IPO Note - MCX - 200212_11_2002121212

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IPO Note | MCX | 20 February 2012

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Aditya Birla MoneyAditya Birla Money

Aditya Birla Money Limited

2nd Floor, Sheil Estate, Dani Corporate Park, 158 CST Road, Kalina, Santacruz (East), Mumbai 400 098 | Tel: +91 22 42333400

Key Highlights of the company

Offer for sale with no equity dilutionpromoters to reduce stake due to

regulatory requirement

Leadership position provides competitive advantagecompetition not a

threat due to liquidity leading to very low impact cost

Stable earnings profile with high operating leverage.generates good free

cash flow. Dividend likely to increase year on year

Technical expertise and experience of FTIL provides technology prowess

Investment in the MCX-SX - Any favourable ruling in favour of MCX could create

more value for MCX shareholders

Overall economic growth to increase turnover velocity..Introduction of

options, to be the biggest growth driver going forward

Key Risk - Imposition of Commodity transaction tax (CTT) equivalent of STT -

Based on the equity experience, it is seen that this levy gets absorbed in the system

over a period of time, nevertheless a negative in the short term.

At the upper price band of Rs 1032, the issue is reasonably priced at ~18.1x its pre issue

and post issue EPS of Rs 56.98 (annualised 9MFY12 EPS). Assuming a reasonable

growth of ~30.0% in FY13E (last three years average), the stock would be trading at

~13.9x its one year forward EPS. Currently most of the international exchanges trade at

~20xCY12 with low teen growth opportunity. Here the opportunity is very large and MCX is

again market leader and is growing very fast. NSE was valued at ~21x, in a secondary

share deal in December 2011.

We believe this issue being the first quality issue post major IPO flops, is likely to receive

overwhelming response. MCX which is still in the growth phase has carved out and

demonstrated a robust business model. The companys leadership position with 87.0%

market share together with experienced management team and stable earning profile

bodes well for its future growth.

Considering the companys strong parentage, good business model and robust growth

prospects, we believe it is a good investment opportunity and therefore recommend

investors to SUBSCRIBE to the issue. Since there is no exchange in the listed space,

MCX is likely to attract scarcity premium and Institutions mostly would be buyer post

listing. Therefore the likelihood of listing gains is quite high. Investors could apply to

this Issue both from listing gains as well as from a long term opportunity.

Issue Opens Feb 22, 2012

Issue Closes Feb 24, 2012

Equity Offerings (In mnshares) 6.4

Face Value 10.0

Price Band 860.0 - 1032.0

Issue Size (in bn) 5.5 6.6

Maximum Application(no. of shares for retail)

192

Issue Type 100% Book Building

Listing BSE

IPO Grading CRISIL 5/5

BRLMsEdelweiss; Citigroup

Global ; Morgan Stanley

Registrar Karvy Computershare

Source: RHP

Pre Issue Post Issue*

Promoter 31.2 26.0

Non Promoter 68.8 74.0

Source: RHP

Issue size 6.43

Of which Employee reservation 0.25

Break-up of net issue to public:

QIB's portion (minimum) 3.09

Non-institutional portion (minimum) 0.93

Retail Portion (minimum) 2.16

Source: RHP

Sumit Jatia

022-42333460

[email protected]

SubscribeRating

Issue Structure (In mn no. shares)

Shareholding Pattern (%)

Issue Details

Analyst Details

Outlook and Valuations

Multi Commodity Exchange of India Ltd (MCX)

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MCX is the leading commodities exchange in India based on value of commodity futures contracts traded with a market share of more than

80.0%. It is a de-mutualised exchange and received permanent recognition from the Government of India on September 26, 2003, to

facilitate nationwide online trading, clearing and settlement operations of commodities futures transactions. The company offers trading in

49 commodity futures based on contract specifications, from a diverse range of classes including bullion, ferrous and non-ferrous metals,

energy and agriculture. MCX is the fifth largest commodity futures exchange globally (FIA survey) in terms of the number of contracts

traded for the six months ended June 30, 2011. As of December 31, 2011, the company had 2,153 members nationwide with more than

296,000 terminals including CTCL spread over 1,572 cities and towns in India. The offer has been graded 5/5 by CRISIL, indicating

strong fundamentals.

Strategic Investments

The company has made strategic investments in several related businesses which we believe are potential revenue growth drivers.

DGCX (5%)

Dubai gold and

commodity exchange

MCX

MCX CCL (100%)

clearing house to

undertake clearing

and settlement oftrades of MCX

MCX-SX (5%)

stock exchange

recognised by SEBI

MCX-SX CCL (26%)

Clearing and

settlement functions of

MCX-SX

SME Exchange of

India Limited (51%)

Strategic Alliances

The company has also formed strategic alliances and joint ventures with domestic institutions and leading international associations and

exchanges in an effort to introduce new products on its Exchange and strengthen its product offerings. The company has entered into

agreements with NBHC (group company) for the provision of services in connection with warehousing and the physical deliveries for

settlement of futures contracts traded in its Exchange.

The company has formed strategic alliances in India with a diverse range of business associations, such as the Dall & Besan Millers

Association, the Solvent ExtractorsAssociation, an industry association for pulses and the Bombay Metal Exchange. Among

international alliances, the company has formed strategic alliances with a number of exchanges such as the London Metal Exchange, the

New York Mercantile Exchange, the LIFFE Administration and Management, the Baltic Exchange Limited, Shanghai Futures

Exchange and Taiwan Futures Exchange. These alliances facilitate the sharing of information across regional and global exchanges,enabling the company to penetrate new markets, enhance its product offerings and increase its market presence.

The company derives revenue primarily from transaction fees, annual subscription fees, member admission fees, terminal charges and

other income. The breakup of the companys total revenue is given below -

Revenue Break-up

53.50%

1.40%2.80%

0.50%

41.80%

FY10

78.10%

0.80%3.00%

0.50%

17.60%

FY11

81.50%

0.90%

2.10%

0.30%

15.20%

9MFY12

Transaction fees Membership admission fees Annual subscription fees Terminal charges Other income

Source: RHP, ABML Research

Business model

Company Background

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Transaction Fees - Transaction fees consist of fees that the company charges its members for the execution of trades. The growth in

transaction fees depends on the growth in the overall value of contracts traded. The company has experienced robust growth in the value

of contracts traded in its exchange since its inception in 2003. The average daily turnover on the Exchange for 9MFY12, and the fiscals

FY11, FY10, FY09 was Rs 514.19 bn, Rs 320.57 bn, Rs 209.62 bn and Rs 148.96 bn, respectively. As can be seen from the table above,

income from transaction fees accounts for an increasingly large part of the companys total income. Around 90.0% of the total value of

contracts traded in MCX comprised of gold, silver, crude oil and copper. The current turnover charges are Rs. 2.5 / 1 lakh of turnover.

Table: 1 MCX Turnover in major commodities

In bn FY09 FY10 FY11 9MFY12

Gold 21,110.25 46.00% 19,222.07 30.10% 24,692.46 25.10% 32,955.63 27.50%

Silver 8,271.60 18.00% 11,417.07 17.90% 27,000.17 27.40% 45,742.71 38.20%

Crude Oil 9,710.27 21.20% 12,190.46 19.10% 17,642.65 17.90% 18,992.79 15.90%

Copper 3,958.61 8.60% 9,034.09 14.10% 11,450.75 11.60% 10,584.88 8.80%

Other Products 2,830.22 6.20% 12,069.33 18.90% 17,629.00 17.90% 11,530.88 9.60%

Total Value 45,880.95 100% 63,933.02 100% 98,415.03 100% 119,806.89 100%


Membership admission fees - Membership admission fees consist of non-refundable, one-time charges which the company collects from

its members at the time of registration. The current admission fee for trading members is Rs 0.75 mn.

Subscription Fees - Subscription fees consist of annual fees that the company charges its members for the continued right to trade on its

Exchange.

Terminal Charges relates to allotment of membership identification numbers that enable customers to connect to the companys electronic

trading platform.

Other income consists of income from investments and interest income from bank deposits, VSAT connectivity charges, dividends from

investments, interest income and other miscellaneous income.

Offer for sale with no equity dilution MCX is offering 6.43 mn equity shares (the net offer to public being 6.18 mn shares post

employees portion) at a price band of Rs 860-1032 through an offer for sale by the selling shareholders (details given below), hence there

will be no change in the net worth post issue . The IPO will enable FTIL to meet regulatory requirements, which bars a promoter from

holding more than 26% in a commodity exchange, and allow investors an exit option. Seven of the existing investors including Financial

Technologies (India) Ltd, SBI, Bank of Baroda, GLG Financials Fund, Alexandra Mauritius Ltd, Corporation Bank and ICICI Lombard

General Insurance Company Ltd will be divesting part of their holdings in MCX.

Table: 2 Investors exiting with IPO

Selling ShareholdersNo of Eq. Sharesoffered for sale

% of the issueShareholding

(Pre issue)Shareholding(Post Issue)

Issue Price

FTIL (promoters) 2,643,916 41.1 31.2 26.0 -

SBI (Equity) 2,112,025 32.9 5.2 1.0 10

GLG Financials 781,508 12.2 1.9 0.4 1155

Alexandra Mauritius 390,754 6.1 1.0 0.2 525

Corporation Bank 246,175 3.8 3.5 3.0 10

ICICI Lombard 148,000 2.3 0.4 0.1 525

Bank of Baroda 105,000 1.6 1.0 0.8 10

Total 6427378 100 44.11 31.5


Object of the Issue

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Table: 3 Top 10 shareholders on the date of filing of RHP

Name No of shares Shareholding (%)

FTIL 15,903,491 31.2

State Bank Of India, (Equity) 2,640,031 5.2

FID Funds (Mauritius) Limited 2,549,918 5.0

Passport Capital LLC A/C Passport India Investment 2,500,000 4.9

Euronext N. V. 2,442,212 4.8

Aginyx Enterprises 2,442,212 4.8

Merrill Lynch Holdings (Mauritius) 2,442,212 4.8

IFCI 2,442,212 4.8

Corporation Bank 1,775,000 3.5

The National Bank For Agriculture And Rural Development 1,562,500 3.1

Total 36699788 71.96


Leadership position provides competitive advantage MCX is the leading commodity futures exchange in India in terms of value of

commodity futures contracts traded in metals, energy and certain agricultural commodities. As can be seen from the table below, MCX

enjoys a market share of more than 80% in terms of total value of commodity futures contracts traded. The companys market share for

gold, crude oil, silver, copper and natural gas futures contracts was approximately 97.1%, 94.8%, 98.5%, 94.9% and 99.9%, respectively

for 9MFY12, thus reflecting the traders choice for the contracts and the exchange. Globally, MCX is the fifth largest commodity futures

exchange (FIA survey) and the largest silver exchange, the second largest gold, copper and natural gas exchange and the third largest

crude oil exchange for CY10 and H1CY11. We believe that the companys leadership position provides it a competitive advantage

over its peers as it enables the company to provide high liquidity and low impact cost on transactions, which is a key for the

market participants

Table: 4 Market shares of major commodity exchanges

9MFY12 FY11 FY10 FY09

ExchangeTurnover

(in bn)Market

Share (%)Turnover

(in bn)Market

Share (%)Turnover

(in bn)Market

Share (%)Turnover

(in bn)Market

Share (%)

MCX 119,807 87.3 98,415 82.4 63,933 82.3 45,881 87.4

NCDEX 12,876 9.4 14,106 11.8 9,176 11.8 5,357 10.2

NMCE 1,206 0.9 2,184 1.8 2,279 2.9 615 1.2

ICEX 1,977 1.4 3,777 3.2 1,364 1.8 - -

ACE* 991 0.7 301 0.3 60 0.1 88 0.2

Others 371 0.3 706 0.6 836 1.1 549 1

Total 137,229 100 119,489 100 77,648 100 52,490 100


Technical expertise and experience of FTIL provides technology prowess The Companys electronic trading platform is supplied by

its Promoter FTIL, which is one of the leading technology companies in the development and deployment of exchange related software and

technology in India. The company operates in an environment which requires constant technology upgrades or variations and support due

to changes required by the regulatory regime and market forces. The technical expertise and experience of FTIL enables the company to

obtain speedy and efficient technology solutions, such as customisation and development of new software for new products and services.

Key Strengths

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Stable earnings profile with high operating leverage; dividends likely to increase year on year - MCX has a stable earnings profile

with high operating margins and superior return ratios. During FY09-11, the companys operating income has grown at a CAGR of 31.8%

with healthy profitability. On the cost front, MCX has a high fixed cost and low variable cost structure leading to very high operating

leverage. As a result of high operating leverage, increase in traded volumes translates into higher operating margins and better

return ratios. The companys EBITDA margin has increased from 53.6% in FY09 to 70.1% in 9MFY12 as a result of increase in trading

volumes. Similarly PAT margins increased from 35.5% to 45.9% over the same period. Besides this, MCX is a debt free company with

treasury cash of ~Rs.7 bn. MCX is a consistent dividend paying company with reasonable payout (as can be seen from the table below),

which is likely to increase going forward owing to the increasing free cash flow generation and limited capital requirement in the company.

Table: 5 Margins and Return ratio

FY09 FY10 FY11 9MFY12

EBITDA Margins (%) 53.6 59.1 60.4 70.1

Adj PAT Margins (%) 35.5 35.7 39.4 45.9

Adj RONW (%) 24.4 21.4 22.8 31.3


Table: 6 Dividend history

FY07 FY08 FY09 FY10 FY11

Face Value 10 5 5 5 10

Dividend paid (in mn) 857.6 234.6 205.3 204.0 255.0

Dividend rate (%) 220% 60% 50% 50% 50%

Payout (%) 105.6 23.2 13.3 9.4 15.1


Competition not a threat due to leadership position and liquidity leading to very low impact cost With a strong technology-backed

trading platform and infrastructure (supplied by its promoter FTIL) coupled with its leadership position, MCX is able to create high liquidity

and low impact cost for transactions. Liquidity of markets is a key component in attracting customers and ensuring the success of a market.

The principal factors that ensures success of an exchange includes product portfolio, quality of technology (which includes ease of use,

connectivity, security, scalability and customer service), liquidity, transaction costs, speed of execution and transparency. Given the

companys high market share (~87.0% in 9MFY12) and technological expertise, competition is not a major threat for MCX. This

can be gauged from the fact that even though transaction rates charged by NCDEX (given in the table below) is lower than MCX, NCDEX

has witnessed decline in its market share from11.8% in FY10 to 9.4% in 9MFY12.

Table: 7 Transaction rates comparison MCX vs NCDEX

MCX NCDEX

Average daily turnoverTransaction fee

rates (per lac) in RsAverage daily turnover

Transaction fee rates (perlac) in Rs

Upto Rs 2.5 bn 2.5 Upto Rs 1.0 bn 2

On incremental turnover above Rs 2.5 bnto Rs 10.0 bn

1.25On incremental turnover above Rs 1 bnto Rs 2 bn

1

On incremental turnover above Rs 10.0 bn 1 On incremental turnover above Rs 2 bn 0.5


Investment in the MCX-SX can yield profitable returns - The Company has investments aggregating Rs 1310.71 mn in equity shares

and warrants of MCX Stock exchange Limited (MCX-SX). MCX-SX had filed an application with SEBI on April 7, 2010 seeking permission

for dealing in interest rate derivatives, equity, futures and options on equity and wholesale debt segments and all other segments.

However, SEBI by its order dated September 23, 2010 rejected the application for non-compliance with the Securities Contracts

(Regulation). MCX-SX has filed a writ petition dated October 29, 2010 before the Bombay High Court challenging the SEBI order dated

September 23, 2010. Pursuant to the order dated October 14, 2011, the Bombay High Court has asked SEBI to amicably resolve the

matter and re-look at the application. The matter is currently subjudice and any favourable ruling in favour of MCX could create

more value for MCX shareholders.

Experienced Board of Directors and Management Team -The Company has an experienced management team and Board of Directors

in the exchange industry and application of technology in this sector. The board members are highly experienced and come from varied

backgrounds such as regulatory, legal, government administration and education. MCX growth vis--vis the NCDEX (NSEs arm) and

other commodity exchanges talks about the vision of the promoters and the operational excellence of the management team. The

knowledge and experience of the management team and independent directors in the exchange industry enable the company to respond

to market opportunities, bring innovations and adapt quickly to changes in the regulatory environment.

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Overall economic growth to increase turnover velocity - The growth of the overall economy in India is expected to drive the underlying

demand for commodities. The increase in physical market volumes may increase the hedging requirements of industry players, which

influences derivative trading volumes. In developed markets, commodity derivatives volumes are ~30x the underlying physical

commodity volumes. Therefore, as the consumption of physical commodities increases in India and maturity profile of the

various market participants undergo a change, the volumes of commodity derivatives being traded is also likely to increase

almost two folds from the current levels. Also with liquidity and size some of the bigger participants from India which currently

prefer to trade on LME and NYMEX contracts directly could find favour with MCX as they have better flexibility as regards

exposure in domestic exchanges. (There are restrictions for businesses taking exposure in an international exchange in

reference to their underlying exposure in the physical market)

Introduction of Options, to be the biggest growth driver - Under the current regulatory environment trading in options in commodities

futures is prohibited in India. According to the FIA, options trading volumes in the global derivatives markets constituted around 50.8% of

the total futures and options volumes traded for the six months ended June 30, 2011. If trading in commodity options are permitted by

the Government, it may lead to increases in volumes and overall growth in the Indian commodity derivatives market. This is

under active consideration by the parliamentary standing committee which is examining the amendment of the act which

prohibits this. This has a potential of another parallel income stream of equal magnitude if not more to be added to MCX

portfolio.

Increased Investor Participation by permitting FII, banks and mutual funds to trade on commodity exchanges - Under the current

regulatory environment, foreign institutional investors, banks and mutual funds cannot trade on commodity exchanges. The Government

of India may consider permitting banks, mutual funds and foreign institutional investors to trade in Indias commodity futuresmarkets going forward. The entry of these new market participants may lead to increase in trading volumes of commodity futures

in India.

Introduction of New Commodity Classes such as intangibles (freight, rainfall and commodity indices), if permitted by the Government,

will drive the growth in the Indian commodity derivatives trading market.

Migration of trading volumes from regional exchanges (fragmented and illiquid) to national, multi-commodity exchanges with

higher liquidity, transparent pricing, central clearing, robust risk management and surveillance system, efficient delivery mechanism and

lower delivery and cash risks.

Expand market presence and increase participants - The company plans to continue to increase the number of its participants by

introducing new products in its Exchange, by expanding to more geographical areas and by continuing its efforts to disseminate knowledge

and information about the commodity futures industry. As of December 31, 2011, the company had 2,153 members nationwide with more

than 296,000 terminals including CTCL spread over 1,572 cities and towns in India.

Enhance marketing, educational and awareness efforts The company plans to expand its participation by initiating more interactions

with brokers and other participants within the commodity futures industry. In addition, it intends to continue to use the print and electronic

media to enhance knowledge and promote awareness on the commodity futures industry among participants in related industries so as to

build its membership and user base.

Introduce new products and services on its exchange - The company plans to increase its product portfolio through R&D and through

its alliances with other exchanges. Moreover the company intends to offer more customised products and services to attract a broader

base of participants.

To continue to pursue strategic initiatives to open up new revenue streams -The company aims to supplement its organic growth by

continuing to pursue strategic alliances and joint ventures. The company is looking for opportunities to invest in companies or assets in

related industries, primarily in India and the pan-Asian region, which would enhance its growth, operations and profitability. It intends to

continue to look for such strategic alliances and joint ventures to develop new markets, enhance its services and increase its market

presence.

Growth drivers for the company

Companys Strategy going forward

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Imposition of Commodity transaction tax (CTT) equivalent of STT As per the media reports, the government is planning to levy

transaction charge on every trade done on the commodity exchanges in the forthcoming Union Budget. The argument here is that

since transaction charge is a well-established levy system in the equity market, the same should be replicated in commodity futures

trading too. It is further pointed out that imposing the transaction tax on commodity derivatives will give a level-playing field between

equity and commodity trading market. We believe if CTT is imposed, the volume from arbitrageurs is likely to come down and could

possibly reduce liquidity in the short term and consequently the exchanges profitability. However based on the equity experience, it isseen that this levy gets absorbed in the system over a period of time, nevertheless a definitive negative for MCX

Interference from regulator to ban certain contracts can affect volumes going forward.

Non-grant of option trading by the FMC.

Robust development of spot market, a key to the growth of derivative market. The APMC act, warehousing system needs

massive changes in order to facilitate a robust, fair and seamless spot market.

Key Risks

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Particulars (in mn) FY2009 FY2010 FY2011 9MFY12

Income

Income from operations 2124 2874 3689 4023

Other Income 806 694 787 722

Total Income 2930 3568 4476 4745

Expenditure

Staff Cost 254 218 264 201

Administration and other Expenses 1106 1241 1507 1217

Total expenditure 1360 1458 1771 1418

EBITDA 1570 2110 2704 3327

EBITDA Margin (%) 54% 59% 60% 70%

Depreciation 200 247 247 204

Interest 2 0 0 0

Exceptional Income 728 1369 0 0

PBT 2097 3231 2458 3122

Provision for taxation (net) 459 1005 706 887

Deferred Tax (net) 63 19 21 30

Net profit after tax 1574 2207 1731 2205

Share of profit of Associate 0 3 3 1

Prior period adj 14 -2 29 -27

Net profit as restated 1588 2208 1763 2180

Adj PAT Margin (%) 36 36 39 46

Particulars (in mn) FY09 FY10 FY11 9M FY12

Fixed Assets 2089 1928 1953 1930

Investments 4698 6170 8237 10958Current Assets, Loans and Advances 4872 4191 4810 3837

Sundry debtors 269 304 489 494

Cash and bank balances 4059 2701 3312 2286

Other Current Assets 92 78 113 97

Loans and advances 452 1108 897 961

Total Assets 11658 12289 15001 16726

Liabilities and Provisions 6635 5214 6385 5830

Current liabilities and provisions 6635 5214 6385 5830

Deferred tax liability 87 106 127 157

Networth 4937 6968 8488 10739

Represented by

Share capital 408 408 510 510

Securities Premium 2265 2270 2168 2168

Amount recoverable from MCX ESOP trust -221 -165 -111 -40

Settlement Guarantee Fund 15 16 17 19

General Reserves 389 610 783 783

Balance in Profit and Loss Account 2080 3829 5121 7299


Balance Sheet

Income Statement

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Research Team

Vivek Mahajan Hemant Thukral

Head of Research Head Derivatives Desk

022-42333522 022-42333483

[email protected] [email protected]

Fundamental Team

Avinash Nahata Head of Fundamental Desk 022-42333459 [email protected]

Akhil Jain Metals & Mining 022-42333540 [email protected]

Sunny Agrawal FMCG/Cement 022-42333458 [email protected]

Sumit Jatia Banking & Finance 022-42333460 [email protected]

Shreyans Mehta Construction/Real Estate 022-42333544 [email protected]

Dinesh Kumar Information Technology/Auto 022-42333531 [email protected]

Pradeep Parkar Database/Production 022-42333597 [email protected]

Quantitative Team

Rizwan Khan Technical and Derivative Strategist 022-42333454 [email protected] Nangrani Sr. Technical Analyst 022-42333454 [email protected]

Raghuram Technical Analyst 022-42333537 [email protected]

Rahul Tendolkar Derivatives Analyst 022-42333532 [email protected]

Amit Somani Derivative Analyst 022-42333532 [email protected]

Advisory Support

Indranil Dutta Advisory Desk HNI 022-42333494 [email protected]

Suresh Gardas Advisory Desk 022-42333535 [email protected]

Sandeep Pandey Advisory Desk 022-30442104 [email protected]

ABML research is also accessible in Bloomberg at ABMR

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Disclaimer:

This document is not for public distribution and is meant solely for the personal information of the authorised recipient.No part of the information must be altered, transmitted, copied, distributed or reproduced in any form to any otherperson. Persons into whose possession this document may come are required to observe these restrictions. Thisdocument is for general information purposes only and does not constitute an investment advice or an offer to sell or

solicitation of an offer to buy / sell any security and is not intended for distribution in countries where distribution ofsuch material is subject to any licensing, registration or other legal requirements.

The information , opinion, views contained in this document are as per prevailing conditions and are of the date ofappearing on this material only and are subject to change. No reliance may be placed for any purpose whatsoever on

the information contained in this document or on its completeness. Neither Aditya Birla Money Limited (ABML) nor anyperson connected with it accepts any liability or loss arising from the use of this document. The views and opinionsexpressed herein by the author in the document are his own and do not reflect the views of Aditya Birla Money Limitedor any of its associate or group companies. The information set out herein may be subject to updating, completion,revision, verification and amendment and such information may change materially. Past performance is no guaranteeand does not indicate or guide to future performance.

Nothing in this document is intended to constitute legal, tax or investment advice, or an opinion regarding theappropriateness of any investment, or a solicitation of any type. The contents in this document are intended for

general information purposes only. This document or information mentioned therefore should not form the basis ofand should not be relied upon in connection with making any investment. The investment may not be suited to all thecategories of investors. The recipients should therefore obtain your own professional, legal, tax and financial advice

and assessment of their risk profile and financial condition before considering any decision.

Aditya Birla Money Limited, its associate and group companies, its directors, associates, employees from time to timemay have various interests/ positions in any of the securities of the Company(ies) mentioned therein or be engaged inany other transactions involving such securities or otherwise in other securities of the companies / organisation

mentioned in the document or may have other potential conflict of interest with respect of any recommendation and /related information and opinions.

Analyst holding in the stock: NIL

IPO Note - MCX - 200212_11_2002121212

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