GRUH Finance Limited GRUH Finance Limited

(A Subsidiary of HDFC Limited) (A Subsidiary of HDFC Limited)

DEC 2013
1
Profile
PromotedbyHDFC &AKFEDonJ uly21, 1986
Commencedoperations in1988fromAhmedabad
Asubsidiaryof HDFC - SinceJ une2000 Asubsidiaryof HDFC SinceJ une2000
Regulated by National Housing Bank (NHB) Wholly owned
b idi f R B k f I di (RBI) subsidiaryof ReserveBankof India(RBI)
RecognizedbyNHBforRefinancefacility
2
Profile
CumulativeHousingUnits Financed 246002
As on Dec. 31, 2013
CumulativeDisbursementof Rs.11342Cr.
AverageLoanPerUnitonCumulativeDisbursement Rs.5.83Lac AverageLoanPerUnitonCumulativeDisbursement Rs.5.83Lac
CumulativeDisbursementinRural Areas
(*)
Rs. 4579Cr.
Retail Networkof 138offices across 7States.
Consistenttrackrecordof DividendPayout
(*)
Rural Areas are locations where populations is less than 50,000
3
Profile
A D 31 2013
OutstandingLoanAssetsof Rs. 6545Cr.
As on Dec. 31, 2013
AverageLoanOutstandingPerUnit Rs. 5.06Lac
LoanDisbursementduringtheperiod Rs.1825Cr.
AverageLoanPerUnitonDisbursementduringthePeriodRs. 7.74Lac
LoanDisbursementinRuralAreas Rs760Cr LoanDisbursementinRuralAreas Rs.760Cr.
GrossNPAsRs.29.93Cr 0.46%ofOutstandingLoanAssetsofRs.6545Cr.
4
Compounded Average Growth Rate p g
(CAGR) as at March 31, 2013
3 Years
(%)
5 Years
(%)
7 Years
(%)
10 Years
(%)
Disbursements 41 28 29 27
LoanAssets 30 25 26 26 Loan Assets 30 25 26 26
ProfitAfter Tax 28 28 31 30
5
Ratings Ratings
Public Deposits :
FAAA b CRISIL d FAAA by CRISIL and
MAAA by ICRA
Non Convertible Debentures : AA+ by ICRA &CRISIL Non-Convertible Debentures : AA+ by ICRA & CRISIL
Subordinated NCD: AA+ by ICRA & CRISIL
Commercial Paper : A1+ by ICRA & CRISIL p y
These rating indicates high safety with regard to timely
payment of interest and principal
6
GRUHS Presence
Retail Offices
FY Nos.
2000 28
Rajasthan,10
No.ofRetailOffices
AsonDec.31,2013
2000 - 28
2006 - 65
2010 - 95
Gujarat,40
Karnataka,15
Chhatti sgarh,7
j ,
Tami lNadu,5
2011 - 115
2012 - 120
2013 - 134
2014 - 138
Maharashtra 41
MadhyaPradesh,
20
Districts covered - 101
Taluka serviced - 921
Maharashtra,41
7
Share Holding Pattern Share Holding Pattern
I di id l
FI, MF & Banks
0.57%
CorporateBodies
As on Dec. 31, 2013
Individuals
17.63%
Corporate Bodies
2.10%
FII's
16.92%
NRIs/OCBs
3.53%
HDFC HDFC
59.27%
8
Stake Holders Stake Holders
As on Dec. 31, 2013
Shareholders : 18461
Borrowers : 125045
Depositors : 53066
Savings Agents : 737
R f l A i t 890 Referral Associates : 890
Staff Members : 535
9
Strengths g
Focus on individual home loans where default rates are low
- 92.24%of Loan Assets is towards Individual Home Loans
Average Loan To Value Ratio of 65%
Quality underwriting with experience of over 25 Years
St bl d i d t t f Stable and experienced management average tenor of
senior management in GRUH over 15 Years
10
GRUH is a Trend-Setter
First to commence Lending in Rural Areas 1988
First to introduce Tenure Based Pricing 1997
First to target Self-Employed Category in informal segment First to target Self Employed Category in informal segment
- 2002
Fi t t i t d N ti A ti d L P d t 2002 First to introduce Negative Amortized Loan Product 2002
First to introduce Risk Based Pricing 2005
- Pricing linked to Credit Score
11
Market Scenario
Housing shortage of 18.78 mn units in Urban Areas & 43.67 mn in
Rural Areas.
31% of Countrys population is in Urban Areas, where shortage of
housing units is estimated at 18.78 mn units (Countrys population as
per Census 2011 is at 1.21 bn). Rural : Urban distribution is 69:31.
Mortgages contribute 8% of Indias GDP as compared to 14% in
China, 19% in Thailand, 24% in South Africa, 34% in Malaysia, 53%
in Singapore, 47%in Germany and 67%in USA (Source HOFINET)
Increasing Urbanisation
Growing segment of self-employed individuals
Growth in demand
Rising disposable income Rising disposable income
Fiscal incentives on both interest and principal repayments
12
Challenges Challenges
Thin density at rural locations
Rising trend of migration to urban locations Rising trend of migration to urban locations
Presence of PSU Banks and Local/Regional Co-operative Banks
Delay in issue of construction permission at rural locations
Difficulty in verification of title documents at rural locations
Higher cost of operations
Small ticket loans and servicing of customers at scattered locations
Higher cost of collection
Repayment by borrowers through outstation cheques and payments
in collection account leads to delay in actual realisation of funds co ecto accou t eads to deay actua ea sato o u ds
Non-acceptance of Cash
13
Performance Highlights Performance Highlights
(Rs. In Crore)
9 Months 9 Months Growth
Particulars
9 Months
Ended on
31/12/13
9 Months
Ended on
31/12/12
Growth
(%)
Disbursement 1825 1491 22 Disbursement 1825 1491 22
Loan Assets 6545 4995 31
Gross NPAs 30 27 12 Gross NPAs 30 27 12
Net Interest Margin 194 156 24
Non-Interest Expenses 43 36 20 p
PAT 103 83 25
14
Assets Profile
2.36%
1.30%
0.16%
0.23%
0.30%
0.29%
0.31%
0.47%
98%
99%
100%
0.74%
1.28%
4.63%
96%
97%
Deffered Tax Assets
96.45%
96.88%
0.63%
93%
94%
95%
Fixed Assets
Current Assets
Investments
Loan Assets
93.97%
91%
92%
93%
90%
Dec-13 Dec-12 Dec-11
15
Loan Assets Profile Loan Assets Profile
4.58%
4.30% 4.70%
3.24%
4.10%
4.09%
90%
100%
60%
70%
80%
90%
92.18% 91.60% 91.21%
30%
40%
50%
60%
Devel oper Loans
NRP Loans - Indi vi dual s
Home Loans - Indi vi dual s
0%
10%
20%
30%
0%
Dec-13 Dec-12 Dec-11
16
Break up of Individual Loans Break up of Individual Loans
As on Dec. 31, 2013
(R i C ) (Rs. in Crores)
Retail Loans
Fixed Rate Variable Rate TOTAL %
Annual Reducing
37.27 69.02 106.29 1.68
Monthly Reducing
6.12 6212.81 6218.93 98.20
Daily Reducing
0.00 7.72 7.72 0.12
Total
43.39 6289.55 6332.94 100.00
% of total portfolio
0.69 99.31 100.00
17
Profile of Customers
As on Dec. 31, 2013 2012 2011
No. of Incremental Loans
21994 18841 14960
N f Li A t No. of Live Accounts
125045 108022 94017
Average Loan Disbursed per unit (Rs. In lac)
7.73 7.22 6.68
Average Cost per dwelling unit (Rs In lac)
13 71 12 60 10 30
Average Cost per dwelling unit (Rs. In lac)
13.71 12.60 10.30
Loan amount wise break up (%)
a) up to Rs. 5 Lakhs
43 75 45 84 56 09
) p
43.75 45.84 56.09
b) more than 5 Lakhs up to 10 Lakhs
38.93 39.73 34.07
c) more than 10 Lakhs up to 30 Lakhs
16.17 13.52 9.05
d) more than 30 Lakhs
1.16 0.91 0.78
18
Profile of Customers
As on Dec. 31, 2013 2012 2011
L t d d i (%) Loans extended in areas(%)
a) Population is less than 50,000
47.50 48.78 42.82
b) Population is more than 50 000
52 50 51 22 57 18
b) Population is more than 50,000
52.50 51.22 57.18
Average Loan to Value Ratio
62 63 65
Average Income of the Borrower
27233 34706 27583
Average Installment to Income Ratio
33 31 31
Average Fixed Obligation Ratio
37 36 35
19
Distribution of Customers Distribution of Customers
As on Dec. 31, 2013
Self Employed
16.47% 16.47%
In Employment
62.46%
Businessmen
19.41%
Pr of essionals Pr of essionals
1.66%
20
Loans Assets Distribution - States
Maharastra
33.26%
Retail Loans as on Dec. 31, 2013
Gujarat
36.97%
Karnataka
7 69% 7.69%
Rajasthan
4 45% 4.45%
Madhya Pradesh
13.14%
Chhatishgarh
2.60%
Tamilnadu
1.89%
21
Liability Profile y
100 00%
120.00%
9.09% 9.52% 9.65%
80.00%
100.00%
90.91% 90.48% 90.35%
40.00%
60.00% Shareholders' Funds
Loan Funds
20.00%
0.00%
Dec-13 Dec-12 Dec-11
22
Sources of Borrowingg
57.58% 60.00%
70.00%
47.19%
53.41%
40 00%
50.00%
NHB
Commerci al Paper
22.73%
21.67%
30.00%
40.00%
BankLoans
Publ i cDeposi ts
NCD
Subordi natedDebt
HDFC Ltd KfW
12.55%
9.38% 9.49%
11.22%
15.40%
13.96%
10.12%
1.34%
10.85%
0 00%
0 58%
0.88%
1.14%
0 21% 0 30%
0 00%
10.00%
20.00%
HDFCLtd. KfW
0.00%
0.58%
0.88%
0.21% 0.30%
0.00%
0.00%
Dec13 Dec12 Dec11
23
Borrowing Profile g
Tenure Base
As on Dec. 31, 2013
(*) Average tenure 8.23 years
(**) Average tenure less than one year
24
Balance Sheet
As on Dec. 31, (Rs. in Crores)
2013 2012 Growth (%)
Sources of Funds
Share Capital 36 36 -
Reserves & Surplus 566 442 28
Borrowings 6018 4531 33
Current Liabilities & Provisions 166 148 12
6786 5157 32
Application of Funds
LoanAssets 6545 4995 31 Loan Assets 6545 4995 31
Investments 50 66 (24)
Current Assets 160 67 138
FixedAssets 11 12 (8) Fixed Assets 11 12 (8)
Deferred Tax Assets 20 17 18
6786 5157 32
25
Income Statement Income Statement
As on Dec. 31,
(Rs. in Crores)
2013 2012 Growth (%)
Interest income 589.42 452.05 30
Interest expenses 395.70 296.18 34
Net interest Margin 193 72 155 87 24 Net interest Margin 193.72 155.87 24
Non-Interest Income 21.55 19.04 13
Non-Interest Expenses 43.11 36.04 20
P i i f C ti i /B dD bt Provision for Contingencies/Bad Debt
Written Off 20.90 16.97 23
Profit Before Tax 151.26 121.90 24
Provision for Taxation 47.90 39.08 23
Profit After Tax 103.36 82.82 25
26
Operating Income
As on Dec. 31, (Rs. in Crores)
2013 2012 Growth (%)
Interest on Loans 571 96 441 53 30 Interest on Loans 571.96 441.53 30
Interest on Fixed Deposits and SLR
Investments 16.61 6.70 148
Surplus from deployment in Cash Management
Schemes/Dividends on Mutual Funds 0.85 3.81 (78)
Interest Income 589 42 452 04 30 Interest Income 589.42 452.04 30
Fees and Other Charges 18.79 16.18 16
Bad Debts Recovered 0.20 1.02 (80)
Oth O ti I 2 58 1 93 34 Other Operating Income 2.58 1.93 34
Non-Interest Income 21.57 19.13 13
27
Risk Profile Risk Profile
Loan Assets & NPAs
As on Dec. 31,
(Rs. in Crores)
2013 2012 Growth (%) 2013 2012 Growth (%)
Loan Assets (Rs.) 6544.60 4995.11 31
Provision for Standard Assets (Rs.) 28.68 22.38 28
Gross NPA (Rs.) 29.93 26.74 12
Provision for NPA (Rs.) 30.00 32.02 (6)
Net NPA (Rs.) 0.00 0.00 -
Ratios
Gross NPA as % to Loans 0.46 0.54 (15)
Net NPA as % to Loans 0 00 0 00 Net NPA as % to Loans 0.00 0.00 -
Coverage Ratio(%)
100.21 119.75 (16)
28
Quarterly Financial Results
As on Dec 31, (Rs. In Crore)
Q3-CY Q3-PY Q2-CY YOY CY YOY PY
1. Operating income 217.39 166.41 210.50 804.71 636.89 p g
2. Other Operating Income 0.00 0.01 0.00 0.50 0.01
3. Total Income 217.39 166.42 210.50 805.21 636.90
4 I t t d Oth Ch 140 88 101 60 138 99 503 94 384 43 4. Interest and Other Charges 140.88 101.60 138.99 503.94 384.43
5. Non-interest Expenses 14.01 12.46 16.46 53.31 45.79
6. Provision for Contingencies/
Bad Debt Written Off 6.78 6.42 4.34 21.79 17.78
7. Total Expenditure 161.67 120.48 159.79 579.04 448.00
8. Profit Before Tax 55.72 45.94 50.71 226.17 188.90
9. Tax Expenses 20.48 17.05 16.36 59.75 50.51
10. Profit After Tax 35.24 28.89 34.35 166.42 138.39
29
Key Financial Ratios
As on Dec. 31,
2013 2012 2011
Net Interest Margin / ATA (%)
4.17 4.38 4.74
Non Interest Expenses / ATA (%)
0.93 1.01 1.06
PBT/ATA (%)
3.26 3.42 3.46
PAT/ATA (%)
2.23 2.33 2.34
Cost to Income Ratio (%)
20.29 20.95 20.49
ATA = Average Total Assets
30
Key Financial Ratios Key Financial Ratios
As on Dec. 31,
2013 2012 2011
Capital Adequacy Ratio (%)
17.07 14.22 14.41
Tier I
15.37 13.55 12.87
Tier II
1 70 0 67 1 54
Tier II
1.70 0.67 1.54
31
Return to Investors Return to Investors
As on Dec. 31,
2013 * 2012* 2011
Book Value (Rs.)
33.55 26.88 107.00
Earning Per Share (Rs.)
5.76 4.67 18.37
Return on Average Networth (%)
25.23 25.60 24.85
Share Price (Rs Per Share)
255 45 237 45 558 55
Share Price (Rs. Per Share)
255.45 237.45 558.55
Price to Book Value (Times)
7.61 8.83 5.22
Market Capitalization(Rs. In Cr.)
4592 4226 1972
Market Capitalization (Rs. In Cr.)
4592 4226 1972
* On face value of Rs.2/- per share. Face value of GRUHs Share have been sub-divided from Rs.10/- to Rs.2/- w.e.f.
July 26, 2012.
32
Productivity Ratios Productivity Ratios
As on Dec. 31,
2013 2012 2011
Average No. of Employees
527 492 450
Average No. of Retail offices
134 126 116
Profit Per Employee ( Rs. in Lakhs)
26 22 19
Total Assets Per Employee ( Rs. in Lakhs)
1289 1048 889
L A t M d t R t il Offi (R I L kh ) Loan Assets Managed at Retail Office (Rs. In Lakhs)
4884 3980 3238
33
Rural Focus
Cumulative Rural Disbursement of Rs.4579 Cr.
(Rural location is a location where population is less than 50000.
A state is divided into districts and each District cover 10-15 Talukas and
each Taluka is a cluster of 80-100 villages)
Disbursed 117779 cases in rural segment
Presence in 101 Districts of 7 States Presence in 101 Districts of 7 States
Servicing customers in 921Taluka places in 7 States
Di b d R 3841 C 1010 9 f ili d G ld J bil Disbursed Rs.3841 Cr. to 101059 families under Golden J ubilee
Rural Housing Finance Scheme of Government of India
Disbursed Rs.859.25 Cr. to 23026 families under Rural Housing
Fund
34
NHB Regulator for HFCs NHB Regulator for HFCs
Established under the National Housing Bank Act, 1987
NHB is a Wholly owned subsidiary of RBI
Regulatory Framework for HFC
NHB Act 1987 NHB Act, 1987
Housing Finance Companies (NHB) Directions, 2010
Guidelines
Circulars Circulars
NHB is empowered to
Frame policy in consultation with Government & RBI
Give directions to HFCs and their auditors
35
Regulatory Norms Regulatory Norms
A. Capital Adequacy p q y
To maintain a minimum of Capital Adequacy Ratio of 12% consisting of Tier-I
and Tier-II capital (Tier-I - 6%&Tier-II 6%)
Total Tier-II capital not to exceed 100%of Tier-I capital
Deferred Tax Assets and Deferred revenue expenditure or preliminary expenses,
to the extent not written off to be reduced fromthe networth
The value of each asset/itemis multiplied by the relevant risk weights to arrive at e aue o eac asset/ te s utp ed by t e ee a t s eg ts to a e at
risk adjusted value of assets
The aggregate to be taken into account for calculatingminimumcapital ratio
36
Regulatory Norms Regulatory Norms
B. Risk Weight
Loan Assets
Risk
Weight Loan Assets Weight
Housing loans to individuals secured by mortgage of immoveable property, which are
classifiedas StandardAssets (Value <=Rs. 20 Lakhs andLTV <=90%)
50%
Housing loans to individuals secured by mortgage of immoveable property which are
50%
Housing loans to individuals secured by mortgage of immoveable property, which are
classifiedas StandardAssets (Value >Rs.20 Lakhs and<=Rs.75Lakhs andLTV <=80%)
50%
Housing loans to individuals secured by mortgage of immoveable property, which are
classifiedas StandardAssets (Value >Rs.75 Lakhs andLTV <=75%)
75%
Any other HousingLoanincludingNPAs to the extent for which provisions are not made
100%
50%of the undisbursed amount of loanin partlydisbursedcases.
100%
Fund Based and non-fund based exposures to commercial real estate viz. multipurpose
i l i ltif il id ti l b ildi ffi b ildi i d t i l commercial premises, multifamily residential buildings, office buildings, industrial or
warehouse space, hotels, etc.
(a) Commercial Real Estate Residential Buildings
(b) All Other Commercial Real Estate
75%
100%
37
Risk Weights (%) Based on Loan Amount and LTV Ratio
(*)
Loan Amount
LTV
< = 75% > 75% & <=80% > 80% & <=90%
< R 20 L 50% 50% 50% <=Rs.20 Lacs 50% 50% 50%
>Rs.20 Lacs but
<= Rs.75 Lacs
50% 50% 100%
R L % 100% 100% >Rs.75 Lacs 75% 100% 100%
(*) LTV Ratio is a percentage with total outstanding in the account (viz Principal + Accrued Interest + Other
Charges pertaining to the loan without any netting) in the numerator and the realizable value of the
residential property mortgaged to the HFC in the denominator.
38
Regulatory Norms Regulatory Norms
C. Ceiling on the Loan to Value Ratio (LTV) on Housing Loans to Individuals
Amount of housing loan to individuals Maximum Loan to Value Ration ( LTV )
Upto Rs. 20 Lacs 90% on the housing loans
Above Rs. 20 Lacs and Upto Rs.75 Lacs 80% on the housing loans p g
Above Rs.75 Lacs 75% on the housing loans
In case of loans granted against the collateral of gold jwellery the LTV ratio should not exceed 60%.
39
Regulatory Norms Regulatory Norms
D. Classification of Loan Assets
- A Loan Asset becomes Non-Performing Asset (NPA) if interest or installment is A Loan Asset becomes Non Performing Asset (NPA) if interest or installment is
overdue for 90 days or more
- An asset which has been classified as NPA for a period not exceeding 12
months from the date of being classified as NPA is classified as Sub-standard
Asset
- An asset which remains Sub-standard for a period exceeding 12 months shall be
classifiedas a Doubtful Asset
Loss Asset are assets which are adversely affected by a potential threat of non - Loss Asset are assets which are adversely affected by a potential threat of non
recoverability due to either non-availability of security, in case of secured loans
and advances; erosion in value of security, fraudulent act or omission on the part
of the borrower; the debt becoming time barred under Limitation Act, 1963;
inchoate or defective documentation
40
Regulatory Norms
E P i i i N f NHB E. Provisioning Norms of NHB
(a) On StandardAssets:
- 0.40%on StandardHousingLoanto Individuals
0 75%on StandardLoans Commercial Real Estate Residential Buildings - 0.75%on StandardLoans Commercial Real Estate Residential Buildings
- 1.00%on All other StandardHousingLoans to Individuals andother Commercial Real Estate
(b) On NPAs (Non PerformingAssets)
- Sub-standard Assets: (Loan assets wherein the principal or interest on the loans is outstanding
for more than90 days)
General provisionof 15%on outstandingloans which are classifiedas Sub-standardAssets
- Doubtful Assets: (Loan assets which have continued in the Sub Standard category for a period
of more thana year) y )
Provision to the extent of 25%to 100%of secured portion depending upon the period for which
asset has remaineddoubtful.
(Up to 1 year 25%; 1 to 3 years 40%; and More than 3 years 100%)
Loss Assets: (dues are not recoverable and/or the asset is not covered by realizable security of - Loss Assets: (dues are not recoverable and/or the asset is not covered by realizable security of
100%)
The entire assets to be written off. If the assets are permitted to remain in the books for any
reason, 100%of the outstandingshouldbe providedfor.
41
P i i i N L A t Provisioning Norms on Loan Assets
Classification of Loan Assets No of Days
Outstanding
Rate of
Provisioning Outstanding Provisioning
i. Standard Housing Loan to Individuals
ii. Standard Loans Commercial Real
Estate Residential Buildings
-
-
0.40%
0.75% g
iii. All other Standard Housing Loans to
Individuals and other Commercial Real
Estate
- 1.00%
Substandard 90 days to 454 days 15%
Doubtful
i. Upto 1 Years
ii 1 to 3Years
455days to 819 days
820days to 1549 days
25%
40% ii. 1 to 3 Years
iii. > 3 Years
820 days to 1549 days
1550 days & above
40%
100%
42
Regulatory Norms Regulatory Norms
F. Acceptance Public Deposits
- Deposits has the same meaning as u/s 45 I(bb) of the RBI Act.
- SLR to be maintained at 12.5%on non-exempt deposits
- HFC not to accept or renewany public deposit
Which is repayable on demandor on notice
Which is payable less than12 months or payable later than120months
- Public Deposits Not to exceed 5 times of Net Owned Funds
Total Deposits not to exceed 16 times Net Owned Funds - Total Deposits not to exceed 16 times Net Owned Funds
43
Regulatory Norms Regulatory Norms
G Concentration of Credit / Investment G. Concentration of Credit / Investment
HFCs are requiredto limit the concentrationof Credit/Investment subject to the followingceilings:
1 Lending to a single borrower 15% of owned fund
2 Lending to a group of borrower 25% of owned fund
3 Invest in shares of other companies 15% of owned fund
4 Invest in shares of a single group of companies 25% of owned fund
5 Lendto andinvest in a single party 25%of ownedfund
Within the overall ceiling on concentration of Credit/Investment as mentioned above investment
5 Lend to and invest in a single party 25% of owned fund
6 Lend to and invest in a single group of parties 40% of owned fund
Within the overall ceiling on concentration of Credit/Investment as mentioned above, investment
of an HFC in the shares of another HFC (other than its subsidiary/ies) should not exceed 15% of
the equitycapital of the investee Company.
44
Disclaimer Disclaimer
This presentation may contain statements about events and expectations that may be forward looking, including those relating to
general business plans and strategy of GRUH Finance Limited (GRUH), its future outlook and growth prospects, and future
developments in its business and its competitive and regulatory environment. Actual results may differ materially fromthese forward
looking statements due to a number of risks and uncertainties, including future changes or developments in GRUH, its competitive
environment, its ability to implement its strategies and initiatives and respond to technological changes and political, economic
regulatory and social conditions in India. All financial data in this presentation is obtained fromthe Audited Financial Statements, basis
which the ratios are calculated. This presentation does not constitute a prospectus, offering circular or offering memorandumor an offer,
invitation or a solicitation of any offer, to purchase or sell, any shares of GRUH and should not be considered or construed in any
manner whatsoever as a recommendation that any person should subscribe for or purchase any of GRUHs Shares. None of the
projection expectations estimates or prospects in this presentation should be construed as a forecast implying any indicative projection, expectations, estimates or prospects in this presentation should be construed as a forecast implying any indicative
assurance or guarantee of future performance, nor that the assumptions on which such future projects, expectations, estimates or
prospects have beenpreparedare complete or comprehensive.
By accepting this presentation, the recipient acknowledges and agrees that this presentation is strictly confidential and shall not be
copied, published, distributed or transmitted to any person, in whole or in part, by any means, in any formunder any circumstances
whatsoever The recipient further represents and warrants that: (i) it is lawfully able to receive this presentation under the laws of the whatsoever. The recipient further represents and warrants that: (i) it is lawfully able to receive this presentation under the laws of the
jurisdiction in which it is located, and/or any other applicable laws, (ii) it is not a U.S. person, (iii) this presentation is furnished to it, and
has been received, outside of the UnitedStates, and (iv) it will not reproduce, publish, disclose, redistribute or transmit this presentation,
directlyor indirectly, into the UnitedStates or to anyU.S. personeither withinor outside of the recipients organization.
GRUH Fi Ltd - GRUH Finance Ltd. -
45
Thank You
46