ORIENTAL AROMATICS LIMITED — Investor Presentation 2021

Feb 8, 2021

Ref: OAL/BSE/NSE/86/2020-21

8 th February, 2021

To To The Manager The Manager Department of Corporate Services, Listing Department, Dalal Street, Mumbai- 400 001 Bandra (East), Mumbai - 400 051 Scrip ID : OAL Symbol: OAL Scrip Code: 500078 Series : EQ

BSE Limited, National Stock Exchange of India Limited Phiroz Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex

Sub: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir/Ma'am,

This is to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations"), read with Part A of Schedule III of the Listing Regulations, we hereby enclose the Investor Presentation for the month of February, 2021.

Pursuant to Regulation 46(2) (0) of the Listing Regulations, the aforesaid Investor Presentation is also uploaded on the website of the Company i.e.www.orientalaromatics.com.

Kindly take the same on your record.

Thanking you.

For Oriental Aromatics Limited

KIRANPREET KAUR GILL Digitally signed by KIRANPREET KAUR GILL Date: 2021.02.08 19:01:21 +05'30'

Kiranpreet Gill Company Secretary & Compliance Officer

Registered Office 133, Jehangir Building, 2nd Floor, M.G. Road, Fort, Mumbai 400 001, India. T +91-22-66556000 / 43214000 F +91-22-66556099 E oa@orientalaromatics.com CIN L17299MH1972PLC285731

www.orientalaromatics.com

INVESTOR PRESENTATION | February 2021

Executive Summary

Overview

• Oriental Aromatics Ltd. is one of the largest Indian manufacturers of a variety of Aroma Chemicals, Camphor, Fragrances and Flavours.
• The company is one of the privileged few integrated manufacturers of fragrances and flavours as well as aroma chemicals globally.
• The Company aspires to become a global player in the specialty aroma chemicals and use these synergies to become one of the most prominent fragrance and flavour companies.
• The company is listed on both NSE and BSE with an approximate Market Capitalisation of INR 18,701 Mn as on December 31, 2020.

Business Mix

• Aroma Chemicals and Camphor Ranging from Pinene derivatives, to petrochem derivatives, and even musk and sandalwood derivatives, OAL delivers quality aroma chemicals to clients across the world.
• Flavours and Fragrances OAL delivers innovative flavours and fragrance raw materials to marquee FMCG companies.

Manufacturing Plants & Capacities Aroma Chemicals and Camphor:

• Bareilly, U.P. 7,200 MTPA
• Vadodara, Gujarat 6,200 MTPA

Flavours and Fragrances:

• Ambernath, Maharashtra - 6,000 MTPA

R&D Facilities

• Centre for Innovation at Mumbai
• Process re-engineering lab at Vadodara

FY20 Consolidated Financials

Company Overview

Company Overview

• The Fragrance and Flavours business of Oriental Aromatics was founded by Mr. Keshavlal Bodani in 1955 and has been nurtured and handed down to three generations of the Bodani's.
• In August 2008, Oriental Aromatics' promoters acquired a controlling stake of 57.66% in the listed entity of Camphor & Allied Products Ltd.(CAPL), a key supplier of Camphor and other specialty aroma chemicals. Furthermore in April, 2017,Oriental Aromatics was fully amalgamated into the listed entity and thereafter, the name of CAPL was changed to Oriental Aromatics Limited (OAL).
• Today, The Company is one of the largest manufacturers of variety of specialty based aroma chemicals, and camphor, with a vast product range including Synthetic Camphor, Terpineols, Pine Oils, Astromusk, several other specialty aroma chemicals finding applications in a wide array of industries ranging from Cosmetics, Soaps, Pharmaceuticals and many more.
• OAL's custom designed fragrances are found in fine fragrances, incense sticks, candles, and various FMCG products like soaps, shampoos, hair oils, detergents, etc. and it also provides flavours for ice-creams, bakeries, confectionaries, beverages, chewing gums, chocolates etc.
• The Company has evolved into a one stop solution provider for the flavour and fragrance industry.

Fragrances Flavours Aroma Chemicals Camphor

Value Chain

Sources of Raw

Pine Tree

Petroleum

(Shellac Powder)

Alpha Pinene

Aroma Ingredients Speciality Aroma Chemicals Pine Oil Terpene based aroma chemicals Others Materials Raw Materials Products/Blends

Synthetic Camphor

Fragrance and Flavour Products

Industrial Fragrance Compounds

Flavour Compounds

Petro Chemicals Hair Oils, Customized Fragrance Compounds

Cosmetics

Prayer Rituals

Detergents

Shampoos, Soaps

Mr. Dharmil A. Bodani - Managing Director

• A dynamic personality with vast experience of more than 3 decades in fragrance, flavours and chemical industry.
• Has specialized training on perfumery in Grasse, France and been instrumental in the formation and implementation of the overall strategy and vision of the group. He has been playing an important role in product selection on the chemicals side.

Mr. Shyamal A. Bodani - Executive Director

• Started his career in the year 2003 and currently he undertakes local as well as overseas marketing sales and export promotion etc.
• Plays a key role in the formation and implementation of strategy of the chemicals division (especially from the sales and marketing perspective).

Mr. Bhadreshkumar A. Pandiya- Executive Director- Operations

• Has 24 years of rich experience in Chemical Manufacturing industries in Specialty Chemicals, Aromatic, Petrochemical, Hydrogenation, Agro- intermediate and Biochemical
• Has expertise in product development, systems improvement, strategic cost control, technical service, etc

Mr. Satish Kumar Ray- Executive Director- Operations

• Serves as Whole Time Director designated as Executive Director Operations in Oriental Aromatics Limited.
• Has 21 years of experience in different fields like Policy Formulation, Advisory, Planning, and Executive Task related to HR, Commercial, Purchase, Store, Sales, Supply Chain, Indirect Taxation, Custom, DGFT, GST, Insurance and claim management, etc.

Ms. Amruda V. Nair - Non-Executive & Independent Director

• Has experience in leading international hospitality brands. Graduate in Economics, holds degree in Hospitality Management from Netherlands and Masters from Cornell, NY .
• Ms. Nair is responsible for designing the brand's signature programming and spearheading overall business development to create a unique proposition of smart hospitality.

Mr. Prakash V. Mehta - Non-Executive & Independent Director

• Graduated in law from the Bombay University in 1963 and qualified as a Solicitor in 1966. Appointed as Notary in 1996. Member of Maharashtra & Goa Bar Association and also a Member of the Managing Committee of the Bombay Incorporated Law Society.
• Presently holds directorship in various public and private limited companies.

Mr. Ranjit A. Puranik - Non-Executive & Independent Director

• Managing Director of Shree Dhootapapeshwar Ltd., a family led enterprise involved in manufacturing of Ayurveda healthcare formulations.
• President of an Ayurveda college and is Advisor to the Herbal and Ayush Panel at pharmexcil. He has represented the AYUSH Industry cause for the past 16 years in forums related to Ayurveda, medicinal plants and regulatory reforms.

Mr. Harshvardhan A. Piramal - Non-Executive & Independent Director

• Holds a Bachelor of Science (Physics) degree from Kings College London and a MBA (specializing in Finance and Strategy) from the London Business School.
• He is the Vice Chairman of Morarjee Textiles, and Piramal Renewable Energy, all part of Ashok Piramal Group.
• Passionately involved in tiger conservation and is a trustee of Conservation Wildlands Trust.

Geographical Presence

Key Milestones

Manufacturing Facilities

Bareilly, Uttar Pradesh

• First Synthetic Camphor plant in India with technology from DuPont of USA in 1964.
• This plant produces more than ~7,200 MTPA of pine based chemicals and other end products.
• The plant has the ability to handle chemical operations such as fractionation, esterification, saponification, hydrogenation, dehydrogenation, oxidation, peroxidation, pyrolysis, etc.
• The plant is accredited as Pharma Grade with WHO-GMP and USFDA certifications.
• The plant mainly manufactures camphor and speciality aroma ingredients based on Alpha Pinene.

Vadodara, Gujarat

• The-state-of-the-art manufacturing aroma chemicals facility was set up at Vadodara, Gujarat in 1999 and a new multi purpose plant facility added in 2018, with an end product capacity of ~6,200 MTPA.
• Products manufactured at this plant are of international standards and 75% of the annual production is exported all over the world.
• The plant produces wide range of generic speciality aroma ingredients from Pinene, Petrochem and other raw material sources.

• Chemical operations handled at this plant include epoxidation, peroxidation, hydrogenation, aldol condensation, cyclization, esterification, bromination, etc.

Ambernath, Maharashtra

• This state-of-the-art manufacturing facility has capacity of ~6,000 MTPA of fragrance and flavour which started operations in 2014.
• It is a very versatile manufacturing facility capable of producing fragrances as well as flavors.
• This facility also has a state of the art and modern R&D / QA infrastructure.

R&D Set up

Centre for Innovation at Mumbai

• State of the art synthesis lab
• DSIR approved lab
• Dedicated to research on generic speciality aroma ingredients in a sustainable way
• Between 20-25 research associates
• Head-space GC-MS, Flash chromatography, UV along with regular analytical set-up, Well equipped bench scale laboratories to carry out various organic reactions like Aldol condensation, Oxidation, Reduction, hydrogenation, hydration, Acetylation, Esterification, Isomerization
• Fully Operational environmental lab for carrying out sustainability studies

Process re-engineering lab at Vadodara

• DSIR approved lab
• Successfully developed several new products of Turpentine chemicals
• Well Equipped pilot Plant
• Facility to carry out high pressure reactions and various lab scale fractionating columns for separation

The company has a planned capital expenditure of ~INR 3,500- INR 4,000 Mn for the next 3-5 years.

CapEx Detail	Location	Product	Expected Investment	Expected year of Commissioning
Brownfield Expansion of the MPP	Vadodara	Aroma Chemicals	~INR100 Mn	Completed in December2020
Dedicated aroma chemicalplant	Vadodara	Aroma Chemicals	~INR200-250 Mn	H2-FY-22
Hydrogenation Plant	Vadodara	Aroma Chemicals	~INR1,500 Mn	H2-FY-22
Mahad CapEx	Mahad	Aroma Chemicals & Camphor	~INR1,500-2,000 Mn	FirstPhase-H2-FY-23

Key Strengths

• 6 decades of experience in Aroma Chemicals and 7 decades of experience in Fragrances and Flavours
• Evolved as a one stop shop solution provider for the F&F Industry

• Fosters excellence through innovation and gives utmost important to R&D

• Capable of producing fragrances as well as flavours and speciality chemicals • First synthetic Camphor plant in India backed by technology from Dupont.

• Integrated and fully automated DCS controlled chemical manufacturing facilities

• Strong Raw Material sourcing capability
• Pioneer in the field of Terpene Chemistry in India
• One of the few companies globally who are fully integrated in the space of Fragrances and Flavours

• • The company's vast product range finds applications in array of industries ranging from F&F, Pharmaceuticals, Soaps & Cosmetics, Rubber & Tyre, Paints & Varnishes, etc.

Sustainibility

• Adopted a sustainable sourcing policy for key elements such as Turpentine Oil and Alpha-Pinene, which are essential raw materials for the products
• One of the few manufacturers who can use turpentine oil that has been derived from all sources in the world
• Sustainable processes ensuring high quality which minimises the quantities required and cut back on wastes

Business Overview

Pine based Aroma Chemicals Manufacturing

Aroma Chemicals Industry Overview

• The global market for aroma chemicals is estimated at USD 4,727 Mn in 2018, and is forecast to grow at a CAGR of 5.3% to reach USD 6,126 Mn by 2023.
• In FY18 Aroma chemicals contributed 16% in the F&F Industry and the major driver was due to growth in middle class consumption in the emerging economies.
• Terpenoids represent the largest product category, with a share of 31%, closely followed by Benzenoids with 29%.
• The global aroma chemicals market is highly consolidated among key market players. The top four players account for ~ 55% share of the global market.
• In terms of source, the synthetic segment dominates the global aroma chemicals market due to its characteristicsto replicate any natural aroma, and also ease of availability.
• China is a key exporter of specialty chemicals, including aroma chemicals, to various countries in Europe and Asia Pacific.

Growth Drivers:

• Increasing demand for cosmetics and homecare products
• The growing retail sector in emerging economies of the region has made the availability easier of products, such as cosmetics, fragrance, soap, and detergents, which is further surging the market growth .

Applications:

• Can be found in food, wine, spices, essential oils, perfumes and fragrance oils. These compounds have a considerable role in the manufacturing of flavours and fragrance.

Global Market for Aroma Chemicals, 2018-2023

Aroma Chemicals

• Every aroma has a specific need and a unique characteristic. Whether it's going to be used to mask, mimic or maximise a taste or smell, is key.
• Each aroma molecule can be adapted to suit a variety of products and offer their own signature fragrance. After all, an aroma of a product is it's essence.
• OAL has the ability to manufacture aroma ingredients from bulk to specialty grade at its manufacturing facility in Bareilly and Vadodara.
• OAL has had a longstanding relationship to supply a broad spectrum of aroma chemicals that are used in flavours and fragrances to global majors like IFF, Givaudan, Symrise etc.

1SandalwoodDerivates•Mysornaol:AB18019•Durganol:AB18018•Shivanol:AB18016•Shaktinol:AB18017	2Musk polycyclic& Macrocyclic•Astromusk:AB08072•Cambrettolide:AB15137	3PineneDerivatives•Alpha-PineneEpoxide:AB08062•Alpha CampholenicAldehyde: AB08061•Camphor GF: AB08002•IsobornylAcetate:AB08031•Isoborneol: AB08011•Terpineol: AB08019•TerpinylAcet:AB08033	4Specialty AromaChemicals•Astromeran:AB08066•Captaite: AB15142•Rose Nitrile: AB15143•Sealone: AB18006•Safranal: AB15139•Harbacyclohexane:AB18010•Amber Coeur:AB18009	5Generics offered by Specialty ChemicalsDivision•Esters of Allylalcohol•Esters of Geraneol& Citronellol•Esters of Phenyl Acetic acid, Cinnamicacid•Esters of Cinnamicalcohol & Cyclohexanol•Esters of Para cresol & Phenyl Ethyl alcohol•Aromatics ethers like Nerolincrist, etc.•PhenoxyethylIsobutyrate•Nitriles of various Aldehydes Like c12Lauric,c10, CitronellylNitrile
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Camphor

• OAL is one of the prominent manufacturers of Camphor in India
• Camphor is a waxy, flammable, white or transparent solid with a strong aroma.
• It can be produced from alpha-pinene, which is abundant in the oils of coniferous trees and can be distilled from turpentine produced as a side product of chemical pulping.
• It is primarily used in India for religious purposes, but also finds usage in fragrances, cooking, and pharmaceutical industry.

Camphor Benefits

• Relieves Skin Itching And Irritation
• Alleviates Pain
• Soothes Burns
• Cures Acne
• Strengthens Hair Root
• Antioxidant Properties
• Work As An Insecticide
• Used In Aromatherapy

Features

• Natural Ingredient
• Good for blemish free skin
• Flammable
• Not so expensive
• Easily Available

Applications

The sense of smell is the first of all our senses to develop. Even before we are born, our sense of smell is fully formed and functioning.

A study indicates that 80% of the flavours we taste come from what we smell (which is why foods can become flavourless when we have a blocked nose)

Smell is the most sensitive of the senses. People can remember smells with 65% accuracy after a year, while visual recall is about 50% after three months.

Studies show that 75% of emotions are triggered by smell which is linked to pleasure, well-being, emotion and memory – handy when you want people to buy your products.

Scents can have positive effects on mood, stress reduction, sleep enhancement, self-confidence, and physical and cognitive performance.

The human brain can process roughly 10,000 smells in an area the size of a postage stamp, each triggering a neural response.

Your sense of smell accounts for 75-95% of the impact a flavour has.

Flavours & Fragrance Industry Overview

• The global flavour and fragrance (F&F) market is valued at USD 21 Bn in 2018 and is projected to reach USD 35 Bn by 2028 growing at a CAGR of 5.1%.
• Of the main global regions, the flavours and fragrances market is largest in the Asia-Pacific region, followed by North America and Western Europe.
• The Indian Flavour & Fragrance (F&F) market in 2018 is INR 6,000 Cr and is primarily dominated by global MNC's while local players are fragmented and smaller in size, mostly catering to the unorganized market.
• In India, the top 6 F&F Players contribute 72% of the total market while the balance 28% is held with the smaller players.
• The Fragrance Segment is more consolidated, though, relative to the Flavours with top 5 players constituting 85% of the fragrance segment relative to 58% for the latter.
• Organized F&F industry is growing at 12% CAGR expected to track growth in consumer staples.
• Growth is likely to come from consumer 'upgrading' in mature product categories. India has a growing population of working women, which is expected to emerge as a large consumer of FMCG products.

Country	2017(USDBn)	2022(USDBn)	% Growthp.a
Africa and
Middle-East	1.5	1.9	5.0%
Asia	11.6	15.8	6.4%
Central and
North America	6.7	7.9	3.4%
Central and
Eastern Europe	1.7	2.1	4.6%
South America	2.1	2.6	4.5%
Western Europe	4.6	5.5	3.5%
Global Total	28.2	35.9	4.9%

Fragrance Compounds

• A Fragrance compound, also known as an odorant, aroma, is a chemical compound that has a smell or odour.
• Perfume is described as having three sets of notes, making the harmonious scent accord. The notes unfold over time, with the immediate impression of the top note leading to the deeper middle notes, and the base notes gradually appearing as the final stage.
• OAL delivers innovative fragrance formulations to a wide set of customers. The Company continually strives to find the best balance between creativity and functional needs to develop fragrances with the highest acceptance and the best release performance in the final product.

Flavour Compounds

• Flavour is the sensory impression of food or other substance, and is determined primarily by the chemical senses of taste and smell.
• Smell is the main determinant of a food item's flavour.
• While only five basic tastes sweet, sour, bitter, salty and umami (savoury) are universally recognized, the number of food smells is unbounded.
• A "flavourant" is defined as a substance that gives another substance flavour, altering the characteristics of the solute, causing it to become sweet, sour, tangy, etc.
• These mixtures are formulated by OAL to give a food product a unique flavour and to maintain flavour consistency between different product batches or after recipe changes.

Financial Overview

Historical Standalone Income Statement

Income Statement (Mn)	FY18	FY19	FY20	9M-FY21
Operational Income	5,057	7,526	7,594	4,878
Total Expenses	4,398	6,372	6,319	3,664
EBITDA	659	1,154	1,275	1,214
EBITDA Margin (%)	13.03%	15.33%	16.79%	24.89%
Other Income	41	13	70	12
Depreciation	148	177	190	135
Interest	69	130	120	14
Exceptional Items	-	(101)	-	-
PBT	483	759	1,035	1,077
Tax	180	260	167	281
Profit After Tax	303	499	868	796
PAT Margin (%)	6.00%	6.63%	11.43%	16.32%
EPS (AfterExceptional Items)	9.01	14.82	25.78	23.64

Historical Standalone Balance Sheet

Liabilities (INR Mn)	FY19	FY20	H1-FY21	Assets (INR Mn)	FY19	FY20	H1-FY21
Shareholders Fund				Assets
Share Capital	168	168	168	Non-Current Assets
Other Equity	3,752	4,470	4,898	Property, Plant and Equipment	1,941	1,814	1,755
				IntangibleAsset	58	24	7
				Capital WIP	8	17	132
				Right to use	-	74	70
Non-Current Liabilities				Goodwill	450	450	450
FinancialLiabilities				Financial Assets
i) Long-Term Borrowings	118	15	-		-	60	60
				a) Investment in Subsidiaries
ii) Other Financial Liabilities	-	8	6	b) Loans to subsidiaries	-	-	-
Deferred Tax Liabilities (Net)	342	261	260		37	37	38
				c) Other financial assets
Long Term Provisions	19	18	18	Income Tax Assets (Net)	30	32	18
				Other non-Current assets	3	6	25
				Current Assets
Current Liabilities				Inventories	2,027	1,623	1,997
FinancialLiabilities				Financial Assets
i) Short-Term Borrowings	1,622	431	129	Trade and other Receivable	1,610	1,524	1,351
ii) Trade Payables	534	566	663	Cash & Cash Equivalents	36	131	40
iii) Other financial Liabilities	146	114	107	Bank Balother than above	13	18	18
Short-Term Provisions	14	17	22	Other Current Financial Assets	14	8	10
Current Tax Liabilities	-	-	-	Other Current Assets	504	270	320
Other Current liabilities	17	21	21	Non-CurrentAssets held for Sale	1	1	1
TOTAL EQUITY AND LIABILITIES	6,732	6,089	6,292	TOTAL ASSETS	6,732	6,089	6,292

Historical Consolidated Income Statement

Income Statement (Mn)	FY18	FY19	FY20	9M-FY21
Operational Income	5,060	7,547	7,599	4,878
Total Expenses	4,413	6,397	6,335	3,666
EBITDA	647	1,150	1,264	1,212
EBITDA Margin (%)	12.79%	15.24%	16.63%	24.85%
Other Income	4	13	74	12
Depreciation	148	178	190	135
Interest	73	130	119	13
Exceptional Item	-	(23)	-	-
PBT	430	832	1,029	1,076
Tax	180	261	167	281
Profit After Tax	250	571	862	795
PAT Margin (%)	4.94%	7.57%	11.34%	16.30%
EPS (AfterExceptional Items)	7.42	16.98	25.61	23.63

Historical Consolidated Balance Sheet

Liabilities (INR Mn)	FY19	FY20	H1-FY21	Assets (INR Mn)	FY19	FY20	H1-FY21
Shareholders Fund				Assets
Share Capital	168	168	168	Non-Current Assets
Other Equity	3,751	4,473	4,901	Property, Plant and Equipment	1,941	1,815	1,755
				Goodwill	450	450	450
				Capital WIP	8	18	132
FinancialLiabilities				Intangible Assets	58	24	7
				Right to use	-	74	70
i) Long-Term Borrowings	118	15	-	Deferred Tax Assets	-	-
ii) Other Financial Liabilities	-	8	6	Other Financial Assets	37	37	38
Deferred Tax Liabilities (Net)	342	260	260	Income Tax Assets (Net)	30	32	18
LongTerm Provisions	19	18	18	Other non-Current assets	4	6	37

Financial Liabilities				Current Assets
i) Short-Term Borrowings	1,622	431	129	Inventories	2,029	1,623	1,997
ii) Trade Payables	535	557	654	Financial Assets
iii) Other financial Liabilities	146	115	107	a) Trade and other Receivable	1,600	1,514	1,340
Short-Term Provisions	14	17	22	c) Cash & Cash Equivalents	50	173	52
Current Tax Liabilities	-	-	-	d) Bank Balother than above	13	38	57
Other Current liabilities	17	21	21	f) Other Current Financial Assets	8	8	11
				Other Current Assets	503	270	321
				Non-Current Assets Classified as held forSale	1	1	1
TOTAL EQUITY AND LIABILITIES	6,732	6,083	6,286	TOTAL ASSETS	6,732	6,083	6,286

Financial Performance (Consolidated)

Revenue from Operations (INR Mn)

PAT (INR Mn) PAT MARGIN (%)

Cash flow from operations (CFO) & Free Cash Flows (FCF) (INR Mn)

RoE (%) and RoCE (%)

Net D/E (x)

Capital Market Information

1 Year Stock Return as on 31st December, 2020

Price Data (31stDecember , 2020)	INR
Face Value	5.0
CMP	555.7
52 Week H/L (INR)	640.0/117.1
Avg. Net Turnover(INR Mn)	14.1
Market Cap (INRMn)	18,701.3
Equity Shares Outstanding (Mn)	33.7

Shareholding Pattern as on 31st December, 2020

Oriental Aromatics Ltd. 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 the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Oriental Aromatics Limited., which are expressed in good faith and in their opinion reasonable, including those relating to the Company's general business plans and strategy, its future financial condition and growth prospects and future developments 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 or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company's business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect 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 should form 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 our securities 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 from registration 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 information and data which the Company considers reliable, but Valorem Advisors and 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. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

Mr. Anuj Sonpal Valorem Advisors Investor Relations Management Tel: 91-22-4903 9500 Email: oriental@valoremadvisors.com

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