Fine Organic Industries Limited

~~FINE ORGANICS
(Formerly known as Fine Organic Industries Private Limited)

Regd. Office: Fine House, Anandji Street, Off M G Road,

Ghatkopar East, Mumbai 400 077, India.

CIN : U2411 9MH2002PLC136003

Tel : + 91 (22) 2102 5000 to 15
Fax : + 91 (22) 2102 8899 I 2102 6666
Email : [email protected]
Web : www.fineorganics.com

Date: 23/08/2018

To To

BSE Limited National Stock Exchange of India Limited

Phiroze Jeejeebhoy Towers, Plot No. C/1, "6" Block, Exchange Plaza

Dalal St, Kala Ghoda, Fort, Bandra Kurla Complex, Bandra (East)

Mumbai - 400 001 Mumbai - 400 051

Security Code: 541557 Symbols: FINEORG

Sub: Disclosure of information under Regulation 30 of SEBI (Listing Obligations and

Disclosure Requirements) Regulation, 2015.

Dear Sir/Madam,

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation,

2015, please find attached herewith investor presentation of the Company.

The aforesaid presentation is also available on the Company's website www.fineorganics.com

We request you to take the above information on your record.

Thanking You,

Sincerely,

Encl. As Above
Investor Presentation
August 2018
Safe Harbor

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Fine Organic
Industries Limited. (the “Company”), have been prepared solely for information purposes and do not constitute any
offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied
on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be
made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers
reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be
placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This
Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any
liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

This presentation contains certain forward looking statements concerning the Company’s future business prospects and
business profitability, which are subject to a number of risks and uncertainties and the actual results could materially
differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but
are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition
(both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled
professionals, time and cost over runs on contracts, our ability to manage our international operations, government
policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does
not undertake to make any announcement in case any of these forward looking statements become materially incorrect
in future or update any forward looking statements made from time to time by or on behalf of the Company.

1
 History & Evolution
More than doubled Capacity to 131k TPA

2017 – Amalgamation of Fine Expand into new products like food

Research and Development Centre premixes and feed nutrition additives
Pvt Ltd and Fine Specialty Surfactants
Pvt Ltd with Fine Organics

2014 – JV signed with

Netherlands based bakery Going
premix manufacturer, Forward
Zeelandia International
2006 – Fatty acid esters facility 2018
commissioned in first Ambernath facility
2017
2008 to 2012 – Stage-wise 2018 – JV signed with
commissioning of polymer additives 2015 Adcotec, Germany for food
facility in first Ambernath facility additives.

2014 FZPL(JV) has completed

setting up of facility in
2015 – Capacity expansion for food
Patalganga
and polymer additives commissioned
2006-2012 in first Ambernath facility

1995 - Incorporated Oleofine Organics (India) Private Limited

for expanding the capacity for polymer additives
1995-2005
2002 – Incorporated the Company under name of Fine
One of the leading
Organic Industries (Mumbai) Private Limited
players that developed
2005 – R&D Center established in Navi Mumbai proprietary
technologies to
1970 – Late Ramesh Shah and Prakash Kamat founded ‘Fine manufacture green
1970-1988 Organic Industries’, a partnership firm, in Mumbai
additives1
1973 – The partnership firm commissioned its first food additives
facility in Dombivli
1988 – Partnership firm set up second Ambernath facility
Note
1. As per CRISIL Research 2
Company & Business Highlights
Diversified Product Portfolio for High Growth Industries

Plastics Additives Food & Other Additives

Emulsifiers Extracts desired aesthetic structure and texture

Slip Agents Friction reducing additives

Preservatives Preventing food from spoilage or toxic

Anti-Stats Mitigates build-up of electrical charges

Food & Used in biscuits, voluminous sponge, chewing gums,
Beverage etc.

Cosmetic &
Lubricants Flow improvers and mould release agents Added to creams, gels, lotions, varnishes, etc.
Pharmaceutical

Additives for elastomers to reduce dampening /

Rubber
abrasion
Processing
Helps in melting high molecular weight polymers
Aids
Anti-settling agents, emulsifiers, anti-sagging
Paint & Coating
agents

Converts water droplets formed on plastic films

Anti-Fogging Replace harmful antibiotics & improve feed
into a continuous transparent water layer Feed Nutrition
nutrition

Portfolio of 387 Products

4
 Key Speciality Additives

Slip Additives Anti-Stats PE1 Applications Anti-Fogging Additives

Emulsifiers and Anti-

Anti-Block Additives Cloudifiers Emollients
Fungal Additives

1. PE – Polyethylene 5
 Favourable Competitive Landscape

Fine Organics Well Positioned to Benefit from Favourable Industry Dynamics

Very High Entry Significant Customer

Limited Players Highly Regulated
Barriers Stickiness
• Few large players • Eco-friendly Green Oleo- • Complex technology & • Customers value long term
competing globally derived additives a key manufacturing processes trust built over the years
focus area create multiple entry with existing suppliers
• Highly fragmented market barriers – mostly
in India • Stringent quality proprietary • Lengthy and expensive
parameters & regulations product approval processes
governing the industry • Product formulations, lead to high switching
innovation and process costs for customers
• Human health and technology – time & capital
environmental concerns intensive process to • Customers rely on
are key factors generate business established suppliers as
performance ingredients
• Established players enjoy are very critical to their
premium positioning with end products
Key Regulatory Agencies2
customers due to
• Food consistent quality and
• India: BIS FISSAI product delivery
• Global: FDA (US),
FSA (EU)
• Plastic
• India: BIS
• Global : Toxic
Substance control
and FDA (US),
REACH (EU)

1. As per CRISIL Research.

2. BIS FSSAI: Bureau of Indian Standards, Food Safety and Standards Authority of India (India), FDA: US Food and Drug Administration; FSA: Food Safety Authority; REACH: 6
Registration, Evaluation, Authorization and Restriction of Chemicals.
 Strategically Located Manufacturing Facilities

Capacity
Plant Remarks India plants located in close proximity to Nhava Sheva Port – Ideal for Exports
(TPA)
Current Operational Facilities
1st Ambernath
1 49,500 NA
Facility
Ambernath
Badlapur
2 6,400 NA 3 6 1
Facility 4
Dombivli 2
Badlapur
Dombivli Acquired on
3 8,400
Facility Nov 30, 2017
Patalganga
Total Capacity 64,300 TPA
5 8

Proposed Expansion Plans

2nd Ambernath Contract

4 5,000
Facility1 Manufacturing
Fine Zeelandia Trial runs
5 10,000
(Patalganga) started
3rd Ambernath
6 32,000 Q1 FY 20
Facility
Q1 FY 21 7
7 German subject to all
10,000
Facility necessary Leipzig, Germany
approvals

8 Patalganga
10,000 Q3 FY20
Facility
Operating Plants Under Construction Plants Contract Manufacturing Facility
Total Capacity 67,000 TPA

Fine Organics’
Reputed Industry
Certifications

Note:
1. Contract manufacturing conducted at the Second Ambernath Facility by Olefine Organics on a job-work basis since 2014.
7
 Sales & Marketing Network Across the Globe

Extensive Distribution Network Catering to Over 5,000 end users in 69 Countries

Direct
Products1 Distributors1
Customers1

387 631 127

Geographic Revenue Mix*

FY 2017 FY 2018 Q1 2018-19

Domestic
Domestic Domestic
45%
43% 42% Exports
Exports 58% Exports
57% 55%

Note Note 8
1. In the 12 months ended March 31, 2018. * On standalone basis
Focus on Innovation backed by Strong R&D Capabilities

• Infrastructure spread over area of 5,000 sq. mts.

Strong R&D • Dedicated team of 9 scientists and 6 technicians
Capabilities
• Developed and launched 46 new products since April 1, 2014

• Feed nutrition additives – derived from natural vegetable oils

New Product • Additive to increase milk yield from cows and buffaloes
Development ( commercialization in progress)
• On-going R&D efforts for new product development

In-House Design • Company has developed in-house capabilities for plant

and designing and engineering
Engineering
Capabilities • Lowers capital expenditures & quicker commissioning

9
 High Pedigreed & Professional Management Team

Prakash Kamat – Executive Director and Chairman Prakash Apte – Independent Director
• Holds a M.Sc. Tech- Master of Science & Tech (Oils) from • On the Board since Nov 2017. Holds a Bachelor’s degree
Institute of Chemical Technology (formerly UDCT) in Mechanical Engineering
• Associated with the group since inception having experience
• Previously served as MD of Syngenta India
in product development, process technology and R&D

Mukesh Shah – Managing Director Kaushik Shah – Independent Director

• Joined in 1973. Holds a Bachelor’s degree in Science • On the Board since Jan 2018. Holds a Bachelor’s degree
• Played a key role in establishing quality control and in Commerce and a Qualified Chartered Accountant
marketing • Previously served as MD of Fulford (India)
Board of Directors

Mahesh Sarda – Independent Director

Jayen Shah – Executive Director and CEO
• On the Board since Nov 2017. Qualified Chartered
• Joined in 1986. Holds a Master’s degree in Science
Accountant
• Instrumental in creating a strong vendor-partner network
• Previously served as a Partner at Deloitte Haskins & Sells

Tushar Shah – Executive Director and CFO Parthasarathi Thiruvengadam – Independent Director
• Joined in 1989 and led several initiatives like ERP, CRM, • On the Board since Nov 2017. Holds a BTech degree from
etc. IIT, Madras and Post Graduate in Industrial Engineering
• Key role in the development of the first slip additive
• Previously served as a Senior Director with Deloitte India
facility
Bimal Shah – Executive Director Pratima Umarji – Independent Director
• Joined in 2009. Holds a Bachelor’s degree in Science from • On the Board since Nov 2017. Holds a Law degree
Purdue University and a Master’s degree from Boston
College • Current panel member of the “Lok Adalat”, Bombay High
Court
• Led initiatives for new projects and processes
Management/Senior

Nikhil Kamat – Senior Vice President, Operations Dr. Vijay Prabhu – Senior Vice President, Quality Assurance
• Holds a Master’s degree in Science from the University of Bombay • Holds a PhD from the University of Bombay
Personnel

• Experience in production planning, technical and regulatory work • Experience in R&D and QA in food and polymer additives
Key

Dr. Mayukh Warawdekar – Senior Vice President, R&D Pooja Gaonkar – Company Secretary
• Holds a PhD from the University of Bombay • Holds a Bachelor’s Degree in Law from the University of Bombay
• Extensive experience in R&D and specialty chemicals • Previously worked with Calyx Chemicals and Pharmaceuticals

10
 Key Strengths

Largest producer of
oleo-chemical based
additives in India and one of
the few large players in the
Strong Management world in this industry1 Diversified product
Team – each with an portfolio catering to a
average of 30 years’ variety of high growth
experience industries

Diversified customer Specialized business

base & long term model operating in an
relationships with industry with high
marquee customers entry barriers

Strategically located
Strong R&D capability production facilities
with a focus on with in-house product,
innovation process development
capabilities

Note
11
1. As per CRISIL Research.
 Well Thought Strategy in Place

Organic Growth at the • 5 new proposed facilities to add a

Forefront combined 67,000 TPA in capacity1

Product Expansion & • Premixes for bakery & confectionary

Diversification into Newer products (through Fine Zeelandia)
High Margin Downstream
Products • Developing Feed Nutrition Additives

• New Manufacturing Facility in

Expand Global Footprint Leipzig, Germany (through FineAdd)

• Sales office in Shanghai, China

Continued Focus on • Application labs for foods, plastics

Innovation and R&D and cosmetics

Note
12
1. Including Second Ambernath Facility where some of our products are manufactured on a job-work basis.
Financial Overview
 Standalone Financials – Overview (1/3)

Net Revenue1 and CAGR EBITDA2 and EBITDA Margin

(INR Mn & %) (INR Mn & %)
Margin 18.56% 22.46% 18.86% 19.25% 22.18%
8520.41
(%)
7776.86
1639.76
6513.66 1466.84
6083.41 1463.18

1129.00

2401.19
532.52

FY 15 FY 16 FY 17 FY 18 Q1 FY 19 FY 15 FY 16 FY 17 FY 18 Q1 FY 19

PAT and PAT Margin Net Worth

(INR Mn & %) (INR Mn)
Margin 9.09% 11.89% 10.28% 11.89% 15.44%
(%) 4450.56
4084.53
1,013.35
3349.51
774.62 799.75
2555.30
553.22 2103.06

370.69

FY 15 FY 16 FY 17 FY 18 Q1 FY 19 FY 15 FY 16 FY 17 FY 18 Q1 FY 19
Note: CAGR: Compounded Annual Growth Rate. Formula: (Last Year Value/First Year Value)^(1/N)-1
1. Net Revenue = Revenue from Operations – Excise Duty and GST
2. EBITDA = Profit before tax + Finance Costs + Depreciation – Other Income 14
3. FY 15 and FY 16 numbers are as per restated standalone Financials, Q1 FY 19 numbers are unaudited
 Standalone Financials – Overview (2/3)

Net Debt to Net Worth1 Fixed Asset Turnover (Gross2 and Net3)
(x) (x)

7.77X
0.48X 6.56X
4.92X 5.22X

0.25X 3.10X 2.79X 3.10X 3.26X

0.11X
0.08X
FY 15 FY 16 FY 17 FY 18

FY 15 FY 16 FY 17 FY 18 Gross Net

Return on Capital Employed4 Return on Net Worth5

(%) (%)

32.64% 32.77% 30.31%

26.31%
23.88% 24.81%
31.15%

28.86%

FY 15 FY 16 FY 17 FY 18 FY 15 FY 16 FY 17 FY 18
Notes: Assets excluding capital advances.
1. Net Debt = Total Long term debt + short term debt + current maturities of long term 4. Return on Capital Employed = EBIT / (Total Net Debt + Total Net Worth). Excludes Other
debt – cash and bank balances Income.
2. Fixed Asset Turnover (Gross) = Net Revenue from Operations / Total Gross Block of 5. Return on Net Worth = Net Profit After Tax / Net Worth at the end of the year
Fixed Assets 6. FY 15 and FY 16 numbers are as per restated standalone Financials
15
3. Fixed Asset Turnover (Net) = Net Revenue from Operations / Total Net Block of Fixed
Standalone Financials – Overview (3/3)

Summary of Key Standalone Financials

Rs. Millions FY 16-17 FY 17-18

Share Capital 48.30 153.30

Equity Share Suspense account 2.80

Reserves 3,298.41 3,931.23

Total Equity / Book Value 3,349.51 4,084.53

-
Total dividend on Equity Shares 229.95(1)
-
Dividend Tax 46.81(1)

Basic Earnings Per Share (Rs. Per Share) 26.08 33.05

Diluted Earnings Per Share (Rs. Per Share) 26.08 33.05

Notes:
1. Dividend for FY16-17 paid in FY 17-18
2. Final Dividend for FY17-18 is proposed @ Rs 7 Per equity share (FV Rs 5 per share)
16
 Consolidated Financials – Overview (1/3)

Net Revenue1 and CAGR EBITDA2 and EBITDA Margin

(INR Mn & %) (INR Mn & %)
Margin 18.28% 22.26% 18.60% 18.60%
8515.70
(%)
7791.56
1584.12
6524.92 1452.52 1448.97
6068.07
1109.29

FY 15 FY 16 FY 17 FY 18 FY 15 FY 16 FY 17 FY 18

PAT and PAT Margin Net Worth

(INR Mn & %) (INR Mn)
Margin 8.76% 11.72% 9.97% 11.18%
(%) 3955.84
951.72
3283.20
764.81 776.64
2510.98
531.85 2072.17

FY 15 FY 16 FY 17 FY 18 FY 15 FY 16 FY 17 FY 18
Note: CAGR: Compounded Annual Growth Rate. Formula: (Last Year Value/First Year Value)^(1/N)-1
1. Net Revenue = Revenue from Operations – Excise Duty and GST
2. EBITDA = Profit before tax + Finance Costs + Depreciation – Other Income 17
3. FY 15 and FY 16 numbers are as per restated Consolidated Financials,
 Consolidated Financials – Overview (2/3)

Net Debt to Net Worth1 Fixed Asset Turnover (Gross2 and Net3)
(x) (x)
7.76X
6.57X
0.48X
4.91X 5.23X

3.09X 2.79X 3.11X 3.26X

0.24X

0.10X
0.07X FY 15 FY 16 FY 17 FY 18

Gross Net
FY 15 FY 16 FY 17 FY 18

Return on Capital Employed4 Return on Net Worth5

(%) (%)

32.75% 32.88% 30.46%

25.67%
23.65% 24.06%
30.80%

28.51%

FY 15 FY 16 FY 17 FY 18 FY 15 FY 16 FY 17 FY 18
Notes: Assets excluding capital advances.
1. Net Debt = Total Long term debt + short term debt + current maturities of long term 4. Return on Capital Employed = EBIT / (Total Net Debt + Total Net Worth). Excludes Other
debt – cash and bank balances Income.
2. Fixed Asset Turnover (Gross) = Net Revenue from Operations / Total Gross Block of 5. Return on Net Worth = Net Profit After Tax / Net Worth at the end of the year
Fixed Assets 6. FY 15 and FY 16 numbers are as per restated consolidated Financials
18
3. Fixed Asset Turnover (Net) = Net Revenue from Operations / Total Net Block of Fixed
Consolidated Financials – Overview (3/3)

Summary of Key Consolidated Financials

Rs. Millions FY 16-17 FY 17-18

Share Capital 48.30 153.30

Equity Share Suspense account 2.80
Reserves 3232.10 3,802.54
Total Equity / Book Value 3283.20 3,955.84
Total dividend on Equity Shares - 229.95(1)
Dividend Tax - 46.81(1)
Basic Earnings Per Share (Rs. Per Share) 25.40 31.09
Diluted Earnings Per Share (Rs. Per Share) 25.40 31.09

Notes:
1. Dividend for FY16-17 paid in FY 17-18
2. Final Dividend for FY17-18 is proposed @ Rs 7 Per equity share (FV Rs 5 per share)
19
Annexure – Industry Overview
 Plastic Additives Industry – Strong Growth Prospects

Plastic Additives
• Key Additives – Stabilisers, FRs, Slip Additives, Lubricants, Dispersants, Anti-fogs, Anti-stats and Processing Aids
Industry

Global Plastic Additives Market India Plastic Additives Market

Plastic Additives – Type-wise Global Share (US$ Mn)
Size (US$ Mn) Size (INR Mn)
8,349
90,000
30,000 4,161
2,502 1,851
22,000 58,000 1,365 1,092 468 431 457 401 385 317 271

Retardants

Stabilisers

Plasticisers
Processing Aids

Flow Improvers
Antistatic
Modifiers

Lubricants

Slip Additives

Wetting Agents

Dispersants

Additives
Other Plastic

Additives

Antifog
Impact

Additives
Flame

Filler
Pigment
CY2016 CY2021E CY2016 CY2021E

Global Plastic Additives Growth (US$ Mn) End-user wise Plastic Additives Growth (US$ Mn)

CAGR 8.4% CY2016 CY2021E CAGR

7.0% CY2016 CY2021E
16,000 8,000
5.0% 4.6% 5.5%
12,000 6,000
4.9%
8,000 4,000
4.5% 4.8%
4,000 4.6% 4.7% 2,000
0 0
Asia Pacific Europe North South ME & Africa Packaging Consumer Construction Automotive Others
America America Goods

Global Growth High growth in Increased Substitution Development of New Increasing Preference for
Drivers Asia Pacific region by Plastic Materials Plastic Additives Non-toxic Plastic Additives

Low Per Capita Plastic

Growth Drivers Strong growth in major consumer segments – Increasing use of plastics in packaging –
Consumption (11kg vs
in India Auto, Construction, Consumer Durables superior quality & cost effectiveness
Global Avg. of 30kg)
Source: CRISIL Research 21
Note: CAGR: Compounded Annual Growth Rate. Formula: (Last Year Value/First Year Value)^(1/N)-1
 Food Additives Industry – Multiple Tailwinds Ahead

Food Additives
• Key Additives – Emulsifiers, Esters, Preservatives, Additive Blends, etc.
Industry

Global Food Emulsifiers Market India Food Emulsifiers Market

Food Emulsifiers – Product-wise Global Share (Kilotons)1
Size (US$ Mn) Size (INR Mn)
400
3400 9000 300
2800 200
5400 100
0

Glycerol Fatty

Acetylated Mono-
Phosphatide

Monoglycerides
Mono & Di-

Emulsifier Blends

Propylene
Natural Emulsifiers

Polyoxyethylene

Calcium Stearoyl

Citric Acid Ester

Polyglycerol Esters

Lactic Acid Esters

Di-acetyl Tartaric
Sorbitan Esters
glycerides

Ammonium

Stearate
Acid Esters

Glycerides

Glycerides
Distilled

Esters
CY2016 CY2021E CY2016 CY2021E

Global Food Emulsifiers Growth (US$ Mn) Indian Consumer Foods Industry Growth (INR Mn)

CY2016 CY2021E CAGR FY2017 FY2022E CAGR

1,200 4.2% 1,000
4.3% 13% – 15% 13% – 15%
4.6% 800
800
600
14% – 16%
400 400
2.9% 2.5% 19% – 21%
200
0 0
Europe North Asia Pacific South ME & Africa Bakery Items Confectionery Snacks RTE/RTC
America America

Increasing awareness among Growing population, higher economic Rise in health awareness & quality consciousness of
Global Growth
food processors about advantages & growth & disposable income changing consumers in developed nations demanding healthy
Drivers applications lifestyles of emerging nations packed foods

Changing consumer preferences

Growth Drivers Low per capita consumption Booming organized retail Changes in eating habits and
for processed and packed
in India of food emulsifiers
convenience foods
sector introduction of new products

Source: CRISIL Research

Note: CAGR: Compounded Annual Growth Rate. Formula: (Last Year Value/First Year Value)^(1/N)-1 22
1. Approximate figure as per CRISIL Research.
 Other Additives – Key Drivers

Cosmetics &
Specialties Feed Nutrition Paints, Inks & Coatings Rubber
Pharmaceuticals

Industry

• Lube additives • Natural Antibiotics • Emulsifiers • Dispersing agents • Processing Aids

Key • Property modifiers • Nutritional Additives • Pharmaceuticals – • Emulsifiers • Specialty Plasticizers
Additives & Coating Ingredients • Wetting Agents • Slip Additives
• Coated papers • Anti-fungal Additives
Ingredients • Defoamers • Anti-stats
• Wood composites
• Slip Additives • Anti-sticking Agents

• Construction industry • Poultry Products • Creams and Gels • Paints • Conveyor Belts
• Specialty • Milk & Milk • Pastes • Inks • Automotive Parts and
End Uses applications Derivatives Engine Components
• Lotions • Coating Materials • Tyres
• Ointments • Dock Fenders

India CAGR NA 11% – 13%1 10% – 12%2 8% – 10%3 6% – 7%4

(FY17 – 22E)

• Increase in Govt. • Rising health • Organized retail • Low per capita paint • Growth in auto sales
expenditure on infra awareness moving to Tier II consumption • Steady Improvement
projects cities • Increased in industrial activity
• Growing food
• Increase in use of • New sub-segments to penetration of paints • Steady agricultural
processing industry
Growth cars/trucks grow: Men’s in rural and non- output
Drivers • Increase in cashless • Safer milk and milk Cosmetics metro cities • Increased focus by
transactions and air products • Growth in demand for • Growth in niche government in
travel skin-care cosmetics products – nano- infrastructure
• Growing personal care coatings & green
segment coatings
Source: CRISIL Research
Notes: CAGR: Compounded Annual Growth Rate. Formula: (Last Year Value/First Year Value)^(1/N)-1
1. Poultry Industry 3. Paints and Coatings Industry
2. Cosmetics Industry 4. Styrene-butadiene Rubber (“SBR”) and Poly-butadiene Rubber (“PBR”) Industry 23
For further information, please contact

Company Investor Relations Advisors

Fine Organic Industries Limited Strategic Growth Advisors Pvt Ltd.

CIN No: U24119MH2002PLC136003 CIN No: U74140MH2010PTC204285

Name: Tushar Shah Rahul Agarwal / Shrikant Sangani

Email id: [email protected]

[email protected]

Tel No: +91 79770 90416 / +91 96195 95686

24