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Corporate Presentation History & Evolution More than doubled Capacity to 131k TPA Expand into new products like food 2017 Amalgamation of Fine premixes and feed nutrition additives Research and Development Centre Pvt Ltd and Fine


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Corporate Presentation

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More than doubled Capacity to 131k TPA Expand into new products like food premixes and feed nutrition additives

1

History & Evolution

One of the leading players that developed proprietary technologies to manufacture green additives1

1970-1988

1970 – Late Ramesh Shah and Prakash Kamat founded ‘Fine Organic Industries’, a partnership firm, in Mumbai 1973 – The partnership firm commissioned its first food additives facility in Dombivli 1988 – Partnership firm set up second Ambernath facility 1995 - Incorporated Oleofine Organics (India) Private Limited for expanding the capacity for polymer additives 2002 – Incorporated the Company under name of Fine Organic Industries (Mumbai) Private Limited 2005 – R&D Center established in Navi Mumbai

1995-2005

2006 – Fatty acid esters facility commissioned in first Ambernath facility 2008 to 2012 – Stage-wise commissioning of polymer additives facility in first Ambernath facility

2006-2012 2014

2014 – JV signed with Netherlands based bakery premix manufacturer, Zeelandia International

2015

2015 – Capacity expansion for food and polymer additives commissioned in first Ambernath facility 2017 – Amalgamation of Fine Research and Development Centre Pvt Ltd and Fine Specialty Surfactants Pvt Ltd with Fine Organics

2017

2018 – JV signed with Adcotec, Germany for food additives

2018 Going Forward

Note 1. As per CRISIL Research

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SLIDE 3

Company & Business Highlights

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Plastics Additives

4,230.47 4,561.69 5,686.15 4,178.36 FY15 FY16 FY17 9M FY18

Revenues (INR Mn)

Food & Other Additives

1,837.60 1,963.22 2,095.87 1,631.36 FY15 FY16 FY17 9M FY18

Revenues (INR Mn)

3

Diversified Product Portfolio for High Growth Industries

26.93 % 73.07 %

FY2017

Portfolio of 387 Products

Slip Agents Friction reducing additives Anti-Stats Mitigates build-up of electrical charges Lubricants Flow improvers and mould release agents Processing Aids Helps in melting high molecular weight polymers Anti-Fogging Converts water droplets formed on plastic films into a continuous transparent water layer Emulsifiers Extracts desired aesthetic structure and texture Preservatives Preventing food from spoilage or toxic Food & Beverage Used in biscuits, voluminous sponge, chewing gums, etc. Cosmetic & Pharmaceutical Added to creams, gels, lotions, varnishes, etc. Rubber Additives for elastomers to reduce dampening / abrasion Paint & Coating Anti-settling agents, emulsifiers, anti-sagging agents Feed Nutrition Replace harmful antibiotics & improve feed nutrition

Note CAGR: Compounded Annual Growth Rate. Formula: (Last Year Value/First Year Value)^(1/N)-1

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4

Key Speciality Additives

Slip Additives Anti-Stats PE1 Applications Anti-Fogging Additives Emulsifiers and Anti- Fungal Additives Cloudifiers Emollients Anti-Block Additives

1. PE – Polyethylene

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SLIDE 6

5

Favourable Competitive Landscape

Fine Organics Well Positioned to Benefit from Favourable Industry Dynamics

  • Complex technology & manufacturing processes create multiple entry barriers – mostly proprietary
  • Product formulations, innovation and process technology – time & capital intensive process to generate

business

  • Established players enjoy premium positioning with customers due to consistent quality and product delivery

Very High Entry Barriers

  • Customers value long term trust built over the years with existing suppliers
  • Lengthy and expensive product approval processes lead to high switching costs for customers
  • Customers rely on established suppliers as performance ingredients are very critical to their end products

Significant Customer Stickiness

1. As per CRISIL Research. 2. BIS FSSAI: Bureau of Indian Standards, Food Safety and Standards Authority of India (India), FDA: US Food and Drug Administration; FSA: Food Safety Authority; REACH: Registration, Evaluation, Authorization and Restriction of Chemicals.

  • Eco-friendly Green Oleo-derived additives a key

focus area

  • Stringent quality parameters & regulations

governing the industry

  • Human health and environmental concerns are

key factors

Highly Regulated

  • Few large players competing globally
  • Highly fragmented market in India

Limited Players

Food Additives Plastic Additives 1 2 3 4

Palsgaard, Danisco, Kerry Group, Riken Vitamin, Taiyo Croda, Emery, PMC Biogenix, Peter Greven

Key Players1

Food Plastic India

  • BIS FSSAI
  • BIS

Global

  • FDA (US)
  • FSA (EU)
  • Toxic Substances

Control and FDA (US)

  • REACH (EU)

Key Regulatory Agencies2

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6

Strategically Located Manufacturing Facilities

Note: 1. Contract manufacturing conducted at the Second Ambernath Facility by Olefine Organics on a job-work basis since 2014.

Fine Organics’ Reputed Industry Certifications

Capacity (TPA) Plant Remarks

Current Operational Facilities 1st Ambernath Facility Dombivli Facility Badlapur Facility 49,500 8,400 6,400 NA NA Acquired on Nov 30, 2017 2nd Ambernath Facility1 5,000 Contract Manufacturing Total Capacity 64,300 TPA Proposed Expansion Plans German Facility 3rd Ambernath Facility Fine Zeelandia (Patalganga) Patalganga Facility 32,000 Q4 FY19 10,000 Q3 FY20 10,000 Q1 FY19 10,000 Yet to be Finalized Total Capacity 67,000 TPA

India plants located in close proximity to Nhava Sheva Port – Ideal for Exports

6

Ambernath

1 3

Dombivli

5

Patalganga

2

Badlapur

4 8

Operating Plants Under Construction Plants Contract Manufacturing Facility

7

Leipzig, Germany 1 2 3 4 6 7 8 5

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Extensive Distribution Network Catering to Over 5,000 end users in 69 Countries

7

Sales & Marketing Network Across the Globe

Geographic Revenue Mix

Exports 61.91% Domestic 38.09%

INR 7,782.01 mn

FY 2015 FY 2016 FY 2017

Exports 53.79% Domestic 46.21%

INR 6,525.91 mn

Exports 59.14% Domestic 40.86%

INR 6,068.07 mn

Products1 Direct Customers1 Distributors1 387 631 127

Note 1. In the 12 months ended March 31, 2018.

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8

Focus on Innovation backed by Strong R&D Capabilities

Patents Held by the Company

Title Priority Filing PCT (worldwide patent application) USA Bio-based plasticizer with improved properties and processing characteristics of polymers Feb-15 Feb-16 Aug-17 Natural monoglyceride with improved odour and flavour Nov-15 Nov-16 Not obtained Applications of an ester additive from bio-derived raw materials Sep-16 Dec-17 Not obtained Glycerol derivative for polymer applications Apr-17 Not Filed Not obtained Polypropylene cap or film composition May-15 May-16 Nov-17

In-House Design and Engineering Capabilities

  • Company has developed in-house capabilities for plant

designing and engineering

  • Lowers capital expenditures & quicker commissioning

Strong R&D Capabilities

  • Infrastructure spread over area of 5,000 sq. mts.
  • Dedicated team of 9 scientists and 6 technicians
  • Developed and launched 46 new products since April 1, 2014

New Product Development

  • Feed nutrition additives – derived from natural vegetable oils
  • Additive to increase milk yield from cows and buffaloes

(pending full commercialization)

  • On-going R&D efforts for new product development
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High Pedigreed & Professional Management Team

Board of Directors Key Management Personnel Mukesh Shah – Managing Director

  • Joined in 1973. Holds a Bachelor’s degree in Science
  • Played a key role in establishing quality control and

marketing

Jayen Shah – Executive Director and CEO

  • Joined in 1986. Holds a Master’s degree in Science
  • Instrumental in creating a strong vendor-partner network

Prakash Kamat – Executive Director and Chairman

  • Holds a M.Sc. Tech- Master of Science & Tech (Oils) from

Institute of Chemical Technology (formerly UDCT)

  • Associated with the group since inception having experience

in product development, process technology and R&D Prakash Apte – Independent Director

  • On the Board since Nov 2017. Holds a Bachelor’s degree

in Mechanical Engineering

  • Previously served as MD of Syngenta India

Kaushik Shah – Independent Director

  • On the Board since Jan 2018. Holds a Bachelor’s degree

in Commerce and a Qualified Chartered Accountant

  • Previously served as MD of Fulford (India)

Mahesh Sarda – Independent Director

  • On the Board since Nov 2017. Qualified Chartered

Accountant

  • Previously served as a Partner at Deloitte Haskins & Sells

Bimal Shah – Executive Director

  • Joined in 2009. Holds a Bachelor’s degree in Science from

Purdue University and a Master’s degree from Boston College

  • Led initiatives for new projects and processes

Tushar Shah – Executive Director and CFO

  • Joined in 1989 and led several initiatives like ERP, CRM,

etc.

  • Key role in the development of the first slip additive

facility Parthasarathi Thiruvengadam – Independent Director

  • On the Board since Nov 2017. Holds a BTech degree from

IIT, Madras and Post Graduate in Industrial Engineering

  • Previously served as a Senior Director with Deloitte India

Pratima Umarji – Independent Director

  • On the Board since Nov 2017. Holds a Law degree
  • Current panel member of the “Lok Adalat”, Bombay High

Court

  • Dr. Mayukh Warawdekar – Senior Vice President, R&D
  • Holds a PhD from the University of Bombay
  • Extensive experience in R&D and specialty chemicals

Nikhil Kamat – Senior Vice President, Operations

  • Holds a Master’s degree in Science from the University of Bombay
  • Experience in production planning, technical and regulatory work
  • Dr. Vijay Prabhu – Senior Vice President, Quality Assurance
  • Holds a PhD from the University of Bombay
  • Experience in R&D and QA in food and polymer additives

Pooja Gaonkar – Company Secretary

  • Holds a Bachelor’s Degree in Law from the University of Bombay
  • Previously worked with Calyx Chemicals and Pharmaceuticals
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10

Key Strengths

Diversified product portfolio catering to a variety of high growth industries Specialized business model operating in an industry with high entry barriers Strategically located production facilities with in-house product, process development capabilities Strong R&D capability with a focus on innovation Strong Management Team – each with an average of 30 years’ experience Diversified customer base & long term relationships with marquee customers

Note 1. As per CRISIL Research.

Largest producer of

  • leo-chemical based

additives in India and one of the few large players in the world in this industry1

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Well Thought Strategy in Place

  • 5 new proposed facilities to add a

combined 67,000 TPA in capacity1

  • Premixes for bakery & confectionary

products (through Fine Zeelandia)

  • Developing Feed Nutrition Additives
  • New Manufacturing Facility in

Leipzig, Germany (through FineAdd)

  • Sales office in Shanghai, China
  • Application labs for foods, plastics

and cosmetics Organic Growth at the Forefront Product Expansion & Diversification into Newer High Margin Downstream Products Expand Global Footprint Continued Focus on Innovation and R&D

Note 1. Excluding Second Ambernath Facility where some of our products are manufactured on a job-work basis.

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Financial Overview

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Consolidated Financials – Overview (1/3)

PAT and PAT Margin

(INR Mn & %)

Net Revenue1 and CAGR

(INR Mn & %)

Net Worth

(INR Mn)

EBITDA2 and EBITDA Margin

(INR Mn & %)

13

Note: CAGR: Compounded Annual Growth Rate. Formula: (Last Year Value/First Year Value)^(1/N)-1 1. Net Revenue = Revenue from Operations – Excise Duty and GST 2. EBITDA = Profit before tax + Finance Costs + Depreciation – Other Income

531.85 764.81 783.62 609.44 FY15 FY16 FY17 9M FY18 8.76% 11.72% 10.07% Margin (%) 10.49% 2,072.75 2,396.87 3,179.55 3,515.03 FY15 FY16 FY17 9M FY18 6,068.07 6,524.91 7,782.01 5,809.72 FY15 FY16 FY17 9M FY18 1,109.29 1,452.53 1,454.37 1,042.62 FY15 FY16 FY17 9M FY18 18.28% 22.26% 18.69% Margin (%) 17.95%

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Consolidated Financials – Overview (2/3)

Return on Capital Employed4

(%)

Net Debt to Net Worth1

(x)

Return on Net Worth5

(%)

Fixed Asset Turnover (Gross2 and Net3)

(x)

0.48x 0.26x 0.08x 0.01x FY15 FY16 FY17 9M FY18 3.47x 3.09x 3.40x 5.92x 6.37x 8.04x FY15 FY16 FY17 FA Turns Gross FA Turns Net 25.66% 31.91% 24.65% FY15 FY16 FY17

14

Notes: 1. Net Debt = Total Long term debt + short term debt + current maturities of long term debt – cash and bank balances 2. Fixed Asset Turnover (Gross) = Revenue from Operations / Total Gross Block of Fixed Assets 3. Fixed Asset Turnover (Net) = Revenue from Operations / Total Net Block of Fixed Assets excluding capital advances. 4. Return on Capital Employed = EBIT / (Total Debt + Total Net Worth). Excludes Other Income. 5. Return on Net Worth = Net Profit After Tax / Net Worth at the end of the year

28.51% 33.84% 33.98% FY15 FY16 FY17

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Consolidated Financials – Overview (3/3)

15

  • Rs. Millions

FY2015 FY2016 FY2017 9M FY2018 Share Capital 48.30 48.30 48.30 153.30 Equity Share Suspense account

  • 2.80

2.80

  • Reserves

2,023.87 2,459.88 3,240.30 3,468.73 Total Equity / Book Value 2,072.17 2,510.98 3,291.40 3,622.03 Total dividend on Equity Shares

  • 368.25(1)
  • 229.95(2)

Dividend Tax

  • 74.97(1)
  • 46.81(2)

Basic Earnings Per Share (Rs. Per Share) 18.35 24.95 25.56 26.38 Diluted Earnings Per Share (Rs. Per Share) 18.35 24.95 25.56 26.38 Summary of Key Consolidated Financials

Notes: 1. Includes Dividend proposed for FY15 Rs. 144.90 Mn and Dividend Distribution Tax of Rs. 29.50 Mn 2. Dividend for FY17

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16

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Annexure – Industry Overview

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18

Plastic Additives Industry – Strong Growth Prospects

Plastic Additives Industry

  • Key Additives – Stabilisers, FRs, Slip Additives, Lubricants, Dispersants, Anti-fogs, Anti-stats and Processing Aids

Global Plastic Additives Market Size (US$ Mn) Plastic Additives – Type-wise Global Share (US$ Mn)

Source: CRISIL Research Note: CAGR: Compounded Annual Growth Rate. Formula: (Last Year Value/First Year Value)^(1/N)-1

22,000 30,000 CY2016 CY2021E 58,000 90,000 CY2016 CY2021E 8,349 4,161 2,502 1,851 1,365 1,092 468 431 457 401 385 317 271

Flame Retardants Stabilisers Impact Modifiers Lubricants Processing Aids Slip Additives Other Plastic Additives Plasticisers Antistatic Additives Flow Improvers Pigment Wetting Agents Filler Dispersants Antifog Additives

Global Plastic Additives Growth (US$ Mn) End-user wise Plastic Additives Growth (US$ Mn)

Global Growth Drivers

High growth in Asia Pacific region Increased Substitution by Plastic Materials Development of New Plastic Additives Increasing Preference for Non-toxic Plastic Additives

Growth Drivers in India

Low Per Capita Plastic Consumption (11kg vs Global Avg. of 30kg) Strong growth in major consumer segments – Auto, Construction, Consumer Durables Increasing use of plastics in packaging – superior quality & cost effectiveness India Plastic Additives Market Size (INR Mn)

4,000 8,000 12,000 16,000 Asia Pacific Europe North America South America ME & Africa CY2016 CY2021E 2,000 4,000 6,000 8,000 Packaging Consumer Goods Construction Automotive Others CY2016 CY2021E 8.4% 5.0% 4.6% 5.5% 4.9% CAGR 7.0% 4.5% 4.8% 4.6% 4.7% CAGR

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Food Additives Industry – Multiple Tailwinds Ahead

Source: CRISIL Research Note: CAGR: Compounded Annual Growth Rate. Formula: (Last Year Value/First Year Value)^(1/N)-1 1. Approximate figure as per CRISIL Research.

Food Additives Industry Food Emulsifiers – Product-wise Global Share (Kilotons)1

2800 3400 CY2016 CY2021E 5400 9000 CY2016 CY2021E

100 200 300 400

Mono & Di- glycerides Natural Emulsifiers Ammonium Phosphatide Sorbitan Esters Distilled Monoglycerides Glycerol Fatty Acid Esters Polyoxyethylene Glycerides Polyglycerol Esters Calcium Stearoyl Acetylated Mono- Glycerides Emulsifier Blends Propylene Stearate Citric Acid Ester Di-acetyl Tartaric Esters Lactic Acid Esters

Global Food Emulsifiers Market Size (US$ Mn) India Food Emulsifiers Market Size (INR Mn) Global Food Emulsifiers Growth (US$ Mn) Indian Consumer Foods Industry Growth (INR Mn)

400 800 1,200 Europe North America Asia Pacific South America ME & Africa CY2016 CY2021E 200 400 600 800 1,000 Bakery Items Confectionery Snacks RTE/RTC FY2017 FY2022E 13% – 15% 14% – 16% 13% – 15% 19% – 21% CAGR 4.2% 4.3% 4.6% 2.9% 2.5% CAGR

Growth Drivers in India

Low per capita consumption

  • f food emulsifiers

Changing consumer preferences for processed and packed convenience foods Booming organized retail sector Changes in eating habits and introduction of new products

Global Growth Drivers

Increasing awareness among food processors about advantages & applications Growing population, higher economic growth & disposable income changing lifestyles of emerging nations Rise in health awareness & quality consciousness of consumers in developed nations demanding healthy packed foods

  • Key Additives – Emulsifiers, Esters, Preservatives, Additive Blends, etc.
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20

Other Additives – Key Drivers

Source: CRISIL Research Notes: CAGR: Compounded Annual Growth Rate. Formula: (Last Year Value/First Year Value)^(1/N)-1

Industry Key Additives & Ingredients India CAGR

(FY17 – 22E)

Growth Drivers End Uses Paints, Inks & Coatings

  • Dispersing agents
  • Emulsifiers
  • Wetting Agents
  • Defoamers
  • Slip Additives
  • Paints
  • Inks
  • Coating Materials
  • Low per capita paint

consumption

  • Increased

penetration of paints in rural and non- metro cities

  • Growth in niche

products – nano- coatings & green coatings 8% – 10%3 Cosmetics & Pharmaceuticals

  • Emulsifiers
  • Pharmaceuticals –

Coating Ingredients

  • Creams and Gels
  • Pastes
  • Lotions
  • Ointments
  • Organized retail

moving to Tier II cities

  • New sub-segments to

grow: Men’s Cosmetics

  • Growth in demand for

skin-care cosmetics

  • Growing personal care

segment 10% – 12%2 Specialties

  • Lube additives
  • Property modifiers
  • Coated papers
  • Wood composites
  • Construction industry
  • Specialty

applications

  • Increase in Govt.

expenditure on infra projects

  • Increase in use of

cars/trucks

  • Increase in cashless

transactions and air travel NA Feed Nutrition

  • Natural Antibiotics
  • Nutritional Additives
  • Anti-fungal Additives
  • Poultry Products
  • Milk & Milk

Derivatives

  • Rising health

awareness

  • Growing food

processing industry

  • Safer milk and milk

products 11% – 13%1 Rubber

  • Processing Aids
  • Specialty Plasticizers
  • Slip Additives
  • Anti-stats
  • Anti-sticking Agents
  • Conveyor Belts
  • Automotive Parts and

Engine Components

  • Tyres
  • Dock Fenders
  • Growth in auto sales
  • Steady Improvement

in industrial activity

  • Steady agricultural
  • utput
  • Increased focus by

government in infrastructure 6% – 7%4

1. Poultry Industry 2. Cosmetics Industry 3. Paints and Coatings Industry 4. Styrene-butadiene Rubber (“SBR”) and Poly-butadiene Rubber (“PBR”) Industry

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Disclaimer

The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase any securities of Fine Organic Industries Limited (“Fine Organics” or “Company”) in India, the United States or any other jurisdiction. This presentation should not, nor should anything contained in it, form the basis of, or be relied upon in any connection with any contract or commitment whatsoever. Any investment decision with respect to any potential transaction relating to any offer of or invitation to subscribe for or acquire securities of Fine Organics must be based solely on the information contained in a final prospectus and/or the latest documentation to be issued by Fine Organics in connection with such potential transaction, if it proceeds, and not the contents

  • hereof. Information contained in this presentation is qualified in its entirety by reference to an offering document for any potential transaction, if it proceeds. Any potential transaction could be made available to the

recipient of this document in accordance with applicable laws and regulations, including the distribution of any required documents for such potential transaction and such documents will supersede all prior information provided to the recipient, herein or otherwise. This presentation is confidential, subject to the provisions stated herein, and is intended only for the exclusive use of the recipients thereof and may not be reproduced (in whole or in part), retransmitted, summarized or distributed by them to any other persons without Company’s prior written permission. By receiving these materials, you are agreeing to be bound by the foregoing and below restrictions. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. This presentation may contain forward‐looking statements that involve risks and

  • uncertainties. Forward‐looking statements are based on certain assumptions and expectations of future events. Actual future performance, outcomes and results may differ materially from those expressed in

forward‐looking statements as a result of a number of risks, uncertainties and assumptions. Although Company believes that such forward‐looking statements are based on reasonable assumptions, it can give no assurance that such expectations will be met. Important factors that could cause actual results to differ materially from Company’s expectations include, but are not limited to, the following: increase in the cost of raw materials; failure to compete effectively; fluctuations of the Rupee against other currencies; if the costs of setting up new production facilities are higher than expected or Company is unable to secure sufficient term loans to finance the building of new production facilities or Company does not receive required licenses or permits to operate such new production facilities or Company is unable to procure possession of land on which certain additional production facilities are proposed to be developed; if Company is unable to successfully develop, manufacture and sell new types of downstream products; failure to protect Company’s intellectual property and technical know-how against third party infringement or breaches of confidentiality; and if Company is unable to estimate demand for its products and thereby effectively manage its inventory. This presentation has been prepared by the Company. The information contained in this Presentation is not to be taken as any recommendation made by the Company or any other person to enter into any agreement with regard to any investment. This document is a summary only and does not purport to contain all of the information that may be required to evaluate any potential transaction and any recipient hereof should conduct its own independent analysis of Fine Organics and its businesses, including the consulting of independent legal, business, tax and financial advisers. The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this

  • presentation. You acknowledge and agree that none of Company or any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers or representatives, undertake to update or

revise any forward‐looking statements, whether as a result of new information, future events or otherwise and none of them shall have any liability (express or implied) whatsoever and howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs in negligence or otherwise) for any loss which may be brought against or suffered by any person from any use of this presentation or its contents or otherwise arising in connection with this presentation. Neither the Company, or any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers

  • r representatives accepts any liability for any error, omission or misstatement, negligent or otherwise, in this Presentation and any liability in respect of the presentation or any inaccuracy therein or omission

therefrom which might otherwise arise is hereby expressly disclaimed. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice. The Company is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares (the “Equity Shares”) and has filed a Red Herring Prospectus dated June 11, 2018 (the “RHP”) with the Registrar of Companies, Maharashtra at Mumbai (“RoC”). The RHP is available on the website of the Securities and Exchange Board of India at www.sebi.gov.in, BSE Limited at www.bseindia.com, National Stock Exchange of India Limited at www.nseindia.com and on the websites of the Book Running Lead Managers to the Offer at www.jmfl.com and www.edelweissfin.com. Any potential investor should note that investment in Equity Shares involves a high degree of risk and for details relating to the same, see the section titled “Risk Factors” of the RHP. Potential investors should not rely on the RHP for any investment decision. The securities to be offered in the proposed offering have not been and will not be registered, listed or otherwise qualified in any jurisdiction except India and may not be offered or sold to persons outside of India except in compliance with the applicable laws of each such jurisdiction. In particular, the securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements

  • f the U.S. Securities Act and applicable state securities laws. The securities are being offered and sold only outside the United States pursuant Regulation S under the U.S. Securities Act. This Presentation is not

intended to be a prospectus (as defined under the Companies Act, 2013, as amended) or an offer document under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended. CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing the report on “Indian and global food emulsifiers and plastic additives industry” (“Industry Report”) based on the information obtained by CRISIL from sources which it considers reliable (“Data”). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Industry Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Industry Report. The Industry Report is not a recommendation to invest / disinvest in any company covered in the Industry Report. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of the Industry Report. CRISIL Research operates independently of, and does not have access to information

  • btained by CRISIL’s Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in the Industry

Report are that of CRISIL Research and not of CRISIL’s Ratings Division / CRIS. No part of the Industry Report may be published / reproduced in any form without CRISIL’s prior written approval. By attending this presentation and/or accepting a copy of this document, you agree to be bound by the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that: (i) you have read and agree to comply with the contents of this notice including, without limitation, the obligation to keep this document and its contents confidential; (ii) you will not at any time have any discussion, correspondence or contact concerning the information in this document with any of the directors or employees of the Company or its subsidiaries nor with any of their customers or suppliers, or any governmental or regulatory body without the prior written consent of the Company; (iii) you agree not to remove or copy this document, or any materials provided in connection herewith; and (iv) you are an eligible investor attending this presentation.