Kiri Industries Ltd.

Date: 19th July, 2018

BSE: 532967 NSE: KIRIINDUS CMP: ₹ 540/- Market Cap: ₹ 1692 Cr. Face Value: ₹ 10/-
CA DISHANT SNEHAL SHAH (Email: cadishantsshah@gmail.com

Company Profile:
Kiri Industries Limited (KIL) is one of the largest manufacturers and exporters of wide range of Dyes, Intermediates and Chemicals
from India. KIL is preferred resource centre for many of the most expensive product lines in textile dyes. KIL is an accredited and
certified Key Business Partner with world’s top Dyestuff majors across Asia-Pacific, the EU and Americas. All initiatives taken by
KIL have enabled it to set its footprint in over 50 countries across 7 continents.
Investment Rationale:
1) Significant Reduction in Risk of Competition from China:
-In recent times, China’s rigorous environmental inspections and subsequent capacity closures are causing waves across chemical
supply chains globally. It is expected that the environmental issues in China shall hover over the industry for the entire 2018 which
is expected to continue for three to five years. Since past three years around 40% of China’s total manufacturing capacity was
temporarily shuttered impacting around 80,000 factories, which were fined with breaching emissions levels. Global Markets
expect around 70,000 chemicals and other manufacturing facilities in 18 cities in three provinces of China, i.e. Hebei, Henan and
Shandong can be ordered for permanent shutdown on account of their failure to meet both safety and environmental standards.
Secondly, in some of the provinces in China, Local Government has ordered to relocate manufacturing facility which must be
completed in year 2019 to 2025. The real impact is now being felt across many chemicals value chains around the world as
significant capacity closures leave Chinese manufacturers seeking imports from chemical companies elsewhere in Asia and the
Middle East as well as Europe and the US. China which was a net exporter of chemical products is now required to import many
of its requirements globally.
-Stricter environmental norms from the Chinese Government, requirement of setting up effluent treatment plants for disposal of
waste and increased costs has wiped off the low-cost advantage of Chinese dye manufacturers.
2) Debt Restructuring and Reduction of Debt:
-There has also been a complete clean-up of the balance sheet. KIL has reduced its outstanding debt from a peak of ₹853 Cr. in
FY15 to ₹159 Cr. Though the outstanding debt of ₹159 Cr. shall gradually repay by the FY2022, KIL shall not be required to pay any
interest on the said debt as the same is converted into Non-interest bearing Securing Receipts.
3) Manufacturing Facilities:
-KIL has manufacturing facilities at two locations, both situated in the state of Gujarat, India.
i) Manufacturing Plant with 3 manufacturing units at Vatva, near Ahmedabad for manufacturing of dyes having a capacity of 15000
MTPA. ii) Manufacturing Plant with 1 manufacturing unit at Padra, Vadodara for manufacturing dye intermediates and basic
chemicals. The plant has the capacity to produce 7200 MTPA of H-Acid and 18000 MTPA of Vinyl Sulphone.
-KIL has a joint venture with LongSheng group to set up a jointly owned entity, Lonsen Kiri Chemical Industries Ltd (LKCIL), engaged
in the activity of manufacturing and selling reactive dyes. LKCIL is based in Dudhwada village near Vadodara, in Gujarat and has a
capacity of 50,000 MTA. Over the years company’s revenue grew from ₹43 Cr. in FY13 to ₹158.3 Cr. in FY17 & revenue for FY18 is
₹232.73 Cr. Company’s EBITDA margins have improved from around 8.4% in FY14 to 18.5% in FY17 & for EBITDA margins for FY18
is 21.10%.
4) Capex Plan of KIL:
As a part of constant value addition, KIL has undertaken the following projects with estimated cost of ₹86 Cr.:
-Disperse Dyes & related Intermediates: Disperse Dyes is the range of synthetic organic dyes that are applied for dyeing or
colouring polyester fibre. It is one of the highest quantity consuming product rages among all types of dyes used for various
colouring applications. China has been a major source of this product range globally, which is expected to go under change in
future. After successful implementation of plant, it will add better margin and revenue. It will add top line of ₹200 Cr. subject to
full capacity utilisation & current prices.
-Zero Liquid Discharge: As per statutory requirement, the company has undertaken this project to make manufacturing plants-
zero liquid discharge. The company will reuse water requirement in manufacturing process and reduce dependence on ground
water. KIL has invested around ₹42Crore till date on Zero Liquid Discharge to strengthen its environmental responsibilities from
the total expected capital outlay of ₹72Crores, which is in process of completion in the first quarter of FY18-19.
-Capacity Expansion: Capex has already commenced on the Disperse Dyes facility and capacities will come on stream in a phase-
wise manner over the next year and a half. With these in place, the turnover is targeted to double from FY18 to FY20. Most
important, this expansion will completely capital non-dilutive: it will be entirely funded by KIL’s internal accruals, without
resorting to additional external debt or new equity.
-Maintaining ROE with Capital Expenditure: The Company targets a sustainable ROE of 22-25% for the next few years, as well as
generate substantial Free Cash flows for its shareholders.
Value Unlocking in Dystar Group:
- In February 2010, DyStar Group was acquired by Zhejiang LongSheng Group and Kiri Industries Limited (KIL). However, the same
could not work out to great effect and the DyStar underperformed for few years even after its acquisition by KIL and the LongSheng
group. Collective efforts put in by the management of both KIL and LongSheng group had helped to successfully turnaround the
operations of DyStar. Although DyStar was making substantial profits, DyStar was neither paying anything out of the same to KIL
nor allowed KIL to liquidate its stake.
- In view of the same the legal proceedings were initiated by KIL in June 2015 and in this regard the Court was pleased to direct
Senda International Capital Limited to purchase KIRI Industries Ltd’s 37.57% shareholding in DyStar, based on a valuation to be
assessed. The Court has also directed the parties to attend a Case Management Conference (“CMC”) on a date to be decided by
the Court for fixing of timeline to determine the process of valuation whether the valuation of KIL’s shareholding should be
undertaken by the court, or a valuer appointed by the Court or by the Parties, or by some other method.
- The Court also directed that KIL’s shareholding be valued as at the date of this judgement & shall take into consideration and
incorporate all of the following: (i) the Special Incentive Payments made by DyStar to Ruan (Chairman), challenged by KIL; (ii) the
Longsheng Fees for the year 2015 & 2016challanged by KIL (if the valuer ascertains that it has been paid out as of this date of
judgement); (iii) the licence fees that Longsheng has obtained from the Patent, which according to KIL had a huge value; (iv) the
benefit that Longsheng has obtained from its commercial use of Patent for its own production; and (v) the loss to DyStar, directly
or by impact through subsidiaries, from the Related Party Loans, the Cash-Pooling Agreement and the Longsheng Financing
Concept. Accordingly, the Court directed that the losses caused to DyStar by Senda’s oppressive acts to be written back into
DyStar’s Value.
- Senda International has the right to go in appeal against this decision within 1 month of date of judgment i.e. 3 rd July, 2018. If
Senda International exercise its right then it may take some time to resolve the matter. Firstly, the grounds on which Senda
International will go in appeal must be accepted by the higher Court to entertain the case.
DyStar Global Holding (Singapore) Pte. Ltd.
Financial Information & Valuation Working: (December Ending) (US$ in Cr. except EPS)
CONSOIDATED ANNUAL QUARTELY

FY12 FY13 FY14 FY15 FY16 FY17 TTM FY18 Q1 FY17 Q1 FY18
Revenue 76.31 82.24 93.79 89.81 87.14 101.62 105.34 24.87 28.59
PAT -2.22 4.99 10.27 9.66 7.61 8.41 8.10 2.66 2.35
Adjusted ------- ------- ------- ------- ------- 10.17 9.86
PAT 1 (8.41+1.762) (8.10+1.762)
No. of Shares 69,82,577 69,82,577 69,82,577 69,82,577 69,82,577 69,82,577 69,82,577 69,82,577 69,82,577
O/S
Adjusted -3.18 7.15 14.71 13.84 10.90 14.56 14.12 3.81 3.37
EPS (US$)
PAT % -2.91% 6.07% 10.95% 10.75% 8.73% 10.04% 9.36% 10.70% 8.22%
ROE % -16.21% 28.93% 40.16% 29.89% 19.74% 21.03% 19.45% ---- ----
ROA % -3.76% 7.64% 12.76% 13.72% 8.81% 11.19% 10.77% ---- ----
Industry P/E 18-24
Expected Price 262-350
Per Share US$
Market Cap US$ 183-
(US$ in Cr.) 245 Cr.
Market Cap ₹ 12,500 –
(₹ in Cr.) 16,650 Cr.
(1USD = ₹68)

KIL is holding 37.57% share in DyStar. So, based on above calculation value of share of investment in DyStar Global Holdings
(Singapore) Pte. Ltd. can be projected around ₹ 4700-6250 Cr. Industry Market Capitalisation varies between 2.18 to 3.06 times
of Revenue depending on profit margins, ROE, ROA, Debt-Equity ratios, Cash Flow of the business, quality of business &
products, intrinsic value of fixed assets as well as intangible assets like brand value, patents etc. If we apply Average Industry
Market Capitalisation to Revenue ratio of 2.20-2.50 times then Market Cap. Of DyStar can be projected around US$ 232-263 Cr.
(₹ 15500-17,800 Cr.). So, value of share of investment in DyStar can be calculated around ₹ 5800-6700 Cr. Actual calculation for
the valuation of the company as a whole may vary, as valuer appointed by Singapore Court may adopt different methods for
calculation.

(1 PAT after adjustment of disputed fees & one-time provisions as per court order)
(2 Effect of Disputed Fees of US$ 10.30 Million & Non-Recurring Provisions of US$ 7.30 Million, totalling US$ 17.60 Millions)
Financial Information – Kiri Industries Ltd.: (March Ending) (₹ in Cr. except EPS)
CONSOLIDATED ACTUAL ESTIMATE
FY14 FY15 FY16 FY17 FY18 FY19 FY20
Revenue 691.22 930.79 1028.58 1123.15 1116.93 1250 1500
EBIDTA 73.83 103.63 125.38 161.67 182.52 225 247.5
EBIDTA % 10.68% 11.13% 12.18% 14.40% 16.34% 17.99% 16.5%
Consolidated PAT Before -72.68 -16.12 25.67 110.23 126.67 164.30 449.69
Share of Profit from Dystar
Exceptional Profits ------ ------ ------ ------ ------ 5000 3
Consolidated PAT Before -10.51% -1.73% 2.49% 9.81% 11.34% 13.14% 29.97%
Share of Profit from Dystar %
Share of Profit from DyStar 82.6 197.64 170.04 156.11 231.35 4458 4 ------
Consolidated PAT After Share 9.91 181.52 195.71 266.35 358.02 4622.3 ------
of Profit from Dystar
Consolidated PAT After Share 1.43% 19.50% 19.03% 23.71% 32.05% ------ ------
of Profit from Dystar %
EPS 5.00 87.00 78.00 96.00 125.00 1474.7 143.47
Diluted EPS 5.00 64.00 62.00 73.00 78.00 1007.1 97.98
Diluted EPS After Full 1.91 34.27 37.76 51.39 69.07 891.75 86.76
Conversion of FCCB 5
Return on Equity 5.60% 46.29% 31.32% 29.32% 25.49% ------ ------
Return on Capital Employed 1.41% 14.97% 20.67% 21.45% 23.75% ------ ------
Return of Assets 0.81% 11.66% 14.74% 18.03% 19.59% ------ ------
Debt-Equity 3.74 2.01 0.45 0.19 0.13 0.00 0.00
(3 Proceeds from Sale of Investment in DyStar Based on estimated calculation. )
(4 Sale Proceeds of Investment in DyStar [assume ₹ 5000 Cr.] Less: Cost of Investment [₹ 947.68 Cr. as per B/S March ‘18] Less: Expenses
incurred in relation to Sale of Investment in DyStar [₹ 60 Cr.] Less: Carry Forward Loss [₹ 339 Cr.] = Profit on Sale of Investment in DyStar [₹
3653Cr.] Less: Tax @15% [₹ 548 Cr.] = ₹ 3105 Cr. which will impact Reserves in the Balance Sheet.
- Exceptional Profit after Tax = Sale Proceeds of Investment in DyStar [assume ₹ 5000 Cr.] Less: Tax @15% [₹ 548 Cr.] = ₹ 4458 Cr. which will
impact in Profit & Loss A/c)
(5 Maturity date of conversion of FCCB is 17th Jan 2022. Still assuming full conversion of FCCB into Equity Capital for clear picture & valuations.)

KIL’s Peer Companies Valuation: (On Consolidated Basis Year Ended March 2018) (₹ in Cr. Except EPS)
COMPANY MARKET REVENUE PAT Diluted PAT P/E ROE ROCE ROA DEBT-
NAME CAP. EPS MARGIN RATIO EQUITY
RATIO
Atul Ltd 8325 3295.77 281.24 94.85 8.40% 29.55 12.32% 11.30% 9.17% 0.01
Sudarshan 3056 1455.43 84.73 12.24 5.82% 34.66 19.26% 20.92% 6.46% 0.82
Chemical
Bodal 1423 1142.22 121.92 10.62 10.67% 11.15 17.49% 26.42% 11.34% 0.26
Chemicals
Clariant 917 1013.55 21.60 9.36 2.13% 42.41 3.11% ------ ------ 0.00
Chemicals
Bhageria 664 378.39 40.34 18.45 10.66% 16.53 13.70% 19.19% 8.15% 0.27
Industries
Aksharchem 408 271.78 30.62 37.33 11.27% 13.32 12.88% 17.70% 10.23% 0.00
(India) Ltd
Kiri 1692 1116.93 358.02 69.07 32.05% 7.82 25.49% 23.75% 19.59% 0.13
Industries
Ltd
-Presently, KIL is trading at Forward P/E of 6.22 for FY20. KIL’s Current P/E is 7.82 v/s 23.4 of Industry P/E.
Outlook & Conclusion:
Consistent Performance, Intrinsic Valuation of DyStar, Capex Plan, Benefit of GST in the long run & globally increased demand
due to environmental problems in china make the valuations of Kiri Industries very attractive at current levels.
Disclosure: CA Dishant Snehal Shah is not a SEBI registered analyst. His family hold shares in the company. Kindly consult your
financial advisor before investing.
DyStar Global Holdings (Singapore) Pte. Ltd.
Valuation Report
CA DISHANT SNEHAL SHAH (Email: cadishantsshah@gmail.com) Date: 18th July, 2018

Company Profile:

- DyStar was founded in 1995 as a joint venture between Hoechst AG and Bayer Textile Dyes. In 2000, the textile dyes business
from BASF was integrated. In February 2010, DyStar Group was acquired by Zhejiang LongSheng Group and Kiri Industries Limited
(KIL).

- The DyStar Group is a leading dyestuff & chemical manufacturer and solution provider, offering customers across the globe a
broad portfolio of colorants, specialty chemicals, and services. With a heritage of more than a century in product development
and innovation for the textile industry, DyStar also caters to multiple sectors including the paints, coatings, paper and packaging
industries. Its expansion into the food & beverages and personal care sectors reinforces the company’s position as a specialty
chemical manufacturer. DyStar’s global presence offers customers reliable access to experts from offices, competence centers,
agencies and production plants spanning over 50 countries.

- DyStar’s key service divisions assist brands, retailers and their industry partners from their first inspiration throughout the entire
supply chain to ensure that they meet stringent quality and ecological specifications, reduce costs and shorten lead times. We offer
state-of-the-art color communication through CSI; textile and ecology testing through Texanlab; ecology and environmental
advice, supply chain auditing and consulting for RSL compliant sustainable processes through Sustainable Textile Solutions group.

- The DyStar econfidence® program is designed to provide assurance to textile customers that the dyes and chemicals supplied by
DyStar comply with legal requirements. econfidence® also provides expertise so that selected products are compliant with
voluntary Restricted Substances Lists (RSLs), including those of brands and retailers. Backed up by the most extensive eco-testing
program of any chemical supplier in the industry, econfidence® supports long-term partnerships along the supply chain and fosters
a more sustainable textile production.

Dispute Between Senda International (Zhejiang Longsheng Group) & Kiri Industries Ltd:

- In February 2010, DyStar Group was acquired by Zhejiang LongSheng Group and Kiri Industries Limited (KIL). However, the same
could not work out to great effect and the DyStar underperformed for few years even after its acquisition by KIL and the LongSheng
group. Collective efforts put in by the management of both KIL and LongSheng group had helped to successfully turnaround the
operations of DyStar. Although DyStar was making substantial profits, DyStar was neither paying anything out of the same to KIL
nor allowed KIL to liquidate its stake.

- In view of the same the legal proceedings were initiated by KIL in June 2015 and in this regard the Court was pleased to direct
Senda International Capital Limited to purchase KIRI Industries Ltd’s 37.57% shareholding in DyStar, based on a valuation to be
assessed. The Court has also directed the parties to attend a Case Management Conference (“CMC”) on a date to be decided by
the Court for fixing of timeline to determine the process of valuation whether the valuation of KIL’s shareholding should be
undertaken by the court, or a valuer appointed by the Court or by the Parties, or by some other method.

- The Court also directed that KIL’s shareholding be valued as at the date of this judgement & shall take into consideration and
incorporate all of the following: (i) the Special Incentive Payments made by DyStar to Ruan (Chairman), challenged by KIL; (ii) the
Longsheng Fees for the year 2015 & 2016challanged by KIL (if the valuer ascertains that it has been paid out as of this date of
judgement); (iii) the licence fees that Longsheng has obtained from the Patent, which according to KIL had a huge value; (iv) the
benefit that Longsheng has obtained from its commercial use of Patent for its own production; and (v) the loss to DyStar, directly
or by impact through subsidiaries, from the Related Party Loans, the Cash-Pooling Agreement and the Longsheng Financing
Concept. Accordingly, the Court directed that the losses caused to DyStar by Senda’s oppressive acts to be written back into
DyStar’s Value.

- Senda International has the right to go in appeal against this decision within 1 month of date of judgment i.e. 3 rd July, 2018. If
Senda International exercise its right then it may take some time to resolve the matter. Firstly, the grounds on which Senda
International will go in appeal must be accepted by the higher Court to entertain the case.
DyStar Global Holding (Singapore) Pte. Ltd.
Financial Information & Valuation Working: (December Ending) (US$ in Cr. except EPS)
CONSOIDATED ANNUAL QUARTELY

FY12 FY13 FY14 FY15 FY16 FY17 TTM FY18 Q1 FY17 Q1 FY18
Revenue 76.31 82.24 93.79 89.81 87.14 101.62 105.34 24.87 28.59
PAT -2.22 4.99 10.27 9.66 7.61 8.41 8.10 2.66 2.35
Adjusted ------- ------- ------- ------- ------- 10.17 9.86
PAT 1 (8.41+1.762) (8.10+1.762)
No. of Shares 69,82,577 69,82,577 69,82,577 69,82,577 69,82,577 69,82,577 69,82,577 69,82,577 69,82,577
O/S
Adjusted -3.18 7.15 14.71 13.84 10.90 14.56 14.12 3.81 3.37
EPS (US$)
PAT % -2.91% 6.07% 10.95% 10.75% 8.73% 10.04% 9.36% 10.70% 8.22%
ROE % -16.21% 28.93% 40.16% 29.89% 19.74% 21.03% 19.45% ---- ----
ROA % -3.76% 7.64% 12.76% 13.72% 8.81% 11.19% 10.77% ---- ----
Industry P/E 18-24
Expected Price 262-350
Per Share US$
Market Cap US$ 183-
(US$ in Cr.) 245 Cr.
Market Cap ₹ 12,500 –
(₹ in Cr.) 16,650 Cr.
(1USD = ₹68)
KIL is holding 37.57% share in DyStar. So, based on above calculation value of share of investment in DyStar Global Holdings
(Singapore) Pte. Ltd. can be projected around ₹ 4700-6250 Cr.
DyStar’s Competitor Companies Valuation:
- Selection of competitor companies around the world is based on following criteria:
1. Product range & application of products should be more or less similar.
2. Revenue growth of the company should be in line with Industry growth.
3. Profit After Tax (PAT) Margin should be above 8%. The reason behind selecting this criterion is there are many big companies
like Mitsui Chemicals, Sumitomo Chemicals, Mitsubishi Chemical Holding whose PAT Margins are 5-6%.
4. Debt-Equity Ratio Should be less than 1.
5. Companies covered are from different countries such as Europe, USA, India, Japan & China.
COMPANY CURRENCY TTM TTM NET TTM 5 YEAR TTM 5 YAER CURRENT 5 YEAR
NAME REVENUE INCOME EPS AVG. PAT AVG. P/E AVG
(MAR (MAR EPS MARGIN PAT RATIO P/E
2018) 2018) MARGIN
Henkel AG & EUR 19.81 B 2.465 B 5.60 4.38 12.44% 10.62% 17.24 20.17
Co
DowDuPont USD 70.76 B 1.54 B 0.65 3.48 2.35% 8.02% 96.87 21.34
Inc
Atul Ltd INR 32.95 B 2.81 B 94.85 89.22 8.54% 9.65% 29.52 19.56
Shin-Etsu JPY 1441.43 B 266.24 B 624.10 354.88 18.47% 12.08% 16.69 23.15
Chemical Co
Ltd
Zhejiang CNY 15.39 B 3 2.99 B 3 0.92 0.69 19.44% 15.30% 14.04 14.58
Longsheng (6.40 B) 4
(0.69 B) 4

Group Co Ltd
Ecolab Inc USD 14.15 B 1.50 B 5.11 3.81 10.62% 8.43% 27.78 31.47
Aarti INR 38.06 B 3.33 B 40.95 30.36 8.75% 8.24% 31.37 23.18
Industries
DyStar USD 1.05 B 99 M 15.75 12.23 9.36% 9.97% ------ ------
Global
Holdings
(1 PAT after adjustment of disputed fees & one-time provisions as per court order)
(2 Effect of Disputed Fees of US$ 10.30 Million & Non-Recurring Provisions of US$ 7.30 Million, totalling US$ 17.60 Millions)
(3 Includes DyStar’s TTM Revenues & TTM PAT) (4 DyStar’s TTM Revenue & TTM PAT in CNY Currency)
 COMPANY NAME CURRENCY RETURN ON RETURN ON DEBT- MARKET MARKET
ASSETS EQUITY EQUITY CAP. CAP./
(5 YEARS AVG.) (5 YEARS AVG.) RATIO REVENUE
Henkel AG & Co EUR 8.34% 15.58% 0.19 44.19 B 2.23 Times
DowDuPont Inc USD 5.68% 18.78% 0.29 155.44 B 2.18 Times
Atul Ltd INR 12.54% 21.34% 0.00 83.05 B 2.52 Times
Shin-Etsu JPY 6.41% 7.88% 0.67 4.42 T 3.06 Times
Chemical Co Ltd
Zhejiang Longsheng CNY 6.51% 17.30% 0.86 40.18 B 2.53 Times
Group Co Ltd
Ecolab Inc USD 6.02% 16.54% 0.84 40.95 B 2.94 Times
Aarti Industries INR 8.04% 22.81% 0.58 105.27 B 2.74 Times
DyStar Global USD 10.82% 27.95% 0.28 ----- -----
Holdings

Based on above calculation, Industry Market Capitalisation varies between 2.18 to 3.06 times of Revenue depending on profit
margins, ROE, ROA, Debt-Equity ratios, Cash Flow of the business, quality of business & products, intrinsic value of fixed assets
as well as intangible assets like brand value, patents etc. If we apply Average Industry Market Capitalisation to Revenue ratio
of 2.20-2.50 times then Market Cap. Of DyStar can be projected around US$ 232-263 Cr. (₹ 15500-17,800 Cr.). So, value of share
of investment in DyStar can be calculated around ₹ 5800-6700 Cr. Actual calculation for the valuation of the company as a whole
may vary, as valuer appointed by Singapore Court may adopt different methods for calculation.

(M refers to Million, B refers as Billion, T refers as Trillion)

1. https://www.google.com/search?tbm=fin&ei=4uJFW8HzF8zSvwTz34C4DQ&stick=H4sIAAAAAAAAAONgecRozi3w8sc9YSm9SWtOXmPU4OIKzsgvd80ry
SypFJLiYoOyBKT4uHj00_UNDdMr482rjE14AJ-ErVE8AAAA&q=ETR%3A+HEN&oq=henkel&gs_l=finance-
immersive.1.1.81l3.8149716.8150505.0.8153501.6.6.0.0.0.0.389.1010.2-1j2.3.0....0...1.1.64.finance-immersive..3.3.1008....0.7vo4W-
CK2UU#scso=uid_vAJGW5G-OoPavAT8grioDA_5:0
2. https://www.google.com/search?q=NYSE:DWDP&tbm=fin#scso=uid_-exFW9fLFaWYvQTkk7rgCA_5:0&wptab=OVERVIEW
3. https://www.morningstar.com/stocks/pinx/shecf/quote.html
4. https://www.google.com/search?q=TYO:4063&client=firefox-b-ab&stick=H4sIAAAAAAAAAONgecRoyi3w8sc9YSmdSWtOXmNU4-
IKzsgvd80rySypFJLgYoOy-
KR4uLj0c_UNkrPTk02TeQBtLPFgOgAAAA&source=lnms&tbm=fin&sa=X&ved=0ahUKEwjVwu7hlpncAhVKLI8KHYkLDDcQ_AUICigB&biw=1920&bih=966
#scso=uid_Mx1HW8igKIXavgSO8rPoDg_5:0
5. https://www.morningstar.com/stocks/xnys/dwdp/quote.html
6. https://www.morningstar.com/stocks/pinx/helkf/quote.html
7. https://www.moneycontrol.com/financials/atul/consolidated-profit-lossVI/A06
8. http://financials.morningstar.com/company-profile/c.action?t=ATUL&region=IND
9. https://www.morningstar.com/stocks/xnys/ecl/quote.html
10. https://www.morningstar.com/stocks/XSHG/600352/quote.html
11. https://www.moneycontrol.com/india/stockpricequote/dyes-pigments/kiriindustries/KDC01
12. https://www.google.com/search?tbm=fin&ei=7qZIW5zRBMvkvATXyJ_oDw&stick=H4sIAAAAAAAAAONgecRozi3w8sc9YSm9SWtOXmPU4OIKzsgvd80r
ySypFJLiYoOyBKT4uHj00_UNDdMr482rjE14AJ-ErVE8AAAA&q=ETR%3A+HEN&oq=HENKEL&gs_l=finance-
immersive.1.2.81l3.3661.4447.0.6345.6.6.0.0.0.0.198.497.0j3.3.0....0...1c.1.64.finance-immersive..3.3.497....0.EgD1Qzf3coI#scso=uid_9aZIW-
vLFofVvASbhorgDg_5:0
13. https://www.marketwatch.com/investing/stock/4063/profile?countrycode=jp
14. https://www.dystar.com

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This report has been prepared by CA Dishant Snehal Shah and is meant for sole use by the recipient and not for circulation. The information and opinions contained
herein have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been
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price, or the income derived from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively
assume currency risk.
This report has been prepared by CA Dishant Snehal Shah. The views, opinions, estimates, and/or other parameters mentioned in this document may or may not
match or may be contrary with other views, opinions & estimates.