Shalby Limited — Earnings Release 2020

Sep 5, 2020

Earnings

Presentation

Q1 FY2021

SHALBY LIMITED (BSE CODE: 540797 I SHALBY, NSE CODE: SHALBY)

A leader in Joint Replacement surgeries in India with an established chain of multi-specialty tertiary care hospitals.

CONTENT

Q1 FY2021 PERFORMANCE HIGHLIGHTS

Q1 FY2021 PERFORMANCE HIGHLIGHTS

Q1 FY2021 performance impacted due to the Covid-19 crisis Lower patient count, number of surgeries and bed occupancy impacted financial performance

Notes:

• 1. Occupancy rate is on the basis of operational beds
• 1. ALOS is excluding Day Care
• 1. All numbers are on Standalone basis

Commenting on performance Chairman & Managing Director Dr. Vikram Shah Said:

As expected our first quarter FY 2021 financial performance was significantly impacted by the pandemic primarily because Shalby's specialization in orthopedics, and in particular arthroplasty, has not been a high priority treatment area for patients during these times. However, many of these arthroplasty surgeries will simply be postponed

to a later date when the overall environment for personal safety and travel improves. Our ongoing diversification strategy into multi specialty hospitals has also continued to serve general and COVID-19 patients well across the Shalby hospital group. Up to the end June, close to 600 Covid-19 patients have been treated at our 6 hospitals.

As a management team, we have always focused on both initial hospital development capex and ongoing operating costs. This long term view and practical approach has helped us during these difficult times, as doctor costs as a percentage of revenues has declined in FY20 and our hospital modular design layouts have minimized costs further. Our current hospital developments in Nashik and Santa Cruz will be impacted from a timing perspective but the safety of the Shalby team and our working partners is our highest priority.

As we advance through this current quarter, occupancy rates improved significantly with July and August registering 35% and 36% respectively. The recovery in the number of arthroplasty surgeries is slow but we expect it to reach pre-Covid levels by end of next quarter. Our cautious approach to leverage has now proved beneficial by providing Shalby with a robust balance sheet during these challenging times. I would also like to take this opportunity to thank the Shalby management and other team members for their outstanding professionalism and commitment during the course of the last few months.

In recognition of this current scenario, Dr Darshini Shah and I will not be taking any fees for services for all of FY2021.

Shalby Group Structure Simplification

Step 1

• Shalby Ltd acquired 100% of Slaney from Zodiac Mediquip
• Cash consideration of Rs. 11.21 million

Step 2

• Shalby International acquired 5% of Griffin from Yogeshwar
• Cash consideration of Rs. 1.04 million

For both transactions

• Kotak and Kotak retained as financial advisor
• Beeline Broking Ltd acted as merchant banker and provided an independent valuation report

Rs Million	June-20	Mar-20
Gross Borrowings	494	622
Cash and Investments	982	1,021
Net Debt/ (Net Cash)	(488)	(398)
Equity	8,046	8,137

Capital Structure

Q1 FY2021 PERFORMANCE HIGHLIGHTS

Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21

Notes:

• 1. Occupancy rate is on the basis of operational beds
• 1. ALOS is excluding Day Care
• 1. All numbers are on Standalone basis

Q1 FY2021 PERFORMANCE HIGHLIGHTS

Number of Surgeries by Specialty Revenues by End Patient

Total Costs Mix (Rs. Mn)

Doctor Costs as % of Revenue from Operations 25.6% 25.1% 24.1% 28.9% 30.3% Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21

Notes:

• 1. Total Operating Expenses comprises of Operative and other expenses, Purchase and Change in Inventory, Employee costs and Other Expenses
• 1. All numbers are on Standalone basis

Q1 FY2021 PERFORMANCE HIGHLIGHTS

Particulars (in Rs. Million)	Q1 FY21	Q1 FY20	Q4 FY20	FY 20	FY 19	YoY Growth
Revenue from Operations	384	1,318	1,055	4,839	4,624	4.6%
Other Income	24	23	105	177	94	89.4%
Total Income	408	1,340	1,160	5,016	4,718	6.3%
Expenses
COGS	272	777	698	2,931	2,839	3.2%
% of Revenue	71%	59%	66%	61%	61%
Employee Benefit Expenses	88	168	161	652	643	1.4%
% of Revenue	23%	13%	15%	13%	14%
Other expenses	74	82	172	440	317	38.8%
% of Revenue	19%	6%	16%	9%	7%
Total Operating Expenses	434	1,027	1,032	4,025	3,801	5.9%
% of Revenue	113%	78%	98%	83%	82%
EBITDA	(25)	314	129	992	918	8.1%
EBITDA Margins %	(6.2)%	23.4%	11.1%	19.8%	19.5%
Depreciation and Amortisation	89	89	90	359	330	8.7%
Finance Cost	12	15	17	64	81	(21.2)%
PBT	(126)	210	22	570	507	12.4%
Total tax	(40)	(27)	191	291	186	56.0%
Effective Tax Rate %	31.5%	(12.8)%	nm	51.0%	36.7%
PAT	(86)	237	(169)	280	321	(12.9)%
PAT Margins %	(21.2)%	17.7%	(14.5)%	5.6%	6.8%

Notes:

1. Margins are calculated on the basis of Total Income

2. All numbers are on Standalone basis

Q1 FY2021 PERFORMANCE HIGHLIGHTS

Operational Metrics	Q1 FY21	Q1 FY20	Q4 FY20	FY 20	FY 19	YoY Growth
In Patient Count (Nos.)	3,664	9,799	8,711	39,030	36,311	7.5%
Day Care Patient Count (Nos.)	3,763	6,356	4,945	23,728	19,674	20.6%
Out Patient Count (Nos.)	32,305	87,575	74,333	3,25,596	2,96,197	9.9%
Surgeries Count (Nos.)	843	6,146	3,966	19,835	19,908	(0.4)%
ARPOB (In Rs.)	21,848	32,228	31,253	30,457	31,296	(2.7)%
Bed Capacity (Nos.)	2,012	2,012	2,012	2,012	2,012	0.0%
Operational Beds (Nos.)	1,200	1,200	1,200	1,200	1,102	8.9%
Occupancy (Beds)	205	457	408	450	413	9.0%
Occupancy (%)(based on operational beds)	17.1%	38.1%	34.0%	38.0%	37.0%	2.7%
Average Length of Stay (without Daycare)	5.10	4.24	4.26	4.22	4.15	1.7%

Note: The operational bed count of 1,200 considers 36 operational beds at Zynova-Shalby Hospital, Mumbai, for which no other operational parameters are tracked

OUR REGIONAL PRESENCE

▪ Ghatkoper (Zyonova) – 100 beds

Santa Cruz Development Update Nashik Development Update

Business Model: Revenue Sharing Bed Capacity: 175 Operating and Management Term: 30 + 30 years Operationalization Year: FY 2024 Estimated Cost: Rs. 1,600 million

Approval awaited from Brihanmumbai Municipal Corporation (BMC)

Business Model: Revenue Sharing Bed Capacity: 113 Operating and Management Term: 30 years Operationalization Year: FY 2023 Estimated Cost: Rs. 310 million

Brownfield development with Shalby to invest in medical equipments

G S	Commencement No. of beds / Occupancy Type of Arrangement Revenue Contribution %	2007 13 Years 201 50.3% Leased – Fixed Rent 32.8%	Catchment: Ahmedabad and surrounding areas of Gujarat, Rajasthan and Mumbai Transfer of Covid-19 positive patients to other Shalby units • Optimum utilization of manpower • Specialties such as otho trauma, neurology and neuro • S S G G surgery, oncology, spine and general surgery along with critical care and general medicine showed major growth G G
y a Vij	Commencement No. of beds / Occupancy Type of Arrangement Revenue Contribution%	1994 26 Years 27 11.1% Freehold 0.4%	ro ro u u p p Catchment: Ahmedabad and surrounding areas of Gujarat • Vijay was one of the first to start Covid-19 treatment in Ahmedabad
a n h s Kri	Commencement No. of beds / Occupancy Type of Arrangement Revenue Contribution%	2012 8 Years 220 36.9% Freehold 12.3%	Catchment: Ahmedabad and surrounding areas of Gujarat and Rajasthan. Also attracts international patients • Continued engagement through webinars • A surge was seen in critical care specialty • Started treating Covid-19 patients from Jun'20, treated 325 Covid-19 to date
a d o r a N	Commencement No. of beds / Occupancy Type of Arrangement Revenue Contribution% Notes:	2017 3 Years 267 55.1% Leased – Revenue Share 8.0%	Catchment: Ahmedabad and surrounding areas of Gujarat Treated more than 300 Covid-19 positive patients • • Growth in oncology, nephrology and critical care • Tie-up with nearby nursing home and consultants

1. Revenue contribution % is a contribution to total hospital revenue

2. All numbers are on Standalone FY2020 basis

at r u S	Commencement No. of beds / Occupancy Type of Arrangement Revenue Contribution%	2017 3 Years 243 39.1% Freehold 10.0%	Catchment: South Gujarat, North Maharashtra (including Mumbai) Conducted multiple awareness sessions for corporates like • Reliance, L&T and Shell about Covid-19 dos and don'ts S u • Dialysis specialty saw a spike in Q1 FY2021 ra t
pi a V	Commencement No. of beds / Occupancy Type of Arrangement Revenue Contribution%	2012 8 Years 146 20.0% Freehold 1.4%	G ro u Catchment: South Gujarat p Short stay trauma was introduced • Focused on digital marketing initiatives •
e or d n I	Commencement No. of beds / Occupancy Type of Arrangement Revenue Contribution%	2012 8 Years 243 I 46.0% Freehold 13.0%	Catchment: Madhya Pradesh • Appreciation from local administration (Collector) for managing variety of complicated Covid-19 patients • While the elective work was less in Q1 the time was used to improve the services through continuous training and process improvement
r u p pl a b a J	Commencement No. of beds / Occupancy Type of Arrangement Revenue Contribution% Notes:	2015 5 Years 233 35.3% Leased – Revenue Share 7.6%	Catchment: Madhya Pradesh • Treated 50 Covid-19 patients • Focused on digital marketing avenues to generate more leads • Witnessed good numbers in specialties like cardiac science, critical care and general medicine and neurology

1. Revenue contribution % is a contribution to total hospital revenue

2. All numbers are on Standalone FY2020 basis

		Commencement	2017 2+ Years	Catchment: Punjab, Uttrakhand
ali h o M		No. of beds / Occupancy	145 24.7%	• Top 2 floors of the hospital dedicated for Covid-19 patients
		Type of Arrangement	Freehold	• Major specialties like arthroplasty, urology and medicine showing recovery in Q2 FY2021
		Revenue Contribution%	3.7%	Average Occupancy improved four times from April 20 to July 20 •
		Commencement	2017 3 Years
r u		No. of beds / Occupancy	237 36.0%	Catchment: Rajasthan, Western UP, Punjab, Delhi
p ai J		Type of Arrangement	Freehold	• Zero doctor attrition amidst the Covid-19 crisis • Highest number of child deliveries amongst all corporate
		Revenue Contribution%	10.8%	multispecialty hospitals in Jaipur
		Commencement	2017 3 Years
a v o n y Z		No. of beds / Occupancy	50 / na	Catchment: Mumbai
		Type of Arrangement	O&M Model	Converted into Covid-19 facility from 1st June to 31st Aug 2020 • • 24 beds were given for Covid-19 including 15 beds in ICU
		Revenue Contribution%	na

Notes:

• 1. Revenue contribution % is a contribution to total hospital revenue
• 1. All numbers are on Standalone FY2020 basis

Experienced Board of Directors

Dr. Vikram Shah Chairman and Managing Director

Over two and a half decades of professional healthcare experience across UK, USA and India, Dr. Shah has been serving as Director of the Department of Knee Replacement at Shalby Hospitals since 1993. Recognised for his outstanding contribution in the field of orthopaedics on completion of 1,00,000 joint replacement surgeries, he received the 'Times Man of the Year' Award by Times of India Group in 2018.

Dr. Ashok Bhatia Non- Executive Director

With more than 40 years of professional experience, in the past Dr. Bhatia was associated with Cadila Healthcare as President, Emerging Markets. Currently, he is an external consultant of McKinsey & Co and a visiting faculty member at IIM Ahmedabad, IIM Rohtak and IIT Gandhinagar.

Mr. Tej Malhotra Independent Director

Mr. Malhotra has over four decades of experience in various industries both in India and internationally. Previously he held the positions of Senior Executive Director at GHCL, Technical Director at Idea Soda Ash and Calcium Chloride Company of Saudi Arabia and Executive Engineer (Mechanical) at Hindustan Copper.

Mr. Shyamal Joshi Non-Executive Director

Associated with Shalby Hospitals since 2010, Mr. Joshi has significant experience in various areas including corporate strategy and fund raising. he holds a Bachelor's degree in Commerce from Gujarat University and is also a member of the ICAI.

Dr. Umesh Menon
Independent Director

Dr. Menon has experience in the areas of finance and cost accounting and is currently also on the board of directors of Varis Management Services. He is a regular visiting faculty member at Emirates Foundation and an international expert and trainer for the United Nations Industrial Development Organisation.

Ms. Sujana Shah Independent Director

Ms. Shah is a practicing Chartered Accountant and has vast experience of over 18 years in the fields of finance, accounts, audit, direct and indirect taxes, banking and treasury. Presently she is a partner of V. R. Shah & Associates. She has also been the statutory and internal auditor of some of the most reputed public banks of India.

Senior Management

Mr. Shanay Shah President

With over six years of experience in the healthcare industry, Mr. Shah is involved in overseeing the international business, investor relations and digital transformation of Shalby Hospitals.

Mr. Prahalad Rai Inani Chief Financial Officer

Mr. Inani has over 24 years of experience in the fields of finance, accounts, financial planning & analysis, budgeting, cost control, project costing and auditing. Previously he was associated with Apollo Hospitals, TM Goup of Companies and Octant Interactive Technologies.

Mr. Jayesh Patel Company Secretary and Compliance Officer

With over 18 years of experience in the field of corporate law Mr. Patel is involved in the legal, corporate compliance and secretarial matters of Shalby Limited.

Mr. Muraarie Rajan Principal Advisor

25 years experience in corporate strategy, mergers and acquisitions and fund raising. Worked at Wolfensohn & Company, Credit Suisse and JP Morgan in New York. Was Executive Director at Piramal Enterprises and JSW. Qualified as Chartered Accountant from the UK and holds an MBA from MIT Sloan School of Management

Dr. Nishita Shukla Chief Operating Officer

Dr. Shukla holds a bachelors' degree in Homeopathic Medicine and Surgery and has experience of over 13 years in the healthcare industry. As the Shalby Hospitals Group COO, her responsibilities include overseeing the overall business, clinical operations and administration of all hospital facilities.

Mr. Babu Thomas Chief Human Resource Officer

With over 25 years of experience in talent management, Mr. Thomas heads the Human Resources and Operation functions of the Group. He is involved in strategic HR initiatives, change management, talent acquisition, employee engagement, Shalby Academy and training and development.

e s hi	Greenfield 907 Beds	Brownfield 977 Beds	Acquisition 366 Beds	Franchise
c n a Fr				New Growth Area
d	2017 Year Naroda 267 Beds	2015 Year Jabalpur 233 Beds
e s a e L	2007 Year SG 201 Beds	2017 Year Mohali 145 Beds
	2024 Year Santa Cruz 175 Beds	2023 Year Nashik 113 Beds
d ol h	2017 Year Jaipur 237 Beds	2015 Year Indore 243 Beds	2012 Year Krishna 220 Beds
e e Fr	1994 Year Vijay 27 Beds	2017 Year Surat 243 Beds	2012 Year Vapi 146 Beds
	Upcoming hospital developments

Faster time to market

Notes:

1. SG Group comprises of SG and Vijay. Surat Group comprises of Surat and Vapi

2. Fixed rent of Rs. 5L per month is paid by Shalby SG to Dr. Vikram Shah and Rs. 50,000 per month is paid by Vijay Shalby to Shalby Orthopedic and Research Centre in which Dr. Vikram Shah is a partner

3. Total bed count of 2012 includes 50 beds at Zynova-Shalby Hospital, Mumbai

Lower capital requirement

35.6% 25.9% 23.2% 14.7% 11.9% 10.9% 8.5% 0% 5% 10% 15% 20% 25% 30% 35% 40% SG Group Krishna Naroda Indore Jaipur Surat Group Jabalpur Mohali EBITDA % Corporate Cost 4.7% 24.5% Hospital and Other EBITDA Margins 19.7% Shalby EBITDA Margins ARPOB Rs. 51,231 27,843 21,382 22,635 31,517 24,427 16,801 nm

Each hospital group makes a positive contribution at the Shalby level where corporate costs are 4.7% of total revenue

Notes:

1. Hospital and Other EBITDA Margins is a sum of Hospital EBITDA divided by Total Income and Other Income divided by Total Income

2. Corporate Cost primarily comprises of corporate employees, advertisements, CSR expenses, taxes and professional fees

3. All numbers are on FY2020 basis

Shalby is able to operate hospitals profitability at EBITDA and EBITDAR levels even at a bed occupancy of 30%

Jaipur, Surat and Naroda which have been operational for less than 5 years are currently ramping up

Bed Occupancy %

Notes:

1. Mohali is less than 3 years of operation hence not included

2. All numbers are on Standalone FY2020 basis

ANNUAL PERFORMANCE TRENDS

SHALBY FINANCIAL CASE

Revenues Over last two years, Total Revenue increased by 14.0% and EBITDA by 6.1% CAGR with EBITDA margins at 19.7% Increasing number of patients across all care formats reflects Shalby's strong brand recognition: In Patients 7.5%, Day Care 20.6% and Out Patients 9.9% Number of beds occupied increased by 8.9% y-o-y and current occupancy rate of 38%, increasing by 4% last year on a like for like basis Shalby's diversification strategy towards multi specialty will drive patient numbers, surgery count and occupancy rates going forward Arthroplasty surgeries are increasing in number but declining as a percentage of Total Revenue as part of the diversification strategy Arthroplasty to reach 35% of total revenues in the coming years with ARPOB reflecting other speciality offerings Relatively newer hospitals (Jaipur, Mohali, Naroda and Surat) payer mix now moving more towards self-pay which is expected to result in higher ARPOB Average length of stay increasing in line with greater trend towards non-arthroplasty surgeries Actively sourcing direct patient referrals from Kenya and Tanzania, in addition to partnerships with international hospitals Costs Ongoing optimization of doctor costs within COGS resulting in a move from fixed pay to minimum guarantee to visiting doctor model Centralized sourcing of medical instruments, devices and other consumables across all Shalby doctors Greater than 95% of material purchases are from J&J and Meril India; less than 2% from Slaney, a promoter group company

PBT margins at 11.7% and PAT margins adjusted for cash tax at 9.1% Well capitalized balance sheet with Debt of Rs. 62 Crores, Cash and investments of Rs. 102 Cr Strong EBITDA to Cash Flow conversion rate of 55.9% Return on Capital Employed of 7.3% based on current occupancy rate of 38%

Unlevered net debt balance sheet results in lower Return on Equity

Total Revenue increased by 14.0% and EBITDA by 6.1% CAGR with margins at 19.7%

Notes:

1. MAT Tax Rate is calculated as actual taxes paid as per MAT divided by PBT

2. All numbers are on Consolidated basis

ANNUAL PERFORMANCE TRENDS

Increasing number of patients across all care formats reflects Shalby's strong brand recognition

Significant impact on FY20 surgeries due to Covid-19 during March-20

FY 18 FY 19 FY 20

Number of beds occupied increased by 8.9% y-o-y and occupancy rate of 38%

37% 38%

ALOS (Days) 3.70 4.15 4.22 FY 18 FY 19 FY 20

Notes:

1. Occupancy rate is on the basis of operational beds. Adjusted occupancy rates is on the basis of FY20 operational beds of 1200

Adjusted

Occupancy 28% 34% 38%

FY 18 FY 19 FY 20

1. ALOS is without Day Care

FY 18 FY 19 FY 20

Ongoing optimization of doctor cost and centralized sourcing of medical instruments, devices and consumables

57% 59% 55% 12% 10% 12% 14% 16% 15% 10% 8% 10% 7% 8% 8% FY 18 FY 19 FY 20 D&A Expenses Other Expenses Employee Benefit Expenses Purchase and Change in Inventory Operative and Other Expenses

Total Costs ex Finance Cost (Rs. Mn)

Notes:

• 1. Total Operating Expenses comprises of Operative and other expenses, Purchase and Change in Inventory, Employee costs and Other Expenses
• 1. All numbers are on Consolidated basis

Investments

Financing

Flow

Cash Charges

Capital Changes

from operations

Strong EBITDA to Cash Flow conversion rate of 55.9%. Unlevered balance sheet results in lower Return on Equity

7.7% 6.9% 7.3% FY 18 FY 19 FY 20

Figures in Rs Million	FY 18	FY 19	FY 20
Gross Borrowings	1,137	708	622
Cash and Investments	1,162	862	1,021
Net Debt/ (Net Cash)	(25)	(154)	(399)
Equity	7,515	7,798	7,992

Notes:

1. FY2020 Adjusted ROE is calculated using Adjusted PAT for MAT cash outflow adjustment

2. ROCE is calculated as EBIT divided by Average Capital Employed (Total Assets – Total Current Liabilities)

3. All numbers are on consolidated basis

Particulars (in Rs. Million)	FY 18	FY 19	FY 20	CAGR
Revenue from Operations	3,780	4,623	4,869	13.5%
Other Income	100	93	174	31.7%
Total Income	3,880	4,715	5,042	14.0%
Expenses
COGS	2,219	2,833	2,953	15.4%
% of Revenue from Operations	59%	61%	61%
Employee Benefit Expenses	451	646	655	20.5%
% of Revenue from Operations	12%	14%	13%
Other Expenses	330	320	443	15.9%
% of Revenue from Operations	9%	7%	9%
Total Operating Expenses	2,999	3,799	4,051	16.2%
% of Revenue from Operations	79%	82%	83%
EBITDA	881	916	991	2.3%
EBITDA Margins %	22.7%	19.4%	19.7%
Depreciation and Amortisation	229	332	360
Finance Cost	115	81	64
PBT	537	504	567	2.8%
Total tax	146	187	291
Effective Tax Rate %	27.2%	37.1%	51.3%
PAT	392	317	276	(16.1)%
PAT Margins %	10.1%	6.7%	5.5%

Operational Metrics	FY 18	FY 19	FY 20	CAGR
In Patient Count (Nos.)	27,771	36,311	39,030	18.6%
Day Care Patient Count (Nos.)	5,196	19,674	23,728	113.7%
Out Patient Count (Nos.)	2,22,970	2,96,197	3,25,596	20.8%
Surgeries Count	17,554	19,908	19,835	6.3%
ARPOB (Rs.)	31,564	31,296	30,457	(1.8)%
Bed Capacity (Nos.)	2,012	2,012	2,012	0.0%
Operational Beds (Nos.)	1,150	1,102	1,200	2.2%
Occupancy (Beds)	335	413	450	15.9%
Occupancy (%) (operational beds)	29.0%	37.0%	38.0%	14.5%
Average Length of Stay (without Daycare)	3.70	4.15	4.22	6.8%

Note: The operational bed count of 1,200 considers 36 operational beds at Zynova-Shalby Hospital, Mumbai, for which no other operational parameters are tracked

DISCLAIMER and CONTACT DETAILS

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 such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements", 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. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in the Company's business, its competitive environment and political, economic, legal and social conditions in India. This communication is for general information purpose only, without regard to specific objectives, financial situations and needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any shares in the Company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation can not be copied and/or disseminated in any manner.

For further information, please contact:

Mahesh Purohit Asst. Manager – Corporate Strategy & Investor Relations +91 951 204 9871 ircs2.corp@shalby.org Ravi Gothwal / Vikas Luhach Churchgate Partners +91 22 6169 5988 shalby@churchgatepartners.com

SHALBY LIMITED I Regd Off: Opp. Karnavati Club, S.G. Road, Ahmedabad – 380015, Gujarat, India. Phone: 079 4020 3000 Fax: +91 79 4020 3109 |

Website: www.shalby.org | CIN: L85110GJ2004PLC044667