INDIA

Mayur Uniquoters
Rating revision
18 February 2013
Target Price CMP* Upside Previous Target Previous Rating Price Performance (%)* 1M MUNI IN NIFTY 24.6 (2.1) 6M 95.9 11.3 1Yr 97.1 3.9 Rs450 Key Data Rs429 Bloomberg Code

Hold

Business on track ; exports to lead momentum

We continue to remain positive on the long term prospects of the company and wait for further re-rating triggers in the form of new overseas client wins. Order wins from Ford and Chrysler in the past has led to substantial increase in its margin profile, return ratios and cash flows and this led to re-rating of the stock. If this is repeated, our blue sky TP would be Rs565 (valuing the stock at 15x FY16, re-rating justified). However, at this point, we conservatively value the stock at 12x FY16 with TP of Rs450 and await further triggers. The stock currently trades at 14.4x/11.4x FY15E/FY16E EPS respectively. Strong export momentum to continue; new client wins to lead to further rerating: Exports at Rs293mn for 3Q14 accounted for ~25% of its sales vs. 22% in 2Q14 and realizations/ mtr increased to Rs392 vs. Rs367 in 2Q14 (up 7% QoQ). Management indicated that it had started supplies for the new model to Chrysler from Jan14. The company is targeting ~USD10mn in US after-market sales over the next 3-4 years and aims at doubling export revenues over the next three years. We believe that further overseas client wins could lead to re-rating given the high realization (Rs392/mtr vs. Rs195mtr for domestic) and significantly better margins (EBITDA margins for automotive exports at 2x domestic margins). 5th coating line starts commercial production; set to support growth: Annual capacity stands at 23mn meters (1.9mn meters per month) excluding 5th coating line. The 5th coating line with annual capacity of 7.2mn mtrs (0.6mn mtrs/mth) is now operational and had a production of 150k mtrs in Jan14. Further, the company has acquired land and started construction of the 6th coating line. This coating line with a capacity of 0.6mn mtrs/mth will be operational by Dec14, taking the overall capacity to 37mn mtrs p.a. 3Q results; revenues in-line but beat at PAT: In-line sales at Rs1.22bn registered a healthy YoY/QoQ growth of 30%/3% despite capacity constraints, driven by higher productivity (output for 29days/mth vs. avg 25-26days/mth) and increased realizations. EBITDA margins were 18.4% compared to our estimate of 19.1% due to higher than expected pressure on RMC. However, PAT stood at Rs142mn vs. our est. of Rs126mn, higher by 11% due to lower interest cost and tax rate. Valuations and Risk: The stock price has risen sharply and trades at 14.4x/11.4x FY15E/FY16E EPS respectively. We are increasing our TP to Rs450 from Rs385 earlier as we roll forward to FY16. But we downgrade the stock to Hold from Buy. Key downside risks are, 1.) Delay in ramp up of new capacities. 2.) Moderation in export orders. Key upside risk is from new client wins in export markets that could lead to further re-rating and stronger than expected revenue and earnings growth.
Y/E March (Rsmn) Net sales Operating profit OPM (%) Depreciation Interest EBT Other income PBT Provision for tax PAT (Reported) 3QFY14 1,221 224 18.4 18.0 (1.7) 208 6 214 72 142 3QFY13 938 162 17.3 13.4 6.3 142 7 149 47 103 YoY (%) 30.1 38.5 110 bp 2QCY14 1,188 226 19.1 17 19 190 3 193 68 125 QoQ (%) 2.8 (0.9) (69 bps) 3QFY14E 1,222 234 19.1 19.0 20.0 195 3 198 70 128 Var (%) (0.1) (4.0) (75 bps)

MUNI IN 21.7 21.7 9.3/149.3 472.5/175.6 472.5/5.5 19686

5% Curr Shares O/S (mn) Rs385 Diluted Shares O/S(mn) Buy Mkt Cap (Rsbn/USDmn) 52 Wk H / L (Rs) 5 Year H / L (Rs) Daily Vol. (3M NSE Avg.)

*as on 17 February 2014; Source: Bloomberg, Centrum Research

Shareholding pattern (%)

Dec-13 Promoter FIIs Dom. Inst. Public & Others Source: BSE 75.0 2.2 0.2 22.7 Sep-13 75.0 2.1 0.2 22.7 Jun-13 75.0 1.6 0.2 23.3 Mar-13 75.0 0.9 0.2 24.0

Trend in EBITDA and EBITDA margin

250 20 200 16 150 100 50 0
1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14

21 18 16 17

25 20 19 18 20 15

16 13 13 14

16

16

176 85 72 112 96 96 119 132

145

179 162

205 208

226 224

10 5 0

EBITDA (Rs.Mn)

EBITDA margin (%)

Source: Company, Centrum Research

Earning Revision
FY14E Particulars (Rs mn) Sales EBITDA EBITDA Margin (%) PAT New 4,752 908 19.1 524 Old 4,619 902 19.5 516 Chg (%) 2.9 0.6 (43bps) 1.6 New 5,875 1,129 19.2 644 FY15E Old Chg (%) 5,686 1,117 19.6 643 3.3 1.1 (42bps) 0.2

Source: Centrum Research Estimates

46.2 43.0 38.6

9.3 10.6 13.4

6.9 8.2 11.0 Ajay Shethiya , ajay.shethiya@centrum.co.in 91 22 4215 9855

Source: Company, Centrum Research

Y/E March (Rsmn) FY12 FY13 FY14E FY15E FY16E

Revenue 3,175 3,805 4,752 5,875 7,318

YoY (%) 27.7 19.8 24.9 23.6 24.6

EBITDA 533 690 908 1,129 1,421

EBITDA (%) 16.8 18.1 19.1 19.2 19.4

Adj. PAT 334 436 524 644 815

YoY (%) Adj. EPS (Rs) 32.0 30.6 20.3 22.9 26.5 15.4 20.1 24.2 29.8 37.6

RoE (%) 45.4 42.7 38.3 36.1 35.4

RoCE (%) 43.7 38.5 32.8 30.9 30.4

PE (x) 27.8 21.3 17.7 14.4 11.4

EV/EBITDA (x) 17.5 13.3 10.1 8.2 6.5

Source: Company, Centrum Research Estimates

Centrum Equity Research is available on Bloomberg, Thomson Reuters and FactSet

Conference call highlights

Revenue outlook: Despite overall weak macro environment, management remains extremely optimistic on the overall demand environment for Mayur and sounded confident on achieving revenue growth of 20-25% in the next few years. Optimism on growth is backed by capacity additions, continued focus on exports and entry into newer segments. Management indicated that over the next 3 years, it could look at overall revenues of Rs80bn. Export momentum strong: Exports at Rs293mn for 3QFY14 accounted for ~25% of sales vs. 22% in 2QFY14 and realizations/ mtr increased to Rs392, up from Rs367 in 2QFY14 (up 7% QoQ). Management indicated that it had started supplies for the new model Chrysler from Jan14. The company has seen very strong traction in US after-market and is targeting revenues of ~USD10mn over the next 3-4 years. It is also in the process of appointing distributors for after-market in Europe and Dubai. It aims at achieving export revenues of Rs1bn in FY14E and scale it up Rs2bn over the next three years. High realization exports should support strong revenues and profitability growth. 5th coating line starts production, to support growth: The annual capacity stands at 23mn meters (1.9mn meters per month) excluding 5th coating line. The 5th coating line with annual capacity of 7.2mn mtrs (0.6mn mtrs/mth) is now operational and had a production of 150k mtrs in Jan14. Further, the company has acquired land and has started construction of the 6th coating line. This coating line with a capacity of 0.6mn mtrs/mth will be operational by Dec14, taking the overall capacity to 37mn mtrs p.a. Backward integration on track: The Company has added 2 more knitting machines, taking the total to 16. It has started processing of fabrics in-house. It will take care of 80-85% of the companys knitted fabric requirement. The company has already started seeing the benefits of backward integration as the rejection rate on exports has come down from 9-10% to 4-5%. With processing expected to start in-house, the company expects further reduction in rejection rates. Also, this has helped in faster product innovation and introduction to export markets.

Mayur Uniquoters

Valuation & key risks

The stock price has risen sharply and trades at 14.4x/11.4x FY15E/FY16E EPS respectively. We are increasing our TP to Rs450 from Rs385 earlier as we roll forward to FY16. But we downgrade the stock to Hold from Buy. Key downside risks are, 1.) Delay in ramp up of new capacities. 2.) Moderation in export orders. Key upside risk is from new client wins in export markets that could lead to further rerating and stronger than expected revenue and earnings growth. Exhibit 1: Sensitivity Analysis
Sensitivity to key variable: FY15E Realization Inc/(dec) in export incentives Source: Company, Centrum Research Estimates % change +1 +/-1 % impact on EBITDA +5.3 +/-1.4 % impact on EPS +5.8 +/-2

Exhibit 2: 1 year forward EV/EBITDA chart

12 10 8 6 4 2 0

Exhibit 3: 1 year forward P/E chart

18 15 12 9 6 3 0

Oct-08

Oct-09

Oct-10

Oct-11

Oct-12

Feb-08

Feb-09

Feb-10

Feb-11

Feb-12

Feb-13

Oct-13

Oct-08

Oct-09

Oct-10

Oct-11

Oct-12

Feb-08

Feb-09

Feb-10

Feb-11

Feb-12

Feb-13

Oct-13

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

(2)

Feb-14

EV/EBITDA Mean + Std Dev

Mean Mean - Std Dev

P/E Mean + Std Dev

Mean Mean - Std Dev

Source: Bloomberg, Company, Centrum Research Estimates

Source: Bloomberg, Company, Centrum Research Estimates

Mayur Uniquoters

Feb-14

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Quarterly financials, Operating Metrics and Key Performance Indicators

Exhibit 4: Quarterly Financials
Particulars (Rs mn) Net Sales Raw Materials Employee Costs Other Expenditure EBITDA Depreciation Interest Other Income PBT Tax Tax rate Reported PAT YoY Growth (%) Revenue EBITDA PAT Margin (%) EBITDA PAT Source: Company, Centrum Research 4QFY12 902 660 26 39 176 11 6 6 164 53 32.0 112 1QFY13 894 645 28 76 145 12 6 7 134 43 31.9 91 2QFY13 992 736 30 47 179 12 5 6 167 54 32.2 113 3QFY13 938 680 31 66 162 13 6 7 149 47 31.4 103 4QFY13 982 688 35 54 205 14 7 7 192 62 32.5 129 1QFY14 1,063 741 38 76 208 15 22 4 175 61 34.5 115 2QFY14 1,188 821 45 95 226 17 19 3 193 68 35.2 125 3QFY14 1,221 861 47 89 224 18 (2) 6 214 72 33.5 142

25.9 83.5 67.4

28.4 50.8 49.3

30.1 49.7 52.1

15.0 22.9 18.5

8.9 16.8 15.8

18.9 43.8 25.9

19.8 26.7 10.6

30.1 38.5 38.6

19.5 12.4

16.2 10.2

18.0 11.4

17.3 10.9

20.9 13.2

19.6 10.8

19.1 10.6

18.4 11.6

Exhibit 5: Key Assumptions

Operating Income ( Rs mn) Domestic Revenues Export Revenues Total Other operating Income* Total Operating income YoY Change (%) Domestic Revenues Export Revenues Total Total Operating income Note: * includes scrap sales and export incentives Source: Company, Centrum Research FY12 2,599 513 3,112 63 3,175 29.8 6.2 25.2 27.7 FY13 2,900 796 3,696 109 3,805 11.6 55.3 18.8 19.8 FY14E 3,484 1,116 4,600 152 4,752 20.1 40.1 24.4 24.9 FY15E 4,139 1,536 5,675 200 5,875 18.8 37.7 23.4 23.6 FY16E 4,935 2,118 7,054 264 7,318 19.2 37.9 24.3 24.6

Mayur Uniquoters

Financials
Exhibit 6: Income Statement
Y/E March (Rs mn) Net Sales Raw Materials % of sales Personnel % of sales Manufact. & Other Exp. % of sales EBITDA EBITDA Margin (%) Depn..& Amortn EBIT Interest Expenses EBT Other Income PBT Tax-Total Tax Rate (%) - Total Reported PAT FY12 3,175 2,342 73.8 105 3.3 194 6.1 533 16.8 39 494 20 475 17 492 158 32.1 334 FY13 3,805 2,749 72.2 123 3.2 243 6.4 690 18.1 52 638 24 614 27 641 206 32.1 436 FY14E 4,752 3,312 69.7 179 3.8 354 7.4 908 19.1 76 831 51 780 19 799 275 34.4 524 FY15E 5,875 4,097 69.7 223 3.8 425 7.2 1,129 19.2 103 1,027 82 945 21 966 322 33.3 644 FY16E 7,318 5,093 69.6 279 3.8 525 7.2 1,421 19.4 120 1,301 102 1,199 23 1,222 407 33.3 815

Exhibit 8: Balance Sheet

Y/E March (Rs mn) Sources of funds Capital Reserves & Surplus Shareholders Funds Total Loan Funds Def. Tax Liabi. - Net Total Application of funds Gross Block Accumulated Dep. Capital WIP Net Fixed Assets Investments Inventories Sundry Debtors Cash & Bank Balances Loans and Advances Tot. C A ,Loans & Adv. Current Liabilities Provisions Total Current Liab. & Prov. Net Current Assets Total assets FY12 54 805 859 29 30 918 661 210 40 491 117 307 406 196 68 977 626 41 667 310 918 FY13 108 1,076 1,184 210 36 1,429 808 262 189 736 137 442 565 107 149 1,263 644 60 705 558 1,430 FY14E 108 1,447 1,556 360 61 1,977 1,357 338 40 1,060 137 553 802 117 186 1,657 802 75 877 780 1,977 FY15E 108 1,904 2,013 460 81 2,554 1,557 440 40 1,157 187 682 1,023 357 229 2,292 989 93 1,082 1,210 2,554 FY16E 108 2,483 2,591 560 106 3,257 1,857 560 40 1,337 287 848 1,272 573 285 2,978 1,230 115 1,345 1,633 3,257

Source: Company, Centrum Research Estimates

Exhibit 7: Key Ratios

Y/E March Growth Ration (%) Revenues EBITDA Adjusted PAT Margin Ratio (%) EBITDA Margin EBIT Margin PBT margins PAT Margin Return Ratios (%) ROE ROCE ROIC Turnover Ratios (days) Inventory Debtors Net working capital Solvency ratios (x) Debt-equity Net Debt-Equity Current ratio Interest coverage ratio Dividend Dividend per share (Rs.) Dividend Yield (%) Dividend Payout (%) Per share (Rs.) Basic EPS ( reported) FDEPS (Adjusted) CEPS BV Valuation P/E P/BV EV/EBITDA EV/Sales FY12 27.7 30.1 32.0 16.8 16.4 15.5 10.7 45.4 43.7 46.8 33.1 43.8 12.3 0.0 (0.3) 1.5 3.8 3.4 0.8 21.9 30.8 15.4 17.2 39.7 27.8 10.8 17.5 3.0 FY13 19.8 29.4 30.6 18.1 18.0 16.9 11.8 42.7 38.5 37.8 39.8 50.8 40.6 0.2 (0.0) 1.8 3.7 4.3 1.0 21.6 20.1 20.1 22.5 54.7 21.3 7.8 13.3 2.5 FY14E 24.9 31.5 20.3 19.1 18.5 16.8 11.4 38.3 32.8 27.2 40.0 58.0 48.0 0.2 0.1 1.9 6.0 6.1 1.4 25.0 24.2 24.2 27.7 71.8 17.7 6.0 10.1 2.0 FY15E 23.6 24.5 22.9 19.2 18.5 16.4 11.4 36.1 30.9 25.6 40.0 60.0 50.0 0.2 (0.0) 2.1 7.8 7.4 1.7 25.0 29.8 29.8 34.5 93.0 14.4 4.6 8.2 1.6 FY16E 24.6 25.8 26.5 19.4 18.8 16.7 11.6 35.4 30.4 27.5 40.0 60.0 50.0 0.2 (0.1) 2.2 7.7 9.4 2.2 25.0 37.6 37.6 43.2 119.7 11.4 3.6 6.5 1.3

Source: Company, Centrum Research Estimates

Exhibit 9: Cash Flow

Y/E March (Rs mn) Pre-tax profit Total tax paid Depreciation Chg in debtors Chg in inventory Chg in loans & advances Chg in other current assets Chg in current liabilities Chg in provisions Net chg in working capital CF from operating activities (a) Capital expenditure Chg in marketable securities CF from investing activities (b) Debt raised/(repaid) Dividend (incl. tax) Other financing activities Cash flow from financing activities (c) Net chg in cash (a+b+c) FY12 492 (157) 39 (90) (162) (15) 236 10 (21) 352 (183) (117) (299) (9) (85) 10 (84) (31) FY13 641 (200) 52 (159) (135) (82) 19 19 (337) 155 (297) (19) (316) 181 (109) (1) 70 (91) FY14E 799 (250) 76 (237) (111) (36) 158 15 (212) 414 (400) (400) 150 (152) (2) 11 FY15E 966 (302) 103 (222) (129) (43) 187 18 (189) 578 (200) (50) (250) 100 (187) (87) 240 FY16E 1,222 (382) 120 (249) (166) (56) 240 23 (207) 753 (300) (100) (400) 100 (237) (137) 216

Source: Company, Centrum Research Estimates

Source: Company, Centrum Research Estimates

Mayur Uniquoters

Appendix A
Disclaimer
Centrum Broking Limited (Centrum) is a full-service, Stock Broking Company and a member of The Stock Exchange, Mumbai (BSE) and National Stock Exchange of India Ltd. (NSE). Our holding company, Centrum Capital Ltd, is an investment banker and an underwriter of securities. As a group Centrum has Investment Banking, Advisory and other business relationships with a significant percentage of the companies covered by our Research Group. Our research professionals provide important inputs into the Group's Investment Banking and other business selection processes. Recipients of this report should assume that our Group is seeking or may seek or will seek Investment Banking, advisory, project finance or other businesses and may receive commission, brokerage, fees or other compensation from the company or companies that are the subject of this material/report. Our Company and Group companies and their officers, directors and employees, including the analysts and others involved in the preparation or issuance of this material and their dependants, may on the date of this report or from, time to time have "long" or "short" positions in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. Centrum or its affiliates do not own 1% or more in the equity of this company Our sales people, dealers, traders and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. We may have earlier issued or may issue in future reports on the companies covered herein with recommendations/ information inconsistent or different those made in this report. In reviewing this document, you should be aware that any or all of the foregoing, among other things, may give rise to or potential conflicts of interest. We and our Group may rely on information barriers, such as "Chinese Walls" to control the flow of information contained in one or more areas within us, or other areas, units, groups or affiliates of Centrum. Centrum or its affiliates do not make a market in the security of the company for which this report or any report was written. Further, Centrum or its affiliates did not make a market in the subject companys securities at the time that the research report was published. 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Similarly, this document does not have regard to the specific investment objectives, financial situation/circumstances and the particular needs of any specific person who may receive this document. The securities discussed in this report may not be suitable for all investors. The securities described herein may not be eligible for sale in all jurisdictions or to all categories of investors. The countries in which the companies mentioned in this report are organized may have restrictions on investments, voting rights or dealings in securities by nationals of other countries. The appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives. Persons who may receive this document should consider and independently evaluate whether it is suitable for his/ her/their particular circumstances and, if necessary, seek professional/financial advice. Any such person shall be responsible for conducting his/her/their own investigation and analysis of the information contained or referred to in this document and of evaluating the merits and risks involved in the securities forming the subject matter of this document. The projections and forecasts described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections and forecasts were based will not materialize or will vary significantly from actual results, and such variances will likely increase over time. All projections and forecasts described in this report have been prepared solely by the authors of this report independently of the Company. These projections and forecasts were not prepared with a view toward compliance with published guidelines or generally accented accounting principles. No independent accountants have expressed an opinion or any other form of assurance on these projections or forecasts. You should not regard the inclusion of the projections and forecasts described herein as a representation or warranty by or on behalf of the Company, Centrum, the authors of this report or any other person that these projections or forecasts or their underlying assumptions will be achieved. For these reasons, you should only consider the projections and forecasts described in this report after carefully evaluating all of the information in this report, including the assumptions underlying such projections and forecasts. The price and value of the investments referred to in this document/material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide for future performance. Future returns are not guaranteed and a loss of original capital may occur. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. Centrum does not provide tax advice to its clients, and all investors are strongly advised to consult regarding any potential investment. Centrum and its affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this report. Foreign currencies denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from the investment. In addition, investors in securities such as ADRs, the value of which are influenced by foreign currencies effectively assume currency risk. Certain transactions including those involving futures, options, and other derivatives as well as non-investment-grade securities give rise to substantial risk and are not suitable for all investors. Please ensure that you have read and understood the current risk disclosure documents before entering into any derivative transactions. This report/document has been prepared by Centrum, based upon information available to the public and sources, believed to be reliable. No representation or warranty, express or implied is made that it is accurate or complete. Centrum has reviewed the report and, in so far as it includes current or historical information, it is believed to be reliable, although its accuracy and completeness cannot be guaranteed. The opinions expressed in this document/material are subject to change without notice and have no obligation to tell you when opinions or information in this report change. This report or recommendations or information contained herein do/does not constitute or purport to constitute investment advice in publicly accessible media and should not be reproduced, transmitted or published by the recipient. The report is for the use and consumption of the recipient only. This publication may not be distributed to the public used by the public media without the express written consent of Centrum. This report or any portion hereof may not be printed, sold or distributed without the written consent of Centrum. The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. 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No representation is made that this report is accurate or complete.

Mayur Uniquoters

The opinions and projections expressed herein are entirely those of the author and are given as part of the normal research activity of Centrum Broking and are given as of this date and are subject to change without notice. Any opinion estimate or projection herein constitutes a view as of the date of this report and there can be no assurance that future results or events will be consistent with any such opinions, estimate or projection. This document has not been prepared by or in conjunction with or on behalf of or at the instigation of, or by arrangement with the company or any of its directors or any other person. Information in this document must not be relied upon as having been authorized or approved by the company or its directors or any other person. Any opinions and projections contained herein are entirely those of the authors. None of the company or its directors or any other person accepts any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith. Centrum and its affiliates have not managed or co-managed a public offering for the subject company in the preceding twelve months. Centrum and affiliates have not received compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for service in respect of public offerings, corporate finance, debt restructuring, investment banking or other advisory services in a merger/acquisition or some other sort of specific transaction. As per the declarations given by them, Mr. Ajay Shethiya, research analyst and and/or any of his family members do not serve as an officer, director or any way connected to the company/companies mentioned in this report. Further, as declared by him, he has not received any compensation from the above companies in the preceding twelve months. He does not hold any shares by him or through his relatives or in case if holds the shares then will not to do any transactions in the said scrip for 30 days from the date of release such report. Our entire research professionals are our employees and are paid a salary. They do not have any other material conflict of interest of the research analyst or member of which the research analyst knows of has reason to know at the time of publication of the research report or at the time of the public appearance. While we would endeavour to update the information herein on a reasonable basis, Centrum, its associated companies, their directors and employees are under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent Centrum from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or Centrum policies, in circumstances where Centrum is acting in an advisory capacity to this company, or any certain other circumstances. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Centrum Broking Limited or its group companies to any registration or licensing requirement within such jurisdiction. Specifically, this document does not constitute an offer to or solicitation to any U.S. person for the purchase or sale of any financial instrument or as an official confirmation of any transaction to any U.S. person unless otherwise stated, this message should not be construed as official confirmation of any transaction. No part of this document may be distributed in Canada or used by private customers in United Kingdom. The information contained herein is not intended for publication or distribution or circulation in any manner whatsoever and any unauthorized reading, dissemination, distribution or copying of this communication is prohibited unless otherwise expressly authorized. Please ensure that you have read Risk Disclosure Document for Capital Market and Derivatives Segments as prescribed by Securities and Exchange Board of India before investing in Indian Securities Market. Rating Criteria

Rating Buy Hold Sell

Market cap < Rs20bn Upside > 25% Upside between -25% to +25% Downside > 25%

Market cap > Rs20bn but < 100bn Upside > 20% Upside between -20% to +20% Downside > 20%

Market cap > Rs100bn Upside > 15% Upside between -15% to +15% Downside > 15%

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Mayur Uniquoters