T
Company Report: Zee Entertainment Enterprises LTD.
Date: 09th October, 2015
CMP: - 401.40
Target Price: - 482.00
MAXIMUS SECURITIES LTD
Highlights:
•
Zee Entertainment Enterprises Ltd (ZEEL)., is a global
media brand with a strong presence in over 169 countries.
•
Zee has a total viewership of over 959 Million people around
the world. It has 33 domestic channels. It offers content in
multiple languages and comprises over 36 international
channels, making ZEE an all encompassing, universally
appealing brand.
48
•
ZEE Music Company’s portfolio of projects comprise 36
Hindi movies, 15 Marathi movies, 2 Punjabi movies and 30
popular single numbers.
•
Ditto TV, the OTT (Over the top) platform from ZEE has a
20 mn+ users and nearly 50,000 hours of content, and is
consistently growing.
•
Zee is amongst the largest producers and aggregators of
Hindi programming in the world, with an extensive library,
housing over 2,10,678 hours of television content. It has
rights to more than 3,500 movie titles from foremost studios
featuring iconic film stars.
•
Zee houses the world’s largest Hindi film library. Its
offerings also include a rich bouquet of 33 popular domestic
channels.
•
Zee has been ranked as the #1 brand by almost every
reputed brand-ranking survey (ET 500, Fortune India 500
and BS 1000 rankings, to name a few). In fact, ZEE is the
only Indian entertainment company to feature in Nikkei Inc’s
‘India40’ list.
•
Zee has set itself an ambitious target of five times
viewership growth and four times content consumption
Source: Capitaline Database
growth by the year 2020.
Financial Summary:
Source: Capitaline Database, MSL Research
Valuations:
Considering the scope for increasing advertisement revenues, subscription revenues backed by strong balance
sheet and an improving economy. We value the company with a P/E of 35x FY17E EPS to arrive at a target price of
Rs. 482/share to be achieved within 18 months.
Analyst: Jaipal. Shetty
Maximus Securities Research
ZEE ENTERTAINMENT ENTERPRISES LTD
Zee Entertainment Enterprises Ltd started in 1992 (previously known as Zee Telefilms Ltd.) with one channel, in a 23year span it offers a bouquet of 33 domestic channels and 36 international channels. For more than 20 years, ZEEL has
provided quality entertainment, touching lives and emotions of a wide cross-section of people globally
The company is a pioneer of television entertainment industry in India. Their well known brands include Zee TV, Zee
Cinema, Zee Premier, Zee Action, Zee Classic, Ten Sports, Ten Cricket, Ten Action+, Zee Cafe, Zee Studio, Zee
Trendz, Zee Khana Khazana, Zee Salaam, Zee Jagran, Zing, ETC Music and ETC Punjabi. The company also has a
strong offering in the regional language domain with channels such as Zee Marathi, Zee Bangla, Zee Telugu, Zee
Kannada, Zee Talkies and Zee Cinemalu.
In the year 1992, the company launched their flagship television channel Zee TV. Since then, they have transformed
themselves into an integrated media conglomerate with operations spanning the entire media spectrum including
television programming; satellite broadcasting; production and distribution of films; music publishing, long distance
education and the creation of animation software.
In the year 1994, Zee Records, the music-publishing arm of Zee, commenced their operations. Also, they launched Zee
Education as a division of the company. The company's 100% owned subsidiary, Siticable Networks Ltd (Siticable)
commenced their operations as an MSO in Delhi for cable distribution system in India.
In the year 1995, Newscorp acquired a 50% stake in Siticable Networks Ltd in an equal joint venture with the company.
The company launched Zee TV in the UK / Europe. Also, they launched Zee News and Zee Cinema. In the year 1996,
the company started their first cable channel in India under the name of Siti Channel. In the year 1997, they launched
Zee Music (originally known as Music Asia).
In the year 1998, the company launched Zee TV in the USA. Also, they launched Zee Cine Awards. During the year
1998-99, the company obtained 'A' category license for providing Internet services in India.During the year 1999-2000,
the company acquired 50% stake in Asia Today Ltd, Siticable and Programme Asia Trading Company Ltd. They
launched four regional channels under the umbrella brand of Alpha, namely Alpha Marathi, Alpha Bangla, Alpha Punjabi
and Alpha Gujarati. Also, they launched two new 24-hour channels, namely Zee English and Zee Movies to enter the
English language market. They launched two new channels namely Zee Bangla and Musia Asia in UK and launched Zee
Gold in USA.During the year, the education division of the company was demerged and transferred to a separate
subsidiary company namely, Zee Interactive Learning Systems Ltd.
In September 1999, the company acquired Zee Multimedia Worldwide Ltd and thus all the international operations
including the broadcasting business of ZMWL came under the company's control.During the year 2000-01, the company
launched the Direct-to-Operator (DTO) encrypted channel bouquet comprising of Zee Cinema, four Alpha channels and
two English channels. Also, they divested their stake in Buddha Films Ltd (BFL), Zee Sports Ltd (ZSL) and Zee
Publishing Ltd (ZPL).
During the year 2001-02, the company produced their first big budget movie 'Gadar -Ek Prem Katha'. They formed a joint
venture company 'Zee Turner Pvt Ltd' to market and distribute the pay channel bouquet consisting of 14 channels of Zee
and 3 channels of Turner in the Indian sub-continent, thereby creating a formidable combination of highly popular
channels. They consolidated their operations by linking their various control rooms through HFC. Master Control Rooms
(MCR) was established at Hyderabad and Bangalore linking the control rooms through optic fibre, thereby ensuring
improvement in the quality of signal delivery to customers.During the year, Zee Interactive Multimedia Ltd, a company set
up to provide broadband and conditional access services, merged with Siticable Network Ltd.
The company acquired a controlling stake in ETC Networks Ltd, a company engaged in production, marketing and
distribution of two television channels with a leading presence in Music and Punjabi language segment. With these
acquisitions ETC Networks Ltd became a subsidiary of the company. Also, the company acquired a controlling stake in
Padmalaya Telefilms Ltd, a company engaged in production and distribution of feature films (in Telugu and Hindi
languages) and television serials.
During the year 2002-03, the company hived off two of the foreign subsidiaries namely Hokushan Trading Company Ltd
and Asia TV USA, Inc. Also, three wholly owned subsidiaries were merged with the company.During the year 2003-04,
the company entered into an MoU with Zee News Ltd, a company 100% owned by Indian nationals, for transfer of
physical infrastructure, the editorial and other staff etc, related to production and Broadcast of News and Current Affairs
programme on Zee television channels including Zee News. Dakshin Media Ltd, a wholly owned subsidiary company
was amalgamated with the company.
Maximus Securities Research
Further, the company consolidated operations of their foreign subsidiary company located at Mauritius by merging of
Aisa TV (Africa) Ltd, Software Supplies (International) Ltd, Zee Telefilms International Ltd and Zee MGM Ltd with Asia
Today Ltd, Mauritius. Also, another overseas subsidiary, Asia T.V. (Netherlands) Ltd, BVI had been liquidated.
During the year 2004-05, the company launched a new channel, namely Zee Sports to the meet the insatiable quest of
Indian viewers to enjoy telecast of sports event in India and abroad. The company divested their stake in Padamalaya
Enterprises Pvt Ltd, which was the holding company of Padamalaya Telefilms Ltd. Expand Fast Holdings Ltd, one of the
overseas subsidiaries, merged with Asia Today Ltd, Mauritius (ATL). Also, ATL, the wholly owned subsidiary of
Winterheath Company Ltd (WCL) merged with the holding company, WCL. After the merger, WCL changed its name to
Asia Today Ltd. Also, ATL acquired 100% stake in Pan Asia Infrastructure Ltd, a Mauritius based company, engaged in
the business of broadcast of television channel in middle east in South Asian language and development of media city in
Dubai.
During the year 2005-06, Siti Cable Network Ltd, a wholly owned subsidiary of the company acquired entire shares in
Indian Cable Net Company Ltd.During the year 2006-07, the company completed the process of de-merger of their
News, Cable and Direct Consumer Services business undertakings. Respective resultant entities namely, Zee News Ltd
(ZNL) for news business, Wire & Wireless (India) Ltd (WWIL) for cable business and Dish TV India Ltd (formerly known
as ASC Enterprises Ltd) (Dish TV).
Consequent to demerger of Cable and DCS Business Undertakings of the company, the subsidiaries of the company
pertaining to the said Business Undertakings, namely, Siti Cable Network Ltd, Central Bombay Cable Networks Pvt Ltd,
Integrated Subscribers Management Services Ltd, New Era Entertainment Network Ltd, Siti CableBroadband South Ltd
and Indian Cable Net Company Ltd ceased to be subsidiaries of the company. The company exited from their investment
in 25 FPS Media Pvt Ltd (25 FPS) and consequently 25 FPS ceased to be a subsidiary with effect from July 24, 2006. In
November 2006, Zee Sports International Ltd, Mauritius, acquired 50% stake with majority representation in the board in
Taj TV Ltd, Mauritius, which owns 'Ten Sports' channel. Also, the company acquired 50% stake with majority
representation in the board in Taj Television India Pvt Ltd, Mumbai which is the distribution arm of Ten Sports in India.
The name of the company was changed from Zee Telefilms Ltd to Zee Entertainment Enterprises Ltd with effect from
January 10, 2007.During the year 2007-08, pursuant to a scheme of amalgamation, ETC Networks Ltd, a listed
subsidiary of the company, merged with Zee Interactive Learning Systems Ltd. The merged entity was subsequently
renamed as ETC Networks Ltd. Asia Today Ltd., Mauritius, a wholly owned overseas subsidiary of the company acquired
entire equity stake in APAC Media Ventures Ltd, a company registered in Hongkong, effective October 30, 2007, for the
purpose of its broadcasting foray in the Asia Pacific Region.
During the year 2008-09, Asia Today Ltd., Mauritius, a wholly owned overseas subsidiary of the company, acquired the
balance 40% equity stake in Asia Business Broadcasting (Mauritius) Ltd, a company registered in Mauritius and divested
their entire 100% holding in Pan Asia Infrastructure Ltd, Mauritius. Additionally with a view to comply with the regulatory
requirements for Russian Broadcasting Operations, Asia TV Ltd, UK, an overseas subsidiary created/ acquired an
indirect subsidiary called 'OOO Zee CIS Holdings Ltd' in Russia.During the year, the company ventured into the film
production and distribution business, with launch of two labels, namely Zee Motion Pictures and Zee Limelight for
mainstream and niche films, respectively. For that purpose, they acquired/created, direct/ indirect subsidiaries namely,
ZES Holdings Ltd, Mauritius, Zee Entertainment Studios Ltd, British Virgin Islands, ZES Mauritius Ltd, Mauritius, ZES
International Ltd, United Kingdom and Zee Motion Pictures Pvt Ltd., India.
During the year 2009-10, as per the scheme of arrangement, the company demerged the Regional General
Entertainment Channel Business Undertaking (comprising of Zee Marathi, Zee Bangla, Zee Talkies, Zee Telugu, Zee
Cinemaalu and Zee Kannada television channels) of Zee News Ltd (ZNL) vesting with the company on the appointed
date, January 1, 2010. The scheme became effective from March 29, 2010. Also, ETC Networks Ltd (ETC), a listed
subsidiary of the company merged with the company with effect from appointed date, March 31, 2010. Upon such
merger, the Education Business Undertaking of the company was demerged from the company and transferred to Zee
Learn Ltd on the appointed date, April 1, 2010. Also, the 9X Channel Business Undertaking of INX Media Pvt Ltd (now
known as 9X Media Private Ltd) was demerged and transferred to the company. During the year, ETC Networks Ltd
(ETC), the listed subsidiary of the company acquired the entire shareholding in Cornershop Entertainment Company
Pvte Ltd which in turn held 100% stake in Cornershop Animation Pvt Ltd, Digital Media Convergence Ltd and Re-Med
Services Pvt Ltd.
Subsequently, these subsidiaries amalgamated with ETC from the appointed date January 1, 2010 in pursuance of a
scheme of amalgamation which became effective on April 29, 2010. Asia TV Ltd, United Kingdom, one of the overseas
subsidiary along with its subsidiary OOO Zee CIS Holding Ltd, Russia jointly acquired 100% stake in OOO Zee CIS Ltd,
a broadcasting operating company in Russia.
Maximus Securities Research
During the year 2010-11, the company dissolved ZES International Ltd, UK, a wholly owned subsidiary of ZES
Entertainment Studios Ltd, BVI and Zee Sports Americas Ltd, Mauritius. Asia Business Broadcasting (Mauritius) Ltd,
Mauritius was amalgamated with its holding company Asia Today Ltd, Mauritius. Also, Zee Entertainment Studios Ltd,
BVI and ZES Mauritius Ltd, Mauritius amalgamated with their holding company ZES Holdings Ltd, Mauritius with effect
from March 31, 2011 and March 18, 2011 respectively. Also, ZES Mauritius Ltd, Mauritius divested their entire stake in
the Indian subsidiary, Zee Motion Pictures Pvt Ltd.During the year, the joint ventures of the company in digital distribution
viz. ITM Digital Pvt Ltd, and in India branded Entertainment Portal viz. India Webportal Pvt Ltd commenced their
operations. The company has in-principle approved the acquisition of the balance shareholding of 5% in Taj TV Ltd.,
Mauritius (Taj) by Zee Sports International Ltd, Mauritius (ZSIL), thus making Taj a wholly owned subsidiary of ZSIL and
the amalgamation of ZSIL with their holding company Asia Today Ltd, Mauritius.
Source: Company, MSL Research. LTM- latest twelve months.
Advertisement (Rs. Crs)
Subscription (Rs. Crs)
Media Content+OOR+Commission (Rs. Crs)
3,000
2,500
2,000
1,500
2,660
2,380
1,964
1,701
1,584
1,325
1,624
1,802
1,794
1,126
1,000
500
430
182
131
112
239
FY11
Source: Company, MSL Research.
FY12
FY13
FY14
FY15
Maximus Securities Research
Investment Rationale
Our investment rationale is based on following premises:
1 – Leading player in Indian television market.
2 – Scope for rise in advertising revenue.
3 – Rising subscription revenue.
4 – Strong financials.
5 – Improvement in the economic environment going forward.
Leading player in Indian television market.
Zee TV is the largest Hindi entertainment channel of the world. ZEE has been able to demonstrate its leadership acumen
and forward thinking abilities consistently. The management is working on concrete strategies to ensure that ZEE
leverages its leadership and experience and maximises the global opportunity of rapidly expanding media industry.
As per the annual report of FY15 the key elements of Zee’s strategy going forward will be to consistently invest in growth
opportunities to safeguard and grow its leadership, in a competitive environment.
The following charts give a snapshot of Zee’s product offering and its relative position in Indian television space. Zee is a
leading player in India’s regional general entertainment category.
Source: Company, MSL Research.
Source: Company, During April 2014 – March 2015.
Maximus Securities Research
Source: Company, During April 2014 – March 2015.
Scope for rise in advertising revenue.
INDIAN MEDIA SECTOR
Source: FICCI-KPMG report 2015, Company.
Zee continues to experience growth in both advertising and subscription revenues through the launch of new and
innovative programming. The management believes that they can deliver excellent content which in turn will lead to an
increase in advertisement revenues.
According to the management’s address to analysts in the concall of first quarter FY16, the launch of new television
channel “&tv” has gained substantial viewership along with existing portfolio of channels which are also gaining
viewership share. This rise in viewership according to us will lead to a rise in income from advertisements.
The upcoming elections in major states such as Bihar, Assam, TamilNadu, West Bengal, Kerala (between 2015-2016)
will mean additional spending on promotions via television by the major political parties which could be an additional
source of advertisement income for Zee since it has a strong regional presence.
Rising subscription revenue.
As per the concall the management believes that digitisation led growth in subscription revenues could be substantial.
st
Currently the deadline on Phase III/PhaseIV digitisation is 31 December 2015/2016. The average revenue per user
(ARPU) for Phase III digitisation will be lower than Phase I & II since it covers the interior parts of the country but the
increase in volumes should compensate for low ARPU.
Thus we believe that going forward as soon as implementation of digitisation of remaining Phases gains more traction
the revenue contribution from the subscription segment will also go up.
Maximus Securities Research
Strong financials.
PAT margin
ROCE
35.0%
30.0%
25.0%
20.0%
28.8%
18.4%
30.8%
27.5%
25.9%
25.6%
21.2%
ROE
19.4%
18.0%
19.5% 19.6%
20.2% 20.6%
20.0% 19.0%
FY13
FY14
FY15
15.0%
10.0%
5.0%
0.0%
FY11
FY12
Source: Company, MSL research.
As visible from the above chart Zee has been giving a consistent performance for the last five years with Profit After Tax
margin in the range of 19-20%, Return on Capital Employed in the range of 25 -28% and Return on Equity in the range of
18-19%. Zee is debt free on net of cash basis with cash and investments of around Rs 1700 Crores as of FY15. This
strength in Balance Sheet will provide for investment in content and expansion to harness the opportunities which will
lead to acceleration in earnings growth, that will be available as the economic cycle changes from recession to
expansion going forward.
The strong performance of the company over the past five years is a testimony to managements ability to deliver even in
one of the worst recessionary phases.
Improvement in the economic environment going forward.
With inflation and growth both going down, the RBI and the Govt are both expected to turn their focus more on reviving
th
growth. RBI has given an unexpected 50 bps repo rate cut on 29 Sep, 2015 thus acknowledging the fall in long term
infaltion and the need to revive growth. The Govt has also improved its capital expenditure compared to last couple of
years. As the impact of these actions start flowing to the real economy the outlook for growth will improve which will lead
to increase in advertisement spends by the corporates.
As the per capita income increases there will be scope for further improvement in subscription revenues and increase In
consumption of premium content such as High Definition (HD) channels.
Risks & Concern
•
Slow economic recovery is a threat to the future earnings growth as both advertisement and subcription
revenues of Zee will be impacted as consumption is hampered. But considering the performance of the company
through one of the worst economic phases, we believe the slow recovery will be tackled by the management.
•
Slowdown in DTH/Digital rollout will lead to a slow down in subcription revenues.
•
Increasing competitive pressures regionally and nationally could lead to pressure on margins. To tackle this the
management is focussing more on its content quality and expansion regionally as well as internationally.
•
It is too difficult to predict the audience taste/preference for a particular show. Repeated failures of
shows/channels would have an adverse impact on the bottom line of the Company. The company is focussing
more on the quality of its contents and taking steps to attract talent.
•
While a significant amount of rights have been signed on by the Company for leading sports properties, any
future contracts may be at higher costs, which may put pressure on margins of the Company. Increase in sports
viewership could compensate for the increase in cost. Sports franchise is a concern for Zee since they haven’t
got the right for Indian Cricket Team and IPL matches. Even other popular non cricket sporting events such as
Kabbadi and Indian Super League (ISL) broadcasting rights are with competitors.
•
The total minutes of advertisement in an hour has been capped to 12 minutes by the regulator. So now the game
of pricing is the only thing that's left for increasing advertisement revenues growth.
•
The Company receives a significant portion of its revenues and incurs a significant portion of its expenses in
foreign currencies, particularly US Dollars and UK Pounds. Accordingly, the Company is exposed to fluctuations
in the exchange rates between those currencies and the Indian Rupee; the Company’s reporting currency, which
may have an impact on its revenues and expenses. The company hedges its foreign currency receivables and
payables to deal with the exchange rate fluctutations.
Maximus Securities Research
Highlights of the First quarter result
•
The net sales for the quarter increased by
27.00% yoy and by -0.5% qoq to Rs. 1339.86
Crs.
•
Ebitda for the quarter grew by 0.7% yoy and by
14.9% qoq to Rs. 311.2 Crs.
•
Profit before Tax (PBT) for the quarter came in
at Rs. 360.84 Crs registering a growth of 10.6%
yoy and 17.6% qoq.
•
The effective Tax Rate was 32.9% at 118.54
Crs for the quarter.
•
Profit After Tax and minority interest for the
quarter came in at Rs. 243.76 Crs increasing by
15.8% yoy and decreasing by 5.6% qoq.
•
Zee’s advertising revenue during the quarter
were Rs 780 Crs, recording a growth of 25.4%
year-on-year. Advertising growth on the nonSports part of the business is in mid to high
twenty percent.
•
The total subscription revenue for the quarter
were Rs 462 Crs. During the current quarter
domestic subscription revenue stood at Rs 368
Crs growing by 13.6% over the last year, while
international subscription revenues were Rs 95
Crs growing by 7% over corresponding period
last fiscal.
•
On the cost front, programming and operating
cost in the quarter were Rs. 611 Crs.
•
As of June 30th, 2015 the Company has a
gross debt of Rs 2.1 Crs and Cash and Cash
Equivalents of Rs 1783 Crs.
•
During the quarter Zee TV was ranked 3rd
amongst the Hindi GECs. The channel
delivered a weekly average of 9 shows among
the top 50 shows during the quarter. The newly
launched Hindi GEC &tv has picked up
viewership and has been performing well.
•
•
•
Zee’s Hindi Movie Cluster, Zee Cinema,
&Pictures, Zee Classic and Zee Action continue
to lead the genre with the highest viewership
share.
The network operates two channels in the
English entertainment and movie genre, Zee
Café and Zee Studio. Zee Café is one of the
leading channels in its genre and delivered a
weekly average of 27 shows in the top 100
during the quarter.
During the quarter Zee Marathi continued its
lead as the No. 1 channel in the genre. The
channel was a slot leader in 8 prime time slots.
•
Zee Bangla is one of the leading players in the
Bangla GEC genre. During the quarter it
continued to be the No. 2 player in the genre.
The channel also extended its lead in the nonfiction genre. The channel was the slot leader in
7 out of 16 prime time bands.
•
During the quarter Zee Telugu became the No.
1 channel in Telugu GEC genre. The channel
was a slot leader in 4 out of 10 prime time
bands during the weekday prime time for the
quarter.
•
Zee Kannada was No. 2 channel among the
Kannada GECs during the quarter.
•
The key properties on our Sports channel
bouquet during the quarter included telecast of
Pakistan vs Zimbabwe cricket series, West
Indies versus England cricket series, Sri Lanka
versus
Pakistan
cricket
series,
UEFA
Champions League Finals, WWE Specials and
MotoGP among others.
•
The forthcoming quarter would see the telecast
of events like India vs Zimbabwe cricket series,
Tour de France, UEFA Champions League, US
Open Tennis, UEFA Europa League, Copa del
Rey and PGA Tour. The Sports business
revenue in the 1st Quarter of fiscal 2016 were
Rs 1,51.9 Crs while costs incurred in this
quarter were Rs 1,50.4 Crs.
•
In America Zee TV continued to garner the
highest viewership share amongst South Asian
networks. Zee TV HD and Zee Bollywood HD
were launched on additional platforms.
•
&tv, &tv HD were launched in the UK. Within the
few weeks of its launch &tv currently ranks
amongst the Top 5 Indian Channels in UK.
•
Zee TV and Zee Cinema continued to be the
Number 1 South Asian channels in their
respective genres in the UAE. Zee Aflam
continued its successful run as the Number 3
movie channel in all Arabs target audiences in
Saudi Arabia.
•
Zee World also continued its successful
opening run as the second best performing
GEC amongst its target audience in South
Africa.
•
In APAC, Zee Variasi saw further gains in its
viewership amongst Malay TG. Zee channels
were launched on additional platforms in Sri
Lanka and Australia.
Maximus Securities Research
Financial analysis (In Rs. Crs)
Source: Capitaline Database, MSL Research
Zee has been witnessing a growth in its advertisement revenue on the back of increase in viewership due its newly
launched channel &tv which is gaining popularity and its existing portfolio of channels such as Zee Telugu, Zee Marathi,
Zee Kanada etc also gaining viewership share. The Phase III & IV implementation of digitisation is expected to bring in
incremental revenues from subscription.
The upcoming state elections and improving economic environment will lead to increase in top line and bottom line
growth of Zee.
Zee’s strong balance sheet and good operational performance over the last five years provides reassurance about
managements execution ability.
Source: Capitaline Database, MSL Research
Maximus Securities Research
Financial estimates (In Rs. Crs)
Source: Capitaline Database, MSL Research
Source: Capitaline Database, MSL Research
Maximus Securities Research
Notes
Maximus Securities Research
Institutional Team____________________________________________________
Mrs. Megha Vazkar
Anupam Laha
Samir Patel
Kiran Pakale
Head of Institutional Dealing Equities
Dealer - Equities
Dealer - Equities
Dealer - Equities
022 - 61418711
megha@maximussecurities.com
022 - 61418712
022 - 61418712
022 - 61418712
anupam@maximussecurities.com
Equity Research______________________________________________________
Jaipal Shetty
Research
Analyst
022 61418713
report@maximussecurities.com
Registered Office_____________________________________________________
MAXIMUS SECURITIES LTD.
Sterling Centre, 1st Floor,
Opp. Divine Child High School,
Andheri-Kurla Road, Andheri (East)
Mumbai 400093
Fax: 28302047
DISCLAIMER
The projections and the forecasts described in this report were based upon a number of estimates and assumptions and are
inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature,
and it can be expected that one or more of the estimates on which the projections are forecasts were based will not materialize or
will vary significantly from actual results and such variations will likely increase over the period of time. All the projections and
forecasts described in this report have been prepared solely by author of this report independently. All the forecasts were not
prepared with a view towards compliance with published guidelines or generally accepted accounting principles.
This report is for information purpose only and this document/material should not be construed as an offer to sell or the solicitation
of an offer to buy, purchase or subscribe to any securities, and neither this document nor anything contained therein shall form the
basis of or be relied upon in connection with any contract or commitment whatsoever. This document does not solicit any action
based on material contained herein. It is for the general information of the clients of Maximus Securities Ltd (MSL hereafter).
Though disseminated to the clients simultaneously, not all clients may receive this report at the same time. It does not constitute a
personal recommendation or take into account the particular investment objective, financial situation or needs of individual clients.
Persons who may receive this document should consider and independently evaluate whether it is suitable for its/his/her/ their
particular circumstances and if necessary seek professional/financial advice. Any such person shall be responsible for conducting
his/her/its their own investigation and analysis of the information contained or referred to in this document and of evaluating the
merits and risks involved in securities forming the subject matter of this document. The price and value of the investment referred to
in this document/material and income from them may go up as well as down, and investors may realize profit/loss on their
investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the
projection. Forward looking statements are not predictions and may be subjected to change without notice. MSL accepts no
liabilities for any loss or damage of any kind arising out of use of this report.
This report/document has been prepared by MSL based upon the information available to the public and the sources believed to be
reliable. Though utmost care has been taken to ensure its accuracy, no representation or warranty, express or implied is made that
it is accurate. MSL has reviewed this report and, in so far as it includes current and historical information, it is believed to be
reliable, although its accuracy and completeness cannot be guaranteed.
Following table contains the disclosure of interest in order to adhere to utmost transparency;
Trading position of Clients / Company Associates may be different from recommendation given in this report at any point of time.
This information is subject to change without any prior notice. MSL reserves the right to make modifications and alternations to this
statement as may be required from time to time. Nevertheless, MSL is committed to providing independent and transparent
recommendations to its clients.
SEBI Research Analyst Registration Number INH000001147.