[PPT] - Inve stor Pr e se ntation F e br uar y 2018 E xe c utive PowerPoint Presentation

SLIDE 1

Inve stor Pr e se ntation F e br uar y 2018

SLIDE 2

E xe c utive Summa ry

2 Compa ny Ove r vie w

Oric o n E

nte rprise s L td.(OE L ) is a 50+ ye a r o ld dive rsifie d c o ng lo mo ra te in to Pa c ka g ing , Ma rine L

g istic s, Re a l

E sta te a nd Pe tro c he mic a ls.

T

he c o mpa ny is b a c ke d b y stro ng pro mo te rs a nd o pe ra te d b y e xpe rie nc e d a nd pro fe ssio na l ma na g e me nt.

Ma rke t Ca p o f the c o mpa ny a s o n 31St De c e mb e r, 2017 wa s ~INR 931 Crs.

Ma r que e Clie nts

Closur

e Busine ss – Co c a -Co la , Pe psi Co , Hindusta n Unile ve r L

td, Pa rle Ag ro .

Shipping Busine ss – E

SSAR, Re lia nc e , Amb uja Ce me nt, Bina ni Ce me nt, Hindusta n Zinc L td, Ada ni g ro up, JK Ce me nts ltd.

Pe tr
c he mic a ls – Re lia nc e , BASF

, T he L inde Gro up, Go dre j, Nirma e tc .

R

e a l E sta te – OE

L ha s a sig ne d jo int de ve lo pme nt a g re e me nt with India Bulls Infra e sta te L td fo r the 2 a c re plo t o f la nd in Wo rli. T

ta l Inc o me

INR 12,167 Mn

E BIT DA

INR 1,450 Mn

E BIT DA Ma rg ins

12%

Ne t Pro fit

INR 449 Mn

PAT Ma rg ins

4%

Mar ine L

gistic s Busine ss

Pro viding inte g ra te d lo g istic s se rvic e s like lig hte ra g e , ste ve do ring , c o a sta l mo ve me nts, c ha rte ring o f ships e tc . with pre se nc e a c ro ss 8 mino r po rts in 3 sta te s a nd a fle e t size o f mo re tha n 300 e q uipme nt.

Pac kaging Busine ss

Ma rke t le a de r with e xpe rie nc e

f o ve r 5 de c a de s in Indian

Ca ps a nd Clo sure s Industry ha ving a n a nnua l c a pa c ity to ma nufac ture 19 Bn c lo sure s

Pe tr

c he m Busine ss

E ng a g e d in the b usine ss o f ma nufac turing o f pe nta ne s a nd ISO pe nta ne s with a n a nnua l c a pa c ity o f 10,000 to ns

Re al E state

Ca shing in o n prime r lo c atio n la nd b a nk thro ug h Co - De ve lo pme nt.

F Y 17

SLIDE 3

Oric on At a Gla nc e

3 Pe tr

c he m

R e a l E sta te Annua l Pe nta ne Ma nufa c tur ing Ca pa c ity 10,000 tons Sig ne d JDA with India bulls Infr a e sta te for India Bulls BL U E xpe c ting Str

ng Ca sh

flow in the ne xt 2- 3 ye a r s INR 3,000 Mn a lr e a dy r e c e ive d. Pa c ka g ing L a r g e st insta lle d c a pa c ity

f 19 Bn pla stic a nd me ta l

c losur e s in India 9 r e c og nize d br a nd a c r

ss

the pa c ka g ing se g me nt Str a te gic L

c a tion of

ma nufa c tur ing fa c ilitie s Se tting up ne w Pla nt in Or issa for ma nufa c tur ing Pe t Pr e for ms Ma r ine L

g istic s

L a r g e st pla ye r in Inte g r a te d ma r ine log istic s se r vic e s Owns a pr iva te je tty in Guja r a t e sse ntia l for c oa l impor ts. Pr e se nc e a c r

ss 8

Minor por ts in Guja r a t a nd Ma ha r a shtr a Str

ng E

quipme nt ba se Comme nc e d Ope r a tions in Sr i L a nka Dive r sifie d busine ss mode l F

c use d ma na g e me nt te a m for

e a c h busine ss se g me nt Vir tua lly a Ze r

L
ng te r

m De bt c ompa ny

SLIDE 4

COMPANY OVE RVIE W

SLIDE 5

Compa ny Ove rvie w

5

Oric o n E

nte rprise s L td (OE L ) a fla g ship c o mpa ny o f Pa rija t E nte rprise s ha s inte re sts in Ma rine L

g istic s,

Pa c ka g ing , Pe tro c he mic a ls a nd Re a l E sta te .

Orie ntal Co nta ine rs L

td (OCL ) a who lly o wne d 100% sub sid ia ry o f OE L is the la rg e st pla ye r in Ind ia ma nufa c turing a ra ng e o f pla stic a nd me ta l c lo sure s.

T

he two ma nufa c turing fa c ility o f OCL a re stra te g ic a lly lo c a te d in Go a a nd Murb a d with a n a nnua l c a pa c ity o f 8,000 Mn units o f Pla stic Clo sure s a nd 11,276 Mn units o f Me ta l Clo sure s re spe c tive ly.

I

n the Ma rine L

g istic s b usine ss, Unite d Shippe rs L

td (USL ), a 64.29% subsid ia ry o f OE L , is the o ne o f the la rg e st pla ye rs in Ind ia pro vid ing inte g ra te d lo g istic s se rvic e s.

T

he pe tro c he mic al busine ss whic h is the sta nd alo ne b usine ss o f the c o mpa ny is into ma nufa c turing o f pe nta ne s; the ma nufa c turing fa c ility is lo c a te d in K ho p o li with a c a pa c ity o f a ro und 10,000 to ns pe r a nnum.

Shipping 33% Pa c ka g ing 32% Auto mo b ile s 32% Othe rs 3%

517 469 528 406 368 91 93 117 393 387 315 242 332 308 377 70 81 71 58 36 2013 2014 2015 2016 2017 Ma rine L

g istic s

Pa c ka g ing Auto mo b ile s Othe r

Re ve nue Br e akup (in INR Cr s) F Y17 Busine ss Mix

SLIDE 6

Promote r & Othe r Ke y Ma na g e ria l Pe rsonne l

6

Mr . R ajendr a Somani, Managing Dir ec tor OE L & OCL

Ove r 47 ye a rs o f e xpe rie nc e a nd a sso c ia te d with OCL

sinc e inc e ptio n.

Me c ha nic a l E

ng ine e r fro m Mumb a i Unive rsity

Suc c e ssful tra c k re c o rd o f se tting -up a nd o pe ra ting se ve ra l ne w

b usine sse s unde r Pa rija t Gro up.

K

e y ro le in the stra te g ic de c isio n‐ma king a nd ma na g e me nt o f c lie nt a nd supplie r re la tio nships.

Mr . Sevantilal Jivanlal Par ekh, Dir ec tor

f OE

L & Chair man & MD of USL

50 ye a rs o f e xpe rie nc e a c ro ss the industry inc luding shipping ,

c o nstruc tio n, ma nufa c turing , inve stme nt a nd fina nc e .

Co mme rc e g ra dua te fro m Syde nha m Co lle g e , Mumb a i in the ye a r 1952.

Mr

s. Sujata Par

ekh Kumar , Dir ec tor & Jt. MD of USL

Bc o m g ra dua te fro m Mumb a i Unive rsity.
MBA fro m F

a irle ig h Dic kinso n Unive rsity, U.S.A.

Ove r 34 ye a rs in the fie ld o f shipping , inve stme nt, insura nc e a nd fina nc e .

Mr . Sur endr a Somani, Dir ec tor .

Bc o m Gra dua te fro m Mumb a i Unive rsity.
Mo re tha n 36 ye a rs o f e xpe rie nc e in the Pha rma c e utic a l I

ndustry.

Mr Susheel Somani, Dir ec tor

MSc in Org a nic Che mistry fro m Mumb a i Unive rsity.
Mo re tha n 50 ye a rs o f wo rk e xpe rie nc e in the fie ld o f ma nufa c turing a nd

wa re ho using o f mo lde d pa pe r pulp pro duc ts.

Mr . Adar sh Somani, Joint MD

Bc o m Gra dua te fro m Mumb a i Unive rsity
20 ye a rs o f ric h in E

xpe rie nc e in Ma rke ting o f F MCG Pro duc ts, Re a l E sta te a nd F ina nc e

Othe r Boar d Me mbe r s OE L Ke y Manage me nt Pe r sonne l OCL Ke y Manage me nt Pe r sonne l

Mr. BK

T

shniwa l, E

xe c utive Dire c to r & CS OCL

Mr. Shrika nt Ma lpa ni, E

xe c utive Dire c to r

Mr. Sude e p Sing h, E

xe c utive Dire c to r

Mr. BM Ga g g a r, CF

O

Mr. PK

T a lpa tra , Dire c to r - Ma rke ting (Do me stic )

Mr. VN K

a ma th, Dire c to r - Ma rke ting (E xpo rts)

Mr. SP So pa rka r, Dire c to r- T

e c hnic a l

USL Ke y Manage me nt Pe r sonne l

Ca pt. Dinya r P K

a ria , Dire c to r & CE O

Mr. Pa ra s J Da ka lia , Dire c to r- F

ina nc e

Mr. Na re ndra Ag a rwa l, Co mpa ny Se c re ta ry & He a d

L e g a l

Ca pt. Pra b ha t Pa nde y, Chie f GM Ope ra tio ns
Mr. S J T

a pa ria , Inde pe nde nt Dire c to r.

Mr. Sa nja y Do si, Inde pe nde nt Dire c to r.
Mr. K

G Gupta , Inde pe nde nt Dire c to r.

Mr. Vino d Mima ni, Inde pe nde nt Dire c to r.
Mr. V N K

ha nna , Inde pe nde nt Dire c to r.

Mr N Ga ng a Ra m, Inde pe nde nt Dire c to r.
Mr. Sa nja y Ja in, Co mpa ny Se c re ta ry.
Mr. Pra mo d Sa rda , CF

O

SLIDE 7

Busine ss Struc ture

7

Mar ine L

gistic s
USL

pro vide s a n e nd to e nd inte g ra te d ma rine lo g istic s se rvic e to its c usto me rs.

T

he c o mpa ny ha s a fle e t size

f

mo re tha n 300 e q uipme nt whic h c a te rs to the de ma nd o f the c lie nts.

L

a rg e st ha ndle r o f dry b ulk c a rg o like c o a l, pe t c o ke , c e me nt e tc .

Pac kaging

OCL

is o ne o f the la rg e st pla ye r in the b usine ss o f ma nufa c turing me ta l a nd pla stic c lo sure s.

L

a rg e st insta lle d c a pa c ity c ro wns, ROPP a nd pla stic b e ve ra g e c lo sure s in India .

I

SO 9001:2008 & I SO 22000 c e rtifie d pro duc ts.

30-40%

ma rke t sha re in e a c h pro duc t se g me nt.

Pe tr

c he mic als
OE

L ma nufa c ture s Pe nta ne a nd ISO pe nta ne s.

T

he se c he mic a ls a re g e ne ra lly use d fo r e xtra c tio n

f pa ra ffin wa x a nd ma king
f po lye ste r fo a m.
Annua l c a pa c ity is 10,000

to ns wo rking a t a 40-45% c a pa c ity utilisa tio n.

Re al E state

Oric o n E

nte rprise s L td ha s sig ne d a Jo int De ve lo pme nt Ag re e me nt with India b ulls I nfra e sta te fo r c o - de ve lo pme nt o f a 2 Ac re plo t

f

la nd in Wo rli, Mumb a i unde r the I ndia b ulls BL U pro je c t.

ORI CON E NT E RPRI SE S

SLIDE 8

PACKAGING BUSINE SS

8

SLIDE 9

Orie ntal Co nta ine rs L

td (OCL ), a 100% Sub sid ia ry o f OE L , is in the b usine ss o f pa c ka g ing o ve r the la st 5 d e c a d e s.

OCL

is the la rg e st ma nufa c ture r o f pla stic a nd me ta l c a ps & c lo sure s in Ind ia with a n a nnua l insta lle d pro d uc tio n c a pa c ity o f ~ 19 Bn units.

Pro d uc t Po rtfo lio Inc lud e s:
Me ta l Clo sure s: c ro wns c a ps, ro ll o n pilfe r pro o f c a ps (ROPP),

twist ‐ o ff c a ps, a luminium c o lla psible tub e s;

Pla stic c lo sure s fo r c a rb o na te d so ft d rinks, wa rm / ho t fills a nd

b o ttle d wa te r a pplic a tio ns.

Na tio nal Ma rke t le a d e r in Pla stic & Me ta l c lo sure se g me nts with
ve r 30% ma rke t sha re in e a c h c a te g o ry.
Pla nne d E

xpa nsio n with a n upc o ming ma nufa c turing pla nt o f PET Pre fo rms in Orissa .

T

he c o mpa ny e xpo rts the c lo sure s to mo re tha n 45 c o untrie s a nd this a c c o unts to a ro und 20% o f its to ta l sale s in the pa c ka g ing b usine ss.

Pro ximity o f the ma nufa c turing fa c ilitie s to se a a nd a ir po rts

e na ble s sa ve s o n the lo g istic s c o sts a nd he lp o n time d e live ry o f pro d uc ts to its c lie nts.

Busine ss Ove rvie w

9

SLIDE 10

2 F ac ilitie s 40 Countr ie s ~20 Ye ar s No.1 5 Br ands

Compe titive E dg e

10

Ma nufa c turing units a t Murb a d , Ma ha ra shtra & Go a - Str

ate gic ally L

c ate d c lose to por

ts Str

ng pr

e se nc e ac r

ss Globe thro ug h

e xpo rts Of Str

ng OE

M Re lationship Mar ke t le ade r in Ind ia n c a ps a nd c lo sure s

Ind ustry

Comple te r ange o f Me ta l a nd

Pla stic Ca ps & Clo sure s L

ng T

ra c k re c o rd o f te c hno lo g ic a l a d o ptio n, pro c e ss imple me nta tio n & pro d uc t inno va tio n Sig nific a nt pre se nc e in K e y e xpo rt ma rke ts Mo st c o mpre he nsive ra ng e o f pro d uc ts in the Ind ia n c a ps & c lo sure s ma rke t L

ng sta nd ing c usto me r re la tio nships

a c ro ss the e ntire pro d uc t ra ng e Hig he r insta lle d c a pa c ity tha n the c lo se st thre e d o me stic c o mpe tito rs c o mb ine d

Compe titive E dge L

ng and Sustaine d Custome r

Assoc iation

SLIDE 11

Produc t Offe ring s

11 PL AST IC CL OSUR E S (HIGH GR OWT H BUSINE SS)

Car bonate d Soft Dr inks

Bra nd na me : BE

VSE AL CSD

T a rg e t Ind ustry: Ca rb o na te d So ft Drink Ind ustry

CROWN CAPS

Bra nd na me : HYCROWN. T a rg e t Ind ustry: CSD, F ruit Juic e s, Be e r, K e tc hup

T WIST OF F CAPS

Bra nd na me : SWAGE

SE AL

. T a rg e t Ind ustry: Ja ms, Pic kle s a nd Co nd ime nts

ROL L ON PIL F E R PROOF CAPS

Bra nd na me s: T

OPSE AL

, NE

ONSE AL

, GL

OSE AL

. T a rg e t Ind ustry: L iq uo r, Pha rma , Co sme tic s & F MCG ind ustry

AL UMINUM COL L APSIBL E T UBE S

Bra nd Na me : HYT

UBE S

T a rg e t Ind ustry: Pha rma c e utic a l a nd Co sme tic Ind ustry.

Wate r Applic ation

Bra nd na me : BE

VSE AL AL ASKA

T a rg e t Ind ustry: Bo ttle d wa te r Ind ustry

F r uit Juic e

Bra nd na me : BE

VSE AL – WF / HF

T a rg e t Ind ustry: F ruit Juic e

ME T AL CL OSUR E S (ST ABL E BUSINE SS)

SLIDE 12

Produc tion Ca pa bilitie s

12

T E CHNOL OGY PART NE RS INNOVAT ION

Ha un Cha un, T

a iwa n fo r Plastic c losur

e s

Silig a n White Ca p – USA fo r T

wistoff c aps

D.S. Che mie , Ge rma ny fo r c oatings and lining

mate r ials.

Hig h-spe e d & hig h- pre c isio n a uto ma tio n ma c hine ry

fro m SACMI (Ita ly) Hunte rb urg (Ge rma ny)

Do ub le ring d ry b le nd c ro wns in Ind ia
Pla stic c lo sure s fo r CSD in Ind ia thro ug h c o mpre ssio n

mo ulde d te c hno lo g y

T
p Cha mfe re d ROPP c a ps
PVC fre e line r in b o th re g ula r, pro mo tio na l c ro wns a nd

a lso in c lo sure s 4,500 1,250 2,250 9,216 1,800 140 120

19,276

Pla stic CSD Pla stic WF / HF Pla stic Ala ska Cro wn Ca ps ROPP Ca ps Swa g e Se a ls HY T ub e s T

ta l Ca pa c ity

Million units p.a. as on Mar c h 2017 MURBAD F ac ility GOA F ac ility

SLIDE 13

Stra te g ic a lly L

c a te d F

a c ilitie s

Delhi Kolkata Hyderabad Chennai Bangalore Mumbai, HQ Murbad Metal Closure Goa Plastic Closure

Pr
ximity to Por

ts – Bo th fa c ilitie s a re in the

vic inity o f pro mine nt po rts in Ind ia , the re b y e nsuring supply c ha in e ffic ie nc ie s, q uic k e xpo rt fulfilme nt a nd b e st-in-ind ustry input c o sts.

Pr
ximity to c lie nt fac ilitie s - Bo th fa c ilitie s a re

lo c a te d in the vic inity o f ma jo r c lie nte le b re we rie s a nd b o ttling fa c ilitie s e na b ling q uic ke r turna ro und o f o rd e rs a nd fa ste r a d a pta tio n to c ha ng e s in ind ustry a nd b usine ss e nviro nme nt.

F

ac ilitie s ar e loc ate d in lar ge r mar ke ts:

Ma rke ts o f So uth & We st Ind ia a c c o unt fo r

ve r 60% o f the to ta l CSD c o nsumptio n in

Ind ia .

Cluste r

pr e se nc e : the Co mpa ny ha s

ma rke ting o ffic e s situa te d in a ll the ma jo r b e ve ra g e pro d uc tio n c luste rs in Ind ia .

13 Coca Cola bottling plant Pepsi bottling plant UB Group breweries Manufacturing Plants Marketing Offices Upc oming PE T Pr e for m Plant in Odisha

SLIDE 14

Strong Custome r Ba se

14

Dive r sifie d

Co mprise s o f b lue c hip g lo b a l c o mpa nie s in fo o d &

b e ve ra g e (F &B), a lc o ho lic b e ve ra g e s, fa st mo ving c o nsume r g o o d s (F MCG) a nd pha rma c e utic a l ind ustrie s.

K

e y c usto me rs c o mma nd le a d e rship po sitio n in the ir re spe c tive ind ustrie s

Co c a -Co la – L

e a d e r in CSD ind ustry

UB – L

e a d e r in Alc o ho lic Be ve ra g e Ind ustry

Unile ve r – L

e a d e r in F MCG Ind ustry

Re lationship De pth

E

sta b lishe d Stra te g ic lo ng -te rm pa rtne rships with c usto me rs

Ave ra g e c usto me r re la tio nship with the to p five

c usto me rs is ~20 ye a rs

Re lationship Br e adth

Dive rsifie d c usto me r b a se c o mprising o f o ve r 100

d o me stic a nd 40 e xpo rt c usto me rs Addresses over 50%

f Coca Cola India’s

annual closure requirements Single handedly takes care of 100%

f HUL’s specific

food related caps and closure demand Only organized player in the ROPP space in India

Strong position in clients day-to-day operations

SLIDE 15

E xpa nsion Pla ns

15

OE L is pla nning to e xpa nd into ma nufa c turing PE T Pre fo rm in 2 pha se s in Orissa whic h is a Ra w ma te ria l fo r ma king PE T b o ttle s.

PRE F ORM MOL DINGS

COST OUT L AY INR 100 Cro re F und e d fro m inte rna l Ac c rua ls

Che a pe st

Po we r in e ntire c o untry a t a ro und INR 7-8 p.u.

With

a re no wne d b e ve ra g e c o mpa ny in the vic inity

f

the c o mpa ny whic h sa ve s

n lo g istic s c o sts.

Be ne fits of Plant in Or issa

SLIDE 16

Awa rds & Ac c ola de s

16

OCL ha s re c e ive d va rio us a wa rd s a nd re c o g nitio ns fo r its c o ntrib utio n to the pa c ka g ing ind ustry a nd e xc e lle nc e sta nd a rd s. Se le c t a wa rd s & Re c o g nitio ns inc lud e :

Ind ia n Sta r a wa rd fo r pa c ka g ing e xc e lle nc e fo r a re c o rd nine time s
Wo rld Sta r a wa rd fro m the Wo rld Pa c ka g ing Org a niza tio n in 1994 & 2015
Asia n Sta r a wa rd fro m Asia n Pa c ka g ing F

e d e ra tio n in 1997 & 2015

Winne r o f Co c a Co la ’ s Go ld Awa rd fo r c ro wns (2014) a nd Silve r a wa rd fo r pla stic c lo sure s (2012)
Re c o g nize d a s Co c a Co la ’ s b e st supplie r fo r c ro wns c o nse c utive ly fo r the pa st 4 ye a rs

Ind ia n Awa rd s Inte rna tio na l Awa rd s Custo me r Re c o g nitio n

SLIDE 17

Cha ng ing de mog r a phic s Inc r e a se in inc ome Ur ba niza tion Gr

wth in
r

g a nize d r e ta il Impr

ve me nt

in pa c ka g ing

T

he g lo b al ma rke t fo r ind ustria l pa c ka g ing is e stima te d to b e a ro und $52 Bn a nd is fo re c a ste d to re a c h $61 Bn b y 2020 c lo c king a g ro wth ra te o f 3.4% pe r a nnum.

China , Ind ia a nd o the r APAC c o untrie s will c o ntinue to se e

the hig he st g ro wth in d e ma nd , inc re a sing its to ta l sha re to 34% o f the wo rld ma rke t. In c o ntra st, We ste rn E uro pe is e xpe c te d to d ro p to a 28% ma rke t sha re in 2020.

T

he Asia Pa c ific re g io n (e xc lud ing India ) re c o rd e d stro ng g ro wth in po lyme r d e ma nd b y ~19% vs. ~10% g ro wth in d e ma nd fro m Ind ia .

T

he Ind ia n so ft d rink ma rke t is po ise d to g ro w a t a n a nnual ra te o f 28-30 pe r c e nt fo r 30 ye a rs, a n ind ustry o ffic ia l sa id to d a y.

De ma nd fo r fruit d rinks a nd pa c ka g e d juic e pro d uc ts

inc re a se d d ra ma tic a lly d uring the la st te n ye a rs, while the

ve ra ll ma rke t size o f the so ft d rink ma rke t sta nd s a t a

who pping Rs 65,000 c ro re .

Soft Dr inks Mar ke t

Industry Ove rvie w

17

8,000 25,000 32,000 F ruit Drink & Juic e s Ca rb o na te d So ft Drinks Othe r So ft Drinks

Mar ke t Size ( in Cr

r

e s) as on F Y17 Ke y dr ive r s

f

Gr

wth

*CDS- Carbonated Soft Drinks

SLIDE 18

MARINE L OGIST ICS

18

SLIDE 19

Busine ss Ove rvie w

19

Unite d Shippe r

s L td (USL ), a 64.29% sub sidia ry o f OE

L , a c lo se ly he ld pub lic limite d c o mpa ny, inc o rpo ra te d in No ve mb e r,1952 pro viding inte g ra te d ma rine L

g istic s se rvic e s to its c lie nts like L

ig hte ra g e , Ba rg ing , Ste ve do ring a nd la st mile c o nne c tivity thro ug h ro a d a nd ra il tra nspo rt se rvic e .

USL

is o ne o f the la rg e st ha ndle r o f dry c a rg o in India like c o a l, pe t c o ke , po lypro pyle ne e tc . thro ug h 8 mino r po rts a lo ng Ma ha ra shtra a nd Guja ra t with the he lp o f mo re tha n 300 e q uipme nt.

USL

Shipping DMCE ST is a 100% sub sidia ry o f Unite d Shippe rs L td b a se d re g iste re d in Dub a i Ma ritime City is in the b usine ss o f c ha rte ring o f ve sse ls.

USL

a lso ha s a 100% sta ke in Sha kti Cle a ring Ag e nc y Pvt L td whic h ha s a n e xc lusive lic e nse to o pe ra te 90 me te rs je tty a t Be di Po rt, Guja ra t.

USL
wn a priva te je tty in Guja ra t whic h b e c a me o pe ra tio na l in April 2000

a nd ha s a disc ha rg e ra te o f 10,000 – 16,000 T

ns pe r we a the r.
Due to po lluting na ture o f c o a l, c o a l ha ndling is re stric te d a t ma ny po rts.

T his ma ke s Na vla khi, a n ide a l po rt fo r impo rt o f c o a l fo r po we r a nd c e me nt pla nts lo c a te d in Guja ra t & No rth India .

T

he c o mpa ny a lso o wns 5 flo a ting c ra ne s c a pa b le to disc ha rg e 15,000 – 20,000 to ns o f b ulk c a rg o pe r we a the r da y.

34

Se lf Prope lle d Ba rg e s

52

E xc a va tors

50

Pa y loa de rs

1

Motor T ug

123

Dumpe rs

5

F loa ting Cra ne s

Str

ng E

quipme nt Base

SLIDE 20

Va lue Cha in

20

Pr

viding “E

nd-to -E nd” Mar ine L

gistic s Se r

vic e s

T r anspor t – Road & Rail War e housing Ste ve dor ing

Cha r te r (voya g e & time c ha r te r ing of ve sse ls) T r a nsfe r s Ca r g o onto a sma lle r ve sse l / ba r g e Move me nt of c a r g o to por t

n ba r

g e Unloa d c a r g o on por t Wa r e house Ca r g o L a st mile tr a nsfe r

f Ca r

g o

Char te r ing of Ships L ighte r age of Car go Bar ging

SLIDE 21

Ge og ra phic a l pre se nc e a nd Clie nte le

21

Pr e se nc e ac r

ss Por

ts in

Bha vna g a r Ma g d a lla Sing a c h Sikka Be d i Na vla khi Da ha nu T utic o rin Sa ng hipura m

SLIDE 22

Car go T r affic at Non- major Por ts (MMT )

547 555 581 606 647 499

F Y13 F Y14 F Y15 F Y16 F Y17 F Y 18*

Car go T r affic at Major Por ts (MMT )

India n Ma rke t Ove rvie w

I

nd ia ha s a c o a stline whic h is mor

e than 7,517 km long,

inte rspe rse d with mor

e than 200 por

ts. Mo st c a rg o ships tha t sail

b e twe e n E a st Asia a nd Ame ric a , E uro pe a nd Afric a pa ss thro ug h Ind ia n te rrito ria l wa te rs.

T

he g o ve rnme nt initia te d NMDP, a n initia tive to d e ve lo p the ma ritime se c to r; the pla nne d o utla y is US$ 11.8 bn. It pla ns to c re a te p o rt c a pa c ity o f a ro und 3200 MMT to ha nd le the e xpe c te d tra ffic o f a b o ut 2500 MMT b y 2020.

T
ta l inve stme nt in I

nd ia n po rts b y 2020 is e xpe c te d to re a c h

US$ 43.03 bn.

SE

Zs a re b e ing d e ve lo pe d in c lo se pro ximity to se ve ral po rts – c o mprising c o a l-b a se d po we r pla nts, ste e l pla nts a nd o il re fine rie s.

Car go T r affic at Major por ts in India

Sto o d a t 647.43 MMT

in F

Y17, g ro wing a t a CAGR o f 4.02% fro m F Y07-F Y17.

During F

Y16-17, 12 ma jo r po rts sho we d a 6.79% g ro wth in c a rg o in c o mpa riso n to the sa me time d uring pre vio us ye a r.

Car go T r affic at Non- major por ts in India

Sto o d a t 466.1 MMT

in F

Y16

Ca rg o tra ffic ha s e xpa nd e d a t a CAGR of 10.7% d uring F

Y16 a nd is e xpe c te d to g ro w a nnua lly a t 15.9% d uring F Y17.

Ca rg o tra ffic in 2017 a t no n-ma jo r po rts is e stima te d to re a c h

815.2 MMT

22 388 417 471 466 485

F Y13 F Y14 F Y15 F Y16 F Y17

*Up to De c 2018

SLIDE 23

E volution of L

g istic s Se c tor in India

23

Be for e 1990’s

L

imite d to o utso urc ing o f tra nspo rta tio n a c tivitie s fo r mo ve me nt o f g o o d s thro ug h wa re ho use s.

Ma inly a nnua l c o ntra c ts
Due to c o mple x e xc ise

ta x a nd o the r d utie s the fo c us wa s o n c a rg o mo ve me nt fo r re d uc ing inve nto ry a nd d istrib utio n c o sts thro ug h physic a l d istrib utio n ma na g e me nt.

1990- 2000

L

imite d to o utso urc ing o f tra nspo rta tio n a c tivitie s fo r mo ve me nt o f g o o d s thro ug h wa re ho use s.

Ma inly a nnua l c o ntra c ts
Due to c o mple x e xc ise

ta x a nd o the r d utie s the fo c us wa s o n c a rg o mo ve me nt fo r re d uc ing inve nto ry a nd d istrib utio n c o sts thro ug h physic a l d istrib utio n ma na g e me nt.

2000- 2014

Gro wth in tra d e vo lume s

& re g ula tio ns ha s le d to e me rg e nc e o f CF S/ ICD

pe ra tio ns
T

hird -pa rty lo g istic s se rvic e pro vid e rs ne e d e d to ha nd le mo ve me nt o f c a rg o a c ro ss the lo g istic s va lue c ha in.

Hig he r o utso urc ing a nd

mo re va lue a d d e d se rvic e s c a me into pla y like in-pla nt ma na g e me nt, re ve rse lo g istic s e tc .

F
c us o n inte g ra ting

supply c ha in, se rvic e pro vid e rs to me e t c usto me rs d istrib utio n ne e d s.

Be yond 2014

Dig itiza tio n o f lo g istic s

se rvic e s to inc re a se tra nspa re nc y re sulting in d isinte rme d ia tio n o f se rvic e s.

Ma rke t d e ma nd e d to ta l

inte g ra tio n o f lo g istic s se rvic e s a nd o utso urc ing to 3PL / 4PL se rvic e pro vid e rs.

E

ffic ie nc y a nd c o st ra tio na liza tio n thro ug h a d a pta tio n a nd a uto ma tio n o f te c hno lo g y o n b a c k o f e a sing re g ula tio ns.

SLIDE 24

Und e r Sa g a rma la Pro g ra mme , 415

pr

je c ts, a t a n

e stima te d inve stme nt o f a ppro xima te ly

₹7.98 lakh c r

r

e,

ha ve b e e n id e ntifie d fo r pha se wise imple me nta tio n

ve r the pe rio d

2015 to 2035

Ministry o f Shipping ha s a nno unc e d pla ns to r

e vive 133 non- func tional por ts to boost c oastal shipping

Go ve rnme nt is pla nning to

pe ra te a ll

ma jo r po rts in

India on r e ne wable e ne r gy by 2020 F DI of up to 100% unde r the automatic r

ute

a lo ng with va rio us inc e ntive s fo r priva te pla ye rs to b uild po rts

Inc r e ase the c ar go handling c apac ity o f the

po rts thro ug h NMDP (Na tio na l Ma ritime De ve lo pme nt Pro g ra mme ) Prime Ministe r Na re nd ra Mo d i initia te d –

National Sagar mala Ape x Committe e (NSAC) to mode r nize Indian por ts

Initia tive s by Gove rnme nt

24

SLIDE 25

PE T ROCHE M BUSINE SS

25

SLIDE 26

Busine ss Ove rvie w

26

Oric o n

E nte rprise s L td e ng a g e s in the b usine ss

f

ma nufa c turing o f p e nta ne whic h is a pe tro c he mic al fo r ind ustria l a pplic a tio ns a nd tra d ing a c tivitie s.

T

ype s of pe ntane s manufac tur e d:

Nor

mal Pe ntane - Use d a s a spe c ialty so lve nt fo r

e xtra c tio n o f pa ra ffin fro m ke ro se ne .

Comme r

c ial pe ntane - Use d a s a blo wing a g e nt fo r

c o nve rting o f Po lystyre ne to e xpa nd e d Po lystyre ne (T he rmo c o l).

CYCL

O pe ntane ISO pe ntane ble nd - Use d a s a c o o ling

g a s in re frig e ra to rs.

T

he c o mpa ny ha s a ma nufa c turing fa c ility o f pe nta ne s in K ho po li, Ma ha ra shtra .

T

he a nnual c a pa c ity o f the Kho p o li plant is a ro und 10,000 to ns wo rking a t a c a pa c ity utiliza tio n o f a ro und 40-45%.

T
p c lie nts fo r pe nta ne s a re BASF

, Go d re j, L G, Re lia nc e , Supre me Pe tro , Nirma e tc .

T

he y pro c ure c rud e o il g a s fro m GAIL whic h is the n d istille d to g e t pe nta ne .

Mar que e Clie nts

SLIDE 27

T

he Glo b al Spe c ialty Che mic als ma rke t is e xpe c te d to re a c h USD 530.9 Bn b y 2022 g ro wing a t a CAGR o f 6.3% fro m 2015 a nd 2022.

T

he la rg e st spe c iality c he mic al se g me nts in 2016 we re e le c tro nic c he mic a ls, ind ustria l a nd institutio na l c le a ne rs, spe c ialty p o lyme rs, surfa c ta nts, a nd c o nstruc tio n c he mic als. T he se a c c o unte d fo r 35% o f the ind ustry’ s g lo b a l sa le s.

Appro xima te ly 55% o f wo rld c o nsump tio n o f spe c iality

c he mic als we nt into o nly fo ur e nd -use industrie s—so a p, c le a ning & c o sme tic s, fo o d & b e ve ra g e s, e le c tric a l & e le c tro nic s a nd c o nstruc tio n.

T

he Ind ia n Pha rma c e utic a l Industry (IPI) is o ne o f the la rg e st in the wo rld a nd ha s g ro wn to a USD 20 Bn (~INR 95,000 c ro re ) ind ustry b a c ke d b y ro b ust g ro wth in te rms o f infra struc ture d e ve lo pme nt, te c hno lo g y b a se a nd a wid e ra ng e o f pro d uc ts.

Po pula tio n g ro wth (le a d ing to inc re a se d c o nsumptio n & stra in
n na tura l re so urc e s)
Co nsume rism a nd urb a nisa tio n (rising ne e d fo r c o nve nie nc e )
Wa te r & e ne rg y (Mo re po we r to susta in e c o no mic g ro wth

with g re a te r e ffic ie nc y o f wa te r usa g e )

Clima te c ha ng e (I

nc re a sing a wa re ne ss a b o ut ind ustrial po llutio n)

Me ga tr e nds having an impac t on the spe c iality c he mic als industr y

346 364 383 403 424 446 474 2014 2015 2016 2017 2018 2019 2020

Global Spe c iality Che mic als Mar ke t, 2014- 2020 (USD Bn) Wor ld Consumption of spe c iality c he mic als 2016

Industry Ove rvie w - Pe troc he mic a ls

No rth Ame ric a , 24% Ce ntra l/ So uth Ame ric a , 6% China , 21% We ste rn E uro pe , 17% Ce ntra l/ E a ste rn E uro pe , 4% Ja pa n, 9% Othe r Asia , 15% Middle & E a st Afric a , 3% Othe r, 1% 27

SLIDE 28

RE AL E ST AT E BUSINE SS

28

SLIDE 29

Busine ss Ove rvie w

29

I

nd ia b ulls Infra e sta te L imite d , a ma jo rity o wne d sub sid ia ry o f the Ind ia b ulls Re al E sta te L imite d , is d e ve lo ping a ma rq ue pro je c t “BL U” a t Wo rli, Mumb a i. JDA to de ve lop 7,810 Sq. Mtr

s. plot situa te d a t Dr. E

. Mo se s Ro a d , Wo rli.

JDA

JDA with I ndia b ulls | 30:70 Joint Ve ntur

e | E

xpe c te d Ca sh flo w o f ~I NR 2,500 Mn o ve r a pe rio d o f 2-3 ye a rs

2 ac r e s at Wor li, Mumbai

Jo int De ve lo pme nt Ag re e me nt (JDA) With Ind ia b ulls

Infra e sta te L imite d .

Pla ns to jo intly d e ve lo p the la nd pa rc e l.

1 ac r e at Wor li, Mumbai

T

he c o mpa ny pla ns to mo ne tize the la nd b a nk lo c a te d ne a r F

ur Se a so ns, Wo rli in the ne a r future .

Sale able Ar e a Of 67,000 Sq. F t

Ca sh F

lo w Re a lisa tio n o f a ro und INR 2,500 Mn

T

he c a sh will b e re a lise d upo n sa le o f fla ts b y Ind ia Bulls

T

he pe rio d in whic h the c a sh will b e re a lise d is a ro und 2-3 ye a rs

30% Re ve nue Shar e

L
ng te rm lo a n to Oric o n E

nte rprise s L td . b y Ind ia Bulls Ho using F ina nc e o f INR 3,000 Mn

100% hypo the c a te d a g a inst re c e iva b le s fro m the

d e ve lo pme nt o f the c o mpa ny’ s la nd in Wo rli.

T

he inte re st o n lo a n will b e pa id b y Ind ia b ulls Infra e sta te L td a s pe r the te rms o f the JDA.

SLIDE 30

F INANCIAL PE RF ORMANCE

30

SLIDE 31

Inc ome Sta te me nt- Sta nda lone

31

* Re po rte d a s pe r IND-AS

Pa r tic ular s (INR Mn) F Y15 F Y16 F Y17 9M- F Y18*

Inc o me fro m Ope ra tio ns 648 576 385 392 Othe r Inc o me 187 276 128 233

T

ta l Inc ome

835 852 513 625

Ope ra ting E xpe nse s 680 594 430 438

E BIT DA 155 258 83 187 EBIT DA Mar gin (%) 18.56% 30.28% 16.18% 29.92%

F ina nc e Co st 51 98 51 13 De pre c ia tio n 20 10 7 6

Pr

fit Be for

e T a x 84 150 25 168

Prio r Pe rio d Ite ms

E

xc e ptio na l Ite ms

20

64

T

a xa tio n 18 7 27 23

Pr

fit Afte r

T a x 66 163 62 145

Pro fit/ (lo ss) fro m Disc o ntinue d Ope ra tio n

5
13
Pr
fit Afte r

T a x & Disc ontinue d Ope r a tions 66 158 49 145 PAT Mar gin (%) 7.90% 18.54% 9.55% 23.20%

Othe r Co mpre he nsive Inc o me

45

T

ta l Compr

e he nsive Inc ome 66 158 49 100

Dilute d E PS (INR) 0.42 1.01 0.31 0.92

SLIDE 32

Ba la nc e She e t Sta nda lone - IND AS

32 E QUIT Y & L IABIL IT IE S (INR Mn) H1- F Y18 ASSE T S (INR Mn) H1- F Y18 E QUIT Y NON- CUR R E NT ASSE T S

E q uity Sha re c a pita l 314 Pro pe rty, pla nt & e q uipme nt 49 Othe r e q uity 4,637 Ca pita l wo rk-in-pro g re ss 8

NON- CUR R E NT L IABIL IT IE S

Inve stme nt Pro pe rty 10

F ina nc ia l L ia bilitie s F ina nc ia l Asse ts

Bo rro wing s 653 Inve stme nts 4,987 Othe r fina nc ia l lia b ilitie s 47 L

a ns & Adva nc e s

365 Pro visio ns 13 De fe rre d ta x a sse ts (Ne t) 8 Othe r No n-Curre nt L ia b ilitie s 7 Inc o me ta x a sse ts (Ne t) 91 Othe r No n - c urre nt a sse ts 41

CUR R E NT L IABIL IT IE S CUR R E NT ASSE T S F ina nc ia l L ia bilitie s

Inve nto rie s 18 Bo rro wing s 59

F ina nc ia l Asse ts

T ra de Pa ya b le s 42 T ra de re c e iva b le s 125 Othe r F ina nc ia l L ia b ilitie s 201 Ca sh & Ca sh E q uiva le nts 1 Curre nt ta x lia b ilitie s (Ne t) 15 Ba nk b a la nc e s o the r tha n c a sh & c a sh e e q uiva le nt 105 Pro visio ns 2 L

a ns

128 Othe r c urre nt lia b ilitie s 9 Othe r F ina nc ia l Asse ts 44 Othe r Curre nt a sse ts 19

T OT AL E QUIT Y & L IABIL IT IE S 5,999 T OT AL ASSE T S 5,999

SLIDE 33

Historic a l Ba la nc e She e t- Sta nda lone IGAAP

33 L IABIL IT IE S (INR Mn) F Y15 F Y16 F Y17 ASSE T S (INR Mn) F Y15 F Y16 F Y 17 Sha r e holde r ’s F und Non- c ur r e nt a sse ts

Sha re c a pita l 314 314 314 F ixe d a sse ts Re se rve s & Surplus 4,453 4,547 4,596 T a ng ib le Asse ts 137 109 57 Mino rity Inte re st

Inta ng ib le Asse ts
Ca pita l WIP
Non- c ur

r e nt lia bilitie s Non- Cur r e nt Asse ts

L

ng te rm b o rro wing s

801 723 742 No n Curre nt Inve stme nts 4,989 5,001 4,993 De fe rre d T a x L ia b ilitie s

De fe rre d T

a x Asse ts 1 3 8 Othe r no n-c urre nt lia b ilitie s 46 52 53 L

ng T

e rm L

a n & Adva nc e s

348 411 451 L

ng T

e rm Pro visio ns 10 11 12 Othe r no n Curre nt Asse ts 11 12

Cur

r e nt lia bilitie s Cur r e nt Asse ts

Sho rt te rm b o rro wing s 130 130 40 Inve nto rie s 32 18 14 T ra de Pa ya b le s 58 36 15 T ra de Re c e iva b le s 217 216 59 Othe r c urre nt lia b ilitie s 124 214 61 Ca sh And Ca sh E q uiva le nts 14 12 58 Sho rt T e rm Pro visio ns 94 10 17 Sho rt T e rm L

a n & Adva nc e s

279 237 183 Othe r Curre nt Asse ts 2 18 27

T

ta l L

ia bilitie s 6,030 6,037 5,850 T

ta l Asse ts

6,030 6,037 5,850

SLIDE 34

34

Inc ome Sta te me nt- Consolida te d

Par tic ular s (INR Mn) F Y15 F Y16 F Y17

I nc o me fro m Ope ra tio ns 10,478 11,650 11,685 Othe r I nc o me 335 290 483

T

ta l Inc ome

10,813 11,940 12,168

Ope ra ting E xpe nse s 9,565 10,684 10,718

E BIT DA 1,248 1,256 1,450 E BIT DA Ma rg in (% ) 11.54% 10.52% 12.41%

F ina nc e Co st 159 275 192 De pre c ia tio n 376 558 648

Profit Be fore T a x 713 423 610

Prio r Pe rio d I te ms

E

xc e ptio na l I te ms 572 73 65 T a xa tio n 436 167 226

Profit Afte r T a x 849 329 449

Mino rity I nte re st 416 137 83 Pro fit/ (lo ss) fro m Disc o ntinue d Ope ra tio ns

5
13

Profit Afte r T a x & Disc ontinue d Ope ra tions 433 187 353 PAT Ma rg in (% ) 4.00% 1.57% 2.90%

Dilute d E PS (I NR) 2.75 1.19 2.25

SLIDE 35

Histor ic al Balanc e She e t Consolidate d IGAAP

35 L IABIL IT IE S (INR Mn) F Y15 F Y16 F Y17 ASSE T S (INR Mn) F Y15 F Y16 F Y17 Sha r e holde r ’s F und Non- c ur r e nt a sse ts

Sha re c a pita l 314 314 314 F ixe d a sse ts Re se rve s & Surplus 6,003 6,124 6,516 T a ng ib le Asse ts 6,864 8,297 4,812 Mino rity Inte re st 2,479 1,797 1,526 Inta ng ib le Asse ts 398 301 1,309 Ca pita l WIP 386 325 94

Non- c ur r e nt lia bilitie s Non- Cur r e nt Asse ts

L

ng te rm b o rro wing s

1,768 1,826 4,103 No n Curre nt Inve stme nts 1,466 1,322 2,082 De fe re d T a x L ia b ilitie s 355 360 362 De fe rre d T a x Asse ts 5 22 15 Othe r no n-c urre nt lia b ilitie s 441 52 158 L

ng T

e rm L

a n & Adva nc e s

842 703 839 L

ng T

e rm Pro visio ns 102 121 139 Othe r no n Curre nt Asse ts 230 175 160

Cur r e nt lia bilitie s Cur r e nt Asse ts

Sho rt te rm b o rro wing s 1,772 1,926 2,362 Curre nt Inve stme nts 340 629 1,177 T ra de Pa ya b le s 1,083 853 884 Inve nto rie s 1,210 1,075 3,959 Othe r c urre nt lia b ilitie s 655 1,921 821 T ra de Re c e iva b le s 2,136 1,835 2,144 Sho rt T e rm Pro visio ns 197 35 146 Ca sh And Ca sh E q uiva le nts 253 195 277 Sho rt T e rm L

a n & Adva nc e s

1,028 413 415 Othe r Curre nt Asse ts 11 37 48

T

ta l L

ia bilitie s 15,169 15,329 17,331 T

ta l Asse ts

15,169 15,329 17,331

SLIDE 36

Ca pita l Ma rke t Da ta

36

5%

0% 5% 10% 15% 20% 25% 30% 35% 40% Ja n-17 F e b -17 Ma r-17 Apr-17 Ma y-17 Jun-17 Jul-17 Aug -17 Se p-17 Oc t-17 No v-17 De c -17

Oric o n Se nse x

PRICE DAT A (AS ON DE CE MBE R 31st, 2017) SHARE HOL DING PAT T E RN (AS ON DE CE MBE R 31st, 2017) F a c e Va lue (INR) 2.0 Ma rke t Pric e (INR)

59.25

52 we e k H/ L (INR) 72.4/ 50.0 Ma rke t Ca p (INR Mn) 9,305 E q uity Sha re s Outsta nd ing (Mn) 157.05 12 Mo nth Avg . T ra d ing Vo lume (‘ 000) 528.1

66% 6% 2% 26%

Pro mo te rs F I I DI I Pub lic

SLIDE 37

Disc la ime r

37

Mr. Anuj Sonpa l

Va lore m Advisors Inve stor Re la tions Ma na g e me nt

T e l: +91-22-4903-9500 / 01 / 02 / 06 E ma il: a nuj@ va lo re ma dviso rs.c o m

Or ic o n E nte r pr ise s L td Disc laime r :

No re pre se ntatio n o r warranty, e xpre ss o r implie d, is made as to , and no re lianc e sho uld b e plac e d o n, the fairne ss, ac c urac y, c o mple te ne ss o r c o rre c tne ss o f the info rmatio n o r o pinio ns c o ntaine d in this pre se ntatio n. Suc h info rmatio n and o pinio ns are in all e ve nts no t c urre nt afte r the date o f this pre se ntatio n. Ce rtain state me nts made in this pre se ntatio n may no t b e b ase d o n histo ric al info rmatio n o r fac ts and may b e "fo rward lo o king state me nts" b ase d o n the c urre ntly he ld b e lie fs and assumptio ns o f the manag e me nt o f Oric o n E nte rprise s L td (“Co mpa ny” o r “Oric o n E nte rprise s L td”), whic h are e xpre sse d in g o o d faith and in the ir o pinio n re aso nab le , inc luding tho se re lating to the Co mpany’ s g e ne ral b usine ss plans and strate g y, its future financ ial c o nditio n and g ro wth pro spe c ts and future de ve lo pme nts in its industry and its c o mpe titive and re g ulato ry e nviro nme nt. F

rward-lo o king state me nts invo lve kno wn and unkno wn risks, unc e rtaintie s and o the r fac to rs, whic h may c ause the ac tual re sults, financ ial c o nditio n, pe rfo rmanc e
r ac hie ve me nts o f the Co mpany o r industry re sults to diffe r mate rially fro m the re sults, financ ial c o nditio n, pe rfo rmanc e o r ac hie ve me nts e xpre sse d o r implie d by

suc h fo rward-lo o king state me nts, inc luding future c hang e s o r de ve lo pme nts in the Co mp any’ s b usine ss, its c o mpe titive e nviro nme nt and po litic al, e c o no mic , le g al and so c ial c o nditio ns. F urthe r, past pe rfo rmanc e is no t ne c e ssarily indic ative o f future re sults. Give n the se risks, unc e rtaintie s and o the r fac to rs, vie we rs o f this pre se ntatio n are c autio ne d no t to plac e undue re lianc e o n the se fo rward-lo o king state me nts. T he Co mp any disc laims any o b lig atio n to update the se fo rward- lo o king state me nts to re fle c t future e ve nts o r de ve lo pme nts. T his pre se ntatio n is fo r g e ne ral info rmatio n purpo se s o nly, witho ut re g ard to any spe c ific o b je c tive s, financ ial situatio ns o r info rmatio nal ne e ds o f any partic ular pe rso n. T his pre se ntatio n do e s no t c o nstitute an o ffe r o r invitatio n to purc hase o r sub sc rib e fo r any se c uritie s in any jurisdic tio n, inc luding the Unite d S tate s. No part o f it sho uld fo rm the b asis o f o r b e re lie d upo n in c o nne c tio n with any inve stme nt de c isio n o r any c o ntrac t o r c o mmitme nt to purc hase o r sub sc rib e fo r any se c uritie s. No ne o f o ur se c uritie s may b e o ffe re d o r so ld in the Unite d S tate s, witho ut re g istratio n unde r the U.S. Se c uritie s Ac t o f 1933, as ame nde d, o r pursuant to an e xe mptio n fro m re g istratio n the re fro m. T his pre se ntatio n is c o nfide ntial and may no t b e c o pie d o r disse minate d, in who le o r in part, and in any manne r.

Valo r e m Adviso r s Disc laime r :

Valo re m Adviso rs is an I nde pe nde nt I nve sto r Re latio ns Manag e me nt Se rvic e c o mpany. T his Pre se ntatio n has b e e n pre pare d b y Valo re m Adviso rs b ase d o n info rmatio n and data whic h the Co mpany c o nside rs re liable , b ut Valo re m Adviso rs and the Co mpany ma ke s no re pre se ntatio n o r warranty, e xpre ss o r implie d, whatso e ve r, and no re lianc e shall b e plac e d o n, the truth, ac c urac y, c o mple te ne ss, fairne ss and re aso nable ne ss o f the c o nte nts o f this Pre se ntatio n. T his Pre se ntatio n may no t b e all inc lusive and may no t c o ntain all o f the info rmatio n that yo u may c o nside r mate rial. Any liab ility in re spe c t o f the c o nte nts o f, o r any o missio n fro m, this Pre se ntatio n is e xpre ssly e xc lude d. Valo re m Adviso rs also he re b y c e rtifie s that the dire c to rs o r e mplo ye e s o f Valo re m Adviso rs do no t o wn any sto c k in pe rso nal o r c o mpany c apac ity o f the Co mpany unde r re vie w.

SLIDE 38

T HANK YOU

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