Indag Rubber Ltd. — Investor Presentation 2023

Nov 28, 2023

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lndag Rubber Limited

Regd.Office :Khemka House, 11, Community Centre, Saket, New Delhi ·110017, India Phone :26963172-73, 26961211, 26663310, 41664618, 41664043, Fax : 011- 26856350 E-mail :info@indagrubber.com, Website: www.indagrubber. com, CIN-L74899DL1978PLC009038

Works :Village Jhiriwala,Tehsil, Nalagarh,Distt. Solan, Himachal Pardesh - 174101,India Phone :09736000123

ISO900 1: 2015 ISO14001 : 2015

November 28, 2023

BSE Limited (Company code-1321) Phiroze Jeejeebhoy Towers, (Scrip code-509162) Dalal Street, Mumbai-400001

Sub.: Investor Presentation – Q2 FY24.

Dear Sir,

Enclosed please find the Investor Presentation of Q2 FY24, for the information of the investors and public at large.

Thanking you.

Yours faithfully,

For Indag Rubber Limited

SONAL GARG Digitally signed by SONAL GARG DN: c=IN, postalCode=121008, st=HARYANA, street=478 GROUND FLOOR ,FARIDABAD,SECTOR 28 ,121008, l=FARIDABAD, o=Personal, serialNumber=4e3fdb4bd9d324abb6eabbabef5f28add68601bb9d9ad30ac2366a4295f08b60, pseudonym=8486b6c4e4d245be9260b15db1e7131f, 2.5.4.20=5d8a34502d75b5f4c672af7c80aeae32acdd7446a700a0ce4d579af51336550b, email=SONALGARG@INDAGRUBBER.COM, cn=SONAL GARG Date: 2023.11.28 12:44:01 +05'30'

Sonal Garg Company Secretary & Compliance Officer

-------------- The only alternative to new tyres -------------

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INVESTOR PRESENTATION – Q2 FY24 November 2023

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SAFE HARBOR

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This presentation and the accompanying slides (the “Presentation”), which have been prepared by Indag Rubber Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all-inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and, the Company is not responsible for such third party statements and projections.

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Q2FY24 FINANCIAL HIGHLIGHTS

• CEO’s Message

• Highlights - H1 & Q2 FY24

• Strategic Investment Update

• Future Outlook

• Standalone Financials – H1 & Q2 FY24

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CEO’S MESSAGE

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Mr. Vijay Shrinivas CEO & Whole Time Director, Indag Rubber Ltd.

Commenting on the result:

“The Company has maintained its sales momentum over the past two quarters, continuing its strong performance in H1FY24. Total revenue grew by 8% to ₹133 crores on a YoY basis. On the profitability front, EBITDA surged by 1.4 times to ₹15.2 crores, while PAT experienced a nearly threefold increase, reaching ₹9.7 crores. This increase in profitability is attributed to a combination of volume growth and stable input costs, which stand in stark contrast to the abnormal input costs experienced in the first half of fiscal year 2023.

We hold a conviction that the India will us strong growth path of offer noteworthy and we are while a close watch on opportunities, proactively formulating strategies, keeping the global and domestic market dynamics in order to expedite our progress in the upcoming years.”

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H1 & Q2 FY24 HIGHLIGHTS

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Total Revenue EBITDA Profit After Tax
+141% +205%
+8%
132.7 15.2 9.7
122.9 +131% +192%
+2%
65.3 66.7 7.7 5.0
6.3
3.2
3.3 1.7
Q2 FY23 Q2 FY24 H1 FY23 H1 FY24 Q2 FY23 Q2 FY24 H1 FY23 H1 FY24 Q2 FY23 Q2 FY24 H1 FY23 H1 FY24
EBITDA Margin
PAT Margin
+640 bps +630 bps +490 bps +470 bps
11.5% 11.4% 7.5% 7.3%
5.1% 5.1%
2.6% 2.6%
Q2 FY23 Q2 FY24 H1 FY23 H1 FY24 Q2 FY23 Q2 FY24 H1 FY23 H1 FY24
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(Rs. In Crs.) *Includes Other Income, On Standalone Basis

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STRATEGIC INVESTMENT UPDATE

Diversification – Indag’s foray into Green Energy Sector

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Investment in Millennium Manufacturing Systems Pvt. Ltd. (erstwhile Indergy Power Systems Pvt. Ltd.)

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• On 14[th] July’23 the Board of Directors of Indag approved a strategic investment in Millenium Manufacturing Systems Pvt. Ltd (erstwhile Indergy Power Systems Pvt. Ltd.) marking a foray into green energy sector.

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• In this strategic investment, Indag has joined hands with Elcom Innovations Pvt. Ltd. and Sun Renewables WH Pvt. Ltd. to establish a technologically advanced manufacturing facility in Mohali, Punjab, for the production of power conversion systems for Battery Energy Storage Systems (BESS) projects worldwide.

• Indag will hold 51% stake in this strategic alliance and will be investing ₹11.1 Crores by March 31, 2026, in one or more tranches through a combination of equity and preference shares. Till date, Indag has invested ₹3.1 Crores.

• The manufacturing unit is currently under development and is expected to begin commercial operations by the end of Q4 FY24.

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HIGHLY UNDERPENETRATED INDUSTRY - POISED FOR GROWTH

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Improved Road Infrastructure

• More distance travelled in lesser time

• Higher tonnage vehicles with more tyres

• Less Downtime & longer tread life

• Less Damage to vehicles & tyres

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GST & Favorable Regulatory guidelines

• Fewer stopovers at check posts due to E-waybills

• Less overloading due to increasing regulations

• • End of Tyre life norms and labelling norms.

• Elimination of smaller, unorganized players and formalization of value chains .

• Extended Producer Responsibility (EPR) Policy will drive growth in retreading industry

• Restrictions on Overloading

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Growing Environmental consciousness

• Retreading prevents landfill waste and pollution caused due to incineration of discarded tyres.

• Retreading promotes sustainability and reusability, providing lesser carbon footprint.

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Increasing Radialization Trend

• Truck and Bus tyre segment has reached a radialization of ~60% and growing continuously.

• • Radial tyres are structurally stronger and supports multiple retread

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Inclination to Electric Vehicles

• While IC engines will become redundant over time, tyres will not!

• Emerging tyre designs focussed on Electric Vehicles

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INDAG POISED FOR STRONG GROWTH

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Indag continues to be a leading player in the retreading industry, demonstrating a robust recovery post-COVID-19 and amidst global and domestic market challenges. Our compelling value proposition and unwavering commitment to product innovation are propelling our leadership in this highly competitive landscape.

Key Strengths Driving Indag's Success:

• Unparalleled Product Portfolio : Indag boasts a best-in-class product range, catering to diverse customer needs across various tyre segments.

• Cutting-Edge R&D : Indag's recently established state-of-the-art research and development facility at Nalagarh, Himachal Pradesh which spearheads innovation, ensuring the delivery of best-in-class products.

• Pan-India Network : Indag's expansive network spanning over 200 dealers, 1400 retreaders, and 15 strategically located depots ensures comprehensive market coverage and customer proximity, guaranteeing pan-India availability.

• Expert On-ground team : Indag’s team of over 50 highly trained on-ground personnel, comprising sales executives, technical engineers, and dedicated fleet engineers, ensures timely solutions and services tailored to customer needs.

• Dedicated Fleet Support : Indag's dedicated assistance to fleet owners and operators helps them reduce tyre cost per kilometer (CPKM), enhancing fleet profitability.

• Indag Consultancy Services : Indag's consultancy services offer expert guidance to retreaders, covering retreading processes, machinery, and troubleshooting, ensuring efficient and cost-effective operations.

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STANDALONE P&L STATEMENT – H1 & Q2 FY24

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Particulars (₹ In Crs.) Q2FY24 Q2FY23 Y-o-Y H1 FY24 H1 FY23 Y-o-Y
Revenue from Operations 64.2 63.2 1% 127.5 119.4 7%
Other Income 2.5 2.1 5.2 3.5
Total Revenue (incl Other Income) 66.7 65.3 2% 132.7 122.9 8%
Total Raw Material 42.5 48.5 85.4 89.8
Gross Profit 24.1 16.9 43% 47.3 33.1 43%
Gross Profit % 36.2% 25.8% 35.6% 26.9%
Employee Expenses 6.1 5.4 12.0 10.7
Other Expenses 10.4 8.1 20.1 16.0
EBITDA 7.7 3.3 131% 15.2 6.3 141%
EBITDA % 11.5% 5.1% 640 bps 11.4% 5.1% 630 bps
Depreciation 1.3 1.0 2.6 2.1
EBIT 6.4 2.3 181% 12.6 4.2 193%
EBIT (%) 9.6% 3.5% 9.5% 3.4%
Finance Cost 0.1 0.0 0.3 0.1
Profit before Tax 6.2 2.2 12.3 4.2
Tax 1.2 0.5 2.6 1.0
Profit after Tax 5.0 1.7 192% 9.7 3.2 205%
PAT % 7.5% 2.6% 490 bps 7.3% 2.6% 470 bps
EPS 1.90 0.65 3.71 1.21
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STANDALONE BALANCE SHEET

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Liabilities ( ₹ In Crs.) Sep-23 Mar-23 Assets (₹ In Crs.) Sep-23 Mar-23
Non Current assets
Equity
Property, Plant and Equipments 24.3 24.2
Share Capital 5.3 5.3
Capital Work-In-Progress 3.1 0.4
Other Equity 214.6 206.6 Investment Property 20.4 21.0
Total Equity 219.9 211.8 Right of Use Assets 5.9 6.3
Other Intangible Assets 0.5 0.1
Non Current Liabilities
Financial Assets
Financial Liabilities Investments 101.9 95.7
Lease Liabilities 5.7 5.9 Loans - -
Other Financial Assets 1.9 1.3
Provisions 1.0 0.9
Income Tax Assets (net) 0.2 0.3
Deferred Tax Liabilities (Net) 3.2 3.0 Other Non-Current Assets 0.7 1.4
Total Non Current Liabilities 9.9 9.9 Total Non Current Assets 158.9 150.8
Current Assets
Current Liabilities
Inventories 43.8 42.2
Financial Liabilities
Financial Assets
Lease Liabilities 0.4 0.4 Investments 15.3 17.0
Trade Receivables 27.8 29.3
Trade Payables 23.6 22.8
Cash and Cash Equivalents 2.2 1.7
Other Financial Liabilities 3.7 3.4
Other Bank Balances 0.7 0.6
Provisions 0.1 0.2 Loans 0.2 0.2
Other Current Liabilities 2.1 2.7 Other Financial Assets 2.0 1.8
Other Current Assets 8.8 7.5
Total Current Liabilities 29.9 29.4
Total Current Assets 100.8 100.3
Total Equity and Liabilities 259.7 251.1 Total Assets 259.7 251.1
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STANDALONE CASHFLOW STATEMENT

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Particulars (₹ In Crs.) Sep-23 Sep-22
Net Profit Before Tax 12.3 4.2
Adjustments for: Non Cash / Other Items 0.3 1.0
Operating profit before working capital changes 12.7 5.2
Changes in working capital -2.6 -7.6
Cash generated from operations 10.1 -2.4
Direct taxes paid -2.7 -1.2
Net Cash from Operating Activities 7.3 -3.7
Net Cash from Investing Activities -2.4 8.4
Net Cash from Financing Activities -4.5 -4.0
Net Decrease in cash and cash equivalents 0.4 0.7
Add: Cash & Cash equivalents at the beginning of the period 1.7 0.7
Cash & Cash equivalents at the end of the period 2.2 1.4
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ABOUT THE RETREADING INDUSTRY

• What is Retreading?

• Why Retreading?

• Highly Underpenetrated Industry – Poised for Growth

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WHAT IS RETREADING?

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INDAG PIONEERED COLD RETREADING IN INDIA

RETREAD SAVES ENVIRONMENT Retreading is a green and sustainable alternative to new tyres. It is a technical process of high precision and craftsmanship used to rejuvenate an old worn-out tyre into a renewed one. Retreading means replacing the tread of the tyre, instead of buying a completely new tyre. A tyre casing is designed for multiple retreading.

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RETREADING SAVES MONEY
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WHY RETREADING?

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Saves Money[One third of the price of a new tyre ] with life nearly the same as New tyre

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1
Durable Safety
Appropriate tread can last nearly the
6 2 Tested to same stringent
same as a new tyre
performance criteria as a new tyre
Benefits of
Retreading
Low Cost Production
Environment Friendly
5 3 In retread tyre only 25% Natural
Requires ~31 Litres of crude oil to rubber is used whereas; in new tyre,
produce a retread as opposed to 88 around 80% of Natural rubber is
Litres of oil to manufacture a new tyre required
4
Extends the life of used tyres thus saving even more
Recycle
energy, CO2 and raw materials with each product cycle
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ABOUT THE COMPANY

• Our Journey

• Focused Management

• State of the Art Manufacturing Facility

• Our Presence

• Our Products

• Ensuring Quality & Reliability to Fleet Operators

• Voice of Customers

• CSR Initiatives – H1 FY24

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ABOUT THE COMPANY

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VISION & MISSION

To be No.1 company in every market served, by offering best- in- class tyre Retreading products and services through largest network of trained Channel partners committed to offer most reliable, economical and sustainable tyre solutions for commercial transport industry.

VALUES

• Excellence

• Customer Satisfaction

• Commitment

• Social Responsiveness

• • Creativity

• Openness and Diversity

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OUR JOURNEY

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Entry into Green Energy Sector

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FOCUSED MANAGEMENT

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Mr. Nand Khemka Chairman & Managing Director

Mr. Vijay Shrinivas CEO & Whole Time Director

• With the company since 2018. He was last working with Arvind Ltd. as Chief Sales & Marketing Officer. Prior to that, he was with E I DuPont India Pvt Ltd, Bharat Shell Ltd and Larsen & Toubro Ltd in various operating and leadership roles

• M.S. in Foreign Trade & MBA in Production Management from Columbia University, New York, U.S.A.

• Over 40 years of experience in

• promoting and running successfully various organizations

• MBA in International Business from Indian Institute of Foreign Trade, New Delhi ,with 21 years of experience

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Mr. Uday Khemka Director

• Son of Mr. Nand Khemka having more than 24 years of Investment Banking & Entrepreneurial experience in Emerging markets

• Vice-Chairman of the SUN Group of companies

• Educated at Eton College, he received his undergraduate and Master’s degrees at Cambridge University and received an MBA with distinction from Harvard Business School (Baker Scholar)

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Mr. Shiv Khemka Director

• Vice-Chairman of SUN Group, founded in the early 90’s

• Educated at Eton College, Brown University, and the Lauder program at The Wharton School, University of Pennsylvania

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FOCUSED MANAGEMENT

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Ms. Bindu Saxena

Non-Executive Director (Independent)

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Mr. Raj Kumar Agrawal

Non-Executive Director (Independent)

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Mr. P R Khanna

Non-Executive Director (Independent)

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Mr. Anil Bhardwaj G.M.(Accounts) & CFO

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Mr. Sushil Kumar Dalmia

Non-Executive Director (Independent)

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Ms. Sonal Garg Company Secretary

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STATE OF THE ART MANUFACTURING FACILITY

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State of the art manufacturing unit Located at Nalagarh Industrial Estate in Himachal Pradesh - Advanced Technology in terms of machinery and equipment -Indag Training centre to impart high quality of training

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OUR PRESENCE

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OUR PRODUCTS

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PRECURED TREAD UN-VULCANIZED UNIVERSAL SPRAY TYRE RETREADING
RUBBER RUBBER STRIP GUM CEMENT ENVELOPES
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• Capacity of 20,000 MT p.a.

• Servicing different vehicle types M&HCVs, LCVs, Passenger vehicles and Off-road vehicles

• Capacity of 1,800MT p.a.

• Strong bonding between casing and tread

• Shortest curing time

• Capacity of 1,800 KL p.a. with availability of 3 variants

• Provides protection to tyre buffed surface from oxidation

• Heat resistive compound

• Lowest cost per cure envelopes

• Longer retreaded life

• Specialized patterns for varied road applications such as highways, hills, mining, off-road

• High retreading productivity

• Good cured bonding between casing

and cushion

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ENSURING QUALITY & RELIABILITY TO FLEET OPERATORS

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INDAG CONSULTANCY SERVICES

It cannot be emphasized more that retreading is a highly technical process and requires the best quality retreading materials and an impeccable retreading process. Untrained and ill equipped small and fragmented retreaders are the biggest threat to the evolving and growing Retreading Industry in India.

We have designed INDAG Consultancy Services to help our retread partners win this battle. We extend the following training and services under this program -

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RETREADING RETREADING
PROCESS MACHINERY CONSULTANCY TROUBLESHOOTING
CONSULTANCY
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VOICE OF THE CUSTOMERS

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VOICE OF THE CUSTOMERS

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CSR INITIATIVES

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Indag is committed to empowering underprivileged communities through education and skill development.

We have partnered with The Nabha Foundation to provide literacy programs in primary and senior secondary schools, ensuring that every child has access to quality education and the opportunity to reach their full potential.

KEY INITIATIVES UNDER THE PROGRAM

• •

• Innovative Teaching Methods Community Engagement

• Cultural programs for students and their families

• Door-to-door teacher visits

• Board exam support and mentorship

• Regular Teacher Trainings

• Extra-curricular activities for students

• Books and stationary distribution

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MORE THAN 500 STUDENTS AND 300 FAMILIES ARE DIRECT BENEFICIARIES UNDER THE EDUCATION PROGRAM

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HISTORICAL FINANCIALS

• Last 4 Year Standalone Financials

• • Consistent Dividend Payout

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STANDALONE FINANCIALS

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Particulars (Rs. In Crs.) FY23 FY22 FY21 FY20
Revenue from Operations 243.9 166.9 169.8 186.8
Other Income 8.4 6.4 4.0 4.6
Total Revenue (incl Other Income) 252.2 173.3 173.9 191.4
Total Raw Material 174.3 120.2 107.6 121.1
Gross Profit 77.9 53.2 66.3 70.3
Gross Profit (%) 30.9% 30.7% 38.1% 36.7%
Employee Expenses 22.1 20.7 21.0 20.6
Other Expenses 33.8 25.3 25.0 29.0
EBITDA 22.0 7.2 20.3 20.7
EBITDA (%) 8.7% 4.2% 11.7% 10.8%
Depreciation 4.5 4.2 3.3 3.7
EBIT 17.6 3.0 17.0 17.0
EBIT (%) 7.0% 1.7% 9.8% 8.9%
Finance Cost 0.3 0.2 0.3 0.3
Profit before Tax 17.2 2.9 3.5 16.7
Tax 4.0 0.3 0.8 3.4
Profit after Tax 13.2 2.6 2.8 13.3
PAT % 5.2% 1.5% 1.6% 6.9%
EPS 5.04 0.99 1.05 5.06
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• Exceptional Item of Rs 13.24 cr as the Company opted for the Himachal Pradesh{Legacy Cases Resolution) Scheme, 2019 on January 21, 2021 for settlement of Entry Tax matter of earlier years which was pending decision before Honorable High Court of Himachal Pradesh.

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STANDALONE BALANCE SHEET

Liabilities (Rs. In Crs.)	Mar-23	Mar-22	Mar-21	Mar-20
Equity
Share Capital	5.3	5.3	5.3	5.3
Other Equity	206.6	201.3	191.9	181.3
Total Equity	211.8	206.5	197.2	186.6
Non Current Liabilities
Financial Liabilities
Lease Liabilities	5.9	-	-	-
Provisions	0.9	0.9	0.9	0.7
Deferred Tax Liabilities (Net)	3.0	3.5	2.8	2.5
Total Non Current Liabilities	9.9	4.4	3.7	3.2
Current Liabilities
Financial Liabilities
Lease Liabilities	0.4	-	-	-
Trade Payables	22.8	16.6	15.2	15.5
Other Financial Liabilities	3.4	4.4	3.3	3.1
Provisions	0.2	0.1	0.5	0.3
Other Current Liabilities	2.7	1.8	2.3	1.8
Total Current Liabilities	29.4	22.9	21.3	20.6
Total Equity and Liabilities	251.1	233.8	222.2	210.3

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Assets (Rs. In Crs.)	Mar-23	Mar-22	Mar-21	Mar-20
Non Current assets
Property, Plant and Equipments	24.4	23.3	25	25.2
Capital Work-In-Progress	0.4	1.0	19.3	10.1
Investment Property	21.0	21.6	-	-
Right of Use Assets	6.3	-	-	-
Other Intangible Assets	0.1	0.2	0.1	0.2
Financial Assets
Investments	95.7	85.7	87.3	77.1
Loans	0.0	0.0	-	-
Other Financial Assets	1.3	0.5	1	0.6
Income Tax Assets (net)	0.3	2.3	2.8	0.8
Other Non-Current Assets	1.4	0.2	2.3	2.1
Total Non Current Assets	150.8	134.8	137.9	116.1
Current Assets
Inventories	42.2	39.2	36	36.9
Financial Assets
Investments	17.0	26.7	7.3	5.3
Trade Receivables	29.3	22.6	29.5	37.2
Cash and Cash Equivalents	1.7	0.7	1.7	1.1
Other Bank Balances	0.6	1.7	1.9	2.1
Loans	0.2	0.2	0.2	0.2
Other Financial Assets	1.8	1.5	1.5	5.4
OtherCurrentAssets	7.5	6.3	6.2	5.9
Total Current Assets	100.3	99.0	84.3	94.2
Total Assets	251.1	233.8	222.2	210.3

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STANDALONE CASHFLOW STATEMENT

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Particulars (Rs. In Crs.) Mar-23 Mar-22 Mar-21 Mar-20
Net Profit Before Tax 17.2 2.9 3.5 16.7
Adjustments for: Non Cash / Other Items 1.8 0.7 13.1 -0.2
Operating profit before working capital changes 19.0 3.6 16.6 16.6
Changes in working capital -6.6 6.0 7.8 -3.6
Cash generated from operations 12.5 9.6 24.4 13.0
Direct taxes paid -2.8 -1.1 -11.7 -4.7
Net Cash from Operating Activities 9.7 8.5 12.7 8.3
Net Cash from Investing Activities -1.8 -3.0 -9.4 2.5
Net Cash from Financing Activities -6.8 -6.5 -2.6 -12.2
Net Decrease in cash and cash equivalents 1.0 -1.0 0.7 -1.5
Add: Cash & Cash equivalents at the beginning of the period 0.7 1.7 1.1 2.5
Cash & Cash equivalents at the end of the period 1.7 0.7 1.7 1.1
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CONSISTENT DIVIDEND PAY-OUT

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Dividend
Pay-Out 15% 17% 19% 19% 20% 29% 40% 59% 47% 247% 242% 48%
12.6
12.2
10.7
9.5
8.4
8.0
6.0
5.1 5.0
4.1
2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4
2.0
1.6
1.2
1.0 1.0
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
EPS DPS
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31

Adjusted EPS & DPS for the split

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For further information, please contact

Company :

Investor Relations Advisors :

Indag Rubber Ltd CIN: L74899DL1978PLC009038 Mr. Anil Bhardwaj, G.M.(Accounts) & CFO anil@indagrubber.com www.indagrubber.com

Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285 Mr. Deven Dhruva / Mr. Varun Shivram deven.dhruva@sgapl.net / varun.shivram@sgapl.net +91 98333 73300 / +91 91378 91895 www.sgapl.net

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