs.56.23 Crs

Manufacturing segment includes Design and Supply of:

o Super heater and re-heater coils

o Economizer and LTSH coils

o Water wall panels

o High pressure parts bend

o Structure of TG, bunkers and boilers

o Technological structures for power and process industry

o Tanks and vessels

o Piping

o Boiler pressure parts tubes up to 800MW

o Collection and emitting electrodes of ESP

o Air register assemblies

o Railway Over Bridge

o Girders

Manufacturing - Heavy Engineering 19

Key Projects of Heavy Engineering

1) NTPC Mauda, Nagpur 660MW

2) NTPC Barh, Patna 3*660MW

3) NTPC Meja, UP 660MW

4) STPS Neyveli, Tamil Nadu 660MW

5) STPS Hardua Ganj, UP 660MW

6) PATH India Ltd, ROB (Road over Bridge), NH7

7) IL & FS Engineerings, RUB (Road under Bridge) Solapur

Major Executed Projects 20

Maharashtra • Civil, Structural & Arch. works of 3x660MW Main plant package at MAHAGENCO

Koradi Project • Boiler erection package of 1x660MW, NTPC Mouda Project.

Gujarat • Boiler erection package of 1x500MW GSECL, Ukai Project. • Fabrication and erection of structure and piping work, Dahej

Uttar Pradesh • Structural steel works at GCU Petrochemical plant at GAIL Pata

Rajasthan • 3x250 MW main plant structure, boiler and auxiliaries, Suratgarh

Jharkhand • 3x660MW North Karanpura - Civil & Structural works of Unit-1 & 3 - Rs.175 Crs

Orissa • 4x500 MW, SG and TG area civil package, structure and ash piping,

Talcher

Haryana • 125 TPH HRSG, 2x250 MW TG and mill bunker structure, boiler and auxiliaries,

Panipat • 66 kV and 132 kV substation, Halluwas, Dahina and Gurgaon

Karnataka • JSW Steel Ltd, Bellary, structure of 7 MTPA sinter plant 2x300 MW,

power plant general structure, JSW Vijaynagar Energy Ltd, Bellary

Tamil Nadu • 2x210 MW & 2x250 MW Structural works, NLC, Neyveli

Himachal Pradesh • 2x2.0 MW, Civil and Hydro Mechanical work, Sechi

Andhra Pradesh • 210 MW, Main Plant Building Foundation, RTPS, VV Reddy Nagar

Chhattisgarh • Civil, Structural & Arch works of 2x600MW, DB Power Project.

Madhya Pradesh • Civil, Structural & Arch works of 1x600MW Avantha Power Project at Jhabua. • Main plant Civil works package of 2x250MW, MPPGCL, Satpura TPP • Boiler erection package of 1x600MW at MPPGCL Malwa.

Telangana • SCCL Housing Project- Construction of Staff Quarters, GM Bungalow at

Singareni TPP- Rs .92.29 Crs • BHEL Singreni 1X600MW - Main Plant civil works package - Rs.128 Crs

Punjab • 2x250 MW bunker structure, Bathinda • Construction of Central Sudhar Ghar , Bathinda

Bihar • IOCL Baruni - Civil and Structural works - Rs.44.15 Crs

Goa • Go Green- Green Acres- G+4 Buildings, 5 Towers- Rs. 25 Crs

Industry Overview

21

Industry Overview: Ocean Of Opportunity 22

1. Mr Nitin Gadkari, Minister of Road Transport & Highways, Shipping, announced the Government’s target of Rs 25 trillion (US$ 370.6 billion) investment in infrastructure in the coming period of three years, including INR 8 trillion (US$ 118.6 billion) for developing 27 industrial clusters and an additional Rs 5 trillion (US$ 74.11 billion) for road, railway and port connectivity projects.

2. India’s 16-17 Union Budget outlays nearly US$ 32 billion (Rs 2.20 lakh crore) for Infrastructure Sector to boost India’s GDP growth to the 9% level.

3. The total length of the National highways is expected to cross ~200,000 km in next 5 years.

4. Significant opportunity exists in the State/National highway segment. States like Bihar, Gujarat, Madhya Pradesh, Maharashtra, Karnataka, Rajasthan, Uttar Pradesh and West Bengal have planned several projects both on EPC and PPP basis.

5. The Central and State Governments have granted infrastructure status to affordable housing for urban and rural housing projects in the current Budget. The Central Government is targeting the completion of 1 crore houses by 2019 under various schemes.

Growing opportunities

1. Present executable order book of about INR 47,000 Mn across sectors

2. SHEL is amongst the leading EPC contractors in the Indian power industry and specializes in BoP execution.

3. Plans to actively bid for road EPC/HAM/Institutional Building Projects.

4. SHEL has received LoA for Four / Six Laning of Bodhre to Dhule stretch of new NH - 52 from NHAI in Mahahrashtra under the Hybrid Annuity Model (HAM) of INR 9,800 Mn

5. SHEL has received LoA for Rehabilitation and Upgradation of 92.5 km Hunli-Anini stretch in Arunachal Pradesh – NHIDC of INR 4,340 Mn

6. The Company has bid in 11 tenders by MoRTH worth INR 29,209 Mn and would focus on more such business opportunities.

7. Bagged largest housing project for INR 4,150 Mn in Bihar by Bihar State Housing Board.

8. Bagged a project for Construction of Surgical Block Building at Darbhanga, Bihar of INR 1,323 Mn

9. Bagged a project for Construction of U.P. Rajikiya Nirman Nigam Ltd. - Construction of Medical College Firozabad of INR 1,301 Mn

10.The company has plans for solar power sector and has successfully commissioned a 5 MW solar power plant at Solapur.

SHEL’s presence

Financial Overview

23

Standalone Income Statement 24

Particulars (INR. Mn) FY14 FY15 FY16 9M FY17

Total Income(incl. other income) 14,422 16,652 18,418 14,827

Operating Expenses 13,003 15,057 16,510 13,286

EBITDA 1,419 1,595 1,908 1,541

EBITDA Margin (%) 9.84% 9.58% 10.36% 10.39%

Finance Cost 770 778 857 679

Depreciation 244 259 319 242

Exceptional Items - - - -

Profit Before Tax 405 558 732 620

Taxation 155 189 251 222

Profit After Tax 250 369 481 398

PAT Margin (%) 1.73% 2.21% 2.61% 2.68%

Diluted EPS (INR) 20.28 24.82 28.87 1.05*

* Stock split & Bonus issue in FY 16-17

Standalone Balance Sheet 25

Particulars (INR Mn) FY14 FY15 FY16 H1 FY17 Particulars (INR Mn) FY14 FY15 FY16 H1 FY17

EQUITIES & LIABILITIES Assets

Shareholder Funds Non-current Assets

(a) Share Capital – Equity 136 153 173 189 Fixed Assets

(b) Reserves & Surplus 2,992 3,426 3,969 4,308 (a) Tangible Assets 1,093 1,282 1,544 1,774

(c) Money Received against Share Warrants

30 62 48 (b) Intangible Assets 33 22 10

Total - Shareholder Funds 3,158 3,641 4,142 4,545 (c) Capital Work-in-progress 73 117 136

Non-Current Liabilities (d) Non Current Investment 357 500 512 504

(a) Long term Borrowings 304 436 405 465 (e) Long Term Loans & Adv. & other non-current assets

713 711 600 585

(b) Long term Provisions 21 24 14 15

(c) Other Long term liabilities 957 1,144 1,069 1,010 Total – Non-current Assets 2,269 2,632 2,801 2,864

(d) Deferred Tax Liability -75 -90 -94 -90

Total - Non-current Liabilities 1,207 1,514 1,394 1,400 Current Assets

Current Liabilities (a) Inventories 1,395 1,748 2,081 2,370

(a) Short-Term Borrowings 3,508 3,363 3,642 3,686 (b) Trade Receivables 4,735 3,800 4,951 5,307

(b) Trade Payables 4,774 4,145 4,673 4,942 (c) Cash & Bank Balances 832 898 1,154 1,208

(c) Other Current Liabilities 1,161 1,224 1,371 1,520 (d) Current Investments 2

(d) Short-term provisions 23 48 43 16 (e) Short-term loans and advances 1,519 1,893 1,274 1,332

Total – Current Liabilities 9,466 8,780 9,729 10,164 (f) Other current assets 3,079 2,964 3,004 3,028

Total – Current Assets 11,562 11,303 12,464 13,245

GRAND TOTAL 13,831 13,935 15,265 16,109 GRAND TOTAL 13,831 13,935 15,265 16,109

Financial Performance 26

PAT (INR Mn) EBITDA (INR Mn) INCOME (INR Mn)

Book Value per Share (INR) Net Debt Equity (x) RoCE & ROE (%)

FY13 FY14 FY15 FY16

11,051 14,422

16,652 18,418

FY13 FY14 FY15 FY16

1,316 1,419 1,595

1,908

FY13 FY14 FY15 FY16

279 250

369

481

FY13 FY14 FY15 FY16

1.42 1.22

1.05 1.02

FY13 FY14 FY15 FY16

228 229

234

239

9.98% 7.99% 10.31% 11.61%

31.16% 33.43% 31.95% 32.56%

FY13 FY14 FY15 FY16

RoE (%) RoCE (%)

Disclaimer 27

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Sunil Hitech Engineers Limited, which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

Valorem Advisors Mr. Anuj Sonpal, CEO Tel: +91-22 3006-7521/22/23/24 Email: anuj@valoremadvisors.com

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