FUNDAMENTAL COVERAGE - PREMIER EXPLOSIVES LIMITED

Price ` 465

Fair Value 625

Upside 34%

Div Yield 0.6%

Tenure 1 Year

Sensex 31109.28 Many Firsts to its Credit:-

Nifty 9604.90

Group/Index

M.cap (` in cr) 489

Equity (` In cr) 10.51

52 wk H/L ` 510/304.50 Vision 2022:

Face Value ` 10.00

NSE code PREMEXPLN Continue the leadership in High Energy Materials for defense and space

BSE code 526247 Develop low cost processes and techniques for production of industrial explosives

Develop capacity for missile integration

Meet the full requirements of ISRO’s strap-on motors

Enter export market for defense products and high energy components

RONW 10% Various Orders Augers well for the company to increase its revenues.

P/E 33.94

P/BV 3.5

EV/EBIDTA 18.37

PSOM-XL for ISRO:

IN `

EV (ìn cr) 543.80

BV (ìn cr) 133.71

NW(ìn cr) 140.53

EPS (TTM) 13.70

FY 18Est. Earnings 17.93

Equity Share Capital 10.51

10.00

1.05

EPS(FY18 Est.) 17.06

Estimated P/E Ratio 37

Estimated Price/share 625

Year End 201703 201603 201503 201403

Tax Rate % 31.97 31.80 30.18 28.86

Receivable days 76.52 74.71 76.74 -

Source: Google Div. Payout % 17.76 31.25 33.31 24.48

Receiving orders for export of detonating fuse and other accessories coupled with orders for

explosives from coal companies which have been higher than previously executed amounts, would

enhance the revenue & profits. Apart from that, company is expecting solid propellants

opportunities to grow in view of induction of various missiles in to defense.

Additionally, company also bagged domestic order worth ` 33.18 crore from Air Head Quarters,

Ministry of Defense. This order which company have won was a global tender and competed against

international companies. The order is for a product called chaffs and flares which are used as a

countermeasure by the air force, navy as well as in army and is to be completed by the end of 2017.

Key Valuation Ratios

Key Financial Data

Total Order book as on 31st March 2017 stands at ` 243 crores ; Explosives - ` 90 crores; Defense -

` 115 crores; Services - ` 38crores

VALUATION (` In Cr except per share)

PEL has been operating and maintaining solid propellant plant of ISRO at SHAR, Sriharikota for the

past 10 years

Company has received an order from ISRO (Indian Space Research Organization) for production of

PSOM-XL Development Motor for use in the Polar Satellite Launch Vehicle (PSLV). Company has

received a letter from Andhra Pradesh Industrial Infrastructure Corporation (APIIC) for provisional offer

of 202 acres of land at Routhsurmala village in Chittoor district of Andhra Pradesh for establishing a unit

to manufacture Solid Propellant.

With receipt of this order, the company would be foraying into the niche-space sector, which is a

significant milestone for the company.

Eyeing 25-30% revenue growth & better margins in coming financial year along with an estimated

capex of ` 150 crores as well as expectation of Defense explosives revenue would be higher

compared to Commercial explosive in next 2-3 years Augurs well for company to enhance

profitability.

Stock Details

INVESTMENT RESEARCH

FUNDAMENTAL COVERAGE - PREMIER EXPLOSIVES LIMITEDDated :29 th May 2017

FV

BUY Investment Rationale

1st Company for manufacturing and supplying solid propellants for India's prestigious missile

programmes like Akash, Astra, and LRSAM and reached a milestone of delivering 1000th Boostergrain for Akash missile in July 2016

Share Holding Pattern

1st Company in India to have deployed indigenous technology for manufacturing explosives

1st Company in the world to produce safer and greener NHN detonators on commercial scale replacing

ASA detonators

B / S&P BSE

Small Cap

No. of Equity Shares

Corporate Governance Transparency Ratio's

48%

52%

Promoter Others

Page 1 www.rudrashares.com

Defense Procurement Policy 2016

Key Strategies:

Signed NDAs and MOUs with global missile players

Focusing on exports to South East Asia and Africa

Started manufacture of Chaffs to Air force and supplied first order in April 2017

Developed Air Target Imitator, which is expected to be given IDDM recognition

Projects for Indian Air Force:

On going Under Development

Quarterly and yearly Results:

Government Initiative Having positive impact on the company’s opportunities in defense explosives.

Defense Procurement Procedure (DPP)-2016, which has come into effect from April 2016, focuses on

institutionalizing, streamlining and simplifying defense procurement procedure to give a boost to “Make in India”

initiative of the Government of India, by promoting indigenous design, development and manufacturing of defense

equipment, platforms, systems and sub-systems●Introduction of top priority procurement category Buy (Indian–Indigenously Designed, Developed and

Manufactured) or ‘Buy (Indian – IDDM)’●Enhancement of the indigenous content requirement from 30 per cent to 40 per cent under the ‘Buy (Indian)’

category●The ‘Make’ Procedure has been simplified with provisions for funding of 90 % of development cost by the

government to Indian industry and reserving projects not exceeding development cost of Rs. 10 crore (government

funded) and Rs. 3 crore (industry funded) for MSMEs.

Defense Procurement Policy 2016 linking it to “Make in India” policy, created the top priority procurement

category IDDM, which will be an encouragement for local entrepreneurs. Strategic Partnership Policy and

Defense Procurement Organization formulated in May 2017 are expected to create a large defense eco system

in the coming years.

Government would roll out new strategic partnership policy and rope in private players to jointly manufacture

defense equipments under the `Make in India` initiative. The government will swiftly roll out the new strategic

partnership policy, under which selected Indian private sector companies will partner with global armament companies

to jointly manufacture fighter jets, helicopters, submarines and armoured vehicles like tanks under the `Make in India`

framework

Standalone revenue for the quarter came in at ` 71.93crore, registering 23.1% yoy increase.

EBITDA for the quarter rose by 90.7% yoy to `14.3 crore with a corresponding margin expansion of 705 bps.

EBITDA margin for the quarter stood at 19.9%. This margin expansion was aided by favorable movements in

inventories.

The PAT for the quarter came in at ` 8.3 crore, yoy increase of 143.82%.

For the full year, net profit rose 159.68% to ` 14.75 crore in the year ended March 2017 as against ` 5.68 crore

during the previous year ended March 2016. Sales rose 24.41% to `229.28 crore in the year ended March 2017 as

against `184.30 crore during the previous year ended March 2016.

Market expansion in explosives and defense business with new Industrial licenses obtained

Plans to enter the ammunition business and negotiating for technological tie-up with foreign OEMs

Plans to enter the ammunition business and negotiating for technological tie-up with foreign OEMs Capacity expansion in solid propellants and detonating fuse

RUDRA SHARES &

STOCK BROKERS LTD.

Chaffs and flaresAir target imitator (for Air Defense, Indian Army)

70mm RocketsAir Glide BombsRe- graining of existing MissilesIndigenization of Power cartridgesCanopy severance system


` in crores

Q4 FY 17 Q3 FY 17 Q4 FY 16 FY 17 FY 1671.93 55.45 58.44 29.72% 23.08% 236.60 184.30 28.38%

14.15 5.18 7.05 173.17% 100.71% 29.71 18.01 64.96%

19.67% 9.34% 12.06% - - 12.56% 9.77% -

12.33 3.30 5.40 273.64% 128.33% 22.18 8.25 168.85%

17.14% 5.95% 9.24% - - 9.37% 4.48% 109.42%

8.29 2.30 3.39 260.43% 144.54% 14.96 5.65 164.78%

11.53% 4.15% 5.80% - - 6.32% 3.07% 106.25%

9.36 2.6 3.84 260.00% 143.75% 16.9 6.38 164.89%

Top explosives players - Market Share

RUDRA SHARES &

STOCK BROKERS LTD.

Production of explosives went up by 33% to 32014 tones from previous year of 24066 tones and production of

detonators increased to 46.28 million pieces from 42.20 million pieces a year ago. Windmill generated 8.25 lakh

units of power compared to 13.67 lakh units during the previous year, a decline of 40% due to unfavorable wind

patterns.

Indian explosives industry, estimated to be ` 40 Bn p.a., is considered among the top 5 in the world. Coal

requirements for the power sector are projected to reach to about 1070 MT by 2020. Out of this, domestic coal

supply is projected to increase to 756 MT by 2022. Industry has been showing a mixed trend with dynamics of

changing mining activity levels, technological advancements, use of electric & shock tube detonators etc.

Qu

art

erl

y &

Ye

arl

y R

esu

lts

An

aly

sis

PAT

PBT%

PAT %

% change

Q-0-Q

% change

Y-0-YQuarter Ended

EPS

Result Snapshot

EBITDA

% change

Y-0-Y

EBITDA %

Year Ended

Standalone Results Consolidated Results

The fortunes of the explosives industry are closely linked to the metal/mineral extraction industry. More than 75%

of explosives produced globally are consumed in mining operations. In India, mining accounts for more than 90% of

the total consumption of explosives. The coal industry consumes more than 70% of total demand. Given that

explosives comprise a substantial share (18-20% in coal mining) of the raw material consumed in mining, it is

important to understand the quantum of demand for explosives in mining.

Company Overview

Premier Explosives Limited is a `1500 million company established in 1980 and founded by the first generation

entrepreneur Dr. A.N.Gupta, an alumnus of Indian School of Mines, Dhanbad. Since inception it has been a research

and innovation oriented company by manufacturing explosives and detonators with totally indigenous technology in

1980's and 1990's. In 2013 PEL started commercial-scale manufacture of detonators with Nickel Hydrazine Nitrate

(NHN)as primary charge emerging as the world first to do so.

Graphical presentation Q4 FY 2016-17 & FY 2017 Results:

Industry Overview

Revenue

PBT

Particulars

SIIL25%

ORICA16%

IBP (IOCL)11%

GULF OIL10%PREMIER

EXPLOSIVES5%

Others33%


pooja.yadav

Highlight

pooja.yadav

Highlight

Company has received an order from ISRO (Indian Space Research Organization) for production of PSOM-XL

Development Motor for use in the Polar Satellite Launch Vehicle (PSLV). With receipt of this order, company

would be foraying into the niche-space sector, which is a significant milestone for the company .

Additionally, company also bagged domestic order worth ` 33.18 crore from Air Head Quarters, Ministry of Defense

for a product called chaffs and flares & expects to be completed by the end of 2017.

Receiving orders / enquires for export of detonating fuse and other accessories coupled with orders for explosives

from coal companies which have been higher than previously executed amounts, would enhance the revenue &

profits. Apart from that, company is expecting solid propellants opportunities to grow in view of induction of

various missiles in to defense.

Government's initiative, Ujwal DISCOM Assurance Yojana (UDAY) which is expected to assist in financial

turnaround of many electricity distribution companies and this will lead to overall improvement in power

sector which is the largest demand-driver for industrial explosives. Similarly the Mines and Mineral

(Development and Regulators) Act of 2015 also is expected to liberalize the mining which shall create new

opportunities for explosive manufacturers.

Increasing mining activities by public sector coal companies, expected operations from private coal miners,

amended mining regulations, priority of government for construction of roads and irrigation projects and

rising export enquiries provide combined with ‘Make in India’ initiative, revised defense procurement policy

including the new concept of Strategic Partner, liberal Foreign Direct Investment in defense up to 100%, India's

entry into Missile Technology Control Regime, offers a large and long term opportunity to company's both

military & commercial explosives.

RUDRA SHARES &

STOCK BROKERS LTD.

Estimating the share price of the company as per P/E valuation, putting the estimated P/E of FY18E at 37x &

the estimated EPS at ` 17.06, the estimated share price for next 1 year tenure turns around to be ` 625.

Therefore, we recommend to BUY.

Valuation Conclusion


LTM 201703 201612 201609 201606

229.3 71.93 55.45 54.7 47.2

29.6 14.74 5.19 5.35 4.37

3.5 0.91 0.85 0.84 0.86

26.2 13.83 4.34 4.51 3.51

1.3 0.84 0.13 0.15 0.13

4.4 1.49 1.03 0.9 0.95

21.8 12.33 3.31 3.61 2.56

7.1 4.04 1.01 1.21 0.8

14.8 8.29 2.3 2.4 1.76

0.4 0.39 0 0 0

14.4 7.9 2.3 2.4 1.76

16.7 9.36 2.6 2.71 1.99

13.7 7.5 2.2 2.3 1.7

Particulars 201403 201503 201603 201703 2018E 2019E 2020E

Sales 144.71 148.99 184.31 236.60 306.86 381.01 443.30

Oth. operating Income 0.69 0.50 0.68 1.60 2.40 3.24 5.18

Total Inc. from operations 145.40 149.49 184.99 238.20 309.26 384.25 448.48

Operating EBITA 13.91 9.24 11.55 25.30 28.88 35.78 41.87

Total Inc. from operations 145.40 149.49 184.99 238.20 309.26 384.25 448.48

TOTAL EXPENDITURE 129.14 136.95 170.12 209.21 270.57 334.37 388.92

EBITDA 16.26 12.54 14.87 28.99 38.69 49.88 59.56

Depreciation (2.35) (3.30) (3.32) (3.69) (9.81) (14.10) (17.69)

Goodwill amortization - - - - - - -

OTHER INCOME 1.41 0.74 0.46 1.31 1.82 2.28 3.31

Net financials

Interest income - - - - - - -

Interest expenses (2.36) (2.36) (3.74) (4.43) (4.21) (5.07) (7.15)

Net Financial Items (2.36) (2.36) (3.74) (4.43) (4.21) (5.07) (7.15)

Reported Pre-tax profit 12.96 7.62 8.27 22.18 26.48 32.98 38.03

Reported Tax charge (3.74) (2.30) (2.63) (7.09) (8.47) (9.89) (11.41)

Reported Net profit 9.22 5.32 5.64 15.09 18.01 23.09 26.62

Minorities - - - 0.08 0.08 0.08 0.08

P/L OF ASSOCIATE CO. - - 0.03 (0.04) - - -

9.22 5.32 5.67 14.97 17.93 23.01 26.54

Extra Ordinary income - - (1.83) 0.39 - - -

Dividend Paid (2.26) (1.77) (1.77) (2.66) (3.16) (3.15) (3.16)

Retained earnings 6.96 3.55 5.73 11.92 14.77 19.85 23.39

Reported EPS 11.03 6.00 6.40 16.90 17.06 21.89 25.26

Adjusted Basic EPS 8.77 5.06 7.14 13.87 17.06 21.89 25.26

DPS - originally declared 2.70 2.00 2.00 3.00 3.00 3.00 3.00

Opening Balance 8.36 8.36 8.86 8.86 8.86 10.51 10.51

Issued during the Period - 0.50 - - 1.65 - -

Closing Balance 8.36 8.86 8.86 8.86 10.51 10.51 10.51

FV 10.00 10.00 10.00 10.00 10.00 10.00 10.00

Wtd. Avg. no. of shares 0.84 0.89 0.89 0.89 1.05 1.05 1.05

Note:- The figures shown in the brackets means NEGATIVE.

EPS and Dividend

Number Of Shares

12.019.98Profit from ordinary act.

Before Fin.Cost ,TAX &

Exp.Items

Rep. NP after min. Int.

Rep.Net Income after

extra ordinary items

30.70 38.05 45.18

5.32 7.50 14.58 17.93 23.01 26.54

15.32 26.61

9.22

41.8735.7828.8811.55

Particulars

28.8811.55

Income Statement and Estimates ( ` in Cr except per share)

Profit & Loss

Adj. EPS

Net Inc(Reg)

Rep Net Inc

EPS

Depreciation

Taxes

41.87

Extraord. Items

9.24

EBT

35.78

Net Sales

Op Income

Rep. profit before othrinc.,

fin.cost,tax & excp. Item

Rep. profit before othrinc.,

fin.cost,tax & excp. Item25.3013.91

25.30

EBITDA

Misc.Inc (Exp.)

Interest Exp

13.91 9.24

Quarterly Results (` in cr except per share)

RUDRA SHARES &

STOCK BROKERS LTD.


201403 201503 201603 201703 2018E 2019E 2020E

Equity & Liabilities

Shareholders' Fund

Share Capital 8.36 8.86 8.86 8.86 10.51 10.51 10.51

Reserves and Surplus 48.87 53.05 56.57 129.95 144.72 164.58 187.96

- - - 1.72 1.80 1.88 1.96

Total Shareholders' Fund 57.23 61.91 65.43 140.53 157.03 176.97 200.44

Non-Current Liabilities

Long-term Borrowings 2.86 0.63 0.32 6.56 5.10 3.30 3.70

Other LT Liabilities 1.04 0.76 0.73 0.49 - - -

Deferred Tax Liability 6.39 5.87 4.09 3.62 3.41 2.97 2.62

Long term Provisions 1.25 1.78 2.34 3.22 3.61 4.04 4.52

Total Non-Current Liab. 11.54 9.04 7.48 13.89 12.12 10.31 10.84

Current Liabilities

Short term Borrowings 7.38 17.82 21.77 31.65 50.64 87.02 121.00

Trade Payables 8.12 8.14 11.88 9.38 12.37 17.29 23.32

Other current liability 18.98 12.76 20.55 21.99 24.74 28.82 33.64

Short term Provisions 4.09 3.60 2.58 5.53 6.08 6.69 7.36

Total current Liab. 38.57 42.32 56.78 68.55 93.83 139.82 185.32

Total Equity & Liab. 107.34 113.27 129.69 222.97 263.02 327.10 396.60

Assets

Non-Current Assets

Fixed Assets

Tangible fixed Assets 42.81 41.40 41.87 109.25 130.36 173.90 227.97

Intangible Fixed Assets

Non-current Invest. 5.20 5.20 5.23 0.08 0.08 0.08 0.08

Long term L&A 2.84 1.69 3.52 5.01 5.63 6.33 7.11

Other Non current Ass. 1.24 1.61 1.75 1.78 1.78 1.78 1.78

Deferred tax receivables - - - - - - -

Total Non-Current Assets 52.09 49.90 52.37 116.12 137.86 182.09 236.94

Current Assets

Current Investments - - - - - - -

Inventories 18.38 24.14 22.33 35.01 39.59 43.04 49.33

Trade Receivables 29.50 33.36 42.37 57.50 68.35 84.53 90.59

Cash & cash Equiv. 2.62 2.53 6.65 5.12 6.42 5.26 6.00

Short Term L&A 3.59 3.14 5.34 6.03 6.78 7.20 7.85

Other current Assets 1.15 0.20 0.62 3.19 4.02 5.00 5.83

Total current Assets 55.24 63.37 77.31 106.85 125.16 145.03 159.61

Total Assets 107.34 113.27 129.69 222.97 263.02 327.10 396.60

Cash & cash equivalents 2.62 2.53 6.65 5.12 6.42 5.26 6.00

Other int. bearing assets 5.20 5.20 5.23 0.08 0.08 0.08 0.08

Interest-bearing debt 29.22 31.21 42.64 60.20 80.48 119.14 158.34

Net interest-bearing debt 21.40 23.48 30.76 55.00 73.98 113.80 152.25

Net gearing (%) 37.39% 37.93% 47.01% 39.14% 47.11% 64.30% 75.96%

Tangible assets

Gross capex (3.89) (3.31) (5.15) 71.07 (30.93) (57.64) (71.76)

Sale of fixed assets 0.01 0.05 1.15 - - - -

Net capex (3.88) (3.26) (4.00) 71.07 (30.93) (57.64) (71.76)

Depreciation tangibles (2.35) (3.30) (3.32) (3.69) (9.81) (14.10) (17.69)


Minority Interests

RUDRA SHARES &

STOCK BROKERS LTD.

BALANCE SHEET

Particulars

Investments


201403 201503 201603 201703 2018E 2019E 2020E

Return on assets - 4.82% 6.17% 8.27% 7.38% 7.80% 7.34%

Return on equity - 8.93% 11.78% 14.16% 12.05% 13.78% 14.07%

ROCE - 11.53% 14.40% 20.35% 16.52% 18.89% 19.95%

EBIT Margin - 6.68% 6.49% 11.17% 9.93% 9.90% 10.07%

Pre tax margin - 5.10% 4.47% 9.31% 8.56% 8.58% 8.48%

Net Profit Margin - 3.56% 4.05% 6.12% 5.80% 5.99% 5.92%

Total asset turnover - 1.36 1.52 1.35 1.27 1.30 1.24

Fixed asset turnover - 3.55 4.44 3.15 2.58 2.53 2.23

Equity turnover - 2.51 2.91 2.31 2.08 2.30 2.38

Current Ratio - 1.50 1.36 1.56 1.33 1.04 0.86

Quick Ratio - 0.93 0.97 1.05 0.91 0.73 0.60

Cash Ratio - 0.06 0.12 0.07 0.07 0.04 0.03

Receivable Days - 76.74 74.71 76.52 74.26 72.61 71.26

Inventory Days - 97.47 83.63 83.53 83.50 74.32 71.05

Payable Days - 34.76 36.68 28.12 23.68 26.24 30.43

Conversion Cycle (Days) - 139.45 121.66 131.92 134.08 120.70 111.89

Financial Leverage Effect - 2.36 1.98 1.99 2.16 2.17 2.24

Debt to Capital - 0.34 0.39 0.30 0.34 0.40 0.44

Debt to Equity - 0.50 0.65 0.43 0.51 0.67 0.79


Particulars

RATIO ANALYSIS

RUDRA SHARES &

STOCK BROKERS LTD.


Disclosures :

1) Business Activity :

2)

3)

4)

Sr. No. Yes/No

a) No

b) No

c) No

5)

Sr. No. Yes/No

a) No

b) No

c) No

6) Other Disclosures:

Yes/No

Sr. No.

a) No

b) No

c) No

Rudra or its associates have received any compensation or other benefits from the subject

company or third party in connection with the research report .

RUDRA SHARES &

STOCK BROKERS LTD.

Rudra or its research analysts, or his/her relative or associates have actual/beneficial

ownership of one per cent or more securities of the subject company.

Rudra or its associates have managed or co-managed public offering of securities for the

subject in the past twelve months.

Disclosures

Rudra or its associates have received any compensation from the subject company in the

past twelve months.

Rudra or its research analysts, or his/her relative or associate has any direct or indirect

financial interest in the subject company.

Disclosures with regard to receipt of compensation :

The Research report is issued to the registered clients. The Research Report is based on the facts, figures and

information that are considered true, correct and reliable. The information is obtained from publicly available media

or other sources believed to be reliable. The report is prepared solely for informational purpose and does not

constitute an offer document or solicitation to buy or sell or subscribe for securities or other financial instruments

for clients.

Disclosures with regard to ownership and material conflicts of interest :

Rudra or its research analysts, or his/her relative or associate has any other material

conflict of interest at time of publication of the research report.

Disclosures

Rudra Shares & Stock Brokers Limited is engaged in the business of providing broking services & distribution of

various financial products. RUDRA is also registered as a Research Analyst under SEBI(Research Analyst)

Regulations, 2014. SEBI Reg. No. INH100002524.

Disclosures & Disclaimers

Terms & Conditions of issuance of Research Report:

There has been no instance of any Disciplinary action, penalty etc. levied/passed by any regulation/administrative

agencies against RUDRA and its Directors. Pursuant to SEBI inspection of books and records of Rudra, as a Stock

Broker, SEBI has not issued any Administrative warning to Rudra.

Disciplinary History :

Disclosures

The research analyst has served as an officer,director,employee of the subject company.

Rudra or its research analyst has been engaged in market making activity for the subject

company.

Rudra or its or associates have received any compensation from the subject company in

the past twelve months.


RUDRA SHARES & STOCK BROKERS LTD.

Phone: +91 – 512 – 67011001

Disclaimers:

This Research Report (hereinafter called report) has been prepared and presented by RUDRA SHARES & STOCK BROKERS

LIMITED, which does not constitute any offer or advice to sell or does solicitation to buy any securities. The information presented

in this report, are for the intended recipients only. Further, the intended recipients are advised to exercise restraint in placing any

dependence on this report, as the sender, Rudra Shares & Stock Brokers Limited, neither guarantees the accuracy of any information

contained herein nor assumes any responsibility in relation to losses arising from the errors of fact, opinion or the dependence

placed on the same.

Despite the information in this document has been previewed on the basis of publicly available information, internal data , personal

views of the research analyst(s)and other reliable sources, believed to be true, we do not represent it as accurate, complete or

exhaustive. It should not be relied on as such, as this document is for general guidance only. Besides this, the research analyst(s) are

bound by stringent internal regulations and legal and statutory requirements of the Securities and Exchange Board of India( SEBI)

and the analysts' compensation was, is, or will be not directly or indirectly related with the other companies and/or entities of Rudra

Shares & Stock Brokers Ltd and have no bearing whatsoever on any recommendation, that they have given in the research report.

Rudra Shares & Stock Brokers Ltd or any of its affiliates/group companies shall not be in any way responsible for any such loss or

damage that may arise to any person from any inadvertent error in the information contained in this report. Rudra Shares & Stock

Brokers Ltd has not independently verified all the information, which has been obtained by the company for analysis purpose, from

publicly available media or other sources believed to be reliable. Accordingly, we neither testify nor make any representation or

warranty, express or implied, of the accuracy, contents or data contained within this document. Rudra Share & Stock Brokers Ltd

and its affiliates are engaged in investment advisory, stock broking, retail & HNI and other financial services. Details of affiliates are

available on our website i.e. www.rudrashares.com.

We hereby declare, that the information herein may change any time due to the volatile market conditions, therefore, it is advised to

use own discretion and judgment while entering into any transactions, whatsoever.

Individuals employed as research analyst by Rudra Shares & Stock Brokers Ltd or their associates are not allowed to deal or trade in

securities, within thirty days before and five days after the publication of a research report as prescribed under SEBI Research

Analyst Regulations.

Subject to the restrictions mentioned in above paragraph, we and our affiliates, officers, directors, employees and their relative may:

(a) from time to time, have long or short positions acting as a principal in, and buy or sell the securities or derivatives thereof, of

Company mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or profits.

RUDRA SHARES &

STOCK BROKERS LTD.


Documents

FUNDAMENTAL COVERAGE - PREMIER EXPLOSIVES LIMITED