sintex industries limited(sintex) - anand rathi industries limited(sintex) risk medium bloomberg...
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Time Horizon – 12 Months
September 1, 2015
VV
AA
LL
UU
EE
CMP: ` ` ` ` 92929292
Target: ` 146` 146` 146` 146
Sintex Industries Limited(SINTEX)
RISK MEDIUM
Bloomberg Code SINT IN
NSE Code SINTEX
Sector PLASTIC PRODUCTS
Industry PLASTIC PRODUCTS
Face Value (`) 1
BV per share (` ) 110
Dividend yield (%) 0.77%
52 Week H/L (`) 136.60/70.10
Market Cap (` mn. ) 66263.76
Key Data (In `̀̀̀ mn) FY14 FY15 FY16E FY17E
Net Sales 58426 70066 84079 101736
EBITDA 10416 12788 16590 20724
EBITDA Margin (%) 16.13 16.88 17.73 18.37
EPS (`) 11.68 12.41 16.33 22.44
Ev/Sales (x) 1.33 1.18 1.00 0.84
Ev/EBITDA (x) 8.25 6.99 5.65 4.58
P/E (x) 8.14 7.66 5.82 4.23
Price Performance CY12 CY13 CY14 YTD
Absolute 3% -48% 182% -11%
Relative -24% -55% 150% -6%
NIFTY 28% 7% 31% -6%
Anand Rathi Research
Source: Company, Anand Rathi Research, Ace Equity
EE
PP
II
CC
kk
Analyst: Ridhi Mehta
Relative stock performance (Aug’14=100)Shareholding Pattern (as on Jun’15)
Sep-14 Dec-14 Mar-15 Jun-15
Promoters 41% 39% 34% 33%
Non-Institutional 38% 36% 36% 40%
Institutional 22% 25% 30% 28%
Total 100% 100% 100% 100% 80
100
120
140
160
180
CNX Nifty Sintex
� Established in 1931, Sintex Industries Limited (SIL), the flagship Company of Sintex group is one of the leading manufacturer of plastics
and composites along with a strong presence in structured fabrics in India. It has a proven track record of pioneering innovative
concepts in plastics and textile sectors in India. Historically, the Company has explored both inorganic and organic growth
opportunities and became leaders in the segments that it operates.
� The Company is headquartered in Kalol (Gujarat) and enjoys a pan-India presence with global footprints spread across 12 countries in
four continents. Sintex has strong presence in the European, American, African, and Asian markets including countries like France,
Germany and USA and serves many reputed Fortune-500 global as well as domestic companies.
� It globally operates through its 30 subsidiaries, which mainly includes Bright Autoplast Ltd., Sintex Infra Projects Limited, Sintex
Wasaukee Composites Inc., USA & its subsidiaries and Sintex NP SAS, a French Company & its subsidiaries.
One of the leading providers of plastics and niche textile-
related products globally
Sintex Industries Limited(SINTEX)
2 Anand Rathi Research
� As on 2015, companies‘ consolidated revenue crossed 70 bn mark with blended margin at 18.11%. It has an uninterrupted 82 years of
dividend payment to its shareholders.
� For Q1 FY16, company registered top line growth of 9% on y-o-y basis on back of healthy growth of 24% in custom molding business.
EBITDA & PAT both grew by 12% on y-o-y basis.
� Sintex aims to be Global market leader across its product range and strive to achieve over Rs 100 Billion Top line by 2017-18.
� With huge government spending in social welfare, its prefabrication segment is expected to see high growth opportunity. The
company will also significantly benefit from new Gujarat textile policy. At CMP the stock is trading at 5.82x FY16E EPS and 4.23x FY17E
EPS. We have assigned PE of 9xs to the current year earnings, here by arriving at a target price of `146 per share.
Source: Company, Anand Rathi Research
Sintex Industries Limited(SINTEX)
SINTEX INDUSTRIES
CUSTOM Molding 44%
BUILDING PRODUCTS
46%
STORAGE
TEXTILES
10%
• Niche market
focus on high
Diversified Portfolio
3 Anand Rathi Research
INDIA OVERSEAS PREFAB MONLITHICSTORAGE
TANKS
• Products
molded or
fabricated for
OEMs across
market
segment like
aerospace &
defensive
automotive,
electrical.
• Presence in
USA, Europe &
North America
• Acquired
companies to
gain technology
& customers
• Introduced
prefab
structures like
school, toilets,
primary health
center, agri-
sheds, RO
water
enclosures, etc.
• Designed &
introduced
monolithic
• Construction in
India to address
mass & low cost
housing needs
• Make popular
liquid storage
tanks, doors,
windows,
profilers,
frames, pallets,
etc
focus on high
end structured
dyed yarn
fabrics
• Alliance with
various
European
design houses
like Amani,
Hugo, etc.
Source: Company, Anand Rathi Research
High potential opportunity
� Globally prefabs is 10-15% of construction industry, however in India the
numbers are just scratching the surface. 60-70% people in rural households still
have poor or no access to toilets. Huge CSR opportunity lies to leverage in
private sector for education, healthcare, sanitation and environmental
products. Approximately 23 percent of public spending goes to basic household
services; this has risen faster than GDP. Health care, drinking water, and
sanitation would require up to 53% of total social spending in 2022, an increase
from 23% in 2012.
Sintex Industries Limited(SINTEX)
Prefab – High Growth, High Return Business
50%
75%
100%
1262
31
6 4[%]
% of Total social spending
4 Anand Rathi Research
� Currently, healthcare spending needs to grow at 18%pa to fulfill target of
density for hospitals beds and healthcare workers across rural and urban.
Requirement of one million primary classrooms and 0.28 million secondary
classrooms by 2022 for 100% urban and over 75% penetration in rural areas for
a ratio of over 30 students to a teacher.
� India loses 10 to 20% of perishable products due to inadequate warehousing
and cold storage infrastructure. According to National Horticultural Board, 90%
fruits and vegetables India produces have no storage facilities. The losses are
either borne by the farmers or the middlemen which results in increased prices
at the consumer end. Opening up of retail sector and emphasis on wastage
reduction will drive the segment for cold storage and warehousing for prefabs.
0%
25%
2012 2022
23
539
Healthcare Drinking water n Sanitation
Education Housing
Source: Company, Anand Rathi Research
Long term potential
� Recent governmental policies such as the Swach Bharat Abiyaan,
Sarva Shiksha Abhiyan and the Clean Ganga Mission have emerged
as key business drivers in this segment. Under “ Swach Bharat
Abhiyan” to cover 1.04 crore households for toilets, 2.5 lakh seats
of community toilets, 2.6 lakh seats of Public toilets and solid
waste management facility in the identified 4041 statutory towns
at a cost of Rs. 620 bn over next 5 years.
� Under the CSR activity, there will be demand for Primary health
Sintex Industries Limited(SINTEX)
Sintex Positioning
� Sintex has pioneered itself into Prefab segment in India
with 26% growth in revenue and EBITDAM at 26%. It
comprises 21% of total consolidated revenues, as on
FY15.
� The company has established product portfolio which
comprises of Healthcare centers , schools & public
administration buildings, Project & site offices,
Residential units for long-gestation projects, Sanitation,
Prefab business……continue
5 Anand Rathi Research
center, Classrooms, Bio-gas plants, Mass Housing etc. It is
estimated that activity covers 16000 entities, resulting into an
annual CSR expenditure of Rs 150-200bln p.a.
Shelters for defense and RO water shelter enclosures.
They have aligned its products with CSR activity.
� The company has pan India network along with
dedicated installation team that provides readymade
solutions for speedy implementation.
� It has launched Do-it-Yourself- Kit through innovative
distribution and received overwhelming response as
well.
5000
10000
15000
20000
25000
FY13 FY14 FY15 FY16E FY17E
9700 11700
1430017446
21633
Revenue
Source: Company, Anand Rathi Research
Custom Molding – Diversified Play
Sintex Industries Limited(SINTEX)
� Sintex’s presence in custom molding in India and globally is through its subsidiaries Sintex NP SAS (Europe), Sintex Wausaukee
Composites Inc. (the US) and Bright Auto Plast Ltd. (India). These companies provide highly-engineered custom molding solutions to
large global and Indian brands that have a presence in diverse sectors.
� Custom molding business comprises of two segments – products customized to specific applications and products customized around
the needs of a particular customer. The key verticals in the products customized to specific applications segment are: SMC products,
Industrial containers, Pallets, Insulated boxes
� As of FY15 custom molding business contributes 44% of total revenue. Over all custom molding business has seen revenue growth of
21% on consolidated basis with 22% and 20% growth in international and domestic business respectively.
� Sintex caters to automotive, electrical , Aerospace & Defense, Mass Transit, Medical Imaging, Industrial trucks & tractors and retail
6 Anand Rathi Research
� Sintex caters to automotive, electrical , Aerospace & Defense, Mass Transit, Medical Imaging, Industrial trucks & tractors and retail
segments
� The company enjoys high brand recall and acceptability throughout India and locational advantage as it has presence in four
continents and nine countries with low cost manufacturing base.
� During FY15 company received sizeable business for enclosures from State Electricity Boards of Uttar Pradesh, Karnataka, Andhra
Pradesh, Kerala, Uttar Pradesh and Chhattisgarh. It received bulk orders for SMC across arms from various states.
� The Company manufactures large industrial tanks to store dyes, colors and chemicals in multiple sizes to suit diverse industrial uses.
Rising industrialization and increasing thrust towards a safe working environment has accelerated the demand for these products.
� Sintex’s products are approved by leading oil marketing companies namely IOC, HPCL and BPCL for installation at their new dispensing
stations, pan-India. In 2014-15, the Company successfully installed 20 FRP tanks at fuel dispensing stations.
� With growing distances between the producing centers and consuming markets,
safe and secure logistics has emerged critical. This has increased the need for
superior material handling. Sintex manufactures lightweight, cost-effective and
customized plastic pallets, catering to various industries like pharmaceuticals,
automotive, electrical, engineering, textiles, fisheries, logistics and warehousing.
� Unlike other business segments this is relatively low-volume, high margin business;
volumes are sustained over the years providing revenue predictability. The Company
product basket includes the following:
- Fuel tanks and mud guards to M&M, AMW, Ashok Leyland and Escorts – off road
Sintex Industries Limited(SINTEX)
Custom molding Product Portfolio
Custom Molding Business….Continue
7 Anand Rathi Research
vehicles.
- Fuel tanks for generator set manufacturers namely Kirloskar and Cummins.
- Packaging crates for the engineering sector, primarily some of the Tata Group
companies.
� Sintex has made various domestic and overseas acquisitions, to acquire technologies
and gain access into new markets. It achieved significant improvement in the
performance of the acquired companies with strategic direction given by
management and also Integrating high capability international operations with low
cost Indian base.
Source: Company, Anand Rathi Research
Sintex Industries Limited(SINTEX)
23600 25600
31000
37820
46140
12.4%
13.2%
13.8%13.9%
14.0%
12.0%
12.5%
13.0%
13.5%
14.0%
14.5%
20000
30000
40000
50000
FY13 FY14 FY15 FY16E FY17E
Revenue & Margins
Revenue Margins
63%
37%
Oversea India
2010
59%
41%2015
Growing High Margin India Business
Custom Molding …. Wide International Presence
8 Anand Rathi Research
Revenue Margins
1190011200
12900
15100
18400
FY11 FY12 FY13 FY14 FY15
Global CM has Seen Robust Revenue Growth
6800
8200
10600 10600
12700
FY11 FY12 FY13 FY14 FY15
India Custom Moulding revenue
Source: Company, Anand Rathi Research, Ace Equity
Sintex Industries Limited(SINTEX)
Custom Molding – Differentiated Play….Well Poised to
Capture Significant Growth
9 Anand Rathi Research
Source: Company, Anand Rathi Research,
Business Overview
� Sintex is leading player in monolithic construction in India. Under
this segment, the company offers holistic solutions comprising of
engineering, designing, drawing and manufacturing. Monoliths are
used in low cost mass housing solutions like slum rehabs, Janta
housing and LIG (low income group) houses which are affordable,
quick to construct, low maintenance.
� As on FY15, monolithic contributes 19% to the total revenues
Revenue Includes Rs.7290 millions of Infra at EBITDA of 10 %. The
total EBITDA contribution stands at 13.5% in FY15.
Sintex Industries Limited(SINTEX)
Monolithic – Leading the Change
Market Opportunity
� As per the National Housing Bank (NHB) report, the Indian
housing market is facing a demand-supply mismatch with a
housing shortfall of 90% in India, mostly in lower and
middle income groups, which indicates a huge growth
potential for the company as Monolithic concrete
construction is ideal for mass housing.
� Sintex is well-positioned to capitalize on the Market
Opportunity. It has increased business volume by
undertaking G + 7/G+13 housing projects. Also it has
10 Anand Rathi Research
total EBITDA contribution stands at 13.5% in FY15.
� During the year, company executed the single largest township
development project in Delhi (600 units). It also successfully forayed
into new geographies - Pondicherry, parts of Rajasthan and Uttar
Pradesh. Sintex is moving up the value chain in the monolithic
segment by undertaking housing projects for MIG and HIG.
undertaking G + 7/G+13 housing projects. Also it has
introduced dual-tech houses comprising of monolithic
concrete walls and new generation roofing.
Key CustomerSource: Company, Anand Rathi Research
13400
1090010300
12500 1350021%
19%16%
13% 14%
0%
3%
5%
8%
10%
13%
15%
18%
20%
5000
8000
11000
14000
FY11 FY12 FY13 FY14 FY15
Revenue Margins
� Under the brand name of BVM, Sintex runs its textile division which is a profitable and high-margin segment. With the tag of the
largest producer of High End Jacquard and structured fabric in India, company specialize in distinctive products, catering to the upper
segment of fashion industry. Sintex has diversified product range to sophisticated home furnishing and technical textiles. This makes
them as a provider of total fabric solution at one place.
� Textile division can be segregated into:
1.High end men’s structured shirting fabrics in finer counts like 60s, 70s, 100s, 2/80s and 2/100s.
2.Yarn-dyed cotton jacquard shirting.
3. Superfine and ultima cotton yarn based corduroy in limited edition.
� Company has state-of-the-art composite mill at Kalol in Gujarat and it is one of the reliable and consistent mill in India manufacturing
Sintex Industries Limited(SINTEX)
Textile Business….To drive the future growth
11 Anand Rathi Research
� Company has state-of-the-art composite mill at Kalol in Gujarat and it is one of the reliable and consistent mill in India manufacturing
high end Jacquard and difficult structured fabric. The company is well equipped to deliver designs with variety of weaving including
Corduroy, Dobby, Jacquard and double beam etc.
� Sintex has alliances with various European design houses and a UK based textile marketing company which helps them to stand apart.
The company provides fabrics to reputed brands like Arrow and Van Heusen. Internationally, they indirectly sell fabrics to global retail
majors like Armani, Hugo Boss, Diesel, Burberry, DKNY, S.Oliver, Zara, Mexx, Meggimo Dotti, Banana Republic , G. STor etc.
� The company has launched new textile project which includes 300,000 spindles unit to cost approx. INR1700Crores. This is likely to be
ramped up to 1 million Spindles in 5 years time horizon. 300 thousand units will provide 500 direct and 1200 indirect employment.
The Project is expected to yield IRR of 18% with payback period of 3-4 years. The Project COD approx within 24 months. The Project
to augment better profitability on existing business due to value add Yarn and with in house production benefits.
Source: Company, Anand Rathi Research
� 7% Interest Subsidy over and above 4% TUF by Central Govt.
Hence cost of borrowing is almost Zero.
� Gujarat has surplus power and will be available to Spinning units
on subsidized rate lesser by Rs. 1/unit.
� Duty exemption @ 15% on power tariff is also expected
� VAT refund till cost of Project is recovered.
� Gujarat has 70% of cotton production but production of Yarn
mainly outside states which are not so power efficient.
Sintex Industries Limited(SINTEX)
Gujarat - New Textile Policy
12 Anand Rathi Research
mainly outside states which are not so power efficient.
� Policy intended to increase value add in entire chain of Fiber to
Fabric and Fabric to Foreign, and hence better earning to farmers
as well as Industrialists.
� Good Infrastructure in terms of Roads, Ports and Industrial
environment.
Source: Company, Anand Rathi Research, Ace Equity
� Sintex – Wausaukee Composites is a leading manufacturer of engineered composite products for Original Equipment
Manufacturer (OEM) customers in Construction Equipment, Agricultural Equipment, Mass Transportation, Medical and Security
Imaging, Commercial Site Furnishings, Therapeutic Systems. A range of component molding including: Light Resin Transfer Molding
(LRTM), Sheet Molding Compound (SMC), Liquid Composite Molding (LCM), and Reaction Injection Molding (RIM). Product offering
includes full service design, tooling, prototype development, product manufacture, and value-added secondary assembly services.
It operates ISO 9001:2008 certified facilities in Wisconsin and Michigan supporting more than 400 employees and is a subsidiary of
Sintex Industries, Ltd., a multi-national manufacturer and distributor of structural plastics and textiles, with manufacturing
operations located in North America, Europe, and India. For FY15 , company reported PAT of `0.84 crs on turnover of `117 crs.
� The Sintex NP Group is the European subsidiary of Sintex Industries. It operates in France, Germany, Eastern Europe (Poland,
Hungary and Slovakia) and North Africa (Tunisia and Morocco). It supplies industries in the car manufacturing,
Sintex Industries Limited(SINTEX)
13 Anand Rathi Research
Hungary and Slovakia) and North Africa (Tunisia and Morocco). It supplies industries in the car manufacturing,
electrical/electromechanical equipment manufacturing, aeronautics/defense, household appliances, medical, building, sport and
leisure sectors among others. The Group's core business involves transforming thermo sets by compression and injection,
transforming all thermoplastic grades (P/E to PEEK), stamping thermoplastic composite grades commonly used in aeronautics,
precision cutting ferrous and non-ferrous metals, steel-stainless steel-non-ferrous wire forming, manufacturing tension-
compression-torsion springs, electronic circuit boards using SMD or TH technology and wiring harnesses. The subsidiary reported
turnover of `350 crs and PAT of `35crs.
� Bright Autoplastic is incorporated in the year 2007 as the fully owned subsidiary of Sintex Holding B V , Netherlands. The company
has acquired the knowledge with the developing automotive industry in India for the past 37 years & have been offering innovative
solutions to its customers. The company has an established a process for integrating the design, engineering & manufacturing
through which knowledge acquired in different platforms are deployed across the locations. The subsidiary reported turnover of
`441 crs and PAT of `2crs.Source: Company, Anand Rathi Research
Sintex Industries Limited(SINTEX)
Leveraging Global Manufacturing Bases
� The Company is headquartered in Kalol (Gujarat) and enjoys a pan-India presence through 13 manufacturing facilities in India.
� Besides, its operations are spread across 12 countries in four continents through 37 manufacturing facilities and 30 global subsidiaries, which
mainly includes Bright Autoplast Ltd., Sintex Infra Projects Limited, Sintex Wasaukee Composites Inc., USA & its subsidiaries and Sintex NP SAS, a
French Company & its subsidiaries
14 Anand Rathi Research
Source: Company, Anand Rathi Research, Ace Equity
Sintex Industries Limited(SINTEX)
Marquee Global Clientele Driving Cross-border
Synergies
15 Anand Rathi Research
Source: Company, Anand Rathi Research
Sintex Industries Limited(SINTEX)
1.16 1.16 1.13
0.99
0.850.75
0
0.2
0.4
0.6
0.8
1
1.2
FY12 FY13 FY14 FY15 FY16E FY17E
Debt/Equity Ratio
44368
50794
58426
70066
86042
104111
20000
40000
60000
80000
100000
120000
FY12 FY13 FY14 FY15 FY16E FY17E
Revenue
Healthy Financials…..
16 Anand Rathi Research
11.6%
10.4% 10.3%11.3%
12.9%
14.6%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
FY12 FY13 FY14 FY15 FY16E FY17E
11.0%
9.5%
10.6%11.2%
12.6%
14.2%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
FY12 FY13 FY14 FY15 FY16E FY17E
ROEROCE
Source: Company, Anand Rathi Research, Ace Equity
� Sintex is building up well on both prefab and custom molding
segments on high amount of visibility. The company is
expected to enter into high growth era with a blend of
synergies flowing in future.
� Sintex’s presence across the spectrum of sectors and across
the geographies has helped company to differentiate
themselves from its competitors. With huge government
spending in social welfare, its prefabrication segment is
expected to see high growth opportunity. The company will
also significantly benefit from new Gujarat textile policy.
Relative stock performance (Aug’14=100)
Valuation and Recommendation:
Sintex Industries Limited(SINTEX)
80
100
120
140
160
180
Aug-2014 Oct-2014 Dec-2014 Feb-2015 Apr-2015 Jun-2015 Aug-2015
17 Anand Rathi Research
also significantly benefit from new Gujarat textile policy.
� At CMP the stock is trading at 5.82x FY16E EPS and 4.23x
FY17E EPS. We have assigned PE of 9xs to the current year
earnings, here by arriving at a target price of `146.
� We are initiating our coverage on Sintex Industries Ltd. with
“BUY” recommendation and target price of ` 146 per share.
Source: Bloomberg, Anand Rathi Research
Sintex
Source: Company, Anand Rathi Research, Ace Equity
(In `̀̀̀ mn) FY14 FY15 FY16E FY17E
EPS (`) 11.68 12.41 16.33 25.66
P/E (x) 8.14 7.66 5.82 4.23
P/B (x) 0.83 0.86 0.75 0.65
ROE 10.3% 11.3% 12.9% 14.6%
ROCE 10.6% 11.2% 12.6% 14.2%
Ev/EBITDA (x) 8.25 6.99 5.65 4.58
Consolidated Financials:
Sintex Industries Limited(SINTEX)
(In ` ` ` ` mn) FY2014 FY2015 FY2016E FY2017E
Net Sales 58426 70066 84079 101736
Total Expenditure 49003 58242 69171 83046
EBITDA (Excl OI) 9423 11824 14909 18690
Other Income 993 964 1682 2035
EBITDA 10416 12788 16590 20724
Depreciation 2548 2605 3975 4409
EBIT 7869 10183 12616 16316
Interest 2894 2835 2722 2727
Exceptional Item -161 -218 -296 -401
(In ` ` ` ` mn) FY2014 FY2015 FY2016E FY2017E
LIABILITIES
Shareholders’ Funds 35439 46978 56352 65289
Equity Share Capital 311 424 447 447
Reserves and Surplus 35127 46553 55906 64842
Non Current Liabilities 36167 37825 39327 40978
Long-term borrowings 32104 31817 32117 31517
Deferred Tax Liabil ities 3289 4694 5633 7122
Other Long Term Liabil ities 774 1314 1577 2340
Current Liabil ities 19281 28249 33125 41421
18 Anand Rathi Research
Source: Company, Anand Rathi Research, Ace Equity
Exceptional Item -161 -218 -296 -401
PBT 4814 7130 9598 13187
Tax 1180 1863 2303 3165
Consolidated PAT 3634 5267 7294 10022
Total Liabilities 90886 113052 128804 147688
ASSETS
Non Current Assets 59141 74459 87165 104179
Fixed Assets 38013 51926 64125 79958
Long Term Loans and Advances 16920 17271 19678 20824
Other Non-Current Assets 4208 5261 3362 3397
Current Assets 31745 38594 41639 43509
TOTAL-ASSETS 90886 113052 128804 147688
Margins FY-14 FY-15 FY-16E FY-17E
Sales Growth % 15.0% 19.9% 20.0% 21.0%
Operating Margin % 16.1% 16.9% 17.7% 18.4%
Net Margin % 6.2% 7.5% 8.7% 9.9%
� Currency Risk
� Changes in government policy
� Low off tick in overseas business
Key Risks:
Sintex Industries Limited(SINTEX)
19 Anand Rathi Research
Source: Company, Anand Rathi Research
Rating and Target Price history:
SINTEX rating detailsSINTEX rating history & price chart
Sintex Industries Limited(SINTEX)
20
50
80
110
140
170
Date Rating Target Price ( `) Share Price (`)
28-Aug-2015 BUY 146 95
20 Anand Rathi Research
Source: Bloomberg, Anand Rathi Research Source: Bloomberg, Anand Rathi Research
NOTE: Prices are as on 28th Aug 2015 close.
CNX Nifty Sintex
Sintex Industries Limited(SINTEX)
Disclaimer:
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21 Anand Rathi Research
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Continued…
Sintex Industries Limited(SINTEX)
Disclaimer:
Contd.
Opinions expressed are our current opinions as of the date appearing on this Research only. We do not undertake to advise you as to any change of our views
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mentioned herein or (b) be engaged in any other transaction involving such investments/ securities of company (ies) discussed herein or act as advisor or lender /
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to any recommendation and related information and opinions. Without limiting any of the foregoing, in no event shall ARSSBL and its associates or employees or any
third party involved in, or related to computing or compiling the information have any liability for any damages of any kind.
Details of Associates of ARSSBL and Brief History of Disciplinary action by regulatory authorities & its associates are available on our website i. e. www.rathionline.com
22 Anand Rathi Research
Disclaimers in respect of jurisdiction: This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or
located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would
subject ARSSBL to any registration or licensing requirement within such jurisdiction(s). No action has been or will be taken by ARSSBL in any jurisdiction (other than
India), where any action for such purpose(s) is required. Accordingly, this Report shall not be possessed, circulated and/or distributed in any such country or jurisdiction
unless such action is in compliance with all applicable laws and regulations of such country or jurisdiction. ARSSBL requires such recipient to inform himself about and to
observe any restrictions at his own expense, without any liability to ARSSBL. Any dispute arising out of this Report shall be subject to the exclusive jurisdiction of the
Courts in India.
Copyright: - This report is strictly confidential and is being furnished to you solely for your information. All material presented in this report, unless specifically indicated
otherwise, is under copyright to ARSSBL. None of the material, its content, or any copy of such material or content, may be altered in any way, transmitted, copied or
reproduced (in whole or in part) or redistributed in any form to any other party, without the prior express written permission of ARSSBL. All trademarks, service marks
and logos used in this report are trademarks or service marks or registered trademarks or service marks of ARSSBL or its affiliates, unless specifically mentioned
otherwise.
Contd.
Disclaimer:
Contd.
Statements on ownership and material conflicts of interest, compensation - ARSSBL and Associates
Sr.
No. Statement
Answers to the Best of the knowledge
and belief of the ARSSBL/ its
Associates/ Research Analyst who is
preparing this report
1ARSSBL/its Associates/ Research Analyst/ his Relative have any financial interest in the subject company? Nature of Interest (if applicable), is given
against the company’s name?. NO
2
ARSSBL/its Associates/ Research Analyst/ his Relative have actual/beneficial ownership of one per cent or more securities of the subject company, at the
end of the month immediately preceding the date of publication of the research report or date of the public appearance?. NO
3ARSSBL/its Associates/ Research Analyst/ his Relative have any other material conflict of interest at the time of publication of the research report or at
NO
Sintex Industries Limited(SINTEX)
23 Anand Rathi Research
3 the time of public appearance?. NO
4 ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation from the subject company in the past twelve months. NO
5ARSSBL/its Associates/ Research Analyst/ his Relative have managed or co-managed public offering of securities for the subject company in the past
twelve months.NO
6ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation for investment banking or merchant banking or brokerage
services from the subject company in the past twelve months. NO
7
ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation for products or services other than investment banking or
merchant banking or brokerage services from the subject company in the past twelve months. NO
8ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation or other benefits from the subject company or third party in
connection with the research report. NO
9ARSSBL/its Associates/ Research Analyst/ his Relative have served as an officer, director or employee of the subject company.
NO
10 ARSSBL/its Associates/ Research Analyst/ his Relative has been engaged in market making activity for the subject company. NO