March 2012

CLEANTECH TRACK
Monthly Update on Indian Cleantech Industry

News of the Month

Indias largest solar program cuts power rates by up to 33% Indias largest solar program, of the State of Gujarat, has cut the preferential rate it pays to utilities for sun power by as much as 33% as global prices of panels declined by more than half. Photovoltaic plants commissioned after the Jan. 28 deadline will be paid a rate of Rs 9.98 (20 cents) per kilowatt-hour for the first 12 years, compared with Rs 15 for those finished on time, the Gujarat Electricity Regulatory Commission said in a tariff order. The rate will be reduced to Rs 7 per kilowatt-hour for the next 13 years. India joins governments in Europe that are cutting clean energy subsidies as equipment costs plunge. Panel prices fell 51% last year after the 10 largest manufacturers doubled production capacity, according to data compiled by Bloomberg. The companies that finished their projects by Jan. 28 include Lanco Infratech, Tata Power, GMR Infrastructure, Azure Power India and Green Infra. Of the 958MW of capacity, Gujarat issued contracts for 25MW of projects using solar-thermal technology where steam is produced from sunlight for conventional turbines. Rests were for PV projects - PV technology uses panels that convert sunlight directly into electricity. The regulator raised the rate for solar-thermal projects and fixed it for 25 years to give them more certainty after one developer was unable to raise bank loans after 11 months, according to the tariff order. These projects will now be paid Rs 11.55 per kilowatt-hour that wont be reduced from Rs 11 to Rs 4 per kilowatt-hour after 12 years as planned earlier, it said. The rate paid to photovoltaic plants will be lowered 7% annually from the Rs 9.28 rupees for each year that their completion is delayed after March 31, 2013.

Content Content
Private Equity 2

CER Price Chart

News Update

Events Calendar

Stock Market Update

Results Update

Peer Benchmarking

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Investment Activity
Clean-tech Private Equity deals Last 6 months of 2011 and Jan-Mar 2012 Date Investor(s) Target 2011 18-July 21-July 04-Aug 08-Aug 12-Aug 07-Sept 27-Sept 10-Oct 21-Oct 07-Nov 2012 02-Jan 25-Jan 24-Feb

Amount ($Mn) 40 6.7 18.2 15 33 26.4 200 50 58 25.1 18.1 9.8 0.4

Business

Stage

FE Clean Energy Group IFCI Venture IDFC PE IFC IDFC India Infrastructure Fund India Infrastructure Plc Goldman Sachs GE Energy Financial Services GE Energy Financial Services SBI-Macquarie Infra Fund JP Morgan Asset Management Zephyr Peacock Hyderabad Angels

NSL Renewable Power Amrit Jal Venture Ltd Green Infra Shalivahana Green Energy Caparo Energy India Ltd Shree Maheshwar Hydel ReNew Wind Power Greenko Moser Baer Clean Energy Soham Renewable Energy Leap Green Energy Gadhia Solar Green India Building Systems and Services Pvt Ltd

Renewable Renewable-hydel Renewable-wind Renewable-biomass Renewable-wind Renewable-hydel Renewable-wind Renewable-wind Renewable-solar Renewable-hydel Renewable-wind Renewable-solar Energy efficient products

Growth Growth Growth Growth Growth SPV Growth Project Project Late Growth Growth Early

Source: Four-S Research

There have been 3 deals in the cleantech space in 2012 till date totaling $28.3mn. The largest one includes JP Morgans $18.1mn investment in Leap Green Energy, a renewable energy producer.

Movement of Carbon Credit (Spot Price)

30-Mar12 CER (Spot Price in ) 3.89 1 week (% change) -1.5% 1M (% change) -15.6% 3M (% change) -5.8% 6M (% change) -51.4% 12M (% change) -70.4%

CER Price Chart () - Movement during the last month

6 5.7 5.4 5.1 4.8 4.5 4.2 3.9 3.6 3.3 3 1-Mar 5-Mar 9-Mar 13-Mar 17-Mar 21-Mar 25-Mar 29-Mar

Source: BlueNext

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Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

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News Update
Better industrial processes will cut solar costs: McKinsey Improvements in manufacturing processes will drive down solar costs, say Mr Krister Aanesen and Mr Rajat Gupta, experts on the solar industry at McKinsey & Company. They predict that solar system' costs will come down from $2.50 a watt today to $1.50 by 2015 and to $1 by 2020, just by the application of well understood, identified, industrial levers. These levers are factors such as scale, procurement, designto-value, modularisation and de-bottlenecking. In India, the cost levels are likely to be achieved faster due to higher levels of competition. Wind mill owners to try novel approach to power trading The Tamil Nadu Spinning Mills Association (TASMA) along with its members is likely to float a special purpose vehicle (SPV) in which the windmill owners and power consumers will be partners. This will mean the consumers who do not own wind mills or have adequate captive capacity will in effect own a share in the wind mill asset and can avail of benefits of captive power. The electricity rules dictate that only those with at least 26% stake in a wind mill and consume at least 51% of the power generated can avail of captive power benefits. A direct partnership between wind mill owners and consumers will help address this limitation. For the power suppliers, a partnership with the consumer means they are not constrained by the complex power trading mechanism or the several months' delay in payment from the power utility when they supply to the State grid. TASMA members own about 3,000 MW of wind energy generation capacity, that is over half the total wind mill capacity in Tamil Nadu. FM proposes to scrap duties on solar parts to boost industry Finance Minister Pranab Mukherjee, in his annual budget speech, proposed to scrap duties on imports of solar-thermal equipment sparing companies from the so-called special countervailing duty. The exemption would lower costs for the seven companies building a third of Indias planned solar capacity using solar- thermal technology, which concentrates sunlight to boil water, used to power steam turbines. The developers building Indias solar-thermal capacity, targeted at 470 MW by early 2013, are Reliance Power, Lanco Infratech Ltd. (LANCI), Godawari Power & Ispat Ltd., Aurum Renewable Energy Pvt., KVK Energy & Infrastructure Pvt., Megha Engineering & Infrastructures Ltd, and Abhijeet Groups Corporate Ispat Alloys Ltd. Reliance Power is importing turbines from Areva SA, while the others have ordered units from suppliers including General Electric Co. (GE) and Siemens AG. (SIE). The special countervailing duty on imports is equal to the excise duty imposed on similar local products. Its a tax of about 8-9% on most equipment used to build solar-thermal plants, such as reflective mirrors and turbines, according to his estimates. India clean-energy investments reach $10.3bn in 2011: BNEF Investment in clean-energy projects grew faster in India than in any other major economy last year, rising 52% to $10.3bn, according to Bloomberg New Energy Finance. The largest increase came from the solar industry with $4.2bn of funding for sun-powered plants connected to the grid, a seven-fold increase from 2010 and about par with the $4.6bn that went to wind projects. Asset financing accounted for $9.5bn of the total, while private equity and venture capital firms invested $425mn, New Energy Finance said. In 2011, India added 2,827 MW of new wind capacity, making it the third-biggest market after China and the U.S. Its solar capacity rose to an estimated 277 MW from 18 MW in 2010 Bharat Light picks up stake in SunEdison project Bharat Light and Power has picked up stake in the 2.5-MW Gandhinagar rooftop project of SunEdison. Though small, the deal is of significance because of the uniqueness of the project. The Gandhinagar grid-connected rooftop solar project is the first of its kind in the country the owners of the roof and of the project are different. Under this rent-a-roof model, the roof owner gets a share of the income from the solar plant. Solar photovoltaic plant installed in Rajasthan A Rs 670mn, 5MW solar photovoltaic power plant has been installed at village Rawara, Taluka Phalodi, in Rajasthan. The project, owned by Indian Oil Corporation, was commissioned by Rajasthan Electronics & Instruments Ltd under the Jawaharlal Nehru National Solar Mission. This power plant is designed to feed power to 33/132 kV grid sub-station at village Bap, which is situated 18 km from plant site Rawara. It is expected to generate energy of 67 lakh KWh a year. The solar power plant has been developed based on crystalline technology. Shree Ganesh Jewellery bags Odisha solar power project The Rs 58bn Shree Ganesh Jewellery House Ltd (SGJHL) has bagged a 25MW solar power project in Odisha. The project will be executed by Kolkata-based Alex Green Energy in which the company holds a majority stake. Alex Green is copromoted by the Sureka Group. Alex Green won the right to develop a 5-MW project in a solar auction in Odisha. The company in fact emerged as the lowest bidder by quoting a rate of Rs 7 a unit. Under the rules of the Odisha tender, the least bidder will be offered all the 25 MW at the winning price. Alex would be commissioning the entire 25 MW shortly. The total investment including the debt component for

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Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

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commissioning the solar plant in Odisha would be close to Rs 1.75bn. Sterling and Wilson among top solar EPC players Having just crossed the 80 MW-mark in commissioning of EPC contracts for solar power projects, the Goldman Sachs-funded Sterling and Wilson, has emerged as one of the larger EPC contractors in the field perhaps only second to L&T. The Shapoorji Pallonji group company expects to do between 150 MW and 200 MW next year. The company is now doing its 22nd project - its biggest was a 25 MW plant at Surendernagar, Gujarat. The size of Sterling and Wilson's solar business is about Rs 2bn. Shapoorji Pallonji group owns 56% of Sterling and Wilson. In 2008, Goldman Sachs invested $50mn into the company for 11% stake. The rest of the equity is held by the top management professionals. BHEL commissions record 13 MW of solar power plants in 2011-12 Bharat Heavy Electricals Limited (BHEL) has set a new record in its Solar Photovoltaic (PV) business in a single year, by commissioning 13 MW of Solar Power Plants in various parts of the country during the current financial year. Solar Power Projects commissioned by the company during the year include a 3 MW Grid Connected Solar Power Plant at Raichur in Karnataka, a 5 MW Plant in Rajasthan, 2 plants of 2 MW each in Maharashtra and over 1 MW in the Lakshadweep Islands. Significantly, all these projects have been commissioned by BHEL on Engineering, Procurement and Construction (EPC) basis. Cleantech Ventures commissions rooftop solar plant at Mahindra World City in Chennai; looks at new business segments Cleantech Ventures, a part of Mahindra Partners focusing on solar energy , is planning to expand its operations to water treatment and management, and energy efficiency in the next one or two years. Speaking to reporters on the sidelines of commissioning a 75-KW rooftop solar plant at Mahindra World City here, Vish Palekar, business head Cleantech Ventures, said, At present 100% of our business is in the solar energy sector. We will be expanding into some other segments like energy efficiency and water treatment in the next year or two. The company is also looking to offer hybrid energy option to telecom tower companies in collaboration with diesel generator manufacturer Mahindra Powerol. Amrit Jal Ventures commissions solar unit in Kadiri Amrit Jal Ventures has announces the commissioning of a 1 MW grid-connected solar photovoltaic power plant at Kadiri in Anantapur district of Andhra Pradesh. This project is part of the Jawaharlal Nehru National Solar Mission and has been developed by SunVolt Energy Pvt Ltd. According to a statement, the design and engineering works of the plant have been done by AIC Projects, Germany. The plant uses power conditioning units manufactured by SMA AG, Germany, and amorphous silicon thin film solar photovoltaic modules. Hydropower major SJVNL forays into wind power Satluj Jal Vidyut Nigam Ltd (SJVNL) which owns and operates India's largest hydropower project in Himachal Pradesh has now decided to venture into wind energy. "The company has plans to invest Rs 3.5bn by 2012-13 for setting up a wind power project to generate 50 MW electricity," deputy general manager Vijay Verma told. He said the company would commission the project in either Maharashtra, Rajasthan, Madhya Pradesh or Gujarat. It is also planning to launch a 1 MW solar energy project near its maiden 1,500 MW Nathpa Jhakri hydropower project in Shimla district which started generation in 2004-05. Tata Comm to buy 5.76% in Green Infra Wind Tata Communications Ltd plans to buy 5.76% stake in Tamil Nadu-based Green Infra Wind Generation Ltd as part of its plans to use power from alternative energy sources. Under the proposal, Tata Communications plans to buy 10 million units of power, which is about 30% of its annual power requirement in Tamil Nadu, from Green Infra. Tata Communications already has an agreement with Green Infra to procure 13 million units. The additional procurement will take Tata Communication's to 23 million units. This is the second such investment by Tata Communications. The company has already invested Rs 7.8 lakh in Green Infra Wind Farms Ltd for a 9.75% stake. ABB mulls EPC solutions for solar projects in India Power equipment major ABB plans to enter the EPC (engineering, procurement and construction) space for solar projects in India. The company currently does partial EPC like executing eBoP (Electrical Balance of Plant) for projects. The company manufactures solar inverters and substation components, and low voltage components like miniature circuit breakers, surge arresters and lightning arresters for solar fields, most of which are manufactured at ABB's unit in Nashik, Maharashtra. The company also makes complete plant monitoring systems for solar fields. Within a year, the company has completed orders for over 90 MW of inverters, about 60 MW of solar substations and 21 MW of Electrical BoP. Wipro expects to build 100 MW of solar projects next year Wipro EcoEnergy, the clean-tech business of IT giant Wipro, has just completed building 40 MW of solar photovoltaic power plants for its customers. Mr G.K. Prasanna, Senior VicePresident, Wipro EcoEnergy, expects to do around 100 MW in 2012-13 a figure that would put Wipro among the top EPC

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Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

FOUR-S Cleantech Track

players in the solar industry. Wipro EcoEnergy is building its energy practice' on two pillars solar energy, comprising both large, utility-scale solar plants and roof-tops, as well as energy management'. Abhijeet's solar thermal project on track With the process of placing orders for equipment being almost over, Abhijeet Projects Ltd is on track for the completion of its 50-MW solar thermal power plant at Jaisalmer, Rajasthan. A consortium led by the Chennai-based Shriram EPC Ltd is building the plant for Abhijeet. Right now at the site, nearly a thousand people are doing the civil works. The EPC contractor, Shriram EPC-led consortium, is confident of completing the project well ahead of the deadline of May 9, 2013. Mono Steel completes 10MW solar plant in Gujarat Mono Steel (India) Ltd., a sponge iron-maker, completed a 10MW solar power plant in Indias Gujarat state, according to the project contractor. The plant has a 25-year contract to sell power to Gujarat state, according to a statement from Mumbai-based Waaree, which built the unit and supplied the photovoltaic panels. UP's first solar power plant starts functioning The first solar power unit of Uttar Pradesh has started functioning. Situated at Naini, about 25 kms from Allahabad, the 5 MW solar power plant developed by Kolkata-based company, EMC Limited, as part of the Union ministry of new and renewable energy's Jawharlal Nehru National Solar Mission became operational on March 4. The EMC had been entrusted with this project by the NTPC Vidyut Vyapar Nigam, with which the company has signed a power purchase agreement ensuring a sale for the next 25 years. Commissioning delays: More trouble for photovoltaic developers NTPC Vidyut Vyapar Nigam (NVVN) is in the process of encashing the second tranche of bank guarantees from 14 project developers for missing the second deadline of February 9, to commission the projects under the first batch of phase I of the National Solar Mission. The initial deadline of January 9 was set by the NVVN for commissioning of projects under the first batch of National Solar Mission phase 1. The developers were given a month to finish the project after the lapse of the first deadline. The penalty for the second tranche for each project averages around Rs 40mn. Last month, in compliance to the guidelines, bank guarantees of 14 developers amounting to about Rs 280mn were encashed. Of these 14 projects, Lanco is the EPC contractor in three. Vikram Solar commissions solar plant in Gujarat and Orissa Vikram Solar, a Kolkata based solar module manufacturer, has announced the commissioning of two new power plants - one in Gujarat and one in Rourkela, Orissa. The Gujarat power plant is a 5MW power plant and the second plant in Orissa is capable of producing 1 MW power. Both these projects have been built under the policy guidance from Indian Renewable Energy Development Agency (IREDA).

Upcoming Events Calendar

India Wind Energy Summit 2012 Date: April 19-20, 2012 Place: Chennai Organizer: Noppen Web: www.indiawindenergysummit.com HydroVision India Date: April 19-21, 2012 Place: New Delhi Organizer: PennWell and Inter Ads Web: www.hydropowerindia.com

Renewable Energy World India 2012 Date: May 5-7, 2012 Place: New Delhi Organizer: PennWell and Inter Ads Web: www.renewableenergyworldindia.com

Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

FOUR-S Cleantech Track

Stock Market Update
Companies NHPC Jaiprakash Power Venture Suzlon Praj Industries Ltd. Ramky Infra VA Tech Wabag Orient Green Power Shriram EPC Moserbear Entegra Indosolar Ion Exchange IndoWind Energy Asian Electronics Nifty Sensex Mcap (20-Mar-12) Rs Mn
242,325 107,692 44,878 14,819 12,398 11,354 5,968 3,576 2,742 1,868 1,625 1,464 538 250 -

Price (30-Mar-12)
19.7 40.8 25.3 80.2 216.8 429.4 12.8 80.7 16.3 10.3 4.9 108.3 6.0 7.1 5,295.6 17,478.2

1 week (% change) 1M (% change) 3M (% change)

-1.5% 1.9% -9.8% -0.2% 0.5% 3.7% -3.8% -1.2% -1.5% -5.1% -2.0% 3.8% -4.8% -4.7% 0.3% 0.7% -7.1% -7.3% -5.1% -1.0% -7.3% 0.4% -4.1% -7.5% -11.4% -17.3% -16.4% -4.2% -11.8% -14.0% -1.7% -1.5% 9.1% 16.3% 40.3% 6.9% 7.3% 28.1% 50.9% 0.5% 16.4% -11.6% -4.0% 17.8% 6.2% 29.4% 14.5% 13.1%

6M (% change) 12M (% change)

-16.2% 19.7% -30.7% 13.5% 1.8% 17.0% -13.3% -35.2% -24.5% -48.6% -45.8% -13.6% -45.2% -2.8% 7.1% 6.2% -22.1% -3.3% -43.4% 11.7% -28.6% -14.7% -49.6% -49.4% -60.3% -57.0% -71.6% -17.0% -68.2% -34.4% -9.2% -10.1%

Latest Quarterly Results 9MFY12

Companies Suzlon NHPC* Moser-Baer* Ramky Infrastructure Shriram EPC* VA Tech Wabag Jaiprakash Power Venture* Praj Industries* Orient Green Power Ion Exchange* Asian Electronics* Indosolar* IndoWind Energy* Entegra 9M FY11 107,181 30,872 14,139 18,528 8,374 7,342 6,717 3,507 1,665 3,882 1,131 4,989 395 6 Revenue 9M FY12 145,440 42,110 16,337 24,502 7,804 7,727 13,725 6,128 1,787 4,466 691 854 269 1 YoY 35.7% 36.4% 15.5% 32.2% -6.8% 5.2% 104.3% 74.7% 7.3% 15.0% -38.9% -82.9% -31.9% -87.0% 9M FY11 (2,158) 24,157 1,372 2,198 1,071 376 5,795 286 761 171 (237) 223 108 (55) EBITDA 9M FY12 11,999 26,281 1,953 3,211 871 393 12,627 556 672 206 (276) (1,016) 131 (74) YoY NM 8.8% 42.3% 46.1% -18.7% 4.5% 117.9% 94.4% -11.7% 20.5% NM NM 21.3% NM 9M FY11 (15,350) 15,282 (2,752) 1,147 548 66 1,482 329 91 90 (469) (628) 43 (328) PAT 9M FY12 (1,783) 19,697 (2,502) 1,422 210 134 4,097 557 (232) 95 (483) (1,886) 36 (349) YoY NM 28.9% NM 24.0% -61.7% 103.0% 176.5% 69.3% NM 5.6% NM NM -16.3% NM

In Rs Millions
Margins H1FY12 9M FY11 9M FY12 8.3% NM 62.4% 46.8% 12.0% NM 13.1% 5.8% 11.2% 2.7% 5.1% 1.7% 92.0% 29.9% 9.1% 9.1% 37.6% -13.0% 4.6% 2.1% NM NM NM NM 48.7% 13.4% NM NM

Note 1: *Standalone results Note2: Since Indowind Energy is June ending, the results are for H1FY12

Annual Results FY11

Companies Suzlon NHPC Moser-Baer Ramky Infrastructure Shriram EPC VA Tech Wabag Jaiprakash Power Venture* Praj Industries Orient Green Power Ion Exchange Asian Electronics* Indosolar* IndoWind Energy* Entegra FY10 207,792 51,616 27,322 20,416 13,704 12,295 7,178 7,344 563 5,250 2,278 1,313 631 16 Revenue FY11 180,902 51,437 26,829 31,470 16,748 12,418 8,407 6,649 2,093 6,102 1,473 5,820 453 9 YoY -12.9% -0.3% -1.8% 54.1% 22.2% 1.0% 17.1% -9.5% 271.7% 16.2% -35.3% 343.3% -28.2% -44.2% FY10 9,431 41,289 3,729 2,417 1,329 1,171 6,327 1,391 (4) 241 378 (206) 223 (72) EBITDA FY11 8,081 42,876 107 3,718 1,836 1,210 7,236 769 898 232 (421) 203 119 (72) YoY -14.3% 3.8% -97.1% 53.8% 38.1% 3.3% 14.4% -44.7% NA -3.8% NA NA -46.6% NA FY10 (9,826) 21,756 (3,936) 1,274 468 448 2,516 1,198 (166) 41 29 (664) 146 (155) PAT FY11 (13,238) 23,162 (8,486) 2,061 742 526 1,651 569 108 84 (793) (583) 47 (423) YoY NA 6.5% NA 61.8% 58.7% 17.5% -34.4% -52.5% NA 103.2% NA NA -67.8% NA

In Rs Millions
Margins FY11 EBITDA NPM 4.5% NA 83.4% 45.0% 0.4% NA 11.8% 6.5% 11.0% 4.4% 9.7% 4.2% 86.1% 19.6% 11.6% 8.6% 42.9% 5.1% 3.8% 1.4% NA NA 3.5% NA 26.3% 10.4% NA NA

Note 1: *Standalone results

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Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

FOUR-S Cleantech Track

Valuation Benchmarking
` NHPC Jaiprakash Power Venture Suzlon Praj Industries Ramky Infra VA Tech Wabag Orient Green Power Shriram EPC Moserbear Entegra Indosolar Ion Exchange IndoWind Energy Asian Electronics Mkt Cap (Rs mn) 242,325 107,692 44,878 14,819 12,398 11,354 5,968 3,576 2,742 1,868 1,625 1,464 538 250 EV (Rs mn) 350,803 228,127 155,881 13,534 27,068 9,806 12,557 16,053 24,256 32,063 6,184 1,994 2,183 1,745 Revenues TTM Dec'11 62,675 15,415 219,161 9,270 37,444 12,803 2,215 16,178 29,027 4 1,685 6,686 327 1,033 EBITDA TTM Dec'11 45,000 14,068 22,238 1,039 4,731 1,227 809 1,636 688 (91) (1,036) 267 142 (460) PAT TTM EV/Revenue Dec'11 27,577 5.6 4,266 14.8 329 0.7 797 1.5 2,336 0.7 594 0.8 (215) 5.7 404 1.0 (8,236) 0.8 (444) NM (1,841) 3.7 89 0.3 40 6.7 (807) 1.7

In Rs Millions
EV/EBITDA 7.8 16.2 7.0 13.0 5.7 8.0 15.5 9.8 35.3 NM NM 7.5 15.4 NM P/E 8.8 25.2 NM 18.6 5.3 19.1 NM 8.9 NM NM NM 16.5 13.5 NM

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Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

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Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

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Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com