kewal kiran clothing limited - ICRA

Fundamental 

Assessment 

Jan-11 

Feb-11 

Mar-11 

Apr-11 

May-11 

Jun-11 

Jul-11 

Aug-11 

Sep-11 

Oct-11 

Nov-11 

Dec-11 

ICRA EQUITY RESEARCH SERVICE 

KEWAL KIRAN CLOTHING LIMITED 

Q3 FY12 Result Update Industry: Textile & Retail January 24, 

2012 

Revenue growth moderates due to high base; margins under pressure 

Kewal Kiran Clothing Limited (KKCL) has reported a muted quarterly 

performance with ~2% YoY net sales growth to Rs. 64.61 crore for the quarter 

ending December 2011 (Q3 FY12) due to the high base in the corresponding 

quarter previous year. The operating margins too declined ~850 bps YoY and 

~750 bps sequentially to 18.6% during the quarter on account of high raw 

material and traded goods costs. 

We have revised our projections marginally downward to reflect the weaker than 

expected quarterly performance. However, we expect the operating margins to 

improve sequentially from Q4 FY12 onwards as the benefit of steep cotton prices 

correction starts kicking in. Considering the established brands, wide distribution 

reach and strong balance sheet of the company, we maintain KKCL’s Fundamental 

Grading of ‘4’ indicating “Strong Fundamentals” and Valuation Grading of ‘C’ 

indicating “Fairly valued” on a relative basis. 

Revenue growth impacted by high base effect; however moderation in consumer 

spending remains a concern 

Despite ~11% YoY increase in net realizations to Rs. 801 per piece, net revenues 

remained relatively flattish during the quarter on account of ~9% YoY volume degrowth 

to 0.78 million pieces. The volume growth was partly impacted by the high base 

effect (festive sales were split between Q2 & Q3 due to early Diwali festival this year as 

compared to Q3 FY11). Besides, the revenue growth was also impacted by lower 

consumer spending during the festive season on account of economic slowdown, high 

inflation and significant price increases taken by the industry to pass-on cost 

escalations, higher cotton prices and excise duty hike during the current financial year. 

Margins decline due to unfavorable product mix & higher than expected raw 

material costs; however expected to bounce back in coming quarters 

Lower sales growth along with ~24% YoY increase in cost of goods sold (liquidation of 

high cost inventories and increased outsourcing due to unfavorable product mix) 

resulted in 850 bps YoY decline in EBITDA margins to 18.6% in Q3 FY12. The margins 

were impacted due to inadequate pass-through of the excise duty hike as well as higher 

sales contribution from winter-wears and lifestyle accessories whose manufacturing is 

mainly outsourced. However, we expect the operating margins to improve sequentially 

as the benefit of steep cotton prices correction starts kicking in 

Asset light business model expected to ensure healthy profitability indicators and 

robust capital structure going forward 

Instead of expanding through own retail stores, KKCL’s management has focused on 

expanding through the franchisee and third party distribution route, thereby lowering 

operational overheads and capex requirements. Besides, the company has opted for an 

outright sales model instead of consignment model and maintains tight control on 

receivables as well as inventory levels. This strategy of positioning itself as a “fashion 

brand” rather than a “fashion retailer” is expected to continue to pay rich dividends and 

ensure healthy profitability indicators and robust capital structure going forward. 

ICRA Online Grading Matrix 

Valuation Assessment 

A B C D E 

5 

4 4C 

3 

2 

1 

• Fundamental Grading of ‘4/5’ indicates “Strong 

Fundamentals” 

• Valuation Grading of ‘C’ indicates “Fairly 

Valued” on a relative basis 

Key Stock Statistics 

Bloomberg Code 

KEKC In 

Current Market Price (Rs.) 620.1 

Shares Outstanding (crore) 1.2 

Market Cap (Rs. crore) 764.3 

52-Week High (Rs.) 875.0 

52-Week Low (Rs.) 425.4 

Free Float (%) 25.9% 

Beta 0.7 

6 Month Avg Daily Volumes (Rs Cr) 0.3 

Source: Bloomberg, as on 24 th January, 2012 

KKCL: Current Valuations 

23.5 

25.0 

20.0 

15.0 

10.0 

5.0 

- 

14.6 

16.5 

14.9 

9.8 8.9 

11.5 

6.6 

Shareholding Pattern (31 st December, 2011) 

FIIs 

12% 

9.8 

5.4 

FY10a FY11a FY12e FY13e FY14e 

Price/Earnings EV/EBITDA 

DIIs 

5% 

Others 

9% 

Promoters 

74% 

Table 1: KKCL’s key financial indicators (Consolidated) 

FY10A FY11A FY12E FY13E FY14E 

Operating Income (Rs. crore) 175.9 236.5 306.5 388.3 472.3 

EBITDA Margin (%) 27.3% 29.1% 24.1% 25.1% 24.6% 

PAT Margin (%) 18.5% 19.6% 16.7% 17.1% 16.5% 

EPS (Rs.) 26.4 37.5 41.6 54.0 63.1 

EPS Growth (%) 101.6% 43.3% 7.4% 31.9% 19.2% 

P/E (x) 23.5 16.5 14.9 11.5 9.8 

P/BV (x) 4.4 3.9 3.4 2.9 2.5 

RoE 19.9% 24.8% 24.2% 27.3% 27.4% 

RoCE 28.2% 36.6% 36.4% 40.3% 40.6% 

EV/EBITDA 14.6 9.8 8.9 6.6 5.4 

Source: Company, ICRA Equity Research Service 

Share Price Movement (12 months) 

160% 

140% 

120% 

100% 

80% 

60% 

40% 

20% 

0% 

Kewal Kiran 

Nifty Index 

Source: Bloomberg, ICRA Equity Research Service 

1

ICRA Equity Research Service 

Kewal Kiran Clothing Limited 

Table 2: KKCL - Q3 FY12 Results 

Rs. Crore Q3, FY12 Q2, FY12 QoQ% Q3, FY11 YoY% 9M, FY12 9M, FY11 YoY% 

Net Sales 64.2 100.35 -36% 63.02 2% 233.45 180.62 29% 

Other Related Income 0.41 0.43 -5% 0.32 28% 1.26 0.91 38% 

Operating Income 64.61 100.78 -36% 63.34 2% 234.71 181.53 29% 

COGS 29.63 43.49 -32% 23.99 24% 100.57 68.48 47% 

Employee Costs 6.78 8.4 -19% 6.31 7% 22.63 19.76 15% 

Selling & Distribution 8.29 10.96 -24% 8.67 -4% 28.44 21.13 35% 

Other Costs 7.87 11.62 -32% 7.19 9% 27.42 19.59 40% 

EBITDA 12.04 26.31 -54% 17.18 -30% 55.65 52.57 6% 

Depreciation 1.65 1.5 10% 1.4 18% 4.56 4.1 11% 

Interest 0.63 0.82 -23% 0.59 7% 2.0 1.7 21% 

Other Income 3.06 2.99 2% 1.6 91% 9.1 5.7 59% 

Tax 4.07 8.62 -53% 5.53 -110% 18.47 17.43 6% 

PAT (After MI) 8.75 18.36 -52% 11.26 -22% 39.72 35.13 13% 

Number of Shares (crore) 1.23 1.23 1.23 1.23 1.23 

EPS 7.1 14.9 -52% 9.1 -22% 32 29 13% 

CEPS 8.4 16.1 -48% 10.3 -18% 36 32 13% 

EBITDA Margin 18.63% 26.11% 27.12% 23.71% 28.96% 

PAT Margin 13.54% 18.22% 17.78% 16.92% 19.35% 

Source: Company, ICRA Equity Research Service 

During the quarter, the company opened 26 new stores (10 K-Lounge, 7 Killer EBOs, 7 Integrity EBOs and 2 Lawman 

Pg3 EBOs) through the franchisee route in accordance with its stated distribution strategy. Opening of the new stores 

helped compensate the loss of sales from an early Diwali and overall slowdown as each new store opening results in 

top line addition of Rs 12 to Rs 16 lakh depending upon the store format. The company closed down 10 stores during 

the quarter due to non-viability of these franchises. The company has around 23 new stores in pipeline to be opened 

during Q4, FY 12. 

KKCL’s sales to national chain stores witnessed a sharp 35% decline on a YoY basis, partly due to the challenging 

economic environment. However, the overall impact was negligible as the company has maintained low dependence 

on national chain stores due to the lower margins offered by this distribution channel. On the other side, Exports 

witnessed a robust 100% growth, albeit on a lower base, as the company increased its exports of “Integriti” and 

“Lawman Pg 3” brands. As per the management, exports appeared relatively lucrative due to government incentives 

such as duty drawback scheme and absence of excise duties. 

In terms of regional distribution, northern region witnessed strong 36% YoY revenue growth on the back of increased 

penetration, stronger marketing thrust and launch of winter-wear products range; while the South, West and East 

witnessed de-growth of 12%, 15% and 2% respectively. Thus the regional sales distribution now appears more 

balanced than earlier years. In terms of product distribution, the revenue contribution from the newly launched 

winter-wear products and lifestyle accessories range increased from ~8% in Q3 FY11 to ~21% in Q3 FY12. 

2



COMPANY PROFILE 

Kewal Kiran Clothing Limited (KKCL) is one of the leading manufacturer and retailer of branded apparels and fashionwear 

in India. KKCL has over two decades of experience in the domestic readymade garments industry with some 

established brands like ‘Killer’, ‘Lawman Pg3’, ‘Integriti’, ‘Easies’ and ‘ADDICTIONS’. KKCL markets its products 

through a chain of 240 ‘K-LOUNGE’ showrooms and exclusive brand outlets (EBOs) across the country. Besides, 

KKCL’s products are widely marketed at over 3,500 multi-brand outlets (MBOs) and national chain stores like 

Shoppers’ Stop and Hypercity. 

KKCL is an established player in the denim Jeans category through its flagship Killer brand, besides having a presence 

in Trousers, Shirts, T-shirts & Jackets. It has also entered the lifestyle accessories segments like shoes, belts, watches, 

bracelets, wallets, caps, bags, sunglasses and deodorants through the ADDICTIONS brand. KKCL’s designing and 

manufacturing facilities are mainly located at Dadar and Goregoan (Mumbai), Daman and Vapi in Western India. 

Grading Positives: 

The key grading positives in our view are: 1) Strongly positioned to benefit from the domestic consumption play due 

to Pan-India presence, including its first-mover’s advantage in the Tier-II / Tier-III cities as well as relatively less 

penetrated eastern states 2) established brand equity of its flagship product – Killer Jeans 3) Asset light model 

reduces overhead costs while maintaining product & service standards 4) Continued focus on profitable growth and 

careful store expansion are expected to ensure healthy profitability indicators (like RoCE) for the company going 

forward 5) Strong designing expertise, vast experience of the promoters’ in the branded apparel business 

Grading Sensitivities: 

The key grading sensitivities in our view are: 1) Intense competition in the domestic branded apparels market with 

presence of large number of domestic as well as global brands 2) Vulnerability to cotton price fluctuations and 

regulatory changes (like excise duty levy) 3) Ability to scale up business while maintaining its financial profile 4) High 

dependence on multi-brand outlets (MBOs) and National Chain Stores, which together contribute ~70% of revenues, 

can limit bargaining power 5) Increasing contribution from value brands (like Integriti, Lawman Pg3) and low margin 

products (like shirts, T-shirts) could moderate margins; cash reserves held by the company yields lower returns. 6) 

Merchandise obsolescence risks due to rapidly evolving fashion trends and changing customer preferences 

Table 3: Company Factsheet 

Name of the Company 

Kewal Kiran Clothing Limited (KKCL) 

Year of Incorporation 1980 

Nature of Businesses 

Branded apparels manufacturing and retailing 

Products 

Jeans, Trousers, Shirts, T-shirts, Jackets and Lifestyle accessories 

Brands 

‘Killer’, ‘Lawman Pg3’, ‘Integriti’, ‘Easies’ and ‘ADDICTIONS’ 

Company Stores 

130 K-Lounges, 54 Killer EBOs, 37 Integriti EBOs, 9 LawmanPg3-EBOs, 3 Addiction-EBO, 7 Factory Outlet 

Distribution Network 

Over 3,500 Multi-brand outlets (MBOs) and National Chain stores (like Shoppers stop and Hypercity) 

Exports 

Middle East, Sri Lanka, Nepal and other countries 

Vendors 

Fabric manufacturers like Arvind Mills, Raymond, KG Denim, etc 

Manufacturing Capacity 

3.5 Million pieces per annum (could be stretched further depending on product mix) 

Manufacturing Locations Washing, cutting, stitching and garmenting facilities at Dadar and Goregaon (Mumbai), Daman and Vapi 

Key Joint Ventures 

33% stake in White Knitwear Private Ltd in Surat SEZ 

Bankers 

Standard Chartered Bank 

Auditors 

M/s. Jain & Trivedi, M/s. N.A. Shah Associates 

IPO Details 

Rs. 80.6 crore raised in 2006, Issue of 31 lac shares at Rs. 260 per share, shares are listed on BSE and NSE 

Registered & Corporate Office Kewal Kiran Estate, Behind Tirupati Udyog, 460/7, I.B. Patel Road, Goregaon (East), Mumbai - 400 063 

Windmill 

0.6 MW Capacity at Survey No.1119/P, Village Kuchhadi, Taluka Porbunder, District Porbunder, Gujarat 

Source: Company, ICRA Online Research 

3



KKCL’s Key Milestones: 

1980: 

M/s Keval Kiran 

& Co 

incorporated 

1989: 

Launch of 

‘KILLER’ 

1998: 

Launch of 

‘LAWMAN’ 

& ‘EASIES’ 

2002: 

Launch of 

‘INTEGRITI’ 

2004: 

Launch of 

the first ‘K- 

LOUNGE’ 

2006: 

IPO of 31 

Lac Shares 

2007: 

KILLER 

WOMEN 

Wear 

Launched 

2011: 

Launch of 

'Addictions' 

KKCL’s Corporate Structure: 

Kewal Kiran Clothing Limited (KKCL) 

Branded apparel 

manufacturer and retailer 

Killer 

Lawman Pg3 

easies 

Integriti 

Addictions 

Launch: 1989 

Launch: 1998 

Launch: 1998 

Launch: 2002 

Launch: 2011 

Segment: Premium 

Segment: Mid-premium 

Segment: Mid-premium 

Segment: Value 

Segment: Lifestyle 

Products: Denim Jeans, 

Designer wear 

Products: Clubwear 

Jeans, Shirts, Jackets, 

trousers, etc 

Products: Formal & 

Semi-formal menswear 

Products: Casuals, 

formals and Jeans 

Products: Footwear, 

Gym Wear, Swim Wear, 

eyewear, etc 

Revenue Contribution: 

51% 


21% 


2% 


25% 


1% 

Competition: Levis, Lee, 

Spyker, Pepe, Wrangler 

Latest Innovations & 

Launches: Winter wear – 

Jackets and Sweaters 

Competition: Mufti, 

Newport, Flying 

Machine, etc 


Launches: Vertebrae and 

Chica range 

Competition: Peter 

England, Dockers, S. 

Kumars, etc 


Launches: Winter wear 

Competition: Mufti, 

Adams, Ruff & Tuff, etc 


Launches: Integriti Galz 

Competition: Titan, 

Fastrack, etc 


Launches: Deodorants 

and personal care 

products 

Source: Company, ICRA Online Research 

Governance structure: 

KKCL is managed by an eight member Board, which includes four independent directors and four members from the 

Jain family. While the family is closely involved in running KKCL’s business, the company has a professional 

management structure across the company. The promoter group holds 74% equity stake in the company and the rest 

is widely held by institutional and retail investors. The disclosures in KKCL’s Annual Report are adequate and have 

been broadly in line with that followed by the industry. 

4



VALUATION GRADING 

In assessing a company's valuation, various parameters are looked at including the company's earnings and growth 

prospects; its ability to generate free cash flows and its capacity to generate returns from the capital invested. The 

valuation is also benchmarked against an appropriate peer set or index. The opinion on a company's relative valuation 

is expressed using the following five-point scale as follows: 

Table 4: ICRA Equity Research Service—Valuation Grades 

Valuation Grade 

Grade Implication 

A 

Significantly Undervalued 

B 

Moderately Undervalued 

C 

Fairly Valued 

D 

Moderately Overvalued 

E 

Significantly Overvalued 

While assessing a company's relative valuation, 

the historical price volatility exhibited by the 

stock, besides its liquidity, is also taken into 

account. The extent of overvaluation or 

undervaluation is adjusted for the relative 

volatility displayed by the stock. 

Source: ICRA Online Research 

KKCL’s current valuation multiple (~11.5x times FY13 earnings) is at a discount to valuations of broader market 

indices like Nifty Index and CNX 500 index. KKCL continues to be reasonably valued domestic consumption plays with 

strong established brand, wide distribution reach and strong balance sheet. Overall, we expect the company to report 

a healthy 26% CAGR revenue growth and 19% CAGR EPS growth over the FY11a-FY14e period, aided by rapid 

expansions in Tier – II and Tier – III cities. Hence, we assign a valuation grade of “C” to KKCL on a grading scale of ‘A’ 

to ‘E’, which indicates that the company is “Fairly Valued” on a relative basis. 

Table 5: KKCL’S Relative Valuations: 

ICRA Estimates 

KEWAL KIRAN 

CLOTHING 

NIFTY 

INDEX 

CNX 500 

INDEX 

CNX MIDCAP 

INDEX 

FY12E FY13E FY12E FY13E FY12E FY13E FY12E FY13E 

Price/Earnings 14.90 11.48 14.74 12.70 13.91 11.68 12.28 10.21 

EV/EBITDA 8.94 6.62 9.91 8.73 9.82 8.32 10.22 8.17 

Price /Sales 2.49 1.97 1.59 1.45 1.27 1.14 0.77 0.70 

Price /Book Value 3.38 2.91 2.36 2.08 2.04 1.80 1.37 1.24 

Price/Cash Flow 13.23 10.32 10.34 8.98 9.86 8.25 9.56 7.34 

ICRA Estimates 

KEWAL KIRAN 

CLOTHING 

PANTALOON 

RETAIL 

SHOPPERS 

STOP 

TRENT 

ARVIND 

FY12 FY13 FY12 FY13 FY12 FY13 FY12 FY13 FY12 FY13 

Price/Earnings 14.90 11.48 19.33 14.32 39.99 25.78 n.m. 37.42 7.48 5.78 

EV/EBITDA 8.94 6.62 10.59 9.05 18.47 13.19 154.73 15.58 6.34 5.58 

Price /Sales 2.49 1.97 0.29 0.25 0.80 0.65 0.94 0.67 0.48 0.42 

Price /Book Value 3.38 2.91 1.16 1.08 4.19 3.72 2.11 2.37 1.07 0.91 

Price/Cash Flow 13.23 10.32 8.53 6.84 21.83 15.72 61.41 21.00 4.45 3.59 

Source: Bloomberg, ICRA Equity Research Service * Bloomberg Consensus Estimates as on 24 th January, 2012 

5



ANNEXURES 

Kewal Kiran Clothing Limited – P&L Estimates (Consolidated) 

Rs. Crore FY10a FY11a FY12e FY13e FY14e 

Net sales 175.3 235.3 305.0 386.4 470.0 

Other related income 0.6 1.2 1.5 1.9 2.3 

Operating Income (OI) 175.9 236.5 306.5 388.3 472.3 

Growth Rate (%) 21.0% 34.4% 29.6% 26.7% 21.6% 

EBITDA 48.1 68.9 74.0 97.6 116.3 

Depreciation 5.8 5.9 6.5 7.5 9.0 

EBIT 42.2 63.0 67.5 90.1 107.3 

Interest expenses 2.3 2.1 2.5 2.2 2.2 

Other income/expense 8.9 8.3 11.8 11.9 11.4 

PBT (before extraordinary) 48.7 69.3 76.8 99.8 116.6 

Extraordinary Gain/Loss 0.0 0.0 0.0 0.0 0.0 

PAT 32.5 46.2 51.3 66.6 77.8 

No of shares 12,325,037 12,325,037 12,325,037 12,325,037 12,325,037 

DPS 85.5 40.8 16.0 20.8 24.3 

EPS 26.4 37.5 41.6 54.0 63.1 

CEPS 31.1 42.3 46.9 60.1 70.4 

Kewal Kiran Clothing Limited – Balance Sheet Estimates (Consolidated) 


Net worth 175.2 197.8 226.0 262.6 305.4 

Minority interest 0.0 - - - 0.0 

Total Debt 15.8 5.6 11.0 11.0 11.0 

Non-Operating Non Current Liability 0.0 0.0 0.0 0.0 0.0 

Deferred Tax Liability (1.7) (1.6) (1.6) (1.6) (1.6) 

Trade Creditors 16.0 18.2 22.8 28.5 35.0 

Other Current Liabilities and Prov. 13.8 30.3 43.8 56.2 67.0 

Total liabilities 219.2 250.2 302.0 356.7 416.7 

Net Fixed Assets 40.0 40.6 43.1 49.6 59.6 

Capital Work in Progress 2.7 2.1 2.1 2.1 2.1 

Total Net Fixed Assets 42.7 42.7 45.3 51.8 61.8 

Total Long-Term Investments 32.9 26.8 26.8 26.8 26.8 

Cash and Bank Balances 80.2 95.3 114.1 129.6 143.7 

Receivables (incl. bills discounted) 24.1 29.8 43.6 60.7 80.5 

Inventories 21.8 36.8 48.0 57.1 66.4 

Loans & Advances 1.4 2.0 2.6 3.3 4.0 

Other Current Assets 16.0 16.7 21.6 27.4 33.3 

Total Current Assets 143.5 180.7 229.9 278.1 328.0 

Total Assets 219.2 250.2 302.0 356.7 416.7 

6



Kewal Kiran Clothing Limited – Cash Flow Estimates (Consolidated) 


OPBDIT 48.1 68.9 74.0 97.6 116.3 

Less: Taxes 16.4 23.0 25.5 33.2 38.8 

Changes in Net Working Capital 2.8 (0.6) (9.3) (9.6) (12.3) 

Net Interest Charges (2.3) (2.1) (2.5) (2.2) (2.2) 

Cash flow from operating activities 32.1 43.2 36.6 52.6 63.1 

Investments (2.1) 6.1 0.0 0.0 0.0 

Capital expenditures (3.0) (5.7) (9.0) (14.0) (19.0) 

Cash flow from investing activities (5.1) 0.3 (9.0) (14.0) (19.0) 

Equity Raised / (Buyback) 0.0 0.0 0.0 0.0 0.0 

Loans Raised / (Repaid) (7.8) (10.2) 5.4 0.0 0.0 

Others (Including Extra-ordinaries) 0.0 (0.1) 0.0 0.0 0.0 

Dividend (4.3) (15.4) (14.3) (23.1) (30.0) 

Cash Flow from Financing activities (12.1) (25.8) (8.9) (23.1) (30.0) 

Cumulative cash flow 14.9 17.7 18.7 15.5 14.1 

Opening Cash Balance 65.3 80.2 95.3 114.1 129.6 

Closing Cash Balance 80.2 97.9 114.1 129.6 143.7 

Kewal Kiran Clothing Limited – Key Financial Ratios (Consolidated) 

FY10a FY11a FY12e FY13e FY14e 

Growth indicators 

Sales Growth 21.2% 34.2% 29.6% 26.7% 21.6% 

EBITDA Growth 101.6% 43.3% 7.4% 31.9% 19.2% 

EPS Growth 128.1% 42.2% 11.0% 29.8% 16.8% 

Cash EPS Growth 98.8% 35.8% 10.9% 28.3% 17.1% 

Profitability indicators 

EBITDA Margin 27.3% 29.1% 24.1% 25.1% 24.6% 

EBIT Margin 24.0% 26.7% 22.0% 23.2% 22.7% 

PAT Margin 18.5% 19.6% 16.7% 17.1% 16.5% 

RoE 19.9% 24.8% 24.2% 27.3% 27.4% 

ROCE 28.2% 36.6% 36.4% 40.3% 40.6% 

Liquidity ratios 

Debtor (days) 50 46 50 55 60 

Inventory (days) 90 112 105 100 95 

Net working capital/Revenues 24.0% 21.6% 23.6% 24.1% 24.9% 

Capitalization Ratios 

Total Debt/(Equity + MI) 0.1 0.0 0.0 0.0 0.0 

Interest coverage 20.6 33.4 29.8 44.3 52.9 

Total Debt/EBITDA 0.3 0.1 0.1 0.1 0.1 

Valuation Ratios 

Price/Sales 4.3 3.2 2.5 2.0 1.6 

Price/Earnings 23.5 16.5 14.9 11.5 9.8 

Price/Book Value 4.4 3.9 3.4 2.9 2.5 

EV/EBITDA 14.6 9.8 8.9 6.6 5.4 

Price/Cash Flows 19.9 14.7 13.2 10.3 8.8 

7



ICRA Limited 

CORPORATE OFFICE 

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E-mail: shivakumar@icraindia.com 

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E-mail: jayantac@icraindia.com 

www.icra.in 

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