abc company limited - chittorgarh.com organics...• previously served as md of syngenta india...

Corporate Presentation

More than doubled Capacity to 131k TPA

Expand into new products like food

premixes and feed nutrition additives

1

History & Evolution

One of the leading

players that developed

proprietary

technologies to

manufacture green

additives11970-1988

1970 – Late Ramesh Shah and Prakash Kamat founded ‘Fine

Organic Industries’, a partnership firm, in Mumbai

1973 – The partnership firm commissioned its first food additives

facility in Dombivli

1988 – Partnership firm set up second Ambernath facility

1995 - Incorporated Oleofine Organics (India) Private Limited

for expanding the capacity for polymer additives

2002 – Incorporated the Company under name of Fine

Organic Industries (Mumbai) Private Limited

2005 – R&D Center established in Navi Mumbai

1995-2005

2006 – Fatty acid esters facility

commissioned in first Ambernath facility

2008 to 2012 – Stage-wise

commissioning of polymer additives

facility in first Ambernath facility

2006-2012

2014

2014 – JV signed with

Netherlands based bakery

premix manufacturer,

Zeelandia International

2015

2015 – Capacity expansion for food

and polymer additives commissioned

in first Ambernath facility

2017 – Amalgamation of Fine

Research and Development Centre

Pvt Ltd and Fine Specialty Surfactants

Pvt Ltd with Fine Organics

20172018 – JV signed with

Adcotec, Germany for food

additives

2018

Going

Forward

Note

1. As per CRISIL Research

Company & Business Highlights

Plastics Additives

4,230.474,561.69

5,686.15

4,178.36

FY15 FY16 FY17 9M FY18

Revenues (INR Mn)

Food & Other Additives

1,837.60

1,963.22

2,095.87

1,631.36


Revenues (INR Mn)

3

Diversified Product Portfolio for High Growth Industries

26.93%

73.07%

FY2017

Portfolio of

387 Products

Slip Agents Friction reducing additives

Anti-Stats Mitigates build-up of electrical charges

Lubricants Flow improvers and mould release agents

Processing

AidsHelps in melting high molecular weight polymers

Anti-FoggingConverts water droplets formed on plastic films

into a continuous transparent water layer

Emulsifiers Extracts desired aesthetic structure and texture

Preservatives Preventing food from spoilage or toxic

Food &

Beverage

Used in biscuits, voluminous sponge, chewing

gums, etc.

Cosmetic &

PharmaceuticalAdded to creams, gels, lotions, varnishes, etc.

RubberAdditives for elastomers to reduce dampening /

abrasion

Paint & CoatingAnti-settling agents, emulsifiers, anti-sagging

agents

Feed NutritionReplace harmful antibiotics & improve feed

nutrition

Note

CAGR: Compounded Annual Growth Rate. Formula: (Last Year Value/First Year Value)^(1/N)-1

4

Key Speciality Additives

Slip Additives Anti-Stats PE1 Applications Anti-Fogging Additives

Emulsifiers and Anti-

Fungal AdditivesCloudifiers EmollientsAnti-Block Additives

1. PE – Polyethylene

5

Favourable Competitive Landscape

Fine Organics Well Positioned to Benefit from Favourable Industry Dynamics

• Complex technology & manufacturing processes create multiple entry barriers – mostly proprietary

• Product formulations, innovation and process technology – time & capital intensive process to generate

business

• Established players enjoy premium positioning with customers due to consistent quality and product delivery

Very High

Entry

Barriers

• Customers value long term trust built over the years with existing suppliers

• Lengthy and expensive product approval processes lead to high switching costs for customers

• Customers rely on established suppliers as performance ingredients are very critical to their end products

Significant

Customer

Stickiness

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:

Registration, Evaluation, Authorization and Restriction of Chemicals.

• Eco-friendly Green Oleo-derived additives a key

focus area

• Stringent quality parameters & regulations

governing the industry

• Human health and environmental concerns are

key factors

Highly

Regulated

• Few large players competing globally

• Highly fragmented market in India

Limited

Players

Food

Additives

Plastic

Additives

1

2

3

4

Palsgaard, Danisco, Kerry Group, Riken

Vitamin, Taiyo

Croda, Emery, PMC Biogenix, Peter Greven

Key Players1

Food Plastic

India • BIS FSSAI • BIS

Global• FDA (US)

• FSA (EU)

• Toxic Substances

Control and FDA (US)

• REACH (EU)

Key Regulatory Agencies2

6

Strategically Located Manufacturing Facilities

Note:

1. Contract manufacturing conducted at the Second Ambernath Facility by Olefine Organics on a job-work basis since 2014.

Fine Organics’

Reputed Industry

Certifications

Capacity

(TPA)Plant Remarks

Current Operational Facilities

1st Ambernath

Facility

Dombivli

Facility

Badlapur

Facility

49,500

8,400

6,400

NA

NA

Acquired on

Nov 30, 2017

2nd Ambernath

Facility1 5,000Contract

Manufacturing

Total Capacity 64,300 TPA

Proposed Expansion Plans

German

Facility

3rd Ambernath

Facility

Fine Zeelandia

(Patalganga)

Patalganga

Facility

32,000 Q4 FY19

10,000 Q3 FY20

10,000 Q1 FY19

10,000Yet to be

Finalized

Total Capacity 67,000 TPA

India plants located in close proximity to Nhava Sheva Port – Ideal for Exports

6

Ambernath

13

Dombivli

5

Patalganga

2Badlapur

4

8

Operating Plants Under Construction Plants Contract Manufacturing Facility

7

Leipzig, Germany

1

2

3

4

6

7

8

5

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

7

Sales & Marketing Network Across the Globe

Geographic Revenue Mix

Exports61.91%

Domestic38.09% INR

7,782.01

mn

FY 2015 FY 2016 FY 2017

Exports53.79%

Domestic46.21%

INR

6,525.91

mnExports59.14%

Domestic40.86%

INR

6,068.07

mn

Products1 Direct

Customers1 Distributors1

387 631 127

Note

1. In the 12 months ended March 31, 2018.

8

Focus on Innovation backed by Strong R&D Capabilities

Patents Held by the Company

Title Priority FilingPCT (worldwide patent

application)USA

Bio-based plasticizer with improved properties and

processing characteristics of polymersFeb-15 Feb-16 Aug-17

Natural monoglyceride with improved odour and flavour Nov-15 Nov-16 Not obtained

Applications of an ester additive from bio-derived raw

materialsSep-16 Dec-17 Not obtained

Glycerol derivative for polymer applications Apr-17 Not Filed Not obtained

Polypropylene cap or film composition May-15 May-16 Nov-17

In-House Design

and Engineering

Capabilities

• Company has developed in-house capabilities for plant

designing and engineering

• Lowers capital expenditures & quicker commissioning

Strong R&D

Capabilities

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

• Dedicated team of 9 scientists and 6 technicians

• Developed and launched 46 new products since April 1, 2014

New Product

Development

• Feed nutrition additives – derived from natural vegetable oils

• Additive to increase milk yield from cows and buffaloes

(pending full commercialization)

• On-going R&D efforts for new product development

9

High Pedigreed & Professional Management TeamBoard

of

Dir

ecto

rsK

ey M

anagem

ent

Pers

onnel

Mukesh Shah – Managing Director

• Joined in 1973. Holds a Bachelor’s degree in Science

• Played a key role in establishing quality control and

marketing

Jayen Shah – Executive Director and CEO

• Joined in 1986. Holds a Master’s degree in Science

• Instrumental in creating a strong vendor-partner network

Prakash Kamat – Executive Director and Chairman

• Holds a M.Sc. Tech- Master of Science & Tech (Oils) from

Institute of Chemical Technology (formerly UDCT)

• Associated with the group since inception having experience

in product development, process technology and R&D

Prakash Apte – Independent Director

• On the Board since Nov 2017. Holds a Bachelor’s degree

in Mechanical Engineering

• Previously served as MD of Syngenta India

Kaushik Shah – Independent Director

• On the Board since Jan 2018. Holds a Bachelor’s degree

in Commerce and a Qualified Chartered Accountant

• Previously served as MD of Fulford (India)

Mahesh Sarda – Independent Director

• On the Board since Nov 2017. Qualified Chartered

Accountant

• Previously served as a Partner at Deloitte Haskins & Sells

Bimal Shah – Executive Director

• Joined in 2009. Holds a Bachelor’s degree in Science from

Purdue University and a Master’s degree from Boston

College

• Led initiatives for new projects and processes

Tushar Shah – Executive Director and CFO

• Joined in 1989 and led several initiatives like ERP, CRM,

etc.

• Key role in the development of the first slip additive

facility

Parthasarathi Thiruvengadam – Independent Director

• On the Board since Nov 2017. Holds a BTech degree from

IIT, Madras and Post Graduate in Industrial Engineering

• Previously served as a Senior Director with Deloitte India

Pratima Umarji – Independent Director

• On the Board since Nov 2017. Holds a Law degree

• Current panel member of the “Lok Adalat”, Bombay High

Court

Dr. Mayukh Warawdekar – Senior Vice President, R&D

• Holds a PhD from the University of Bombay

• Extensive experience in R&D and specialty chemicals

Nikhil Kamat – Senior Vice President, Operations

• Holds a Master’s degree in Science from the University of Bombay

• Experience in production planning, technical and regulatory work

Dr. Vijay Prabhu – Senior Vice President, Quality Assurance

• Holds a PhD from the University of Bombay

• Experience in R&D and QA in food and polymer additives

Pooja Gaonkar – Company Secretary

• Holds a Bachelor’s Degree in Law from the University of Bombay

• Previously worked with Calyx Chemicals and Pharmaceuticals

10

Key Strengths

Diversified product

portfolio catering to a

variety of high growth

industries

Specialized business

model operating in an

industry with high

entry barriers

Strategically located

production facilities

with in-house product,

process development

capabilities

Strong R&D capability

with a focus on

innovation

Strong Management

Team – each with an

average of 30 years’

experience

Diversified customer

base & long term

relationships with

marquee customers

Note

1. As per CRISIL Research.

Largest producer of

oleo-chemical based

additives in India and one of

the few large players in the

world in this industry1

11

Well Thought Strategy in Place

• 5 new proposed facilities to add a

combined 67,000 TPA in capacity1

• Premixes for bakery & confectionary

products (through Fine Zeelandia)

• Developing Feed Nutrition Additives

• New Manufacturing Facility in

Leipzig, Germany (through FineAdd)

• Sales office in Shanghai, China

• Application labs for foods, plastics

and cosmetics

Organic Growth at the

Forefront

Product Expansion &

Diversification into Newer

High Margin Downstream

Products

Expand Global Footprint

Continued Focus on

Innovation and R&D

Note

1. Excluding Second Ambernath Facility where some of our products are manufactured on a job-work basis.

Financial Overview

Consolidated Financials – Overview (1/3)

PAT and PAT Margin(INR Mn & %)

Net Revenue1 and CAGR(INR Mn & %)

Net Worth(INR Mn)

EBITDA2 and EBITDA Margin(INR Mn & %)

13

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

531.85

764.81 783.62

609.44


8.76% 11.72% 10.07%Margin

(%)10.49%

2,072.752,396.87

3,179.553,515.03


6,068.076,524.91

7,782.01

5,809.72


1,109.29

1,452.53 1,454.37

1,042.62


18.28% 22.26% 18.69%Margin

(%)17.95%


Return on Capital Employed4

(%)

Net Debt to Net Worth1

(x)

Return on Net Worth5

(%)

Fixed Asset Turnover (Gross2 and Net3)(x)

0.48x

0.26x

0.08x

0.01x


3.47x 3.09x 3.40x

5.92x 6.37x

8.04x

FY15 FY16 FY17

FA Turns Gross FA Turns Net

25.66%

31.91%

24.65%

FY15 FY16 FY17

14

Notes:

1. Net Debt = Total Long term debt + short term debt + current maturities of long term

debt – cash and bank balances

2. Fixed Asset Turnover (Gross) = Revenue from Operations / Total Gross Block of Fixed

Assets

3. Fixed Asset Turnover (Net) = Revenue from Operations / Total Net Block of Fixed Assets

excluding capital advances.

4. Return on Capital Employed = EBIT / (Total Debt + Total Net Worth). Excludes Other

Income.

5. Return on Net Worth = Net Profit After Tax / Net Worth at the end of the year

28.51%

33.84% 33.98%

FY15 FY16 FY17


15

Rs. Millions FY2015 FY2016 FY2017 9M FY2018

Share Capital 48.30 48.30 48.30 153.30

Equity Share Suspense account - 2.80 2.80 -

Reserves 2,023.87 2,459.88 3,240.30 3,468.73

Total Equity / Book Value 2,072.17 2,510.98 3,291.40 3,622.03

Total dividend on Equity Shares - 368.25(1) - 229.95(2)

Dividend Tax - 74.97(1) - 46.81(2)

Basic Earnings Per Share (Rs. Per Share) 18.35 24.95 25.56 26.38

Diluted Earnings Per Share (Rs. Per Share) 18.35 24.95 25.56 26.38

Summary of Key Consolidated Financials

Notes:

1. Includes Dividend proposed for FY15 Rs. 144.90 Mn and Dividend Distribution Tax of Rs. 29.50 Mn

2. Dividend for FY17

Annexure – Industry Overview

18

Plastic Additives Industry – Strong Growth Prospects

Plastic Additives

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

Global Plastic Additives Market

Size (US$ Mn)Plastic Additives – Type-wise Global Share (US$ Mn)

Source: CRISIL Research


22,000

30,000

CY2016 CY2021E

58,000

90,000

CY2016 CY2021E

8,349

4,161 2,502 1,851 1,365 1,092 468 431 457 401 385 317 271

Fla

me

Reta

rdants

Sta

bilis

ers

Impact

Modif

iers

Lubri

cants

Pro

cess

ing A

ids

Slip A

ddit

ives

Oth

er

Pla

stic

Addit

ives

Pla

stic

isers

Anti

stati

cAddit

ives

Flo

w Im

pro

vers

Pig

ment

Wett

ing A

gents

Fille

rD

ispers

ants

Anti

fog

Addit

ives

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

Global Growth

Drivers

High growth in

Asia Pacific region

Increased Substitution

by Plastic Materials

Development of New

Plastic Additives

Increasing Preference for

Non-toxic Plastic Additives

Growth Drivers

in India

Low Per Capita Plastic

Consumption (11kg vs

Global Avg. of 30kg)

Strong growth in major consumer segments –

Auto, Construction, Consumer Durables

Increasing use of plastics in packaging –

superior quality & cost effectiveness

India Plastic Additives Market

Size (INR Mn)

0

4,000

8,000

12,000

16,000

Asia Pacific Europe NorthAmerica

SouthAmerica

ME & Africa

CY2016 CY2021E

0

2,000

4,000

6,000

8,000

Packaging ConsumerGoods

Construction Automotive Others

CY2016 CY2021E8.4%

5.0% 4.6% 5.5%

4.9%

CAGR7.0%

4.5% 4.8%

4.6% 4.7%

CAGR

19

Food Additives Industry – Multiple Tailwinds Ahead



1. Approximate figure as per CRISIL Research.

Food Additives

Industry

Food Emulsifiers – Product-wise Global Share (Kilotons)1

2800

3400

CY2016 CY2021E

5400

9000

CY2016 CY2021E

0

100

200

300

400

Mono &

Di-

gly

ceri

des

Natu

ral Em

uls

ifie

rs

Am

moniu

mPhosp

hati

de

Sorb

itan E

sters

Dis

tilled

Monogly

ceri

des

Gly

cero

l Fatt

yAcid

Est

ers

Poly

oxyeth

yle

ne

Gly

ceri

des

Poly

gly

cero

l Est

ers

Calc

ium

Ste

aro

yl

Acety

late

d M

ono-

Gly

ceri

des

Em

uls

ifie

r Ble

nds

Pro

pyle

ne

Ste

ara

te

Cit

ric A

cid

Est

er

Di-

acety

l Tart

ari

cEst

ers

Lacti

c A

cid

Est

ers

Global Food Emulsifiers Market

Size (US$ Mn)

India Food Emulsifiers Market

Size (INR Mn)

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

0

400

800

1,200

Europe NorthAmerica

Asia Pacific SouthAmerica

ME & Africa

CY2016 CY2021E

0

200

400

600

800

1,000

Bakery Items Confectionery Snacks RTE/RTC

FY2017 FY2022E

13% – 15%

14% – 16%

13% – 15%

19% – 21%

CAGR4.2%

4.3% 4.6%

2.9% 2.5%

CAGR

Growth Drivers

in IndiaLow per capita consumption

of food emulsifiers

Changing consumer preferences

for processed and packed

convenience foods

Booming organized retail

sector

Changes in eating habits and

introduction of new products

Global Growth

Drivers

Increasing awareness among

food processors about advantages &

applications

Growing population, higher economic

growth & disposable income changing

lifestyles of emerging nations

Rise in health awareness & quality consciousness of

consumers in developed nations demanding healthy

packed foods

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

20

Other Additives – Key Drivers


Notes: CAGR: Compounded Annual Growth Rate. Formula: (Last Year Value/First Year Value)^(1/N)-1

Industry

Key

Additives &

Ingredients

India CAGR(FY17 – 22E)

Growth

Drivers

End Uses

Paints, Inks & Coatings

• Dispersing agents

• Emulsifiers

• Wetting Agents

• Defoamers

• Slip Additives

• Paints

• Inks

• Coating Materials

• Low per capita paint

consumption

• Increased

penetration of paints

in rural and non-

metro cities

• Growth in niche

products – nano-

coatings & green

coatings

8% – 10%3

Cosmetics &

Pharmaceuticals

• Emulsifiers

• Pharmaceuticals –

Coating Ingredients

• Creams and Gels

• Pastes

• Lotions

• Ointments

• Organized retail

moving to Tier II

cities

• New sub-segments to

grow: Men’s

Cosmetics

• Growth in demand for

skin-care cosmetics

• Growing personal care

segment

10% – 12%2

Specialties

• Lube additives

• Property modifiers

• Coated papers

• Wood composites

• Construction industry

• Specialty

applications

• Increase in Govt.

expenditure on infra

projects

• Increase in use of

cars/trucks

• Increase in cashless

transactions and air

travel

NA

Feed Nutrition

• Natural Antibiotics

• Nutritional Additives

• Anti-fungal Additives

• Poultry Products

• Milk & Milk

Derivatives

• Rising health

awareness

• Growing food

processing industry

• Safer milk and milk

products

11% – 13%1

Rubber

• Processing Aids

• Specialty Plasticizers

• Slip Additives

• Anti-stats

• Anti-sticking Agents

• Conveyor Belts

• Automotive Parts and

Engine Components

• Tyres

• Dock Fenders

• Growth in auto sales

• Steady Improvement

in industrial activity

• Steady agricultural

output

• Increased focus by

government in

infrastructure

6% – 7%4

1. Poultry Industry

2. Cosmetics Industry

3. Paints and Coatings Industry

4. Styrene-butadiene Rubber (“SBR”) and Poly-butadiene Rubber (“PBR”) Industry

Disclaimer

The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase any securities of Fine Organic

Industries Limited (“Fine Organics” or “Company”) in India, the United States or any other jurisdiction. This presentation should not, nor should anything contained in it, form the basis of, or be relied upon in any

connection with any contract or commitment whatsoever. Any investment decision with respect to any potential transaction relating to any offer of or invitation to subscribe for or acquire securities of Fine Organics

must be based solely on the information contained in a final prospectus and/or the latest documentation to be issued by Fine Organics in connection with such potential transaction, if it proceeds, and not the contents

hereof. Information contained in this presentation is qualified in its entirety by reference to an offering document for any potential transaction, if it proceeds. Any potential transaction could be made available to the

recipient of this document in accordance with applicable laws and regulations, including the distribution of any required documents for such potential transaction and such documents will supersede all prior

information provided to the recipient, herein or otherwise. This presentation is confidential, subject to the provisions stated herein, and is intended only for the exclusive use of the recipients thereof and may not be

reproduced (in whole or in part), retransmitted, summarized or distributed by them to any other persons without Company’s prior written permission. By receiving these materials, you are agreeing to be bound by the

foregoing and below restrictions. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. This presentation may contain forward‐looking statements that involve risks and

uncertainties. Forward‐looking statements are based on certain assumptions and expectations of future events. Actual future performance, outcomes and results may differ materially from those expressed in

forward‐looking statements as a result of a number of risks, uncertainties and assumptions. Although Company believes that such forward‐looking statements are based on reasonable assumptions, it can give no

assurance that such expectations will be met. Important factors that could cause actual results to differ materially from Company’s expectations include, but are not limited to, the following: increase in the cost of

raw materials; failure to compete effectively; fluctuations of the Rupee against other currencies; if the costs of setting up new production facilities are higher than expected or Company is unable to secure sufficient

term loans to finance the building of new production facilities or Company does not receive required licenses or permits to operate such new production facilities or Company is unable to procure possession of land on

which certain additional production facilities are proposed to be developed; if Company is unable to successfully develop, manufacture and sell new types of downstream products; failure to protect Company’s

intellectual property and technical know-how against third party infringement or breaches of confidentiality; and if Company is unable to estimate demand for its products and thereby effectively manage its inventory.

This presentation has been prepared by the Company. The information contained in this Presentation is not to be taken as any recommendation made by the Company or any other person to enter into any agreement

with regard to any investment. This document is a summary only and does not purport to contain all of the information that may be required to evaluate any potential transaction and any recipient hereof should

conduct its own independent analysis of Fine Organics and its businesses, including the consulting of independent legal, business, tax and financial advisers. The information in this presentation has not been

independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this

presentation. You acknowledge and agree that none of Company or any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers or representatives, undertake to update or

revise any forward‐looking statements, whether as a result of new information, future events or otherwise and none of them shall have any liability (express or implied) whatsoever and howsoever arising (including,

without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs in negligence or otherwise) for any loss which may be brought against or suffered by any person from any use of this

presentation or its contents or otherwise arising in connection with this presentation. Neither the Company, or any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers

or representatives accepts any liability for any error, omission or misstatement, negligent or otherwise, in this Presentation and any liability in respect of the presentation or any inaccuracy therein or omission

therefrom which might otherwise arise is hereby expressly disclaimed. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice.

The Company is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares (the “Equity Shares”) and has filed a Red Herring

Prospectus dated June 11, 2018 (the “RHP”) with the Registrar of Companies, Maharashtra at Mumbai (“RoC”). The RHP is available on the website of the Securities and Exchange Board of India at www.sebi.gov.in, BSE

Limited at www.bseindia.com, National Stock Exchange of India Limited at www.nseindia.com and on the websites of the Book Running Lead Managers to the Offer at www.jmfl.com and www.edelweissfin.com. Any

potential investor should note that investment in Equity Shares involves a high degree of risk and for details relating to the same, see the section titled “Risk Factors” of the RHP. Potential investors should not rely on

the RHP for any investment decision.

The securities to be offered in the proposed offering have not been and will not be registered, listed or otherwise qualified in any jurisdiction except India and may not be offered or sold to persons outside of India

except in compliance with the applicable laws of each such jurisdiction. In particular, the securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities

Act”), or the securities laws of any state of the United States and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements

of the U.S. Securities Act and applicable state securities laws. The securities are being offered and sold only outside the United States pursuant Regulation S under the U.S. Securities Act. This Presentation is not

intended to be a prospectus (as defined under the Companies Act, 2013, as amended) or an offer document under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,

2009, as amended.

CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing the report on “Indian and global food emulsifiers and plastic additives industry” (“Industry Report”) based on the

information obtained by CRISIL from sources which it considers reliable (“Data”). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Industry Report and is not responsible for any

errors or omissions or for the results obtained from the use of Data / Industry Report. The Industry Report is not a recommendation to invest / disinvest in any company covered in the Industry Report. CRISIL especially

states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of the Industry Report. CRISIL Research operates independently of, and does not have access to information

obtained by CRISIL’s Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in the Industry

Report are that of CRISIL Research and not of CRISIL’s Ratings Division / CRIS. No part of the Industry Report may be published / reproduced in any form without CRISIL’s prior written approval.

By attending this presentation and/or accepting a copy of this document, you agree to be bound by the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and

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abc company limited - chittorgarh.com organics...• previously served as md of syngenta india...

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