30 May 2016

4QFY16 Results Update | Sector: Others

Sintex Industries
BSE SENSEX S&P CNX
26,726 8,179 CMP: INR82 TP: INR105 (+28%) Buy
Bloomberg SINT IN Fresh capex concerning; cutting estimates, target price
Equity Shares (m) 446.8  Growth decelerates, OPM improves: Sintex Industries’ (SINT) 4QFY16 revenue
M.Cap. (INR b) / (USD b) 36.6/0.5 grew 8.5% YoY to INR23.6b (3% miss). EBITDA grew 11% YoY to INR4.5b (8%
52-Week Range (INR) 122 / 64 beat); EBITDA margin expanded 2.5pp QoQ and 0.4pp YoY to 19.2%. PAT grew
1, 6, 12 Rel. Per (%) -7/-24/-23 15% YoY to INR2.3b (10% beat).
12M Avg Val (INR M) 309  Ex-Textiles, single-digit growth in 4Q: Excluding Textiles, which grew 31% YoY,
Free float (%) 67.5
SINT’s other business segments grew in single digits – Prefabs (flat YoY, albeit
Financials & Valuation (INR b) 25% in FY16), Composites (7% YoY, albeit 11% in FY16). Deceleration in growth
Y/E Mar 2016 2017E 2018E was partly attributable to moderation of commodity pricing (pass-through
Net sales 77.9 96.1 114.9 dynamics hurting revenue). EBITDA margin, however, expanded both YoY and
EBITDA 13.6 17.2 21.1 QoQ in Prefabs and Composites.
Adj. PAT 6.3 7.1 9.6  FCCB and fresh capex cycle to keep return ratios under check: With USD100m
Adj EPS (INR) 14.2 15.9 21.4 FCCB raised and target capex of INR17b over FY17-18 on phase-II of spinning
EPS Gr. (%) 9.4 11.9 34.9 project (phase-I yet to ramp up), improvement of capital efficiency and balance
BV/Sh. (INR) 123.3 138.4 159.0 sheet strength is now elusive. Also, there is the risk of 18% dilution due to FCCB.
RoE (%) 12.4 12.1 14.4  Improving fundamentals eclipsed by weak capital efficiency: SINT’s business
RoCE (%) 8.0 8.3 9.7
model is strongly connected with macroeconomic outlook and pick-up in
Payout (%) 7.0 7.0 7.0
government and private capex cycle. While we are positive on business
Valuations
fundamentals, stock re-rating might be delayed due to concern on capital
P/E (x) 5.8 5.2 3.8
efficiencies. The stock trades at 5.2/3.8x FY17/18E EPS, 0.6/0.5x FY17/18E BV
P/BV (x) 0.7 0.6 0.5
(RoE 12/14% in FY17/18), and at an EV of 5.3/4.5x FY17/18E EBITDA (LT average
EV/EBITDA (x) 6.5 5.3 4.5
of 6x). We value SINT at an EV of 5x FY18E EBITDA, which translates into a fair
Div. Yield (%) 0.9 0.9 0.9
value of INR105/share (15% cut). Despite near-term challenges, we maintain Buy
post de-rating of the stock.
Estimate change

TP change

Rating change

Sandipan Pal (Sandipan.Pal@MotilalOswal.com); +91 22 3982 5436

Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Sintex Industries

Exhibit 1: Segmental revenue break-up (INR m)

Verticals 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 FY15 FY16
Textiles 1,860 2,135 1,719 2,328 2,570 2,802 7,240 9,420
Plastics 16,400 19,530 12,970 16,660 17,990 20,290 62,840 67,910
Building Materials 7,590 10,400 5,270 8,420 9,300 10,520 31,760 33,510
Prefab 4,130 4,110 2,730 5,780 5,830 4,120 14,800 18,460
Monolithic 2,610 5,210 1,800 1,730 2,530 5,290 13,500 11,350
Tanks 850 1,080 740 910 940 1,110 3,460 3,700
Composites 8,810 9,130 7,700 8,240 8,690 9,770 31,080 34,400
Domestic 3,040 4,220 3,157 3,870 4,070 4,103 12,700 15,200
Foreign 5,770 4,910 4,543 4,370 4,620 5,667 18,380 19,200
Total 18,260 21,665 14,689 18,988 20,560 23,092 70,080 77,330
Source: Company, MOSL

Exhibit 2: Prefab: Flat growth, better OPM Exhibit 3: Fabric business sustained momentum (+31% YoY)
Revenue (INR b) Margin (%) Revenue (INR b) Margin (%)
29 30 28 26
27 28 26 26
28
23 24 23
26
23 23 24 21 21 25 22 21 23
20 20 19
17
23
20

2.8 2.9 2.0 3.0 3.2 3.4 2.6 4.0 4.1 4.1 2.7 5.8 5.8 4.1 1.2 1.3 1.1 1.3 1.5 1.5 1.5 1.7 1.9 2.1 1.7 2.3 2.6 2.8
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
4QFY16

3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
4QFY16
Source: Company, MOSL Source: Company, MOSL

Exhibit 4: Overseas business posted growth and OPM uptick Exhibit 5: Domestic composite showed strong margins
Revenue (INR b) Margin (%) Revenue (INR b) Margin (%) 28
11 26
11 11
11 21 20 22 23
9 9 9 9 19 19 19 19
8 18 19
7 9 14
6 10
15
6
2.6 3.3 1.9 2.4 2.7 3.7 2.5 2.9 3.0 4.2 3.2 3.9 4.1 4.1
3.7 3.5 3.6 3.5 3.7 4.2 3.7 4.0 5.8 4.9 4.5 4.4 4.6 5.7
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
4QFY16
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
4QFY16

Source: Company, MOSL Source: Company, MOSL

Guidance moderates
 Spinning project commenced commercial production with entire 0.33m capacity
and would operate at optimum utilization in 2HFY17.
 Phase II of Spinning will require ~INR17b of capex and will enjoy incentives.
 Growth conviction in prefab and domestic composites remains strong with the
introduction of new contributing avenues (entered into a JV with European
rotomolding player Rototech for high-end automotive components).

30 May 2016 2
 Sintex Industries

Improving fundamental eclipsed by weak capital efficiency

 SINT’s business model is strongly connected with macro-outlook, and pick-up in
government and private capex cycle. The company will be a major beneficiary
from government’s strong focus on wide range of infrastructure and social
improvement plans viz. education, healthcare, sanitation, housing etc.
 However all cylinders are not set to fire together. Delay in broad based recovery
cycle in B2G projects and adversity in commodity prices remain elusive.
Moderation in guidance dynamics of spinning project, being economically
incentivized, might post near-term disappointment in the scenario of weakening
cotton price.
 With US$100m FCCB raised and target capex of INR17b over FY17-18 on phase II
of spinning project (Phase I yet to ramp-up), the improvement of capital
efficiency and B/S sheet strength is now elusive, along with risk of 18% dilution
due to FCCB. While we are positive on business fundamentals, stock re-rating
might be delayed due to concern on capital efficiencies.
 The stock trades at 5.1/3.8x FY17/18E EPS and 5.3/4.5x FY17E/18E EV/EBITDA
(LT average of 6x) and 0.6/0.5x FY17/18E P/B (ROE 12/14% in FY17/18). We
value SINT at 5x FY18E EV/EBITDA, which translates into a fair value of
INR105/share. Despite near-term challenges, we maintain Buy post de-rating of
the stock.

Exhibit 6: Estimate 18% CAGR in revenue over FY15-18 (%)… Exhibit 7: …along with modest improvement in margins
19%
18%
18% 18% 18%
17% 17% 17%
16% 16% 16%

35 7 36 14 15 20 10 24 20

-1
FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16E

FY17E

FY18E
FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16E

FY17E

FY18E

Source :Company, MOSL

Source :Company, MOSL

Exhibit 8: Sales growth (%) across segment

FY12 FY13 FY14 FY15 FY16E FY17E
33

28
26
25
23

22
21
21
20

20
20
25

16

16
16

15

15

14
12
12

12
10
8

7
-19

4
-6
-11

0
-33

Textiles Prefab Monolithic Tanks Domestic Foreign

Composites Composites

Source: Company, MOSL

30 May 2016 3
 Sintex Industries

Exhibit 9: Capex to keep FCFE negative in FY17-18 (INR b) Exhibit 10: Return ratios to remain under check (%)
0.0

21
19

19
-1.2
-2.4

16
-3.4

14
14
14

13
-4.7 -5.2

12

12
11
-5.9

11
11

10

10
-6.9

9
9

8
8
8
8

8
-9.8
-10.9
-12.4
-15.4

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16E

FY17E

FY18E
FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16E

FY17E

FY18E
Source: Company, MOSL Source: Company, MOSL

30 May 2016 4
 Sintex Industries

Financials and valuations

Income Statement (INR Million)
Y/E March 2011 2012 2013 2014 2015 2016 2017E 2018E
Operating income 44,837 44,535 51,079 58,645 70,348 77,939 96,090 114,850
Change (%) 35.1 -0.7 14.7 14.8 20.0 10.8 23.3 19.5
EBITDA 8,155 7,177 7,695 9,642 12,106 13,577 17,177 21,059
EBITDA Margin (%) 18.2 16.1 15.1 16.4 17.2 17.4 17.9 18.3
Change (%) 51.6 -12.0 7.2 25.3 25.6 12.2 26.5 22.6
Depreciation 1,491 1,678 2,054 2,548 2,605 3,048 4,277 4,744
EBIT 6,664 5,499 5,641 7,094 9,500 10,529 12,900 16,315
Interest 1,089 1,358 1,726 2,894 2,835 2,817 4,012 4,033
Other income 455 505 860 774 682 728 800 800
Extraordinary items 62 -466 -903 -161 -218 -57 0 0
PBT 6,092 4,179 3,871 4,814 7,130 8,383 9,688 13,081
Tax 1,508 1,160 669 1,180 1,863 2,113 2,616 3,532
Tax / PBT (%) 24.8 25.0 14.0 23.7 25.4 25.0 27.0 27.0
PAT before MI 4,584 3,019 3,202 3,634 5,267 6,269 7,073 9,549
PAT margin (%) 10.2 6.8 6.3 6.2 7.5 8.0 7.4 8.3
Change (%) 38.4 -34.1 6.0 13.5 44.9 19.0 12.8 35.0
MI + Share of profit/loss -16 49 36 13 21 15 20 20
Consolidated PAT 4,600 2,970 3,166 3,621 5,245 6,254 7,053 9,529
Adj. Con. PAT 4,553 3,535 4,141 3,808 5,506 6,338 7,093 9,569
Change (%) 57.2 -22.4 17.2 -8.1 44.6 15.1 11.9 34.9

Balance Sheet (INR Million)

Y/E March 2011 2012 2013 2014 2015 2016 2017E 2018E
Equity share capital 271 271 311 311 425 447 447 447
Convertible share warrants 0 0 283 283 0 0 0 0
Reserves 23,745 26,212 30,656 34,844 46,553 54,658 61,386 70,591
Networth 24,016 26,483 31,250 35,438 46,978 55,105 61,833 71,037
Minority Interest 0 0 0 0 0 21 21 21
Total Debt 27,736 30,913 37,139 40,630 46,554 61,397 62,052 62,052
Net deferred tax 2,057 2,381 2,878 3,289 4,694 6,161 6,161 6,161
Capital employed 53,808 59,778 71,267 79,358 98,226 122,683 130,066 139,271
Gross fixed assets 33,276 37,266 42,326 51,783 66,170 94,887 100,887 119,887
Less: Acc. Depn. 9,156 10,863 13,332 15,879 18,484 21,533 25,809 30,554
Net fixed assets 24,120 26,403 28,995 35,903 47,686 73,355 75,078 89,334
Goodwill 2,190 2,179 2,157 1,865 1,550 1,676 1,676 1,676
Capital WIP 714 2,531 3,597 1,500 5,000 4,000 10,000 6,000
Investments 3,775 1,423 1,303 3,058 5,281 2,647 2,192 2,192
Curr. assets 33,655 37,350 45,003 48,559 53,535 57,891 63,563 66,670
Inventory 3,770 3,955 4,531 4,511 5,170 6,064 6,491 6,999
Debtors 14,278 16,983 18,596 22,230 24,608 24,223 28,959 33,039
Cash & Bank 9,861 7,206 8,902 2,720 4,250 7,409 5,736 2,404
Loans, Adv. & Others 5,746 9,206 12,974 19,099 19,507 20,195 22,377 24,229
Current liab. & prov. 10,647 10,108 9,787 11,528 14,827 16,885 22,443 26,601
Creditors 6,522 6,514 8,504 10,005 13,364 15,229 20,539 24,411
Other Liabilities 499 0 0 0 0 0 0 0
Provisions 3,626 3,594 1,284 1,523 1,462 1,655 1,904 2,189
Net current assets 23,009 27,242 35,216 37,031 38,709 41,006 41,120 40,069
Misc. exp. 0 0 0 0 0 0 0 0
Total Assets 53,809 59,778 71,268 79,358 98,226 122,683 130,066 139,271
E: MOSL Estimates

30 May 2016 5
 Sintex Industries

Financials and valuations

Ratios
Y/E March 2011 2012 2013 2014 2015 2016 2017E 2018E
Basic (INR)
EPS 16.8 13.0 13.3 12.2 13.0 14.2 15.9 21.4
Growth (%) 57.2 -22.4 2.1 -8.1 5.9 9.4 11.9 34.9
Cash EPS 22.5 17.5 17.0 19.9 18.6 20.9 25.4 32.0
Book value 88.6 97.7 100.4 113.9 110.6 123.3 138.4 159.0
Divd. Per Share 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7
Payout incl. Div. Tax (%) 4.5 6.7 7.8 7.0 6.6 7.0 7.0 7.0
Valuation (x)
P/E 6.7 6.3 5.8 5.2 3.8
Cash P/E 4.1 4.4 3.9 3.2 2.6
Price/Book value 0.7 0.7 0.7 0.6 0.5
EV/Sales 1.1 1.1 1.1 1.0 0.8
EV/EBITDA 6.5 6.1 6.5 5.3 4.5
Dividend yield (%) 0.9 0.9 0.9 0.9 0.9
Profitability ratios (%)
RoE 20.9 14.0 14.3 11.4 13.4 12.4 12.1 14.4
RoCE 11.0 8.3 8.9 8.3 9.0 8.0 8.3 9.7
RoIC 13.6 9.4 9.1 8.4 9.1 8.2 8.5 9.9
Turnover ratios
Debtors (days sales) 116 139 133 138 128 125 110 105
Inventory (days sales) 31 32 32 28 27 28 25 22
Creditor (days total exp) 70 64 72 75 84 86 95 95
Asset turnover (x) 0.9 0.8 0.7 0.8 0.8 0.7 0.8 0.9
Leverage ratio
Debt/Equity (x) 0.6 0.8 0.9 1.0 0.8 0.9 0.9 0.8

Cash Flow Statement

Y/E March 2011 2012 2013 2014 2015 2016 2017E 2018E
PBT before EO items 6,046 4,596 4,738 4,962 7,326 8,424 9,668 13,061
Add : Depn. & Amort. 1,491 1,678 2,054 2,548 2,605 3,048 4,277 4,744
Interest 1,089 1,358 1,726 2,894 2,835 2,817 4,012 4,033
Less : Direct taxes 1,508 1,160 669 1,180 1,863 2,113 2,616 3,532
(Inc)/Dec in WC 526 -6,888 -6,278 -7,997 -147 861 -1,787 -2,282
CF from operations 7,644 -415 1,571 1,226 10,757 13,037 13,554 16,025
Extraordinary items 62 -466 -903 -161 -218 -57 0 0
CF from opn. incl. EO 7,706 -882 668 1,065 10,539 12,980 13,554 16,025
(Inc)/Dec in FA -6,300 -5,766 -5,690 -7,067 -17,573 -27,842 -12,000 -15,000
Free Cash Flow 101 -4,296 -4,902 -7,757 -9,257 -12,228 2,009 1,025
(Pur)/Sale of invts. -1,305 2,352 120 -1,755 -2,223 2,634 455 0
CF from invt. activity -7,605 -3,414 -5,570 -8,822 -19,796 -25,208 -11,545 -15,000
Inc/(Dec) in Net Worth 153 -297 1,855 821 6,641 2,238 40 40
Inc/(Dec) in Debt 1,432 3,178 6,226 3,492 5,924 14,843 655 0
Less : Interest paid 1,089 1,358 1,726 2,894 2,835 2,817 4,012 4,033
Divd & Divd Tax 206 205 254 254 347 365 365 365
CF from fin. activity 464 1,641 6,597 1,576 10,788 15,386 -3,682 -4,358
Inc/Dec in cash 566 -2,655 1,695 -6,181 1,531 3,158 -1,673 -3,333
Add: Beginning balance 9,295 9,861 7,206 8,902 2,720 4,250 7,409 5,736
Closing balance 9,861 7,206 8,901 2,721 4,250 7,409 5,736 2,404
E: MOSL Estimates

30 May 2016 6
 Sintex Industries

Corporate profile: Sintex Industries

Company description Exhibit 12: Sensex rebased
Sintex Industries (SINT) is one of the most
integrated plastics processors in India. The key
areas of operation are Building materials (Prefab
and monolithic construction), custom moldings,
storage products and textiles. Building Materials
business caters to two kinds of low-cost
construction opportunities - (1) Housing, via
monolithic construction, and (2) Non-housing, via
prefab structures (rural classrooms and healthcare
clinics, sanitation, army barracks, worker shelters,
etc). The company will continue to benefit from
the rising trend of "plasticization", i.e. substitution
of metals by plastic composites across industries,
mainly autos, electrical, Aerospace, and
healthcare, defense, etc.

Exhibit 12: Shareholding pattern (%) Exhibit 13: Top holders

Mar-16 Dec-15 Mar-15 Holder Name % Holding
Promoter 32.5 32.5 34.0 Platinum Asia Fund 5.9
DII 2.2 2.3 2.2 Barclays Merchant Bank (Singapore) Ltd. 3.1
Government Pension Fund Global 2.2
FII 35.0 38.5 28.2
Government of Singapore 2.2
Others 30.4 26.7 35.6 Orange Mauritius Investments Ltd. 2.0
Note: FII Includes depository receipts

Exhibit 14: Top management Exhibit 15: Directors

Name Designation Name Name
Dinesh B Patel Chairman Dinesh B Patel Indira J Parikh*
Arun P Patel Vice Chairman Arun P Patel LavkumarKantilal*

Amit D Patel Managing Director Amit D Patel RamnikbhaiAmbani*

Rahul A Patel Managing Director Rahul A Patel AshwinLalbhai Shah*

S B Dangayach Managing Director S B Dangayach Narendra Kumar Bansal*

Rajesh B Parikh*
*Independent

Exhibit 16: Auditors Exhibit 17: MOSL forecast v/s consensus

MOSL Consensus
Name Type EPS (INR) Variation (%)
forecast forecast
Deloitte Haskins & Sells Statutory FY16 14.2 13.7 4.0
Kiran J Mehta & CO Cost Auditor FY17 15.9 17.2 -7.7
V H Shah Cost Auditor
FY18 21.4 22.3 -4.0

30 May 2016 7
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Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or
indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. The research analysts, strategists, or research associates principally responsible for preparation of MOSt research receive
compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues
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 Analyst ownership of the stock No
 Served as an officer, director or employee No
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Regional Disclosures (outside India)

This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which
would subject MOSt & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong: This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has
an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Kong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to
SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities,
products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in
Hong Kong.
For U.S
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL is not a
registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the
absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S. persons.
This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This
document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional investors and will be
engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by
the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal
Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore,
may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a
subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in the
Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time.
In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Varun Kumar Kadambari Balachandran
Varun.kumar@motilaloswal.com kadambari.balachandran@motilaloswal.com
Contact : (+65) 68189232 (+65) 68189233 / 65249115
Office Address:21 (Suite 31),16 Collyer Quay,Singapore 04931

30 May 2016 Motilal Oswal Securities Ltd 8

Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com