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NORTHBRIDGE CAPITAL

Asia Investment Banking Research

India Wealth Management Research


February 2011

Analyst Monali Doshi monali@northbridgeasia.com

EXECUTIVE SUMMARY
Distribution of HNWI Investments The total Assets under management for wealth sector (Mutual Fund, Fixed Income, and Equity) in India is expected to grow at around 33% YoY from 7 5 USD 220 billion in 2010 to over USD 500 billion by 2013. 100% 7 7 10 Indias individual wealth is predicated that it will almost double from the 12 23 22 existing USD 1.59 trillion to USD 3.18 trillion in the next three years that 50% 26 25 will probably grow at 26% compounded annual rate, whereas the market size for individual wealth management in China was USD 350 billion and 29 27 0% is expected to reach USD 700 billion by 2014. 2009 2010 The individual HNI wealth across the globe is estimated to grow from USD Luxury Collectibles Art Collections 39 trillion in 2010 to USD 48.5 trillion by 2013 at a growth rate of 5.6%, Jewelry, Gems & Watches Other Collectibles Sports Investments Miscellaneous which indicates that the Individual wealth in India which grows at 26% compounded annual rate is expected to grow at more than four times the Source: CapGemini world rate. Due to overall macro-economic growth and strong recovery in stock The wealth management market in market, Indias high net worth individual population grew to over 130,800 India will have a target size of 42 in 2010 and is estimated that it will increase to over 174,095 by 2013. million households by 2012, as The fact that affluent wealth is growing at a rate of 17.6% compounded against 13 million in 2007. annually is attracting both foreign wealth managers to set up business and Over the next four-five years, the domestic banks to set up wealth management businesses. revenue from wealth management The individual HNI wealth across the globe is estimated to grow from USD services is expected to contribute to 39 trillion in 2010 to USD 48.5 trillion by 2013 at a growth rate of 5.6%, over one third of full-service financial which indicates that the Individual wealth in India which grows at 26% institutions. compounded annual rate is expected to grow at more than four times the world rate. HNI Wealth across the Globe (USD trillion) HNWI Wealth (USD trillion)
60 60 50 40 20 0 2008 2009 2010 Africa Middle East Latin America Source: CapGemini 2011E Asia-Pacific 2012E 2013E Europe North America 40 30 20 10 0 2010 2011E 2012E 2013E

39

42.17

45.33

48.5

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CONTENTS
EXECUTIVE SUMMARY 1

WEALTH MARKET

SEGMENTATION OF INDIAN WEALTH MARKET

WEALTH MANAGEMENT VALUE CHAIN

GROWTH OF ASSET UNDER WEALTH MANAGEMENT (AUWM) IN INDIA REGULATION

8 9

KEY PLAYERS RECENT DEALS ABOUT RESEARCH

11 26 27

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WEALTH MARKET
Number of Billionaires around the World Number of Billionaires in Asia

450 400 350 300 250 200 150 100 50 0

403

70 60 50 40 30 64 62 53 49 29 28 Turkey 25 24 22 20 10 China India

64 49

25 22

18 11 10 10 9 7 5 4 4 4 3 2 1 1

Canada

United States

Russia

Germany

United Kingdom

Japan

Hong Kong

0 China India Hong Kong Japan Taiwan South Korea Saudi Arabia Israel Malaysia Indonesia Kazakhstan Lebanon Singapore U.A.E Thailand Philippines Kuwait Pakistan The individual wealth in India will almost double in the next three years. It is estimated to grow from present USD 1.59 trillion to USD 3.18 trillion by 20122013.

Source: Forbes Rich List

Mukesh Ambani, Lakshmi Mittal, Azim Premji, Anil Ambani, Shashi & Ravi Ruia, Savitri Jindal, Kushal Pal Singh, Kumar Birla, Sunil Mittal and Anil Agarwal these are the top ten billionaires of India.

Growth of Individual Wealth in India (USD trillion)


3.5 3 2.5

3.18 2.52 2

2 1.5 1 0.5 0

1.59

2009-2010

2010-2011E

2011-2012E

2012-2013E

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Asset-wise breakup of Individual Wealth in India 4% 4% 7% 9% 14% 30.30%


Direct Equity Savings Bank Deposits Mutual Funds Source: KPW Fixed Deposits & Bonds Small Savings Alternative Assets Insurance Provident Fund

0.3%

31.10%

Investment in direct equity of individual wealth in India amounts to over USD 494,140 million. Investment in fixed deposits & bonds of individual wealth in India amounts to over USD 481,806 million. Investment in insurance of individual wealth in India amounts to over USD 227,423 million. Investment in savings bank deposits of individual wealth in India amounts to over USD 146,768 million. Investment in small savings of individual wealth in India amounts to over USD 112,861 million. Investment in provident fund of individual wealth in India amounts to over USD 61,209 million. Investment in mutual funds of individual wealth in India amounts to over USD 60,425 million. Investment in alternative assets of individual wealth in India amounts to USD 4,038 million.

Key Asset-wise breakup of Individual wealth in India (%) We can see a shift towards the equity based asset classes which are expected to form 42.9% of individual wealth by 2012-2013 as against 33.9% in 2009-2010. The investment in debt is expected to increase by 20 % year-on-year in volume terms, its overall proportion is likely to reduce from the present 65.8% of individual wealth in India to 56.1% by 2012-2013. Individuals in India are under invested in alternative assets with just 0.3% of Indias wealth presently in alternative assets as compared to 7% to the globe.
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 20102011E 20112012E 20122013E 20092010

Alternative Assets Debt Equities

Source: KPW

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Breakdown of HNWI Financial Assets (%) As the economic conditions are improving, the profile of HNWI portfolios is likely to shift upward. HNWIs investment in equities is expected to rise from 29% in 2009 to over 35% in 2011. It is also expected that fixed-income holdings will increase slightly, as investors will move some of their increased allocations and short term deposits back into long-term, higheryielding investments. HNWIs investment in cash/deposits is expected to increase from 17% in 2009 to around 19% by 2013. HNWIs investment in real estate is expected to decline to 14% by 2013 as against 17% in 2009.

120 100 80

6 18 17

7 16 16 30 31
2010

8 14 13 31

9 14 13 32

7 15 14 35

Alternative Investment Real Estate Cash/Deposits Fixed Income Equities

60 40 20 0 2009

31 29

35

32
2012E

29
2013E

2011E

Source: CapGemini

Number of wealthy people having more than USD 1 million of financial assets
180000

166793 132966 84000 105840 118720 148922

Wealth management industry currently registers a 30 % plus growth rate. The number of people with more than USD 1 million of financial assets is estimated to double from 84,000 in 2008 to over 166,793 by 2013. By 2012, the countrys wealth management market is expected to be USD 1 trillion, with approximately 42 million households by 2012, as against USD 13 million in 2007.

160000 140000 120000 100000 80000 60000 40000 20000 0 2008 2009 2010

2011E

2012E

2013E

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SEGMENTATION OF INDIAN WEALTH MARKET


Private Banking USD 1mn in free assets Private Client USD 250k in free assets Premier USD 100k in free assets Retail
Source: PricewaterhouseCoopers

HNI Affluent Emerging Affluent Mass Retail

The above figure shows the different segments of Indian customers for the wealth management providers. Based on their investible surplus funds, they can be divided into six segments as given below: Investible Surplus Ultra High Net worth = in excess of USD 30 million Super High Net worth = between USD 10 and USD 30 million High Net worth = between USD 1 and USD 10 million Super Affluent = between USD 1,25,000 and USD 1 million Mass Affluent = between USD 25,000 and USD 1,25,000 Mass Market = between USD 5,000 and USD 25,000 Segments of HNWIs in India by 2012
400,000 300,000 200,000 100,000 0 Ultra HNWI Super HNWI HNWI Super Affulent

320000

350000

10,500

42,000

Source: Live Mint

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WEALTH MANAGEMENT VALUE CHAIN


Wealth Management Process from a Client Advice Heritage
Private Banks; Trusts Asset Managers Brokers

Client Advisory Driven

Objective Setting

Asset Allocation

Product Selection Trading

ProductDriven

Advice-Oriented

Product-Oriented

Wealth Management Process from a Product-Driven Heritage

WEALTH MANAGEMENT RANGE Student Liquidity Management (Cash Management) Start of Career Career Established Premium A/C Platinum Card Retirement Premium A/C Platium Card

Deposit based Comfort A/C comfort A/C with credit limit Credit Cards Gold Card Overnight money A/C Money Market & Fixed Income Fund Near Money Market Fund ZINS Plus Top Portfolio Flagship Portfolio Titan Portfolio

Overnight money A/C Money Market & Fixed Income Fund Near Money Market Fund ZINS Plus Top Portfolio Flagship Portfolio Titan Portfolio

Wealth Formation (Savings Plans)

Top Portfolio Flagship Portfolio Titan Portfolio Capital formation benefit funds

Wealth Optimization (Lump sum Investment)

Absolute return Portfolio Holding & Private Equities Modular Wealth Management Individual Wealth Management Premium Portfolio Titan Portfolio

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GROWTH OF ASSET UNDER WEALTH MANAGEMENT (AUWM) IN INDIA


Total AUWM growth in India (USD billion)
600

502
500 400 300

380 288 218 165

200 100 0

2009 Source: Northbridge Capital Research

2010

2011E

2012E

2013E

The total assets under wealth management in India are expected to grow at around 33 per cent YoY from USD 165 billion in 2009 to over USD 500 billion in 2013.

Region-wise Investment in India 6% 11% West North South East

17% 61%

Based on the most active regions in India, the western region dominates with 61 per cent of the investment activity. Northern region a distant second with 17 per cent while the eastern region is the least active with only 6 per cent.

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REGULATION
Registration: No person shall act as portfolio manager unless he holds a certificate granted by the Board (SEBI). An application by a portfolio manager for the grant of a certificate shall be made to the Board and shall be accompanied by a non-refundable application fee. Registration Fees: Every portfolio manager shall pay a non-refundable fee of USD 2174 (INR one lakh) along with the application for grant or renewal of certificate of registration. Every portfolio manager shall pay a sum of USD 21740 (INR ten lakh) as registration fees at the time of the grant of certificate by the Board. Every portfolio manager shall pay a renewal fee of USD 1087(INR five lakh) upon grant of renewal. The following criterion has to be met for registration: The applicant is a body corporate; The applicant has the necessary infrastructure such as adequate office space, equipments and the manpower to effectively discharge the activities of a portfolio manager The principal officer of the applicant has either A professional qualification in finance, law, accountancy or business management from a university or an institution recognized by the Central Government or any State Government or a foreign university; Or An experience of at least ten years in related activities in the securities market as a portfolio manager, stock broker or as a fund manager. The applicant has in its employment minimum of two persons who, between them, have at least five years experience in related activities in portfolio management or stock broking or investment management or in the areas related to fund management; The capital adequacy requirement shall not be less than the Networth of USD 4.35million( INR two crore) Minimum portfolio size: For an investor to avail PWM services, the minimum portfolio size should be Rs.1million. An investor can also open a PWM account by transferring his existing portfolio of stocks or mutual funds.

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Fees to be charged: The SEBI (Portfolio Managers) Regulations, 1993, have not prescribed any scale of fee to be charged by the portfolio manager to its clients. However, the regulations provide that the portfolio manager shall charge a fee as per the agreement with the client for rendering portfolio management services. The fee so charged may be a fixed amount or a return based fee or a combination of both. The portfolio manager shall take specific prior permission from the client for charging such fees for each activity for which service is rendered by him directly or indirectly (where such service is outsourced). The Board on being satisfied that the applicant fulfils the requirements specified above shall send intimation to the applicant and on receipt of the payment of registration fees grant a certificate.

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KEY PLAYERS
Aditya Birla Money Mart Ltd
Date of Inception Assets Under Management Number of Clients Distributors Product & Services 1999 USD 100 million Over 260,000 Multiple Distribution Mutual Fund, PMS, Direct Equity, Structured Products, Alternate Asset Products, Real Estate, Loan against Securities & Mutual Funds, Gold, Life Insurance, Wealth Management Description Aditya Birla Group enjoys a leadership position in all the sectors in which it operates and its operations span 25 countries across six continents. Aditya Birla Money Mart is having presence through its 37 branches and through a network of 7,000 business associates across more than 100 centres. The company caters to the corporate and institutional segment, wealth management.

Growth in AUM (USD million)


140 120 100 80 60 40 20 0 2009 2010 2011E 2012E 2013E

120 100 85 109

132

Source: Northbridge Capital Research

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Anand Rathi Financial Services Ltd


Date of Inception Assets Under Management Number of Clients Distributors Product & Services 1994 USD 200 million Over 11000 Multiple Distribution Private Wealth Management, Investment Banking, Institutional Equities, Investment Services Description Anand Rathi is a leading full service investment bank offering a wide range of financial services and wealth management solutions to institutions, corporations, high-net worth individuals and families. The entire firms activities are divided across distinct client groups: Individuals, Private Clients, Corporate and Institutions and was recently ranked by Asia Money 2006 poll amongst South Asia's top 5 wealth managers for the ultra-rich people.

Growth in AUM (USD million)


300 250 200 150 100 50 0 2009 Source: Northbridge Capital Research 2010 2011E 2012E 2013E

266 200 220 242

180

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Angel Broking Ltd


Date of Inception Assets Under Management Number of Clients Distributors Product & Services 1987 USD 104 million Over 4700 Multiple Distribution Equity Trading, Commodities, PMS, Mutual Funds, Life Insurance, Personal Loans, IPO, Depository Services, Investment Advisory, NRI Services Description Angel has emerged as one of the most respected stock-broking and wealth management companies in India. Angel is committed to providing Real Value For Money to all its clients, with its unique retail-focused stock trading business model.

Growth in AUM (USD million)


160 140 120 100 80 60 40 20 0 2009 2010 20011E 2012E 2013E

95

104

115

127

140

Source: Northbridge Capital Research

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Alankit Assignments Ltd


Date of Inception Assets Under Management Number of Clients Distributors Product & Services 1991 USD 100 million Over 5900 Multiple Distributors Wealth Management, PMS, Institutional Equity, Insurance, Mutual Funds, IPOs, Depository Participant, RTA, Arbitrage, Commodities, Currency Derivatives, Derivatives, Equities Alankit group is a conglomerate of 12 group companies. The group has evolved from largely Financial & Share Broking Company into a diversified Business House. It is a professionally managed group, led by a team of level headed personnel with outstanding managerial skills.

Description

Growth in AUM (USD million)


160 140 120 100 80 60 40 20 0 2009 2010 2011E 2012E 2013E

139 126 115 91 100

Source: Northbridge Capital Research

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ASK Investment Managers Private Ltd


Date of Inception Assets Under Management Number of Clients Distributors Product & Services Description 1983 USD 195 million 10800 Multiple distribution PMS, Wealth Management, Property Investment Advisors The ASK Group is a diversified Financial Services group renowned for its strong research based investment advice. Today it is the leader in the areas of portfolio management and investment advisory services

Growth in AUM (USD million)


300

259
250

235 214 187 195

200 150 100 50 0

2009

2010

2011E

2012E

2013E

Source: Northbridge Capital Research

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HSBC Private Bank


Date of Inception Assets Under Management Number of Clients Distributors Product & Services 2006 USD 210 million 12000 Multiple Distribution Global Trade Solutions, Cash Management, Factoring Solutions, Business Current Accounts, Business Loans & Overdrafts, Foreign Exchange Services, Wealth Management Description HSBC asset management in India is part of the core global investment management business of HSBC group. PMS business is offer advisory solutions to large institutional investors, insurance companies and high net worth individuals.

Growth in AUM (USD million)


300 250

198
200 150 100 50 0 2009

210

231

254

280

2010

2011E

2012E

2013E

Source: Northbridge Capital Research

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Darashaw & Company Ltd.


Date of Inception Assets Under Management Number of Clients Distributors Product & Services Description 1938 USD 207 million Over 11500 Multiple Distribution Wealth Management, Investment Banking, Equity, Debt Intermediation, Consultancy, Retirement Benefits It is amongst the oldest, continuously managed broking and investment banking house in India. Today its a leading broking and investment bank offering an increasing range of services, including consultancy, to meet its clients financial and strategic objectives with discretion and trust. It is spread across 12 cities in India and has recently set up operations in Singapore.

Growth in AUM (USD million)


300 250 200 150 100 50 0 2009 2010 2011E 2012E 2013E

190

207

227.7

250.47

275.52

Source: Northbridge Capital Research

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Edelweiss Capital Ltd


Date of Inception Assets Under Management Number of Clients Distributors Product & Services 2007 USD 722 million Over 12,500 Multiple Distribution PMS, Direct Equity, Structured Products, Mutual Funds, Insurance, Real Estate Funds, IPO, Art Funds, Derivatives Strategies, Wealth Management Strategy Description Edelweiss current businesses include investment banking, securities broking and investment management. They provide a wide range of services to corporations, institutional investors and high net-worth individuals.

Growth in AUM (USD million)


1200 1000 800 600 400 200 0 2009 2010 2011E 2012E 2013E

656

722

794

873

961

Source: Northbridge Capital Research

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Emkay Global Financial Services Ltd. (EMKAY)


Date of Inception Assets Under Management Number of Clients Distributors Product & Services 1995 USD 114 million Over 6800 Multiple Distribution Institutional Equities, Wealth Management, Investment Banking, Insurance, Investor Relations, Commodity Trading, Equity Broking, PMS, Depository, Non-Banking Financial Services It is a truly Indian, dynamic and visionary firm, and a trusted name in the financial arena. It is a full-service brokerage house providing advisory services, such as investing, trading, research, financial planning and portfolio management to high net-worth individuals and corporate

Description

Growth in AUM (USD million)


160 140 120 100 80 60 40 20 0 2009 2010 2011E 2012E 2013E

102

114

125.4

137.94

151.73

Source: Northbridge Capital Research

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Karvy Stock Broking Ltd


Date of Inception Assets Under Management Number of Clients Distributors Product & Services 1983 USD 725 million 28,000 Multiple Distributors Private Wealth Management, Equities & Derivatives, Commodities, Mutual Fund Services, Depository Services, Insurance Broking Services, Bonds & Deposits, Realty Services, PMS, Currency derivatives, Institutional Services Description Karvy ranks among the top five brokers in India. It has always believed in adding value to services it offers to clients. A top-notch research team supports its employees to advice clients on their investment needs.

Growth in AUM (USD million)


1200 1000 800 600 400 200 0 2009 2010 2011E 2012E 2013E

675

725

797.5

877.25

964.98

Source: Northbridge Capital Research

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Religare Macquarie Wealth Management Ltd


Date of Inception Assets Under Management Number of Clients Distributors Product & Services 2006 USD 202 million Over 13,798 Multiple Distributors Wealth Management Services, Mutual Funds, PMS, Insurance, Alternative Investments, Offshore Investment Services, Equities & Commodities, Derivatives, Capital Market Lending Description Religare operates its wealth management business in partnership with Macquarie through the joint venture. They are managing, preserving and building the wealth of the Indian HNIs.

Growth in AUM (USD million)


300 250 200 150 100 50 0 2009 2010 2011E 2012E 2013E

183

202

222.2

244.42

268.86

Source: Northbridge Capital Research

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India Infoline Investment services Ltd


Date of Inception Assets Under Management Number of Clients Distributors Product & Services 1995 USD 112 million Over 7,867 Multiple Distributors Equities, Investment Banking, Insurance, Wealth Management, Asset Management, Mutual Funds, Loans Description IIFL offers advice and execution platform for the entire range of financial services covering products ranging from Equities and derivatives,

Commodities, Wealth management, Asset management, Insurance, Fixed deposits, Loans, Investment Banking, GoId bonds and other small savings instruments.

Growth in AUM (USD million)


160 140 120 100 80 60 40 20 0 2009 2010 2011E 2012E 2013E

102

112

123.2

135.52

149.07

Source: Northbridge Capital Research

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Motilal Oswal Financial Services


Date of Inception Assets Under Management Number of Clients Distributors Product & Services 1987 USD 159.78 million Over 16,800 Multiple Distributors Derivatives, Wealth Management, Investment Banking, Private Equity, Asset Management, IPO, Loan against Shares, Depository Services, Mutual Fund Distribution, Commodities, Insurance Distribution Description It is a well diversified financial services firm offering a range of financial products and services. They have a diversified client base that includes retail customers including high net worth individuals, mutual funds, foreign institutional investors, financial institutions and corporate clients.

Growth in AUM (USD million)


200 180 160 140 120 100 80 60 40 20 0 2009 2010 2011E 2012E 2013E

159.78 138.95

167.77

176.16

184.97

Source: Northbridge Capital Research

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Reliance Money
Date of Inception Assets Under Management Number of Clients Distributors Product & Services 2008 USD 800 million Over 16,870 Multiple Distributers Wealth Management, Equities, Commodities, Mutual Fund, IPO Investment, Equity-linked PMS, Insurance, Structured Products Description Reliance Securities is the broking arm of Reliance Capital. It provides access to equities, equity option and commodities futures, wealth management, wealth management services, mutual funds, IPO, offshore investments and investment banking. It has presence with over 6,100 outlets.

Growth in AUM (USD million)


1000 900 800 700 600 500 400 300 200 100 0 2009 2010 2011E 2012E 2013E

760

800

840

882

926.1

Source: Northbridge Capital Research

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SMC Global Securities Ltd


Date of Inception Assets Under Management Number of Clients Distributors Product & Services Description 1990 USD 198 million Over 11,568 Multiple Distributors Wealth Management, Investment Banking, Insurance, Online Trading, Broking SMC group is Indias leading share and stock broker, provides a wide range of financial services and investment solutions. Over the years, the company has expanded its operations domestically as well as internationally. It has expanded its operations domestically as well as internationally and it has the network of over 2500 offices spread across 425 cities in India.

Growth in AUM (USD million) 263.54

300 250 200 150 100 50 0 2009 2010 2011E

181

198

217.8

239.58

2012E

2013E

Source: Northbridge Capital Research

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RECENT DEALS
Atlanta based Wealth Management Company Reliance Financial Corporation announced that its subsidiary Reliance Trust Company had acquired Harrington Wealth Management Company which is a provider of trust and investment management services to individuals and institutional clients.

Karvy Private Wealth acquired the wealth management business of iTrust Financial Advisors with operations in Delhi, Bangalore and Hyderabad. It has acquired the entire business and assets of iTrust.

Future Capital Holding is to exit from its two joint venture companies i.e. Centrum Capital- FCH Centrum Direct Ltd and FCH Centrum Wealth Managers Ltd. It wants to do solely into retail finance, broking and wealth management. Standard Chartered Bank acquired the remaining 25.1% stake in Standard Chartered-STCI capital Markets from Stock trading Corporation. STCI Capital Market currently offers retail & institutional broking, wealth management products and investment banking services. Tata Capital is planning to raise USD 1 billion for its private equity. It has also started its international fund raising process. Its wealth management business is developing and is planning to foray into the securities broking business. Qatars largest investment bank will buy 25% stake in Mumbai -based Ambit group. This will help Ambit to expand its investment banking, advisory and private wealth businesses.

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ABOUT RESEARCH
Northbridge Capitals Research team generates Sector and Company research for Indian companies. Should you wish to request a specific research report, please contact Monali Doshi at monali@northbridgeasia.com Northbridge Capitals Research team also published several periodic updates of relevance to foreign and Indian companies including M&A activity, Debt and IPO issuance etc Research reports on sectors, stocks are also available to clients online and can be accessed at www.northbridgeasia.com

About Northbridge Capital


o o o o o o Northbridge Capital is an Investment Bank(Category I Merchant Bank) regulated by the Securities & Exchange Board of India.(Sebi Registration: INM000011500) We assist companies with capital raising through various debt and equity instruments in public and private markets and M&As With offices in Hong Kong, Bangkok and Mumbai, Northbridge assist global companies with M&As, identifying local partners, India entry strategies and other merchant banking activities Northbridge assists domestic companies with raising capital in India and overseas both in equity and debt markets and with Acquisitions in India and abroad Northbridge Capital has 6 Practice areas and offers buy side and sell side advice across these areas: Consumer Technology Financial Services Life Sciences Industrials Real Estate

Northbridge Capital is an Investment Bank (Category | Merchant Bank) regulated by SEBI SEBI Registration: INM00001150
Copyright 2011. Northbridge Capital. All Rights Reserved .

27
www.northbridgeasia.com

NORTHBRIDGE CAPITAL
Asia Investment Banking Research

India Wealth Management Research

CONTACT INFORMATION
INDIA OFFICE Monali Doshi Email: monali@northbridgeasia.com Tel: +91-22-22901715 Fax: +91-22-42643612 Northbridge Capital Ltd R-501, Remi Bizcourt Shah Industrial Area Off Veera Desai Road Andheri (West), Mumbai 400 053, India Website: http://www.northbridgeasia.com HONG KONG OFFICE Sam Farrimond Email: sam.farrimond@northbridgeasia.com Tel: +852-28628053 Fax: +852-22909154 Northbridge Partners (Asia) Ltd 22/F, 3 Lockhart Road Wanchai, Hong Kong

Northbridge Capital is an Investment Bank (Category | Merchant Bank) regulated by SEBI SEBI Registration: INM00001150
Copyright 2011. Northbridge Capital. All Rights Reserved .

28
www.northbridgeasia.com

NORTHBRIDGE CAPITAL
Asia Investment Banking Research

India Wealth Management Research

DISCLAIMER
- This information is for Institutional Investors and Northbridge Capital clients only. It is not meant for public circulation No transmission of this information in any form or medium is allowed without the written authorization of Northbridge Capital - This is not a solicitation to buy or sell any security in any jurisdiction. - The exchange rate of INR/$ is taken as Rs. 45/$.

Northbridge Capital is an Investment Bank (Category | Merchant Bank) regulated by SEBI SEBI Registration: INM00001150
Copyright 2011. Northbridge Capital. All Rights Reserved .

29
www.northbridgeasia.com