Rushil Decor Limited — Interim / Quarterly Report 2020

Aug 21, 2019

Corporate Office: Rushil House Near Neelkanth Green Bungalow. Off Sindhu Bhavan Road, Shtlaj. Ahmedabad-380058. Gujarat. INDIA.

==> picture [98 x 119] intentionally omitted <==

==> picture [61 x 13] intentionally omitted <==

RUiHIL DECOR LIMITED

Regd. Office: S. No. 125. Near Kalyanpura Paha, Village ITLA. Gandhinagar-Mansa Road, Ta. Kaloi. Dist Gandhinagar-382845. Gujarat. INDIA CJN:L25209GJ1993PLC019532

G +91-79-61400400 0 +91-79-61400401 a w w virlaminate.com

RDL/024/2019-20 Date: 21.08.2019

To, National Stock Exchange of India Ltd. Exchange Plaza, Sandra - Kurla Complex, Sandra (E), Mumbai - 400 051

To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001

ISIN: INE573K01017 NSE EQUITY SYMBOL: RUSHIL BSE SCRIPT CODE: 533470

Sub: Submission of Q1 F.Y. 2019-20 Presentation

Dear Sir/ Madam,

We are enclosing herewith a copy of the 01 F .Y. 2019-20 Presentation regarding the financial performance of the company and other highlights for the period ended on 30[th ] June, 2019.

Please take the same in your records and do the needful.

Thanking you

� , ompliance Officer smukh K. Modi �---e::::':i" Tele No.: (079) 61400400 Email Id: ipo@rushil.com

Encl: as above

� tbrollng 11 �v'- /')7,;&�� .,

-------------------------- �

f""'T',. ,+.. � ,.,,... /""""'G) info@rushil.com E) www.rushil.com vlr 1am1nate, vir mdl vir orelam, virwood vir ext-lam - :!! Dr.ii vlr door vir hdl , vlr pvc [1 ]_ vir 9� virwpc vlrsluddlo

==> picture [132 x 107] intentionally omitted <==

RESULT PRESENTATION Q1FY20

JUNE 2019

==> picture [47 x 48] intentionally omitted <==

==> picture [47 x 48] intentionally omitted <==

==> picture [47 x 48] intentionally omitted <==

==> picture [47 x 48] intentionally omitted <==

SAFE HARBOUR

==> picture [84 x 68] intentionally omitted <==

Material and information provided in this presentation may contain ‘forward-looking statements’. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements.

Risks and uncertainties include general industry and market conditions, and general domestic and international economic conditions such as interest rate and currency exchange fluctuations. Risks and uncertainties particularly apply with respect to product-related forward-looking statements. Product risks and uncertainties include, but are not limited, to technological advances and patents attained by competitors, challenges inherent in new product development; claims and concerns about product safety; obtaining regulatory approvals; domestic and foreign industry reforms; industry trends, and governmental laws and regulations affecting domestic and foreign operations.

Also, for products that are approved, there are manufacturing and marketing risks and uncertainties, which include, but are not limited, to inability to build production capacity to meet demand, unavailability of raw materials, and failure to gain market acceptance.

The Company undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

2

INDEX

==> picture [84 x 68] intentionally omitted <==

==> picture [712 x 326] intentionally omitted <==

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

Result Highlights 5
Brand & Product Offerings 10
Macros & Industry Scenario 18
Operational Metrics 22
Financial Summary 25
Key Management Profile 29
----- End of picture text -----

3

ABOUT RUSHIL DECOR LTD.

==> picture [84 x 68] intentionally omitted <==

==> picture [776 x 115] intentionally omitted <==

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

MARKETING ₹ REVENUE STREAMS (FY19) 5 YEARS CAGR (FY15-19)
• Laminate • Laminates ₹ 18,293 lacs (0.9% YoY) • Revenue – 5.67%
• MDF Board • MDF ₹ 15,646 lacs (-9.3% YoY) • EBITDA – 10.13%
• PVC Board • PVC Boards ₹ 638 lacs (1442% YoY)
----- End of picture text -----

==> picture [72 x 72] intentionally omitted <==

==> picture [72 x 72] intentionally omitted <==

VISION

Create a better everyday life for our customers. Our vision is to offer a wide range of well designed, environment friendly functional products at affordable prices and commit to deliver growth consistently to our investors and employees. Our objective is long-standing and trustful investor, customer and employee relationships by creating ‘tangible value’ consistently, efficiently and ethically.

MISSION

Delivering sustainable growth consistently to our investors, and employees. Exceed our internal and external customer requirements through continuous improvement, and inspire employees to do their best by offering opportunities for personal development and enabling them realize their full potential.

4

==> picture [79 x 64] intentionally omitted <==

RESULT HIGHLIGHTS

QUARTERLY FINANCIAL HIGHLIGHTS

==> picture [84 x 68] intentionally omitted <==

==> picture [842 x 331] intentionally omitted <==

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

Total Income EBITDA EBITDA PAT
(₹ Lakhs) (%) (₹ Lakhs) (₹ Lakhs)
-2.31% -18 bps -3.54% 15.87%
8,690.2
8,489.4
1,287.7
1,242.2 600.0
517.8
14.82 14.63
Q1FY19 Q1FY20 Q1FY19 Q1FY20 Q1FY19 Q1FY20 Q1FY19 Q1FY20
----- End of picture text -----

6

ANNUAL FINANCIAL HIGHLIGHTS

==> picture [84 x 68] intentionally omitted <==

==> picture [865 x 319] intentionally omitted <==

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

Total Income EBITDA EBITDA PAT
(₹ Lakhs) (%) (₹ Lakhs) (₹ Lakhs)
-0.41% -428 bps -23.74% -53.67%
30.981
5,919.4
34,622.6 35,223.2
17.10
4,513.9
12.82
1435.3
FY18 FY19 FY18 FY19 FY18 FY19 FY18 FY19
----- End of picture text -----

7

MANAGEMENT COMMENTARY

==> picture [84 x 68] intentionally omitted <==

• Operating Revenue dipped 7.12% in Q1FY20 to ₹8,489.4 lakhs against ₹ 9140.4 Lakhs in Q4FY19

• EBITDA dipped by 23.7% YoY in FY19 with margins at 12.8%

• The dip in margins were affected primarily due, year on year volume reduction and lower utilizations levels, increased staff cost as measures are being taken to monitor bring in operational efficiencies

• The outlook for the future for RUSHIL DECOR remains buoyant

MARKET SHARE OF SEGMENTS

• Current market share of the business remains intact

• New marketing initiatives to strengthen our position in various segment offering

• Focus to increase our share gradually in Laminate, MDF & PVC segment

8

GROWTH OUTLOOK - 4F FOCUS : FAVOURABLE FURNITURE FUNDAMENTALS

==> picture [124 x 32] intentionally omitted <==

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

FUNDAMENTALS
OF GROWTH
----- End of picture text -----

==> picture [337 x 334] intentionally omitted <==

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

4F
STRATEGY
----- End of picture text -----

• Product Penetration through multiple customer channels

• • Housing Deficit & Macro demand

• Capacity Expansion

==> picture [103 x 51] intentionally omitted <==

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

FINANCIAL &
GEOGRAPHIC
STRONGHOLD
----- End of picture text -----

• Strong financial performance

• • Regional Leadership (South India)

• Expanding in other markets (East India)

==> picture [84 x 68] intentionally omitted <==

==> picture [91 x 32] intentionally omitted <==

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

FUTURE OF
FURNITURE
----- End of picture text -----

• MDF & PVC led Value engineering

• • Quality performance • Design integrity & thinking

==> picture [120 x 32] intentionally omitted <==

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

THE AGRO-
FORESTRY EDGE
----- End of picture text -----

• Responsible sourcing of wood

• • Access to low-cost raw material • Second income for farmers

9

==> picture [79 x 64] intentionally omitted <==

BRAND & PRODUCT OFFERINGS

OUR PRODUCT FOCUS

==> picture [166 x 166] intentionally omitted <==

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

LAMINATES
----- End of picture text -----

India’s one of the leading player in the organized laminates segment

Design leaders

==> picture [38 x 38] intentionally omitted <==

==> picture [38 x 38] intentionally omitted <==

PRODUCTS

Our Brands Advantage • Attractive • Safe • • Eco-friendly Pocket-friendly • Durable MANUFACTURING Units Capacity Utilization 3 34.9 82.6% (ALL BASED IN LAKH SHEETS (FY19) GUJARAT, INDIA) PER ANNUM MARKETING Network 46 4 2 5 1,950 DISTRIBUTORS CONSIGNMENT DEPOTS BRANCHES DEALERS STOCKIST Areas INDIA AUSTRALIA GULF & INDONESIA REST OF ASIA 11 MIDDLE EAST PACIFIC

OUR PRODUCT FOCUS

PRODUCTS

MDF BOARDS

India’s one of the leading manufacturer of MDF

Quality Experts

Our Brands

Range

4 Ft. X 8 Ft. MDF Boards with thickness range from 7.5 mm to 30 mm, both in Interior & Exterior grades

==> picture [63 x 63] intentionally omitted <==

==> picture [64 x 63] intentionally omitted <==

==> picture [38 x 38] intentionally omitted <==

MANUFACTURING

Capacity Utilization 300 90.6% CBM/ day to be (FY19) increased to 1,100 CBM/PD after the initiation of the Andhra Pradesh unit

Units 1 (Based in Karnataka, India). Proposed new unit to be set up in Andhra Pradesh State of the art CNC machines that make MDF with homogeneity and less wastage

==> picture [38 x 38] intentionally omitted <==

MARKETING

Network

Areas

==> picture [30 x 35] intentionally omitted <==

150+

1 1 1100+ 4

DISTRIBUTORS CONSIGNMENT BRANCH DEALERS DEPOTS INDIA STOCKIST (Bhiwandi, Hyderabad,

(Bhiwandi, Hyderabad, Delhi, Karnataka)

12

FURNITURE OF THE FUTURE – MADE WITH MDF

Millennials’ Furniture Preferences

==> picture [84 x 68] intentionally omitted <==

==> picture [756 x 103] intentionally omitted <==

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

Demand for smart Preference for DIY generation
Consumerism - Want
furniture for readymade, branded Quality and eco- demands
to replace furniture
fast-lifestyles in a & low-maintenance friendliness more often customization for
gig economy furniture specific needs
----- End of picture text -----

Medium Density Boards (MDF)

Why MDF is ideal for DIY?

1. Precise engineering & advanced wood technology

2. Excellent screw holding properties

3. Affordability and durability

• Made from wood, fibres and resin

• • Sourced through agroforestry

• Machine dried and pressed to produce dense, stable sheets .

• DIY (Do-it-yourself) trends gaining traction

• More stable than solid wood

• • Withstands changes in heat and humidity better.

• Millennials want furniture compatible with their lifestyle

• Easy on the pocket.

13

OUR PRODUCT FOCUS

==> picture [166 x 166] intentionally omitted <==

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

PVC
----- End of picture text -----

==> picture [434 x 105] intentionally omitted <==

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

Value Engineering Experts
----- End of picture text -----

==> picture [38 x 38] intentionally omitted <==

==> picture [38 x 37] intentionally omitted <==

==> picture [38 x 37] intentionally omitted <==

==> picture [84 x 68] intentionally omitted <==

PRODUCTS Range Our Brands Wide range of PVC Boards both in Interior & Exterior grades

MANUFACTURING Units Capacity Started Operation Chikmagalur, 5,760 2018 Karnataka MT per annum

==> picture [320 x 120] intentionally omitted <==

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

MARKETING
Network Branch Areas
•
New offering
•
Introduced through 1
current marketing
channels
INDIA
----- End of picture text -----

14

OUR PRODUCT PROPOSITION AND STRENGTH

DESIGN LED VALUE ENGINEERING

==> picture [84 x 68] intentionally omitted <==

==> picture [840 x 377] intentionally omitted <==

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

CUSTOMER
Laminates MDF Boards PVC Board
VANTAGE
Value
Design Leaders Quality Experts Value Engineering Expert
Proposition
• Competitively priced products • Competitively priced products • ₹
Price - Quality extruded products for
for domestic and export for domestic markets (South
point domestic and export markets
markets India – logistics advantage)
Affordable
• ISO 9001:2008; ISO 14001:2004; • Certified by Bureau of Indian • Eco-friendly
•
BSOHSAS 18001:2007 quality Standards (BIS) Versatility & ease of use
certification for management • LEED certification led carbon
Product
systems of all the laminate plants credits
Excellence
by ISOQAR.
• Certificate of compliance by UK User-friendly
certification and inspection Ltd
• Used for both interior and • MDF boards are manufactured • Durable (8-10 years)
Durability exterior applications and heavy- using German technology and
Best-in-class
duty industrial applications machines
Quality
• •
• Current capability of MDF boards Commercial operations started
500+ designs & 50+ textures &
thickness range - 7.5 mm to 30 mm in 2018.
finishes in HPL segment alone.
Cutting – • Constant innovation • New plant at Andhra Pradesh:
edge range • Capability of producing the entire
Strong product development and
range of thickness of MDF Board Aesthetic
Merchandising team
from 1 mm to 30 mm Appeal
----- End of picture text -----

CUSTOMER VANTAGE

15

CREATING AWARENESS TO DRIVE RETAIL & INSTITUTIONAL SALES

FOCUS ON INSTITUTIONAL SALES

AWARENESS DRIVES

==> picture [55 x 105] intentionally omitted <==

==> picture [55 x 105] intentionally omitted <==

Exclusive contracts with various institutions - hospitals, educational institutes, residential builders etc.

Preferred vendor for schools set up by Government of Gujarat under the Sarva Shiksha Abhiyaan scheme

Education programmes for carpenters, interior decorators and architects to drive usage of MDF and PVC

• Enhance the knowledge of MDF and PVC among end-users

CORPORATE CUSTOMERS

• Provide material usage training

==> picture [132 x 57] intentionally omitted <==

• One-on-one meetings with architects

• Door to door visit to retail customers

==> picture [84 x 68] intentionally omitted <==

• TV ads

• Dealer & distributors engagement

==> picture [132 x 51] intentionally omitted <==

==> picture [181 x 57] intentionally omitted <==

==> picture [120 x 58] intentionally omitted <==

16

RUSHIL DECOR BRANDS

PRODUCTS OFFERING BY RUSHIL DECOR

==> picture [84 x 68] intentionally omitted <==

==> picture [264 x 197] intentionally omitted <==

==> picture [250 x 197] intentionally omitted <==

==> picture [532 x 199] intentionally omitted <==

==> picture [308 x 410] intentionally omitted <==

17

==> picture [79 x 64] intentionally omitted <==

MACROS & INDUSTRY SCENARIO

INDIA : MACROECONOMIC GROWTH DRIVERS

==> picture [895 x 218] intentionally omitted <==

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

Laminates PVC Boards
Level-playing field for
Implementation Sectoral Complex tax the sector as the GST rate 18% GST rate 18%
of Goods & transformation from structure simplified exemption limit is
into a single,
Services Tax unorganized to restricted to INR 20 lakhs
simple taxation
(GST) organized. pushing most small units
configuration. Veneers MDF Boards
out of the exemptions
net.
GST rate GST rate
18% 18%
----- End of picture text -----

IMPACT OF GOVERNMENT SPONSORED MISSION

==> picture [81 x 78] intentionally omitted <==

==> picture [93 x 67] intentionally omitted <==

==> picture [116 x 67] intentionally omitted <==

• Demand for plywood, MDF boards and laminates is likely to remain strong with the Government’s focus on infrastructure and low-cost housing

• India – 3[rd] largest consumer market globally driving demand

LEED certified Green Buildings (picking up in India) can only use MDF + PVC and no plywood

The impetus to the Make in India programme on a global platform gives indigenous manufacturers an inherent advantage

==> picture [120 x 55] intentionally omitted <==

19

THE FURNITURE MATERIAL LANDSCAPE

Engineered Products

Lifecycle Consumer Factors Industry Size & Growth Barriers To Entry	Timber Lifetime durability (25 + years)	Plywood Durability (~20 years)	Medium Density Boards (MDF) Sturdy (8-10 years)	Particle Boards Fragile (>5 years)
	• Expensive • Environmental damage	• Not as expensive as timber • Old technology	• Cost-effective • Malleable yet strong • Versatility of use	• Lightweight and not sturdy • Least expensive
	Size: INR 120 billion CAGR: 10-12%	Size: INR 180 billion CAGR: 6-8%	Size: INR 18 billion CAGR: 20%	Size: INR 27 billion CAGR: 15%
	Highly unorganized (80%+) & import dependent due to availability constraints Highly unorganized (70%)		Fully Organized (100%)	Highly unorganized (70%)

==> picture [68 x 79] intentionally omitted <==

==> picture [134 x 78] intentionally omitted <==

Global

Production Growth (1995 – 2016)

==> picture [74 x 24] intentionally omitted <==

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

(MDF)
----- End of picture text -----

==> picture [74 x 24] intentionally omitted <==

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

Laminates
----- End of picture text -----

==> picture [74 x 24] intentionally omitted <==

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

Plywood
----- End of picture text -----

Veneers

1135% 185% 132% 76%

==> picture [84 x 68] intentionally omitted <==

Surface Products

Veneers • Cheap • Non aesthetic	Laminates • Sturdy + durable • Style oriented	PVC Durable (8-10 years) • Eco-friendly • Versatility & ease of use – LEED compliant • Strong yet affordable Size: INR 10 billion CAGR: 10.7% Organized (Material of the future)
• Decorative • Expensive	• Decorative • Eco-friendly • Affordable
Size: INR 10 billion CAGR: 10%	Size: INR 50 billion CAGR: 10%
Organised: 65%	Organized (55%)

India

Industry CAGR Revenue (2012 – 2018)

==> picture [73 x 24] intentionally omitted <==

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

(MDF)
----- End of picture text -----

==> picture [73 x 24] intentionally omitted <==

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

Laminates
----- End of picture text -----

==> picture [73 x 24] intentionally omitted <==

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

Plywood
----- End of picture text -----

Veneers

20% 6 - 8% 10% 5 -10%

20

HUGE OPPORTUNITY IN MDF AND PVC FROM THE SURGE IN DEMAND

==> picture [95 x 113] intentionally omitted <==

Percentage share of organized/ unorganized furniture industry.

LAMINATES INDUSTRY SNAPSHOT

• Consumption of Indian panel products has grown at a CAGR of 5-10% for the organised segment

==> picture [166 x 166] intentionally omitted <==

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

Organized
15%
Unorganized
85%
----- End of picture text -----

• Increasing consumerism and urbanization are key growth drivers

==> picture [96 x 113] intentionally omitted <==

MDF INDUSTRY SNAPSHOT

• ~33% of India’s requirement met through imports from China, Malaysia, Thailand and Sri Lanka

Consumer in the furniture industry

• Significant advantages over plywood spurring popularity

==> picture [183 x 166] intentionally omitted <==

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

Contract
15%
Office
20%
Household
65%
----- End of picture text -----

==> picture [96 x 114] intentionally omitted <==

PVC INDUSTRY SNAPSHOT

• Globally preferred alternative to wood and wood products

• LEED certification (green building) & enhanced recycled content credit

==> picture [84 x 68] intentionally omitted <==

• Industry size – ₹ 5,000 crore

• • 40% organized sector • 60% unorganized sector • CAGR

• 100% organized sector

• • Industry size – ₹ 1,800 crore

• • CAGR of 16% between 2012 and 2017

• Industry size – ₹ 1,000 crore

• • CAGR of 10.7% between 2016 and 2021

• 15% Organized & 85% Unorganized

21

==> picture [79 x 64] intentionally omitted <==

OPERATIONAL METRICS

OPERATIONAL METRICS - QUARTERLY

==> picture [84 x 68] intentionally omitted <==

Operational Metrics	Q2FY18	Q3FY18	Q4FY18	Q1FY19	Q2FY19	Q3FY19	Q4FY19	Q1FY20
Installed capacity
Laminates (Nos)	8,73,125	8,73,125	8,73,125	8,73,125	8,73,125	8,73,125	8,73,125	8,73,125
MDF Boards (CBM)	22,500	22,500	22,500	22,500	22,500	22,500	22,500	22,500
PVC Boards (CBM)	0	0	3,120	3,120	3,120	3,120	3,120	3,120
Production
Laminates (Nos)	8,38,236	8,60,287	8,40,071	7,63,160	7,69,664	7,38,430	6,14,465	7,11,226
MDF Boards (CBM)	22,616	18,766	22,234	21,099	18,554	20,051	21,861	21,443
PVC Boards (CBM)	0	0	535	626	307	420	674	208
Sales
Laminates (Nos)	8,42,818	8,24,920	8,18,279	7,39,446	8,25,530	7,29,589	7,04,409	6,85,822
MDF Boards (CBM)	22,948	18,085	20,340	19,838	18,927	18,084	22,736	19,744
PVC Boards (CBM)	0	0	71	236	378	253	376	269
Laminates (Revenue₹ Lakhs)	4,798.4	4,709.5	4,705.2	45,03.4	5,040.6	4,618.9	4,130.5	4,108.2
EBIT	565.8	572.8	786.3	540.8	537.2	278.3	583.8	434.0
%	11.8	12.2	16.7	12.0	10.7	6.0	14.1	10.6
MDF Boards (Revenue₹ Lakhs)	4,496.8	3,759.5	4,147.1	4,070.0	3,773.1	3,422.6	4,380.8	4,208.1
EBIT	875.2	593.4	940.0	610.3	330.6	192.3	500.2	630.9
%	19.5	15.8	22.7	15.0	8.8	5.6	11.4	15.0
PVC Boards (Revenue₹ Lakhs)	0.0	0.0	41.4	131.6	194.7	130.9	181.0	164.0
EBIT	0.0	0.0	-54.9	-35.3	-47.8	-19.2	-8.4	-30.4
%	-	-	-132.6	-26.8	-24.6	-14.7	-4.6	-18.5

23

OPERATIONAL METRICS - ANNUALLY

==> picture [84 x 68] intentionally omitted <==

Operational Metrics FY14 FY15 FY16 FY17 FY18 FY19	Operational Metrics FY14 FY15 FY16 FY17 FY18 FY19
Installed capacity
Laminates (Nos) 30,00,000 34,92,500 34,92,500 34,92,500 34,92,500	34,92,500
MDF Boards (CBM) 90,000 90,000 90,000 90,000 90,000	90,000
PVC Boards (CBM) 0 0 0 0 3,120	12,480
Production
Laminates (Nos) 28,56,232 30,92,901 32,54,194 31,31,445 33,78,361	28,85,719
MDF Boards (CBM) 54,652 62,898 70,628 80,082 86,556	81,565
PVC Boards (CBM) 0 0 0 0 535	2,026
Sales
Laminates (Nos) 28,80,001 30,30,509 31,69,639 31,60,266 31,49,648	29,98,974
MDF Boards (CBM) 47,667 61,661 69,097 77,276 84,526	79,585
PVC Boards (CBM) 0 0 0 0 71	1,243
Laminates (Sales₹ Lakhs) 15,777.2 16,306.3 17,000.3 16,849.0 18,132.7	18,293.4
EBIT 2,475.4 1,889.8 1,612.4 2,151.5 2,183.6	1,940.1
% 15.7 11.6 9.5 12.8 12.0	10.6
MDF Boards (Sales₹ Lakhs) 7,841.5 10,511.3 14,298.5 15,661.6 17,252.0	15,646.5
EBIT 436.9 877.6 1,684.3 2,499.5 3,267.1	1,633.3
% 5.6 8.3 11.8 16.0 18.9	10.4
PVC Boards (Sales₹ Lakhs) 0.0 0.0 0.0 0.0 41.4	638.1
EBIT 0.0 0.0 0.0 0.0 -54.9	-110.7
% - - - - -132.6	-17.3

24

==> picture [79 x 64] intentionally omitted <==

FINANCIAL SUMMARY

PROFIT & LOSS STATEMENT- QUARTERLY

==> picture [84 x 68] intentionally omitted <==

Profit & Loss(₹ Lakhs)	Q2FY18	Q3FY18	Q4FY18	Q1FY19	Q2FY19	Q3FY19	Q4FY19	Q1FY20
Income from Operations	9,255.8	8,392.5	8,808.5	8,658.3	8,918.7	8,143.2	8,653.9	8,396.9
Other Income	39.4	100.4	33.8	31.8	23.6	306.9	486.7	92.5
Total Income	9,295.2	8,493.0	8,842.3	8,690.2	8,942.3	8,450.2	9,140.6	8,489.4
Operating Expenses	7,719.4	7,182.1	7,066.0	7,402.5	7,940.7	7,567.4	7,798.9	7,247.2
EBITDA	1,575.9	1,310.9	1,776.3	1,287.7	1,001.6	882.8	1,341.7	1,242.2
Margin %	17.0	15.4	20.1	14.8	11.2	10.4	14.7	14.6
Depreciation	185.3	188.9	199.2	212.9	213.7	219.1	217.2	215.4
EBIT	1,390.6	1,122.0	1,577.1	1,075	787.9	663.7	1,124.6	1,026.8
Margin %	15.0	13.2	17.8	12.4	8.8	7.9	12.3	12.1
Financial Charges	207.2	194.8	245.2	260.8	278.0	325.3	494.9	325.1
Interest %	2.2	2.3	2.8	3.0	3.1	3.9	5.4	3.8
PBT	1,183.3	927.2	1,331.9	814.0	510.0	338.3	629.6	701.7
Margin %	12.7	10.9	15.1	9.4	5.7	4.0	6.9	8.3
Tax	324.8	233.6	428.1	296.2	190.2	125.9	246.2	101.7
PAT	858.5	693.6	903.8	517.8	319.7	212.5	383.5	600.0
Margin %	9.2	8.2	10.2	6.0	3.6	2.5	4.2	7.1
EPS	5.93	4.78	6.21	3.49	2.15	1.43	2.57	4.02

26

PROFIT & LOSS STATEMENT- ANNUALLY

==> picture [84 x 68] intentionally omitted <==

Profit & Loss (₹ Lakhs)	FY14	FY15	FY16	FY17	FY18	FY19
Income from Operations	25,567.2	27,565.6	29,675.6	30,595.2	34,351.9	34,374.2
Other Income	162.6	242.7	81.5	283.0	270.7	849.0
Total Income	25,729.9	27,808.3	29,757.0	30,878.0	34,622.6	35,223.2
Operating Expenses	22,772.0	24,738.9	26,138.0	25,821.0	28,703.2	30,709.3
EBITDA	2,957.9	3,069.4	3,619.0	5,057.0	5,919.4	4,513.9
Margin %	11.5	11.0	12.2	16.4	17.1	12.8
Depreciation	762.9	692.3	648.9	689.2	752.9	862.9
EBIT	2,195.6	2,377.1	2,970.1	4369.2	5,166.5	3,651.0
Margin %	8.5	8.6	9.98	14.2	14.9	10.4
Financial Charges	1,542.6	1,434.6	1161.0	1,036.0	870.2	1,359.0
Interest %	6.0	5.6	4.5	4.0	3.4	5.3
PBT*	653.0	340.6	1,809.1	3,333.2	4,296.2	2,291.9
Margin %	2.5	1.2	6.1	10.8	12.4	6.5
Tax	351.3	405.2	1,095.0	879.7	1,198.2	856.6
PAT	301.6	-64.6	714.1	2,453.4	3,098.1	1,435.3
Margin %	1.2	-0.2	2.4	7.9	8.9	4.1
EPS	2.1	-0.5	5.0	17.0	21.3	9.6

• Includes Exceptional items Rs - 601.9 Lakhs

27

BALANCE SHEET AND KEY RATIOS

==> picture [84 x 68] intentionally omitted <==

Balance Sheet (₹ Lakhs)	FY14	FY15	FY16	FY17	FY18	FY19
Share capital	1440.0	1440.0	1440.0	1440.0	1471.7	1,493.13
Reserves and Surplus	6,046.3	5,962.6	6,591.0	9,558.0	15,594.1	19,099.04
Non-current liabilities	9,350.1	7,506.2	7,354.9	6,613.5	7,388.7	22,444.86
Current liabilities	12809.4	11,285.1	5,333.0	4,474.0	6,996.3	15,002.94
Total Equity and Liabilities	29,645.8	26,193.9	20,718.9	22,085.5	31,450.8	58,039.97
Non-current assets	16,390.0	14,537.0	16,707.9	16,968.5	22,397.3	39,679.25
Current assets	13,255.8	11,656.8	11,766.5	12,668.7	15,286.7	18,360.72
Total Assets	29,645.8	26,193.9	28,474.4	29,637.2	37,684.1	58,039.97
Key Ratios	FY14	FY15	FY16	FY17	FY18	FY19
RoCE (%)	13.5	16.0	19.6	24.9	21.8	10.0
RoE (%)	4.0	-0.9	8.9	22.3	18.2	7.0
Debt to equity (x)	1.9	1.6	1.3	0.8	0.6	1.2
Interest coverage (x)	1.4	1.7	2.6	4.2	5.9	2.7
Inventory days	93.3	74.6	75.2	73.7	88.4	93.4
Receivable days	60.1	57.7	50.2	57.0	53.3	62.8
Payable days	112.3	103.9	103.6	84.6	107.9	125.1

28

==> picture [79 x 64] intentionally omitted <==

KEY MANAGEMENT PROFILE

MANAGEMENT TEAM

==> picture [84 x 68] intentionally omitted <==

==> picture [85 x 102] intentionally omitted <==

MR. GHANSHYAM A. THAKKAR

==> picture [89 x 98] intentionally omitted <==

MR. KRUPESH G. THAKKAR

QUALIFICATION: B. Sc. Diploma in Civil Engineering

QUALIFICATION: Bachelor of Commerce

• Shri Ghanshyambhai A. Thakkar has an experience of more than 45 years in the industry of laminated sheets, MDF board and allied items

• Over more than 2 decade of Experience in Laminate and MDF Industry

• He is the promoter of the Company.

• He is the promoter of the Company

• Presently he is Managing Director of the Company.

• He is Chairman Cum Whole Time Director in the Company. As a Whole Time Director he is involved in day to day operations of Company

• Ex- President of Indian Laminate Manufacturer Association and also Member of Association of Indian Panel Board Manufacturer.

• He is having Vast Experience in General Management & Production & Purchase

• He is having Vast Experience in General Management & Production & Purchase.

==> picture [88 x 101] intentionally omitted <==

MR. KEYUR M. GAJJAR

QUALIFICATION: Bachelor of Engineering, M.B.A

• Over 2 decade of Experience and associate with the Company for over a decade.

• Presently he is Chief Executive officer of the Company

• Responsible for the entire operation of the Group.

30

STOCK INFORMATION

Market cap (INR) 45338.99 Lakhs (as on 30[th] June 2019)

Shares Outstanding 149.3 Lakhs (31[th] March 2019)

Share holding Pattern (30[th] June 2019)

==> picture [209 x 159] intentionally omitted <==

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

15.69
19.74
52.85
11.72
----- End of picture text -----

Promoters FPI Bodies Corporate Others

Bloomberg code RDL:IN

NSE code BSE code RUSHIL 533470

Relative Stock Price vs BSE SMALL CAP INDEX

==> picture [15 x 142] intentionally omitted <==

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

120
100
80
60
40
20
0
----- End of picture text -----

==> picture [403 x 33] intentionally omitted <==

BSE SMALL CAP RUSHIL DÉCOR LTD

==> picture [84 x 68] intentionally omitted <==

==> picture [17 x 52] intentionally omitted <==

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

82
37
----- End of picture text -----

31

==> picture [960 x 319] intentionally omitted <==

==> picture [137 x 110] intentionally omitted <==

Thank You

==> picture [19 x 19] intentionally omitted <==

==> picture [19 x 19] intentionally omitted <==

==> picture [19 x 19] intentionally omitted <==

==> picture [19 x 19] intentionally omitted <==

Vipul Vora

Rushil House, Near Neelkanth Green Bungalows,Off. Sindhu Bhavan Road, Shilaj, Ahmedabad-380058, Gujarat, India. info@rushil.com www.rushil.com

==> picture [18 x 19] intentionally omitted <==

==> picture [19 x 19] intentionally omitted <==

==> picture [18 x 19] intentionally omitted <==

==> picture [19 x 19] intentionally omitted <==

Sherwin Fernandes

KARVY FINTECH" 702, Hallmark Business Plaza, Opp. Gurunanak Hospital, Bandra East, Mumbai, Maharashtra 400051 sherwin.fernandes@karvy.com www.karvyfintech.com

32