Grading summary CRISIL Research has assigned a CRISIL IPO grade of 4/5 (pronounced four on five) to the proposed IPO of Snowman Logistics Ltd (Snowman). This grade indicates that the fundamentals of the IPO are above average relative to the other listed equity securities in India. However, this grade is not an opinion on whether the issue price is appropriate in relation to the issue fundamentals. A CRISIL IPO Grading is not a recommendation to buy / sell or hold the securities to which it relates (or any other securities); it does not comment on the issue price, future market price or suitability for a particular investor. The assigned grade reflects Snowmans strong position as a leading domestic integrated cold chain company and good long-term prospects for the cold chain industry. CRISIL Research expects the cold chain industry to grow at a healthy pace over the next few years (15-17% CAGR over FY13-16) driven by growing demand from end-product industries, uneven regional distribution of cold storages in India and favourable government policies. The grade is supported by Snowmans strong end-product portfolio, loyal clientele, professional management, seasoned shareholders and modern cold chain infrastructure. The company has increased its pallet (a structural foundation of a unit load for efficient handling and storage of products) capacity by five times in less than two years without any adverse impact on its margins. It further plans to expand its capacity to 1,00,000 pallets by FY16. The grade is constrained by risks related to Snowmans aggressive capacity expansion plans. The company might not be able to generate sufficient business to run at a healthy utilsation with the increased capacity which can put pressure on its profitability and growth. Snowmans operating income grew at a CAGR of 48.5% from 346 mn in FY10 to 1,137mn in FY13 driven by capacity expansion, broadening of the end-product portfolio and increase in the client base. EBITDA margin improved by 650 bps from 16% in FY10 to 22.5% in FY13 due to increase in utilisation and improvement in per pallet realisation. Consequently, EBITDA expanded at a CAGR of 66.3% from 56 mn in FY10 to 256 mn in FY13. Adjusted PAT grew at a CAGR of 79.1% from 38.2 mn in FY10 to 219.4 mn in FY13 on the back of strong growth in EBITDA and tax credit on account of Section 35AD of Income Tax Act 1961. Consequently, PAT margin improved from 11% in FY10 to 19.3% in FY13. The company has a net debt of 885 mn as of FY13.
2 About the company Snowman Logistics Ltd (Snowman), founded in 1993, is a leading integrated player in a predominantly unorganised cold chain industry in India. The largest shareholder in the company is Gateway Distriparks Ltd (GDL), which owns 48.33% stake in the company. The other key shareholders in the company are Mitsubishi Logistics Corporation (2.93%), Mitsubishi Corporation (12.63%), International Finance Corporation or IFC (12.46%) and Norwest Venture Partners VII-A Mauritius (13.84%). Snowman was incorporated by Amalgam Foods Ltd in 1993 as Snowman Frozen Foods Ltd. In 1997, erstwhile Brook Bond India, (now part of Hindustan Unilever Ltd) acquired 23% stake in the company. In 2001, Mitsubishi Corporation and Mitsubishi Logistic Corporation jointly bought a majority stake in Snowman. Until then, the company was incurring losses. In 2006, GDL became the largest shareholder in the company by acquiring 33.34% stake and revamped Snowmans management structure. In 2010, IFC acquired 20% stake. In 2011, to reflect the change in positioning of the company, the name of the company was changed to Snowman Logistics Ltd. In 2013, private equity firm NVP bought 14.28% stake in Snowman. Snowman is engaged in cold chain warehousing and transport and value-added services for perishable goods. In its transport business, the company offers services through primary and secondary transportation. Primary transportation is an intercity service while secondary transportation is an intra-city service. The companys cold chain business currently has 21 warehouses across 13 locations in India with a capacity of 46,751 pallets and a fleet of 238 reefer vehicles (reefers). Also, its ambient (normal temperature) warehousing business has a capacity of 3,000 pallets. 11 of the 21 temperature controlled warehouses are on leased land. The companys transport business has 175 leased reefers and 63 owned reefers. The company also offers value-added services such as labeling, grading, packaging and inventory management to some of its clients. The company provides services to various industries such as seafood, poultry, fruits and vegetables, dairy, ice-cream, food processing, pharmaceuticals and some other niche segments. Its key clients are Hindustan Unilever Ltd (HUL), Al-Karim Exports Private Limited, McCain Foods India Pvt. Ltd (McCain), Novozyme South Asia Pvt. Ltd (Novozyme), Ferrero India Pvt. Ltd (Ferrero), Graviss Foods Private Limited etc. Table 1: Business environment Product / segment Warehousing Distribution Consignment business Revenue contribution (FY13) 46% 52% 2% Product / service offering
Cold chain warehousing Ambient warehousing Value-added services Cold chain primary distribution Cold chain secondary distribution Ambient primary distribution Ambient secondary distribution Indenting, order bookings and category management Invoicing and receivable management Inventory management, supply and tax administration Reverse logistics and safe disposal of expired and excess stocks as per government norms Geographic presence 13 locations across India Market position Leading integrated cold chain player End markets Poultry, dairy, seafood, fruit and vegetables, pharmaceuticals, films and food processing industries
RESEARCH 3 Product / segment Warehousing Distribution Consignment business Key competitors Gati Kausar Ltd, RK Food Lands Ltd, Kelvin Cold Chain Logistics Pvt. Ltd, M.J. Logistic Services Ltd, etc. Key clients Hindustan Unilever Ltd (HUL), Al-Karim Exports Private Limited, McCain Foods India Pvt. Ltd (McCain), Novozyme South Asia Pvt. Ltd (Novozyme), Ferrero India Pvt. Ltd (Ferrero), Graviss Foods Private Limited Key risks Aggressive incremental capacity expansion Cost overruns in the capacity expansion plan
Table 2: Evolution Year Event 1993 Snowman Frozen Foods was incorporated by Amalgam Foods Ltd 1997 Erstwhile Brook Bond India, (now part of HUL) Ltd acquired 23% stake 1998 Operations commenced in 10 cold chain warehouses across India 2001 Mitsubishi Corporation and Mitsubishi Logistics Corporation jointly acquired a majority stake 2004 Nichirei Logistics Group Inc. (Japan) bought a 15% stake 2006 GDL acquired 6,861,000 equity shares from Amalgam Foods Limiteds and by subscribing to fresh shares to become the largest shareholder in the company 2008 Warehouses got ISO 22000 (Food Safety Policy) certification 2010 IFC acquired 20% stake Certain cold chain warehouses received ISO 14001 (Environmental Safety Policy) certification 2011 New warehouses were set up in Mevalurkuppam, (near Chennai) and Bengaluru 2012 Taloja (near Mumbai) warehouse was set up 2013 NVP acquired 14.28% stake New warehouses in Chennai, Bengaluru, Visakhapatnam, Taloja (near Mumbai), Mulshi (near Pune) and Palwal (near Delhi) were set up GDL acquired 5,142,500 shares in the company from IFC GDL entered into a share purchase agreement with Nichirei Logistics Group Inc. Source: DRHP
Table 3: Issue details Type of issue Initial public issue Shares offered to public 42 mn Shares offered as percent of post issue equity (dilution) 25.3% Object of the issue Setting up new cold storages and ambient warehouses Long-term working capital General corporate purposes Amount proposed to be raised Not available at the time of grading Price band Not available at the time of grading Lead managers HDFC Bank Ltd Source: DRHP
CRISIL IPO Grading Rationale
4 Table 4: Use of IPO proceeds Particulars Deployment of IPO proceeds ( mn) Setting up new cold chain and ambient warehouses 1,303.75 Long-term working capital 134.97 General corporate purposes NA Total NA Source: DRHP
Table 5: Shareholding pre- and post-issue Category of equity shareholders Pre-issue Post-issue (estimated) No. of equity shares % No. of equity shares % Promoters and promoter group 5,98,54,119 48.33 5,98,54,119 36.09 Others* 6,39,81,738 51.67 10,59,81,738 63.91 Total 12,38,35,857 100.00 16,58,35,857 100.00 *Others include Mitsubishi Corp., Mitsubishi Logistics Corporation, IFC and NVP Source: DRHP
RESEARCH 5 Detailed Grading Rationale
A. Business Prospects Cold chain industry has strong growth prospects driven by growth in end-user industries and organised retail CRISIL Research expects the 150 bn (FY13 estimate) cold chain industry to grow at a healthy 15-17% over the next three years driven by growth in end-user industries and organised retail. Within the cold chain industry, warehousing services (which constituted about half of Snowmans revenues in FY13) are expected to grow at a CAGR of 15-17% from 125 bn in FY13 to 218 bn in FY16. Figure 1: Cold chain storage revenues to grow at a CAGR of 16% over FY13-16 Figure 2: Cold chain storage volumes to grow at a CAGR of 9% over FY13-16 Source: CRISIL Research Source: CRISIL Research
The main growth drivers in the domestic cold chain industry are: Proliferation of QSRs: The QSR (Quick Service Restaurant) industry is projected to grow at a healthy CAGR of 30% over FY13-16 driven by factors such as favourable demographics, rise in disposable incomes and increase in urbanisation. On the supply-side, the entry of international brands, expansion by the existing players and an improving retail infrastructure are expected to ensure strong growth. This proliferation of multinational QSR chains in India should create a demand for a pan-India cold chain logistics companies who can provide high quality services across India to the QSR chains.
6 Figure 3: QSR revenues to grow at 30% CAGR over FY13-16 Source: CRISIL Research Increase in penetration of organised retail: Although food and grocery collectively constitute 60% of overall retail, the penetration of this group in organised retail is quite low (2.5%). Due to the perishable nature of food and grocery products such as ice cream, butter and cheese, the biggest challenge for this group is the under-developed cold chain infrastructure. This challenge creates an opportunity for cold chain service providers. Skewed distribution of cold storage units in India: India has a very uneven distribution of cold storage units. For instance, 44% of the cold storage in India is concentrated in Uttar Pradesh (Figure 4).This creates a demand for cold chain services in areas with low density of cold storage units. Figure 4: Skewed distribution of cold storages in India Source: CRISIL Research
Increase in export demand for seafood: CRISIL Research expects the fisheries export industry to grow to US$5.19 bn in 2015-16 at a three-year CAGR of 14% driven by increasing demand from key importing countries such as the US, the EU, Japan, China and the Middle East. 15 20 25 34 43 55 70 - 10 20 30 40 50 60 70 80 FY10 FY11 FY12 FY13 FY14 FY15 FY16 ( mn) UP 44% West Bengal 19% Punjab 6% Gujrat 6% Andhra Pradesh 5% Bihar 5% Others 15%
RESEARCH 7 India is one of the largest producers of seafood in the world but 20-30% of annual seafood produce is wasted as its shelf life is short. Although most of the seafood is caught in summer, there is a huge demand for seafood throughout the year. For assured supply during the non-catch season, there is a need for cold storages to maintain quality and prevent spoilage of seafood. Emergence of niche segments that require cold chain services: There is an untapped demand for cold chain services from niche segments such as pharmaceuticals, enzymes, reagents, films, etc. due to high temperature sensitivity of the products and potential high loss in case of spoilage.
The industry is shifting towards high premium end-products and organised play The cold chain industry is moving towards high premium end-products and the organised segment from the plain vanilla storage of potatoes. The cold chain industry in India is highly fragmented with the unorganised segment comprising an estimated 90% market share. The unorganised sector consists mainly of low quality warehouses offering simple storage or standalone transporters. Although there are many standalone transporters, most of the organised players have a limited number of cold storage units. The main players in the organised sector are Snowman, RK Foodlands, Coldex, Devbhomi, Kausar India, Fresh and Healthy Enterprises and Bulaki Deep Freeze. There are almost 6,500 cold storages across the country, most of which are operated by small players with less than five cold storage units. In terms of catering to end products, 74% of the cold storage facilities are used for potatoes. With growing demand for multipurpose storage facilities, the share of potato storage, which is a low-margin business, is declining.
Favourable government policies to promote cold chain infrastructure Favourable government policies offer incentives such as viable gap funding, tax cuts, liberal FDI norms etc. to the cold chain infrastructure companies to encourage them to invest heavily in the industry. In FY12, the Government of India awarded infrastructure status to the cold chain industry in India to curb post-harvest losses, increase realisations for farmers and lower price fluctuations in perishable commodities. CRISIL IPO Grading Rationale
8
Snowman - a complete cold chain provider with presence across value chain Snowman is a leading integrated cold chain player in India with presence across the value chain of the industry. The company offers high quality cold chain storage, distribution and value-added services. It has high-end equipment and handling mechanism, and uninterrupted power and fuel supply. Further, the companys presence in 13 locations allows it to offer services to clients across India. Snowman charges its clients a premium based on high quality offering, pan India operations and presence across the value chain.
The value chain
The cold chain industry was awarded inf rastructure status in FY12 Funding up to 40% of the project cost and 55% of the project cost in the case of north-eastern areas 5% concession on import duty, service tax exemption, excise duty exemption on several items. Deduction of 150% of the total capex while computing taxable income 100% FDI norms & liberal ECB norms Established in 2011 to look into matters related to cold chain inf rastructure Financial outlay f or cold chain inf rastructure and f ood parks of 1,675 cr and 3,250 cr respectively. Infrastructure status Viability gap funding Tax and duty cuts Depreciation benefits Foreign investment norms NCCCD establishment Proposed Policies Collection from source Pre-cooling Cold Transportation Cold storage VAS Dispatch to the market
RESEARCH 9 Caters to diverse end-product industries to counter demand volatility and realise growth potential Snowman offers cold chain logistic solutions for diverse industries such as seafood, poultry products, fruits and vegetables, dairy products, ice-cream, retail, pharmaceuticals and some other niche segments. Serving diverse end products helps the company in countering demand volatility as most of the end products that require cold storage have seasonal demand. Snowman is also well placed to gain from the growth prospects in the end-product industry it serves. Figure 5: Well-diversified product mix (FY13) Figure 6: Segmental revenue mix FY13 Source: Company, CRISIL Research Source: Company, CRISIL Research
Table 6: Strong end-product industry growth to boost cold chain demand End products segment Revenue share (FY13) Outlook (CAGR over FY13-16) Key clientele Seafood 19.0% 12.5% West Coasts Fine Foods Ltd. Confectionaries 14.0% 14.0% Ferrero India Ltd., McCain Foods Ltd. F&V & agro foods 12.0% High growth Godrej Agro Dairy 11.0% 10.0% Amul QSR 10.0% 30.0% Subway, Dominos, KFC Poultry 10.0% 14.0% Suguna Foods Limited Ready to cook 9.0% 10.0% McCain Foods Ltd. Ice-cream 7.0% 19.0% HUL Niche segments 7.0% High growth Novozyme, Indian Immunologicals Limited Others 1.0% Source: CRISIL Research
Well diversified and loyal clientele Snowmans clients are from diverse industries such as FMCG, QSRs, poultry, seafood, dairy, food processing, confectionaries and pharmaceutical. The strong and diversified customer base helps the company in running at high utilisation throughout the year. Snowmans key clients are Hindustan Unilever Ltd (HUL), Al-Karim Exports Private Ltd, McCain Foods India Pvt. Ltd (McCain), Novozyme South Asia Pvt. Ltd (Novozyme), Ferrero India Pvt. Ltd (Ferrero), Graviss Foods Private Ltd etc. The company has relatively low client concentration as its top 25 clients contribute ~40% to the companys total revenues. Agro Food 12% Confectionery 14% Dairy Products 11% Pharma 3% Icecream 7% Industrials 4% Other 1% Poultry & Meat 10% QSR 10% RTC 9% Sea Food 19% Warehousing 46% Transportation 52% Consignment Agency 2% CRISIL IPO Grading Rationale
10 Three-pronged service model in warehousing Dedicated chamber: The entire chamber capacity is sold on a dedicated basis. Rent for the capacity is charged irrespective of whether the client uses capacity or not. Guaranteed space: A fixed number of pallets are guaranteed to the client, which can be used whenever required. If the client is not using its capacity, Snowman can use this capacity for pay-and-park customers. Pay and park: Under this model, clients pay for the capacity and store their products. The three-pronged strategy helps the company in maintaining high utilisation.
Superior services compared with unorganised players Snowman has been focusing on offering superior services to its clients compared with the unorganised players. It offers value-added services (VAS) services including cleaning, grading, sorting, packaging and inventory management to its clients. Snowman uses very efficient modern warehousing infrastructure which includes real time data logging and enterprise resource planning (ERP system) to monitor and track the quality and quantity of products stored and being transported. Clients can themselves track and monitor the temperature of its products in storage and distribution. Snowman uses Freon 404 as refrigerant, which though expensive is safer and better compared with ammonia used by the unorganised players. Use of ammonia has regulatory repercussions as well. Table 7: Freon vs ammonia Desired properties Freon Ammonia Industrial Name R404 R-717 Low boiling point -46.1 -33.3 Non-corrosive to metal Non-corrosive Corrosive Flammability Non-inflammable Flammable Toxicity Non-toxic Toxic Explosive nature Non-explosive Explosive Cost Expensive Cheap Easy to locate leaks by odour or other suitable indicator No Yes Source: CRISIL Research Snowman also offers ultra freezing facility to its clients. It has installed a blast freezer which can be used to freeze products to as low as -40 degree Celsius. Bacteria multiply fastest between +8C (46F) and +68C (154F). By reducing the temperature of cooked food from +70C (158F) to +3C (37F) or below within 90 minutes, the food is rendered safe for storage and future consumption.
RESEARCH 11 Key risks Aggressive incremental capacity expansion Snowman is aggressively expanding its capacity from 36,210 pallets in FY13 to 100,000 pallets in the next couple of years. In case the company is unable to generate sufficient business, its utilisation could come under pressure, subsequently putting pressure on profitability and growth.
Cost overruns in the capacity expansion plan Cost overruns and delay in building the new warehouses may hamper growth and put pressure on the companys financials.
CRISIL IPO Grading Rationale
12 B. Financial Performance Snowmans operating income grew at a CAGR of 48.5% from 346 mn in FY10 to 1,137mn in FY13 driven by capacity expansion, broadening of end product offering and increase in the client base. EBITDA margin improved by 650 bps from 16.0% in FY10 to 22.5% in FY13 due to increase in utilisation and improvement in per pallet realisation. Consequently, EBITDA grew at a CAGR of 66.3% from 56 mn in FY10 to 256 mn in FY13. Adjusted PAT grew at a CAGR of 79.1% from 38.2 mn in FY10 to 219.4 mn in FY13 on the back of strong growth in EBITDA and tax credit on account of Section 35AD of Income Tax Act 1961. Consequently, PAT margin improved from 11% in FY10 to 19.3% in FY13. Due to large capex of 1,153 mn in FY13, the company has a negative free cash flow. It has a net debt of 885 mn as of FY13. mn FY09 FY10 FY11 FY12 FY13 Operating income 316 346 452 614 1,137 EBITDA 27 56 91 130 256 EBITDA margin 8.4% 16.0% 20.0% 21.1% 22.5% Adjusted PAT 9.6 38.2 62.7 34.3 219.4 Adj PAT Margin (%) 3.0% 11.0% 13.9% 5.6% 19.3% Adj EPS () (0.1) (0.4) (0.6) (0.3) (2.1) RoCE (%) (2.1) 2.3 5.0 6.7 9.9 RoE (%) 2.8 4.6 6.2 3.2 18.4 Actual o/s shares (mn) 82.3 102.9 102.9 102.9 102.9 Net debt/equity (x) (0.4) (0.5) (0.3) (0.1) 0.7 Net worth - - - - - Cash flow from operations (65.7) 32.8 70.7 94.5 244.2 Source: DRHP RoE rose sharply from 4.6% in FY10 to 18.4% in FY13. RoCE increased from 2.3% in FY10 to 9.9% in FY13.
14 C. Management Capabilities and Corporate Governance Snowmans professional management and seasoned promoters bring in huge experience in the logistics industry and financial stability to grow the company.
Professional management supported by a strong professional second line We believe that the company is led by an experienced and professional management. The management is headed by Mr Ravi Kannan (CEO and whole-time director) who has 18 years of experience in the supply chain industry. The management has been able to demonstrate strong understanding of the business and planning and execution capabilities by increasing the capacity five times in less than two years without any detrimental effect on the realisation and margins. Under the current management, the company has successfully increased its client base and strengthened its offerings.
Seasoned promoters and other shareholders GDL as a promoter brings in experience in the logistics industry. GDLs chairman, Mr Pillai, was instrumental in completely revamping and restructuring Snowmans management in 2007, when GDL became the majority shareholder. IFC, a World Bank member, is another strong shareholder. It has 12.46% stake in Snowman. Since its investment in 2010, IFC has been very critical in bringing the best practices, quality assurance checks, increasing efficiency, setting out specific environmental measures and giving direction to the recent capacity expansion plan. The company has obtained many certifications under IFC guidance to improve the internal audit practices and monitoring to assure the quality of the products stored and transported.
Board includes experienced independent directors from diverse backgrounds Snowmans board consists of eight directors, of whom four are independent directors. Two of the independent directors are from the logistics industry and other two have experience in the financial industry. The diverse backgrounds help in constructive contribution in the decision-making process during the board meetings. We believe that board processes are in place. All the major decisions are discussed at the board meetings and the independent directors receive the necessary documents in advance. The company currently has four committees (audit, compensation, share allotment, transfer & investor grievances and IPO). The companys quality of disclosure can be considered good judged by the level of information and details furnished in the DRHP, websites and other publicly available data. Further, based on our interactions with the management, we believe that the management is transparent and forthcoming with information.
RESEARCH 15
Annexure I: Profile of the directors Name Designation Age Qualification Directorships / partnership in other entities Mr Gopinath Pillai Chairman 76 Bachelor's Degree from the University of Malaya Incorporated in Singapore Windmill International Pte. Ltd Savant Infocomm Pte. Ltd KSP Investments Pte. Ltd Savant Infotech Solutions Pte. Ltd Little India Arcade Pte. Ltd Edutech Investments (India) Pte. Ltd Eastcom Systems Pte. Ltd Manquist Holdings Pte. Ltd Tourmasters Pte. Ltd Tourmasters (GSA) Pte. Ltd Infocom Technologies & Education Pte. Ltd Playware Studios Asia Pte. Ltd Ang Mo Kio- Thye Hua Kwan Hospital Ltd Jurong International Holdings Pte. Ltd Incorporated in India Gateway Distriparks Ltd Gateway East India Pvt. Ltd Gateway Distriparks (South) Pvt. Ltd Gateway Rail Freight Ltd Gateway Distriparks (Kerala) Ltd Chandra CFS and Terminal Operators Pvt. Ltd Incorporated in Mauritius KSP Holdings Ltd Edutech Holdings (India) Ltd KSP Logistics Ltd Incorporated in the UK AEC Education Plc Mr Prem Kishan Dass Gupta Vice Chairman & Director 55 Bachelors degree in Science from the University of Delhi. Incorporated in India Gateway Distriparks Ltd Gateway East India Pvt. Ltd Gateway Distriparks (South) Pvt. Ltd Gateway Rail Freight Ltd Gateway Distriparks (Kerala) Ltd Chandra CFS and Terminal Operators Pvt. Ltd Massco Media Pvt. Ltd Perfect Communications Pvt. Ltd Prism International Pvt. Ltd Star Cineplex Pvt. Ltd Prima Soft Tissues Pvt. Ltd Prestige Infracon Pvt. Ltd CRISIL IPO Grading Rationale
16 Name Designation Age Qualification Directorships / partnership in other entities Mr Shabbir Hakimuddin Hassanbhai Independent Director 67 Accountant Incorporated in Singapore Indo Straits Trading Co. (Pte.) Ltd Hassanbhai Realty Pte. Ltd Zee Chin & Co Pte. Ltd Hakimuddin & Sons Pte. Ltd Premier Travels (GSA) Pte. Ltd Singapore Business Advisors and Consultants Council Ltd Intraco Ltd Incorporated in India Gateway Distriparks Ltd Gateway Distriparks (South) Pvt. Ltd Gateway East India Pvt. Ltd Gateway Rail Freight Ltd Chandra CFS and Terminal Operators Pvt. Ltd Incorporated in United Arab Emirates Al Badawi General Trading LL Mr Saroosh Cowasjee Dinshaw Independent Director 43 Bachelor of Commerce and LL.B. and holds a MBA from the Texas Christian University Gateway Distriparks Ltd Cowasjee Dinshaw and Sons Pvt. Ltd United Salt Works and Industries Ltd The Zoroastrian Co-operative Bank Ltd Mr Kannan Ravindran Naidu Whole time Director and CEO 54 Masters degree in Computer Application
Mr Michael Philip Pinto Independent Director 70 Retired IAS officer Gateway Distriparks Ltd Star Paper Mills Infrastructure Leasing & Financial Services Ltd Gateway Distriparks ( Kerala) Ltd Ashoka Buildcon Ltd SCI Forbes Ltd Tolani Shipping Company Ltd Principal Trustee Company Pvt. Ltd Essar Ports Ltd Mr AKT Chari Independent Director 74 Electrical Engineering from the University of Madras Infrastructure Development Corporation (Karnataka) Ltd Feedback Infra Pvt. Ltd HDFC Standard Life Insurance Company Ltd HDFC Pension Management Company Ltd Mahindra EPC Services Pvt. Ltd Mr Masakazu Sakakida Director 55 Bachelors degree in Engineering from the University of Tokyo, Japan Mitsubishi Corporation India Pvt. Ltd MC Craft Machinery Pvt. Ltd Asahi Glass India Ltd Source: DRHP
RESEARCH
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