Sirca Paints India Limited Investor Presentation 1 Table

Sirca Paints India Limited Investor Presentation 1

Table of Content Company Overview Industry and Market Overview Business Overview Financial Snapshot Initial Public Offer Final Thoughts 04 -09 10 -13 14 -22 23 -28 29 -30 31 -38 2

Disclaimer This investor Presentation has been prepared by Sirca Paints India Limited (“Sirca”) for investors, solely for informational purpose. The Information contained herein has been prepared to assist prospective investors in making their own evaluation of the Company and does not purport to be all-inclusive or to contain all of the information a prospective or existing investor may desire. In all cases, interested parties should conduct their own investigation and analysis of the Company and the data set forth in this information. Sirca makes no representation or warranty as to the accuracy or completeness of this information and shall not have any liability for any representations (expressed or implied) regarding information contained in, or for any omissions from, this information or any other written or oral communications transmitted to the recipient in the course of its evaluation of the Company. This Information includes certain statements and estimates provided by the Company with respect to the projected future performance of the Company. Such statements, estimates and projections reflect various assumptions by management concerning possible anticipated results, which assumptions may or may not be correct. No representations are made as to the accuracy of such statements, estimates or projections. Prospective investors will be expected to have conducted their own due diligence investigation regarding these and all other matters pertinent to investment in the Company. 3

Compan y Overvie w

Sirca India- At a Glance Company International Tie- Ups Nature of Business 75 Key Customers Unique Value Proposition Object of issue § Originally incorporated in New Delhi as “Sircolor Wood Coatings Private Limited” on 19 th January, 2006 Thereafter, Name of the Company changed in 2017 to “Sirca Paints India Private Limited” § Sirca Spa ( Italy) - Exclusive selling rights for India, Srilanka, Bangladesh, Nepal - Is a shareholder of 3. 83% in Sirca India - Provides technical knowhow for proposed manufacturing facility § BPS Srl ( Italy ) § Engaged in business of manufacturing, production , formulate, develop, derive, discover, prepare , promote, pack or otherwise deal in all varieties of melamine paints, metallic paints, distempers, primers , oxides, resins, adhesive, varnishes, thinners etc. Company is further engaged in buy , sell, import, export and otherwise deal in all kind of wood coatings § Trusted business partners - long and trusted business relations with Indoline Industries, JSL Lifestyle, Alsorg Interiors India Pvt. Ltd. , Spacewood, Magpie etc. § Provides high quality Coatings to be used in domestic and industrial use. Companies unique selling proposition - offering quality of water and solvent based products for wood and metal care and protection. Also provides technical assistance to its customers which leads to healthy customer relationship § Proceeds of raised funds through IPO to be utilized primarily for Installing new manufacturing capacity, Brand Building of Sirca and for meeting day to day working capital requirements. Anticipating global growth rate in paint industry and to reap economies of scale, Company has decide to enter manufacturing 5

Sirca Paints India - Overview Background Products 1. Wood Coatings § Wood Stains § Polyurethane Polish ( PU ) § Polyester ( Lamination ) § Acrylic Finishes § Wood fillers § Wood Care Products § Hand Made Effects § Started by Mr. Sanjay Agarwal and Mr. Gurjit Singh Bains. in 2006 § Company started import and trading of PU products from Italy and Korea § Over next few years Sircolor became leading PU Polish trading company in North India and expanded its network in south and west India § In May 2017 Sircolor Wood Coatings Pvt. Ltd. Became Sirca Paints India Pvt. Ltd. § Head Office in Delhi § Present in various geographical regions of India with branches in Mumbai, Chennai , Surat and Ahmadabad etc. § Distributors in more than 16 states across India 2. Metal Coatings § Clear Coating § Pigmented Coatings Sirca ITALY 3. Glass Coatings § Pigmented Finish § Special Effects § Reputed Group Strong Group with turnover of more than 120 million Euro and 4 production plants – Sirca an integral part of this Group, together with Durante & Vivan Back in early 70 s Tarcisio and Luigi Durante brothers established Sirca company - today one of leading Italian Companies in wood coatings market, with widespread network of specialized distributors in more than 40 Countries, anywhere from Europe to Russia and India Infrastructure Sirca Paints (India) § § Founded : 2006 Headquarter : New Delhi Branches : 7 Products : PU Polish and Wood Care Products 6

Journey So Far 2006 § Started its business operations with name sircolor wood coatings private limited. Since then Group has gained rich experience of over a decade in paint industry 2008 § Became first company to launch wood filler in India and opened its wholly owned branches in Mumbai and Chennai 2010 2013 2017 § Company shifted from manual tinning to automatic tinning which assures high accuracy § Became first company to launch lead free pigments in India which are environment friendly water borne products § Sircolor wood coatings private limited - renamed Sirca paints and opened new office at New Delhi with 15, 000 sq. ft area 2012 § Company introduced non yellowing products with acrylic range of products 2016 § Sirca India launched metal coatings and celebrated its 50 th retail outlet and 400 th shop boards across India 2018 § listed on NSE Emerge platform of NSE § Acquired a land at Sonipat to provide approx 7895 Sq yard for setting up the manufacturing plant 7

Key Management Team Mr. Sanjay Agarwal Chairman Cum Managing Director § Qualified Chartered accountant § With 20 years of Experience in wood coating industry § Worked as pioneer and leader in this segment and marked presence of brand Sirca in every part of India § His vision - to set up manufacturing plant and begin with exports of Sirca Products to neighboring countries Mr. Gurjit Singh Bains (Promoter) Director § Experience of more than 20 years in wood coatings and Italian Furniture Industry § holds degree of masters in economics from University of Venice § First to introduce branded Italian furniture in India § As a co-founder of Sirca paints India pvt ltd , built Brand Sirca In Indian market Mr. Apoorv Agarwal (Promoter) Joint Managing Director § Experience of more than 8 years in Italian Furniture and Italian wood coatings § Holds degree of masters in Finance and marketing from IIPM and Degree of Commerce from university of Delhi § Started career with Sirca wood coatings Italy , Managing sales and marketing and later took training with many renowned Furniture brands from Italy § Formed La Tendenza , a unique destination to experience high quality European furniture with Brands like BEB Italia , Reflex , Laura meroni , Simone Cenedese etc. § Participated in all seminars and activities conducted by IICCI 8

Key Management Team Mr. Sanjay Kapoor (Non Executive and Independent Director) Mrs. Archana Agarwal (Non Executive and Independent Director) Mr. Ugo Pelosin (Non Executive Director) § He is MBBS and DCH (Diploma of Child Health) with 20 years of experience as Child Experience and padiatrics Department. § He has been on the Board of the Company since December, 2017 § She is Architect by profession and having more than 23 years experience in designing the buildings. § She has been on the Board of Company since January, 2018. • Have more than 20 years of experience in export of coatings globally , is the export director in sirca spa • He was appointed on as the Non Executive Director of our Company on 27/09/2018, as Nominated by Sirca S. p. A, Italy under Shareholder Agreement entered between the Companies. 9

Industry and Market Overview

What we Do? ? ? The Company is engaged in importing, trading and repacking of polyurethane coatings, water-based coatings, melamine and NC products, wood care products, wood fillers, abrasives, buffing compounds, and thinners. Our Company is in marketing and trading/distribution of paints and allied products after repackaging the same. Our Company use to procure the products majorly from SIRCA SPA ITALY through Import and selling them in India through its Distributors , dealers and oems. In additional, Our Company also procure the products (Thinner, Abrasives and Buffing Cream) from other suppliers based in India. Except Thinner and Abrasives which are purchased from domestic suppliers, all other 100% Purchases are made from Outside India and the products which are purchased from domestic suppliers are sold in India Only. SIRCA products are mainly intended for the furnishing segment and are often developed in collaboration with some of Italy’s most prestigious furniture stores and designers. Our Company has entered into a Distributorship Contract dated 1 st January, 2018 with SIRCA SPA ITALY wherein Our Company got the Exclusive Right to promote the sale of PU & Metal Coating under trademark SIRCA in the territory of India, Sri Lanka, Bangladesh and Nepal. The Company Have wide range of branches, distributors and customers, which is spreading across the India and beyond its borders. Wide product range that our company offers are depicted further in this presentation in detail. 11

Industrial Universe The India paints & coatings market is estimated to register a growth rate of 7. 10% during the forecast period (2018 - 2023); Architectural segment is estimated to lead the market, due to rapid rise in investments by the government in the country. Water-based coatings are expected to be the fastest-growing type, by technology; Indian paint industry, which is comprised of organized and a huge unorganized sector [accounts for 35 percent of the total volume] is expecting to reduce the proportion of unorganized sector with the implementation of Goods & Service Tax (GST). In the unorganized segment, there about 2, 000 units having small and medium sized paint manufacturing plants; Currently, Asia accounts for 52 percent of the volume and 45 percent of the value of the global coatings market. Asia is also the fastest growing market; In 2017, the Asian coatings industry was estimated to have grown by 5. 7 percent in volume and 6. 3 percent in value. Not surprisingly, the largest coatings market in Asia is China, with 56 percent of the market and a value of US$53. 3 billion. The next largest Asian markets are India and Japan; Indian Paint Association has highlighted that Indian paint market which was around INR 40, 300 crores in 2014 -15 is expected to reach INR 70, 875 crores by 2019 -2020; With 66 percent of its population under the age of 35, India is home to the largest population of young people in the world – 825 million. The median age of the country is just 27 years, much below 37 in the U. S. and 46 in Japan; India's demographic profile is changing in a way that is quite favorable to the growth of the paint and coatings industry. References: Consolidation of the paints and coatings: Article by KPMG; Indian Paint Industry - Gaining Steam: By Coating World; Paint India 2018: By Coating World. 12

Comparison with peer groups EPS PE Ratio Ro. NW Face Value(Rs. Per Share) 15. 61* 15. 63* 28. 67* 10 93. 57* 19. 39* Asian Paints Ltd 19. 75 69. 70 24. 25 1 14, 837. 05 1, 890. 83 Kansai Nerolac Paints Ltd 9. 58 50. 65 16. 49 1 4809. 43 515. 31 Companies Sirca Paints India Limited Total Income (Rs. In Crores) PAT(Rs. In Crores) Peer Group** For Calculating PE Ratio, current opening market price of our company as on 02/01/2019 i. e. , Rs. 244 is divided by EPS. Further, all the figures has been taken from the financial statement of the FY ended 31/03/2018. ** Source: Annual Report for the year ended as on 31 st March, 2018. For calculating PE Ratio, opening market price of the respective company as on 02/01/2019 are been taken. 13

Need high quality images Business Overview

Products Offers wide range of wood care products like Polyurethane , Polyester , Acrylics and other Wood Care Products for Wood , Metal and Glass Portfolio of Products Current Products 1. Wood Coatings § Wood Stains § Polyurethane Polish ( PU ) § Polyester ( Lamination ) § Acrylic Finishes § Wood fillers § Wood Care Products § Hand Made Effects § Water Based § UV Coating 2. Metal Coatings § Clear Coating § Pigmented Coatings 3. Glass Coatings § Pigmented Finish § Special Effects Proposed Products 1. Wood Coatings § PU Clear Sealer § PU Clear Matt § PU White Sealer § Melamine Matt and Gloss § NC range of product § All Type of Thinner § Economical PU Polish 15

Unique Selling Proposition Client base of leading OEMs with strong and long term relationships Strong Brand in Market - Technical Support committed to delivery best of quality products and services available at all locations and In-house R&D Department at New Delhi Head office Wide and complete range of Eco friendly and water based products Strong Presence in all major locations of India. Availability of products through dealers and distributors 16

Our Competitive Edge Technology & Innovation § Internal Resin Technology Technical & Sales Support § Technical Staff at all locations § In-house R & D team § Latest Lab Equipments § Maximize sales and productivity for customer § Support Distributors and Dealers Strong Brand Visibility § SIRCA consumed by Leading furniture manufacturers Global Image § “Productivity Forever” Commitment § Availability of Stocks at all Major Dealers § ONE global Team: Commercial, Technology and OPS § Shop board and other branding activities § “We are where our customers are” 17

Infrastructure – Across India Company’s Branches, Distributors and exclusive studios Ø Mumbai - Nearest Port Nhava sheva and have depot - helps distribute products in central part of India Ø Chennai - Nearest Port Chennai and have depot - helps distribute products in southern part of India Ø Surat - Branch supplies to southern part of Gujarat Ø Ahmedabad - Branch supplies to major locations in Gujarat and Rajasthan 18

India - Infrastructure contd. . . Our Studio Highlights 19

Company Recognitions SIRCA has showcased its products quality and capabilities in various events across the nation which has given a lot recognition in India. Some of these events where our Company has participated is as follow: 1 4 ACETECH - 2018, Delhi India Woods – Bangalore 2 Build Expo – Bairely 3 Wood Expo, Dhaka, Bangladesh 5 Int - Ext Expo, Ludhiana 6 ABID – Guwahati 7 ACETECH, Mumbai 20

Prominent Customer Base 21

Future Prospects Finalized deal for land 1. 75 Acers at Sonipat where proposed manufacturing plant will be build in technical collaboration with Sirca under the manufacturing agreement with Sirca S. P. A. Italy. The site is under construction and probably the manufacturing will be starting in the May, 2019. This expansion will lead to the following: • Horizontal and vertical expansion of companies product range and networks • Developing Economical Range of PU, Melamine and NC Products to compete with Asian and other brand economical PU range will give competitive edge in boosting sales of Company • Company has plans to come up with complete new range of the products like Wall Paints and decorative paints • With this manufacturing unit will start Export to sub continental countries which includes Sri Lanka, Nepal , Bangladesh for which we already have an exclusive Agreement with SIRCA Italy • We will also look forward to increase existing distribution network and maximize reach to potential customers Proposed Production Capacity: Presuming 300 operating days in a year and single Shift (12 Hours)-working basis, the production capacity of the unit is mfg. of 3000000 Ltr of PU Thinner and 7000000 Ltr of NC Lacquers, melamine and Polyurethane products per annum initially as per the Requirement, which is likely to be increased in the subsequent years. Actual utilization is expected to be 30% in Ist year, 60 % in IInd year, approx 100% in IIIrd year and above in further years.

FINANCIAL SNAPSHOT

Journey past few years ü Financial year 2012 – 13 was ended with the profit of Rs. 5, 039, 855. 79/-; ü while Financial year 2017 -18 ended with the profit of Rs. 193, 898, 320. 92/-. 24

Earning Before Interest, Tax, Depreciation and Amortization 25

Consistent Growth and Profitability 26

Consistent Growth and Profitability (Half Year) There is a raise of 46. 12% in the sale of the current half year as compare to previous. 27

Balance Sheet Metrics 2018 2017 2016 2015 2014 2013 2. 71 1. 9 1. 64 1. 47 1. 18 1. 17 Working Capital (In Lacs) (Rs. ) 4554. 35 2420. 1 1578. 13 931. 03 378. 82 257. 65 Debt to Equity Ratio 0. 4 0. 8 1. 21 1. 54 3. 21 3. 34 Current Ratio 28

In Brief. . . As mentioned in the previous slides, on 30 th Day of May, 2018 our company listed its shares on NSE Emerge platform of National Stock Exchange with an overwhelming response i. e. , oversubscription of 10. 99 times. Here we would like to discuss the utilisation of the proceeds received through IPO from the following classification: The details of the proceeds of the Issue are summarized below: S. No Particulars Amount (Rs. In Lacs) 1. Gross Proceeds 7791. 36 2. (Less) Issue related expenses 572. 00 3. Net Proceeds 7219. 36 We intend to utilise the Net Proceeds from the Issue, in the manner set below: S. No Particulars Estimated Amount (Rs. In Lacs) 1. To Finance the expenditure of Site Development and Purchase of Plant and Machinery 3320. 00 2. To part finance working capital requirements of the Company 2500. 00 3. General corporate purposes 1399. 36 Total 7219. 36 30

Final Thoughts

Why Choose Us…! I. Efficient and Experienced Management 01 - MR. SANJAY AGARWAL (CMD) 02 - MR. GURJIT SINGH BAINS (DIRECTOR) 03 - MR. APOORV AGARWAL (JMD) With 20 years of Experience in wood coating industry, he has worked as a pioneer and leader in this segment and has marked the presence of brand Sirca in India quite strongly. He holds the degree of chartered accountant and is handling the accounts and finance division in the company. Experience of more than 20 years in wood coatings and Italian Furniture industry. Became the first individual to launch luxury furnitue brands in indian market. Had completed his studies from university of venice Experience of more than 8 years in Italian Furniture and Italian wood coatings industry. Started a career with Sirca wood coatings Italy, Managing sales and marketing and later took training with many renowned Furniture brands from Italy. 04 – MR. UGO PELOSIN With more than 15 years of experience in global wood coatings industry he is the export director of sirca spa and now an executive director in sirca paints india ltd. . 32

Why Choose Us…! II. SIRCA SPA, ITALY International Assistance SIRCA SPA is form part of top 5 international paint and wood coating company. There guidance is enough to make us stand out of all. Manufacturing unit going to set up in India in New year along with the technical assistance of Sirca SPA Italy, will help us in providing bestin class Quality product at comparatively Cheaper rate, setting us apart from our competitors in matter of Quality and Price Technical Agreement 1 On 16/02/2018 we entered into an agreement with SIRCA Spa, where we will manufacture products that we are currently trading in under their technical assistance. 2 3 4 Quality Benchmarked Together with them we assure the best in quality products. 33

Why Choose Us…! III. Environment Sustainability and Quality Assurance We pay close attention to the growing demand for products certified for specific uses, such as quality, eco – friendly. Our Research and Development team along with SIRCA SPA Italy, continuously focus to develop techniques that can minimize any effect of chemicals mixed in the paints or coatings. WE STRIVE FOR PROFITS BUT NOT ON THE COST OF QUALITY, EFFICIENCY AND HEALTH OF OUR CUSTOMERS AND END USER. Sirca therefore constantly monitors the change or creation of new standards and certifications, both nationally and internationally, and formulates, amends and tests its products to meet these requirements. Some of these Certificates are: 34

Why Choose Us…! III. Efficient Human Resource 35

Benchmarks Set During Our Journey Listed shares of the Company on 30/05/2018 with an oversubscription of 10. 99 times Incorporated on 19/01/2006 Achieved growth of 883. 7% in the Net profit in the period of past 5 (Five) Years Setting up manufacturing unit in the new year under a technical agreement with SIRCA SPA, letting to provide best in class product a t comparatively cheaper price. 36

Contact us At Corporate Office: Sirca Paints India Ltd. Plot No-50, Phase -2, Badli, Industrial Area, Nr. Tata Power Office, Delhi-110042 011 -42083083, 47533213 admin@sircapaints. com cs@sircapaints. com Regd. Office: 504, NDM-II, Netaji Subash Place, Wazirpur, Pitampura, New Delhi-110034 + 91 11 42083083 Toll Free: 1800 -3002 -2939 https: //sircapaints. com/ @sircapaintsindia https: //instagram. com/sircapaints? utm_source=ig_profile_share&igshid=1 nwebka 5 ktk 72 37

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