Alok Ind - ICICI Direct

8/13/2019 Alok Ind - ICICI Direct

1/9

May 22, 2012

ICICI Securities Ltd|Retail Equity Research

Result Update

WHATS CHANGEDPRICE TARGET ........................................................................... Changed from | 25 to | 21

EPS (FY13E) ............................................................................. Changed from | 7.2 to | 6.1

EPS (FY14E) ............................................................................................ Introduced at | 8.2

RATING....................................................................................... Changed from Buy to HoldAnd the dilution continuesAlok Industries (Alok) Q4FY12 numbers were broadly in line with ourestimates with operating margins beating our estimates by over 200 bps.Alok reported one of the slowest growth in sales in over four years on theback of lower domestic sales. While exports grew 40.3 YoY (on theback of rupee depreciation) to | 814.9 crore, domestic sales grew only10.3 YoY to | 1,780.5 crore. Going forward, we expect the companysrevenues to grow at a lower pace as compared to the last four years asthe company has not planned any major capacity addition and also due tothe impact of a higher base. While we expect revenues to grow at a CAGRof 22.8 during FY12-14E, PAT is expected to increase at a CAGR of39.3 on the back of savings in interest costs. Considering the delay inland monetisation and the ongoing dilution, we have downgraded Alokfrom BUY to HOLD.Real estate monetisation: A small beginningAlok has closed two deals (a) eight floors out of 20 floors of Peninsula

Business Park, Lower Parel have been sold and the token consideration

for the same has been received and (b) three floors out of eight in

Ashford Centre, Lower Parel have been leased and the earnest money

deposits have also been received.

Dilution dilemmaThe Board has approved a preferential allotment of up to 2.75 crore

equity shares and up to five crore warrants to promoters/promoter group

company. In the past also, the promoters have diluted their stake to fund

the capex requirements. While the CAGR in revenues and equity during

FY07-12E has been ~45%, profits have only grown at a CAGR of 17.6%

due to the burgeoning debt, which led to higher interest outgo.

ValuationThe stock is likely to witness a multiple re-rating when the company

reduces its debt through land monetisation and, thereby, saves on

interest expenses. We have valued the stock at | 21 (based on an average

arrived at by assigning a multiple of 0.4x FY14E book value and 2.5x

FY14E EPS). Considering the ongoing equity dilution and high debt levels,

we remain cautious on Alok. Therefore, we have, downgraded Alok

Industries from BUY to HOLDwith a revised target price of | 21.Exhibit 1:Financial Performance

(| Crore) Q4FY12 Q4FY12E Q4FY11 Q3FY12 QoQ(Ch %) YoY(Ch%)

Net Sales 2,595.4 2,753.6 2,195.9 2,386.7 8.7 18.2

EBITDA Margin (%) 28.1 26.0 25.4 26.9 117 bps 266 bps

Depreciation 173.6 174.7 160.0 187.5 (7.4) 8.5Interest 334.6 276.4 166.7 271.3 23.3 100.7

Other Income 8.7 2.7 24.3 2.0 330.8 (64.4)

Reported PAT 283.5 279.8 159.5 (36.6) LP 77.7

EPS (|) 3.4 3.6 2.0 (0.5) LP 69.5

Source: Company, ICICIdirect.com Research Note: LP -Loss to Profit

Alok Industries (ALOTEX)

|19ting matrix

ing : Hold

get : | 21

get Period : 12 months

ential Upside : 10%

y Financials

Crore) FY11 FY12E FY13E FY14E

t Sales 6,376 8,901 11,112 13,418

ITDA 1,750 2,559 2,734 3,166

t Profit 404 381 519 739

luation summary

FY11 FY12E FY13E FY14E

(x) 3.7 4.1 3.1 2.3

rget PE (x) 4.0 4.5 3.4 2.5

to EBITDA(x) 5.7 4.5 4.5 3.9ce to book (x) 0.5 0.4 0.4 0.4

NW (%) 13.1 10.4 12.7 15.5

CE (%) 9.7 12.6 12.0 12.9

ock data

arket Capitalisation | 1507 crore

bt (Dec-11) | 11494 crore

sh (Dec-11) | 1578 crore

| 11423 crore

week H/L (|) 29 / 16

uity capital | 826.3 crore

ce value | 10F Holding (%) 11.3

Holding (%) 15.2

ce movement

15

20

25

30

35

May-12Feb-12Nov-11Aug-11Jun-11

4,000

4,500

5,000

5,500

6,000

Price (R.H.S) Nifty (L.H.S)

alysts nameharat [email protected]

hvani Modi

[email protected]


2/9

ICICI Securities Ltd|Retail Equity Research Page 2

Q4FY12 Result Highlights Aloks Q4FY12 topline was marginally lower than our estimate.

The company reported a topline of | 2,595.4 crore, up 18.2% YoY

as against our estimate of | 2,753.6 crore

The operational performance of the company came as a positivesurprise. The operating margin increased by 266 bps YoY on the

back of reduced other expenditure

For nine months ended December 2011, Alok had provided forMTM on forex loans to the tune of | 358.1 crore. However, since

the rupee appreciated in Q4FY12, the company wrote back

provisions worth | 227.6 crore

On the back of the write-back, the company reported a stronggrowth in PAT despite doubling of interest cost. Alok reported a

PAT of | 283.5 crore, up 77.7% YoY (I-direct estimate: | 279.8

crore)

Exhibit 2:Topline growth slows down for first time in over four years

1,471

1,099

1,452 1,609

2,196

1,645

2,1282,387

2,595

-

500

1,000

1,500

2,000

2,500

3,000

Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12

|

crore

Sales

Source: Company, ICICIdirect.com Research

Exhibit 3:Exports performance trend

608

436

606 595 581 602

740 770 81541.3

39.741.7

37.0

26.5

36.6 31.432.3

34.8

0

100

200

300

400

500

600

700

800

900


|

crore

20

25

30

35

40

45

%

Exports As a % of Sales (RHS)


Alok reported the slowest ever topline growth for the firsttime in over four years. The woven fabric segment,

garments segment and polyester yarn segment grew by

31.7%, 73.8% and 52.2% YoY, respectively. However, the

yarn segment revenues de-grew by 66.9% YoY

While exports continued to grow in absolute terms, the

share in the overall sales mix has been on the decline


3/9


Exhibit 4:Polyester segment continues to gain share in revenue mix

37

6044 45 49

15

16

14 12 12

17

16

26 2532

26

2 13 17 5

-

10

20

30

40

50

60

70

80

90

100

Q4FY08 Q4FY09 Q4FY10 Q4FY11 Q4FY12

Apparel Fabric Home Textile POY & Texturising Yarn Cotton Spinning Garments


Exhibit 5:EBITDA margin trend

29.129.7

28.6

25.925.4

27.5

31.7

26.9

28.1

24.6

23.6

22

24

26

28

30

32

Q4FY10

Q1FY11

Q2FY11

Q3FY11

Q4FY11

Q1FY12

Q2FY12

Q3FY12

Q4FY12

FY13E

FY14E

%

EBITDA Margin


Exhibit 6:Costs as a percentage of salesParticulars Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12

Raw Material Cost 46.7 52.2 53.4 56.9 49.0 45.8 47.0 54.4

Employee Cost 3.8 3.1 3.5 2.6 3.3 2.9 3.1 2.5

Other Expenses 19.8 16.1 17.3 15.1 20.2 19.6 23.0 15.0


Despite the increasing share of the polyester segment, the

operating margin rose by 276 bps on the back of reduced

other expenditure


4/9


Exhibit 7:Net profit trend

95.3

46.5

79.8 89.8

159.5

57.8 74.4

(36.6)

283.5

-100

-50

0

50

100

150

200

250

300


|c

rore

Net Profit


Exhibit 8:Segmental analysis Quarterly)Unit Volume Value Realisation Volume Value Realisation Volume Value Realisation

| crore |/unit | crore |/unit

Cotton Spinning MT 3,046 54.4 178,668 502 12.5 248,670 507.0 336.1 (28.2)

Raw Cotton MT 5,696 54.9 96,439 21,597 353.7 163,756 (73.6) (84.5) (41.1)

Woven Fabric Lac Mtrs 1,093 1,150.6 10,529,326 808 913.2 11,304,003 35.3 26.0 (6.9)

Knitted Fabric MT 1,900 57.2 301,249 1,986 67.8 341,197 (4.3) (15.5) (11.7)

Home Textiles Pcs 2,443,777 212.6 870 2,969,185 212.8 717 (17.7) (0.1) 21.3

Terry Towel Pcs 4,133,792 47.8 116 5,078,779 37.2 73 (18.6) 28.7 58.1

Polyester Chips MT 22,019 177.9 80,773 5,834 53.9 92,464 277.4 229.7 (12.6)

POY & Texturising MT 68,418 653.2 95,474 47,024 480.7 102,221 45.5 35.9 (6.6)Garments Pcs 3,103,977 63.2 203 1,967,923 32.9 167 57.7 91.9 21.7

Handkerchief Pcs 985,147 4.3 44 2,097,735 4.8 23 (53.0) (8.8) 94.1

Q4FY12 Q4FY11 % Change

Segment


Exhibit 9:Segmental analysis Annual)Unit Volume Value Realisation Volume Value Realisation Volume Value Realisation

| crore |/unit | crore |/unit

Cotton Spinning MT 6,870 145.6 211,907 6,070 103.5 170,472 13.2 40.7 24.3

Raw Cotton MT 10,742 117.7 109,532 31,151 429.8 137,968 (65.5) (72.6) (20.6)

Woven Fabric Lac Mtrs 3,446 3,669.6 10,650,008 2,650 2,718.8 10,258,264 30.0 35.0 3.8

Knitted Fabric MT 8,305 268.2 322,921 8,613 241.6 280,443 (3.6) 11.0 15.1

Home Textiles Pcs 10,471,091 916.5 875 12,023,432 889.5 740 (12.9) 3.0 18.3

Terry Towel Pcs 17,154,176 160.0 93 13,561,694 93.7 69 26.5 70.8 35.0

Polyester Chips MT 85,183 666.9 78,295 23,204 145.3 62,636 267.1 358.9 25.0

POY & Texturising MT 230,979 2,284.5 98,905 179,057 1,542.8 86,165 29.0 48.1 14.8

Garments Pcs 8,383,584 191.2 228 7,986,278 138.0 173 5.0 38.5 31.9

Handkerchief Pcs 5,922,151 20.8 35 9,370,892 21.4 23 (36.8) (2.9) 53.7

% Change

Segment

FY12 FY11


Alok had incurred a loss of | 36.6 crore in Q3FY12 due to

MTM provisions made. Considering that the rupee

appreciated in Q4FY12 over Q3FY12, the company wrote

back provisions to the tune of | 227.6 crore, resulting in a

strong PAT growth in Q4FY12


5/9


Exhibit 10:Revised estimatesFY14E

Particulars (| crore) Earlier Revised % Change Introduced

Sales 11,012.8 11,112.0 0.9 13,417.7

Operating Profit 2,710.2 2,734.1 0.9 3,166.3

Margin (%) 24.6 24.6 0 bps 23.6

Net Profit 568.8 518.6 -8.8 738.9

EPS (|) 7.2 6.1 -15.9 8.2

FY13E


Valuation

The stock is likely to witness a multiple re-rating when the company

reduces its debt through land monetisation and, thereby, saves on

interest expenses. We have valued the stock at | 21 (based on an average

arrived at by assigning a multiple of 0.4x FY14E book value and 2.5x

FY14E EPS). Considering the ongoing equity dilution and high debt levels,

we remain cautious on Alok. Therefore, we have downgraded AlokIndustries from BUY to HOLDwith a revised target price of | 21.


6/9


Financial summaryProfit and loss statement

(| Crore)

(Year-end March) FY11 FY12E FY13E FY14E

Total operating Income 6,388.4 8,900.9 11,112.0 13,417.7

Growth (%) 48.3 39.6 24.8 20.8

Cost of Goods Sold 3,997.7 5,401.4 6,911.1 8,332.7

Employee Expenses 199.8 267.3 355.6 496.5

Selling Expenses 119.9 185.0 255.6 348.9

Administrative Expenses 321.1 488.1 855.6 1,073.4

Miscellaneous Expenses - - - -

Total Operating Expenditure 4,638.5 6,341.8 8,377.9 10,251.4

EBITDA 1,749.9 2,559.1 2,734.1 3,166.3

Growth (%) 44.8 46.2 6.8 15.8

Depreciation 518.8 713.4 877.4 974.7

EBIT 1,231.1 1,845.6 1,856.7 2,191.6

Interest 654.4 1,149.6 1,104.9 1,118.2

Other Income 6.4 65.7 22.2 29.5

PBT 583.2 640.5 774.0 1,102.9

Total Tax 178.8 260.0 255.4 363.9

PAT 404.4 380.5 518.6 738.9

Growth (%) 63.5 (5.9) 36.3 42.5

EPS (|) 5.1 4.6 6.1 8.2


Cash flow statement(| Crore)


Profit before Tax 583.2 640.5 774.0 1,102.9

Add: Depreciation 518.8 713.4 877.4 974.7

(Inc)/dec in Current Assets -1,018.6 -2,027.3 -1,747.4 -1,717.6

Inc/(dec) in CL and Provisions 517.3 405.3 165.0 110.0

Taxes Paid -117.9 -260.0 -193.5 -275.7

Others 652.6 1,149.6 1,104.9 1,118.2

CF from operating activities 1,135.5 621.5 980.4 1,312.5

(Inc)/dec in Investments 63.7 -12.8 -27.0 -103.5

(Inc)/dec in Fixed Assets -1,857.1 -1,156.0 -431.1 -249.9

Others -275.2 0.0 0.0 0.0

CF from investing activities -2,068.6 -1,168.8 -458.0 -353.3

Issue/(Buy back) of Equity - 38.49 105.00 -

Inc/(dec) in loan funds 1,144.3 1,840.8 136.3 794.2

Dividend paid & dividend tax -23.0 -24.8 -34.2 -36.2

Others -751.9 -1,149.6 -1,104.9 -1,118.2

CF from financing activities 369.4 704.9 -897.8 -360.2

Net Cash flow -563.7 157.7 -375.4 599.0

Opening Cash 673.4 109.7 267.3 -108.1

Margin money deposits 1,031.6 1,310.9 1,145.7 1,147.0

Closing Cash 1,141.2 1,578.2 1,037.6 1,637.9


Balance sheet(| Crore)


Liabilities

Equity Capital 787.8 826.3 853.8 903.8

Reserve and Surplus 2,309.8 2,828.2 3,217.5 3,864.1

Total Shareholders funds 3,097.6 3,654.5 4,071.2 4,767.8

Total Debt 9,653.6 11,494.3 11,630.6 12,424.9

Deferred Tax Liability 507.7 637.7 699.7 787.9

Minority Interest / Others - - - -

Total Liabilities 13,258.8 15,786.5 16,401.5 17,980.6

Assets

Gross Block 9,014.3 10,317.4 10,967.4 11,467.4

Less: Acc Depreciation 1,587.1 2,300.6 3,177.9 4,152.7

Net Block 7,427.2 8,016.8 7,789.4 7,314.7

Capital WIP 1,061.2 914.2 695.2 445.1Total Fixed Assets 8,488.4 8,931.0 8,484.6 7,759.8

Investments 167.2 179.9 206.9 310.4

Inventory 2,002.6 3,115.3 3,778.1 4,595.6

Debtors 1,740.2 2,314.2 2,911.3 3,622.8

Loans and Advances 727.5 1,068.1 1,555.7 1,744.3

Other Current Assets - - - -

Cash 1,141.2 1,578.2 1,037.6 1,637.9

Total Current Assets 5,611.6 8,075.9 9,282.6 11,600.5

Creditors 862.8 1,335.1 1,500.1 1,610.1

Provisions 145.3 70.0 75.0 80.0

Total Current Liabilities 1,008.1 1,405.1 1,575.1 1,690.1

Net Current Assets 4,603.5 6,670.7 7,707.5 9,910.4

Others Assets (0.2) 4.9 2.4 -

Application of Funds 13,258.8 15,786.5 16,401.5 17,980.6


Key ratios(Year-end March) FY11 FY12E FY13E FY14E

Per share data (|)

EPS 5.1 4.6 6.1 8.2

Cash EPS 11.7 13.2 16.4 19.0

BV 39.3 44.2 47.1 52.8

DPS 0.02 0.03 0.04 0.04

Cash Per Share 14.5 19.1 12.2 18.1

Operating Ratios

EBITDA Margin (%) 27.4 28.8 24.6 23.6

PBT Margin (%) 9.1 7.2 7.0 8.2

PAT Margin (%) 6.3 4.3 4.7 5.5

Inventory days 114.6 127.8 124.1 125.0

Debtor days 99.6 94.9 95.6 98.6

Creditor days 53.2 54.8 49.3 43.8

Return Ratios (%)

RoE 13.1 10.4 12.7 15.5RoCE 9.7 12.6 12.0 12.9

RoIC 3.5 2.8 3.6 4.8

Valuation Ratios (x)

P/E 3.7 4.1 3.1 2.3

EV / EBITDA 5.7 4.5 4.5 3.9

EV / Net Sales 1.6 1.3 1.1 0.9

Market Cap / Sales 0.2 0.2 0.1 0.1

Price to Book Value 0.5 0.4 0.4 0.4

Solvency Ratios

Debt/EBITDA 5.5 4.5 4.3 3.9

Debt / Equity 3.1 3.1 2.9 2.6

Current Ratio 5.6 5.7 5.9 6.9

Quick Ratio 3.6 3.5 3.5 4.1



7/9


ICICIdirect.com coverage universe (Textiles)Sales (| Crore) EPS (|) PE (x) EV/EBITDA (x) RoNW(%) RoCE (%)

Idirect Code ALOTEX CMP (|) 19 FY12E 8,900.9 4.6 4.1 4.5 10.4 12.6

Target (|) 21 FY13E 11,112.0 6.1 3.1 4.5 12.7 12.0

MCap 1507 Upside (%) 10 FY14E 13,417.7 8.2 2.3 3.9 15.5 12.9

Idirect Code BOMRAY CMP (|) 242 FY11 2,254.8 16.0 15.2 11.3 8.5 7.0

Target (|) 244 FY12E 2,666.4 15.9 15.2 10.3 7.5 7.3

MCap 3256 Upside (%) 1 FY13E 3,386.3 25.7 9.4 8.7 10.3 8.7

Idirect Code JBFIND CMP (|) 114 FY11 6,465.6 76.2 1.5 2.5 47.5 30.7

Target (|) 120 FY12E 7,040.1 37.6 3.0 4.8 17.4 16.8

MCap 820 Upside (%) 6 FY13E 8,183.1 44.4 2.6 5.4 17.7 13.2

Idirect Code KEWKIR CMP (|) 603 FY12E 301.9 42.3 14.3 8.9 22.5 27.3

Target (|) 611 FY13E 364.9 51.9 11.6 6.9 23.6 29.2

MCap 743 Upside (%) 1 FY14E 436.6 61.1 9.9 5.7 23.4 29.3

Idirect Code LOVLIN CMP (|) 314 FY12E 145.7 10.5 29.9 23.5 11.4 14.4

Target (|) 350 FY13E 175.4 13.9 22.6 18.3 13.5 16.5

MCap 314 Upside (%) 11 FY14E 209.9 17.9 17.5 14.2 15.4 18.4

Idirect Code PAGIND CMP (|) 3054 FY12E 686.0 78.2 39.1 23.8 52.8 39.0

Target (|) 3106 FY13E 892.0 106.2 28.8 17.9 55.3 43.5

MCap 3406 Upside (%) 2 FY14E 1,099.6 135.1 22.6 14.2 56.2 47.0

Idirect Code RUPACO CMP (|) 140 FY12E 728.1 5.0 27.7 15.4 20.5 20.2

Target (|) Unrated FY13E 835.0 6.2 22.6 13.2 21.3 21.5

MCap 1113 Upside (%) - FY14E 948.6 7.8 18.0 10.9 22.6 23.8

Idirect Code MAHSPI CMP (|) 213 FY12E 4,640.7 22.6 9.4 6.4 7.2 7.7

Target (|) 229 FY13E 5,318.6 29.3 7.3 4.4 8.8 8.9

MCap 1352 Upside (%) 8 FY14E 6,242.2 38.2 5.6 4.1 10.7 9.8

Vardhman Textiles

Bombay Rayon Fashions

JBF Industr ies

Alok Industr ies

Kewal Kiran Clothing

Rupa Company

Page Industr ies

Lovable Lingerie


8/9


Exhibit 11:Recommendation History

15

20

25

30

35

May-12Apr-12Feb-12Jan-12Nov-11Oct-11Aug-11Jul-11Jun-11

Price Target Price


Exhibit 12:Recent ReleasesDate Event CMP Target Price Rating

5-Jul-11 Q1FY12 Preview 26 28 HOLD

2-Aug-11 Q1FY12 Result Update 24 28 BUY

5-Oct-11 Q2FY12 Preview 18 28 BUY

1-Nov-11 Q2FY12 Result Update 21 28 BUY

6-Jan-12 Q3FY12 Preview 18 28 BUY

16-Feb-12 Q3FY12 Result Update 22 25 BUY

4-Apr-12 Q4FY12 Preview 21 25 BUY Source: Company, ICICIdirect.com Research

Exhibit 13:The road ahead...

6,3

76

8,9

01

11,1

12

13,4

18

404 381 519 7392,5

59

2,7

34

3,1

66

1,7

50

5.14.6

6.1

8.2

-

4,000

8,000

12,000

16,000

FY11 FY12E FY13E FY14E

|c

rore

-

3

6

9

|

Net Sales EBITDA Net Profit EPS (RHS)


Exhibit 14:Shareholding patternShareholding (%) Jun-11 Sep-11 Dec-11 Mar-12

Promoters 29.4 30.0 30.0 31.8

FIIs 20.7 17.0 20.8 15.2

DIIs 11.7 11.7 11.7 11.3

Public 38.3 41.4 37.6 41.8 Source: Company, ICICIdirect.com Research


9/9

ICICI S iti Ltd |

RATING RATIONALE

CICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns

ratings to its stocks according to their notional target price vs. current market price and then categorises them

as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional

arget price is defined as the analysts' valuation for a stock.

Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction;

Buy: >10%/15% for large caps/midcaps, respectively;

Hold: Up to +/-10%;

Sell: -10% or more;

Pankaj Pandey Head Research [email protected]

ICICIdirect.com Research Desk,ICICI Securities Limited,1stFloor, Akruti Trade Centre,Road No. 7, MIDC,Andheri (East)

Mumbai 400 093

[email protected]

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eport accurately reflect our personal views about any and all of the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the

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sks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to

hange without notice.

CICI Securities and its affiliates might have managed or co-managed a public offering for the subject company in the preceding twelve months. ICICI Securities and affiliates might have received

ompensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of public offerings, corporate finance, investmentanking or other advisory services in a merger or specific transaction. It is confirmed that Bharat Chhoda MBA (FINANCE) Dhvani Modi MBA (FINANCE) research analysts and the authors of this report

ave not received any compensation from the companies mentioned in the report in the preceding twelve months. Our research professionals are paid in part based on the profitability of ICICI Securities,

which include earnings from Investment Banking and other business.

CICI Securities or its subsidiaries collectively do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the

esearch report.

is confirmed thatBharat Chhoda MBA (FINANCE) Dhvani Modi MBA (FINANCE) research analysts and the authors of this report or any of their family members does not serve as an officer, director ordvisory board member of the companies mentioned in the report.

CICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. ICICI Securities and affiliates may act upon or make use

f information contained in the report prior to the publication thereof.

his report is not directed 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,

ublication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities

escribed herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and

o observe such restriction.

Alok Ind - ICICI Direct

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