KDDL Ltd — Investor Presentation 2019

May 4, 2019

KDDL Limited

Kamla Centre, SCO 88-89, Sector 8-C, Chandigarh - 160 009, INDIA. Tel: +91 172 2548223/24, 2544378/79 Fax: +91 172 2548302, Website:www.kddl.com CIN-L33302HP1981PLC008123

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Ref : KDDL/CS/2019-20/05 Date : 4[th] May, 2019

National Stock Exchange of India Limited, Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra, Mumbai - 400 051 Trading Symbol : KDDL

BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001

Scrip Code : 532054

Subject: Results Update Presentation of Ethos Limited, Material Subsidiary of the Company Dear Sir/ Madam,

Please find enclosed herewith Q4 and FY19 Results Update Presentation of Ethos Limited, Material Subsidiary of the Company.

Please take the same on record.

Thanking you,

Yours truly

For KDDL Limited

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Brahm Prakash Kumar Company Secretary

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Q4 and FY19 Result Update Presentation May 2019

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Safe Harbor

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This presentation and the accompanying slides (the “Presentation”), which has been prepared by Ethos Limited, a material subsidiary of KDDL Limited, (the “Company”), 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 whatsoever. 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 forwardlooking 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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FY19 Snapshot

Record Performance in FY19

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FY19 vs FY18 (Consolidated*)

Billings (Rs. Cr)

Revenue (Rs. Cr)

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+22%
512.9
420.0
FY18 FY19
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+24%
445.1
357.8
FY18 FY19
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Normalized EBITDA (Rs. Cr)

PAT (Rs. Cr)

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+97%
36.3
18.5
FY18 FY19
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+226%
13.2
4.0
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*Consolidated Financials include Watch Retailing Business and Digital Marketing business

FY18

FY19

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Record Performance in FY19

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FY19 vs FY18 (Consolidated*)

Debt/Equity

ROCE %

ROE %

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0.69 +668bps
0.58
14.0
7.3
FY18 FY19 FY18 FY19
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+544 bps
9.8
4.4
FY18 FY19
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• Reported Strong performance in FY19 on a high base of FY18. Benefits of scale and long term relationships with Watch Brands have helped to report record margins on Full year basis

▪ With operating leverage to further play out in coming quarters we expect improvement in Return ratios to continue

▪ Robust Business model built; targeting to achieve 10% EBITDA margins over the next 2-3 years in Watch retailing business

*Consolidated Financials include Watch Retailing Business and Digital Marketing business

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Consolidated Profit & Loss

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Particulars (Rs. Crores)*	Q4FY19	Q4FY18	YoY %	FY19	FY18	YoY %
Revenue	102.9	97.4	6%	445.1	357.8	24%
Cost of Goods Sold Gross Profit	68.1	71.5		315.9	271.8
	34.8	25.8	35%	129.2	86.1	50%
Employee Expenses Other Expenses	11.3	6.0		33.4	22.6
	18.2	13.9		61.8	47.5
Reported EBITDA Margin (%) Interest Depreciation	5.3	5.9	-11%	34.0	15.9	114%
	5.1%	6.1%		7.6%	4.5%
	2.0	1.5		7.7	6.6
	1.3	1.3		4.8	4.1
PBT Tax PAT Cash PAT	2.0	3.1		21.5	5.3
	1.0	0.5		8.4	1.2
	0.9	2.6		13.2	4.0
	2.3	3.9		18.0	8.1

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*Consolidated Financials include Watch Retailing Business and Digital Marketing business

Consolidated Balance Sheet

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Particulars (Rs. Crores)*	Mar-19	Mar-18
Shareholder’s Fund Share Capital Other Equity Non-current liabilities Long Term borrowings Long Term Provisions Current liabilities Short Term Borrowings Trade Payables Other Current liabilities Short Term Provisions	134	92 16 76 13 11 1 146 41 77 27 0
	17
	117
	16
	14
	2
	148
	53
	67
	29
	0
Total Liabilities	299	250
Non-current assets Fixed Assets Long Term loans and Advances Other Non Current Assets Deferred Tax Asset Current assets Inventories Trade Receivables Cash and Bank Balances Short Term Loans and Advances Other Current Assets	50	40 17 10 7 5 210 171 6 7 4 21
	27
	11
	6
	6
	249
	206
	8
	9
	4
	22
Total Assets	299	250

*Consolidated Financials include Watch Retailing Business and Digital Marketing business

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Consolidated Performance Reconciliation

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Particulars (Rs. Crores)	Q4FY19	Q4FY18	YoY %	FY19	FY18	YoY %	▪Standalone Watch Retailing EBITDA in Q4FY19 reported 9% increase on YoY basis with margin of 6.3% ▪Consolidated EBITDA in Q4 was impacted by a loss of Rs. 1.2 crores in Digital Marketing subsidiary Cognition ▪FY19 Standalone Watch Retailing EBITDA grew 92% on YoY basis to Rs. 30.5 crores with margin of 6.9% ▪Watch Retailing PBT reported an increase 3.2% on YoY basis Commentary	▪Standalone Watch Retailing EBITDA in Q4FY19 reported 9% increase on YoY basis with margin of 6.3% ▪Consolidated EBITDA in Q4 was impacted by a loss of Rs. 1.2 crores in Digital Marketing subsidiary Cognition ▪FY19 Standalone Watch Retailing EBITDA grew 92% on YoY basis to Rs. 30.5 crores with margin of 6.9% ▪Watch Retailing PBT reported an increase 3.2% on YoY basis Commentary
Ethos Ltd - Watch Retailing Revenue Cognition - Digital Marketing Revenue Less: Inter company transactions Consolidated Revenue Ethos Ltd - Watch Retailing EBITDA Cognition - Digital Marketing EBITDA Consolidated EBITDA Ethos Ltd - Watch Retailing PAT Cognition - Digital Marketing PAT Consolidated PAT	102.9	97.4	6%	443.4	357.8	24%		▪Standalone Watch Retailing EBITDA in Q4FY19 reported 9% increase on YoY basis with margin of 6.3% ▪Consolidated EBITDA in Q4 was impacted by a loss of Rs. 1.2 crores in Digital Marketing subsidiary Cognition ▪FY19 Standalone Watch Retailing EBITDA grew 92% on YoY basis to Rs. 30.5 crores with margin of 6.9% ▪Watch Retailing PBT reported an increase 3.2% on YoY basis
	1.3 -			8.7 -
	-1.3 -			-7.0 -
	102.9 97.4			445.1 357.8
	6.4		9%	30.5		92%
			-34%	11.0		172%

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Reconciliation to Consolidated Normalised EBITDA

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Particulars (Rs. Crores)*	FY19	FY18
Revenue	445.1	357.8
Cost of Goods Sold Employee Expenses	315.9	271.8
	33.4	22.6
Other Expenses Normalized EBITDA Normalized EBITDA %	59.5	45.0
	36.3	18.5
	8.2%	5.2%
Forex Items Credits written off Provision for Legal case Reported EBITDA #	1.3	2.0
	-	0.6
	1.0	-
	34.0	15.9

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*Consolidated Financials include Watch Retailing Business and Digital Marketing business

Standalone Profit & Loss

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Particulars (Rs. Crores)#	Q4FY19	Q4FY18	YoY %	FY19	FY18	YoY %
Revenue	102.9	97.4	6%	443.4	357.8	24%
Cost of Goods Sold Gross Profit	68.1	71.5		315.9	271.8
	34.8	25.8	35%	127.5	86.1	48%
Employee Expenses Other Expenses	10.7	6.0		32.4	22.6
	17.6	13.9		64.5	47.5
Reported EBITDA Margin (%) Interest Depreciation	6.4	5.9	9%	30.5	15.9	92%
	6.3%	6.1%		6.9%	4.5%
	1.9	1.5		7.6	6.6
	1.3	1.3		4.8	4.1
PBT Tax PAT Cash PAT	3.2	3.1	3%	18.2	5.3	244%
	1.5	0.5		7.2	1.2
	1.7	2.6		11.0	4.0
	3.1	3.9		15.8	8.1

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Financials on Standalone basis pertain to Watch Retailing business

Standalone Balance Sheet

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Particulars (Rs. Crores)#	Mar-19	Mar-18
Shareholder’s Fund Share Capital Other Equity Non-current liabilities Long Term borrowings Long Term Provisions Current liabilities Short Term Borrowings Trade Payables Other Current liabilities Short Term Provisions	132	92 16 76 13 11 1 146 41 77 27 0
	17
	115
	16
	14
	2
	149
	53
	68
	28
	0
Total Liabilities	297	250
Non-current assets Fixed Assets Long Term loans and Advances Other Non Current Assets Deferred Tax Asset Current assets Inventories Trade Receivables Cash and Bank Balances Short Term Loans and Advances Other Current Assets	50	40 17 10 8 5 210 171 6 7 4 21
	26
	11
	6
	6
	247
	206
	7
	8
	4
	22
Total Assets	297	250

Financials on Standalone basis pertain to Watch Retailing business

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Largest Pan India retailer of Luxury Watches

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Additions
Panerai Boutique,
Chanakyapuri,
Delhi
Oris Boutique,
Palladium Mall,
Chennai
Stores as of FY18
Multi Brand Boutique,
43
Palladium Mall,
Chennai
Rado Boutique,
Viviana Mall, Stores as of FY19
Thane
47
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With 47 pan India stores, Ethos offers the widest variety of Luxury watches in India

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Fund Raise strengthens Balance Sheet

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Rs. 29cr Rs. 480cr 72.53 %
Shareholding of
Ethos Limited raises Funds raised at a pre KDDL Ltd (directly
money valuation of and indirectly) in
Rs. 29 crores equity
funds in FY19 Rs. 480 crores Ethos Ltd on fully
diluted basis
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Equity Funds will primarily be utilized towards New Store rollouts and working capital

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New Initiatives in FY19

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Repair and Service

Pre-Owned Watches

Repair and services over 60 of the World’s top Luxury watch Brands Strap and Bracelet replacement Servicing of Movements Bracelet link removal and adjustment Ultrasonic Cleaning	Repair and services over 60 of the World’s top Luxury watch Brands Strap and Bracelet replacement Servicing of Movements Bracelet link removal and adjustment Ultrasonic Cleaning
Bracelet link removal and adjustment	Ultrasonic Cleaning

Pre-Owned Watches has the potential to expand the volume and customer base

Ethos has the expertise to check the authenticity and to ensure that each time piece is in great condition for its new owner to enjoy

The prices we quote for each pre-owned watch is based on a thorough assessment of its current market value, and its years of use. This makes it a fair price

Financial consultancy Kepler Cheuvreux estimates the current global market for pre-owned watches alone to be worth upward of USD $15 billion annually

Ethos Watches is the #1 destination for Luxury Watch shoppers in India

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Operational Snapshot

Ethos - Performance Trend*

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Revenue (Rs. Cr)

Front-end Rent & Manpower Cost as % of Revenue#

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+24%
445.1
357.8
328.7 327.0
281.0
FY15 FY16 FY17 FY18 FY19
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11.7% 11.7% 11.4%
10.1% 10.1%
FY15 FY16 FY17 FY18 FY19
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EBITDA (Rs. Cr)

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EBITDA Margin
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+114%
34.0
15.9
14.3
7.3
3.3
FY15 FY16 FY17 FY18 FY19
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7.6%
5.1%
4.5%
2.2%
1.0%
FY15 FY16 FY17 FY18 FY19
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*FY18 and FY19 financials are as per IND AS

Ethos - Online Sales Trend

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Online Billings (Rs. Cr)

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Online Billing as % of Total Billing
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+4%
31.8% 32.4%
30.7%
141.4
136.0 27.6%
113.6 116.0 24.2%
76.3
FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
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Visitors (‘000)
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+12%
14,735
13,191
10,001
7,887
5,901
FY15 FY16 FY17 FY18 FY19
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Ethos - Repeat Sales Trend

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Club ECHO Member Base
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Repeat Billings (Rs. Cr)

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216,704 175.8
184,891
128.3
154,357
70.8
Mar’17 Mar’18 Mar’19 FY17 FY18 FY19
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Ethos is India’s Largest Luxury Watch Retailer

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Pan-India Presence with Offline Store Network

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India’s Largest retail chain of Luxury
Watches with 47 stores
Ludhiana Presence across Metros, Tier I, Tier II
Chandigarh
cities
New Delhi
Gurugra m Noida
Jaipur
Lucknow
1 Duty Paid Retail Outlet at Domestic
Terminals
Bhopal
Ahmedabad
Indore
Nagpur
Pune 2 Duty Free Retail Outlets at
Mumbai International Terminals
Thane
Hyderabad
Store Selection Criteria :
Reputed /Pedigree Mall at
Bengaluru Chennai Premium location where other
Premium brands present and
having better facility
management
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Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness

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Regulatory Headwinds of the Past…

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• JAN - 16 NOV - 16 FEB - 18

• JUN - 16 Demonetization of

• Requirement of Pan Increase in NOV - 17

• Cards for transactions Tax Collection at high value currency Customs Duty on higher than Rs. 2 lakh Source requirement for GST rate revision Imported Watches all cash transactions from 28% to 18% above Rs. 2 lakhs

• • Widened portfolio in the price points of Rs. 2 lakhs to Rs. • Closing down stores that • Created a significant positive 5 lakhs & reduced exposure price points from Rs. 5 lakhs do not seem to have an momentum in our overall business to Rs. 10 lakhs adapting Learner cost structure economic potential • Expansion in Tier 2 cities to create a

• • Focus shift on exclusive brand strategy with a better • Increased Focus on ‘Watch Retailing Destination’ margin profile Digital Strategy

• Increase equity of brands & retail outlays

...led to strengthening Ethos Business Model with strategic approach, resulting in growth & improving profitability…

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thus validating our Business Strategy

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• Exclusive New Store Digital Right Mix Brands Strategy ▪ Targeting to open new ▪ Leverage on our Digital ▪ Targeting to have a stores in Tier 2 cities platform to drive sales right mix of Brands at and customers all price points leading

• ▪ Ethos stores will be a to faster churn in 1 stop destination for ▪ Digital strategy to lead Inventory and watches to cost optimization increasing profitability and margin growth

• Higher share of ▪ Targeting to open new Business from stores in Tier 2 cities Exclusive Brands ▪ Ethos stores will be a 1 stop destination for watches

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Ethos is India’s Preferred Destination for Luxury Watches…

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Knowledge

One-stop shop

Mind Share

Ethos’ access to Swiss Watch Brands will make it a ‘1 Stop Shop’ for Luxury Watches In India

Ethos has well trained Knowledgeable staff to ensure highest customer satisfaction and increasing repeat buying.

Ethos to be synonymous with Luxury watches retailing in India thus gaining ‘Customer Mind Share ‘

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Online

Trust

Ethos makes Swiss Watches ‘Available Online’ in a confluence of Online-Offline model helping us to leverage the strength of Swiss Watch Brands and our wide Distribution Reach

Ethos DNA is all about Authenticity increasing the ‘Trust factor’ in a large Unorganized market.

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With an Asset Light Model…

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Improve Return On Capital Employed

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Operating Leverage Playing Out

Reduce Front-End Cost like Manpower and Rental expenses

Maximize Reach

Expand catchment area of offline store, leading to higher revenue

Minimize Investment

Focus on Online Presence & Rationalize Store Presence

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and Continued Investments in Advertising…

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Print Ads in leading newspapers…

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… with ETHOS co-branding

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and TRUST CAMPAIGN across channels…

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… to Educate consumers about Watches

… to Create Awareness about unscrupulous activities

… To Reinforce our “ETHOS”

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Offering the best Watch Brands under one roof

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The Brand Names mentioned are the property of their respective owners and are used here for identification purposes only

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For further information, please contact:

Company : Investor Relations Advisors : Ethos Ltd. CIN : U52300HP2007PLC030800 CIN : U74140MH2010PTC204285 Mr. C. Raja Sekhar Mr. Shogun Jain/ Mr. Shrenik Shah +91 7738377756 / +91 9664764465 rajasekhar@ethoswatches.com shogun.jain@sgapl.net / Shrenik.shah@sgapl.net www.ethoswatches.com www.sgapl.net

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