Protect Capital INVESTORPRESENTATION

April 2018

Create Wealth

1

~ Warren Buffet

Rule No 1: Never lose moneyRule No 2: Never forget rule No 1.

~ Ben Graham

In the short run, the market is a voting machine, But in the long term, it is a weighing machine

~ John Bogle

Successful investing is about owning businesses and reaping the huge rewards provided by the dividends and earnings growth

WE PROTECT CAPITAL

Prudent risk management -core of our investment philosophy

Investment UniverseDiversification across industries

Diversification across Mcap with

focus on liquidity:

• ≥ 50% in large cap USD1bn+

• ≤ 10% in one stock

• ≤ 30% in one sector,

• ≤ 50% in the top 10 stocks

• Minimum investments in 30 stocks

Flexible investment style: Growth as well

as Value with focus on Margin of Safety

Staggered ApproachPortfolio exposure increased over a

period

Not averse to raise cash

Close eye on earnings

growth drivers

Close eye on valuations

Continuous monitoring of

risk

Exit Strategy

3

WE CREATE WEALTH

3M StockSelection Approach

Identify Size of Sector Opportunity

Market Size

Size of the opportunity should be huge to generate significant investment returns

Identify top 5 (Profitable) players in the sector

Market Share

The company be consistently profitable and should be among the leading players in the industry

Identify the stock for investment with Reasonable Valuation

Margin of Safety

The company should provide reasonable growth opportunity at reasonable Margin of Safety

4

Stock Purchase

DatePurchase Price (Rs)

Price(Rs)30-Apr-2018

Motherson Sumi 28-Jan-10 20.5 353Maruti Suzuki 29-Jan-14 1659 8815

Siyaram Silk Mills 01-Aug-14 139 681Eicher Motors* 08-Aug-13 3343 15249

Hitachi Life* 22-May-14 300 1360Shree Cement 12-Nov-11 3983 16944

Ramco Cements 28-Mar-14 213 824Bajaj Finance 14-Sep-15 514 1908

Shankara Building Products 06-Apr-17 570 1951Honeywell Automation 30-Jun-14 5790 18922

Teamlease Services 30-Nov-16 872 27653M India 24-Nov-14 6475 20524

Eveready* 29-Sep-14 102 302Timken India 22-May-14 233 688HDFC Bank 28-Oct-10 670 1944

Bayer Cropscience* 05-May-14 1427 4052HDFC 10-Dec-10 669 1883

Indo Count Industries* 19-Dec-14 297 785Minda Industries 06-Mar-17 444 1103

Whirlpool Of India 02-Mar-16 644 1579Capital Trust* 29-Jun-15 253 601

Mannapuram Finance* 16-Dec-15 29 69Raymond 09-May-16 476 1112

Infosys 26-Nov-09 537 1200ITD Cementation* 23-Feb-15 65 143

Bhansali Engineering Polymers 21-Aug-17 88 191Gabriel India* 01-Aug-14 55 114

LEADING TO MULTIBAGGER RETURNS

Note: Purchase price adjusted for any corporate action like

split/bonusGain % indicates return since purchase, *Stock sold as per

price mentioned

5

1620%

431%

390%

356%

353%

325%

287%

271%

242%

227%

217%

217%

196%

195%

190%

184%

182%

164%

148%

145%

138%

135%

134%

123%

120%

117%

108%

Gain (%)

AAA PORTFOLIO SUPERIOREARNINGS GROWTH

Earnings MatrixSensex FY17

AAA IOPFY17

SensexFY18E

AAA IOPFY18E

SensexFY19E

AAA IOPFY19E

EPS G(%) 1% 21% 12% 24% 18% 24%

ROE(%) 13% 17% 13% 16% 15% 17%

P/E(x) 23.2 36.8 19.7 27.1

P/BV(x) 3.1 6.0 2.9 5.0

21

24 24

1

12

18

FY17 FY18E FY19E

EPS Growth(%)

AAA IOP Sensex

Source: AAA Research

1716

17

13 13

15

FY17 FY18E FY19E

ROE(%)

AAA IOP Sensex

Source: AAA Research

6

Source: AAA Research

WEALTH CREATION – A CASE STUDY

Global home textile segment of $74bn growing at 5%

USA imports 17% made ups with imports growing at ~12%

Huge opportunity to improve market share for Indian

players in USA and Europe

India expected to become the 5th largest consumer durables

market by 2025, reaching $400 Bn by 2020

Total Size of Indian A/C industry pegged at Rs.14750 Crs, with

volume growth expectation of CAGR 13-15% over FY16-20E

At 3%, India is one of the lowest penetrated market, leading

to significant headroom for growth

4th largest bed sheet exporter to USA & 13th largest globally

Capacity expansion from 36 to 68 mn meters in last 5 years

and further expanding to 90 mn meters

Focus on improving value chain by entering premium bed

linen segment leading to improved operating margins

No major investment in backward integration – leading to

highest ROE of 44% in the industry

Market share of ~8%

Entry into Tier 2&3 markets with sub premium product

to improve its market share

Launched new products to reach mass consumer levels

Strong parentage means access to new technology to

offer world class products to Indian consumers

Reported healthy revenue and profit growth in last 5 years

Ongoing expansion will lead to healthy profit growth over

next 2-3 years

Purchased at one year forward PE of ~6x significantly lower

considering its net profit size (Rs 100 crs+ FY14) and 45% ROE

Expect significant growth in profitability backed by

operating efficiency and higher volume growth

Market cap at Rs 800 crs, i.e. PER of below 10x FY15E –

lowest in the industry compared to all consumer MNC

which trades at average PE of >20x

M1Market

Size

M2Market Share

M3Margin

of Safety

Indo Count Industries Ltd Hitachi Home and Life Solutions Ltd

7

THE INVESTMENT PROCESS….

Stock Identification1

Identify emerging trends and opportunities from a

universe of 450 companies

Filter approach – using variety of valuation

parameters

Focus on earnings, free cash flow, ROE, long term

growth and profitability trends

Portfolio Construction Monitoring & Nurturing3

Combination of Top Down and Bottom Up approach with a

benchmark agnostic strategy to achieve Long term

investment objective

Continuous portfolio monitoring ensures prudent risk

management

Regular interaction to provide strategic inputs to strengthen

systems, controls and CG in line with best practices

Analysis & Decision making Process2Initial screening

Corporate meeting and detailed due diligence

Identify sustainable competitive advantage

Exiting & Realizing Value4Constant evaluation of valuation metrics to

decide optimum return potential

Intrinsic value V/s Current Market Price to

evaluate Margin of Safety

Change in underlying assumptions of investment

thesis

8

Exit from Sensex 01 Jan 2011 Vs

01 Jan 2001

Exit from Sensex 30 May 2016 vs

01 Jan 2011

ACC DLF

Ambuja Cement Hindalco

Bajaj Holdings Jaiprakash Associates

Castrol India JSPL

GSK PharmaReliance

Communication

Grasim Sterlite

HPCL Tata Power

MTNL

Novartis

Ranbaxy

Reliance Infra

Reliance Petro

Satyam

Zee

Monitoring of the Portfolio is critical

EXIT STRATEGY AS IMPORTANT ASENTRY STRATEGY 9

Name of company Peak Price (Rs)

Low Price (Rs)

MTNL 200 10

Reliance Infra 2500 309

DLF 1200 72

Jaiprakash Associates 312 5.5

Reliance Communication 820 12

Tata Power 155 56

MarketOutlook

ROUND UP – APRIL 2018

Global macro data continues to be positive – China’s GDP in Q1CY18 grew by 6.8%, led by both domestic and exports growth. Some of the top

corporates from US, like Intel, Macrosoft, Amazon, Starbucks, have reported better than expected results and have given better outlook for

the year. The heightened words of war between US and China on trade escalations, have significantly subsided now. Geo-politically – a

momentous occasion for the world when North Korean leader, stepped across the border onto the Southern side for peace talks with his

counterpart. If we recall, just a few months back, it was one of the biggest risks to the markets. Even more surprising is NK’s offer to

completely denuclearize after only recently gaining the technology and the capability to strike any part of the US. Crude oil at elevated levels

continues to be a worry as OPEC is now talking about $80/bbl. Another factor to watch is US 10 year G Sec yields, which crossed 3%.

India: As transactions are the most basic economic activity that takes place, measuring them paints a fair picture of economic activity at

ground level. RTGS (~72% share of total adjusted transaction value) transactions reported 25% growth (Apr-Feb18). This is real encouraging

data point and points to improvement in economic recovery. This is further supported by encouraging IIP which grew by 7.1% (Feb18) - 4th

straight month of 7%+ growth vs. 2.5% for Apr-Oct17. The recovery is broad based and is led by automobiles and capital good goods.

IMD has forecasted normal monsoon for 2018 – good news for inflation, farm income and positive implication for growth. CPI retail inflation

in Mar18 fell to 4.3%, however, core CPI remained sticky at 5.4%. Higher petro-product & metal prices, higher MSP for agri products,

staggered impact of States’ HRA implementation (7th Pay Commission reco) and INR’s ~5% depreciation (CYTD) vs. USD may further feed into

the inflation, thus, necessitating RBI to review its stance on the interest rates. While RBI in its credit policy review toned down the hawkish

view and reduced the inflation target, the Monetary Policy Committee (MPC) in its minutes appears to be more hawkish and cautious on

inflation. The 10 year G Sec yields have also moved up from recent low 7.15% to back to 7.75% (seen in early Mar18).

Encouraging growth in digital transactions, improvement in IIP, strong commercial vehicle volume growth, recovery in non-food credit growth,

government thrust on Infra and rural focus spend makes us positive on Indian corporate earnings growth over next 12-18 months. While state

election/global factors will continue to make market volatile, we are positive on Indian equity with 3-5 year view.

11

AADHAR CARD – FINANCIAL INCLUSION

Source: UIDAI, RBI, Ministry Of Finance

Minsitry/Dept SchemeReported Savings

(Rs Bn)G (%)

FY16 FY17

Petroleum & Natural Gas

PAHAL 215.8 297.6 37.9%

Food & Public Distribution

PDS 101.9 140 37.4%

Rural development

MGNREGS 30 117.4 291.4%

NSAP 2.5 4.0 60.2%

Others Others 11.2 11.2 0.0%

Total 361.4 570.3 57.8%

Source: DBT Portal

118 Cr (98%)UID Enrollments

Jan Dhan

30 CrAadhar linked Bank accounts opened

5.9 Cr (60%)Aadhar linked MNERGS Cards

12.3 Cr (71%) Aadhar linked LPG Connections

11.4 Cr (45%) Aadhar linkedration cards

12

GST- SIZE OF OPPORTUNITY FORORGANISED SECTOR

Demonetisation and GST will lead to market share shift from unorganised to organised sector, leading to 3-10x

increase in Size of opportunity in the listed equity space.

Source: Edelweiss, AAA Research

0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00

Un

org

anis

ed

Sh

are

(%)

Size of Opportunity (Organised Sector)(no of times over 10 years)

Packaging

Electrical Equipment

Plastics

Tiles

Apparels PlywoodDairy

Diagnostics

100

90

80

70

60

50

40

30

20

10

0

6-9x

13

4-5x

DRIVERS OF GROWTH – INVESTMENTBY GOVERNMENT 14

5

12 11

16

32

19

0

5

10

15

20

25

30

35

FY13 FY14 FY15 FY16 FY17 FY18E

Railways Expenditure growth (%)

Source: Emkay Research, AAA Research

0.6

6.1

12.6

-0.6

25.8

10.7

-5

0

5

10

15

20

25

30

FY12 FY13 FY14 FY15 FY16 FY17

Capital Expenditure Growth(%)

Source: Emkay Research, AAA Research

9794

19163621

798010098

16271

25000

0

5000

10000

15000

20000

25000

30000

FY12 FY13 FY14 FY15 FY16 FY17 FY18E

Highway Project Awarded(kms)

Source: IDFC Research Report, AAA Research

50135732

4260 4410

6061

8231

15000

1416

12 12

17

23

41

0

5

10

15

20

25

30

35

40

45

0

2000

4000

6000

8000

10000

12000

14000

16000

FY12 FY13 FY14 FY15 FY16 FY17 FY18E

Highway Project Completed(kms)

Length completed (km) Km/day(RHS)

Source: IDFC Research Report

INDIA ECONOMY RECOVERY: LIKELYREPEAT OF FY03-08

Source: RBI, AAA Research

GDP Growth(%)

4.2

5.4

3.8

8.07.1

9.5 9.6 9.3

6.7

8.6 8.9

6.7

4.5 4.7

7.4 7.67.1

FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

Average GDP: 7.1% Average GDP: 6.9%

Source: CSO,MOSL, AAA Research

IIP Growth(%)

5

2.7

5.77

11.7

8.6

12.9

15.5

2.5

5.3

8.2

2.9

1.1

-0.1

2.8 2.5

0.5

FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

Average IIP: 8.6%

Average IIP: 2.9%

15

DISSECTING THE ECONOMIC RECOVERYOF FY03-08

27%

40% 39.7%

16%

31%

47.9%

26%

90%

47.3%

23%

11%

26.1%

53%

65%

45.8%

33%

60%

72.3%

43%

62%

22.0%

32%

73%

54.4%

17.6%

15.6%

52.2%

21% 21%

26.6%25%

38.7%

0%

20%

40%

60%

80%

100%

Re

ven

ue

PA

T

Mca

p

Re

ven

ue

PA

T

Mca

p

Re

ven

ue

PA

T

Mca

p

Re

ven

ue

PA

T

Mca

p

Re

ven

ue

PA

T

Mca

p

Re

ven

ue

PA

T

Mca

p

Re

ven

ue

PA

T

Mca

p

Re

ven

ue

PA

T

Mca

p

Re

ven

ue

PA

T

Mca

p

Re

ven

ue

PA

T

Mca

p

PA

T

Mca

p

Auto Banking Cement ConsumerFMCG

ConsumerDurables

Engineering IT Mining &Metal

Oil & Gas Pharma Sensex

Sectoral CAGR FY03-08 (%)

Source: BSE, AAA Research

25.0%Sensex Net profit CAGR

38.7%Sensex Returns CAGR

Market CapReturns

> Net Profit Growth

16

5.3x

7x 6.6x

15x

3.3x 3.2x2.7x

8.7x

5.1x

BSE Auto BSE Banking BSE ConsumerDurable

BSE CapitalGoods

BSE FMCG BSE Healthcare BSE IT BSE Metal Sensex

Sensex went up by

5.1x

Cyclical indices went up by

5-15x

DISSECTING THE ECONOMIC RECOVERYOF FY03-08 17

Source: BSE, AAA Research

FOCUS ON STOCK EARNINGS GROWTH –EARNINGS GROWTH TO BOUNCE BACK

After reporting single digit earnings growth (FY08-17),

Sensex is expected to report healthy double digit

growth (FY17-20E)

81 129181

250 266 291 278 280216 236 272

348450

523

718833 820 834

10241124

1183

1340 1355 1340 1353

1515

1788

2110

FY9

3

FY9

4

FY9

5

FY9

6

FY9

7

FY9

8

FY9

9

FY0

0

FY0

1

FY0

2

FY0

3

FY0

4

FY0

5

FY0

6

FY0

7

FY0

8

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5

FY1

6

FY1

7

FY1

8E

FY1

9E

FY2

0E

38.7%Sensex CAGR

FY03-08

-1.4%Sensex CAGR

FY96-03

13.9%Sensex CAGR

FY93-96

7.4%Sensex CAGR

FY08-17

Sensex CAGR ??

FY17-20E

Source: Bloomberg , AAA Research

45%EPS CAGR

1%EPS CAGR

25%EPS CAGR

5.5%EPS CAGR

16%EPS CAGR

18

EARNINGS GROWTH CRITICALFOR RETURNS

BSE500 universe ex PSU Banking and Loss making companies

3.75 years 5.75 years 10.75 years

Net ProfitCAGR (%)

(Dec-17/Mar-14) (Dec-17/Mar-12) (Dec-17/Mar-07)

No of CompaniesMarket Cap

CAGR (%)No of Companies

Market Cap CAGR (%)

No of CompaniesMarket Cap

CAGR (%)

80% + 10 39.4% 5 36.6%

50-80% 26 47.6% 14 32.8% 4 69.2%

30-50% 45 36.0% 38 37.7% 36 28.1%

20-30% 44 35.2% 57 24.9% 56 22.1%

15-20% 40 26.7% 33 18.6% 51 18.4%

10-15% 41 14.4% 35 16.6% 59 14.0%

5-10% 30 11.6% 51 15.6% 44 13.3%

0-5% 38 14.6% 24 12.5% 32 4.9%

0-(-20)% 59 9.2% 79 6.7% 35 4.9%

Less than -20% 24 0.6% 15 -0.6% 3 0.9%

Total 357 351 320

NIFTY 12.8% 12.7% 9.9%

SENSEX 11.8% 12.5% 9.3%

No of companies 15%+ CAGR Net

Profit165 147 147

Source: AAA Research

19

MARKET VALUATIONS

Source: Bloomberg, AAA Research

Sensex @35160 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18E FY19E

EPS (Rs) 820 834 1024 1123 1185 1340 1355 1340 1353 1516 1789

EPS G(%) -2% 2% 23% 10% 6% 13% 1% -1% 1% 12% 18%

BV (Rs) 4,441 5,101 5,944 6,842 7,790 8,862 9,540 10,143 10,684 11,290 12,006

P/E(x) 26.0 23.2 19.7

P/BV(x) 3.3 3.1 2.9

ROE(%) 18.5% 16.3% 17.2% 16.4% 15.2% 15.1% 14.2% 13.2% 12.7% 13.4% 14.9%

Source: AAA Research

20

7

12

17

22

27

Ap

r/08

Ap

r/09

Ap

r/10

Ap

r/11

Ap

r/12

Ap

r/13

Ap

r/14

Ap

r/1

5

Ap

r/1

6

Ap

r/17

Ap

r/18

PER Fwd (x)

PER Fwd(x)

1.3

2.3

3.3

4.3

5.3

Ap

r/08

Ap

r/0

9

Ap

r/10

Ap

r/11

Ap

r/12

Ap

r/13

Ap

r/14

Ap

r/1

5

Ap

r/16

Ap

r/17

Ap

r/18

P/BV Fwd (x)

P/BV Fwd(x)

Mean 17.2x

Mean 2.5x

Source: AAA Research

The people running the show at

AlfAccurate Advisors

21

THE ALF ACCURATE ADVISORS TEAM22

Rajesh Kothari

Founder and Managing Director

Bhushan Koli

Head Operations and Compliance

Govind Agrawal

Director

Mr. Rajesh Kothari

Founder & Managing Director (Grad CWA, MBA)

AWARD WINNING INVESTMENT TEAM

Rich experience of more than 23 years in Indian capital market

Expertise in both Long Only & Long Short investment strategy

Former Director with Voyager Investment Advisors (US$500m) –

USA based India dedicated fund for two and half years

• During his tenure, fund Outperformed the benchmark

indices significantly

Former Fund Manager with DSP Merrill Lynch (now DSP Blackrock)

Fund Managers Ltd for more than four years

• During his tenure equity assets under management grew

from USD100m to USD1.5bn

• The schemes delivered annualized return of 55% (Equity

Fund) & 62% (Top100 Fund) outperforming benchmark

indices by more than 20% & 10% respectively

• The equity schemes maintained its “1st Quartile Ranking”

consistently during his tenure

Received CMA Young Achiever Award 2014

Rated as “Platinum Fund Manager” by Economic Times for DSP ML Equity

Fund on a risk-adjusted return basis in July 2006

Rated as “Gold Fund Manager” by Economic Times for DSP ML Balanced

Fund on a risk-adjusted return basis in July 2006

CNBC TV18 - CRISIL Mutual Fund of the Year Award 2006 for DSPML Equity

Fund

Lipper India Fund Awards 2006 for best equity fund group for 3 years

DSPML Technology.com Fund - best fund in the equity sector in the IT

category (5 years, 8 eligible schemes)

He was invited at Maharashtra Economic Summit to present views on

Indian Infrastructure

(http: //maharashtrasummit.mieda.in/Program.aspx)

Invited by Institute of Directors to present views on Governance Deficit

Invited by World Council for Corporate Governance to present views on

Governance

Elected on the advisory panel of World CSR forum.

Actively involved with Arham Yuva Group - a philanthropic initiative

Achievements

23

GLIMPSES OF SUPERIOR PERFORMANCETO BENCHMARK INDEX

-6.0

133.0

38.9

84.7

5.8 5.618.6 9.6 11.2

29.0

71.7

2.528.2 25.0

6.9

-11

85

17

70.5

-7.9

3.9 7.5

-9.1

4.8 17.133.2

-7.8

24.011.8 6.5

FY03 FY04 FY05 FY06 Jun06-08Voyager

FY10* FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 YTD#

Consistent Superior returns to Benchmark Index

Funds Managed by Rajesh Benchmark Index

DSP MerillLynch MF AlfAccurate Advisors

*(FY10 is from 23 Nov 2009 - 31 Mar 2010)#(01 Apr 2018 – 30 Apr 2018)

Note: Past performance may or may not be sustained in future

24

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

FY03 FY05 Jun06-Dec08 FY11 FY13 FY15 FY17 FY19YTD#

Funds managed by Rajesh BSE 500 Index

27.0% CAGR

13.8% CAGR

Rs 1 cr invested in Mar02 is worth presently Rs 35.28 crs

Mr. Govind Agrawal

Director(FCA – Chartered Accountant, LLB)

Rich experience of 29 years in finance out of which last 23 years in Indian capital market

Former Fund Manager with Reliance Capital Asset Management Company (USD 20bn)

for over four years.

• Reliance Emergent India Fund (USD 100m offshore fund) outperformed benchmark

indices by 35% since its inception.

• Travelled intensely across globe to meet the investors and presented the firm for

India and Emerging Market as Investment Theme

• Played instrumental role in setting up Macro Economic Research desk

Former Executive Director with UBS Securities India Pvt Ltd, a Swiss Bank subsidiary, for 4

years

• Responsible for India Account Manager for large FIIs

• Guided the portfolio managers for right country, sectors and stocks weightings

Former Senior VP – Equity Sales with Motilal Oswal Securities Ltd for 10 years

• Played key role in establishing institutional equity broking business, systems and

processes

• Was account manager for major institutional domestic and foreign accounts advising

the clients on sectoral allocation and stock selection

Achievements

AWARD WINNING INVESTMENT TEAM

Represented Reliance AMC on international

platforms and panel discussion on Emerging

Markets and Indian Equity Market

Addressed investors’ meet and the private banking

teams of large banks in Middle East, Asia, London,

Europe and in India

At UBS, was voted as the “Best Equity Sales

Person‐Mega Funds category, Asia Money 2006”

Won several awards at Motilal Oswal for

consistently contributing to Institutional Equity

Sales

25

The

AlfAccurate Advisorsphilosophy

26

ALFACCURATE ADVISORS

Credentials

We are specialists in Indian capital markets with combined

experience of 70+ years

Investment Principle

Protect Capital, Create Wealth

Vision

To be the world’s most admired investment advisor

27

OUR GUIDING PRINCIPLES28

INVESTMENT PHILOSOPHY...

Fundamental Research core ofour investment management

Constant endeavor to be ahead of the Market

Emphasis on value research Vs commodity research

Benchmark aware butnot driven

Flexible investment style

Focus on margin of safety

Long Term Horizon

29

COMBINED WITH INVESTMENTDISCIPLINE...

Parameter Rules Current Position

Cap Exposure At least 50% in Mega & large cap (More than USD1bn) 55.9% invested in Mega & Large cap

Sector Weightage Not more than 30% in one sector Maximum exposure in a given sector is 16.1%

Stock WeightageNot more than 10% in a given stock and not more than

50% in the top 10 StocksMaximum Exposure in a given stock is 3.7%.

Top 10 stocks as percentage of portfolio is 32.3%

Number of Stocks Minimum 30 Stocks 47 stocks

Stock Universe 450 Corporates 450 Corporates

Data as on: 30 Apr 2018

47Number of Stocks

13Number of Sectors

32.3%Top 10 Stocks as % of portfolio

30

Sector Allocation

Agri Input Auto Auto AncillaryBanking & Finance Cash and Cash Equivalent CementChemicals Consumer EngineeringOthers Pharma Real EstateRetail Software

31%

25%

30%

10% 4%

Portfolio Allocation

Mega Large Mid Small Cash

LEADING TO SUPERIOR PERFORMANCE

AAA India Opportunity Plan - Equity BSE 500 Index

AAA India Opportunity Plan - Equity Vs BSE 500 Index (%)

18.69.6 11.2

29.0

71.7

2.5

28.2 25.0

6.97.5

-9.1

4.8

17.1

33.2

-7.8

24.0

11.86.5

FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19YTD#

Performance (%)FY19YTD#

FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 Since Inception*

AAA India Opp. Plan 6.9 25.0 28.2 2.5 71.7 29.0 11.2 9.6 18.6 493.4

BSE 500 Index 6.5 11.8 24.0 (7.8) 33.2 17.1 4.8 (9.1) 7.5 126.0

BSE Sensex 6.6 11.3 16.9 (9.4) 24.9 18.8 8.2 (10.5) 10.9 104.7

CNX Nifty 6.2 10.2 18.5 (8.9) 26.7 17.9 7.3 (9.2) 11.1 110.4

*(23 November 2009 – 30 April 2018)(Performance after all expenses & fixed management fees); #(01 April 2018 – 30 April 2018)

AAA India Opp. plan consistently not only outperformed but also generated Positive return in volatile markets

Note: Returns of individual clients may differ depending on time of entry in the Strategy. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments

31

Compounded Annual Returns (%) 1 YEAR 2 YEARS 3 YEARS 5 YEARSSince

Inception*

AAA India Opp. Plan PMS 24.5% 28.4% 21.1% 30.4% 23.6%

BSE 500 Index 15.9% 20.3% 12.0% 15.3% 10.2%

BSE Sensex 17.5% 17.2% 9.2% 12.5% 8.9%

CNX Nifty 15.4% 17.0% 9.5% 12.6% 9.2%

*(23 Nov 2009 – 30 Apr 2018)(Performance after all expenses & fixed management fees)

Performance Vs leading Mutual Funds since inception(%)

493.4

258.4186.3

150.984.9

126.0 104.7 110.4

AAA IndiaOpp. Plan*

Quartile 1 Quartile 2 Quartile 3 Quartile 4 BSE 500Index

BSESensex

CNX Nifty

Average Monthly Rolling Returns since inception(%)

25.3 25.6 26.3

11.2 10.6 11.2

1 Year 3 Year 5 Year

AAA India Opp. Plan BSE 500 Index

AAA India Opp Plan ranks # 1 compared with 141 diversified funds of each reputed fund house

*Since Inception (23 Nov 2009 – 30 Apr 2018)(Performance after all expenses & fixed management fees)

Note: Returns of individual clients may differ depending on time of entry in the Strategy. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments

Source: Bloomberg

LEADING TO SUPERIOR PERFORMANCE32

AAA IOP PMS Outperformed BSE 500 Index : 28 out of 33 trailing quarters

LEADING TO SUPERIOR PERFORMANCE33

RISK ANALYSIS:

AAA IOP PMS PERFORMANCE COMPARED TO BENCHMARK

Parameters How to read ratioAAA IOP

PMSBSE500 Index

AAA IOP PMS performance

BetaLess than 1 beta is good sign as it

denotes lower volatility of the portfolio0.86 1.0

Beta of less than 1 shows AAA PMS has lesser volatility compared to BSE500 Index

Sharpe Ratio Excess return per unit of deviation. Higher the Sharpe ratio, better it is.

1.2 0.2Top Performing Midcap MFs have Sharpe

Ratio 0.75+. AAA IOP PMS Sharpe ratio is one of the best in the industry.

Standard DeviationStandard deviation denotes amount of

variation13.9 14.5

AAA IOP SD is less than Benchmark as well as peer group which shows portfolio has lower

risk

Upside capture It denotes overall performance of PMS

during up markets. 179.9 100.0

Upside capture ratio of more than 100 indicates that fund has outperformed Benchmark during positive markets.

Downside captureIt denotes overall performance of PMS

during down markets. 80.2 100.0

Ratio of less than 100 indicates, fund has outperformed Benchmark during negative

markets.

Capture Ratio

Capture ratio >1 indicates, Investment Manager has gained more during up

(positive) markets and lost less during down (negative) markets.

2.24 1AAA PMS capture ratio is healthy as it

protected capital during negative markets and building wealth consistently.

Data is analysed since inception of AAA IOP PMS data i.e. 23 Nov 2009 – 30 Apr 2018

34

AAA IOP PMS ROLLING RETURN ANALYSIS

Monthly Rolling Returns Analysis(%)AAA IOP

1 YearBSE500

Index 1 YearAAA IOP3 Years

BSE500Index 3 Years

AAA IOP 5 Years

BSE500 Index 5 years

No of obervations 91.0 91.0 67.00 67.00 43.00 43.00

No of Positive Observations 85.0 70.0 67.00 61.00 43.00 43.00

No of Negative Observations 6.0 21.0 0.00 6.00 0.00 0.00

Loss Probability (%) 6.6% 23.1% 0.0% 9.0% 0.0% 0.0%

Average Returns (%) 25.3% 11.2% 25.6% 10.6% 26.3% 11.2%

Median Returns (%) 19.3% 7.9% 26.7% 11.9% 26.5% 11.9%

Maximum Returns (%) 88.8% 51.3% 41.0% 22.9% 30.6% 16.0%

Minimum Returns (%) -13.8% -27.4% 6.2% -4.2% 21.9% 5.6%

Since Inception (23 Nov 2009 – 30 Apr 2018) (Performance after all expenses & fixed management fees)

AAA has delivered average returns of 25.3%, 25.6% and 26.3% for 1 year, 3 years and 5 years respectively on

monthly rolling return basis

Negative returns for 3 years and 5 years rolling periods are 0

Note: Returns of individual clients may differ depending on time of entry in the Strategy. Past performance may or may not besustained in future and should not be used as a basis for comparison with other investments

35

THE POWER OF COMPOUNDING –A SCENARIO ANALYSIS

Scenarios based on investment of Rs 5 Crores

The real power of compounding is seen only over the long term

36

Why we should be your choice of

Investment Advisory

37

WHY WE SHOULD BE YOUR CHOICE OF INVESTMENT ADVISORY

Access to Founders – founders are fund managers

Process driven organization

Award winning investment team and track record

No conflict of interest

Staggered investment approach

Sound Research capabilities

Adequate infrastructure to support scalability

Integrity and ethics as the core of the business

Client centric business model

Strong domain knowledge in Indian Capital markets

Expertise in both – Long Only and Long Short Investment Strategy

38

PRODUCT FEATURES

Name of plan AAA India Opportunity Equity PMS Plan

Objective Long Term Capital Appreciation

Investment ThemeTo invest in listed companies with combination of high

growth stocks as well as value stocks

Principal Officer Rajesh Kothari

Director Govind Agrawal

Custodians Deutsche Bank, India

Fund Accountant Deutsche Bank, India

Depository Participant IL&FS, India

Mode of payment Fund transfer/cheque/stock transfer

39

AWARDS AND RECOGNITIONS

Dr. Jitendra Singh, Union Minister of State (I/C), Prime Minister Office, giving

Certificate of Merit – CMA Young Achiever Award – 2014

Lipper Fund Award – India 2007

40

Thank You

Rajesh KothariT : +91 22 4236 0301

M : +91 98200 09226rajeshkothari@alfaccurate.com

Govind AgrawalT : +91 22 4236 0311M : +91 93208 51013govindagrawal@alfaccurate.com

AlfAccurate Advisors Pvt. Ltd503, B Wing, Naman Midtown,

Elphinstone Road, Mumbai - 400 013, India

T : +91 22 42360300; F : +91 22 42360333 info@alfaccurate.comwww.alfaccurate.com

Contact us

Disclaimer: Equity Investments are subject to market risks , read all plan related documents carefully. This document is not for public distribution and has been furnished to you solelyfor your information and may not be reproduced or redistributed to any other person. This material is for the personal information of the authorized recipient. The material is basedupon publicly available information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon. Opinions expressed are ourcurrent opinions as of the date appearing on this material only. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may besubject to change without notice. Past performance may or may not be sustained in future. No part of this material may be duplicated in any form and/or redistributed withoutAlfAccurate Advisors Pvt Ltd.'s prior written consent. In so far as this report includes current or historical information, it is believed to be reliable, although its accuracy andcompleteness cannot be guaranteed. Alfaccurate Advisors Pvt. Ltd and any person connected with the firm, does not accept any liability arising from the use of this document.