tube investments - 20141231 - destimoney

Tube Investments of India Ltd

(TII)

31 December 2014

(TII)BUY

Analyst

Nilesh Gandhi

[email protected]

TII- BUY, with a target upside of 21%

Key Data

Risk Category MEDIUM

NSE Code TUBEINVEST

BSE Code 504973

Sector Auto Ancilliary

Industry Auto Ancilliary

Face value (` per share) 2

Book value (` per share) 104

Dividend yield 0.6%

52 Wk.(H/L)(`) 378/151.8

(` ` ` ` mn Standalone) FY13 FY14 FY15E FY16E

Net Revenue 35,655 35,256 42,286 47,933

EBITDA 3,005 3,025 3,703 4,463

EBITDA Margin 8.4% 8.6% 8.8% 9.3%

EPS (`) 5.6 5.0 6.4 8.9

P/E (x) 63.7 70.5 55.4 40.0

EV/Sales 1.8 1.9 1.5 1.4

EV/EBITDA 21.7 21.6 17.6 14.6

Price Performance CY11 CY12 CY13 YTD

Absolute -29% 85% -21% 126%

BUYTARGET : `̀̀̀430

CMP : `̀̀̀ 355

2

Market Cap. (` mn) 66,386 Relative -4% 57% -28% 95%

Shareholding Pattern Relative stock performance (Dec’13=100)

Sep-14 Jun-14 Mar-14 Dec-13

Promoters 48.2% 48.2% 48.2% 48.3%

FII 14.0% 16.4% 16.4% 16.3%

DII 12.1% 10.1% 9.5% 9.4%

Bodies Corporate 7.2% 7.1% 7.2% 6.2%

Others 18.5% 18.2% 18.7% 19.9%

Total 100.0% 100.0% 100.0% 100.0%

50

100

150

200

250

Dec-13 Mar-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14

TUBEINVEST NIFTYSource: Company, Destimoney Research, NSE

� Tube Investments of India Limited (TII) is a flagship company of Murugappa Group, operating in

different businesses such as cycles, welded tubes, automotive and industrial chains, metal door frames

for passenger cars & railways and fine blank components.

� TII also holds 60.56% stake in Cholamandalam Investment and Finance Company (CIFC). In 2003, the

company jointly ventured into insurance business with Mitsui Sumitomo Insurance, Japan and currently

holds 74% stake in the company. In 2012, TII acquired 44.12% stake in Shanthi Gears from its

promoters and entered into non-automotive gear business.

� The company’s core business performance suffered in last two years due to slowdown in auto sector.

With recovery in passenger cars and two wheeler sector, engineering and metal formed products (MFP)

divisions have started showing signs of improvement.

TII: Economic recovery and new product launches to improve earnings ofcore operations…

3

� Cycle division of the company is planning to launch the first ever domestic brand of fully carbon road

bike next year. After a gap of nearly 20 years, TI Cycles has started manufacturing bicycles for exports

from a dedicated assembly line with an annual capacity of about 1 lakh cycles. This is expected to boost

the profitability of Cycle division which forms 31% of core manufacturing business.

� Recently the company started production of large diameter tubes used for hydraulic

cylinders, earthmoving and construction equipment, propeller shafts for high payload vehicles and rear

axle tubes for UVs at newly built Chennai facility. This would enable the company to make tubes up to

7.5 inches diameter as against 4.5 inches at present.

� In case of MFP division, fine blank components business is doing well. The company has been working

with leading auto OEMs to work out import substitute solutions in this area. It has received initial orders

from Maruti Suzuki.

� The investee companies operations have been restructured post acquisitions. F C10’s Sedis is a popular

name in industrial drive chains market globally. The company is utilizing the technological advantage of

this French subsidiary in its Indian operations.

� Shanthi Gears has started getting back the lost customers post management change. The order book

has grown from `640 mn at the end of Mar’14 quarter to `740 mn in Jun’14 quarter and it stood at

`890 mn at the end of Sep’14 quarter. We expect capacity utilisation to increase substantially, leading

to margin recovery in coming quarters.

� NBFC subsidiary company i.e. CIFC which mainly finances small to mid range of LCV and HCV fleet

operators, has expanded its base from 236 branches in FY11 to 570 branches at the end of Q2FY15.

Impending recovery in CV sales should result in high operating leverage for this business.

… coupled with high operating leverage benefits coming from investeecompanies

4

� The insurance business has witnessed substantial improvement in profitability as it had no provision for

motor pool losses in current year as compared to previous year. The size of the investment book stood

at `30bn at the end of Q2FY15 and the company has reported underwriting profit in this quarter. The

management is eyeing opportunities to monetize the insurance business.

� Post union election, business environment in the country has improved. Government has been

emphasizing on ‘Make in India’ initiative. TII’s recent investments are in line with this initiative. TII is

expected to be one of the key beneficiaries of economic revival. This would result in overall

improvement capacity utilisation leading to recovery in margin and return ratios of TII in coming years.

� We recommend BUY rating on Tube Investments of India Limited with a target price of `̀̀̀430 per

share.

TII is mainly an auto component player with investment in industrial andfinancial services business

Revenue MixTube Investments of India LimitedTube Investments of India Limited

� Cycles

� Standard

� Special

� Cycles

� Standard

� Special

Cycles, Components & E-Scooters

Cycles, Components & E-Scooters

Core OperationsCore Operations SubsidiariesSubsidiaries

EngineeringEngineering

� Precision Tubes

� Cold Drawn Welded (CDW)

� Precision Tubes

� Cold Drawn Welded (CDW)

Metal Formed Products (MFP)Metal Formed Products (MFP)

� Door Frames of Vehicles

� Cold Rolled

� Door Frames of Vehicles

� Cold Rolled CIFC1

50.45%

CIFC1

50.45%

CGIC2

74% CGIC2

74% FC 10100%FC 10100%

Shanthi Gears70.12%

Shanthi Gears70.12%

ManufacturingManufacturing Financial ServicesFinancial Services

`37.4 bn `50.9 bn

`49.2 bn`1.6 bn`10.7 bn`14.8 bn`11.8 bn

FY14 Rev = `88.3 bn

`1.5 bn`0.1 bn `16.4 bn`32.8 bn

5

Source: Company

Joint Ventures:� Cholamandalam MS Risk Services Limited (49.5:50.5 )

� TI Tsubamex Private Limited (50:50)

� Special

� E-Scooters

� Fitness Equipment

Plant Location� Ambattur, Chennai� Nashik� Noida

� Special

� E-Scooters

� Fitness Equipment

Plant Location� Ambattur, Chennai� Nashik� Noida

� Electric Resistance Welded (ERW)

� Cold Rolled Steel Strips

Plant Location� Mohali� Avadi, Chennai� Shirwal, Satara

� Electric Resistance Welded (ERW)

� Cold Rolled Steel Strips

Plant Location� Mohali� Avadi, Chennai� Shirwal, Satara

Formed sections for wagon

� Automotive & Industrial Chains

� Fine blank Components

Plant Location�Bawal, Hariyana�Tiruninravur�Uttrarakhand�Baroda�Chennai�Kazipally, Medak�Halol�Pune�Sanand

Formed sections for wagon

� Automotive & Industrial Chains

� Fine blank Components

Plant Location�Bawal, Hariyana�Tiruninravur�Uttrarakhand�Baroda�Chennai�Kazipally, Medak�Halol�Pune�Sanand

50.45%50.45%

� Asset Financing

� Vehicle Finance� Business Finance� Home Equity

� Asset Financing

� Vehicle Finance� Business Finance� Home Equity

74% 74%

� Non Life Insurance

� Non Life Insurance

100%100%

� Industrial Chains

Plant Location� France

� Industrial Chains

Plant Location� France

70.12% 70.12%

� Standard Gear box

� Customized Gearbox

Plant Location� Coimbatore� Tirupur

� Standard Gear box

� Customized Gearbox

Plant Location� Coimbatore� Tirupur

1 CIFC stands for Cholamandalam Investments and Finance Company2 CGIC stands for Cholamandalam General Insurance Company

Core operations of the company have started to show improvement as passenger cars and two wheelers sales are recovering

Auto Sector: Quarterly Production Trend

0.0

1.4

2.8

4.2

5.6

0

250

500

750

1,000

Q1FY

10

Q2FY

10

Q3FY

10

Q4FY

10

Q1FY

11

Q2FY

11

Q3FY

11

Q4FY

11

Q1FY

12

Q2FY

12

Q3FY

12

Q4FY

12

Q1FY

13

Q2FY

13

Q3FY

13

Q4FY

13

Q1FY

14

Q2FY

14

Q3FY

14

Q4FY

14

Q1FY

15

Q2FY

15

Mill

ions

Thousa

nds

Passenger Cars (LHS) Commercial Vehicles (LHS) Three Wheelers (LHS) Two Wheelers (RHS)

6

Source: Company, ACE Equity

0.0%

11.0%

22.0%

33.0%

44.0%

0

2,750

5,500

8,250

11,000

Q1FY

12

Q2FY

12

Q3FY

12

Q4FY

12

Q1FY

13

Q2FY

13

Q3FY

13

Q4FY

13

Q1FY

14

Q2FY

14

Q3FY

14

Q4FY

14

Q1FY

15

Q2FY

15

`m

n

Revenue (LHS) Gross Margin (RHS) Operating Margin (RHS) Net Margin (RHS)

TII’s Core Operations Quarterly Performance Trend

Recent performance has witnessed improvement in topline, however bottom line remained under pressure

Quarterly and Half-yearly Performance

(Standalone) ` ` ` ` mn Q2FY15 Q2FY14 % Change H1FY15 H1FY14 % Change

Total Income 10,056 8,641 16.4% 19,826 16,902 17.3%

COGS 6,250 5,202 20.1% 12,402 10,213 21.4%

Employee Exp 836 775 7.8% 1,630 1,519 7.3%

Other Exp 2,117 1,858 13.9% 4,145 3,645 13.7%

Operating Profit 854 805 6.1% 1,649 1,525 8.1%

Interest & Fin. Charges 353 310 684 614

Depreciation 229 203 441 395

Other Income 90 121 105 132

PBT 361 412 -12.4% 628 648 -3.0%

7

Source: Company, Destimoney Research

� As the company’s two-third of business comes from B-2-B segment, margin recovery comes with a lag.

Tax 108 93 16.7% 186 165 12.3%

PAT 253 320 -20.9% 443 483 -8.3%

EPS (` per share) 1.4 1.7 -20.9% 2.4 2.6 -8.3%

Gross Margin 37.8% 39.8% 37.4% 39.6%

Operating Margin 8.5% 9.3% 8.3% 9.0%

Net Margin 2.5% 3.7% 2.2% 2.9%

With a launch first ever domestic brand of fully carbon road bike nextyear, business margin should revive

TII32%

Hero38%

Avon14%

Atlas16%

Bicycle Industry Volume Share

0%

2%

4%

6%

8%

0

3,400

6,800

10,200

13,600

FY11 FY12 FY13 FY14 H1FY15

Revenue (Rs Mn- LHS) Cycles Sold('000s- LHS)

EBIT Margin (RHS)

Cycles / Components / Scooters Performance

8


� Standard cycle segment which forms 40% of total industry size continues to de-grow, while the premium or

special segment is growing in 8-25% range in Kids, Adult and high end sub-segments.

� TII is the second largest player in the industry with 940 retail stores and more than 10,000 touch points in the

country.

� The company has developed 40 products in H1FY15 and it is planning the first ever domestic brand of fully

carbon road bike next year. After a gap of nearly 20 years, TI Cycles has started manufacturing bicycles for

exports from a dedicated assembly line with an annual capacity of about 1 lakh cycles. This is expected to boost

the profitability of Cycle division which forms 31% of core manufacturing business.

Commencement of large diameter tube production facility would de-riskthe dependency on auto sector and would be margin accretive

Auto78%

Non-Auto22%

Tubes: Business Mix

0%

3%

6%

9%

12%

0

4,000

8,000

12,000

16,000


`m

n

Revenue EBIT Margin

Engineering Business Performance

9


� Engineering division has been mainly catering to Auto OEMs for their requirements of tubes. It is market leader

in high Quality & safety critical CDW Tubes for two wheeler and four wheeler applications. Recently the

company started production of large diameter tubes used for hydraulic cylinders, earthmoving and construction

equipment, propeller shafts for high payload vehicles and rear axle tubes for UVs at newly built Chennai facility.

This would enable the company to make tubes up to 7.5 inches diameter as against 4.5 inches at present.

� The company has invested `2.5bn in the new facility. Tubes produced in this facility would act as import

substitute which form around 30% of the total requirement in the country. In next three years the company

expects this plant’s turnover to reach at `4.5bn.

MFP division suffered due to weakness in passenger cars demand; fineblank component business is gaining traction

Auto76%

Non-Auto20%

Railways4%

MFP: Business Mix

0%

4%

8%

12%

16%

0

2,500

5,000

7,500

10,000


`m

n

Revenue EBIT Margin

Engineering Business Performance

10


� Metal Formed Products (MFP) division mainly caters two wheelers with its ‘Diamond’ branded chains and door

frames to passenger cars. The Chains business reported volume growth of 23.3% at 429.1 lac ESS feet in

H1FY15. In recent past, the door frame business has been under pressure as the specific passenger car models

to which the company was supplying door frames were not performing well. The door frame volume dropped

11.6% in H1FY15 to 0.37 mn sets. The company has restricted further investment in door frame and railway

business.

� The fine blank components business is doing well. The company has been working with leading auto OEMs in

the country to work out import substitute solutions in this area. It has received initial orders from Maruti

Suzuki.

French subsidiary FC10, is adding to the strength of industrial chainsdivision; synergy benefits eyed

France, Italy67%

Rest of the world33%

FC10: Business Mix

0%

2%

4%

6%

0

650

1,300

1,950

2,600

CY10 CY11 CY12 CY13 H1CY14

`m

n

Revenue (LHS) PBIT Margin (RHS)

FC10 Business Performance

11


� F C 10 with its Sedis brand is a leader in special engineering class chains and holds five global patents. It caters

to wide range of industries like waste treatment, automobile, escalator, textiles, food processing and

packaging, cement , sugar ,paper, water treatment , lumber , dams , amusement park and oil platforms.

� It is present in 100 countries with 200 distributors and over 400 touch points.

� The company is utilizing the technological advantage of this French subsidiary in its Indian operations.

Shanthi Gears’ order book has been growing consistently on QOQ basisand it could be promising high operating leverage play

0%

6%

12%

18%

24%

30%

0

450

900

1,350

1,800


`m

n

Revenue (LHS) PBIT Margin (RHS)

Shanthi Gears Business PerformanceShareholding Pattern

Sep-14 Jun-14 Mar-14 Dec-14

Tube Investments 70.1% 70.1% 70.1% 70.1%

FII 1.8% 1.9% 1.9% 1.9%

DII 3.5% 2.6% 2.4% 2.7%

Bodies Corporate 1.6% 2.2% 2.1% 1.6%

Others 23.0% 23.3% 23.6% 23.7%

Total 100.0% 100.0% 100.0% 100.0%

12


� Shanthi Gears operates mainly into customised gears and gearboxes solutions business. This is a high margin

business that caters to diverse industries like cement, sugar, mining, railways, textiles and general engineering.

� Prior to its acquisition by TII, the company lost its key customers due to internal operational issues. After

acquisition by TII, a professional management was brought on to the board and the company started regaining

orders from erstwhile customers.

� The order book has grown from `640 mn at the end of Mar’14 quarter to `740 mn in Jun’14 quarter and it

stood at `890 mn at the end of Sep’14 quarter. We expect capacity utilisation to increase substantially, leading

to margin recovery in coming quarters.

We expect recovery in CV sales to drive CIFC’s growth with improvedreturn ratios due to rapid branch expansion carried out in last three years

CIFC Performance SummaryAssets under management

Vehicle Finance

71%

Home Equity27%

Others2%

� Vehicle financing for

new and used

HCVs, LCVs, SCVs, ML

CVs, MUVs, Tractors

and Cars

� Business Finance

Funding, MSME, Gold

loans and home loans� Loans against

residential property to

self employed

individuals

Note: Managed assets refers to Own assets + off balance sheet items which have been securitized/sold on a


Branches 236 375 518 574 579

Disbursements (` bn) 57.3 88.9 121.2 131.1 62.2

AUM (` bn) 91.2 134.7 190.0 232.5 140.5

Net Income Margin 8.8% 7.4% 7.6% 7.4% 7.6%

Losses and Provisions 2.8% 0.4% 0.8% 1.5% 1.6%

Expense Ratio 4.6% 4.1% 3.8% 3.4% 3.4%

Return on Total Assets 1.4% 2.7% 3.0% 2.8% 2.7%

Return on Equity 6.7% 13.8% 18.1% 17.1% 15.3%

13


� Started in 1978, Cholamandalam Investment & Finance (CIFC) operates in vehicle financing, home equity

businesses. It has 579 branches across 23 states / union territories with 71% of its branches in rural part of the

country.

� CIFC mainly caters to small fleet operators in vehicle financing and to non-salaried professionals in home equity

business. With improved business sentiments in the country, the credit demand is likely to recover in coming

quarters. Rapid expansion carried out last three years should result in high operating leverage leading to

improved return ratios.

� Incremental home equity business would continue to normalize cyclical risk in CV industry.

sheet items which have been securitized/sold on a bilateral assignment basis.

Insurance business has been growing steadily with improved profitsmainly due falling contribution to motor pool losses

CGIC Performance Summary

(`̀̀̀ bn) FY11 FY12 FY13 FY14 H1FY15

Gross Written Premium 10.5 13.5 16.5 18.7 9.8

Net Written Premium 7.3 8.3 13.5 15.5 7.6

PBT (0.2) 0.2 0.9 1.0 1.0

PAT (0.2) 0.2 0.6 0.7 0.7

Total Investment 9.7 12.6 17.2 23.3 30.1

Combined ratio (CoR%) 114.0% 110.0% 99.5% 101.3% 102.2%

Investment Yield % 8.5% 9.0% 9.3% 9.4%

14


� Chola MS General Insurance i.e. CGIC has products related to accident, engineering, health, liability, marine,

motor, property, travel and rural insurance for individuals, SMEs and corporates

� Business holds a market share of 2.5% as on Sep 30th, 2014 and is the 7th largest private general insurance

company in India

� Combined ratio for Q2FY15 stood at 99.7% which means the company has made profit in underwriting.

� The company is awaiting Government’s stance on foreign direct investment in insurance sector and is likely to

monetise in case the policies are favorable.

Financial Estimates: Core Business

TII’s investment in manufacturing products that can act as import substitute, is likely to result good business opportunity in the next three to four years…

` ` ` ` mn FY14 FY15E FY16E FY17E CAGR

Segment Revenue

Cycles / Components / Scooters 11,850 13,882 15,742 17,851 14.6%

Engineering 14,863 17,420 21,904 28,347 24.0%

Metal Formed Products 8,509 9,185 10,287 11,418 10.3%

Total 35,222 40,486 47,933 57,616 17.8%

EBIT Margin

Cycles / Components / Scooters 3.2% 3.5% 3.6% 3.8%

Engineering 9.2% 9.9% 10.1% 10.2%

Metal Formed Products 7.7% 6.7% 6.8% 6.8%

Total 6.8% 7.0% 7.3% 7.5%

15

� Tube investment has been eyeing opportunities in manufacturing products where current demand is met by

imports. It has formed 50:50 JV with Tsubamex, Japan for manufacturing dies that are used by auto OEMs. It

has also started large diameter tube plant which would cater to various industries in India and is likely to start

exports in next 3-4 months.

� We believe that capacity utilisation of the company’s different divisions to go up with revival in auto sector.

Also, the company’s efforts to move into industrial products business to reduce its dependency on auto sector

gradually.

� Cycle business should witness margin recovery post new premium segment product launches.

� We expect core operations to grow at a CAGR 17.8% in next three years with improving margin profile.


Return on Asset

…and higher operating leverage to improve the efficiency and health of balance sheet

0%

7%

14%

21%

28%

FY12 FY13 FY14 FY15E FY16E FY17E

Cycles / Components / Scooters Engineering

Metal Formed Products

0.0

1.2

2.4

3.6

4.8


Cycles / Components / Scooters Engineering

Metal Formed Products

Asset Turnover

16

� We believe that capacity utilisation of the

company’s different division to go up with revival in

auto sector.


0.0

0.4

0.8

1.2

1.6


Total Debt / Equity Ratio

We use sum of the parts methodology to value Tube Investments of India

Auto Ancillary Peers Consensus Estimate

Company FY17E EV/EBIDTA Multiple

Business Valuation Parameters Value per share

Core Operations 11.5 times FY17 EBIDTA of `5.4 bn 255

Investment in CIFC 30% discount to market capitalisation of `67.9 bn 129

Investment in Shanthi Gears 30% discount to market capitalisation of `10.8 bn 28

Insurance Business Investment in insurance business 17

Target Price 430

Sum of the parts valuation summary

� To value core operations of the company we have

17

Source: Company, Bloomberg, Destimoney Research

Company FY17E EV/EBIDTA Multiple

Amara Raja Batteries Ltd 12.9

Bharat Forge Ltd 11.5

Bosch Ltd 18.1

Exide Industries Ltd 11.3

Motherson Sumi Systems Ltd 8.0

Sundram Fasteners Ltd 7.6

Wabco India Ltd 18.2

Median 11.5

� To value core operations of the company we have

used median FY17 EV/EBIDTA multiple of its auto

ancillary peers

� Insurance business has written off almost all the

losses in motor pool and the company has started

reporting profit. The company is looking for

monetisation opportunities of this business.

Separate listing of insurance business may provide

further upside to the investors in this company.

� With multiple triggers in all the three core

businesses and improved outlook in investee

companies, we remain positive on TIII’s

sustainable earnings recovery in next three

years.

� We recommend BUY rating on Tube

Investments of India Limited with a revised

target price of `̀̀̀430 per share.

Valuation and recommendation

Relative stock performance (Dec’13=100)

50

100

150

200

250

Dec-13 Mar-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14

TUBEINVEST NIFTY

18

Parameters (Standalone) FY13 FY14 FY15E FY16E

EPS (` per share) 5.6 5.0 6.4 8.9

P/E (x) 65.2 72.1 56.6 40.9

ROE 8.8% 7.6% 9.2% 11.7%

ROCE 12.5% 11.7% 13.2% 15.3%

EV/Sales 1.8 1.9 1.5 1.4

EV/EBIDTA 21.7 21.6 17.6 14.6

Source: Company, Bloomberg, Destimoney Research

Income Statement Balance Sheet

Standalone Financials

` ` ` ` mn FY13 FY14 FY15E FY16E

Liabilities

Share Capital 373 374 374 374

Reserves & Surplus 11,440 12,015 12,723 13,785

Shareholders Equity 11,813 12,388 13,097 14,159

Deferred Tax Liability 523 520 520 520

Other LT Liabilities 6,304 6,380 6,380 6,380

ST Borrowings 3,032 3,029 3,029 3,029

Other Current Liabilities 9,708 11,432 12,988 13,924

` ` ` ` mn FY13 FY14 FY15E FY16E

Total Income 35,655 35,256 42,286 47,933

Total Expenditure 7,719 7,720 7,721 7,722

EBIDTA 3,005 3,025 3,703 4,463

Interest & Fin. Charges 1,067 1,252 1,364 1,364

Depreciation 798 842 940 1,055

Other Income 370 481 400 450

Exceptional Items (38) 1 - -

PBT 1,472 1,412 1,800 2,494

19


Total Liabilities 31,379 33,750 36,015 38,012

Assets

Net Block 6,316 6,943 8,301 9,945

CWIP 1,597 1,971 1,500 1,000

LT Loans and Adv 787 650 650 650

Investments 14,440 15,057 15,057 15,057

Current Assets 8,239 9,130 10,507 11,361

Total Assets 31,379 33,750 36,015 38,012

Tax 433 472 601 833

PAT 1,040 941 1,199 1,662

EPS (` per share) 5.6 5.0 6.4 8.9

Ratios FY13 FY14 FY15E FY16E

Revenue Growth (%) 2.2% -1.1% 19.9% 13.4%

Operating Margin (%) 8.4% 8.6% 8.8% 9.3%

Net Margin (%) 2.9% 2.7% 2.8% 3.5%

Key risks

� TII’s business is highly dependent on auto industry and any delay in recover in the sector would

negatively on TII’s growth prospects

� Steel is a major raw material and any adverse movement in the steel prices could negatively impact the

company’s margins.

20

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Disclaimer:In the preparation of the material contained in this document, Destimoney* has used information that is publicly available, as also data developed in-house. Some of the material used in the document may have been obtained from members/persons other than Destimoney and which may have been made available to Destimoney. Information gathered & material used in this document is believed to be from reliable sources. Destimoney has not independently verified all the information and opinions

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Information gathered & material used in this document is believed to be from reliable sources. Destimoney has not independently verified all the information and opinions given in this material. Accordingly, no representation or warranty, express or implied, is made as to the accuracy, authenticity, completeness or fairness of the information and opinions contained in this material. For data reference to any third party in this material no such party will assume any liability for the same. Destimoney does not in any way through this material solicit or offer for purchase or sale of any financial services, commodities, products dealt in this material. Destimoney and any of its officers, directors, personnel and employees, shall not be liable for any loss or damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, and consequential, as also any loss of profit in any way arising from the use of this material in any manner. The recipient alone shall be fully responsible, and/or liable for any decision taken on the basis of this material. All recipients of this material before dealing and/or transacting in any of the products advised, opined or referred to in this material shall make their own investigation, seek appropriate professional advice and make their own independent decision. Clients are advised to assess their risk profile/ appetite ** before acting on any information contained in this document. Investors should also refer to risk tag and compare it with is own risk appetite before taking any investment decision.Information/ opinion conveyed through this document is strictly meant for the registered Clients of Destimoney group of Companies of the respective segments. This information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Destimoney or its affiliates to any registration requirement within such jurisdiction or country. This information does not constitute an offer to sell or a solicitation of an offer to buy any financial products to any person in any jurisdiction where it is unlawful to make such an offer or solicitation. No part of this material may be duplicated in whole or in part in any form and / or redistributed without the prior written consent of Destimoney. This material is strictly confidential to the recipient and should not be reproduced or disseminated to anyone else.Recipients of research reports shall always independently verify reliability and suitability of the reports and opinions before investing.*"Destimoney" means any company using the name “Destimoney” as part of its name.** Please visit our website http://www.destimoney.com to complete/check your risk profile..

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