‘Investing in India

White Paper’

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CONTENT PAGE

INDIAS POSITION IN GLOBAL TERMS 2

HOW DO INDIANS PARK THEIR SAVINGS 3

16 YEAR PAST PERFORMANCE – VARIOUS ASSETS 5

WHY EQUITY INVESTMENTS OVER OTHERS 7

HOW SIGNIFICANT IS COMPOUNDING 8

WHO WE ARE – THE TEAM 9

WHAT WE DO & HOW WE DO IT 10

INVESTMENT MATRIX 11

PERFORMANCE OF SEERS STRATEGY OVER THE PAST 12 YEARS 12

INDIAS POSITION IN GLOBAL TERMS

o India’s Savings to GDP ratio is one of the highest in theworld economies.

o India domestic savings are about 31% of its Gross DomesticProduct.

o Essentially these savings are routed to investments amongstvarious assets classes (Physical and Financial assets).

o Thus India, inherently has been a high savings nation.

10

15

20

25

30

35

40

2001 2003 2005 2007 2009 2011 2013

GROSS DOMESTIC SAVINGS (% of GDP)

India IND Japan JPN United States USA

SOURCE : THE WORLD

IND = 31%

JPN = 21%

USA = 17%

36%47% 45%

43%

58%

65%

52%

34%

40%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1954 1959 1964 1969 1974 1979 1984 1989 1994 1999 2004 2009 2014

FINANCIAL ASSETS vs PHYSICAL ASSETSSOURCE : RESERVE BANK OF INDIA

P H Y S I C A L S A V I N G S

F I N A N C I A L S A V I N G S

o Currently in India only about 40% of our savings are routed tofinancial assets.

o Previously this ratio has been as high as 65%.o The share of financial assets is bound to grow looking at the

domestic demographic and economic factors.o Indian savings are majorly routed to the Physical Asset – namely Real

Estate and Gold.

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HOW DO INDIANS PARK THEIR SAVINGS

The flow of investments into equity markets is merely 5% of the total flow into Financial Savings.

The share of equities amongst the total bouquet of investments is merely 2%.

60%

14%

24%

2%

100%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

PhysicalSavings

LIC - PF -Pension Funds

Currency +Deposits

Shares &debentures Total Savings

Share of Equities amongst Total AssetsFor the year ended 31, March 2015

35%

60%

5%

100%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

LIC - PF - Pension Funds Currency + Deposits Shares & debentures Total Financial Savings

Share of Equities amongst Financial AssetsFor the year ended 31, March 2015

SOURCE : RESERVE BANK OF INDIA SOURCE : RESERVE BANK OF INDIA

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100

139

165

201

227 275

415

505

526

565582

592565 565

100

128

207

223

288

575

674

653

613599

637

83

160169

316

363

459

309

469

511

466527

595

727

698

815

120 127135

143151

161170

180191

209228

249270

289

80

180

280

380

480

580

680

780

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Historic Returns from Various Asset Classes

Real Estate Gold Nifty Fixed Deposit

SOURCE : REAL ESTATE - NATIONAL HOUSING BANK.GOLD - RESERVE BANK OF INDIA.NIFTY - NATIONAL STOCK EXCHANGE.

Showing Present Value of ₹100/- invested in various assets over the period of 16 yearsexcept for Real Estate where data available is only until 2016

16 YEAR PAST PERFORMANCE – VARIOUS ASSETS

o Historical returns from equity market index hasoutperformed the most preferred asset classes.

o 16 years annualized returns.NIFTY – 14.0%GOLD – 12.3%REAL ESTATE – 11.4%FIXED DEPOSITS – 6.9%

NIFTY

GOLD

REALESTATE

FIXED DEPOSITS

Economic Crises

Economic Crises

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INFLATION ADJUSTED RETURNS

1978-79 1983-84 1989-90 1994-95 1999-00 2004-05 2009-10 2014-15

Historical Inflation Adjusted Returns from Equity Markets vs Fixed Deposits

in the past 37 years.

FD Inflation adjusted return Sensex Inflation adjusted return

13,86,253

1,61,129

100,000

9,56,241

4,57,735

3,23,464

12,47,903

1979-80 1984-85 1989-90 1994-95 1999-00 2004-05 2009-10 2014-15

Historical returns from Equity Markets vs Fixed Deposits

in the past 37 years.

Return from FD Return from Sensex

2,25,19,122

26,17,482

100,000

34,51,470

24,55,675

1,26,01,240

SOURCE : SENSEX – BOMBAY STOCK EXCHANGE FIXED DEPOSITS - RESERVE BANK OF INDIA.6w w w . S e e r s . g r o u p

Risk comes from not knowing what you're doing. - Warren Buffett

HOW EQUITY MARKETS POSE TO BE THE BEST INVESTMENT OPTION

WHY EQUITY INVESTMENTS OVER OTHERS

Best Performing Asset Class:Investments in equity markets have outperformed all other asset classes

with a major leap over a longer period.

Liquid Asset: Equity market investments are the

easiest and fastest to liquidate

Tax Free Returns:The long-term returns from investing in

equity markets are exempt from tax.

Least Transactional Cost:Buying and Selling in equity markets and

holding cost of equities are the most inexpensive.

In comparison to investing in RealEstate and Gold, investing inEquity markets is an extremelyskilful job.

This is the reason for it being theleast popular and the mostrewarding.

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HOW SIGNIFICANT IS COMPOUNDING?

o The compounding effect by a marginal change in the degree of return can make massive differences to realized returns.

o Rs.100 invested for 10 years multiplies to 2.6 times @ 10% pa, 3.7 times @ 14% , 11 times @ 27% and 34.5 times @ 42.5%

COMPOUNDING EFFECTYear 7.0% 10.0% 11.5% 12.5% 14.0% 18.0% 21.0% 24.0% 27.0% 30.0% 37.0% 42.5%

0 100 100 100 100 100 100 100 100 100 100 100 100

1 107 110 112 113 114 118 121 124 127 130 137 143

2 114 121 124 127 130 139 146 154 161 169 188 203

3 123 133 139 142 148 164 177 191 205 220 257 289

4 131 146 155 160 169 194 214 236 260 286 352 412

5 140 161 172 180 193 229 259 293 330 371 483 588

6 150 177 192 203 219 270 314 364 420 483 661 837

7 161 195 214 228 250 319 380 451 533 627 906 1,193

8 172 214 239 257 285 376 459 559 677 816 1,241 1,700

9 184 236 266 289 325 444 556 693 859 1,060 1,700 2,423

10 197 259 297 325 371 523 673 859 1,092 1,379 2,329 3,453

15 276 418 512 585 714 1,197 1,745 2,520 3,606 5,119 11,241 20,287

20 387 673 882 1,055 1,374 2,739 4,526 7,386 11,914 19,005 54,251 119,2068w w w . S e e r s . g r o u p

WHO WE ARE – THE TEAM

Seers Group was seeded by FCA Rajesh Seth and CMA Chander Bhatia, who have been investing in equity markets since 2005. The experience and

wisdom they have gathered while testing waters by investing their own capital for over a decade has helped them craft a well tested investment

philosophy and strategy. These learning have helped them achieve an annualized return of more than 42% over the past 12 years.

• Mr. Rajesh Seth is a Fellow Member of Institute of Chartered Accountants of India since 1987 and an Associate Member since 1982. After experiencing the‘Art of Successful Stock Investing’ he decided to move ahead, primarily and solely in this discipline, which had its foundation on 23 years of experience as aChartered Accountant. Today he is a managing partner of the SEBI registered Advisory Firm, M/s Seers Advisors and the Chief Executive Officer of the SEBIregistered Portfolio Manager Namely M/s Seers Fund Management Private Limited, looking after Administration, Business Development, Research,Compliance and a member of the Allocation Committee taking the collective call of fund allocation.

RAJESH SETH

• Mr. Chander Bhatia is a qualified Cost and Management Accountant from the Institute of Cost Accountants of India and Masters in Commerce. He hasproudly served Indian Air force and Indian Customs. During his stint with customs he was regularly investing in equity market. The success he acclaimedthrough investing made him leave customs to start Equity Investing as a sole profession. He has been a prolific reader for 25 years and has developed deepunderstanding about Macros, Industries and Companies. Currently. He is a managing partner of the SEBI registered Advisory Firm, M/s Seers Advisors andthe Chief Investment Officer of the SEBI registered Portfolio Manager namely M/s Seers Fund Management Private Limited, he is leading Equity Research,Investment Strategy, Business Development and also acts as a member of the allocation committee taking collective calls on fund allocation.

CHANDER BHATIA

• Mr. Shaleen Seth holds a Masters’ degree in finance and a Bachelors Honours degree in Commerce from Kirori Mal College (Delhi University). He has alsoattained ‘The Gold Standard’ of The International Award for Young People, by HRH Prince Philip, Duke of Edinburgh (United Kingdom). While pursuing hisBachelor’s Degree at Delhi University, he developed deep interest in the fundamental study of companies, correlations between Macro – Micro, Quantitativeand most importantly Qualitative measures that spearhead the success of a business. He currently acts as Vice President – Equity Research and also aidsBusiness Development and Marketing at M/s Seers Fund Management Private Limited.

SHALEEN SETH

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‘ART OF WEALTH CREATION’

PATIENCE

CONSISTENCY

LONG-TERM PERSPECTIVE

WHAT WE DO & HOW WE DO IT

The SEERS strategy of investing is based on an approach which is a close harmony of a ‘Top – Down’ and

‘Bottom – Up’ approach of evaluating business opportunities. We invest in businesses that we are of an

opinion have a strong spine to withstand strong headwinds and thus are positioned to benefit the most in

favorable business conditions.

“S” – Seeing the dawn of an opportunity• To keep a close track of macro developments to recognize investment opportunities.

• With a ‘Domestic’ as well as ‘Global’ perspective.

• These are backed with deep understanding of sector specific – long term cyclical movements.

“E” – Evaluating the opportunity

• This is a rigorous culling process which involves various parameters that ‘Seers’ have developed over the years.

• These parameters tested on a 10 years of data in most of the cases.

• In-depth ‘Quantitative’ as well as ‘Qualitative’ analysis.

• We focus all our energies in finding businesses that are managed with utmost integrity towards all of its

stakeholders.

“E” – Exposure• Our investment view is long-term thus we believe a 3-5-year perspective is the best to show true value of an

investment.

“R” – Revaluating• Investing in equity markets needs high degree of patience.• To be at the forefront of ‘Value Investing’ we are required to continuously evaluate all developments which have

multi-facet effect on the business.• This is done on the basis of our investment matrix to adapt and respond to the dynamism of businesses.

“S” – Seeing off an investment• We try to be extremely selective in our investments and only liquidate them when they breach our valuation or

quality parameters

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INVESTMENT MATRIX

• How does the management prefer to grow, Organic - Inorganic.

• Wide analysis of capital allocation and emphasis given to business integration.

• How much skin do the promoters have in the business.

• How do they maintain integrity with various stakeholders.

• Utilisation of raised funds and subsequent raised funds

• Dependence on debt, in comparison to internal accruals.

• Dividend payments.

• This factor defines any leadership that the business hold over its competitors and how has the company been using it to its benefit

Special Characteristics

Capital Structure

Capital UtilisationManagement

Integrity

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315%

42%

-30%

-66%

137%119%

-22%

13%30%

157%

14%

83%

43%

303%

28%

-29%

-67%

152%

118%

-22%

13%29%

149%

12%

91%

42%

67%

12%24%

-36%

74%

11%

-9%

7%18%

27%

-9%

19% 13%

FY-06 FY-07 FY-08 FY-09 FY-10 FY-11 FY-12 FY-13 FY-14 FY-15 FY-16 FY-172005-17 (12Years-CAGR)

SP 01 315% 42% -30% -66% 137% 119% -22% 13% 30% 157% 14% 83% 43%

SP 02 303% 28% -29% -67% 152% 118% -22% 13% 29% 149% 12% 91% 42%

NIFTY’S % 67% 12% 24% -36% 74% 11% -9% 7% 18% 27% -9% 19% 13%

12 Year Annualized Return of Seers Portfolio – 43%/42% VS. Market index (NIFTY) return – 13%

PERFORMANCE OF SEERS STRATEGY OVER THE PAST 12 YEARS

Disclaimer: Investment in equity shares have their own inherent risks. Sincere efforts have been made to present the right investment perspective. There is no guarantee in investing in stocks. The past performance may not

always be a reliable indicator of future results i.e. it may or may not be sustained in future. 12

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OUTCOMES OF INVESTING WISELY

Investing your savings for a better future should be done wisely.

Nobody has ever become rich by merely investing into Fixed Deposits.

Optimization of the Risk and Reward Matrix of investments is the key to Wealth creation.

226 281

470 482

4520

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

Fixed Deposit Real Estate Gold Nifty Seers Portfolio

Value of ₹100/- invested in various investment options after a period of 12 years as on 31 March 2017

*Real Estate Return are as per data available until 2016

*

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SEBI registered PORTFOLIO MANAGER vide registration number INP000005398

SEBI registered INVESTMENT ADVISOR vide registration number INA100004715

Email: connect@seers.group Registered Office: H 11/B, 1st Floor, Vijay Nagar, Delhi 110009

Ph.: +91-9999-646-222 Business Office: 812, 8 th Floor, Wave Silver Tower, Sector 18, NOIDA, UP 201301

DISCLAIMER

Investments in equity shares have their own inherent risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and on sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof.The recipient of the information, any third party or anyone else have no rights to forward or share the information, opinion or reports or any Information provided by us to/with anyone which is receiveddirectly or indirectly by them. Serious legal actions may be taken for any action to contrary.This material is for personal information and we are not responsible for any loss incurred due to it & take no responsibility whatsoever for any financial profits or loss which may arise from therecommendations above.The information, data and analysis shared and discussed in this document are provided only for the sake of providing information and do not constitute to be an Investment Advice.That past performances as discussed may or may not be repeat in future –there is no assurance to this effect. As such, past performance may or may not be sustained in future and should not be used as abasis for comparison with other investments. The information and views shared are believed to be reliable, but we do not accept any responsibility (or liability) for errors of fact or opinion. Latest and furtherinformation may be accessed at seersadvisors.com.By accessing seersadvisors.com or any of its associate/group sites, you have read, understood and agree to be legally bound by the terms of the following disclaimer and user agreement. Seersadvisors.comhas taken due care and caution in compilation of data for its web site. The views and investment tips expressed at the website should be counter checked by the users with certified experts before taking anyinvestment decision. Seersadvisors.com does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from theuse of such information. To be specific, seersadvisors.com shall have no financial liability whatsoever to any user on account of the use of information provided on its website. Seersadvisors.com will not beresponsible for any errors, omissions or representations on any of our pages or on any links on any of the pages of the website. Though the information on seersadvisors.com is updated from time to timebut seersadvisors.com excludes any warranties (whether expressed or implied), as to the quality, accuracy, efficacy, completeness, performance, fitness or any of the contents of the website, including (butnot limited) to any comments, feedback and advertisements contained within the Site. Seersadvisors.com contains material in the form of inputs submitted by users and it accepts no responsibility for thecontent or accuracy of such content nor does it make any representations by virtue of the contents of its website in respect of the existence or availability of any goods and services advertised in thecontributory sections. Seersadvisors.com makes no warranty that the contents of the website are free from infection by viruses or anything else which has contaminating or destructive properties and shallhave no liability in respect thereof. Seersadvisors.com reserve the right to make changes to our site and these disclaimers, terms, and conditions at any time.