1. K E Y N O T E
I P O N O T E
Multi Commodity Exchange of India Ltd. F e b r ua r y 1 7 , 20 12
Price Band : `860 - 1032 per share
Minimum Bid Lot Size : 6 Equity Shares
IPO opens during : Feb 22 – 24, 2012
Book Running Lead Manager : Edelweiss Financial Services Ltd, Citigroup Global Markets
India Private Ltd, Morgan Stanley India Company Private Ltd.
To list on : BSE
IPO Grading : 5/5 (CRISIL)
PE : 15.09x (based on base price)*
: 18.11x (based on cap price)*
Market Cap post-listing : `5261.01Cr or $1067.14mn (based on the cap price)
Market Cap of Free Float : `3892.62Cr or $798.59mn (based on the cap price)
* Based on post issue 9M FY12 annualised earnings
IPO of 6.43mn equity shares of `10each, aggregating to `663.31Cr or $134.54mn (at the cap price).
Shareholding Pattern
Pre-Issue Post-Issue
No. of Shares % Holding No. of Shares % Holding
Promoters 15903491 31.20% 13259575 26.01%
Employee Reservation Portion 0 0.00% 250000 0.49%
Anchor Investor 0 0.00% 926606 1.82%
QIBs (excl. Mutual Funds) 16744784 32.85% 16335563 32.04%
Mutual Funds 0 0.00% 108104 0.21%
Non Institutional Investors 18330503 35.96% 17936848 35.18%
Public 0 0.00% 2162082 4.24%
Total 50978778 100.00% 50978778 100.00%
Executive Summary
Multi Commodity Exchange of India Ltd. (MCX) is a de-mutualised multi commodity association and was
incorporated in April 2002. MCX is the leading commodities exchange in India based on value of commodity
futures contracts traded. Its a de-mutualised exchange and received permanent recognition from the
Government of India in September 2003 to facilitate nationwide online trading, clearing and settlement
operations of commodities futures transactions. Online futures trading commenced on MCX in November
2003.
MCX is the first national commodity futures exchange in India to offer futures trading in steel, crude oil and
several other commodities, including carbon credits. In December 2009, it launched the exchange of futures
for physicals (EFP) facility for the first time in India. It is the first exchange in India to initiate evening sessions
to synchronise with the trading hours of global exchanges in London, New York and other major international
markets.
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2. K E Y N O T E
The majority of the commodities MCX offer are significant in the Indian and global context and are also traded
on international exchanges. As of December 31, 2011, it has offered trading in 49 commodity futures based on
contract specifications, from a diverse range of classes including bullion, ferrous and non-ferrous metals,
energy and agriculture.
MCX was the largest silver exchange, the second largest gold, copper and natural gas exchange and the third
largest crude oil exchange, in terms of the number of commodity futures contracts traded for each of these
commodities for the calendar year 2010 and the six months ended June 30, 2011 based on the comparison of
the trading volumes of MCX with those of the leading global commodity futures exchanges in the world.
The total value of commodity futures contracts traded on MCX in the nine months ended December 31, 2011
and the fiscals 2011, 2010 and 2009 was `119,806.89 bn, `98,415.03 bn, `63,933.03 bn and `45,880.95 bn,
respectively. On September 23, 2011, MCX recorded the highest daily turnover on the Exchange since its
inception, which was `1,116.66 bn.
Our View
There is no domestic listed peer of MCX but there are international peers. The international peers in the
developed market are trading at the PE 17-18x multiple and the EBIDTA margins are in the range of 65-70%
whereas the peers in the developing markets are trading at the PE 24-25x multiple and the EBIDTA margins
are in the range of 60-65%. Considering the international peers and MCX’s 9MFY12 annualised earnings, the
IPO is priced only 18.11x at the capped price of `1032. The company’s 3 year CAGR is more than 30%,
however, the future growth may not be at the same pace. We think that the IPO of MCX Ltd. is reasonably
price and advise the investor to “Subscribe” for it considering MCX’s fundamental and the potential growth.
Company Background
Multi Commodity Exchange of India Ltd. (MCX) was incorporated in April 2002 with the name Multi Commodity
Exchange of India Private Ltd. MCX is a de-mutualised multi commodity association. The subscribers to the
MoA were V. Hariharan and Rinsy Ansalam. Further allotments were made to La-Fin Financial Services
Private Ltd., Sajit Dayanandan, Dewang Neralla, Ajay Narsimhan and Manjay Shah in April 2002.
Subsequently, in May 2002, the company was converted into a public company and consequently the name
was changed to “Multi Commodity Exchange of India Limited”.
MCX received permanent recognition from the GoI for facilitating online trading, clearing and settlement
operations for commodity futures markets across the country in September 2003. Online futures trading
commenced on MCX in November 2003. The company received non-promoter equity participation for the first
time in the year 2004 when Bank of India, Union Bank and Corporation Bank invested in the equity shares of
MCX. Since then, the company has received equity participation from various banks and financial institutions,
including State Bank of India in July 2004, HDFC Bank Ltd. In March 2005, the NSE in May 2005 and
NABARD in June 2005.
MCX has two subsidiaries namely MCXCCL and SME. Multi Commodity Exchange Clearing Corporation Ltd.
(MCXCCL) was incorporated in August 2008 and SME Exchange of India Ltd. (SME) was incorporated in
September 2010. MCXCCL is a wholly owned subsidiary of MCX while in SME the company (alongwith its
nominees) has subscribed to 51,000 equity shares of SME constituting 51% of its equity share capital. None of
the subsidiaries hold any equity shares in MCX neither do they contribute to more than 5% of
revenue/profits/assets of the company on a consolidated basis for the fiscal 2011 and nine months period
ended December 31, 2011.
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3. K E Y N O T E
Promoter and Manag
rs gement
Mr.Lambe ertus Rutten is the Mana
n aging Director and CEO o MCX. He h been a D
of has Director of the company
e
since Jun 2006. He has more tha 20 years o experience in commod risk mana
ne an of e dity agement and structured
finance as well as on commodity pri risk mana
s c ice agement.
Mr.Venka Chary is th Chairman and Non-Exe
at he endent Direct of MCX an has been associated
ecutive Indepe tor nd
company sinc its inceptio in September 2003. He has varied experience a practices law at the
with the c ce on e and
Bombay H High Court.
Mr.Jignes P. Shah is the Vice Chairman and N
sh s Non-Executive Non-Indepe
e endent Directo of the company since
or
May 2003 He is also a first-genera
3. ation entrepreeneur and the founder/pro
e omoter of the Financial Technologies
group (FT of compa
TIL) anies. He is c
currently the C
Chairman and Managing D
d Director of FT Prior to e
TIL. establishing
FTIL, he w with the BSE, where h was respo
was he onsible for des
signing and im
mplementing the technolog platform
gy
change. He has over 20 years of experience in creating and operating tech
of the exc h hnology-centr financial
ric
exchange for, inter ali stocks, commodities, cu
es ia, urrencies and bonds.
d
Industry Overview
Futures c contracts are derivative p
e products that provide me
t eans for heddging and as sset allocation and are
prevalent in nearly all sectors of the global ec conomy. The asset unde
e erlying futures contracts c
s could be a
physical aasset (such as an agricultural comm modity) or a financial ass (such as interest rate foreign
set es,
exchange products and stock indice A commo
e d es). odity (as trade on an exch
ed hange) is an undifferentiat product
ted
whose ma arket value arises from the owner‘s rig to sell the product rath than the r
ght her right to use th product.
he
Examples of commodities currently traded globa on excha
s y ally anges include crude oil, go copper a various
e old, and
agricultura products su as wheat corn and so
al uch t, oybeans.
Like other futures con
ntracts, commmodity futures contracts ar traded in standardized units in a tr
s re ransparent,
competitiv continuou open floor
ve, us r-based trading or electroonic matching process. In this way, c
n commodity
futures ar able to attr
re participation a facilitate price discove An effective and efficient market
ract diverse p and ery.
for trading in commodit futures requires the follo
g ty owing:
1 • Volatility in the price of the unde
es erlying commodities.
• Large numbers of b
n buyers and se
ellers with dive
erse profiles (
(like hedgers and
2
specula
ators)
3 • Fungib
bility of the underlying phys
sical commod
dities.
4 • Efficien and liquid e
nt exchange platform.
• Robust risk manage
ement and surveillance sys
stem.
5
The Glob Commodi Futures M
bal ity Market
There are over 30 com
e mmodity futur and options exchanges worldwide t
res that trade commmodities ranging from
energy, m tock in many countries inc
metals, agriculture to livest nited States, China, Japan Malaysia
cluding the Un n,
and the U United Kingdom. The com mmodity exch hanges trade in physical commodity p
e products, as well as in
financial instruments. Trading is mo
T ostly done in f
futures and o
options contra ding calls for immediate
acts. Spot trad
delivery o a specified commodity a is often u
of and used to obtain the goods n
n necessary to fulfill a seller delivery
r‘s
obligations under futures contracts According to the FIA R
s. Report, strong levels of gr
g rowth were s seen in the
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titutional Res
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4. K E Y N O T E
trading volume of commodity futures and options, especially those relating to non-precious metals, agricultural,
energy and precious metals commodities. The trading volume of futures and options contracts of non-precious
metals decreased by 37.7% to 190.37mn for the six months ended June 30, 2011 as compared to the six
months ended June 30, 2010, while the trading volume of futures and options contracts of agricultural
commodities decreased by 9.1 % to 529.59mn contracts during the same period. The trading volume of futures
and options contracts of precious metals rose by 49.8% to 127.49mn contracts between the same period and
that of futures and options contracts of energy products rose by 16.0% to 416.24mn contracts for the same
period.
Industry Growth
In 1984, total trading volume for futures and options contracts traded globally was 188.00mn contracts. In
2010, total contract volume had grown to 22,295.20mn, representing an average compounded annual growth
rate of 20.2% for the past 26 years. For the six months ended June 30, 2011, total contract volume traded was
12,402.54mn. (Source: FIA, FIA Report).
The following table indicates the volume of futures and options contracts in terms of number of contracts
traded globally for the periods indicated:
Global Futures and Options Volume
Contracts Mn Jan- June (2010) Jan- June (2011) % Change
Futures 5,699.35 6,098.78 7.0%
Options 5,554.28 6,303.76 13.5%
Total Volumes 11,253.63 12,402.54 10.2%
The following table sets out comparative data for the global futures and options volume traded, by category
and region, respectively:
Global Futures and Options Volume by Category
Computed % Computed % 2011 to 2010
Category (in Mn Jan -June Jan -June
Breakup (Jan- Breakup (Jan- (Jan -Jun) %
Contracts) 2010 2011
June 2010) June 2011) Change
Equity Index 3,652.40 32.50% 4,165.60 33.60% 14.00%
Individual Equity 3,321.70 29.50% 3,525.40 28.40% 6.10%
Interest Rates 1,659.80 14.70% 1,853.10 14.90% 11.60%
Currency 1,239.80 11.00% 1,513.10 12.20% 22.00%
Commodities* 1,379.90 12.30% 1,345.40 10.80% -2.50%
Total 11,253.60 100.00% 12,402.50 100.00% 10.20%
The Indian Commodities Market
Commodities play an important role in India‘s economy. India has over 7,000 regulated agricultural markets, or
mandis, and the majority of the nation‘s agricultural production is consumed domestically, according to the
Agricultural Marketing Information Network (Source: Agricultural Marketing Information Network official
website). India is the world‘s leading producer of several agricultural commodities. The agriculture sector
accounted for approximately 14.2 % of India‘s gross domestic product (GDP) at a constant price (2004-05) for
the fiscal 2011. India‘s GDP at current market prices for the fiscal 2011 was estimated to be `78,779.47bn.
There are currently 21 commodity exchanges recognized by FMC in India offering trading in over 60
commodity futures with the approval of FMC. In the fiscals 2009, 2010 and 2011, the total value of
commodities traded on commodity futures exchanges in India was `52,489.57bn, `77,647.54bn and
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5. K E Y N O T E
`119,489.42bn, respectively. The total value of commodities traded on commodity futures exchanges in India
for the first nine months ended December 31, 2011 was `137,228.55bn.
Industry Growth in India
Commodity futures trading in India has grown since the Government of India issued a notification on April 1,
2003 permitting futures trading in commodities. The total value of commodities futures traded in India in the
fiscal 2011 was `119,489.42bn, representing growth of approximately 90-fold from the value of commodity
futures contracts traded in the fiscal 2004, which was `1,293.67bn. Commodity futures trading volumes have
risen at a compound annual growth rate of 90.9% between fiscal 2004 and fiscal 2011. There are currently
over 60 commodities futures that have been approved by the FMC for trading during the calendar year 2011
with gold, silver, crude oil, copper, zinc, nickel and natural gas comprising the majority of the trading turnover
for the fiscal 2011 and the nine months ended December 31, 2011, as depicted in the graph below:
Major Commodities Turnover (Fiscal 2011)
1% 1%
2%
2% Others
3% 10%
Gold
4%
Silver
4%
Crude oil
Copper
10% 23%
Zinc
Nickel
Natural Gas
Guarseed
17% R. Soy Oil
Mustard Seed
23% Soybean
(Source: Market share data maintained by FMC and MCX.)
Business Operations
MCX is the leading commodities exchange in India based on value of commodity futures contracts traded. Its a
de-mutualised exchange and received permanent recognition from the Government of India in September
2003 to facilitate nationwide online trading, clearing and settlement operations of commodities futures
transactions. A majority of the commodities the company offer are significant in the Indian and global context
and are also traded on international exchanges. As of December 31, 2011, it has offered trading in 49
commodity futures based on contract specifications, from a diverse range of classes including bullion, ferrous
and non-ferrous metals, energy and agriculture. The same underlying physical asset traded under different
contract specifications is regarded as a separate commodity future. For example, Gold, Gold Mini and Gold
Guinea, all of which are gold futures contracts, are treated as three different commodities in deriving the total
number of commodity futures traded on MCX. As of December 31, 2011, it had 2,153 members on its
Exchange’s platform, with over 296,000 terminals including CTCL spread over 1,572 cities and towns across
India.
MCX is the first national commodity futures exchange in India to offer futures trading in steel, crude oil and
several other commodities, including carbon credits. In December 2009, it launched the exchange of futures
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6. K E Y N O T E
for physicals (EFP) facility for the first time in India. In May 2010 and June 2010, it launched its Zinc Mini
futures and Lead Mini futures contracts, which offer trading in these metals in smaller lot sizes. In January
2011, it also launched Iron Ore future contracts. Additionally, MCX launched Silver Micro and Aluminium Mini
contracts in February 2011, Gold Petal contracts in April 2011, Gold Petal New Delhi contracts in November
2011, and Copper Mini and Nickel Mini contracts in December 2011, all of which offer trading in these metals
in smaller lot sizes. In October 2011, it also launched Cotton (29mm) futures contracts. MCX is the first
exchange in India to initiate evening sessions to synchronise with the trading hours of global exchanges in
London, New York and other major international markets.
MCX’s operations are sustained by the exchange related support infrastructure and software that it has or
sourced from its Promoter, FTIL. The technology infrastructure includes central matching engines, high end
Intel servers, channel based storage area network and networking equipment for providing secured
connectivity through very small aperture terminals (VSATs), virtual private networks (VPN), leased lines and
the internet. MCX is certified under ISO 9001:2008 for quality management standards and ISO 14001:2004 for
environmental management systems with respect to developing and providing services for online trading,
clearing and settlement facilities, and risk monitoring of commercial derivatives market. It has also achieved
the ISO/IEC 27001:2005 certification, which is the global benchmark for information security management
systems.
The total value of commodity futures contracts traded on MCX in the nine months ended December 31, 2011
and the fiscals 2011, 2010 and 2009 was `119,806.89 bn, `98,415.03 bn, `63,933.03 bn and `45,880.95 bn,
respectively. According to data maintained by the FMC, these amounts represented 87.3%, 82.4%, 82.3% and
87.4% of the Indian commodity futures industry in terms of the value of commodity futures contracts traded
during the same periods. For the nine months ended December 31, 2011, the total number of futures contracts
in silver, gold, crude oil and copper, which were the top four commodities traded on MCX, was 101.80 mn,
72.80 mn, 42.66 mn and 26.87 mn, respectively. During the fiscal 2011, the total number of futures contracts in
silver, gold, crude oil and copper, were 46.0 mn, 30.5 mn, 46.3 mn and 31.0 mn, respectively. On September
23, 2011, MCX recorded the highest daily turnover on the Exchange since its inception, which was `1,116.66
bn.
Based on the comparison of the trading volumes of MCX with those of the leading global commodity futures
exchanges in the world, for the calendar year 2010 and the six months ended June 30, 2011, the company
was the largest silver exchange, the second largest gold, copper and natural gas exchange and the third
largest crude oil exchange, in terms of the number of commodity futures contracts traded for each of these
commodities for this period. MCX is also the fifth largest commodity futures exchange globally, among all the
commodity exchanges considered in the Futures Industry Association (FIA) survey, in terms of the number of
contracts traded for the six months ended June 30, 2011.
MCX has also made strategic investments in several related businesses which it believes are potential
revenue growth drivers. The following chart shows its strategic investments:
MCX
MCX CCL MCX-SX CCL
DGCX 5% MCX-SX 5% SME 51%
100% 26%
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7. K E Y N O T E
Strengths
• Leadership Position in the Commodity Futures Industry: The Company is the leading commodity
futures exchange in India in terms of value of commodity futures contracts traded in metals, energy and
certain agricultural commodities. According to data maintained by FMC, the total value of commodity
futures contracts traded on Exchange for the nine months ended December 31, 2011, the fiscals 2011 and
2010 constituted 87.3%, 82.4% and 82.3%, respectively, of the Indian commodity futures industry during
those periods. Among the national commodities exchanges in India, company’s market share based on the
total value of commodities traded in futures markets for the nine months ended December 31, 2011 for
gold, crude oil, silver, copper and natural gas futures contracts was approximately 97.1%, 94.8%, 98.5%,
94.9% and 99.9%, respectively. MCX was the fifth largest commodity futures exchange globally, among all
the commodity exchanges considered in the FIA survey, in terms of the number of contracts traded and
were among the leading commodity exchanges in the world in terms of trading volumes of certain
commodities.
• Product and Service Innovation: MCX has introduced new and innovative products, i.e. commodity
futures contracts, and services on Exchange. It was the first exchange in India to offer futures trading in
steel, crude oil, and almond. In June 2005, It has launched MCXCOMDEX, India‘s first real time composite
commodity futures index, which provides valuable information regarding market movements in the key
commodities, as determined by physical market size in India, which are actively traded on Exchange. It
has introduced several other indices, including MCXAgri (agricultural commodities index), MCXEnergy
(energy commodities index) and MCXMetal (metal commodities index). It has three rain indices, namely
RAINDEXMUM (Mumbai), RAINDEXIDR (Indore), and RAINDEXJAI (Jaipur) which track the progress of
monsoon rains in their respective geographic locations.
• Technology Infrastructure: Technology infrastructure is the foundation of company’s business and a key
factor in development. Online trading platform is accessible to the members through trader workstation or
computer-to-computer link (CTCL using multiple media of connectivity including VSATs, VPN, leased lines,
and the internet. Electronic platform is supported by the infrastructure and advanced technology, allowing
faster trade execution, anonymity, price transparency, prompt and reliable order routing, trade reporting,
market data dissemination and market surveillance.
• Expand Market Presence and Increase Participants: As of December 31, 2011, The Company had
2,153 members nationwide with more than 296,000 terminals including CTCL spread over 1,572 cities and
towns in India. The company will continue to increase the number of participants by introducing new
products on Exchange, by expanding to more geographical areas
Objects of the Issue
The objects of the issue are:
• The objects of the Offer is to achieve the benefits of listing on the BSE.
• To sale of 6,427,378 Equity Shares by the Selling Shareholders.
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8. K E Y N O T E
Utilization of net proceeds
As a percentage of As a percentage
Particulars Amounts*
Offer Expenses* of Offer Size*
Lead merchant bankers fees [●] [●] [●]
Underwriting and Selling Commission (including
[●] [●] [●]
commission to SCSBs for ASBA applications)
Processing fee to the SCSBs for processing Bid cum
Application Forms procured by members of the Syndicate
[●] [●] [●]
and submitted to SCSBs under the Syndicate ASBA
process#
Registrars to the Offer fees [●] [●] [●]
Bankers to the Offer fees [●] [●] [●]
Others:
-Printing and stationery expenses [●] [●] [●]
-Listing fees [●] [●] [●]
-Advertising and marketing expenses [●] [●] [●]
-IPO grading fees [●] [●] [●]
-Others [●] [●] [●]
Total estimated Offer expenses [●] [●] [●]
Investment Risks
(Please refer to the RHP for a complete listing of risk factors)
• The offer is pure offer for sale and the company would not receive any proceeds from the offer.
• The promoters will divest their stake to 26% from current 31.2% in order to maintain minimum stake as
mandate by SEBI that shows the kind of promoters confidence in the company.
• The company’s business is significantly dependent on the technology used. The company has made
agreement with the promoter and licensed to use the technology provided by promoter. The premature
termination of such agreements or the loss of the ability to use such technology due to any reason would
have an adverse impact the business operations.
• There are fixed cost and semi fixed cost, which are not dependent directly on the trading volume on the
exchange. If the revenues of the company decline and it are unable to reduce cost, profitability will be
adversely affected
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9. K E Y N O T E
Restated Profit & Loss Statements (`Cr)
PARTICULARS FY09 FY10 FY11 9M FY12
INCOME FORM OPERATIONS 212.45 287.38 368.89 402.33
OTHER INCOME 153.40 206.32 78.67 72.17
TOTAL INCOME 365.85 493.70 447.56 474.50
STAFF COST 25.43 21.75 26.43 20.13
ADMINISTRATION AND OTHER EXPENSES 110.61 124.08 150.70 121.68
DEPRECIATION 19.96 24.74 24.66 20.44
INTEREST 0.18 0.04 0.02 0.00
TOTAL EXPENDITURE 156.18 170.61 201.81 162.25
NET PROFIT BEFORE TAX 209.67 323.09 245.75 312.25
CURRENT TAX 45.27 100.43 70.35 91.43
PRIOR PERIOD TAX 0.00 0.00 0.20 -2.72
DEFERRED TAX 6.31 1.91 2.08 2.98
WEALTH TAX 0.03 0.03 0.02 0.02
FRINGE BENEFIT TAX 0.64 0.00 0.00 0.00
PROFIT AFTER TAX 157.42 220.72 173.10 220.54
SHARE OF PROFIT OF ASSOCIATE 0.04 0.30 0.26 0.14
NET PROFIT AFTER TAX 157.46 221.02 173.36 220.68
PRIOR PERIOD EXPENSE 1.38 -0.21 2.92 -2.72
NET PROFIT, AS RESTATED 158.84 220.81 176.28 217.96
No of Shares 4.08 4.08 5.10 5.10
EPS Annualised 38.93 54.12 34.57 56.99
Restated Balance Sheets (` Cr)
PARTICULARS FY09 FY10 FY11 9M FY12
GROSS BLOCK 259.48 267.88 291.65 309.54
LESS: ACCUMULATED DEPRECIATION 50.89 75.36 96.36 116.54
NET BLOCK (A) 208.59 192.52 195.29 193.00
Capital WIP 0.28 0.26 0.05 0.04
TOTAL FIXED ASSETS 208.87 192.78 195.34 193.04
INVESTMENTS (B) 469.82 617.01 823.74 1095.81
SUNDRY DEBTORS 26.89 30.38 48.87 49.40
CASH & BANK BALANCES 405.85 270.05 331.17 228.57
LOAN AND ADVANCES 45.24 110.79 89.66 96.09
OTHER CURRENT ASSETS 9.17 7.84 11.32 9.68
TOTAL CURRENT ASSETS (C) 487.15 419.06 481.02 383.74
TOTAL ASSETS (A+B+C) (D) 1165.84 1228.85 1500.10 1672.59
CURRENT LIABILITIES & PROVISIONS 663.47 521.42 638.55 582.98
DEFERRED TAX LIABILITY 8.72 10.62 12.70 15.68
TOTAL NETWORTH 493.65 696.81 848.85 1073.93
EQUITY SHARE CAPITAL 40.80 40.80 51.00 51.00
STOCK OPTION 0.02 0.00 0.00 0.00
RESERVES & SURPLUS 452.83 656.01 797.85 1022.93
NET WORTH 493.65 696.81 848.85 1073.93
Keynote Capitals Institutional Research Page 9

10. K E Y N O T E
Keynote Capitals Ltd.
Member
Stock Exchange, Mumbai (INB 230930539)
National Stock Exchange of India Ltd. (INB 010930556)
Over the Counter Exchange of India Ltd. (INB 200930535)
Central Depository Services Ltd. (IN-DP-CDSL-152-2001)
Registered Office
4th Floor, Balmer Lawrie Building,
5, J. N. Heredia Marg,
Ballard Estate, Mumbai 400 001.
Tel Nos. 022-2269 4322 / 24 / 25
Disclaimer
This report by Keynote Capitals Ltd. is purely for information purpose and is based on the Red Herring Prospectus for the
public issue of the company under coverage, published financial statements, public information and the recent analyst
meeting of the company. Neither the information nor any opinion expressed in this report constitutes an offer, or an
invitation to make an offer, to buy or sell the securities mentioned herein. Directors, officers, clients or employees of
Keynote Capitals or its affiliates may have positions in securities covered in this report or in related investments. Keynote
Capitals Ltd may also have proprietary trading positions in securities covered in this report or in related investments.
Opinions and estimates mentioned herein, if any, are based on workings of Keynote Capitals only. Investors in the issue
are advised to read the RHP carefully before subscribing to the issue. Keynote Capitals Ltd. or any of its directors, officers
or employees shall not in any way be responsible for any loss arising from the use of this report. Investors are advised to
apply their own judgment before acting on the contents of this report.
Keynote Capitals Institutional Research Page 10