@ERIE» ®

FIVE WEE ElEGTMIEES m.W0 OFJNDM Status Export House ISO 9001:2008 Company

CIN No.2 L321090L2002PLC148250

November 21, 2018

To,

The Listing DepartmentNational Stock Exchange of India Limited

Exchange Plaza,C/ 1 Block G

Bandra Kurla Complex, Bandra (E)Mumbai-400051

Symbol : FIVECORE

Subject: Investor Presentation

Dear Sir/Madam,

Please find enclosed herewith the Investor Presentation, on Financial Results for theHalf Year Ended on September 30,2018,tit1ed “Five Core Electronics LimitedInvestor Presentation - November 2018.”

This is for your information and records.

Thanking you

Yours Faithfully,For Five Core Electr ics Limited

Amarjit Singh

Managing Director

Regd. Office: WZ—15B, Ground Floor, Uggarsain Market, Ashok Nagar, Delhi-110018 (India)/ , Phone: +91-11-66062900 (100 Lines), +91v11-28128000 (100 Lines)

l ) Q (m Fax: +91-11-23123011 /8022 / 8033\5 t] __ , E-mail: accountsfivecore@yahoo.colin, finimanager@500re.in, cs@5core.inW um.

Websue: www.5core.com3*!

N

INVESTOR PRESENTATION – NOVEMBER 2018

INDEX

Company Overview02

Business Overview03

Industry Overview04

Financial Overview05

Executive Summary01

03

05

18

29

31

EXECUTIVE SUMMARY

• Five Core Electronics Limited (FCEL) is engaged in

the manufacturing of Public Address Systems (PAS)

since 2002.

• The brand ‘5CORE’ was established in 1988, as an

export oriented unit and it was the first brand to

introduce multi-core soldering wire of Japanese

technology in India.

• FCEL products are installed at concert halls, petrol

pumps, airports and railway stations, music bands,

stadiums and at many other places.

• The company has a line of over 1,100 products.

• Today, they manufacture and export a whole range

of PAS like Speakers, Amplifiers, Microphone

Systems And Stands, Mixing Console, Horns,

Megaphones, Electrical Accessories, etc.

• The company is a leading manufacturer of

Loudspeakers in India.

COMPANY OVERVIEW

BUSINESS OVERIVEW

DISTRIBUTION AND

MANUFACTURING UNITS• It has an extensive distributor and dealer network :-

• International –more than 350

• Domestic –more than 240

• The company exports to over 56 countries.

• The company has set up manufacturing units in Bhiwadi and

Sare Khurd in Rajasthan, Mundka in New Delhi and Kandla

SEZ in Gujarat.

Income*

INR 3,335 Mn

3 Year CAGR

65%

EBITDA

INR 275 Mn

Margins

8.18%

PAT

INR 140 Mn

Margins

4.18%

ROCE

21.20%

ROE

20.80%

*Total Income is

including other income

FY18 CONSOLIDATED FINANCIALS

4

FIVE CORE AT A GLANCE

YOY Growth in:

Revenue – 97%

EBITDA – 295%

PAT – 426%

Manufacturer and Exporter of

electronics since the last 35 years

Manufactures a wide range

of around 1,100 products

Exports contribute around

79% to the total revenue

First to introduce multi-core soldering

wire of Japanese Technology in India

Has ~350 distributors overseas and

about 240 distributors in India

Presence in 56 countries across 6

continents and in 28 states in India

Received 23 quality certificates

from several countries

6

COMPANY OVERVIEW

Total Revenue (INR Mn) &

EBITDA Margins (%)

1,1

35

1,2

29

1,7

07

3,3

60

2,2

45

3.35% 3.74%4.10%

8.18%8.64%

FY15 FY16 FY17 FY18 H1-FY19

1. Five Core Electronics Limited (FCEL) was originally incorporated in 2002 in West Bengal and got listed on the SME platform

of NSE in May 2018.

2. The Company started with manufacturing of radio components & audio systems. Today FCEL provides a range of audio and

video products to commercial, industrial and residential sector.

3. FCEL products have been developed to meet countless requirements and are suitable for small, medium as well as large

venues including factories, schools, religious places, banks, restaurants, office buildings, workshops, shopping malls,

meeting halls and boardrooms, etc.

4. FCEL is a leading manufacturer of Public Address Systems in the country and has a strong presence in the domestic as well

as overseas market such as the African Continent, UAE, South America, Singapore, Dubai, Bangladesh, Vietnam, Nepal, etc.

5. The company has developed a marketing network in India and overseas. They undertake sales through e-commerce sites

and is present in 35 countries digitally.

6. FCEL has opened showrooms in Dehradun, Saharanpur, Chomu, Hyderabad, Patna, Calicut, Bokaro, Jharia, Jamshedpur,

Surat, etc.

7. FCEL ranks number one in p.a. systems in terms of export as per ESC Statistics and is the 4th largest entity in consumer

electronics after LG and Samsung as of 2017.

8. The remarkable progress of the company is based on the strong foundation of innovation, organized systems, and quality

that form the core element of its product range.

9. The 5R’ Core principles that FCEL follows are Reliability, Reach, Responsibility, Reasonable and Research.

10. Some of the major vendors include Hindalco, Bharat electronics Ltd, ST, Jindal Pipes, Radius, CDIL, Ramakrishna

Components, Kapoor Electronics, Bandhu Sales Corp, BS Global, Balagi Sales Corp, LD Electronics Corp, Shenzhow City E-

Sound, Zhejiang Ousai Electronics Ltd, Hong Kong Asano Technology Ltd, Yuyao Jin lei trade Co. ltd.

FY18 Sales Distribution

79%

21%

Exports

Domestic

6

BOARD OF DIRECTORS

AMARJIT SINGH KALRAPROMOTER & MD

Received a Diploma in Electronics Engineering and has more than 35 years of experience in production and marketing ofelectronic goods. Is also the Secretary of All India Radio & Electronic Association and a member of the ExecutiveCommittee of Electronics Hardware & Software Export Promotion Council.

Graduate from Tribhuvan University, Nepal and has rich experience of more than 25 years in production and marketing.SURINDER KAUR KALRANON-EXECUTIVE DIRECTOR

Rich experience of more than 20 years in warehouse management and is currently the Director of Digi Export VenturePrivate Limited, Kaneer Industries Private Limited and other Group Companies.

JAGJIT KAUR KALRA

NON-EXECUTIVE DIRECTOR

Commerce graduate from University of Delhi and is currently pursuing MBA from Symbiosis.

Carries out the business of distribution for soft drinks in Mathura and Vrindavan region of Uttar Pradesh, India.

ADITYA AGARWAL - NON-EXECUTIVE & INDEPENDENTDIRECTOR

Commerce graduate and has over 32 years of experience in Accounting and TaxationRAJ KUMAR PROJAPATI -NON-EXECUTIVE ANDINDEPENDENT DIRECTOR

Mechanical Engineer from Pusa Institute and is currently working with Jindal Steel and Power Ltd.NEERAJ SHARMA – NON -EXECUTIVE ANDINDEPENDENT DIRECTOR

Commerce graduate from Delhi University and has more than 6 years of experience in finance, audit and accounts andwas appointed as Senior Account Executive in April 2013 and thereafter being appointed as Chief Financial Officer of theCompany w.e.f. January 01, 2018.

AMITABH SINGHCHIEF FINANCIAL OFFICER

Graduate in Commerce from Rajasthan University and is an associate member of the Institute of Company Secretaries ofIndia.

SAURABH KUMAR JAINCOMPANY SECRETARY &COMPLIANCE OFFICER

Production & Purchase Admin

Sales & Marketing

Human Resources

Export – Import

Finance

Accounts

Inventory Management

Quality Assurance

Advertising

R & D

IT

51%

20%

1%

3%

7%

6%

5%

2%

2%

2%

2%

1%

EMPLOYEE STRENGTH

8

GLOBAL FOOTPRINT

Presence of FCEL

9

PRESENCE ON E-COMMERCE PLATFORM

NOT ONLY IN INDIA BUT ACROSS THE WORLD

10

RESEARCH & DEVELOPMENT

1. FCEL has a research and development unit in Delhi.

2. FCEL has a qualified R & D team of B-Tech’s and Electrical &

Electronics Engineers who keep on creating new products and

searches the possibilities of extension in the products to maintain the

leadership in the industry.

3. FCEL has its R & D evaluated from Scinnovation Consultants Private

Limited.

4. FCEL will be benefited with an income tax deduction of 150% on

dedicated R&D expenditure for both Operational Expenses & Capital

Expenditure u/s 35 of Income Tax Act.

11

MANUFACTURING PROCESSP

rocu

rem

en

t O

f R

aw

Ma

teri

als

Final Test Of

Sound Check

Recheck and

Verification of Various

Parameters

Wiring Of

Components

Mounting of

Components

Printing of Chassis

Transformer is

connected to the

Chassis

Speaker and other

wires are connected

to the Chassis

Assembling

Of Parts

Final Test Of

Sound Check

01 02 03 04

01 02 03 04 05

12

MANUFACTURING FACILITY

1. FCEL has developed an R&D unit in

Delhi and four manufacturing units in

Bhiwadi and Sare Khurd, Rajasthan,

Mundka, New Delhi and Kandla, Gujarat

respectively.

2. The manufacturing and R&D units are

spread over a sprawling area of

3,12,121 sq. ft.

3. The majority of the materials are

procured domestically but there are

certain raw materials which are

procured from foreign countries as they

believe in providing the best quality.

13

Amplifier Manufacturing Unit Plastic & Metallic Column Plant Loud Speaker Unit Megaphone Assembly Unit

Microphone Factory Wireless Amplifier Unit Wall Speaker Plant Wooden Column Factory

MANUFACTURING FACILITY

'A World Leading Brand'.R

14

Reflex Horn Plant Radio Manufacturing Line Mic Stand Unit Driver Unit Plant Trumpet Horn Section

Column Stand Unit Switch Plant Transformer Winding Section Solder Wire Plant PCB Manufacturing UnitVoice Coil Winding Plant

MANUFACTURING FACILITY

Our brand is the symbol of quality

15

CERTIFICATES AND RECOGNITIONS

ISO CertificationNSIC Certificate for

Purchase Enlistment

Export House

Recognition

Export House

Recognition to EMS

& Exports

16

TOP CONSUMER ELECTRONICS ESC MEMBER EXPORTERS DURING 2016-17

SR. NO

. COMPANY NAME

EXPORTS

ITEMSINRLAKHS

USDMn

1. VIDEOCON INDUSTRIES LTD. 37,224 55.5 COLOUR TV

2. SAMSUNG INDIAELECTRONICS PVT. LTD.

22,093 32.94 COLOUR TELEVISIONREFRIGERATORFULLY AUTOMATIC WASHING MACHINES

3. MOSER-BAER (INDIA) LTD 19,837 30 AUDIO AND VIDEO CD

4. FIVE CORE ELECTRONICS LTD. 11,447 17 AUDIO VIDEO EQUIPMENT

5. HAPPY ACOUSTICS PVT. LTD. 8,697 13 AUDIO VIDEO EQUIPMENT

6. AHUJA RADIOS 8,417 12.55 ELECTRIC SOUND AMPLIFIER SET(P.A. SYSTEM)

7. EMS & EXPORTS 7,324 11 AUDIO VIDEO EQUIPMENT

8. DIXON TECHNOLOGIESINDIA PVT. LTD

4,914 7.32 COLOUR TV B/W TVSUB-ASSEMBLIES COMPUTERAUDIO PRODUCTCOLOUR PICTURE TUBEOFFICE AUTOMATION EQUIPMENTMICROWAVE OVEN, WASHING MACHINELCD, LED TV

9. INDIAN ACOUSTICS PVT. LTD. 4,875 7.26 AUDIO VIDEO EQUIPMENT

10. NEHA EXPORTS 4,795 7.15 AUDIO VIDEO EQUIPMENT

SR

.

N

O.

COMPANY NAME

EXPORTS

ITEMSINR

LAKHSUSD

Mn

1. L G ELECTRONICS INDIA PVT

LTD.

80,015 122 REFRIGERATOR

COLOUR TELEVISION

FULLY AUTOMATIC WASHING

MACHINES

DVD PLAYER

MICROWAVE OVENS

2. VIDEOCON INDUSTRIES LTD. 32,070 49 COLOUR TV

3. SAMSUNG INDIA

ELECTRONICS PVT. LTD.

27,728 42 COLOUR TELEVISION

REFRIGERATOR

FULLY AUTOMATIC WASHING

MACHINES

4. MOSER-BAER (INDIA) LTD 23,984 37 AUDIO AND VIDEO CD

5. FIVE CORE ELECTRONICS LTD. 9,816 15 AUDIO VIDEO EQUIPMENT

6. AHUJA RADIOS 8,436 13 ELECTRIC SOUND AMPLIFIER SET

(P.A. SYSTEM)

7. EMS & EXPORTS 8,189 13 AUDIO VIDEO EQUIPMENT

8. HAPPY ACOUSTICS PVT. LTD. 8,083 12 AUDIO VIDEO EQUIPMENT

9. INDIAN ACOUSTICS PVT. LTD. 6,312 10 AUDIO VIDEO EQUIPMENT

10. NEHA EXPORTS 4,877 7 AUDIO VIDEO EQUIPMENT

TOP CONSUMER ELECTRONICS ESC MEMBER EXPORTERS DURING 2015-16

17

TESTIMONY

KEY STRENGTHS

1

2

3

4

5

6

7

Experienced PromotersThe promoters have vast experience in the field of production, engineering and manufacturing of PA Equipment, regulatory requirements,

marketing & business development.

Product Innovation And Design CapabilitiesFCEL has been long viewed as an innovative company that is capable of producing innovatively designed and thought products.

Brand ValueThe technology leadership has allowed FCEL to build a very strong brand image in the marketplace and has also helped to establish

itself as a frontrunner in the PA systems market.

Strong And Extensive Distribution Channels Across 56 CountriesFCEL’s strength is its extensive distribution channels across world. Their products are sold in 56 countries. FCEL is well-known for

employing multiple channels to deliver their products to customers and for a sound after sale service through wide distribution

network.

Quality AssuranceThe Quality department is divided into Input Quality Control, Process Quality Control and Output Quality Control.

Strong Customer BaseFCEL has strong customer base including the established relationships with customers leading to stability of demand. They have several

reputed domestic and international clients.

Wide Range Of ProductsFCEL is mainly engaged in the manufacturing of Public Address Systems, Woofers, Amplifiers and Speaker System.

18

PRODUCTS

Wireless Bluetooth

Amplifier

Professional

Teaching System

DJ MixerEqualiser

Console MixerAmplifier

Column Speaker Ceiling SpeakerWall SpeakerColumn Speaker

Karaoke

Microphone

Horn Microphone with standConference Microphone MegaphoneHeadset Microphone

Volume ControllerCross over Network ConnectorSoldering Wire

AMPLIFIERS

& MIXERS(16% OF THE

REVENUE)

MICROPHONES

& HORNS(20% OF THE

REVENUE)

SOUND

EQUIPMENTS(56% OF THE

REVENUE)

ACCESSORIES

(8% OF THE

REVENUE)

20

Full Range Speaker

PRODUCT OVERVIEW

A mixing console is an electronic device for combining

sounds of many different audio signals.

A microphone is a transducer that converts sound

into an electrical signal.

Outdoor PA includes devices like Horns and Megaphones.

Connectors and switches are a part of Accessories.

MIXING CONSOLES

MICROPHONES

OUTDOOR PA

PA ACCESSORIES

Amplifier is an electronic device that can increase the

power of a signal

AMPLIFIERS

Speakers contain amplifiers which vibrate to produce

the sound.

SPEAKER SYSTEM

BUSINESS MIX

21

459677

1,826

1253

FY16 FY17 FY18 H1-FY19

SPEAKER SYSTEM

1. Speakers are transducers that convert electromagnetic waves into sound

waves.

2. FCEL manufactures and exports an assortment of Speakers, Woofers, and

Tweeters in variable sizes to suit the requirements of the users.

3. Depending on the purpose, speakers are classified as Wall and Ceiling

Speakers, Column Speakers, Wireless and wired speakers, etc.

4. Wall & Ceiling speakers are built to be merged with the wall or ceiling surface.

5. This type of installation is ideal in situations where the speakers are to be

hidden so that they will not disrupt the interior decor, and is a common choice

for distributing BGM throughout a facility.

6. Column speakers consist of numerous speaker units of the same type arranged

vertically in a column-like enclosure.

7. Column speakers are often used in churches, gymnasiums, and other facilities

where excessive reverberation might be a problem, as well as in conference

rooms and lecture halls where maximum speech intelligibility is the main goal.

8. FCEL manufactures around 250 types of Speakers.

Revenue (INR Mn)

Column Speaker

22

AMPLIFIERS

1. An amplifier is used to increase the amplitude of a signal waveform,

without changing other parameters of the waveform such as frequency or

wave shape.

2. FCEL has a huge selection of powerful, high-performance PA and

professional Amplifiers with unbeatable features, engineered to give a

high-density sound solution at the best price.

3. They are one of the most commonly used circuits in electronics and

perform a variety of functions in many electronic systems. FCEL

manufactures amplifiers in compact shape for small to large communal

purposes and gathering, making it easy to port from one place to another.

4. Few types of amplifiers are :-

• Amplifiers with USB, Echo & Bluetooth

• Two Zone Amplifiers

• Guitar Amplifiers

• Booster Amplifiers

• Power Amplifiers

87 77

391

291

FY16 FY17 FY18 H1-FY19

Revenue (INR Mn)

Amplifier

23

MIXING CONSOLES

1. A mixing console is an electronic device for combining sounds of many different

audio signals.

2. FCEL has an array of lightweight, powerful, & compact Mixing Consoles easily

adjustable to small as well as large studios. These fine-sound quality mixers are

capable of reproducing dynamics of different audio signals as per the

broadened needs of the environment.

3. The various types of Mixing Consoles manufactured are:

• DJ Mixers

• Processing Units

• Console Mixers

• Equalizers

• Power Mixers

• Live Mixers

4. Mixing Consoles are used in many applications, including recording studios,

public address systems, sound reinforcement systems, nightclubs,

broadcasting, television, and film post-production.

Sales H1-FY19

Mixing Console

3%

97%

Mixing Consoles Rest

24

31

178

130

67

FY16 FY17 FY18 H1-FY19

MICROPHONES & PA ACCESSORIES

1. A microphone, also known as mic or mike, is a transducer that converts

sound into an electrical signal.

2. There are several types of microphones, namely;-

• Wireless Conference Microphones

• Karaoke Microphones

• Recording Microphones

• Vocal Microphones

• Speech Microphones

3. FCEL manufactures and exports a wide range of Microphones for easy

installations at Concerts, Auditoriums, Airports, and Railway Stations

amongst others.

4. They are designed as per the user’s requirements to render high-end

results.

5. FCEL has a wide range of Solder Wires, Connectors, and Cross over

Network, Diaphragms, etc.

Sales H1-FY19

3% 7%

90%

Microphones Assessories

Rest

Microphone

Revenue (INR Mn)

Soldering WireMicrophone Crossover Network

25

38 61

521

403

FY16 FY17 FY18 H1-FY19

OUTDOOR PA

1. FCEL has an array of user-friendly Outdoor PA with great power output and wide

sound coverage.

2. FCEL categorizes Horns, Megaphones and Driver Units as Outdoor PA.

3. A horn is a musical instrument designed like a tube, usually made out of metal

and often curved in various ways. It has a narrow end into which the musician

blows and a wide end from which the sound emerges.

4. The main advantage of horn is that they are more efficient; they can typically

produce 10 times (10 dB) more sound power than a cone speaker from a given

amplifier output.

5. The various types of horns manufactured are:-

• Circular Gypsy Horns

• Trumpet Horns

• Reflex Horns

6. A megaphone is usually a portable or hand-held, cone shaped acoustic horn that

is used to amplify a person’s voice or other sounds and direct it in a given

direction.

7. They are commonly used for crowd management, training and security purposes.

Revenue (INR Mn)

Megaphone Trumpet Horn

26

Supplied

megaphones to

Delhi Police and

traffic police

Has successfully installed and executed the P.A. System at

Kumbh Mela, Ujjain. This event entitled to be listed in Limca

Book of Records for the largest audio wiring in the world

Nairobi

Airport,

Kenya

Golden Temple,

Amritsar

KEY PROJECTS

Mosques in

Mecca/Medina,

Saudi Arabia

Bangladesh

Garment

Factories

Sri Lankan

Army

SAARC Conference

Center, Kathmandu –

Nepal.

Mashhad

Mosque, Iran

South

African

Churches

Columbia

Discotheques

and Clubs

Ethiopia

The United Nations

Organization

Centre

27

LATEST DEVELOPMENT

INSTALLATION AT HARLEY DAVIDSON SHOWROOM

INSTALLATION AT GARAGE INC. COLABA

INSTALLATION AT CIVIL COURT, JAMSHEDPUR

INSTALLATION AT GURUDWARA GURU NANAK DARBAR, HARIDWAR

INSTALLATION AT GURUDWARA SHRI GURU SINGH SABHA , DARYAGANJ

INSTALLATION AT CHEZ PAPLILONS, DELHI

28

FUTURE STRATEGIES

• By expanding

geographically to meet

the global needs of

customers.

• Developing significant

& value-creating

products.

• Fostering continuous

improvement and

innovation through

research and

development.

• Undertake extensive

sales and marketing

strategies to promote

our brand on a

continuous basis.

• Carrying out

promotional activities

through Magazines,

Social Media Platforms

Marketing, Exhibitions,

Formal Events, Product

catalogues, Brochure,

etc.

• We believe that we can

leverage our existing

relationships, our brand and

our technical expertise to grow

our customer base which

would help us in achieving our

growth objective.

• Encourage the

employees to take a

creative and innovative

approach to meeting

customers need.

Growth By Expanding The

Presence In The Markets

Innovation and

Quality Standards

Brand Image and

Promotional Activities

Continue To Develop & Maintain

Customer Relationships

29

1.29

8.48

2018 2025

INDUSTRY OVERVIEW

1. The global loudspeaker market is estimated to reach USD 8.48 Bn by 2025 from USD

1.29 Bn.

2. Asia Pacific loudspeaker market is expected to witness a tremendous growth owing to

increasing disposable income and rising population.

3. India is one of the largest growing electronics markets in the world. Indian electronics

market is expected to grow at 41% CAGR between 2017-20 to reach USD 400 Bn.

4. Consumer electronics exports from India reached USD 270.08 Mn during April-December

2017.

Global Loudspeaker Industry

1. Home Audio Equipment Market size is set to exceed USD 20 Bn by 2024, with shipments

forecast to surpass 150 Mn units by 2024.

2. Growing focus on wireless capabilities is gaining consumer attention and the

manufacturers in the industry are developing products that appeal to the customers, thus

aiding the home audio equipment market.

Global Home Audio Equipment Market

1. The wireless audio market is expected to grow from USD 16.13 Bn in 2016 to USD 31.80

Bn by 2023, at a CAGR of 10.06% between 2017 and 2023.

2. Factors such as increasing demand for smartphones as a source of entertainment,

consumer preferences for portable devices, and advancements in wireless technologies

are driving the growth of the market

Global Wireless Audio Market

Global Loudspeaker Industry (USD Mn)

100

400

FY17 FY20E

Electronics Market in India (USD Bn)

So

urc

e: G

ran

d V

iew

Re

se

arc

h I

nc.

31

INCOME STATEMENT (STANDALONE)

PARTICULARS (INR Mn) FY15 FY16 FY17 FY18 H1-FY19

Total Income* 1,135 1,229 1,706 1,922 1,281

Expenditure 1,097 1,183 1,636 1,797 1,194

EBITDA 38 46 70 125 87

EBITDA margin (%) 3.35% 3.74% 4.10% 6.50% 6.79%

Depreciation 8 8 11 13 7

Finance Cost 18 23 37 42 26

PBT before Miscellaneous Items 12 15 22 70 54

Exceptional Item 1 - - - -

PBT 11 15 22 70 54

Tax 4 5 7 23 10

PAT 7 10 15 47 44

PAT margin (%) 0.62% 0.81% 0.88% 2.44% 3.43%

Diluted EPS (INR) 1.32 1.73 2.70 5.22 3.66

* Includes other income

33

BALANCE SHEET (STANDALONE)

LIABILITIES (INR Mn) FY16 FY17 FY18 H1-FY19 ASSETS (INR Mn) FY16 FY17 FY18 H1-FY19

Shareholder’s Fund 219 356 582 1,047 Non-current assets 103 121 312 405

Share capital 55 55 93 126 Fixed assets

Reserves & Surplus 164 178 489 921 Tangible Assets 41 117 164 159

Share application money pending allotment - 123 - - Intangible Assets - - - -

Capital WIP - - - -

Non-current liabilities 68 135 50 26 Investment Property - - - -

Long term borrowings 68 134 49 25 Non Current Investments - 1 144 144

Deferred Tax Liabilities (Net) - - - - Deferred Tax Assets (Net) 2 3 4 2

Other non-current liabilities - 1 - - Long Term Loan & Advances 60 - - 100

Long Term Provisions - - 1 1 Other Financial Assets - - - -

Other Non Current Assets - - - -

Current liabilities 198 278 396 290 Current Assets 382 648 716 958

Short term borrowings 152 225 228 200 Current Investments - - - -

Trade Payables 11 16 127 27 Inventories 249 362 338 409

Other Financial Liabilities - - - - Trade Receivables 4 83 106 333

Other Current Liabilities 33 32 28 39 Cash And Cash Equivalents 62 124 131 133

Short Term Provisions 2 5 13 24 Short Term Loan & Advances 67 79 141 83

Current Tax Liabilities (net) - - - - Other Financial Assets - - - -

Other Current Assets - - - -

Total Liabilities 485 769 1,028 1,363 Total Assets 485 769 1,028 1,363

34

INCOME STATEMENT (CONSOLIDATED)

PARTICULARS (INR Mn) FY15 FY16 FY17 FY18 H1-FY19

Total Income* 1,135 1,229 1,707 3,360 2,245

Total Expenses 1,097 1,183 1,637 3,085 2,051

EBITDA 38 46 70 275 194

EBITDA Margins (%) 3.35% 3.74% 4.10% 8.18% 8.64%

Depreciation 8 8 12 23 11

Finance Cost 18 23 37 77 43

PBT 12 15 21 175 140

Prior Period Item 1 - - - -

Tax 4 5 7 35 14

PAT 7 10 14 140 126

PAT Margins (%) 0.62% 0.81% 0.82% 4.17% 5.61%

Diluted EPS (INR) 1.32 1.73 2.46 15.64 10.42

* Includes other income

35

BALANCE SHEET (CONSOLIDATED)

PARTICULARS (INR Mn) FY16 FY17 FY18 H1-FY19 PARTICULARS (INR Mn) FY16 FY17 FY18 H1-FY19

EQUITIES & LIABILITIES ASSETS

Shareholder Funds 219 355 675 1,222 Non-current Assets 103 120 252 244

(A) Share Capital 55 55 93 126 (A) Fixed Assets

(B) Reserves & Surplus 164 177 582 1,096 (i) Tangible Assets 41 117 203 199

(C) Share Application pending

allotment- 123 - - (ii) Intangible Assets - - 43 42

Non-current Liabilities 68 136 167 146 (B) Loans & Advances 60 - 1 -

(A) Long-term Borrowings 68 135 166 145 (C) Deferred Tax Assets (Net) 2 3 5 3

(B) Long-term provisions - 1 1 1 Current Assets 382 650 1,269 1,617

Current Liabilities 198 279 679 493 (A) Inventories 249 362 612 637

(A) Short term Borrowings 152 225 347 312 (B) Trade Receivables 4 83 199 575

(B) Trade Payables 11 16 271 99 (C) Cash & Bank Balances 62 125 235 278

(C) Other Current Liabilities 33 33 38 44 (D) Short-term loans & advances 67 80 222 126

(D) Short-term provisions 2 5 23 38 (E) Other Current Assets - - 1 1

GRAND TOTAL - EQUITIES &

LIABILITES485 770 1,521 1,861 GRAND TOTAL – ASSETS 485 770 1,521 1,861

36

1,135 1,229

1,707

3,360

FY15 FY16 FY17 FY18

38 46 70 275

3.35%3.76%

4.10%

8.18%

FY15 FY16 FY17 FY18

7

10

140

0.59%

0.77%0.82%

4.18%

FY15 FY16 FY17 FY18

CONSOLIDATED FINANCIAL HIGHLIGHTS

71 72 81

61

FY15 FY16 FY17 FY18

209 219

355

675

FY15 FY16 FY17 FY18

Total Revenue* (INR Mn)EBITDA (INR Mn) & EBITDA

MarginsPAT (INR Mn) & PAT Margins

Working Capital Days Net Worth (INR Mn)

37

* Includes other income

14

38

Disclaimer

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of theinformation or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certainstatements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefsand assumptions of the management Five Core Electronics Limited (“Company” or “FCEL” or “Five Core Electronics Limited”), which are expressed in good faith and intheir opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and futuredevelopments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance orachievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by suchforward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and socialconditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation arecautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements toreflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person.This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it shouldform the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of oursecurities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption fromregistration there from.This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

Valorem Advisors Disclaimer:Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on informationand data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and noreliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be allinclusive 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 isexpressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity ofthe Company under review.

For further information please contact our Investor Relations Representatives:Mr. Anuj SonpalValorem AdvisorsTel: +91-22-4903-9500Email: fivecore@valoremadvisors.com