INVESTMENT DECK GLOBHAL TECHNO TRADE TABLE OF CONTENTS

INVESTMENT DECK GLOBHAL TECHNO TRADE

TABLE OF CONTENTS 1. Company Overview 2. Products and Services offered 3. Global Apparel Industry 4. Indian Apparel Industry 5. Industry Margins 6. Industry Analysis 7. Company Analysis 8. Company Strategy 9. Peer Analysis 10. Investment Requirement & Funds usage 11. Financial Projections

COMPANY OVERVIEW Vision: To be the biggest brand in the fashion industry, in a customer centric environment, a place where there is something for everybody Mission: Q. Q. S. Quality: We provide high-quality T-shirts that will harvest appreciation & self-esteem. Finest quality of the fabric is used to give you the sense of comfort and reliability. Designs, on the other hand, are custom made for every mood & every occasion! Quantity: We make sure you never miss out on your favorite T-shirt. In the fashion industry, common things are not appreciated, we make sure the designs are not common yet nobody will miss out or get disappointed Service: From Where to when, we take care of everything. Fast delivery, easy returns, we love to pamper our customers

COMPANY OVERVIEW Globhal Techno Trade was established in April 2017 as a partnership firm Two Partners – Archit Bajpai (96% stake) and Saumya Bajpai (4% stake) The company sells T-shirts for men and women – esp. of two kinds Double Combed T-shirts and Tri- Blend T-shirts Tri-Blend T-shirts comprises of a mix of three elements – polyester, cotton and rayon Due to the presence of three elements Tri-Blend T-shirts are super soft and allows the heat between fabric and the skin to pass out – making them more comfortable T-shirts will be sold via two modes – online and offline mode

COMPANY OVERVIEW Online Mode Offline mode Online mode E-commerce websites Amazon, Flipkart, Snapdeal, etc. Company website Globhal Techno Trade website Social media Facebook, Instagram, etc. Retailers Wholesalers Trade fairs

GLOBAL APPAREL INDUSTRY OVERVIEW Global Apparel industry statistics (in US$ bn) Global Apparel industry growth rates % 18. 0% Brazil 16. 0% Russia 14. 0% Germany 12. 0% Japan 10. 0% UK 8. 0% India 6. 0% USA 4. 0% China 2. 0% $0 $50 2020 $100 2019 $150 $200 2018 $250 $300 2017 $350 $400 $450 2016 0. 0% China USA 2017 India 2018 UK Japan 2019 Germany Russia 2020 § According to Euromonitor, India and Russia will witness a significant growth rate over the period 2017 to 2020 § India – avg. growth of 9. 3% vs Russia – avg. growth of 12. 6% § India is expected to grow steadily at a CAGR of 7. 4% over the period 2016 to 2020 to reach a size of US$78. 3 bn by 2020 Brazil

INDIAN APPAREL INDUSTRY OVERVIEW Contribution to monthly expenditure of different sectors Total Retail Market 4% 11% 18% 3% 38% 3% 4% 5% 4% 60% 6% 8% 19% 5% Food and Grocery Apparel Mobile and Telecom Food Service Jewelry Consumer Electronic Pharmacy Other Food and Bev. Housing Health 12% Transport and comm. Leisure and edu other Apparel § Apparel industry is a sub sector of retail industry – with Food & Grocery being the largest (60%) and Apparel being the second largest (8%) § Compared to an average family expenditure, apparel has a contribution of about 4% of the total expenditure § Apparel industry is associated with more of a volume game rather than value game

INDIAN APPAREL INDUSTRY OVERVIEW E-Commerce Industry in india - Highest Number of shopping Queries 2% 3% Consumer Electronics 6% 34% 10% Apparels & Accessories Books Beauty & Personal Care Home & Furnisnhing 15% Baby Produts Health care 30% § According to Forrester Research, about one-fifth of the total retail sales are expected to take place via online mode by 2021 in Asia Pacific § Out of the total online retail sales – 78% will come from mobile up from 63% in 2016 § Moreover, online retail via mobile will grow at a CAGR of 15. 6% to stand at US$1 trillion by 2020 vs US$539 billion in 2016 § Further, about 30% of the shopping queries witnessed were related to the apparel segment, indicating the existing interest within consumers and the shift of preferences from apparel as a basic necessity to a luxurious want.

TARGET MARKET SIZE FOR GLOBHAL TECHNO TRADE Assumptions: 2014 Population demographics for 15 – 24 years of age to remain same as that of 2016 Age Structure 0 - 14 years 27. 71% 359 363 367 371 Male and female proportion to remain the same as that of 2016 15 - 24 years 17. 99% 233 235 238 241 25 - 54 years 40. 91% 529 536 542 548 Target market size is expected to be 231 millions 55 - 65 years 7. 30% 94 96 97 98 over 65 years 6. 09% 79 80 81 82 Male 50. 80% 118 120 121 122 Female 44. 89% 104 106 107 108 223 225 228 231 10 million individual difference is for other genders Over the period 2014 to 2016, the target market has grown at 1. 2% 1. 17% 1. 16% 1, 324 2017 E Population (in millions) Population growth rate % 1, 309 2016 Population growth in 2017 ~1. 16% (which is the average growth for past 3 years) (individuals) 1, 294 2015 1. 15% 1, 339 1. 16% Target Market Size Total Target Market (in millions) Source: World Bank, Indexmundi

TARGET MARKET SIZE FOR GLOBHAL TECHNO TRADE Total Target Market (in millions) Population Demographics in India (in millions) 235 231 over 65 years 230 228 225 55 - 65 years 225 223 220 25 - 54 years 215 15 - 24 years 217 215 212 210 0 - 14 years 205 - 100 2017 2016 200 2015 2014 300 2013 400 2012 2011 500 2010 600 2010 2011 2012 2013 2014 2015 2016 2017

TARGET MARKET SIZE PROJECTIONS Estimates of online retail market in India by 2020 (in US$ bn) Globhal Techno Trade’s strategy is to rely more towards the online side due to the growing online retail sector According to Morgan Stanley, India’s online retail sector will be worth US$ 119 bn by the year 2020. According ASSOCHAM – Resurgent India Study, the number of consumers to purchase online will cross the bar of 100 million by 2017 The increasing number of consumers interested in purchasing online will be the key driver of growth for GTT 140. 0 120. 0 119. 0 100. 0 80 -100 80. 0 68. 8 60. 0 48 -60 40. 0 20. 0 Morgan Stanley Red. Seer Consulting Goldman Sachs Google - A. T. Kearney UBS

TARGET MARKET SIZE PROJECTIONS – SEGMENTALLY The entire apparel market consists of four main Indian Apparel Market Segment 2020 80 USD Billion segments – men wear, women wear, boys wear and girls wear Globhal Techno Trade’s target audience is the youth (both boys and girls) aged between 15 to 30 years 10% 12% 39% Men Women Moreover, the Indian apparel market is expected Boys to reach US$80 billion by 2020 as against the US$41 billion in 2013 Considering our target segment, Globhal Techno Trade has at least over 50% of the Indian apparel market Girls 39%

INDUSTRY ANALYSIS – PORTER’S FIVE FORCES Bargaining power of suppliers (Low): Threat of new entrants (High): Bargaining power of buyers (High): Large number of suppliers Focus mainly on volume High threat of forward integration Low initial capital required Low or no barriers to entry Government boost towards manufacturing High existing competition Threat of backward integration Threat of substitute products (Medium): Rivalry among existing firms (High): Medium to high availability of substitute products Low or nill switching costs Very low HHL index of the sector Manufacturers offer heavy rebates to lure customers

INDUSTRY ANALYSIS – PEST ANALYSIS POLITICAL Government push towards manufacturing boost Govt subsidies will provide further push ECONOMIC Increase in raw material prices Eventually leads to increased prices as the price increase passes down to the consumer TECHNOLOGICAL Internet - new ways of distributing clothes Technological innovation creates new markets as well as the potential of existing markets SOCIAL Supporting modern lifestyles Environment awareness creates a new market segment

COMPANY ANALYSIS – SWOT ANALYSIS Strengths Government push towards manufacturing boost Stable and ever lasting demand of the product Weaknesses Lack of proper supply chain management Limited product offerings Threats Huge competition may drag the profits for a long time Economic conditions may impact the company's topline Opportunities Can increase the product portfolio offerings Can sell products globally via online mode

COMPANY STRATEGY – SHORT TERM Team setup Sales team T-shirt designers Business Development personnel Administration & Finance team Relationship Management Create & maintain relationships with retailers and wholesalers Create brand awareness about the product Employ marketing activities both on social media & e-commerce websites (sponsored product) Boost sales Offer rebates and discounts on products – strategy to implement product push

COMPANY STRATEGY – LONG TERM Setup manufacturing facilities Build an in-house production facility for T-shirts once the sales targets are achieved Increase product portfolio by offering Hoodies Shirts Trousers Optimize supply chain process Bring in efficiencies by automating less important processes Integration of the production facilities to bring in economies of scale & other integration benefits Boost sales Offer rebates and discounts on products – strategy to implement product push

PEER ANALYSIS – BEWAKOOF. COM Established in April 2012 and has quadrupled its sales each year Company relies on funny and quirky messages on its products Started initially with an investment of INR 30, 000 and have received seed funding after six months of their operations The company sells apparels and mobile phone covers and claims to be doing transactions worth INR 1. 5 crore per month, with t-shirts being their best sellers Their ‘Ghanta’ collection of t-shirts for college students with messages like ‘Ghanta Engineering/Ghanta MBA’ etc have been their best-selling products The company’s customer base comprises of students and youth aged between 16 to 34 years – generated a turnover of about INR 10 Crby FY 2015 Company has witnessed a m-o-m growth of 15% - 20%

PEER ANALYSIS – PAINTCOLLAR An online marketplace and sells merchandise products The company handles all manufacturing and shipping – at the same time artists focus on creating attractive products Offers a wide range of products – T-shirts, laptop skins, wall skins, etc.

PEER ANALYSIS – THE SOULED STORE creates designs and manufactures products from T-shirts to phone covers to backpacks to boxers to long boxers among few others The company has a platform which allows the artists across the world to gather and showcase their artwork Artists email their designs to the website and in turn receive a royalty fee from the website

PEER ANALYSIS – ALMA MATER Alma Mater is an online brand which provides customized merchandise and alumni memorabilia for schools, colleges and companies The company’s core products are T-shirts, sweatshirts, pullovers, bulk custom printed T-shirts, hoodies and other personalized gifts The company started its operations in November 2009 with a seed capital of INR one lacs By the end of 2010, the company moved into a spacious office in Koramangala in Bangalore By 2011, the company was growing at a rate of 300% and was working with over 600 schools and colleges across 70 cities in India Currently, the company has over 65 employees and has worked with 2500 different schools and colleges in 160 different cities and has customized over 300, 000 tees and hoodies

INVESTMENT REQUIREMENTS USAGE OF FUNDS 2018 Team Setup 2019 2020 2021 2022 2023 2024 2025 36, 82, 800 54, 01, 440 68, 99, 904 56, 47, 956 48, 34, 631 50, 95, 770 68, 01, 326 66, 52, 488 70, 02, 157 81, 75, 582 83, 18, 092 22, 31, 220 23, 84, 465 25, 48, 438 27, 23, 889 29, 11, 621 31, 12, 494 33, 27, 429 35, 57, 409 Furniture Setup 2, 86, 000 10, 000 1, 38, 684 10, 000 82, 376 10, 000 Hardware Setup 8, 69, 880 88, 875 91, 990 4, 46, 187 98, 599 1, 02, 103 3, 03, 137 1, 09, 537 Software Setup 21, 10, 056 21, 94, 458 22, 82, 237 33, 22, 936 34, 55, 854 35, 94, 088 42, 71, 830 44, 42, 704 Canteen Setup 52, 000 54, 080 56, 243 58, 493 60, 833 63, 266 65, 797 68, 428 Parking Facility 98, 800 1, 02, 752 1, 06, 862 1, 137 1, 15, 582 1, 205 1, 25, 014 1, 30, 014 9, 53, 124 9, 90, 499 10, 29, 384 10, 69, 840 11, 930 11, 55, 721 12, 01, 281 12, 48, 681 14, 28, 990 14, 76, 600 16, 78, 944 17, 36, 972 19, 69, 550 20, 39, 689 21, 12, 545 21, 88, 229 Infrastructure Setup Office Rent Coffee Machine & other items Miscellaneous Requirements 1, 09, 10, 473 1, 38, 56, 828 1, 59, 22, 790 1, 75, 15, 069 1, 95, 23, 807 Total investment required is INR 3, 34, 91, 000 ( ~ INR Three Crores and thirty four lakhs) Teams to setup – Business Development, T-Shirt designers, Administrator, Production, Sales, Digital, Finance and Compliance Team Miscellaneous requirements consists of travel requirements of the owner and the electricity & other expenses

FINANCIAL PROJECTIONS – REVENUE STREAMS Sales via online mode (in mn) Sales via offline mode (in mn) 13 14. 0 12 12. 0 14 14. 0 12 12. 0 9 10. 0 16. 0 8 10 10. 0 8. 0 9 7 8. 0 6. 0 5 6. 0 4. 0 2. 0 3 2. 0 0. 0 1 2 3 Online Mode: 4 Power(Online Mode: ) 5 6 1 2 3 Offline Mode: 4 5 6 Power(Offline Mode: ) § Online mode consists of sales of T-shirts (both Double combed and Tri-blend T-shirts) via e-commerce websites (mainly amazon, flipkart, snapdeal, etc. ), company’s website and other social media platforms (esp. , facebook, Instagram, etc. ) § Offline mode sales, on the other hand, represents the sales made via retailers, wholesalers and trade fairs § Online mode sales expected to grow at a CAGR of 20. 9% to INR 131. 7 lakhs by 2022 E as against INR 50. 9 lakhs in 2017 E § Offline mode sales expected to grow at a CAGR of 41. 2% to INR 144. 4 lakhs by 2022 E as against INR 25. 6 lakhs in 2017 E

FINANCIAL PROJECTIONS – REVENUE STREAMS The main driver for other income is the number of T-shirts designed Other Income vs Revenues % y-o-y 700, 000 120. 0% 597, 737 600, 000 The T-shirts will be designed by a T-shirt designer which the company will hire within one year 560, 211 100. 0% 525, 040 484, 612 500, 000 430, 756 80. 0% 400, 000 60. 0% 300, 000 209, 500 The designs of the T-shirts will be sold to third party and in turn the company will receive a royalty fee for selling the T-shirt design 40. 0% 200, 000 20. 0% 100, 000 - 0. 0% FY 2017 e FY 2018 e FY 2019 e Other Income FY 2020 e FY 2021 e "Revenues % y-o-y FY 2022 e

FORECASTED SALES Annual Revenues FY 2017 e FY 2018 e FY 2019 e FY 2020 e FY 2021 e FY 2022 e Online Mode: 50, 96, 000 81, 90, 795 92, 24, 870 1, 03, 89, 496 1, 17, 01, 154 1, 31, 78, 407 E-commerce websites 39, 68, 000 63, 77, 762 71, 82, 945 80, 89, 780 91, 103 1, 02, 61, 366 Amazon 11, 64, 000 18, 70, 896 21, 07, 094 23, 73, 111 26, 72, 713 30, 139 Flipkart 9, 96, 000 16, 00, 870 18, 02, 977 20, 30, 600 22, 86, 960 25, 75, 686 Snapdeal 8, 88, 000 14, 27, 281 16, 07, 474 18, 10, 415 20, 38, 977 22, 96, 394 Others like Etsy, Bonanza, etc. Company Website 9, 20, 000 3, 60, 000 14, 78, 715 5, 78, 628 16, 65, 400 6, 51, 678 18, 75, 655 7, 33, 952 21, 12, 453 8, 26, 612 23, 79, 147 9, 30, 971 Social Platforms 7, 68, 000 12, 34, 406 13, 90, 247 15, 65, 764 17, 63, 439 19, 86, 071 Facebook, Instagram, etc 7, 68, 000 12, 34, 406 13, 90, 247 15, 65, 764 17, 63, 439 19, 86, 071 25, 68, 250 72, 59, 769 86, 13, 414 1, 02, 26, 117 1, 21, 48, 364 1, 44, 40, 602 Sales via retail outlets 9, 37, 500 25, 04, 573 30, 09, 724 36, 16, 760 43, 46, 230 52, 22, 829 Sales via wholesellers 9, 85, 000 32, 89, 339 39, 52, 771 47, 50, 012 57, 08, 049 68, 59, 315 Trade fairs 6, 45, 750 14, 65, 857 16, 50, 919 18, 59, 345 20, 94, 084 23, 58, 459 Operating Revenues Other Income Sales via designs 76, 64, 250 2, 09, 500 1, 54, 50, 564 4, 30, 756 1, 78, 38, 285 4, 84, 612 2, 06, 15, 613 5, 25, 040 2, 38, 49, 518 5, 60, 211 2, 76, 19, 009 5, 97, 737 Total Revenues % y-o-y growth 78, 73, 750 1, 58, 81, 320 101. 7% 1, 83, 22, 897 15. 4% 2, 11, 40, 654 15. 4% 2, 44, 09, 729 15. 5% 2, 82, 16, 747 15. 6% Offline Mode:

PROJECTED MARGINS Margins FY 2017 e FY 2018 e FY 2019 e FY 2020 e FY 2021 e FY 2022 e Gross Margins 32. 1% 29. 8% 35. 0% 39. 1% 42. 8% 46. 2% EBITDA Margins 12. 9% 8. 3% 9. 8% 11. 7% 14. 9% 17. 4% EBT Margin 12. 9% 8. 3% 9. 8% 11. 7% 14. 9% 17. 4% Net Income Margin 11. 6% 7. 5% 8. 9% 10. 5% 13. 4% 15. 6% § Gross Margins are expected to increase at a faster pace than compared to the Net Margins mainly because we expect the cost of sales for the company to go down post two to three years down the line § We expect the EBITDA Margins to decline for the first few years and then finally increase to 17. 4% by 2022 as against 12. 9% in 2017 § Net Margins will increase to 15. 6% levels by 2022 as against 11. 6% in 2017

FINANCIAL ANALYSIS (In INR ) Revenues Break-up Operating Revenues (As % of sales) Other Income Expenses Break-up Operating Expenses % of revenues Salaries Expenses (% of Operating Expense) Transportation expenses (% of Operating Expense) Advertisement expenses (% of Operating Expense) Operating Revenues Other Income Cost of Goods sold Operating Expenses EBITDA Earnings before Taxes (EBT) Net Income Profitability Ratios Return on Equity Return on Assets Liquidity Ratios Current Ratio Quick Ratio Turnover Ratios Total Asset Turnover FY 2018 e FY 2019 e FY 2020 e FY 2021 e FY 2022 e 97. 3% 2. 7% 97. 4% 2. 6% 97. 5% 2. 5% 97. 7% 2. 3% 97. 9% 2. 1% 21. 5% 31. 9% 11. 3% 6. 8% 51. 2% 54. 2% 56. 3% 69% -2. 1% 25. 2% 43. 7% 9. 7% 5. 8% 15. 5% 12. 5% 6. 8% 35. 2% 36. 2% 27. 4% 48. 0% 9. 6% 7. 1% 15. 6% 8. 3% 8. 1% 25. 7% 36. 8% 27. 9% 50. 6% 9. 5% 7. 0% 15. 7% 6. 7% 8. 5% 17. 5% 47. 1% 28. 8% 48. 6% 10. 2% 8. 5% 15. 8% 6. 7% 8. 7% 19. 4% 35. 2% 57% 0. 08 x 40% 0. 09 x 22% 0. 10 x 23% 0. 10 x 25% 0. 12 x 1. 20 x 1. 17 x 1. 32 x 1. 29 x 1. 56 x 2. 02 x 1. 99 x 2. 20 x 2. 18 x 1. 09 x 1. 03 x 0. 92 x 0. 77 x 0. 75 x

FINANCIAL ANALYSIS Total Revenues are expected to grow at a CAGR of 29. 0% over the period 2017 to 2022 We believe that the main growth in revenues would be coming via the offline mode Total Revenues vis-a-vis Gross Profit (in thousands) 25, 000 22, 174 20, 273 20, 000 18, 553 16, 739 Online mode revenues to grow at a CAGR of 20. 9%, whereas Offline mode revenues to grow at 41. 2% The growth in the cost of sales is expected to slow period 2017 to 2022 Gross Profit is expected to increase at a CAGR of 38. 8% over the period 2017 to 2022 13, 036 10, 441 10, 000 8, 262 6, 804 down after a period of 3 to 4 years Cost of sales to grow at a CAGR of 23. 2% over the 14, 556 15, 000 6, 414 4, 734 2, 526 FY 2017 e FY 2018 e Total Revenues FY 2019 e FY 2020 e FY 2021 e Gross Profit FY 2022 e

CASH ANALYSIS – FREE CASH FLOW 5, 000 Free Cash Flow is expected to grow at a CAGR of 25. 7% over the period 2017 to 2022 4, 544, 257 50% 4, 500, 000 40% 4, 000 3, 382, 998 3, 500, 000 30% 3, 000 FCF (as a % of sales) will decline slightly over 2, 322, 545 2, 500, 000 the period from 18. 3% to 16. 1% 2, 000 1, 500, 000 This decline will mainly be due to increased 1, 822, 584 20% 1, 761, 835 1, 443, 756 10% 1, 000 sales – sales are expected to grow faster compared to FCF 0% 500, 000 - -10% FY 2017 e FY 2018 e FY 2019 e Free Cash flow FY 2020 e FY 2021 e FY 2022 e % growth FY 2017 e FY 2018 e FY 2019 e FY 2020 e FY 2021 e FY 2022 e Free Cash flow 14, 43, 756 18, 22, 584 17, 61, 835 23, 22, 545 33, 82, 998 45, 44, 257 -5. 3% -3. 3% 31. 8% 45. 7% 34. 3% 11. 5% 9. 6% 11. 0% 13. 9% 16. 1% % growth % of Sales 18. 3%

CASH ANALYSIS – OPERATING CASH FLOW 5, 000 4, 544, 257 4, 500, 000 Operating Cash Flow is expected to grow at a 40% 4, 000 CAGR of 25. 7% over the period 2017 to 2022 3, 382, 998 3, 500, 000 Operating cash flow (as a % of sales) will decline slightly over the period from 18. 3% to 16. 1% 30% 3, 000 2, 322, 545 2, 500, 000 2, 000 1, 500, 000 1, 822, 584 1, 443, 756 20% 1, 761, 835 10% 1, 000 This decline will mainly be due to increased 0% 500, 000 sales – sales are expected to grow faster compared to the operating cash flow 50% - -10% FY 2017 e FY 2018 e FY 2019 e Operating Cash Flow FY 2020 e FY 2021 e FY 2022 e % growth FY 2017 e FY 2018 e FY 2019 e FY 2020 e FY 2021 e FY 2020 e Operating Cash Flow 14, 43, 756 18, 22, 584 17, 61, 835 23, 22, 545 33, 82, 998 45, 44, 257 -5. 3% -3. 3% 31. 8% 45. 7% 34. 3% 11. 5% 9. 6% 11. 0% 13. 9% 16. 1% % growth % of Sales 18. 3%

CASH ANALYSIS – OPERATING CASH FLOW RATIO 30. 0% 26. 5% 25. 9% We believe the operating cash flow ratio to increase marginally from 25. 9% to 26. 5% over the five year period The ratio is expected to witness decline during the initial phase of operation – mainly due to heavy expenditures; later on will start to grow at a steady pace 25. 0% 21. 4% 20. 0% 16. 0% 15. 0% 13. 1% 10. 0% 5. 0% 0. 0% FY 2017 e FY 2018 e Operating Cash flow ratio FY 2019 e FY 2020 e FY 2021 e FY 2022 e Power(Operating Cash flow ratio)

CASH ANALYSIS – CASH RATIO 0. 80 x 0. 70 x 0. 60 x We believe the cash ratio to increase from 0. 10 x to 0. 58 x over the five year period The ratio is highly dependent upon the cash investment policy of the company 0. 54 x 0. 50 x 0. 58 x 0. 42 x 0. 40 x 0. 30 x 0. 24 x 0. 20 x 0. 10 x 0. 00 x FY 2017 e FY 2018 e Cash ratio FY 2019 e FY 2020 e FY 2021 e Expon. (Cash ratio) FY 2022 e

PROJECTED FINANCIAL STATEMENTS – INCOME STATEMENT (In INR ) Operating Revenues Other Income Total Revenues Cost of Sales Gross Profit Gross Margin % Operating Expenses Transportation expense Advertisement Expenses Commission paid Maintenance & Warehouse expense One-Time expenses Salaries expenses Miscellaneous expenses Total Operating Expenses EBITDA Margin % Depreciation Operating Profit Operating Margin % Interest Expenses Earnings before Taxes (EBT) Pre-tax Margin % Taxes % Tax rate Net Income Margin % FY 2017 e 76, 64, 250 2, 09, 500 78, 73, 750 53, 48, 150 25, 600 32. 1% FY 2018 e 1, 54, 50, 564 4, 30, 756 1, 58, 81, 320 1, 11, 47, 394 47, 33, 926 29. 8% FY 2019 e 1, 78, 38, 285 4, 84, 612 1, 83, 22, 897 1, 19, 08, 660 64, 14, 236 35. 0% FY 2020 e 2, 06, 15, 613 5, 25, 040 2, 11, 40, 654 1, 28, 79, 022 82, 61, 631 39. 1% FY 2021 e 2, 38, 49, 518 5, 60, 211 2, 44, 09, 729 1, 39, 69, 118 1, 04, 40, 611 42. 8% FY 2022 e 2, 76, 19, 009 5, 97, 737 2, 82, 16, 747 1, 51, 80, 252 1, 30, 36, 494 46. 2% 2, 06, 935 9, 44, 000 91, 971 2, 29, 928 39, 369 15, 12, 202 10, 13, 398 12. 9% 3, 86, 264 2, 31, 758 14, 85, 864 1, 54, 506 10, 88, 640 63, 525 34, 10, 557 13, 23, 369 8. 3% 4, 45, 957 2, 67, 574 16, 13, 854 2, 14, 059 20, 15, 539 54, 969 46, 11, 953 18, 02, 284 9. 8% 5, 56, 622 4, 12, 312 17, 55, 698 2, 47, 387 27, 81, 444 42, 281 57, 95, 744 24, 65, 887 11. 7% 6, 43, 937 4, 76, 990 19, 11, 395 2, 86, 194 34, 44, 758 48, 819 68, 12, 094 36, 28, 517 14. 9% 8, 28, 570 6, 90, 475 20, 81, 848 4, 97, 142 39, 49, 554 84, 650 81, 32, 240 49, 04, 254 17. 4% 10, 13, 398 12. 9% 13, 23, 369 8. 3% 18, 02, 284 9. 8% 24, 65, 887 11. 7% 36, 28, 517 14. 9% 49, 04, 254 17. 4% 10, 13, 398 12. 9% 1, 01, 340 10. 0% 9, 12, 058 11. 6% 13, 23, 369 8. 3% 1, 32, 337 10. 0% 11, 91, 032 7. 5% 18, 02, 284 9. 8% 1, 80, 228 10. 0% 16, 22, 055 8. 9% 24, 65, 887 11. 7% 2, 46, 589 10. 0% 22, 19, 298 10. 5% 36, 28, 517 14. 9% 3, 62, 852 10. 0% 32, 65, 665 13. 4% 49, 04, 254 17. 4% 4, 90, 425 10. 0% 44, 13, 829 15. 6%

PROJECTED FINANCIAL STATEMENTS – BALANCE SHEET (In INR ) Assets: Current Assets Cash and Cash equivalents Accounts Receivables Inventories Short term Investments Total Current Assets Fixed Assets Property plant and Equipment Others Total Assets Current Liabilities Short term loan Others Accounts payables Total Current Liabilities Long term debt Others Total Long term liabilities Equity Owners Equity Cumulative Additional Equity pooled in Investor 1 Investor 2 Investor 3 Investor 4 Investor 5 Total Equity and Liabilities FY 2016 FY 2017 e FY 2018 e FY 2019 e FY 2020 e FY 2021 e FY 2022 e - 6, 62, 870 49, 02, 471 1, 42, 751 66, 26, 919 35, 453 1, 06, 64, 124 3, 04, 565 1, 45, 04, 142 52, 97, 288 1, 18, 45, 221 3, 26, 731 2, 74, 843 1, 77, 44, 083 96, 19, 833 1, 27, 98, 159 3, 54, 670 3, 17, 110 2, 30, 89, 772 1, 72, 02, 831 1, 38, 78, 277 3, 86, 112 3, 66, 146 3, 18, 33, 366 2, 17, 47, 088 1, 50, 79, 324 4, 21, 124 5, 64, 335 3, 78, 11, 872 - 66, 26, 919 1, 45, 04, 142 1, 77, 44, 083 2, 30, 89, 772 3, 18, 33, 366 3, 78, 11, 872 - 55, 76, 919 1, 21, 31, 938 1, 34, 74, 981 1, 45, 59, 105 1, 57, 87, 998 1, 71, 54, 486 - - - - 50, 000 10, 00, 000 10, 000 66, 26, 919 50, 000 10, 000 1, 45, 04, 142 50, 000 30, 00, 000 20, 000 1, 77, 44, 083 50, 000 72, 000 42, 000 15, 000 27, 000 2, 30, 89, 772 50, 000 72, 000 3, 18, 33, 366 50, 000 1, 07, 00, 000 35, 000 3, 78, 11, 872 - - -

PROJECTED FINANCIAL STATEMENTS – CASH FLOW STATEMENT (In INR ) EBITDA FCF Multiple Net Income Add back Depreciation Amortization Changes in Working Capital Changes in Inventories Changes in Accounts Receivables Changes in Accounts Payables Cash generated from Operations Property Plant & Equipment Other fixed asset investment Cash flow from Investing activities Additional equity pooled in Equity investment from investors Debt additions Debt repayments Cash flow from financing activities Beginning Cash Net cash flow Ending cash balance FY 2017 e 10, 13, 398 FY 2018 e 13, 23, 369 FY 2019 e 18, 02, 284 FY 2020 e 24, 65, 887 FY 2021 e 36, 28, 517 9, 12, 058 11, 91, 032 16, 22, 055 22, 19, 298 32, 65, 665 FY 2022 e 49, 04, 254 1. 10 x 44, 13, 829 - - - 5, 31, 698 (1, 42, 751) (49, 02, 471) 55, 76, 919 14, 43, 756 6, 31, 551 (1, 61, 814) (57, 61, 653) 65, 55, 019 18, 22, 584 1, 39, 779 (22, 166) (11, 81, 098) 13, 43, 043 17, 61, 835 1, 03, 247 (27, 940) (9, 52, 937) 10, 84, 124 23, 22, 545 1, 17, 333 (31, 442) (10, 80, 118) 12, 28, 893 33, 82, 998 1, 30, 428 (35, 012) (12, 01, 048) 13, 66, 488 45, 44, 257 - 50, 000 10, 000 - 20, 000 42, 000 - - 10, 50, 000 6, 62, 870 28, 72, 584 35, 35, 453 17, 61, 835 52, 97, 288 20, 000 52, 97, 288 43, 22, 545 96, 19, 833 42, 000 96, 19, 833 75, 82, 998 1, 72, 02, 831 45, 44, 257 2, 17, 47, 088 6, 62, 870