Kalyani Steel Limited (KSL) NSE Code KSL EPS ( 19.1 26.0 ...

Anand Rathi Research

Time Horizon – 12 Months

July 27, 2017

Source: Company Reports, Anand Rathi Research, Ace Equity

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Analyst: Ridhi Mehta [email protected]

Relative stock performance (July’16=100)

CMP: ` 439

Target: ̀ 605

Shareholding Pattern (as on Jun’17)

Kalyani Steel Limited (KSL)

Jun-17 Mar-17 Dec-16 Sep-16

Promoters 61% 61% 61% 61%

Non-Institutional 34% 34% 36% 38%

Institutional 6% 5% 4% 1%

Total 100% 100% 100% 100%

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KSL NIFTY 500

(In ` mn) FY2015 FY2016 FY2017 FY2018E FY2019E

Net Sales 12,270 11,805 14,223 16,072 18,322

EBITDA 1,675 2,353 2,867 3,334 3,894

PAT 833 1,136 1,559 1,835 2,201

EBITDA Margin (%) 13.6% 19.9% 20.2% 20.7% 21.3%

EPS (`) 19.1 26.0 35.7 42.0 50.4

Ev/Sales (x) 1.7 1.8 1.5 1.1 1.1

Ev/EBITDA (x) 12.6 9.3 7.3 5.2 4.4

P/E (x) 23.0 16.9 12.3 10.4 8.7

Price Performance CY13 CY14 CY15 CY16 YTD

Absolute -1% 175% 6% 66% 60%

Relative -4% 138% 7% 62% 34%

NIFTY 500 4% 38% -1% 4% 25%

Bloomberg Code KS IN

NSE Code KSL

Sector IRON & STEEL

Industry STEEL & IRON PRODUCTS

Face Value (`) 5

BV per share (` ) 170

Dividend yield (%) 1.1%

52 Week H/L (`) 469/188

Market Cap (` mn. ) 19292

Key Data

2 Anand Rathi Research


High Pedigree Company


Part of the Kalyani group, Kalyani Steel Ltd. (KSL) is a leading manufacturer of forging and engineering quality carbon and alloy

steels using the blast furnace route. KSL caters to engineering, automotive, seamless tube, foundry and casting industries and

the primary aluminum industry.

KSL is a quality supplier steel to engine components like Crankshaft, Camshaft, Connecting Rods, Axle Beams, Steering Knuckles,

& Bearings. In the Energy space it caters to players which manufacture seamless Tube applications for High Pressure Boilers, Oil

Lines, Casing and Tubing Pipes for Oil Exploration. It is also a certified supplier to the Indian Defence and supplies steel for bomb

shells and barrel applications & components for heavy vehicles. KSL has earned the status of preferred steel supplier for

engineering, automotive, seamless tube and primary aluminium industry.

The company has national and international clients like Alcan Iceland, Caterpillar Inc, Ford, Volvo, Ashok Leyland, Jindal Saw,

Automobile Axles, Indian Railway and Tata Motors, among others. Major clients are Maruti Suzuki, Hyundai, M&M etc.

During the latest financial results ending FY17, the company has reported a growth of 20.5% in its sales at Rs.14223 million. Its

EBITDA margins improved by 30 basis points to 20.2% at Rs.2998 million in FY17 while its PAT margins stood at 11% at Rs.1559

million in FY17. The improvement in margins were mainly due to increase in operational efficiencies.

With the improved business scenario and consistent operational performance in FY17, along with capacity expansion plans on

the table, we believe on the valuation side, the stock is available at a discount to the peer group, when you look at the kind of

potential this company has in times to come. Currently, the stock is trading at PE of 10.4x its FY18E EPS & 8.7x its FY19E EPS. We

are initiating our coverage on Kalyani Steel Limited with “BUY” recommendation and target price of `605 per share.


KSL manufactures wide range of steel of different grades. It manufactures carbon alloy and special steel for automobile, oil engine

manufacturing and forging sectors, seamless tubes and low electrical resistively steel for primary aluminum industry. It manufactures pig

iron catering to industries like steel making, casting and aluminum.

There is no major change in sales mix exposure , 65% sales are outside the group and 35% from group companies. Exports is less than 5% of

total revenues.

Products:

Rolled bars used for Automotive applications – crankshaft, camshaft, connecting rods, gears, transmission shafts, axle beams, steering

knuckles, ball bearing. Rolled Products have highest margin and marginal benefits to their key competitors like Bhushan Steel, Sunflag iron &

steel company, ISMT etc.

Round casts for seamless tube industry – oil line pipes, casing and tubing pipes, Machined bars for Aluminium Smelting industry


Product Range

74%

6%

18%

1%

Finished Goods Traded Goods Job Work Sales Scrap Sales

Revenue Segment

4% 6%

90%

Pig Iron Bloom & Rounds Rolled Products

Details of Finished Products




Four decades of experience in Forging & Engineering quality steels.

In order to grow, upgrade, diversify and economize itself, KSL in 1997 shifted its base to Hospet, Karnataka to set up a world class integrated

steel plant from its Pune facility. The original Pune facility, through a Joint Venture with Carpenter Corporation, USA, came to be known as

Kalyani Carpenter Special Steels Ltd.

The facility is spread across 375 acres of greenery, equipped with state- of- the- art technology in steel making, finishing and testing facility

using the less power intensive mini-blast furnace route. hot metal capacity of 2.9 TPA. Currently, this integrated steel complex has hot metal

capacity of 6.5 TPA of carbon and alloy steels, with three mini blast furnace, two rolling mills, Sinter plant, and power plant. It has capability

to manufacture more than 600 different steel grades

The establishment was of extreme strategic importance with southern region being automotive hub, and Karnataka being state rich in iron

ore. Over the years, KSL has been continuously and extensively upgrading its technology and infrastructure. The unit ensures maximum

energy and cost efficiency through in-house power generation and complete waste re-utilization. Thus, the integrated operation makes KSL

a self reliant special steel manufacturer.

Also KSL has acquired stake in Lord Ganesha Minerals which has 3MTPA worth of reserves.


Strong Parentage


KSL was set up to primarily meet the group’s in-house requirement of forging quality steel. The Kalyani Group has an annual turnover of

~USD 3bn and along with being the parent company of KSL; it also parents the world’s largest forging company, Bharat Forge Ltd.

KSL supplies high quality steel to Bharat Forge and Kalyani Carpenter Steel which contributes to ~35-40% of its top line. It is a supplier of

high quality steel to Bharat Forge Ltd. which caters to several critical business verticals such defence, energy, oil & gas, aerospace, rail &

marine and other infrastructure related businesses and has plans to grow its top line strongly over the next few years. BFL is excited about

its prospects of foraying into new industrial sector along with enhancing its existing segments and product line. The company targets it

individual segment to contribute $100mn in medium term.

We believe, with the support of such a strong parent and Bharatforg entering new vertical will contribute KSL’s top line going forward.

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5,000

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FY11 FY12 FY13 FY14 FY15 FY16 FY17

In-house Revenue as % of Net Sales

Net Sales Subsidiary Revenue % of NS



The slowdown in the global economy has resulted in sharp decline in demand for commodities. Commodity prices had fallen to their lowest

levels in over a decade in 2015 providing margin expansion opportunities to companies like KSL with its major raw materials being iron ore

and coking coal. Although commodity prices have recovered from the lows achieved in 2015, the gains are likely to remain subdued as the

global economy makes a gradual recovery. EBITDA margins of KSL has more than quadrupled from 4.4% in FY12 to 20% in FY17 on back of

falling raw material prices.

Post the recent rally both iron ore and coking coal are likely to face downward pressure as China tries to calibrate the excess capacities built

during prosperous times. We believe that the company has high opportunity of further betterment of its margins. We expect KSL to improve

its operating margins to a range of 20-22% over the next couple of years.

Benefiting from commodity price crash


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75%

FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY18E FY19E

Raw Material Prices Vs Operational Performance

RM % of NS EBITDAM

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Raw Material Price Trend

Iron Ore fines 62% Fe Coking Coal

Source: Company Reports, Anand Rathi Research, The Steel Index



Price increase to provide top line growth

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US HRC PRICES China HRC Prices

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India domesctic HRC

After decline in 2015 prices of rolled products have been increasing in 2016. Cold rolled coil (CRC) prices have doubled since Jan 2016 to ~Rs

50000/MT while that of Hot Rolled Coil (HRC) have jumped by almost 50% to ~Rs 40000/MT. With the demand improving these prices are

likely to be sustained providing top line growth for the company.

The company has already increased price in month of December and are in further negotiation with the clients to increase price.

Source: Company Reports, Anand Rathi Research, Bloomberg


The meltdown of the Chinese economy and dumping of commodities by them has led to the global commodity index to crash by

over 65% from FY08 to FY15. Commodity prices have fallen to their lowest levels since almost a decade, providing margin

expansion opportunity for companies like Kalyani Steels Ltd. with its major inputs being iron ore and coking coal.

The support provided by the Chinese government in terms of cheap finance, land and labour resulted in huge steel

manufacturing being built over the past few years. However, the lack of demand led to underutilization of capacities. It has

become difficult for some of the overleveraged companies to even make interest payments on their debt.

China will be closing all of its medium frequency furnaces by June 2017. These furnaces contribute close to 9 percent to China’s

total steel capacity. It is expected and hoped that Chinese manufacturers will be saner in manufacturing and/or pricing their

products which may lead to better pricing power for manufacturers of steel/steel products.

Various data suggest that China may face a hard or soft landing. In case of a hard landing, the further drop in commodity prices

would create good opportunity for commodity consuming companies.

Kalyani Steel Limited (KSL) Stability in China in capacity could improve sentiments for KSL


Kalyani Steel Limited (KSL) Industrial Growth to benefit the KSL

Source: Company Reports, Anand Rathi Research, IBEF

The Indian forging industry is likely to grow at CAGR of 9.5 percent by 2018, production wise, and reach to 2.97 mn MT in FY 2017-18 from

2.25 mn MT during FY 2014-15.

The Indian Automotive Industry forms 61% of the forging production and is expected to contribute 8% of global passenger vehicle market by

2020, from 2.4% in 2015. The automotives industry is forecasted to grow in size by USD74 billion in 2015 to USD260-300 billion by 2026. By

2026, the Indian Automotive Industry is expected to be among the top three of the world in engineering, manufacture and export of

vehicles and auto components and growing in value to over 12% of the Indian GDP.

The market size for auto component sector is expected to increase from USD39 billion in FY16 to USD 115 billion in FY21E and US$200

billion in revenues by 2026E. The automobile component exports from India are expected to reach US$70-billion by 2026 from US$10.8-

billion in FY15-16. The domestic market is expected to account 71% of total auto component sales by 2021 while export 26%

YearInstalled Capacity

(Lakh Tonnes)

Total Production

(Lakh Tonnes)

Capacity Utilization

(Percentage)

2011-12 37.7 24.5 64.9

2012-13 37.7 21.1 55.9

2013-14 37.7 21.5 57

2014-15 37.7 23 61

2015-16 37.7 24.5 64.9

Production and Installed Capacity of Indian Forging Industry


Kalyani Steel Limited (KSL) Industrial Growth; A driving force

India is fourth largest and among the low cost steel manufacture with ~5% of total world’s production. Steel is the key

component in the automotive industry and will ensure massive scope in auto ancillary segment.

With the increasing growth in demand on the back of rising income, expanding middle class and a young population base, in

addition to a large pool of skilled manpower, growing technology and higher export sales, the automobile segment is expected

to witness strong growth resulting in promising growth for the bearing industry. The increasing capacity addition in the

automotive industry, demand for steel from the sector is expected to be robust.

KSL is the preferred supplier of forging quality steel for variety of automotive applications like crankshaft, connecting rods, gears,

axle beams, transmission shaft. Its steel finds application in commercial vehicles, passenger cars and construction equipment. Its

steel that goes into bearings has high stability to withstand fatigue, distortion, speed and temperature. After infrastructure,

automotive industry is among the largest consumer of steel accounting for 10-12% of the steel output.

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Auto Component Domestic & Market Potential (USD Bn)

Domestic Export

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41.3 42.2 39.7

35.1 38.5 39

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FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16

Auto Component Revenue (USD Bn)

Source: Company Reports, Anand Rathi Research, IBEF



Boost from ‘Make in India’ initiatives

Source: Company Reports, Anand Rathi Research,

Defence: India is one of the largest importers of conventional defence equipment and spends about 31.1% of its total defence budget on capital

acquisitions. The allocation for Defence in the Union Budget 2016-17 is approximate USD 34.53 billion.60% of defence related requirements are met by imports which offers a huge opportunity for import substitution.

Defence is another sector for which KSL provides high quality steel and is expected to contribute more in the revenue mix going forward.

The Defence Production Policy promulgated in 2011, aims at achieving substantive self-reliance in the design, development and production of equipment, weapon systems, platforms required for defence in as early a time frame as possible.

The government is targeting a level of 70% defence indigenisation by 2027 from ~30-35% currently. The focus of government to improve its defence services and increase self-reliance in manufacturing augurs well for quality manufacturing companies like KSL.

Bharat Forge has been a key supplier of components to the Indian defence establishment for over 30 years. Bharat Forge’s arm Kalyani Strategic Systems entered into a joint venture partnership with Israel's Rafael Advanced Defence Systems in Feb 2016 to bid for defence programmes in India, including infantry combat vehicle BMP II upgrade. This will also have an upside to revenues of Kalyani Steels going forward.

Railways: With a long spell of underinvestment, Indian Railways is firming up a plan for infrastructure development, Indian Railways envisages a

prospective investment of USD 130.76 billion in the next five years. The massive investment plan would involve high-speed rail connectivity, station redevelopment and capacity augmentation across the country.

Increasing urbanization coupled with rising incomes (both urban and rural) is driving growth in the passenger segment. Growing

industrialization across the country has increased freight traffic over the last decade. The huge investment planned by Indian railways is likely to open wide range of opportunities for players like KSL as steel (especially special steels) is one of the most crucial components for infrastructure development.



Global steel trade to be driven by increasing trade remedial measures

In 2016, World Crude Steel production increased marginally by 0.8% to 1,628 Million MTs. In 2016, all the major steel producing countries

(except India and China) saw a decrease in crude steel production. China, the leading producer of steel, contributed 49.6% of the global

output at 808.4 Million MTs in 2016. India saw an increase in crude steel production to 95.6 Million MTs in 2016 with 7.4% growth over that

in 2015.

Global steel demand is expected to grow by ~20mmt in CY17 primarily driven by growth in India and ASEAN (5); Chinese steel demand is

expected to remain flattish. However, 1QCY17 steel production is already up by ~22mmt on YoY basis with improved capacity utilization in

most regions

Despite a 8.8mmt increase in steel production in 1QCY17, Chinese steel exports are down mainly due to increasing trade remedial measures

by importing countries and restocking demand in China before CNY. Exports from Japan and Korea continue to remain at elevated levels

with pricing at a discount to their domestic market prices. Higher coking coal prices to keep steel prices range-bound

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World BRIC ASEAN US EUROPE Others

CY17 Global finished steel demand growth estimates (mmt)

This includes steel demand

Source: Company Reports, Anand Rathi Research, Jsw Steel

Report


As global steel industry still suffers from excess capacity, overall average global capacity utilisation was 68.99% in 2016. However, early

2017, the global capacity utilisation has seen an increasing trend to reach 73% in March, 2017.

As per World Steel Association, crude steel production in India increased by 7.4% in 2016 as compared to 2015. It is interesting to note that

in 2016 India clocked the highest growth in crude steel production amongst major steel producing countries.

Steel imports remain at ~8mmt on annualized basis; suspicion of circumvention of trade remedial measures necessitates stringent

monitoring mechanism. Steel demand is expected to grow by ~4mmt i.e. ~5% in FY18 driven by:

Budgetary allocation of Rs.4 trillion for infrastructure development with thrust on affordable housing, water and gas pipelines, renewable

energy and road sector, and

Recovery in Rural demand on the back normal monsoon expectations


Source: Company Reports, Anand Rathi Research, Jsw Steel

Report

Steel demand to benefit from rising infrastructure spend and improving consumer demand

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World Steel Capacity Utilization (%)

69.05% (Avg of 2016)

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169 111 88 87

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166 105 79 89

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China EU Japan USA India

World Crude Steel production (In Mn Tonne)

CY14 CY15 CY16


The National Steel Policy 2017 cleared by the Union Cabinet has set a target of producing 300 million tonne of steel in India by 2030-31. The

cost of tripling installed capacity will also entail an additional investment of Rs 10 lakh crore. The Cabinet also approved another proposal

which gives preference to domestically manufactured steel for government-owned projects. Sheer increase in the country’s population and

the low base of consumption per capita will generate demand. Currently, average consumption per capita is still 60 kilogram, and in rural

areas the consumption is just around 10-15 kilogram.

India has overall positive economic prospects due to the Central Government's reform momentum and policies to increase infrastructure

and manufacturing output. Low oil prices are also benefitting India as majority of India's crude oil is imported. Even as Indian economy

adjusts to the effects of Demonetisation, the World Steel Association (WSA) in its short-range outlook projected that steel demand growth

(for finished steel) in India will be 6.1% and 7.1% in 2017 and 2018 respectively - which is the highest amongst major steel consuming

nations. So, we expect consumption growth to continue in the vicinity of anything between 8-10 percent and that will consume most of the

increased capacity.


Steel demand to benefit………..continue

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Monthly steel imports (in '000 tons)

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Crude Steel Production Apparent Finised Steel Consumption

FY16 FY17

2.6%


On financial front, the company has shown steadily growth on all fronts. During the period between FY15-FY17, revenue grew at a CAGR of

8%, while EBITDA grew at CAGR of 31% over the same period.

Higher revenue growth and improving operating efficiencies led PAT growth, which grew at CAGR of 37% between FY15-FY17. Apart from

strong financial growth, company has also maintained healthy margins over the years and thus helped the company to improve its ROCE

from 17.9% in FY15 to 26% in FY17. Also company’s debt equity ratio stands at ~0.25x as on FY17.

Going ahead we expect the company to grow its revenues at 10% CAGR on back of revival in industry it works and demand for steel. We

expect KSL to maintain its margins in the range of 20-22%



Consistency In Financial Operation

12,270 11,805

14,223

16,072

18,322

2,000

5,000

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11,000

14,000

17,000

20,000

FY2015 FY2016 FY2017 FY2018E FY2019E

Trend in Revenue

13.6%

19.9% 20.2% 20.7% 21.3%

6.8% 9.6%

11.0% 11.4% 12.0%

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FY2015 FY2016 FY2017 FY2018E FY2019E

Margin Trend

Operating Margin % Net Margin %


Kalyani Steels is the only company from the sector which is into the forging side, with

over four decades in the manufacturing of forging and engineering quality carbon and

alloy steel backed by strong R&D. The company is likely to benefit from the overall

industrial revival in India. Initiative like Make in India and increased spending on defence

and infrastructure, especially railways could further provide a boost to top line. It also

receives strong support from its group company Bharat Forge which is looking to record

strong top line growth over the next few years.

Post the recent softness in coking coal prices and expecting a revival in demand post the

demonetization related slowdown, we expect Kalyani Steel to do well going forward.

Even though Kalyani Steels is a commodity player, its presence in specialized steel and

supply niche product to its clientele provides a competitive edge. Its high margins and

parentage could attract a higher P/E.

We believe that China being the largest consumer in commodity trend, may do a

hard/soft landing, in case of hard landing the crash in the commodity prices would be

huge which will augur well for KSL. On conservative side we expects revenue/EBITDA

and PAT to grow at a CAGR of 12%/16% and 19% respectively over FY17-19e.

With the improved business scenario and consistent operational performance in FY17,

along with capacity expansion plans on the table, we believe on the valuation side, the

stock is available at a discount to the peer group, when you look at the kind of potential

this company has in times to come. Currently, the stock is trading at PE of 10.4x its

FY18E EPS & 8.7x its FY19E EPS. We are initiating our coverage on Kalyani Steel Limited

with “BUY” recommendation and target price of `605 per share.

Relative stock performance (July’16=100)

Valuation and Recommendation:

Source: Bloomberg, Anand Rathi Research



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KSL NIFTY 500


EPS (`) 19.1 26.0 35.7 42.0 50.4

P/E (x) 23.0 16.9 12.3 10.4 8.7

P/B (x) 4.0 3.3 2.6 1.7 1.4

ROE 18% 19% 21% 20% 19%

ROCE 18% 22% 26% 26% 26%

Ev/EBITDA (x) 12.6 9.3 7.3 5.2 4.4


Consolidated Financials:




Net Sales 12,270 11,805 14,223 16,072 18,322

Total Expenditure 10,595 9,452 11,356 12,738 14,428

EBITDA (Excl OI) 1,675 2,353 2,867 3,334 3,894

Other Income 23 27 131 260 351

EBITDA 1,698 2,379 2,998 3,594 4,246

Depreciation 310 517 520 675 757

EBIT 1,388 1,862 2,478 2,919 3,489

Interest 148 120 96 96 103

Exceptional Item - - - - -

PBT 1,240 1,742 2,382 2,823 3,385

Tax 407 606 822 988 1,185

PAT 833 1,136 1,559 1,835 2,201


LIABILITIES

Shareholders’ Funds 4,759 5,895 7,454 9,290 11,490

Equity Share Capital 219 219 219 219 219

Reserves and Surplus 4,541 5,677 7,236 9,071 11,272

Non Current Liabilities 3,016 2,644 2,064 2,024 1,984

Long-term borrowings 1,571 1,096 591 551 511

Deferred Tax Liabilities 517 614 533 533 533

Other Long Term Liabilities 928 934 940 940 940

Current Liabilities 3,067 4,007 4,549 4,743 5,407

Total Liabilities 10,842 12,546 14,066 16,056 18,880

ASSETS

Non Current Assets 5,424 7,123 6,710 7,142 7,552

Fixed Assets 4,424 4,877 4,362 4,794 5,204

Long Term Loans and Advances 97 107 161 161 161

Other Non-Current Assets 903 2,139 2,187 2,187 2,187

Current Assets 5,418 5,423 7,357 8,914 11,328

TOTAL-ASSETS 10,842 12,546 14,066 16,056 18,880

Margins FY2015 FY2016 FY2017 FY2018E FY2019E

Sales Growth % 9.9% -3.8% 20.5% 13.0% 14.0%

Operating Margin % 13.6% 19.9% 20.2% 20.7% 21.3%

Net Margin % 6.8% 9.6% 11.0% 11.4% 12.0%


Raw material price volatility

High dependence on group companies

Currency Risk

Key Risks:


Source: Company Reports, Anand Rathi Research


Rating and Target Price history:

KSL rating details KSL rating history & price chart

Source: Ace Equity, Anand Rathi Research Source: Ace Equity, Anand Rathi Research

NOTE: Prices are as on 27st July, 2017 close.


Date Rating Target Price Share Price

27-July-2017 BUY 605 439

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KSL NIFTY 500



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Continued…



Disclaimer:

Contd. Opinions expressed are our current opinions as of the date appearing on this Research only. We do not undertake to advise you as to any change of our views expressed in this Report. Research Report may differ between ARSSBL’s RAs and/ or ARSSBL’s associate companies on account of differences in research methodology, personal judgment and difference in time horizons for which recommendations are made. User should keep this risk in mind and not hold ARSSBL, its employees and associates responsible for any losses, damages of any type whatsoever. ARSSBL and its associates or employees may; (a) from time to time, have long or short positions in, and buy or sell the investments in/ security of company (ies) mentioned herein or (b) be engaged in any other transaction involving such investments/ securities of company (ies) discussed herein or act as advisor or lender / borrower to such company (ies) these and other activities of ARSSBL and its associates or employees may not be construed as potential conflict of interest with respect to any recommendation and related information and opinions. Without limiting any of the foregoing, in no event shall ARSSBL and its associates or employees or any third party involved in, or related to computing or compiling the information have any liability for any damages of any kind. Details of Associates of ARSSBL and Brief History of Disciplinary action by regulatory authorities & its associates are available on our website i. e. www.rathionline.com Disclaimers in respect of jurisdiction: 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 ARSSBL to any registration or licensing requirement within such jurisdiction(s). No action has been or will be taken by ARSSBL in any jurisdiction (other than India), where any action for such purpose(s) is required. Accordingly, this Report shall not be possessed, circulated and/or distributed in any such country or jurisdiction unless such action is in compliance with all applicable laws and regulations of such country or jurisdiction. ARSSBL requires such recipient to inform himself about and to observe any restrictions at his own expense, without any liability to ARSSBL. Any dispute arising out of this Report shall be subject to the exclusive jurisdiction of the Courts in India.

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Contd.


Disclaimer:

Contd. Statements on ownership and material conflicts of interest, compensation - ARSSBL and Associates

Sr. No.

Statement

Answers to the Best of the knowledge and belief of the ARSSBL/ its Associates/ Research Analyst who is preparing this report

1 ARSSBL/its Associates/ Research Analyst/ his Relative have any financial interest in the subject company? Nature of Interest (if applicable), is given against the company’s name?. NO

2

ARSSBL/its Associates/ Research Analyst/ his Relative have actual/beneficial ownership of one per cent or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance?. NO

3 ARSSBL/its Associates/ Research Analyst/ his Relative have any other material conflict of interest at the time of publication of the research report or at the time of public appearance?. NO

4 ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation from the subject company in the past twelve months. NO

5 ARSSBL/its Associates/ Research Analyst/ his Relative have managed or co-managed public offering of securities for the subject company in the past twelve months.

NO

6 ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. NO

7

ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months. NO

8 ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation or other benefits from the subject company or third party in connection with the research report. NO

9 ARSSBL/its Associates/ Research Analyst/ his Relative have served as an officer, director or employee of the subject company. NO

10 ARSSBL/its Associates/ Research Analyst/ his Relative has been engaged in market making activity for the subject company. NO


Kalyani Steel Limited (KSL) NSE Code KSL EPS ( 19.1 26.0 ...

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Transcript of Kalyani Steel Limited (KSL) NSE Code KSL EPS ( 19.1 26.0 ...