Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Pricol Limited Investor Presentation 2021

Nov 9, 2021

62089_rns_2021-11-09_07b2be92-1ec3-4990-9805-597c46c2c016.pdf

Investor Presentation

Open in viewer

Opens in your device viewer

> <pncal ).,.

PR/COL LIMITED Passion to Excel 109, Race Course, Coimbatore 641018, India . +91. 422 4336000 .� +91 422 4336299 � [email protected] e pricol.com

CIN: L34200TZ2011 PLC022194

  • ;.. CUSTOMERS ;.. EMPLOYEES ;.. SHAREHOLDERS A SUPPLIERS

PL/SEC/TGT/2021-2022/081 Tuesday, 9[th ] November, 2021

Listing Department
National Stock Echange of India Limited
"Exchange Plaza', C-1, Block G
Bandra-Kurla Complex,
Bandra (E), Mumbai - 400051
Corporate Relationship Department
BSE Limited
1stFloor, New Trading Ring
Rotunda Building, P J Towers,
Daal Street, Fort, Mumbai 400 001
Script Code:PRICOLLTD Script Code:540293

Dear Sir,

Sub: INVESTOR PR NTATION

Pursuant to Regulation 30(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we herewith submit the presentation to be used for the Investor Conference call on the unaudited financial results for the quarter and half year ended 30[th ] September 2021, to be held today at 1600 (IST).

This is for your information and records.

Thanking you

Yours faithfully, For Pricol Limited

==> picture [125 x 37] intentionally omitted <==

T.G.Thamizhanban Company Secretary ICSI M.No: F7897

Encl: As above

==> picture [232 x 53] intentionally omitted <==

==> picture [792 x 298] intentionally omitted <==

Investors Meeting

09-Nov-21

Disclaimer

The contents of this presentation are for informational purposes only and for the reader’s personal non-commercial use. The contents are intended but not guaranteed to be correct compete or absolutely accurate. This presentation also contains forward-looking statements based on the currently held beliefs and assumptions of the Management of the Company, which are expressed in good faith and in their opinion are reasonable.

Forward looking statements involve known and unknown risks, contingencies, uncertainties, market conditions 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. The Company disclaims any obligation or liability to any person for any loss or damage caused by errors or omissions whether arising from negligence, accident or any other cause.

Recipients of this presentation are not to construe its contents or any prior or subsequent communications from or with the Company or its representatives as investment advice. In addition, this presentation does not purport to be all inclusive or to contain all the information that may be required to make a full analysis of the Company and of the relevance and adequacy of the information and should make such other investigations as they deem necessary.

Slide 2

Corporate Profile

  • Pricol Limited commenced operations in 1974 with headquarters in Coimbatore, India

  • 9 Manufacturing Locations

7 Manufacturing Plants in India

1 Subsidiary Plant in Indonesia

1 Subsidiary Plant in India

  • 2 International Offices in Tokyo & Singapore

  • •IATF 16949:2016

  • • 300+ Engineers; ~ 4.5% spend on total revenue for R&D •ISO 14001:2015 •ISO 45001:2018.

  • • Total Consolidated Revenue (Obtained ISO 9001 in the year 1993)

  • FY 2019-20 : INR 1254.29 Crores FY 2020-21: INR 1420.95 Crores

Slide 3

Our Presence

==> picture [502 x 329] intentionally omitted <==

Slide 4

Our In-House Capabilities

==> picture [750 x 201] intentionally omitted <==

----- Start of picture text -----

Manufacturing Excellence Engineering Excellence Testing Excellence
• PCB Assembly with SMT Lines • 300+ Engineers • EMI – EMC
• Robotic Lines with EOL Testing • Subject Matter Experts in • Hil Lab
• State of the art Tool Room
Electronics (Hardware & Software), • Environment
• Plastic Injection Molding Mechanical and Electro- • Endurance
• Pressure Die Casting Mechanical domains • Product Reliability
• Sintering • ASPICE level 2 practices
• Machine Building
----- End of picture text -----

==> picture [177 x 104] intentionally omitted <==

==> picture [197 x 24] intentionally omitted <==

==> picture [183 x 104] intentionally omitted <==

==> picture [177 x 104] intentionally omitted <==

Slide 5

Our Customers

==> picture [766 x 324] intentionally omitted <==

----- Start of picture text -----

TWO/THREE WHEELERS
FOUR WHEELERS
----- End of picture text -----

==> picture [792 x 162] intentionally omitted <==

----- Start of picture text -----

Slide 6
----- End of picture text -----

Our Customers

COMMERICAL VEHICLES

==> picture [80 x 13] intentionally omitted <==

----- Start of picture text -----

TRACTORS
----- End of picture text -----

==> picture [792 x 182] intentionally omitted <==

----- Start of picture text -----

Slide 7
----- End of picture text -----

Our Customers

OFF – ROAD VEHICLES

ATV, INDUSTRIAL & OTHERS

==> picture [792 x 149] intentionally omitted <==

----- Start of picture text -----

Slide 8
----- End of picture text -----

Financials

Slide 9

Income – Standalone for the Quarter and Half Year Ended Ended 30th Sept 2021 & Year Ended 31st Mar 2021

2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Revenue fromOperations
37,601.57 37,229.52
Growth %
1.00%
Other OperatingRevenue
1,152.67
1,369.57
Other Income
222.61
144.52
Total Revenue
38,976.85 38,743.61
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Revenue fromOperations
37,601.57 37,229.52
Growth %
1.00%
Other OperatingRevenue
1,152.67
1,369.57
Other Income
222.61
144.52
Total Revenue
38,976.85 38,743.61
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Revenue fromOperations
37,601.57 37,229.52
Growth %
1.00%
Other OperatingRevenue
1,152.67
1,369.57
Other Income
222.61
144.52
Total Revenue
38,976.85 38,743.61
2021-22
(Apr - Sep)
2020-21
(Apr - Sep)
66,876.81
47,626.20
40.42%
2,141.51
2,209.80
610.69
643.19
69,629.01
50,479.19
2021-22
(Apr - Sep)
2020-21
(Apr - Sep)
66,876.81
47,626.20
40.42%
2,141.51
2,209.80
610.69
643.19
69,629.01
50,479.19
Rs. In Lakhs
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
2021-22
(Apr - Sep)
2020-21
(Apr - Sep)
2020-21
(Apr - Mar)
Revenue fromOperations 37,601.57 37,229.52 66,876.81 47,626.20 1,33,615.33
Growth % 1.00% 40.42%
Other OperatingRevenue 1,152.67 1,369.57 2,141.51 2,209.80 5,417.15
Other Income 222.61 144.52 610.69 643.19 748.68
Total Revenue **38,976.85 ** 38,743.61 69,629.01 50,479.19 1,39,781.16

Slide 10

Profit from operations – Standalone for the Quarter & Half Year Ended 30[th] Sept 2021 & Year Ended 31st Mar 2021

2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Profit/ (Loss) Before Tax
2,033.31
1,983.25
Add : Amortisation of Intangibles
570.16
570.16
Profit/ (Loss)from Operations before other Comprehensive Income
2,603.47
2,553.41
Other Comprehensive Income/ (Expense)
(123.42)
81.15
Profit/ (Loss) from Operations
2,480.05
2,634.56
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Profit/ (Loss) Before Tax
2,033.31
1,983.25
Add : Amortisation of Intangibles
570.16
570.16
Profit/ (Loss)from Operations before other Comprehensive Income
2,603.47
2,553.41
Other Comprehensive Income/ (Expense)
(123.42)
81.15
Profit/ (Loss) from Operations
2,480.05
2,634.56
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Profit/ (Loss) Before Tax
2,033.31
1,983.25
Add : Amortisation of Intangibles
570.16
570.16
Profit/ (Loss)from Operations before other Comprehensive Income
2,603.47
2,553.41
Other Comprehensive Income/ (Expense)
(123.42)
81.15
Profit/ (Loss) from Operations
2,480.05
2,634.56
2021-22
(Apr - Sep)
2020-21
(Apr - Sep)
2,439.42
(1,138.71)
1,134.13
1,134.13
3,573.55
(4.58)
(117.85)
162.30
3,455.70
157.72
2021-22
(Apr - Sep)
2020-21
(Apr - Sep)
2,439.42
(1,138.71)
1,134.13
1,134.13
3,573.55
(4.58)
(117.85)
162.30
3,455.70
157.72
Rs. In Lakhs
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
2021-22
(Apr - Sep)

2020-21
(Apr - Sep)
2020-21
(Apr - Mar)
2,439.42 (1,138.71) 4,651.68
Profit/ (Loss) Before Tax 2,033.31 1,983.25
1,134.13 1,134.13 2,262.07
Add : Amortisation of Intangibles 570.16 570.16
3,573.55 (4.58) 6,913.75
Profit/ (Loss)from Operations before other Comprehensive Income 2,603.47 2,553.41
Other Comprehensive Income/ (Expense) (123.42) 81.15 (117.85) 162.30 20.25
Profit/ (Loss) from Operations 2,480.05 2,634.56 3,455.70 157.72 6,934.00

Slide 11

Profit from operations – Standalone for the Quarter and Half Year Ended 30[th] Sept 2021 & Year Ended 31st Mar 2021

2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Profit/ (Loss) from Operations
2,480.05
2,634.56
Depreciation
1,294.18
1,739.99
Interest
860.70
1,067.86
EBITDA
4,634.93
5,442.41
Revenue fromOperations
37,601.57
37,229.52
EBITDA % on Revenuefrom Operations
12.33%
14.62%
EBITDA
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Profit/ (Loss) from Operations
2,480.05
2,634.56
Depreciation
1,294.18
1,739.99
Interest
860.70
1,067.86
EBITDA
4,634.93
5,442.41
Revenue fromOperations
37,601.57
37,229.52
EBITDA % on Revenuefrom Operations
12.33%
14.62%
EBITDA
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Profit/ (Loss) from Operations
2,480.05
2,634.56
Depreciation
1,294.18
1,739.99
Interest
860.70
1,067.86
EBITDA
4,634.93
5,442.41
Revenue fromOperations
37,601.57
37,229.52
EBITDA % on Revenuefrom Operations
12.33%
14.62%
EBITDA
2021-22
(Apr - Sep)
2020-21
(Apr - Sep)
3,455.70
157.72
2,856.24
3,483.96
1,593.33
2,040.90
7,905.27
5,682.58
66,876.81
47,626.20
11.82%
11.93%
2021-22
(Apr - Sep)
2020-21
(Apr - Sep)
3,455.70
157.72
2,856.24
3,483.96
1,593.33
2,040.90
7,905.27
5,682.58
66,876.81
47,626.20
11.82%
11.93%
Rs. In Lakhs
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
2021-22
(Apr - Sep)

2020-21
(Apr - Sep)
2020-21
(Apr - Mar)
Profit/ (Loss) from Operations 2,480.05 2,634.56 3,455.70 157.72 6,934.00
Depreciation 1,294.18 1,739.99 2,856.24 3,483.96 6,832.97
Interest 860.70 1,067.86 1,593.33 2,040.90 4,052.86
EBITDA 4,634.93 5,442.41 7,905.27 5,682.58 17,819.83
Revenue fromOperations 37,601.57 37,229.52 66,876.81 47,626.20 1,33,615.33
EBITDA % on Revenuefrom Operations 12.33% 14.62% 11.82% 11.93% 13.34%

Slide 12

Cash Profit and Free Cash Flow – Standalone for the Quarter and Half Year Ended 30[th] Sept 2021 & Year Ended 31st Mar 2021

CASH PROFIT

2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
EBITDA
4,634.93
5,442.41
Less : Interest
860.70
1,067.86
Less : Tax Expense
677.22
(115.65)
Cash Profit
3,097.01
4,490.20
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Cash Profit
3,097.01
4,490.20
Less : Capex
489.57
735.57
FREE CASH FLOW AFTER CAPEX
2,607.44
3,754.63
CASH PROFIT
FREE CASH FLOW
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
EBITDA
4,634.93
5,442.41
Less : Interest
860.70
1,067.86
Less : Tax Expense
677.22
(115.65)
Cash Profit
3,097.01
4,490.20
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Cash Profit
3,097.01
4,490.20
Less : Capex
489.57
735.57
FREE CASH FLOW AFTER CAPEX
2,607.44
3,754.63
CASH PROFIT
FREE CASH FLOW
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
EBITDA
4,634.93
5,442.41
Less : Interest
860.70
1,067.86
Less : Tax Expense
677.22
(115.65)
Cash Profit
3,097.01
4,490.20
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Cash Profit
3,097.01
4,490.20
Less : Capex
489.57
735.57
FREE CASH FLOW AFTER CAPEX
2,607.44
3,754.63
CASH PROFIT
FREE CASH FLOW
2021-22
(Apr - Sep)
2020-21
(Apr - Sep)
7,905.27
5,682.58
1,593.33
2,040.90
844.12
(316.31)
5,467.82
3,957.99
2021-22
(Apr -Sep)
2020-21
(Apr -Sep)
5,467.82
3,957.99
675.54
1,218.08
4,792.28
2,739.91
2021-22
(Apr - Sep)
2020-21
(Apr - Sep)
7,905.27
5,682.58
1,593.33
2,040.90
844.12
(316.31)
5,467.82
3,957.99
2021-22
(Apr -Sep)
2020-21
(Apr -Sep)
5,467.82
3,957.99
675.54
1,218.08
4,792.28
2,739.91
Rs. In Lakhs
2020-21
(Apr - Mar)
17,819.83
4,052.86
3,198.55
10,568.42
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
2021-22
(Apr -Sep)

2020-21
(Apr -Sep)
2020-21
(Apr - Mar)
Cash Profit 3,097.01 4,490.20 5,467.82 3,957.99 10,568.42
Less : Capex 489.57 735.57 675.54 1,218.08 2,967.04
FREE CASH FLOW AFTER CAPEX 2,607.44 3,754.63 4,792.28 2,739.91 7,601.38

Slide 13

Standalone Borrowings

Rs. In Lakhs Rs. In Lakhs Rs. In Lakhs Rs. In Lakhs
Particulars As on
30-09-2021
As on
31-03-2021
Increase /
(Decrease)
Long Term Borrowings 14,245.30 22,983.45 (8,738.15)
Working Capital Borrowings 7771.99 - 7771.99
Grand Total 22,017.29 22,983.45 (966.16)

Slide 14

Consolidated – Total Income from Continued Operations for the Quarter and Half Year Ended 30[th] Sept 2021 & Year Ended 31[st] Mar 2021

2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Revenue fromOperations
39,559.86
37,619.22
Growth %
5.1%
Other OperatingRevenue
1,152.67
1,369.57
Other Income
237.42
115.62
Total Revenue
40,949.95
39,104.41
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Revenue fromOperations
39,559.86
37,619.22
Growth %
5.1%
Other OperatingRevenue
1,152.67
1,369.57
Other Income
237.42
115.62
Total Revenue
40,949.95
39,104.41
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Revenue fromOperations
39,559.86
37,619.22
Growth %
5.1%
Other OperatingRevenue
1,152.67
1,369.57
Other Income
237.42
115.62
Total Revenue
40,949.95
39,104.41
2021-22
(Apr -Sep)
2020-21
(Apr -Sep)
70,164.37
48,259.62
45.4%
2,141.51
2,209.80
635.64
635.29
72,941.52
51,104.71
2021-22
(Apr -Sep)
2020-21
(Apr -Sep)
70,164.37
48,259.62
45.4%
2,141.51
2,209.80
635.64
635.29
72,941.52
51,104.71
Rs. In Lakhs
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
2021-22
(Apr -Sep)

2020-21
(Apr -Sep)
2020-21
(Apr - Mar)
Revenue fromOperations 39,559.86 37,619.22 70,164.37 48,259.62 1,35,894.19
Growth % 5.1% 45.4%
Other OperatingRevenue 1,152.67 1,369.57 2,141.51 2,209.80 5,417.15
Other Income 237.42 115.62 635.64 635.29 783.96
Total Revenue 40,949.95 39,104.41 72,941.52 51,104.71 1,42,095.30

Slide 15

Consolidated Profit from operations for the Quarter and Half Year Ended 30[th] Sept 2021 & Year Ended 31[st] Mar 2021

2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Profit/ (Loss) Before Tax
2,271.89
2,171.59
Add : Amortisation of Intangibles
570.16
570.16
Profit from Operations before other ComprehensiveIncome
2,842.05
2,741.75
Other ComprehensiveIncome / (Expense)
(63.47)
137.63
Profit/ (Loss) fromContinuing Operations
2,778.58
2,879.38
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Profit/ (Loss) Before Tax
2,271.89
2,171.59
Add : Amortisation of Intangibles
570.16
570.16
Profit from Operations before other ComprehensiveIncome
2,842.05
2,741.75
Other ComprehensiveIncome / (Expense)
(63.47)
137.63
Profit/ (Loss) fromContinuing Operations
2,778.58
2,879.38
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Profit/ (Loss) Before Tax
2,271.89
2,171.59
Add : Amortisation of Intangibles
570.16
570.16
Profit from Operations before other ComprehensiveIncome
2,842.05
2,741.75
Other ComprehensiveIncome / (Expense)
(63.47)
137.63
Profit/ (Loss) fromContinuing Operations
2,778.58
2,879.38
2021-22
(Apr - Sep)
2020-21
(Apr - Sep)
3,048.05
(978.90)
1,134.13
1,134.13
4,182.18
155.23
(13.61)
208.41
4,168.57
363.64
2021-22
(Apr - Sep)
2020-21
(Apr - Sep)
3,048.05
(978.90)
1,134.13
1,134.13
4,182.18
155.23
(13.61)
208.41
4,168.57
363.64
Rs. In Lakhs
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
2021-22
(Apr - Sep)

2020-21
(Apr - Sep)
2020-21
(Apr - Mar)
Profit/ (Loss) Before Tax 2,271.89 2,171.59 3,048.05 (978.90) 4,849.52
Add : Amortisation of Intangibles 570.16 570.16 1,134.13 1,134.13 2,262.07
Profit from Operations before other ComprehensiveIncome 2,842.05 2,741.75 4,182.18 155.23 7,111.59
Other ComprehensiveIncome / (Expense) (63.47) 137.63 (13.61) 208.41 67.05
Profit/ (Loss) fromContinuing Operations 2,778.58 2,879.38 4,168.57 363.64 7,178.64

Slide 16

Consolidated Profit from operations for the Quarter and Half Year Ended 30[th] Sept 2021 & Year Ended 31[st] Mar 2021

EBITDA

2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
Profit/ (Loss) fromOperations
2,778.58
2,879.38
Depreciation
1,398.14
1,814.73
Interest
875.09
1,101.09
EBITDA
5,051.81
5,759.20
Revenue fromOperations
39,559.86
37,619.22
EBITDA% on Revenue from Continuing Operations
12.77%
15.40%
EBITDA
2021-22
(Apr - Sep)
2020-21
(Apr - Sep)
4,168.57
363.64
3,043.63
3,640.83
1,648.79
2,148.14
8,860.99
6,152.61
70,164.37
48,259.62
12.63%
12.75%
Rs. In Lakhs
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
2021-22
(Apr - Sep)

2020-21
(Apr - Sep)
2020-21
(Apr - Mar)
Profit/ (Loss) fromOperations 2,778.58 2,879.38 4,168.57 363.64 7,178.64
Depreciation 1,398.14 1,814.73 3,043.63 3,640.83 7,156.96
Interest 875.09 1,101.09 1,648.79 2,148.14 4,307.05
EBITDA 5,051.81 5,759.20 8,860.99 6,152.61 18,642.65
Revenue fromOperations 39,559.86 37,619.22 70,164.37 48,259.62 1,35,894.19
EBITDA% on Revenue from Continuing Operations 12.77% 15.40% 12.63% 12.75% 13.72%

Slide 17

Consolidated Profit from operations for the Quarter and Half Year Ended 30[th] Sept 2021 & Year Ended 31[st] Mar 2021

2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
EBITDA
5,051.81
5,795.20
Less : Interest
875.09
1,101.09
Less : Tax Expense
762.03
(36.37)
Cash Profit
3,414.69
4,730.48
CASH PROFIT
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
EBITDA
5,051.81
5,795.20
Less : Interest
875.09
1,101.09
Less : Tax Expense
762.03
(36.37)
Cash Profit
3,414.69
4,730.48
CASH PROFIT
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
EBITDA
5,051.81
5,795.20
Less : Interest
875.09
1,101.09
Less : Tax Expense
762.03
(36.37)
Cash Profit
3,414.69
4,730.48
CASH PROFIT
2021-22
(Apr - Sep)
2020-21
(Apr - Sep)
8,860.99
6,152.61
1,648.79
2,148.14
945.91
(221.97)
6,266.29
4,226.44
2021-22
(Apr - Sep)
2020-21
(Apr - Sep)
8,860.99
6,152.61
1,648.79
2,148.14
945.91
(221.97)
6,266.29
4,226.44
Rs. In Lakhs
2021-22
(Jul - Sep)
2020-21
(Jul - Sep)
2021-22
(Apr - Sep)

2020-21
(Apr - Sep)
2020-21
(Apr - Mar)
EBITDA 5,051.81 5,795.20 8,860.99 6,152.61 18,642.65
Less : Interest 875.09 1,101.09 1,648.79 2,148.14 4,307.05
Less : Tax Expense 762.03 (36.37) 945.91 (221.97) 3,274.22
Cash Profit 3,414.69 4,730.48 6,266.29 4,226.44 11,061.38

Slide 18

Consolidated Borrowings

Rs. In Lakhs Rs. In Lakhs Rs. In Lakhs Rs. In Lakhs
Particulars As on
30-09-2021
As on
31-03-2021
Increase /
(Decrease)
Long Term Borrowings 14,245.30 24,485.86 (10,240.56)
Working Capital Borrowings 8001.14
309.71
7691.43
Grand Total 22,246.44 24,795.57 (2,549.13)
>X™pr,cal PR/COLLIMITED
PassiontoExcel
Slide 19

Select Recent Product Launches

Slide 20

2W: Clusters

==> picture [792 x 312] intentionally omitted <==

----- Start of picture text -----

HMCL TVS
(Maestro 125) (Raider)
HMCL
(Extreme)
HMCL TVS
(Pleasure +) (Jupiter - 125)
Slide 21
----- End of picture text -----

PV and CV Clusters

TATA Motors

(12 & 24V - ERGO)

Force Motors

(Gurkha)

Slide 22

Export Launches

==> picture [792 x 353] intentionally omitted <==

----- Start of picture text -----

Polaris
(Oil Pump)
Slide 23
----- End of picture text -----

==> picture [792 x 149] intentionally omitted <==

Slide 24