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Max India Limited
Investor PresentationAugust 2010
BSE Scrip Code: 500271, NSE Ticker: MAX, Bloomberg: MAX:INwww.maxindia.com
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MAX GROUP - OVERVIEW
www.maxindia.com
3
“ IN THE BUSINESS OF LIFE ”
Niche high barrier polymer films & Leather Finishing Foils
Focus on healthcare, children and the environment
Other Business Corporate Social Responsibility
Life InsuranceProtecting Life
HealthcareCaring for Life
Clinical ResearchImproving Life
Health InsuranceEnhances Life
74:26 JV with New York Life
75.6% ownership; 8 facilities with
1100 beds
100% owned; 180 active sites
74:26 JV with BUPA Finance Plc, UK
Max India—“In the Business of Life”
VISION“To be one of India’s most admired corporates for service excellence”
Multi-business corporate Focused on people and service
4
Key Investment HighlightsUnique opportunity to participate in the strong growth potential in “the Business of Life”1
USD 1.5 Bn Revenue.. 4 Mn Customers..17,000 Employees..70,000 Agents..1,350 Doctors2
Well established board governance….internationally acclaimed domain experts inducted4
Strong growth trajectory even in challenging times3
Diversified ownership…..marquee investor base5
Superior brand recall with a proven track record of service excellence6Strong history of entrepreneurship and nurturing successful business partnerships7
Pharmaceuticals Electronic Component
Mobile Telephony
CommunicationServices Plating Chemicals Medical
Transcription
Hutchison COMSAT ATOTECH
• Enters into a JV with Nova Medical Centres with beneficial stake of 26%, to initially set up 2 centres in Delhi/NCR• With addition of 350 beds in FY10 bed strength grows to 1100; 800 additional beds to be added by 2012• Comprehensive service profile – MAS & Oncology added; organ transplant & stem cell to be added shortly
• MNYL turns profitable in Q1FY11 with a statutory profit of Rs.19 Cr.• Axis Bank relationship commenced• 800 Feet On Street on board
MHC adds specialties and forms alliance with Nova for Day Care Centers
Max Group - Key Highlights
5
• Max Bupa launches business on a national platform in 9 cities -Delhi/NCR, Mumbai, Hyderabad, Chennai, Pune, Bangalore, Jaipur, Surat & Ludhiana
• Augments 3rd party distribution through tie up with Karvy Insurance Broking (Branch network over 500 branches)• Break even and market share target of 5% by Year 5
Max Bupa commences operations and establishes pan India presence
• 73% expansion in capacity with addition of 22,000 TPA BOPP line on track for a target start up in Apr’ 11
MSF undertakes significant expansion
•Goldman Sachs invests Rs. 522 Cr. through FCDs representing 9.1% equity stake•Promoters subscribe to warrants convertible into 3% equity stake at an investment of Rs. 173 Cr; 50% already infused• Max India’s stake in MHC to increase from 70% to 75.6%
Max India secures funding till FY12; enhances stake in Max Healthcare
MNYL turns profitable; activates Axis Bank relationship
6
Consolidated Financial Performance
* AUM for Q1FY11
1111 19943611
4891
7729
0
2000
4000
6000
8000
FY 06 FY 07 FY 08 FY 09 FY10
Total Revenue Trend
Rs Crore
Consistent track record of stronggrowth in all businesses
Losses contained significantly in FY10despite challenging business environment
Life Insurance AUM around Rs. 11,000Cr.*
FY 06 FY 07 FY 08 FY 09 FY 10 Qtr end Jun’10
Operating Revenue
1,008 1,820 3,244 4,508 5,571 1,497
Investment and Other Income**
103 174 367 383 2,158 363
Total Revenue 1,111 1,994 3,611 4,891 7,729 1,860
Expenses 1,206 2,065 3,671 5,224 7,773 1,889
Profit / (Loss) after Tax***
(95) (71) (60) (333) (44) (29)
FY 06 FY 07 FY 08 FY 09 FY 10 Jun 30 2010
Net Worth 637 591 1,537 1,312 1,996 1,978
Loan Funds 382 559 552 347 440 406
Net Fixed Assets
447 628 718 930 965 984
Treasury Corpus
487 285 1,261 413 909 792
Life Insurance (AUM)
886 1,835 3,575 5,405 10,121 10,960
Rs Crore
7
MAX NEW YORK LIFE INSURANCE
www.maxnewyorklife.com
8
Max India
• India’s leading conglomerate• Successful track record of building businesses
Expertise
• Local perspective of the Indian market• Managing the regulatory framework
New York Life
• Fortune100 company with track record of 180 years• AUM of more than $ 256 billion
Expertise
• Global perspective on the insurance business• Products and Actuarial
Parentage
9
2010 – A challenging year for life insurance• Regulations to increase customer returns, enhance cover multiples, improve persistency
• Focus shifts to distribution rationalization, traditional products, customer retention, cost management and profitability
Source: IRDA website
Life Insurance Industry Perspective
16 21
40
53
47
55
19%33%
92%
31%
‐10%
17%
‐20%0%20%40%60%80%100%120%
0
10
20
30
40
50
60
FY 05 FY 06 FY 07 FY 08 FY 09 FY10
Rs 000’s crore
Individual Adjusted New Business and Growth
75% 66% 64%50% 43% 48%
25% 34% 36%50% 57% 52%
0%
20%
40%
60%
80%
100%
FY 05 FY 06 FY 07 FY 08 FY 09 FY10
Market share – Individual Adjusted New Business
LIC Pvt Players
10
• Average case size per agent at Rs. 23,400 for Q1FY11 against Rs. 22,300, grows 5% y-o-y• Average case rate per agent at 0.60 for Q1FY11 against 0.54, grows 12% y-o-y• Agency force as at Jun’10 end around 70,000 with 676 offices across 389 locations• Around 750 trainers on board
Highly Productive Agency Model and Best in Class Training
• Long tenor products with a young customer profile• Balance maintained between ULIP and traditional products• ULIP products contribute 73% to new sales and contribute 59% to inforce block of business• Top quartile persistency
Comprehensive Product Portfolio
• First Life Insurer to disclose Embedded Value; Embedded Value for FY10 at Rs. 2,723 Cr, grows by 19% y-o-y
• Implied NBM for FY10 at 20%; VNB at Rs. 267 Cr.
Disclosures Ahead of Competition
• Outlook Money ranks MNYL # 1 in 3 fund categories for 2nd year in row• AUM around Rs.11,000 Cr. at the end of Q1FY11, growth of 55% y-o-y
Investment Performance better than benchmarks
MNYL Advantages
11
S. No.
Company Individual New Business Premium (Rs. Cr) Premium Adjusted for 10% single premium
Individual Policies (‘000)
QTD Jun 10
QTD Jun 09 Growth (%) Market Share
QTD Jun 10
QTD Jun 09
Growth (%)
1 ICICI Pru 1,060 545 95% 21.2% 335 360 -7%
2 HDFC Standard 591 360 64% 11.8% 135 152 -11%
3 Reliance Life 533 435 22% 10.7% 494 407 21%
4 SBI Life 416 493 -16% 8.3% 123 160 -23%
5 Bajaj Allianz 400 434 -8% 8.0% 349 357 -2%
6 Birla Sunlife 393 369 6% 7.9% 363 330 10%
7 Max New York 384 384 0% 7.7% 204 258 -21%
8 Tata AIG 188 175 7% 3.8% 124 150 -17%
9 Kotak Life 151 122 24% 3.0% 58 53 9%
10 Canara HSBC OBC 147 119 23% 2.9% 23 14 66%
Others 731 602 22% 333 306 9%
Private Total 4,994 4,039 24% 2,540 2,545 -
LIC 5,796 3,722 56% 6,618 5,905 12%
Grand Total 10,790 7,761 39% 9,158 8,450 8%
Market Share oPvt. Players
f 46.3% 52.0% 27.7% 30.1%
Market Position Insurance Sales
Source: IRDA website
12
New business* Q1FY11 ( Agency)( Rs Cr)
Agents(As onJun 30, 2010)
Premium per agent (Rupees) Rank Case rate
per agent Rank
241 70,152 11,473 1 0.60 1
248 168,124 4,914 6 0.45 2
266 195,565 4,542 9 0.42 3
232 167,741 4,614 8 0.40 4
208 65,532 10,571 2 0.31 5
551 241,830 7,597 3 0.24 6
60 35,897 5,596 4 0.21 7
139 151,557 3,062 11 0.20 8
47 32,728 4,789 7 0.18 9
63 53,273 3,945 10 0.17 10
301 198,879 5,052 5 0.12 11
41 62,459 2,170 12 0.08 12
Source: IRDA Journal, media reports and company’s internal estimates
Note: Premium per agent and case per agent are computed on average agents
* Individual First Year Premium (Adjusted 10% for Single premium)
Agency Benchmarking
13
35
31
34
0.2DEFERRED ANNUITY
7.0MONEY BACK
UNIT LINKED 59.0
1.6TERM
18.0WHOLE LIFE
PROPORTION OF POLICIES (%, by number)
PRODUCT TYPETenure (Years)
Age of Insured(Years)
21 35MNYL Average MNYL Average
18
28
42
40
3616
18
41
ENDOWMENT 12.5 19
As on 30th June, 2010
HEALTH 1.7 13 37
Our Focus… Protection Oriented, Longer Tenor Life Insurance
14
MNYL – Embedded Value 2009-10Amount in Rs. Crore
Unwind of discount
Opening EV
Value ofNewBusiness
Other Variance
New Capital Injection
Closing EV
Denotes decrease to EV
Denotes increase to EV
267261
191
972,284
Cost Overrun
377
*APE – Adjusted Premium Equivalent (Annualized First Year Premium adjusted for 10% of Single Premium & 50% of Limited Pay Products)
Net Worth
Value of In-force business
2,723
Implied NBM is 20% on APE*
(21.0% in 2008-09)
1,517
767 880
1,843
15
n For change in risk discount rate by 0.5%, the value of new business would change by 4.3%
n Operating assumptions like mortality, morbidity and lapses are based on our own experience andvalidated with industry / reinsurers experience
n Expense assumptions are based on our own expense projection model. Basis our current expansionstrategy, our expense break even happens in FY 12-13
MNYL – Key Assumptions to Embedded Value
Economic Assumptions
Sensitivity
Operating Assumptions
Particulars AssumptionsCash / Money Market / TB 4.30 %
G Secs 7.87 %
Corporate Bonds 8.80 %
Equities 13.00 %
Inflation 5.75 %
Risk Discount Rate 13.00 %
Tax rate 14.2 % (12.5 % + 10% surcharge + 3 % education cess)
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216 440 769 1308 1595 1584478 886
1835
3575
5405
10,121
0
2000
4000
6000
8000
10000
12000
0200400600800
10001200140016001800
FY 05 FY 06 FY 07 FY 08 FY 09 FY10
New Business Growth – Adjusted FYP 1 and AUM
AFYP (Rs cr) AUM (Rs cr)
Key Metrics
180 317 588 1117 2014 3011
89%80% 78%
83% 82% 83%
30%
60%
90%
120%
0
500
1000
1500
2000
2500
3000
3500
FY 05 FY 06 FY 07 FY 08 FY 09 FY10
Renewal premium and conservation ratio 2
Renewal Premium (Rs cr) Conservation Ratio
9017 15285 25048 36896 84355 7281365
105165
242
705 715
0
100
200
300
400
500
600
700
800
0100002000030000400005000060000700008000090000
FY 05 FY 06 FY 07 FY 08 FY 09 FY10
Agency Strength and Offices 3
Agency strength No of Offices
17 27 45 70 94 123
375 695
1098
1751
25782985
0
500
1000
1500
2000
2500
3000
3500
0
20
40
60
80
100
120
140
FY 05 FY 06 FY 07 FY 08 FY 09 FY10
In force business and No. of policies
Sum Asssured (Rs 000's cr) Policies '000
1. Individual First Year Premium adjusted for 10% single pay2. Conservation ratio = Renewal premium for the current period / (First Year + Renewal Premium for the previous period)3 Offices for FY10 includes 139 offices dedicated to rural business
17
• Multichannel distribution model with focus on building superior agency force • Bolstering Bancassurance through additional strategic tie-ups • Concentration on improving agent productivity and retention
Focus on strengthening distribution & improving productivity
• Focus on protection oriented products with enhanced cover multiples• 3 new ULIPs & 1 new Traditional product in the pipeline• Maintaining conservation ratio through focus on persistency
Products and Customer Retention
• Outsource non-core processes to reduce costs; shift from fixed to variable cost model• Improving in-house productivity to decrease costs per transaction
Continued focus on cost management
The Way Forward…sustained profitable growth
18
MAX BUPA HEALTH INSURANCE
www.maxbupa.in
About the Joint Venture ...
• Largest independent health insurance provider in UK• 10 million customers in over 190 countries• 55,000 employees• Group revenues in 2009 - £7.0 billion and PBT of £417 million• Recently voted as best international health care provider
About Bupa
• JV between Max India (74%) and Bupa (26%)• Max India and Bupa jointly drive strategy & business development• Max India provides Indian industry perspective and manages the
regulatory environment• Max India’s experience of Life Insurance and Healthcare sectors
and Bupa’s international health insurance expertise creates anunparalleled combination
Max India/BupaJV
19
20
Health Insurance Industry PerspectiveHealth Insurance market trends…n Private health insurers gradually increasing
market share
n Penetration levels still low ~ 3-5%
n Specialist health insurers grow rapidly over last 2-3 years
n Vanilla ‘mediclaim’ product still most popularn Private players slowing down B2B salesn Public health insurers to cap cashless claims
75%62% 61% 58% 59%25%
38% 39% 42% 41%
0%
10%
20%
30%
40%
50%
60%
70%
80%
2006 2007 2008 2009 2010
Public Health Insurers Market Share Private Health Insurers Market Share
12%11%
4%3% 3%
9%
Star Health & Allied
ICICI Lombard
Bajaj Allianz
HDFC Reliance Others0%
2%
4%
6%
8%
10%
12%
14%
Private Sector Market Share Split 2009 - 2010
44115
491
980
535
1095
0
200
400
600
800
1000
1200
2008 - 2009 2009 - 2010
GW
P (R
s Cr.
)
Apollo Munich Star Health & Allied Aggregate specialised health insurers
Health Insurance Market In India A Rapid Growth Story ...
761 1,004 1,354 1,732 2,222 3,209
5,110 6,625
8,447
10,770
13,731
17,508
22,322
28,461
-
5,000
10,000
15,000
20,000
25,000
30,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
*Source: KPMG CII Health Insurance Report 2008
21
What Max Bupa Has Set Out To Do …
Category / product awarenessTrust, consistency and customer advocacyA health preventive focus
Process painComplexity Lack of accountability
Transparency and accountabilityRelationships with customersService LevelValue perception
Uncertainty of health insurance products and processes
22
Health and wellness focus
Value for money: Comprehensive benefits for the
money paid
Good Hospitalization
experience:Cashless processing;
No TPA
Health Coach (2011 onwards)
Simplicity, Transparency:Hassle free claim processing; No
underwriting at point of claim
Comprehensive benefits
Access to information
Checkups on renewal
Support for Family’s health
24/7 health line
Relationship Manager for
Gold & PlatinumCustomers
Max Bupa… differentiated proposition
Technology & automation
ahead of curve
23
24
Business ProgressLicense received from IRDA in Feb 2010, first product approved in March 20101
Simultaneous brand & business launch in 9 cities from Apr 29, 2010 – Delhi (NCR),Mumbai, Hyderabad, Bangalore, Chennai, Pune, Jaipur, Surat & Ludhiana2
4
Gross Written Premium of Rs. 2.4 Cr. in 45 days since launch3
People strength – 470, to grow to 600 by December; 1296 agents on board5
6
Augments 3rd party distribution through pan India tie up with Karvy Insurance Broking8
Max BUPA Heartbeat sold in 100+ cities; high end products experiencing highertraction7
Peak equity commitment of Rs. 700 Cr. of which Rs. 220 Cr. infused
100% growth in month on month premium with 5000+ lives covered
25
MAX HEALTHCARE
www.maxhealthcare.in
26
Hospitals, 71%
Pharma, 13%
Diagnostics,3%
Insurance & Medical Equipment,
13%
Healthcare Segments Share by 2012 – USD 77 Bn.
Healthcare Industry Perspective
Sources: Research on India Report , 2010, Healthcare India Report, Fitch Ratings, 2010, FICCI E&Y Report, 2008
KEY HIGHLIGHTS• In 2010, the industry is expected to grow by 10-15%; hospital chains, diagnostics, medical devices & wellness products & services are expected to be most favored sub sectors by investors
• Private hospitals to contribute USD 45 Bn by 2012
• Share of top tier private hospitals (>100 beds) is expected to grow to 40% of the total hospital segment by 2015
• Specialty hospitals are estimated to grow faster than overall industry due to rise in lifestyle diseases
• India needs an investment of USD 86 Bn by 2025 to increase bed density to 2 per 1,000 population
• Public health insurers to cap cashless claims
0.9
2.92.2
3.22.6
9.7
1.92.6
0.0
2.0
4.0
6.0
8.0
10.0
12.0Bed Density per 1000 population
27
14 17 22 3251
6684
0102030405060708090
FY04 FY05 FY06 FY07 FY08 FY09 FY10
Rs billion
Growing Health Insurance Market...
Key Drivers for Growth
Sources: FICCI & E&Y Report, 2007, IRDA, B&K report, 2009, Crisil, Research on India Report, 2010
Rising health insurance penetration will make healthcare affordable
Cost differentials provide a huge untapped market for medical tourism related business opportunities
6.8
6.4
2.9
3.4
1.2
8.4
3.1
3.3
4.2
3.6
0 5 10 15 20
US
Austr…
Mexico
Brazil
India
International Healthcare Expenditure (as a % of GDP)
Public
Private
Low healthcare spend presents opportunities for growth and expansion
Growing trend of lifestyle diseases need effective and continuing medical attention
8.5 7 4.5 9.8
3224
6.419.2
100
48
18
65
Open Heart Knee replacement Lap Cholcystectomy Obesity Surgery
Comparative medical cost
India UK US
(US
D ’0
00s)
3.30%2.80%
1.30%
0.18%
4.91%
3.70%2.70%
0.20%0%
2%
4%
6%
Cardiac Diabetes Obesity Cancer
% Population
2005 2015
28
Tertiary Care
- Max Super Specialty Hospitals –Saket
- Max Super Specialty Hospital –Patparganj
Secondary CareMax Hospitals – 3Specialty Centre – 2
Primary CareClinics / Implants – 9
• Neurosciences• Oncology• Cardiac Care• Minimally Invasive & Metabolic Surgery• Joint Replacement and Orthopaedics• Aesthetics and Reconstructive surgery
• Medicine & Allied Specialties• Mother and Child• High-end diagnostics• Infertility and IVF• Eye and Dental care
• PHP• Specialist doctor consult• Basic diagnostics like pathology
collection• Home Care
Presence across the healthcare delivery value chain
MHC – Model
29
Max India Ltd, 75.6%
Warburg Pincus, 16.4%
Others, 4.9%
IFC ‐Washington
3.1%Shareholding* Factsheet
Healthcare facilities 8
Physicians 1350**
Other support staff Around 3,650
Patient base Approx. 980,000
Patient transactions Over 220,000 pm
Beds 1,100
ICU Beds 324
Operation Theatres 35
Cathlabs 3
LINAC 2
PET 1
MRIs 4
CTs 6
Shareholding Pattern and Key Highlights
* Shareholding pattern as reflected above is adjusted for recent investment of Rs. 53 Cr. by Max India in MHC**Includes 705 physicians on Rolls
Max Super Specialty Hospitals at Saket are NABH accredited Lab facilities at Max Super Specialty Hospital are NABL accredited
30
• State-of-the-art infrastructure and facilitiesComprehensive and integrated healthcare services
• Quality conscious and patient centric approach• Consistently improved operational and clinical efficiency• Won numerous accolades including accreditations by the NABH and NABL• Comprehensive range of services offer primary, secondary, tertiary and quaternary care
Well established brand name throughout India
• Team of 1350 doctors complemented by 1800 nurses and 1850 other trained medical personnel and support staff *
Network of highly respected and leading specialists
• Centres of excellence in cardiac, minimal access, metabolic and bariatric, orthopedics and joint replacement, neurosciences, pediatrics, obstetrics & gynecology, oncology and aesthetic & reconstructive surgery
• Organ transplant, cord blood banking, stem cell research to be added
Leadership in key super-specialties in tertiary care
• DNB (Diplomate of National Board) & fellowship programs• High quality nursing and paramedic care supported by nursing and paramedic college
Extensive emphasis on medical training and education
Key Strengths
*As of June 30, 2010
31
131 245 372 423 534
50.6%51.5%
53.1%
56.5%57.2%
49.0%
51.0%
53.0%
55.0%
57.0%
59.0%
0
150
300
450
600
FY 06 FY 07 FY 08 FY 09 FY10
Revenue and Contribution Margin
Revenue (Rs cr) Contribution Margin
Key Metrics
346
610 662 712 751
14964 1554018914
19433 20431
0
5000
10000
15000
20000
25000
0
200
400
600
800
FY 06 FY 07 FY 08 FY 09 FY10
Avg. operational beds and Avg. revenue per occupied bed day*
Avg. operational beds Avg Revenue per bed day (Rs)
2223536671
46532 51103 59130
4779953751
64785 6439068806
0
20000
40000
60000
80000
0
15000
30000
45000
60000
75000
FY 06 FY 07 FY 08 FY 09 FY10
Inpatient Trends
Inpatient Transactions Avg. revenue per patient (Rs)
7711105
15931900
2250
322
432 446493 565
0
150
300
450
600
0
500
1000
1500
2000
2500
FY 06 FY 07 FY 08 FY 09 FY10
Outpatient Trends
Outpatient transactions (000's) Avg. revenue per patient (Rs)
*Average revenue per occupied bed day has been calculated on inpatient revenue
3232
Max Healthcare Expansion
*This does not include project cost for Greater Noida facility and Phase 2 cost of Mohali and Bhatinda** 100 beds to be added in Phase 2 (Year 5)
Facility No. of Beds
Date of Commencement
Max Hospital, Dehradun
150 Jun 2011
Max Hospital, Shalimar Bagh
300 Sep 2011
Max Hospital, Mohali**
300 Sep 2011
Max Hospital, Bhatinda**
300 Sep 2011
Max Hospital, Greater Noida
300 FY16
Funding Position
• Funding required for new projects of approx Rs. 500 Cr.*
• Equity infusion of approx Rs. 300 Cr. and debt of approx Rs.200 Cr.
• Of the above, equity of Rs. 117 Cr. to be raised; balanceequity and debt funding tied up
Land already in place for the expansion
7701100
21502450
0
500
1000
1500
2000
2500
3000
FY09 FY10 FY12 FY16
Bed Capacity
Bed Capacity
33
MAX NEEMAN MEDICAL INTERNATIONAL
www.neeman-medical.com
100120
150 160 175
250
300
0
50
100
150
200
250
300
350
2004 2005 2006 2007 2008 2009E 2010E
US$
Million
Growth of the Clinical Trial Industry in India
As per FICCI - Ernst and Young Survey Report 2008 and market information
Indian Clinical Research Industry Perspective
Key Growth Drivers of Clinical Research• Huge patient population base with therapeutic diversity
• Cost arbitrage
• Huge talent pool
• Data processing infrastructure for bio-informatics
• Favorable patent regulations
Indian CRO industry is expected to leap into a superior growth trajectory in the next few years
34
35
MNMI—Overview
Key Highlights•Operational since 2001 and profitable
•Revenue for Q1FY11 at Rs. 2.3 Cr.
•Business development pipeline of approx Rs. 76 Cr.
•Patient retention rate at 92%
•5 successful US FDA GCP audits
• 5 new clients added in Q1FY11; client base grows to 62
•Database of over 1100 GCP/ICH trained investigators
•60% of employees out of 295 are physicians
•92 studies being executed across 180 sites
Marquee Clients
• Full service contract research organization (CRO) with focus on Phase II, III & IV trails
• Service offerings include: Project management, Site management, Data management, including, bio-
statistics and report writing, monitoring services and supply chain management
• Confirmed order book of Rs 37 Cr. as at Jun’10 end with net addition of Rs. 7 Cr. during the quarter
• Business Development efforts focused on medium/small-sized biotech & pharma companies
36
MAX SPECIALITY FILMS
www.maxindia.com
37
6480 6750 7130 7500 7900
4950 5150 5500 5800 6300
77% 76% 77% 77% 78%
0%
20%
40%
60%
80%
100%
0
2000
4000
6000
8000
10000
2007 2008 2009 2010 2011
BOPP Global Demand and Supply
Capacity Production Utilization
1.91.6
1.2
0.5 1.6 0.160.8
Western Europe
China North America
Asia Latin America
India World Average
Global per capita consumption of BOPP
BOPP per capita consumption in India lower than
the global average
(KG’s)
(KTA
)
Key Growth Drivers of BOPP Films• Global flexible packaging industry growth at over 5%
• Growth of flexible packaging Industry ~ 15% in India and 7 - 8% globally
• Per capita consumption of BOPP in India relatively lower
• BOPP films are recyclable and have a competitive advantage over other plastic and traditional products
• Shift from PET to BOPP (Indian BOPP:PET products ratio around 1:2 against 3:1 globally)
• Competitive pricing and costs spurs exports from India and restricts imports
• Growth in FMCG and organized retail and changing urban life styles & rural demand
• Convertor industry growing & India becoming global hub for supplies of Flexible Laminates
Global BOPP Industry Perspective
MSF visible in Top Brands You will Find MSF films in…
38
39
Max Speciality Films is much more than packaging…n Manufacturer of niche (high margin) and high barrier speciality polymer films
n Pioneer in introduction of value added products/technology in India
n Value added products account for 60-70% of total sales
n New product development – 6 to 8 per year
n Long term relationship with blue chip customers; Preferred Vendor
Key Differentiators
Commodity Speciality(Preferred)
End UsePackaging,Industrial,
Textiles
Packaging,Lamination
MetallisedFilms Coated Films Foils
Packaging,Lamination,Industrial,
Packaging, Industrial
Lifestyle,Apparels
Our Focus
40
• BOPP lines of 30,000 TPA & all Metallisers running at 100%+ capacity utilization
Capacity Utilization
• BOPP capacity expansion of 22,000 TPA, operational in April 2011 • Expansion to spur growth & profitability• Leather finishing foil business triples its capacity to 5000 KSM in Q4FY10
Expansion
• Special Films developed for Pepsi’s ‘Aliva’ & Cadbury’s Silk
New Product Development
• Revenue of Rs. 92 Cr. and PBT of Rs. 5.2 Cr in Q1FY11; y-o-y growth of 16% and 8% • Achieved EBIDTA Margin of 12% in current quarter
Performance
• Energy Conservation from Ministry of Power… Govt. of India • Punjab State Safety award to workmen by Punjab Government• International “Quality Crown” from B.I.D. Spain
Awards
Key Highlights
41
Thank You
42
Max India – Management Team
Mr. Analjit SinghChairman & Managing Director
Mr. Analjit Singh has been the driving force behind Max Group’s sustained growth and success since the early80’s. Mr. Singh a prominent industrialist is an alumnus of Doon School; University of Delhi, and the GraduateSchool of Management, Boston University
Mr. C. V. RaghuDirector – Legal & Regulatory
Mr. Raghu brings with him a rich and varied experience of 24 years, of which, 14 years have been spent withAmerican Express Bank. Prior to that, he has worked with Hindustan Lever Limited and CII. He holds a BachelorsDegree in Law from Faculty of Law, Delhi University.
Mr. Mohit TalwarDirector – Corporate Development
Mr. Talwar brings rich and varied experience of 31 years with The Oberoi hotels, Bank of Nova Scotia, Grindlays& Standard Chartered. In his last assignment with Standard Chartered he was responsible for developingstrategy, revenue & economic profit across products. Mr. Talwar is a post-graduate in Arts and HospitalityManagement.
Mr. P. DwarakanathDirector - Group Human Capital
Mr. Dwarakanath brings rich and varied experience of 41 years primarily from GSK GlaxoSmithKline ConsumerHealthcare and is currently the non Executive Director of GSK. He has done his Post Graduate diploma inPersonnel Management and Industrial Relations, B.Sc and Bachelor of Law.
Ms. Sujatha RatnamChief Financial Controller
Ms. Ratnam brings with her over 21 years of rich and varied experience with Jubilant Organosys and Tata Motorsand has expertise in the field of financial restructuring and fund raising. She is a Chartered Accountant.
Mr. V KrishnanCompany Secretary
Mr. V. Krishnan has more than 25 years of rich experience in Corporate Regulatory and Compliance matters andhas been closely involved in establishing joint ventures, mergers & acquisitions and business restructuring of MaxGroup. He is a member of the Institute of Company Secretaries of India.
43
MNYL – Management Team
Mr. Rajesh Sud –
Managing Director
and CEO
Mr. Sud, a founder member, has been instrumental in establishing MNYL’s distribution footprint across India. Today
MNYLs Agency model is recognized as “best-in-class”. Prior to joining MNYL, he was the CEO & Managing Director of
Esanda Finance Ltd (a financial services subsidiary of ANZ Grindlays Bank)
Mr. Rajit Mehta –
Chief Operating
Officer
Mr. Mehta, a founder member, has led and built the HR function of MNYL and provided overall HR direction in line with
business strategy. He has also played a significant role in managing change / transition agendas both at a functional
and organizational level while facilitating strategic initiatives. Prior to joining MNYL, he was Director - Human Resources
at Bank of America, India
Mr. John Poole
Chief Actuary
Mr. Poole, is both Chief Actuary and Appointed Actuary for MNYL. He has been instrumental in building MNYLs
actuarial capability and implementing best practices. Prior to this assignment, he worked with AMP in various key
management positions including CFO and Actuary
Mr. Sunil Kakar
Senior Director &
Chief Financial Officer
Mr. Kakar joined MNYL in March 2001 and is in charge of Finance, Accounts, Investments and Risk Management.
Under his leadership investment portfolio continues to generate top quartile returns. Prior to joining MNYL, Sunil was
with Bank of America, India as Vice President (CFO)
Mr. Ashish Vohra
Chief Distribution
Officer
Mr. Vohra brings with him well rounded experience of 21 years in marketing, product and business roles across
financial services and manufacturing industries. Prior to joining MNYL, he was with Fullerton India as Business
Manager, Commercial Mass Market. His previous engagements were with Citibank and Eicher Motors.
44
ExcellenceHonestyKnowledgeCaringIntegrityTeamwork
Road Map to Becoming India’s Most Admired Life Insurance Company
Key Public Messages
A trusted life insurance specialistCustomer centricFinancially responsible and strongA great place to workAn admired member of the community
VISION Become the most admired Life Insurance Company in India
MISSION
KEY
OBJECTIVES
STRATEGIES
WHAT –Comprehensive suite ofproducts, competitive pricing, extensive distribution, persistency, customer service excellence, profitable portfolios
HOW –TalentedPeople, Professional & Productive Agents, Performance Metrics, Leverage Technology, Teamwork, Customer Centric, Innovative Distribution and Marketing
INITIATIVES What-When-Who-How-Cost linkage plans at Departmental and Individual levels
VALUES & BELIEFS OPERATING PRINCIPLES METRICS & STANDARDS
PERFORMANCE MGMT PROCESSCustomer comes first
International quality standardsDo it right the first timeFact based decisionsBias for result oriented actionFinancial strength & disciplineDirect and open communicationRespect Max & NYLI values & parentageFun at work
InputOutputExternalInternalAbsoluteRatios
GMPR RatingsTEC/TTR – TemplatesPrimary, Shared and ContributoryBalanced scorecardCore, Functional and Leadership Competencies
Part of top quartile newLife Insurance Companies
National PlayerBrand of FIRST choiceEmployer of ChoicePrincipal of Choice for AgentsKey Differentiators
Financial Strength & SecurityQuality of agentsFlexible ProductsService ExcellenceFair Terms of Business
45
MNYL – Performance Snapshot
*Individual First Year Premium adjusted for 10% single pay **Conservation Ratio = Renewal Premium for the current period / (First Year + Renewal Premium for the previous period)
Key Business Drivers Unit Quarter Ended Y-o-Y Growth Jun-10 Jun-09
a) Gross written premium income Rs. Crore
First year premium 405 389 4%
Renewal premium 845 677 25%
Single premium 54 52 4%
Total 1,304 1,118 17%
b) Individual Adjusted Premium (APE*) Rs. Crore 384 384 -
c) Conservation ratio** % 79% 85%
d) Average case size Rs. 23,395 22,285 5%
e) Case rate per agent per month No. 0.60 0.54 12%
f) Number of agents No. 72,813 84,355 -14%
g) Paid up Capital Rs. Crore 1,973 1,782 11%
h) Individual Policies in force No. 3,041,076 2,661,592 14%
i) Sum insured in force Rs. Crore 139,957 102,963 36%
Notification Revised Regulation Implementation
July 2009
ULIP charges capped at 300 bps for policieswith 10 years maturity and 225 bps for policieswith over 10 years maturity
Overall fund management charges capped at150 bps and 125 bps respectively
Oct 2010 for all existing products and Jan 2010 for all new products.
May 2010 Minimum tenure of all ULIPs increased from 3to 5 years July 2010
June 2010 Charges to be distributed evenly over the lock-in period Sep 2010
June 2010Capping of charges for policies surrenderedafter lock-in period graded from 5th year to 15th
year
June 2010 Higher minimum sum assured Sep 2010
June 2010 4.5% guaranteed return to be provided onpension and annuity Sep 2010
July 2010 Capping of surrender charges for policiessurrendered during the lock-in period Sep 2010
46
Life Insurance Industry – Regulatory Update
47
MHC – Management TeamDr. Pervez AhmedCEO and Managing Director
Dr. Ahmed has been an participant in healthcare related fields especially development of standards of critical care medicine inNew York. Since 1977 he has been involved in academic Medicine at SUNY, Downstate. Dr. Pervez Ahmed, MBBS from AFMC,Pune, has completed Residency in Internal Medicine and Fellow-ship in Cardiology in New York. He is Board certified in Internaland Cardiovascular disease and a Certified Medical Director.
Dr. Pradeep K ChowbeyJoint Managing Director
Prior to joining MHC, he was Chairman of the Minimal Access Metabolic & Bariatric surgery center, Sir Ganga Ram Hospital. Hehas been visiting faculty to the best Medical Institutions like Memorial Sloan Kettering Cancer Hospital, NewYork, John HopkinsInstitute in USA & Royal Marsden Cancer Hospital, in U.K. Dr. Chowbey has done his MBBS followed by MS, GeneralSurgery(1977) from Govt. Medical College, Jabalpur & MNAMS, National board of Examination.
K.S. RamsinghaneyDirector- Commercial & Infrastructure
Mr. K.S. Ramsinghaney is B.E. Mechanical with over 35 years of experience. He has been associated with Max India group since1983 and has worked as CEO of Max Specialty products and Chief Executive of MAPP. He has worked with Max Healthcare formore than 5 years, leading Commercial, Support & Project functions.
Mr. S.L. NarayananCFO & Director (IT)
Mr. Narayanan is a Chartered Accountant with over 25 years of experience in various sectors such as FMCG, Telecom, IT & BPO.He held various senior positions at Symphony Services Corp. (Pvt. Held US Company), Bharti, HCL Tech, BPL Mobile and ITC
Mr. Arvind KakarVice President Finance
Mr. Kakar is a Chartered Accountant with over 18 years of experience in service industries and having a high focus in theareas of financial services and healthcare. He has been associated with the Max group since 2000.
Mr. Sanjay RaiDirector Marketing & Customer Management
Mr. Rai brings with him more than 28 years experience in Sales & Marketing in service and manufacturing industries. He hasearlier worked with The Oberoi group and ITC Limited. He leads and manages various sales channels at Max Healthcare and isalso responsible for Branding, Customer Relationship Management and Direct marketing, PR function and for service excellence.He is an graduate in Economics from Mumbai University,
Mr. Ravi VirmaniExecutive Director Operations & HR
Mr. Virmani has an MBA from XLRI and brings with him experience of 26 years in both a corporate and consulting environment. Hestarted his career with Escorts Ltd. in 1984. Prior to joining MHC, he was the CEO and Founder of Trust Associates and AventusPrivate Ltd.
Dr. Dilpreet BrarRegional Director
Dr. Brar was associated with the Indraprastha Apollo Hospitals and Hero Honda group of companies prior to joining MaxHealthcare in 2002. She is responsible for business operations of Patparganj, Noida and Pitampura Hospitals and new projects.Dr. Brar is a graduate from Govt. Medical College, Patiala. She secured a post graduate diploma in hospital management, andcompleted a certificate course in Health Insurance from Indraprastha Apollo hospitals, New Delhi.
48
Padma Shri Dr. Rustom Phiroze Soonawala
MD, FRCS, FRCOG
Chairman, Obstetrics & Gynaecology
Eminent and Internationally renowned Obstetrician & Gynaecologist.
Former President of the Federation of Obstetricians and Gynaecologists
Dr. S.K.S. Marya (M.S., DNB, Mch, FICS)
Chairman - Orthopaedics & Joint Replacement and
Associate Medical Director
Renowned Joint Replacement Surgeon having 30 years experience.
Pioneered bilateral Hip and Knee Joint replacement.
Author and teacher par excellence.
Dr. Shakir Husain
MD, DM, FINR (Switzerland)
Director – Interventional & Sr. Consultant Neurology
Former Consultant & Interventional Neurologist at Ganga Ram Hospital
He is a visiting professor to the University of Ulm, Germany and BSMMU,
Dhaka has been closely involved in the development of comprehensive
Stroke and Neuro intervention centers in the Asia-Pacific region
Dr. Rana Patir
MS, MCH (Neuro Surgery)
Director –Neurosurgery
Renowned Neurosurgeon having 27 years experience.
Served institutions of repute like Sir Ganga Ram Hospital, AIIMS, Institute of
Neurosciences, Guwahati etc.
Dr. Anurag Krishna
MS, MCh., FAMS
Director, Paediatrics and Paediatric Surgery
20 years experience in Paediatric surgery -complex congenital malformations
Published 50 scientific papers in leading national and international journals
Served as Member of the Board of Management of Sir Ganga Ram Hospital.
MHC – Key Physicians
49
Dr. Urvashi Prasad Jha
MD, MRCOG, FRCOG
Director – Obstetrics & Gynaecology
Over 30 Years Experience in treating women with gynaecological problems
Served institutions of repute like with Indraprastha Apollo Hospital, PD Hinduja
Hospital and Medical Research Centre, Dharamshilla Cancer Hospital etc.
Padamashree Dr. (Prof.) H. S. Rissam
MD, DM, FICA FCCP, FISE, FIMSA, FICC, FCSI, FICN, FRSM, MRSH
Director – Clinical Cardiac Sciences & Senior Interventional Cardiologist
Over 30 Years Experience in Cardiology & Medicine
Former Director Medical Sciences - Batra Hospital & Medical Research Centre,
Former Associate Director - Escorts Heart Institute & Research Centre, New Delhi
Former Professor of (Medicine) Cardiology Govt Medical College and SMHS group
of Hospitals Srinagar & Kashmir
Dr. Harit Chaturvedi (MS, MCH)
Chief Consultant & Director – Surgical
Oncology
Having 25 years of experience in Surgical Oncology.
Served institutions of repute like Rajiv Gandhi Cancer Institute, Indraprastha Apollo
Hospitals, Batra Hospital & Medical Research Centre, New Delhi.
Dr. Anil Kumar Anand
MD (Radiotherapy & Oncology)
Sr. Consultant & Chief – Radiation Oncology
Renowned Radiotherapy Oncology Surgeon, with 26 years experience.
Affiliated with various scientific bodies i.e Association of Radiation Oncologists of
India, American Society for Therapeutic Radiation Oncology etc.
Served institutions of repute like PGI Chandigarh, Batra Hospital & Medical
Research Centre and Rajiv Gandhi Cancer Institute & Research Centre.
MHC – Key Physicians
50
VISIONDeliver international class healthcare with a total service focus, by creating an institution committed to the highest standards of medical & service excellence, patient care, scientific knowledge, research and medical education.
MISSION
GOALS • Profitable without profiteering.• Seamless linkage between secondary and tertiary care.
KEY OBJECTIVES
STRATEGIES
WHAT –Medical USP’s ; Best in class ; Comprehensive care ; Convenience & accessibility ; Seamless service ; Patient records ; Consistent and customised care ; Service excellence ; Preventive health ; Caring place to work.
HOW –Train train train ; Partnership with Medical community ; Principalchoicefor physicians ; Never ending focus on medical and service excellence ; Build lasting customer relationships ;No franchising.
VALUES & BELIEFS OPERATING PRINCIPLESMETRICS &
STANDARDSPERFORMANCEMGMT PROCESS
• Create exceptional standards of Medical & Service Excellence• Care provider of FIRST CHOICE• Principal Choice for Physicians• Ethical Practices • Create International Centre of Excellence for select Super Specialties.• Safety – Patient, Customer, Staff
• Competence rating• Potential analysis• PSC model• Balanced scorecard• Performance / Risk linked
reward.
• Caring • Excellence• Integrity• - Personal• - Professional• Accountability• Openness/Transparency• Teamwork• Win-win partnerships
• Courtesy & Caring always• Customer comes first• Do it right first time• International image standards• Direct & open communications • Create trust• Compliance• Fun at work• Reward & Recognition
• JCIA Accreditation • ISO 9001 : 2000• Integrated Management System• Credentialing / Grant ofprivileges• Employee productivity• Employee Engagement survey• Service Dashboard - Sparsh• NABH/NABL Accreditation• Adverse event Measurement.
INITIATIVES• WHAT- HOW - WHEN - COST - LINKAGE• Shared responsibility with single accountability.• Unique approach through: - International benchmarking.- Walk the Talk - IT Capability- Medical – Management Alignment.- Rehearse rehearse- Cost Efficiency- Train train train. - Mystery customers- Attrition Management
MHC – Vision / MissionBuild TrustPASSIONKey Differentiators
Focused NCR centric delivery – for operational excellenceLeadership in 5 super-specialties in tertiary care
-‘Star’ physicians supported by a group of high quality physiciansEthicsMemorable brand experience
- ‘Star’ and quality physicians- Infrastructure and equipment- No surprises – cost of care, pricing, medication- Signage- Look – feel – smell - touch
High quality nursing and paramedic care supportedby nursing and paramedic collegeTechnology and IT
Key Public MessagesMedical ExcellenceService Excellence – Total ExperienceIn your community - near youHigh-end tertiary care in Private sector
ComprehensivenessReferral system – National & InternationalValue for moneyCorporate Social Responsibility
51
FICCI Healthcare Excellence Awards(2009)
MHC – Accreditations and Awards
“Max Super Speciality Hospital adjudged one of the Best Hospitals for
‘Excellence in Healthcare Delivery’
First in North India to get NABH for MHVI & MSSH
ISO 14001:2004 at Pitampura
ISO 9001:2008 Recertification atMax Heart & Vascular Institute,Noida, Pitampura, PanchsheelPark &Home Office
India International Achiever Award
52
MAX SUPER SPECIALITY HOSPITAL (East & South)( East :- December 2004, South :- February 2010)n Patient beds – (East ; 207 beds) & (South ; 83 beds)n 11 OTs, 2 Cardiac Catheterization Labsn Tower Specialties – Cardiac Sciences, Minimal Access,
Metabolic & Bariatric Surgery, Comprehensive Oncology (Surgical, Medical and Radiation)
n Nuclear Diagnostic Servicesn Advanced CT Scan Imagingn Centralized Emergency Command with Advanced
Cardiac Life Support Ambulances and Air Evacuation Service
MAX SUPER SPECIALITY HOSPITAL (West)(May 2006)n 184 beds (including 71 critical care beds)n 7 OTs, 20 Consult Chambersn Tower Specialties– Orthopaedics, Neuro Sciences,
Obstetrics & Gynaecology, Paediatrics and Aesthetic &Reconstructive Surgery
n Brain Suite (first in Asia) and Intra Operative MRIn DSA Lab (for Neuro Sciences)n Emergency Servicesn High end Radiology facilities with 64 slice Cardiac CT
MHC Tertiary Care Facility, Saket [South Delhi]
53
PATPARGANJ (PPG I ) (May 2005)
154 inpatient beds 3 OTsGeneral Surgery & MASNephrologyMother and child carePlastic Surgery & GastroentrologyOther allied specialties
PATPARGANJ (PPG II) (Feb 2010)
259 inpatient beds 7 OTs, 1 Cardiac Catheterization LabsInvasive & Non Invasive Cardiology Cardio Thoracic Vascular Surgery Comprehensive Oncology (Surgical, Medical and Radiation)Orthopaedics & Joint ReplacementNeurosciencesUrology Critical Care & Other allied specialtiesAmbulatory Care
MHC Tertiary Care Facility, Patparganj [East Delhi]
54
MHC Secondary Care Facility [ Suburb of Delhi ]
NOIDA (August 2002)
32 inpatient beds2 OTsMother and child careNon-invasive cardiologyLaparoscopic surgeryOrthopaedicsENT, ophthalmologyUrology and nephrologyFull range diagnosticsPHP, OPD and Dentistry
GURGAON (July 2007)
80 inpatient beds 3 OTsOrthopaedics & TraumaOphthalmology (anterior and posterior)Woman and child (including infertility)Medical & surgical intensive careNephrology and urologyAesthetic and reconstructive surgeriesGeneral and minimally invasive surgeriesPHP and OPDPaediatric & Neonatal Intensive Care
PITAMPURA (February 2002)(North Delhi)
90 inpatient beds2 OTsLithotripsyMother and child careAesthetic & Reconstructive SurgeryNon-invasive cardiologyPhysiotherapyPaediatric & Neonatal Intensive CareFull range diagnosticsPHP, OPD and Dentistry
55
MHC Speciality Centres – Panchsheel [South Delhi]
OPTHALMOLOGY AND DENTAL CARE (November 2005)
Lasik, OPD and diagnosticsDental – 5 chambersSupport services and offices
SPECIALIST CONSULTS AND HIGH-END DIAGNOSTICS (August 2006)
GP and specialist consultsDiagnosticsNeurology (EEG and EMG)Preventive health and chronic carePhysiotherapyMinor procedures and emergenciesIVFHome Care
56
Project Cost
Project Cost*Rs. 1,592 Crore
EquityCapital
Rs. 696 Crore
PreferenceCapital
Rs. 250 Crore
n Max IndiaCurrent – Rs. 220 CrFuture – Rs. 150 Cr
n Warburg Pincus – Rs. 140 Crn IFC, Washington – Rs. 50 Crn Other Foreign Investors – Rs. 20 Crn New Investor – Rs. 116 Cr
n Indian Banks and FinancialInstitutions
Drawn – Rs. 421 CrFuture (tied-up) – Rs. 127 CrFuture (to be arranged) – Rs. 70 Cr
Debt Funds
Rs. 617 Crore
n IFC, Washington
* The above project cost does not include project cost for Greater Noida Hospital and Phase 2 cost of Mohali and Bhatinda
Internal Accruals
Rs. 29 Crore
57
MHC – Performance Snapshot
Note: The results presented above are for Max Healthcare’s network of hospital
Key Business Drivers Unit Quarter Ended Y-o-Y GrowthJun -10 Jun - 09
a) Revenue (Gross) Rs. CroreInpatient Revenue 115 91 26%Day Care Revenue 5 - -Outpatient Revenue 39 26 47%Total 159 118 35%
b) ProfitabilityContribution Margin Rs. Crore 92 67 37%Contribution (%) % 57.4% 56.8%EBITDA Rs. Crore 5 6 -25%EBITDA (%) % 3.0% 5.4%
c) Patient Transactions (No. of Procedures) No.
Inpatient Procedures 14,974 13,886 8%Day care Procedures 1,748 - -Outpatient Registrations 654,863 513,181 27%
d) Average Operational Beds No.Inpatient Beds 910 727Daycare Beds 27 - -
e) Average Occupancy %Inpatient 63.9% 69.4%Daycare 61.9% - -
f) Average Length of Stay No. 3.5 3.3 -6%g) Average Revenue per Occupied Bed Day (IP) Rs. 21,789 19,841 10%h) Average Revenue per Occupied Bed Day (Daycare) Rs. 35,053 - -
58
MSF – Performance Snapshot
Key Business Drivers UnitQuarter Ended Growth (%)
Jun-10 Jun-09 (FY10/09 A)
a) Sales Quantity – BOPP Tons 7,269 7,030 3%
b) Revenue* Rs. Crore 92 80 16%
c) Profitability:
Contribution Margin** Rs. Crore 33 31 6%
% 35.3% 38.5%
EBITDA Rs. Crore 11 11 -
% 11.6% 13.4%
PBT Rs. Crore 5.2 4.8 8%
% 5.6% 6.0%
*Extraordinary Income of Rs. 17.2 Cr. on account of settlement of GBC Litigation has not been considered above**Contribution Margin is calculated as revenue less raw material consumption.
59
DisclaimerThis presentation has been prepared by Max India Limited (the “Company”). No representation or warranty, express or implied, is made and no
reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in the presentation. The past
performance is not indicative of future results. Neither the Company nor any of its affiliates, advisers or representatives accepts liability
whatsoever for any loss howsoever arising from any information presented or contained in the presentation. The information presented or
contained in these materials is subject to change without notice and its accuracy is not guaranteed.
The presentation may also contain statements that are forward looking. These statements are based on current expectations and assumptions
that are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We do not undertake
any responsibility to update any forward looking statements nor should this be constituted as a guidance of future performance.
This presentation does not constitute a prospectus or offering memorandum or an offer to acquire any securities and is not intended to provide
the basis for evaluation of the securities. Neither this presentation nor any other documentation or information (or any part thereof) delivered or
supplied under or in relation to the securities shall be deemed to constitute an offer of or an invitation.
No person is authorised to give any information or to make any representation not contained in and not consistent with this presentation and, if
given or made, such information or representation must not be relied upon as having been authorised by or on behalf of the Company any of
its affiliates, advisers or representatives.
The Company’s Securities have not been and are not intended to be registered under the United States Securities Act of 1993, as amended (the
“Securities Act”), or any State Securities Law and unless so registered may not be offered or sold within the United States or to, or for the
benefit of, U.S. Persons (as defined in Regulations S under the Securities Act) except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and the applicable State Securities Laws.
This presentation is highly confidential, and is solely for your information and may not be copied, reproduced or distributed to any other
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shares by the Company. You agree to keep the contents of this presentation and these materials confidential.
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MAX INDIA LTD.Max House, Okhla, New Delhi – 110 020
Phone: +91 11 26933601-10 Fax: +91 11 26933619Website: www.maxindia.com
