Cipla

May25,2016
SurajitPal
surajitpal@plindia.com
+912266322259

Rating
Price
TargetPrice
ImpliedUpside
Sensex
Nifty

Reduce
Rs495
Rs497
.4%
25,305
7,749

(PricesasonMay24,2016)
Tradingdata
MarketCap.(Rsbn)
Shareso/s(m)
3MAvg.Dailyvalue(Rsm)
Majorshareholders
Promoters
Foreign
DomesticInst.
Public&Other
StockPerformance
(%)
1M
6M
Absolute
(6.9)
(22.3)
Relative
(4.8)
(20.5)
HowwedifferfromConsensus
EPS(Rs)
PL
Cons.
2017
25.6
22.2
2018
27.6
26.1

397.4
803.0
90
37.57%
23.10%
12.40%
26.90%
12M
(26.6)
(17.1)
%Diff.
15.7
5.8

PricePerformance(RIC:CIPL.BO,BB:CIPLAIN)

Cipla reported sales, adj. EBITDA andPAT of Rs32.1bn,Rs1.6bn and Rs0.8bn way
belowtoourestimatesofRs33.1bn,Rs6.3bnandRs4.5bninQ4FY16.Adj.EBITDA
increased by 5% YoY with EBITDA margin of 13% vs our estimates of 19% due to
lowersalesinSouthAfricaandhigherR&Dcostsof8.2%ofsales(generally,R&D
costs were 56% of sales). The companys revenues were impacted due to
depreciation of South African Rand, changes in accounting policy of South Africa
revenues and lower than expected sales in partnership products (Pulmicort,
Nexium) in US. While we expected India formulations to gain in Q4FY16 due to
changesinaccountingpolicyforrecognisingsalesinQ3FY16,Ciplassalesgrowth
inIndiaformulationsremainmutedat5%QoQinQ4FY16.Webelievethatbanon
combinationdrugsandadditionofdrugsinnewNLEMlistswillcontinuetoimpact
thecompanysIndiasalesinFY17E18E.
EstimatedkeycontributionsfromUSgenericsonPulmicortandNexiumcontinued
to disappoint post Q1FY16. Nexium contributed US$78m in Q1FY16 visavis
contribution of US$106m in FY16. With sizeable market share (42% currently) of
patent owner, we expect Nexium price continues to erode with increasing
genericisation and approval of new generics (currently 7 generics). We expect
revenuesfromPulmicortpartnershiptobeslowerthanNexiumasgenericisaitonof
inhalers take longer time than other generics. We revise our earnings estimates
witha)newNLEMtoreducerealisationinIndiaformulations,b)weakvisibilityof
pipelineofkeygenerics(inUS/EU)b)uncertaintyoverlaunchofSeretideinUK,c)
issue of substitutability of Seretide (like peer receiving noninterchangeable
Seretide) and d) strong volatility of currencies in EMs and Euro (90% of revenues
fromEMsandEurope).
Withintegrationofgrowinguncertaintyoverexportbusinessandweakvisibilityof
pipeline, we decrease our earnings estimates by 4% and 2%for FY17E and FY18E,
respectively.WemaintainourrecommendationtoReduceandreduceTPby2%to
Rs497(fromRs506).

Keyfinancials(Y/eMarch)
Revenues(Rsm)
Growth(%)

EBITDA(Rsm)
PAT(Rsm)
EPS(Rs)
Growth(%)
NetDPS(Rs)

2015
109,570
8.5
17,733
12,554
15.6
(9.5)
2.3

2016
133,725
22.0
21,953
15,059
18.7
19.9
2.3

2017E
148,180
10.8
30,673
20,582
25.6
36.8
2.3

2018E
166,743
12.5
35,016
22,190
27.6
7.8
2.3

2015
16.2
12.0
11.6
3.7
23.1
31.7
3.7
0.5

2016
16.4
13.3
10.9
3.3
20.1
26.4
3.4
0.5

2017E
20.7
15.5
13.3
2.9
14.1
19.3
2.7
0.5

2018E
21.0
14.1
12.8
2.6
12.3
17.9
2.4
0.5

Source:Bloomberg

May16

Mar16

Jan16

Nov15

Sep15

Jul15

May15

(Rs)
800
700
600
500
400
300
200
100
0

Profitability&Valuation
EBITDAmargin(%)
RoE(%)
RoCE(%)
EV/sales(x)
EV/EBITDA(x)
PE(x)
P/BV(x)
Netdividendyield(%)
Source:CompanyData;PLResearch

PrabhudasLilladherPvt.Ltd.and/oritsassociates(the'Firm')doesand/orseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresultinvestorsshouldbeawarethat
theFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthereport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

Pleaserefertoimportantdisclosuresanddisclaimersattheendofthereport

Q4FY16ResultUpdate

OneoffscauseRevenue,earningsmiss;Advairremainelusive

Cipla

Keytakeawaysfrompostresultconferencecall

Cipla maintained guidance of sales growth at midteen along with EBITDA

margin of 1618% with estimated EBITDA growth of 1520% in FY17E.
Managementexpectsoperatingprofittogrowfasterthangrowthinrevenues.
We believe that US$106m of US revenuesof US$321m are contributed mainly
from partnership with Teva for Nexium supply and partially contributed by
SandozforpartnershiptosupplyPulmicortRespule.

CiplaguidedforfilingofANDAonAdvairMDIinUSinFY17EwithfocusonAB
rated approval which will allow retailer to replace patented drug with Ciplas
generic. Till date, there is no filing on ANDA for ABrated approval in Advair
(MDI/DPI). Management expects its data from clinical trial in Europe will be
enoughtogainapprovalfromUSFDA

While the management have guided for Advair DPI generic launch in US in
FY19E,thecompanyhasyettobeginclinicaltrialsbeforeitsfilingofANDAinUS.
They however indicated that Seretide generic is currently under active
consideration of UK MHRA and possibility of approval in near term with weak
visibility of substitutability of its generic with patented Seretide in UK.
ManagementhoweverisconfidenttoreceiveonlysubstitutableapprovalinUK
innearterm(probablyinFY17E).WeassumeCiplasapprovalstatusofgSeretide
to be similar to its peers generic which is also unsubstitutable. Hence, Mylan
haschosentofocusmoreonprivatemarketthanNHSbusinesswhichistender
driven. With no plan of sales team to focus on private market, CIplas current
plantofocusonNHStenderbusinesswithnosubstitutability,inourview,will
notenhancesubstantialrevenuesasassumedbytheconsensusestimates.

AcquisitionofInvagenPharmaandExelonPharmacompletedandincorporated
25daysofsalesinQ4FY16.Withtheacquisitionofthetwocompanies,Ciplato
gainrevenuesofUS$250m(overallrevenuesUS$321minFY16)with40ANDAs
inUSmarketandpipelineofadditional35ANDAspendinginUSFDA

Forex loan has been taken to complete the US acquisitions of Invagen and
Exelanat2%interest+LiborinUSD.Currentnetdebt/equitratiois0.44x

Cipla launched inhalers in Romania in H1FY16 and in Italy in Q4FY16, while it

facedslowgrowthinexpandinginhalersalesinGermany.WithMylanlaunchof
MDIinGermany,weexpectCiplassalestoberampedupslowerinFY17E.

R&Dexpectstobestableat88.5%ofsalesinFY17E,upfrom6.5%inFY16due
tofasttrackofkeymolecules,clinicaltrialsandbiosimilars

May25,2016

Exhibit1:

Cipla

Q4FY16ResultOverview(Rsm)

Y/eMarch

Q4FY16

Q4FY15

YoYgr.(%)

Q3FY16

FY16

FY15

YoYgr.(%)

NetSales

32,067

29,807

7.6

30,273

133,725

108,824

22.9

RawMaterial

14,160

11,588

22.2

12,338

51,184

41,897

22.2

44.2

38.9

40.8

38.3

38.5

6,591

5,147

28.1

5,862

24,471

19,737

19.4

18.3

18.1

6.7

8,328

36,118

30,204

27.5

27.0

27.8

%ofNetSales

PersonnelCost

%ofNetSales

24.0

20.6

17.3

9,725

9,115

%ofNetSales

30.3

30.6

TotalExpenditure

30,476

25,850

17.9

26,528

111,772

91,837

21.7

1,591

3,957

(59.8)

3,744

21,953

16,987

29.2

5.0

13.3

12.4

16.4

15.6

Others

EBITDA

Margin(%)

Depreciation
EBIT
OtherIncome

19.6

1,414

1,357

4.2

1,375

5,417

5,047

7.3

176

2,600

(93.2)

2,370

16,536

11,940

38.5

1,146

1,732

(33.8)

1,586

5,147

6,286

(18.1)

Interest

368

434

(15.2)

230

1,613

1,683

(4.1)

PBT

955

3,898

(75.5)

3,726

20,070

16,543

21.3

ExtraOrd.Inc./Exps.

185

271

TotalTaxes

(39)

1,030

174

615

735

120

4,396

4,000

ETR(%)

(4.1)

26.4

3.2

21.9

24.2

ReportedPAT

809

2,597

(68.9)

3,432

15,059

11,808

27.5

Q4FY16

Q4FY15

YoYgr.(%)

Q3FY16

FY16

FY15

YoYgr.(%)

12,580

10,860

15.8

11,940

51,110

47,480

7.6

39.2

36.4

37.7

38.2

43.5

19,487

18,947

2.8

19,760

82,615

61,586

62.3

61.8

56.5

7.6

31,700

133,725

109,066

NA

9.9

Source:CompanyData,PLResearch
Exhibit2:

Geographicbreakupofrevenues(Rsm)

Y/eMarch
Domesticmarket

%ofSales

Internationalmarket(Exports)

%ofSales

Total
Source:CompanyData,PLResearch

60.8

63.6

32,067

29,807

34.1
22.6

May25,2016

Cipla

Exhibit3: Indiaformulations,growth
Sales(Rsm)

YoYgr(%)(RHS)

16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000

Q4FY16

Q2FY16
Q3FY16

Q1FY16

Q3FY15
Q4FY15

Q2FY15

Q4FY14
Q1FY15

Q3FY14

Q1FY14
Q2FY14

Q4FY13

Q2FY13
Q3FY13

Q1FY13

Q3FY12
Q4FY12

Q2FY12

Q1FY12

35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
5.0

Source:CompanyData,PLResearch
Exhibit4: Exportformulations,growth
Sales(Rsm)

YoYgr(%)(RHS)

25,000

90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0

20,000
15,000
10,000
5,000

Q4FY16

Q2FY16
Q3FY16

Q1FY16

Q3FY15
Q4FY15

Q2FY15

Q4FY14
Q1FY15

Q3FY14

Q1FY14
Q2FY14

Q4FY13

Q2FY13
Q3FY13

Q1FY13

Q3FY12
Q4FY12

Q2FY12

Q1FY12

Source:CompanyData,PLResearch
Exhibit5: APISales,growth
Sales(Rsm)

YoYgr(%)(RHS)

3,000

80.0

2,500

60.0

2,000

40.0

1,500

20.0

1,000

0.0

Q4FY16

Q3FY16

Q2FY16

Q1FY16

Q4FY15

Q3FY15

Q2FY15

Q1FY15

Q4FY14

Q3FY14

Q2FY14

Q1FY14

Q4FY13

Q3FY13

Q2FY13

Q1FY13

Q4FY12

40.0

Q3FY12

Q2FY12

20.0

Q1FY12

500

Source:CompanyData,PLResearch

May25,2016

Cipla

Exhibit6: OverallSales,growth
Sales(Rsm)

YoYgr(%)(RHS)

40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000

Q4FY16

Q2FY16
Q3FY16

Q1FY16

Q3FY15
Q4FY15

Q2FY15

Q4FY14
Q1FY15

Q3FY14

Q1FY14
Q2FY14

Q4FY13

Q2FY13
Q3FY13

Q1FY13

Q3FY12
Q4FY12

Q2FY12

Q1FY12

45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0

Source:CompanyData,PLResearch
Exhibit7: EBITDA,margin
EBITDA(Rsm)

Margin(%)(RHS)

12,000

35.0

10,000

30.0
25.0

8,000

20.0

6,000

15.0

4,000

10.0

2,000

5.0

Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY16

Source:CompanyData,PLResearch
Exhibit8: Adj.PAT,growth
PAT(Rsm)

YoYgr(%)(RHS)

7,000

150.0

6,000

100.0

5,000
4,000

50.0

3,000

0.0

2,000

50.0

1,000

100.0

Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY16

Source:CompanyData,PLResearch

May25,2016


IncomeStatement(Rsm)
Y/eMarch
2015
NetRevenue
RawMaterialExpenses
GrossProfit
EmployeeCost
OtherExpenses
EBITDA
Depr.&Amortization
NetInterest
OtherIncome
ProfitbeforeTax
TotalTax
ProfitafterTax
ExOditems/Min.Int.
Adj.PAT
Avg.SharesO/S(m)
EPS(Rs.)

109,570
41,897
67,673
19,737
30,204
17,733
5,047
1,683
6,286
17,288
4,000
13,288
228
12,554
803.0
15.6

2016

2017E

2018E

133,725
51,184
82,541
24,471
36,118
21,953
5,417
1,613
5,147
20,070
4,396
15,674
374
15,059
803.4
18.7

148,180

50,011
98,169
26,672
40,824
30,673
3,826
5,064
5,301
27,085
5,959
21,126
544
20,582
803.0
25.6

166,743
54,191
112,551
29,180
48,355
35,016
4,065
4,708
5,407
31,651
8,862
22,789
598
22,190
803.0
27.6

Cipla

BalanceSheetAbstract(Rsm)
Y/eMarch
2015

2016

2017E

2018E

107,892
17,018
6,783
131,693
48,521
25,585
6,398
47,003
5,643
66,372
25,011
4,187
131,693

118,574
51,914
8,235
178,723
52,979
55,114
7,569
53,222
8,714
73,900
29,393
7,145
176,029

146,184
42,197
7,810
196,191
59,200
57,869
9,664
60,760
5,870
87,023
32,132
8,698
196,191

168,374
39,233
7,112
214,719
65,037
60,763
12,351
65,970
4,862
93,677
32,569
10,598
214,719

QuarterlyFinancials(Rsm)
Y/eMarch
Q1FY16

Q2FY16

Q3FY16

Q4FY16

33,617
6,987
20.8
1,340
503
1,166
6,311
1,812
4,312
4,312

30,273
3,744
12.4
1,375
230
1,586
3,726
120
3,432
3,432

32,067
1,591
5.0
1,414
368
1,146
955
(39)
809
809

2015

2016

2017E

2018E

IndiaFormulations
47,480
Exports
55,690
APIs
5,896
Source:CompanyData,PLResearch.

51,589
75,532
7,782

57,543
81,646
7,393

63,972
92,938
7,984

Shareholder'sFunds

TotalDebt
OtherLiabilities
TotalLiabilities
NetFixedAssets
Goodwill
Investments
NetCurrentAssets
Cash&Equivalents
OtherCurrentAssets
CurrentLiabilities
OtherAssets
TotalAssets

CashFlowAbstract(Rsm)
Y/eMarch
C/FfromOperations
C/FfromInvesting
C/FfromFinancing
Inc./Dec.inCash
OpeningCash
ClosingCash
FCFF
FCFE

2015

2016

2017E

2018E

18,364
(16,095)
(2,984)
(715)
1,752
1,037
(1,254)
3,285

15,053
(8,297)
(3,684)
3,072
5,643
8,714
11,829
46,725

15,054
(9,353)
(8,545)
(2,845)
8,714
5,870
8,025
(1,692)

17,621
(8,968)
(9,661)
(1,008)
5,870
4,862
14,537
11,573

KeyFinancialMetrics
Y/eMarch
Growth

2015

2016

2017E

Revenue(%)
EBITDA(%)
PAT(%)
EPS(%)

8.5
(16.9)
(9.6)
(9.5)

22.0
23.8
20.0
19.9

10.8
39.7
36.7
36.8

12.5
14.2
7.8
7.8

20.7
13.9
13.3
15.5

21.0
13.3
12.8
14.1

0.2
261

0.2
257

19.3
2.7
14.1
2.9

17.9
2.4
12.3
2.6

22.0
19.6
4.4
(8.2)

28.0
17.1
4.4
52.2

EBITDAMargin(%)
PATMargin(%)
RoCE(%)
RoE(%)

BalanceSheet
NetDebt:Equity
NetWrkngCap.(days)

Valuation
PER(x)
P/B(x)
EV/EBITDA(x)
EV/Sales(x)

EarningsQuality

37,768
9,630
25.5
1,288
514
1,249
9,078
2,503
6,506
6,506

Profitability

NetRevenue
EBITDA
%ofrevenue
Depr.&Amortization
NetInterest
OtherIncome
ProfitbeforeTax
TotalTax
ProfitafterTax
Adj.PAT

16.2
11.5
11.6
12.0

16.4
11.3
10.9
13.3

0.1
259

0.4
235

31.7
3.7
23.1
3.7

26.4
3.4
20.1
3.3

Eff.TaxRate
23.1
OtherInc/PBT
36.4
Eff.Depr.Rate(%)
6.8
FCFE/PAT
26.2
Source:CompanyData,PLResearch.

21.9
25.6
6.8
310.3

2018E

KeyOperatingMetrics(Rsm)
Y/eMarch

May25,2016

Cipla

PrabhudasLilladherPvt.Ltd.
3rdFloor,SadhanaHouse,570,P.B.Marg,Worli,Mumbai400018,India

Tel:(9122)66322222Fax:(9122)66322209
RatingDistributionofResearchCoverage

%ofTotalCoverage

50%

42.1%

PLsRecommendationNomenclature

41.2%

40%
30%
16.7%

20%
10%

0.0%
0%
BUY

Accumulate

Reduce

BUY

Over15%OutperformancetoSensexover12months

Accumulate

OutperformancetoSensexover12months

Reduce

UnderperformancetoSensexover12months

Sell

Over15%underperformancetoSensexover12months

TradingBuy

Over10%absoluteupsidein1month

TradingSell

Over10%absolutedeclinein1month

NotRated(NR)

Nospecificcallonthestock

UnderReview(UR) :

Sell

Ratinglikelytochangeshortly

DISCLAIMER/DISCLOSURES
ANALYSTCERTIFICATION
We/I,Mr.SurajitPal(PGDBA,CFA,M.Com),ResearchAnalysts,authorsandthenamessubscribedtothisreport,herebycertifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectourviewsaboutthe
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months.
PLoritsassociatesmighthavereceivedanycompensationforinvestmentbankingormerchantbankingorbrokerageservicesfromthesubjectcompanyinthepasttwelvemonths.
PLoritsassociatesmighthavereceivedanycompensationforproductsorservicesotherthaninvestmentbankingormerchantbankingorbrokerageservicesfromthesubjectcompanyinthepasttwelvemonths
PLoritsassociatesmighthavereceivedanycompensationorotherbenefitsfromthesubjectcompanyorthirdpartyinconnectionwiththeresearchreport.
PL encourages independence in research reportpreparation and strivesto minimize conflict inpreparationof research report. PL or its analystsdid not receive any compensationor other benefits from the subject
Companyorthirdpartyinconnectionwiththepreparationoftheresearchreport.PLoritsResearchAnalystsdonothaveanymaterialconflictofinterestatthetimeofpublicationofthisreport.
ItisconfirmedthatMr.SurajitPal(PGDBA,CFA,M.Com),ResearchAnalystsofthisreporthavenotreceivedanycompensationfromthecompaniesmentionedinthereportintheprecedingtwelvemonths
CompensationofourResearchAnalystsisnotbasedonanyspecificmerchantbanking,investmentbankingorbrokerageservicetransactions.
TheResearchanalystsforthisreportcertifiesthatalloftheviewsexpressedinthisreportaccuratelyreflecthisorherpersonalviewsaboutthesubjectcompanyorcompaniesanditsortheirsecurities,andnopartofhis
orhercompensationwas,isorwillbe,directlyorindirectlyrelatedtospecificrecommendationsorviewsexpressedinthisreport.
Theresearchanalystsforthisreporthasnotservedasanofficer,directororemployeeofthesubjectcompanyPLoritsresearchanalystshavenotengagedinmarketmakingactivityforthesubjectcompany
Oursalespeople,traders,andotherprofessionalsoraffiliatesmayprovideoralorwrittenmarketcommentaryortradingstrategiestoourclientsthatreflectopinionsthatarecontrarytotheopinionsexpressedherein,
andourproprietarytradingandinvestingbusinessesmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsexpressedherein.Inreviewingthesematerials,youshouldbeawarethatanyorallo
theforegoing,amongotherthings,maygiverisetorealorpotentialconflictsofinterest.
PLanditsassociates,theirdirectorsandemployeesmay(a)fromtimetotime,havealongorshortpositionin,andbuyorsellthesecuritiesofthesubjectcompanyor(b)beengagedinanyothertransactioninvolving
suchsecuritiesandearnbrokerageorothercompensationoractasamarketmakerinthefinancialinstrumentsofthesubjectcompanyoractasanadvisororlender/borrowertothesubjectcompanyormayhaveany
otherpotentialconflictofinterestswithrespecttoanyrecommendationandotherrelatedinformationandopinions.
DISCLAIMER/DISCLOSURES(FORUSCLIENTS)
ANALYSTCERTIFICATION
Theresearchanalysts,withrespecttoeachissueranditssecuritiescoveredbytheminthisresearchreport,certifythat:Alloftheviewsexpressedinthisresearchreportaccuratelyreflecthisorherortheirpersonal
viewsaboutalloftheissuersandtheirsecurities;andNopartofhisorherortheircompensationwas,isorwillbedirectlyrelatedtothespecificrecommendationorviewsexpressedinthisresearchreport
Terms&conditionsandotherdisclosures:
ThisresearchreportisaproductofPrabhudasLilladherPvt.Ltd.,whichistheemployeroftheresearchanalyst(s)whohaspreparedtheresearchreport.Theresearchanalyst(s)preparingtheresearchreportis/are
residentoutsidetheUnitedStates(U.S.)andarenotassociatedpersonsofanyU.S.regulatedbrokerdealerandthereforetheanalyst(s)is/arenotsubjecttosupervisionbyaU.S.brokerdealer,andis/arenotrequiredto
satisfytheregulatorylicensingrequirementsofFINRAorrequiredtootherwisecomplywithU.S.rulesorregulationsregarding,amongotherthings,communicationswithasubjectcompany,publicappearancesand
tradingsecuritiesheldbyaresearchanalystaccount.
This report is intended for distribution by Prabhudas Lilladher Pvt. Ltd. only to "Major Institutional Investors" as defined by Rule 15a6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange Act) and
interpretationsthereofbyU.S.SecuritiesandExchangeCommission(SEC)inrelianceonRule15a6(a)(2).IftherecipientofthisreportisnotaMajorInstitutionalInvestorasspecifiedabove,thenitshouldnotactupon
thisreportandreturnthesametothesender.Further,thisreportmaynotbecopied,duplicatedand/ortransmittedonwardtoanyU.S.person,whichisnottheMajorInstitutionalInvestor.
In reliance on the exemption from registration provided by Rule 15a6 of the Exchange Act and interpretations thereof by the SEC in order to conduct certain business with Major Institutional Investors, Prabhudas
LilladherPvt.Ltd.hasenteredintoanagreementwithaU.S.registeredbrokerdealer,MarcoPoloSecuritiesInc.("MarcoPolo").
TransactionsinsecuritiesdiscussedinthisresearchreportshouldbeeffectedthroughMarcoPolooranotherU.S.registeredbrokerdealer.

May25,2016

RADHAKRISHNA
N SREESANKAR

Digitally signed by RADHAKRISHNAN SREESANKAR

DN: c=IN, o=Personal, cn=RADHAKRISHNAN
SREESANKAR,
serialNumber=8859da2df03122989b585ad520865a4f59b
e69fbc1b7ba2c5315941f987f41de, postalCode=400104,
st=MAHARASHTRA
Date: 2016.05.25 09:05:11 +05'30'